Document:

Registration Rights Agreement

 Exhibit 4.3 

 
  

Registration Rights Agreement 
 Dated as of April 18, 2011 
 among 

AEP Industries Inc. 
 and 
 Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 
 and 
 Wells Fargo Securities, LLC 

 
  

 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (the “Agreement”) is made and entered into this 18th day of April, 2011, among AEP
Industries Inc., a Delaware corporation (the “Company”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) and Wells Fargo Securities, LLC (“Wells Fargo”, and collectively with Merrill
Lynch, the “Initial Purchasers”). 
 This Agreement is made pursuant to the Purchase Agreement,
dated April 7, 2011, among the Company and the Initial Purchasers (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of an aggregate principal amount of $200,000,000 of the Company’s
8 1/4% Senior Notes due 2019 (the
“Securities”). In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this
Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 
 In
consideration of the foregoing, the parties hereto agree as follows: 
 1. Definitions. 

As used in this Agreement, the following capitalized defined terms shall have the following meanings: 

“1933 Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and
regulations of the SEC promulgated thereunder. 
 “1934 Act” shall mean the Securities
Exchange Act of l934, as amended from time to time, and the rules and regulations of the SEC promulgated thereunder. 
 “Business Day” shall mean any day except (i) a Saturday, Sunday or other day in the City of New York on which banks are required or authorized to close or (ii) any other day on
which the SEC is closed. 
 “Closing Date” shall mean the Closing Date as defined in the
Purchase Agreement. 
 “Company” shall have the meaning set forth in the preamble of this
Agreement and shall also include the Company’s successors. 
 “Depositary” shall mean The
Depository Trust Company, or any other depositary appointed by the Company; provided, however, that such depositary must have an address in the Borough of Manhattan, in the City of New York. 

  
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 “Exchange Offer” shall mean the exchange offer by the
Company of Exchange Securities for Registrable Securities pursuant to Section 2.1 hereof. 

“Exchange Offer Registration” shall mean a registration under the 1933 Act effected pursuant to
Section 2.1 hereof. 
 “Exchange Offer Registration Statement” shall mean an
exchange offer registration statement of the Company pursuant to the provisions of Section 2.1 hereof on Form S-4 (or, if applicable, on another appropriate form), and all amendments and supplements to such registration statement, in each case
including the Prospectus contained therein, all exhibits thereto and all documents incorporated by reference therein. 
 “Exchange Period” shall have the meaning set forth in Section 2.1 hereof. 
 “Exchange Securities” shall mean the
8 1/4% Senior Notes due 2019, issued by the Company
under the Indenture containing terms identical to the Securities in all material respects (except for references to certain interest rate provisions, restrictions on transfers and restrictive legends), to be offered to Holders of Securities in
exchange for Registrable Securities pursuant to the Exchange Offer. 
 “Holder” shall
mean an Initial Purchaser, for so long as it owns any Registrable Securities, and each of its successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture and each Participating
Broker-Dealer that holds Exchange Securities for so long as such Participating Broker-Dealer is required to deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities. 

“Indenture” shall mean the Indenture relating to the Securities, dated as of April 18, 2011, between
the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as the same may be amended, supplemented, waived or otherwise modified from time to time in accordance with the terms thereof. 

“Initial Purchaser” or “Initial Purchasers” shall have the meaning set forth in the
preamble of this Agreement. 
 “Majority Holders” shall mean the Holders of a majority of
the aggregate principal amount of outstanding (as specified in Section 2.08 of the Indenture) Registrable Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is
required hereunder, Registrable Securities held by the Company and other obligors on the Securities or any Affiliate (as defined in the Indenture) of the Company (other than the Initial Purchasers or subsequent Holders of Registrable Securities if
such subsequent Holders are deemed to be affiliates solely by reason of their holding of such Registrable Securities) shall be disregarded in determining whether such consent or approval was given by the Holders of such required percentage amount.

  
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 “Participating Broker-Dealer” shall mean any of the
Initial Purchasers and any other broker-dealer which makes a market in the Securities and exchanges Registrable Securities in the Exchange Offer for Exchange Securities. 

“Person” shall mean an individual, partnership (general or limited), corporation, limited liability
company, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

“Private Exchange” shall have the meaning set forth in Section 2.1 hereof. 

“Private Exchange Securities” shall have the meaning set forth in Section 2.1 hereof. 

“Prospectus” shall mean the prospectus included in a Registration Statement, including any preliminary
prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including any such prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf
Registration Statement, and by all other amendments and supplements to a prospectus, including post-effective amendments, and in each case including all material incorporated by reference therein. 

“Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities and, if issued, the Private Exchange Securities;
provided, however, that Securities and, if issued, the Private Exchange Securities, shall cease to be Registrable Securities when (i) a Registration Statement with respect to such Securities shall have been declared effective under the
1933 Act and such Securities shall have been disposed of pursuant to such Registration Statement, (ii) such Securities have been sold under Rule 144 (or any similar provision then in force, but not Rule 144A) under the 1933 Act, (iii) such
Securities shall have ceased to be outstanding or (iv) the Exchange Offer is consummated (except in the case of Securities purchased from the Company and continued to be held by the Initial Purchasers). 

“Registration Expenses” shall mean any and all expenses incident to performance of or compliance by
the Company with this Agreement, including without limitation: (i) all SEC, stock exchange or Financial Industry Regulatory Authority, Inc. (“FINRA”) registration and filing fees, including, if applicable, the fees and expenses of any
“qualified independent underwriter” (and its counsel) that is required to be retained by any Holder of Registrable Securities in accordance with the rules and regulations of FINRA, (ii) all fees and expenses incurred in connection
with compliance with state securities or blue sky laws and compliance with the rules of FINRA (including reasonable fees and disbursements of counsel for any underwriters or Holders in connection with blue sky qualification of any of the Exchange
Securities or Registrable Securities and any filings with FINRA), (iii) all expenses of any Persons in preparing or 

  
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assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales
agreements, certificates representing the Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all fees and expenses incurred in connection with the listing, if any, of any of the
Registrable Securities on any securities exchange or exchanges, (v) all rating agency fees, (vi) the fees and disbursements of counsel for the Company and the fees and expenses of the independent public accountants of the Company,
including the expenses of any special audits or comfort letters required by or incident to such performance and compliance, (vii) the fees and expenses of the Trustee, and any escrow agent or custodian, (viii) all fees and disbursements
relating to the qualification of the Indenture under applicable securities laws, (ix) the fees and expenses of a “qualified independent underwriter”, if required by the FINRA rules, in connection with the offering of the Registrable
Securities, and (x) any fees and disbursements of the underwriters customarily required to be paid by issuers or sellers of securities and the fees and expenses of any special experts retained by the Company in connection with any Registration
Statement, but excluding underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

“Registration Statement” shall mean any registration statement of the Company which covers any of
the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein. 

