Document:

Exhibit 10.1

    

    

    

    

    

    

    

    

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    LOAN AND SECURITY AGREEMENT

    

    

    

    

    Dated as of August 18, 2020

    

    

    by and among

    

    

    HEALTHIER CHOICES MANAGEMENT CORP.

    as the Borrower,

    

    

    THE VAPE STORE, INC.,

    and

    HEALTHY CHOICE MARKETS, INC.

    as the Guarantors

    

    

    and

    

    

    SABBY HEALTHCARE MASTER FUND, LTD.

    and

    SABBY VOLATILITY WARRANT MASTER FUND, LTD.

    as the Lender

    

    

    

    

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    TABLE OF CONTENTS1

    

    

    Section     Page

    

    

    	ARTICLE I.	
            DEFINITIONS AND ACCOUNTING TERMS

          

    		SECTION 1.1.	
            Certain Defined Terms

          

    		SECTION 1.2.	
            Terms Generally

          

    		SECTION 1.3.	
            Computation of Time Periods

          

    		SECTION 1.4.	
            Accounting Terms

          

    	ARTICLE II.	
            AMOUNTS AND TERMS OF THE ADVANCE

          

    		SECTION 2.1.	
            Advance

          

    		SECTION 2.2.	
            The Note

          

    		SECTION 2.3.	
            Origination Discount

          

    		SECTION 2.4.	
            Profit Sharing; Interest

          

    		SECTION 2.5.	
            Costs and Expenses

          

    		SECTION 2.6.	
            Maturity Extension

          

    	ARTICLE III.	
            PAYMENTS, PREPAYMENTS, INCREASED COSTS AND TAXES

          

    		SECTION 3.1.	
            Payments and Computations

          

    		SECTION 3.2.	
            Taxes

          

    	ARTICLE IV.	
            SECURITY

          

    		SECTION 4.1.	
            Grant of Security Interest

          

    		SECTION 4.2.	
            Delivery of Additional Documentation Required

          

    	ARTICLE V.	
            CONDITIONS OF LENDING

          

    		SECTION 5.1.	
            Conditions Precedent to the Advance

          

    	ARTICLE VI.	
            REPRESENTATIONS AND WARRANTIES

          

    		SECTION 6.1.	
            Existence

          

    		SECTION 6.2.	
            Power and Authorization

          

    		SECTION 6.3.	
            Binding Obligations

          

    		SECTION 6.4.	
            No Conflict

          

    		SECTION 6.5.	
            Taxes; Governmental Charges

          

    		SECTION 6.6.	
            Licenses; Compliance with Law

          

    		SECTION 6.7.	
            Absence of Financing Statements

          

    		SECTION 6.8.	
            Litigation

          

    		SECTION 6.9.	
            Solvency

          

    		SECTION 6.10.	
            Material Contracts

          

    		SECTION 6.11.	
            No Material Adverse Effect

          

    		SECTION 6.12.	
            No Default or Event of Default

          

    		SECTION 6.13.	
            Trademarks, Patents, Licenses

          

    		SECTION 6.14.	
            Disclosure

          

    	ARTICLE VII.	
            AFFIRMATIVE COVENANTS OF THE BORROWER AND THE GUARANTOR

          

    		SECTION 7.1.	
            Compliance with Laws, Etc

          

    		SECTION 7.2.	
            Reporting and Notice Requirements

          

    		SECTION 7.3.	
            Use of Proceeds

          

    		SECTION 7.4.	
            Taxes and Liens

          

    		SECTION 7.5.	
            Maintenance of Property

          

    		SECTION 7.6.	
            Right of Inspection

          

    		SECTION 7.7.	
            Insurance

          

    		SECTION 7.8.	
            Notice of Litigation

          

    		SECTION 7.9.	
            Maintenance of Office

          

    		SECTION 7.10.	
            Existence

          

    		SECTION 7.11.	
            Further Assurances

          

    		SECTION 7.12.	
            Post-Closing Covenants

          

    	ARTICLE VIII.NEGATIVE
              COVENANTS	
            

          

    		SECTION 8.1.	
            Impairment of Rights

          

    		SECTION 8.2.	
            Restrictions on Debt

          

    		SECTION 8.3.	
            Restrictions on Liens

          

    		SECTION 8.4.	
            Mergers and Acquisitions

          

    		SECTION 8.5.	
            Related Party Transactions

          

    		SECTION 8.6.	
            Issuance of Equity Securities

          

    		SECTION 8.7.	
            Investments; Loans

          

    		SECTION 8.8.	
            Dispositions

          

    		SECTION 8.9.	
            Dividends and Distributions

          

    		SECTION 8.10.	
            Changes in Organizational Documents

          

    	ARTICLE IX.	
            EVENTS OF DEFAULT

          

    		SECTION 9.1.	
            Events of Default

          

    	ARTICLE X.	
            MISCELLANEOUS

          

    		SECTION 10.1.	
            Survival of Representations and Warranties

          

    		SECTION 10.2.	
            Amendments, Etc

          

    		SECTION 10.3.	
            Notices, Etc

          

    		SECTION 10.4.	
            No Waiver; Remedies

          

    		SECTION 10.5.	
            Indemnification

          

    		SECTION 10.6.	
            Right of Set-off

          

    		SECTION 10.7.	
            Binding Effect

          

    		SECTION 10.8.	
            Assignments and Participations

          

    		SECTION 10.9.	
            Limitation on Agreements

          

    SECTION 10.10. Severability

    SECTION 10.11. Governing Law

    SECTION 10.12. SUBMISSION TO JURISDICTION; WAIVERS

    SECTION 10.13. Execution in Counterparts

    

    

    

    

    

    1 NTD: Update TOC

    
      
        

    

    

    

    SCHEDULES:

    

    

    Schedule A - Wire Instructions

    

    

    EXHIBITS:

    

    

    Exhibit A - Form of Note

    Exhibit B - Guaranty

    Exhibit C - Pledge and Security Agreement

    

    

    
      
        

    

    LOAN AND SECURITY AGREEMENT

    

    

    This Loan and Security Agreement, dated as of August 18, 2020 (this “Agreement”), is made among Healthier Choices Management Corp., a Delaware corporation (the “Borrower”), The Vape Store, Inc., a
      Florida corporation and Healthy Choice Markets, Inc., a Florida corporation (collectively, the “Guarantors” and each individually, a “Guarantor”), and Sabby Healthcare Master Fund, Ltd., a Cayman Islands exempt company (“Sabby”),
      and Sabby Volatility Warrant Master Fund, Ltd., a Cayman Islands exempt company (“SVWMF”, together with Sabby, the “Lender”).

    RECITALS:

    WHEREAS, Lender has agreed to loan money to the Borrower for the purpose of acquiring the PPE Goods (as defined below), on the terms and
      subject to the provisions contained herein.

    NOW THEREFORE, in consideration of the premises and the mutual promises contained herein and for other good and valuable consideration,
      the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

    ARTICLE I.

      

      

      DEFINITIONS AND ACCOUNTING TERMS

    SECTION 1.1. Certain Defined Terms.  As used in this Agreement, the following terms
        shall have the following meanings:

    “Advance” means an advance
      under Section 2.1.

    “Affiliate” means any
      Person which, directly or indirectly, controls or is controlled by or is under common control with another Person.  For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
      with”), as used with respect to any Person, means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities or by contract or otherwise.

    “Agreement” has the
      meaning specified in the preamble.

    “Bankruptcy Code” means
      the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, arrangement, receivership, insolvency, administration, reorganization, or similar
      debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and permitting a debtor to obtain a stay or a compromise of the claims of its creditors or affecting the rights of creditors generally, including
      for greater certainty any provisions of corporate statutes of like effect, where such statutes are used by a Person to propose an arrangement.

    “Borrower” has the meaning
      in the preamble.

    “Business Day” means a day
      of the year on which banks are not required or authorized to close in New York, New York.

    “Capital Lease” means any
      obligation to pay rent or other amounts under a lease of (or other agreement conveying the right to use) any property (whether real, personal or mixed, immovable or movable) that is required to be classified and accounted for as a capitalized lease
      obligation under GAAP.

    “Change of Control” means
      the failure of the Borrower to beneficially own and control 100% of the outstanding equity interests of the Guarantors.

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

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

    “Debt” means (without
      duplication), for any Person, (a) indebtedness of such Person for borrowed money or arising out of any extension of credit to or for the account of such Person (including, without limitation, extensions of credit in the form of reimbursement or
      payment obligations of such Person relating to letters of credit issued for the account of such Person) or for the deferred purchase price of property or services; (b) indebtedness of the kind described in clause (a) of this definition which is
      secured by (or for which the holder of such debt has any existing right, contingent or otherwise, to be secured by) any Lien upon or in Property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such
      Person has assumed or become liable for the payment of such indebtedness or obligations; (c) all obligations as lessee under any Capital Lease; (d) all contingent liabilities and obligations under direct or indirect guarantees in respect of, and
      obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (a) through (c) above; and (e) any
      monetary obligation of a Person under or in connection with a sale-leaseback or similar arrangement.

    “Debtor Laws” means all
      applicable liquidation, conservatorship, bankruptcy, moratorium, arrangement, receivership, insolvency, reorganization or similar laws including the Bankruptcy Code, or general equitable principles from time to time in effect affecting the rights of
      creditors generally.

    “Default” means any event
      the occurrence of which does, or with the lapse of time or giving of notice or both would, constitute an Event of Default.

    “Dollars” and “$” mean dollars in lawful currency of the United States of America.

    “Events of Default” has
      the meaning specified in Section 9.1.

    “Existing Credit Agreements”
      has the meaning specified in Section 8.2.

    “Existing RLOC Credit Agreement”
      has the meaning specified in Section 8.2.

    “Existing Term Loan Credit Agreement”
      has the meaning specified in Section 8.2.

    “Face Amount” means
      $2,667,000.

    “Fees” means  the
      reasonable fees, charges and disbursements (up to a maximum of Forty Thousand dollars ($40,000.00)) of counsel to Lender in connection with the documentation, negotiation and consummation of, the transactions contemplated hereunder and any other
      transactions between the Borrower and Lender in connection therewith, including, without limitation, Uniform Commercial Code and other public record searches and filings and overnight courier or other express or messenger delivery, due and payable
      upon the closing of the Loan (collectively, the “Fees).

    “GAAP” shall mean
      generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
      Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession) and the Securities and Exchange Commission, which are applicable to the circumstances as of the date of
      determination.

    “Governmental Authority”
      means any (domestic or foreign) federal, state, county, municipal, parish, provincial, or other government, or any department, commission, board, court, agency, or any other instrumentality of any of them or any other political subdivision thereof,
      and any entity exercising executive, legislative, judicial, regulatory, or administrative functions of, or pertaining to, government, including, without limitation, any arbitration panel, any court, or any commission.

    “Guaranty” means that
      certain guaranty made by the Guarantors in favor of the Lender executed and delivered simultaneously with this Agreement, in the form attached hereto as Exhibit B.

    “Guarantor” has the
      meaning specified in the preamble.

    “Highest Lawful Rate”
      means the maximum nonusurious legal interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged, or received with respect to the Note or on other amounts, if any, due to the Lender pursuant to this
      Agreement or any other Loan Document under laws applicable to the Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect.

    “Indemnitee” has the
      meaning specified in Section 10.5.

    “Interest Trigger Event”
      has the meaning specified in Section 2.4.

    “Issue Date” means the
      date on which the Note is issued pursuant to this Agreement.

    “Knowledge”, “knowledge”, or “known” means that Borrower or any Guarantor, as applicable, have made such inquiries of the relevant Persons, engaged in appropriate due diligence, and made such reviews of related documents as a
      reasonable Person would deem prudent, and that in the course of such inquiries, due diligence and inspections, no information has come to, or would reasonably be expected to come to, the attention of Borrowers or any Guarantor that causes such Person
      to believe such representation or warranty to be untrue or misleading in any respect.

    “Legal Requirement” means
      any order, constitution, law, ordinance, principle of common law, regulation, rule, statute or treaty of any applicable Governmental Authority.

    “Lender” has the meaning
      specified in the preamble.

    “Lien” means any security interest, mortgage, pledge, hypothecation, charge, claim, option, right to acquire, adverse interest, assignment, deposit arrangement, encumbrance, restriction,
        statutory or other lien, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any financing lease involving substantially
        the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction).

    “Loan Documents” means
      this Agreement, the Note, the Pledge and Security Agreement, the Guaranty, and any document or instrument executed in connection with any of the foregoing.

    “Material Adverse Effect” means a material adverse effect on the business, assets, liabilities, operations, results of operations, or condition (financial or otherwise) of the Borrower and its
        Subsidiaries, taken as a whole, or a material adverse effect upon any material portion of the Collateral (as defined in the Pledge and Security Agreement), or the priority of any Liens granted to Lender in or to the Collateral; provided, however,
        that in determining whether a Material Adverse Effect has occurred, there shall be excluded any effect on the referenced party the cause of which is (i) any change in laws, rules or regulations of general applicability or interpretations thereof by
        courts or governmental authorities, (ii) any change in generally accepted accounting principles or regulatory accounting principles applicable to companies or their holding companies generally, and (iii) changes in global or national political
        conditions or general economic or market conditions affecting other companies in the industries in which the Borrower and its Subsidiaries operate.

    “Maturity Date” means the
      earliest to occur of (a) the Scheduled Maturity Date or (b) such earlier time to which the Obligations may be accelerated under Section 9.1.

    “Net Profit” means gross
      revenues, determined on an accrual basis, from sales of PPE Goods; less actual purchase price of the Borrower for the PPE Goods, less actual cost of shipping and handling, and less any other charges to the Borrower agreed upon by both parties.

    “Note” means the
      promissory note issued under this Agreement pursuant to Section 2.2.

    “Obligations” means all of
      the obligations of the Borrower now or hereafter existing under the Loan Documents, whether for principal, interest, fees, expenses, indemnification or otherwise.  The term “Secured Obligations”, as used in the Pledge and Security Agreement shall
      have the same meaning as Obligations herein.

    “Origination Discount” has
      the meaning specified in Section 2.3.

    “Permitted Liens” has the
      meaning specified in Section 8.3.

    “Perfection Certificate”
      shall mean that Perfection Certificate dated as of the date hereof, delivered by the Borrower and the Guarantors to the Lender, as the same may be supplemented from time to time.

    “Person” means an
      individual, partnership, limited liability company (including a business trust or a real estate investment trust), joint stock company, trust, unincorporated association, corporation, joint venture or other entity, or a government or any political
      subdivision or agency thereof.

    “Pledge and Security Agreement”
      means the pledge and security agreement among the Lender, Borrower, and Guarantors, executed and delivered simultaneously with this Agreement, in the form attached hereto as Exhibit C.

    “Policies” has the meaning
      specified in Section 7.7.

    “PPE Goods” means that
      certain personal protective equipment including masks, gloves, gowns, respirators, goggles, face shields, and others that protect individual workers from hazardous physical or chemical exposures.

    “Professional Bank” has
      the meaning specified in Section 8.2.

    “Property” means any
      interest or right in any kind of property or asset, whether real, personal, or mixed, owned or leased, tangible or intangible, and whether now held or hereafter acquired.

    “Responsible Officer”
      means the Chief Executive Officer or Chief Financial Officer of the Borrower.

    “Scheduled Maturity Date”
      means (i) November 16, 2020 or (ii) if extended pursuant to pursuant to Section 2.6, such later date.

    “Solvent” means, at any
      time with respect to any Person, that at such time such Person (a) is able to pay its Debts as they mature and has (and has a reasonable basis to believe it will continue to have) sufficient capital (and not unreasonably small capital) to carry on
      its business consistent with its practices as of the date hereof, and (b) the assets and properties of such Person at a fair valuation (and including as assets for this purpose at a fair valuation all rights of subrogation, contribution or
      indemnification arising pursuant to any guarantees given by such Person) are greater than the liabilities of such Person, and including subordinated and contingent liabilities computed at the amount which, such Person has a reasonable basis to
      believe, represents an amount which can reasonably be expected to become an actual or matured liability (and including as to contingent liabilities arising pursuant to any guarantee the face amount of such liability as reduced to reflect the
      probability of it becoming a matured liability).

    “Subsidiary” when used with respect to any Person, shall mean any corporation or other organization, whether incorporated or unincorporated, of which such Person or any other Subsidiary of
        such Person is a general partner or at least 50% of the securities or other interests having by their terms ordinary voting power to elect at least 50% of the board of directors or others performing similar functions with respect to such
        corporation or other organization, is directly or indirectly owned or controlled by such Person, by any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

    “Term Loan” means the secured, first lien, term
      loan consisting of a single term loan in an aggregate principal amount equal to the Face Amount. Notwithstanding the foregoing, the original issue price of the Term Loan will be equal to the Advance.

    SECTION 1.2. Terms Generally.  The definitions in Section 1.1 apply equally to
          both the singular and plural forms of the terms defined.  Whenever the context requires, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be construed as if
          followed by the words “without limitation”.  The words “herein”, “hereof” and “hereunder” and words of similar import refer to this Agreement (including the Exhibits hereto) in its entirety and not to any part hereof, unless the context otherwise
          requires.  All references herein to Articles, Sections, and Exhibits are references to Articles and Sections of, and Exhibits to, this Agreement unless the context otherwise requires.  Unless the context otherwise requires, any references to any
          agreement or other instrument or statute or regulation are to such agreement, instrument, statute or regulation as amended and supplemented from time to time (and, in the case of a statute or regulation, to any successor provisions).  Any
          reference in this Agreement to a “day” or number of “days” (without the explicit qualification of “business”) shall mean a calendar day or number of calendar days.  If any action or notice is to be taken or given on or by a particular day, and
          such day is not a Business Day, then such action or notice shall be deferred until, or may be taken or given on, the next Business Day.

    SECTION 1.3. Computation of Time Periods.  In this Agreement in the computation of
        periods of time from a specified date to a later specified date, unless otherwise specified herein the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”.

    SECTION 1.4. Accounting Terms.  All accounting terms not specifically defined herein
        shall be construed in accordance with GAAP consistent with those applied in the preparation of the financial statements referred to in Section 7.2.

    ARTICLE II.

      

      

      AMOUNTS AND TERMS OF THE ADVANCE

    SECTION 2.1. Advance.  Lender agrees, on the terms and conditions hereinafter set
        forth, to make an advance (“Advance”) on the date hereof consisting of the Term Loan in an amount equal to $2,540,000, less any Fees required to be paid
        hereunder.  The amount outstanding on such Term Loan shall be payable in accordance with Section 3.1 hereof and shall mature and all outstanding principal
        thereof, together with accrued and unpaid interest thereon, shall be due and payable on the Maturity Date.

    SECTION 2.2. The Note.  The Borrower shall execute and deliver to the Lender to
        evidence the Advance, a term note (the “Note”) in the amount of the Face Amount.  The Note shall be substantially in the form of Exhibit A hereto with the blanks appropriately filled, and shall mature on the Maturity Date, at which time all principal and interest then outstanding thereunder shall become due
        and payable.

    SECTION 2.3. Origination Discount.  Borrower acknowledges that on the Issue Date, the
        Term Loan will be funded with a non-refundable discount (the “Origination Discount”) of 5.0% of the Face Amount. The Origination Discount shall be reflected
        as a dollar for dollar reduction in the advance of the Face Amount on the Issue Date to Borrower. The parties intend that the Origination Discount shall be treated as consideration for the use or forbearance of money. The Borrower and Lender
        acknowledge that the Origination Discount will constitute original issue discount (as that term is used in Section 1273(a)(1)(B) of the Code) solely for U.S. federal, state and local income tax purposes and, as such, is not being advanced to
        Borrower.

    SECTION 2.4. Profit Sharing; Interest.

    	
            (a)

          	
            On the Maturity Date, Borrower shall make a payment in the amount of twenty percent (20%) of all Net Profit
              received from the sale of the PPE Goods through the Maturity Date (the “Profit Payments”), payable in accordance with Section 3.1; provided, that (i) Borrower shall use its best efforts to complete the sale of all PPE Goods prior to the Maturity Date and (ii) the Profit Payments shall be payable
              even if such Net Profits from the sale of the PPE Goods have not yet been collected by the Borrower.

          

    	
            (b)

          	
            Initially, the outstanding principal amount of the Term Loan shall not bear interest; provided that upon
              the occurrence of (i) an Event of Default described in Section 9.1(a) or (ii) a Material Adverse Effect (any such occurrence described in the
              preceding clauses (i) or (ii), a “Default Interest Event”), the outstanding principal amount of the Term Loan shall bear interest thereafter at a rate
              per annum equal to ten percent (10.0%), payable monthly commencing on the first day of the first month following the occurrence of such Default Interest Event, in accordance with Section 3.1; provided, further, that in the event the Scheduled Maturity is extended pursuant to Section 2.6 (an “Extension Interest Event”), the outstanding principal amount of the Term Loan shall bear interest thereafter at a rate per annum equal to twenty percent
              (20.0%), payable monthly commencing on the first day of the first month following the occurrence of such Extension Interest Event, in accordance with Section 3.1.

          

    All computations of interest hereunder pursuant to this Article II shall be made on the basis of a year of 360 days for the actual
      number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable.

    SECTION 2.5. Costs and Expenses.  The Borrower agrees (a) to pay to Lender the Fees
        and (b) to reimburse Lender for all out-of-pocket costs and expenses, including, without limitation, legal expenses and documented attorneys’ fees, incurred by Lender in connection with the (i) collection, protection or enforcement of any rights in
        or to the Collateral (as defined in the Pledge and Security Agreement); (iii) collection of any Obligations; (iv) enforcement of this Agreement or any other Loan Document (including, without limitation, any costs and expenses of any third party
        provider engaged by Lender for such purpose).

    SECTION 2.6. Maturity Extension.  The Borrower may (subject to the sole discretion of
        the Lender) extend the Scheduled Maturity Date from time to time, by delivering written notice to Lender requesting an extension of the Scheduled Maturity Date and specifying the desired length of the extension not later than the 15th
        day prior to the then current Scheduled Maturity Date; provided that if the Scheduled Maturity is extended the outstanding principal shall bear interest as set forth in Section
            2.4.

    ARTICLE III.

      

      

      PAYMENTS, PREPAYMENTS, INCREASED

      COSTS AND TAXES

    SECTION 3.1. Payments and Computations.

    	
            (a)

          	
            The outstanding principal balance of the Term Loan shall be payable in cash on the Maturity Date, when all
              unpaid principal of, and accrued and unpaid interest on, the Term Loan, and all accrued and unpaid Profit Payments, shall be due and payable in cash.

          

    	
            (b)

          	
            Whenever any payment owed under the Note shall be stated to be due on a day other than a Business Day, such
              payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest, as the case may be.

          

    SECTION 3.2. Taxes

    (a) Any and all payments by the Borrower under the Note shall be made, in accordance with Section
            3.1, free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of the Lender, taxes imposed
        on its income, and franchise taxes imposed on it, by the jurisdiction under the laws of which the Lender is organized or any political subdivision thereof.  If the Borrower shall be required by law to deduct any such amounts from or in respect of
        any sum payable under the Note to the Lender, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.2) the Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the
        Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law.  The Borrower further agrees to pay any present or future stamp or documentary taxes or any other excise or
        property taxes, charges or similar levies which arise from any payment made under the Note or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or the Note.

    (b) The Borrower will indemnify the Lender for the full amounts payable pursuant to Section 3.2(a)
        (including, without limitation, any such amounts imposed by any jurisdiction on amounts payable under this Section 3.2) paid by the Lender and any liability
        (including penalties, interest and expenses) arising therefrom or with respect thereto, whether or not such amounts were correctly or legally asserted.

    Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower
      contained in this Section 3.2 shall survive the payment in full of principal and interest under the Note.

    ARTICLE IV.

      

      

      SECURITY

    SECTION 4.1. Grant of Security Interest.  The Borrower and the Guarantors, and Lender
        have entered into the Pledge and Security Agreement in order to grant to Lender a first priority lien and security interest in and to the Collateral (as defined in the Pledge and Security Agreement) to secure prompt repayment of any and all
        Obligations and in order to secure prompt performance by Borrower of its covenants and duties under the Loan Documents.

    SECTION 4.2. Delivery of Additional Documentation Required.  The Borrower, the
        Guarantors and certain of their direct and indirect Subsidiaries, shall execute and deliver to the Lender, prior to or concurrently with the Borrower's execution and delivery of this Agreement and at any time thereafter at the request of the
        Lender, all financing statements, continuation financing statements, fixture filings, security agreements, assignments, endorsements of certificates of title, applications for title, affidavits, reports, notices, schedules of accounts, letters of
        authority, and all other documents that the Lender may reasonably request, in form reasonably satisfactory to Lender, to perfect and maintain perfected the Lender’s security interests in the Property and in order to fully consummate all of the
        transactions contemplated under the Loan Documents.

    ARTICLE V.

      

      

      CONDITIONS OF LENDING

    SECTION 5.1. Conditions Precedent to the Advance.

    The obligation of the Lender to make the Advance is subject to the prior satisfaction (or waiver in writing), as determined by Lender,
      of each of the following conditions precedent as of the date hereof and to the Lender’s continued satisfaction on the date hereof:

    

    

    	
            (a)

          	
            Lender shall have received in form and substance satisfactory to the Lender:

          

    	
            (i)

          	
            a Note representing the aggregate amount of the Term Loan, duly executed by the Borrower and payable to the order of the
              Lender;

          

    	
            (ii)

          	
            this Agreement, duly executed by the Borrower;

          

    	
            (iii)

          	
            a certificate of an officer or manager of the Borrower and each of the Guarantors certifying the resolutions of the board of
              directors or others performing similar functions with respect to such corporation or other organization, as applicable, of the Borrower and each such
              Guarantor approving and authorizing the execution, delivery, and performance by the Borrower and each such Guarantor of each Loan Document, the notices and other documents to be delivered by the Borrower and each such Guarantor pursuant to
              each Loan Document to which it is a party, and the transactions contemplated thereunder;

          

    	
            (iv)

          	
            certificates of appropriate officials as to the existence and good standing of the Borrower and each of the Guarantors in its
              jurisdiction of incorporation;

          

    	
            (v)

          	
            the duly executed Pledge and Security Agreement;

          

    	
            (vi)

          	
            the duly executed Guaranty;

          

    	
            (vii)

          	
            the duly executed Perfection Certificate;

          

    	
            (viii)

          	
            the duly executed legal opinion of Cozen O'Connor P.C., counsel for the Borrower and the Guarantors, dated as of the Issue Date, in form and substance reasonably satisfactory to the Lender; and

          

    	
            (ix)

          	
            such other documents and instruments with respect to the transactions contemplated hereby as the Lender may reasonably
              request.

          

    	
            (b)

          	
            Consents.
              Professional Bank or its successors and assigns, in its capacity as lender under each of the Existing Credit Agreements, shall have executed and delivered to Borrower its written consent to the transactions contemplated by the Loan Documents,
              a copy of which shall have been delivered to Lender.

          

    	
            (c)

          	
            Fees. The
              Borrower shall have paid to the Lender the Fees (which Fees may be deducted from the funding of the Advance pursuant to Section 2.1 at the discretion of the Lender).

          

    	
            (d)

          	
            Perfection.
              Lender shall have received evidence, reasonably satisfactory to Lender, of the perfection and first priority status of its security interests in the Collateral (as defined in the Pledge and Security Agreement).

          

    	
            (e)

          	
            Dispositions Prior to
                  Closing.  Since March 31, 2020, none of the Borrower, nor any Guarantor has paid a dividend or distribution, engaged in a spinoff transaction, or sold or transferred any material assets.

          

    	
            (f)

          	
            No Material Adverse Effect. 
              Since March 31, 2020, (a) there has been no Material Adverse Effect, and (b) there has been no circumstance, event or occurrence, and no fact is known to the Borrower, nor to any Guarantor, nor to any of their Subsidiaries that would
              reasonably be expected to result in a Material Adverse Effect.

          

    

    

    ARTICLE VI.

      

      

      REPRESENTATIONS AND WARRANTIES

    In order to induce the Lender to enter into this Agreement, each of the Borrower and the Guarantor represents and warrants to the Lender
      as of the date hereof that:

    SECTION 6.1. Existence.  The Borrower, each Guarantor and each of the respective
        Subsidiaries of the Borrower and each Guarantor, is duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it is incorporated or organized and is duly qualified or licensed to do business in all
        jurisdictions where the Property owned or the business transacted by it makes such qualification necessary and where the failure to be so qualified would have a Material Adverse Effect.

    SECTION 6.2. Power and Authorization.  The Borrower, each Guarantor and each of the
        respective Subsidiaries of the Borrower and each Guarantor, is duly authorized and empowered to execute, deliver, and perform its obligations under each Loan Document and all corporate or other action on the part of the Borrower, each Guarantor and
        each of their Subsidiaries requisite for the due execution, delivery, and performance of each Loan Document has been duly and effectively taken.

    SECTION 6.3. Binding Obligations.  This Agreement and the other Loan Documents to
        which the Borrower, each Guarantor or any of their Subsidiaries, is a party are the legal, valid and binding obligations of such party and is enforceable against such party in accordance with its terms, except as such enforceability may be limited
        by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally, or by principles governing the availability of equitable remedies.

    SECTION 6.4. No Conflict.  The execution, delivery and performance by the Borrower and
        each Guarantor of this Agreement and the other Loan Documents to which the Borrower, any Guarantor or any of their respective Subsidiaries is or is to become a party and the transactions contemplated hereby and thereby: (i) do not require the
        approval or consent of, or filing with, any governmental agency or authority other than those already obtained, (ii) do not contravene any
          Legal Requirement applicable to or binding upon the Borrower, any Guarantor or any of their Subsidiaries and (iii) are not in contravention of the terms of the articles or certificate of incorporation, bylaws, operating agreements or other
          organizational documents of the Borrower, any Guarantor or any of their Subsidiaries, or of any contractual obligations.

    SECTION 6.5. Taxes; Governmental Charges.  Each of the Borrower, each Guarantor and
        each of their Subsidiaries, has timely filed or caused to be timely filed all federal, state, province, and foreign income tax returns which are required to be filed, and has paid or caused to be paid all taxes as shown on such returns or on any
        assessment received by it to the extent that such taxes have become due, except for such taxes and assessments as are being contested in good faith in appropriate proceedings and reserved for in accordance with GAAP.

    SECTION 6.6. Licenses; Compliance with Law.  The Borrower has obtained all
        governmental, administrative and other licenses, permits and other authorizations required by law to be obtained or made in order to permit the operation of, and as are necessary to the carrying on of, its business. The business and operations of
        the Borrower, each Guarantor and each of their Subsidiaries, as conducted, are in compliance in all material respects with all Legal Requirements.

    SECTION 6.7. Absence of Financing Statements.  The Borrower and each Guarantor has
        good and marketable title to all Property owned by it. Except as provided herein, there is no financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing records, registry or
        other public office, that purports to cover, affect or give notice of any present or possible future lien on, or security interest in, the Property of the Borrower, any Guarantor or any of their Subsidiaries, or any rights relating thereto.

    SECTION 6.8. Litigation.  Except as disclosed in the Borrower’s Annual Report on Form
        10-K for the fiscal year ended December 31, 2019, there are no actions, suits, proceedings or investigations of any kind pending or threatened against the Borrower, any Guarantor or any of their Subsidiaries, before any court, tribunal or
        administrative agency or board,  that, if adversely determined, might, either in any case or in the aggregate, reasonably be expected to materially adversely affect the properties, assets, financial condition or business of the Borrower, any
        Guarantor or any of their Subsidiaries, or materially impair the right of the Borrower, any Guarantor and their Subsidiaries, considered as a whole, to carry on business substantially as now conducted by them, or result in any substantial liability
        not adequately covered by insurance, or for which adequate reserves are not maintained on the consolidated balance sheet of the Borrower or the applicable Guarantor, or which question the validity of this Agreement or any of the other Loan
        Documents, or might impair or prevent any action taken or to be taken pursuant hereto or thereto.  Notwithstanding the foregoing, this Section 6.8 shall not
        restrict Borrower’s or each Guarantor’s right to contest any such litigation, and to bond over any matter of record resulting from such litigation as a cure to any default or event of default caused pursuant to this Section 6.8.

    SECTION 6.9. Solvency.  The Borrower, each Guarantor, and each of their respective
        Subsidiaries, is Solvent (which, for this purpose, shall be determined without giving effect to any “balloon” payment or amount owed under the Loan Documents not yet due and payable) and will continue to be Solvent after the creation of the
        Obligations.

    SECTION 6.10. Material Contracts.  Neither the Borrower, nor any Guarantor nor any of
        their Subsidiaries, is in breach or in default in any material respect of or under any material contracts to which it is a party and has not received any notice of the intention of any other party thereto to terminate any material contract.

    SECTION 6.11. No Material Adverse Effect.  Since March 31, 2020, (a) there has been no
        Material Adverse Effect, and (b) there has been no circumstance, event or occurrence, and no fact is known to the Borrower, nor to any Guarantor, nor to any of their Subsidiaries that would reasonably be expected to result in a Material Adverse
        Effect.

    SECTION 6.12. No Default or Event of Default.  No event has occurred or is continuing
        which constitutes a Default or Event of Default hereunder.

    SECTION 6.13. Trademarks, Patents, Licenses.  The Borrower possesses all trademarks,
        trademark rights, patents, patent rights, licenses, permits, trade names, trade name rights, copyrights and approvals which are required to conduct its business as now conducted without conflicting with the rights of others.

    SECTION 6.14. Disclosure.  To Borrower’s and Guarantor’s knowledge, neither this
        Agreement, nor any of the other Loan Documents, nor any certificate or other document furnished to the Lender by or on behalf of the Borrower or any Guarantor pursuant to any Loan Document contains, or will contain, as of its date, any untrue
        statement of a material fact or omits to state or will omit to state, as of its date, a material fact necessary in order to make the statements contained herein and therein not misleading. There are no facts known to the Borrower or any Guarantor
        which, individually or in the aggregate, materially adversely affect or involve any substantial possibility of materially adversely affecting the condition, business or affairs of the Borrower or any Guarantor or its properties and assets
        considered as an entirety which have not been disclosed herein.

    ARTICLE VII.

      

      

      AFFIRMATIVE COVENANTS OF THE BORROWER AND THE GUARANTOR

    So long as any Obligation shall remain unpaid, the Borrower and each Guarantor covenants and agrees that, unless the Lender shall
      otherwise consent in writing:

    SECTION 7.1. Compliance with Laws, Etc.  The Borrower and each Guarantor will, and the
        Borrower and each Guarantor will cause their Subsidiaries to, comply, in all material respects with all applicable Legal Requirements.

    SECTION 7.2. Reporting and Notice Requirements.

    	
            (a)

          	
            Financial Statements.
              The Borrower will furnish to the Lender:

          

    	
            (i)

          	
            as soon as available and in any event within forty-five (45) days after the end of each fiscal quarter of the Borrower,
              balance sheets (which are to be consolidated, if applicable) of the Borrower as of the end of such fiscal quarter and statements of income (or loss), stockholder’s equity (or deficiency) and cash flow (which are to be consolidated, if
              applicable) of the Borrower and its Subsidiaries, for the period commencing at the end of the previous fiscal year of the Borrower and ending with the end of such fiscal quarter, all in reasonable detail and certified by a Responsible Officer
              as presenting fairly the financial position (on a consolidated basis, if applicable) of the Borrower and its Subsidiaries, as of the date indicated and the results of its operations and changes in financial position (on a consolidated basis,
              if applicable) for the period indicated in conformity with GAAP, consistently applied, subject to changes resulting from year-end adjustments; provided that the
                Borrower may deliver the financial statements as set forth in its public filings as filed with the Securities and Exchange Commission for the applicable periods in satisfaction of the requirements of this clause (i);

          

    	
            (ii)

          	
            within ten (10) Business Days of filing, copies of the tax returns of the Borrower; and

          

    	
            (iii)

          	
            such other reports and as the Lender may from time to time reasonably request.

