Document:

Form of Award Agreement for Performance Shares

 Exhibit 4.11 
 AWARD AGREEMENT FOR PERFORMANCE SHARES 
 UNDER THE

 VASCO DATA SECURITY INTERNATIONAL, INC. 
 2009 EQUITY INCENTIVE PLAN 
 THIS AWARD AGREEMENT FOR RESTRICTED
SHARES (this “Agreement”) is made as of                      201_ (the “Effective Date”), between VASCO
DATA SECURITY INTERNATIONAL, INC. (the “Company”) and                  (the “Grantee”). 
 WHEREAS, the Company maintains the VASCO Data Security International, Inc. 2009 Equity Incentive Plan (as amended, the
“Plan”) for the benefit of its employees, directors, consultants, and other individuals who provide services to the Company; and 
 WHEREAS, to compensate the Grantee for his service to the Company and to further align the Grantee’s personal financial interests with those of the Company’s shareholders, the Company
wishes to award the Grantee a number of shares of Common Stock (as defined below), subject to the restrictions and on the terms and conditions contained in the Plan and this Agreement. 
 NOW, THEREFORE, in consideration of these premises and the agreements set forth herein, the parties, intending to be legally bound
hereby, agree as follows: 
 1. Grant of Restricted Shares. The Company hereby grants to the Grantee an award of the shares set
forth on Exhibit A hereto (the “Awarded Shares”) of the Company’s common stock, par value of $0.001 per share (the “Common Stock”), subject to the terms and conditions set forth in this Agreement and in
the Plan. The terms of the Plan are hereby incorporated into this Agreement by this reference, as though fully set forth herein. Capitalized terms used but not defined in this Agreement have the meanings set forth in the Plan. 
 2. Vesting of Awarded Shares. Subject to Section 11, the Awarded Shares are subject to forfeiture to the Company until they become
vested in accordance with this Section 2. 
 (a) Awarded Shares will become vested if and to the extent, based upon
the delivery of the applicable audited financial statements of the Company, the Company achieves the Performance Goals set forth on Exhibit A hereto during the Performance Period. “Performance Period” means the period
commencing on January 1, 2010 and ending on December 31, 2012. Any Awarded Shares that have not vested pursuant to this Section 2 will be automatically forfeited. 
 (b) In the event of a Change in Control that is a Company Transaction: 
 (A) The Awarded Shares earned and outstanding as of the date the Change in Control is determined to have occurred will be payable in full at
the level achieved in accordance with Exhibit A hereto; and 

 (B) If the Change in Control occurs prior to the expiration of the Performance Period, any
remaining Awarded Shares outstanding as of the date of the Change in Control shall be prorated (based on the ratio of (x) the number of days that have elapsed in the Performance Period to (y) the total number of days in the Performance
Period) at the target payout level up to and including the date of such Change in Control (the “Prorated Shares”) and the Grantee shall be vested in the Prorated Shares immediately prior to (and contingent on) the Change in Control;
provided, however, that if the Company Transaction is a sale of assets or otherwise does not result in direct receipt of consideration by the holders of Common Stock, the Grantee shall receive, in exchange for and in lieu of the
Prorated Shares, a cash payment equal to the product of (1) the value of the deemed per share consideration received by the Company in the Company Transaction, in each case as determined by the Compensation Committee, multiplied by
(2) such prorated amount of shares. 
 (c) If the Grantee’s service with the Company ceases by reason of the
Grantee’s death or Disability, 100% of the Awarded Shares will become vested immediately prior to (and contingent on) the occurrence of such death or Disability. Notwithstanding the foregoing, a Disability will not qualify if it is the result
of (A) a willfully self-inflicted injury or willfully self-induced sickness; or (B) an injury or disease contracted, suffered, or incurred while participating in a criminal offense. The determination of Disability will be made by the
Committee. The determination of Disability for purposes of this Agreement shall not be construed to be an admission of disability for any other purpose. 
 (d) Except as provided in Sections 2(b) and 2(c), upon cessation of the Grantee’s service with the Company for any reason or for no reason (and whether such cessation is initiated by
the Company, the Grantee or otherwise): (i) any Awarded Shares that have not, prior to such cessation, become vested will immediately and automatically, without any action on the part of the Company, be forfeited, and (ii) the Grantee
shall have no further rights with respect to those Awarded Shares. 
 (e) Solely for purposes of this Agreement, service with the
Company shall be deemed to include service with any subsidiary of the Company (for only so long as such entity remains a subsidiary). 
 3.
Escrow of Shares. 
 (a) Certificates evidencing the Awarded Shares issued under this Agreement shall be held in
escrow by the Secretary of the Company or his or her designee (the “Escrow Holder”) (or, if the Awarded Shares are not certificated, shall be entered in the stock record books of the Company as held in escrow by the Escrow Holder)
until such Awarded Shares are vested in accordance with Section 2, at which time, the Escrow Holder shall deliver such certificates representing the Awarded Shares to the Grantee (or, if the Awarded Shares are not certificated, the
Awarded Shares shall be entered in the stock record books of the Company as held and owned by the Grantee); provided, however, that no certificates for Awarded Shares will be delivered to the Grantee (or, if the Awarded Shares are not
certificated, no transfer of the Awarded Shares will be entered in the stock record books of the Company) until appropriate arrangements have been made with the Company for the withholding or payment of any taxes that may be due with respect to such
Awarded Shares. 
  