“SEC” shall mean the Securities and Exchange Commission or any successor agency or government body
performing the functions currently performed by the United States Securities and Exchange Commission. 

“Securities” shall have the meaning set forth in the preamble to this Agreement. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2.2 hereof.

 “Shelf Registration Statement” shall mean a “shelf” registration
statement of the Company pursuant to the provisions of Section 2.2 of this Agreement which covers all of the Registrable Securities or all of the Private Exchange Securities on an appropriate form under Rule 415 under the 1933 Act, or any
similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein. 
 “Shelf Suspension Period” shall have the meaning set forth
in Section 2.5 hereof. 

  
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 “Trustee” shall mean the trustee with respect to the
Securities and the Exchange Securities under the Indenture. 
 2. Registration Under the 1933 Act.

 2.1 Exchange Offer. The Company shall, for the benefit of the Holders, at the Company’s cost,
(A) prepare and, as soon as practicable but not later than 120 days following the Closing Date, file with the SEC an Exchange Offer Registration Statement on an appropriate form under the 1933 Act with respect to a proposed Exchange Offer and
the issuance and delivery to the Holders in exchange for the Registrable Securities (other than Private Exchange Securities), of a like principal amount of Exchange Securities, (B) use its commercially reasonable efforts to cause the Exchange
Offer Registration Statement to be declared effective under the 1933 Act within 180 days of the Closing Date, (C) use its commercially reasonable efforts to keep the Exchange Offer Registration Statement effective until the closing of the
Exchange Offer and (D) use its commercially reasonable efforts to cause the Exchange Offer to be consummated not later than 240 days following the Closing Date. The Exchange Securities will be issued under the Indenture. Upon the effectiveness
of the Exchange Offer Registration Statement, the Company shall promptly commence the Exchange Offer, it being the objective of such Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for Exchange
Securities (assuming that such Holder (a) is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, (b) is not a broker-dealer tendering Registrable Securities acquired directly from the Company for its own
account, (c) acquires the Exchange Securities in the ordinary course of such Holder’s business and (d) has no arrangements or understandings with any Person to participate in the Exchange Offer for the purpose of distributing the
Exchange Securities) to transfer such Exchange Securities from and after their receipt without any limitations or restrictions under the 1933 Act and under state securities or blue sky laws. 

In connection with the Exchange Offer, the Company shall: 
 (a) mail as promptly as practicable to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related
documents; 
 (b) keep the Exchange Offer open for acceptance for a period of not less than 20 Business Days after the date
notice thereof is mailed to the Holders (or longer if required by applicable law) (such period referred to herein as the “Exchange Period”); 
 (c) utilize the services of the Depositary for the Exchange Offer; 
 (d) permit
Holders to withdraw tendered Registrable Securities at any time prior to 5:00 p.m. (New York City Time), on the last Business Day on which the Exchange Offer shall remain open, by sending to the institution specified in the notice a telegram, telex,
facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is withdrawing such Holder’s election to have such Securities
exchanged; 

  
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 (e) notify each Holder that any Registrable Security not tendered will remain outstanding
and continue to accrue interest at the initial rate borne by the Securities, but will not retain any rights under this Agreement (except in the case of the Initial Purchasers and Participating Broker-Dealers as provided herein); and 

(f) otherwise comply in all respects with all applicable laws relating to the Exchange Offer. 

If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Securities acquired by them and having the status of an
unsold allotment in the initial distribution, the Company upon the request of any Initial Purchaser shall, simultaneously with the delivery of the Exchange Securities in the Exchange Offer, issue and deliver to such Initial Purchaser in exchange
(the “Private Exchange”) for the Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company on a senior basis, that are identical (except that such securities shall bear appropriate transfer
restrictions) to the Exchange Securities (the “Private Exchange Securities”). 
 The Exchange Securities and the
Private Exchange Securities shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture and which, in either case, has been qualified under the Trust Indenture Act of 1939, as amended
(the “TIA”), or is exempt from such qualification and shall provide that the Exchange Securities shall not be subject to the transfer restrictions set forth in the Indenture but that the Private Exchange Securities shall be subject to such
transfer restrictions. The Indenture or such indenture shall provide that the Exchange Securities, the Private Exchange Securities and the Securities shall vote and consent together on all matters as one class and that none of the Exchange
Securities, the Private Exchange Securities or the Securities will have the right to vote or consent as a separate class on any matter. The Private Exchange Securities shall be of the same series as and the Company shall use all commercially
reasonable efforts to have the Private Exchange Securities bear the same CUSIP number as the Exchange Securities. The Company shall not have any liability under this Agreement solely as a result of such Private Exchange Securities not bearing the
same CUSIP number as the Exchange Securities. 
 As soon as practicable after the close of the Exchange Offer and/or the Private
Exchange, as the case may be, the Company shall: 
 (i) accept for exchange all Registrable Securities duly
tendered and not validly withdrawn pursuant to the Exchange Offer in accordance with the terms of the Exchange Offer Registration Statement and the letter of transmittal which shall be an exhibit thereto; 

(ii) accept for exchange all Securities properly tendered pursuant to the Private Exchange; 

(iii) deliver to the Trustee for cancellation all Registrable Securities so accepted for exchange by the Company; and