          

    	
            (b)

          	
            Notice of Default. 
              Promptly after any officer of the Borrower or any Guarantor knows or has reason to know that any Default or Event of Default has occurred, a written statement of such officer of the Borrower or such Guarantor, as applicable, setting forth the
              details of such Default or Event of Default and the action which the Borrower or such Guarantor, as applicable, has taken or proposes to take with respect thereto.

          

    	
            (c)

          	
            Notification of Claim
                  against Property. Immediately upon becoming aware thereof, written notice to the Lender by the Borrower or any Guarantor, as applicable, of any setoff, withholdings or other defenses to which any of the Property, or the
              Lender's rights with respect to the Property, are subject.

          

    	
            (d)

          	
            No Material Adverse Effect. 
              If reasonably requested by the Lender, within ten (10) Business Days of the Borrower and/or Guarantor’s receipt of such request, a certificate from the Guarantor or an officer of the Borrower, as applicable, certifying (i) there has been no
              material adverse change in the business, assets, liabilities, operations, results of operations, condition (financial or otherwise) or prospects of the Borrower,
                (ii) there has been no change in the Guarantor’s employment, if applicable, and (iii) neither the Borrower, the Guarantor, nor any of their Subsidiaries, has created any accounts or made any investments not permitted under this Agreement
                without the consent of the Lender.

          

    SECTION 7.3. Use of Proceeds.  The proceeds of the Term Loan shall be used solely for
        the following purposes: (a) the purchase by the Borrower of the PPE Goods and (b) the payment of fees, costs and expenses related to the transactions contemplated hereby.

    SECTION 7.4. Taxes and Liens.  The Borrower and each Guarantor will pay and discharge,
        or will cause to be paid and discharged, and the Borrower and each Guarantor will cause each of their Subsidiaries to, pay and discharge, promptly all taxes, assessments, and governmental charges or levies imposed upon the Borrower, any Guarantor,
        or any of their Subsidiaries, or upon the income of any Property of the Borrower, any Guarantor, or any of their Subsidiaries, as well as all claims of any kind (including, without limitation, claims for labor, materials, supplies, and rent) which,
        if unpaid, might become a Lien upon any Property of the Borrower, any Guarantor, or any of their Subsidiaries, except such taxes, assessments, governmental charges or levies contested in good faith by the Borrower, any Guarantor, or any of their
        Subsidiaries for which adequate reserves have been maintained in accordance with GAAP.

    SECTION 7.5. Maintenance of Property.  The Borrower and each Guarantor will, and the
        Borrower and each Guarantor will cause each of their Subsidiaries to, at all times maintain, preserve, protect, and keep, or cause to be maintained, preserved, protected, and kept, the Property of the Borrower, each Guarantor and each of their
        Subsidiaries, in good repair, working order, and condition (ordinary wear and tear excepted) and consistent with past practice.

    SECTION 7.6. Right of Inspection.  From time to time upon reasonable notice to the
        Borrower or any Guarantor, as applicable, the Borrower or such Guarantor, as applicable, will permit any officer or employee of, or agent designated by, the Lender to visit and inspect any of the Properties of the Borrower, such Guarantor or any of
        their Subsidiaries, examine the corporate books or financial records of the Borrower, such Guarantor or any of their Subsidiaries, take copies and extracts therefrom, and discuss the affairs, finances, and accounts of the Borrower, such Guarantor
        or any of their Subsidiaries, with the applicable entity’s officers or certified public accountants, all as often as the Lender may reasonably desire, provided that such visits and inspections shall be made only during business hours and so as not
        to interfere unreasonably with the business and operations of the Borrower, such Guarantor or any of their Subsidiaries. Notwithstanding the foregoing, unless there is an Event of Default that has not been cured within applicable cure periods, the
        Lender shall not request any such inspection of the books or financial records of the Borrower, any Guarantor or any of their Subsidiaries more than once per any six (6) month period.  All confidential or proprietary information provided to or
        obtained by the Lender under this Section or under this Agreement shall be held in confidence by the Lender in the same manner and with the same degree of protection as the Lender exercises with respect to its own confidential or proprietary
        information.  For purposes of this Section, all information provided to the Lender pursuant hereto shall be presumed to constitute “confidential and proprietary information” unless (i) the Borrower or the applicable Guarantor indicates otherwise in
        writing, (ii) the information was or becomes generally available to the public other than as a result of a disclosure in violation of this Section by the Lender or its representatives, (iii) the information was or becomes available to the Lender or
        its representatives on a non-confidential basis from a source other than the Borrower, the applicable Guarantor, or any of their Subsidiaries, (iv) the information was within the possession of the Lender or any of its representatives prior to being
        furnished by or on behalf of the Borrower, the applicable Guarantor or their Subsidiaries, provided that in each case the source of such information was not bound by a confidentiality agreement in respect thereof preventing disclosure to the Lender
        or its representatives or (v) the information is independently developed by the Lender (but only if it does not contain or reflect, and is not based upon, in whole or in part, any information furnished hereunder which constitutes “confidential or
        proprietary information”).

    SECTION 7.7. Insurance.  The Borrower and each Guarantor shall maintain residential
        and commercial risk insurance (the “Policies”) (i) covering the customary risks for the business that the Borrower and each Guarantor is engaged in and all
        Collateral (as defined in the Pledge and Security Agreement) that is capable of being insured and (ii) naming the Lender and its successors or assigns as their interests may appear as Lender’s loss payee (in the case of property insurance) and an
        additional insured (in the case of liability insurance), and the Borrower and each Guarantor will, and the Borrower and each Guarantor will cause each of their Subsidiaries to, maintain insurance of similar types and coverages as maintained on the
        date hereof and consistent with past practice, with financially sound and reputable insurance companies and associations acceptable to the Lender based on the Lender’s reasonable judgment (or as to workers’ compensation or similar insurance, in an
        insurance fund or by self-insurance authorized by the jurisdiction in which its operations are carried on). Promptly following the request of the Lender, the Borrower and each Guarantor shall deliver to the Lender certificates evidencing the
        Policies.

    SECTION 7.8. Notice of Litigation.  The Borrower or any Guarantor, as applicable, will
        promptly notify Lender in writing of any litigation, legal proceeding or dispute, other than disputes in the ordinary course of business or, whether or not in the ordinary course of business, involving amounts in excess of $100,000, and any
        investigation of Borrower, the applicable Guarantor or any their Subsidiaries, by any Governmental Authority, adversely affecting the Borrower, the applicable Guarantor or any of their Subsidiaries, whether or not fully covered by insurance, and
        regardless of the subject matter thereof.

    SECTION 7.9. Maintenance of Office.  The Borrower will maintain its chief executive
        office at 3800 North 28th Way, Hollywood, FL 33020, or at such other place in the United States of America as the Borrower shall designate upon written notice to the Lender, where notices, presentations and demands to or upon the
        Borrower in respect of the Loan Documents to which the Borrower is a party may be given or made.  The Borrower shall notify the Lender in writing of the intent of the Borrower to relocate any of its Property at least five (5) Business Days prior to
        the date of such proposed relocation.

    SECTION 7.10. Existence.  The Borrower and each Guarantor will, and the Borrower and
        each Guarantor shall cause each of their Subsidiaries to, preserve and maintain its legal existence and all of its material rights, privileges, licenses, contracts and property and assets used or useful to its business.

    SECTION 7.11. Further Assurances.  The Borrower and each Guarantor will, and the
        Borrower and each Guarantor shall cause each of their Subsidiaries to, cooperate with the Lender and execute such further instruments and documents as the Lender shall reasonably request to carry out to its satisfaction the transactions
        contemplated by this Agreement and the other Loan Documents.

    SECTION 7.12. Post-Closing Covenants.  The Borrower will deliver to Lender:

    	
            (a)

          	
            as soon as available and in any event within fourteen (14) days after the Issue Date, the stock
              certificates representing the pledged equity interests listed on Schedule I to the Pledge and Security Agreement; and

          

    	
            (b)

          	
            as soon as available and in any event within seven (7) days after the Issue Date, certificates of
              appropriate officials as to the existence and good standing of each of the Guarantors in its jurisdiction of incorporation.

          

    ARTICLE VIII.

      

      

      NEGATIVE COVENANTS

    So long as any Obligation shall remain unpaid, the Borrower and each Guarantor covenants and agrees that, without the written consent of
      the Lender:

    SECTION 8.1. Impairment of Rights.  The Borrower will not, each Guarantor will not,
        and the Borrower and each Guarantor will not permit any of their Subsidiaries to, undertake any action or engage in any transaction or activity to impair the Lender’s rights hereunder.

    SECTION 8.2. Restrictions on Debt.  The Borrower will not, each Guarantor will not,
        and the Borrower and each Guarantor will not permit any of their respective Subsidiaries to, create, incur, assume, guarantee, endorse or be or remain liable, contingently or otherwise, with respect to any Debt other than:

    	
            (a)

          	
            Debt to the Lender arising under any of the Loan Documents;

          

    	
            (b)

          	
            Debt under that certain RLOC Credit Agreement, dated as of April 13, 2018 (the “Existing RLOC Credit Agreement”), by and between the Borrower, as borrower, and Professional Bank, a Florida banking corporation (“Professional Bank”), as lender, and Debt under that certain Term Loan Credit Agreement, dated as of December 31, 2018 (the “Existing Term Loan Credit Agreement”, and together with the Existing RLOC Credit Agreement, the Existing Credit Agreements”),
              by and among Healthy Choice Markets 2, LLC, a Florida limited liability company, and The Vitamin Store, LLC, a Florida limited liability company, as borrowers, and Professional Bank, as lender.

          

    	
            (c)

          	
            current liabilities of the Borrower, any Guarantor or any of their Subsidiaries, or incurred in the
              ordinary course of business including as incurred through (i) the borrowing of money, or (ii) the obtaining of credit and for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of
              goods and services;

          

    	
            (d)

          	
            Debt in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and
              supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.3;

          

    	
            (e)

          	
            Debt in respect of judgments or awards that have been in force for less than the applicable period for
              taking an appeal so long as execution is not levied thereunder or in respect of which the Borrower, the applicable Guarantor or any of their Subsidiaries shall at the time in good faith be prosecuting an appeal or proceedings for review and
              in respect of which a stay of execution shall have been obtained pending such appeal or review; and

          

    	
            (f)

          	
            Customary trade credit incurred in the ordinary course of business, which Debt would be expressly
              subordinate to the Note, unless otherwise approved by the Lender.

          

    SECTION 8.3. Restrictions on Liens.  The Borrower will not, each Guarantor will not,
        and the Borrower and each Guarantor will not permit any of their Subsidiaries to, (i) create or incur or suffer to be created or incurred or to exist any Lien upon any of their Property, or upon the income or profits therefrom, which is not removed
        of record, bonded off, or dismissed within fifteen (15) Business Days after the date of notice of such filing; (ii) transfer any of such Property or the income or profits therefrom for the purpose of subjecting the same to the payment of Debt or
        performance of any other obligation in priority to payment of its general creditors; (iii) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement,
        device or arrangement; (iv) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Debt or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be
        given any priority whatsoever over its general creditors; or (v) sell, assign, pledge or otherwise transfer any accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; provided that the Borrower, each
        Guarantor and any of their Subsidiaries may create or incur or suffer to be created or incurred or to exist (the “Permitted Liens”):

    	
            (a)

          	
            liens to secure taxes, assessments and other government charges in respect of obligations not overdue or
              liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue;

          

    	
            (b)

          	
            deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment
              insurance, old age pensions or other social security obligations;

          

    	
            (c)

          	
            liens securing the Debt permitted by Section 8.2(b).

          

    	
            (d)

          	
            liens on properties in respect of judgments or awards, the Debt with respect to which is permitted by Section 8.2(e); and

          

    	
            (e)

          	
            encumbrances on real estate consisting of easements, rights of way, zoning restrictions, restrictions on
              the use of real property and defects and irregularities in the title thereto, landlord's or lessor's liens under leases to which the Borrower is a party, and other minor liens or encumbrances none of which in the opinion of the Borrower
              interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower, which defects do not individually or in the aggregate have a materially adverse effect on the business of the Borrower.

          

    SECTION 8.4. Mergers and Acquisitions.

    	
            (a)

          	
            The Borrower will not, and will not permit any of its Subsidiaries to, become a party to any merger,
              amalgamation or consolidation, or enter into any transaction resulting in a Change of Control.

          

    	
            (b)

          	
            The Borrower will not, each Guarantor will not, and the Borrower and each Guarantor will not permit any of
              their Subsidiaries to, agree to or effect any asset acquisition or stock acquisition (other than the acquisition of assets in the ordinary course of business consistent with past practices) without the prior written consent of the Lender.

          

    	
            (c)

          	
            Neither the Borrower, nor any Guarantor nor any of their Subsidiaries will create or form any subsidiaries
              without the consent of Lender.

          

    SECTION 8.5. Related Party Transactions.  The Borrower will not, each Guarantor will
        not, and the Borrower and each Guarantor will not permit any of their Subsidiaries to, permit or suffer to be conducted transactions with any Affiliates or officers or directors of the Borrower, any Guarantor or any of their Subsidiaries or their
        Affiliates in connection with the Property, other than those contemplated by the Loan Documents, without the prior written approval of Lender, which approval shall not be unreasonably withheld. The Borrower will not, and each Guarantor will not,
        pay any of their respective Affiliates, a management fee or any compensation under any management agreement, without the prior written consent of the Lender.

    SECTION 8.6. Issuance of Equity Securities.  The Borrower will not and each Guarantor
        will not issue, or consent to the issuance by any of their respective Subsidiaries, of any equity securities or any warrants, options or subscription or conversion rights entitling the holder thereof to purchase or obtain any equity securities of
        the Borrower, any Guarantor or any of their respective Subsidiaries, as applicable, without the prior written consent of the Lender, which consent will not be unreasonably withheld.

    SECTION 8.7. Investments; Loans.  The Borrower will not, each Guarantor will not, and
        the Borrower and each Guarantor will not permit any of their respective Subsidiaries to, acquire obligations or Capital Stock of, or loan or advance money to, any Person, other than (i) direct obligations of the United States, (ii) obligations
        insured by the Federal Deposit Insurance Corporation, or (iii) obligations unconditionally guaranteed by the United States.

    SECTION 8.8. Dispositions.  The Borrower and each Guarantor shall not, and the
        Borrower and each Guarantor shall cause each of their Subsidiaries not to, without the written consent of Lender (which consent shall not be unreasonably withheld), voluntarily sell, assign, lease, transfer, trade, withdraw, redeem, substitute or
        otherwise dispose of any of the Collateral (as defined in the Pledge and Security Agreement) or any material assets of the Borrower, any Guarantor, or any of their Subsidiaries, or enter into any agreement to do so; provided that the Borrower may
        sell the PPE Goods and the Borrower and Guarantors may sell inventory in the ordinary course of business without the consent of Lender.  The Borrower shall not, and the Borrower and each Guarantor shall cause each of their Subsidiaries not to,
        execute any other document, such as a Power of Attorney, or similar instrument, in favor of any person to deal with the Collateral (as defined in the Pledge and Security Agreement).

    SECTION 8.9. Dividends and Distributions.  The Borrower will not directly or
        indirectly, declare or pay any dividends on accounts of any equity securities of the Borrower, now or hereafter outstanding, or set aside or otherwise deposit or invest any sums for such purpose, or apply or set apart any sum, or make any other
        distribution (by reduction of capital or otherwise) in respect of any such equity securities or agree to do any of the foregoing.

    SECTION 8.10. Changes in Organizational Documents.  The Borrower will not, each
        Guarantor will not, and the Borrower and each Guarantor shall cause each of their Subsidiaries not to, amend in any respect its certificate of incorporation (including any provisions or resolutions relating to capital stock), by-laws or other
        organizational documents in a manner materially adverse to the Lender, without the prior written consent of the Lender; provided that such consent will not be unreasonably withheld.

    ARTICLE IX.

      

      

      EVENTS OF DEFAULT

    SECTION 9.1. Events of Default.  If any of the following events (“Events of Default”) shall occur and, after written notice thereof by the Lender to the Borrower, shall not have been cured within five (5) calendar days (in the
        case of monetary defaults) or ten (10) calendar days (in the case of all other defaults capable of being cured) unless a shorter period of time is specified below:

    	
            (a)

          	
            the Borrower shall fail to pay principal of or interest on the Note or other amounts due under the Note or
              this Agreement or any other Loan Document, when the same becomes due and payable under the terms thereunder; or

          

    	
            (b)

          	
            the Borrower, any Guarantor or any of their Subsidiaries, shall enter into any agreement or arrangement to
              sell, dispose, assign, exchange, gift, lease, pledge, hypothecate or otherwise transfer, directly or indirectly, in one transaction or a series of transactions, all or substantially all of the assets of the Borrower, any Guarantor or any of
              their Subsidiaries, in violation of the terms herein or without prior written consent of Lender; or

          

    	
            (c)

          	
            any representation or warranty made by the Borrower or any Guarantor or any of their Subsidiaries, under or
              in connection with any Loan Document to which it is a party shall prove to have been incorrect in any material respect when made or deemed made; or

          

    	
            (d)

          	
            the Borrower, any Guarantor or any of their Subsidiaries shall fail to perform or observe any term,
              covenant or agreement contained herein or in any other Loan Document to which it is a party within ten (10) days after written notice of the Lender to cure same; or

          

    	
            (e)

          	
            the Borrower, any Guarantor or any of their Subsidiaries shall fail to pay any principal of, or premium or
              interest on, any Debt when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) unless being contested in good faith, and such failure shall continue after the applicable
              grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event constituting a default (however defined) shall occur or condition shall exist under any agreement or instrument relating to any such Debt
              and shall continue after the applicable grace period, if any, specified in such agreement or instrument, which would give rise to a right to accelerate such Debt; or

          

    	
            (f)

          	
            the Borrower, any Guarantor or any of their Subsidiaries, shall generally not pay its debts as such debts
              become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower, any Guarantor or any of their
              Subsidiaries under the Bankruptcy Law or any other Debtor Law seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts
              under any Debtor Laws, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its Property and, in the case of any such proceeding
              instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of forty-five (45) days, or any of the actions sought in such proceeding (including, without limitation, the entry of
              an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its Property) shall occur; or the Borrower, any Guarantor or any of their Subsidiaries shall
              take any corporate action to authorize any of the actions set forth above in this subsection (f);

          

    	
            (g)

          	
            the Pledge and Security Agreement, the Guaranty or any other Loan Document or any interest of the Lender
              thereunder shall for any reason be terminated, invalidated, void or unenforceable or the Borrower, any Guarantor or any of their Subsidiaries shall fail to perform any obligation thereunder; or

          

    	
            (h)

          	
            the Borrower or any Guarantor shall attempt to liquidate or dissolve itself or any of their respective
              Subsidiaries, without the prior written consent of the Lender;

          

    then, and in any such event, Lender (after providing the notice and opportunity to cure set forth in the first clause of this Section) may, by notice to
      the Borrower, declare the principal amount of the Note, all interest thereon and all other Obligations or amounts payable under this Agreement or any other Loan Document to be forthwith due and payable, whereupon the Note, all such interest and all
      such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided however, that in the case of any Default pursuant to Subsection (f), (g) or (h) of this Section 9.1, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are
      hereby expressly waived by the Borrower.

    ARTICLE X.

      

      

      MISCELLANEOUS

    SECTION 10.1. Survival of Representations and Warranties.  All representations and
        warranties in each Loan Document shall survive the delivery of the Note and the making of the Term Loan, and shall continue after the repayment of the Note and the Maturity Date until all Obligations are indefeasibly paid in full, and any
        investigation at any time made by or on behalf of the Lender shall not diminish the Lender’s right to rely thereon.

    SECTION 10.2. Amendments, Etc.  No amendment or waiver of any provision of this
        Agreement or the Note, nor consent to any departure by the Borrower or any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Lender, and then such waiver or consent shall be effective only in
        the specific instance and for the specific purpose for which given.

    SECTION 10.3. Notices, Etc.  All notices and other communications provided for
        hereunder shall be in writing and shall be effective when actually delivered addressed as follows: if to the Borrower or any Guarantors, at their address at 3800 North 28th Way, Hollywood, FL 33020, Attention: John Ollet, Chief Financial
        Officer, with a copy to Cozen O’Connor, Southeast Financial Center, 200 South Biscayne Blvd., Suite 3000, Miami, FL 33131, Attention: Matin Schrier, Esq.; if to the Lender, at its address at 10 Mountainview Road, Suit 206 Upper Saddle River, NJ
        07458, Attention: Robert Grundstein, with a copy to Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, NY 10019, Attention: Adam Friedman, Esq.; or as to the Borrower or the Lender at such other address as shall be designated by such
        party in a written notice to the other parties.

    SECTION 10.4. No Waiver; Remedies.  No failure on the part of either party to exercise,
        and no delay in exercising, any right under any Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.  The
        remedies herein provided are cumulative and not exclusive of any remedies provided by law.

    SECTION 10.5. Indemnification.  The Borrower and the Guarantors shall indemnify and
        hold the Lender and its officers, directors, agents, employees, advisors and counsel and their respective Affiliates (each such person being an “Indemnitee”),
        harmless from and against any and all losses, claims, damages, liabilities, costs or expenses (including attorneys’ fees and expenses) imposed on, reasonably incurred by or asserted against any of them by a party that is not an Indemnitee in
        connection with any litigation, investigation, claim or proceeding commenced or threatened related to the negotiation, preparation, execution, delivery, enforcement, performance or administration of this Agreement, any other Loan Document, or any
        undertaking or proceeding related to any of the transactions contemplated hereby or any act, omission, event or transaction related or attendant thereto (including, without limitation, brokerage commissions alleged to be due on account of the
        placing of the investment), including amounts paid in settlement (to the extent agreed to in writing by Borrower), court costs, and the reasonable fees and expenses of counsel except that the Borrower and the Guarantors shall not have any
        obligation under this Section 10.5 to indemnify an Indemnitee with respect to a matter covered hereby resulting from the gross negligence or willful
        misconduct of such Indemnitee as determined pursuant to a final, non-appealable order of a court of competent jurisdiction (but without limiting the obligations of the Borrower as to any other Indemnitee).  To the extent that the undertaking to
        indemnify, pay and hold harmless set forth in this Section may be unenforceable because it violates any law or public policy, the Borrower and the Guarantors shall pay the maximum portion which it is permitted to pay under applicable law to the
        Lender in satisfaction of indemnified matters under this Section.  To the extent permitted by applicable law, the Borrower and the Guarantors shall not assert, and the Borrower and each of the Guarantors hereby waives, any claim against any
        Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any of the other Loan Document or any
        undertaking or transaction contemplated hereby.  All amounts due under this Section shall be payable upon demand. The foregoing indemnity shall survive the payment of the Obligations and the termination or non-renewal of this Agreement.

    SECTION 10.6. Right of Set-off.  Upon the occurrence and during the continuance of any
        Event of Default, the Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and
        other Debt at any time owing by the Lender to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under any Loan Document, whether or not the Lender shall have made any
        demand under the Note and although such obligations may be unmatured. Lender agrees promptly to notify the Borrower after any such set-off and application made by such Lender, provided that the failure to give such notice shall not affect the
        validity of such set-off and application.  The rights of the Lender under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which such the Lender may have.

    SECTION 10.7. Binding Effect.  This Agreement shall become effective when it shall have
        been executed by the Borrower, the Guarantors and the Lender and thereafter shall be binding upon and inure to the benefit of the Borrower, the Guarantors, the Lender and their respective successors and assigns, except that neither the Borrower,
        nor any Guarantor, nor the Lender (except as provided in Section 10.8) shall have the right to assign its rights hereunder or any interest herein without
        the prior written consent of the other.

    SECTION 10.8. Assignments and Participations.  The Lender may assign all or a portion
        of its rights and obligations under this Agreement (including, without limitation, all or a portion of the Note held by it) to any Affiliate of Lender.

    SECTION 10.9. Limitation on Agreements.  All agreements between the Borrower, the
        Guarantors or the Lender, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of demand being made in respect of an amount due under
        any Loan Document or otherwise, shall the amount paid, or agreed to be paid, to the Lender for the use, forbearance, or detention of the money to be loaned under the Note or any other Loan Document or otherwise or for the payment or performance of
        any covenant or obligation contained herein or in any other Loan Document exceed the Highest Lawful Rate.  If, as a result of any circumstance whatsoever, fulfillment of or compliance with any provision hereof or of any of such documents at the
        time performance of such provision shall be due or at any other time shall involve exceeding the amount permitted to be contracted for, taken, reserved, charged or received by the Lender under applicable usury or similar law, then, ipso facto, the
        obligation to be fulfilled or complied with shall be reduced (firstly by reducing the stated interest rate and thereafter, if and to the extent required, by reducing any other amount comprising interest) to the limit prescribed by such applicable
        usury or similar law, and if, from any such circumstance, the Lender shall ever receive interest or anything which might be deemed interest under applicable law which would exceed the Highest Lawful Rate, such amount which would be excessive
        interest shall be applied to the reduction of the principal amount owing on account of the Note or the amounts owing on other obligations of the Borrower to the Lender under any Loan Document and not to the payment of interest, or if such excessive
        interest exceeds the unpaid principal balance of the Note and the amounts owing on other obligations of the Borrower to the Lender under any Loan Document, as the case may be, such excess shall be refunded to the Borrower.  All sums paid or agreed
        to be paid to the Lender for the use, forbearance, or detention of the indebtedness of the Borrower to the Lender shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term of such
        indebtedness until payment in full of the principal (including the period of any renewal or extension thereof) so that the interest on account of such indebtedness shall not exceed the Highest Lawful Rate.  Notwithstanding anything to the contrary
        contained in any Loan Document, it is understood and agreed that if at any time the rate of interest which accrues on the outstanding principal balance of the Note shall exceed the Highest Lawful Rate, the rate of interest which accrues on the
        outstanding principal balance of the Note shall be limited to the Highest Lawful Rate, but any subsequent reductions in the rate of interest which accrues on the outstanding principal balance of the Note shall not reduce the rate of interest which
        accrues on the outstanding principal balance of such Note below the Highest Lawful Rate until the total amount of interest accrued on the outstanding principal balance of the Note, taken in the aggregate, equals the amount of interest which would
        have accrued if such interest rate had at all times been in effect and not been reduced.  In the event that any rate of interest under the Note or any Loan Document is reduced due to the effect of this Section 10.9 and there is a subsequent increase in the Highest Lawful Rate prior to the full payment of the Obligations, such interest rate shall, automatically without any action of the Borrower or
        Lender, be increased to the then applicable Highest Lawful Rate.  The terms and provisions of this Section 10.9 shall control and supersede every other
        provision of all Loan Documents.

    SECTION 10.10. Severability.  In case any one or more of the provisions contained in any
        Loan Document to which the Borrower or any Guarantor is a party or in any instrument contemplated thereby, or any application thereof, shall be invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the
        remaining provisions contained therein, and any other application thereof, shall not in any way be affected or impaired thereby.

    SECTION 10.11. Governing Law.  This Agreement and the Note shall be governed by, and
        construed in accordance with, the laws of the State of New York applicable to contracts made and to be performed entirely within such state without regards to the conflicts of laws principles thereof other than mandatory provisions of law.

    SECTION 10.12. SUBMISSION TO JURISDICTION; WAIVERS.  THE BORROWER, EACH GUARANTOR AND
        THE LENDER IRREVOCABLY AND UNCONDITIONALLY:

    (a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN
        RESPECT THEREOF, TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE FEDERAL AND STATE COURTS LOCATED IN THE STATE OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;

    (b) WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH PROCEEDING WAS BROUGHT IN AN INCONVENIENT
        FORUM AND AGREES NOT TO PLEAD OR CLAIM THE SAME; AND

    (c) AGREES THAT SERVICE OF PROCESS IN ANY SUCH LEGAL ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING OF A COPY THEREOF (BY REGISTERED OR CERTIFIED MAIL OR ANY SUBSTANTIALLY SIMILAR
        FORM OF MAIL POSTAGE PREPAID) TO THE ADDRESS SET FORTH IN SECTION 10.3 HEREOF OR AT SUCH OTHER ADDRESS OF WHICH THE OTHER PARTIES HERETO SHALL HAVE BEEN
        NOTIFIED IN WRITING PURSUANT TO SECTION 10.3.

    (d) THE BORROWER, EACH GUARANTOR AND THE LENDER EACH WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY LEGAL ACTION ARISING UNDER THIS AGREEMENT.

    SECTION 10.13. Execution in Counterparts.  This Agreement may be executed in any number
        of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Agreement or any other
        Loan Document (other than the Note and the Deed of Trust) by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document.

    
      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized,
      as of the date first above written.

    BORROWER:

    HEALTHIER CHOICES MANAGEMENT CORP.

    By: _______________________________

      Name:

      Title:

    

    

    GUARANTORS:

    

    

    THE VAPE STORE, INC.

    By: _______________________________

        Name:

        Title:

    HEALTHY CHOICE MARKETS, INC.

    By: _______________________________

        Name:

        Title:

    

    

    

    

    

    

    
      
        

    

    LENDER:

    

    

    SABBY HEALTHCARE MASTER FUND, LTD.

    By: _______________________________

        Name:

        Title:

    

    

    SABBY VOLATILITY WARRANT MASTER FUND, LTD.

    By: _______________________________

        Name:

        Title:

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    SCHEDULE A

    

    

    Wire Instructions

    

    

    Bank Name: Bank of New York

    Routing #: 021-000-018

    Account Name: Wedbush Securities Inc.

    Account #: 8540900001

    F/F/C: Sabby Healthcare Master Fund Ltd.

    Ref: 717949972

    

    

    Bank Name: Bank of New York

    Routing #: 021-000-018

    Account Name: Wedbush Securities Inc.

    Account #: 8540900001

    F/F/C: Sabby Volatility Warrant Master Fund Ltd.

    Ref: 717937542

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    

    

    EXHIBIT A

    

    

    NOTE

    

    

    

    

    $2,667,000.00     August 18, 2020

    

    

    FOR VALUE RECEIVED, the undersigned (the “Borrower”),
      HEREBY PROMISES TO PAY to the order of SABBY HEALTHCARE MASTER FUND, LTD. and SABBY VOLATILITY WARRANT MASTER FUND, LTD. (collectively, the “Lender”), on or
      before the Maturity Date (as such term is defined in the Loan Agreement), the principal sum of Two Million Six Hundred Sixty-Seven Thousand and No/100 Dollars ($2,667,000.00) in accordance with the terms and provisions of that certain Loan and
      Security Agreement dated as of the date hereof by and between the Borrower and the Lender (as same may be amended, modified, increased, supplemented and/or restated from time to time, the “Loan Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Loan Agreement).

    The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon and any accrued and unpaid Profit
      Payments shall be due and payable on the Maturity Date. The Borrower promises to pay interest on the unpaid principal balance of this Note following the occurrence of a Default Interest Event and/or an Extension Interest Event, until the principal
      balance thereof is paid in full. Interest shall accrue on the outstanding principal balance of this Note from and including the date on which a Default Interest Event and/or Extension Interest Event occurs, as applicable, to but not including the
      Maturity Date at the rate or rates, and shall be due and payable on the dates and paid in accordance with the terms and conditions, set forth in the Loan Agreement.

    Payments of principal, and all amounts due with respect to costs and expenses pursuant to the Loan Agreement, shall be made in lawful
      money of the United States of America in immediately available funds, without deduction, set-off or counterclaim to the Lender to the account maintained by the Lender not later than 11:59 a.m. (New York time) on the dates on which such payments shall
      become due pursuant to the terms and provisions set forth in the Loan Agreement.  Payments of interest shall be payable in accordance with the provisions of the Loan Agreement.  The Obligations of the Borrower under this Note and any additional note issued hereunder are secured in accordance with the terms of the Pledge and Security Agreement.

    If any payment of principal or interest on this Note or any Profit Payments shall become due on a day that is not a Business Day, such
      payment shall be made on the next succeeding Business Day and such extension of time shall in such case be included in computing interest in connection with such payment.

    This Note is the Note provided for in, and is entitled to the benefits of the Loan Agreement, which Loan Agreement, among other things,
      contains provisions for acceleration of the maturity hereof upon the happening of certain stated events, for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions and with the effect therein specified,
      and provisions to the effect that no provision of the Loan Agreement or this Note shall require the payment or permit the collection of interest in excess of the Highest Lawful Rate.

    The Borrower and any and all endorsers, guarantors and sureties severally waive grace, demand, presentment for payment, notice of
      dishonor or default, protest, notice of protest, notice of intent to accelerate, notice of acceleration and diligence in collecting and bringing of suit against any party hereto, and agree to all renewals, extensions or partial payments hereon and to
      any release or substitution of security hereof, in whole or in part, with or without notice, before or after maturity.

    This Note shall be binding upon the Borrower and its successors and assigns and the terms hereof shall inure to the benefit of the
      Lender and its successors and assigns including subsequent holders hereof (collectively, “Assignees”), except that the Borrower may not assign or transfer any
      of its rights or obligations under this Note without the prior written consent of the Lender (which consent shall be in the sole and absolute discretion of the Lender).  The term “Lender” as used in this Note shall be deemed to include the Lender and
      its Assignees.  The Lender shall, upon notice to the Borrower, have the unrestricted right at any time or from time to time, and without the Borrower’s consent, to assign all or any portion of its rights and obligations hereunder to any other person,
      which shall thereupon become vested with all the powers and rights above given to the Lender in respect thereof; provided, however, that any such assignment
      or transfer of this Note shall be made in accordance with all applicable securities laws.  The Lender agrees that it shall execute, or cause to be executed, such documents, including without limitation, amendments to this Note and to any other
      documents, instruments and agreements executed in connection herewith as the Lender shall reasonably deem necessary to effect the foregoing.  In addition, at the request of the Lender and any such Assignee, the Borrower shall issue one or more new
      promissory notes, as applicable, to any such Assignee (provided that such issuance shall be at no additional cost or liability to Borrower then existing prior to such assignment to Assignee).  Upon the execution and delivery of appropriate assignment
      documentation, amendments and any other documentation reasonably required by the Lender in connection with such assignment, and the payment by the Assignee of the purchase price agreed to by the Lender and such Assignee, such Assignee shall be a
      holder of this Note shall have all of the rights and obligations of the Lender hereunder (and any other guaranties, documents, instruments and agreements executed in connection herewith) to the extent that such rights and obligations have been
      assigned by the Lender pursuant to the assignment documentation between the Lender and such Assignee, and the Lender shall be released from any obligations it may have hereunder arising after such assignment and thereunder to a corresponding extent.

    THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO
      BE PERFORMED WHOLLY WITHIN SUCH STATE.

    
      
        

    

    

    

    IN WITNESS WHEREOF, the Borrower has caused this Note to be duly executed and delivered effective as of the date first above written.

    

    

    	 	
            HEALTHIER CHOICES MANAGEMENT CORP.

          
	 	
             

             

            By: 

            Name:

            Title:

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    EXHIBIT B

    Guaranty

    
      
        

    

    EXHIBIT C

    Pledge and Security AgreementEX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 PYXUS HOLDINGS, INC. 