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 (b) If any of the Awarded Shares are forfeited by the Grantee under Section 2,
upon request by the Company, the Escrow Holder will deliver any stock certificate(s) evidencing those Awarded Shares to the Company (or, if the Awarded Shares are not certificated, such forfeiture will be entered in the stock record books of the
Company), and the Company will then have the right to retain and transfer those Awarded Shares to its own name free and clear of any rights of the Grantee under this Agreement or otherwise. 
 (c) The Escrow Holder is hereby directed to permit transfer of the Awarded Shares only in accordance with this Agreement or in accordance
with instructions signed by both parties hereto. In the event further instructions are reasonably desired by the Escrow Holder, he or she will be entitled to conclusively rely upon directions executed by a majority of the members of the Board. The
Escrow Holder will have no liability for any act or omissions hereunder while acting in good faith in the exercise of his or her own judgment. 
 4. Stock Splits, etc. If, while any of the Awarded Shares remain subject to vesting under Section 2, there occurs any merger, consolidation, reorganization, reclassification, recapitalization, stock split, stock
dividend, or other similar change in the Common Stock, then any and all new, substituted or additional securities or other consideration to which the Grantee is entitled by reason of the Grantee’s ownership of the Awarded Shares will be
immediately subject to the escrow contemplated by Section 3, deposited with the Escrow Holder and will thereafter be included in the term “Awarded Shares” for all purposes of the Plan and this Agreement. 
 5. Dividends and Distributions During Performance Period. The Grantee will have no rights to dividends or Dividend Equivalents with respect to
any Performance Share until all of the performance goals specified for such Performance Share have been attained. 
 6. Tax
Consequences. The Grantee acknowledges that the Company has not advised the Grantee regarding the Grantee’s income tax liability in connection with the grant, receipt or vesting of the Awarded Shares. The Grantee has reviewed with the
Grantee’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Grantee understands that the Grantee (and not the Company) will be responsible for the Grantee’s own tax liability that may arise as a result of the transactions contemplated by this
Agreement. 
 7. Restrictions on Unvested Awarded Shares. Except for the escrow described in Section 3 or the
forfeiture of Awarded Shares to the Company described in Section 2, the Grantee may not sell, pledge, assign, encumber, hypothecate, gift, transfer, bequeath, devise, donate or otherwise dispose of, in any way or manner whatsoever,
whether voluntary or involuntary, any legal or beneficial interest in any of the Awarded Shares until the Awarded Shares become vested in accordance with Section 2. 
  

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 8. Legend. Share certificates evidencing Awarded Shares will bear the following legend to be
placed on all certificates evidencing any Awarded Shares (in addition to any other legends that may be required to be placed on such certificates pursuant to the Plan, applicable law or otherwise): 
 THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE)
OF THE VASCO DATA SECURITY INTERNATIONAL, INC. 2009 EQUITY INCENTIVE PLAN AND AN AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND VASCO DATA SECURITY INTERNATIONAL, INC. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE IN THE PRINCIPAL OFFICES
OF VASCO DATA SECURITY INTERNATIONAL, INC. AND WILL BE MADE AVAILABLE TO ANY SHAREHOLDER WITHOUT CHARGE UPON REQUEST TO THE SECRETARY OF THE COMPANY. 
 Upon request by the Grantee, following vesting of the Awarded Shares pursuant to Section 2, the Company will remove the legend from the certificates evidencing such vested Awarded Shares.

 9. Rights of Grantee. Grantee shall have no voting rights or any other rights of a shareholder of the Company until all of the
performance goals specified for such Performance Share have been attained. 
 10. Securities Laws. The Company may from time to
time impose any conditions on the Awarded Shares as it deems necessary or advisable to ensure that the Plan satisfies the conditions of Rule 16b-3 adopted under the Securities and Exchange Act of 1934 and otherwise complies with applicable rules and
laws. 
 11. Recoupment of Awarded Shares. Notwithstanding anything in this Agreement to the contrary, if the Company determines
that the Grantee’s Wrongful Act was a significant contributing factor to the Company or a subsidiary having to restate all or a portion of its financial statements, all outstanding Awarded Shares will immediately and automatically be forfeited
and the Grantee shall promptly repay to the Company any Common Stock, cash or other property paid in respect of any Awarded Share during the Recoupment Period. 
 12. General Provisions 
 (a) This Agreement, together with the Plan,
represent the entire agreement between the parties with respect to the purchase of the Awarded Shares and may only be modified or amended in a writing signed by both parties. 
  

