Document:

Senior Leadership Severance Plan

 Exhibit 10.1 
 

 
 Senior Leadership Severance Plan 
 A. O. Smith Corporation 

 Contents 
  

			
	 Article 1 Establishment and Term of the Plan
	  	1
		
	 Article 2 Definitions
	  	2
		
	 Article 3 Severance Benefits
	  	7
		
	 Article 4 Excise Tax Gross Up
	  	14
		
	 Article 5 Legal Fees and Notice
	  	15
		
	 Article 6 Successors and Assignment
	  	16
		
	 Article 7 Appeals Procedures
	  	16
		
	 Article 8 Miscellaneous
	  	17

  

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 A. O. Smith Corporation 
 Senior Leadership Severance Plan 
 (For Tier I and Tier II Executives) 
 Article 1 Establishment and Term of the Plan 
 1.1 Establishment of the Plan. A. O. Smith
Corporation (hereinafter referred to as the “Company”) hereby establishes a severance plan to be known as the “A. O. Smith Corporation Senior Leadership Severance Plan” (the “Plan”). The Plan provides severance benefits
to certain employees of the Company or its subsidiaries upon certain terminations of employment from the Company and its affiliates and provides for vesting of certain equity awards upon a change in control. 
 The Company considers the establishment and maintenance of a sound and vital management team to be essential to protecting and enhancing the best
interests of the Company and its stockholders. In this connection, the Company recognizes that, as is the case with many publicly held corporations, the possibility of a change in control may arise and that such possibility, and the uncertainty and
questions which it may raise among management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. 
 Accordingly, the Board has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the Company’s management to their assigned duties
without distraction in circumstances arising from the possibility of a Change in Control. 
 1.2 Initial Term. This Plan will commence
on August 1, 2009 (the “Effective Date”) and shall continue in effect for a period of three (3) years (the “Initial Term”). 
 1.3 Successive Periods. The term of this Plan shall automatically be extended for one (1) additional year at the end of the Initial Term, and then again after each successive one (1) year period
thereafter (each such one (1) year period following the Initial Term is referred to as a “Successive Period”). However, the Committee may terminate this Plan at the end of the Initial Term, or at the end of any Successive Period
thereafter, by giving the Executives written notice of intent to terminate the Plan, delivered at least six (6) months prior to the end of such Initial Term or Successive Period. If such notice is properly delivered by the Company, this Plan,
along with all corresponding rights, duties, and covenants, shall automatically expire at the end of the Initial Term or Successive Period then in progress. Notwithstanding the foregoing, termination of the Plan shall not affect the Severance
Benefits due from the Employer to any Executive who experienced a Qualifying Termination prior to the effective date of the Plan’s termination nor shall it nullify the covenants agreed to by the Executives in the Confidentiality and Loyalty
Agreement attached as Appendix B. 
 1.4 Change-in-Control Renewal. Notwithstanding the provisions of Section 1.3 above, in
the event that a Change in Control of the Company occurs during the Initial Term or any Successive Period, upon the effective date of such Change in Control, the term of this Plan shall automatically and irrevocably be renewed for a period of two
(2) years from the effective 
  

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date of such Change in Control. Further, this Plan may be assigned to a successor in such Change in Control, as further provided in Article 6 herein. This
Plan shall thereafter automatically terminate following such two (2) year Change-in-Control renewal period. 
 Article 2 Definitions 

Whenever used in this Plan, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the
word is capitalized. 
  

	 	(a)	“Base Salary” means the greater of the Executive’s annual rate of salary, whether or not deferred, at: (i) the Effective Date of Termination, or
(ii) the date of the Change in Control. 

  

	 	(b)	“Beneficiary” means the persons or entities designated or deemed designated by the Executive pursuant to Section 6.2 herein. 

  

	 	(c)	“Board” means the Board of Directors of the Company. 

  

	 	(d)	“Business Unit” means any subsidiary or affiliate of the Company, or any operating division of the Company, any subsidiary or any affiliate, which is designated by
the Committee to constitute a Business Unit. 

  

	 	(e)	“Business Unit Change in Control” means the first to occur of any of the following: 

  

	 	(i)	Any “person” (as that term is used in Sections 13 and 14(d)(2) of the Securities Exchange Act of 1934 (“Exchange Act”)), other than an Excluded Person, becomes
the “Beneficial Owner” (as that term is used in Section 13(d) of the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Business Unit’s voting securities; or 

  

	 	(ii)	Consummation of a reorganization, merger, consolidation, or sale or other disposition of all or substantially all of the assets of the Business Unit (a “Business
Combination”), in each case, unless, following such Business Combination, (A) at least fifty percent (50%) of the voting securities of the company resulting from such Business Combination are owned, directly or indirectly, by the
Company or an Excluded Person, or (B) all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Business Unit immediately prior to such Business Combination beneficially own,
directly or indirectly, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the company resulting from such
Business Combination (including, without limitation, a company which, as a result of such transaction, owns the Business Unit or all or substantially all of the Business Unit’s assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership, immediately prior to such Business Combination, of the outstanding voting securities of Business Unit. 

  

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	 	(f)	“Cause” means one or more of the following: 

  

	 	(i)	The conviction of, or an agreement to a plea of nolo contendere to, any felony or other crime involving moral turpitude; or 

  

	 	(ii)	The Executive’s willful and continuing refusal to substantially perform his or her duties as reasonably directed by the Board under this or any other agreement (after receipt
of written notice from the Board setting forth such duties and responsibilities to be performed); or 

  

	 	(iii)	In carrying out the Executive’s duties, the Executive engages in conduct that constitutes willful gross neglect or willful gross misconduct which, in either case, results in
demonstrable harm to the business, operations, prospects, or reputation of the Company or its affiliates; or 

  

	 	(iv)	Any other material breach of the Confidentiality and Loyalty Agreement attached as Appendix B to this Plan. 

 For purposes of clauses (ii) and (iii) of this definition, no act or failure to act shall be deemed willful or gross negligence: (x) if
caused by a Disability, or (y) unless done or omitted to be done not in good faith or without reasonable belief that such act or commission is in the best interest of the Company. There shall be no termination for Cause pursuant to clauses
(ii), (iii) or (iv) above, unless a written notice (which shall constitute the Notice of Termination), containing a detailed description of the grounds constituting Cause hereunder, is delivered to the Executive stating the basis for the
termination. Upon receipt of such notice, the Executive shall be given thirty (30) days to fully cure and remedy the neglect or conduct that is the basis of such claim. If the Executive fails to fully cure and remedy such neglect or misconduct
to the reasonable satisfaction of the Company within such thirty (30) day period, the Executive shall be terminated for Cause at the end of such thirty (30) day period. 
  

	 	(g)	“Change in Control” means a Company Change in Control, and with respect to Executives assigned to work primarily for a Business Unit, also includes a Business Unit
Change in Control. 

  

	 	(h)	“Company Change in Control” means the first to occur of any of the following events: 

  

	 	(i)	Any “person” (as that term is used in Sections 13 and 14(d)(2) of the Securities Exchange Act of 1934 (“Exchange Act”)), other than an Excluded Person, becomes
the “Beneficial Owner” (as that term is used in Section 13(d) of the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Company’s capital stock entitled to vote in the election of directors; or

  

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	 	(ii)	Persons who on the Effective Date constitute the Board (the “Incumbent Directors”) cease for any reason, including without limitation, as a result of a tender offer, proxy
contest, merger, or similar transaction, to constitute at least a majority thereof, provided that any person becoming a director of the Company subsequent to the Effective Date shall be considered an Incumbent Director if such person’s election
or nomination for election was approved by a vote of at least two-thirds (2/3) of the Incumbent Directors; but provided further, that any such person whose initial assumption of office is in connection with an actual or threatened election
contest relating to the election of members of the Board or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) other than the Board,
including by reason of agreement intended to avoid or settle any such actual or threatened contest or solicitation, shall not be considered an Incumbent Director; or 

  

	 	(iii)	Consummation of a reorganization, merger, consolidation, or sale or other disposition of all or Substantial Portion of Assets of the Company (a “Business Combination”), in
each case, unless, following such Business Combination, (A) at least fifty percent (50%) of the voting securities of the company resulting from such Business Combination are owned, directly or indirectly, by an Excluded Person, or
(B) all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty
percent (50%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the company resulting from such Business Combination (including, without
limitation, a company which, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Business Combination, of the outstanding voting securities of the Company; 

 and, in each case, which
constitutes a change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation, within the meaning of Code Section 409A. 
  

	 	(i)	“Code” means the United States Internal Revenue Code of 1986, as amended, and any successors thereto. 

  

	 	(j)	“Committee” means the Personnel and Compensation Committee of the Board or any other committee appointed by the Board to perform the functions of the Compensation
Committee. 

  

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	 	(k)	“Company” means A. O. Smith Corporation, a Delaware corporation, or any successor thereto as provided in Article 6 herein. 

  

	 	(l)	“Disability” shall mean the Executive’s inability to perform the essential duties, responsibilities, and functions of his or her position with the Employer as
a result of any mental or physical disability or incapacity, even with reasonable accommodations of such disability or incapacity provided by the Employer, or if providing such accommodations would be unreasonable, for a period of six
(6) consecutive months. The Executive shall cooperate in all respects with the Company if a question arises as to whether he or she has become disabled (including, without limitation, submitting to an examination by a medical doctor or other
health care specialists selected by the Company and reasonably acceptable to the Executive and authorizing such medical doctor or such other health care specialist to discuss the Executive’s condition with the Company).

  

	 	(m)	“Effective Date” means the commencement date of this Plan as specified in Section 1.2 of this Plan. 

  

	 	(n)	“Effective Date of Termination” means the date on which a Qualifying Termination occurs, as defined hereunder, which triggers the payment of Severance Benefits
hereunder. 

  

	 	(o)	“Employer” means the Company or the Company’s subsidiary that is the direct employer of an Executive, or any successor thereto as provided in Section 6.

  

	 	(p)	“Excluded Person” means any of (i) a lineal descendant of Lloyd R. Smith, (ii) a trust (including but not limited to a voting trust) the beneficiaries of
which are one or more lineal descendants of Lloyd R. Smith, (iii) a partnership or limited liability company owned by any of the foregoing, or (iv) any group consisting of one or more of the foregoing. 

  

	 	(q)	“Executive” means those employees of the Company or any of its subsidiaries employed in the positions listed on Appendix A, as it may be amended by the Committee
from time to time. Notwithstanding the foregoing, an individual shall not be treated as an Executive covered by the Plan unless the individual executes within thirty (30) days of the Effective Date, or if later, the date the individual is hired
or promoted into a position designated on Appendix A, the Confidentiality and Loyalty Agreement attached as Appendix B hereto and any agreement required by the Company to confirm termination of any prior severance agreement or plan covering the
Executive. 

  

	 	(r)	“Good Reason” shall mean, without the Executive’s express written consent, the occurrence of any one or more of the following: 

  

	 	(i)	The Employer materially reduces the amount of the Executive’s Base Salary; provided that any such material reduction shall not constitute Good Reason if the material reduction
is applied consistently by the Company to all similarly-situated Executives; or 

  

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	 	(ii)	The Employer requires the Executive to be based at a location in excess of fifty (50) miles from the location of the Executive’s principal job location or office as of the
Effective Date (or if later, the date the Executive becomes covered by the Plan); or 

  

	 	(iii)	A material diminution in the Executive’s title, authority, duties, or responsibilities or the assignment of duties to the Executive which are materially inconsistent with his
position; provided that the foregoing shall not be deemed to occur with respect to an Executive designated as a Tier II Executive on Appendix A as a result of a change in the reporting relationship of such Executive; or 

  

	 	(iv)	The failure of the Company or Business Unit, as the case may be, to obtain in writing the obligation to perform or be bound by the terms of this Plan by a purchaser of all or
substantially all of the assets of the Company or Business Unit, as the case may be, within fifteen (15) days after the consummation of the sale transaction; or 

  

	 	(v)	Any other action or inaction by the Company that constitutes a material breach by the Company of the terms and conditions of this Plan. 

 For purposes of this Plan, the Executive is not entitled to assert that his or her termination is for Good Reason unless the Executive gives written
notice (which shall constitute the Notice of Termination) to the Board (for a Tier I Executive) or the Company (for a Tier II Executive) of the event or events which are the basis for such claim within ninety (90) days after the event or events
occur, describing such claim in reasonably sufficient detail to allow the Board or Company, as applicable, to address the event or events and a period of not less than thirty (30) days after the Board’s or Company’s receipt of such
notice to cure or fully remedy the alleged condition. If the Board or Company, as applicable, fails to fully cure and remedy the event(s) constituting Good Reason to the reasonable satisfaction of the Executive within such thirty (30) day
period, the Executive shall terminate for Good Reason at the end of such thirty (30) day period (or such later date as may be agreed by the Executive and the Employer, which may not be more than two years following the date of the event(s)
constituting Good Reason). 
  

	 	(s)	“Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Plan relied upon, shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated, and shall provide the date of Executive’s termination. 

  

	 	(t)	“Qualifying Termination” means a termination of employment under the following circumstances: 

  

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	 	(i)	An involuntary termination of the Executive’s employment by the Employer for reasons other than Cause pursuant to a Notice of Termination delivered to the Executive by the
Company; or 

  

	 	(ii)	A voluntary termination by the Executive for Good Reason pursuant to a Notice of Termination delivered to the Board or the Company, as applicable, by the Executive.

 Termination of employment shall have the same meaning as “separation from service” within the meaning of Treasury
Regulation §1.409A-1(h). Notwithstanding the foregoing, for purposes of entitlement to the severance benefits described in Section 3.2(b), (c), (e) and (g) or Section 3.3, in the event of a Change in Control arising from
(x) a sale of all or substantially all of the Company’s assets, or (y) a Business Unit Change in Control, no Qualifying Termination shall occur with respect to an Executive who becomes employed immediately following the consummation
of such Change in Control transaction by the buyer or successor, but only if such buyer or successor assumes the Plan for the benefit of the Executive as set forth in Section 6. 
  

	 	(u)	“Severance Benefits” means the payment of Change-in-Control or General (as appropriate) Severance compensation as provided in Article 3 herein.

  

	 	(v)	“Substantial Portion of Assets” means assets from the corporation that have a total gross fair market value equal to or more than 40 percent of the total gross fair
market value of all of the assets of the corporation immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the corporation, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets. 

 Article 3 Severance Benefits 
 3.1 Right to Severance Benefits and Impact on Long-Term Incentives 
  

	 	(a)	Change-in-Control Severance Benefits. The Executive shall be entitled to receive, from the Employer, Change-in-Control Severance Benefits, as described in Section 3.2
herein, if a Qualifying Termination of the Executive’s employment has occurred within twenty-four (24) months immediately following a Change in Control. 

  

	 	(b)	General Severance Benefits. The Executive shall be entitled to receive, from the Employer, General Severance Benefits, as described in Section 3.3 herein, if a
Qualifying Termination of the Executive’s employment has occurred other than during the twenty-four (24) months immediately following a Change in Control. 

  

	 	(c)	No Severance Benefits. The Executive shall not be entitled to receive Severance Benefits if the Executive’s employment with the Employer ends for reasons other than a
Qualifying Termination. 

  

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	 	(d)	General Release. As a condition to receiving Severance Benefits under either Section 3.2 or 3.3 herein, the Executive shall be obligated to execute a general release of
claims in favor of the Employer, its current and former affiliates and stockholders, and the current and former directors, officers, employees, and agents of the Employer, in the form attached hereto as Appendix C. 

  

	 	(e)	No Duplication of Severance Benefits. If the Executive becomes entitled to Change-in-Control Severance Benefits, the Severance Benefits provided for under Section 3.2
hereunder shall be in lieu of all other Severance Benefits provided to the Executive under the provisions of this Plan and any other Employer-related severance plans, programs, or agreements including, but not limited to, the Severance Benefits
under Section 3.3 herein. Likewise, if the Executive becomes entitled to General Severance Benefits, the Severance Benefits provided under Section 3.3 hereunder shall be in lieu of all other Severance Benefits provided to the Executive
under the provisions of this Plan and any other Employer-related severance plans, programs, or other agreements including, but not limited to, the Severance Benefits under Section 3.2 herein. 

 3.2 Description of Change-in-Control Severance Benefits. In the event the Executive becomes entitled to receive Change-in-Control Severance
Benefits, the Employer shall provide the Executive with the following, subject to Section 3.2(h) and (i) herein: 
  

	 	(a)	A lump-sum amount paid within thirty (30) calendar days after the Effective Date of Termination equal to the Executive’s unpaid Base Salary, accrued vacation pay,
unreimbursed business expenses, and all other items earned by and owed to the Executive through and including the Effective Date of Termination. 

  

	 	(b)	A lump-sum amount paid within thirty (30) calendar days after the Effective Date of Termination equal to: (i) two (2) for Tier I Executives (as identified in
Appendix A), or (ii) one and one quarter (1.25) for Tier II Executives (as identified in Appendix A), multiplied by the sum of the following: (A) the Executive’s Base Salary and (B) the Executive’s annual target
bonus opportunity in the year of termination. 

  

	 	(c)	A lump-sum amount, paid within thirty (30) calendar days after the Effective Date of Termination equal to: (i) one (1) for Tier I Executives, or
(ii) three-quarters (0.75) for Tier II Executives, multiplied by the sum of the following: (A) the Executive’s Base Salary and (B) the Executive’s annual target bonus opportunity in the year of termination. Such amount shall
be consideration for the noncompete provisions contained in the Confidentiality and Loyalty Agreement attached hereto as Appendix B. 

  

	 	(d)	 A lump-sum amount, paid within thirty (30) calendar days after the Effective Date of Termination, equal to the Executive’s then current target bonus
opportunity established under the bonus plan in which the Executive is then participating, for the plan year in which a Qualifying Termination occurs, adjusted on a pro rata 

  

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basis based on the number of days the Executive was actually employed during the bonus plan year in which the Qualifying Termination occurs.

  

	 	(e)	Continuation of the Executive’s medical insurance coverage for: (i) three (3) years for Tier I Executives, or (ii) two (2) years for Tier II Executives.
These benefits shall be provided by the Employer to the Executive beginning immediately upon the Effective Date of Termination. Such benefits shall be provided to the Executive at the same coverage level and cost to the Executive as in effect
immediately prior to the Executive’s Effective Date of Termination. Such benefits shall count as COBRA continuation coverage. 

 Notwithstanding the above, these medical insurance benefits shall be discontinued prior to the end of the stated continuation period in the event the Executive receives substantially similar benefits from a subsequent employer, as
determined solely by the Committee in good faith. For purposes of enforcing this provision, the Executive shall be deemed to have a duty to keep the Company informed as to the terms and conditions of any subsequent employment and the corresponding
benefits earned from such employment, and shall provide, or cause to provide, to the Company in writing correct, complete, and timely information concerning the same. 
 Following the end of the COBRA continuation period, if such group health plan coverage is provided under a health plan that is subject to Code Section 105(h), the benefits payable under such health plan to
Executive shall comply with the requirements of Treasury Regulation section 1.409A-3(i)(1)(iv) and, if necessary, the Employer shall amend such health plan to comply therewith. 
 In addition, no later than the end of each calendar year in which such group health plan coverage is in effect, if the Company will report the value of
the group health plan coverage (less any amount the Executive pays for such coverage) as taxable income to the Executive. 
  

	 	(f)	Treatment of outstanding long-term incentives shall be in accordance with Section 3.4(a) herein. 

  

	 	(g)	Outplacement services through the provider of the Employer’s choice with the total cost not to exceed twenty-five percent (25%) of the Executive’s Base Salary. In no
event shall such outplacement services continue for more than (i) two years for Tier I Executives or (ii) eighteen (18) months for Tier II Executives, following the Effective Date of Termination. 

  

	 	(h)	 If the Executive is a “specified employee” as defined and applied in Code Section 409A as of the Effective Date of Termination, to the extent
payments made under Sections 3.2(a), (b), (c), (d) or (e) constitute deferred compensation (after taking into account any applicable exemptions from Code Section 409A), and to the extent required by Code Section 409A, payments
may not commence to be paid to Executive until the earlier of: (i) the first day following the six month anniversary 

  

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of the Executive’s Effective Date of Termination, or (ii) the Executive’s date of death; provided, however, that any payments delayed during
this six-month period shall be paid in a lump sum as soon as administratively practicable following the six month anniversary of the Executive’s Effective Date of Termination. For purposes of Code Section 409A, each payment due under
Sections 3.2 (a), (b), (c), (d) and (e) immediately above shall be considered a separate payment. 

 Notwithstanding the preceding paragraph, and to the extent permitted by Code Section 409A, during the six months following the Executive’s Effective Date of Termination, the Company shall pay any amounts required to be paid by
this Section 3.2 in accordance with the payment schedules specified in this Section 3.2 to the extent that such payments constitute “short-term deferrals” or would not exceed the limitations of the “separation pay plan”
exceptions provided by Treasury Regulations and other guidance issued with respect to Code Section 409A. Any payments in excess of these limitations shall be paid after the six-month period described in accordance with the preceding paragraph.

  

	 	(i)	If, after the Effective Date of Termination, the Committee determines in good faith that the Executive has breached any of his or her material obligations under the Confidentiality
and Loyalty Agreement attached hereto as Appendix B, then, in addition to such other remedies and damages as may be available to the Company (including but not limited to injunctive relief), all Severance Benefits hereunder shall be forfeited and
shall cease to be paid or provided immediately upon such determination. The Company shall promptly provide written notice thereof to the Executive. 

 3.3 Description of General Severance Benefits. In the event the Executive becomes entitled to receive General Severance Benefits, the Employer shall provide the Executive with the following, subject to
Section 3.3(g) and (h) herein: 
  

	 	(a)	A lump-sum amount, paid within thirty (30) calendar days after the Effective Date of Termination, equal to the Executive’s unpaid Base Salary, accrued vacation pay,
unreimbursed business expenses, and all other items earned by and owed to the Executive through and including the Effective Date of Termination. 

  

	 	(b)	An amount, paid as a continuation of pay, equal to: (i) two (2) for Tier I Executives, and (ii) one and one-half (1.5) for Tier II Executives, multiplied by the
sum of the following: (A) the Executive’s Base Salary, and (B) the Executives annual target bonus opportunity in the year of termination. Such benefit amount shall be paid in equal installments in accordance with the normal payroll
procedures of the Company for the period beginning on the Effective Date of Termination and ending twenty-four (24) months for Tier I Executives and eighteen (18) months for Tier II Executives thereafter. Notwithstanding the foregoing,
payments shall be delayed until the next regularly scheduled payroll cycle immediately following the date on which the Executive’s general release becomes effective and irrevocable, in which case any past-due payments shall be paid in a lump
sum. 

  

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	 	(c)	A lump-sum amount, if any, paid within two and one-half months after the end of the calendar year that includes the Effective Date of Termination, equal to the actual bonus that
would have been payable to the Executive for the calendar year that includes the Effective Date of Termination based on actual performance if the Executive had remained employed through the end of such calendar year; provided however, that such
amount shall be adjusted on a prorata basis based on the number of days the Executive was actually employed during the bonus plan year in which the Qualifying Termination occurs. 

  

	 	(d)	Continuation of the Executive’s medical insurance coverage for: (i) 2 years for Tier I Executives, or (ii) eighteen (18) months for Tier II Executives. These
benefits shall be provided by the Employer to the Executive beginning immediately upon the Effective Date of Termination. Such benefits shall be provided to the Executive at the same coverage level and cost to the Executive as in effect immediately
prior to the Executive’s Effective Date of Termination. Such benefits shall count as COBRA continuation coverage. 

 Notwithstanding the above, these medical insurance benefits shall be discontinued prior to the end of the stated continuation period in the event the Executive receives substantially similar benefits from a subsequent employer, as
determined solely by the Committee in good faith. For purposes of enforcing this provision, the Executive shall be deemed to have a duty to keep the Company informed as to the terms and conditions of any subsequent employment and the corresponding
benefits earned from such employment, and shall provide, or cause to provide, to the Company in writing correct, complete, and timely information concerning the same. 
 Following the end of the COBRA continuation period, if such group health plan coverage is provided under a health plan that is subject to Code Section 105(h), the benefits payable under such health plan to
Executive shall comply with the requirements of Treasury Regulation section 1.409A-3(i)(1)(iv) and, if necessary, the Employer shall amend such health plan to comply therewith. 
 In addition, no later than the end of each calendar year in which such group health plan coverage is in effect, if the Company will report the value of
the group health plan coverage (less any amount the Executive pays for such coverage) as taxable income to the Executive. 
  

	 	(e)	Treatment of outstanding long-term incentives shall be in accordance with Section 3.4(b) herein. 

  

	 	(f)	Outplacement services through the provider of the Employer’s choice with the total cost not to exceed twenty-five percent (25%) of the Executive’s Base Salary. In no
event shall such outplacement services continue for more than two years following the Effective Date of Termination. 

  

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	 	(g)	If the Executive is a “specified employee” as defined and applied in Code Section 409A, as of the Effective Date of Termination, to the extent payments made under
Sections 3.3(a), (b), (c) or (d) constitute deferred compensation (after taking into account any applicable exemptions from Code Section 409A), and to the extent required by Code Section 409A, payments may not commence to be paid
to Executive until the earlier of: (i) the first day following the six month anniversary of the Executive’s Effective Date of Termination, or (ii) the Executive’s date of death; provided, however, that any payments delayed during
this six-month period shall be paid in a lump sum as soon as administratively practicable following the six month anniversary of the Executive’s Effective Date of Termination. For purposes of Code Section 409A, each payment due under
Sections 3.3(a), (b), (c) and (d) immediately above shall be considered a separate payment. 

 For purposes of the
preceding paragraph, and to the extent permitted by Code Section 409A, during the six months following the Executive’s Effective Date of Termination, the Company shall pay any amounts required to be paid by this Section 3.3 in
accordance with the payment schedules specified in this Section 3.3 to the extent that such payments constitute “short-term deferrals” or would not exceed the limitations of the “separation pay plan” exceptions provided by
Treasury Regulations and other guidance issued with respect to Code Section 409A. Any payments in excess of these limitations shall be paid after the six-month period described in accordance with the preceding paragraph. 
  

	 	(h)	If, after the Effective Date of Termination, the Committee determines in good faith that the Executive has breached any of his or her material obligations under the Confidentiality
and Loyalty Agreement attached hereto as Appendix B, then, in addition to such other remedies and damages as may be available to the Company (including but not limited to injunctive relief), all Severance Benefits hereunder shall be forfeited and
shall cease to be paid or provided immediately upon such determination. The Company shall promptly provide written notice thereof to the Executive. 

 3.4 Impact on Long-Term Incentives 
  

	 	(a)	Upon a Change in Control. Unless an Executive’s separate award agreement provides a more favorable result, upon the occurrence of a Change in Control, all outstanding
long-term incentives shall be treated as follows: 

  

	 	(i)	Unvested stock options shall become fully vested and shall remain exercisable for a period of three (3) months from the date of the Change in Control or the last day of the
option term, whichever occurs first; 

  

	 	(ii)	Unvested shares of restricted stock and unvested restricted stock units that vest solely based on the passage of time shall become fully vested; and 

  

	 	(iii)	 Unearned performance shares and performance units, and unearned shares of restricted stock and restricted stock units that vest based on the 

  

 12 

	 	 
achievement of one or more performance goals, shall be paid out at target, adjusted on a prorata basis based on the number of days the Executive was actually
employed during the relevant performance period in which the Change in Control occurred. 

 Notwithstanding the foregoing:

 (x) if the Change in Control results from a sale of assets described in Article 2(h)(iii), then the foregoing provisions will apply only if
the Executive experiences a Qualifying Termination from A. O. Smith Corporation and its affiliates within twenty-four (24) months immediately following such Change in Control, and in such case (A) when applying the foregoing provisions,
the date of the Change in Control shall be deemed the individual’s date of termination of employment and (B) Section 3.4(b) shall not apply; and 
 (y) in the case of a Business Unit Change in Control, the foregoing provisions shall not cause the acceleration of payment of an award that is subject to Code Section 409A unless the Business Unit Change in
Control qualifies as a change in ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation, within the meaning of Code Section 409A or another provision of Code
Section 409A permits the acceleration of payment thereof. If payment of the award cannot be made upon the Business Unit Change in Control as a result of the application of Code Section 409A, the award will be paid upon the dates or events
as otherwise provided under the terms of the award. 
  

	 	(b)	Upon a Qualifying Termination. Unless an Executive’s separate award agreement provides a more favorable result, upon a Qualifying Termination that entitles the Executive
to General Severance Benefits as provided in Section 3.1(b) herein: 

  

	 	(i)	All outstanding and unvested long-term incentives granted to Executive during the calendar year in which the Effective Date of Termination occurs shall be forfeited by the
Executive; and 

  

	 	(ii)	All outstanding and unvested long-term incentives that were granted to Executive prior to the calendar year in which the Effective Date of Termination occurs shall be treated as
follows: 

  

	 	(I)	Unvested stock options shall vest on a prorata basis and shall remain exercisable for a period of three (3) months from the Effective Date of Termination or the last day of the
option term, whichever occurs first; 

  

	 	(II)	Unvested shares of restricted stock and unvested restricted stock units that vest based solely on the passage of time shall vest on a prorata basis; and 

  

 13 

	 	(III)	Unearned performance shares and performance units, and unearned shares of restricted stock and restricted stock units that vest based on the achievement of one or more performance
goals, shall be paid following the end of the respective performance periods on a prorata basis based on actual performance determined at the end of the respective performance periods. 

 For purposes of clauses (I), (II) and (III), the prorata portion of the award that will become vested shall be determined by multiplying the total number
of options, shares or units subject to an award, by a fraction, the numerator of which is the number of completed months in which the Executive was employed from the grant date to the Effective Date of Termination, and the denominator of which is
the number of months required for the award to vest in full, and then reducing therefrom the number of options, shares or units that have previously been vested. 
 Article 4 Excise Tax Gross Up 

	 	(a)	Subject to Section 4(b) below, if in connection with a Change in Control the Executive would be or is subject to an excise tax under Code Section 4999 with respect to any
cash, benefits or other property received, or any acceleration of vesting of any benefit or award (the “Change in Control Benefits”), the Company shall pay the Executive an amount (a “Gross-Up Payment”) equal to the sum of:
(i) the amount of such excise tax, plus (ii) all taxes, interest and penalties, including, without limitation, any federal, state and local income taxes and any additional excise taxes, that become payable by the Executive as a result of
the receipt of the Gross-Up Payment (together, the “Excise Tax”). In determining the amount of any Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the
calendar year in which the Gross-Up Payment is to be made, and state and local taxes at the highest marginal rates of taxation for such year in the state and locality of the Executive’s residence. For such purposes, federal income taxes shall
be determined net of the maximum reduction in such federal income taxes that could be obtained from the deduction of such state and local taxes. 

  

	 	(b)	Notwithstanding Section 4(a), if the Change in Control Benefits, when calculated on a net-after-tax basis (using the assumptions set forth in the last sentence of
Section 4(a)), are less than 110% of the amount that could be paid to the Executive without imposition of the excise tax under Code Section 4999, the Change in Control Benefits payable under this Agreement shall be reduced to the largest
amount payable without resulting in the imposition of such excise tax. 

  

	 	(c)	 Within thirty (30) days after the Executive’s Effective Date of Termination, a nationally recognized accounting or law firm selected by the Company shall
make a determination as to whether any Excise Tax should be reported and paid by the Executive, and if applicable, the amount of such Excise Tax and the related Gross-Up Payment. Within thirty (30) days after such determination, the Company
shall pay the amount of such Gross-Up Payment to the Executive, and 

  

 14 

	 	 
the Executive shall report and pay such Excise Tax. The Company shall be responsible for all fees and expenses connected with the determinations by the
accounting or law firm pursuant to this Section 4. 

  

	 	(d)	In the event that the Executive is at any time required to pay any Excise Tax in addition to any amount determined pursuant to subsection (a), the Company shall pay the Executive a
Gross-Up Payment determined with respect to such additional Excise Tax, within thirty (30) days of such determination. In the event that the Executive receives any refund of any Excise Tax with respect to which the Executive has previously
received a Gross-Up Payment hereunder, the Executive shall promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). 

  

	 	(e)	The Executive agrees to notify the Company in the event of any audit or other proceeding by the IRS or any taxing authority in which the IRS or other taxing authority asserts that
any Excise Tax should be assessed against the Executive and to cooperate with the Company in contesting any such proposed assessment with respect to such Excise Tax (a “Proposed Assessment”). The Executive agrees not to settle any Proposed
Assessment without the consent of the Company. If the Company does not settle the Proposed Assessment, or does not consent to allow Executive to settle the Proposed Assessment, within thirty (30) days following such demand therefore, the
Company shall indemnify and hold harmless the Executive: (i) with respect to any additional interest and/or penalties that the Executive is required to pay by reason of the delay in finally resolving the Executive’s tax liability, and
(ii) with respect to any taxes, interest and penalties that the Executive is required to pay by reason of any indemnification payment under this subsection (e). 

  

	 	(f)	The Company shall pay the Executive all Gross-Up Payments at the times described herein, but in no event later than the end of the calendar year following the calendar year in which
the Executive made such remittance. 

 Article 5 Legal Fees and Notice 
 5.1 Payment of Legal Fees. Except as otherwise agreed to by the parties, the Company shall reimburse the Executive for Executive’s costs of
litigation or other disputes including, without limitation, reasonable attorneys’ fees incurred by the Executive in asserting any claims or defenses under this Plan, except that the Executive shall bear his or her own costs of such litigation
or disputes (including, without limitation, attorneys’ fees) if the court (or arbitrator) finds in favor of the Company with respect to any claims or defenses asserted by the Executive. The Company shall promptly reimburse the Executive for
such costs upon receipt from Executive of copies of invoices, provided that reimbursement must be completed no later than the end of the calendar year following the calendar year in which such costs are incurred. 
 5.2 Notice. Any notices, requests, demands, or other communications provided for by this Plan shall be sufficient if in writing and if sent by
registered or certified mail to the Executive at the last address he or she has filed in writing with the Company or, in the case of the Company, at its principal offices to the attention of the General Counsel. 
  

 15 

 Article 6 Successors and Assignment 
 6.1 Successors to the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, reorganization, consolidation, acquisition of property or stock, liquidation, or
otherwise) of all or a significant portion of the assets of the Company or a Business Unit by agreement, to expressly assume and agree to perform under this Plan in the same manner and to the same extent that the Employer would be required to
perform if no such succession had taken place. Regardless of whether such agreement is executed, the terms of this Plan shall be binding upon any successor in accordance with the operation of law and such successor shall be deemed the
“Company” or the “Employer”, as applicable, for purposes of this Plan. 
 6.2 Assignment by the Executive. This
Plan shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If the Executive dies while any amount would still
be payable to him or her hereunder had he or she continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to the Executive’s designated beneficiary(ies) under the Beneficiary
Designation for the A.O. Smith Combined Incentive Plan and the A.O. Smith Deferred Compensation Plan. If the Executive has not named a beneficiary, then such amounts shall be paid to the Executive’s estate. 
 Article 7 Appeals Procedures 
 7.1 Initial Claim.
If the Executive (or beneficiary) believes he is entitled to a benefit hereunder that was not provided, the Executive or beneficiary (hereinafter referred to as the “claimant”) shall file a written claim for such benefit with the
Committee no later than one year after the claimed benefit would have been due and payable. If for any reason a claim for benefits under this Plan is denied by the Committee, the Committee shall deliver to the claimant a written explanation setting
forth the specific reasons for the denial, pertinent references to the section of the Plan on which the denial is based, a description of such other data as may be pertinent to the claim review, and information on the procedures to be followed by
the claimant in obtaining a review of his claim, and his right to file a civil suit pursuant to ERISA section 502, all written in a manner calculated to be understood by the claimant. For this purpose, the claimant’s claim shall be deemed filed
when presented in writing to the Committee, and the Committee’s explanation shall be in writing delivered to the claimant within ninety (90) days of the date the claim is filed. 
 7.2 Request for Review. The claimant shall have sixty (60) days following his receipt of the denial of the claim to file with the Committee a
written request for review of the denial. For such review, the claimant or his representative may review pertinent documents and submit written issues and comments. The Committee shall decide the issue on review and furnish the claimant with a copy
of its decision within sixty (60) days of receipt of the claimant’s request for review of his claim. The decision on review shall be final and binding and in writing and shall include specific reasons for the decision, written in a manner
calculated to be understood by the claimant, as well as specific references to the pertinent provisions of the Plan on which the decision is based. If a copy of the decision is not so furnished to the claimant within such sixty (60) days, the
claim shall be deemed denied on review. 
  