$280,843,751 
 10.000% SENIOR
SECURED FIRST LIEN NOTES DUE 2024 
  
  

INDENTURE 
 Dated as of
August 24, 2020 
  
  

Wilmington Trust, National Association, 

as Trustee, Collateral Agent, Registrar and Paying Agent 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.01
	 	Definitions	  	 	1	 
	 Section 1.02
	 	Other Definitions	  	 	37	 
	 Section 1.03
	 	Incorporation by Reference of the Trust Indenture Act	  	 	38	 
	 Section 1.04
	 	Rules of Construction	  	 	38	 
	 Section 1.05
	 	Calculations	  	 	38	 
		
	 ARTICLE 2 THE NOTES
	  	 	39	 
			
	 Section 2.01
	 	Form and Dating	  	 	39	 
	 Section 2.02
	 	Execution and Authentication	  	 	39	 
	 Section 2.03
	 	Registrar and Paying Agent	  	 	40	 
	 Section 2.04
	 	Holder Lists	  	 	41	 
	 Section 2.05
	 	Paying Agent to Hold Money in Trust	  	 	41	 
	 Section 2.06
	 	Transfer and Exchange	  	 	41	 
	 Section 2.07
	 	Replacement Notes	  	 	46	 
	 Section 2.08
	 	Treasury Notes	  	 	47	 
	 Section 2.09
	 	Temporary Notes	  	 	47	 
	 Section 2.10
	 	Cancellation	  	 	47	 
	 Section 2.11
	 	Defaulted Interest	  	 	48	 
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	48	 
			
	 Section 3.01
	 	Notices to Trustee	  	 	48	 
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased	  	 	48	 
	 Section 3.03
	 	Notice of Redemption	  	 	49	 
	 Section 3.04
	 	Effect of Notice of Redemption	  	 	49	 
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	 	50	 
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	 	50	 
	 Section 3.07
	 	Optional Redemption	  	 	50	 
	 Section 3.08
	 	Mandatory Redemption	  	 	51	 
	 Section 3.09
	 	Offer to Purchase by Application of Excess Proceeds	  	 	51	 
		
	 ARTICLE 4 COVENANTS
	  	 	53	 
			
	 Section 4.01
	 	Payment of Notes	  	 	53	 
	 Section 4.02
	 	Maintenance of Office or Agency	  	 	53	 
	 Section 4.03
	 	Reports	  	 	54	 
	 Section 4.04
	 	Compliance Certificate	  	 	57	 
	 Section 4.05
	 	Taxes	  	 	57	 
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	 	57	 
	 Section 4.07
	 	Restricted Payments	  	 	58	 

  
 i 

							
	 Section 4.08
	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	62	 
	 Section 4.09
	 	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	64	 
	 Section 4.10
	 	Asset Sales	  	 	68	 
	 Section 4.11
	 	Transactions with Affiliates	  	 	72	 
	 Section 4.12
	 	Liens	  	 	73	 
	 Section 4.13
	 	Business Activities	  	 	73	 
	 Section 4.14
	 	Corporate Existence	  	 	73	 
	 Section 4.15
	 	Offer to Repurchase Upon Change of Control	  	 	73	 
	 Section 4.16
	 	Additional Note Guarantees	  	 	75	 
	 Section 4.17
	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	76	 
	 Section 4.18
	 	Dutch Parallel Debts	  	 	76	 
	 Section 4.19
	 	Dutch Parallel Debts Payment	  	 	77	 
	 Section 4.20
	 	Dutch Parallel Debts Application	  	 	77	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	77	 
			
	 Section 5.01
	 	Merger, Consolidation, or Sale of Assets	  	 	77	 
	 Section 5.02
	 	Successor Corporation Substituted	  	 	78	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	79	 
			
	 Section 6.01
	 	Events of Default	  	 	79	 
	 Section 6.02
	 	Acceleration	  	 	81	 
	 Section 6.03
	 	Other Remedies	  	 	82	 
	 Section 6.04
	 	Waiver of Past Defaults	  	 	83	 
	 Section 6.05
	 	Control by Majority	  	 	83	 
	 Section 6.06
	 	Limitation on Suits	  	 	83	 
	 Section 6.07
	 	Rights of Holders of Notes to Receive Payment	  	 	84	 
	 Section 6.08
	 	Collection Suit by Trustee	  	 	84	 
	 Section 6.09
	 	Trustee May File Proofs of Claim	  	 	84	 
	 Section 6.10
	 	Priorities	  	 	84	 
	 Section 6.11
	 	Undertaking for Costs	  	 	85	 
		
	 ARTICLE 7 TRUSTEE
	  	 	85	 
			
	 Section 7.01
	 	Duties of Trustee	  	 	85	 
	 Section 7.02
	 	Rights of Trustee	  	 	87	 
	 Section 7.03
	 	Individual Rights of Trustee	  	 	89	 
	 Section 7.04
	 	Trustee’s Disclaimer	  	 	89	 
	 Section 7.05
	 	Notice of Defaults	  	 	89	 
	 Section 7.06
	 	Compensation and Indemnity	  	 	89	 
	 Section 7.07
	 	Replacement of Trustee	  	 	90	 
	 Section 7.08
	 	Successor Trustee by Merger, etc.	  	 	91	 
	 Section 7.09
	 	Eligibility; Disqualification	  	 	91	 
	 Section 7.10
	 	Consequential Damages	  	 	91	 

  
 ii 

							
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	92	 
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	92	 
	 Section 8.02
	 	Legal Defeasance and Discharge	  	 	92	 
	 Section 8.03
	 	Covenant Defeasance	  	 	93	 
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	 	93	 
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	94	 
	 Section 8.06
	 	Repayment to Company	  	 	95	 
	 Section 8.07
	 	Reinstatement	  	 	95	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	96	 
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	 	96	 
	 Section 9.02
	 	With Consent of Holders of Notes	  	 	97	 
	 Section 9.03
	 	Revocation and Effect of Consents	  	 	98	 
	 Section 9.04
	 	Notation on or Exchange of Notes	  	 	99	 
	 Section 9.05
	 	Trustee, Collateral Agent, Paying Agent and Registrar to Sign Amendments, etc.	  	 	99	 
		
	 ARTICLE 10 COLLATERAL AND SECURITY
	  	 	99	 
			
	 Section 10.01
	 	Security Interest	  	 	99	 
	 Section 10.02
	 	Intercreditor Agreements	  	 	100	 
	 Section 10.03
	 	Collateral Agent	  	 	101	 
	 Section 10.04
	 	Authorization of Actions to Be Taken	  	 	104	 
	 Section 10.05
	 	Release of Liens in Respect of Notes	  	 	105	 
	 Section 10.06
	 	Relative Rights	  	 	106	 
	 Section 10.07
	 	Further Assurances; Liens on Additional Property	  	 	107	 
		
	 ARTICLE 11 NOTE GUARANTEES
	  	 	108	 
			
	 Section 11.01
	 	The Note Guarantees.	  	 	108	 
	 Section 11.02
	 	Limitation on Guarantor Liability	  	 	109	 
	 Section 11.03
	 	Execution and Delivery of Note Guarantee	  	 	110	 
	 Section 11.04
	 	Subsidiary Guarantors May Consolidate, etc., on Certain Terms	  	 	110	 
	 Section 11.05
	 	Releases	  	 	111	 
		
	 ARTICLE 12 SATISFACTION AND DISCHARGE
	  	 	113	 
			
	 Section 12.01
	 	Satisfaction and Discharge	  	 	113	 
	 Section 12.02
	 	Application of Trust Money	  	 	114	 
		
	 ARTICLE 13 MISCELLANEOUS
	  	 	115	 
			
	 Section 13.01
	 	Notices	  	 	115	 
	 Section 13.02
	 	Certificate and Opinion as to Conditions Precedent	  	 	117	 
	 Section 13.03
	 	Statements Required in Certificate or Opinion	  	 	117	 

  
 iii 

							
	 Section 13.04
	 	Rules by Trustee and Agents	  	 	118	 
	 Section 13.05
	 	Governing Law	  	 	118	 
	 Section 13.06
	 	No Adverse Interpretation of Other Agreements	  	 	118	 
	 Section 13.07
	 	Successors	  	 	118	 
	 Section 13.08
	 	Severability; Entire Agreement	  	 	118	 
	 Section 13.09
	 	Counterpart Originals	  	 	119	 
	 Section 13.10
	 	Table of Contents, Headings, etc.	  	 	119	 
	 Section 13.11
	 	USA Patriot Act	  	 	119	 
	 Section 13.12
	 	Force Majeure	  	 	119	 
	 Section 13.13
	 	Delegation	  	 	119	 
	 Section 13.14
	 	Withholding Tax	  	 	120	 

 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF NOTATION OF GUARANTEE
	Exhibit C	  	FORM OF SUPPLEMENTAL INDENTURE
	Exhibit D	  	INITIAL GUARANTORS
	Exhibit E	  	PERMITTED ASSET DISPOSITIONS
	Exhibit F	  	ADDITIONAL INVESTMENTS

  
 iv 

 INDENTURE dated as of August 24, 2020 among Pyxus Holdings, Inc., a Virginia
corporation, the Guarantors (as defined herein) and Wilmington Trust, National Association, as trustee, collateral agent, registrar and paying agent. 

Each of the parties agree as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined
herein) of the 10.000% Senior Secured First Lien Notes due 2024 (the “Notes”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION 
 BY
REFERENCE 
 Section 1.01 Definitions. 

“ABL Collateral Agent” means Wells Fargo Bank, National Association, as collateral agent under the ABL Credit Agreement, and its
successors, replacements and/or assigns in such capacity. 
 “ABL Credit Agreement” means that certain Exit ABL Credit Agreement,
dated the Issue Date, among the Company, the guarantors party thereto, the lenders from time to time parties thereto, and Wells Fargo Bank, National Association, as administrative agent, providing for revolving credit borrowings, including any
related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (whether upon or after termination or
otherwise and whether with the original lenders or otherwise) or refinanced, in each case, in whole from time to time with any other asset based credit facility, including any extension of the maturity thereof or increase in the available amount of
borrowings thereunder. 
 “ABL Obligations” means the Indebtedness and other obligations under the ABL Credit Agreement which are
secured by a Lien on the Collateral permitted by clause (1) of the definition of Permitted Liens and any post-petition interest, fees and expenses at the applicable rate, whether or not allowed or allowable in an insolvency or bankruptcy
proceeding (including claims disallowed as a result of the ABL Obligations and the Secured Obligations being treated as part of the same class in any such insolvency or liquidation proceeding). 

“ABL Priority Collateral” has the meaning assigned to it in the ABL/Term Loan/Notes Intercreditor Agreement. 

“ABL/Term Loan/Notes Intercreditor Agreement” means the ABL/Term Loan/Notes Intercreditor Agreement, dated the Issue Date, among the
Collateral Agent, the ABL Collateral Agent, the Term Loan Collateral Agent and the other parties from time to time party thereto (as amended, restated, modified, supplemented or replaced from time to time in accordance with the terms hereof and
thereof). 
 “Acquired Debt” 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 Subsidiary of
such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and 

 (2) Indebtedness secured by a Lien encumbering any asset acquired by such
specified Person. 
 “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,” 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. For purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings. 
 “Agent” means the Collateral Agent and any Registrar, co-registrar, Paying
Agent or additional paying agent. 
 “Applicable Premium” means, with respect to any Note on any redemption date, the greater of:

 (1) 1.0% of the then-outstanding principal amount of the Note; or 

(2) the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at
August 24, 2022 (such redemption price being set forth in the table appearing in Section 3.07 hereof), plus (ii) all required interest payments due on the Note through August 24, 2022 (excluding accrued but unpaid interest, to,
but excluding, the redemption date), discounted to the redemption date and 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 Note.

 The Company shall calculate the Applicable Premium and the Trustee shall have no duty to confirm or verify such calculation. 

“Applicable Procedures” means, with respect to any interests in any Global Note, the rules and procedures of the Depositary,
Euroclear and Clearstream that apply to such action. 
 “Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets or rights by the Company, any Parent Guarantor or any of
their Restricted Subsidiaries; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company, the Parent Guarantors and their Restricted Subsidiaries, taken as a whole, shall be subject to
Sections 4.15 and 5.01 and not Sections 3.09 and 4.10; and 
 (2) the issuance of Equity Interests by any of the
Company’s Restricted Subsidiaries or the sale by the Company or any of its Restricted Subsidiaries of Equity Interests in any of the Company’s Subsidiaries. 

  
 2 

 Notwithstanding the preceding, none of the following items will be deemed to be an Asset
Sale: 
 (1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less
than $20.0 million; 
 (2) a transfer of assets or rights between or among the Company, the Parent Guarantors and their
Restricted Subsidiaries; provided that transfers made outside the ordinary course of business (i) by the Company, any Parent Guarantor or any Subsidiary Guarantor that is a Domestic Subsidiary to any Foreign Guarantor shall be deemed an
Investment (in an amount equal to the Fair Market Value of the transferred assets less the Fair Market Value of the consideration received therefor by the transferor (excluding the value of any consideration in the form of Indebtedness, Equity
Interests or other securities of the applicable Subsidiary)) for purposes of complying, and must comply, with the proviso in clause (1) of the definition of “Permitted Investment” and (ii) by the Company, any Parent Guarantor or
any Subsidiary Guarantor to any Subsidiary of the Company that is not a Subsidiary Guarantor shall be deemed an Investment (in an amount equal to the Fair Market Value of the transferred assets less the Fair Market Value of the consideration
received therefor by the transferor (excluding the value of any consideration in the form of Indebtedness, Equity Interests or other securities of the applicable Subsidiary)) for purposes of complying, and must comply, with the proviso in clause
(1) of the definition of “Permitted Investment”; 
 (3) an issuance of Equity Interests by a Restricted
Subsidiary of the Company or of a Parent Guarantor to the Company, any Parent Guarantor or to a Restricted Subsidiary of the Company or of a Parent Guarantor; 

(4) the sale, lease or other transfer of products, services or accounts receivable in the ordinary course of business and any
sale or other disposition of damaged, worn-out, obsolete, surplus, redundant or excess property or assets in the ordinary course of business (including the abandonment or other disposition of intellectual
property that is, in the reasonable judgment of the Company, no longer economically practicable to maintain or useful in the conduct of the business of the Company, the Parent Guarantors and their Restricted Subsidiaries taken as whole); 

(5) (a) the sale of accounts receivable permitted pursuant to clause (10) of the definition of Permitted Debt and
(b) the sale of accounts receivable arising from sales of tobacco, which accounts receivable are sold pursuant to a factoring arrangement without recourse or securitization facilities consistent with past practice; 

(6) any surrender or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other
claims in the ordinary course of business; 
 (7) the granting of Liens not prohibited pursuant to Section 4.12; 

(8) the sale or other disposition of cash or Cash Equivalents; 

  
 3 

 (9) a Restricted Payment that does not violate Section 4.07 or a
Permitted Investment; 
 (10) Specified Sales; 

(11) the sale, lease or other transfer of property or assets (a) to an unrelated party not in the ordinary course of
business (other than Specified Sales), where and to the extent that they are the result of a Recovery Event or (b) the sale, lease or other transfer of machinery, parts and equipment no longer used or useful in the conduct of business of the
Company, the Parent Guarantors or any of their Restricted Subsidiaries, as appropriate, in the Company’s or any Parent Guarantor’s reasonable discretion; 

(12) dispositions resulting from any taking under power of eminent domain or by condemnation or similar proceeding of, any
property or asset of the Company, the Parent Guarantors or their Restricted Subsidiaries to the extent such taking or condemnation would not, either individually or in the aggregate, reasonably be expected to result in a material adverse change in,
or a material adverse effect on, the business, operations, property, assets, liabilities (actual or contingent) or condition (financial or otherwise) of the Company, the Parent Guarantors and their Restricted Subsidiaries, taken as a whole; and 

(13) the Corporate Restructuring Transactions and any transactions related thereto and the transactions listed on Exhibit E.

 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of
the obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction results in a Capital Lease
Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of Capital Lease Obligation. 

“Bank Product Obligations” means, all obligations and liabilities (whether direct or indirect, absolute or contingent, due or to
become due or now existing or hereafter incurred) of the Company, any Parent Guarantor or any Restricted Subsidiary, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise, which may
arise under, out of, or in connection with any treasury, investment, depository, clearing house, wire transfer, cash management or automated clearing house transfers of funds services or any related services, to any person. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any
successor statute. 
 “Bankruptcy Court” means the United States Bankruptcy Court for the District of Delaware, or any other court
having jurisdiction over the Cases from time to time. 

  
 4 

 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the board of directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Business Day” means any day other than a Legal Holiday. 

“Cannabis Related Business” means the ownership of assets or property constituting a business related to the manufacture,
distribution or dispensing of cannabis or the ownership of Equity Interests comprising a Cannabis Related Business. 
 “Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated
Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“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 interests (whether general or limited) or membership interests; and 

  
 5 

 (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, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of
participation with Capital Stock. 
 “Cases” means the procedurally consolidated and jointly administered Chapter 11 cases filed
for the Debtors in the Bankruptcy Court on June 15, 2020. 
 “Cash Equivalents” means: 

(1) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof
(provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than 12 months from the date of acquisition (“Government Obligations”); 

(2) Investments in deposits in (including money market funds of), or certificates of deposits, bankers’ acceptances,
export notes, trade credit assignments, guarantees and instruments of a similar nature issued by, (i) any bank or trust company organized under the laws of the United States or any state thereof having capital and surplus in excess of
$100,000,000, (ii) any international bank organized under the laws of any country which is a member of the OECD or a political subdivision of any such country, and having a combined capital and surplus of at least $100,000,000, or (iii) leading
banks in a country where the Company, the Parent Guarantor or the Subsidiary making such Investment does business; provided, that all such Investments mature within 270 days of the date of such Investment; and provided, further, that all Investments
pursuant to clause (iii) above are (A) solely of funds generated in the ordinary course of business by operations of the relevant investor in the country where such Investment is made, and (B) denominated in the currency of the
country in which such Investment is made or in Dollars, UK pounds sterling, Euro, Japanese Yen, Hong Kong dollars or Chinese Renminbi; 

(3) commercial paper maturing within 270 days and having one of the two highest ratings of either S&P, Moody’s or
Fitch Investors’ Service, Inc.; 
 (4) money market funds (other than those referred to in clause (3) above) that
have assets in excess of $2,000,000,000, are managed by recognized and responsible institutions and invest solely in obligations of the types referred to in clauses (1), (2)(i) and (ii) and (3) above; 

(5) repurchase agreements with a bank or trust company or recognized securities dealer having capital and surplus in excess of
$500,000,000 for direct obligations issued by or directly and fully guaranteed by the United States; and 
 (6) obligations
of any state of the United States or any political subdivision thereof for the payment of the principal and redemption price of and interest on which there shall have been irrevocably deposited Government Obligations maturing as to principal and
interest at times and in amounts sufficient to provide such payment. 
 “Change of Control” means the occurrence of any of the
following: 

  
 6 

 (1) the direct or indirect sale, lease, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Pyxus International and its Subsidiaries, taken as a whole, to any Person (including
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) other than any Permitted Holder or combination of Permitted Holders; 

(2) the adoption of a plan relating to the liquidation or dissolution of Pyxus International; 

(3) the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is
that any Person (including any “person” (as defined above)) other than a Permitted Holder or any combination of Permitted Holders becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of Pyxus
International, measured by voting power rather than number of shares; or 
 (4) Pyxus International ceases to own, directly
or indirectly, 100% of the Equity Interests of the Company. 
 Notwithstanding the foregoing, the Corporate Restructuring Transactions shall
not constitute a Change of Control pursuant to any of clauses (1) through (3) above. 
 “Clearstream” means Clearstream
Banking, S.A. 
 “Collateral” means the Notes Priority Collateral, the ABL Priority Collateral and the Term Loan Priority
Collateral, (i) including, for the avoidance of doubt, any asset or property of the Company or any Guarantor on which a lien has been granted to secure obligations under any Junior Lien Debt, and (ii) excluding, for the avoidance of doubt,
the Excluded Assets. 
 “Collateral Agent” means Wilmington Trust, National Association, in its capacity as Collateral Agent for
the Secured Parties pursuant to the Security Documents, together with its successors in such capacity. 
 “Company” means Pyxus
Holdings, Inc., a Virginia corporation, and any and all successors thereto. 
 “Confirmation Order” means an order of the
Bankruptcy Court confirming the Plan. 
 “Confirmed Order” means an order or other indication of interest, in accordance with
industry standards, by a customer not an Affiliate of the Company, any Parent Guarantor or any of their Restricted Subsidiaries which has been accepted in the ordinary course of business by representatives of the Company, any Parent Guarantor or any
of their Restricted Subsidiaries. 
 “Consolidated EBITDA” means, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus, without duplication: 

  
 7 

 (1) an amount equal to any extraordinary loss plus any net loss realized by
such Person or any of its Restricted Subsidiaries in connection with an Asset Sale or any other disposition of assets not constituting an Asset Sale for such period, to the extent such losses were deducted in computing such Consolidated Net Income;
plus 
 (2) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to
the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (3) the Fixed
Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; plus 

(4) any foreign currency translation losses (including losses related to currency remeasurements of Indebtedness) of such
Person and its Restricted Subsidiaries for such period, to the extent that such losses were taken into account in computing such Consolidated Net Income; plus 

(5) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and other non-cash charges and expenses (excluding any such non-cash charge or expense to the extent that it represents an accrual of or
reserve for cash charges or expenses in any future period or amortization of a prepaid cash charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation,
amortization and other non-cash charges or expenses were deducted in computing such Consolidated Net Income; minus 

(6) any foreign currency translation gains (including gains related to currency remeasurements of Indebtedness) of such Person
and its Restricted Subsidiaries for such period, to the extent that such gains were taken into account in computing such Consolidated Net Income; minus 

(7) non-cash items increasing or decreasing such Consolidated Net Income for such
period, other than the accrual of revenue in the ordinary course of business; plus 
 (8)
one-time or non-recurring items decreasing such Consolidated Net Income for such period related to restructuring, asset impairment, reorganization, taxes or any other non-operating costs and expenses, including without limitation, professional fees, exit bankruptcy fees and financing fees, expenses, premiums and similar charges incurred in connection with the Transactions to the
extent such items were actually deducted in computing such Consolidated Net Income; 
 in each case, on a consolidated basis and determined
in accordance with GAAP. 
 In addition, notwithstanding the above, (a) Consolidated EBITDA for the quarter ended June 30, 2019,
shall be deemed to be $11.486 million, (b) Consolidated EBITDA for the quarter ended September 30, 2019, shall be deemed to be $38.375 million, (c) Consolidated EBITDA for the quarter ended December 31, 2019, shall be
deemed to be $24.189 million, (d) Consolidated 

  
 8 

 
EBITDA for the quarter ended March 31, 2020, shall be deemed to be $40.562 million, (e) Consolidated EBITDA for the quarter ended June 30, 2020 shall be deemed to be
$10.681 million and (f) Consolidated EBITDA for the quarter ended September 30, 2020, shall be calculated in a manner consistent with the calculation methodology used in determining the amounts set forth in the preceding clauses
(a) through (d). 
 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of
the net income (loss) of such Person and its Restricted Subsidiaries for such period, on a consolidated basis (excluding the net income (loss) of any Unrestricted Subsidiary of such Person), determined in accordance with GAAP and without any
reduction in respect of preferred stock dividends, plus, to the extent deducted in determining such net income (or net loss), the Transaction Costs and any costs incurred in connection with the Corporate Restructuring Transactions; provided that:

 (1) all extraordinary gains (but not losses) and all gains (but not losses) realized in connection with any Asset Sale or
any other disposition of assets not constituting an Asset Sale or the disposition of securities or the early extinguishment of Indebtedness, together with any related provision for taxes on any such gain, will be excluded; 

(2) the net income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity
method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(3) solely for the purpose of determining the amount available for Restricted Payments under Section 4.07, the net income
(but not loss) of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted without
any prior governmental approval (that has not been obtained) or, directly or indirectly, by 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; 
 (4) the cumulative effect of a change in accounting principles will be
excluded; and 
 (5) non-cash gains and losses attributable to movement in the mark-to-market valuation of Hedging Obligations (including the application of FASB ASC Topic 815) will be excluded. 

“Consolidated Net Worth” means, with respect to any specified Person as of any date, the sum of: 

(1) the consolidated equity of the common stockholders of such Person and its consolidated Subsidiaries as of such date; plus

  
 9 

 (2) the respective amounts reported on such Person’s balance sheet as
of such date with respect to any series of preferred stock (other than Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year
of such declaration and payment, but only to the extent of any cash received by such Person upon issuance of such preferred stock, less (a) all write-ups subsequent to the date hereof in the book value of
any asset owned by such Person or a consolidated Subsidiary of such Person (other than purchase accounting adjustments made, in connection with any acquisition of any entity that becomes a consolidated Subsidiary of such Person after the date
hereof, to the book value of the assets of such entity), (b) all investments as of such date in unconsolidated Subsidiaries and in Persons that are not Subsidiaries (except, in each case, Permitted Investments), and (c) all unamortized
debt discount and expense and unamortized deferred charges as of such date, all of the foregoing determined on a consolidated basis in accordance with GAAP. 

“Consolidated Tangible Net Worth” means, with respect to any specified Person as of any date, the sum of (1) Consolidated Net
Worth, minus (2) the amount of such Person’s intangible assets at such date, including, without limitation, goodwill (whether representing the excess of cost over book value of assets acquired or otherwise), capitalized expenses, patents,
trademarks, trade names, copyrights, franchises, licenses and deferred charges (such as, without limitation, unamortized costs and costs of research and development), all determined for such Person on a consolidated basis in accordance with GAAP.

 “continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 
 “Corporate Restructuring Transactions” means the series of intercompany transactions, whether consummated
simultaneously or from time to time, that do not adversely impact in any material respect the structure, priority or aggregate value of the guarantees in respect of, and the Collateral that secures, the Obligations, provided that (A) any
necessary replacement guarantee or Collateral (determined after giving effect to such transactions) with respect to the foregoing shall be subject to Section 11.05(d) and (B) in furtherance of the foregoing clause (A), the Company shall
use commercially reasonable efforts to enter into local law pledge and security agreements in favor of the Collateral Agent to the extent reasonably necessary to perfect Liens on any material Collateral governed by the laws of, or located in, any
foreign jurisdiction on substantially the same basis as with respect to any Foreign Guarantor so replaced. 
 “Corporate Trust
Office” means the address of the Trustee specified in Section 13.01 hereof or such other address as to which the Trustee may give notice to the Company. 

“Credit Agreements” means one or more debt facilities, debt instruments, indentures or other evidences of Indebtedness (which may be
outstanding at the same time and including, without limitation, the ABL Credit Agreement and the Term Loan Credit Agreement), commercial paper facilities or other agreements providing for revolving credit loans, debt securities, notes, term loans,
receivables financing, letters of credit or other Indebtedness and, in each case, as such agreements may be amended, refinanced, restated, replaced, refunded, increased, extended or otherwise restructured, in whole or in part from time to time
whether in 

  
 10 

 
the bank or debt capital markets (or combination thereof) (including increasing or decreasing the amount of available borrowings thereunder or adding or removing Subsidiaries as additional
borrowers, co-issuers or guarantors thereunder or changing the maturity of any Indebtedness incurred thereunder or contemplated thereby) with respect to all or any portion of the Indebtedness under such
agreement or agreements or any successor or replacement agreement or agreements, and in each case including all agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any notes and
letters of credit issued pursuant thereto and any guarantee and collateral agreement, mortgages or letter of credit applications and other guarantees, pledges, agreements, security agreements and collateral documents) and whether by the same or any
other agent, lender, group of lenders or institutional lenders or investors. 
 “Custodian” means the Registrar, as custodian with
respect to the Notes in global form, or any successor entity thereto. 
 “Debtors” means Old Holdco, Inc. (formerly known as Pyxus
International, Inc.), Alliance One International, LLC, Alliance One North America, LLC, Alliance One Specialty Products, LLC and GSP Properties, LLC. 

“Deemed Capitalized Leases” means obligations of the Company, any Parent Guarantor or any of their Restricted Subsidiaries that are
classified as “capital lease obligations” under GAAP due to the application of FASB ASC Topic 840 or any subsequent pronouncement having similar effect and, except for such regulation or pronouncement, such obligation would not constitute
a Capital Lease Obligation. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the
Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Discharge of ABL Claims” has the meaning provided in the ABL/Term Loan/Notes Intercreditor Agreement. 

“Discharge of Term Loan Claims” has the meaning provided in the ABL/Term Loan/Notes Intercreditor Agreement. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or
for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option
of 

  
 11 

 
the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock
that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company or any Parent Guarantor to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will
not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company or such Parent Guarantor may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with
Section 4.07 hereof. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Company, the Parent Guarantors and their Restricted Subsidiaries may become obligated
to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

“Domestic Subsidiary” means (1) any Restricted Subsidiary of the Company or any Parent Guarantor or (2) any Subsidiary of
the Company or any Parent Guarantor that guarantees or otherwise provides direct credit support for any Indebtedness of the Company or any Parent Guarantor, in each case, that was formed under the laws of the United States or any state of the United
States or the District of Columbia. 
 “Dutch Parallel Debt” means, in relation to an Underlying Debt, an obligation to pay the
Collateral Agent an amount equal to (and in the same currency as) the amount of that Underlying Debt. 
 “Dutch Pledge” means the
Dutch law governed pledge over shares dated the Issue Date between Alliance One International Holdings, Ltd., as pledgor, Intabex Netherlands B.V. as the company, and the Collateral Agent, as collateral agent, in respect of the pledge by Alliance
One International Holdings, Ltd. over its shares in Intabex Netherlands B.V. 
 “Eligible Inventory” means, as of any date, all
inventory of the Company, any Parent Guarantor and any of their Restricted Subsidiaries, wherever located, valued in accordance with GAAP and shown on the balance sheet of the Company for the quarterly period most recently ended prior to such date
for which internal financial statements of the Company are available. 
 “Eligible Receivables” means, as of any date, all
accounts receivable of the Company, any Parent Guarantor and any of their Subsidiaries arising out of the sale of inventory in the ordinary course of business, valued in accordance with GAAP and shown on the balance sheet of the Company for the
quarterly period most recently ended prior to such date for which internal financial statements of the Company are available, including without limitation receivables and related proceeds of Alliance One International, LLC arising from the sale of
tobacco financed by Eastern and Southern African Trade and Development Bank in connection with the Secured Pre-Shipment and Export Finance Facilities Agreement, as amended and restated by the Second Amendment
and Restatement Agreement, dated on or about August 21, 2020, by and between Alliance One Tobacco (Kenya) Limited, Alliance One Tobacco (Malawi) Limited, Alliance One Tobacco (Tanzania) Limited, Alliance One Tobacco (Uganda) Limited and
Alliance One Zambia Limited, as borrowers, Alliance One International Holding, Ltd., as original guarantor, and Eastern and Southern African Trade and Development Bank, as mandated lead arranger, original lender, agent and security agent, providing
for revolving credit borrowings, including any related 

  
 12 

 
notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner
(whether upon or after termination or otherwise and whether with the original lenders or otherwise) or refinanced, in each case, in whole from time to time with any other asset based revolving credit facility, including any extension of the maturity
thereof or increase in the available amount of borrowings thereunder (the “TDB Facility”). 
 “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); provided that no Indebtedness of the Company or a Parent Guarantor shall
constitute an Equity Interest by virtue of being convertible into Capital Stock. 
 “Euroclear” means Euroclear Bank, S.A./N.V.,
as operator of the Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Assets” has the meaning assigned to it in the Pledge and Security Agreement or in any other Security Document (including
the UK Debenture). 
 “Excluded Subsidiary” means any Subsidiary of the Company or a Parent Guarantor (a) that is prohibited
by applicable law (whether on the Issue Date or thereafter) or contractual obligations existing on the Issue Date (or, in the case of any newly acquired Subsidiary, in existence at the time of acquisition but not entered into in contemplation
thereof) from guaranteeing the Obligations, or if guaranteeing the Obligations would require governmental (including regulatory) or other third-party consent, approval, license or authorization (unless such consent, approval, license or
authorization has been obtained), (b) with respect to which the Board of Directors of Pyxus International determines in a commercially reasonable manner that the burden or cost or other consequences of providing a Guarantee shall be excessive in
view of the benefits to be obtained by the Holders therefrom or (c) with respect to which the provision or maintenance of a Guarantee by it could reasonably be expected to result in material adverse tax consequences to the Company, the Parent
Guarantors or their Subsidiaries (as reasonably determined by Pyxus International). 
 “Existing Indebtedness” means all
Indebtedness of the Company, the Parent Guarantors and their Subsidiaries (other than the Notes, Indebtedness under the ABL Credit Agreement and Term Loan Credit Agreement and lines of credit of Foreign Subsidiaries) in existence on the date hereof,
until such amounts are repaid. 
 “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated
willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of Pyxus International (unless otherwise provided in this Indenture). 

“Fixed Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated EBITDA of
such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges
any Indebtedness (other than ordinary working capital borrowings, 

  
 13 

 
borrowings under Seasonal Subsidiary Debt and Guarantees of Grower Indebtedness) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed
Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated
giving pro forma effect (in accordance with Regulation S-X under the Securities Act) to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness,
or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. 

In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers
or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including all related financing transactions and including increases in ownership of Restricted
Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, or that are to be made on the Calculation Date, will be given pro forma effect (in accordance with Regulation S-X under the Securities Act, but giving effect to Pro Forma Cost Savings) as if they had occurred on the first day of the four-quarter reference period; 

(2) the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3) the Fixed
Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the
obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; 

(4) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at
all times during such four-quarter period; 
 (5) any Person that is not a Restricted Subsidiary on the Calculation Date will
be deemed not to have been a Restricted Subsidiary at any time during such four-quarter period; and 
 (6) if any
Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will 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
Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months). 

“Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication, of: 

  
 14 

 (1) the consolidated interest expense (other than interest expense in
respect of letters of credit) of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, noncash interest payments, the
interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred
in respect of bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus 

(2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period;
plus 
 (3) any interest on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 

(4) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock
of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of Pyxus International (other than Disqualified Stock) or to the Company, any Parent Guarantor or any of their
Restricted Subsidiaries, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case,
determined on a consolidated basis in accordance with GAAP; minus 
 (5) to the extent added in consolidated interest expense
in clause (3) above, contingent obligations so long as such obligations remain contingent; minus 
 (6) the interest
income of such Person and its Restricted Subsidiaries for such period. 
 “Foreign Guarantor” means any Subsidiary Guarantor that
is a Foreign Subsidiary. 
 “Foreign Subsidiary” means any Restricted Subsidiary of the Company or a Parent Guarantor that is not
a Domestic Subsidiary. 
 “Forsyth County Facility” means the fee owned facility located on Big Oaks Drive, in King, Forsyth
County, North Carolina. 
 “Funded Debt” means, with respect to any specified Person, any indebtedness of such Person (excluding
accrued expenses and trade payables), whether or not contingent: 
 (1) in respect of borrowed money or advances; or 

(2) evidenced by loan agreements, bonds, notes, debentures or similar instruments or letters of credit (or reimbursement
agreements in respect thereof). 

  
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 For the avoidance of doubt, “Funded Debt” shall not include Hedging Obligations or
Bank Product Obligations. 
 “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 from time to time (including applicable fresh-start accounting principles), provided, however, that lease liabilities and associated expenses recorded by the Company, the Parent
Guarantors and their Subsidiaries pursuant to ASU 2016-02, Leases, shall not be treated as Indebtedness and shall not be included in consolidated interest expense or Fixed Charges, unless the lease liabilities
would have been treated as Capital Lease Obligations under GAAP as in effect prior to the adoption of ASU 2016-02, Leases (in which case such lease liabilities and associated expenses shall be treated as
Capital Lease Obligations, and the interest component of such Capital Lease Obligation shall be included in consolidated interest expense and Fixed Charges). 

“Global Note Legend” means the legend set forth in Section 2.06(f)(1) hereof, which is required to be placed on all Global
Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the one or more securities
evidencing all or a part of the Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of
Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01 hereof. 
 “Government
Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit, in US dollar denominations. 

“Grower Indebtedness” means indebtedness incurred by tobacco farmers that supply tobacco to the Company, any Parent Guarantor or any
of their Restricted Subsidiaries for the purpose of financing the growing of tobacco crop. 
 “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, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise). 
 “Guarantors” means, collectively, the Parent Guarantors and the Subsidiary Guarantors. 