  
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 (iv) cause the Trustee promptly to authenticate and deliver Exchange
Securities or Private Exchange Securities, as the case may be, to each Holder of Registrable Securities so accepted for exchange in a principal amount equal to the principal amount of the Registrable Securities of such Holder so accepted for
exchange. 
 Interest on each Exchange Security and Private Exchange Security will accrue from the last date on which interest
was paid on the Registrable Securities surrendered in exchange therefor or, if no interest has been paid on the Registrable Securities, from the date of original issuance. The Exchange Offer and the Private Exchange shall not be subject to any
conditions, other than (i) that the Exchange Offer or the Private Exchange, or the making of any exchange by a Holder, does not violate applicable law or any applicable interpretation of the staff of the SEC, (ii) the due tendering of
Registrable Securities in accordance with the Exchange Offer and the Private Exchange, (iii) that each Holder of Registrable Securities exchanged in the Exchange Offer shall have represented that (A) it is not an affiliate (as defined in
Rule 405 under the 1933 Act) of the Company or, if it is such an affiliate, it will comply with the registration and prospectus delivery requirements of the 1933 Act to the extent applicable, (B) any Exchange Securities to be received by
it shall be acquired in the ordinary course of business and (C) at the time of the consummation of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the 1933 Act)
of the Exchange Securities and shall have made such other representations as may be reasonably necessary under applicable SEC rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the 1933 Act
available, and (iv) that no action or proceeding shall have been instituted or threatened in any court or by or before any governmental agency with respect to the Exchange Offer or the Private Exchange which, in the Company’s judgment,
would reasonably be expected to impair the ability of the Company to proceed with the Exchange Offer or the Private Exchange. The Company shall inform the Initial Purchasers of the names and addresses of the Holders to whom the Exchange Offer is
made, and the Initial Purchasers shall have the right to contact such Holders and otherwise facilitate the tender of Registrable Securities in the Exchange Offer. 
 2.2 Shelf Registration. (i) If, because of any changes in law, SEC rules or regulations or applicable interpretations thereof by the staff of the SEC, the Company is not permitted to
effect the Exchange Offer as contemplated by Section 2.1 hereof, (ii) if for any other reason the Exchange Offer Registration Statement is not declared effective within 180 days following the Closing Date or the Exchange Offer is not
consummated within 240 days after the Closing Date, (iii) upon the request of any of the Initial Purchasers with respect to Securities (or Private Exchange Securities) not eligible to participate in the Exchange Offer or (iv) if a Holder
is not permitted to participate in the Exchange Offer or does not receive fully tradeable Exchange Securities pursuant to the Exchange Offer, then in case of each of clauses (i) through (iv) the Company shall, at its cost: 

(a) as promptly as practicable, file with the SEC, and thereafter use its commercially reasonable efforts to cause to be
declared effective by the SEC as promptly as practicable but on or prior to the later of 240 days after the original 

  
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issue of the Registrable Securities and the 45th calendar day after any event specified in clauses (i) through (iv) above, a Shelf Registration Statement relating to the offer and sale
of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the Majority Holders participating in the Shelf Registration and set forth in such Shelf Registration Statement. In the event
that the Company is required to file a Shelf Registration Statement upon the request of the Initial Purchaser pursuant to clause (iii) above or upon the request of any Holder (other than the Initial Purchaser) not eligible to participate in the
Exchange Offer pursuant to clause (iv) above, the Company shall file and use its commercially reasonable efforts to have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to Section 2.1 with respect to
all Registrable Securities and a Shelf Registration Statement (which may be a Registration Statement combined with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by such Holder or the
Initial Purchaser after completion of the Exchange Offer; 
 (b) use its commercially reasonable efforts to keep
the Shelf Registration Statement continuously effective in order to permit the Prospectus forming part thereof to be usable by Holders for a period of two years from the date the Shelf Registration Statement is declared effective by the SEC, or for
such shorter period that will terminate when all of the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement or cease to be outstanding or otherwise to be Registrable
Securities (the “Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Shelf Registration Statement shall be extended to the extent required to permit dealers to comply with the applicable
prospectus delivery requirements of Rule 174 under the 1933 Act and as otherwise provided herein; and 
 (c)
notwithstanding any other provisions hereof, use its commercially reasonable efforts to ensure that (i) any Shelf Registration Statement and any amendment thereto and any Prospectus forming part thereof and any supplement thereto comply in all
material respects with the 1933 Act and the rules and regulations thereunder, (ii) any Shelf Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any Prospectus forming part of any Shelf Registration Statement, and any supplement to such Prospectus (as amended or supplemented
from time to time), does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in light of the circumstances under which they were made, not misleading. 

The Company shall not permit any securities other than Registrable Securities to be included in the Shelf Registration Statement. The
Company further agrees, if necessary, to 

  
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supplement or amend the Shelf Registration Statement, as required by Section 3(b) below, and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment
promptly after its being used or filed with the SEC. 
 2.3 Expenses. The Company shall pay all Registration Expenses in
connection with the registration pursuant to Section 2.1 or 2.2. Each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities
pursuant to the Shelf Registration Statement. 
 2.4. Effective Registration Statement. (a) The Company will be
deemed not to have used its commercially reasonable efforts to cause a Registration Statement to become, or to remain, effective during the requisite periods set forth herein if the Company voluntarily takes any action that would, or omits to take
any action which omission would, result in any such Registration Statement not being declared effective or in the Holders of Registrable Securities covered thereby not being able to exchange or offer and sell such Registrable Securities during that
period as and to the extent contemplated hereby, unless such action is required by applicable law. 
 (b) An Exchange Offer
Registration Statement pursuant to Section 2.1 hereof or a Shelf Registration Statement pursuant to Section 2.2 hereof will not be deemed to have become effective unless it has been declared effective by the SEC; provided,
however, that if, after it has been declared effective, the offering of Registrable Securities pursuant to an Exchange Offer Registration Statement or a Shelf Registration Statement is interfered with by any stop order, injunction or other order
or requirement of the SEC or any other governmental agency or court, such Registration Statement will be deemed not to have become effective during the period of such interference, until the offering of Registrable Securities pursuant to such
Registration Statement may legally resume. 
 2.5 Shelf Suspension Period. Notwithstanding the foregoing, during any
365-day period, the Company may suspend the effectiveness of a Shelf Registration Statement for up to 2 periods (each, a “Shelf Suspension Period”) of up to 30 consecutive days (except for the consecutive 30-day period immediately prior to
maturity of the Securities), but no more than an aggregate of 60 days during any 365-day period, if the Board of Directors of the Company determines in the exercise of its reasonable judgment that there is a possible acquisition or business
combination or other transaction, business development or event involving the Company that may require disclosure in the Shelf Registration Statement and (i) that such disclosure is not in the best interests of the Company and its stockholders
or (ii) obtaining any financial statements relating to an acquisition or business combination required to be included in the Shelf Registration Statement would be impracticable. In the event of such a suspension, the Company shall promptly
notify each Holder of Registrable Securities that the Board of Directors of the Company has made a determination permitted under this Section 2.5 to suspend the Shelf Registration Statement, provided that such notice shall not require
the Company to disclose the possible acquisition or business combination or other transaction, business development or event if the Board of Directors of the Company determines in good faith that such acquisition or business combination or other
transaction, business development or event should remain 