 16 

 Article 8 Miscellaneous 
 8.1 Employment Status. Except as may be provided under any other agreement between the Executive and the Employer, the employment of the Executive by the Employer is “at will” and may be terminated by
either the Executive or the Employer at any time, subject to applicable law. 
 8.2 Entire Plan. This Plan supersedes any prior
agreements or understandings, oral or written, between the parties hereto, with respect to the subject matter hereof, and constitutes the entire agreement of the parties with respect thereto. Without limiting the generality of the foregoing
sentence, this Plan completely supersedes any and all prior employment agreements entered into by and between the Employer and the Executive, and all amendments thereto, in their entirety. 
 8.3 Severability. In the event that any provision or portion of this Plan shall be determined to be invalid or unenforceable for any reason, the
remaining provisions of this Plan shall be unaffected thereby and shall remain in full force and effect. 
 8.4 Tax Withholding. The
Employer may withhold from any benefits payable under this Plan all federal, state, city, or other taxes as may be required pursuant to any law or governmental regulation or ruling. 
 8.5 Payment Obligation Absolute. Except as provided in Section 3.2(i) and Section 3.3(h), the Employer’s obligation to make the
payments provided for herein shall be absolute and unconditional, and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense, or other right which the Employer may have against the
Executive or anyone else. 
 The Executive shall not be obligated to seek other employment in mitigation of the amounts payable or
arrangements made under any provision of this Plan, and except as provided in Section 3.2(i) and Section 3.3(h), the obtaining of any such other employment shall in no event effect any reduction of the Employer’s obligations to make
the payments and arrangements required to be made under this Plan. 
 8.6 Contractual Rights to Benefits. This Plan establishes and
vests in the Executive a contractual right to the benefits to which he or she is entitled hereunder. However, nothing herein contained shall require or be deemed to require, or prohibit or be deemed to prohibit, the Employer to segregate, earmark,
or otherwise set aside any funds or other assets, in trust or otherwise, to provide for any payments to be made or required hereunder. 
 8.7 Modification. No provision of this Plan may be modified, waived, or discharged in a manner that adversely affects the rights of the Executive unless such modification, waiver, or discharge is agreed to in writing and signed by
the Executive affected thereby and by an authorized member of the Committee, or by the respective parties’ legal representatives and successors. 
 8.8 Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the
plural. 
  

 17 

 8.9 Applicable Law. The laws of the state of Delaware, without reference to conflict of law
principles thereof, shall be the controlling law in all matters relating to this Plan. Notwithstanding the foregoing, the Confidentiality and Loyalty Agreement attached as Appendix B shall be governed by the laws of the state of Wisconsin.

 IN WITNESS WHEREOF, the Company has executed this Plan on this
             day of
                                 2009. 
  

							
		 	ATTEST	 		 	
				
		 	A. O. Smith Corporation	 		 	
				
		 	 	 		 	
		 	Paul W. Jones	 		 	
		 	Chairman and Chief Executive Officer	 		 	

  

 18 

 Appendix A 
 Tier
I Executives 
 Chairman and Chief Executive Officer of the Company 
 Tier II Executives 
 Executive Vice President, President of EPC 
 Executive Vice President, President of WPC 
 Executive Vice President, General Counsel & Secretary 
 Executive Vice President and Chief Finance Officer 
 Senior Vice President,
Human Resources & Public Affairs 
 Senior Vice President and Chief Information Officer 
 Senior Vice President, Corporate Development 
 Senior Vice President, Corporate Finance and Controller 
 President, A. O. Smith China Investment Co. Ltd. 
  

 19 

 Appendix B 
 CONFIDENTIALITY AND LOYALTY AGREEMENT 
 AGREEMENT made as of the
                     day of                     ,
20        , between A. O. SMITH CORPORATION, a Delaware corporation (together with its successors, assigns and Affiliates, the “Company”),
and                             (“Executive”). 
 WHEREAS, in light of the Company’s size and its visibility as a New York Stock Exchange-traded company that reports its results to the public, the
Company has attracted attention of other companies and businesses seeking to obtain for themselves or their customers some of the Company’s business acumen and know-how; and 
 WHEREAS, the Company has shared with Executive certain aspects of its business acumen and know-how as well as specific confidential and proprietary
information about the products, markets, manufacturing processes, costs, developments, ideas, and personnel of the Company; and 
 WHEREAS,
the Company has imbued Executive with certain aspects of the goodwill that the Company has developed with its customers, distributors, representatives and employees, and with federal, state, local and foreign governmental entities; and 

WHEREAS, as consideration for entering into this Agreement, the Company is extending to Executive the opportunity to be covered under the A. O. Smith
Corporation Senior Leadership Severance Plan (For Tier I and Tier II Executives) (the “Plan”); 
 NOW, THEREFORE, in consideration
of the foregoing, and of the respective covenants and agreements of the parties set forth in this Agreement and the Plan, the parties hereto agree as follows: 
 1. Definitions. As used in this Agreement, the following terms have the meanings indicated: 
 a. “Affiliate” shall mean any subsidiary or other entity that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with A. O. Smith Corporation, whether now existing or
hereafter formed or acquired. For purposes hereof, “control” means the power to vote or direct the voting of sufficient securities or other interests to elect one-third of the directors or managers or to control the management of such
subsidiary or other entity. 
 b. “Competitive Business” means any corporation, partnership, association, or other
person or entity, including but not limited to Executive, 
 (i) which competes directly, or is planning to compete directly and Executive is
on notice of that fact, with the Company with respect to 
  

 20 

 (x) the products and services described on Exhibit A, or 
 (y) any other business of the Company, 
 in the case of clause (x) or clause (y), that at any time during the most recent eighteen (18) months of Executive’s Company Employment was either: (A) within Executive’s management,
operational, marketing, purchasing or sales responsibility, including the responsibility of personnel reporting directly to Executive, or (B) a business about which Executive retained or received any Confidential Information or Trade Secrets of
the Company, and 
 (ii) which engages or plans to engage in such competition in any country of the World in which the Company sold or
distributed, or actively attempted to sell or to distribute, such products and/or services during the most recent eighteen (18) months of Executive’s Company Employment and in which the Company continues to sell or distribute, or actively
attempted to sell or to distribute, such products and/or services. 
 c. “Confidential Information” means
information related to the Company’s business, not generally known in the trade or industry, which Executive learns or creates during the period of Executive’s Company Employment, which may include but is not limited to product
specifications, manufacturing procedures, methods, equipment, compositions, technology, formulas, know-how, research and development programs, sales methods, customer lists, customer usages and requirements, personnel evaluations and compensation
data, computer programs and other confidential technical or business information and data. 
 d. “Executive’s
Company Employment” means the time (including time prior to the date hereof) during which Executive is employed by any entity comprised within the definition of “Company”, regardless of any change in the entity actually employing
Executive. 
 e. “Goodwill” means any tendency of customers, distributors, representatives, employees, vendors,
suppliers, or federal, state, local or foreign governmental entities to continue or renew any valuable business relationship with the Company or any Competitive Business with which Executive may be associated, based in whole or in part on past
successful relationships with the Company or the lawful efforts of the Company to foster such relationships, and in which Executive, or any personnel reporting directly to Executive, actively participated at any time during the most recent eighteen
(18) months of Executive’s Company Employment. 
 f. “Inventions” means designs, discoveries, improvements
and ideas, whether or not patentable or otherwise legally protectable, including, without limitation upon the generality of the foregoing, novel or improved products, processes, machines, promotional and advertising materials, business data 

  

 21 

 
processing programs and systems, and other manufacturing and sales techniques, which either (i) relate to (A) the business of the Company or
(B) the Company’s actual or demonstrably anticipated research or development, or (ii) result from any work performed by Executive for the Company. 
 g. “Trade Secret(s)” means information, including a formula, pattern, compilation, program, device, method, technique or
process, that derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and that is the
subject of efforts to maintain its secrecy that are reasonable under the circumstances. 
 2. Disclosure and Assignment of Inventions.

 a. Executive agrees to disclose to the Company and to assign to the Company, and hereby does assign to the Company, all of
Executive’s rights in any Inventions or Trade Secrets conceived or reduced to practice at any time during Executive’s Company Employment, either solely or jointly with others and whether or not developed on Executive’s own time or
with the Company’s resources. Executive further agrees to assign, and hereby does assign, to the Company any legal rights in and to any intellectual property (e.g., patents, copyrights, etc.) associated with or covering any Inventions or
Trade Secrets. Executive agrees that Inventions first reduced to practice within one (1) year after termination of Executive’s Company Employment shall be treated as if conceived during such employment unless Executive can establish
specific events giving rise to the conception that occurred after termination of such employment. Further, Executive disclaims and will not assert any rights in Inventions as having been made, conceived or acquired prior to Executive’s Company
Employment except such (if any) as are specifically listed at the conclusion of this Agreement. Executive agrees to create, maintain, preserve and make available to the Company, as part of the Company’s property, complete and up-to-date
records, including but not limited to correspondence, prototypes, models and other written or tangible data, relating to Inventions and Trade Secrets of the Company. 
 b. Executive shall cooperate with the Company and shall execute and deliver such documents and do such other acts and things as the
Company may request, at the Company’s expense, to obtain and maintain letters patent or registrations covering any Inventions and to vest in the Company all rights therein free of all encumbrances and adverse claims. 
 3. Confidentiality. In addition to all duties of loyalty imposed on Executive by law, during the term of Executive’s Company Employment and
for eighteen (18) months following the termination of such employment for any reason, Executive shall maintain Confidential Information in confidence and secrecy and shall not disclose Confidential Information or use it for the benefit of any
person or organization (including Executive) other than the Company without the prior written consent of an authorized officer of the Company (except for disclosures to persons acting on the Company’s behalf with a need to know such 

  

 22 

 
information), under any circumstances where any Confidential Information so disclosed or used is reasonably likely to be used anywhere on behalf of any
Competitive Business. 
 4. Non-Disclosure of Trade Secrets. During Executive’s Company Employment, Executive shall preserve and
protect Trade Secrets of the Company from unauthorized use or disclosure; and after termination of such employment, Executive shall not use or disclose any Trade Secret of the Company for so long as that Trade Secret remains a Trade Secret.

 5. Third-Party Confidentiality. Executive shall not disclose to the Company, use on its behalf, or otherwise induce the Company to
use any secret or confidential information belonging to persons or entities not affiliated with the Company, which may include a former employer of Executive, if Executive then has an obligation or duty to any person or entity (other than the
Company) to not disclose such information to other persons or entities, including the Company. Executive acknowledges that the Company has disclosed that the Company is now, and may be in the future, subject to duties to third parties to maintain
information in confidence and secrecy. By executing this Agreement, Executive consents to be bound by any such duty owed by the Company to any third party. 
 6. Return of Property. Executive shall, upon the Company’s demand and in any event before or promptly upon termination of Executive’s Company Employment, deliver to the Company the original and
all copies of all documents, files, data, records and property of any nature whatsoever which are in Executive’s possession or control and which are the property of the Company or which relate to the business activities, facilities or locations
of the Company, or contain any Confidential Information or Trade Secrets of the Company, including any such records, documents or property created or maintained by Executive on any device or media Executive owns. Upon termination of employment with
the Company, Executive agrees to attend an exit interview and to provide the Company with access to any personal computer, rolodex, PDA, or other device or media owned by Executive but used in the course of employment with the Company to ensure
compliance with the terms of this Agreement. 
 7. Noncompetition. During Executive’s Company Employment and for twenty-four
(24) months (if Executive is a Tier I Executive as identified in Appendix A to the Plan) or eighteen (18) months (if Executive is a Tier II Executive as identified in Appendix A to the Plan) following the termination of such
employment for any reason, Executive shall not, directly or indirectly, participate in, consult with, be employed by, or assist with the organization, planning, ownership, financing, management, operation or control of any Competitive Business in
any capacity in which, in the absence of this Agreement, Confidential Information, Inventions, Trade Secrets of the Company or Goodwill would reasonably be considered useful. 
 8. Nonsolicitation. During Executive’s Company Employment and for twenty-four (24) months (if Executive is a Tier I Executive as
identified in Appendix A to the Plan) or eighteen (18) months (if Executive is a Tier II Executive as identified in Appendix A to the Plan) following the termination of such employment for any reason, Executive shall not, directly or
indirectly, on behalf of any Competitive Business, either by himself or by providing substantial assistance to others, solicit to terminate employment with the Company, or to accept 

  

 23 

 
or begin employment with or service to any Competitive Business, any employee of the Company whom Executive supervised or about whom Executive gained
Confidential Information at any time during the most recent eighteen (18) months of Executive’s Company Employment. 
 9.
Non-disparagement. Executive shall not during Executive’s Company Employment and for eighteen (18) months following the termination of such employment for any reason make any false, derogatory, or inflammatory statement whatsoever
that defames, disparages or reflects negatively on the Company and/or any of its employees, officers, directors or shareholders. Nothing herein is intended to inhibit the ability of Executive to provide truthful information if Executive is under a
paramount legal duty to do so or is otherwise required to do so in the course of any official investigation or proceeding or when testifying in response to a judicial subpoena or other lawful legal process. Upon receiving any such subpoena or
process, Executive shall promptly notify the Company so as to afford it a reasonable opportunity to contest the legality or reasonableness of any such subpoena or process. 
 10. Future Employment. During Executive’s Company Employment and for twenty-four (24) months (if Executive is a Tier I Executive as
identified in Appendix A to the Plan) or eighteen (18) months (if Executive is a Tier II Executive as identified in Appendix A to the Plan) following the termination of such employment for any reason, before accepting any employment with
any Competitive Business, Executive shall disclose to the Company the identity of any such Competitive Business and a complete description of the duties involved in such prospective employment, including a full description of any territory or market
segment to which Executive will be assigned. Further, during Executive’s Company Employment and for two years following the termination of such employment for any reason, Executive agrees that, before accepting any future employment, Executive
will provide a copy of this Agreement to any prospective employer of Executive, and Executive hereby authorizes the Company to do likewise, whether before or after the outset of the future employment. 
 11. Cooperation. Executive agrees to cooperate with the Company and its attorneys in connection with any and all lawsuits, claims, investigations,
or similar proceedings that have been or could be asserted at any time arising out of or related in any way to Executive’s Company Employment. The Company shall reimburse Executive for his or her actual expenses incurred in complying with this
provision. 
 12. Notices. All notices, request, demands and other communications required or permitted hereunder shall be in writing
and shall be deemed to have been duly given when delivered by hand or when mailed by United States certified or registered mail with postage prepaid addressed as follows: 
 a. If to Executive, to the address set forth by Executive on the signature page of this Agreement or to such other person or address which
Executive shall furnish to the Company in writing pursuant to the above. 
 b. If to the Company, to the attention of the
Company’s General Counsel at the address set forth on the signature page of this Agreement or to such 

  

 24 

 
other person or address as the Company shall furnish to Executive in writing pursuant to the above 
 13. Enforceability. Executive recognizes that irreparable injury may result to the Company, its business and property, and the potential value
thereof in the event of a sale or other transfer, if Executive breaches any of the restrictions imposed on Executive by this Agreement, and Executive agrees that if Executive shall engage in any act in violation of such provisions, then the Company
shall be entitled, in addition to such other remedies and damages as may be available, to an injunction prohibiting Executive from engaging in any such act. 
 14. Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon and enforceable by A. O. Smith Corporation, its successors, assigns and Affiliates, all of which (other than
A. O. Smith Corporation) are intended third-party beneficiaries of this Agreement. Executive hereby consents to the assignment of this Agreement to any person or entity. 
 15. Validity. Any invalidity or unenforceability of any provision of this Agreement is not intended to affect the validity or enforceability of any other provision of this Agreement, which the parties intend to
be severable and divisible, and to remain in full force and effect to the greatest extent permissible under applicable law. 
 16.
Governing Law. The laws of the state of Wisconsin, without reference to conflict of law principles thereof, shall be the controlling law in all matters relating to this Agreement. 
 17. Miscellaneous. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express
or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. This Agreement may be modified only by a written agreement signed by Executive and a duly authorized officer of
the Company. 
 EXECUTIVE ACKNOWLEDGES HAVING READ AND SIGNED THIS AGREEMENT AND HAVING RECEIVED A COPY THEREOF, INCLUDING THE FOLLOWING
NOTICE: 
 This Agreement does not apply to an invention for which no equipment, supplies, facility, or trade secret information of the
Company were used and which was developed entirely on Executive’s own time, unless (a) the invention relates (i) to the business of the Company or (ii) to the Company’s actual or demonstrably anticipated research or
development, or (b) the invention results from any work performed by Executive for the Company. 
  

 25 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date and year first above written.

  

			
	 EXECUTIVE
  

	Name:	 	 
		
	Address:	 	 
		 	  

		 	  

	
	A. O. SMITH CORPORATION
	11270 WEST PARK PLACE
	P.O. BOX 23970
	MILWAUKEE, WI 53223-0970
		
	By:	 	 
		
	Its:	 	 

  

 26 

 Exhibit A 
 1)    the design, development, manufacture, assembly, marketing or sales of any of the following: 
 Electric motors for residential, commercial or industrial use 
 Water heaters and boilers for residential,
commercial or industrial use; or 
 2)    the development, marketing or sales of services relating to any of such products, including
financing, aftermarket service, training, logistics support, or remanufacturing. 
  

 27 

 Appendix C 
 GENERAL RELEASE 
 In consideration for the severance pay and additional benefits to be provided by A. O. Smith Corporation
(the “Company”) under the A. O. Smith Corporation Senior Leadership Severance Plan (Severance Pay Plan), I,
                                , release the Company and its affiliates and all of its
officers, directors, employees and agents from all claims or causes of action that I now have, or may later learn about, arising out of my employment with the Company or my termination from the Company. This means that I cannot and will not file any
claim, charge or lawsuit for the purpose of obtaining any monetary award above the amounts I am entitled to under the Severance Pay Plan or for any other type of legal remedy. 
 I acknowledge that this General Release includes, but is not limited to, all claims arising under federal, state or local laws prohibiting employment
discrimination and all claims arising out of any legal restrictions on the Company’s right to terminate its employees, including any breach of contract claims. This General Release also specifically encompasses all claims of employment
discrimination based on race, color, religion, sex and national origin, as provided under Title VII of the Civil Rights Act of 1964, as amended or under Section 1981 of the Civil Rights Act of 1866, all claims of age discrimination under the
Age Discrimination in Employment Act of 1967 (ADEA), as amended, all claims under the Employee Retirement Income Security Act (ERISA), all claims of employment discrimination under the Americans with Disabilities Act (ADA), as well as claims under
any applicable state or local law concerning my employment. I understand that this General Release shall not apply to claims for benefits under applicable worker’s compensation and unemployment compensation laws or any claim for benefits to
which I am entitled to under the Company’s benefit plans based on my status as a terminated employee. This General Release shall also not apply to any right or claim under the Age Discrimination and Employment Act of 1967 (ADEA) which arises
after the date this General Release is executed. 
 I further agree that I will not disclose to any person, firm or corporation any secret,
confidential or proprietary information of the Company or its affiliates, unless such information is in the public domain or is required to be disclosed by law. Such secret, confidential and proprietary information shall include, but not be limited
to, such matters as the Company’s product designs, costs, profits, markets, sales, pricing, product lines, policies, operational methods, suppliers, customers, systems and strategic plans. I also acknowledge my obligation to disclose and to
assign to the Company any inventions conceived, made or participated in by me during the course of my employment with the Company. 
 I
intend this General Release to be binding upon myself, my estate, heirs and assignees. I understand and agree that if I breach this General Release or if I file any claim or lawsuit against the Company seeking any equitable relief, all payments and
benefits provided herein shall cease, and I or my estate shall be required to reimburse the Company for all payments and benefits I received under this Agreement prior to such time, including attorneys’ fees incurred by the Company. 

 

 28 

 I have carefully read and fully understand all of the provisions of this General Release. [If
applicable: I have been provided information which shows the ages and job classifications of all salaried employees of the Company’s
                         Division and the ages and job classifications of those employees whose positions are being eliminated in
the current workforce reduction.] I further acknowledge that this General Release sets forth the entire agreement between the Company and me. In addition, I acknowledge that I have been given a period of at least twenty-one days [Or if
applicable: forty-five days] to consider this General Release and that I have been advised to consult with an attorney of my choice during this period. Finally, I acknowledge that, in considering whether to sign this General Release, I have
not relied upon any representation or statement by anyone, either written or oral, not set forth in this document and that I have not been threatened or coerced into signing this General Release by any official of the Company and that I have read,
understand and fully and voluntarily accept the terms of this General Release. 
 I understand that this General Release may be revoked by me
at any time during the seven day period after I have signed it. This General Release shall not become effective until after the revocation period has expired and no payment is required to be made until such period has expired. 
  

			
	 BY:
                                         
                                   
	 	DATE:
                                         
           
		
	 RECEIVED BY:
                                         
           
	 	DATE:
                                         
           

  

 29Indenture

 Exhibit 4.1 
 EXECUTION COPY 
 FREEDOM GROUP, INC., 
 as Issuer 
 and the Guarantors named herein

 10 1/4% Senior Secured Notes due 2015 
  
  
 INDENTURE 
 Dated as of July 29, 2009 
  
  
 WILMINGTON TRUST FSB,

 as Trustee and Collateral Agent 

 CROSS-REFERENCE TABLE 
  

			
	 TIA
 Section
	  	Indenture
Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N/A
	       (a)(4)
	  	N/A
	       (b)
	  	7.08; 7.10
	       (c)
	  	N/A
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N/A
	 312(a)
	  	2.06
	       (b)
	  	13.03
	       (c)
	  	13.03
	 313(a)
	  	7.06
	       (b)(1)
	  	11.06
	       (b)(2)
	  	7.06
	       (c)
	  	7.06
	       (d)
	  	4.02; 4.09
	 314(a)
	  	4.02; 4.09
	       (b)
	  	11.02
	       (c)(1)
	  	13.04
	       (c)(2)
	  	13.04
	       (c)(3)
	  	N/A
	       (d)
	  	11.06
	       (e)
	  	13.05
	       (f)
	  	4.10
	 315(a)
	  	7.01
	       (b)
	  	7.05
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.11
	 316(a) (last sentence)
	  	13.06
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N/A
	       (b)
	  	6.07
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.09
	       (b)
	  	2.05
	 318(a)
	  	13.01

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	ARTICLE 1
	
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	SECTION 1.01.	  	Definitions	  	1
	SECTION 1.02.	  	Other Definitions	  	34
	SECTION 1.03.	  	Incorporation by Reference of Trust Indenture Act	  	35
	SECTION 1.04.	  	Rules of Construction	  	36
	
	ARTICLE 2
	
	THE SECURITIES
			
	SECTION 2.01.	  	Amount of Securities; Issuable in Series	  	37
	SECTION 2.02.	  	Form and Dating	  	38
	SECTION 2.03.	  	Execution and Authentication	  	38
	SECTION 2.04.	  	Registrar and Paying Agent	  	39
	SECTION 2.05.	  	Paying Agent to Hold Money in Trust	  	39
	SECTION 2.06.	  	Holder Lists	  	40
	SECTION 2.07.	  	Transfer and Exchange	  	40
	SECTION 2.08.	  	Replacement Securities	  	41
	SECTION 2.09.	  	Outstanding Securities	  	41
	SECTION 2.10.	  	Temporary Securities	  	42
	SECTION 2.11.	  	Cancellation	  	42
	SECTION 2.12.	  	Defaulted Interest	  	42
	SECTION 2.13.	  	CUSIP Numbers, ISINs, etc.	  	42
	SECTION 2.14.	  	Calculation of Specified Percentage of Securities	  	42
	
	ARTICLE 3
	
	REDEMPTION
			
	SECTION 3.01.	  	Redemption	  	43
	SECTION 3.02.	  	Applicability of Article	  	43
	SECTION 3.03.	  	Notices to Trustee	  	43
	SECTION 3.04.	  	Selection of Securities to Be Redeemed	  	43
	SECTION 3.05.	  	Notice of Optional Redemption	  	44
	SECTION 3.06.	  	Effect of Notice of Redemption	  	45
	SECTION 3.07.	  	Deposit of Redemption Price	  	45
	SECTION 3.08.	  	Securities Redeemed in Part	  	45

  

 -ii- 

					
	ARTICLE 4
	
	COVENANTS
			
	SECTION 4.01.	  	Payment of Securities	  	45
	SECTION 4.02.	  	Reports and Other Information	  	46
	SECTION 4.03.	  	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	47
	SECTION 4.04.	  	Limitation on Restricted Payments	  	53
	SECTION 4.05.	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	59
	SECTION 4.06.	  	Asset Sales	  	61
	SECTION 4.07.	  	Transactions with Affiliates	  	65
	SECTION 4.08.	  	Change of Control	  	68
	SECTION 4.09.	  	Compliance Certificate	  	69
	SECTION 4.10.	  	Further Assurances, Instruments and Acts	  	70
	SECTION 4.11.	  	Future Guarantors	  	70
	SECTION 4.12.	  	Liens	  	70
	SECTION 4.13.	  	Maintenance of Office or Agency	  	71
	SECTION 4.14.	  	Discharge and Suspension of Covenants	  	71
	SECTION 4.15.	  	Event of Loss	  	72
	SECTION 4.16.	  	Insurance	  	73
	SECTION 4.17.	  	Maintenance of Properties	  	75
	
	ARTICLE 5
	
	SUCCESSOR COMPANY
			
	SECTION 5.01.	  	When Company May Merge or Transfer Assets	  	75
	
	ARTICLE 6
	
	DEFAULTS AND REMEDIES
			
	SECTION 6.01.	  	Events of Default	  	78
	SECTION 6.02.	  	Acceleration	  	80
	SECTION 6.03.	  	Other Remedies	  	81
	SECTION 6.04.	  	Waiver of Past Defaults	  	81
	SECTION 6.05.	  	Control by Majority	  	81
	SECTION 6.06.	  	Limitation on Suits	  	81
	SECTION 6.07.	  	Rights of the Holders to Receive Payment	  	82
	SECTION 6.08.	  	Collection Suit by Trustee	  	82
	SECTION 6.09.	  	Trustee May File Proofs of Claim	  	82
	SECTION 6.10.	  	Priorities	  	82
	SECTION 6.11.	  	Undertaking for Costs	  	83
	SECTION 6.12.	  	Waiver of Stay or Extension Laws	  	83

					
	ARTICLE 7
	
	TRUSTEE
			
	SECTION 7.01.	  	Duties of Trustee	  	83
	SECTION 7.02.	  	Rights of Trustee	  	85
	SECTION 7.03.	  	Individual Rights of Trustee	  	86
	SECTION 7.04.	  	Trustee’s Disclaimer	  	86
	SECTION 7.05.	  	Notice of Defaults	  	86
	SECTION 7.06.	  	Reports by Trustee to the Holders	  	86
	SECTION 7.07.	  	Compensation and Indemnity	  	86
	SECTION 7.08.	  	Replacement of Trustee	  	87
	SECTION 7.09.	  	Successor Trustee by Merger	  	88
	SECTION 7.10.	  	Eligibility; Disqualification	  	89
	SECTION 7.11.	  	Preferential Collection of Claims Against Company	  	89
	
	ARTICLE 8
	
	DISCHARGE OF INDENTURE; DEFEASANCE
			
	SECTION 8.01.	  	Discharge of Liability on Securities; Defeasance	  	89
	SECTION 8.02.	  	Conditions to Defeasance	  	90
	SECTION 8.03.	  	Application of Trust Money	  	92
	SECTION 8.04.	  	Repayment to Company	  	92
	SECTION 8.05.	  	Indemnity for U.S. Government Obligations	  	92
	SECTION 8.06.	  	Reinstatement	  	92
	
	ARTICLE 9
	
	AMENDMENTS AND WAIVERS
			
	SECTION 9.01.	  	Without Consent of the Holders	  	93
	SECTION 9.02.	  	With Consent of the Holders	  	94
	SECTION 9.03.	  	Compliance with Trust Indenture Act	  	95
	SECTION 9.04.	  	Revocation and Effect of Consents and Waivers	  	95
	SECTION 9.05.	  	Notation on or Exchange of Securities	  	95
	SECTION 9.06.	  	Trustee to Sign Amendments	  	96
	SECTION 9.07.	  	Payment for Consent	  	96
	SECTION 9.08.	  	Additional Voting Terms; Calculation of Principal Amount	  	96
	
	ARTICLE 10
	
	GUARANTEES
			
	SECTION 10.01.	  	Guarantees	  	96
	SECTION 10.02.	  	Limitation on Liability	  	99
	SECTION 10.03.	  	Successors and Assigns	  	99

					
	SECTION 10.04.	  	No Waiver	  	99
	SECTION 10.05.	  	Modification	  	100
	SECTION 10.06.	  	Execution of Supplemental Indenture for Future Guarantors	  	100
	SECTION 10.07.	  	Non-Impairment	  	100
	
	ARTICLE 11
	
	SECURITY
			
	SECTION 11.01.	  	Security Documents; Additional Collateral; Intercreditor Agreement	  	100
	SECTION 11.02.	  	Recording, Registration and Opinions	  	101
	SECTION 11.03.	  	Releases of Collateral	  	101
	SECTION 11.04.	  	Form and Sufficiency of Release	  	102
	SECTION 11.05.	  	Possession and Use of Collateral	  	103
	SECTION 11.06.	  	Reports and Certificates Relating to Collateral	  	103
	SECTION 11.07.	  	Collateral Agent	  	103
	SECTION 11.08.	  	Purchaser Protected	  	107
	SECTION 11.09.	  	Authorization of Actions to be Taken by the Collateral Agent Under the Security Documents	  	107
	SECTION 11.10.	  	Authorization of Receipt of Funds by the Trustee Under the Security Agreement	  	107
	SECTION 11.11.	  	Powers Exercisable by Receiver or Collateral Agent	  	107
	SECTION 11.12.	  	Compensation and Indemnification	  	107
	
	ARTICLE 12
	
	APPLICATION OF TRUST MONIES
			
	SECTION 12.01.	  	Collateral Account	  	107
	SECTION 12.02.	  	Withdrawal of Loss Proceeds	  	108
	SECTION 12.03.	  	Withdrawal of Net Cash Proceeds to Fund an Asset Sale Offer or Net Loss Proceeds to Fund an Event of Loss Offer	  	108
	SECTION 12.04.	  	Withdrawal of Trust Monies for Investment in Replacement Assets	  	109
	SECTION 12.05.	  	Investment of Trust Monies	  	110
	SECTION 12.06.	  	Use of Trust Monies; Retirement of Securities	  	110
	SECTION 12.07.	  	Disposition of Securities Retired	  	111
	
	ARTICLE 13
	
	MISCELLANEOUS
			
	SECTION 13.01.	  	Trust Indenture Act Controls	  	111
	SECTION 13.02.	  	Notices	  	112
	SECTION 13.03.	  	Communication by the Holders with Other Holders	  	112
	SECTION 13.04.	  	Certificate and Opinion as to Conditions Precedent	  	112

					
	SECTION 13.05.	  	Statements Required in Certificate or Opinion	  	113
	SECTION 13.06.	  	When Securities Disregarded	  	113
	SECTION 13.07.	  	Rules by Trustee, Paying Agent and Registrar	  	113
	SECTION 13.08.	  	Legal Holidays	  	113
	SECTION 13.09.	  	Governing Law	  	114
	SECTION 13.10.	  	No Recourse Against Others	  	114
	SECTION 13.11.	  	Successors	  	114
	SECTION 13.12.	  	Multiple Originals	  	114
	SECTION 13.13.	  	Table of Contents; Headings	  	114
	SECTION 13.14.	  	Indenture Controls	  	114
	SECTION 13.15.	  	Severability	  	114
	SECTION 13.16.	  	Waiver of Jury Trial	  	114

  

					
	Appendix A	 	–	  	Provisions Relating to Initial Securities, Additional Securities and Exchange Securities
	
	EXHIBIT INDEX
			
	Exhibit A	 	–	  	Initial Security
	Exhibit B	 	–	  	Exchange Security
	Exhibit C	 	–	  	Form of Transferee Letter of Representation
	Exhibit D	 	–	  	Form of Supplemental Indenture

 INDENTURE dated as of July 29, 2009 among FREEDOM GROUP, INC., a Delaware corporation (the
“Company”), the Guarantors and WILMINGTON TRUST FSB, a federal savings bank, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of
(a) $200,000,000 aggregate principal amount of the Company’s 10 1/4% Senior Secured Notes due August 1, 2015 (the “Original Securities”) issued on the date hereof, (b) any Additional Securities that may be issued after the date hereof in the form of
Exhibit A (all such securities in clauses (a) and (b) being referred to collectively as the “Initial Securities”) and (c) if and when issued as provided in the Registration Rights Agreement or otherwise
registered under the Securities Act and issued, the Company’s 10 1/4% Senior Secured Notes due August 1, 2015 (the “Exchange Securities” and, together with the Initial Securities, the “Securities”) issued in the Registered Exchange Offer in exchange for any Initial
Securities or otherwise registered under the Securities Act and issued in the form of Exhibit B. Subject to the conditions and compliance with the covenants set forth herein, the Company may issue an unlimited aggregate principal amount
of Additional Securities. 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions. 
 “ABL Facility Collateral Agent” means Wachovia Bank, National Association, as administrative agent and collateral agent under the Credit
Agreement, its successors and/or assigns in such capacity. 
 “ABL Obligations” means (i) the Indebtedness and other
obligations incurred under Section 4.03(b)(i) which are secured by Permitted Liens on the Collateral, including any interest, fees, expenses or indemnified obligations related thereto and (ii) certain Hedging Obligations and cash
management and other “bank product” obligations owed to a lender or an affiliate of a lender under the Credit Agreement and more particularly described in the Intercreditor Agreement. 
 “ABL Priority Collateral” has the meaning assigned to it in the Intercreditor Agreement. 
 “Acquired Indebtedness” means, with respect to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of
such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person,

 in each case, other than Indebtedness Incurred as consideration in, in contemplation of, or to provide all or any portion
of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was otherwise acquired by such Person, or such asset was acquired
by such Person, as applicable. 
 “Additional Interest” means all additional interest then owing pursuant to the
Registration Rights Agreement. 
 “Additional Securities” means Securities issued from time to time under this Indenture
subsequent to the Issue Date. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. 
 “Appendix” means Appendix A attached hereto. 
 “Applicable Premium” means, with respect to any Security on any applicable redemption date, the greater of: 
 (1) 1.0% of the then outstanding principal amount of the Security; and 
 (2) the excess of: 
 (a) the present value at such redemption date of (i) the redemption price of the Securities, at August 1, 2012 as set forth in Paragraph 5 of the applicable Security plus (ii) all required interest payments due on such
Security through August 1, 2012 (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the then outstanding principal amount of the Security. 
 “Asset Sale” means: 
 (1) the sale, conveyance, transfer or other
disposition (whether in a single transaction or a series of related transactions) of property or assets (including by way of a Sale/Leaseback Transaction) of the Company or any Restricted Subsidiary of the Company (each referred to in this
definition as a “disposition”) or 
 (2) the issuance or sale of Equity Interests (other than directors’
qualifying shares or shares or interests required to be held by foreign nationals or other third parties 

  

 -2- 

 
to the extent required by applicable law) of any Restricted Subsidiary (other than to the Company or another Restricted Subsidiary of the Company) (whether
in a single transaction or a series of related transactions), in each case other than: 
 (a) a disposition of Cash
Equivalents or Investment Grade Securities or obsolete or worn out equipment in the ordinary course of business; 
 (b) the
disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 
 (c) any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04; 
 (d) any disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary with an aggregate Fair Market Value of
less than $2.5 million; 
 (e) any disposition of property or assets by a Restricted Subsidiary of the Company to the
Company or by the Company or a Restricted Subsidiary of the Company to a Restricted Subsidiary of the Company; provided, that, to the extent such property or assets constitutes Collateral, such disposition is to the Company or a Guarantor;

 (f) sales of assets received by the Company or any of its Restricted Subsidiaries upon the foreclosure on a Lien;

 (g) any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 
 (h) sales of inventory in the ordinary course of business; 
 (i) the lease, assignment or sublease of any real or personal property in the ordinary course of business and consistent with past
practice; 
 (j) a sale of accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” to a Receivables Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions; 
 (k) a transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing” (or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables
Financing; 
 (l) any exchange of assets for assets (including a combination of assets and Cash Equivalents) related to a
Similar Business of comparable or greater market value or usefulness to the business of the Company and its Restricted 

  

 -3- 

 
Subsidiaries as a whole, as determined in good faith by the Company, which in the event of an exchange of assets with a Fair Market Value in excess of
(1) $5 million shall be evidenced by an Officers’ Certificate, and (2) $15 million shall be set forth in a resolution approved in good faith by at least a majority of the Board of Directors of the Company; 
 (m) the grant in the ordinary course of business of any license of patents, trademarks, know-how and any other intellectual property;

 (n) any Event of Loss; provided that the proceeds are applied in accordance with the terms of this Indenture and the
Security Documents; and 
 (o) the sale of any property in a Sale/Leaseback Transaction within six months of the acquisition
of such property. 
 “Board of Directors” means as to any Person, the board of directors or managers, as applicable, of such
Person (or, if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 
 “Borrowing Base” means the sum of (1) 90% of the book value (calculated in accordance with GAAP) of the accounts receivable of the
Company and its Restricted Subsidiaries, (2) 65% of the book value (calculated in accordance with GAAP) of the inventory of the Company and its Restricted Subsidiaries and (3) 100% of the Unrestricted Cash of the Company and its Restricted
Subsidiaries, in each case as shown on the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City. 
 “Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a
capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 
  

 -4- 

 “Cash Contribution Amount” means the aggregate amount of cash contributions made to the
capital of the Company or any Guarantor described in the definition of “Contribution Indebtedness.” 
 “Cash
Equivalents” means: 
 (1) U.S. Dollars, pounds sterling, euros, the national currency of any participating member
state of the European Union or, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 
 (2) securities issued or directly and fully guaranteed or insured by the government of the United States or any country that is a member
of the European Union or any agency or instrumentality thereof in each case with maturities not exceeding two years from the date of acquisition; 
 (3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year,
and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $500 million, or the foreign currency equivalent thereof, and whose long-term debt is rated “A” or the equivalent thereof by
Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 
 (4)
repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued by a corporation (other than an Affiliate of the Company) rated at least “A-1” or the equivalent
thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case maturing within one year after the date of acquisition; 
 (6) readily marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having
one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with maturities not exceeding two years from the date of
acquisition; 
 (7) Indebtedness issued by Persons (other than the Sponsor or any of its Affiliates) with a rating of
“A” or higher from S&P or “A-2” or higher from Moody’s in each case with maturities not exceeding two years from the date of acquisition; and 
 (8) investment funds investing at least 95% of their assets in securities of the types described in clauses (1) through
(7) above; 
  

 -5- 

 “Change of Control” means the occurrence of any of the following events: 
 (i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of the Company and its
Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders, and other than any transaction in compliance with Section 5.01 where the Successor Company is a Wholly Owned Subsidiary of a direct or indirect parent of the
Company; or 
 (ii) the Company becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the
Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for
the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders, in a single transaction or in a related series of transactions, by way of merger,
consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of the Company or
any direct or indirect parent of the Company. 
 Notwithstanding the foregoing, no Specified Merger/Transfer Transaction shall constitute a Change of
Control. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral” means all the assets and properties subject or purported to be subject to the security interests and liens created by the
Security Documents and shall include any Mortgaged Property (as defined in the Security Agreement). 
 “Collateral Account”
means the collateral account established pursuant to this Indenture and the Security Documents in the name and under sole dominion and control of the Collateral Agent. 
 “Collateral Agent” means the Trustee, in its capacity as Collateral Agent under the Security Documents, together with its successors. 
 “Company” means the party named as such in the Preamble to this Indenture until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Securities. 
 “consolidated” means, with respect to any Person, such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary
shall be accounted for as an Investment. 
  