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 (b) Any notice, demand or request required or permitted to be given by either the Company or
the Grantee pursuant to the terms of this Agreement must be in writing and will be deemed given (i) on the date and at the time delivered via personal, courier or recognized overnight delivery service, (ii) if sent via telecopier on the
date and at the time telecopied with confirmation of delivery, (iii) if sent via email or other electronic delivery and receipt is confirmed, on the date and at the time received, or (iv) if mailed, on the date five days after the date of
the mailing (which must be by registered or certified mail). Delivery of a notice by telecopy (with confirmation) or by email or other electronic delivery (with confirmation or receipt) will be permitted and will be considered delivery of a notice
notwithstanding that it is not an original that is received. Any notice to Grantee under this Agreement will be made to Grantee at the address (or telecopy number, email or other electronic address, as the case may be) listed in the Company’s
personnel files. If directed to the Company, any such notice, demand or request will be sent to the Chairman of the Committee at the Company’s principal executive office, or to such other address or person as the Company may hereafter specify
in writing. Any notice to the Escrow Holder will be sent to the Company’s address, with a copy to the other party not sending the notice. 
 (c) The Company may condition delivery of certificates for Awarded Shares (or, if the Awarded Shares are not certificated, the entry in the stock record books of the Company of the transfer to the Grantee
of the Awarded Shares) upon the prior receipt from Grantee of any undertakings which it may determine are required to assure that the certificates are being issued in compliance with federal and state securities laws. 
 (d) The Grantee has received a copy of the Plan, has read the Plan and is familiar with its terms, and hereby accepts the Awarded Shares
subject to all of the terms and provisions of the Plan, as amended from time to time. Pursuant to the Plan, the Board and the Committee are authorized to interpret the Plan and to adopt rules and regulations not inconsistent with the Plan as they
deem appropriate. The Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board or the Committee upon any questions arising under the Plan. 
 (e) Neither this Agreement nor any rights or interest hereunder will be assignable by the Grantee, the Grantee’s beneficiaries or legal
representatives, and any purported assignment in violation hereof will be null and void. 
 (f) Either party’s failure to
enforce any provision or provisions of this Agreement will not in any way be construed as a waiver of any such provision or provisions, nor prevent that party thereafter from enforcing each and every other provision of this Agreement. The rights
granted both parties herein are cumulative and will not constitute a waiver of either party’s right to assert all other legal remedies available to it under the circumstances. 
 (g) The grant of Awarded Shares hereunder does not confer upon the Grantee any right to continue in service with the Company or any of its
subsidiaries. 
 (h) The Awarded Shares and any related dividends or distributions are intended to be exempt from the
requirements of Internal Revenue Code Section 409A. 
 (i) This Agreement shall be governed by, and enforced in accordance
with, the laws of the State of Delaware, without regard to the application of the principles of conflicts or choice of laws. 
  

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 (j) This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which together shall be deemed to be one and the same instrument. In the event that any signature to this Agreement is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 [Signature Page Follows] 
  

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 [SIGNATURE PAGE TO AWARD AGREEMENT FOR PERFORMANCE SHARES] 
 IN WITNESS WHEREOF, the parties have duly executed this Award Agreement intending it to be effective as of the first date written
above. 
  

			
	VASCO DATA SECURITY INTERNATIONAL, INC.
		
	By:	 	 
		
	Its:	 	 
	
	 
	[Grantee]

  

 7Form of First Supplemental Indenture relating to 5.900% Notes due 2020

 Exhibit 4.2 
 CLIFFS NATURAL RESOURCES INC. 
 5.900% Notes due
2020 
 First Supplemental Indenture 
 Dated as of March 17, 2010 
 U.S. BANK NATIONAL ASSOCIATION,

 as Trustee 

 TABLE OF CONTENTS 
  
  
  

					
		 		  	PAGE
	ARTICLE 1	  	
	SCOPE OF SUPPLEMENTAL INDENTURE; GENERAL	  	
			
	Section 1.01.	 	Scope of Supplemental Indenture; General	  	2
	Section 1.02.	 	Terms of Notes	  	2
		
	ARTICLE 2	  	
	CERTAIN DEFINITIONS	  	
			
	Section 2.01.	 	Certain Definitions	  	3
	Section 2.02.	 	Rules of Construction	  	8
		
	ARTICLE 3	  	
	COVENANTS	  	
			
	Section 3.01.	 	Change of Control Triggering Event.	  	9
	Section 3.02.	 	Restrictions on Liens.	  	9
	Section 3.03.	 	Restrictions on Sale and Leaseback Transactions	  	11
	Section 3.04.	 	Applicability of Covenants Contained in the Base Indenture	  	12
		
	ARTICLE 4	  	
	THE NOTES	  	
			
	Section 4.01.	 	Form of Notes	  	12
	Section 4.02.	 	Depositary	  	12
		
	ARTICLE 5	  	
	REDEMPTION	  	
			
	Section 5.01.	 	Optional Redemption	  	12
	Section 5.02.	 	Applicability of Sections of the Base Indenture	  	13
		
	ARTICLE 6	  	
	DEFEASANCE	  	
			
	Section 6.01.	 	Defeasance	  	13

  

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	ARTICLE 7	  	
	MISCELLANEOUS	  	
			
	Section 7.01.	 	GOVERNING LAW	  	13
	Section 7.02.	 	Recitals	  	13

					
			
	EXHIBIT:	 		  	
	A.	 	Form of Note	  	

  

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 FIRST SUPPLEMENTAL INDENTURE dated as of March 17, 2010 (“First Supplemental
Indenture”) to the Indenture dated as of March 17, 2010 (the “Base Indenture” and as supplemented by this First Supplemental Indenture, the “Indenture”), is by and among CLIFF NATURAL RESOURCES INC., an
Ohio corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, as trustee (as defined in the Indenture, the “Trustee”). 
 RECITALS: 
 Each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the Holders of Notes (as defined herein): 
 WHEREAS, the Company has duly authorized the
execution and delivery of the Base Indenture to provide for the issuance from time to time of the Company’s debentures, notes, or other debt instruments (as defined in the Indenture, the “Securities”), to be issued in one or
more series, as in the Indenture provided; 
 WHEREAS, the Company desires and has requested the Trustee to join them in the
execution and delivery of this First Supplemental Indenture in order to establish and provide for the issuance by the Company of a series of Securities designated as its 5.900% Notes due 2020 (the “Notes”), on the terms set forth
herein; 
 WHEREAS, the Company now wishes to issue Notes in an initial aggregate principal amount of $400,000,000; 