  
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confidential. Upon the abandonment, consummation or termination of the possible acquisition or business combination or other transaction, business development or event or the availability of the
required financial statements with respect to a possible acquisition or business combination, the suspension of the use of the Shelf Registration Statement pursuant to this paragraph shall cease and the Company shall promptly notify each Holder of
Registrable Securities that the use of the prospectus contained in the Shelf Registration Statement, as amended or supplemented, may resume. 
 2.6 Additional Interest. In the event that (a) the Exchange Offer Registration Statement is not filed with the SEC on or prior to the 120th calendar day following the Closing Date,
(b) the Exchange Offer Registration Statement has not been declared effective on or prior to the 180th calendar day following the Closing Date, (c) the Exchange Offer is not consummated on or prior to the 240th calendar day following the
Closing Date, (d) a Shelf Registration Statement with respect to the Registrable Securities is not declared effective on or prior to the later of the 240th calendar day following the Closing Date or the 45th calendar day after any event
specified in Section 2.2 hereof, (e) if the Shelf Registration Statement is declared effective but thereafter ceases to be effective or is unusable by the Holders for any reason, and the aggregate number of days in any consecutive
twelve-month period for which the Shelf Registration Statement shall not be usable exceeds 30 days in the aggregate (not including any Shelf Suspension Period) or (f) any Shelf Suspension Period exceeds 30 days or the aggregate number of days
during which a Shelf Suspension Period was in effect during any 365-day period exceeds 60 days (each such event referred to in clauses (a) through (f) above, a “Registration Default”), the interest rate borne by the Securities
shall be increased (“Additional Interest”) by one-quarter of one percent (0.25%) per annum upon the occurrence of each Registration Default, which rate will increase by one quarter of one percent (0.25%) per annum for each subsequent
90-day period that such Additional Interest continues to accrue under any such circumstance, provided that the maximum aggregate increase in the interest rate will in no event exceed one percent (1%) per annum. In the case of any event
described in clauses (e) or (f) above, Additional Interest shall be computed based on the actual number of days elapsed in each 90-day period in which the Shelf Registration Statement is unusable. Upon (v) the filing of the Exchange
Offer Registration Statement after the 120-day period described in clause (a) above, (w) the effectiveness of the Exchange Offer Registration Statement after the 180-day period described in clause (b) above, (x) the consummation
of the Exchange Offer or the effectiveness of a Shelf Registration Statement after the 240-day period described in clause (c) above, (y) the effectiveness of the Shelf Registration Statement after the 240-day period or the 45-day period,
as the case may be, described in clause (d) above, or (z) the cure of any Registration Default described in clauses (e) or (f) above, such Additional Interest shall cease to accrue on the Notes from the date of such filing,
effectiveness, consummation or cure, as the case may be, if the Company is otherwise in compliance with this paragraph and the interest rate of the Securities will revert to the original rate; provided, however, that if, after any such
Additional Interest ceases to accrue, a different event specified in clause (a), (b), (c), (d), (e) or (f) above occurs, such Additional Interest shall begin to accrue again pursuant to the foregoing provisions. 

A Registration Default referred to above shall be deemed not to have occurred and be continuing in relation to a Shelf Registration
Statement if (i) such Registration Default has occurred solely as a result of (x) the filing of a post-effective amendment to such Shelf 

  
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Registration Statement to incorporate annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective
to permit Holders to use the related prospectus or (y) other material events, with respect to the Company that would need to be described in such Shelf Registration Statement and (ii) in the case of clause (y), the Company is proceeding
promptly and in good faith to amend or supplement such Shelf Registration Statement to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional
Interest shall be payable in accordance with the above paragraph from the day such Registration Default occurs until such Registration Default is cured. 
 The Company shall notify the Trustee within three Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event
Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable semiannual interest payment date, immediately available funds in sums
sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record Holder of Securities entitled to receive the interest payment to be paid on such date as set forth in the
Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. 
 3. Registration Procedures. 
 In connection with the obligations of
the Company with respect to the Registration Statements pursuant to Sections 2.1 and 2.2 hereof, the Company shall: 
 (a)
prepare and file with the SEC a Registration Statement, within the relevant time period specified in Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a
Shelf Registration, be available for the sale of the Registrable Securities by the selling Holders thereof, (iii) shall comply as to form in all material respects with the requirements of the applicable form required by the SEC and include or
incorporate by reference all financial statements required by the SEC to be filed therewith or incorporated by reference therein, and (iv) shall comply in all respects with the requirements of Regulation S-T under the 1933 Act, and use its
commercially reasonable efforts to cause such Registration Statement to become effective and remain effective in accordance with Section 2 hereof; 
 (b) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under applicable law to keep such Registration Statement effective for
the applicable period; and cause each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provision then in force) under the 1933 Act and comply with the
provisions of the 1933 Act, the 1934 Act and the rules and regulations thereunder applicable to them with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the
intended method or methods of distribution by the selling Holders thereof (including sales by any Participating Broker-Dealer); 