 -6- 

 “Consolidated Interest Expense” means, with respect to any Person for any period, the
sum, without duplication, of: 
 (1) consolidated interest expense of such Person and its Restricted Subsidiaries for such
period, to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations, and net payments and receipts (if any) pursuant to
interest rate Hedging Obligations and excluding amortization of deferred financing fees and expensing of any bridge or other financing fees, the non-cash portion of interest expense resulting from the reduction in the carrying value under purchase
accounting of the Company’s outstanding Indebtedness and commissions, discounts, yield and other fees and charges (including any interest expense) related to any Receivables Financing); and 
 (2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; 

less interest income for such period; 
 provided that, for
purposes of calculating Consolidated Interest Expense, no effect shall be given to the discount and/or premium resulting from the bifurcation of derivatives under FAS No. 133 and related interpretations as a result of the terms of the
Indebtedness to which such Consolidated Interest Expense relates. 
 For purposes of this definition, interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 
 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 
 (1) any net
after-tax extraordinary, nonrecurring or unusual gains or losses or income or expenses (less all fees and expenses relating thereto), including, without limitation, any expenses related to any reconstruction, recommissioning or reconfiguration of
fixed assets for alternate uses, any severance or relocation expenses and fees, restructuring costs, expenses or charges related to any Equity Offering, Permitted Investment, acquisition or Indebtedness permitted to be Incurred by this Indenture (in
each case, whether or not successful), shall be excluded; 
 (2) any increase in amortization or depreciation or any one-time
non-cash charges (such as purchased in-process research and development or capitalized manufacturing profit in inventory) resulting from purchase accounting in connection with any acquisition that is consummated after the Issue Date; 
 (3) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during such period;

  

 -7- 

 (4) any net after-tax income or loss from discontinued operations and any net after-tax
gains or losses on disposal of discontinued operations shall be excluded; 
 (5) any net after-tax gains or losses (less all
fees and expenses or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the Company) shall be excluded; 
 (6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment of
indebtedness shall be excluded; 
 (7) the Net Income for such period of any Person that is not a Subsidiary of such Person,
or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments paid in cash (or to the extent converted into cash) to
the referent Person or a Restricted Subsidiary thereof in respect of such period; 
 (8) solely for the purpose of determining
the amount available for Restricted Payments under Section 4.04(a)(3)(A), the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or
similar distributions by such Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of
its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar
distributions have been legally waived; provided that (x) the net loss of any such Restricted Subsidiary shall be included therein and (y) the Consolidated Net Income of such Person shall be increased by the amount of dividends or
other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein; 
 (9) an amount equal to the amount of Tax Distributions actually made to the holders of Capital Stock of such Person or any parent company
of such Person in respect of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes directly by such Person for such period; 
 (10) any non-cash impairment charges or asset write-off resulting from the application of FAS Nos. 142 and 144, and the amortization
of intangibles arising pursuant to FAS No. 141, shall be excluded; 
 (11) any non-cash compensation expense realized
from employee benefit plans or post-employment benefit plans, grants of stock appreciation or similar rights, stock options or other rights to officers, directors and employees of such Person or any of its Restricted Subsidiaries shall be excluded;

  

 -8- 

 (12) (a)(i) the non-cash portion of “straight-line” rent expense shall be
excluded and (ii) the cash portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses, income and expenses resulting from fair value
accounting required by FAS No. 133 shall be excluded; 
 (13) unrealized gains and losses relating to hedging
transactions and mark-to-market of Indebtedness denominated in foreign currencies resulting from the application of FAS No. 52 shall be excluded; and 
 (14) any (a) severance or relocation costs or expenses, (b) one-time non-cash compensation charges, (c) the costs and expenses after the Issue Date related to employment of terminated employees, or
(d) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing on the Issue Date of officers, directors and employees, in each case of such Person or any of its
Restricted Subsidiaries, shall be excluded. 
 Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall be
excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries of the Company or a Restricted Subsidiary of the Company to the extent such dividends, repayments or
transfers increase the amount of Restricted Payments permitted under Sections 4.04(a)(3)(E) and (F). 
 “Consolidated Non-cash
Charges” means, with respect to any Person for any period, the aggregate depreciation, amortization, impairment, compensation, rent and other non-cash expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income
of such Person for such period on a consolidated basis and otherwise determined in accordance with GAAP, but excluding (i) any such charge which consists of or requires an accrual of, or cash reserve for, anticipated cash charges for any future
period and (ii) the non-cash impact of recording the change in fair value of any embedded derivatives under FAS No. 133 and related interpretations as a result of the terms of any agreement or instrument to which such Consolidated Non-cash
Charges relate. 
 “Consolidated Taxes” means, with respect to any Person and its Restricted Subsidiaries on a consolidated
basis for any period, provision for taxes based on income, profits or capital, including, without limitation, state franchise and similar taxes, and including an amount equal to the amount of tax distributions actually made to the holders of Capital
Stock of such Person or any direct or indirect parent of such Person in respect of such period in accordance with Section 4.04(b)(xii) which shall be included as though such amounts had been paid as income taxes directly by such Person.

 “Contingent Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases,
dividends or other obligations that do not constitute Indebtedness (referred to in this definition as the “primary obligation”) of any other Person (referred to in this definition as the “primary obligor”) in any
manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any property constituting direct or indirect security therefor, 
  

 -9- 

 (2) to advance or supply funds: 
 (a) for the purchase or payment of any such primary obligation; or 
 (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 
 “Contribution Indebtedness” means Indebtedness of the Company or any Guarantor in an aggregate principal amount not greater than the aggregate amount of cash contributions (other than Excluded Contributions) made to the
capital of the Company or such Guarantor after the Issue Date, provided that: 
 (1) such Contribution Indebtedness
shall be Indebtedness with a Stated Maturity later than the Stated Maturity of the Securities, and 
 (2) such Contribution
Indebtedness (a) is Incurred within 210 days after the making of such cash contributions and (b) is so designated as Contribution Indebtedness pursuant to an Officers’ Certificate on the Incurrence date thereof. 
 “Credit Agreement” means (i) the credit agreement entered into on the Issue Date among the Company, certain subsidiaries of the
Company, the financial institutions named therein and Wachovia Bank, National Association, as Administrative Agent, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or
otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the
Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof, and
(ii) whether or not the credit agreement referred to in clause (i) remains outstanding, if designated by the Company to be included in the definition of “Credit Agreement,” one or more (A) debt facilities or commercial paper
facilities providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit,
(B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness,
in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 
  

 -10- 

 “Default” means any event which is, or after notice or passage of time or both would be,
an Event of Default. 
 “Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received
by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of
Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Designated Preferred
Stock” means Preferred Stock of the Company or any direct or indirect parent company of the Company, as applicable (other than Disqualified Stock), that is issued for cash (other than to the Company or any of its Subsidiaries or an employee
stock ownership plan or trust established by the Company or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the issuance date thereof, the cash proceeds of which are excluded
from the calculation set forth in Section 4.04(a)(3). 
 “Discharge of ABL Obligations” means (a) the payment in
full in cash of all outstanding ABL Obligations excluding contingent indemnity obligations with respect to then unasserted claims but including, with respect to amounts available to be drawn under outstanding letters of credit issued thereunder (or
indemnities or other undertakings issued pursuant thereto in respect of outstanding letters of credit), the cancellation of such letters of credit or the delivery or provision of money or backstop letters of credit in respect thereof in compliance
with the terms of the Credit Agreement (which shall not exceed an amount equal to 105% of the aggregate undrawn amount of such letters of credit) and (b) the termination of all commitments to extend credit under the Credit Agreement and related
loan documents. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its
terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 
 (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a change of control or asset sale; provided that the relevant asset sale or change of
control provisions, taken as a whole, are no more favorable in any material respect to holders of such Capital Stock than the asset sale and change of control provisions applicable to the Securities and any purchase requirement triggered thereby may
not become operative until compliance with the asset sale and change of control provisions applicable to the Securities (including the purchase of any Securities tendered pursuant thereto)), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock, or 
 (3) is redeemable at the option of the holder thereof, in whole or in part, 
 in each case prior to 91 days after the maturity date of the Securities; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or
exchangeable or is so redeemable at the option of the holder thereof prior to such date 

  

 -11- 

 
shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any
plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company in order to
satisfy applicable statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person
to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “Domestic Subsidiary” means a Restricted Subsidiary that is not a Foreign Subsidiary. 
 “EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 
 (1) Consolidated Taxes; plus  
 (2) Consolidated Interest Expense; plus  
 (3) Consolidated Non-cash Charges; plus
 
 (4) the amount of management, monitoring, consulting and advisory fees and related expenses paid to the Sponsor and
Meritage (or any accruals relating to such fees and related expenses) during such period to the extent otherwise permitted under Section 4.07; plus  
 (5) any expenses or charges (other than Consolidated Non-cash Charges) related to any issuance of Equity Interests, Investment,
acquisition, disposition, recapitalization or the Incurrence or repayment of Indebtedness permitted to be incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges
related to the offering of the Securities, (ii) any amendment or other modification of the Securities or other Indebtedness, (iii) any additional interest in respect of the Securities and (iv) commissions, discounts, yield and other
fees and charges (including any interest expense) related to any Qualified Receivables Financing; plus  
 (6) the
amount of loss on sale of receivables and related assets to a Receivables Subsidiary in connection with a Qualified Receivables Financing; plus  
 (7) any costs or expense incurred pursuant to any management equity plan or stock option plan or other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent
that such costs or expenses are funded with cash proceeds contributed to the capital of the Company or a Guarantor or the net cash proceeds of an issuance of Equity Interests of the Company (other than Disqualified Stock) solely to the extent that
such net cash proceeds are excluded from the calculation of the amount available for Restricted Payments under Section 4.04(a)(3)(A); plus  
  

 -12- 

 (8) (a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated
without deducting the income attributed to, or adding the loses attributed to, the minority equity interests of third parties in any non-wholly owned Restricted Subsidiary except to the extent of the dividends declared or paid in respect of such
period or any prior period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course dividend, distributions or other payment paid in cash and received from any Person in excess of
amounts included in clause (7) pursuant to the definition of “Consolidated Net Income” shall be included; 
 less, without duplication,
non-cash items increasing Consolidated Net Income for such period (excluding any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period). 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or private
sale after the Issue Date of common stock or Preferred Stock of the Company or any direct or indirect parent company of the Company, as applicable (other than Disqualified Stock), other than: 
 (1) public offerings with respect to the Company’s or such direct or indirect parent company’s common stock registered on Form
S-8; and 
 (2) any such public or private sale that constitutes an Excluded Contribution. 
 “Event of Loss” means, with respect to any property or asset (tangible or intangible, real or personal) constituting Notes Priority
Collateral, any of the following: 
 (i) any loss, destruction or damage of such property or asset; 
 (ii) any institution of any proceeding for the condemnation or seizure of such property or asset or for the exercise of any right of
eminent domain; 
 (iii) any actual condemnation, seizure or taking by exercise of the power of eminent domain or otherwise of
such property or asset, or confiscation of such property or asset or the requisition of the use of such property or asset; or 
 (iv) any settlement in lieu of clauses (ii) or (iii) above. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  

 -13- 

 “Excluded Contributions” means the net cash proceeds, Cash Equivalents and/or Investment
Grade Securities received by the Company after the Issue Date from: 
 (1) contributions to its common equity capital, and

 (2) the sale (other than to a Subsidiary of the Company or pursuant to any Company or Subsidiary management equity plan or
stock option plan or any other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Company, 
 in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed by an Officer of the Company, the proceeds of which are excluded from the calculation set forth in
Section 4.04(a)(3). 
 “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. 
 “FAS” means the Statement of Financial Accounting Standards, including any codification or renumbering of such standards or any
successor or replacement section or sections promulgated by the Financial Accounting Standards Board. 
 “Fixed Charge Coverage
Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such Person for such period. In the event that the Company or any of its Restricted Subsidiaries Incurs or
redeems any Indebtedness (other than in the case of revolving credit borrowings or revolving advances under any Qualified Receivables Financing, in which case interest expense shall be computed based upon the average daily balance of such
Indebtedness during the applicable period) or issues or redeems Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to the event for which the calculation of the Fixed
Charge Coverage Ratio is made (referred to in this definition as the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such Incurrence or redemption of Indebtedness, or such
issuance or redemption of Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period. 
 For
purposes of making the computation referred to above, Investments, acquisitions, dispositions, mergers, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business,
and operational changes, that the Company or any of its Restricted Subsidiaries has both determined to make and made after the Issue Date and during the four-quarter reference period or subsequent to such reference period and on or prior to or
simultaneously with the Calculation Date (each referred to in this definition as a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations,
discontinued operations and operational changes (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of
such period any Person that subsequently became a 

  

 -14- 

 
Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period shall have made or effected any
Investment, acquisition, disposition, merger, consolidation or discontinued operation, in each case with respect to an operating unit of a business, or operational change that would have required adjustment pursuant to this definition, then the
Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation, discontinued operation, or operational change had occurred at the beginning of
the applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the
pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be
calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of
12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease
Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such
Indebtedness during the applicable period. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have
been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. Any such pro forma calculation may include adjustments appropriate, in the reasonable determination of the Company as set
forth in an Officers’ Certificate, to reflect (1) in the case of any pro forma event, operating expense reductions and other operating improvements or synergies reasonably expected to result within twelve months of the date of such pro
forma event and (2) all adjustments of the type and nature used in connection with the calculation of “EBITDA” as set forth in footnote 4 under “Summary—Summary Historical and Pro Forma Consolidated Financial Data” in
the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four quarter period. 
 “Fixed Charges” means, with respect to any Person for any period, the sum of: 
 (1) Consolidated
Interest Expense of such Person for such period, and 
 (2) all cash dividend payments (excluding items eliminated in
consolidation) on any series of Preferred Stock or Disqualified Stock of such Person and its Restricted Subsidiaries. 
 “Foreign
Subsidiary” means a Restricted Subsidiary not organized or existing under the laws of the United States of America or any state or territory thereof or the District of Columbia and any direct or indirect subsidiary of such Restricted
Subsidiary. 
  

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 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect on the Issue Date. 
 “guarantee” means
a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect
thereof), of all or any part of any Indebtedness or other obligations. 
 “Guarantee” means any guarantee of the obligations
of the Company under this Indenture and the Securities by any Person in accordance with the provisions of this Indenture. 
 “Guarantor” means any Person that Incurs a Guarantee; provided that upon the release or discharge of such Person from its Guarantee in accordance with this Indenture, such Person ceases to be a Guarantor. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 
 (1) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and
currency exchange, interest rate or commodity collar agreements; and 
 (2) other agreements or arrangements designed to
protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 
 “Holder” means the
Person in whose name a Security is registered on the Registrar’s books. 
 “Incur” means issue, assume, guarantee,
incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be
deemed to be Incurred by such Person at the time it becomes a Subsidiary. 
 “Indebtedness” means, with respect to any
Person: 
 (1) the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in
respect of borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the
deferred and unpaid purchase price of any property, except any such balance that constitutes a trade payable or similar obligation to a trade creditor due within six months from the date on which it is Incurred, in each case Incurred in the ordinary
course of business, which purchase price is due more than six months after the date of placing the property in service or taking delivery and title thereto, (d) in respect of Capitalized Lease Obligations, 

  

 16 

 
or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness (other than letters of credit and Hedging
Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 
 (2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of another Person (other than by endorsement of negotiable
instruments for collection in the ordinary course of business); and 
 (3) to the extent not otherwise included, Indebtedness
of another Person secured by a Lien on any asset owned by such Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market
Value of such asset at such date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided that
(a) Contingent Obligations incurred in the ordinary course of business and (b) obligations under or in respect of Receivables Financings shall be deemed not to constitute Indebtedness. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 
 “Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant to Persons engaged in a Similar
Business, in each case of nationally recognized standing that is, in the good faith determination of the Company, qualified to perform the task for which it has been engaged. 
 “Intercreditor Agreement” means the Intercreditor Agreement dated the Issue Date by and among the Company, the Guarantors, the ABL
Facility Collateral Agent and the Collateral Agent, as the same may be amended, modified, restated, supplemented or replaced from time to time in accordance with its terms. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, or an equivalent rating by any other Rating Agency. 
 “Investment Grade Securities” means: 
 (1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other
than Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition, 
 (2)
securities that have a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency, 
  

 -17- 

 (3) investments in any fund that invests at least 95% of its assets in investments of the
type described in clauses (1) and (2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 
 (4) corresponding instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition.

 “Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates)
in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of the
Company in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and
Section 4.04: 
 (1) “Investments” shall include the portion (proportionate to the Company’s equity
interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a redesignation of such
Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to: 
 (a) the Company’s “Investment” in such Subsidiary at the time of such redesignation less 
 (b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of
such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to or from an Unrestricted Subsidiary
shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company. 
 “Issue Date” means July 29, 2009. 
 “Lien” means, with respect to any
asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction); provided that in no event shall an operating lease be deemed to constitute a Lien. 
 “Meritage” means
Meritage Farms LLC. 
  

 -18- 

 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating
agency business thereof. 
 “Mortgage” has the meaning assign to it in the Security Agreement. 
 “Mortgaged Property” has the meaning assigned to it in the Security Agreement. 
 “Net Cash Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any
Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration received in any other
non-cash form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales
commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements related thereto), amounts required
to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided by
the Company as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company after such sale or other disposition thereof, including, without limitation, pension and
other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Loss Proceeds” means the aggregate cash proceeds received by the Company or any Guarantor in respect of any Event of Loss,
including, without limitation, insurance proceeds, condemnation awards or damages awarded by any judgment, net of the direct cost in recovery of such Net Loss Proceeds (including, without limitation, legal, accounting, appraisal and insurance
adjuster fees and any relocation expenses incurred as a result thereof), amounts required to be applied to the repayment of Indebtedness secured by any Permitted Lien on the asset or assets that were the subject of such Event of Loss (other than any
Lien which does not rank prior to the Note Liens), and any taxes paid or payable as a result thereof. 
 “Note Liens” means
all Liens in favor of the Collateral Agent on Collateral securing the Note Obligations, and any Permitted Additional Pari Passu Obligations. 
 “Note Obligations” means the Indebtedness Incurred and Obligations under this Indenture and the Securities. 
  

 -19- 

 “Notes Priority Collateral” has the meaning assigned to it in the Intercreditor
Agreement. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including,
without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with respect
to the Securities shall not include fees or indemnifications in favor of the Trustee and other third parties other than the Holders of the Securities. 
 “Offering Memorandum” means the offering memorandum relating to the offering of the Original Securities dated July 15, 2009. 
 “Officer” means the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President,
Senior Vice President or Vice President, the Treasurer, the Secretary or the Assistant Secretary of the Company, or any direct or indirect parent of the Company, as applicable. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company or any direct or
indirect parent of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or any direct or indirect parent of the Company, as applicable,
that meets the requirements set forth in this Indenture. 
 “Opinion of Counsel” means a written opinion from legal counsel
who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
 “Pari Passu
Indebtedness” means: 
 (1) with respect to the Company, the Securities and any Indebtedness which ranks pari passu
in right of payment to the Securities; and 
 (2) with respect to any Guarantor, its Guarantee and any Indebtedness which
ranks pari passu in right of payment to such Guarantor’s Guarantee. 
 “Permitted Additional Pari Passu Obligations”
means obligations under any additional notes (whether Incurred under this Indenture or any other indenture or agreement evidencing or establishing Indebtedness with the same Trustee and Collateral Agent and the same or substantially similar
intercreditor arrangements as those set forth in the Intercreditor Agreement) secured by the Note Liens; provided that the amount of such obligations does not exceed an amount such that immediately after giving effect to the Incurrence of
such additional notes or other Indebtedness secured by the Note Liens and the receipt and application of the proceeds therefrom, the Company would not be permitted to Incur at least $1.00 of additional Indebtedness pursuant to Section 4.03(a);
provided, further, that (i) the representative of such Permitted Additional Pari Passu Obligation executes a joinder agreement to the applicable Security Documents in the form attached thereto agreeing to be bound thereby and
(ii) the Company has designated such Indebtedness as “Permitted Additional Pari Passu Obligations” under the Security Agreement. 
  

 -20- 

 “Permitted Asset Swap” means the concurrent purchase and sale or exchange of Related
Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided, that any cash or Cash Equivalents received must be applied in
accordance with Section 4.06. 
 “Permitted Holders” means (i) the Sponsor, (ii) any Person that has no
material assets other than the Capital Stock of the Company and, directly or indirectly, holds or acquires 100% of the total voting power of the Voting Stock of the Company, and of which no other Person or group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than any Permitted Holder specified in clause (i) above, holds more than 50% of the total voting power of the Voting Stock thereof, and
(iii) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members of which include any Permitted Holder specified in clause (i) above and that, directly or
indirectly, hold or acquire beneficial ownership of the Voting Stock of the Company (referred to in this definition as a “Permitted Holder Group”), so long as (1) each member of the Permitted Holder Group has voting rights
proportional to the percentage of ownership interests held or acquired by such member and (2) no Person or other “group” (other than a Permitted Holder specified in clause (i) above) beneficially owns more than 50% on a fully
diluted basis of the Voting Stock held by the Permitted Holder Group. Any person or group, together with its Affiliates, whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made
in accordance with the requirements of this Indenture will thereafter constitute an additional Permitted Holder. 
 “Permitted
Investments” means: 
 (1) any Investment in the Company (including the Securities) or any Restricted Subsidiary;

 (2) any Investment in Cash Equivalents or Investment Grade Securities; 
 (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person that is primarily engaged in a Similar Business
if as a result of such Investment (a) such Person becomes a Restricted Subsidiary of the Company, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers
or conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
 (4) any Investment in securities or other assets not constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 4.06 or any other disposition of assets not constituting an Asset Sale;

 (5) any Investment (x) existing on the Issue Date, (y) made pursuant to binding commitments in effect on the
Issue Date and (z) that replaces, refinances, refunds, renews or extends any Investment described under either of the immediately preceding clauses (x) or (y), provided that any such Investment is in an amount that does not exceed
the amount replaced, refinanced, refunded, renewed or extended; 
  

 -21- 

 (6) advances to employees not in excess of $5 million outstanding at any one time in
the aggregate; 
 (7) any Investment acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for
any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts
receivable, or (b) as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 
 (8) Hedging Obligations permitted under Section 4.03(b)(x); 
 (9) any Investment by the Company or any of its Restricted Subsidiaries in a Similar Business (other than an Investment in an Unrestricted
Subsidiary) having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (9) that are at the time outstanding, not to exceed the greater of (x) $50 million and (y) 6% of Total Assets at
the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value), at any one time outstanding; provided, however, that if any
Investment pursuant to this clause (9) is made in any Person that is not a Restricted Subsidiary of the Company at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Company after such date, such
Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 
 (10) additional Investments by the Company or any of its Restricted Subsidiaries having an aggregate Fair Market Value, taken together
with all other Investments made pursuant to this clause (10) that are at the time outstanding, not to exceed the greater of (x) $25 million and (y) 3% of Total Assets at the time of such Investment (with the Fair Market Value of each
Investment being measured at the time made and without giving effect to subsequent changes in value), at any one time outstanding; 
 (11) loans and advances to officers, directors and employees for business-related travel expenses, moving and relocation expenses and other similar expenses, in each case Incurred in the ordinary course of business; 
 (12) Investments the payment for which consists of Equity Interests of the Company (other than Disqualified Stock) or any direct or
indirect parent company of the Company, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under Section 4.04(a)(3); 
  

 -22- 

 (13) any transaction to the extent it constitutes an Investment that is permitted by and
made in accordance with Section 4.07(b) (except transactions described in clauses (ii), (iv), (v) and (viii)(B) of such Section); 
 (14) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 
 (15) guarantees issued in accordance with Sections 4.03 and 4.11; 
 (16) any Investment by Restricted Subsidiaries of the Company in other Restricted Subsidiaries of the Company and Investments by
Subsidiaries that are not Restricted Subsidiaries in other Subsidiaries that are not Restricted Subsidiaries of the Company; 
 (17) Investments consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business;

 (18) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in
connection with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; provided, however,
that any Investment in a Receivables Subsidiary is in the form of a Purchase Money Note, contribution of additional receivables or an equity interest; 
 (19) Investments resulting from the receipt of non-cash consideration in an Asset Sale received in compliance with Section 4.06; 
 (20) additional Investments in joint ventures of the Company or any of its Restricted Subsidiaries existing on the Issue Date in an
aggregate amount, taken together with all other Investments made pursuant to this clause (20) that are at the time outstanding, not to exceed the greater of (x) $25 million and (y) 3% of Total Assets at the time of such Investment, at
any one time outstanding; and 
 (21) Investments of a Restricted Subsidiary of the Company acquired after the Issue Date or
of an entity merged into or consolidated with a Restricted Subsidiary of the Company in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in contemplation of such
acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation. 
 “Permitted
Liens” means with respect to any Person: 
 (1) pledges or deposits by such Person under workmen’s compensation
laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or
statutory obligations of such 

  

 -23- 

 
Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested
taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business; 
 (2) Liens
imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such
Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review (or which, if due and payable, are being contested in good faith by appropriate proceedings and for which adequate reserves are being
maintained, to the extent required by GAAP and such proceedings have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien); 
 (3) Liens for taxes, assessments or other governmental charges (i) which are not yet due or payable or (ii) which are being
contested in good faith by appropriate proceedings that have the effect of preventing the forfeiture or sale of the property or assets subject to any such Lien and for which adequate reserves are being maintained to the extent required by GAAP;

 (4) Liens in favor of issuers of performance and surety bonds or bid bonds or with respect to other regulatory requirements
or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 
 (5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other
restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (6) (A) Liens incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to clauses (i), (iv), (xii) or (xx) of Section 4.03(b); provided that (x) in
the case of clause (i), such Liens are subject to the provisions of the Intercreditor Agreement (including with respect to the relative priority of the ABL Priority Collateral and Notes Priority Collateral) and (y) in the case of clause
(iv) and (xx), such Lien (1) extends only to the assets and/or Capital Stock, the acquisition, lease, construction, repair, replacement or improvement of which is financed thereby and any proceeds or products thereof or (2) does not
extend to any assets or property that constitute Collateral and (B) Liens on the Collateral granted under the Security Documents in favor of the Collateral Agent to secure the Securities, the Guarantees and any Permitted Additional Pari Passu
Obligations; 
 (7) Liens existing on the Issue Date; 
 (8) Liens on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided,
however, that such Liens are not created or Incurred 

  

 -24- 

 
in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens may not
extend to any other property owned by the Company or any Restricted Subsidiary of the Company; 
 (9) Liens on assets or on
property at the time the Company or a Restricted Subsidiary of the Company acquired the assets or property, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary of the Company;
provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens may not extend to any other assets or property owned
by the Company or any Restricted Subsidiary of the Company; 
 (10) Liens securing Indebtedness or other obligations of a
Restricted Subsidiary owing to the Company or another Restricted Subsidiary of the Company permitted to be Incurred in accordance with Section 4.03; 
 (11) Liens securing Hedging Obligations so long as the related Indebtedness is, and is permitted to be under this Indenture, secured by a Lien on the same property securing such Hedging Obligations; 
 (12) Liens on 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; 
 (13) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Company or
any of its Restricted Subsidiaries; 
 (14) Liens arising from UCC financing statement filings regarding operating leases
entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens in favor of the
Company or any Guarantor; 
 (16) Liens on accounts receivable and related assets of the type specified in the definition of
“Receivables Financing” Incurred in connection with a Qualified Receivables Financing; 
 (17) deposits made in the
ordinary course of business to secure liability to insurance carriers; 
 (18) Liens on the Equity Interests of Unrestricted
Subsidiaries; 
 (19) grants of software and other technology licenses in the ordinary course of business; 
  

 -25- 

 (20) judgment and attachment Liens not giving rise to an Event of Default and notices of
lis pendens and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 
 (21) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business; 
 (22) Liens incurred to secure cash management services (and other “bank products”
under any ABL Obligations) in the ordinary course of business; 
 (23) Liens on equipment of the Company or any Restricted
Subsidiary granted in the ordinary course of business to the Company’s or such Restricted Subsidiary’s client at which such equipment is located; 
 (24) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by
any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11) and (15); provided, however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus
improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness
described under clauses (6), (7), (8), (9), (10), (11) and (15) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to
such refinancing, refunding, extension, renewal or replacement; and 
 (25) other Liens securing obligations incurred in the
ordinary course of business which obligations do not exceed the greater of (x) $25 million and (y) 3% of Total Assets, at any one time outstanding; provided that if such Liens extend to the Collateral, such Lien shall be subject to
the Intercreditor Agreement. 
 “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution or winding up. 
 “Purchase Money Note” means a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable, from
the Company or any Subsidiary of the Company to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended to finance that portion of the purchase price that is not paid by cash or a contribution of equity.

  

 -26- 

 “Qualified Receivables Financing” means any Receivables Financing of a Receivables
Subsidiary that meets the following conditions: 
 (1) the Board of Directors of the Company shall have determined in good
faith that such Qualified Receivables Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Company and the Receivables Subsidiary, 
 (2) all sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as determined in good
faith by the Company), and 
 (3) the financing terms, covenants, termination events and other provisions thereof shall be
market terms (as determined in good faith by the Company) and may include Standard Securitization Undertakings. 
 The grant of a security
interest in any accounts receivable of the Company or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) to secure any Credit Agreement shall not be deemed a Qualified Receivables Financing. 
 “Rating Agencies” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Securities
for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company or any parent of the Company as a
replacement agency for Moody’s or S&P, as the case may be. 
 “Receivables Fees” means distributions or payments
made directly or by means of discounts with respect to any participation interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing. 
 “Receivables Financing” means any transaction or series of transactions that may be entered into by the Company or any of its
Subsidiaries pursuant to which the Company or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries), and (b) any other Person
(in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or any of its Subsidiaries, and any assets related thereto
including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets which are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Company or any such
Subsidiary in connection with such accounts receivable. 
 “Receivables Repurchase Obligation” means any obligation of a
seller of receivables in a Qualified Receivables Financing to repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to
any asserted defense, dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 
  

 -27- 

 “Receivables Subsidiary” means a Wholly Owned Restricted Subsidiary of the Company (or
another Person formed for the purposes of engaging in a Qualified Receivables Financing with the Company in which the Company or any Subsidiary of the Company makes an Investment and to which the Company or any Subsidiary of the Company transfers
accounts receivable and related assets) which engages in no activities other than in connection with the financing of accounts receivable of the Company and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and
other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Board of Directors of the Company (as provided below) as a Receivables Subsidiary and: 
 (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or
any other Subsidiary of the Company (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any other
Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of the Company or any other Subsidiary of the Company, directly or indirectly, contingently or otherwise,
to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, 
 (b) with which neither the
Company nor any other Subsidiary of the Company has any material contract, agreement, arrangement or understanding other than on terms which the Company reasonably believes to be no less favorable to the Company or such Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Company, and 
 (c) to which neither the Company nor
any other Subsidiary of the Company has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
 Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of the
resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions. 
 “Related Business Assets” means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that
any assets received by the Company or a Restricted Subsidiary in exchange for assets transferred by the Company or a Restricted Subsidiary will not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon
receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 
 “Required Secured Parties”
has the meaning assigned to it in the Security Agreement. 
  

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 “Restricted Investment” means an Investment other than a Permitted Investment.

 “Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted
Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Company. 
 “Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Company or a Restricted Subsidiary whereby the Company or a Restricted Subsidiary
transfers such property to a Person and the Company or such Restricted Subsidiary leases it from such Person, other than leases between the Company and a Restricted Subsidiary of the Company or between Restricted Subsidiaries of the Company.

 “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business, or any successor to the rating agency business thereof. 
 “SEC” means the Securities and Exchange Commission.

 “Secured Indebtedness” means any Indebtedness secured by a Lien. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 “Security Agreement” means the security agreement dated as of the Issue Date between the Collateral Agent, the Company
and the Guarantors, as amended, modified, restated, supplemented or replaced from time to time in accordance with its terms. 
 “Security Documents” means the Security Agreement, any mortgages, the Intercreditor Agreement and all of the security agreements, pledges, collateral assignments, mortgages, deeds of trust, trust deeds or other instruments
evidencing or creating or purporting to create any security interests in favor of the Collateral Agent for its benefit and for the benefit of the Trustee and the Holders of the Securities and the holders of any Permitted Additional Pari Passu
Obligations, in all or any portion of the assets and properties subject or purported to be subject thereto, as amended, modified, restated, supplemented or replaced from time to time. 
 “Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Company within the
meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “Similar Business” means a business, the majority of
whose revenues are derived from the manufacture and sale of firearms, ammunition and accessories related thereto, or the activities of the Company and its Subsidiaries as of the Issue Date, or any business or activity that is reasonably similar
thereto, including, but not limited to, hunting, target sports and outdoor recreation, or any business or activity directed toward law enforcement, governments and government agencies, or a reasonable extension, development or expansion thereof or
ancillary thereto. 
  