“Hedge Agreement” means, with respect to any Person, any agreement entered into to protect such Person against fluctuations in
interest rates, or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement, or similar arrangement between such Person and one or more counterparties, any foreign currency exchange agreement,
currency protection agreements, commodity purchase or option 

  
 16 

 
agreements, or other interest or exchange rate or commodity price hedging agreements. Notwithstanding the foregoing, the term “Hedge Agreement” shall not include any other hedging
agreements (or substantively equivalent derivative transactions) with respect to the Company’s or a Parent Guarantor’s Equity Interests. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under any Hedge Agreement. 

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

“Holding Company” means any Person so long as such Person directly or indirectly holds 100% of the aggregate Voting Stock of Pyxus
International, and at the time such Person acquired such Voting Stock, no Person and no “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange
Act as in effect on the Issue Date), including any such “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 Permitted Holder or combination of Permitted Holders, shall have beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of
the aggregate Voting Stock of such Person. 
 “Immaterial Subsidiary” shall mean, at any date of determination, any Subsidiary
that is neither a Material Domestic Restricted Subsidiary nor a Material Foreign Subsidiary. 
 “Indebtedness” means, with respect
to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 

(1) in respect of borrowed money; 

(2) evidenced by or issued in exchange for bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months
after such property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations or other Bank
Product Obligations, if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP,
but excluding Deemed Capitalized Leases. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person)
and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall be calculated without giving effect to the effects of FASB ASC Topic 815 and related

  
 17 

 
interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded
derivatives created by the terms of such Indebtedness. 
 “Indenture” means this Indenture, as amended or supplemented from time
to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Initial Guarantors” means the Guarantors listed on Exhibit D hereto. 

“Insolvency or Liquidation Proceeding” means: 

(1) any voluntary or involuntary case commenced by or against the Company or any Guarantor under the Bankruptcy Code or any
similar federal or state law for the relief of debtors, any other proceeding for the reorganization, recapitalization, receivership, liquidation or adjustment or marshaling of the assets or liabilities of the Company or any Guarantor, any
receivership or assignment for the benefit of creditors relating to the Company or any Guarantor or any similar case or proceeding relative to the Company or any Guarantor or its creditors, as such, in each case whether or not voluntary; 

(2) any liquidation, dissolution, marshaling of assets or liabilities or other winding up of or relating to the Company or any
Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
 (3) any other
proceeding of any type or nature in which substantially all claims of creditors of the Company or any Guarantor are determined and any payment or distribution is or may be made on account of such claims. 

“Intercreditor Agreements” means the ABL/Term Loan/Notes Intercreditor Agreement, the Term Loan/Notes Intercreditor Agreement and
any Junior Lien Intercreditor Agreement. 
 “Investments” means, with respect to any Person, all direct or indirect investments by
such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance
with GAAP. If the Company, any Parent Guarantor or any of their Restricted Subsidiaries sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company or a Parent Guarantor such that, after giving
effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company or such Parent Guarantor, the Company or such Parent Guarantor will be deemed to have made an Investment on the date of any such sale or
disposition equal to the Fair Market Value of the Company’s or such Parent Guarantor’s Investments in such Restricted Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of
Section 4.07. The acquisition by the Company, a Parent Guarantor or any Restricted Subsidiary of the Company or a Parent 

  
 18 

 
Guarantor of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company, such Parent Guarantor or such Restricted Subsidiary in such third Person in an
amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined according to the final paragraph of Section 4.07. Except as otherwise provided in this Indenture, the amount of an
Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 
 “Issue
Date” means August 24, 2020. 
 “Junior Lien” means a Lien granted, or purported to be granted, at any time, upon any
property of the Company, any Parent Guarantor or any Subsidiary Guarantor to secure Junior Lien Obligations. 
 “Junior Lien Collateral
Agent” means in the case of any series of Junior Lien Debt, the trustee, collateral agent or representative of the holders of such series of Junior Lien Debt who is appointed (for purposes related to the administration of security interests)
pursuant to the applicable Junior Lien Document governing such series of Junior Lien Debt, together with its successors and assigns in such capacity. 

“Junior Lien Debt” means any Funded Debt (including additional notes, and letter of credit and reimbursement obligations with
respect thereto) that is secured by a Junior Lien and that was permitted to be incurred and permitted to be so secured under each applicable Secured Debt Document; provided that in the case of any Indebtedness referred to in this definition: 

(1) such Indebtedness does not have a maturity date or any mandatory or scheduled payments or sinking fund obligations prior to the Stated
Maturity of the Notes (except as a result of a customary change of control or asset sale repurchase offer provisions); 
 (2) on or before
the date on which the first such Indebtedness is incurred by the Company or any Guarantor, the Company shall deliver to the Collateral Agent, the Term Loan Collateral Agent and the ABL Collateral Agent complete copies of each applicable Junior Lien
Document (which shall provide that each secured party with respect to such Indebtedness shall be subject to and bound by the Junior Lien Intercreditor Agreement), along with an Officers’ Certificate certifying as to such Junior Lien Documents
and identifying the obligations constituting Junior Lien Obligations; 
 (3) on or before the date on which any such Indebtedness is incurred
by the Company or any Guarantor, such Indebtedness is designated by the Company, in an Officers’ Certificate delivered to the Junior Lien Collateral Agent and the Collateral Agent, the Term Loan Collateral Agent and the ABL Collateral Agent, as
“Junior Lien Debt” under this Indenture; 
 (4) a Junior Lien Collateral Agent is designated with respect to such Indebtedness and
executes and delivers the Junior Lien Intercreditor Agreement (including, as applicable, a joinder thereto) on behalf of itself and all holders of such Indebtedness; and 

  
 19 

 (5) all other requirements set forth in the Junior Lien Intercreditor Agreement as to the
confirmation, grant or perfection of the Liens of the holders of Junior Lien Debt to secure such Indebtedness or obligations in respect thereof are satisfied. 

For the avoidance of doubt, ABL Obligations and Term Loan Obligations shall not constitute Junior Lien Debt for purposes of this Indenture.

 “Junior Lien Documents” means, collectively, any indenture, note, security document and each of the other agreements, documents
and instruments providing for or evidencing any Junior Lien Obligations, and any other document or instrument executed or delivered at any time in connection with any Junior Lien Obligations, to the extent such are effective at the relevant time, in
each case as each may be amended, restated, supplemented, modified, renewed, extended or refinanced in whole or in part from time to time, and any other credit agreement, indenture or other agreement, document or instrument evidencing, governing,
relating to or securing any Junior Lien Debt. 
 “Junior Lien Intercreditor Agreement” means an intercreditor agreement which
subordinates the Lien on the Collateral of the holders of the Junior Lien Debt to the Lien on the Collateral of each of the holders of Secured Obligations, holders of ABL Obligations and holders of Term Loan Obligations (to the extent then
outstanding) in form and substance materially consistent with prevailing market practice. 
 “Junior Lien Obligations” means
Junior Lien Debt and all other obligations in respect thereof including, without limitation interest and premium (if any), and all guarantees of any of the foregoing. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment
are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue
on such payment for the intervening period. 
 “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. 

“Material Domestic Restricted Subsidiary” means any Wholly-Owned Restricted Subsidiary of the Company or a Parent Guarantor that was
formed under the laws of the United States or any state of the United States or the District of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of the Company or any Parent Guarantor, which would
constitute a Significant Subsidiary, except that for purposes of this definition all references therein to 10.0% shall be deemed to be references to 5.0%. 

  
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 “Material Foreign Subsidiary” shall mean any Foreign Subsidiary of the Company or
any Parent Guarantor that would constitute a Significant Subsidiary of the Company or a Parent Guarantor. 
 “Material Real
Property” means, for so long as such Real Property is owned by the Company or any Guarantor, the Value Added Processing Facility, the Forsyth County Facility, the Pitt County Facility, the Wilson County Facility and any other Real Property
located in the United States and owned in fee simple by the Company or any Guarantor with a Fair Market Value (measured at the time of acquisition thereof) of more than $15,000,000. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

“Mortgage” means any deed of trust, mortgage, deed to secure debt, or other similar document creating a Lien on the Mortgaged
Property in form and substance reasonably acceptable to the Company and in form reasonably acceptable to the Collateral Agent, in each case, as the same may be amended, amended and restated, supplemented, extended or otherwise modified from time to
time. 
 “Mortgage Policy” means a title insurance policy (Form 2006). 

“Mortgaged Property” means any Material Real Property which is required to be encumbered by a Mortgage pursuant to the terms of this
Indenture or any Security Document. 
 “Net Proceeds” means the aggregate cash proceeds and Cash Equivalents received by the
Company, a Parent Guarantor or any of their Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any
non-cash consideration received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and
any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and amounts
required to be applied to the repayment of Indebtedness secured by a Lien on the asset or assets that were the subject of such Asset Sale and any reserve for adjustment or indemnification obligations in respect of the sale price of such asset or
assets established in accordance with GAAP. 
 “Note Collateral Account” has the meaning assigned to it in Section 4.10. 

“Note Documents” means this Indenture, the Notes and the Security Documents securing the Obligations in respect thereof. 

“Note Guarantee” means the Guarantee by each Guarantor of the Company’s Obligations under this Indenture and the Notes,
executed pursuant to the provisions of this Indenture. 
 “Note Lien” means a Lien in favor of the Collateral Agent on Collateral
securing the Secured Obligations. 
 “Note Trust Monies” means all cash and Cash Equivalents: 

  
 21 

 (1) received by the Company or a Parent Guarantor upon the release of the
Notes Priority Collateral from the Note Lien of this Indenture or Note Documents in connection with any Asset Sale; provided that any such cash or Cash Equivalents remaining after consummation of an Asset Sale Offer pursuant to Section 4.10
shall cease to be Note Trust Monies; or 
 (2) received by the Collateral Agent as proceeds of any sale or other disposition
of all or any part of the Notes Priority Collateral by or on behalf of the Collateral Agent or any collection, recovery, receipt, appropriation or other realization of or from all or any part of the Notes Priority Collateral pursuant to this
Indenture or any of the Note Documents; provided however, that Note Trust Monies shall in no event include (i) any property deposited with the Trustee for any redemption, legal defeasance or covenant defeasance of Notes, for the satisfaction
and discharge of this Indenture or to pay the purchase price of the Notes pursuant to an Asset Sale Offer in accordance with the terms of this Indenture, (ii) any cash received or applied by the Trustee or any Agent in payment of its fees,
expenses and other amounts owed to it, (iii) prior to the Discharge of ABL Obligations, any amounts attributable to (or proceeds of) ABL Priority Collateral, or (iv) prior to the Discharge of Term Loan Obligations, any amounts attributable
to (or proceeds of) Term Loan Priority Collateral. 
 “Notes” has the meaning assigned to it in the preamble to this Indenture.

 “Notes Priority Collateral” has the meaning assigned to it in the ABL/Term Loan/Notes Intercreditor Agreement. 

“Obligations” means any principal (including reimbursement obligations with respect to letters of credit whether or not drawn),
interest (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the applicable Secured Debt
Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities payable under any Secured Debt Documents (other than
the Dutch Parallel Debt). 
 “OECD” means the Organization for Economic Cooperation and Development and any successor thereto.

 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company or a Parent Guarantor by two Officers of the
Company or such Parent Guarantor, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or such Parent Guarantor, that meets the requirements of
Section 13.03 hereof. 

  
 22 

 “Opinion of Counsel” means an opinion from legal counsel who is reasonably
acceptable to the Trustee, that meets the requirements of Section 13.03 hereof. The counsel may be an employee of or counsel to the Company, any Parent Guarantor, any Subsidiary of the Company or a Parent Guarantor or the Trustee. 

“Parent Guarantors” means Pyxus International and Pyxus Parent, and their respective successors, and any other direct or indirect
parent entities of the Company. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has
an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Advances on Purchases of Tobacco” means advances of cash or crop-related materials made by the Company, a Parent
Guarantor or any of their Restricted Subsidiaries to growers and other suppliers of tobacco (including Affiliates) and tobacco growers’ cooperatives in the ordinary course of business to finance the growing or processing of tobacco only to the
extent that the aggregate principal amount of such advances outstanding at any time to any Person and such Person’s Affiliates does not exceed 30% of the Consolidated Tangible Net Worth of the Company for the most recently ended fiscal quarter
for which internal financial statements are available. 
 “Permitted Business” means any business that is the same as, or
reasonably related, ancillary or complementary to, any of the businesses in which the Company, the Parent Guarantors and their Restricted Subsidiaries are engaged on the Issue Date. 

“Permitted Encumbrance” means, with respect to any Mortgaged Property, such exceptions to title as are set forth in the Mortgage
Policy delivered with respect thereto, all of which exceptions must be commercially reasonable. 
 “Permitted Holders” means each
of (i) Glendon Capital Management LP, Monarch Alternative Capital LP, Owl Creek Asset Management, L.P. and Intermarket Corporation and any Affiliate of the foregoing, and any fund managed by any of the foregoing or any Affiliate thereof,
(ii) any Person who is acting solely as an underwriter in connection with a public or private offering of Equity Interests of Pyxus International or any of its direct or indirect parent companies, acting in such capacity, (iii) any
“group” (within the meaning of Rules 13(d)(3) and 13(d)(5) under the Exchange Act as in effect on the Issue Date) of which any of the foregoing are members and any member of such group; provided that in the case of such group and without
giving effect to the existence of such group or any other group, Persons referred to in clauses (i) and (ii), collectively, have beneficial ownership of more than 50% of the total Voting Stock of Pyxus International or any of its direct or
indirect parent companies held by such group and (iv) any Holding Company. Any Person or group 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, together with its Affiliates, constitute an additional Permitted Holder. 

“Permitted Investments” means: 

  
 23 

 (1) any Investment in the Company, in a Parent Guarantor or in their
Restricted Subsidiaries, provided that the aggregate amount of Investments (i) made outside the ordinary course of business pursuant to this clause (1) and clause (15) of this definition by the Company, any Parent Guarantor or any
Subsidiary Guarantor that is a Domestic Subsidiary in any Foreign Guarantor and (ii) made outside the ordinary course of business pursuant to this clause (1) and clause (15) of this definition by the Company, any Parent Guarantor or
any Subsidiary Guarantor in any Subsidiary of the Company that is not a Subsidiary Guarantor may not exceed (A) $50.0 million (without duplication), plus (B) any amount provided that at the time of such Investment and after giving pro
forma effect thereto as if such Investment had been made at the beginning of the applicable four-quarter period, Pyxus International would have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio set forth in Section 4.09(a), except that such ratio must be at least 1.0 to 1.0 for purposes of this clause; 

(2) any Investment in Cash Equivalents; 

(3) any Investment by the Company, any Parent Guarantor or any of their Restricted Subsidiaries in a Person, if as a result of
such Investment: 
  

	 	(a)	 such Person becomes a Restricted Subsidiary of the Company or a Parent Guarantor; or 

 

	 	(b)	 such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of
its assets to, or is liquidated into, the Company, a Parent Guarantor or any of their Restricted Subsidiaries; 

(4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 4.10 or any other disposition of assets not constituting an Asset Sale, other than pursuant to clause (8) of the second sentence of the definition of “Asset
Sale”; 
 (5) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other
than Disqualified Stock) of Pyxus International; 
 (6) any Investments received in compromise or resolution of
(a) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Company, any Parent Guarantor or any of their Restricted Subsidiaries, including pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b) litigation, arbitration or other disputes; 

(7) Investments represented by Hedging Obligations; 

(8) loans or advances to employees made in the ordinary course of business of the Company, any Parent Guarantor or any of their
Restricted Subsidiaries in an aggregate principal amount not to exceed $5.0 million at any one time outstanding; 

  
 24 

 (9) loans and advances to growers and other suppliers of tobacco (including
Affiliates) in the ordinary course of its business in an aggregate outstanding principal amount consistent with past practice of the Company, the Parent Guarantors and their Affiliates; 

(10) repurchases of the Notes; 

(11) any guarantee and any guarantee of Indebtedness permitted to be incurred pursuant to Section 4.09; 

(12) any Investment existing on, or made pursuant to binding commitments existing on, the date hereof and any Investment
consisting of an extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the date hereof; provided that the amount of any such Investment may be increased (a) as required by the
terms of such Investment as in existence on the date hereof or (b) as otherwise permitted under this Indenture; 
 (13)
Investments acquired after the date hereof as a result of the acquisition by the Company, any Parent Guarantor or any of their Restricted Subsidiaries of another Person, including by way of a merger, amalgamation or consolidation with or into the
Company, any Parent Guarantor or any of their Restricted Subsidiaries in a transaction that is not prohibited by Section 5.01 after the date hereof to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(14) Investments made in the ordinary course of such Person’s business in export notes, trade credit assignments,
bankers’ acceptances, guarantees and instruments of a similar nature issued in connection with the financing of international trading transactions by: 
  

	 	(a)	 any commercial bank or trust company (or any Affiliate thereof) organized under the laws of the United States
of America, any state thereof, or the District of Columbia having capital and surplus in excess of $100.0 million; or 

  

	 	(b)	 any international bank organized under the laws of any country which is a member of the OECD or a political
subdivision of any such country, and having a combined capital and surplus in excess of $100.0 million; 

(15) any Investment for consideration consisting of common stock of Pyxus International and any other Investment for cash or
Cash Equivalents, other securities or properties of the Company, a Parent Guarantor or any of their Restricted Subsidiaries (valued in good faith by the Board of Directors of Pyxus International), the assumption of any Indebtedness (valued at the
principal amount thereof), any other consideration (valued in good faith by the Board of Directors of Pyxus International) or any combination of the foregoing; provided that (a) the aggregate value of all such

  
 25 

 
consideration for all Investments of the Company, any Parent Guarantor or any of their Restricted Subsidiaries made during any fiscal year, when taken together with all other Investments made
pursuant to this clause (15) that are at the time outstanding, shall not exceed 12.5% of Consolidated Tangible Net Worth as at the end of the previous fiscal year, (b) no Default or Event of Default shall exist immediately before or after
giving effect to such Investment on a pro forma basis and (c) the aggregate amount of Investments (i) made outside the ordinary course of business pursuant to this clause (15) and clause (1) of this definition by the Company, any
Parent Guarantor or any Subsidiary Guarantor that is a Domestic Subsidiary in any Foreign Guarantor and (ii) made outside the ordinary course of business pursuant to this clause (15) and clause (1) of this definition by the Company,
any Parent Guarantor or any Subsidiary Guarantor in any Subsidiary of the Company that is not a Subsidiary Guarantor may not exceed (A) $50.0 million (without duplication), plus (B) any amount provided that at the time of such Investment
and after giving pro forma effect thereto as if such Investment had been made at the beginning of the applicable four-quarter period, Pyxus International would have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Fixed Charge Coverage Ratio set forth in Section 4.09(a), except that such ratio must be at least 1.0 to 1.0 for purposes of this clause; provided that no Investment may be made or held in any Unrestricted Subsidiary pursuant to this clause
(15); 
 (16) any Investment in accounts receivable owing to the Company or a Parent Guarantor or any of their Restricted
Subsidiaries, if created or acquired in the ordinary course of business consistent with past practice and payable or dischargeable in accordance with customary trade terms of the Company, such Parent Guarantor or such Restricted Subsidiary; 

(17) the Company, the Parent Guarantors and their Restricted Subsidiaries may make advances in the form of a prepayment of
expenses to vendors, suppliers and trade creditors consistent with their past practices, so long as such expenses were incurred in the ordinary course of business of the Company, such Parent Guarantor or such Restricted Subsidiary; 

(18) the Company, the Parent Guarantors and their Restricted Subsidiaries may make additional Investments described on Exhibit
F. 
 “Permitted Liens” means: 

(1) Liens securing Indebtedness permitted by the terms of this Indenture to be incurred pursuant to clause (1) of the
definition of Permitted Debt and/or securing Hedging Obligations and/or securing Bank Product Obligations, in each case subject to the terms of the ABL/Term Loan/Notes Intercreditor Agreement and the Term Loan/Notes Intercreditor Agreement; 

(2) Liens to secure Indebtedness permitted by clause (3) of the definition of Permitted Debt; 

  
 26 

 (3) Junior Liens securing Junior Lien Obligations permitted by clause
(17) of the definition of Permitted Debt; 
 (4) Liens in favor of the Company, any Parent Guarantor or any of their
Restricted Subsidiaries; 
 (5) Liens on property of a Person existing at the time such Person becomes a Restricted
Subsidiary of the Company or the Parent Guarantors or is merged with or into or consolidated with the Company, any Parent Guarantor or any of their Restricted Subsidiaries; provided that such Liens were in existence prior to the contemplation of
such Person becoming a Restricted Subsidiary of the Company or a Parent Guarantor or such merger or consolidation and do not extend to any assets other than those of the Person that becomes a Restricted Subsidiary of the Company or a Parent
Guarantor or is merged with or into or consolidated with the Company, any Parent Guarantor or any Restricted Subsidiary of the Company or a Parent Guarantor; 

(6) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Company,
any Parent Guarantor or any of their Restricted Subsidiaries and not created in contemplation of such event; 
 (7) any Lien
existing on any asset prior to the acquisition thereof by the Company, any Parent Guarantor or any of their Restricted Subsidiaries and not created in contemplation of such event; 

(8) Liens securing the performance of bids, tenders, leases, contracts (other than for the repayment of Indebtedness),
statutory obligations, and other obligations of like nature, incurred as an incident to and in the ordinary course of business; 

(9) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (4) of the definition of
Permitted Debt covering only the assets acquired with or financed by such Indebtedness; 
 (10) Liens existing on the date
hereof (other than Liens on assets of Foreign Subsidiaries securing foreign lines of credit of such Foreign Subsidiaries and Liens securing Indebtedness and other obligations incurred pursuant to clause (1) of the definition of Permitted Debt);

 (11) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(12) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each
case, incurred in the ordinary course of business; 
 (13) Permitted Encumbrances and zoning restrictions, easements,
licenses, reservations, covenants, conditions, waivers, restrictions on the use of property or other minor encumbrances or irregularities of title which do not materially impair the use of 

  
 27 

 
any material property in the operation of the business of the Company, any Parent Guarantor or any of their Restricted Subsidiaries or the value of such property for the purpose of such
businesses or which are being contested in good faith by appropriate proceedings; 
 (14) Liens to secure any Permitted
Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however, that: 
  

	 	(a)	 the new Lien is limited to all or part of the same property and assets that secured or, under the written
agreements pursuant to which the original Lien arose, could secure the original Indebtedness (plus improvements and accessions to, such property or proceeds or distributions thereof); 

 

	 	(b)	 the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the
outstanding principal amount, or, if greater, committed amount, of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged with such Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and
expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge; 

  

	 	(c)	 the new Lien is not senior in priority to the Lien it is replacing; and 

 

	 	(d)	 the original Lien was not incurred under clause (1), (2), (21) or (22) of this definition of Permitted
Liens; 

 (15) Liens (not securing Indebtedness) which are incurred in the ordinary course of business in
connection with workers’ compensation, unemployment insurance, old-age pensions, social security and public liability laws and similar legislation; 

(16) attachment, judgment or similar Liens arising in connection with court proceedings; provided, that the execution or other
enforcement of such Liens with respect to judgments or decrees involving in the aggregate a liability of $40.0 million or more is effectively stayed, the claims secured thereby are being actively contested in good faith by appropriate
proceedings and the Company, any Parent Guarantor or any of their Restricted Subsidiaries, as the case may be, shall have set aside on its books, if required by GAAP, appropriate reserves for such Liens; 

(17) Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of
Indebtedness; 
 (18) Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

  
 28 

 (19) any Lien securing any obligations and liabilities arising under or in
connection with any cash management arrangements entered into prior to, on or after the date hereof, including, without limitation, any netting or set-off system for the calculation of interest with respect to
debit balances and credit balances under such arrangements; provided that the assets subject to any such Lien shall be limited to the assets held from time to time at the financial institution providing such cash management arrangements; 

(20) Liens arising in the ordinary course of business solely with respect to cash and Cash Equivalents in favor of a creditor
depositary institution solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds
maintained with such creditor depository institution, provided that such deposit account is not intended by the Company, any Parent Guarantor or any of their Restricted Subsidiaries, as the case may be, to provide collateral to the depository
institution; 
 (21) Liens not otherwise permitted under Section 4.12 with respect to obligations that do not exceed
$10.0 million at any one time outstanding; 
 (22) (x) any Lien on the assets of a Foreign Subsidiary and
(y) Permitted Receivables Liens securing Indebtedness permitted by clause (14) of the definition of Permitted Debt; 

(23) (a) leases, licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not
(i) interfere in any material respect with the business of the Company, any Parent Guarantor or any of their Restricted Subsidiaries or (ii) secure any Indebtedness for borrowed money or (b) the rights reserved or vested in any Person
by the terms of any lease, license, franchise, grant or permit held by the Company, any Parent Guarantor or any of their Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to
require annual or periodic payments as a condition to the continuance thereof; 
 (24) Liens arising out of conditional sale,
title retention, consignment or similar arrangements for sale of goods entered into by the Company, any Parent Guarantor or any of their Restricted Subsidiaries in the ordinary course of business not prohibited by this Indenture to the extent such
Liens do not attach to any assets other than the goods subject to such arrangements and are not intended as security for financing transactions; 

(25) any Lien on accounts receivable arising from transactions permitted by the terms of this Indenture to be incurred pursuant
to clause (10) of the definition of Permitted Debt and/or transactions permitted under clause (5) in the exclusion in the definition of Asset Sales; and 

(26) Liens securing Indebtedness incurred pursuant to clause (18) of the definition of Permitted Debt, which Liens shall
extend solely to the Specified Business. 
 “Permitted Payments to Parent” means 

  
 29 

 (i) payments to any direct or indirect parent companies of the Company (including any Parent
Guarantor) in amounts required to pay fees and expenses (including franchise or similar taxes) required to maintain their corporate existence, to pay customary salary, bonus and other benefits payable to officers and employees of any such parent of
the Company and to pay general corporate overhead expenses of any such parent of the Company (including relating to such parent’s financial reporting obligations); and 

(ii) for so long as the Company is a member of a group filing a consolidated or combined tax return with such parent companies, payments to
such parent companies in respect of an allocable portion of the tax liabilities of such group that is attributable to Pyxus International, the Company and their Subsidiaries (“Tax Payments”). The Tax Payments shall not exceed the lesser of
(i) the amount of the relevant tax (including any penalties and interest) that Pyxus International or the Company would owe if Pyxus International or the Company were filing a separate tax return (or a separate consolidated or combined return
with its Subsidiaries that are members of the consolidated or combined group), taking into account any carryovers and carrybacks of tax attributes (such as net operating losses) of the Parent Guarantors, the Company and such Subsidiaries from other
taxable years and (ii) the net amount of the relevant tax that such parent companies actually owe to the appropriate taxing authority. Any Tax Payments received from Pyxus International or the Company shall be paid over to the appropriate
taxing authority within 30 days of such parent companies’ receipt of such Tax Payments or refunded to the Company. 
 “Permitted
Receivables Liens” means Liens on accounts receivable of Alliance One International, LLC and related collections accounts securing, and financed by, Indebtedness of Foreign Subsidiaries incurred under the TDB Facility pursuant to clause
(14) of the definition of Permitted Debt. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company, any
Parent Guarantor or any of their Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company, any Parent Guarantor or any of their
Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted
value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest
on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 
 (2)
such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity that is (a) equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged or (b) more than 90 days after the final maturity date of the Notes; 

  
 30 

 (3) if the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the holders of Notes as those contained in the
documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (4)
such Indebtedness is incurred either by the Company, a Parent Guarantor or a Restricted Subsidiary of the Company or a Parent Guarantor that was the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged
and is guaranteed only by Persons who were obligors on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited partnership, limited liability partnership, limited or unlimited liability company or government or other entity. 

“Pitt County Facility” means the fee owned facility located on U.S. Highway 264-A, in
Farmville, in Pitt County, North Carolina. 
 “Plan” means the Company’s plan of reorganization under Chapter 11 of the
Bankruptcy Code. 
 “Pledge and Security Agreement” means the Pledge and Security Agreement, dated as of August 24, 2020, by
and among the Company, the Initial Guarantors party thereto, and the Collateral Agent for the benefit of the Secured Parties (as amended, restated, modified, supplemented or replaced from time to time in accordance with the terms hereof and
thereof). 
 “Pro Forma Cost Savings” means, with respect to any four-quarter period, the reduction in net costs and expenses
that: 
 (1) were directly attributable to an acquisition, Investment, disposition, merger, consolidation or discontinued
operation or other specified action that occurred during the four-quarter period or after the end of the four-quarter period and on or prior to the Calculation Date, and that would properly be reflected in a pro forma income statement prepared in
accordance with Regulation S-X under the Securities Act; 
 (2) were actually
implemented prior to the Calculation Date, in connection with or as a result of an acquisition, Investment, disposition, merger, consolidation or discontinued operation or other specified action and that are supportable and quantifiable by the
underlying accounting records; or 
 (3) relate to an acquisition, Investment, disposition, merger, consolidation or
discontinued operation or other specified action and that are reasonably expected to be realized within 12 months of the date of the closing of the acquisition, Investment, disposition, merger, consolidation or discontinued operation or specified
action. 
 “Pyxus International” means Pyxus International, Inc. (formerly known as Pyxus One, Inc.), a Virginia corporation, and
its successors and assigns. 

  
 31 

 “Pyxus Parent” means Pyxus Parent, Inc., a Virginia corporation, and its
successors and assigns. 
 “Qualifying Equity Interests” means Equity Interests of Pyxus International other than Disqualified
Stock. 
 “Real Property” of any Person shall mean all the right, title, and interest of such Person in and to land, improvements
and fixtures thereon, including freeholds and leaseholds. 
 “Recovery Event” means the receipt by the Company, any Parent
Guarantor or any of their Restricted Subsidiaries of any cash insurance proceeds or condemnation award payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of their respective property or
assets. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department
of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of such officers and, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and, in each case, who has direct responsibility for the administration of this Indenture. 

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

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Unless the
context otherwise requires, Restricted Subsidiary refers to a Restricted Subsidiary of the Parent Guarantors or the Company. 
 “Rule
144” means Rule 144 promulgated under the Securities Act. 
 “S&P” means S&P Global Ratings, a division of S&P
Global, Inc., or any successor thereto. 
 “Seasonal Subsidiary Debt” means seasonal Indebtedness (under bank facilities) incurred
by the Restricted Subsidiaries of Pyxus International (other than the Company or any other Parent Guarantor) and having maturities of no more than one year. 

“SEC” means the U.S. Securities and Exchange Commission or any governmental authority succeeding to any or all of its functions.

 “Secured Debt Documents” means, collectively, the Note Documents and the Security Documents. 

“Secured Obligations” means the Notes and all other Obligations in respect thereof including, without limitation interest and
premium (if any), and all Guarantees of any of the foregoing. 
 “Secured Parties” means the Holders, any other holders of Secured
Obligations, the Trustee and each Agent. 

  
 32 

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

“Security Documents” means the Pledge and Security Agreement, the ABL/Term Loan/Notes Intercreditor Agreement, the Term Loan/Notes
Intercreditor Agreement, any Junior Lien Intercreditor Agreement, the UK Debenture, the UK Trust Deed, the UK Share Charges, the Dutch Pledge and all other security agreements, pledge agreements, collateral assignments, Mortgages, collateral trust
or agency agreements, intercreditor agreements, control agreements or other grants or transfers for security executed and delivered by the Company or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral
Agent, for the benefit of any of the Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the applicable Intercreditor Agreements. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof. 

“Specified Business” means Equity Interests and/or assets comprising all or part of the Company’s Global Specialty Products
Business. 
 “Specified Sales” means (1) the sale, transfer, lease or other disposition of inventory and materials in the
ordinary course of business and (2) the conversion of cash into Cash Equivalents or Cash Equivalents into cash. 
 “Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the
date hereof, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees
of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership or limited liability company of which (a) 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 (b) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

  
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 “Subsidiary Guarantor” means any Subsidiary of Pyxus International (other than the
Company and any other Parent Guarantor) that executes a Note Guarantee in accordance with the provisions of this Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in
accordance with the provisions of this Indenture. 
 “Term Loan/Notes Intercreditor Agreement” means the Term Loan/Notes
Intercreditor Agreement, dated the Issue Date, among the Collateral Agent and the Term Loan Collateral Agent (as amended, restated, modified, supplemented or replaced from time to time in accordance with the terms hereof and thereof). 

“Term Loan Collateral Agent” means Alter Domus (US) LLC, as collateral agent under the Term Loan Credit Agreement, and its
successors, replacements and/or assigns in such capacity. 
 “Term Loan Credit Agreement” means the Term Loan Credit Agreement
dated as of the Issue Date, among the Company, Alter Domus (US) LLC, as administrative agent and as collateral agent, and the several lenders from time to time party thereto, including any related notes, guarantees, collateral documents, instruments
and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (including upon, or substantially concurrent with, termination thereof (but not after termination thereof)
or otherwise and whether with the original lenders or otherwise) or refinanced, in each case, in whole from time to time, including any extension of the maturity thereof or increase in the available amount of borrowings thereunder. 

“Term Loan Obligations” has the meaning assigned to the term “Obligations” in the Term Loan Credit Agreement, whether or
not allowed or allowable in an insolvency or bankruptcy proceeding (including claims disallowed as a result of the Term Loan Obligations and the Secured Obligations being treated as part of the same class in any such insolvency or liquidation
proceeding). 
 “Term Loan Priority Collateral” has the meaning assigned to it in the ABL/Term Loan/Notes Intercreditor Agreement.

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

“Transaction Costs” means all losses, charges, costs or expenses related to the Transactions. 

“Transactions” means the consummation of the transactions contemplated by the Plan, including the entry into this Indenture and the
issuance of the Notes hereunder and the entry into the ABL Credit Agreement and the Term Loan Credit Agreement by the Company and the other parties thereto, all related transactions to occur on, prior to or after the Issue Date and payment of fees
and expenses related to the foregoing. 
 “Treasury Rate” means, as of any redemption date, the yield to maturity as of such
redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become 

  
 34 

 
publicly available at least two Business Days prior to the redemption date (or, if such Federal Reserve Statistical Release H.15 (519) is no longer published, any publicly available source of
similar market data)) most nearly equal to the period from the redemption date to August 24, 2022; provided, however, that if the period from the redemption date to August 24, 2022 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. 
 “Trustee” means
Wilmington Trust, National Association, in its capacity as trustee hereunder, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“UK Debenture” means the English law governed debenture dated the Issue Date between Alliance One International Holdings, Ltd. and
Pyxus Agriculture Holdings Limited, as chargors, and the Collateral Agent, as collateral agent. 
 “UK Guarantor” and “UK
Guarantors” means any Guarantor or Guarantors organized or existing under the laws of the United Kingdom, including of England and Wales or Scotland. 

“UK Legal Reservations” means, in the case of any UK Guarantor or any Secured Debt Document governed by English law or to which a UK
Guarantor is party: (i) the principle that certain remedies may be granted or refused at the discretion of the court, the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes,
moratoria, administration and other laws generally affecting the rights of creditors and secured creditors; (ii) the time barring of claims under applicable limitation laws and defences of acquiescence, set off or counterclaim and the
possibility that an undertaking to assume liability for or to indemnify a person against non-payment of stamp duty may be void; (iii) the principle that in certain circumstances Collateral granted by way
of fixed charge may be recharacterised as a floating charge or that Collateral purported to be constituted as an assignment may be recharacterised as a charge; (iv) the principle that additional interest imposed pursuant to any relevant
agreement may be held to be unenforceable on the grounds that it is a penalty and thus void; (v) the principle that a court may not give effect to an indemnity for legal costs incurred by an unsuccessful litigant; (vi) the principle that
the creation or purported creation of Collateral over any contract or agreement which is subject to a prohibition on transfer, assignment or charging may be void, ineffective or invalid and may give rise to a breach of the contract or agreement over
which Collateral has purportedly been created; (vii) similar principles, rights and defences under the laws of any relevant jurisdiction; (viii) the making or the procuring of the appropriate registrations, filing, endorsements,
notarization, stampings and/or notifications of the Security Documents and/or the Collateral created thereunder and (ix) any other matters which are set out as qualifications or reservations (however described) as to matters of law in any legal
opinion delivered to the Collateral Agent pursuant to any Secured Debt Document. 
 “UK Perfection Requirement” means any
registration, filing, endorsement, notarization, stamping, notification or other action or step to be made or procured in any jurisdiction in order to create, perfect or enforce the Lien created by a Security Document and/or to achieve the relevant
priority for the Lien created thereunder. 