  
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 (c) in the case of a Shelf Registration, (i) notify each Holder of Registrable
Securities, at least five Business Days prior to filing, that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the distribution of Registrable Securities will be made in
accordance with the method selected by the Majority Holders participating in the Shelf Registration; (ii) furnish to each Holder of Registrable Securities, to counsel for the Initial Purchasers, to counsel for the Holders and to each
underwriter of an underwritten offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or
underwriter may reasonably request, including financial statements and schedules and, if the Holder so requests, all exhibits (including those incorporated by reference) in order to facilitate the public sale or other disposition of the Registrable
Securities; and (iii) hereby consent to the use of the Prospectus, including each preliminary Prospectus, or any amendment or supplement thereto by each of the selling Holders of Registrable Securities in connection with the offering and sale
of the Registrable Securities covered by the Prospectus or any amendment or supplement thereto; 
 (d) use its commercially
reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement and each
underwriter of an underwritten offering of Registrable Securities shall reasonably request by the time the applicable Registration Statement is declared effective by the SEC, cooperate with the Holders in connection with any filings required to be
made with FINRA, keep each such registration or qualification effective during the period such Registration Statement is required to be effective and do any and all other acts and things which may be reasonably necessary or advisable to enable each
such Holder and underwriter to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to (i) qualify as a foreign corporation or
as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d), or (ii) take any action which would subject it to general service of process or taxation in any such jurisdiction
where it is not then so subject; 
 (e) notify promptly each Holder of Registrable Securities under a Shelf Registration (and
counsel for such Holders) or any Participating Broker-Dealer who has notified the Company that it is utilizing the Exchange Offer Registration Statement as provided in paragraph (f) below and, if requested by such Holder or Participating
Broker-Dealer, confirm such advice in writing promptly (i) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of any request by the SEC or any state
securities authority for post-effective amendments and supplements to a Registration Statement and Prospectus or for additional information after the Registration Statement has become effective, (iii) of the issuance by the SEC or any state
securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) in the case of a Shelf Registration, if, between the effective date of a Registration
Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to
the offering cease to be true and correct in all material respects, 

  
 13 

 
(v) of the happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective which makes any statement made in such Registration Statement or the
related Prospectus untrue in any material respect or which requires the making of any changes in such Registration Statement or Prospectus in order to make the statements therein not misleading, (vi) of the receipt by the Company of any
notification with respect to the suspension of the qualification of the Registrable Securities or the Exchange Securities, as the case may be, for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and
(vii) of any determination by the Company that a post-effective amendment to such Registration Statement would be appropriate; 
 (f) in the case of the Exchange Offer Registration Statement, (i) include in the Exchange Offer Registration Statement a section entitled “Plan of Distribution” which shall contain a
summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of any broker-dealer that holds Registrable Securities acquired for its own account as a result of
market-making activities or other trading activities and that will be the beneficial owner (as defined in Rule 13d-3 under the 1934 Act) of Exchange Securities to be received by such broker-dealer in the Exchange Offer, whether such positions or
policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC, including a statement that any such broker-dealer who receives Exchange Securities for Registrable
Securities pursuant to the Exchange Offer may be deemed a statutory underwriter and must deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities, (ii) furnish to each Participating
Broker-Dealer who has delivered to the Company the notice referred to in Section 3(e), without charge, as many copies of each Prospectus included in the Exchange Offer Registration Statement, including any preliminary prospectus, and any
amendment or supplement thereto, as such Participating Broker-Dealer may reasonably request, (iii) hereby consent to the use of the Prospectus, including each preliminary Prospectus, forming part of the Exchange Offer Registration Statement or
any amendment or supplement thereto, by any Person subject to the prospectus delivery requirements of the SEC, including all Participating Broker-Dealers, in connection with the sale or transfer of the Exchange Securities covered by the Prospectus
or any amendment or supplement thereto, and (iv) include in the transmittal letter or similar documentation to be executed by an exchange offeree in order to participate in the Exchange Offer (x) the following provision: 

“If the exchange offeree is a broker-dealer holding Registrable Securities acquired for its own account as a result of market-making
activities or other trading activities, it will deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of Exchange Securities received in respect of such Registrable Securities pursuant to the Exchange
Offer”; and 
 (y) a statement to the effect that by a broker-dealer making the acknowledgment described in subclause (x) and by
delivering a Prospectus in connection with the exchange of Registrable Securities, the broker-dealer will not be deemed to admit that it is an underwriter within the meaning of the 1933 Act; 

  
 14 

 (g) in the case of a Shelf Registration, furnish counsel for the Holders of Registrable
Securities copies of any comment letters received from the SEC or any other request by the SEC or any state securities authority for amendments or supplements to a Registration Statement and Prospectus or for additional information; 

(h) make every reasonable effort to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the
earliest possible moment and provide immediate notice to each Holder of the withdrawal of such order; 
 (i) in the case of a
Shelf Registration, furnish to each Holder of Registrable Securities, and each underwriter, if any, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto, including financial statements
and schedules (without documents incorporated therein by reference and all exhibits thereto, unless requested); 
 (j) in the
case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and
enable such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and registered in such names as the selling Holders or the underwriters, if any, may reasonably request at least three Business Days
prior to the closing of any sale of Registrable Securities; 
 (k) in the case of a Shelf Registration, upon the occurrence of
any event or the discovery of any facts, each as contemplated by Sections 3(e)(v) and 3(e)(vi) hereof, as promptly as practicable after the occurrence of such an event (except in connection with a Shelf Suspension Period), use its commercially
reasonable efforts to prepare a supplement or post-effective amendment to the Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to
the purchasers of the Registrable Securities or Participating Broker-Dealers, such Prospectus will not contain at the time of such delivery any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Company agrees to notify each Holder to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and such Holder hereby
agrees to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such misstatement or omission. At such time as such public disclosure is otherwise made or the Company determines that such disclosure is
not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly to notify each Holder of such determination and to furnish each Holder such number of copies of the
Prospectus as amended or supplemented, as such Holder may reasonably request; 
 (l) in the case of a Shelf Registration, a
reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or any document which is to be incorporated by reference into a Registration
Statement or a Prospectus after initial filing of a Registration 

  
 15 

 
Statement, provide copies of such document to the Initial Purchasers on behalf of such Holders; and make representatives of the Company as shall be reasonably requested by the Holders of
Registrable Securities, or the Initial Purchasers on behalf of such Holders, available for discussion of such document; 
 (m)
obtain a CUSIP number for all Exchange Securities, Private Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of a Registration Statement, and provide the Trustee with printed certificates for the
Exchange Securities, Private Exchange Securities or the Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary; 
 (n) (i) cause the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be, (ii) cooperate with the Trustee
and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the TIA and (iii) execute, and use its commercially reasonable efforts to cause the Trustee to
execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

(o) in the case of a Shelf Registration, if reasonably requested by the Majority Holders of Registrable Securities, enter into agreements
(including underwriting agreements) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Registrable Securities and in such connection whether or not an underwriting agreement is entered
into and whether or not the registration is an underwritten registration: 
 (i) make such representations and
warranties to the Holders of such Registrable Securities and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings as may be reasonably requested by them;