 -29- 

 “Sponsor” means (1) Cerberus Capital Management L.P. and (2) one or more
investment funds advised, managed or controlled by Cerberus Capital Management L.P. and, in each case (whether individually or as a group) their Affiliates (not including, however, any of their portfolio companies). 
 “Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance entered
into by the Company or any Subsidiary of the Company which the Company has determined in good faith to be customary in a Receivables Financing including, without limitation, those relating to the servicing of the assets of a Receivables Subsidiary,
it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory
redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred).

 “Subordinated Indebtedness” means (a) with respect to the Company, any Indebtedness of the Company which is by its
terms subordinated in right of payment to the Securities, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to its Guarantee. 
 “Subsidiary” means, with respect to any Person (1) any corporation, association or other business entity (other than a partnership,
joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, (2) any partnership, joint venture or limited liability company of
which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more
of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Restricted Subsidiary of such Person is a
controlling general partner or otherwise controls such entity and (3) any Person that is consolidated in the consolidated financial statements of the specified Person in accordance with GAAP. 
 “Subsidiary Guarantor” means any Restricted Subsidiary of the Company that is a Guarantor. 
 “Tax Distributions” means any distributions described in Section 4.04(b)(xii). 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the Issue Date. 
  

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 “Total Assets” means the total consolidated assets of the Company and its Restricted
Subsidiaries, as shown on the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries. 
 “Treasury
Rate” means, as of the applicable redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical
Release H.15(519) that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the
period from such redemption date to August 1, 2012; provided, however, that if the period from such redemption date to August 1, 2012 is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used. 
 “Trust Monies” means all cash and Cash Equivalents
received by the Trustee or the Collateral Agent: 
 (1) upon the release of Collateral from the Lien of this Indenture or the
Security Documents, including all Net Cash Proceeds and Net Loss Proceeds and all moneys received in respect of the principal of all purchase money, governmental and other obligations; 
 (2) pursuant to the Security Documents; 
 (3) as proceeds of any sale or other disposition of all or any part of the Collateral by or on behalf of the Trustee or the Collateral Agent or any collection, recovery, receipt, appropriation or other realization of
or from all or any part of the Collateral pursuant to this Indenture or any of the Security Documents or otherwise; or 
 (4)
for application as provided in the relevant provisions of this Indenture or any Security Document or which disposition is not otherwise specifically provided for in this Indenture or in any Security Document; 
 provided, however, that Trust Monies shall in no event include any property deposited with the Trustee for any repayment, redemption, legal defeasance or
covenant defeasance of Securities, for the satisfaction and discharge of this Indenture or to pay the purchase price of Securities pursuant to a Change of Control Offer, an Asset Sale Offer or an Event of Loss Offer in accordance with the terms of
this Indenture or pursuant to a tender or exchange offer, open market purchase and/or private sale and shall not include any cash received or applicable by the Trustee in payment of its fees and expenses (or, prior to the Discharge of ABL
Obligations, any ABL Priority Collateral). 
 “Trust Officer” means any officer within the corporate trust administration
department of the Trustee, with direct responsibility for performing the Trustee’s duties under this Indenture and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred
because of such person’s knowledge of and familiarity with the particular subject. 
  

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 “Trustee” means the party named as such in the Preamble to this Indenture until a
successor replaces it and, thereafter, means the successor. 
 “UCC” means the Uniform Commercial Code as in effect from
time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s security interest in any item or portion
of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other that the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for
purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 “Unrestricted Cash” means cash or Cash Equivalents of the Company and any of its Restricted Subsidiaries that would not appear as “restricted cash” on a consolidated balance sheet of the Company and its Restricted
Subsidiaries. 
 “Unrestricted Subsidiary” means: 
 (1) any Subsidiary of the Company that at the time of determination shall 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 of the Company (including any newly acquired or newly formed Subsidiary of the Company
but excluding the Company) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness 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, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness
pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted Subsidiaries; provided, further, however, that either: 
 (a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 
 (b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 4.04.

 The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation: 
 (x) (1) the Company could Incur $1.00 of
additional Indebtedness pursuant to Section 4.03(a) or (2) the Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior
to such designation, in each case on a pro forma basis taking into account such designation, and 
  

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 (y) no Event of Default shall have occurred and be continuing. 
 Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Government Obligations” means securities that are: 
 (1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which, in each
case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the
U.S. Government Obligations evidenced by such depository receipt. 
 “Voting Stock” of any Person as of any date means the
Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness or Disqualified Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years
from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock multiplied by the amount of such payment, by (2) the sum of
all such payments. 
 “Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary.

 “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other
ownership interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at the time be owned by such Person or
by one or more Wholly Owned Subsidiaries of such Person and one or more Wholly Owned Subsidiaries of such Person. 
  

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 SECTION 1.02. Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	“Agent Members”	  	Appendix A
	“Affiliate Transaction”	  	4.07(a)
	“Asset Sale Offer”	  	4.06(b)
	“Bankruptcy Law”	  	6.01
	“Clearstream”	  	Appendix A
	“Change of Control Offer”	  	4.08(b)
	“covenant defeasance option”	  	8.01
	“Covenant Suspension Event”	  	4.14(a)
	“Custodian”	  	6.01
	“Definitive Security”	  	Appendix A
	“Depository”	  	Appendix A
	“Euroclear”	  	Appendix A
	“Event of Default”	  	6.01
	“Event of Loss Offer”	  	4.15(b)
	“Excess Loss Proceeds”	  	4.15(b)
	“Excess Proceeds”	  	4.06(b)
	“Exchange Securities”	  	Preamble
	“Global Securities”	  	Appendix A
	“Global Securities Legend”	  	Appendix A
	“Guaranteed Obligations”	  	10.01(a)
	“IAI”	  	Appendix A
	“incorporated provision”	  	13.01
	“Initial Purchasers”	  	Appendix A
	“Initial Securities”	  	Preamble
	“legal defeasance option”	  	8.01
	“Notice of Default”	  	6.01
	“Offer Period”	  	4.06(d)
	“Original Securities”	  	Preamble
	“Paying Agent”	  	2.04(a)
	“Permitted Debt”	  	4.03(b)
	“protected purchaser”	  	2.08
	“Purchase Agreement”	  	Appendix A
	“QIB”	  	Appendix A
	“Refinancing Indebtedness”	  	4.03(b)(xiv)
	“Refunding Capital Stock	  	4.04(b)(ii)(A)
	“Registration Rights Agreement”	  	Appendix A
	“Registered Exchange Offer”	  	Appendix A
	“Registrar”	  	2.04(a)

  

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	 Term
	  	 Defined in Section

	“Regulation S”	  	Appendix A
	“Regulation S Global Securities”	  	Appendix A
	“Regulation S Securities”	  	Appendix A
	“Released Trust Monies”	  	12.04
	“Replacement Assets”	  	12.04
	“Restricted Payment”	  	4.04(a)
	“Restricted Period”	  	Appendix A
	“Restricted Securities Legend”	  	Appendix A
	“Retired Capital Stock”	  	4.04(b)(ii)(A)
	“Reversion Date”	  	4.14(b)
	“Rule 501”	  	Appendix A
	“Rule 144A”	  	Appendix A
	“Rule 144A Global Securities”	  	Appendix A
	“Rule 144A Securities”	  	Appendix A
	“Securities”	  	Preamble
	“Securities Custodian”	  	Appendix A
	“Shelf Registration Statement”	  	Appendix A
	“Specified Merger/Transfer Transaction”	  	5.01(a)
	“Subject Property”	  	4.15(a)
	“Successor Company”	  	5.01(a)(i)
	“Successor Guarantor”	  	5.01(b)(i)
	“Suspended Covenants”	  	4.14(a)
	“Suspension Period”	  	4.14(b)
	“Transfer Restricted Definitive Securities”	  	Appendix A
	“Transfer Restricted Global Securities”	  	Appendix A
	“Unrestricted Definitive Security”	  	Appendix A
	“Unrestricted Global Security”	  	Appendix A

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture
incorporates by reference certain provisions of the TIA. The following TIA terms have the following meanings: 
 “Commission” means the SEC. 
 “indenture securities” means the Securities and the Guarantees.

 “indenture security holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor” on the indenture securities means the Company, the Guarantors and any other obligor on the Securities. 
  

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 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04. Rules of Construction.
Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not exclusive; 
 (d) “including” means including without limitation; 
 (e) words in the
singular include the plural and words in the plural include the singular; 
 (f) unsecured Indebtedness shall not be deemed to
be subordinate or junior to Secured Indebtedness merely by virtue of its nature as unsecured Indebtedness; 
 (g) the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 
 (h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (i)
unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with
GAAP; 
 (j) “$” and “U.S. Dollars” each refer to United States dollars, or such other money
of the United States of America that at the time of payment is legal tender for payment of public and private debts; 
 (k)
whenever in this Indenture or in any Security there is mentioned, in any context, principal, interest or any other amount payable under or with respect to any Securities, such mention shall be deemed to include mention of the payment of Additional
Interest, to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof; and 
 (l)
for any periods or dates which the Company does not have historical financial statements available, it shall be entitled to use and rely on the financial statements of its predecessor or successor (as the case may be). 
  

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 ARTICLE 2 
 THE SECURITIES 
 SECTION 2.01. Amount of Securities; Issuable in Series. The aggregate
principal amount of Original Securities which may be authenticated and delivered under this Indenture on the Issue Date is $200,000,000. The Securities may be issued in one or more series. All Securities of any one series shall be substantially
identical except as to denomination. 
 The Company may from time to time after the Issue Date issue Additional Securities under this
Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Securities is at such time permitted by Section 4.03 and (ii) such Additional Securities are issued in
compliance with the other applicable provisions of this Indenture. With respect to any Additional Securities issued after the Issue Date (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities pursuant to Sections 2.07, 2.08, 2.09, 2.10, 3.06, 4.06(g), 4.08(c) or the Appendix), there shall be (a) established in or pursuant to a resolution of the Board of Directors of the Company and
(b) (i) set forth or determined in the manner provided in an Officers’ Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Securities: 
 (1) whether such Additional Securities shall be issued as part of a new or existing series of Securities and the title of such Additional
Securities (which shall distinguish the Additional Securities of the series from Securities of any other series); 
 (2) the
aggregate principal amount of such Additional Securities which may be authenticated and delivered under this Indenture; 
 (3)
the issue price and issuance date of such Additional Securities, including the date from which interest on such Additional Securities shall accrue; 
 (4) if applicable, that such Additional Securities shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective depositaries for such Global Securities, the form
of any legend or legends which shall be borne by such Global Securities in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of the
Appendix in which any such Global Security may be exchanged in whole or in part for Additional Securities registered, or any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the
depositary for such Global Security or a nominee thereof; and 
 (5) if applicable, that such Additional Securities that are
not Transfer Restricted Definitive Securities shall not be issued in the form of Initial Securities as set forth in Exhibit A, but shall be issued in the form of Exchange Securities as set forth in Exhibit B. 
  

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 If any of the terms of any Additional Securities are established by action taken pursuant to a resolution
of the Board of Directors of the Company, a copy of an appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate or the indenture supplemental hereto setting forth the terms of the Additional Securities. 
 SECTION 2.02. Form and
Dating. Provisions relating to the Initial Securities and the Exchange Securities are set forth in the Appendix, which is hereby incorporated in and expressly made a part of this Indenture. The Initial Securities and the Trustee’s
certificate of authentication, and any Additional Securities (if issued as Transfer Restricted Definitive Securities) and the Trustee’s certificate of authentication, shall each be substantially in the form of Exhibit A hereto,
which is hereby incorporated in and expressly made a part of this Indenture. The Exchange Securities and the Trustee’s certificate of authentication, and any Additional Securities issued other than as Transfer Restricted Definitive Securities
and the Trustee’s certificate of authentication, shall each be substantially in the form of Exhibit B hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or
endorsements required by law, stock exchange rule, agreements to which the Company or any Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Security
shall be dated the date of its authentication. The Securities shall be issuable only in registered form without interest coupons and only in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. 
 SECTION 2.03. Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Company
signed by one Officer (a) Original Securities for original issue on the date hereof in an aggregate principal amount of $200,000,000, (b) subject to the terms of this Indenture, Additional Securities in an aggregate principal amount to be
determined at the time of issuance and specified therein and (c) the Exchange Securities for issue in a Registered Exchange Offer pursuant to the Registration Rights Agreement for a like principal amount of Initial Securities exchanged pursuant
thereto or otherwise pursuant to an effective registration statement under the Securities Act. Such order shall specify the amount of the Securities to be authenticated, the date on which the original issue of Securities is to be authenticated and
whether the Securities are to be Initial Securities or Exchange Securities. Notwithstanding anything to the contrary in the Indenture or the Appendix, any issuance of Additional Securities after the Issue Date shall be in a principal amount of at
least $2,000 and any integral multiples of $1,000 in excess thereof, whether such Additional Securities are of the same or a different series than the Original Securities. 
 One Officer shall sign the Securities for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be
valid nevertheless. 
 A Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
  

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 The Trustee may appoint one or more authenticating agents reasonably acceptable to the Company to
authenticate the Securities. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such appointment, an authenticating agent may
authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for
service of notices and demands. 
 SECTION 2.04. Registrar and Paying Agent. 
 (a) The Company shall maintain (i) an office or agency where Securities may be presented for registration of transfer or for exchange (the
“Registrar”) and (ii) an office or agency in the United States where Securities may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and
exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying
agents. The Company initially appoints the Trustee as (i) Registrar and Paying Agent in connection with the Securities and (ii) the Securities Custodian with respect to the Global Securities. 
 (b) The Company shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall
incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar
or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any of its domestically organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

 (c) The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee;
provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into by the Company and such successor Registrar
or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The
Registrar or Paying Agent may resign at any time upon written notice to the Company and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in accordance
with Section 7.08. 
 SECTION 2.05. Paying Agent to Hold Money in Trust. Prior to 10:00 a.m., New York City time, on each due
date of the principal of and interest on any Security, the Company shall deposit with each Paying Agent (or if the Company or a Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of the Persons entitled
thereto) a sum sufficient to pay such principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit of Holders or the
Trustee all money held by a Paying Agent for the payment of principal of and interest on the Securities, and shall notify the Trustee of any default 
  

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by the Company in making any such payment. If the Company or a Wholly Owned Subsidiary of the Company acts as Paying Agent, it shall segregate the money held
by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent.
During the continuance of a Default under this Indenture, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying
Agent. Upon complying with this Section 2.05, a Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.06. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company
shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Holders. 
 SECTION 2.07. Transfer and Exchange. The Securities shall be
issued in registered form and shall be transferable only upon the surrender of a Security for registration of transfer and in compliance with the Appendix. When a Security is presented to the Registrar with a request to register a transfer, the
Registrar shall register the transfer as requested if its requirements therefor are met. When Securities are presented to the Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar
shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Securities at the Registrar’s request. The Company may
require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Company shall not be required to make, and the Registrar need not
register, transfers or exchanges of Securities selected for redemption (except, in the case of Securities to be redeemed in part, the portion thereof not to be redeemed) or of any Securities for a period of 15 days before a selection of Securities
to be redeemed. 
 Prior to the due presentation for registration of transfer of any Security, the Company, the Guarantors, the Trustee, each
Paying Agent and the Registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest, if any, on such Security and for all other
purposes whatsoever, whether or not such Security is overdue, and none of the Company, any Guarantor, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary. 
 Any Holder of a beneficial interest in a Global Security shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests
in such Global Security may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or its agent) or (b) any Holder of a beneficial interest in such Global Security, and that ownership of a
beneficial interest in such Global Security shall be required to be reflected in a book entry. 
  

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 All Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 
 SECTION 2.08. Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company
shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Company or the Trustee within a reasonable time after
such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Company or the Trustee prior to the Security being acquired
by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company,
such Holder shall furnish an indemnity bond sufficient in the judgment of (i) the Trustee to protect the Trustee or (ii) the Company, to protect the Company, the Trustee, a Paying Agent and the Registrar, from any loss that any of them may
suffer if a Security is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Security (including, without limitation, attorneys’ fees and disbursements in replacing such Security). In the event any such
mutilated, lost, destroyed or wrongfully taken Security has become or is about to become due and payable, the Company in its discretion may pay such Security instead of issuing a new Security in replacement thereof. 
 Every replacement Security is an additional obligation of the Company. 
 The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully
taken Securities. 
 SECTION 2.09. Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. Subject to Section 13.06, a Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security. 
 If a Security is replaced pursuant to Section 2.08 (other than a mutilated Security
surrendered for replacement), it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser. A mutilated Security ceases to be outstanding upon surrender
of such Security and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates and holds in trust, in accordance
with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying
Agent is prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

  

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 SECTION 2.10. Temporary Securities. In the event that Definitive Securities are to be issued under
the terms of this Indenture, until such Definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities
but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Securities and make them available for delivery in exchange
for temporary Securities upon surrender of such temporary Securities at the office or agency of the Company, without charge to the Holder. Until such exchange, temporary Securities shall be entitled to the same rights, benefits and privileges as
Definitive Securities. 
 SECTION 2.11. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation.
The Registrar and each Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Securities surrendered for registration of transfer,
exchange, payment or cancellation and shall dispose of canceled Securities in accordance with its customary procedures or deliver copies of canceled Securities to the Company pursuant to written direction by an Officer of the Company. The Company
may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall not authenticate Securities in place of canceled Securities other than pursuant to the terms of this Indenture.

 SECTION 2.12. Defaulted Interest. If the Company defaults in a payment of interest on the Securities, the Company shall pay the
defaulted interest then borne by the Securities (plus interest on such defaulted interest to the extent lawful), in any lawful manner. The Company may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The
Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail or cause to be mailed to each affected Holder a notice that states the special record date,
the payment date and the amount of defaulted interest to be paid. 
 SECTION 2.13. CUSIP Numbers, ISINs, etc. The Company in issuing
the Securities may use CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to
Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Securities or as contained in any notice of a redemption, that reliance may be placed
only on the other identification numbers printed on the Securities and that any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the Trustee in writing of any change in the CUSIP numbers,
ISINs and “Common Code” numbers. 
 SECTION 2.14. Calculation of Specified Percentage of Securities. With respect to any
matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal amount of all the Securities, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the
principal amount, as of such date of determination, of Securities, the Holders of which have so consented by (b) the aggregate principal 
  

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amount, as of such date of determination, of the Securities then outstanding, in each case, as determined in accordance with the preceding sentence,
Section 2.09 and Section 13.06 of this Indenture. Any such calculation made pursuant to this Section 2.14 shall be made by the Company and delivered to the Trustee pursuant to an Officers’ Certificate. 
 ARTICLE 3 
 REDEMPTION

 SECTION 3.01. Redemption. The Securities may be redeemed, in whole, or from time to time in part, subject to the conditions and
at the redemption prices set forth in Paragraph 5 of the form of Securities set forth in Exhibit A and Exhibit B hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid
interest to the redemption date. 
 SECTION 3.02. Applicability of Article. Redemption of Securities at the election of the Company or
otherwise, as permitted or required by any provision of this Indenture, shall be made in accordance with such provision and this Article 3. 
 SECTION 3.03. Notices to Trustee. If the Company elects to redeem Securities pursuant to the optional redemption provisions of Paragraph 5 of the applicable Security, it shall notify the Trustee in writing of (i) the Section of
this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Securities to be redeemed and (iv) the redemption price. The Company shall give notice to the Trustee provided for in
this paragraph at least 40 days but not more than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the applicable Security, unless a shorter period is acceptable to the Trustee. Such notice shall be
accompanied by an Officers’ Certificate and Opinion of Counsel from the Company to the effect that such redemption will comply with the conditions herein. If fewer than all the Securities are to be redeemed, the record date relating to such
redemption shall be selected by the Company and given in writing to the Trustee, which record date shall be not fewer than 15 days after the date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of such
redemption being sent to any Holder and shall thereby be void and of no effect. 
 SECTION 3.04. Selection of Securities to Be
Redeemed. In the case of any partial redemption, selection of the Securities for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Securities are
listed, or if such Securities are not so listed, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with applicable legal requirements); provided that the Trustee shall not select
Securities for redemption which would result in a Holder of Securities with a principal amount of Securities less than the minimum denomination to the extent practicable. The Trustee shall make the selection from outstanding Securities not
previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than $2,000. Securities and portions of them the Trustee selects shall be in amounts of $2,000 or a whole
multiple of $1,000 in excess thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of the Securities or portions
of Securities to be redeemed. 
  

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 SECTION 3.05. Notice of Optional Redemption. 
 (a) At least 30 days but not more than 60 days before a redemption date pursuant to Paragraph 5 of the applicable Security, the Company shall mail
or cause to be mailed by first-class mail a notice of redemption to each Holder whose Securities are to be redeemed to such Holder’s registered address or otherwise in accordance with the procedures of the Depository. 
 Any such notice shall identify the Securities to be redeemed and shall state: 
 (i) the redemption date; 
 (ii) the redemption price and the amount of accrued interest to the redemption date; 
 (iii)
the name and address of a Paying Agent; 
 (iv) that Securities called for redemption must be surrendered to a Paying Agent to
collect the redemption price, plus accrued interest; 
 (v) if fewer than all the outstanding Securities are to be redeemed,
the certificate numbers and principal amounts of the particular Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities to be outstanding after such partial redemption;

 (vi) that, unless the Company defaults in making such redemption payment or any Paying Agent is prohibited from making such
payment pursuant to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
 (vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Securities being redeemed; and 
 (viii) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common Code” number,
if any, listed in such notice or printed on the Securities. 
 In addition, if such redemption is subject to satisfaction of one or more
conditions precedent, such notice of redemption shall describe each such condition, and if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be
satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as so delayed. 
  

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 (b) At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at the Company’s expense; provided, however, that the Company has delivered to the Trustee, at least 45 days (unless a shorter period is acceptable to the Trustee) prior to the redemption date, an Officers’
Certificate requesting that the Trustee give such notice. In such event, the Company shall provide the Trustee in writing with the information required by this Section 3.05. 
 SECTION 3.06. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with Section 3.05, Securities called for
redemption become due and payable on the redemption date and at the redemption price stated in the notice (except to the extent such redemption is conditional as set forth in Section 3.05). Upon surrender to any Paying Agent, such Securities
shall be paid at the redemption price stated in the notice, plus accrued interest to the redemption date; provided, however, that if the redemption date is after a regular record date and on or prior to the interest payment date, the
accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 SECTION 3.07. Deposit of Redemption Price. Prior to 10:00 a.m., New York City time, on the redemption date, the Company shall
deposit with the Paying Agent (or, if the Company or a Wholly Owned Subsidiary is a Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest on all Securities or portions thereof to be
redeemed on that date other than Securities or portions of Securities called for redemption that have been delivered by the Company to the Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Securities or
portions thereof called for redemption so long as the Company has deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Securities to be redeemed, unless a Paying Agent is prohibited from
making such payment pursuant to the terms of this Indenture. 
 SECTION 3.08. Securities Redeemed in Part. Upon surrender of a
Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate for the Holder (at the Company’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered.

 ARTICLE 4 
 COVENANTS

 SECTION 4.01. Payment of Securities. The Company shall promptly pay the principal of and interest, on the Securities on the
dates and in the manner provided in the Securities and in this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or any Paying Agent holds in accordance with this Indenture
money sufficient to pay all principal and interest then due and the Trustee or any Paying Agent, as the case may be, are not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 
  

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 The Company shall pay interest on overdue principal at the rate specified therefor in the Securities, and
it shall pay interest on overdue installments of interest at the same rate borne by the Securities to the extent lawful. 
 SECTION 4.02.
Reports and Other Information. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or otherwise report on an annual and quarterly basis on forms provided for such
annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Company shall file with the SEC (and provide the Trustee and Holders with copies thereof, without cost to each Holder, within 15 days after it files them
with the SEC), 
 (a) within 90 days after the end of each fiscal year (or such longer period as may be permitted by the SEC
if the Company were then subject to such SEC reporting requirements as a required filer, voluntary filer or otherwise), annual reports (which, if permitted under applicable rules of the SEC, may be the annual report of any direct or indirect parent
of the Company so long as such report contains reasonably detailed financial information (including a management’s discussion and analysis of financial information) with respect to the Company and its Subsidiaries on a stand alone basis) on
Form 10-K (or any successor or comparable form) containing the information required to be contained therein (or required in such successor or comparable form), 
 (b) within 45 days after the end of each of the first three fiscal quarters of each fiscal year (or such longer period as may be permitted
by the SEC if the Company were then subject to such SEC reporting requirements as a required filer, voluntary filer or otherwise), quarterly reports (which, if permitted under applicable rules of the SEC, may be the quarterly report of any direct or
indirect parent of the Company so long as such report contains reasonably detailed financial information (including a management’s discussion and analysis of financial information) with respect to the Company and its Subsidiaries on a stand
alone basis) on Form 10-Q (or any successor or comparable form), 
 (c) promptly from time to time after the occurrence of an
event required to be therein reported (and in any event within the time period specified for filing current reports on Form 8-K by the SEC), such other reports on Form 8-K (or any successor or comparable form), and 
 (d) any other information, documents and other reports which the Company would be required to file with the SEC if it were subject to
Section 13 or 15(d) of the Exchange Act; 
 provided, however, that the Company shall not be so obligated to file such reports with the
SEC if the SEC does not permit such filing, in which event the Company shall put such information on its website, in addition to providing such information to the Trustee and the Holders, in each case within 15 days after the time the Company
would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act. For avoidance of doubt, the obligations of the Company under this Section 4.02 shall commence with respect to the
Company’s first fiscal quarter that ends after the Issue Date. 
  

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 In addition, to the extent not satisfied by the foregoing, the Company shall, for so long as any
Securities are outstanding, furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 Notwithstanding the foregoing, the Company will be deemed to have furnished such reports referred to above to the Trustee and the Holders if it or any
direct or indirect parent of the Company has filed such reports with the SEC via the IDEA filing system and such reports are publicly available. 
 Notwithstanding the foregoing, the requirement to provide the information and reports referred to in clauses (a) and (b) above shall be deemed satisfied prior to the commencement of the Registered Exchange Offer or the
effectiveness of a Shelf Registration Statement relating to the registration of the Securities under the Securities Act by the filing (within the time periods specified for such filings in the Registration Rights Agreement) with the SEC of a
registration statement, and any amendments thereto, with such financial information that satisfies Regulation S-X under the Securities Act. 
 In the event that: 
 (i) the rules and regulations of the SEC permit the Company and any direct or indirect parent
company of the Company to report at such parent entity’s level on a consolidated basis and such parent entity of the Company is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly,
of the capital stock of the Company, or 
 (ii) any direct or indirect parent of the Company becomes a Guarantor of the
Securities, 
 such consolidated reporting at such parent entity’s level in a manner consistent with that described in this Section 4.02 for the
Company will satisfy this Section 4.02; provided that, such financial information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect
parent and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the information relating to the Company and its Subsidiaries on a stand alone basis, on the other hand. 
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such 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 hereunder (as to which the Trustee is entitled to rely
exclusively (subject to Article 7) on Officers’ Certificates). 
 SECTION 4.03. Limitation on Incurrence of Indebtedness and
Issuance of Disqualified Stock and Preferred Stock. 
 (a) (i) The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or 

  

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issue any shares of Disqualified Stock; and (ii) the Company shall not permit any of its Restricted Subsidiaries to issue any shares of Preferred Stock;
provided, however, that the Company and any Restricted Subsidiary that is a Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any Restricted Subsidiary that is a Guarantor may
issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of the Company for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such
additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period. 
 (b) The limitations set forth in Section 4.03(a) shall not apply to (collectively, “Permitted Debt”): 
 (i) the Incurrence by the Company or its Restricted Subsidiaries of Indebtedness under any Credit Agreement and the issuance and creation
of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) up to an aggregate principal amount not to exceed the
greater of (x) $180 million and (y) the Borrowing Base, in each case, outstanding at any one time; 
 (ii) the
Incurrence by the Company and the Guarantors of Indebtedness represented by the Original Securities and the Guarantees, as applicable (and any Exchange Securities and guarantees thereof); 
 (iii) Indebtedness existing on the Issue Date (other than Indebtedness described in clauses (i) and (ii) of this
Section 4.03(b)), including any Indebtedness being repaid with the proceeds of the offering as described in the Offering Memorandum; 
 (iv) Indebtedness (including Capitalized Lease Obligations) Incurred by the Company or any of its Restricted Subsidiaries to finance the purchase, lease, construction or improvement of property (real or personal) or
equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets (but no other material assets)) in an aggregate principal amount which, when aggregated with the principal amount of all other
Indebtedness then outstanding that was Incurred pursuant to this clause (iv), does not exceed the greater of (x) $25 million and (y) 3% of Total Assets at the time of Incurrence, at any one time outstanding; 
 (v) Indebtedness Incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to
letters of credit and bank guarantees issued in the ordinary course of business, including, without limitation, letters of credit in respect of workers’ compensation claims, health, disability or other employee benefits (whether current or
former) or property, casualty or liability insurance or self-insurance, or other Indebtedness with respect to reimbursement-type obligations regarding workers’ compensation claims; provided, however, that upon the drawing of such
letters of credit, such obligations are reimbursed within 30 days following such drawing; 
  

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 (vi) Indebtedness arising from agreements of the Company or a Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection with the disposition of any business, assets or a Subsidiary of the Company in accordance with the terms of this Indenture,
other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 
 (vii) Indebtedness of the Company to a Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital
Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in
each case to be an Incurrence of such Indebtedness; 
 (viii) shares of Preferred Stock of a Restricted Subsidiary issued to
the Company or another Restricted Subsidiary; provided that any subsequent issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Company or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred
Stock; 
 (ix) Indebtedness of a Restricted Subsidiary to the Company or another Restricted Subsidiary; provided that
if a Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor such Indebtedness is subordinated in right of payment to the Guarantee of such Guarantor; provided, further, that any subsequent issuance or
transfer of any Capital Stock or any other event which results in any Restricted Subsidiary lending such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another
Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 
 (x) Hedging Obligations
that are Incurred in the ordinary course of business (and not for speculative purposes): (1) for the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be
outstanding; (2) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges; or (3) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases; 

(xi) obligations (including reimbursement obligations with respect to letters of credit and bank guarantees) in respect of performance,
bid, appeal and surety bonds and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (xii) Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary of the Company and Preferred Stock of any Restricted Subsidiary of the Company 

  

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in an aggregate principal amount which, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and
Preferred Stock then outstanding and Incurred pursuant to this clause (xii), does not exceed the greater of (x) $30 million and (y) 4% of Total Assets at the time of Incurrence, at any one time outstanding (it being understood that
any Indebtedness, Disqualified Stock or Preferred Stock Incurred or issued under this clause (xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be deemed Incurred for purposes of
Section 4.03(a) from and after the first date on which the Company, or the Restricted Subsidiary, as the case may be, could have Incurred or issued such Indebtedness, Disqualified Stock or Preferred Stock under Section 4.03(a) without
reliance upon this clause (xii)); 
 (xiii) any guarantee by the Company or a Restricted Subsidiary of Indebtedness or
other obligations of the Company or any of its Restricted Subsidiaries so long as the Incurrence of such Indebtedness or other obligations by the Company or such Restricted Subsidiary is permitted under the terms of this Indenture; provided
that if such Indebtedness is by its express terms subordinated in right of payment to the Securities or the Guarantee of such Restricted Subsidiary, as applicable, any such guarantee of such Guarantor with respect to such Indebtedness shall be
subordinated in right of payment to such Guarantor’s Guarantee with respect to the Securities substantially to the same extent as such Indebtedness is subordinated to the Securities or the Guarantee of such Restricted Subsidiary, as applicable;

 (xiv) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness or Disqualified Stock or
Preferred Stock of a Restricted Subsidiary of the Company which serves to refund, refinance or defease any Indebtedness, Disqualified Stock or Preferred Stock Incurred as permitted under Section 4.03(a) and clauses (ii), (iii),
(xiv) and (xv) of this Section 4.03(b) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any Indebtedness, Disqualified
Stock or Preferred Stock Incurred to pay premiums, fees and expenses in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such
Refinancing Indebtedness: 
 (1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred
which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness being refunded or refinanced; 
 (2) has a Stated Maturity which is no earlier than the Stated Maturity of the Indebtedness being refunded or refinanced; 
 (3) to the extent such Refinancing Indebtedness refinances (x) Indebtedness junior to the Securities or the Guarantee of such Restricted Subsidiary, as applicable, such Refinancing Indebtedness is junior to the Securities or the
Guarantee of such Restricted Subsidiary, as applicable or (y) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; 
  

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 (4) is Incurred in an aggregate principal amount (or if issued with original issue
discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced plus premium and fees
Incurred in connection with such refinancing; and 
 (5) shall not include (x) Indebtedness of a Restricted Subsidiary of
the Company that is not a Guarantor that refinances Indebtedness of the Company or a Guarantor, or (y) Indebtedness of the Company or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; 
 (xv) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by the Company or any of its Restricted Subsidiaries
or merged into the Company or a Restricted Subsidiary in accordance with the terms of this Indenture; provided, however, that such Indebtedness, Disqualified Stock or Preferred Stock is not Incurred in contemplation of such acquisition
or merger or to provide all or a portion of the funds or credit support required to consummate such acquisition or merger; provided, further, however, that after giving effect to such acquisition and the Incurrence of such
Indebtedness either: 
 (1) the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to
Section 4.03(a); or 
 (2) the Fixed Charge Coverage Ratio would be greater than immediately prior to such acquisition;

 (xvi) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 
 (xvii) Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to the
Credit Agreement, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 
 (xviii) Contribution Indebtedness; 
 (xix) Indebtedness of the Company or any Restricted Subsidiary consisting of
(x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business 
 (xx) Indebtedness of Foreign Subsidiaries of the Company in an amount not to exceed the greater of (x) $10 million or (y) 1.5%
of Total Assets of all Foreign Subsidiaries at the time of such Incurrence, at any one time outstanding (it being understood that any Indebtedness Incurred under this clause (xx) shall cease to be deemed Incurred or outstanding for purposes of
this clause (xx) but shall be deemed Incurred for purposes of Section 4.03(a) from and after the first date on which the Company or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under
Section 4.03(a) without reliance upon this clause (xx)); and 
  

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 (xxi) Indebtedness or Disqualified Stock of the Company or any Restricted Subsidiary of
the Company and Preferred Stock of any Restricted Subsidiary of the Company in an aggregate principal amount which, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock
then outstanding and Incurred pursuant to this clause (xxi) does not exceed the greater of (x) $20 million and (y) 2.5% of Total Assets at the time of Incurrence, at any one time outstanding. 
 (c) Notwithstanding the foregoing, neither the Company nor any Guarantor may Incur any Indebtedness pursuant to Section 4.03(b) if the proceeds
thereof are used, directly or indirectly, to repay, prepay, redeem, defease, retire, refund or refinance any Subordinated Indebtedness unless such Indebtedness shall be subordinated to the Securities or such Guarantor’s Guarantee, as
applicable, to at least the same extent as such Subordinated Indebtedness. For purposes of determining compliance with this Section 4.03, in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock meets the criteria of
more than one of the categories of Permitted Debt or is entitled to be Incurred pursuant to Section 4.03(a), the Company shall, in its sole discretion, divide, classify or reclassify, or later divide, classify or reclassify, such item of
Indebtedness, Disqualified Stock or Preferred Stock in any manner that complies with this Section 4.03 and such item of Indebtedness, Disqualified Stock or Preferred Stock shall be treated as having been Incurred pursuant to only one of the
clauses in Section 4.03(b) or pursuant to Section 4.03(a); provided that all Indebtedness under the Credit Agreement outstanding on the Issue Date shall be deemed to have been Incurred pursuant to clause (i) of
Section 4.03(b) and the Company shall not be permitted to reclassify all or any portion of such Indebtedness. Accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form
of additional Indebtedness with the same terms, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, the accretion of liquidation preference and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies shall not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.03. Guarantees of, or obligations in respect of letters of credit relating
to, Indebtedness which are otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented
by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 
 (d) For purposes of determining
compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate
in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt; provided that if such Indebtedness
is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the
date of such refinancing, such U.S. dollar-denominated 