WHEREAS, Section 9.1 of the Base Indenture permits the Company and the Trustee to amend or supplement the Base Indenture to
establish the form and terms of any series of Securities without the consent of any Securityholder; 
 WHEREAS, the conditions
set forth in the Indenture for the execution and delivery of this First Supplemental Indenture have been complied with; and 
 WHEREAS, all things necessary to make this First Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Base Indenture have been done;

 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 
 In consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof and the Company mutually covenant and
agree with the Trustee, for the equal and ratable benefit of the Holders of the Notes, that the Base Indenture is supplemented and amended, to the extent expressed herein, as follows: 

 ARTICLE 1 
 SCOPE OF SUPPLEMENTAL INDENTURE; GENERAL 
 Section 1.01. Scope of Supplemental Indenture; General. This First Supplemental Indenture supplements and, to the extent inconsistent therewith, replaces the provisions of the Base Indenture, to
which provisions reference is hereby made. 
 The changes, modifications and supplements to the Base Indenture effected by this
First Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes (which shall be initially in the aggregate principal amount of $400,000,000) and shall not apply to any other Securities that have been or may
be issued under the Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. Pursuant to this First Supplemental Indenture, there is hereby created and
designated a series of Securities under the Indenture entitled “5.900% Notes due 2020.” The Notes shall be in the form of Exhibit A hereto, the terms of which are incorporated herein by reference. 
 All Notes issued under this First Supplemental Indenture shall vote and consent together on all matters as one class, including without
limitation on waivers and amendments, and no Holder of Notes will have the right to vote or consent as a separate class from other Holders on any matter except matters which affect such Holder only. 
 Section 1.02. Terms of Notes. The information applicable to the Notes required pursuant to Section 2.2 of the Base Indenture is
as follows: 
 (1) the title of the Notes is “5.900 % Senior Notes due 2020”; 
 (2) the Notes will be issued to the underwriters at a price of 98.777 % of the principal amount, resulting in total net proceeds to the
Company of $395,108,000; the price to the public will be 99.427% of the principal amount; and 100% of the principal amount will be payable upon declaration of acceleration or maturity; 
 (3) the initial aggregate principal amount of the Notes is $400,000,000; 
 (4) principal will be payable as set forth in the form of Note; 
 (5) the rate of interest and interest payment and record dates are as set forth in the form of Note; 
 (6) as set forth in the form of Note; 
 (7) the Notes will be subject to optional redemption as set forth in Article 5 below; 
 (8) not applicable; 
  

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 (9) not applicable; 
 (10) the Notes will be issuable in minimum denominations of $2,000 and integral multiples of $1,000; 
 (11) the Notes shall be issuable as Global Securities and the provisions of Section 2.15 of the Indenture shall apply to the Notes;

 (12) not applicable; 
 (13) the Notes shall be issuable in Dollars; 
 (14) payment of the principal and
interest on the Notes shall be made in Dollars; 
 (15) not applicable; 
 (16) not applicable; 
 (17) not applicable; 
 (18) not applicable; 
 (19) the provisions of Article 3 herein setting forth Covenants shall be applicable to the Notes; 
 (20) as set forth elsewhere herein; 
 (21) not applicable; 
 (22) not applicable; 
 (23) the Notes shall be senior debt securities; and 
 (24) U.S. Bank National Association initially shall serve as the Trustee and Registrar and Paying Agent with respect to the Notes; 
 ARTICLE 2 
 CERTAIN DEFINITIONS

 Section 2.01. Certain Definitions. The following definitions shall apply to the Notes. Capitalized terms used but not
defined herein have the meanings ascribed to such terms in the Base Indenture. 
  

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 “Attributable Debt” means the present value (discounted at the rate of
interest implicit in the terms of the lease) of the obligation of a lessee for net rental payments during the remaining term of any lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended).

 “Change of Control” means the occurrence of any of the following after the date of issuance of the Notes:

 (a) 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 assets of the Company and the Company’s Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in
Section 13(d)(3) of the Exchange Act) other than to the Company or one of the Company’s Subsidiaries; 
 (b) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being
agreed that an employee of the Company or any of the Company’s Subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the
instructions of such employee shall not be a member of a “group” (as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Voting Stock representing more than 50% of the voting power of the Company’s outstanding Voting Stock or of the Voting Stock
of any of the Company’s direct or indirect parent companies; 
 (c) the Company consolidates with, or merges with or into,
any Person, or any Person consolidates with, or merge with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other Person is converted into or
exchanged for cash, securities or other property, other than any such transaction where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing
at least a majority of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction; 
 (d) the first day on which the majority of the members of the Board of Directors or the board of directors of any of the Company’s direct or indirect parent companies are not Continuing Directors; or

 (e) the adoption of a plan relating to the liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control solely because the Company becomes a direct
or indirect wholly-owned subsidiary of a

  

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holding company if the direct or indirect Holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the Holders of the
Company’s Voting Stock immediately prior to that transaction. 
 “Change of Control Offer” has the meaning
ascribed to such term in Section 3.01 of this First Supplemental Indenture. 
 “Change of Control Offer
Payment” has the meaning ascribed to such term in Section 3.01 of this First Supplemental Indenture. 
 “Change
of Control Payment Date” has the meaning ascribed to such term in Section 3.01 of this First Supplemental Indenture. 
 “Change of Control Triggering Event” means with respect to the Notes, (i) the rating of such Notes is lowered by each of the Rating Agencies on any date during the period (the “Trigger Period”)
commencing on the earlier of (a) the occurrence of a Change of Control and (b) the first public announcement by the Company of any Change of Control (or pending Change of Control), and ending 60 days following consummation of such Change
of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) such Notes are rated
below Investment Grade by each of the Rating Agencies on any day during the Trigger Period; provided that a Change of Control Trigger Event will not be deemed to have occurred in respect of a particular Change of Control if each Rating Agency
making the reduction in rating does not publicly announce or confirm or inform the Trustee at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or
in respect of, the Change of Control. 
 Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to
have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than six such Reference Treasury Dealer Quotations, the average of all Quotations obtained. 
 “Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly
deductible items) after deducting therefrom (a) all current