 (ii) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope
and substance) shall be reasonably satisfactory to the managing underwriters, if any, and the holders of a majority in principal amount of the Registrable Securities being sold) addressed to each selling Holder and the underwriters, if any, covering
the matters customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 

(iii) obtain customary comfort letters and updates thereof from the Company’s independent certified public
accountants (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements are, or are required to be, included in the Registration
Statement) addressed to the underwriters, if any, and use reasonable efforts to have such letters addressed to 

  
 16 

 
the selling Holders of Registrable Securities (to the extent consistent with Statement on Auditing Standards No. 72, or any successor provision, of the American Institute of Certified Public
Accountants), such letters to be in customary form and covering matters of the type customarily covered in comfort letters to underwriters in connection with similar underwritten offerings; 

(iv) enter into a securities sales agreement with the Holders and an agent of the Holders providing for, among other
things, the appointment of such agent for the selling Holders for the purpose of soliciting purchases of Registrable Securities, which agreement shall be in form, substance and scope customary for similar offerings; 

(v) if an underwriting agreement is entered into, cause the same to set forth indemnification provisions and procedures
substantially equivalent to the indemnification provisions and procedures set forth in Section 4 hereof with respect to the underwriters and all other parties to be indemnified pursuant to said Section or, at the request of any underwriters, in
the form customarily provided to such underwriters in similar types of transactions; and 
 (vi) deliver such
documents and certificates as may be reasonably requested and as are customarily delivered in similar offerings to the Holders of a majority in principal amount of the Registrable Securities being sold and the managing underwriters, if any.

 The above shall be done at each closing under any underwriting or similar agreement as and to the extent required thereunder. In the case of
any underwritten offering, the Company shall provide written notice to the Holders of all Registrable Securities of such underwritten offering at least 30 days prior to the filing of a prospectus supplement for such underwritten offering. Such
notice shall (x) offer each such Holder the right to participate in such underwritten offering, (y) specify a date, which shall be no earlier than 10 calendar days following the date of such notice, by which such Holder must inform the
Company of its intent to participate in such underwritten offering and (z) include the instructions such Holder must follow in order to participate in such underwritten offering; 

(p) in the case of a Shelf Registration or if a Prospectus is required to be delivered by any Participating Broker-Dealer in the case of
an Exchange Offer, make available for inspection by representatives of the Holders of the Registrable Securities, any underwriters participating in any disposition pursuant to a Shelf Registration Statement, any Participating Broker-Dealer and any
counsel or accountant retained by any of the foregoing, all financial and other records, pertinent corporate documents and properties of the Company reasonably requested by any such Persons, and cause the respective officers, directors, employees,
and any other agents of the Company to supply all information reasonably requested by any such representative, underwriter, special counsel or accountant in connection with a Registration Statement, and make such representatives of the Company
available for discussion of such documents as shall be reasonably requested by the Initial Purchasers; 

  
 17 

 (q) (i) in the case of an Exchange Offer Registration Statement, a reasonable time prior to
the filing of any Exchange Offer Registration Statement, any Prospectus forming a part thereof, any amendment to an Exchange Offer Registration Statement or amendment or supplement to such Prospectus, provide copies of such document to the Initial
Purchasers and to counsel to the Holders of Registrable Securities and make such changes in any such document prior to the filing thereof as any of the Initial Purchasers or counsel to the Holders of Registrable Securities may reasonably request
and, except as otherwise required by applicable law, not file any such document in a form to which the Initial Purchasers on behalf of the Holders of Registrable Securities and counsel to the Holders of Registrable Securities shall not have
previously been advised and furnished a copy of or to which the Initial Purchasers on behalf of the Holders of Registrable Securities or counsel to the Holders of Registrable Securities shall reasonably object, and make the representatives of the
Company available for discussion of such documents as shall be reasonably requested by the Initial Purchasers; and 
 (ii) in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration Statement, any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide
copies of such document to the Holders of Registrable Securities, to the Initial Purchasers, to counsel for the Holders and to the underwriter or underwriters of an underwritten offering of Registrable Securities, if any, make such changes in any
such document prior to the filing thereof as the Initial Purchasers, the counsel to the Holders or any underwriter or underwriters may reasonably request and not file any such document in a form to which the Majority Holders, the Initial Purchasers
on behalf of the Holders of Registrable Securities, counsel for the Holders of Registrable Securities or any underwriter shall not have previously been advised and furnished a copy of or to which the Majority Holders, the Initial Purchasers of
behalf of the Holders of Registrable Securities, counsel to the Holders of Registrable Securities or any underwriter shall reasonably object, and make the representatives of the Company available for discussion of such document as shall be
reasonably requested by the Holders of Registrable Securities, the Initial Purchasers on behalf of such Holders, counsel for the Holders of Registrable Securities or any underwriter. 

(r) in the case of a Shelf Registration, use its commercially reasonable efforts to cause all Registrable Securities to be listed on any
securities exchange on which similar debt securities issued by the Company are then listed if requested by the Majority Holders, or if requested by the underwriter or underwriters of an underwritten offering of Registrable Securities, if any;

 (s) in the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to be
rated by the appropriate rating agencies, if so requested by the Majority Holders, or if requested by the underwriter or underwriters of an underwritten offering of Registrable Securities, if any; 

(t) otherwise comply with all applicable rules and regulations of the SEC and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and 

  
 18 

 (u) cooperate and assist in any filings required to be made with FINRA and in the
performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of FINRA). 

In the case of a Shelf Registration Statement, the Company may (as a condition to such Holder’s participation in the Shelf
Registration) require each Holder of Registrable Securities to furnish to the Company such information regarding the Holder and the proposed distribution by such Holder of such Registrable Securities as the Company may from time to time reasonably
request in writing. 
 In the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice from
the Company of a Shelf Suspension Period or of the happening of any event or the discovery of any facts, each of the kind described in Section 3(e)(v) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant
to a Registration Statement until such Holder’s receipt of a notice that such Shelf Suspension Period is no longer in effect or the copies of the supplemented or amended Prospectus contemplated by Section 3(k) hereof, as the case may be,
and, if so directed by the Company, such Holder will deliver to the Company (at its expense) all copies in such Holder’s possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such
Registrable Securities current at the time of receipt of such notice. 
 If any of the Registrable Securities covered by any
Shelf Registration Statement are to be sold in an underwritten offering, the underwriter or underwriters and manager or managers that will manage such offering will be selected by the Majority Holders of such Registrable Securities included in such
offering and shall be reasonably acceptable to the Company. No Holder of Registrable Securities may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the
basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents required under the terms of such underwriting arrangements. 
 4. Indemnification; Contribution.