  

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restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount
of such Indebtedness being refinanced. 
 SECTION 4.04. Limitation on Restricted Payments. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (i) declare or pay any dividend or make any distribution on account of the Company’s or any of its Restricted Subsidiaries’
Equity Interests, including any payment made in connection with any merger or consolidation involving the Company (other than (A) dividends or distributions by the Company payable solely in Equity Interests (other than Disqualified Stock) of
the Company; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a
Wholly Owned Restricted Subsidiary, the Company or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities); 
 (ii) purchase or otherwise acquire or retire for value any Equity Interests of the Company or any direct or indirect parent company of the
Company; 
 (iii) make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in
each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness (other than the payment, redemption, repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under
clauses (vii) and (ix) of Section 4.03(b)); or 
 (iv) make any Restricted Investment 
 (all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”),
unless, at the time of such Restricted Payment: 
 (1) no Default or Event of Default shall have occurred and be continuing or
would occur as a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma basis, the
Company could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 
 (3) such Restricted Payment, together
with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (i) and (xiii)(B) of Section 4.04(b), but excluding all
other Restricted Payments permitted by Section 4.04(b)), is less than the sum of, without duplication, 
  

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 (A) 50% of the Consolidated Net Income of the Company for the period (taken as one
accounting period) from July 1, 2009 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net
Income for such period is a deficit, minus 100% of such deficit), plus 
 (B) 100% of the aggregate net proceeds,
including cash and the Fair Market Value (as determined in accordance with the next succeeding sentence) of property other than cash, received by the Company after the Issue Date from the issue or sale of Equity Interests of the Company or any
direct or indirect parent company of the Company (excluding (without duplication) Refunding Capital Stock, Designated Preferred Stock, Cash Contribution Amount, Excluded Contributions and Disqualified Stock), including Equity Interests issued upon
conversion of Indebtedness or upon exercise of warrants or options (other than an issuance or sale to a Subsidiary of the Company or an employee stock ownership plan or trust established by the Company or any of its Subsidiaries), plus

 (C) 100% of the aggregate amount of contributions to the capital of the Company received in cash and the Fair Market Value
(as determined in accordance with the next succeeding sentence) of property other than cash after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, Disqualified Stock and the Cash Contribution
Amount), plus 
 (D) the principal amount of any Indebtedness, or the liquidation preference or maximum fixed
repurchase price, as the case may be, of any Disqualified Stock, of the Company or any Restricted Subsidiary thereof issued after the Issue Date (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been
converted into or exchanged for Equity Interests in the Company or any direct or indirect parent of the Company (other than Disqualified Stock), plus 
 (E) 100% of the aggregate amount received by the Company or any Restricted Subsidiary in cash and the Fair Market Value (as determined in
accordance with the next succeeding sentence) of property other than cash received by the Company or any Restricted Subsidiary from: 
 (I) the sale or other disposition (other than to the Company or a Restricted Subsidiary of the Company) of Restricted Investments or Permitted Investments made by the Company and its Restricted Subsidiaries and from
repurchases and redemptions of such Restricted Investments or Permitted Investments from the Company and its Restricted Subsidiaries by any Person (other than the Company or any of its Subsidiaries) and from repayments of loans or advances which
constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to clause (vii) or (x) of Section 4.04(b)), 
  

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 (II) the sale (other than to the Company or a Restricted Subsidiary of the Company) of
the Capital Stock of an Unrestricted Subsidiary, or 
 (III) a distribution or dividend from an Unrestricted Subsidiary,
plus 
 (F) in the event any Unrestricted Subsidiary of the Company has been redesignated as a Restricted Subsidiary or
has been merged or consolidated with or into, or transfers or conveys its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company, in each case after the Issue Date, the Fair Market Value (as determined in accordance
with the next succeeding sentence) of the Investment of the Company in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), after deducting any
Indebtedness associated with the Unrestricted Subsidiary so designated or combined or any Indebtedness associated with the assets so transferred or conveyed (other than in each case to the extent that the designation of such Subsidiary as an
Unrestricted Subsidiary was made pursuant to clause (vii) or (x) of Section 4.04(b) or constituted a Permitted Investment). 
 The Fair Market Value of property other than cash covered by clauses (3)(B), (C), (D), (E) and (F) of this Section 4.04(a) shall be determined in good faith by the Company and in the event of property with a Fair Market
Value in excess of $15 million, shall be set forth in a resolution approved by at least a majority of the Board of Directors of the Company. 
 (b) The provisions of Section 4.04(a) shall not prohibit: 
 (i) the payment of any dividend or distribution
within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Indenture; 
 (ii) (A) the repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) of the Company or any direct or indirect parent of the Company or any Guarantor or
Subordinated Indebtedness of the Company in exchange for, or out of the proceeds of the substantially concurrent sale of, Equity Interests of the Company or any direct or indirect parent company of the Company or contributions to the equity capital
of the Company (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of the Company or to an employee stock ownership plan or any trust established by the Company or any of its Subsidiaries) (collectively, including any
such contributions, “Refunding Capital Stock”); and (B) the declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the
Company or to an employee stock ownership plan or any trust established by the Company or any of its Subsidiaries) of Refunding Capital Stock; 
  

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 (iii) the redemption, repurchase or other acquisition or retirement of Subordinated
Indebtedness of the Company or any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Company or any Guarantor which is Incurred in accordance with Section 4.03 so long as:

 (A) the principal amount of such new Indebtedness does not exceed the principal amount of the Subordinated Indebtedness
being so redeemed, repurchased, acquired or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired plus any
fees incurred in connection therewith); 
 (B) such Indebtedness is subordinated to the Securities or the related Guarantee,
as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, acquired or retired for value; 
 (C) such Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated
Indebtedness being so redeemed, repurchased, acquired or retired; and 
 (D) such Indebtedness has a Weighted Average Life to
Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired; 
 (iv) the repurchase, retirement or other acquisition (or dividends to any direct or indirect parent of the Company to finance any such
repurchase, retirement or other acquisition) for value of Equity Interests of the Company or any direct or indirect parent of the Company held by any future, present or former employee, director or consultant of the Company or any direct or indirect
parent of the Company or any Subsidiary of the Company pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the
aggregate amounts paid under this clause (iv) do not exceed $5 million in any calendar year (with unused amounts in any calendar year being permitted to be carried over for the two succeeding calendar years up to a maximum of $10 million
in the aggregate in any calendar year); provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 
 (A) the cash proceeds received by the Company or any of its Restricted Subsidiaries from the sale of Equity Interests (other than
Disqualified Stock) of the Company or any direct or indirect parent company of the Company (to the extent contributed to the Company) to members of management, directors or consultants of the Company and its Restricted Subsidiaries or any direct or
indirect parent of the Company that occurs after the Issue Date (provided that the amount 

  

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of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend shall not increase the amount available for Restricted
Payments under Section 4.04(a)(3)); plus 
 (B) the cash proceeds of key man life insurance policies received by
the Company or any direct or indirect parent company of the Company (to the extent contributed to the Company) and its Restricted Subsidiaries after the Issue Date; 
 (provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and (B) above in any calendar year); 
 (v) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company or
any of its Restricted Subsidiaries issued or incurred in accordance with Section 4.03; 
 (vi) the declaration and
payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date and the declaration and payment of dividends to any direct or indirect parent company
of the Company, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent company of the Company issued after
the Issue Date; provided, however, that (A) for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock,
after giving effect to such issuance (and the payment of dividends or distributions) on a pro forma basis, the Company would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00 and (B) the aggregate amount of dividends declared and
paid pursuant to this clause (vi) does not exceed the net cash proceeds actually received by the Company from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; 
 (vii) Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made
pursuant to this clause (vii) that are at that time outstanding, not to exceed the greater of (x) $25 million and (y) 3% of Total Assets, at the time of such Investment (with the Fair Market Value of each Investment being
measured at the time made and without giving effect to subsequent changes in value), at any one time outstanding; 
 (viii)
the payment of dividends on the Company’s common stock (or the payment of dividends to any direct or indirect parent of the Company to fund the payment by any direct or indirect parent of the Company of dividends on such entity’s common
stock) of up to 6.0% per annum of the net proceeds received by the Company from any public offering of common stock or contributed to the Company by any direct or indirect parent of the Company from any public offering of common stock;

 (ix) Investments that are made with Excluded Contributions; 
  

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 (x) other Restricted Payments in an aggregate amount not to exceed the greater of
(x) $25 million and (y) 3% of Total Assets at the time of such Restricted Payment, at any one time outstanding; 
 (xi) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted Subsidiary of the Company by, Unrestricted Subsidiaries; 
 (xii) the payment of dividends or other distributions to any direct or indirect parent company of the Company in amounts required for such
parent company to pay federal, state or local income taxes (as the case may be) imposed directly on such parent company to the extent such income taxes are attributable to the income of the Company and its Restricted Subsidiaries by virtue of such
parent company being the common parent of a consolidated or combined tax group of which the Company and/or its Restricted Subsidiaries are members; provided, however, that in each case the amount of such payments in respect of any tax
year does not exceed the amount that the Company and its Restricted Subsidiaries would have been required to pay in respect of federal, state or local taxes (as the case may be) in respect of such year if the Company and its Restricted Subsidiaries
paid such taxes directly as a stand-alone taxpayer (or stand-alone group); 
 (xiii) the payment of dividends, other
distributions or other amounts by the Company to, or the making of loans to, any direct or indirect parent, in the amount required for such parent to, if applicable: 
 (A) pay amounts equal to the amounts required for any direct or indirect parent of the Company to pay fees and expenses (including
franchise or similar taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to officers and employees of any direct or indirect parent of the Company, if applicable, and general corporate overhead
expenses of any direct or indirect parent of the Company, if applicable, in each case to the extent such fees, expenses, salaries, bonuses, benefits and indemnities are attributable to the ownership or operation of the Company, if applicable, and
its Restricted Subsidiaries; and 
 (B) pay, if applicable, amounts equal to amounts required for any direct or indirect
parent of the Company, if applicable, to pay interest and/or principal on Indebtedness the proceeds of which have been permanently contributed to the Company or any of its Restricted Subsidiaries and that has been guaranteed by, or is otherwise
considered Indebtedness of, the Company or any of its Restricted Subsidiaries Incurred in accordance with Section 4.03; 
 (xiv) the payment of cash dividends or other distributions on the Company’s Capital Stock used to, or the making of loans to any direct or indirect parent of the Company to, fund the payment of fees and expenses owed by the Company or
any direct or indirect parent company of the Company, as the case may be, or Restricted Subsidiaries of the Company to Affiliates, in each case to the extent permitted by Section 4.07; 
  

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 (xv) repurchases of Equity Interests deemed to occur upon exercise of stock options or
warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xvi) purchases of
receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment or distribution of Receivables Fees; and 
 (xvii) the payment, purchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness,
Disqualified Stock or Preferred Stock of the Company and its Restricted Subsidiaries pursuant to provisions similar to those described under Section 4.06 and Section 4.08; provided that, prior to such payment, purchase, redemption,
defeasance or other acquisition or retirement for value, the Company (or a third party to the extent permitted by this Indenture) has made a Change of Control Offer or Asset Sale Offer, as the case may be, with respect to the Securities as a result
of such Change of Control or Asset Sale, as the case may be, and has repurchased all Securities validly tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as the case may be; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (vi), (vii), (viii), (x),
(xi) and (xvii) of this Section 4.04(b), no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 
 (c) As of the Issue Date, all of the Company’s Subsidiaries shall be Restricted Subsidiaries. The Company shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the
definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company and its Restricted Subsidiaries (except to the extent repaid) in the
Subsidiary so designated shall be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation shall only be permitted if a
Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 (d) For purposes of this Section 4.04, if any Investment or Restricted Payment would be permitted pursuant to one or more provisions described above
and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Company may classify such Investment or Restricted Payment in any manner that complies with this covenant and may later reclassify any such
Investment or Restricted Payment so long as the Investment or Restricted Payment (as so reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification. 
 SECTION 4.05. Dividend and Other Payment Restrictions Affecting Subsidiaries. The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to: 
 (a) (i) pay dividends or make any other distributions to the Company or any of its Restricted Subsidiaries (1) on its Capital
Stock; or (2) with respect to any other interest or participation in, or by, its profits; or (ii) pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries; 
  

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 (b) make loans or advances to the Company or any of its Restricted Subsidiaries; or

 (c) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries;

 except in each case for such encumbrances or restrictions existing under or by reason of: 
 (1) contractual encumbrances or restrictions in effect or entered into on the Issue Date, including pursuant to the Credit Agreement;

 (2) this Indenture, the Securities (and any Exchange Securities and guarantees thereof) and the Security Documents;

 (3) applicable law or any applicable rule, regulation or order; 
 (4) any agreement or other instrument of a Person acquired by the Company or any Restricted Subsidiary which was in existence at the time
of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired;

 (5) contracts or agreements for the sale of assets, including customary restrictions with respect to a Restricted
Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary; 
 (6) Permitted Additional Pari Passu Obligations or any other Secured Indebtedness otherwise permitted to be Incurred pursuant to
Sections 4.03 and 4.12 that limit the right of the debtor to dispose of the assets securing such Indebtedness; 
 (7)
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (8) customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business; 
 (9) purchase money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that impose
restrictions of the nature discussed in clause (c) above on the property so acquired; 
  

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 (10) customary provisions contained in leases, licenses, contracts and other similar
agreements entered into in the ordinary course of business that impose restrictions of the type described in clause (c) above on the property subject to such lease; 
 (11) any encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing;
provided, however, that such restrictions apply only to such Receivables Subsidiary; 
 (12) other Indebtedness,
Disqualified Stock or Preferred Stock of any Restricted Subsidiary of the Company that is Incurred subsequent to the Issue Date pursuant to Section 4.03; provided that such encumbrances and restrictions contained in any agreement or
instrument will not materially affect the Company’s ability to make anticipated principal or interest payment on the Securities (as determined by the Company in good faith); 
 (13) any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; and 
 (14) any encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (13) above; provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company, no more restrictive as a whole with respect to such dividend and other payment restrictions than
those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 
 For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions
being paid on ordinary shares shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the Company or a Restricted Subsidiary of the Company to other
Indebtedness Incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 
 SECTION 4.06. Asset Sales. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, cause or
make an Asset Sale, unless: 
 (1) the Company or any of its Restricted Subsidiaries, as the case may be, receives
consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Company) of the assets sold or otherwise disposed of; 
  

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 (2) except in the case of a Permitted Asset Swap, at least 75% of the consideration
therefor received by the Company or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 
 (i) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto) of the Company or any Restricted Subsidiary of the Company (other than
liabilities that are by their terms subordinated to the Securities) that are assumed by the transferee of any such assets, 
 (ii) any notes or other obligations or other securities or assets received by the Company or such Restricted Subsidiary of the Company from such transferee that are converted by the Company or such Restricted Subsidiary of the Company into
cash within 180 days of the receipt thereof (to the extent of the cash received), and 
 (iii) any Designated Non-cash
Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is
at that time outstanding, not to exceed the greater of (x) $25 million and (y) 3% of Total Assets at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash
Consideration being measured at the time received and without giving effect to subsequent changes in value) 
 shall each be deemed to be Cash
Equivalents for the purposes of this Section 4.06(a). 
 (3) if such Asset Sale involves the disposition of Collateral,
the Company or such Restricted Subsidiary has complied with the provisions of this Indenture and the Security Documents; and 
 (4) if such Asset Sale involves the disposition of Notes Priority Collateral or, after the Discharge of ABL Obligations, the disposition of ABL Priority Collateral, the Net Cash Proceeds thereof shall be paid directly by the purchaser of
the Collateral to the Collateral Agent for deposit into the Collateral Account, and, if any property other than cash or Cash Equivalents is included in such Net Cash Proceeds, such property shall be made subject to the Note Liens. 
 (b) Within 365 days after the Company or any Restricted Subsidiary of the Company’s receipt of the Net Cash Proceeds of any Asset Sale, the
Company or such Restricted Subsidiary may apply the Net Cash Proceeds from such Asset Sale, at its option: 
 (i) to the
extent such Net Cash Proceeds constitute proceeds from the sale of ABL Priority Collateral, to permanently repay Indebtedness under the Credit Agreement secured by such ABL Priority Collateral; 
  

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 (ii) to the extent such Net Cash Proceeds constitute proceeds from the sale of Notes
Priority Collateral, to permanently repay, equally and ratably, the Securities and any Permitted Additional Pari Passu Obligations; 
 (iii) to permanently reduce Obligations under other Secured Indebtedness (provided that if the Company or any Guarantor shall so reduce such Obligations, the Company shall equally and ratably reduce Obligations under the Securities
and any Permitted Additional Pari Passu Obligations if the Securities and Permitted Additional Pari Passu Obligations are then prepayable or, if the Securities may not then be prepaid, by making an offer (in accordance with the procedures set forth
below for an Asset Sale Offer) to all Holders to purchase at a purchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, the pro rata principal amount of Securities that would otherwise be prepaid) or
Indebtedness of a Restricted Subsidiary that is not a Guarantor, in each case other than Indebtedness owed to the Company or an Affiliate of the Company; 
 (iv) to an Investment in any one or more businesses (provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a
Restricted Subsidiary of the Company), or capital expenditures, in each case used or useful in a Similar Business; and/or 
 (v) to make an Investment in any one or more businesses (provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the
Company), properties or assets that replace the properties and assets that are the subject of such Asset Sale; provided that if such Net Cash Proceeds are received in respect of Notes Priority Collateral, such assets constitute Notes Priority
Collateral; 
 provided that in the case of clauses (iv) and (v) above, a binding commitment shall be treated as a permitted application of
the Net Cash Proceeds from the date of such commitment and, in the event such binding commitment is later canceled or terminated for any reason before such Net Cash Proceeds are so applied, the Company or such Restricted Subsidiary enters into
another binding commitment within six months of such cancellation or termination of the prior binding commitment. 
 Pending the final
application of any such Net Cash Proceeds, the Company or such Restricted Subsidiary of the Company may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Cash Proceeds in Cash Equivalents or
Investment Grade Securities. Any Net Cash Proceeds from any Asset Sale that are not applied as provided and within the time period set forth in the first sentence of this Section 4.06(b) shall be deemed to constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $15 million, the Company shall make an offer (an “Asset Sale Offer”) to all Holders of Securities and (x) in the case of Net Cash Proceeds from Notes
Priority Collateral, to the holders of any other Permitted Additional Pari Passu Obligations containing provisions similar to those set forth in this Indenture with respect to Asset Sales or (y) in the case of any other Net Cash Proceeds, to
all holders of other Pari Passu Indebtedness containing provisions similar to those set forth in this Indenture with respect to Assets Sales, to purchase the maximum principal 

  

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amount of such Securities and Permitted Additional Pari Passu Obligations or Pari Passu Indebtedness, as appropriate, that may be purchased out of the Excess
Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or in the event such other Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid
interest, if any (or such lesser price, if any, as may be provided by the terms of such other Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06 and, in the case of
Securities, is an integral multiple of $2,000. The Company shall commence an Asset Sale Offer with respect to Excess Proceeds within ten Business Days after the date that Excess Proceeds exceed $15 million by mailing the notice required pursuant to
the terms of Section 4.06(f), with a copy to the Trustee. To the extent that the aggregate amount of Securities and such other Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any
remaining Excess Proceeds for general corporate purposes. If the aggregate principal amount of Securities and Permitted Additional Pari Passu Obligations or Pari Passu Indebtedness, as appropriate, surrendered by holders thereof exceeds the amount
of Excess Proceeds, the Trustee shall select the Securities and such other Indebtedness to be purchased in the manner described in Section 4.06(e). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at
zero. 
 (c) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Securities pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the
provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 
 (d) Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the Company shall deliver to
the Trustee an Officers’ Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Cash Proceeds from the Asset Sales pursuant to which such Asset Sale Offer is being made and (iii) the compliance of
such allocation with the provisions of Section 4.06(b). On such date, the Company shall also irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company or a Wholly Owned Restricted Subsidiary is acting as a Paying Agent,
segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by the Company, and to be held for payment in accordance with the provisions of this Section 4.06. Upon the
expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Company shall deliver to the Trustee for cancellation the Securities or portions thereof that have been properly tendered to and are to
be accepted by the Company. The Trustee (or a Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering Holder in the amount of the purchase price. In the event that the Excess Proceeds delivered by
the Company to the Trustee is greater than the purchase price of the Securities tendered, the Trustee shall deliver the excess to the Company immediately after the expiration of the Offer Period for application in accordance with Section 4.06.

  

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 (e) Holders electing to have a Security purchased shall be required to surrender the Security, with an
appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later
than two Business Days prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered by the Holder for purchase and a statement that
such Holder is withdrawing his election to have such Security purchased. If at the end of the Offer Period more Securities are tendered pursuant to an Asset Sale Offer than the Company is required to purchase, selection of such Securities for
purchase shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Securities are listed, or if such Securities are not listed by lot or such other method as the Trustee
shall deem fair and appropriate (and in such manner as complies with applicable legal requirements); provided that the Trustee shall not select Securities for purchase which would result in a Holder with a principal amount of Securities less
than the minimum denomination to the extent practicable. 
 (f) Notices of an Asset Sale Offer shall be mailed by first class mail, postage
prepaid, at least 30 but not more than 60 days before the purchase date to each Holder of Securities at such Holder’s registered address. If any Security is to be purchased in part only, any notice of purchase that relates to such Security
shall state the portion of the principal amount thereof that has been or is to be purchased. 
 (g) A new Security in principal amount equal
to the unpurchased portion of any Security purchased in part shall be issued in the name of the Holder thereof upon cancellation of the original Security. On and after the purchase date, unless the Company defaults in payment of the purchase price,
interest shall cease to accrue on Securities or portions thereof purchased. 
 SECTION 4.07. Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $2.5 million, unless: 
 (i) such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary
than those that could have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 
 (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $10 million, the Company delivers to the Trustee a resolution adopted in
good faith by the majority of the Board of Directors of the Company or any direct or indirect parent of the Company, approving such Affiliate Transaction and set forth in an Officers’ Certificate certifying that such Affiliate Transaction
complies with clause (i) above. 
  

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 (b) The provisions of Section 4.07(a) shall not apply to the following: 
 (i) (A) transactions between or among the Company and/or any of its Restricted Subsidiaries and (B) any merger of the Company and any
direct parent company of the Company; provided that such parent company shall have no material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock of the Company and such merger is otherwise in
compliance with the terms of this Indenture and effected for a bona fide business purpose; 
 (ii) (x) Restricted Payments
permitted by Section 4.04 and (y) Permitted Investments; 
 (iii) the payment of reasonable and customary fees paid
to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary or any direct or indirect parent company of the Company; 
 (iv) transactions in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an
Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a); 
 (v) payments or loans (or cancellation of loans) to employees or consultants in the ordinary course of business which are approved by a
majority of the Board of Directors of the Company in good faith; 
 (vi) any agreement (other than with the Sponsors) as in
effect as of the Issue Date or any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the Holders of the Securities in any material respect than the original
agreement as in effect on the Issue Date) or any transaction contemplated thereby; 
 (vii) the existence of, or the
performance by the Company or any of its Restricted Subsidiaries of its obligations under the terms of any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the
Issue Date and any amendment thereto or similar agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Company or any of its Restricted Subsidiaries of its obligations under,
any future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing agreement together with all
amendments thereto, taken as a whole, or new agreement are not otherwise more disadvantageous to the Holders of the Securities in any material respect than the original agreement as in effect on the Issue Date; 
  

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 (viii) (A) transactions with customers, clients, suppliers or purchasers or sellers
of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its Restricted Subsidiaries in the reasonable determination of the Board of
Directors or the senior management of the Company, and are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries
entered into in the ordinary course of business; 
 (ix) any transaction effected as part of a Qualified Receivables
Financing; 
 (x) the issuance of Equity Interests (other than Disqualified Stock) of the Company to any Permitted Holder or
any direct or indirect parent company of the Company or to any director, officer, employee or consultant thereof; 
 (xi) the
entering into of any agreement (and any amendment or modification of any such agreement) to pay, and the payment of, annual management, consulting, monitoring and advisory fees to the Sponsor in an aggregate amount in any fiscal year not to exceed
the greater of (x) $3 million and (y) 3% of EBITDA, plus all out-of-pocket reasonable expenses incurred by the Sponsor or any of its Affiliates in connection with the performance of management, consulting, monitoring, advisory or other
services with respect to the Company and its Restricted Subsidiaries; 
 (xii) payments by the Company or any of its
Restricted Subsidiaries to the Sponsor or Meritage made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions or
divestitures, which payments are approved by a majority of the Board of Directors of the Company or any direct or indirect parent of the Company in good faith; 
 (xiii) any contribution to the capital of the Company; 
 (xiv) transactions permitted by, and complying with, the provisions of Section 5.01; 
 (xv) transactions between the Company or any of its Restricted Subsidiaries and any Person, a director of which is also a director of the
Company or any direct or indirect parent of the Company; provided, however, that such director abstains from voting as a director of the Company or such direct or indirect parent of the Company, as the case may be, on any matter
involving such other Person; 
 (xvi) pledges of Equity Interests of Unrestricted Subsidiaries; 
 (xvii) any employment agreements entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business;

 (xviii) the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or
the funding of, employment arrangements, stock option 

  

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and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Company or any direct or indirect parent of the Company
or of a Restricted Subsidiary of the Company, as appropriate, in good faith; and 
 (xix) the entering into of any tax sharing
agreement or arrangement and any payments permitted by Section 4.04(b)(xii). 
 SECTION 4.08. Change of Control. 
 (a) Upon a Change of Control, each Holder shall have the right to require the Company to repurchase all or any part of such Holder’s Securities at a
purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record on the relevant record date to receive interest due on the
relevant interest payment date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control, the Company shall not be obligated to purchase any
Securities pursuant to this Section 4.08 in the event that it has exercised its right to redeem such Securities in accordance with Article 3 of this Indenture. 
 In the event that at the time of such Change of Control the terms of the Credit Agreement restrict or prohibit the repurchase of Securities pursuant to this Section 4.08, then prior to the mailing of the notice
to the Holders provided for in Section 4.08(b) but in any event within 30 days following any Change of Control, the Company shall (i) repay in full the Credit Agreement, or (ii) obtain the requisite consent, if required, under
the Credit Agreement to permit the repurchase of the Securities as provided for in Section 4.08(b). 
 (b) Within 30 days following
any Change of Control, except to the extent that the Company has exercised its right to redeem the Securities in accordance with Article 3 of this Indenture, the Company shall mail a notice (a “Change of Control Offer”) to each
Holder with a copy to the Trustee stating: 
 (i) that a Change of Control has occurred and that such Holder has the right to
require the Company to purchase all or a portion of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of
the Holders of record on a record date to receive interest on the relevant interest payment date); 
 (ii) the circumstances
and relevant facts and financial information regarding such Change of Control; 
 (iii) the repurchase date (which shall be no
earlier than 30 days nor later than 60 days from the date such notice is mailed); and 
 (iv) the instructions determined by
the Company, consistent with this Section 4.08, that a Holder must follow in order to have its Securities purchased. 
  

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 (c) Holders electing to have a Security purchased shall be required to surrender the Security, with an
appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the purchase date. The Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later
than two Business Days prior to the purchase date a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such
Holder is withdrawing his election to have such Security purchased. Holders whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered. 
 (d) On the purchase date, all Securities purchased by the Company under this Section shall be delivered to the Trustee for cancellation, and the Company
shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto. 
 (e) Notwithstanding the foregoing
provisions of this Section 4.08, the Company shall not be required to make a Change of Control Offer upon a Change of Control 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 Section 4.08(b) applicable to a Change of Control Offer made by the Company and purchases all Securities validly tendered and not withdrawn under such Change of Control Offer. 
 (f) At the time the Company delivers Securities to the Trustee which are to be accepted for purchase, the Company shall also deliver an Officers’
Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance with the terms of this Section 4.08. A Security shall be deemed to have been accepted for purchase at the time the Trustee or the Paying
Agent, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. 
 (g) Prior to any Change of Control
Offer, the Company shall deliver to the Trustee an Officers’ Certificate stating that all conditions precedent contained herein to the right of the Company to make such offer have been complied with. 
 (h) The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or
regulations in connection with the repurchase of Securities pursuant to this Section 4.08. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Company shall comply with
the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof. 
 (i) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the
Change of Control Offer. 
 SECTION 4.09. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after
the end of each fiscal year of the Company an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the
signers 
  

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know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Company is
taking or proposes to take with respect thereto. From the date on which this Indenture is qualified under the TIA, the Company also shall comply with Section 314(a)(4) of the TIA. 
 SECTION 4.10. Further Assurances, Instruments and Acts. 
 (a) Upon request of the Trustee, the Company shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this
Indenture. 
 (b) The Company shall, and shall cause each of its existing and future Restricted Subsidiaries to, execute and deliver such
additional instruments, certificates or documents, and take all such actions as may be reasonably required from time to time in order to: 
 (1) carry out more effectively the purposes of the Security Documents; 
 (2) create, grant,
perfect and maintain the validity, effectiveness and priority of any of the Security Documents and the Liens created, or intended to be created, by the Security Documents; and 
 (3) ensure the protection and enforcement of any of the rights granted or intended to be granted to the Trustee under any other instrument
executed in connection therewith. 
 SECTION 4.11. Future Guarantors. The Company shall cause each Restricted Subsidiary that is a
wholly owned Domestic Subsidiary (unless such Subsidiary is a Receivables Subsidiary or is already a Guarantor) that: 
 (a)
guarantees any Indebtedness of the Company or any of its Restricted Subsidiaries; or 
 (b) Incurs any Indebtedness or issues
any shares of Disqualified Stock, 
 in each case, other than any Permitted Debt referred to in Section 4.03(b), to execute and deliver to the Trustee a
supplemental indenture pursuant to which such Subsidiary shall guarantee payment of the Securities and to comply with the provisions of Section 4.10(b) to the extent any such compliance is required by the terms of the Security Documents.

 SECTION 4.12. Liens. 
 (a) The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, Incur or suffer to exist any Lien (other than Permitted Liens) on any asset or property of the Company or such Restricted
Subsidiary, or any income or profits therefrom, or assign or convey any right to receive income therefrom, that secures any Obligations of the Company or such Restricted Subsidiary, other than Liens securing Indebtedness that are junior in priority
to the Liens on such property or assets securing the Securities, without effectively 

  

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providing that the Securities or the applicable Guarantee, as the case may be, shall be equally and ratably secured with (or on a senior basis to, in the
case such Lien secures any Subordinated Indebtedness) the Obligations secured by such Lien. 
 (b) Section 4.12(a) shall not require the
Company or any Restricted Subsidiary of the Company to secure the Securities if the relevant Lien consists of a Permitted Lien. Any Lien which is granted to secure the Securities or such Guarantee under Section 4.12(a) shall be automatically
released and discharged at the same time as the release of the Lien that gave rise to the obligation to secure the Securities or such Guarantee under Section 4.12(a) 
 SECTION 4.13. Maintenance of Office or Agency. 
 (a) The Company shall maintain in the United States,
an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect
of the Securities and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 13.02.

 (b) The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
 (c) The Company hereby designates the corporate trust office of the Trustee or its agent, as such office or agency of
the Company in accordance with Section 2.04. 
 SECTION 4.14. Discharge and Suspension of Covenants. 
 (a) If on any date following the Issue Date (i) the Securities have Investment Grade Ratings from both Rating Agencies, and (ii) no Default has
occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), Section 4.03,
Section 4.04, Section 4.05, Section 4.07, and clause (iv) of Section 5.01(a) (collectively, the “Suspended Covenants”) shall no longer be applicable to such Securities. 
 (b) In the event that the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time
pursuant to Section 4.14(a) (any such period, a “Suspension Period”), and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies (1) withdraw their Investment Grade Rating or
downgrade the rating assigned to the Securities below an Investment Grade Rating and/or (2) the Company or any of its Affiliates enters into an agreement to effect a transaction and one or more of the Rating Agencies indicate that if
consummated, such transaction (alone or together with 

  

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any related recapitalization or refinancing transactions) would cause such Rating Agency to withdraw its Investment Grade Rating or downgrade the ratings
assigned to the Securities below an Investment Grade Rating, then the Company and the Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants under this Indenture with respect to future events, including, without
limitation, a proposed transaction described in clause (2) above. 
 (c) Upon the occurrence of a Covenant Suspension Event, the amount
of Excess Proceeds from Net Cash Proceeds shall be reset at zero. 
 (d) In the event of any reinstatement of the Suspended Covenants
pursuant to Section 4.14(b), no action taken or omitted to be taken by the Company or any of its Restricted Subsidiaries prior to such reinstatement will give rise to a Default or Event of Default under this Indenture with respect to any
Securities; provided that (1) with respect to Restricted Payments made after any such reinstatement, the amount of Restricted Payments made shall be calculated as though Section 4.04 had been in effect prior to, but not during the
Suspension Period, provided that any Subsidiaries designated as Unrestricted Subsidiaries during the Suspension Period shall automatically become Restricted Subsidiaries on the Reversion Date (subject to the Company’s right to
subsequently designate them as Unrestricted Subsidiaries in compliance with Section 4.04 and the definition of “Unrestricted Subsidiary” hereunder) and (2) all Indebtedness Incurred, or Disqualified Stock or Preferred Stock
issued, during the Suspension Period shall be classified to have been Incurred or issued pursuant to clause (iii) of Section 4.03(b). 
 (e) The Company shall deliver promptly to the Trustee an Officers’ Certificate notifying it of any Covenant Suspension Event or facts or events that would require the reinstatement of Suspended Covenants under this Section 4.14.