  
 35 

 “UK Security Documents” means the Security Documents governed by the laws of the
United Kingdom, including England and Wales and Scotland. 
 “UK Share Charges” means the English law governed share charges dated
the Issue Date between (1) Alliance One International LLC (as chargor) and the Collateral Agent (as collateral agent); and (2) the Company (as chargor) and the Collateral Agent (as collateral agent). 

“UK Trust Deed” means the English law governed security trust deed dated the Issue Date between the Company and the Collateral
Agent, as collateral trustee. 
 “Uncommitted Inventories” means tobacco inventories for which the Company, any Parent Guarantor
or any of their Restricted Subsidiaries has not received a Confirmed Order, which such inventories are reflected on the books and records of the Company, any Parent Guarantor or any of their Restricted Subsidiaries as uncommitted inventories in
accordance with GAAP. 
 “Underlying Debt” means, in relation to the Company and each Guarantor and at any given time, each
obligation (whether present or future, actual or contingent) owing by the Company or any Guarantor under the Secured Debt Documents (including, for the avoidance of doubt, any change or increase in those obligations pursuant to or in connection with
any amendment or supplement or restatement or novation of any Secured Debt Document, in each case whether or not anticipated as of the date of this Indenture) excluding the Company’s and each Guarantor’s Dutch Parallel Debts. 

“Unrestricted Subsidiary” means any Subsidiary of the Company or a Parent Guarantor that is designated by the Board of Directors of
Pyxus International as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors of Pyxus International, but only to the extent that such Subsidiary: 

(1) except as permitted under Section 4.11, is not party to any agreement, contract, arrangement or understanding with the
Company, any Parent Guarantor or any Restricted Subsidiary thereof unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company, such Parent Guarantor or such Restricted Subsidiary than those
that might be obtained at the time from Persons who are not Affiliates of the Company or such Parent Guarantor; 
 (2) is a
Person with respect to which neither the Company, any Parent Guarantor nor any of their Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such
Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
 (3)
has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company, any Parent Guarantor or any of their Restricted Subsidiaries. 

“Value Added Processing Facility” means the tobacco processing facility located along Baldree Road and Wilco Boulevard in Wilson,
North Carolina. 

  
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 “Voting Stock” of any specified 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 at any date, the number of years obtained by dividing: 
 (1) the sum
of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by
(b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

(2) the then outstanding principal amount of such Indebtedness. 

“Wholly-Owned Restricted Subsidiary” of any specified Person means a Restricted Subsidiary of such Person all of the outstanding
Capital Stock or other ownership interests of which (other than directors’ qualifying shares and/or nominal amounts of shares required to be held by Persons other than the Company, the Parent Guarantors and their Subsidiaries) will at the time
be owned by such Person or by one or more Wholly-Owned Restricted Subsidiaries of such Person. 
 “Wilson County Facility” means
the fee owned facility located on Old Stantonsburg Road, in Wilson, Wilson County, North Carolina. 
 Section 1.02
Other Definitions. 
  

			
	 Term
	  	 Defined in
Section

	“Applicable Law”	  	13.14
	“Asset Sale Offer”	  	3.09
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.15
	“Change of Control Payment”	  	4.15
	“Change of Control Payment Date”	  	4.15
	“Covenant Defeasance”	  	8.03
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.10
	“Freely Disposable Amount”	  	11.02
	“incur”	  	4.09
	“Legal Defeasance”	  	8.02
	“Note Collateral Account”	  	4.10
	“Offer Amount”	  	3.09
	“Offer Period”	  	3.09
	“Paying Agent”	  	2.03
	“Payment Default”	  	6.01
	“Permitted Debt”	  	4.09

  
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	 Term
	  	 Defined in
Section

	“Purchase Date”	  	3.09
	“Redemption Price Premium”	  	6.02
	“Registrar”	  	2.03
	“Restricted Payments”	  	4.07

 Section 1.03 Incorporation by Reference of the Trust Indenture Act. 

(1) This Indenture is not and shall not be qualified by the TIA and no provisions of the TIA are incorporated by reference in
and made a part of this Indenture. 
 Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

(4) “including” is not limiting; 

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

(6) “will” shall be interpreted to express a command; 

(7) provisions apply to successive events and transactions; and 

(8) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time. 
 Section 1.05 Calculations. 

(1) Any calculation or measure that is determined with reference to the Company’s and/or the Restricted Subsidiaries’
financial statements (including, without limitation, Consolidated EBITDA, consolidated interest expense, Consolidated Net Income, Consolidated Net Worth, Consolidated Tangible Net Worth, Eligible Inventory, Eligible Receivables, Fixed Charge
Coverage Ratio, Fixed Charges and clause (3)(A) of the second paragraph under Section 4.07(a)) may be determined with reference to Pyxus International’s financial information at the election of Pyxus International. 

  
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 ARTICLE 2 

THE NOTES 

Section 2.01 Form and Dating. 

(a) General. The Notes are being issued pursuant to an exercise of rights to acquire the Notes obtained in an offering exempt from registration
under the Securities Act in reliance on Section 1145 of the Bankruptcy Code. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $1.00 or an integral multiple of $1.00 in excess thereof (or such other amount as may be
necessary to reflect the full amount of the Notes). 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part
of this Indenture and the Company, the Guarantors, the Trustee and any Agent, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in
definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent
such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby will be made by the Registrar or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Company by manual, facsimile or electronic signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will cause an authorized signatory of the Trustee (or a duly
appointed authenticating agent) to manually sign the certificate of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company in

  
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accordance with this Section; (3) the Company delivers a written order of the Company signed by two Officers (an “Authentication Order”) to the Trustee that
(a) requests the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note is to be authenticated; and (4) an Opinion of Counsel and an Officers’ Certificate
delivered is to the Trustee. If such Authentication Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then the Trustee will promptly deliver such Note in accordance with such Authentication Order. 

On the Issue Date, there will be originally issued two hundred eighty million, eight hundred forty-three thousand, seven hundred fifty-one dollars ($280,843,751) aggregate principal amount of Notes, subject to the provisions of this Indenture (including this Section). The aggregate principal amount of Notes that may be authenticated and
delivered under this Indenture is unlimited but may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 
 Section 2.03 Registrar and Paying Agent. 

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The
Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company, a
Parent Guarantor or any of their Restricted Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints the Trustee
to act as Registrar and Paying Agent. 
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary
with respect to the Global Notes. 
 The Company initially appoints the Registrar to act as Custodian with respect to the Global Notes. 

  
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 Section 2.04 Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders. If the Trustee is not the Registrar, the Company will furnish to the Trustee at least ten 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 the Holders of Notes. 
 Section 2.05
Paying Agent to Hold Money in Trust. 
 The Paying Agent shall (or if the Paying Agent is not a party hereto, the Company will require
such Paying Agent to agree in writing that such Paying Agent will) hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify
the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all
money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and
hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. In such case, upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 

Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such
notice from the Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in whole but not in
part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there
has occurred and is continuing a Default or Event of Default with respect to the Notes, and the Company, the Trustee or the Registrar has received a written request from DTC, or from a holder of a beneficial interest in such Global Note, to exchange
such Global Note or beneficial interest. 
 Upon the occurrence of either of the preceding events in (1), (2) or (3) above, Definitive
Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be 

  
 41 

 
authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however,
beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 
 (b)
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (B) both: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 

  
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 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Registrar shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(1) Beneficial Interests in Global Notes to Definitive Notes. If any holder of a beneficial interest in a Global Note proposes
to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in
Section 2.06(b)(2) hereof, the Registrar will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company will execute and the Trustee will authenticate
and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(1) will be registered in such name
or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Registrar will
deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 
 (d) Transfer and Exchange of Definitive Notes
for Beneficial Interests. 
 (1) Definitive Notes to Beneficial Interests in Global Notes. A Holder of a Definitive Note may
exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange
or transfer, the Registrar will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes 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
must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

(1) Definitive Notes to Definitive Notes. A Holder of Definitive Notes may transfer such Notes to a Person who takes delivery
thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions from the Holder thereof. 

  
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 (f) Legends. The following legends will appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(1) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE REGISTRAR MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE REGISTRAR FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the
Registrar in accordance with Section 2.10 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial
interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Registrar or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a 

  
 44 

 
Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such
Global Note by the Registrar or by the Depositary at the direction of the Trustee to reflect such increase. 
 (h) General Provisions
Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Company will execute and
the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charges payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof). 

(3) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company
will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the
opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

  
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 (7) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions of Counsel
required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

(9) Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be responsible for
ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act or applicable state securities laws. 

(10) Members of, or participants in, the Depositary shall have no rights under this Indenture with respect to any Note held on
their behalf by the Depositary, or the Trustee as its custodian, or under the Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Note for all purposes
whatsoever. 
 (11) 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 Depositary or impair, as between the Depositary and Participants, the operation of customary practices governing the exercise of
the rights of a Holder of any Security. 
 (12) No Agent shall be liable for the acts or omissions of the Depositary, 

Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction,
loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond
must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company
may charge for its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Company and will be entitled
to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 The Notes outstanding at
any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and
those described in this Section 2.07 as not outstanding. Except as set forth in Section 2.08 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 

  
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 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding
unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of
any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the
Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no
longer outstanding and will cease to accrue interest. 
 Section 2.08 Treasury Notes. 

In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by
the Company or 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, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee actually knows are so owned will be so disregarded. 

Section 2.09 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders
of temporary Notes will be entitled to all of the benefits of this Indenture. 
 Section 2.10 Cancellation.

 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes
(subject to the record retention requirements of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation. 

  
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 Section 2.11 Defaulted Interest. 

If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less
than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) will
give or cause to be given to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

ARTICLE 3 
 REDEMPTION AND
PREPAYMENT 
 Section 3.01 Notices to Trustee. 

If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the
Trustee, with a copy to the Paying Agent, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

(3) the principal amount of Notes to be redeemed; and 

(4) the redemption price. 

Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption
or purchase in compliance with the Applicable Procedures, or if such Notes are not held through a Depositary or there are no relevant Applicable Procedures, on a pro rata basis. 

In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise
provided herein, not less than 15 nor more than 60 days prior to the redemption or purchase date by the Trustee (pursuant to any relevant Applicable Procedures) from the outstanding Notes not previously called for redemption or purchase. No Notes in
amounts of $1.00 or less may be redeemed in part. 
 The Trustee will promptly notify the Company in writing of the Notes selected for
redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $1.00 or whole multiples of $1.00
in excess thereof ; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of
this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

  
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 Section 3.03 Notice of Redemption. 

Subject to the provisions of Sections 3.04 and 3.09 hereof, at least 15 days but not more than 60 days before a redemption date, the
Company will give or cause to be given, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be given more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof. 
 The
notice will identify the Notes to be redeemed and will state: 
 (1) the redemption date; 

(2) the redemption price; 

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

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

(5) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (6) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (7) that no representation is made as to the correctness or accuracy
of the CUSIP number, if any, listed in such notice or printed on the Notes; and 
 (8) any condition precedent to such
redemption, if any. 
 At the Company’s request, the Trustee will give the notice of redemption in the Company’s name and at its
expense; provided, however, that the Company has delivered to the Trustee, at least 5 days prior to the requested date of delivery of the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth
the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04 Effect of
Notice of Redemption. 
 Any redemption and notice may, at the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent. Once notice of redemption is given in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price, subject to any conditions set forth
in the notice of redemption. If one or more conditions precedent with respect to a redemption are not satisfied (as determined by Pyxus International in good faith) or waived by the Company on or prior to the redemption date, the redemption date
shall be deemed not to have occurred and, at the Company’s election, may be (i) delayed for all purposes under this Indenture until such time as any or all such conditions precedent are satisfied (as determined by Pyxus International in

  
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good faith) or waived by the Company, as applicable, or (ii) revoked in the event that any or all such conditions precedent are not satisfied (as determined by Pyxus International in good
faith) or waived by the Company on or prior to the redemption date, or on or prior to the redemption date so delayed. The Company shall give notice of any such non-occurrence, delay or revocation to the
Holders and to the Trustee. 
 Section 3.05 Deposit of Redemption or Purchase Price. 

Before 10:00 a.m. New York City time on the redemption or purchase date, the Company will deposit with the Paying Agent money sufficient to pay
the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Paying Agent will promptly return to the Company any money deposited with the Paying Agent by the Company in excess of the amounts
necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased. 
 If the Company
complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or
after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note
called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase
date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the
Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07 Optional Redemption. 

(a) At any time prior to August 24, 2022, the Company may on one or more occasions redeem all or a part of the Notes at its option, upon
not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, to, but excluding, the applicable date of
redemption, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. 

Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for
redemption on the applicable redemption date. 
 (b) Except pursuant to the preceding paragraphs, the Notes will not be redeemable at the
Company’s option prior to August 24, 2022. 

  
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 (c) On or after August 24, 2022, the Company may on one or more occasions redeem all or
a part of the Notes at its option, upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed, to, but
excluding, the applicable redemption date, if redeemed during the periods indicated below, subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date: 

 

					
	 Period
	  	Percentage	 
	 From August 24, 2022 to August 23, 2023
	  	 	105.000	% 
	 From August 24, 2023 to February 23, 2024
	  	 	102.500	% 
	 On or after February 24, 2024
	  	 	100.000	% 

 Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes
or portions thereof called for redemption on the applicable redemption date. 
 (d) Any redemption pursuant to this Section 3.07 shall
be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 Mandatory
Redemption. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an offer to all Holders to purchase Notes (an
“Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset Sale Offer shall be made to all Holders. The
Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No
later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes or, if less than the Offer Amount has been
tendered, all Notes tendered in response to the Asset Sale Offer, in each case on the terms specified herein. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 

If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 

Upon the commencement of an Asset Sale Offer, the Company will give a notice to the Trustee and each of the Holders, with a copy to the
Trustee and the Paying Agent. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: 

  
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 (1) that the Asset Sale Offer is being made pursuant to this
Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer
Amount, the purchase price and the Purchase Date; 
 (3) that any Note not validly tendered or accepted for payment will
continue to accrue interest; 
 (4) that, unless the Company defaults in making such payment, any Note accepted for payment
pursuant to the Asset Sale Offer will cease to accrue interest on and after the Purchase Date; 
 (5) that Holders electing
to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in denominations of $1.00 or an integral multiple of $1.00 in excess thereof only (or such other amount as may be necessary to reflect the full amount of the
Notes); 
 (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender
the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or the Paying Agent at the address
specified in the notice at least three days before the Purchase Date; 
 (7) that Holders will be entitled to withdraw their
election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, an email, PDF, facsimile transmission or letter setting forth the name of the Holder, the principal amount
of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(8) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Company will select
the Notes to be purchased on a pro rata basis based on the principal amount of Notes surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes denominations of $1.00 or integral multiples of $1.00 in excess
thereof, will be purchased, or such other amount as may be necessary to reflect the full amount of the Notes); and 
 (9)
that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 

On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the
Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Registrar the Notes properly accepted
together with an Officers’ Certificate (with a copy to the Trustee) stating that 

  
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such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may
be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and
the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any
unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date. 

Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 

COVENANTS 

Section 4.01 Payment of Notes. 

The Company will pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided
in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. New York City time on the due date money deposited by the
Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

The Company will pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue principal at the rate
equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of interest at
the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or Agency. 

The Company will maintain in the United States, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee,
Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will 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 fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office; provided, however, that the Trustee shall not be deemed an agent of the Company for service of legal process. 

The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the United States for
such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 The Company hereby designates the Office of the Paying Agent as one such office or agency of
the Company in accordance with Section 2.03 hereof. 
 Section 4.03 Reports. 

(a) So long as any Notes are outstanding, Pyxus International shall make available without cost to the Trustee and the Holders: 

(1) as soon as available but within 90 days after the end of each financial year of Pyxus International (or in the case of the
financial year ended March 31, 2020, within 10 days after the Issue Date), all annual financial statements that would be required to be contained in a filing with the SEC on Form 10-K of Pyxus
International, plus a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, a presentation of EBITDA and Adjusted EBITDA of Pyxus International substantially consistent with the presentation
thereof in Pyxus International’s historical public filings with the SEC and derived from such financial information and a report on the annual financial statements by Pyxus International’s independent registered public accounting firm.
Notwithstanding the foregoing, the obligations in this Section 4.03(a)(1) may be satisfied with respect to financial information of Pyxus International and its Subsidiaries by furnishing Pyxus International’s (or any parent entity’s
thereof) Form 10-K filed with the SEC. 
 (2) as soon as available but within 45 days
after the end of each of the first three fiscal quarters of each financial year of Pyxus International (or in the case of the fiscal quarter ended June 30, 2020, within 10 days after the Issue Date), all quarterly financial statements that
would be required to be contained in a filing with the SEC on Form 10-Q of Pyxus International, plus a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and a presentation of EBITDA and Adjusted EBITDA of Pyxus International substantially consistent with the presentation thereof in Pyxus International’s historical public filings with the SEC and derived from such financial
information. Notwithstanding the foregoing, the obligations in this Section 4.03(a)(2) may be satisfied with respect to financial information of Pyxus International and its Subsidiaries by furnishing Pyxus International’s (or any parent
entity’s thereof) Form 10-Q filed with the SEC. 
 (3) promptly from time to
time after the occurrence of an event required to be therein reported by Pyxus International, such other reports (in each case, without exhibits) containing substantially the same information required to be contained in a Current Report on Form 8-K under Item 1.01 (Entry into a Material Definitive Agreement), 1.03 (Bankruptcy or Receivership), 2.01 (Completion of Acquisition or Disposition of Assets), 2.03 (Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant), 2.04 (Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an

  
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Off-Balance Sheet Arrangement), 4.02 (Non-Reliance on Previously Issued Financial Statements or a Related Audit
Report or Completed Interim Review), 5.01 (Changes in Control of Registrant), 5.02(a)(1) and (c)(1) (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers) and 5.03(b) (Changes in Fiscal Year). 

(b) With respect to the reports required to be furnished by Section 4.03(a): 

(1) no such reports referenced under clause (3) above will be required to include as an exhibit or summary of terms of,
any employment or compensatory arrangement agreement, plan or understanding between Pyxus International (or any of its Subsidiaries) and any director, manager or executive officer, of Pyxus International (or any of its Subsidiaries); 

(2) in no event will such reports be required to comply with Section 302, Section 404 or Section 906 of the
Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC; 

(3) in no event will such reports be required to comply with Item 302 of Regulation S-K
promulgated by the SEC; 
 (4) in no event will such reports be required to comply with Rule
3-10 of Regulation S-X promulgated by the SEC or contain separate financial statement for Pyxus International or its Subsidiaries the shares of which may be pledged to
secure the notes or any Guarantee that would be required under (i) Section 3-09 of Regulation S-X or
(ii) Section 3-16 of Regulation S-X, respectively, promulgated by the SEC; 

(5) in no event will such reports be required to comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K promulgated by the SEC with respect to any non-GAAP financial measures contained therein; 

(6) no such reports referenced under clause (3) above will be required to be furnished if Pyxus International determines
in its good faith judgment that such event is not material to the holders or the business, assets, operations or financial position of Pyxus International, the Parent Guarantors and their Restricted Subsidiaries, taken as a whole; 

(7) in no event will such reports be required to comply with Item 601 of Regulation S-K
promulgated by the SEC (with respect to exhibits) or, with respect to reports reference in clause (3) above, to include as an exhibit copies of any agreements, financial statements or other items that would be required to be filed as exhibits
to a current report on Form 8-K; 
 (8) trade secrets and other confidential
information that is competitively sensitive in the good faith and reasonable determination of Pyxus International may be excluded from any disclosure; 

  
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 (9) such information will not be required to include information that is not
otherwise similar to information contained in Pyxus International’s (or its predecessors’) historical public filings with the SEC; 

(10) to the extent that Pyxus International is not a reporting company under the Exchange Act, in no event will such reports be
required to be presented in compliance with the requirements of the Public Company Accounting Oversight Board; and 
 (11) in
no event will such reports contain compensation or beneficial ownership information. 
 (c) For so long as any Notes remain outstanding, to
the extent not satisfied by Section 4.03(a), the Company and the Guarantors will furnish to the Holders and to prospective purchasers of the Notes or Beneficial Owner of the Notes in connection with any sale thereof, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d) Notwithstanding the foregoing, the
requirements of this Section 4.03 shall be deemed satisfied by posting such reports or information on (i) Pyxus International’s website (or on the publicly available website of any of its parent companies (including the Parent
Guarantors) or Subsidiaries) or (ii) a password-protected online data system that will require a confidentiality acknowledgment, including Intralinks, SyndTrak or ClearPar provided that access shall also be granted to any bona fide prospective
investor, any securities analyst (to the extent providing analysis of investment in the Notes) or any market maker in the Notes who agrees to treat such information as confidential; provided however, that Pyxus International may deny access to any
competitively-sensitive information otherwise to be provided pursuant to this covenant to any such Holder, beneficial owner, bona fide prospective investor, securities analyst or market maker to the extent that Pyxus International determines in good
faith that the provision of such information to such Person would be competitively harmful to the Company, the Parent Guarantors and their Subsidiaries. 

(e) It is understood that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports
have been posted on Pyxus International’s website (or the publicly available website of any of its parent companies or Subsidiaries), other online data system or filed with the SEC. The posting or 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 Pyxus
International’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(f) Pyxus International may satisfy its obligations under this Section 4.03 by furnishing financial information relating to any direct or
indirect parent or predecessor thereof. 

  
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 (g) For so long as any Notes remain outstanding, Pyxus International will host a quarterly
telephonic conference call (which may be a single conference call together with investors and lenders holding other securities or Indebtedness of the Company, any Parent Guarantors and/or their Restricted Subsidiaries) with the Holders of the Notes
to discuss the Pyxus International’s results of operations and financial performance for the immediately preceding fiscal quarter and year-to-date, which shall
include a question and answer session. The Trustee shall be under no obligation to attend any such calls. 

Section 4.04 Compliance Certificate. 

(a) The Company shall deliver to the Trustee, with a copy to the Paying Agent, within 90 days after the end of each fiscal year, an
Officers’ Certificate stating that a review of the activities of the Company, the Parent Guarantors and their Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining
whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred,
describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or propose to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or propose to take with respect
thereto. 
 (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, with a copy to the Paying Agent,
forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default that remains uncured for five (5) days and what action the Company is taking or proposes to
take with respect thereto. 
 Section 4.05 Taxes. 

The Company and each Parent Guarantor will pay, and will cause each of their Subsidiaries to pay, prior to delinquency, all material taxes,
assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

Section 4.06 Stay, Extension and Usury Laws. 

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

  
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 Section 4.07 Restricted Payments. 

(a) The Company and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any other payment or distribution on account of the Company’s, any Parent
Guarantor’s or any of their Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company, any Parent Guarantor or any of their Restricted
Subsidiaries) or to the direct or indirect holders of the Company’s, any Parent Guarantor’s or any of their Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity
Interests (other than Disqualified Stock) of Pyxus International and other than dividends or distributions payable to the Company, a Parent Guarantor or a Restricted Subsidiary of the Company or a Parent Guarantor); 

(2) purchase, redeem or otherwise acquire or retire for value (including without limitation, in connection with any merger or
consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (including the Parent Guarantors); 

(3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value (i) any
Indebtedness that is contractually subordinated in right of payment to the Notes or to any Note Guarantee, (ii) any Junior Lien Debt or (iii) any unsecured Indebtedness for borrowed money, in each case, of the Company or any Guarantor
(excluding, for the avoidance of doubt, any intercompany Indebtedness between or among the Company, any Parent Guarantor and/or any of their Restricted Subsidiaries), and, except, in each case, a payment of interest or principal at the Stated
Maturity thereof; provided that the provisions of this clause (3) shall apply only to direct Indebtedness of the Company or any Guarantor and shall not be deemed to apply to any Indebtedness of any Restricted Subsidiary that is not a Guarantor
(including any such Indebtedness guaranteed by the Company or any Guarantor); or 
 (4) make any Restricted Investment 

(all such payments and other actions set forth in these clauses (1) through (4) above being collectively referred to as
“Restricted Payments”); however, the Company, the Parent Guarantors and their Restricted Subsidiaries may make Restricted Investments if, at the time of and after giving effect to such Restricted Investment: 

(1) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted
Investment; 

  
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 (2) Pyxus International would, at the time of such Restricted Investment and
after giving pro forma effect thereto as if such Restricted Investment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.09(a) hereof; and 
 (3) such Restricted Investment, together with the aggregate
amount of all other Restricted Investments made by the Company, the Parent Guarantors and their Restricted Subsidiaries since the Issue Date (excluding Restricted Payments permitted by clauses (2), (3) and (4) of paragraph (b) of this
Section 4.07), is less than the sum, without duplication of: 
 (A) 50% of the Consolidated Net Income of the Company
for the period (taken as one accounting period) from the beginning of the fiscal quarter in which the Issue Date occurs 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 Investment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus 

(B) 100% of the aggregate net cash proceeds received by Pyxus International since the Issue Date as a contribution to its
common equity capital or from the issue or sale of Qualifying Equity Interests of Pyxus International or from the issue or sale of convertible or exchangeable Disqualified Stock of Pyxus International or convertible or exchangeable debt securities
of Pyxus International, in each case that have been converted into or exchanged for Qualifying Equity Interests of Pyxus International (other than Qualifying Equity Interests and convertible or exchangeable Disqualified Stock or debt securities sold
to a Subsidiary of Pyxus International); plus 
 (C) to the extent that any Restricted Investment that was made after the
Issue Date is (a) sold for cash or otherwise cancelled, liquidated or repaid for cash, or (b) made in an entity that subsequently becomes a Restricted Subsidiary of the Company or any Parent Guarantor, the initial amount of such Restricted
Investment (or, if less, the amount of cash received upon repayment or sale); plus 
 (D) to the extent that any Unrestricted
Subsidiary designated as such after the Issue Date is redesignated as a Restricted Subsidiary after the date hereof, the lesser of (i) the Fair Market Value of the Company’s or Parent Guarantor’s or any Restricted Subsidiary’s
Investment in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the date hereof; plus 

(E) 50% of any dividends received in cash by the Company, a Parent Guarantor or a Restricted Subsidiary after the Issue Date
from an Unrestricted Subsidiary of the Company or Parent Guarantor, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Company for such period. 

  
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 (b) The provisions of Section 4.07(a) hereof will not prohibit: 

(1) the payment of any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration
of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the provisions of this Indenture; 

(2) the making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially
concurrent sale (other than to a Subsidiary of the Company or a Parent Guarantor) of, Equity Interests of Pyxus International (other than Disqualified Stock) or from the substantially concurrent contribution of common equity capital to Pyxus
International; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will not be considered to be net proceeds of Qualifying Equity Interests for purposes of clause (3)(B) of the preceding
paragraph; 
 (3) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar
distribution) by a Restricted Subsidiary of a Parent Guarantor to the holders of its Equity Interests on a pro rata basis; 

(4) the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any
Guarantor that is contractually subordinated in right of payment to the Notes or to any Note Guarantee with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 

(5) so long as no Default or Event of Default has occurred and is continuing, the repurchase, redemption or other acquisition
or retirement for value of any Equity Interests of the Company or a Parent Guarantor or any of their Restricted Subsidiaries held by any current or former officer, director or employee of the Company or a Parent Guarantor or any of their Restricted
Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement; provided, that the aggregate amounts paid under this clause (5) do not exceed $7.5 million in any fiscal
year; provided, further, that the amount paid for such repurchase, retirement or other acquisition in any twelve-month period may be increased by an amount not to exceed: 

(a) the cash proceeds from the sale of Qualifying Equity Interests of Pyxus International to members of management, directors
or consultants of Pyxus International, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the date hereof to the extent the cash proceeds from the sale of Qualifying Equity Interests have not otherwise been
applied to the making of Restricted Payments pursuant to clause (3) of the preceding paragraph or clause (2) of this paragraph or to an optional redemption of Notes pursuant to Section 3.07; plus 

  
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 (b) the cash proceeds of key man life insurance policies received by the
Company, a Parent Guarantor or their Restricted Subsidiaries after the date hereof; and 
 in addition, cancellation of Indebtedness owing to
the Company or any Parent Guarantor from any current or former officer, director or employee (or any permitted transferees thereof) of the Company, any Parent Guarantor or any of their Restricted Subsidiaries (or any direct or indirect parent
company thereof), in connection with a repurchase of Equity Interests of Pyxus International from such Persons will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provisions of this Indenture; 

(6) the repurchase of Equity Interests deemed to occur upon the exercise of stock options or warrants to the extent such Equity
Interests represent a portion of the exercise price of those stock options or warrants; 
 (7) so long as no Default or Event
of Default has occurred and is continuing, the declaration and payment of regularly scheduled or accrued dividends to holders of any class or series of Disqualified Stock of Pyxus International or any preferred stock of any Restricted Subsidiary of
the Company or any Parent Guarantor issued on or after the date hereof in accordance with the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) or any other Permitted Debt; 

(8) payments of cash, dividends, distributions, advances or other Restricted Payments by the Company, any Parent Guarantor or
any of their Restricted Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares upon (a) the exercise of options or warrants or (b) the conversion or exchange of Capital Stock of any such Person; 

(9) so long as no Default or Event of Default has occurred and is continuing, other Restricted Payments in an aggregate amount,
taken together with all Restricted Payments made pursuant to this clause (9), not to exceed $35.0 million since the Issue Date (and in any case no more than $1.0 million in respect of Restricted Payments of the type specified in clauses
(1), (2) and (3) of the definition thereof); 
 (10) any Restricted Payment of the type specified in clause (3) of
the definition thereof in respect of Indebtedness incurred pursuant to clause (18) of the definition of Permitted Debt, solely to the extent permitted by such clause (18); 

(11) any Restricted Payment pursuant to, or used to fund or effect, the transactions contemplated by the Plan, the Confirmation
Order or any documents, instruments or agreements contemplated thereby, including the Corporate Restructuring Transactions, and the payment of fees and expenses related thereto or owed to Affiliates (including dividends to any direct or indirect
parent company to permit payment by such parent of such amount); and 
 (12) Permitted Payments to Parent. 

  
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 The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the
date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company, such Parent Guarantor or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of
any assets or securities that are required to be valued by this Section 4.07 will be determined by the Board of Directors of Pyxus International, whose resolution with respect thereto will be delivered to the Trustee. Such Board of
Directors’ determination must be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing if the Fair Market Value exceeds $20.0 million. 

The Company and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, directly or indirectly, make any
payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value the Term Loan Obligations (except a payment of scheduled interest or principal at the Stated Maturity thereof) (x) at any time that a Default
or Event of Default has occurred and is continuing or would occur as a consequence thereof or (y) in contravention of the terms of the Intercreditor Agreements. 

Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, directly or indirectly, create
or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of Pyxus International to: 

(1) pay dividends or make any other distributions on its Capital Stock to the Company, any Parent Guarantor or any of their
Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company, any Parent Guarantor or any of their Restricted Subsidiaries (except for waiving or
deferring in the ordinary course of business subrogation and reimbursement rights in connection with the guarantee obligations permitted pursuant to Section 4.09); 

(2) make loans or advances to the Company, any Parent Guarantor or any of their Restricted Subsidiaries; or 

(3) sell, lease or transfer any of its properties or assets to the Company, any Parent Guarantor or any of their Restricted
Subsidiaries. 
 (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions existing under or by
reason of: 
 (1) agreements governing Existing Indebtedness and the Credit Agreements as in effect on the date hereof and
any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date hereof; 

  
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 (2) this Indenture, the Notes and the Note Guarantees; 

(3) agreements governing other Indebtedness permitted to be incurred pursuant to Section 4.09 and any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that (a) the restrictions are ordinary and customary with respect to the type of Indebtedness being incurred and
(b) such encumbrances or restrictions will not materially affect the Company’s ability to make payments of principal or interest on the Notes, as determined at the time such Indebtedness is incurred in good faith by the senior management
of Pyxus International; 
 (4) applicable law, rule, regulation or order; 

(5) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company, any Parent Guarantor or any of
their Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), 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; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this
Indenture to be incurred; 
 (6) customary non-assignment provisions in contracts and
licenses entered into in the ordinary course of business; 
 (7) purchase money obligations for property acquired in the
ordinary course of business and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof; 

(8) any agreement for the sale or other disposition of a Restricted Subsidiary of the Company or any Parent Guarantor that
restricts distributions by that Restricted Subsidiary pending its sale or other disposition; 
 (9) Permitted Refinancing
Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being
refinanced; 
 (10) Liens permitted to be incurred under the provisions of Section 4.12 hereof that limit the right of
the debtor to dispose of the assets subject to such Liens; 
 (11) provisions limiting the disposition or distribution of
assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment) entered into with the
approval of Pyxus International’s Board of Directors, which limitation is applicable only to the assets that are the subject of such agreements; 

  
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 (12) restrictions on cash or other deposits or net worth imposed by
customers under contracts entered into in the ordinary course of business; and 
 (13) encumbrances or restrictions contained
in agreements relating only to one or more Immaterial Subsidiaries. 
 Section 4.09 Incurrence of Indebtedness
and Issuance of Preferred Stock. 
 (a) The Company and the Parent Guarantors will not, and will not permit any of their Restricted
Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired
Debt), and the Company and the Parent Guarantors will not issue any Disqualified Stock and will not permit any Restricted Subsidiary of Pyxus International to issue any shares of preferred stock; provided, however, that the Company and the Parent
Guarantors may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Subsidiary Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage Ratio for Pyxus
International’s 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 such preferred
stock is issued, as the case may be, would have been at least 2.0 to 1.0, 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 the preferred stock had been issued, as the case may be, at the beginning of such four-quarter period. 
 (b) The provisions of
Section 4.09(a) hereof will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 

(1) the incurrence by the Company, the Parent Guarantors or any of their Restricted Subsidiaries of Indebtedness and letters of
credit under (A) the ABL Credit Agreement in an aggregate principal amount at any one time outstanding under this clause (A) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the
Company, the Parent Guarantors and their Restricted Subsidiaries thereunder) not to exceed $90.0 million, and (B) the Term Loan Credit Agreement in an aggregate principal amount at any one time outstanding under this clause (B) not to
exceed an aggregate amount equal to $213,417,750 plus any additional amounts payable “in kind” thereunder pursuant to the terms thereof as in effect on the Issue Date (less the amount of any prepayments (other than to the extent financed
with Permitted Refinancing Indebtedness), and amortization payments, thereunder) (and any Permitted Refinancing Indebtedness in respect thereof); 

(2) the incurrence by the Company, the Parent Guarantors and their Restricted Subsidiaries of the Existing Indebtedness; 

  
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 (3) the incurrence by the Company and the Guarantors of Indebtedness
represented by the Notes and the related Note Guarantees to be issued on the Issue Date; 
 (4) the incurrence by the
Company, any Parent Guarantor or any of their Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of
the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company, any Parent Guarantor or any of their Restricted Subsidiaries, in an aggregate principal amount,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4), not to exceed $21.0 million at any time outstanding; 

(5) the incurrence by the Company, any Parent Guarantor or any of their Restricted Subsidiaries of Permitted Refinancing
Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under
Section 4.09(a) hereof or clauses (2), (3), (4), (5) or (17) of this Section 4.09(b); 
 (6) the
incurrence by the Company, any Parent Guarantor or any of their Restricted Subsidiaries of intercompany Indebtedness between or among the Company, any Parent Guarantor and/or any of their Restricted Subsidiaries; provided, that any such Indebtedness
shall be, to the extent owed by the Company or any Guarantor, unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, in the case of the Company, or the Note Guarantee, in the
case of a Guarantor; provided, that any such intercompany indebtedness incurred under intercompany notes existing on the Issue Date shall be permitted so long as such intercompany notes are so expressly subordinated within 30 days after the Issue
Date; provided, further, that if as of any date any Person other than the Company, a Parent Guarantor or any of their Restricted Subsidiaries owns or holds any such Indebtedness, such date shall be deemed the date of incurrence of Indebtedness by
the Company, such Parent Guarantor or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 

(7) the issuance by any of the Company’s or the Parent Guarantors’ Restricted Subsidiaries to the Company, to any
Parent Guarantor or to any of their Restricted Subsidiaries of shares of preferred stock; provided however, that: 
 (A) any
subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company, a Parent Guarantor or a Restricted Subsidiary of the Company or a Parent Guarantor; and 

(B) any sale or other transfer of any such preferred stock to a Person that is not either the Company, a Parent Guarantor or a
Restricted Subsidiary of the Company or a Parent Guarantor; 

  
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 will be deemed, in each case, to constitute an issuance of such preferred stock by such
Restricted Subsidiary that was not permitted by this clause (7); 
 (8) the incurrence by the Company, any Parent Guarantor
or any of their Restricted Subsidiaries of Hedging Obligations entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes; 

(9) the incurrence by the Company, any Parent Guarantor or any of their Restricted Subsidiaries of Indebtedness owing under
documentary or standby letters of credit for the purchase of goods or other merchandise generally; 
 (10) (a) Indebtedness
in respect of OECD accounts receivable financings with recourse against the Company, any Parent Guarantor or any of their Restricted Subsidiaries in an aggregate amount not to exceed $50.0 million at any time outstanding and (b) non-OECD accounts receivable financings with recourse against the Company, any Parent Guarantor or any of their Restricted Subsidiaries in an aggregate amount not to exceed $50.0 million at any time
outstanding; 
 (11) the Guarantee by the Company, any Parent Guarantor or any of their Restricted Subsidiaries of
Indebtedness of the Company, any Parent Guarantor or any of their Restricted Subsidiaries to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this Section 4.09; provided that if the Indebtedness
being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 

(12) the incurrence by the Company, any Parent Guarantor or any of their Restricted Subsidiaries of Indebtedness in respect of
workers’ compensation claims, self-insurance obligations, bankers’ acceptances, performance and surety bonds in the ordinary course of business; 

(13) the incurrence by the Company, any Parent Guarantor or any of their Restricted Subsidiaries of Indebtedness owing under
overdraft facilities in connection with cash management arrangements; 
 (14) the incurrence by any Foreign Subsidiaries of
additional Indebtedness in an aggregate amount (or accreted value, as applicable) at any time outstanding not to exceed the greater of (a) $875 million and (b) the sum of (x) 65% of Eligible Inventory, plus (y) 65% of Permitted Advances on
Purchases of Tobacco, plus (z) 85% of Eligible Receivables, and any Guarantees of such Indebtedness by the Company or any Parent Guarantor; 

(15) Guarantees by the Company, any Parent Guarantor or any of their Restricted Subsidiaries which are incurred in the ordinary
course of business in an aggregate amount not to exceed $250.0 million in the aggregate at any time outstanding; 

  
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 (16) Guarantees by the Company, any Parent Guarantor or any of their
Restricted Subsidiaries which are incurred in the ordinary course of business for the purpose of carrying unsold tobacco inventories held against Confirmed Orders and other Guarantees by the Company, any Parent Guarantor or any of their Restricted
Subsidiaries incurred in the ordinary course of business with respect to Uncommitted Inventories in an aggregate amount not to exceed the amount of such Uncommitted Inventories; 

(17) the incurrence by the Company or any Guarantor of unsecured Indebtedness or Junior Lien Debt in an aggregate principal
amount not to exceed $50.0 million at any time outstanding; and 
 (18) the incurrence of Indebtedness solely by
Restricted Subsidiaries of the Company and the Parent Guarantors that own no assets or property other than the Specified Business, in an aggregate principal amount not to exceed $50.0 million at any time outstanding; provided, that such
Indebtedness (i) shall not be subject to any interest that is payable in cash (and interest in respect of such Indebtedness may only be payable in kind), (ii) shall have a final maturity date and a Weighted Average Life to Maturity, in each
case, that is at least 91 days after the final maturity date of the Notes, (iii) shall not be guaranteed by the Company, the Parent Guarantors or any of their Restricted Subsidiaries other than a Restricted Subsidiary that owns no assets or
property other than the Specified Business, (iv) shall be secured solely by equity interests of entities, and any assets of such entities, in each case solely to the extent constituting the Specified Business, and (v) shall have covenants
(if any) and events of default that apply solely to the Specified Business; provided, further, that the Company, the Parent Guarantors and their Restricted Subsidiaries shall not make any payment on or with respect to, or purchase, redeem, defease
or otherwise acquire or retire for value any Indebtedness incurred pursuant to this clause (18) prior to the stated maturity thereof, except from (x) cash generated by the ordinary course operations of the Specified Business (which shall
not include proceeds from any Investment in the Specified Business by the Company, any Parent Guarantor or any of their Restricted Subsidiaries) and (y) proceeds of an Asset Sale of all or a portion of the Specified Business. 

The Company and the Parent Guarantors will not incur, and will not permit any Subsidiary Guarantor to incur, any Indebtedness (including
Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company, the Parent Guarantors or such Subsidiary Guarantor unless such Indebtedness is also contractually subordinated in right of payment to
the Notes and the Note Guarantees on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company, any Parent Guarantor or any
Subsidiary Guarantor solely by virtue of being unsecured or by virtue of being secured on junior priority basis. 
 For purposes of
determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (18) above, or is entitled to be
incurred pursuant to Section 4.09(a) hereof, the Company will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that

  
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complies with this Section 4.09. Indebtedness under the Term Loan Credit Agreement shall be deemed incurred under the exception provided by clause (1)(B) of the definition of Permitted
Debt and may not be reclassified. Indebtedness under the ABL Credit Agreement may be incurred solely under clause (1)(A) of the definition of Permitted Debt and may not be reclassified. 

The accrual of interest or preferred stock dividends, the accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on preferred stock or Disqualified Stock in the
form of additional shares of the same class of preferred stock or Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of preferred stock or Disqualified Stock for purposes of this covenant; provided, in each such
case, that the amount of any such accrual, accretion or payment is included in Fixed Charges of the Company as accrued. 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 utilized, calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred. Notwithstanding any other provision
of this Section 4.09, the maximum amount of Indebtedness that the Company, any Parent Guarantor or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in
exchange rates or currency values. 
 The amount of any Indebtedness outstanding as of any date will be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 

(2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and 

(3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of: 

(A) the Fair Market Value of such assets at the date of determination; and 

(B) the amount of the Indebtedness of the other Person. 

Section 4.10 Asset Sales. 

(a) The Company and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, consummate an Asset Sale
unless: 
 (1) the Company (or the applicable Parent Guarantor or Restricted Subsidiary, as the case may be) receives
consideration at the time of the Asset Sale at least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or Equity Interests issued or sold or otherwise disposed of; and

  
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 (2) at least 75% (100% in the case of lease payments) of the consideration
received in the Asset Sale by the Company (or the applicable Parent Guarantor or Restricted Subsidiary, as the case may be) is received in the form of cash or Cash Equivalents; provided, however, that in the event of an Asset Sale of any property or
assets of Pyxus International that are surplus from the standpoint of Pyxus International as a whole, in the good faith determination of the Board of Directors of Pyxus International (as evidenced by a resolution of such Board of Directors set forth
in an Officers’ Certificate delivered to the Trustee), at least 60% of the consideration therefor received is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(A) any liabilities, as shown on Pyxus International’s most recent consolidated balance sheet, of the Company, any Parent
Guarantor or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets pursuant to a customary novation
or indemnity agreement that releases the Company or such Parent Guarantor or Restricted Subsidiary from or indemnifies against further liability; 

(B) any securities, notes or other obligations received by the Company or any such Parent Guarantor or any such Restricted
Subsidiary from such transferee that are contemporaneously, subject to ordinary settlement periods, converted by the Company or such Parent Guarantor or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion; and

 (C) any stock or assets of the kind referred to in clauses (2) or (4) of the next paragraph of this
Section 4.10; and 
 (3) if such Asset Sale involves the disposition of Notes Priority Collateral or, after the
Discharge of ABL Obligations or Discharge of Term Loan Obligations, the disposition of ABL Priority Collateral or Term Loan Priority Collateral, as applicable, the Net Proceeds thereof shall be paid directly by the purchaser of the Collateral to the
Collateral Agent for deposit into the Note Collateral Account as Note Trust Monies pending application in accordance with the provisions described below, and, if any property other than cash or Cash Equivalents is included in proceeds of such Asset
Sale, substantially all of such property shall be made subject to the Note Liens and pledged as Collateral under the Secured Debt Documents. 

(b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale other than a sale of Collateral, the Company (or the applicable
Parent Guarantor or Restricted Subsidiary, as the case may be) may apply such Net Proceeds: 
 (1) (x) to repay permanently
any Indebtedness under any Credit Agreement then outstanding (and to effect a corresponding permanent reduction in the availability under the applicable Credit Agreement) or (y) to repay, redeem or repurchase Secured Obligations; 

  
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 (2) to acquire all or substantially all of the assets of, or any Capital
Stock of, another Permitted Business; provided, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Subsidiary of the Company or a Parent Guarantor, it shall be or become a Restricted Subsidiary
of the Company or such Parent Guarantor; 
 (3) to make a capital expenditure; or 

(4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted
Business (which, for the avoidance of doubt, shall not include Cash Equivalents); 
 provided, that the Company or the applicable Parent Guarantor or
Restricted Subsidiary will be deemed to have complied with the provisions described in clauses (2), (3) or (4) above if and to the extent that, within 365 days after the Asset Sale that generated the Net Proceeds, the Company or such
Parent Guarantor or Restricted Subsidiary has entered into and not abandoned or rejected a binding agreement irrevocably committing the Company or such Parent Guarantor or Restricted Subsidiary to an application of funds of the kind described in
clauses (2), (3) or (4) above so long as such application of funds is consummated within 545 days of the receipt of such Net Proceeds. 

(c) Within 365 days after the receipt of any Net Proceeds from an Asset Sale that constitutes a sale of Collateral, the Company (or the
applicable Parent Guarantor or Restricted Subsidiary, as the case may be) may apply such Net Proceeds: 
 (1) (x) to the
extent such Net Proceeds constitute proceeds from the sale of ABL Priority Collateral or Term Loan Priority Collateral, to repay permanently any Indebtedness under the ABL Credit Agreement or Term Loan Credit Agreement, as applicable (and to effect
a corresponding permanent reduction in the availability under the ABL Credit Agreement or Term Loan Credit Agreement, as applicable) or (y) to repay, redeem or repurchase Secured Obligations; 

(2) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business if, after giving
effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a Guarantor or is merged into or amalgamated or consolidated with the Company or any Guarantor (or in the case of an Asset Sale of ABL Priority Collateral or Term
Loan Priority Collateral, to acquire additional Collateral); provided that to the extent such Net Proceeds are received in respect of Notes Priority Collateral, such Net Proceeds are applied to acquire assets substantially all of which constitutes
Notes Priority Collateral; 
 (3) to make a capital expenditure to purchase assets that constitute Collateral; provided that
to the extent such Net Proceeds are received in respect of Notes Priority Collateral, such expenditures shall relate to Notes Priority Collateral; or 

(4) to acquire other assets that would constitute Collateral that are not classified as current assets under GAAP and that are
used or useful in a Permitted Business; provided that to the extent such Net Proceeds are received in respect of Notes Priority Collateral, such Net Proceeds are applied to acquire other assets substantially all of which constitutes Notes Priority
Collateral; 

  
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 provided, that the Company or the applicable Parent Guarantor or Restricted Subsidiary will be deemed to
have complied with the provisions described in clauses (2), (3) or (4) above if and to the extent that, within 365 days after the Asset Sale that generated the Net Proceeds, the Company or such Parent Guarantor or Restricted Subsidiary has
entered into and not abandoned or rejected a binding agreement irrevocably committing the Company or such Parent Guarantor or Restricted Subsidiary to an application of funds of the kind described in clauses (2), (3) or (4) above so long
as such application of funds is consummated within 545 days of the receipt of such Net Proceeds. 
 (d) Pending the final application of any
Net Proceeds, the Company (or the applicable Parent Guarantor or Restricted Subsidiary, as the case may be) may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this
Indenture. 
 (e) Any Net Proceeds from Asset Sales that are not applied or invested as provided in clauses (b) and (c) of this
Section 4.10 will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $20.0 million, within five days thereof, the Company will make an Asset Sale Offer to all holders of Notes to purchase the
maximum principal amount of Notes (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith) that may be purchased out of the Excess Proceeds. The offer price in any
Asset Sale Offer will be equal to 100% of the principal amount, plus accrued and unpaid interest, to, but excluding, the date of purchase, subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant
interest payment date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company, any Parent Guarantor or any Restricted Subsidiary may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes tendered into (or required to be purchased in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes to be purchased will be selected pursuant
to the Applicable Procedures (or if in definitive form, on a pro rata basis), based on the amounts tendered or required to be purchased (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1.00,
or an integral multiple of $1.00 in excess thereof, will be purchased, or such other amount as may be necessary to reflect the full amount of the Notes). Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

 (f) Pyxus International will determine in good faith whether, and to what extent, an Asset Sale is in respect of Notes Priority Collateral
and to what extent the Net Proceeds in respect of an Asset Sale of Notes Priority Collateral are used to acquire or are invested in Notes Priority Collateral taking into account all relevant factors, including without limitation, the existence of
structurally senior claims against the Notes Priority Collateral and the assets of an entity whose Capital Stock is subject to such Asset Sale or acquired with such Net Proceeds. In the event that ABL Priority Collateral, Term Loan Priority
Collateral and Notes Priority Collateral are disposed of in a single transaction or series of transactions in which the aggregate sales price is not allocated between the ABL Priority Collateral, the Term Loan Priority

  
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Collateral, and the Notes Priority Collateral, as applicable, including in connection with or as a result of the sale by the Company or Guarantor of the Capital Stock of the Company, Guarantor or
Subsidiary thereof that owns assets constituting ABL Priority Collateral, Term Loan Priority Collateral or Notes Priority Collateral, then, solely for purposes of this Indenture, the portion of the aggregate sales price deemed to be proceeds of the
ABL Priority Collateral, the Term Loan Priority Collateral and the Notes Priority Collateral, as applicable, shall be allocated to the ABL Priority Collateral, the Term Loan Priority Collateral or the Notes Priority Collateral in accordance with
their respective Fair Market Values (provided, in any event, the portion thereof allocated to the ABL Priority Collateral shall not be less than the value thereof that such assets contribute to the borrowing base under the ABL Credit Agreement).

 (g) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of Section 3.09 hereof or this Section 4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
Section 3.09 hereof or this Section 4.10 by virtue of such compliance. 
 (h) On or prior to the date of any Asset Sale, the
Collateral Agent shall establish a U.S. dollar-denominated segregated trust account (the “Note Collateral Account”) into which any Note Trust Monies payable by or on behalf of a buyer in connection with any Asset Sale shall be deposited
until such time as such Note Trust Monies are applied in accordance with this Section 4.10. Amounts on deposit in the Note Collateral Account shall be invested in Cash Equivalents as directed in writing by the Company to the Collateral Agent
(provided that such investment in Cash Equivalents is made under arrangements satisfactory to and otherwise acceptable to the Collateral Agent). Absent such direction from the Company, amounts on deposit in the Note Collateral Account shall remain
uninvested. Earnings on investments in the Note Collateral Account shall be deposited into the Note Collateral Account. The Company may direct any withdrawal of amounts on deposit in the Note Collateral Account only upon written direction to the
Collateral Agent identifying the provisions pursuant to which such withdrawal is permitted, together with an Officers’ Certificate and Opinion of Counsel delivered to the Collateral Agent as provided in Section 13.02 (upon which documents
the Collateral Agent may conclusively rely). The Collateral Agent and the Trustee shall not have any responsibility for determining whether Net Proceeds constitute Note Trust Monies or should otherwise be deposited in to the Note Collateral Account
and shall be entitled to conclusively rely upon directions from the Company in respect of amounts on deposit in the Note Collateral Account. 

Section 4.11 Transactions with Affiliates. 

The Company and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, enter into any transaction or
series of transactions with any officer, director, shareholder or Affiliate other than (1) transactions between the Company, the Guarantors and/or any of their Restricted Subsidiaries in the ordinary course of business consistent with past
practices as of the date hereof, (2) transactions on terms and conditions substantially as favorable as would be obtainable in a comparable arm’s-length transaction with a Person other than an
officer, director, shareholder or Affiliate, (3) loans or advances to 

  
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employees in the ordinary course of business not to exceed $5.0 million in the aggregate at any one time outstanding, (4) the Corporate Restructuring Transactions and the payment of all
fees and expenses related to the Corporate Restructuring Transactions and (5) tax sharing agreements between the Company, the Guarantors and/or any of their Restricted Subsidiaries which provide for payments that would be permitted under this
Agreement as Tax Payments if such payments were made as dividends or similar distributions.. 
 Section 4.12
Liens. 
 The Company and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, create, incur,
assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) securing Indebtedness, Attributable Debt or trade payables upon any of their property or assets, now owned or hereafter acquired. 

Section 4.13 Business Activities. 

The Company and each of the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, engage directly or
indirectly in any business other than the businesses engaged in by each of them and their Restricted Subsidiaries as of the date hereof and reasonable extensions thereof and businesses ancillary or complementary thereto. 

Section 4.14 Corporate Existence. 

Subject to Article 5 hereof, each of the Company and the Parent Guarantors shall do or cause to be done all things necessary to preserve and
keep in full force and effect: 
 (1) their respective corporate existence, and the corporate, partnership or other existence
of each of them and their Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company, any Parent Guarantor or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Company, the Parent Guarantors and their Subsidiaries;
provided, however, that the Company and the Parent Guarantors shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of their Subsidiaries, if the Board of Directors the
Company or any Parent Guarantor shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company, the Parent Guarantors and their Subsidiaries, taken as a whole, and that the loss thereof is not
adverse in any material respect to the Holders of the Notes. 
 Section 4.15 Offer to Repurchase Upon Change of
Control. 
 (a) Upon the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to
each Holder to repurchase all or any part (equal to $1.00 or an integral multiple of $1.00 in excess thereof, or such other amount as may be necessary to reflect the full amount of the Notes) of that Holder’s Notes at a purchase price in cash
equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest on the Notes repurchased, to, but excluding, the date of purchase, subject to the rights of Holders on the

  
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relevant record date to receive interest due on the relevant interest payment date (the “Change of Control Payment”). Within ten days following any Change of Control, the Company will
provide a notice to each Holder describing the transaction or transactions that constitute the Change of Control and stating: 

(1) that the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes tendered will be
accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no earlier than 30 days and no later
than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that any Note not
tendered will continue to accrue interest; 
 (4) that, unless the Company defaults in the payment of the Change of Control
Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date; 

(5) that pursuant to the Applicable Procedures, Holders electing to have any Notes purchased pursuant to a Change of Control
Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (6) that Holders
will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, an email, PDF, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $1.00 or an integral multiple of $1.00 in excess thereof (or such other amount as may be necessary to reflect the full amount of the Notes). 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of Sections 3.09 or 4.15 hereof, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this
Section 4.15 by virtue of such compliance. 
 (b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

  
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 (1) accept for payment all Notes or portions of Notes properly tendered and
not withdrawn pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Notes or portions of Notes properly tendered before 10:00 a.m. New York City time; and 

(3) deliver or cause to be delivered to the Registrar the Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 The Paying Agent will promptly
provide (but in any case not later than five days after the Change of Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail to each Holder a
new Definitive Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any (or in the case of a Global Note, cause to be transferred by book entry). The Company will publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c) Notwithstanding anything to the contrary in this
Section 4.15, the Company will not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements
set forth in this Section 4.15 and Section 3.09 hereof and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof,
unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation
of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made. 

Section 4.16 Additional Note Guarantees. 

If the Company, any Parent Guarantor or any of their Restricted Subsidiaries (x) Guarantees the Term Loan Obligations after the date
hereof or (y) acquires or creates a Material Domestic Restricted Subsidiary after the date hereof (other than, in the case of (y), any Excluded Subsidiary, but only for so long as such Material Domestic Restricted Subsidiary remains an Excluded
Subsidiary), then that Restricted Subsidiary or newly acquired or created Material Domestic Restricted Subsidiary, as applicable, will become a Subsidiary Guarantor and (1) execute and deliver a supplemental indenture and supplemental Security
Documents (including title insurance and surveys, if applicable) to the Collateral Agent pursuant to which that Subsidiary will unconditionally guarantee all of the Company’s Obligations under the Notes, this Indenture and the Security
Documents on the terms set forth in this Indenture which will be secured by a Note Lien on terms substantially similar to the other Guarantors, (2) deliver an Opinion of Counsel satisfactory to the Trustee that, subject to customary assumptions
and exclusions, such supplemental indenture is enforceable against such Subsidiary and has been duly executed and delivered by such Subsidiary and (3) deliver an Opinion of Counsel satisfactory to the Collateral Agent that, subject to customary
assumptions and exclusions, such Security Documents are enforceable against such Subsidiary and have been duly executed and delivered by such Subsidiary, in each case, within 20 business days of the date on which it was acquired or created (or
ceased to constitute an Excluded Subsidiary). The form of such Note Guarantee is attached as Exhibit B hereto. 

  
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 Section 4.17 Designation of Restricted and Unrestricted
Subsidiaries. 
 The Board of Directors of Pyxus International may designate any Restricted Subsidiary to be an Unrestricted Subsidiary
if that designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company, the Parent Guarantors and their Restricted
Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.07 hereof or under
one or more clauses of the definition of Permitted Investments, as determined by Pyxus International. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the
definition of an Unrestricted Subsidiary. The Board of Directors of Pyxus International may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 

Any designation of a Subsidiary of the Company or a Parent Guarantor as an Unrestricted Subsidiary will be evidenced to the Trustee by filing
with the Trustee a certified copy of a resolution of the Board of Directors of Pyxus International giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was
permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture
and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, the Company
will be in default of such covenant. The Board of Directors of Pyxus International may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness
by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro
forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no Default or Event of Default would be in existence following such designation. 

Section 4.18 Dutch Parallel Debts. 

(a) The Company and each Guarantor undertake with the Collateral Agent to pay to the Collateral Agent its Dutch Parallel Debts.

 (b) Paragraph (a) of this Section is: 

(1) for the purpose of ensuring and preserving the validity and effect of the Security Documents governed by Dutch law; and

  
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 (2) without prejudice to the other provisions of the Secured Debt Documents.

 (c) Each Dutch Parallel Debt is a separate and independent obligation and shall not constitute the Collateral Agent and
any Holder as joint creditors of any Underlying Debt. 
 Section 4.19 Dutch Parallel Debts Payment. 

Neither the Company nor any Guarantor shall be obliged to pay any Dutch Parallel Debt before the corresponding Underlying Debt has fallen due.

 Section 4.20 Dutch Parallel Debts Application. 

Any payment made, or amount recovered, in respect of the Company’s or a Guarantor’s Dutch Parallel Debts shall reduce the Underlying
Debts owed to a Holder by the amount which that Holder has received out of that payment or recovery under the Secured Debt Documents. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01 Merger, Consolidation, or Sale of Assets. 

Neither the Company nor any Parent Guarantor will, directly or indirectly: (1) consolidate or merge with or into another Person (whether
or not the Company or such Parent Guarantor is the surviving Person), or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of Pyxus International and its Restricted Subsidiaries,
taken as a whole, in one or more related transactions, to another Person (other than in any case in connection with the Corporate Restructuring Transactions or other transactions contemplated by the Plan), unless: 

(1) either: 

(A) the Company or such Parent Guarantor is the surviving corporation; or 

(B) the Person formed by or surviving any such consolidation or merger (if other than the Company or such Parent Guarantor) or
to which such sale, assignment, transfer, conveyance or other disposition has been made is an entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(2) the Person formed by or surviving any such consolidation or merger (if other than the Company or such Parent Guarantor) or
the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company or such Parent Guarantor, as applicable, under the Notes, this Indenture and the Security Documents
pursuant to a supplemental indenture and supplements or amendments to the Security Documents, as applicable, pursuant to Article 9; 

  
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 (3) immediately after such transaction, no Default or Event of Default
exists; 
 (4) the Company, the Parent Guarantor or the Person formed by or surviving any such consolidation or merger (if
other than the Company or such Parent Guarantor), or to which such sale, assignment, transfer, conveyance or other disposition has been made: would, on the date of such transaction after giving pro forma effect thereto and any related financing
transactions as if the same had occurred at the beginning of the applicable four-quarter period, (a) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 4.09(a) hereof or (b) have had a Fixed Charge Coverage Ratio greater than the actual Fixed Charge Coverage Ratio for Pyxus International for such four-quarter period; and 

(5) the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel stating that such consolidation or
merger complies with this Section 5.01 and that all conditions precedent thereto have been satisfied. 
 In addition, Pyxus
International will not, directly or indirectly, lease all or substantially all of the properties and assets of it and its Restricted Subsidiaries, taken as a whole, in one or more related transactions, to any other Person. 

This Section 5.01 will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the
Company, the Parent Guarantors and/or their Restricted Subsidiaries. Clauses (3) and (4) of the first paragraph of this Section 5.01 will not apply to any merger or consolidation of the Company or a Parent Guarantor: 

(1) with or into one of its Restricted Subsidiaries for any purpose; or 

(2) with or into an Affiliate solely for the purpose of reincorporating the Company or any Parent Guarantor in another
jurisdiction. 
 Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company or a Parent Guarantor in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company or
such Parent Guarantor is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment,
transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” or such “Parent Guarantor” shall refer instead to the successor Person and not to the Company or such Parent Guarantor,
as applicable), and may exercise every right and power of the Company or such Parent Guarantor, as applicable, under this Indenture with the same effect as if such successor Person had been named as the Company or such Parent Guarantor, as
applicable, herein; provided, however, that the predecessor Company or Parent Guarantor, as applicable, shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the
Company’s or such Parent Guarantor’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 

  
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 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

Each of the following is an “Event of Default”: 

(1) default for 30 days in the payment when due of interest on the Notes; 

(2) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on,
the Notes; 
 (3) failure by the Company, any Parent Guarantor or any of their Restricted Subsidiaries to comply with the
provisions of Sections 4.10, 4.15 or 5.01 hereof; 
 (4) other than as specified in immediately preceding clauses (1)-(3),
failure by the Company, any Parent Guarantor or any of their Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single
class to comply with any of the other agreements in this Indenture; 
 (5) default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company, any Parent Guarantor or any of their Restricted Subsidiaries (or the payment of which is guaranteed by the
Company, any Parent Guarantor or any of their Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date hereof, if that default: 

(A) is caused by a failure to pay at its Stated Maturity the principal of such Indebtedness prior to the expiration of the
grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
 (B) results in
the acceleration of such Indebtedness prior to its express maturity, 
 and, in each case, the principal amount of any such Indebtedness,
together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $40.0 million or more; 

(6) failure by the Company, any Parent Guarantor or any of their Restricted Subsidiaries that is a Significant Subsidiary or
any group of its Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $40.0 million, which judgments are
not paid, discharged or stayed for a period of 60 days; 

  
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 (7) the Company, any Parent Guarantor or any of their Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company or any Parent Guarantor that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Code: 

(A) commences a voluntary case, 

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

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

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

(E) generally is not paying its debts as they become due; 

(8) a court of competent jurisdiction enters an order or decree under the Bankruptcy Code that: 

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

(B) appoints a custodian of the Company, any Parent Guarantor or any of their Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Company or a Parent Guarantor that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company, a Parent Guarantor or any of
their Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company or a Parent Guarantor that, taken together, would constitute a Significant Subsidiary; or 

(C) orders the liquidation of the Company, any Parent Guarantor or any of their Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Company or any Parent Guarantor that, taken together, would constitute a Significant Subsidiary; 

and the order or decree remains unstayed and in effect for 60 consecutive days; 

(9) except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid
or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee; and 

  
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 (10) the occurrence of any of the following: 

(A) except as permitted by this Indenture or any Security Document, any Security Document ceases for any reason to be fully
enforceable; provided that it will not be an Event of Default under this clause (10)(A) if the sole result of the failure of one or more Security Documents to be fully enforceable is that any Note Lien purported to be granted under such
Security Documents on Collateral, individually or in the aggregate, having a Fair Market Value of not more than $10.0 million ceases to be an enforceable and perfected Lien; 

(B) except as permitted by this Indenture or any Security Document, any Note Lien purported to be granted under any Security
Document on Collateral, individually or in the aggregate, having a Fair Market Value in excess of $10.0 million ceases to be an enforceable and perfected Lien; or 

(C) the Company or any Guarantor, or any Person acting on behalf of any of them, denies or disaffirms, in writing, any
obligation of the Company or any Guarantor set forth in or arising under any Security Document. 
 Section 6.02
Acceleration. 
 (a) In the case of an Event of Default specified in clause (7) or (8) of Section 6.01 hereof, with
respect to the Company, a Parent Guarantor or any of their Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company or the Parent Guarantors that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately. 

(b) If the Notes are accelerated or otherwise become due prior to their Stated Maturity, in each case as a result of an Event of Default
(including, but not limited to, an Event of Default specified in clause (7) or (8) of Section 6.01 (including the acceleration of any portion of the Indebtedness evidenced by the Notes by operation of law)), the amount that shall then be
due and payable shall be equal to: 
 (1) (i) 100% of the principal amount of the Notes then outstanding plus the Applicable
Premium in effect on the date of such acceleration or (ii) the applicable redemption price in effect on the date of such acceleration, as applicable, plus 

(2) accrued and unpaid interest, to, but excluding, the date of such acceleration, 

in each case as if such acceleration were an optional redemption of the Notes so accelerated pursuant to clause (a) or (c) of
Section 3.07, as applicable. 

  
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 (c) Without limiting the generality of the foregoing, it is understood and agreed that if
the Notes are accelerated or otherwise become due prior to their Stated Maturity, in each case, as a result of an Event of Default (including an Event of Default specified in clause (7) or (8) of Section 6.01 (including the acceleration of
any portion of the Indebtedness evidenced by the Notes by operation of law)), the Applicable Premium or the amount by which the applicable redemption price exceeds the principal amount of the Notes (the “Redemption Price Premium”), as
applicable, with respect to an optional redemption of the Notes shall also be due and payable as though the Notes had been optionally redeemed on the date of such acceleration and shall constitute part of the Obligations with respect to the Notes in
view of the impracticability and difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each holder’s lost profits as a result thereof. If the Applicable Premium or the Redemption
Price Premium, as applicable, becomes due and payable pursuant to this Section 6.02, such Applicable Premium or the Redemption Price Premium, as applicable, shall be deemed to be principal of the Notes and interest shall accrue on the full
principal amount of the Notes (including the Applicable Premium or the Redemption Price Premium, as applicable) from and after the applicable triggering event, including in connection with an Event of Default specified in clause (7) or (8) of
Section 6.01. Any premium payable pursuant to this paragraph shall be presumed to be liquidated damages sustained by each Holder as the result of the acceleration of the Notes and the Company agrees that it is reasonable under the circumstances
currently existing. The Redemption Price Premium shall also be payable in the event the Notes or this Indenture are satisfied, released or discharged through foreclosure, whether by judicial proceeding, deed in lieu of foreclosure or by any other
means. THE COMPANY AND EACH GUARANTOR EXPRESSLY WAIVES (TO THE FULLEST EXTENT THEY MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREMIUM IN CONNECTION WITH
ANY SUCH ACCELERATION. The Company expressly agrees (to the fullest extent it may lawfully do so) that: (A) the Redemption Price Premium is reasonable and is the product of an arm’s length transaction between sophisticated business
entities ably represented by counsel; (B) the Redemption Price Premium shall be payable notwithstanding the then prevailing market rates at the time acceleration occurs; (C) there has been a course of conduct between the Holders and the
Company giving specific consideration in this transaction for such agreement to pay the Redemption Price Premium; and (D) the Company shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Company
expressly acknowledges that its agreement to pay the Redemption Price Premium to the Holders as herein described is a material inducement to the Holders to purchase the Notes. 

Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if
any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note 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. All remedies are cumulative to the extent permitted by law. 

  
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 Section 6.04 Waiver of Past Defaults. 

Holders of more than 50% in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders
of all of the Notes rescind an acceleration or waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium or interest on, the Notes
(including in connection with an offer to purchase); provided, however, that the Holders of more than 50% in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05 Control
by Majority. 
 Holders of more than 50% in aggregate principal amount of the then outstanding Notes may direct the time, method and
place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the
Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 

Section 6.06 Limitation on Suits. 

A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 

(1) such Holder has previously given the Trustee notice that an Event of Default is continuing; 

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested the Trustee to pursue
the remedy; 
 (3) such Holders have offered the Trustee security or indemnity against any loss, liability or expense; 

(4) the Trustee has not complied with such request within 60 days after receipt of the request and the offer of security or
indemnity; and 
 (5) Holders of more than 50% in aggregate principal amount of the then outstanding Notes have not given the
Trustee a direction inconsistent with such request within such 60-day period. 
 A Holder of a Note
may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note, it being understood that the Trustee does not have an affirmative duty to determine whether any
action is prejudicial to any Holder. 

  
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 Section 6.07 Rights of Holders of Notes to Receive Payment.

 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any,
and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), 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(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover
judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to 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 the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by
a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes
or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. 

If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 

  
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 First: to the Trustee, the Collateral Agent, the Paying Agent and the Registrar, its agents
and attorneys for amounts due under this Indenture and the Security Documents, including payment of all compensation, expenses, indemnities and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses of
collection; 
 Second: to the payment of all reasonable costs and expenses incurred by the Holders in connection with the exercise of any
remedy hereunder or under the Indenture or any other Note Document but subject, in all respects, to Section 7.06 hereof; 
 Third: to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and interest,
respectively; and 
 Fourth: on a pro rata basis, to pay all other amounts of Secured Obligations; and 

Fifth: to the Company or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

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 a 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, 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 of a Note pursuant
to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 ARTICLE 7

 TRUSTEE 

Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing of which a Responsible Officer has actual knowledge, the Trustee will exercise such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

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

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
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 (2) 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 Officers’ Certificates, Opinions of Counsel or other certificates or opinions furnished to the Trustee and materially conforming to the
requirements of this Indenture, and the Trustee will be under no duty to make an investigation or inquiry into any statements contained or matters referred to in such instrument. However, the Trustee will 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 liabilities for its
own gross negligence or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph
(b) of this Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and 

(3) the Trustee will 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 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture that in any way relates to the Trustee is subject to this Section 7.01 and 7.02. 
 (e) No provision of this Indenture will
require the Trustee to expend or risk its own funds or incur any liability. 
 (f) The Trustee will not be liable for interest, investment
income or earnings on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. Notwithstanding anything to
the contrary set forth herein, in no event shall the Trustee or the Paying Agent be liable for interest on any money received by it (including, but not limited to, any negative interest) except as the Trustee or the Paying Agent may otherwise agree
in writing with the Company. In the event that market conditions are such that negative interest applies to amounts deposited with the Trustee or the Paying Agent, the Company shall be responsible for the payment of such interest and the Trustee or
the Paying Agent shall be entitled to deduct from amounts on deposit with it an amount necessary to pay such negative interest. For the avoidance of doubt, the compensation, reimbursement and indemnification protections afforded to the Trustee and
the Paying Agent under Section 7.06 of this Indenture shall cover any interest-related expenses incurred by the Trustee or the Paying Agent in the performance of their duties hereunder. 

(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 Article 7. The provisions of Article 7 shall apply, mutatis mutandis, to the Collateral Agent, the Registrar and the Paying Agent (provided that the foregoing shall not be construed to impose upon such Person
the duties or standard of care (including any prudent person standard) of the Trustee). 