 (a) The Company agrees to indemnify and hold harmless the Initial Purchasers, each Holder, each Participating Broker-Dealer,
each Person who participates as an underwriter (any such Person being an “Underwriter”) and each Person, if any, who controls any Holder or Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934
Act as follows: 
 (i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment or supplement thereto) pursuant to which Exchange Securities or Registrable Securities

  
 19 

 
were registered under the 1933 Act, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto) or the omission or alleged omission
therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 (ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding
by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 4(d) below) any
such settlement is effected with the written consent of the Company; and 
 (iii) against any and all expense
whatsoever, as incurred (including the fees and disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under subparagraph (i) or
(ii) above; 
 provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or
expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by the Holder or Underwriter expressly for use in
a Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or supplement thereto). 
 (b) Each
Holder severally, but not jointly, agrees to indemnify and hold harmless the Company, the Initial Purchasers, each Underwriter and the other selling Holders, and each of their respective directors and officers, and each Person, if any, who controls
the Company, the Initial Purchasers, any Underwriter or any other selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense described in
the indemnity contained in Section 4(a) hereof, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any
Prospectus included therein (or any amendment or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration
Statement (or any amendment thereto) or such Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such
Holder from the sale of Registrable Securities pursuant to such Shelf Registration Statement. 

  
 20 

 (c) Each indemnified party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to the
extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement. An indemnifying party may participate at its own expense in
the defense of such action; provided, however, that counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying party or
parties be liable for the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the
same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to
any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under this Section 4 (whether or not the
indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation,
proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) If at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be
liable for any settlement of the nature contemplated by Section 4(a)(ii) effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request,
(ii) such indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement. 
 (e) If the indemnification provided for in this
Section 4 is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the
aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holders and the
Initial Purchasers on the other hand in connection with the statements or omissions which resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. 

The relative fault of the Company on the one hand and the Holders and the Initial Purchasers on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, the Holders or the Initial Purchasers
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  
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 The Company, the Holders and the Initial Purchasers agree that it would not be just and
equitable if contribution pursuant to this Section 4 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to above in this Section 4. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this Section 4 shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 
 Notwithstanding the
provisions of this Section 4, no Initial Purchaser shall be required to contribute any amount in excess of the amount by which the total discount received by such Initial Purchaser with respect to the Securities sold by it exceeds the amount of
any damages which such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. 
 No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
 For purposes of this Section 4, each Person, if any, who controls an Initial Purchaser or Holder
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Initial Purchaser or Holder, and each director of the Company, and each Person, if any, who controls the
Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as the Company. The Initial Purchasers’ respective obligations to contribute pursuant to this
Section 7 are several in proportion to the principal amount of Securities set forth opposite their respective names in Schedule A to the Purchase Agreement and not joint. 
 5. Miscellaneous. 
 5.1 Rule 144 and Rule 144A.
For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934 Act, the Company covenants that it will file the reports required to be filed by it under the 1933 Act and Section 13(a) or 15(d) of the
1934 Act and the rules and regulations adopted by the SEC thereunder. If the Company ceases to be so required to file such reports, the Company covenants that it will upon the request of any Holder of Registrable Securities (a) make publicly
available such information as is necessary to permit sales pursuant to Rule 144 under the 1933 Act, (b) deliver such information to a prospective purchaser as is necessary to permit sales pursuant to Rule 144A under the 1933 Act and it will
take such further action as any Holder of Registrable Securities may reasonably request, and (c) take such further action that is reasonable in the circumstances, in each case, to the extent required from time to time to enable such Holder to
sell its Registrable Securities without registration under the 1933 Act within the limitation of the exemptions provided by (i)

  
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Rule 144 under the 1933 Act, as such Rule may be amended from time to time, (ii) Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (iii) any similar rules
or regulations hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

5.2 No Inconsistent Agreements. The Company has not entered into and the Company will not after the date of this
Agreement enter into any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not and
will not for the term of this Agreement in any way conflict with, or are inconsistent with, the rights granted to the holders of the Company’s other issued and outstanding securities under any such agreements. 

5.3 Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or departure; provided, however, that no amendment, modification, supplement or waiver or consent to any departure from the provisions of
Section 4 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. 
 5.4 Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, registered first-class mail, telex, telecopier, or any courier
guaranteeing overnight delivery (i) if to a Holder (other than an Initial Purchaser), at the most current address set forth on the records of the Registrar under the Indenture, (ii) if to an Initial Purchaser, at the most current address
given by such Initial Purchaser to the Company by means of a notice given in accordance with the provisions of this Section 5.4, which address initially is the address set forth in the Purchase Agreement; and (iii) if to the Company,
initially at the Company’s address set forth in the Purchase Agreement, and thereafter at such other address of which notice is given in accordance with the provisions of this Section 5.4. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; two
Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight
delivery. 
 Copies of all such notices, demands, or other communications shall be concurrently delivered by the Person giving
the same to the Trustee under the Indenture, at the address specified in such Indenture. 
 5.5
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, 

  
 23 

 
without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition
of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise, such Registrable
Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of
this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits hereof. 

5.6 Third Party Beneficiaries. The Initial Purchasers (even if the Initial Purchasers are not Holders of Registrable
Securities) shall be third party beneficiaries to the agreements made hereunder between the Company, on the one hand, and the Holders, on the other hand, and shall have the right to enforce such agreements directly to the extent they deem such
enforcement necessary or advisable to protect their rights or the rights of Holders hereunder. Each Holder of Registrable Securities shall be a third party beneficiary to the agreements made hereunder between the Company, on the one hand, and the
Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder. 