 SECTION 4.15. Event of Loss. 
 (a) In the event of an Event of Loss, the Company or the affected Restricted Subsidiary of the Company, as the case may be, may apply the Net Loss Proceeds from such Event of Loss to the rebuilding, repair, replacement or construction of
improvements to the property affected by such Event of Loss (the “Subject Property”), with no concurrent obligation to offer to purchase any of the Securities; provided, however, that the Company delivers to the
Trustee within 90 days of such Event of Loss: 
 (i) a written opinion from a reputable contractor that the Subject
Property can be rebuilt, repaired, replaced or constructed in, and operated in, substantially the same condition as it existed prior to the Event of Loss within 365 days of the Event of Loss; and 
 (ii) an Officers’ Certificate certifying that the Company has available from Net Loss Proceeds or other sources sufficient funds to
complete the rebuilding, repair, replacement of construction described in clause (i) above. 
 (b) Any Net Loss Proceeds that are not
applied or reinvested or not permitted to be applied or reinvested as provided in Section 4.15(a) shall be deemed “Excess Loss Proceeds.” When the aggregate amount of Excess Loss Proceeds exceeds $15 million, the Company

  

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shall make an offer (an “Event of Loss Offer”) to all Holders and to the holders of any other Permitted Additional Pari Passu Obligations
containing provisions similar to those set forth in this Indenture with respect to events of loss to purchase or repurchase the Securities and such other Permitted Additional Pari Passu Obligations with the proceeds from the Event of Loss in an
amount equal to the maximum principal amount of Securities and such other Permitted Additional Pari Passu Obligations that may be purchased out of the Excess Loss Proceeds. The offer price in any Event of Loss Offer shall be equal to 100% of the
principal amount plus accrued and unpaid interest if any, to the date of purchase, and shall be payable in cash. If any Excess Loss Proceeds remain after consummation of an Event of Loss Offer, the Company may use such Excess Loss Proceeds for any
purpose not otherwise prohibited by this Indenture and the Security Documents and such remaining amount shall not be added to any subsequent Excess Loss Proceeds for any purpose under this Indenture; provided that any remaining Excess Loss
Proceeds shall remain subject to the Lien of the Security Documents. If the aggregate principal amount of Securities and other Permitted Additional Pari Passu Obligations tendered pursuant to an Event of Loss Offer exceeds the Excess Loss Proceeds,
the Trustee shall select the Securities and such other Permitted Additional Pari Passu Obligations to be purchased, by lot or by such other method as the Trustee shall deem to be fair and appropriate (and in such manner as complies with applicable
legal requirements); provided, that the Trustee shall not select Securities or such other Permitted Additional Pari Passu Obligations for purchase which would result in a Holder with a principal amount of Securities or such other Permitted
Additional Pari Passu Obligations less than the applicable minimum denomination to the extent practicable. 
 (c) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Securities pursuant to an Event of Loss
Offer. To the extent that the provisions of any securities laws or regulations conflict with the Event of Loss provisions of this Indenture, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations described in this Indenture by virtue thereof. 
 SECTION 4.16. Insurance. 
 (a) The Company will at all times keep all of its and its Subsidiaries’ properties which are of an insurable nature insured with insurers, believed
by the Company to be responsible (including, to the extent consistent with past practice, self-insurance), against loss or damage to the extent that property of similar character is usually so insured by corporations similarly situated and owning
like properties. 
 (b) The Company and Guarantors 
 (i) will cause any property and casualty insurance policies with respect to the Mortgaged Property to be endorsed or otherwise amended to
include a “standard” or “New York” lender’s loss payable endorsement and cause all property policies and casualty insurance policies to be in a standard form and substance, naming the Trustee as loss payee; cause all such
policies to provide that neither the Company, the Trustee nor any other party shall be a coinsurer thereunder and to contain a “Replacement Cost Endorsement,” or in the case of a policy insuring equipment, to contain an “Actual Cost
Endorsement,” 

  

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or similar endorsement without any deduction for depreciation, and such other provisions as may be customary with companies in the same or similar businesses
to protect their interests; deliver original or certified copies of all such policies or a certificate of an insurance broker to the Trustee; cause each such policy to provide that it shall not be canceled or not renewed upon less than 30 days’
prior written notice thereof by the insurer to the Trustee; deliver to the Trustee, prior to the cancellation or nonrenewal of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of renewal of a policy
previously delivered to the Trustee), or insurance certificate with respect thereto, together with evidence of payment of the premium therefor; 
 (ii) obtain flood insurance in such amounts as necessary to ensure compliance with applicable law, and without limiting the generality of the foregoing, if at any time the area in which the Premises (as defined in the
Mortgages) are located is designated as an area having “special flood hazards” and in which flood insurance has been made available under the National Flood Insurance Act of 1968, obtain flood insurance in such amounts as necessary to
ensure compliance with the National Flood Insurance Reform Act of 1994, as it may be amended from time to time; 
 (iii) with
respect to all Mortgaged Property, carry and maintain comprehensive liability insurance and coverage on a claims made basis against claims made for personal injury (including bodily injury, death and property damage) and umbrella liability insurance
against any and all claims, in each case in amounts and against such risks as are customarily maintained by companies engaged in the same or similar industry operating in the same or similar locations naming the Trustee as an additional insured; and

 (iv) notify the Trustee promptly whenever any separate insurance concurrent in form or contributing in the event of loss
with that required to be maintained under this Section 4.16 is taken out by Company or any of the Guarantors; and promptly deliver to the Trustee a duplicate original copy of such policy or policies, or an insurance certificate with respect
thereto. 
 (c) In connection with the covenants set forth in this Section 4.16, it is understood and agreed that: 
 (i) none of the Trustee nor its respective agents or employees shall be liable for any loss or damage insured by the insurance policies
required to be maintained under this Section 4.16, it being understood that (A) the Company and Guarantors shall look solely to their insurance companies or any other parties other than the aforesaid parties for the recovery of such loss
or damage and (B) such insurance companies shall have no rights of subrogation against the Trustee, or its agents or employees. If, however, the insurance policies do not provide waiver of subrogation rights against such parties, as required
above, then each of Company, and the Guarantors hereby agree, to the extent permitted by law, to waive, its right of recovery, if any, against the Trustee and the Holder and its agents and employees; and 
  

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 (ii) the acceptance of any form, type or amount of insurance coverage by the Trustee
under this Section 4.16 shall in no event be deemed a representation, warranty or advice by the Trustee that such insurance is adequate for the purposes of the business of Company and the Guarantors or the protection of their properties.

 SECTION 4.17. Maintenance of Properties. Subject to, and in compliance with, the provisions of Article 11 and the provisions of the
applicable Security Documents, the Company shall cause all material properties used or useful in the conduct of its business or the business of any of the Subsidiary Guarantors to be maintained and kept in good operating condition, repair and
working order (ordinary wear and tear and casualty loss excepted) and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereto; provided, that the
Company shall not be obligated to make such repairs, renewals, replacements, betterments and improvements if the failure to do so would not result in a material adverse effect on the ability of the Company and the Subsidiary Guarantors to satisfy
their obligations under the Securities, the Guarantees, this Indenture and the Security Documents. 
 ARTICLE 5 
 SUCCESSOR COMPANY 
 SECTION 5.01.
When Company May Merge or Transfer Assets. 
 (a) The Company shall not consolidate or merge with or into or wind up into (whether or
not the Company is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 
 (i) the Company is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the
Company) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any state
thereof, the District of Columbia, or any territory thereof (the Company or such Person, as the case may be, being herein called the “Successor Company”); 
 (ii) the Successor Company (if other than the Company) expressly assumes all the obligations of the Company under this Indenture and the
Securities pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 
 (iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by
the Successor Company or such Restricted Subsidiary at the time of such transaction) no Default or Event of Default shall have occurred and be continuing; 
  

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 (iv) immediately after giving pro forma effect to such transaction, as if such
transaction had occurred at the beginning of the applicable four-quarter period, either 
 (A) the Successor Company would be
permitted to Incur at least $1.00 of additional Indebtedness pursuant to Section 4.03(a); or 
 (B) the Fixed Charge
Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be greater than such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction; 
 (v) if the Successor Company is other than the Company, each Guarantor, unless it is the other party to the transactions described above,
shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Securities; 
 (vi) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indentures (if any) comply
with this Indenture; 
 (vii) the Successor Company causes such amendments, supplements or other instruments to be executed,
delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to the Successor Company; 
 (viii) the Collateral owned by or transferred to the Successor Company shall (x) continue to constitute Collateral under this
Indenture and the Security Documents, (y) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the Securities, and (z) not be subject to any Lien other than Permitted Liens; and

 (ix) the property and assets of the Person which is merged or consolidated with or into the Successor Company, to the
extent that they are property or assets of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired property and the Successor Company shall take such action as may be reasonably necessary to cause
such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture. 
 The Successor Company (if other than the Company) shall succeed to, and be substituted for, the Company under this Indenture and the Securities, and the Company shall automatically be released and discharged from its obligations under this
Indenture and the Securities. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 5.01, (a) the Company or any Restricted Subsidiary may consolidate with, merge into or sell, assign, transfer, lease, convey or
otherwise dispose of all or part of its properties and assets to the Company or to another Restricted Subsidiary, and (b) the Company may merge or consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating
or reorganizing the Company in another state of the United States, the District of Columbia or any territory of the United States so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby (any
transaction described in this sentence, a “Specified Merger/Transfer Transaction”). 
  

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 (b) Subject to the provisions of Section 10.02(b) (which govern the release of a Guarantee upon the
sale or disposition of a Restricted Subsidiary of the Company that is a Guarantor), each Guarantor shall not, and the Company shall not permit any Guarantor to, consolidate or merge with or into or wind up into (whether or not such Guarantor is the
surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 
 (i) either (x) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other
than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company organized or existing under the laws of the United States, any
state thereof, the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be, being herein called the “Successor Guarantor”) and the Successor Guarantor (if other than such Guarantor)
expressly assumes all the obligations of such Guarantor under this Indenture and such Guarantor’s Guarantee pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee or (y) such
sale or disposition or consolidation or merger is not in violation of Section 4.06; 
 (ii) immediately after giving
effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Guarantor or any of its Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at the
time of such transaction) no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Successor
Guarantor (if other than such Guarantor) shall have delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture
(if any) comply with this Indenture; 
 (iv) the Successor Guarantor causes such amendments, supplements or other instruments
to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to the Successor Guarantor;

 (v) the Collateral owned by or transferred to the Successor Guarantor shall (a) continue to constitute Collateral
under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the Securities, and (c) not be subject to any Lien other than Permitted
Liens; and 
 (vi) the property and assets of the Person which is merged or consolidated with or into the Successor Guarantor,
to the extent that they are property or assets of the types which would constitute Collateral under the Security Documents, shall be treated as after-acquired 

  

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property and the Successor Guarantor shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien
of the Security Documents in the manner and to the extent required in this Indenture. 
 The Successor Guarantor shall succeed to, and be
substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding
the foregoing, (1) a Guarantor may merge or consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing such Guarantor in another state of the United States, the District of Columbia or any
territory of the United States, so long as the amount of Indebtedness of the Guarantor is not increased thereby, (2) a Guarantor may merge or consolidate with another Guarantor or the Company, and (3) a Guarantor may convert into a
corporation, partnership, limited partnership, limited liability corporation or trust organized or existing under the laws of the jurisdiction of organization of such Guarantor. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 SECTION 6.01. Events of Default. An “Event of Default” occurs if: 
 (a) the Company defaults in any payment of interest on any Security when the same becomes due and payable, and such default continues for
a period of 30 days, 
 (b) the Company defaults in the payment of principal or premium, if any, of any Security when due
at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise, 
 (c) the Company
fails to comply with its obligations under Section 5.01, 
 (d) the Company or any of its Restricted Subsidiaries fails
to comply with any of its obligations under the covenants set forth in Sections 4.08 (other than a failure to purchase Securities when required under Section 4.08) and such failure continues for 30 days after receipt of a related Notice of
Default as specified below, 
 (e) the Company or any of its Restricted Subsidiaries fails to comply with any of its
agreements in the Securities or this Indenture (other than those referred to in (a), (b), (c), or (d) above) and such failure continues for 60 days after receipt of a related Notice of Default as specified below, 
 (f) the Company or any Significant Subsidiary fails to pay any Indebtedness (other than Indebtedness owing to the Company or a Restricted
Subsidiary of the Company) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated
exceeds $20 million or its foreign currency equivalent, 
  

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 (g) the Company or any Significant Subsidiary of the Company pursuant to or within the
meaning of any Bankruptcy Law: 
 (i) commences a voluntary case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 
 (iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 
 (iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating to
insolvency, 
 (h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (i) is for relief against the Company or any Significant Subsidiary of the Company in an involuntary case; 
 (ii) appoints a Custodian of the Company or any Significant Subsidiary of the Company or for any substantial part of its property; or

 (iii) orders the winding up or liquidation of the Company or any Significant Subsidiary of the Company; 
 or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 90 days, 
 (i) the Company or any Significant Subsidiary fails to pay final and non-appealable judgments aggregating in excess of $20 million or
its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days following the entry thereof,

 (j) the Guarantee of a Significant Subsidiary ceases to be in full force and effect (except as contemplated by the terms
thereof) or any Guarantor that qualifies as a Significant Subsidiary denies or disaffirms its obligations under this Indenture or any Guarantee and such Default continues for 10 days after receipt of a related Notice of Default as specified below,
or 
 (k) unless all of the Collateral has been released from the Note Liens in accordance with the provisions of the Security
Documents, the Company or any Subsidiary defaults in the performance of the Security Documents which adversely affects in any material respect the enforceability, validity, perfection or priority of the Note Liens on a material portion of the
Collateral, the repudiation or disaffirmation by the Company or any Subsidiary of its material obligations under the Security Documents or the determination 

  

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in a judicial proceeding that the Security Documents are unenforceable or invalid against the Company or any Subsidiary party thereto for any reason with
respect to a material portion of the Collateral, which default, repudiation, disaffirmation or determination is not rescinded, stayed, or waived by the Persons having such authority pursuant to the Security Documents or otherwise cured within 60
days after receipt of a related Notice of Default as specified below. 
 The foregoing shall constitute Events of Default whatever the reason
for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of
debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 A Default under clause (c), (d), (e) or (k) above shall not constitute an Event of Default until the Trustee notifies the Company in writing or the Holders of at least 25% in principal amount of the
outstanding Securities notify the Company and the Trustee in writing of the Default and the Company does not cure such Default within the time specified in clauses (c), (d), (e) or (k) above after receipt of such notice. Such notice
must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” The Company shall deliver to the Trustee, within thirty (30) days after the occurrence thereof, written notice of any
event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. 
 SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(g) or (h) with respect to
the Company) occurs and is continuing, the Trustee by written notice to the Company or the Holders of at least 25% in principal amount of outstanding Securities by written notice to the Company and the Trustee, may declare the principal of, premium,
if any, and accrued but unpaid interest on all the Securities to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(g) or (h) with
respect to the Company occurs, the principal of, premium, if any, and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. The
Holders of a majority in principal amount of the Securities by notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been
cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 In the event of any Event of Default specified in Section 6.01(f), such Event of Default and all consequences thereof (excluding, however, any
resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Securities, if within 20 days after such Event of Default arose the Company delivers an Officers’
Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the 

  

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basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case
may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Securities as described above
be annulled, waived or rescinded upon the happening of any such events. 
 SECTION 6.03. Other Remedies. If an Event of Default occurs
and is continuing, the Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities, this Indenture or the Security
Documents. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 
 SECTION 6.04. Waiver of Past
Defaults. Provided the Securities are not then due and payable by reason of a declaration of acceleration, the Holders of a majority in principal amount of the Securities by notice to the Trustee may waive an existing Default or Event of Default
and its consequences except (a) a Default or Event of Default in the payment of the principal of or interest on a Security or (b) a Default or Event of Default in respect of a provision that under Section 9.02 cannot be amended
without the consent of each Holder affected. When a Default is waived, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05. Control by Majority. Subject to the terms
of the Security Documents, the Holders of a majority in principal amount of the Securities then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder
or that would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action under this
Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
 SECTION 6.06. Limitation on Suits. 
 (a) Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder may pursue any remedy with respect to this Indenture or the Securities unless: 
 (i) the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 
  

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 (ii) the Holders of at least 25% in principal amount of the Securities then outstanding
make a written request to the Trustee to pursue the remedy; 
 (iii) such Holder or Holders offer to the Trustee security or
indemnity reasonably satisfactory to it against any loss, liability or expense; 
 (iv) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (v) the Holders of a
majority in principal amount of the Securities do not give the Trustee a direction inconsistent with the request during such 60-day period. 
 (b) A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.07. Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on the Securities held by
such Holder, on or after the respective due dates expressed or provided for in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. 
 SECTION 6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and
is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any other obligor on the Securities for the whole amount then due and owing (together with interest on overdue principal and
(to the extent lawful) on any unpaid interest at the rate provided for in the Securities) and the amounts provided for in Section 7.07. 
 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the Trustee deems reasonably necessary, advisable or appropriate)) and the Holders allowed in any judicial
proceedings relative to the Company or any Guarantor, their creditors or their property, shall be entitled to participate as a member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by
law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.10. Priorities.
Subject to the terms of the Security Documents, if the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07; 
  

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 SECOND: to Holders for amounts due and unpaid on the Securities for principal, premium,
if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
 THIRD: to the Company or, to the extent the Trustee collects any amount for any Subsidiary Guarantor, to such Subsidiary Guarantor.

 The Trustee, upon prior written notice to the Company and the Subsidiary Guarantors, may fix a record date and payment date for any
payment to the Holders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall send to each Holder and the Company a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Securities then outstanding. 
 SECTION 6.12. Waiver of Stay or Extension Laws. Neither the Company nor any Guarantor (to the extent it may lawfully do so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the extent that it may lawfully
do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such
law had been enacted. 
 ARTICLE 7 
 TRUSTEE 
 SECTION 7.01. Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the
same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  

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 (b) Except during the continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However,
in the case of certificates or opinions required by any provision hereof to be provided to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 
 (iv)
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this
Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Company. 
 (f) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Section 7.01 and, from the date on which this Indenture is qualified under the TIA, to the provisions of the TIA. 
  

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 SECTION 7.02. Rights of Trustee. 
 (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee
need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its
rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 
 (e) The
Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect
of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f)
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or
document unless requested in writing to do so by the Holders of not less than a majority in principal amount of the Securities at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, at the expense
of the Company and shall incur no liability of any kind by reason of such inquiry or investigation. 
 (g) The Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
 (h)
The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and
other Person employed to act hereunder. 
 (i) In the event the Company is required to pay Additional Interest, the Company will provide
written notice to the Trustee of the Company’s obligation to pay Additional Interest no later than 15 days prior to the next interest payment date, which notice shall set forth 

  

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the amount of the Additional Interest to be paid by the Company. The Trustee shall not at any time be under any duty or responsibility to any Holders to
determine whether the Additional Interest is payable and the amount thereof. 
 SECTION 7.03. Individual Rights of Trustee. The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do
the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer.
The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, any Guarantee or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and
it shall not be responsible for any statement of the Company or any Guarantor in this Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication.
The Trustee shall not be charged with knowledge of any Default or Event of Default under Sections 6.01(c), (d), (e), (f), (i), (j) or (k) or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have
actual knowledge thereof or (b) the Trustee shall have received notice thereof in accordance with Section 13.02 from the Company, any Guarantor or any Holder. 
 SECTION 7.05. Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Trust Officer, the Trustee shall send to each Holder notice of the Default within the earlier of
90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any
Security, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the Holders. 
 SECTION 7.06. Reports by Trustee to the Holders. From the date on which this Indenture is qualified under the TIA, as promptly as practicable
after each June 30 beginning with the June 30 following the date of this Indenture, and in any event within 12 months of the last such report, the Trustee shall send to each Holder a brief report dated as of such June 30 that complies
with Section 313(a) of the TIA if and to the extent required thereby. From the date on which this Indenture is qualified under the TIA, the Trustee shall also comply with Section 313(b)(2) of the TIA. 
 A copy of each report at the time of its delivery to the Holders shall be filed with the SEC and each stock exchange (if any) on which the Securities are
listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from time to time reasonable compensation for its services (it being understood all amounts set forth in the fee letter dated June 5, 2009 between
the Company and the Trustee shall be deemed reasonable). The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for 

  

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all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company and each Guarantor, jointly and severally shall indemnify the Trustee against any and all
loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and
expenses of enforcing this Indenture or Guarantee against the Company or a Guarantor (including this Section 7.07) and defending itself against or investigating any claim (whether asserted by the Company, any Guarantor, any Holder or any other
Person). The Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Company shall not relieve the
Company or any Guarantor of its indemnity obligations hereunder. The Company shall defend the claim and the indemnified party shall provide reasonable cooperation at the Company’s expense in the defense. Such indemnified parties may have
separate counsel and the Company and the Guarantors, as applicable shall pay the fees and expenses of such counsel; provided, however, that the Company shall not be required to pay such fees and expenses if it assumes such indemnified
parties’ defense and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the Company and the Guarantors, as applicable, and such parties in connection with such defense. The Company need not
reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s own willful misconduct, negligence or bad faith. 
 To secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the
Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities. 
 The Company’s and the Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under
any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses after the occurrence of a Default specified in
Section 6.01(g) or (h) with respect to the Company, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 
 SECTION 7.08. Replacement of Trustee. 
 (a) The Trustee may resign at any time by so notifying the
Company. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company may remove the Trustee if: 
 (i) the Trustee fails to comply with Section 7.10; 
 (ii) the Trustee is adjudged bankrupt or insolvent; 
  

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

 (iv) the Trustee otherwise becomes incapable of acting. 
 If the Trustee has or shall acquire a conflicting interest within the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to
the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture. 
 (b) If the Trustee resigns, is
removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such
event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 
 (c) A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and
duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien
provided for in Section 7.07. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in Section 310(b) of the
TIA, any Holder who has been a bona fide holder of a Security for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 shall continue for
the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.

 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Securities so authenticated; and in
case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder 

  

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or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or
in this Indenture provided that the certificate of the Trustee shall have. 
 SECTION 7.10. Eligibility; Disqualification. The Trustee
shall at all times satisfy the requirements of Section 310(a) of the TIA. The Trustee shall have a combined capital and surplus of at least $100,000,000 as set forth in its most recent published annual report of condition. The Trustee shall
comply with Section 310(b) of the TIA, subject to its right to apply for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the
operation of Section 310(b)(1) of the TIA any series of securities issued under this Indenture and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are
outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met. 
 SECTION 7.11. Preferential
Collection of Claims Against Company. The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the TIA to the extent indicated. 
 ARTICLE 8 
 DISCHARGE OF INDENTURE; DEFEASANCE 
 SECTION 8.01. Discharge of Liability on
Securities; Defeasance. This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights of registration or transfer or exchange of Securities, as expressly provided for in this Indenture) as to all
outstanding Securities: 
 (a) when (i) all the Securities theretofore authenticated and delivered (other than Securities
pursuant to Section 2.08 which have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such
trust) have been delivered to the Trustee for cancellation or (ii) all of the Securities (a) have become due and payable, (b) will become due and payable at their stated maturity within one year or (c) if redeemable at the option
of the Company, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company has irrevocably
deposited or caused to be deposited with the Trustee funds in cash in U.S. Dollars, U.S. Government Obligations or a combination thereof in an amount sufficient in the written opinion of a firm of independent public accountants delivered to the
Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited) to pay and discharge the entire Indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal of,
premium, if any, and interest on the Securities to the date of deposit together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

  

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 (b) the Company and/or the Guarantors have paid all other sums payable under this
Indenture; and 
 (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating
that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (i) all of its obligations under the Securities and this Indenture (with respect to such Securities) (“legal defeasance option”) or
(ii) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.10, 4.11, 4.12, 4.15, 4.16 and 4.17 and the operation of Section 5.01 and Sections 6.01(c), 6.01(d), 6.01(e) (with respect to any Default under
Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.10, 4.11, 4.12, 4.15, 4.16 and 4.17), 6.01(f), 6.01(g) (with respect to Significant Subsidiaries of the Company only), 6.01(h) (with respect to Significant Subsidiaries of the Company only), 6.01(i),
6.01(j) and 6.01(k) (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Company terminates all of its
obligations under the Securities and this Indenture (with respect to such Securities) by exercising its legal defeasance option or its covenant defeasance option, the obligations of each Guarantor under its Guarantee of such Securities shall be
terminated simultaneously with the termination of such obligations. 
 If the Company exercises its legal defeasance option, payment of the
Securities so defeased may not be accelerated because of an Event of Default. If the Company exercises its covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default specified in
Section 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (with respect to Significant Subsidiaries of the Company only), 6.01(h) (with respect to Significant Subsidiaries of the Company only), 6.01(i) (with respect to Significant Subsidiaries of the
Company only), 6.01(j) or 6.01(k) or because of the failure of the Company to comply with Section 5.01. 
 Upon satisfaction of the
conditions set forth herein and upon request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
 (d) Notwithstanding clauses (a) and (b) above, the Company’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08, 11.07(e), 11.12 and in this Article 8 shall survive until the
Securities have been paid in full. Thereafter, the Company’s obligations in Sections 7.07, 8.05, 8.06 and 11.12 shall survive such satisfaction and discharge. 
 SECTION 8.02. Conditions to Defeasance. 
 (a) The Company may exercise its legal defeasance option or
its covenant defeasance option only if: 
 (i) the Company irrevocably deposits in trust with the Trustee cash in U.S.
Dollars, U.S. Government Obligations or a combination thereof in an amount sufficient or U.S. Government Obligations, the principal of and the interest on which will be sufficient, 

  

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or a combination thereof sufficient, to pay the principal of, and premium (if any) and interest on the applicable Securities when due at maturity or
redemption, as the case may be, including interest thereon to maturity or such redemption date; 
 (ii) the Company delivers
to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus
any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal, premium, if any, and interest when due on all the Securities to maturity or redemption, as the case may be;

 (iii) 91 days pass after the deposit is made and during the 91-day period no Default specified in Section 6.01(g)
or (h) with respect to the Company occurs which is continuing at the end of the period; 
 (iv) the deposit does not
constitute a default under any other agreement binding on the Company; 
 (v) the Company delivers to the Trustee an Opinion
of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
 (vi) in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that
(1) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 
 (vii) in the case of the covenant defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for Federal income tax
purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; and 

(viii) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge of the Securities to be so defeased and discharged as contemplated by this Article 8 have been complied with. 
 Notwithstanding the foregoing, the Opinion of Counsel required by the clause (vi) above need not be delivered if all Securities not theretofore delivered to the Trustee for cancellation (x) have become due and payable or
(y) will become due and payable at their Stated Maturity within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 
  

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 (b) Before or after a deposit, the Company may make arrangements satisfactory to the Trustee for the
redemption of such Securities at a future date in accordance with Article 3. 
 SECTION 8.03. Application of Trust Money. The Trustee
shall hold in trust money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through each Paying Agent and
in accordance with this Indenture to the payment of principal of and interest on the Securities so discharged or defeased. 
 SECTION 8.04.
Repayment to Company. Each of the Trustee and each Paying Agent shall promptly turn over to the Company upon request any money or U.S. Government Obligations held by it as provided in this Article 8 which, in the written opinion of a
nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to
be deposited to effect an equivalent discharge or defeasance in accordance with this Article 8. 
 Subject to any applicable abandoned
property law, the Trustee and each Paying Agent shall pay to the Company upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must
look to the Company for payment as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies. 
 SECTION 8.05. Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government
Obligations or the principal and interest received on such U.S. Government Obligations. 
 SECTION 8.06. Reinstatement. If the
Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8
until such time as the Trustee or any Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of principal of
or interest on, any such Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the
Trustee or any Paying Agent. 
  

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 ARTICLE 9 
 AMENDMENTS AND WAIVERS 
 SECTION 9.01. Without Consent of the Holders. The Company and the
Trustee may amend this Indenture, the Securities or the Security Documents without notice to or consent of any Holder: 
 (i)
to cure any ambiguity, omission, defect or inconsistency; 
 (ii) to comply with Article 5; 
 (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; provided, however,
that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code; 
 (iv) to add additional Guarantees with respect to the Securities or to secure the Securities; 
 (v) to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power herein conferred upon the
Company; 
 (vi) to comply with any requirement of the SEC in connection with qualifying or maintaining the qualification of,
this Indenture under the TIA; 
 (vii) to effect any provision of this Indenture or the Security Documents (including to
release any Guarantee in accordance with the terms of this Indenture); 
 (viii) to make any change that does not adversely
affect the rights of any Holder; 
 (ix) to provide for the issuance of the Exchange Securities or Additional Securities,
which shall have terms substantially identical in all material respects to the Initial Securities, and which shall be treated, together with any outstanding Initial Securities, as a single issue of securities; 
 (x) to provide for the release of Collateral from the Liens of this Indenture and the Security Documents when permitted or required by the
Security Documents, the Intercreditor Agreement or this Indenture; or 
 (xi) to secure any Permitted Additional Pari Passu
Obligations under the Security Documents and to appropriately include the same in the Intercreditor Agreement. 
 Upon the request of the
Company and the Guarantors accompanied by a resolution of the Board of Directors of each of the Company and the Guarantors authorizing the execution of any supplemental indenture entered into to effect any such amendment, supplement or waiver, and
upon receipt by the Trustee of the documents described in Section 9.06, the Trustee 

  

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shall join with the Company and the Guarantors in the execution of such supplemental indenture. After an amendment under this Section 9.01 becomes
effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 SECTION 9.02. With Consent of the Holders. 
 (a) The Company and the Trustee may amend this Indenture or the Securities with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding voting as a single class
(including consents obtained in connection with a tender offer or exchange for the Securities). However, without the consent of each Holder of an outstanding Security affected, an amendment may not: 
 (i) reduce the amount of Securities whose Holders must consent to an amendment; 
 (ii) reduce the rate of or extend the time for payment of interest on any Security; 
 (iii) reduce the principal of or change the Stated Maturity of any Security; 
 (iv) reduce the premium payable upon the redemption of any Security or change the time at which any Security may be redeemed in accordance
with Article 3; 
 (v) make any Security payable in money other than that stated in such Security; 
 (vi) impair the right of any Holder to receive payment of, principal of, premium, if any, and interest on such Holder’s Securities on
or after the date due or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities; 
 (vii) make any change in Section 6.04 or 6.07 or the second sentence of this Section 9.02(a); 
 (viii)
expressly subordinate the Securities or any Guarantee or otherwise modify the ranking thereof to any other Indebtedness of the Company or any Guarantor; 
 (ix) modify the Guarantees in any manner adverse to the Holders; or 
 (x) make any change in
the provisions in the Intercreditor Agreement or this Indenture dealing with the application of proceeds of Collateral that would adversely affect the Holder of the Securities. 
 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance
thereof. 
  

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 (b) Notwithstanding the requirements of Section 9.02(a), any amendment to, or
waiver of, the provisions of this Indenture, any Security Document or any other indenture governing Permitted Additional Pari Passu Obligations that has the effect of releasing all or substantially all of the Collateral from the Liens securing the
Securities or otherwise modifies the Intercreditor Agreement or other Security Documents in any manner adverse in any material respect to the Holders of the Securities will require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the Securities and any Permitted Additional
Pari Passu Obligations then outstanding. 
 (c) After an amendment under this Section 9.02 becomes effective, the Company shall
mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02. 
 SECTION 9.03. Compliance with Trust Indenture Act. From the date on which this Indenture is qualified under the TIA, every amendment, waiver or
supplement to this Indenture or the Securities shall comply with the TIA as then in effect. 
 SECTION 9.04. Revocation and Effect of
Consents and Waivers. 
 (a) A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent
Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke
the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from the Company certifying that the
requisite principal amount of Securities have consented. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt by the Company or the Trustee of consents by the
Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such
amendment or waiver (or supplemental indenture) by the Company and the Trustee. 
 (b) The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such
action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
 SECTION 9.05. Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the Company may
require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Company 

  

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or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the
changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment, supplement or waiver. 
 SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to
Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement
or waiver is the legal, valid and binding obligation of the Company and the Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03).

 SECTION 9.07. Payment for Consent. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause
to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is
offered to be paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
 SECTION 9.08. Additional Voting Terms; Calculation of Principal Amount. Except as provided in the proviso to the first sentence of
Section 9.02(a), all Securities issued under this Indenture shall vote and consent together on all matters (as to which any of such Securities may vote) as one class and no series of Securities will have the right to vote or consent as a
separate class on any matter. Determinations as to whether Holders of the requisite aggregate principal amount of Securities have concurred in any direction, waiver or consent shall be made in accordance with this Article 9 and Section 2.14.

 ARTICLE 10 
 GUARANTEES 
 SECTION 10.01. Guarantees. 
 (a) Each Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, to each
Holder and to the Trustee and its successors and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all obligations of the Company under this Indenture (including
obligations to the Trustee) and the Securities, whether for payment of principal of, premium, if any, or interest on in respect of the Securities and all other monetary obligations of the Company under this Indenture and the Securities and
(ii) the full and punctual performance within applicable grace periods of all other obligations of the Company whether for fees, expenses, indemnification or otherwise under this Indenture and the Securities (all the foregoing 

  

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being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be
extended or renewed, in whole or in part, without notice or further assent from each such Guarantor, and that each such Guarantor shall remain bound under this Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation.

 (b) Each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations and also
waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (i) the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities or any other agreement or otherwise; (ii) any extension or renewal of this Indenture, the
Securities or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (iv) the release of any security held by any Holder or
the Trustee for the Guaranteed Obligations or any Guarantor; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of such
Guarantor, except as provided in Section 10.02(b). 
 (c) Each Guarantor hereby waives any right to which it may be entitled to have its
obligations hereunder divided among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be
used and depleted as payment of the Company’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to
require that the Company be sued prior to an action being initiated against such Guarantor. 
 (d) Each Guarantor further agrees that its
Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the
Guaranteed Obligations. 
 (e) Except as expressly set forth in Sections 8.01(b), 10.02 and 10.06, the obligations of each
Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein
shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification
of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the
risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. 
  

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 (f) Except as set forth in Sections 8.01 and 10.02, each Guarantor agrees that its Guarantee shall remain
in full force and effect until payment in full of all the Guaranteed Obligations. Except as set forth in Sections 8.01 and 10.02, each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case
may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

 (g) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity
against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to
perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum
of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other monetary obligations of
the Company to the Holders and the Trustee in respect of the Guaranteed Obligations. 
 (h) Each Guarantor agrees that it shall not be
entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and
the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 10.01. 
 (i) Each Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 
 (j) Upon request of the Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture. 
 (k) Any Guarantee given by any direct or indirect parent
of the Company may be released and discharged from all obligations under this Article 10 at any time upon written notice to the Trustee from such direct or indirect parent of the Company. 
  