  

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liabilities (excluding any indebtedness for money borrowed having a maturity of less than 12 months from the date of the most recent consolidated balance sheet of the Company but which by its
terms is renewable or extendable beyond 12 months from such date at the option of the borrower) and (b) all goodwill, trade names, patents, unamortized debt discount and expense and any other like intangibles, all as set forth on the most
recent consolidated balance sheet of the Company and computed in accordance with U.S. generally accepted accounting principles. 
 “Continuing Director” means, as of any date of determination, any member of the applicable board of directors who: (1) was a member of such board of directors on the date of issuance of the Notes or (2) was
nominated for election, elected or appointed to such board of directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a
specific vote or by approval of a proxy statement in which such member was named as a nominee for election as a director). 
 “Debt” means indebtedness for money borrowed that in accordance with applicable generally accepted accounting principles would be reflected on the balance sheet of the obligor as a liability as of the date on which Debt is
to be determined. 
 “Domestic Subsidiary” means a Subsidiary that owns or leases any Principal Property except
a Subsidiary (a) that transacts any substantial portion of its business and regularly maintains any substantial portion of its fixed assets outside of the United States or (b) that is engaged primarily in financing the operation of the
Company or the Company’s Subsidiaries, or both, outside the United States. 
 “DTC” has the meaning
ascribed to such term in Section 4.02 of this First Supplemental Indenture. 
 “Event of Default” means any
event specified as such in Section 6.1 of the Base Indenture. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Global Note” has the meaning ascribed to such term in Section 4.01 of
this First Supplemental Indenture. 
 “Global Note Holder” has the meaning ascribed to such term in Section
4.02 of this First Supplemental Indenture. 
  

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 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its
equivalent under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement
rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating
Agency.” 
 “Issue Date” means March 17, 2010. 
 “Liens” means any mortgage, pledge, lien or other encumbrance. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 “Notes” has the meaning ascribed to it in the preamble of this First Supplemental Indenture. 
 “Person” means any individual, corporation, partnership, limited liability company, business trust, association,
joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof. 
 “Primary Treasury Dealer” means a primary U.S. government securities dealer in the United States. 
 “Principal Property” means a single manufacturing or processing plant, warehouse distribution facility or office owned or leased by the Company or a Domestic Subsidiary which has a net
book value in excess of 5% of Consolidated Net Tangible Assets other than a plant, warehouse, office, or portion thereof which, in the opinion of the Company’s Board of Directors, is not of material importance to the business conducted by the
Company and its Subsidiaries as an entirety. 
 “Rating Agency” means each of Moody’s and S&P;
provided, that if any of Moody’s or S&P ceases to provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act as a replacement for such Rating Agency. 
 “Reference Treasury
Dealer” means each of Banc of America Securities LLC and J.P. Morgan Securities Inc., their respective successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by
the Company, except that if any of the foregoing ceases to be a Primary Treasury Dealer, the

  

 7 

 
Company shall designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m.,
New York City time, on the third business day preceding such redemption date. 
 “S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Subsidiary” means any corporation, partnership or other legal entity (a) the accounts of which are consolidated with the Company in accordance with U.S. generally accepted accounting principles and (b) of which,
in the case of a corporation, more than 50% of the outstanding voting stock is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more other Subsidiaries or, in the case of any
partnership or other legal entity, more than 50% of the ordinary equity capital interests is, at the time, directly or indirectly owned or controlled by the Company or by one or more of the Subsidiaries or by the Company and one or more of the
Subsidiaries. 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. 
 “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 generally in the election of the Board of Directors of such Person. 
 Section 2.02 . Rules of Construction. Unless the context otherwise requires or except as otherwise expressly provided, the term
“interest” in this Indenture shall be construed to include additional interest, if any. 
 ARTICLE 3 
 COVENANTS 
 The following covenants shall apply in addition to the covenants set forth in the Indenture: 
  

 8 

 Section 3.01. Change of Control Triggering Event. 
 (a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the Notes pursuant to
Section 5.01, by giving irrevocable notice to the Trustee in accordance with the Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described in
this Section 3.01 (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control
Payment”), subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 (b) Unless the Company has exercised its right to redeem the Notes, within 30 days following the date upon which the Change of Control Triggering Event occurred with respect to the Notes or, at the
Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to each Holder of Notes, with a copy to the Trustee, which
notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be
required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being
consummated on or prior to the Change of Control Payment Date. 
 (c) On the Change of Control Payment Date, the Company shall,
to the extent lawful: 
 (i) accept or cause a third party to accept for payment all Notes or portions of Notes
properly tendered pursuant to the Change of Control Offer; 
 (ii) deposit or cause a third party to deposit with
the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being
repurchased and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change of Control Offer have been complied with. 
 (d) The Company shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 
 Section 3.02. Restrictions on Liens. 
  