  
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 (h) The Trustee will have no duty or obligation to monitor the Company’s compliance
with the terms of this Indenture or to ascertain or inquire as to the observance or performance of any covenants, conditions or agreements of the Company except as set forth in this Indenture. 

Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or 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 will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any
Opinion of Counsel will constitute full and complete authorization of the Trustee to take, suffer or omit to take any action in good faith in reliance thereon without liability. 

(c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed
with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will 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 unless such Holders have offered the Trustee an indemnity or security reasonably satisfactory to the Trustee
against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 
 (g) Delivery of
reports, information and documents to the Trustee pursuant to Section 4.03 is for information purposes only, and the Trustee’s receipt of the foregoing will 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 under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 

(h) The permissive rights of the Trustee shall not be construed as duties. 

  
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 (i) The Trustee shall not be liable for any amount in excess of the value of the Collateral.

 (j) The Trustee shall not be responsible for, nor chargeable with, knowledge of the terms and conditions of any agreement to which it is
not a party, whether or not an original or a copy of such agreement has been provided to the Trustee. 
 (k) The Trustee shall be under no
obligation to effect or maintain insurance or to renew any policies of insurance or to inquire as to the sufficiency of any policies of insurance carried by the Company or any Guarantor, or to report, or make or file claims or proof of loss for, any
loss or damage insured against or that may occur, or to keep itself informed or advised as to the payment of any taxes or assessments, or to require any such payment to be made. 

(l) The Trustee and Collateral Agent shall not be obligated to acquire possession of or take any action with respect to any property secured by
a mortgage or deed of trust, if as a result of such action, the Trustee and Collateral Agent would be considered to hold title to, to be a “mortgagee in possession of”, or to be an “owner” or “operator” of such property
within the meaning of the Comprehensive Environmental Responsibility Cleanup and Liability Act of 1980 (“CERCLA”), as amended from time to time, or any equivalent designation in any analogous state or local laws or regulations promulgated
pursuant to said laws, unless such action is reasonably necessary to preserve the Collateral or protect the security interest in the Collateral and the Collateral Agent is (i) reasonably likely to be able to avail itself of a defense to
liability under CERCLA or analogous state or local laws, and has had reasonable opportunity to conduct “all appropriate inquiry” as defined in 40 C.F.R. Part 312 and/or (ii) receives satisfactory security or indemnity for any losses,
claims, damages and liabilities relating to such action pursuant to the terms herein. Notwithstanding the foregoing, if at any time, Collateral Agent is required to take any action to preserve the Collateral or protect the security interest in the
Collateral, prior to doing so, the Collateral Agent may require that a satisfactory indemnity bond or “Premises Pollution Liability Insurance” be furnished to it for the payment or reimbursement of all expenses to which it may be put and
to protect it against all liability resulting from any claims, judgments, damages, losses, fees, penalties or expenses which may result from such action. 

(m) The Trustee and Collateral Agent shall not be responsible or liable for the environmental condition or any contamination of any property
secured by any mortgage or deed of trust or for any diminution in value of any such property as a result of any contamination of the property by any hazardous substance, hazardous material, pollutant or contaminant. The Trustee and Collateral Agent
shall not be liable for any claims by or on behalf of the Holders or any other person or entity arising from contamination of the property by any hazardous substance, hazardous material, pollutant or contaminant, and shall have no duty or obligation
to assess the environmental condition of any such property or with respect to compliance of any such property under state or federal laws pertaining to the transport, storage, treatment or disposal of, hazardous substances, hazardous materials,
pollutants, or contaminants or regulations, permits or licenses issued under such laws. 

  
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 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not the Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days or resign. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Section 7.09 hereof. 
 Section 7.04
Trustee’s Disclaimer. 
 The Trustee will not be (a) responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Security Documents or the Notes, (b) accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of
this Indenture, (c) responsible for the use or application of any money received by any Paying Agent, (d) responsible for any calculations or notices to be made under this Indenture by the Company; or (e) responsible for any statement
or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes (including Security Documents) or pursuant to this Indenture other than its certificate of authentication. 

Section 7.05 Notice of Defaults. 

If an Event of Default occurs and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee will send to
Holders of Notes a notice of the Event of Default within 90 days after it occurs or, if it is not so known to a Responsible Officer of the Trustee at such time, promptly after it becomes known to a Responsible Officer, unless such Event of Default
has been waived in accordance with the terms of this Indenture; provided, however, that, except in the case of an Event of Default in the payment of principal of, or interest on, any Note, the Trustee will be protected in withholding such notice if
and so long as the trust committee of directors or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 

The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice of such
Default or Event of Default from the Company or a Holder is received by a Responsible Officer, and such notice references the Notes and this Indenture and states that it is a notice of Default or Event of Default. 

Section 7.06 Compensation and Indemnity. 

(a) The Company will pay to the Trustee and Collateral Agent from time to time reasonable compensation for its acceptance of this Indenture and
services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee and Agents promptly upon request for all reasonable disbursements, advances
and expenses incurred or made by them in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s and Agents’ agents and counsel. 

  
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 (b) The Company and the Guarantors will on a joint and several basis indemnify the Trustee
and Agents (and each of their respective directors, officers, employees, agents and advisors) and hold them harmless against any and all losses, damages, claims, liabilities or expenses incurred by it arising out of or in connection with the
acceptance or administration of its duties under this Indenture and Security Documents, including the costs and expenses of enforcing this Indenture and Security Documents against the Company and the Guarantors (including this Section 7.06) and
defending itself against any claim (whether asserted by the Company, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such
loss, liability or expense may be attributable to its gross negligence or willful misconduct. The Trustee or Agent will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee or Agent to so notify the
Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will defend any third party claim and the Trustee or such Agent will cooperate in the defense. The Trustee and such Agent may
have separate counsel and the Company will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

(c) The obligations of the Company and the Guarantors under this Section 7.06 will survive the resignation or removal of the Trustee and
any such Agent and the satisfaction and discharge of this Indenture. 
 (d) To secure the Company’s and the Guarantors’ payment
obligations in this Section 7.06, the Trustee and each Agent will have a Lien prior to the Notes on all money or property held or collected by the Trustee. Such Lien will survive the satisfaction and discharge of this Indenture. 

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration for purposes of priority under the Bankruptcy Code. 

Section 7.07 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.07. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of more than 50% in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing at least 30 days prior
to the requested date of removal. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with
Section 7.09 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under the Bankruptcy Code; 
 (3) a custodian or public officer takes charge of the Trustee or its
property; or 

  
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 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of more than 50% in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by
the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee (at the expense of the Company), the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.09
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will send a notice of its succession to Holders.
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Company’s obligations under Section 7.06 hereof will continue for the benefit of the retiring Trustee. 

Section 7.08 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.09
Eligibility; Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business
under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined
capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition or is a direct or indirect wholly-owned subsidiary of a bank holding company having a combined capital and surplus of
$50.0 million as set forth in its most recent published statement of condition. 
 Section 7.10
Consequential Damages. 
 Notwithstanding anything to the contrary in this Indenture or the Notes, in no event will the Trustee,
Collateral Agent, Paying Agent or Registrar (in each case in its capacity as such) be liable under this Indenture for any special, indirect, incidental, punitive or consequential loss or damage of any kind whatsoever (including loss of profit), even
if the Trustee or such Agent has been advised as to the likelihood of such loss or damage and regardless of the form of action. 

  
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 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company or any Parent Guarantor may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an
Officers’ Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Company’s or a Parent Guarantor’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes
(including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this
Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of outstanding Notes to receive from the trust referred to in Section 8.04 payments in respect
of the principal of, or interest or premium on, such Notes when such payments are due; 
 (2) the Company’s obligations
with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties,
indemnities and immunities of the Trustee and Agents hereunder and the Company’s and the Guarantors’ obligations in connection therewith; and 

(4) this Article 8. 

Subject to compliance with this Article 8, the Company or a Parent Guarantor may exercise its option under this Section 8.02
notwithstanding the prior exercise of its option under Section 8.03 hereof. 

  
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 Section 8.03 Covenant Defeasance. 

Upon the Company’s or a Parent Guarantor’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 3.09, 4.07
through 4.13, 4.15 through 4.17 hereof and clause (4) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but
will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s or a Parent Guarantor’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(6) and 6.01(9) through 6.01(10) hereof will not
constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(1) the Company must irrevocably deposit with the Paying Agent, in trust, for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the written opinion of a nationally recognized investment bank, appraisal firm, or firm of independent
public accountants, to pay the principal of, premium and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being
defeased to such stated date for payment or to a particular redemption date; 
 (2) in the case of an election under
Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that: 
 (A) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (B) since the Issue Date,
there has been a change in the applicable federal income tax law, 

  
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 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal 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 Legal Defeasance had not occurred; 
 (3) in the case of an election under
Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant
Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or
Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness) and the granting of Liens to secure such borrowings); 

(5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under,
any material agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company or any of its Guarantors is a party or by which the Company or any of
the Guarantors is bound; 
 (6) the Company must deliver to the Trustee an Officers’ Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

(7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Paying Agent (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held
in trust and applied by the Paying Agent, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Paying Agent may
determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

  
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 The Company will pay and indemnify the Paying Agent against any tax, fee or other charge
imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8
to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04
hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in
excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06 Repayment to Company. 

Subject to applicable law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of
the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its written request or (if then held by
the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the
New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed
balance of such money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any U.S. dollars or non-callable Government
Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s
and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or the
Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following
the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or the Paying Agent. 

  
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 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 hereof, the Company, the Guarantors, the Trustee, the Collateral Agent, the Paying Agent and the Registrar
may amend or supplement this Indenture, the Security Documents or the Notes or the Note Guarantees without the consent of any Holder of Notes: 

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

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption or Guarantee of the Company’s or a Guarantor’s obligations to the Holders of the
Notes and Note Guarantees by a successor to the Company or such Guarantor pursuant to Article 5 or Article 11 hereof; 
 (4)
to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder; 

(5) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes; 

(6) to make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Security
Documents or any release of Collateral that becomes effective as set forth in this Indenture or any of the Security Documents; or 

(7) to enter into additional or supplemental Security Documents and to add any Secured Obligation to the Security Documents and
the Intercreditor Agreements on the terms set forth herein. 
 Upon the request of the Company accompanied by a resolution of its Board of
Directors authorizing the execution of any such amendment or supplement, and upon receipt by the Trustee and any Agent, as the case may be, of the documents described in Sections 7.02 and 9.05 hereof, the Trustee, the Collateral Agent, the Paying
Agent and the Registrar will join with the Company and the Guarantors in the execution of any such amendment or supplement authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that
may be therein contained, but the Trustee, the Collateral Agent, the Paying Agent and the Registrar will not be obligated to enter into such amendment or supplement that affects its own rights, duties, indemnities or immunities under this Indenture
or otherwise. 

  
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 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Company, the Trustee, the Collateral Agent, the Paying Agent and the Registrar may
amend or supplement this Indenture (including, without limitation, Section 3.09, 4.10 and 4.15 hereof), the Security Documents or the Notes or the Note Guarantees with the consent of the Holders of at least more than 50% in aggregate
principal amount of the then outstanding Notes voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07
hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been
rescinded) or compliance with any provision of this Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of more than 50% in aggregate principal amount of the then outstanding Notes voting as a single
class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for
purposes of this Section 9.02. 
 It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve
the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 

Subject to Sections 6.04 and 6.07 hereof, the Holders of more than 50% in aggregate principal amount of the Notes then outstanding voting
as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture, Security Documents or the Notes or the Note Guarantees. However, without the consent of each Holder affected, an amendment,
supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(2) reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect to
the redemption of the Notes (except as provided above with respect to Sections 3.09, 4.10 and 4.15 hereof); 
 (3) reduce the
rate of or change the time for payment of interest, including default interest, on any Note; 
 (4) waive a Default or Event
of Default in the payment of principal of, or premium, if any, or interest on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least more than 50% in aggregate principal amount of the then outstanding Notes and
a waiver of the payment default that resulted from such acceleration); 
 (5) make any Note payable in money other than that
stated in the Notes; 
 (6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the
rights of Holders of Notes to receive payments of principal of, or interest or premium, if any, on, the Notes; 

  
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 (7) waive a redemption payment with respect to any Note (other than a
payment required by Sections 3.09, 4.10 or 4.15 hereof); 
 (8) release any Guarantor from any of its obligations under its
Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; or 
 (9) make any change in the
preceding amendment and waiver provisions. 
 In addition, any amendment to, or waiver of, the provisions of this Indenture or any Security
Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes will require the consent of the holders of at least 66 2/3% in aggregate principal amount of the Notes then outstanding. 

The Company and the Parent Guarantors will not, and will not permit any of their Restricted Subsidiaries to, directly or indirectly, pay or
cause to be paid any consideration to or for the benefit of any holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be
paid and is paid to all holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement; provided that if such consents, waivers or amendments are
sought solely from (including in connection with an exchange offer where participation in such exchange offer is limited to) Holders who are “qualified institutional buyers,” within the meaning of Rule 144A under the Securities Act, and/or
non-“U.S. Persons”, within the meaning of Regulation S under the Securities Act, then such consideration need only be offered to all such “qualified institutional buyers” and/or non-“U.S. Persons”, as applicable, 
 and to be paid to all such “qualified institutional
buyers” and/or non-“U.S. Persons”, as applicable, that validly and timely consent, waive or agree. 

Section 9.03 Revocation and Effect of Consents. 

A consent to an amendment, supplement or waiver by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent
Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the
consent as to its Note if the Trustee receives written notice of revocation before the date that the supplemental indenture setting forth the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective
under a supplemental indenture in accordance with the terms of the supplemental indenture and thereafter binds every Holder. After an amendment, supplement or waiver under this Section 9.03 becomes effective, the Company will mail to the
Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such
supplemental indenture. 

  
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 Section 9.04 Notation on or Exchange of Notes. 

The Company or the Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The
Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.05 Trustee, Collateral Agent, Paying Agent and Registrar to Sign Amendments, etc. 

Upon the request of the Company, and upon the filing with the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the
Holders of Notes as aforesaid, the Trustee, the Collateral Agent, the Paying Agent and the Registrar shall join with the Company and the Guarantors in the execution of any supplement, amendment or waiver provided for under this Article 9 setting
forth such amendment, supplement or waiver unless such amendment, supplement or waiver directly affects the Trustee’s or such Agent’s own rights, duties, indemnities or immunities under this Indenture or otherwise, in which case the
Trustee, the Collateral Agent, the Paying Agent and the Registrar may in their discretion, but will not be obligated to, enter into such supplemental indenture. 

In executing any amendment, supplement or waiver pursuant to Section 9.01 or 9.02, the Trustee or such Agent will be entitled to receive,
and (subject to Sections 7.01 and 7.02) will be fully protected in relying on, an Officers’ Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment or supplemental indenture is authorized or
permitted by this Indenture and the Security Documents and is in compliance with all conditions precedent thereunder; and (B) in the case of the Opinion of Counsel, such amendment or supplemental indenture is valid, binding and enforceable
against the Company in accordance with its terms, subject to customary qualifications and exceptions. Unless otherwise expressly stated therein, an amendment or supplemental indenture shall become effective upon execution and delivery thereof by the
Company, the Guarantors, if any, the Trustee, the Collateral Agent, the Paying Agent and the Registrar, as applicable. 
 ARTICLE 10 

COLLATERAL AND SECURITY 

Section 10.01 Security Interest. 

The due and punctual payment of the principal of, premium on, if any, and interest on the Notes when and as the same shall be due and payable,
whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest (to the extent permitted by law), on the Notes and performance of all
other obligations of the Company and the Guarantors to the Holders of Notes, the Agents or the Trustee under this Indenture and the Notes (including, without limitation, the Note Guarantees), according to the terms hereunder or thereunder, are
secured as provided in the Security Documents. Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for

  
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foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes and appoints Wilmington Trust, National
Association, as the Trustee and as the Collateral Agent. The Trustee hereby authorizes and appoints Wilmington Trust, National Association as Collateral Agent and each Holder of Notes and the Trustee direct the Collateral Agent to enter into the
Note Documents and to perform its obligations and exercise its rights thereunder in accordance therewith, subject to the terms and conditions thereof. The Company and each of the Guarantors consent and agree to be bound by the terms of the Security
Documents, as the same may be in effect from time to time, and agree to perform their obligations thereunder in accordance therewith. The Company will deliver to the Trustee copies of all documents delivered to the Collateral Agent pursuant to the
Security Documents, and will do or cause to be done all such acts and things as may be required by the provisions of the Security Documents, to assure and confirm to the Trustee and the Collateral Agent the security interest in the Collateral
contemplated by the Security Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes. The Company and the Parent Guarantors shall take, and
shall cause their Subsidiaries to take, any and all actions reasonably required to cause the Security Documents to create and maintain, as security for the Obligations under the Notes and the Note Guarantees and any other Secured Obligations, a
valid and enforceable perfected Lien in and on all the Collateral (subject to, in the case of the UK Guarantors and the UK Security Documents, the UK Legal Reservations and the UK Perfection Requirements), in favor of the Collateral Agent for the
benefit of the Holders of the Notes and holders of any Secured Obligations. 
 Each Mortgage, when recorded, creates, as security for the
obligations purported to be secured thereby, a valid and enforceable perfected security interest in and mortgage lien on the Mortgaged Property described therein in favor of the Collateral Agent (or such other trustee as may be required or desired
under local law) for the benefit of the Secured Parties, superior and prior to the rights of all third Persons (except that the security interest and mortgage lien created on such Mortgaged Property may be subject to the Permitted Liens related
thereto and, subject to the terms of the ABL/Term Loan/Notes Intercreditor Agreement and the Term Loan/Notes Intercreditor Agreement. 

Section 10.02 Intercreditor Agreements. 

This Article 10 and the provisions of each other Security Document are subject to the terms, conditions and benefits set forth in the
Intercreditor Agreements. The Company and each Guarantor consents to, and agrees to be bound by, the terms of each Intercreditor Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with
the terms thereof. Each Holder of the Notes, by its acceptance of the Notes (a) agrees that it will be bound by, and will take no actions contrary to, the provisions of any Intercreditor Agreement and (b) authorizes and instructs the
Collateral Agent on behalf of each Secured Party to enter into each Intercreditor Agreement as Collateral Agent on behalf of such Secured Parties. All Obligations hereunder and all obligations of the Company and the Guarantors under the Note
Documents (including without limitation the Pledge and Security Agreement) constitute “Notes Claims” under the ABL/Term Loan/Notes Intercreditor Agreement and the Term Loan/ Notes Intercreditor Agreement. 

  
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 Section 10.03 Collateral Agent. 

(a) Wilmington Trust, National Association is hereby appointed Collateral Agent. The use of the term “agent” in this Indenture with
reference to the Collateral Agent is not intended 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. Subject to the applicable provisions of the Note Documents, each Holder, by acceptance of its Note(s) agrees that (1) the Collateral Agent shall
execute and deliver the Note Documents and act in accordance with the terms thereof, (2) the Collateral Agent may, upon the instruction, or with the consent, of Holders of more than 50% in aggregate principal amount of the then outstanding
Notes, take all actions it deems necessary or appropriate in order to (i) enforce any of the terms of the Note Documents and (ii) collect and receive any and all amounts payable in respect of the Obligations of the Company and the
Guarantors hereunder and under the Notes, the Note Guarantees and the Note Documents and (3) to the extent permitted by this Indenture, the Collateral Agent shall have power to institute and to maintain such suits and proceedings upon the
instruction of the Trustee (acting at the direction of Holders of more than 50% in aggregate principal amount of the then outstanding Notes) to prevent any impairment of the Collateral by any act that may be unlawful or in violation of the Note
Collateral Documents or this Indenture, and suits and proceedings upon the instruction of the Trustee (acting at the direction of Holders of more than 50% in aggregate principal amount of the then outstanding Notes) to preserve or protect its
interests and the interests of the Trustee and the Holders in the Collateral (including the power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule
or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest thereunder or be prejudicial to the interests of the Collateral Agent, the Holders
or the Trustee). Notwithstanding the foregoing, without limiting Section 7.01(g), the Collateral Agent shall not be obligated to take any such action without the direction of the Holders and may, at the expense of the Company, request the
direction of the Holders with respect to any such actions and upon receipt of the written consent of the Holders of more than 50% in aggregate principal amount of the outstanding Notes, shall take such actions and shall have no liability or
responsibility for any losses or damages of any nature that arise from any action taken or not taken by the Collateral Agent in accordance with such direction; provided that all actions so taken shall, at all times, be in conformity with the
requirements of each Intercreditor Agreement. 
 (b) Subject to the Note Documents, the Trustee (acting at the direction of Holders of more
than 50% in aggregate principal amount of the then outstanding Notes) shall direct the Collateral Agent from time to time. Subject to the Note Documents, except as directed by the Trustee as required or permitted by this Indenture, the Holders
acknowledge that the Collateral Agent shall not be obligated: 
 (1) to act upon directions purported to be delivered to it
by any other Person; 
 (2) to foreclose upon or otherwise enforce the Liens securing any Secured Obligations; or 

  
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 (3) to take any other action whatsoever with regard to any or all of the
Secured Obligations, the Note Documents or the Collateral. 
 (c) The rights, privileges, protections, immunities and benefits given to the
Trustee under this Indenture, including, without limitation, its right to be indemnified and compensated and all other rights, privileges, protections, immunities and benefits set forth in Article 7, are extended to the Collateral Agent, and its
agents and attorneys, and shall be enforceable by, the Collateral Agent, as if fully set forth in this Section 10.03 with respect to the Collateral Agent. The Collateral Agent will not be required to advance or expend any funds or otherwise
incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless it has been provided with security or indemnity satisfactory to it against any and all liability or expense which may be incurred
by it by reason of taking or continuing to take such action. 
 (d) Beyond the exercise of reasonable care in the custody of Collateral in
its possession, the Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other
rights pertaining thereto and neither the Collateral Agent nor the Trustee will be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise
perfecting or maintaining the perfection of any Liens on the Collateral. The Collateral Agent will be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially
equal to that which it accords property held by it as a collateral agent or any similar arrangement, and the Collateral Agent will not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or
omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Agent in good faith. 
 (e) Neither the
Trustee nor the Collateral Agent will be responsible for the existence, genuineness, sufficiency or value of any of the Collateral or for the creation, validity, perfection, priority, protection or enforceability of the Liens on any of the
Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Collateral
Agent. The Collateral Agent and the Trustee hereby disclaim any representation or warranty to any party, including the present and future Holders concerning the creation, validity, perfection, priority, protection or enforceability of the Liens
granted hereunder or in the value of any of the Collateral. 
 (f) The Collateral Agent shall not be required to acquire title to an asset
for any reason and shall not be required to carry out any fiduciary or trust obligation for the benefit of another. The Collateral Agent is not a fiduciary and shall not be deemed to have assumed any fiduciary obligation. Without limiting the
foregoing, if the Collateral Agent in its sole discretion believes that any obligation to take or omit to take any action may cause the Collateral Agent to be considered an “owner or operator” under any environmental laws or otherwise
cause the Collateral Agent to incur, or be exposed to, any environmental liability or any liability under any other federal, state or local law, the Collateral Agent reserves the right, instead of taking such action, either to resign as Collateral
Agent or to arrange for the transfer of the title or control of 

  
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the asset to a court appointed receiver. The Collateral Agent will not be liable to any Person for any environmental liability or any environmental claims or contribution actions under any
federal, state or local law, rule or regulation by reason of the Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any
hazardous materials into the environment. 
 (g) The Collateral Agent and the Trustee shall be permitted to use overnight carriers to
transmit possessory Collateral and shall not be liable for any such items of Collateral lost or damaged in transit. 
 (h) For the avoidance
of doubt, the rights, privileges, protections, immunities and benefits given to the Collateral Agent hereunder, including, without limitation, its right to be indemnified prior to taking action, shall survive the satisfaction, discharge or
termination of this Indenture or earlier termination, resignation or removal of the Trustee. 
 (i) Without limiting the foregoing, with
respect to any Collateral located outside of the United States (“Foreign Collateral”), the Collateral Agent shall have no obligation to directly enforce, or exercise rights and remedies in respect of, or otherwise exercise any
judicial action or appear before any court in any jurisdiction outside of the United States. To the extent the Holders of a majority in aggregate outstanding amount of Notes outstanding determine that it is necessary or advisable in connection with
any enforcement or exercise of rights with respect to Foreign Collateral to exercise any judicial action or appear before any such court, the Holders of a majority in aggregate outstanding amount of Notes outstanding shall be entitled to direct the
Collateral Agent to appoint a local agent for such purpose (subject to the receipt of such protections, security and indemnities as the Collateral Agent shall determine in its sole discretion to protect the Collateral Agent from liability). 

(j) The Collateral Agent may resign at any time by notice to the Trustee and the Company, such resignation to be effective upon the acceptance
of a successor agent to its appointment as Collateral Agent. The Collateral Agent may be removed by the Company at any time, upon 30 days’ written notice to the Collateral Agent. The Holders of a majority in principal amount of the Notes may
remove the Collateral Agent by so notifying the Company and the Collateral Agent in writing at least 30 days prior to the requested date of removal and may appoint a successor Collateral Agent. If the Collateral Agent resigns or is removed under
this Indenture, and such Holders do not reasonably promptly appoint a successor, the Company shall appoint a successor collateral agent. If no successor collateral agent is appointed and has accepted such appointment within 30 days after the
Collateral Agent gave notice of resignation or was removed, the retiring Collateral Agent (at the Company’s expense) or the Holders of at least 10% in aggregate principal amount of the Securities may, at their option, appoint a successor
Collateral Agent or petition a court of competent jurisdiction for the appointment of a successor. In any case, the appointment of a successor agent shall be subject to the prior written approval of the Company (which approval may not be
unreasonably withheld). Upon the acceptance of its appointment as successor collateral agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent, and the term
“Collateral Agent” shall mean such successor collateral agent, and the retiring or removed Collateral Agent’s appointment, powers and duties as the Collateral Agent shall be terminated.

  
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 After the retiring Collateral Agent’s resignation or removal hereunder, the provisions of this
Section 10.03 (and Section 7.6) shall continue to inure to its benefit. 
 (k) In no event shall the Collateral Agent be required
to execute and deliver any landlord lien waiver, estoppel or collateral access letter, or any account control agreement or any instruction or direction letter delivered in connection with such document that the Collateral Agent determines adversely
affects it or otherwise subjects it to personal liability, including without limitation agreements to indemnify any contractual counterparty; provided that nothing in this clause (k) shall be implied as imposing any such obligation on
the Company or any Guarantor to obtain any such landlord lien waiver, estoppel or collateral access letter, or any account control agreement. 

(l) Upon receipt by the Collateral Agent of a written request of the Company signed by an Officer (a “Security Document Order”), the
Collateral Agent is hereby authorized to execute and enter into, and if satisfactory in form and substance to the Collateral Agent, shall execute and enter into, without further consent of any Holder or the Trustee, any Security Document to be
executed after the Issue Date (including, without limitation, in connection with the Corporate Restructuring Transactions or any of them). Such Security Document Order shall (i) state that it is being delivered to the Collateral Agent pursuant
to, and is a Security Document Order referred to in this Section 10.03, (ii) instruct the Collateral Agent to execute and enter into such Security Document and (iii) certify that all conditions precedent to the execution and delivery of
the Security Document have been satisfied. The Holders, by their acceptance of the Notes, hereby authorize and direct the Collateral Agent to execute such Security Documents. 

(m) To the extent that any Junior Lien Obligations are incurred by the Company or a Guarantor following the Issue Date, the Company may direct
the Collateral Agent to enter into a Junior Lien Intercreditor Agreement, which will have other terms as are customary or of a technical nature and which are necessary or advisable, as determined by Pyxus International in good faith, in order to
establish the junior priority of the Junior Lien Obligations to the Obligations and the junior priority of such Junior Lien Obligations to the ABL Obligations or Term Loan Obligations; provided that upon the execution of the Junior Lien
Intercreditor Agreement, the Company shall deliver to the Trustee and the Collateral Agent an Officers’ Certificate stating that such Junior Lien Intercreditor Agreement complies with the conditions relating thereto in this Indenture and the
Security Documents, and the Trustee and the Collateral Agent shall be entitled to conclusively rely on such Officers’ Certificate in executing such agreement. By their acceptance of the Notes, the Holders are deemed to have authorized and
instructed the Trustee and the Collateral Agent, as applicable, to enter into such Junior Lien Intercreditor Agreement and perform their respective obligations and exercise their respective rights and powers thereunder. 

Section 10.04 Authorization of Actions to Be Taken. 

(a) Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Note Documents, as originally in effect and as
amended, supplemented or replaced from time to time in accordance with their terms or the terms of this Indenture, authorizes and empowers the Collateral Agent to act as the collateral agent under the Note Documents, authorizes and directs the
Trustee and the Collateral Agent to enter into and perform the Note 

  
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Documents to which each is a party, authorizes and empowers the Trustee to direct the Collateral Agent to enter into, and the Collateral Agent to execute, deliver and perform, the Security
Documents to which it is a party and authorizes and empowers the Trustee and the Collateral Agent to bind the Holders of Notes and other holders of Secured Obligations as set forth in the Note Documents to which each is a party and to perform their
respective obligations and exercise their respective rights and powers thereunder. 
 (b) Subject to the terms of the Intercreditor
Agreements, the Trustee is authorized and empowered to receive for the benefit of the Holders of Notes any funds collected or distributed to the Trustee under the Note Documents to which the Trustee is a party and, subject to the terms of the Note
Documents, to make further distributions of such funds to the Holders of Notes according to the provisions of this Indenture. 
 (c) Subject
to the Note Documents, the Trustee, at the direction of the requisite percentage of Holders in aggregate principal amount of the outstanding Notes for any action, shall direct, on behalf of the Holders, the Collateral Agent to take all actions
necessary or appropriate in order to: 
 (1) foreclose upon or otherwise enforce any or all of the Liens securing the Secured
Obligations; 
 (2) enforce any of the terms of the Note Documents to which the Collateral Agent or Trustee is a party; or

 (3) collect and receive payment of any and all Obligations. 

(d) Subject to the Intercreditor Agreements and at the Company’s sole cost and expense and subject to the Trustee and the Collateral Agent
having been indemnified by the Holders and/or the Company, the Trustee is authorized and empowered (but is not obligated) to institute and maintain, or direct the Collateral Agent to institute and maintain, such suits and proceedings as may be
reasonably expedient to preserve or protect its interests and the interests of the Holders of Notes in the Collateral, including the power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any
legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to
the interests of Holders or the Trustee. 
 Section 10.05 Release of Liens in Respect of Notes. 

(a) The Collateral Agent’s Liens upon the Collateral will no longer secure the Notes outstanding under this Indenture or any other
Obligations under this Indenture, and the right of the Holders of the Notes and holders of such other Obligations to the benefits and proceeds of the Collateral Agent’s Liens on the Collateral will terminate and be discharged: 

(1) in whole or in part, as ordered pursuant to applicable law under a final and
non-appealable order or judgment of a court of competent jurisdiction: 
 (2) in
whole upon: 

  
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 (A) satisfaction and discharge of this Indenture in accordance with Article
12 hereof; 
 (B) a Legal Defeasance or Covenant Defeasance of the Notes in accordance with Article 8 hereof; 

(C) payment in full and discharge of all Notes outstanding under this Indenture and all Secured Obligations that are
outstanding, due and payable under this Indenture at the time the Notes are paid in full and discharged; 
 (3) in part, as
to any property that (a) is sold, transferred or otherwise disposed of by the Company or any Guarantor (other than to the Company, a Parent Guarantor or any Restricted Subsidiary) in a transaction not prohibited by this Indenture at the time of
such sale, transfer or disposition or (b) is owned or at any time acquired by a Guarantor that has been released from its Guarantee pursuant to Section 11.05, concurrently with the release of such Guarantees; 

(4) in whole or in part, with the consent of the Holders of the requisite percentage of Notes in accordance with Article 9
hereof; 
 (5) in part, in accordance with the applicable provisions of the Security Documents and the Intercreditor
Agreements; and 
 (6) in whole or in part pursuant to Section 11.05. 

(b) Upon the request of the Company pursuant to an Officers’ Certificate and Opinion of Counsel delivered to the Trustee and the
Collateral Agent certifying that all conditions precedent thereto hereunder and under the Notes Documents have been met, the Collateral Agent shall, at the sole cost and expense of the Company, execute, acknowledge and deliver to the Company or any
Guarantor such instruments of release or disclaimer in the form provided by the Company (to the extent reasonably acceptable to the Collateral Agent), and shall take such other action as the Company or such Guarantor may reasonably request and as
necessary to effect such release. 
 (c) The release of any Collateral from the terms of this Indenture will not be deemed to impair the
security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant to the terms of this Section 10.05 and the Security Documents. 

Section 10.06 Relative Rights. 

Nothing in the Secured Debt Documents will: 

(a) impair, as between the Company and the Holders of the Notes, the obligation of the Company to pay principal of, premium, accrued and unpaid
interest, on the Notes in accordance with their terms or any other obligation of the Company or any Guarantor; 

  
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 (b) affect the relative rights of Holders of Notes as against any other creditors of the
Company or any Guarantor (other than holders of other Note Liens or Liens permitted by clause (1) of the definition of Permitted Liens); 

(c) restrict the right of any Holder of Notes to sue for payments that are then due and owing (but not enforce any judgment in respect thereof
against any Collateral to the extent specifically prohibited by the Intercreditor Agreements); 
 (d) restrict or prevent any Holder of Notes
or other Secured Obligations or the Collateral Agent from exercising any of its rights or remedies upon a Default or Event of Default not specifically restricted or prohibited by the Intercreditor Agreements; or 

(e) restrict or prevent any Holder of Notes of other Secured Obligations or the Collateral Agent from taking any lawful action in an Insolvency
or Liquidation Proceeding not specifically restricted or prohibited by the Intercreditor Agreements. 

Section 10.07 Further Assurances; Liens on Additional Property. 

(a) The Company and each of the Guarantors shall do or cause to be done all acts and things that may be required, or that the Collateral Agent
from time to time may reasonably request, to assure and confirm that the Collateral Agent holds, for the benefit of the holders of Secured Obligations, duly created and enforceable and perfected Liens upon the Collateral (including any property or
assets that are acquired or otherwise become, or are required by any Secured Debt Document to become, Collateral after the Notes are issued), in each case, as contemplated by, and with the Lien priority required under, the Secured Debt Documents.

 Without limiting the foregoing, to the extent that any Lien on the Collateral cannot be perfected on or prior to the date hereof after
the use of all commercially reasonable efforts, the Company and each of the Guarantors will use their respective commercially reasonable efforts to do or cause to be done all acts and things that may be required, including obtaining any required
consents from third parties, to have all security interests in the Collateral duly created and enforceable and perfected, to the extent required by the Security Documents, and obtain title insurance promptly following the date hereof, but in no
event later than 90 days thereafter. 
 (b) The Company and each of the Guarantors shall promptly execute, acknowledge and deliver such
Security Documents, instruments, certificates, notices and other documents, and take such other actions as shall be reasonably required, or that the Collateral Agent may reasonably request, to create, perfect, protect, assure or enforce the Liens
and benefits intended to be conferred, in each case as contemplated by the Secured Debt Documents for the benefit of the holders of Secured Obligations; provided that no such Security Document, instrument or other document shall be materially more
burdensome upon the Company and the Guarantors than the Secured Debt Documents executed and delivered by the Company and the Guarantors in connection with the issuance of the Notes on or about the Issue Date. 

(c) The Company shall, within a reasonable amount of time after receipt of such request, use commercially reasonable efforts (i) to
correct any material defect or error that may be discovered in the execution, acknowledgment, filing or recordation of any document or instrument relating to any Collateral, and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further acts, deeds, certificates, assurances and other instruments as the Collateral Agent may reasonably require from time
to time in order to carry out more effectively the purposes of the Security Documents. 