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 SECTION 10.02. Limitation on Liability. 
 (a) Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed
hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture or the Guarantee, as each relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or
fraudulent transfer or similar laws affecting the rights of creditors generally. 
 (b) A Guarantee as to any Subsidiary Guarantor shall
automatically terminate and be of no further force or effect and such Subsidiary Guarantor shall be deemed to be released and discharged from all obligations under this Article 10 upon: 
 (i) the sale, disposition or other transfer (including through merger or consolidation) of the Capital Stock (including any sale,
disposition or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary), or all or substantially all the assets, of the applicable Subsidiary Guarantor if such sale, disposition or other transfer is
made in compliance with this Indenture, 
 (ii) the Company designating such Subsidiary Guarantor to be an Unrestricted
Subsidiary in accordance with the provisions set forth under Section 4.04 and the definition of “Unrestricted Subsidiary,” 
 (iii) in the case of any Restricted Subsidiary which after the Issue Date is required to guarantee the Securities pursuant to Section 4.11, the release or discharge of the guarantee by such Restricted Subsidiary
of Indebtedness of the Company or any Restricted Subsidiary of the Company or such Restricted Subsidiary or the repayment of the Indebtedness or Disqualified Stock, in each case, which resulted in the obligation to guarantee the Securities, or

 (iv) the Company’s exercise of its legal defeasance option or covenant defeasance option as described under
Section 8.01 or if the Company’s obligations under this Indenture are discharged in accordance with the terms of this Indenture. 
 (c) A Guarantee also shall be automatically released upon the applicable Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest securing Credit Agreement or other exercise of remedies in
respect thereof. 
 SECTION 10.03. Successors and Assigns. This Article 10 shall be binding upon each Guarantor and its
successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that
party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION 10.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or
privilege under this Article 10 shall 

  

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operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The
rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or
otherwise. 
 SECTION 10.05. Modification. No modification, amendment or waiver of any provision of this Article 10, nor the
consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 
 SECTION 10.06. Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary and other Person which is required to become a Guarantor
pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto pursuant to which such Subsidiary or other Person shall become a Guarantor under this
Article 10 and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate to the
effect that such supplemental indenture has been duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other
similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a legal, valid and binding obligation of such Guarantor,
enforceable against such Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 
 SECTION 10.07. Non-Impairment. The failure to endorse a Guarantee on any Security shall not affect or impair the validity thereof. 
 ARTICLE 11 
 SECURITY 
 SECTION 11.01. Security Documents; Additional Collateral; Intercreditor Agreement. 
 (a) Security
Documents. In order to secure the due and punctual payment of the Note Obligations and any Permitted Additional Pari Passu Obligations, the Company, the Subsidiary Guarantors, the Collateral Agent and the other parties thereto have
simultaneously with the execution of this Indenture entered or, in accordance with the provisions of Section 4.10, Section 4.11 and this Article 11, will enter into the Security Documents. In the event of a conflict between the terms of
this Indenture and the Security Documents, the Security Documents shall control. 
 The Company shall, and shall cause each Restricted
Subsidiary to, and each Restricted Subsidiaries shall, make all filings (including filings of continuation statements and 

  

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amendments to UCC financing statements that may be necessary to continue the effectiveness of such UCC financing statements) and take all other actions as
are reasonably necessary or required by the Security Documents to maintain (at the sole cost and expense of the Company and its Restricted Subsidiaries) the security interest created by the Security Documents in the Collateral (other than with
respect to any Collateral the security interest in which is not required to be perfected under the Security Documents) as a perfected first priority security interest subject only to Permitted Liens. 
 (b) Additional Collateral. With respect to assets acquired after the Issue Date, the applicable Company or Guarantor will take the actions
required by the Security Agreement. 
 (c) Intercreditor Agreement. The Security Documents, the Trustee, the Collateral Agent and the
Holders are bound by the terms of the Intercreditor Agreement and each Holder of a Security, by accepting such Security, agrees to all the terms and provisions of the Intercreditor Agreement and the other Security Documents. 
 SECTION 11.02. Recording, Registration and Opinions. The Company and the Guarantors shall furnish to the Trustee at least thirty (30) days
prior to the anniversary of the Issue Date in each year an Opinion of Counsel, dated as of such date, either (i) stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording, and
refiling of this Indenture or the Security Documents, as applicable, as are necessary to maintain the perfected Liens of the applicable Security Documents securing the Note Obligations under applicable law to the extent required by the Security
Documents other than any action as described therein to be taken and such opinion may refer to prior Opinions of Counsel and contain customary assumptions, qualifications and exceptions and may rely on an Officers’ Certificate of the Company or
(ii) stating that, in the opinion of such counsel, no such action is necessary to maintain such Liens or security interests. 
 SECTION
11.03. Releases of Collateral. The Liens securing the Securities and the Guarantees will, automatically and without the need for any further action by any Person be released: 
 (1) in whole or in part, as applicable, as to all or any portion of property subject to such Liens which has been taken by eminent domain,
condemnation or other similar circumstances in accordance with the terms of Section 4.06 and Section 4.15; 
 (2) in
whole upon: 
 (a) payment in full of the principal of, together with accrued and unpaid interest on, the Securities and all
other Obligations under this Indenture, the Guarantees and the Security Documents that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, are paid; 
 (b) satisfaction and discharge of this Indenture as set forth under Article 8; or 
  

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 (c) a legal defeasance or covenant defeasance of this Indenture as set forth under
Article 8; 
 (3) in part, as to any property that (a) is sold, transferred or otherwise disposed of by the Company or
any Subsidiary Guarantor (other than to the Company or another Subsidiary Guarantor) in a transaction not prohibited by this Indenture at the time of such transfer or disposition, including, without limitation, as a result of a transaction of the
type permitted under Sections 4.06 and 5.01 or (b) is owned or at any time acquired by a Guarantor that has been released from its Guarantee, concurrently with the release of such Guarantee; 
 (4) as to property that constitutes all or substantially all of the Collateral securing the Securities, with the consent of each Holder of
the Securities and each holder of any Permitted Additional Pari Passu Obligations outstanding; 
 (5) as
to property that constitutes less than all or substantially all of the Collateral securing the Securities, with the consent of the Holders of at least 66 2/3% of the aggregate principal amount of Securities and any Permitted Additional
Pari Passu Obligations outstanding; 
 (6) in part, in accordance with the applicable provisions of the Security
Documents and the Intercreditor Agreement; and 
 (7) upon a release of any ABL Priority Collateral that is disposed of in
accordance with the terms of the Credit Agreement and the related security documents. 
 In addition, to the extent necessary and for so long as required for
such Subsidiary Guarantor not to be subject to any requirement pursuant to Rule 3-16 of Regulation S-X under the Securities Act to file separate financial statements with the SEC (or any other governmental agency), the Capital Stock and other
securities of any Subsidiary Guarantor shall not be included in the Collateral with respect to the Securities (or any Permitted Additional Pari Passu Obligations outstanding) so affected and shall not be subject to the Liens securing such Securities
and any Permitted Additional Pari Passu Obligations. 
 SECTION 11.04. Form and Sufficiency of Release. In the event that either the
Company or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any portion of the Collateral that, under the terms of this Indenture may be sold, exchanged or otherwise disposed of by the
Company or any Guarantor, and the Company or such Guarantor requests the Trustee to furnish a written disclaimer, release or quitclaim of any interest in such property under this Indenture, the applicable Guarantee and the Security Documents, upon
receipt of an Officers’ Certificate and Opinion of Counsel to the effect that such release complies with Section 11.03 and specifying the provision in Section 11.03 pursuant to which such release is being made (upon which the Trustee
may exclusively and conclusively rely), the Trustee shall execute, acknowledge and deliver to the Company or such Guarantor (or instruct the Collateral Agent to do the same) such an instrument in the form provided by the Company, and providing for
release without recourse and shall take such other action as the Company or such Guarantor may reasonably request and as necessary to effect such release. 
  

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 SECTION 11.05. Possession and Use of Collateral. Subject to the provisions of the Security
Documents, the Company and the Guarantors shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect to the Collateral (other than Trust Monies held by the Collateral Agent, other monies or
U.S. Government Obligations deposited pursuant to Article 8, and other than as set forth in the Security Documents and this Indenture), to freely operate, manage, develop, lease, use, consume and enjoy the Collateral (other than Trust Monies held by
the Collateral Agent, other monies and U.S. Government Obligations deposited pursuant to Article 8 and other than as set forth in the Security Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs
do not impair the Lien of the Security Documents thereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof and to effect
transactions permitted under Sections 4.06 and 5.01. 
 SECTION 11.06. Reports and Certificates Relating to Collateral. 
 (a) From the date on which this Indenture is qualified under the TIA, to the extent applicable, the Company shall cause Section 313(b)(1) of the
TIA, relating to reports, and Section 314(d) of the TIA, relating to the release of property or securities subject to the Lien of the Security Documents, to be complied with. 
 (b) Any release of Collateral permitted by Section 11.03 shall be deemed not to impair the Liens under this Indenture and the Security Agreement and
the other Security Documents in contravention thereof. From the date on which this Indenture is qualified under the TIA, any certificate or opinion required under Section 314(d) of the TIA may be made by an officer or legal counsel, as
applicable, of the Company except in cases where Section 314(d) of the TIA requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected by the
Company. 
 (c) From the date on which this Indenture is qualified under the TIA, notwithstanding anything to the contrary in this
Section 11.06, the Company and the Subsidiary Guarantors shall not be required to comply with all or any portion of Section 314(d) of the TIA if they reasonably determine that under the terms of Section 314(d) of the TIA or any
interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders, all or any portion of Section 314(d) of the TIA is inapplicable to any release or series of releases of
Collateral. 
 SECTION 11.07. Collateral Agent. 
 (a) The Trustee and each of the Holders by acceptance of the Securities hereby designates and appoints the Collateral Agent as its collateral agent under this Indenture and the Security Documents and the Trustee and
each of the Holders by acceptance of the Securities hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture and the Security Documents and to exercise such powers and perform such
duties as are expressly delegated to the Collateral Agent by the terms of this Indenture 

  

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and the Security Documents, together with such powers as are reasonably incidental thereto. The Collateral Agent agrees to act as such on the express
conditions contained in this Section 11.07. The provisions of this Section 11.07 are solely for the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor the Company or any of the Guarantors shall have any rights
as a third party beneficiary of any of the provisions contained herein other than as expressly provided in Section 11.03. Notwithstanding any provision to the contrary contained elsewhere in this Indenture and the Security Documents, the
Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with the Trustee, any Holder or the Company or any
Guarantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture and the Security Documents or otherwise exist against the Collateral Agent. Without limiting the generality of the
foregoing sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent shall not be construed to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Except as expressly otherwise provided in this
Indenture, the Collateral Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any discretionary rights or taking or refraining from taking any actions which the Collateral Agent is expressly
entitled to take or assert under this Indenture and the Security Documents, including the exercise of remedies pursuant to Article Six, and any action so taken or not taken shall be deemed consented to by the Trustee and the Holders. 
 (b) The Collateral Agent may execute any of its duties under this Indenture and the Security Documents by or through agents, employees or
attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent, employee or attorney-in-fact that it selects
as long as such selection was made without negligence or willful misconduct. 
 (c) None of the Collateral Agent or any of its agents or
employees shall (i) be liable for any action taken or omitted to be taken by any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own negligence or willful misconduct) or under or in
connection with any Security Document or the transactions contemplated thereby (except for its own negligence or willful misconduct), or (ii) be responsible in any manner to the Trustee or any Holder for any recital, statement, representation,
warranty, covenant or agreement made by the Company or any Guarantor, contained in this Indenture or any indenture, or in any certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under
or in connection with, this Indenture or any other indenture, the Security Documents, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Indenture or any other indenture or the Security Documents, or for any failure
of the Company or any Guarantor or any other party to this Indenture or the Security Documents to perform its obligations hereunder or thereunder. None of the Collateral Agent or any of its agents or employees shall be under any obligation to the
Trustee or any Holder to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Indenture or any other indenture or the Security Documents or to inspect the properties, books or
records of the Company or any Guarantor. 
  

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 (d) The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default
or Event of Default, unless the Collateral Agent shall have received written notice from the Trustee or the Company referring to this Indenture, describing such Default or Event of Default and stating that such notice is a “notice of
default.” The Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance with Article Six (subject to this Section 11.07); provided, however, that
unless and until the Collateral Agent has received any such request, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem
advisable. 
 (e) A resignation or removal of the Collateral Agent and appointment of a successor Collateral Agent shall become effective
only upon the successor Collateral Agent’s acceptance of appointment as provided in this Section 11.07(e). The Collateral Agent may resign in writing at any time by so notifying the Company, the Trustee and each trustee, agent or
representative of holders of Permitted Additional Pari Passu Obligations at least 30 days prior to the proposed date of resignation. The Company may remove the Collateral Agent if: (i) the Collateral Agent is removed as Trustee under the
Indenture; (ii) the Collateral Agent (x) fails to meet the requirements for being a Trustee under Section 7.10 (prior to the discharge or defeasance of this Indenture) and (y) following the discharge or defeasance of this
Indenture, fails to meet the requirements for being the trustee, agent or representative of holders of any extant Permitted Additional Pari Passu Obligations; (iii) the Collateral Agent is adjudged a bankrupt or an insolvent or an order for
relief is entered with respect to the Collateral Agent under any Bankruptcy Law; (iv) a custodian or public officer takes charge of the Collateral Agent or its property; or (v) the Collateral Agent becomes incapable of acting. If the
Collateral Agent resigns or is removed or if a vacancy exists in the office of Collateral Agent for any reason, the Company shall promptly appoint a successor Collateral Agent which complies with the eligibility requirements contained in this
Indenture and each indenture, credit agreement or other agreements which any Permitted Additional Pari Passu Obligations (other than Additional Securities) are incurred. If a successor Collateral Agent does not take office within 10 days after the
retiring Collateral Agent resigns or is removed, the retiring Collateral Agent, the Company or the holders of at least 10% in principal amount of the then outstanding principal amount of (x) the Securities (other than any Additional Securities
except to the extent constituting Permitted Additional Pari Passu Obligations) and (y) Permitted Additional Pari Passu Obligations (to the extent the trustee, agent or representative of holders of such Permitted Additional Pari Passu
Obligations executed a joinder to the Security Agreement) may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent. A successor Collateral Agent shall deliver a written acceptance of its appointment to the
retiring Collateral Agent and to the Company. Thereupon, the resignation or removal of the retiring Collateral Agent shall become effective, and the successor Collateral Agent shall have all the rights, powers and the duties of the Collateral Agent
under this Indenture and the Security Documents. The successor Collateral Agent shall mail a notice of its succession to the Trustee and each trustee, agent or representative of holders of Permitted Additional Pari Passu Obligations. The retiring
Collateral Agent shall promptly transfer all property held by it as Collateral Agent to the successor Collateral Agent, provided that all sums owing to the Collateral 

  

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Agent hereunder have been paid. Notwithstanding replacement of the Collateral Agent pursuant to this Section 11.07(e), the Company’s obligations
under this Section 11.07 and Section 11.12 shall continue for the benefit of the retiring Collateral Agent. 
 (f) The Trustee
shall initially act as Collateral Agent and shall be authorized to appoint co-Collateral Agents as necessary in its sole discretion. Except as otherwise explicitly provided herein or in the Security Documents, neither the Collateral Agent nor any of
its officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the
request of any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers,
and neither the Collateral Agent nor any of its officers, directors, employees or agents shall be responsible for any act or failure to act hereunder, except for its own willful misconduct, gross negligence or bad faith. 
 (g) The Trustee, as such and as Collateral Agent, is authorized and directed by the Holders and the Holders by acquiring the Securities and deemed to
have authorized the Trustee and Collateral Agent to (i) enter into the Security Documents, (ii) bind the Holders on the terms as set forth in the Security Documents and (iii) perform and observe its obligations under the Security
Documents. 
 (h) The Collateral Agent shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral
exists or is owned by the Company and the Guarantors or is cared for, protected or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or
enforced or are entitled to any particular priority, or to determine whether all of the Grantor’s property constituting collateral intended to be subject to the Lien and security interest of the Security Documents has been properly and
completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to
continue exercising, any of the rights, authorities and powers granted or available to the Collateral Agent pursuant to this Indenture or any Security Document, it being understood and agreed that in respect of the Collateral, or any act, omission
or event related thereto, the Collateral Agent may act in any manner it may deem appropriate, in its sole discretion given the Collateral Agent’s own interest in the Collateral, and that the Collateral Agent shall have no other duty or
liability whatsoever to the Trustee or any Holder as to any of the foregoing. 
 (i) The Collateral Agent (i) shall not be liable for
any action it takes or omits to take in good faith which it reasonably believes to be authorized or within its rights or powers, or for any error of judgment made in good faith by an authorized officer, unless it is proved that the Collateral Agent
was negligent in ascertaining the pertinent facts, (ii) shall not be liable for interest on any money received by it except as the Collateral Agent may agree in writing with the Company (and money held in trust by the Collateral Agent need not
be segregated from other funds except to the extent required by law), and (iii) may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization 

  

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and protection from liability in respect of any action taken, omitted or suffered by it in good faith and in accordance with the advice or opinion of such
counsel. The grant of permissive rights or powers to the Collateral Agent shall not be construed to impose duties to act. 
 SECTION 11.08.
Purchaser Protected. No purchaser or grantee of any property or rights purporting to be released shall be bound to ascertain the authority of the Collateral Agent or Trustee to execute the release or to inquire as to the existence of any
conditions herein prescribed for the exercise of such authority so long as the conditions set forth in Section 11.04 have been satisfied. 
 SECTION 11.09. Authorization of Actions to be Taken by the Collateral Agent Under the Security Documents. The Holders of Securities agree that the Collateral Agent shall be entitled to the rights, privileges, protections, immunities,
indemnities and benefits provided to the Collateral Agent by the Security Documents. Furthermore, each holder of a Security, by accepting such Security, consents to the terms of and authorizes and directs the Trustee (in each of its capacities) and
the Collateral Agent to enter into and perform the Security Documents in each of its capacities thereunder. 
 SECTION 11.10.
Authorization of Receipt of Funds by the Trustee Under the Security Agreement. The Trustee is authorized to receive any funds for the benefit of Holders distributed under the Security Documents to the Trustee, to apply such funds as provided
in Section 6.10. 
 SECTION 11.11. Powers Exercisable by Receiver or Collateral Agent. In case the Collateral shall be in the
possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 11 upon the Company or any Guarantor, as applicable, with respect to the release, sale or other disposition of such property may be exercised by such
receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Company or any Guarantor, as applicable, or of any officer or officers thereof required by the provisions of
this Article 11. 
 SECTION 11.12. Compensation and Indemnification. The Collateral Agent shall be entitled to the compensation and
indemnification set forth in Section 7.07 (with the references to the Trustee therein being deemed to refer to the Collateral Agent). 
 ARTICLE 12 
 APPLICATION OF TRUST MONIES 
 SECTION 12.01. Collateral Account. In the event that the Company or any Guarantor receives any cash and Cash Equivalents that, if such cash and
Cash Equivalents had been received by the Trustee or the Collateral Agent would have constituted Trust Monies, then no later than 30 days following the first date on which the Company or any Guarantor receives any such cash and Cash Equivalents
there shall be established and, at all times thereafter until this Indenture shall have terminated, there shall be maintained with the Collateral Agent the Collateral Account. The Collateral Account shall be established and maintained by the
Collateral Agent at the office of the Collateral Agent or as a deposit account or securities account subject to 

  

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a control agreement in favor of the Collateral Agent. The Company shall cause all cash and Cash Equivalents that would have constituted Trust Monies had such
cash and Cash Equivalents been received by the Trustee or the Collateral Agent to be deposited in the Collateral Account and thereafter shall be held by and under the sole dominion and control of the Collateral Agent for its benefit and for the
benefit of the Secured Parties (as defined in the Security Agreement) as a part of the Collateral until released in accordance with this Article 12. 
 SECTION 12.02. Withdrawal of Loss Proceeds. To the extent that any Trust Monies consist of Net Loss Proceeds, such Trust Monies may be withdrawn by the Company and shall be paid by the Collateral Agent (upon
the direction of the Trustee) upon a written request by the Company delivered to the Trustee and the Collateral Agent to reimburse the Company or Guarantor for expenditures made, or to pay costs incurred, by the Company or such Guarantor in
connection with the repair, rebuilding or replacement of the Collateral destroyed, damaged or taken, upon receipt by the Trustee and the Collateral Agent of an Officers’ Certificate, dated not more then 30 days prior to the date of the
application for the withdrawal and payment of such Trust Monies setting forth: 
 (1) that expenditures have been made, or
costs incurred by the Company or such Guarantor, as the case may be, in a specified amount in connection with certain repairs, rebuildings and replacements of the Collateral, which shall be briefly described; 
 (2) that no part of such expenditures or costs has been or is being made the basis for the withdrawal of any Trust Monies in any previous
or then pending application pursuant to this Section 12.02; 
 (3) that no part of such expenditures or costs has been
paid out of the proceeds of insurance upon any part of the Collateral not required to be paid to the Collateral Agent under the Security Documents; 
 (4) that no Event of Default shall have occurred and be continuing; and 
 (5) that such
application or reinvestment complies with Section 4.15 and all conditions precedent herein provided for relating to such withdrawal and payment have been complied with. 
 Upon compliance with the foregoing provisions of this Section 12.02 and Section 12.01, the Collateral Agent shall, upon receipt of a written
request by the Company, pay an amount of Net Loss Proceeds constituting Trust Monies equal to the amount of the expenditures or costs stated in the Officers’ Certificate required by this Section 12.02. 
 SECTION 12.03. Withdrawal of Net Cash Proceeds to Fund an Asset Sale Offer or Net Loss Proceeds to Fund an Event of Loss Offer. To the extent that
any Trust Monies consist of Net Cash Proceeds received by the Collateral Agent pursuant to the provisions of Section 4.06 or Net Loss Proceeds received by the Collateral Agent pursuant to the provisions of Section 4.15 and an Asset Sale
Offer or Event of Loss Offer, as applicable, has been made in accordance 

  

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therewith, such Trust Monies may be withdrawn by the Company and shall be paid by the Trustee to the Paying Agent for application in accordance with
Section 4.06 or 4.15 upon written notice by the Company to the Trustee and upon receipt by the Trustee and the Collateral Agent of an Officers’ Certificate, dated not more than 10 days prior to the date of purchase, stating: 
 (1) that no Event of Default shall have occurred and be continuing; 
 (2) (x) that such Trust Monies constitute Net Cash Proceeds or Net Loss Proceeds, as applicable, (y) that pursuant to and in
accordance with Section 4.06 or 4.15, the Company has made an Asset Sale Offer or Event of Loss Offer and (z) the amount of Excess Proceeds or Excess Loss Proceeds, as applicable, to be applied to the repurchase of the Securities and
Permitted Additional Pari Passu Obligations pursuant to the Asset Sale Offer or Event of Loss Offer; 
 (3) the date of
purchase; and 
 (4) that all conditions precedent and covenants herein provided for relating to such application of Trust
Monies have been complied with. 
 Upon compliance with the foregoing provisions of this Section 12.03, the Trustee shall apply the
Trust Monies as directed and specified by the Company. 
 SECTION 12.04. Withdrawal of Trust Monies for Investment in Replacement
Assets. In the event the Company intends to reinvest Net Cash Proceeds of an Asset Sale in assets in compliance with Section 4.06 (“Replacement Assets”), such Net Cash Proceeds constituting Trust Monies (the
“Released Trust Monies”) may be withdrawn by the Company and shall be paid by the Collateral Agent to the Company upon receipt by the Trustee and the Collateral Agent of the following: 
 (a) A notice from the Company (i) referring to this Section 12.04, (ii) containing all documents referred to below,
(iii) describing with particularity the Released Trust Monies, (iv) describing with particularity the Replacement Assets to be invested in with respect to the Released Trust Monies and (v) accompanied by a counterpart of the
instruments proposed to give effect to the release fully executed and acknowledged (if applicable) by all parties thereto other than the Collateral Agent; and 
 (b) An Officers’ Certificate certifying that (i) such Trust Monies constitute Net Cash Proceeds and are being reinvested in
compliance with Section 4.06, (ii) the release of the Released Trust Monies complies with the terms and conditions of this Indenture, (iii) there is no Event of Default (both before and after investing in the Replacement Assets) in
effect or continuing on the date thereof, (iv) the release of the Released Trust Monies shall not result in a Event of Default hereunder and (v) all conditions precedent herein to such release have been complied with. 
 Upon compliance with the foregoing provisions, the Trustee shall apply the Released Trust Monies as directed and specified by the Company. 
  

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 SECTION 12.05. Investment of Trust Monies. So long as no Event of Default shall have occurred and
be continuing, all or any part of any Trust Monies held by (or held in account subject to the sole control of) the Collateral Agent shall from time to time be invested or reinvested by the Collateral Agent in any Cash Equivalents pursuant to a
written request by the Company in the form of an Officers’ Certificate, which shall specify the Cash Equivalents in which such Trust Monies shall be invested and shall certify that such investments constitute Cash Equivalents; and the
Collateral Agent shall sell any such Cash Equivalent only upon receipt of such a written request by the Company specifying the particular Cash Equivalent to be sold. So long as no Event of Default occurs and is continuing, any interest or dividends
accrued, earned or paid on such Cash Equivalents (in excess of any accrued interest or dividends paid at the time of purchase) that may be received by the Collateral Agent shall be forthwith paid to the Company. Such Cash Equivalents shall be held
by the Collateral Agent as a part of the Collateral, subject to the same provisions hereof as the cash used by it to purchase such Cash Equivalents. 
 The Trustee and Collateral Agent shall not be liable or responsible for any loss resulting from such investments or sales except only for its own negligent action, its own negligent failure to act or its own willful
misconduct in complying with this Section 12.05. 
 SECTION 12.06. Use of Trust Monies; Retirement of Securities. The Collateral
Agent shall apply Trust Monies not required to be applied to fund an Asset Sale Offer or Event of Loss Offer or required to be held pending application to the acquisition of Replacement Assets from time to time to the payment of the principal of,
premium, and interest on, any Securities and any Permitted Additional Pari Passu Obligations by lot or by such other method as the Trustee shall deem to be fair and appropriate (in such manner as complies with applicable legal requirements and
provided that the Trustee shall not select Securities or such other Permitted Additional Pari Passu Obligations for purchase which would result in a Holder with a principal amount of Securities or such other Permitted Additional Pari Passu
Obligations less than the applicable minimum denomination to the extent practicable), on any redemption date or the maturity date or to the redemption thereof or the purchase thereof upon tender or in the open market or at private sale or upon any
exchange or in any one or more of such ways, including, without limitation, pursuant to a Change of Control Offer, an Asset Sale Offer or an Event of Loss Offer, as the Company shall request in writing, upon receipt by the Trustee and the Collateral
Agent of the following: 
 (a) resolutions of the Board of Directors of the Company directing the application pursuant to this
Section 12.06 of a specified amount of Trust Monies and, in case any such monies are to be applied to payment, designating the Securities and Permitted Additional Pari Passu Obligations so to be paid and, in case any such monies are to be
applied to the purchase of Securities and Permitted Additional Pari Passu Obligations, prescribing the method of purchase, the price or prices to be paid and the maximum aggregate principal amount of Securities and Permitted Additional Pari Passu
Obligations to be purchased and any other provisions of this Indenture governing such purchase; 
  

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 (b) an Officers’ Certificate, dated not more than 10 days prior to the date of the
relevant application, stating: 
 (1) that no Event of Default exists unless such Event of Default would be cured thereby; and

 (2) that all conditions precedent and covenants herein provided for relating to such application of Trust Monies have been
complied with; and 
 (c) an Opinion of Counsel stating that, subject to customary assumptions, qualifications and exceptions,
the documents and the cash or Cash Equivalents, if any, which have been or are therewith delivered to and deposited with the Collateral Agent conform to the requirements of this Indenture and all conditions precedent herein provided for relating to
such application of Trust Monies have been complied with. 
 Such Opinion of Counsel may rely on an Officers’ Certificate of the Company. 
 Upon compliance with the foregoing provisions of this Section 12.06, the Collateral Agent shall apply Trust Monies as directed and specified by such
resolution of the Board of Directors of the Company. 
 A resolution of the Board of Directors of the Company expressed to be irrevocable
directing the application of Trust Monies under this Section 12.06 to the payment of the principal of, premium and interest on the Securities and any Permitted Additional Pari Passu Obligations shall for all purposes of this Indenture be deemed
the equivalent of the deposit of money with the Collateral Agent in trust for such purpose. Such Trust Monies and any cash deposited with the Collateral Agent pursuant to clause (c) of this Section 12.06 for the payment of accrued interest
shall not, after compliance with the foregoing provisions of this Section 12.06, be deemed to be part of the Collateral or Trust Monies. 
 SECTION 12.07. Disposition of Securities Retired. All Securities received by the Trustee and for whose purchase Trust Monies are applied under Section 12.06, if not otherwise cancelled, shall be promptly delivered to the Trustee
for cancellation and destruction in accordance with the Trustee’s customary procedures. 
 ARTICLE 13 
 MISCELLANEOUS 
 SECTION 13.01.
Trust Indenture Act Controls. From the date on which this Indenture is qualified under the TIA, if and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an
“incorporated provision”) included in this Indenture by operation of, Sections 310 to 318 of the TIA, inclusive, such imposed duties or incorporated provision shall control. 
  

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 SECTION 13.02. Notices. 
 (a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by first-class mail
addressed as follows: 
 if to the Company or a Guarantor: 
 Freedom Group, Inc. 
 870 Remington Drive 
 Madison, NC 27025 
 Attention of: Fredric E. Roth, Jr. 
 Facsimile: (336) 548-8810 
 if to the Trustee: 
 Wilmington Trust FSB 
 246 Goose Lane, Suite 105 
 Guilford, CT 06437 
 Attention of: Joseph P. O’Donnell 
 Facsimile: (203) 453-1183 
 The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 (b) Any notice or communication mailed to a Holder shall be mailed, first class mail,
to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
 (c) Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice
or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 
 Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depository for such Security (or its designee), pursuant to the customary procedures of such
Depository. 
 SECTION 13.03. Communication by the Holders with Other Holders. The Holders may communicate pursuant to
Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and other Persons shall have the protection of Section 312(c) of the TIA. 

SECTION 13.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take or
refrain from taking any action under this Indenture, the Company shall furnish to the Trustee at the request of the Trustee: 
 (a) an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with; and 
  

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 (b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in
the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 13.05. Statements Required in Certificate
or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 
 (a) a statement that the individual making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with;
provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 
 SECTION 13.06. When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company,
any Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor shall be disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded. Subject to the foregoing, only Securities outstanding at the time
shall be considered in any such determination. 
 SECTION 13.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of the Holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 
 SECTION 13.08. Legal Holidays. If a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on
such payment date if it were a Business Day for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 
  

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 SECTION 13.09. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 13.10. No Recourse Against Others. No
director, officer, employee, incorporator or holder of any equity interests in the Company or of any Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under
the Securities or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. 
 SECTION 13.11. Successors. All agreements of the Company and each Guarantor in this Indenture and the Securities shall bind its successors. All
agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 13.12. Multiple Originals. The parties may sign any
number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION 13.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
 SECTION 13.14. Indenture Controls. If and to the extent that any provision of the Securities limits, qualifies or conflicts with a provision of
this Indenture, such provision of this Indenture shall control. 
 SECTION 13.15. Severability. In case any provision in this
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability. 
 SECTION 13.16. Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS, THE TRUSTEE,
THE PAYING AGENT, THE REGISTRAR, THE TRANSFER AGENT AND THE COLLATERAL AGENT 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
INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

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

			
	FREEDOM GROUP, INC.
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Chief Financial Officer

  

 S-1 

			
	GUARANTORS:
	
	RACI HOLDING, INC.
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Chief Financial Officer
	
	REMINGTON ARMS COMPANY, INC.
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Chief Financial Officer
	
	REMINGTON STEAM, LLC
		
	By:	 	 /s/ Julie Scars

	Name:	 	Julie Scars
	Title:	 	Manager
	
	RA BRANDS, L.L.C.
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Vice President
	
	THE MARLIN FIREARMS COMPANY
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Vice President
	
	H&R 1871, LLC
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Vice President

  

 S-2 

			
	DA ACQUISITIONS, LLC
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Chief Financial Officer
	
	BUSHMASTER HOLDINGS, LLC
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Treasurer
	
	BUSHMASTER FIREARMS INTERNATIONAL, LLC
		
	By:	 	 /s/ Paul A. Miller

	Name:	 	Paul A. Miller
	Title:	 	Vice President
	
	DPMS FIREARMS, LLC
		
	By:	 	 /s/ Paul A. Miller

	Name:	 	Paul A. Miller
	Title:	 	Vice President
	
	E-RPC, LLC
		
	By:	 	 /s/ Stephen P. Jackson, Jr.

	Name:	 	Stephen P. Jackson, Jr.
	Title:	 	Chief Financial Officer
		 	

  

 S-3 

			
	WILMINGTON TRUST FSB, as Trustee
		
	By:	 	 /s/ Joseph P. O’Donnell

	Name:	 	Joseph P. O’Donnell
	Title:	 	Vice President

  

 S-4 

			
	WILMINGTON TRUST FSB, as Collateral Agent
		
	By:	 	 /s/ Joseph P. O’Donnell

	Name:	 	Joseph P. O’Donnell
	Title:	 	Vice President

  

 S-5 

 APPENDIX A 
 PROVISIONS RELATING TO INITIAL SECURITIES, ADDITIONAL SECURITIES AND EXCHANGE SECURITIES 
  

	 	1.	Definitions. 

  

	 	1.1	Definitions. 

 For the purposes of this Appendix A
the following terms shall have the meanings indicated below: 
 “Clearstream” means Clearstream Banking,
société anonyme, or any successor securities clearing agency. 
 “Definitive Security” means a certificated
Initial Security or Exchange Security (bearing the Restricted Securities Legend if the transfer of such Security is restricted by applicable law) that does not include the Global Securities Legend. 
 “Depository” means, with respect to the Securities, The Depository Trust Company, its nominees and their respective successors.

 “Euroclear” means the Euroclear Clearance System or any successor securities clearing agency. 
 “Global Securities Legend” means the legend set forth under that caption in the applicable Exhibit to this Indenture. 
 “IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act. 
 “Initial Purchasers” means Banc of America Securities LLC, Deutsche Bank Securities Inc., Wells Fargo
Securities, LLC, Barclays Capital Inc., Jefferies & Company, Inc. and such other initial purchasers party to the purchase agreement or future purchase agreements entered into in connection with an offer and sale of Securities. 

“Purchase Agreement” means (a) the Purchase Agreement dated July 15, 2009, among the Company, the Guarantors and the
Initial Purchasers and (b) any other similar Purchase Agreement relating to Additional Securities. 
 “QIB” means
a “qualified institutional buyer” as defined in Rule 144A. 
 “Registration Rights Agreement” means (a) the
Registration Rights Agreement dated as of July 29, 2009 among the Company, the Guarantors and the Initial Purchasers relating to the Securities and (b) any other similar Registration Rights Agreement relating to Additional Securities.

 “Registered Exchange Offer” means the offer by the Company, pursuant to the Registration
Rights Agreement, to certain Holders of Initial Securities, to issue and deliver to such Holders, in exchange for their Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 
 “Regulation S” means Regulation S under the Securities Act. 
 “Regulation S Securities” means all Initial Securities offered and sold outside the United States in reliance on Regulation S.

 “Restricted Period,” with respect to any Securities, means the period of 40 consecutive days beginning on and including
the later of (a) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the
Company to the Trustee, and (b) the Issue Date, and with respect to any Additional Securities that are Transfer Restricted Definitive Securities, it means the comparable period of 40 consecutive days. 
 “Restricted Securities Legend” means the legend set forth in Section 2.2(f)(i) herein. 
 “Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Rule 144A” means Rule 144A under the Securities Act. 
 “Rule 144A Securities” means all Initial Securities offered and sold to QIBs in reliance on Rule 144A. 
 “Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository) or any successor person
thereto, who shall initially be the Trustee. 
 “Shelf Registration Statement” means a registration statement filed by the
Company in connection with the offer and sale of Initial Securities pursuant to the Registration Rights Agreement. 
 “Transfer
Restricted Definitive Securities” means Definitive Securities and any other Securities that bear or are required to bear or are subject to the Restricted Securities Legend. 
 “Transfer Restricted Global Securities” means Global Securities bearing the Restricted Securities Legend. 
 “Unrestricted Definitive Security” means Definitive Securities and any other Securities that are not required to bear, or are not
subject to, the Restricted Securities Legend. 
 “Unrestricted Global Security” means a Global Security that does not bear
the Restricted Securities Legend. 
  

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	 	1.2	Other Definitions. 

  

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

  

	 	2.	The Securities. 

  

	 	2.1	Form and Dating; Global Securities. 

 (a) The
Initial Securities issued on the date hereof will be (i) offered and sold by the Company pursuant to the Purchase Agreement and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S.
Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial Securities may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with
Rule 501. Additional Securities offered after the date hereof may be offered and sold by the Company from time to time pursuant to one or more Purchase Agreements in accordance with applicable law. 
 (b) Global Securities. (i) Rule 144A Securities initially shall be represented by one or more Securities in fully registered, global form
without interest coupons (collectively, the “Rule 144A Global Securities”). Regulation S Securities initially shall be represented by one or more Securities in fully registered, global form without interest coupons (collectively,
the “Regulation S Global Securities”). The term “Global Securities” means, collectively, the Rule 144A Global Securities and the Regulation S Global Securities. The Global Securities shall bear the Global Security
Legend. The Global Securities initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian for
such Depository and (iii) bear the Restricted Securities Legend. 
 Members of, or direct or indirect participants in, the Depository,
Euroclear or Clearstream (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depository or under the Global Securities. The Depository may be treated by the
Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Securities for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the
Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository, Euroclear or Clearstream, as the case may be, and their respective Agent Members,
the operation of customary practices governing the exercise of the rights of a Holder of any Security. 
  

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 (ii) Transfers of Global Securities shall be limited to transfer in whole, but not in part, to the
Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only in accordance with the applicable rules and procedures of the Depository,
Euroclear or Clearstream, as the case may be, and the provisions of Section 2.2. In addition, a Global Security shall be exchangeable for Definitive Securities if (i) the Depository (x) notifies the Company that it is unwilling or
unable to continue as depository for such Global Security and the Company thereupon fails to appoint a successor depository or (y) has ceased to be a clearing agency registered under the Exchange Act, or (ii) there shall have occurred and
be continuing an Event of Default with respect to such Global Security. In all cases, Definitive Securities delivered in exchange for any Global Security or beneficial interests therein shall be registered in the names, and issued in any approved
denominations, requested in writing by or on behalf of the Depository, in accordance with its customary procedures. 
 (iii) In connection
with the transfer of a Global Security as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall
execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of
Definitive Securities of authorized denominations. 
 (iv) Any Transfer Restricted Definitive Security delivered in exchange for an interest
in a Global Security pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Securities Legend. 
 (v) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Security may be held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable
provisions of Section 2.2. 
 (vi) The Holder of any Global Security may grant proxies and otherwise authorize any Person, including
Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 
  

	 	2.2	Transfer and Exchange. 

 (a) Transfer and
Exchange of Global Securities. A Global Security may not be transferred as a whole except as set forth in Section 2.1(b). Global Securities will not be exchanged by the Company for Definitive Securities except under the circumstances
described in Section 2.1(b)(ii). Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of this Indenture. Beneficial interests in a Global Security may be transferred and exchanged as
provided in Section 2.2(b) or 2.2(g). 
 (b) Transfer and Exchange of Beneficial Interests in Global Securities. The transfer and
exchange of beneficial interests in the Global Securities shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Transfer
Restricted Global Securities shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers and exchanges of beneficial interests in the Global Securities also shall require
compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same Global Security. Beneficial interests in any Transfer Restricted Global Security may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in the same Transfer Restricted Global Security in accordance with the transfer restrictions set forth in the Restricted Securities Legend; provided, however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in a Regulation S Global Security may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). A beneficial interest in an Unrestricted Global Security may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.2(b)(i). 
  