 9 

 (a) The Company will not, nor will it permit any Domestic Subsidiary to, incur, issue,
assume or guarantee any Debt secured by a Lien upon any Principal Property or on any shares of stock or indebtedness of any Domestic Subsidiary (whether such Principal Property, shares of stock or indebtedness is now owned or hereafter acquired)
without in any such case effectively providing that the Notes (together with, if the Company shall so determine, any other indebtedness of or guaranteed by the Company or such Domestic Subsidiary ranking equally with the Notes then existing or
thereafter created) shall be secured equally and ratably with such Debt. 
 (b) The restrictions set forth in paragraph
(a) in this Section 3.02 shall not apply to: 
 (i) Liens on property, shares of stock or indebtedness of or
guaranteed by any Person existing at the time such Person becomes a Domestic Subsidiary; 
 (ii) Liens on
property existing at the time of acquisition thereof, or to secure the payment of all or part of the purchase or construction price of property, or to secure Debt incurred or guaranteed for the purpose of financing all or part of the purchase or
construction price of property or the cost of improvements on property, which Debt is incurred or guaranteed prior to, at the time of, or within 180 days after the later of such acquisition or completion of such improvements or construction or
commencement of commercial operation of the property; 
 (iii) Liens in favor of the Company or any Subsidiary;

 (iv) Liens on property of a Person existing at the time such Person is merged into or consolidated with the
Company or a Domestic Subsidiary or at the time of a purchase, lease or other acquisition of the property of a Person as an entirety or substantially as an entirety by the Company or a Domestic Subsidiary; 
 (v) Liens on the property of the Company or that of a Domestic Subsidiary in favor of the United States of America or any
State thereof, or any political subdivision thereof, or in favor of any other country, or any political subdivision thereof, to secure certain payments pursuant to any contract or statute or to secure any indebtedness incurred or guaranteed for the
purpose of financing all or any part of the purchase price or the cost of construction of the property subject to such Liens (including, but not limited to, Liens incurred in connection with pollution control industrial revenue bond or similar
financing); 
 (vi) Liens imposed by law, for example mechanics’, workmen’s, repairmen’s or other
similar Liens arising in the ordinary course of business; 
 (vii) pledges or deposits under workmen’s
compensation or similar legislation or in certain other circumstances; 
  

 10 

 (viii) Liens in connection with legal proceedings; 
 (ix) Liens for taxes or assessments or governmental charges or levies not yet due or delinquent, of which can thereafter be
paid without penalty, or which are being contested in good faith by appropriate proceedings; 
 (x) Liens
consisting of restrictions on the use of real property that do not interfere materially with the property’s use; 
 (xi) Liens existing on the date of the Indenture; and 
 (xii) any refinancing, extension, renewal or
replacement (or successive refinancings, extensions, renewals or replacements), in whole or in part, of any Lien referred to in any of the foregoing clauses. 
 (c) Notwithstanding the above, the Company and any one or more of its Subsidiaries may, without securing the Notes, incur, issue, assume or guarantee secured Debt which would otherwise be subject to the
foregoing restrictions, provided that after giving effect thereto the aggregate amount of Debt which would otherwise be subject to the foregoing restrictions then outstanding (not including secured Debt permitted under the foregoing exceptions) plus
Attributable Debt relating to sale and leaseback transactions (as described below) does not exceed 15% of the Company’s Consolidated Net Tangible Assets. 
 Section 3.03. Restrictions on Sale and Leaseback Transactions 
 (a) The
Company shall not, nor shall it permit any Domestic Subsidiary to enter into a sale and leaseback transaction of any Principal Property (whether now owned or hereafter acquired), unless 
 (i) the Company or such Domestic Subsidiary would be entitled under the Indenture, to issue, assume or guarantee Debt secured
by a Lien upon such Principal Property at least equal in amount to the Attributable Debt in respect of such transaction without equally and ratably securing the Notes, provided that, such Attributable Debt shall thereupon be deemed to be Debt
subject to the provisions of Section 3.02 or 
 (ii) within 180 days, an amount in cash equal to such
Attributable Debt is applied to the retirement of Funded Debt (debt that matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of the creation of such Debt) ranking pari passu
with the Notes, an amount not less than the greater of (i) the net proceeds of the sale of the Principal Property leased pursuant to the arrangement or (ii) the fair market value of the Principal Property so leased. 
 (b) The restrictions set forth in paragraph (a) in this Section 3.03 shall not apply to: 
  

 11 

 (i) a sale and leaseback transaction between the Company and a Domestic
Subsidiary or between Domestic Subsidiaries, or that involves the taking back of a lease for a period of less than three years, or 
 (ii) if, at the time of the sale and leaseback transaction, after giving effect to the transaction, the total discounted net amount of rent required to be paid during the remaining term of any lease
relating to sale and leaseback transactions (other than transactions permitted by the previous bullet points) plus all outstanding secured Debt pursuant to Section 3.02 above, does not exceed 15% of the Company’s Consolidated Net Tangible
Assets. 
 Section 3.04. Applicability of Covenants Contained in the Base Indenture. Each of the agreements and covenants
of the Company contained in Article Four of the Base Indenture shall apply to the Notes. 
 ARTICLE 4 
 THE NOTES 
 Section 4.01. Form of Notes. The Notes will initially be issued in the form of one or more Global Securities substantially in the form of Annex A attached hereto (the “Global
Note”). 
 Section 4.02. Depositary. The Depositary for the Global Note will initially be The Depositary Trust
Company (“DTC”) and the Global Note will be deposited with, or on behalf of, the Trustee as custodian for DTC and registered in the name of DTC or a nominee of DTC (such nominee being referred to herein as the “Global Note
Holder”). 
 ARTICLE 5 
 REDEMPTION 
 Section 5.01. Optional Redemption. The Notes
will be redeemable, at the option of the Company, at any time and from time to time, in whole or in part, on not less than 30 nor more than 60 days’ prior notice mailed to the Holders of the Notes, with a copy provided to the Trustee. The Notes
will be redeemable at a redemption price, to be calculated by the Company, plus accrued and unpaid interest to the date of redemption, equal to the greater of: 
 (a) 100% of the principal amount of the Notes being redeemed; and 
 (b) the sum of
the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including interest accrued to the date of redemption), discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest on the Notes to be redeemed to the date of redemption. 
  