  
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 ARTICLE 11 

NOTE GUARANTEES 

Section 11.01 The Note Guarantees. 

(a) Subject to this Article 11, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and Agents and their successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

 (1) the principal of, premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee and Agents hereunder, thereunder or
under the Security Documents will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

(2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and
severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee or Agent is required by any court or otherwise to
return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee, Agent or such Holder, this Note Guarantee, to
the extent theretofore discharged, will be reinstated in full force and effect. 

  
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 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee and
Agents, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does
not impair the rights of the Holders under the Note Guarantee. 
 (e) Each Holder, by its acceptance of Notes, hereby acknowledges and agrees
that the Note Guarantee of each Foreign Guarantor will be subordinated in right of payment to such Foreign Guarantor’s Guarantee of the Term Loan Obligations pursuant to the terms and conditions of the Intercreditor Agreements. 

Section 11.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable
to any Note Guarantee. To effectuate the foregoing intention, the Trustee, Agents, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to
such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 

The guarantee given by any Guarantor under this Indenture does not apply to any liability to the extent that would result in the guarantee
being unlawful under any applicable law. 
 If and to the extent a Guarantor that is organized under the laws of Liechtenstein becomes
liable arising out of or in connection with its Guarantee or any other Note Document for the Secured Obligations and if complying with such obligations would constitute a repayment of capital (Einlagerückgewähr), a violation of the
legally protected reserves (gesetzlich geschützte Reserven) or the payment of a (constructive) dividend (Gewinnausschüttung) by such Guarantor or would otherwise be restricted under applicable law and practice, such
Guarantor’s aggregate liability for the Secured Obligations shall not exceed the amount of the Guarantor’s freely disposable equity (frei verfügbares Eigenkapital) at the time it becomes liable in accordance with

  
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applicable law (the “Freely Disposable Amount”). This limitation shall only apply to the extent it is a requirement under applicable law at the time such Guarantor is required to
perform Secured Obligations under this Indenture or any other Note Document. Such limitation shall not free such Guarantor from its obligations in excess of the Freely Disposable Amount, but merely postpone the performance date thereof until such
times when such Guarantor has again freely disposable equity and if and to the extent such freely disposable equity is available. 

Section 11.03 Execution and Delivery of Note Guarantee. 

To evidence its Note Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee
substantially in the form attached as Exhibit B hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its
Officers. 
 Each Guarantor hereby agrees that its Note Guarantee set forth in Section 11.01 hereof will remain in full force and
effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
 If an Officer whose signature is on this
Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set
forth in this Indenture on behalf of the Guarantors. 
 In the event that the Company, a Parent Guarantor or any of their Restricted
Subsidiaries creates or acquires any Material Domestic Restricted Subsidiary after the date hereof, if required by Section 4.16 hereof, the Company or such Parent Guarantor will cause such Material Domestic Restricted Subsidiary to comply with
the provisions of Section 4.16 hereof and this Article 11, to the extent applicable. 
 Section 11.04
Subsidiary Guarantors May Consolidate, etc., on Certain Terms. 
 Except as otherwise provided in
Section 11.05 hereof, no Subsidiary Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person) another
Person, other than the Company, any Parent Guarantor or another Subsidiary Guarantor, unless: 
 (1) immediately after giving
effect to that transaction, no Default or Event of Default exists; 
 (2) either: 

  
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 (a) subject to Section 11.05 hereof, the Person acquiring the property
in any such sale or disposition or the Person formed by or surviving any such consolidation or merger unconditionally assumes all the obligations of that Subsidiary Guarantor under this Indenture, its Note Guarantee, and the Security Documents on
the terms set forth herein or therein, pursuant to a supplemental indenture and appropriate Security Documents in form and substance reasonably satisfactory to the Trustee; or 

(b) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this
Indenture, including without limitation, Section 4.10 hereof; and 
 (3) the Trustee shall have received an
Officers’ Certificate and an Opinion of Counsel that such sale, disposal, consolidation or merger complies with this Section 11.04 and that all conditions precedent thereto have been satisfied. 

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture
pursuant to Article 9, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Subsidiary Guarantor, such successor Person will succeed to and
be substituted for the Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes
issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees
theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 

Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses 2(a) and (b) above, nothing contained in this Indenture or in
any of the Notes will prevent any consolidation or merger of a Subsidiary Guarantor with or into the Company, any Parent Guarantor or another Subsidiary Guarantor, or will prevent any sale or conveyance of the property of a Subsidiary Guarantor as
an entirety or substantially as an entirety to the Company, any Parent Guarantor or another Subsidiary Guarantor. 

Section 11.05 Releases. 

(a) In connection with (i) any sale or other disposition of all or substantially all of the assets of any Subsidiary Guarantor (including
by way of merger or consolidation), (ii) the liquidation or dissolution of any Subsidiary Guarantor otherwise permitted hereunder or (iii) a sale or other disposition of Capital Stock of any Subsidiary Guarantor where the Subsidiary Guarantor
ceases to be a Restricted Subsidiary of the Company or a Parent Guarantor, in each case to a Person that is not (either before or after giving effect to such transaction) the Company, a Parent Guarantor or a Restricted Subsidiary of the Company or a
Parent Guarantor, then the Note Guarantee of such Subsidiary Guarantor will be automatically and unconditionally released; provided that the Note Guarantee of such Subsidiary Guarantor shall not be automatically and unconditionally released if such
sale or disposition violates Section 3.09 or Section 4.10 of this Indenture. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent to such release under
the Notes Documents have been complied with, the Trustee will execute any documents reasonably required in order to evidence the release of any Subsidiary Guarantor from its obligations under its Note Guarantee. 

  
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 (b) Upon designation of any Subsidiary Guarantor as an Unrestricted Subsidiary in accordance
with the terms of this Indenture, such Subsidiary Guarantor will be automatically and unconditionally released and relieved of any obligations under its Note Guarantee. 

(c) Upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in
accordance with Article 12 hereof, each Guarantor will be automatically and unconditionally released and relieved of any obligations under its Note Guarantee. 

(d) If Pyxus International shall reasonably determine at any time after the Issue Date that (x) the provision or maintenance of a
Guarantee by any Foreign Guarantor could reasonably be expected to result in material adverse tax consequences to the Company, any Parent Guarantor or their Subsidiaries, (i) the obligations of such Foreign Guarantor pursuant to this Indenture
shall automatically be discharged and released without any further action by the Collateral Agent or any Holder and (ii) the security interest of the Collateral Agent in all Collateral of such Foreign Guarantor shall automatically be discharged
and released without any further action by the Collateral Agent or any Holder or (y) the continuing provision or maintenance of a grant of a security interest in any Collateral of any Foreign Guarantor to secure the Obligations could reasonably
be expected to result in material adverse tax consequences to the Company, any Parent Guarantor or their Subsidiaries, the security interest of the Collateral Agent in such Collateral shall automatically be discharged and released without any
further action by the Collateral Agent or any Holder; provided, that for so long as the Term Loan Credit Agreement (and any Permitted Refinancing Indebtedness incurred to refinance the Term Loan Credit Agreement in respect of which any Foreign
Guarantor is an obligor) is outstanding, no such Guarantee or security interest shall be released unless it is released concurrently under the Term Loan Credit Agreement (and/or such Permitted Refinancing Indebtedness). In connection with the
foregoing, upon receipt of an Officers’ Certificate and an Opinion of Counsel, the Trustee and/or the Collateral Agent, as applicable, will, upon the request and at the sole expense of the Company, execute and deliver any instrument or other
document in a form acceptable to the Trustee or Collateral Agent, as applicable, which may reasonably be required to evidence such release. 

(e) After the Issue Date, any Notes Guarantee by a Foreign Guarantor shall automatically be released and terminated upon such Subsidiary being
released as a guarantor and pledgor under the Term Loan Credit Agreement (and any Permitted Refinancing Indebtedness thereof in respect of which the applicable Foreign Guarantor is an obligor) upon the repayment (other than in connection with a
refinancing thereof) of the Term Loan Credit Agreement (and, if applicable, any such Permitted Refinancing Indebtedness thereof in respect of which the applicable Foreign Guarantor is an obligor). 

Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 11.05 will remain liable for the
full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 11. 

  
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 ARTICLE 12 

SATISFACTION AND DISCHARGE 

Section 12.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(1) either: 

(a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Registrar for cancellation; or 

(b) all Notes that have not been delivered to the Registrar for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Paying Agent as trust funds in trust solely for the benefit
of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and
discharge the entire Indebtedness on the Notes not delivered to the Registrar for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption (provided that if such redemption is made as provided under
Section 3.7(a), (x) the amount of cash in U.S. dollars, non-callable Government Securities, or a combination thereof, that must be irrevocably deposited will be determined using an assumed Applicable
Premium calculated as of the date of such deposit and (y) if there is an adjustment to the Applicable Premium, the Company must provide notice of such updated redemption amount to the Holders (with a copy to the Trustee) and the depositor must
irrevocably deposit or cause to be deposited additional money in trust on the redemption date as necessary to pay the Applicable Premium as determined by such date) (any such amount, the “Applicable Premium Deficit”) (it being understood
that any satisfaction and discharge shall be subject to the condition subsequent that such Applicable Premium Deficit is in fact paid); provided that the Trustee shall have no liability whatsoever in the event that such Applicable Premium Deficit is
not in fact paid after any satisfaction and discharge of this Indenture and that any Applicable Premium Deficit will be set forth in an Officers’ Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium
Deficit that confirms that such Applicable Premium Deficit will be applied toward such redemption; 

  
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 (2) in respect of clause (1)(b), no Default or Event of Default has occurred
and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of
Liens to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound
(other than with respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness, and in each case the granting of
Liens to secure such borrowings); 
 (3) the Company or any Guarantor has paid or caused to be paid all sums payable by it
under this Indenture; and 
 (4) the Company has delivered irrevocable instructions to the Paying Agent under this Indenture
to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the
Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Paying Agent pursuant to subclause
(b) of clause (1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
 Section 12.02 Application of Trust
Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Paying Agent pursuant to Section 12.01
hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Paying
Agent may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Paying Agent; but such money need not be segregated from other funds except to the
extent required by law. 
 If the Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.01
hereof 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 and any Guarantor’s obligations under
this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on, any Notes
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Paying Agent. 

  
 114 

 ARTICLE 13 

MISCELLANEOUS 

Section 13.01 Notices. 

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

If to the Company and/or any Guarantor: 

Pyxus Holdings, Inc. 
 c/o Pyxus
International, Inc. 
 8001 Aerial Center Parkway 

Morrisville, NC 27560-2009 

Facsimile No.: (919) 379-4131 

Attention: Joel Thomas, Executive Vice President – Chief Financial Officer 

With a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

Facsimile No: (212) 455-2502 

Attention: David Azarkh, Esq. 

and 
 Robinson,
Bradshaw & Hinson, P.A. 
 101 North Tryon Street, Suite 1900 

Charlotte, NC 28246 
 Facsimile
No.: (704) 373-3955 
 Attention: Stephen M. Lynch, Esq. 

If to the Trustee: 
 Wilmington
Trust, National Association 
 246 Goose Lane, Suite 105 

Guildford, CT 06437 
 Attention:
Pyxus Holdings, Inc., Administrator 
 Facsimile:
203-453-1183 
 If to the Collateral Agent: 

Wilmington Trust, National Association 

246 Goose Lane, Suite 105 

Guildford, CT 06437 
 Attention:
Pyxus Holdings, Inc., Administrator 
 Facsimile:
203-453-1183 

  
 115 

 The Company, any Guarantor, the Trustee or the Collateral Agent, by notice to the others,
may designate additional or different addresses for subsequent notices or communications. 
 All notices and communications (other than
those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile or email; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that notices and communications to the Trustee and Collateral Agent will be deemed given
only upon actual receipt. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return
receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with
respect to other Holders. Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption) to a Holder of a Global Note (whether by mail or
otherwise), such notice shall be sufficiently given when delivered to the Depositary for such Note (or its designee) pursuant to the Applicable Procedures of such Depositary. 

The Trustee and Collateral Agent may, in its sole discretion, agree to accept and act upon instructions or directions pursuant to this
Indenture sent by e-mail, facsimile transmission or other similar electronic methods. If the party elects to give the Trustee or Collateral Agent e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee or Collateral Agent in its discretion elects to act upon such instructions, the Trustee’s or Collateral Agent’s understanding of such instructions shall be
deemed controlling. The Trustee and Collateral Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s or Collateral Agent’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Trustee or Collateral Agent, including without limitation the risk of the Trustee or Collateral Agent acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

If a notice or communication is given in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Company gives a notice or communication to Holders, it will give a copy to the Trustee and each Agent at the same
time. 
 If the Company, a Parent Guarantor or any Subsidiary Guarantor acquires assets or property constituting a Cannabis Related Business
after the Issue Date, the Company shall provide written notice thereof to the Trustee for its records; provided that the failure to provide any such notice shall not constitute a Default. 

  
 116 

 Section 13.02 Certificate and Opinion as to Conditions
Precedent. 
 Upon any request or application by the Company or any Guarantor to the Trustee or the Collateral Agent, as the case may be,
to take any action under this Indenture, the Notes, the Note Guarantees or the Note Documents, the Company shall furnish to the Trustee or the Collateral Agent, as the case may be: 

(1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee or the Collateral Agent, as the
case may be (which must include the statements set forth in Section 13.03 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture, the Notes, the Note Guarantees or the
Note Documents relating to the proposed action have been satisfied; and 
 (2) an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee or the Collateral Agent, as the case may be (which must include the statements set forth in Section 13.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants,
if any, provided for in this Indenture, the Notes, the Note Guarantees or the Note Documents relating to the proposed action have been satisfied. 

Section 13.03 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) 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; 
 (3) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

  
 117 

 Section 13.04 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Collateral Agent, the Registrar or the Paying Agent may
make reasonable rules and set reasonable requirements for its functions. No past, present or future director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the
Company or the Guarantors under the Note Documents, the Note Guarantees, the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

Section 13.05 Governing Law. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER (BY ITS ACCEPTANCE OF ANY NOTE) IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED BY THIS INDENTURE OR THE NOTES. THE
PARTIES HEREBY (I) IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, (II) WAIVE ANY OBJECTION TO LAYING OF
VENUE IN ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS, AND (III) WAIVE ANY OBJECTION THAT SUCH COURTS ARE AN INCONVENIENT FORUM OR DO NOT HAVE JURISDICTION OVER ANY PARTY. 

Section 13.06 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company, the Parent Guarantors or their
Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 13.07 Successors. 

All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof. 

Section 13.08 Severability; Entire Agreement. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. This Indenture and the Notes Documents set forth the entire agreement and understanding of the parties related to this transaction and supersede all prior agreements and
understandings, oral or written. 

  
 118 

 Section 13.09 Counterpart Originals. 

The parties may sign any number of copies hereof. Each signed copy will be an original, but all of them together represent the same agreement.
The words “execution,” “signed,” “signature,” and words of similar import in this Indenture and the Note and the Notes Documents shall be deemed to include electronic or digital signatures or the keeping of records in
electronic form, each of which shall be of the same effect, validity, and enforceability as manually executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the
Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001-7006), the Electronic Signatures and Records Act of 1999 (N.Y. State Tech. §§ 301-309), or any other
similar state laws based on the Uniform Electronic Transactions Act; provided that, notwithstanding anything herein to the contrary, the Trustee and the Collateral Agent are not under any obligation to agree to accept electronic signatures in any
form or in any format unless expressly agreed to by such Trustee or the Collateral Agent, as applicable, pursuant to procedures approved by such Trustee or the Collateral Agent, as applicable. 

Section 13.10 Table of Contents, Headings, etc. 

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

Section 13.11 USA Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Paying Agent, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with
Wilmington Trust, National Association. The parties to this Agreement agree that they will provide the Paying Agent with such information as it may request in order for the Agent to satisfy the requirements of the USA Patriot Act. 

Section 13.12 Force Majeure. 

The Trustee, the Collateral Agent, the Paying Agent and the Registrar shall not incur any liability for not performing any act or fulfilling
any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Trustee or such Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any
act of God or war, civil unrest, local or national disturbance or disaster, pandemic, epidemic, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

Section 13.13 Delegation. 

Each Agent shall be entitled to delegate the fulfilment of its duties under this Indenture in whole or in part to one or more agents selected
by such Agent using its reasonable care. An Agent who delegates or subcontracts the performance of its obligations under this Indenture shall not be under any obligation to supervise or monitor the proceedings or acts of any such delegate or
subcontractor or be responsible for any loss, liability, claim, cost, expense or damage incurred by reason of any misconduct, omission or default on the part of any such delegate or subcontractor. 

  
 119 

 Section 13.14 Withholding Tax. 

In order to comply with applicable tax laws and regulations (inclusive of directives, guidelines and interpretations promulgated by competent
authorities) in effect from time to time (“Applicable Law”) that a foreign financial institution, or issuer, trustee, paying agent, holder or other institution is or has agreed to be subject to related to this Indenture, the Company agrees
(i) to provide to the Trustee sufficient information about this transaction (including any modification to the terms of such transaction) that is reasonably requested by the Trustee such that the Trustee can determine whether it has tax-related obligations under Applicable Law, (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable
Law for which the Trustee shall not have any liability, and (iii) to hold harmless the Trustee for any losses it may suffer due to the actions it takes to comply with such Applicable Law, in case of each of clauses (ii) and (iii), other
than any liability or losses as may be attributable to the Trustee’s willful misconduct or gross negligence. The terms of this paragraph shall survive the satisfaction and discharge of this Indenture. 

[Signatures on following page] 

  
 120 

 Dated as of August 24, 2020 

 

					
	PYXUS HOLDINGS, INC.
		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel L. Thomas
		 	Title:	 	President 
	
	PYXUS INTERNATIONAL, INC.
		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel L. Thomas
		 	Title:	 	President 
	
	PYXUS PARENT, INC.
		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel L. Thomas
		 	Title:	 	President 
	
	 ALLIANCE ONE SPECIALTY PRODUCTS, LLC,

as Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	ALLIANCE ONE INTERNATIONAL, LLC,
	as Initial Guarantor
		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person

  

  
 Signature Page to
Indenture 

 
					
	ALLIANCE ONE NORTH AMERICA, LLC
	as Initial Guarantor
		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 A.C. MONK AND COMPANY, INC.
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 ALLIANCE ONE INTERNATIONAL SERVICES, INC.

as Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 AOSP INVESTMENTS, LLC
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 AUSTIN CAROLINA COMPANY
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person

  

  
 Signature Page to
Indenture 

 
					
	 CAROLINA LEAF TOBACCO CO., INC.
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 CHINA AMERICAN TOBACCO COMPANY
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 CRES TOBACCO COMPANY LLC
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 CRITICALITY, LLC
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 DIBRELL BROTHERS, INCORPORATED
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person

  

  
 Signature Page to
Indenture 

 
					
	 DIMON INTERNATIONAL, INC.
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 EASTERN CAROLINA PACKAGING, LLC
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 GLOBAL SPECIALTY PRODUCTS, LLC
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 GSP PROPERTIES, LLC
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 MONK-AUSTIN INTERNATIONAL, INC.
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person

  

  
 Signature Page to
Indenture 

 
					
	 PUREAG-NC, LLC

as Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 PYXUS AGRICULTURE USA, LLC
 as
Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 THE AUSTIN TOBACCO COMPANY, INCORPORATED

as Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 TOBACCO SERVICES, L.L.C.
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 TWELFTH STATE BRANDS LLC
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person

  

  
 Signature Page to
Indenture 

 
					
	 W.A. ADAMS COMPANY
 as Initial
Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD.

as Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 TRANS-CONTINENTAL LEAF TOBACCO CORP., LTD.

as Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 PYXUS AGRICULTURE HOLDINGS LIMITED

as Initial Guarantor

		
	By:	 	 /s/ Joel L. Thomas

		 	Name:	 	Joel. L. Thomas
		 	Title:	 	Authorized Person
	
	 Wilmington Trust, National Association, as Trustee,

Collateral Agent, Registrar and Paying Agent

		
	By:	 	 /s/ Nedine P. Sutton

		 	Name:	 	Nedine P. Sutton
		 	Title:	 	Vice President

  

  
 Signature Page to
Indenture 

 EXHIBIT A 

Face of Note 

 THIS SECURITY WAS ISSUED WITH ORIGINAL ISSUE DISCOUNT UNDER SECTION 1272, 1273 AND 1275 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. YOU MAY CONTACT THE CHIEF FINANCIAL OFFICER OF THE COMPANY, AT 8001 AERIAL CENTER PARKWAY, MORRISVILLE, NC 27560-2009,
919-379-4300, WHO WILL PROVIDE YOU WITH ANY REQUIRED INFORMATION REGARDING THE ORIGINAL ISSUE DISCOUNT. 

CUSIP/CINS                  

10.000% Senior Secured First Lien Notes due 2024 
  

			
	No. _____	  	$                

 PYXUS HOLDINGS, INC. 

promises to pay to CEDE & CO. or registered assigns, 

the principal sum of
                                      
                                         
                      on August 24, 2024. 

Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 
 Dated:
                 
  

			
	PYXUS HOLDINGS, INC.
		
	By:	 	              

		 	Name:
		 	Title:

  

			
	This is one of the Notes referred to
	in the within-mentioned Indenture:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION
	as Trustee
		
	By:	 	              

		 	Authorized Signatory

  
 A-1 

 Back of Note 

10.000% Senior Secured First Lien Notes due 2024 

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

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

(1) Interest. Pyxus Holdings, Inc., a Virginia corporation (the “Company”), promises to pay interest on the principal
amount of this Note at 10.000% per annum from August 24, 2020 until maturity. The Company will pay interest semi-annually in arrears on February 15 and August 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is
no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided further that the first Interest Payment Date shall be February 15, 2021. The Company will pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue principal and premium, if any, from
time to time on demand at a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of
interest from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2) Method of Payment. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the
close of business on the February 1 and August 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.11 of the
Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the
option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to
principal of and interest, premium, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 (3) Paying Agent and
Registrar. Initially, Wilmington Trust, National Association will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such
capacity. 

  
 A-2 

 (4) Indenture. The Company issued the Notes under an Indenture dated as of
August 24, 2020 (the “Indenture”) among the Company, the Guarantors (as defined in the Indenture), the Trustee, the Collateral Agent, the Registrar and the Paying Agent. The terms of the Notes include those stated in the Indenture.
The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Notes are senior secured obligations of the Company limited to $280,843,751 in aggregate principal amount. The Notes are secured by a pledge of Collateral pursuant to the Security Documents and the Intercreditor
Agreements referred to in the Indenture. 
 (5) Optional Redemption. 

(a) At any time prior to August 24, 2022, the Company may on one or more occasions redeem all or a part of the Notes at
its option, upon not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest, to, but excluding, the applicable
date of redemption, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date. 

(b) Except as set forth in subparagraph (a) of this Paragraph 5, the Notes will not be redeemable at the Company’s
option prior to August 24, 2022. 
 (c) On or after August 24, 2022, the Company may on one or more occasions
redeem all or a part of the Notes at its option, upon not less than 15 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes
redeemed, to but excluding the applicable redemption date, if redeemed during the periods indicated below, subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date: 

 

					
	 Period
	  	Percentage	 
	 From August 24, 2022 to August 23, 2023
	  	 	105.000	% 
	 From August 24, 2023 to February 23, 2024
	  	 	102.500	% 
	 On or after February 24, 2024
	  	 	100.000	% 

 (d) Unless the Company defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 (6) Mandatory Redemption.

 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

(7) Repurchase at the Option of Holder. 

  
 A-3 

 (a) Upon the occurrence of a Change of Control, the Company will make an
offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $1.00 or an integral multiple of $1.00 in excess thereof, or such other amount as may be necessary to reflect the full amount of the Notes) of that
Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon to but excluding the date of purchase, subject to the rights of Holders on the relevant record date to
receive interest due on the relevant interest payment date (the “Change of Control Payment”). Within 10 days following any Change of Control, the Company will provide a notice to each Holder describing the transaction or transactions that
constitute the Change of Control and setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(b) If the Company, a Parent Guarantor or any of their Restricted Subsidiaries consummates any Asset Sales, within five days of
each date on which the aggregate amount of Excess Proceeds exceeds $20.0 million, the Company will commence an offer to all Holders of Notes (an “Asset Sale Offer”) pursuant to Sections 3.09 and 4.10 of the Indenture to purchase the
maximum principal amount of Notes (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums incurred in connection therewith) that may be purchased out of the Excess Proceeds. The offer price in any
Asset Sale Offer will be equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon to but excluding the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive interest due on
the relevant Interest Payment Date, in accordance with the procedures set forth in the Indenture. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company (or such Parent Guarantor or Restricted Subsidiary) may use those
Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes tendered into (or required to be purchased in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the
Notes to be purchased will be selected pursuant to the Applicable Procedures (or if in definitive form, on a pro rata basis), based on the amounts tendered or required to be prepaid or redeemed (with such adjustments as may be deemed appropriate by
the Company so that only Notes in denominations of $1.00, or an integral multiple of $1.00 in excess thereof, will be purchased, or such other amount as may be necessary to reflect the full amount of the Notes). Upon completion of each Asset Sale
Offer, the amount of Excess Proceeds will be reset at zero. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased
by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 

  
 A-4 

 (8) Notice of Redemption. Subject to the provisions of Section 3.09 of
the Indenture, at least 15 days but not more than 60 days before a redemption date, the Company will give or cause to be given, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption
notices may be given more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes and portions of Notes selected will be in amounts of $1.00
or whole multiples of $1.00 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. 

(9) Denominations, Transfer, Exchange. The Notes are in registered form in denominations of $1.00 or an integral multiple of
$1.00 in excess thereof (or such other amount as may be necessary to reflect the full amount of the Notes). The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or
exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. Also, neither the Registrar nor the Company will be required to issue, to register the transfer of or to exchange any
Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

(10) Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

(11) Amendment, Supplement and Waiver. The Indenture, the Security Documents, the Notes and the Note Guarantees may be amended,
supplemented or waived as provided in the Indenture. 
 (12) Defaults and Remedies. The Events of Default relating to the
Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the
Indenture. 
 (13) Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may become the owner
or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not the Trustee. 

(14) No Recourse Against Others. No past, present or future director, officer, employee, incorporator or stockholder of the
Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Note Documents, the Note Guarantees, the Security Documents or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. The waiver may not be effective to waive liabilities under the
federal securities laws. 

  
 A-5 

 (15) Authentication. This Note will not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent. 
 (16) Abbreviations. Customary abbreviations may be used in the
name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act). 
 (17) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(18) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND
THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

PYXUS HOLDINGS, INC. 
 c/o Pyxus
International, Inc. 
 8001 Aerial Center Parkway 

Morrisville, NC 27560-2009 

Attention: Joel Thomas, Executive Vice President – Chief Financial Officer 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

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

		  	(Insert assignee’s legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint ________________________________________________ to transfer this Note on the books of the Company. The
agent may substitute another to act for him. 
 Date:
                     
  

			
	Your Signature:	 	
                     
                                    

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

  

			
	Signature Guarantee*:	 	              

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-7 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate
box below: 
 ☐ Section 4.10
                                         
                               ☐ Section 4.15 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the
Indenture, state the amount you elect to have purchased: 
 $
                     

Date:
                     
  

			
	Your Signature:	 	
                 

	(Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	 	              

  

			
	Signature Guarantee*:	 	              

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

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

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

  
 A-9 

 EXHIBIT B 

[FORM OF NOTATION OF GUARANTEE] 

For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of August 24, 2020 (as supplemented and amended from time to time, the “Indenture”) among Pyxus Holdings, Inc. (the
“Company”), the Guarantors (as defined in the Indenture) and Wilmington Trust, National Association, as trustee (the “Trustee”), collateral agent, registrar and paying agent, (a) the due and punctual payment of the principal
of, premium, if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual
performance of all other obligations of the Company under the Indenture, the Notes and the Security Documents to the Holders or the Trustee and Agents all in accordance with the terms thereof and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. The
obligations of the Guarantors to the Holders of Notes and to the Trustee and Agents pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise
terms of the Note Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such provisions (b) authorizes and directs the Trustee, on behalf of such Holder, to take such action as may be necessary or
appropriate to effectuate the subordination as provided in the Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose; provided
however, that the Indebtedness evidenced by this Note Guarantee shall cease to be so subordinated and subject in right of payment upon any defeasance of this Note in accordance with the provisions of the Indenture. 

Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 

 

			
	  
 [Name of
Guarantor(s)]

		
	By:	 	  

		 	Name:
		 	Title:

  
 B-1 

 EXHIBIT C 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                , 20    , among                 (the
“Guaranteeing Subsidiary”), a Subsidiary of                 (or its permitted successor), a Virginia corporation (the “Company”), the Company, the
other Guarantors (as defined in the Indenture referred to herein) and                 , as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company and certain Guarantors have heretofore executed and delivered to the Trustee and the Collateral Agent an indenture (the “Indenture”), dated as of August 24, 2020, providing for the issuance of 10.000% Senior Secured First
Lien Notes due 2024 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee and the Collateral Agent a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the
terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the
Trustee and the Collateral Agent 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 Guaranteeing Subsidiary, the Trustee and the Collateral Agent mutually covenant and agree for the equal and ratable benefit of the Holders
of the Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms
and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof. 
 3. No
Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary
under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against
public policy. 

  
 C-1 

 4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE
USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

5. 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. 
 6. Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof. 
 7. The Trustee and the Collateral Agent. The Trustee and the Collateral Agent shall not be responsible in
any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 

  
 C-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
                , 20[·] 
  

			
	  
 [Guaranteeing
Subsidiary]

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	PYXUS HOLDINGS, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	PYXUS INTERNATIONAL, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	PYXUS PARENT, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	ALLIANCE ONE SPECIALTY PRODUCTS, LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3 

 
			
	ALLIANCE ONE INTERNATIONAL, LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	ALLIANCE ONE NORTH AMERICA, LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	A.C. MONK AND COMPANY, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	ALLIANCE ONE INTERNATIONAL SERVICES, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	AOSP INVESTMENTS, LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-4 

 
			
	AUSTIN CAROLINA COMPANY

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	CAROLINA LEAF TOBACCO CO., INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	CHINA AMERICAN TOBACCO COMPANY

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	CRES TOBACCO COMPANY LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	CRITICALITY, LLC

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	DIBRELL BROTHERS, INCORPORATED

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-5 

 
			
	DIMON INTERNATIONAL, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:
	
	EASTERN CAROLINA PACKAGING, LLC

 
			
		
	By:	 	      

		 	Name:
		 	Title:
	
	GLOBAL SPECIALTY PRODUCTS, LLC

 
			
		
	By:	 	      

		 	Name:
		 	Title:

 
			
	
	GSP PROPERTIES, LLC
		
	By:	 	      

		 	Name:
		 	Title:

 
			
	
	MONK-AUSTIN INTERNATIONAL, INC.

 
			
		
	By:	 	              

		 	Name:
		 	Title:
	
	PUREAG-NC, LLC

 
			
		
	By:	 	      

		 	Name:
		 	Title:

  
 C-6 

 
			
	PYXUS AGRICULTURE USA, LLC

 
			
		
	By:	 	      

		 	Name:
		 	Title:

 
			
	
	THE AUSTIN TOBACCO COMPANY, INCORPORATED

 
			
		
	By:	 	      

		 	Name:
		 	Title:
	
	TOBACCO SERVICES, L.L.C.

 
			
		
	By:	 	      

		 	Name:
		 	Title:
	
	TWELFTH STATE BRANDS LLC

 
			
		
	By:	 	      

		 	Name:
		 	Title:
	
	W.A. ADAMS COMPANY

 
			
		
	By:	 	      

		 	Name:
		 	Title:

  
 C-7 

 
			
	ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD.

 
			
		
	By:	 	      

		 	Name:
		 	Title:

 
			
	
	TRANS-CONTINENTAL LEAF TOBACCO CORP., LTD.

 
			
		
	By:	 	      

		 	Name:
		 	Title:

 
			
	
	PYXUS AGRICULTURE HOLDINGS LIMITED

 
			
		
	By:	 	      

		 	Name:
		 	Title:
	
	[Other Existing Guarantors]

 
			
		
	By:	 	      

		 	Name:
		 	Title:

 
			
	
	Wilmington Trust, National Association, as Trustee and Collateral Agent
		
	By:	 	      

		 	Authorized Signatory

  
 C-8 

 EXHIBIT D 

INITIAL GUARANTORS 
 DOMESTIC PARENT
GUARANTORS 
 PYXUS INTERNATIONAL, INC. (VA) 
 PYXUS PARENT,
INC. (VA) 
 DOMESTIC SUBSIDIARY GUARANTORS 
 A.C. MONK
AND COMPANY, INC. (NC) 
 ALLIANCE ONE INTERNATIONAL SERVICES, INC. (NC) 

ALLIANCE ONE INTERNATIONAL, LLC (NC) 
 ALLIANCE ONE NORTH AMERICA,
LLC (NC) 
 ALLIANCE ONE SPECIALTY PRODUCTS, LLC (NC) 
 AOSP
INVESTMENTS, LLC (NC) 
 AUSTIN CAROLINA COMPANY (NC) 
 CAROLINA
LEAF TOBACCO CO., INC. (NC) 
 CHINA AMERICAN TOBACCO COMPANY (VA) 

CRES TOBACCO COMPANY LLC (NC) 
 CRITICALITY, LLC (NC) 

DIBRELL BROTHERS, INCORPORATED (VA) 
 DIMON INTERNATIONAL, INC.
(NC) 
 EASTERN CAROLINA PACKAGING, LLC (NC) 
 GLOBAL SPECIALTY
PRODUCTS, LLC (NC) 
 GSP PROPERTIES, LLC (DE) 
 MONK-AUSTIN
INTERNATIONAL, INC. (NC) 
 PUREAG-NC, LLC (NC) 

PYXUS AGRICULTURE USA, LLC (NC) 
 THE AUSTIN TOBACCO COMPANY,
INCORPORATED (NC) 
 TOBACCO SERVICES L.L.C. (NC) 
 TWELFTH
STATE BRANDS LLC (NC) 
 W.A. ADAMS COMPANY (NC) 
 FOREIGN
SUBSIDIARY GUARANTORS 
 ALLIANCE ONE INTERNATIONAL HOLDINGS, LTD. (UK) 

TRANS-CONTINENTAL LEAF TOBACCO CORP. LTD. (LIECHTENSTEIN) 
 PYXUS
AGRICULTURE HOLDINGS LIMITED (UK) 

  
 D-1 

 EXHIBIT E 

PERMITTED ASSET DISPOSITIONS 
 1. Like-for-like exchange of Equity Interests in Nicotine River LLC for Equity Interests in Humble Juice Co. LLC 

  
 E-1 

 EXHIBIT F 

ADDITIONAL INVESTMENTS 
  

	1.	 Investments, in an aggregate amount not to exceed $550,000, to purchase Equity Interests in Global Leaf
Services Hong Kong Limited in connection with compensation arrangements to key sales representative responsible for China 

  

	2.	 Like-for-like exchange of
Equity Interests in Nicotine River LLC for Equity Interests in Humble Juice Co. LLC. 

  

	3.	 Investments in the ordinary course of business consistent with past practice consisting in amounts consistent
with historical levels of deposits in (including money market funds of), or certificates of deposits, bankers’ acceptances, export notes, trade credit assignments, guarantees and instruments of a similar nature issued by: 

 

	 	a.	 NMB Bank (as NMBZ Holdings Limited) – Zimbabwe 

 

	 	b.	 Indo Zambia Bank – Zambia 

 

	 	c.	 NBS Bank – Malawi 

 

	 	d.	 Provincial Credit Union – Canada 

 

	 	e.	 FDH Bank Limited – Malawi 

 

	 	f.	 Zambia National Commercial Bank – Zambia 

 

	 	g.	 UCO BANK – India 

 

	 	h.	 UNION BANK – Jordan 

  
 F-1

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