 -4- 

 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Securities. In connection with all transfers and exchanges of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written
order from an Agent Member given to the Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Security in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with
such increase; provided that in no event shall a beneficial interest in a Global Security be credited, or an Unrestricted Definitive Security be issued, to a Person who is an affiliate (as defined in Rule 144) of the Company. Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities contained in this Indenture and the Securities or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount of the relevant Global Security pursuant to Section 2.2(g). 
 (iii) Transfer of Beneficial Interests to
Another Transfer Restricted Global Security. A beneficial interest in a Transfer Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global
Security if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Security, then the transferor must deliver a certificate in the form attached to the applicable Security; and 
 (B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Security, then the transferor must
deliver a certificate in the form attached to the applicable Security. 
 (iv) Transfer and Exchange of Beneficial Interests
in a Transfer Restricted Global Security for Beneficial Interests in an Unrestricted Global Security. A beneficial 

  

 -5- 

 
interest in a Transfer Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Security or
transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives the
following: 
 (A) if the holder of such beneficial interest in a Transfer Restricted Global Security proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security; or 
 (B) if the holder of such beneficial interest in a Transfer Restricted Global Security proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security, 
 and, in each such case, if the Registrar so requests or if the applicable rules and procedures of the Depository, Euroclear or Clearstream, as applicable,
so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Securities Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Security has not yet been
issued, the Company shall issue and, upon receipt of an written order of the Company in the form of an Officers’ Certificate in accordance with Section 2.01, the Trustee shall authenticate one or more Unrestricted Global Securities in an
aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 
 (v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a Transfer Restricted Global Security. Beneficial interests in an Unrestricted Global Security cannot be
exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Security. 
 (c) Transfer and Exchange of Beneficial Interests in Global Securities for Definitive Securities. A beneficial interest in a Global Security may not be exchanged for a Definitive Security except under the circumstances described in
Section 2.1(b)(ii). A beneficial interest in a Global Security may not be transferred to a Person who takes delivery thereof in the form of a Definitive Security except under the circumstances described in Section 2.1(b)(ii). 

 

 -6- 

 (d) Transfer and Exchange of Definitive Securities for Beneficial Interests in Global Securities.
Transfers and exchanges of beneficial interests in the Global Securities shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable: 
 (i) Transfer Restricted Definitive Securities to Beneficial Interests in Transfer Restricted Global Securities. If any Holder of a
Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for a beneficial interest in a Transfer Restricted Global Security or to transfer such Transfer Restricted Definitive Security to a Person who
takes delivery thereof in the form of a beneficial interest in a Transfer Restricted Global Security, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for a
beneficial interest in a Transfer Restricted Global Security, a certificate from such Holder in the form attached to the applicable Security; 
 (B) if such Transfer Restricted Definitive Security is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate from such Holder in the form attached to the applicable Security;

 (C) if such Transfer Restricted Definitive Security is being transferred to a Non-U.S. Person in an offshore transaction in
accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 
 (D) if such Transfer Restricted Definitive Security is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a
certificate from such Holder in the form attached to the applicable Security; 
 (E) if such Transfer Restricted Definitive
Security is being transferred to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such Holder in the form
attached to the applicable Security, including the certifications, certificates and Opinion of Counsel, if applicable; or 
 (F) if such Transfer Restricted Definitive Security is being transferred to the Company or a Subsidiary thereof, a certificate from such Holder in the form attached to the applicable Security; 
 the Trustee shall cancel the Transfer Restricted Definitive Security, and increase or cause to be increased the aggregate principal amount of the
appropriate Transfer Restricted Global Security. 
 (ii) Transfer Restricted Definitive Securities to Beneficial Interests
in Unrestricted Global Securities. A Holder of a Transfer Restricted Definitive Security may exchange such Transfer Restricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such Transfer Restricted
Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security only if the Registrar receives the following: 
 (A) if the Holder of such Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for a
beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or 
  

 -7- 

 (B) if the Holder of such Transfer Restricted Definitive Securities proposes to transfer
such Transfer Restricted Definitive Security to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security,

 and, in each such case, if the Registrar so requests or if the applicable rules and procedures of the Depository, Euroclear or Clearstream,
as applicable, so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive Securities and
increase or cause to be increased the aggregate principal amount of the Unrestricted Global Security. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Security has not yet
been issued, the Company shall issue and, upon receipt of an written order of the Company in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal
to the aggregate principal amount of Transfer Restricted Definitive Securities transferred or exchanged pursuant to this subparagraph (ii). 
 (iii) Unrestricted Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted Definitive Security may exchange such Unrestricted Definitive Security for a
beneficial interest in an Unrestricted Global Security or transfer such Unrestricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security at any time. Upon receipt of a
request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Securities. If any such
transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of an written order of the Company in the form of an
Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of Unrestricted Definitive Securities transferred or exchanged pursuant to
this subparagraph (iii). 
 (iv) Unrestricted Definitive Securities to Beneficial Interests in Transfer Restricted Global
Securities. An Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Security. 
  

 -8- 

 (e) Transfer and Exchange of Definitive Securities for Definitive Securities. Upon request by a
Holder of Definitive Securities and such Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange,
the requesting Holder shall present or surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 
 (i) Transfer Restricted Definitive Securities to Transfer Restricted Definitive Securities. A Transfer Restricted Definitive
Security may be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Security if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the
form attached to the applicable Security; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 under the
Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Security; 
 (C) if the
transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Security; 
 (D) if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other than
those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Security; and 
 (E) if such transfer will be made to the Company or a Subsidiary thereof, a certificate in the form attached to the applicable Security. 
 (ii) Transfer Restricted Definitive Securities to Unrestricted Definitive Securities. Any Transfer Restricted Definitive Security may be exchanged by the Holder thereof for an Unrestricted Definitive Security
or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security if the Registrar receives the following: 
 (1) if the Holder of such Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for an Unrestricted Definitive Security, a certificate from such Holder in the form
attached to the applicable Security; or 
  

 -9- 

 (2) if the Holder of such Transfer Restricted Definitive Security proposes to transfer
such Securities to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security, 
 and, in each such case, if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iii) Unrestricted Definitive Securities to Unrestricted Definitive Securities. A Holder of an Unrestricted Definitive Security may
transfer such Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at any time. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Securities pursuant to the instructions from the Holder thereof. 
 (iv) Unrestricted Definitive
Securities to Transfer Restricted Definitive Securities. An Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Security. 
 At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security
has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any
beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of Securities
represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository, at the direction of the Trustee to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such
Global Security by the Trustee or by the Depository, at the direction of the Trustee to reflect such increase. 
 (f) Legend.

 (i) Except as permitted by the following paragraphs (ii), (iii) or (iv), each Security certificate evidencing the Global
Securities and the Definitive Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the
legend only): 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND MAY 

  

 -10- 

 
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 THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL
INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE NEXT PARAGRAPH), EXCEPT: 
 (A) TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT THAT 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) 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. 
 THE RESALE RESTRICTION TERMINATION DATE WILL BE THE DATE (1) THAT
IS AT LEAST ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF AND (2) ON WHICH THE COMPANY INSTRUCTS THE TRUSTEE THAT THIS LEGEND SHALL BE DEEMED REMOVED FROM THIS SECURITY, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE RELATING
TO THIS SECURITY. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) 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 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.” 
  

 -11- 

 Each Regulation S Security that is a Temporary Security issued pursuant to Section 2.10 shall bear a legend in
substantially in the following form: 
 “THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL SECURITY THAT IS A TEMPORARY SECURITY, AND THE
CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE SECURITY, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).” 
 Each Definitive
Security shall bear the following additional legends: 
 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 
 Each Security issued hereunder that has more than a de minimis amount of original issue discount for U.S. Federal Income Tax purposes shall bear a legend in substantially the following form: 
 “THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. TO OBTAIN THE ISSUE PRICE,
AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH SECURITIES, A HOLDER MAY SUBMIT WRITTEN REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: FREEDOM GROUP, INC., 870 REMINGTON DRIVE, MADISON, NC 27025,
ATTENTION: GENERAL COUNSEL.” 
 (ii) Upon any sale or transfer of a Transfer Restricted Definitive Security that is a Definitive
Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Definitive Security for a Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer
Restricted Definitive Security if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Security).

 (iii) After a transfer of any Initial Securities during the period of the effectiveness of a Shelf Registration Statement with respect to
such Initial Securities, all requirements pertaining to the Restricted Securities Legend on such Initial Securities shall cease to apply and the requirements that any such Initial Securities be issued in global form shall continue to apply.

 (iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Securities pursuant to which Holders of such Initial
Securities are offered Exchange 

  

 -12- 

 
Securities in exchange for their Initial Securities, all requirements pertaining to Initial Securities that Initial Securities be issued in global form shall
continue to apply, and Exchange Securities in global form without the Restricted Securities Legend shall be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 
 (v) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Security acquired pursuant to Regulation S, all requirements
that such Initial Security bear the Restricted Securities Legend shall cease to apply and the requirements requiring any such Initial Security be issued in global form shall continue to apply. 
 (vi) Any Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities Legend. 
 (g) Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a particular Global Security have been exchanged
for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.11 of this Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Security or for Definitive Securities, the principal amount of Securities represented by such Global Security shall be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository, at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global
Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository, at the direction of the Trustee to reflect such increase. 
 (h) Obligations with Respect to Transfers and Exchanges of Securities. 
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate, Definitive Securities and Global
Securities at the Registrar’s request. 
 (ii) No service charge shall be made for any registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon
exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture). 
 (iii) Prior to the due presentation for registration of
transfer of any Security, the Company, the Trustee, a Paying Agent or the Registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and
interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary. 
  

 -13- 

 (iv) All Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 
 (i) No Obligation of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Security, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the
Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect
to such Securities. All notices and communications to be given to the Holders and all payments to be made to the Holders under the Securities shall be given or made only to the registered Holders (which shall be the Depository or its nominee in the
case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in
relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any
transfers between or among Depository participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (j) [INTENTIONALLY OMITTED]. 
 (k) Transfers of Securities Held by Affiliates. Notwithstanding
anything to the contrary in this Section 2.2 any certificate (i) evidencing a Security that has been transferred to an affiliate (as defined in Rule 405 of the Securities Act) of the Company, as evidenced by a notation on the certificate
of transfer or certificate of exchange for such transfer or in the representation letter delivered in respect thereof, or (ii) evidencing a Security that has been acquired from an affiliate (other than by an affiliate) in a transaction or a
chain of transactions not involving any public offering, as evidenced by a notation on the certificate of transfer or certificate of exchange for such transfer or in the representation letter delivered in respect thereof, shall, until one year after
the last date on which either the Company or any affiliate of the Company was an owner of such Security, in each case, be in the form of a permanent Definitive Security and bear the Restricted Securities Legend subject to the restrictions in this
Section 2.2. The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.2(k). The Company, at its sole cost and expense, shall have the right to inspect and make copies of
all such letters, notices or other written communications at any reasonable time upon the giving of reasonable advance written notice to the Trustee. 
  

 -14- 

 EXHIBIT A 
 [FORM OF FACE OF INITIAL SECURITY] 
 [Global Securities Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW
YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF. 
 [Restricted 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 
 (2)
AGREES FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE NEXT PARAGRAPH), EXCEPT: 

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

 (B) PURSUANT TO A REGISTRATION STATEMENT THAT 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) 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. 
 THE RESALE RESTRICTION TERMINATION DATE WILL BE THE DATE (1) THAT IS AT LEAST ONE
YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF AND (2) ON WHICH THE COMPANY INSTRUCTS THE TRUSTEE THAT THIS LEGEND SHALL BE DEEMED REMOVED FROM THIS SECURITY, IN ACCORDANCE WITH THE PROCEDURES DESCRIBED IN THE INDENTURE RELATING TO THIS
SECURITY. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(D) 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 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. 
 [Temporary
Regulation S Security Legend] 
 THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL SECURITY THAT IS A TEMPORARY SECURITY, AND THE CONDITIONS
AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE SECURITY, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
 [OID Legend]

 THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. TO OBTAIN THE
ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH SECURITIES, A HOLDER MAY SUBMIT WRITTEN REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: FREEDOM GROUP, INC., 870 REMINGTON DRIVE, MADISON,
NC 27025, ATTENTION: GENERAL COUNSEL. 
 Each Definitive Security shall bear the following additional legend: 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES 

  

 -2- 

 
AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  

 -3- 

 [FORM OF INITIAL SECURITY] 
  

			
	 No.
	 	$             

 10 1/4% Senior Secured Note due 2015 
 CUSIP No. [144A: 35638P AA8 / Reg S: U31331 AA6] 
 ISIN No. [144A: US35638PAA84 / Reg S: USU31331AA63] 
 FREEDOM GROUP, INC., a Delaware corporation, promises to pay to
[            ], or registered assigns, the principal sum of              Dollars [or such greater or lesser amount as is
indicated on the Schedule of Increases or Decreases in Global Security attached hereto]* on August 1, 2015. 
 Interest Payment Dates:
February 1 and August 1. 
 Record Dates: January 15 and July 15. 
 Additional provisions of this Security are set forth on the other side of this Security. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	FREEDOM GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 Dated:

	
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 WILMINGTON TRUST FSB, as Trustee, certifies that this is one of the Securities referred to in the Indenture.

		
	 By:
	 	  

		 	Authorized Signatory

  

 -4- 

  

	*/	 If the Security is to be issued in global form, add the Global Securities Legend and the attachment from Exhibit A
captioned “TO BE ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 -5- 

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 
 10 1/4% Senior Secured Note due 2015 
  

	1.	Interest 

 (a) FREEDOM GROUP,
INC., a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security
at the rate per annum shown above. The Company shall pay interest semiannually on February 1 and August 1 of each year, commencing February 1, 2010.a Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from July 29, 2009a until the
principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments of
interest at the same rate to the extent lawful. 
 (b) Registration Rights Agreement. The Holder of this Security is entitled to the
benefits of a Registration Rights Agreement, dated as of July 29, 2009, among the Company, the Guarantors and the Initial Purchasers. 
  

	2.	Method of Payment 

 The Company shall pay interest
on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the January 15 or July 15 next preceding the interest payment date even if Securities are canceled after the record date
and on or before the interest payment date (whether or not a Business Day). The Holders must surrender Securities to a Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the
United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and interest) shall be
made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Company will make all payments in respect of a certificated Security (including principal, premium, if
any, and interest), at the office of each Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided, however, that payments on
the Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or a Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may
accept in its discretion). 
  

	a
	With respect to Securities issued on the Issue Date. 

  

 -6- 

	3.	Paying Agent and Registrar 

 Initially, Wilmington
Trust FSB (the “Trustee”) will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act
as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Company issued the Securities under
an Indenture dated as of July 29, 2009 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders are referred to the Indenture and the TIA for a statement of such terms and provisions. To the extent any provision of this Security conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Securities are senior
secured obligations of the Company. This Security is one of the Initial Securities referred to in the Indenture. The Securities include the Initial Securities and any Exchange Securities issued in exchange for Initial Securities pursuant to the
Indenture. The Initial Securities and any Exchange Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to, among other
things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries,
issue or sell shares of capital stock of the Company and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make asset sales. The Indenture also imposes limitations on the ability of
the Company and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the due and punctual payment of the principal and interest, on the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall be due and
payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally, unconditionally guaranteed the Guaranteed Obligations on a senior secured basis
pursuant to the terms of the Indenture. 
  

	5.	Optional Redemption 

 Except as set forth in the
following two paragraphs, the Securities shall not be redeemable at the option of the Company prior to August 1, 2012. Thereafter, the Securities shall 

  

 -7- 

 
be redeemable at the option of the Company, in whole at any time or in part from time to time, upon on not less than 30 nor more than 60 days’
prior notice, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest
due on the relevant interest payment date), if redeemed during the 12-month period commencing on August 1 of the years set forth below: 
  

				
	 Year
	  	Redemption Price	 
	 2012
	  	105.125	% 
	 2013
	  	102.563	% 
	 2014 and thereafter
	  	100.000	% 

 In addition, at any time prior to August 1, 2012, the Company may redeem the Securities at
its option, in whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the Securities redeemed plus the Applicable Premium as of,
and accrued and unpaid interest, to, the applicable redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 In addition, at any time and from time to time prior to August 1, 2012, but not more than once in any twelve-month period, the Company may redeem up
to 10% of the original aggregate principal amount of the Securities at a redemption price (expressed as a percentage of principal amount thereof) of 103%, plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 Notwithstanding the
foregoing, at any time and from time to time on or prior to August 1, 2012, the Company may redeem in the aggregate up to 35% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of
Additional Securities) with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by any direct or indirect parent of the Company, in each case, to the extent the net cash proceeds thereof are contributed to the
common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from it, at a redemption price (expressed as a percentage of the principal amount thereof) equal to 110.25% plus, accrued and
unpaid interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 65% of the
original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) must remain outstanding after each such redemption; and provided, further, that such redemption shall occur
within 90 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in
the Indenture. 
 In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption
shall describe each such condition, and if applicable, shall 

  

 -8- 

 
state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such
redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as so delayed. 
  

	6.	Sinking Fund 

 The Securities are not subject to any
sinking fund. 
  

	7.	Notice of Redemption 

 Notice of redemption will be
mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at his, her or its registered address or otherwise in accordance with the procedures of The
Depository Trust Company. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 to the extent practicable. If money sufficient to pay the redemption price of and accrued and unpaid interest on
all Securities (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date, interest ceases to accrue on such
Securities (or such portions thereof) called for redemption. 
  

	8.	Repurchase of Securities at the Option of Holders upon Change of Control, Asset Sales and Event of Loss 

 Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the
Company to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the
Holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Sections 4.06 and 4.15 of the Indenture, the Company will be required to offer to purchase Securities upon the occurrence of certain events. 
  

	9.	Denominations; Transfer; Exchange 

 The Securities
are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer of or exchange of Securities in accordance with the Indenture. Upon any registration of
transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not
register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange any Securities for a period of
15 days prior to a selection of Securities to be redeemed. 
  

 -9- 

	10.	Persons Deemed Owners 

 The registered Holder of
this Security shall be treated as the owner of it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of
principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Company at its written request unless an abandoned property law designates another Person. After any such payment, the Holders
entitled to the money must look to the Company for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 
  

	12.	Discharge and Defeasance 

 Subject to certain
conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal of, and interest on
the Securities to redemption, or maturity, as the case may be. 
  

	13.	Amendment, Waiver 

 Subject to certain exceptions
set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting as a single class) and
(ii) any past default or compliance with any provisions may be waived with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture,
without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Securities (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to
provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to add additional Guarantees with respect to the Securities or to secure the Securities; (v) to add to the covenants of the Company for the
benefit of the Holders or to surrender any right or power conferred in the Indenture upon the Company; (vi) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA;
(vii) to make any change that does not adversely affect the rights of any Holder; (viii) to provide for the issuance of the Exchange Securities or Additional Securities; (ix) to provide for the release of Collateral from the Liens of
the Indenture and the Security Documents when permitted or required by the Security Documents, the Intercreditor Agreement or the Indenture; or (x) to secure any Permitted Additional Pari Passu Obligations under the Security Documents and to
appropriately include the same in the Intercreditor Agreement. 
  

	14.	Defaults and Remedies 

 If an Event of Default
occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, in each
case, 

  

 -10- 

 
by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable. If an
Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable without any declaration or
other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences.

 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under
the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense and certain other conditions are complied with. Except to
enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has previously given the Trustee notice that an
Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have offered the Trustee reasonable security
or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the Holders of a majority in
principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the outstanding
Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any
direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the
Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
  

	15.	Trustee Dealings with the Company 

 Subject to
certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	16.	No Recourse Against Others 

 No director, officer,
employee, incorporator or holder of any equity interests in the Company or of any Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under the Securities,
the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. 
  

 -11- 

	17.	Authentication 

 This Security shall not be valid
until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
  

	18.	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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act). 
  

	19.	Governing Law 

 THIS SECURITY SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	20.	CUSIP Numbers, ISINs and Common Codes 

 The Company
has caused CUSIP numbers and ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company will furnish to
any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security. 
  

 -12- 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to: 
  
  
  
 (Print or type assignee’s name, address and zip code) 
  
  
  
 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint
                                         agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  
  
  
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

  
  
  
 Sign exactly as your name appears on the other side of this
Security. 
 Signature Guarantee: 
  

							
	Date:	 	  
	 		 	  

		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  

 -13- 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 
 REGISTRATION OF TRANSFER RESTRICTED SECURITIES 
 This certificate relates to
$             principal amount of Securities held in (check applicable space)              book-entry or
             definitive form by the undersigned. 
 The undersigned: 
  

							
	 ̈	  	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in definitive,
registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); and
			
		  		  	check the following, if applicable:
				
		  		  	 ̈	  	is an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the Indenture; or
				
		  		  	 ̈	  	is exchanging this Security in connection with an expected transfer to an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the Indenture.
		
	 ̈	  	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities; and
			
		  		  	check the following, if applicable:
				
		  		  	 ̈	  	is an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the Indenture; or
				
		  		  	 ̈	  	the transferee is an affiliate of the Company as contemplated in Section 2.2(k) of Appendix A to the Indenture.
	
	In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144 under the
Securities Act, the undersigned confirms that such Securities are being transferred in accordance with its terms:
	
	CHECK ONE BOX BELOW
				
		  	(1)	  	 ̈	  	to the Company; or
				
		  	(2)	  	 ̈	  	to the Registrar for registration in the name of the Holder, without transfer; or
				
		  	(3)	  	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or

  

 -14- 

							
		  	(4)	  	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or
				
		  	(5)	  	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such
Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or
				
		  	(6)	  	 ̈	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing
certain representations and agreements; or
				
		  	(7)	  	 ̈	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.
		
		  	Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any Person other than the registered Holder
thereof; provided, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering any such transfer of the Securities, such legal opinions, certifications and other information as the
Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

  

									
	Date:	 	  
	 		 	  

		 		 		 	Your Signature

 Signature Guarantee: 
  

							
	Date:	 	  
	 		 	  

		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  
  
  
 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS
CHECKED. 
 The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to
which it exercises sole investment discretion and that 

  

 -15- 

 
it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

									
		 	Dated:	 	  
	 		 	  

		 		 		 		 	NOTICE: To be executed by an executive officer

  

 -16- 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of
this Global Security is set forth on the face hereof. The following increases or decreases in this Global Security have been made: 
  

									
	 Date of
Exchange
	  	Amount of decrease
in Principal Amount
of this Global
Security	  	Amount of increase in
Principal Amount of
this Global Security	  	Principal amount of this
Global Security following
such decrease or increase	  	Signature of authorized
signatory of Trustee or
Securities Custodian

  

 -17- 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Sale), 4.08 (Change of Control) or 4.15 (Event
of Loss) of the Indenture, check the box: 
  

					
	Asset Sale   ̈	    	Change of Control   ̈	    	Event of Loss   ̈

 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 (Asset Sale), 4.08 (Change of Control) or 4.15 (Event of Loss) of the Indenture, state the amount ($1,000 or an integral multiple thereof): 
 $ 
  

									
	Date:	 	  
	 		  	Your Signature:	  	  

		 		 		  		  	(Sign exactly as your name appears on the other side of this Security)

  

					
	Signature Guarantee:	  	  
	  	
		
		  	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee

  

 -18- 

 EXHIBIT B 
 [FORM OF FACE OF EXCHANGE SECURITY] 
 [Global Securities Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW
YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF. 

			
	       No.
	 	$            

 10 1/4% Senior Secured Note due 2015 
 CUSIP No.          
 ISIN No.             
 FREEDOM GROUP, INC., a
Delaware corporation, promises to pay to [                        ], or registered assigns, the principal sum of
             Dollars [or such greater or lesser amount as is indicated on the Schedule of Increases or Decreases in Global Security attached hereto]* on August 1, 2015. 
 Interest Payment Dates: February 1 and August 1. 
 Record Dates: January 15 and July 15. 
 Additional provisions of this Security are set forth on
the other side of this Security. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	FREEDOM GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Dated:
	
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 WILMINGTON TRUST FSB,
 as Trustee, certifies
that this is one of the Securities referred to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

  

 -2- 

  

	*/	If the Security is to be issued in global form, add the Global Securities Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES -
SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY.” 

  

 -3- 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY] 
 10 1/4% Senior Secured Note due 2015 
  

	1.	Interest 

 FREEDOM GROUP, INC.,
a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the
rate per annum shown above. The Company shall pay interest semiannually on February 1 and August 1 of each year, commencing February 1, 2010.a Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from July 29, 2009a until the
principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue installments of
interest at the same rate to the extent lawful. 
  

	2.	Method of Payment 

 The Company shall pay interest
on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of business on the January 15 or July 15 next preceding the interest payment date even if Securities are canceled after the record date
and on or before the interest payment date (whether or not a Business Day). The Holders must surrender Securities to a Paying Agent to collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the
United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and interest) shall be made by
wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Company will make all payments in respect of a certificated Security (including principal, premium, if any, and
interest), at the office of a Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the
Securities may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or a Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may
accept in its discretion). 
  

	a
	With respect to the Securities issued on the Issue Date. 

  

 -4- 

	3.	Paying Agent and Registrar 

 Initially, Wilmington
Trust FSB (the “Trustee”) will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act
as Paying Agent or Registrar. 
  

	4.	Indenture 

 The Company issued the Securities under
an Indenture dated as of July 29, 2009 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders are referred to the Indenture and the TIA for a statement of such terms and provisions. To the extent any provision of this Security conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Securities are senior
secured obligations of the Company. This Security is one of the Exchange Securities referred to in the Indenture. The Securities include the Initial Securities, the Additional Securities and any Exchange Securities issued in exchange for the Initial
Securities pursuant to the Indenture. The Initial Securities and Exchange Securities are treated as a single class of securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted
Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by
such Restricted Subsidiaries, issue or sell shares of capital stock of the Company and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes
limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its property. 
 To guarantee the due and punctual payment of the principal and interest, if any, on the Securities and all other amounts payable by the Company under the
Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally, unconditionally
guaranteed the Guaranteed Obligations on a senior secured basis pursuant to the terms of the Indenture. 
  

	5.	Optional Redemption 

 Except as set forth in the
following three paragraphs, the Securities shall not be redeemable at the option of the Company prior to August 1, 2012. Thereafter, the Securities shall be redeemable at the option of the Company, in whole at any time or in part from time to
time, upon on not less than 30 nor more than 60 days’ prior notice, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, 

  

 -5- 

 
to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment
date), if redeemed during the 12-month period commencing on August 1 of the years set forth below: 
  

				
	 Year
	  	Redemption Price	 
	 2012
	  	105.125	% 
	 2013
	  	102.563	% 
	 2014 and thereafter
	  	100.000	% 

 In addition, prior to August 1, 2012, the Company may redeem the Securities at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the Securities redeemed plus the Applicable Premium as of, and accrued and
unpaid interest to, the applicable redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 In addition, at any time and from time to time prior to August 1, 2012, but not more than once in any twelve-month period, the Company may redeem up
to 10% of the original aggregate principal amount of the Securities at a redemption price (expressed as a percentage of principal amount thereof) of 103%, plus accrued and unpaid interest, if any, to the applicable redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 Notwithstanding the
foregoing, at any time and from time to time on or prior to August 1, 2012, the Company may redeem in the aggregate up to 35% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of
Additional Securities), with the net cash proceeds of one or more Equity Offerings (1) by the Company or (2) by any direct or indirect parent of the Company, in each case, to the extent the net cash proceeds thereof are contributed to the
common equity capital of the Company or used to purchase Capital Stock (other than Disqualified Stock) of the Company from it, at a redemption price (expressed as a percentage of the principal amount thereof) equal to 110.25% plus accrued and unpaid
interest, if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 65% of the original
aggregate principal amount of the Securities (calculated after giving effect to any issuance of Additional Securities) must remain outstanding after each such redemption; and provided, further, that such redemption shall occur within
90 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60 days’ notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the
Indenture. 
 In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption shall
describe each such condition, and if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the stated redemption date, or by the redemption date as so delayed. 
  

 -6- 

	6.	Sinking Fund 

 The Securities are not subject to any
sinking fund. 
  

	7.	Notice of Redemption 

 Notice of redemption will be
mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at his, her or its registered address or otherwise in accordance with the procedures of The Depository
Trust Company. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 to the extent practicable . If money sufficient to pay the redemption price of and accrued and unpaid interest on all
Securities (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities
(or such portions thereof) called for redemption. 
  

	8.	Repurchase of Securities at the Option of the Holders upon Change of Control, Asset Sales and Event of Loss 

 Upon the occurrence of a Change of Control, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the
Company to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the
Holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to the terms of, the Indenture. 
 In accordance with Sections 4.06 and 4.15 of the Indenture, the Company will be required to offer to purchase Securities upon the occurrence of certain events. 
  

	9.	Denominations; Transfer; Exchange 

 The Securities
are in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer of or exchange of Securities in accordance with the Indenture. Upon any registration of
transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not
register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange any Securities for a period of
15 days prior to a selection of Securities to be redeemed. 
  

 -7- 

	10.	Persons Deemed Owners 

 The registered Holder of
this Security shall be treated as the owner of it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of
principal or interest remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Company at its written request unless an abandoned property law designates another Person. After any such payment, the Holders
entitled to the money must look to the Company for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such monies. 
  

	12.	Discharge and Defeasance 

 Subject to certain
conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the
Securities to redemption, or maturity, as the case may be. 
  

	13.	Amendment, Waiver 

 Subject to certain exceptions
set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (voting as a single class) and
(ii) any past default or compliance with any provisions may be waived with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture,
without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Securities (i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to
provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to add additional Guarantees with respect to the Securities or to secure the Securities; (v) to add to the covenants of the Company for the
benefit of the Holders or to surrender any right or power conferred in the Indenture upon the Company; (vi) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA;
(vii) to make any change that does not adversely affect the rights of any Holder; (viii) to provide for the issuance of the Exchange Securities or Additional Securities; (ix) to provide for the release of Collateral from the Liens of
the Indenture and the Security Documents when permitted or required by the Security Documents, the Intercreditor Agreement or the Indenture; or (x) to secure any Permitted Additional Pari Passu Obligations under the Security Documents and to
appropriately include the same in the Intercreditor Agreement. 
  

	14.	Defaults and Remedies 

 If an Event of Default
occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, in each
case, 

  

 -8- 

 
by notice to the Company, may declare the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable. If an
Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Company occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately due and payable without any declaration or
other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences.

 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under
the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to it against any loss, liability or expense and certain other conditions are complied with. Except to
enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has previously given the Trustee notice that an
Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have offered the Trustee reasonable security
or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and (v) the Holders of a majority in
principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the outstanding
Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any
direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. Prior to taking any action under the Indenture, the
Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 
  

	15.	Trustee Dealings with the Company 

 Subject to
certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	16.	No Recourse Against Others 

 No director, officer,
employee, incorporator or holder of any equity interests in the Company or of any Guarantor or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Company or the Guarantors under the Securities,
the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. 
  

 -9- 

	17.	Authentication 

 This Security shall not be valid
until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
  

	18.	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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to
Minors Act). 
  

	19.	Governing Law 

 THIS SECURITY SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	20.	CUSIP Numbers, ISINs and Common Codes 

 The Company
has caused CUSIP numbers and ISINs to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company will furnish to
any Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security. 
  

 -10- 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to: 
  
  
  
 (Print or type assignee’s name, address and zip code) 
  
  
  
 (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint
                                         agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  
  
  
  

											
	Date:	 	  
	 		 		 	Your Signature:	 	  

		 		 		 		 		 	Sign exactly as your name appears on the other side of this Security.
		
		 	 Signature Guarantee:

				
	Date:	 	  
	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee	 		 	Signature of Signature Guarantee

  

 -11- 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Sale), 4.08 (Change of Control) or 4.15 (Event
of Loss) of the Indenture, check the box: 
  

					
	Asset Sale   ̈	    	Change of Control   ̈	    	Event of Loss   ̈

 If you want to elect to have only part of this Security purchased by the Company pursuant to
Section 4.06 (Asset Sale), 4.08 (Change of Control) or 4.15 (Event of Loss) of the Indenture, state the amount ($1,000 or an integral multiple thereof): 
 $ 
  

									
	Date:	 	  
	 		  	Your Signature:	  	  

		 		 		  		  	(Sign exactly as your name appears on the other side of this Security)

  

							
	Signature Guarantee:	 	  
	  	
		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the
Trustee.	  	

  

 -12- 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of
this Global Security is set forth on the face hereof. The following increases or decreases in this Global Security have been made: 
  

									
	 Date of
Exchange
	  	Amount of decrease
in Principal Amount
of this Global
Security	  	Amount of increase in
Principal Amount of
this Global Security	  	Principal amount of this
Global Security following
such decrease or increase	  	Signature of authorized
signatory of Trustee or
Securities Custodian

  

 -13- 

 EXHIBIT C 
 Form of 
 Transferee Letter of Representation 
 Freedom Group, Inc. 
 c/o Wilmington Trust FSB 
 246 Goose Lane, Suit 105 
 Guilford, CT 06437 
 Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of
$[            ] principal amount of the 10 1/4
% Senior Secured Notes due 2015 (the “Securities”) of FREEDOM GROUP, INC. (the “Company”). 
 Upon transfer, the Securities would be registered in the name of the new beneficial owner as follows: 
 Name:                                      
   
 Address:                                    

 Taxpayer ID Number:               

The undersigned represents and warrants to you that: 
 1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)),
purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Securities, and we are acquiring the Securities not with a view to, or for offer or sale in
connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Securities, and we invest in
or purchase securities similar to the Securities in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment. 
 2. We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in
the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the date that is one year after the later of the date of
original issue and the last date on which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Company,
(b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a person
we 

 
reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that is purchasing for its own account or for the
account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act,
(e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited
investor,” in each case in a minimum principal amount of Securities of $250,000, or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any
requirement of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on
resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor
shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning
of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and
the Trustee reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel,
certifications or other information satisfactory to the Company and the Trustee. 
  

											
	Dated:	 	  
	 		  	TRANSFEREE:	  	  
	 	,

  

									
		 		 		  	by	  	  

  

 -2- 

 EXHIBIT D 
 [FORM OF SUPPLEMENTAL INDENTURE] 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”)
dated as of [            ], among [GUARANTOR] (the “New Guarantor”), a subsidiary of FREEDOM GROUP, INC. (or its successor), a Delaware corporation (the
“Company”), and WILMINGTON TRUST FSB, as trustee under the indenture referred to below (the “Trustee”). 
 W
I T N E S S E T H : 
 WHEREAS the Company and the existing Guarantors have heretofore executed and delivered to the
Trustee an Indenture (as amended, supplemented or otherwise modified, the “Indenture”) dated as of July 29, 2009, providing for the issuance of the Company’s 10 1/4% Senior Secured Notes due 2015 (the “Securities”), initially in
the aggregate principal amount of $200,000,000; 
 WHEREAS Section 4.11 of the Indenture provides that under certain
circumstances the Company is required to cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Company’s obligations under the
Securities pursuant to a Guarantee on the terms and conditions set forth herein; and 
 WHEREAS pursuant to Section 9.01 of the
Indenture, the Trustee, the Company and the existing Guarantors are authorized to execute and deliver this Supplemental Indenture; 
 NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor, the Company, and the Trustee mutually covenant and agree for the equal and ratable benefit of
the holders of the Securities as follows: 
 1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture
or in the preamble or recital hereto are used herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf of
and for the benefit of such Holders. 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. 
 2. Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to
unconditionally guarantee the Company’s obligations under the Securities on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other applicable provisions of the Indenture and the Securities
and to perform all of the obligations and agreements of a Guarantor under the Indenture. 
 3. Ratification of Indenture; Supplemental
Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all 

 
the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. 
 4. Notices. All
notices or other communications to the New Guarantor shall be given as provided in Section 13.02 of the Indenture. 
 5. Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 6. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 8. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 
  

 -2- 

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

			
	[NEW GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FREEDOM GROUP, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WILMINGTON TRUST FSB, AS TRUSTEE
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 -3-

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