 12 

 Section 5.02. Applicability of Sections of the Base Indenture. The provisions of
Article III of the Base Indenture in respect of the Notes shall apply to any optional redemption of the Notes except when such provisions conflict with the foregoing. 
 ARTICLE 6 
 DEFEASANCE 
 Section 6.01. Defeasance. If the Company shall effect a defeasance of the Notes pursuant to Article VIII of the Base Indenture, the
Company shall cease to have any obligation to comply with the covenants set forth in Article 3 hereof. 
 ARTICLE 7 

MISCELLANEOUS 
 Section 7.01. GOVERNING LAW. THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT
TO ITS PRINCIPLES OF CONFLICTS OF LAW. 
 Section 7.02. Recitals. The recitals contained herein shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness 
  

 13 

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

			
	CLIFFS NATURAL RESOURCES INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 U.S. BANK NATIONAL ASSOCIATION, as
     Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 
 SPECIMEN 
 [FACE OF NOTE] 
 THIS CERTIFICATE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY OR A NOMINEE THEREOF. EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS CERTIFICATE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE DEPOSITORY OR TO A SUCCESSOR DEPOSITORY OR TO A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC” OR THE “DEPOSITORY”), 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 IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INSOMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CLIFFS
NATURAL RESOURCES INC. 
 $400,000,000 
  
 5.900% Senior Note due 2020 
  

			
		
	No.: 1	  	CUSIP No.: 18683K AA9

 CLIFFS NATURAL RESOURCES INC., a corporation duly organized and existing under the laws of the State of Ohio (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $400,000,000 on March 15, 2020, unless earlier redeemed as herein provided, and to pay interest thereon from
March 17, 2010 or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing September 15, 2010, at the rate of
5.900% per annum, until the principal hereof is paid or made available for payment. 

 The interest so payable, and punctually paid or duly provided for, on any interest payment
date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the March 1 or September 1 preceding the relevant interest payment date, except that interest payable at
maturity shall be paid to the same Persons to whom principal of this Note is payable. Interest will be computed on this Note on the basis of a 360-day year of twelve 30-day months. 
 Payment of the principal of and interest on this Note shall be made at the office or agency of the Trustee maintained for that purpose in
St. Paul, Minnesota, in such currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, for so long as the Notes are represented in global form by one or more Global
Securities, all payments of principal of and interest shall be made by wire transfer of immediately available funds to the Depository or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes.

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed. 
  

					
	CLIFFS NATURAL RESOURCES INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Dated: 

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the Series designated therein issued under the within-mentioned Indenture. 
  

					
	 U.S. BANK NATIONAL ASSOCIATION,
     as Trustee

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 [Form of Reverse of Note] 
 This Note is one of the duly authorized securities of the Company (herein called the “Notes”) issued and to be issued in
one or more series under an Indenture dated as of March 17, 2010 (the “Base Indenture”), as amended by a First Supplemental Indenture dated as of March 17, 2010 (the “First Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with
respect to the series of Notes represented hereby), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is a Global Note representing the Company’s 5.900% Senior Notes due 2020 in the aggregate principal amount
of $400,000,000. 
 The amount of interest payable on any interest payment date shall be computed on the basis of a 360-day year
consisting of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day that is a Business Day (and without
any interest or other payment in respect of any such delay) with the same force and effect as if made on such interest payment date. 
 The Company may, at its option, at any time and from time to time, in whole or in part, upon not less than 30 nor more than 60 days’ prior notice mailed to each Holder of Notes to be redeemed at his address as it appears in the
register, on any date prior to their stated maturity at a redemption price, plus accrued and unpaid interest to the date of redemption, equal to the greater of (i) 100% of the principal amount of such Notes to be redeemed and (ii) the sum
of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including interest accrued to the date of redemption), discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points, plus, in each case, accrued and unpaid interest on the Notes to be redeemed to the date of redemption. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 

 “Comparable Treasury Price” means, with respect to any redemption date,
(1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than six such Reference Treasury
Dealer Quotations, the average of all Quotations obtained. 
 “Primary Treasury Dealer” means a primary U.S.
government securities dealer in the United States. 
 “Reference Treasury Dealer” means each of Banc of America
Securities LLC and J.P. Morgan Securities Inc., their respective successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company, except that if any of the
foregoing ceases to be a Primary Treasury Dealer, the Company shall designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m.,
New York City time, on the third business day preceding such redemption date. 
 “Treasury Rate” means, with
respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 
 On and after any redemption date, interest will cease to accrue on the Notes called for redemption. Prior to any redemption date, the Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest on the Notes to be redeemed on such date. If the Company is redeeming less than all of the Notes, the Trustee shall select the Notes to be redeemed by such method as the Trustee deems fair and appropriate
in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. 
 In the event of
redemption of this Note in part only, a new Note or Notes of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

 Upon the occurrence of a Change of Control Triggering Event, unless the Company has
exercised its right to redeem the Notes as described above by giving irrevocable notice to the trustee in accordance with the Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion of such
Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the
“Change of Control Payment”), subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 Unless the Company has exercised its right to redeem the Notes, within 30 days following the date upon which the Change of Control
Triggering Event occurred with respect to the Notes or, at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a
notice to each Holder of Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60
days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of
Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 
 On
the Change of Control Payment Date, the Company shall, to the extent lawful: (i) accept or cause a third party to accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (ii) deposit or
cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company of
Notes pursuant to the Change of Control Offer have been complied with. 
 The Company shall not be required to make a Change of
Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under
its offer. 
 The Company will comply in all material respects with the requirements of Rule 14e-1 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the purchase of the Notes as a result of a Change of
Control Triggering Event. To the extent

 
that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of such conflict. 
 “Change of Control” means the occurrence of any of the following after the date of issuance of the Notes: 
 (a) 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 assets of the Company and the Company’s Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of the
Company’s Subsidiaries; 
 (b) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that an employee of the Company or any of the Company’s Subsidiaries
for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a “group” (as that
term is used in Section 13(d)(3) of the Exchange Act) solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of Voting Stock representing more than 50% of the voting power of the Company’s outstanding Voting Stock or of the Voting Stock of any of the Company’s direct or indirect parent companies; 
 (c) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merge with or into, the Company,
in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where
the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing at least a majority of the voting power of the Voting Stock of the surviving Person
immediately after giving effect to such transaction; 
 (d) the first day on which the majority of the members of the Board of
Directors or the board of directors of any of the Company’s direct or indirect parent companies are not Continuing Directors; or 

 (e) the adoption of a plan relating to the liquidation or dissolution of the Company.

 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control solely because the Company
becomes a direct or indirect wholly-owned subsidiary of a holding company if the direct or indirect Holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the Holders of the
Company’s Voting Stock immediately prior to that transaction. 
 “Change of Control Triggering Event”
means with respect to the Notes, (i) the rating of such Notes is lowered by each of the Rating Agencies on any date during the period (the “Trigger Period”) commencing on the earlier of (a) the occurrence of a Change of
Control and (b) the first public announcement by the Company of any Change of Control (or pending Change of Control), and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following
consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) such Notes are rated below Investment Grade by each of the Rating Agencies on any
day during the Trigger Period; provided that a Change of Control Trigger Event will not be deemed to have occurred in respect of a particular Change of Control if each Rating Agency making the reduction in rating does not publicly announce or
confirm or inform the trustee at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control. 
 Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular
Change of Control unless and until such Change of Control has actually been consummated. 
 “Continuing
Director” means, as of any date of determination, any member of the applicable board of directors who: (1) was a member of such board of directors on the date of issuance of the Notes or (2) was nominated for election, elected or
appointed to such board of directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy
statement in which such member was named as a nominee for election as a director). 
 “Investment Grade” means
a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent
investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each
case as set forth in the definition of “Rating Agency.” 

 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Person” means any individual, corporation, partnership,
limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof. 
 “Rating Agency” means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to
provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act as a replacement for such Rating
Agency. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and its successors. 
 “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 generally in the election of the Board of Directors of such Person. 
 The indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior and unsecured and will rank equal in right of payment to all other existing and future senior unsecured obligations of the Company. 
 The Notes are initially limited to $400,000,000 aggregate principal amount. The Company may, from time to time, without notice or the
consent of the Holders hereof, create and issue additional securities ranking equally and ratably with the Notes of this series in all respects (other than the issue price, the date of the issuance (other than the issue price, the date of issuance,
the payment of interest accruing prior to the issue date of such additional Notes and the first payment of interest following the issue date of such additional Notes), provided that such Notes must be part of the same issue as the Notes
initially issued for U.S. federal income tax purposes. Any such additional Notes shall be consolidated and form a single series with the Notes initially issued, including for purposes of voting and redemptions. 
 The Notes are not entitled to the benefit of any sinking fund. 

 The Indenture imposes certain limitations on the ability of the Company to, among other
things, merge or consolidate with any other Person, and requires that the Company comply with certain further covenants, such as Restriction on Liens and Restriction on Sale and Leaseback Transactions, as further described in the Indenture, all of
which are applicable to this Note. All such covenants and limitations are subject to a number of important qualifications and exceptions. The Company must report periodically to the Trustee on compliance with the covenants in the Indenture.

 The Indenture contains provisions for the defeasance at any time of (a) the entire indebtedness of the Company on this
Note and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Note. 
 If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may
(subject to the conditions set forth in the Indenture) be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture contains provisions permitting, with certain exceptions therein provided, the Company and the Trustee, without the consent of any of the Holders of the outstanding Notes, to modify and amend
the Indenture for the purpose of, among other things, cure any ambiguity, defect or inconsistency. 
 The Indenture also
contains provisions permitting the Holders of a majority in aggregate principal amount of the outstanding Notes, on behalf of all of the Holders of all Notes, to waive a Default or Event of Default with respect to the Notes and its consequences,
except a Default or Event of Default in the payment of the principal of or interest on any of the Notes or in respect of a covenant or other provision which, under the terms of the Indenture, cannot be modified or amended without the consent of the
Holder of each outstanding Note. Any such consent or waiver by the registered Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued in exchange for or in place hereof
(whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and
interest on this Note at the times, place and rate, and in the currency, herein prescribed. 
 As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Note is registrable in the Registrar’s books, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the
principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form

 
satisfactory to the Company and the Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Notes of this Series are exchangeable for a like aggregate principal amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Note shall be governed by and
construed in accordance with the law of the State of New York. 
 All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

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