5.7 Specific Enforcement. Without limiting the remedies available to the Initial Purchasers and the Holders, the Company
acknowledges that any failure by the Company to comply with its obligations under Sections 2.1 through 2.4 hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that
it would not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s obligations
under Sections 2.1 through 2.4 hereof. 
 5.8 Restriction on Resales. Until the expiration of one year after the original
issuance of the Securities, the Company will not, and will cause its “affiliates” (as such term is defined in Rule 144(a)(1) under the 1933 Act) not to, resell any Securities which are “restricted securities” (as such term is
defined under Rule 144(a)(3) under the 1933 Act) that have been reacquired by any of them and shall immediately upon any purchase of any such Securities submit such Securities to the Trustee for cancellation. 

5.9 Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate 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. 
 5.10 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

 

  
 24 

 5.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF. 
 5.12
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

  
 25 

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

					
	AEP INDUSTRIES INC.
		
	By:	 	 /s/ James B. Rafferty

		 	Name:	 	James B. Rafferty
		 	Title:	 	Vice President, Treasurer and Secretary

  

Signature Page – Registration Rights Agreement 

 Confirmed and accepted as 
 of the date first above 
 written: 

 

					
	MERRILL LYNCH, PIERCE, FENNER & SMITH
	 INCORPORATED

	WELLS FARGO SECURITIES, LLC
		
	BY:	 	MERRILL LYNCH, PIERCE, FENNER & SMITH
		 	INCORPORATED
		
	By:	 	   /s/ Anand Melvani

		 	Name:	 	Anand Melvani
		 	Title:	 	Managing Director

 On behalf of each of the
Initial Purchasers 

  

Signature Page – Registration Rights AgreementFirst Supplemental Indenture

 Exhibit 4.4 
 FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of April 18, 2011, between AEP Industries Inc. (the “Issuer”) and The Bank of New York Mellon (formerly
known as The Bank of New York), as Trustee (the “Trustee”). All capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Indenture (as defined herein). 

WHEREAS the Issuer has heretofore executed and delivered to the Trustee an Indenture, dated as of March 18, 2005, (as amended and
supplemented from time to time, the “Indenture”), providing for the issuance of $175,000,000 principal amount of 7.875% Senior Notes due 2013 issued by the Issuer (the “Notes”); 

WHEREAS, the Issuer desires to amend certain provisions of the Indenture (the “Amendments”) as set forth in the Offer to
Purchase and Consent Solicitation Statement of the Issuer, dated April 4, 2011 (the “Offer to Purchase and Consent Solicitation Statement”), pursuant to which the Issuer has solicited consents of the Holders to authorize the
Amendments; 
 WHEREAS, pursuant to Section 10.02 of the Indenture, the Issuer and the Trustee may amend or supplement the
Indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Notes; 

WHEREAS, the Issuer has obtained the written consent of the Holders of at least a majority in principal amount of the outstanding Notes
to the Amendments; 
 WHEREAS, the Issuer and the Trustee desire and have agreed to execute and deliver this Supplemental
Indenture as provided herein and all conditions precedent and requirements necessary to make this Supplemental Indenture a valid and legally binding instrument in accordance with its terms have been complied with, performed and fulfilled and the
execution and delivery hereof have been in all respects duly authorized by all necessary parties. 
 NOW, THEREFORE, for and in
consideration of the premises contained herein, it is mutually covenanted and agreed for the benefit of all Holders of the Notes as follows: 
 SECTION 1. Amendments. 
 SECTION 1.01 Removal of Certain Provisions,
Defined Terms and Cross-References. The text in each of Sections 4.03 through 4.06, 4.10, 4.12, 4.14, 4.16 through 4.19, 6.01(f), and 6.01(g) of the Indenture and the corresponding provisions of the Notes is hereby deleted in its entirety and is
replaced in each case with the phrase “[Intentionally Omitted.].” The definitions of any and all terms that are defined in Section 1.01 of the Indenture but used only in one or more of the Sections referenced in the immediately
preceding sentence and cross-references to one or more of the Sections referenced in the immediately preceding sentence are deleted in their entirety. 

 SECTION 1.02 Amendment of Section 5.01. 

Section 5.01 of the Indenture is hereby amended by deleting the language in Section 5.01 in its entirety and replacing it with
the following: 
 The Company will not consolidate or merge with or into any Person, or sell, assign, lease, convey or otherwise
dispose of (or cause or permit any Restricted Subsidiary to consolidate or merge with or into any Person or sell, assign, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated
basis for the Company and the Restricted Subsidiaries), whether as an entirety or substantially an entirety in one transaction or a series of related transactions, including by way of liquidation or dissolution, to any Person unless, in each such
case: (i) the entity formed by or surviving any such consolidation or merger (if other than the Company or such Restricted Subsidiary, as the case may be), or to which such sale, assignment, lease, conveyance or other disposition shall have
been made (the “Surviving Entity”), is a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia; and (ii) the Surviving Entity assumes by supplemental indenture all of the
obligations of the Company on the Securities and under this Indenture. The provisions of this paragraph shall not apply to any merger of a Restricted Subsidiary with or into the Company or a Wholly Owned Subsidiary or the release of any Guarantor in
accordance with the terms of the Guarantee and this Indenture in connection with any transaction complying with the provisions of Section 4.05. 
 SECTION 1.03 Amendment of Article Six. 
 (a) Section 6.01(h) of the
Indenture is hereby amended by deleting the language in Section 6.01(h) in its entirety and replacing it with the following: 
 the Company pursuant to or within the meaning of any Bankruptcy Law: 
 (1) commences a voluntary case or proceeding, 
 (2) consents to the
entry of an order for relief against it in an involuntary case or proceeding, 
 (3) consents to the appointment
of a Custodian of it or for all or substantially all of its property, or 
 (4) makes a general assignment for
the benefit of its creditors; 
 (b) Section 6.01(i) of the Indenture is hereby amended by deleting the language in
Section 6.01(i) in its entirety and replacing it with the following: 
 a court of competent jurisdiction enters an order
or decree under any Bankruptcy Law that: 
 (1) is for relief against the Company in an involuntary case or
proceeding, 

 (2) appoints a Custodian of the Company or for all or substantially all of
its property, or 
 (3) orders the liquidation of the Company, 

and in each case the order or decree remains unstayed and in effect for 60 days; provided, however, that if the entry of such order or
decree is appealed and dismissed on appeal then the Event of Default hereunder by reason of the entry of such order or decree shall be deemed to have been cured; or 
 (c) The definition of the term “Material Subsidiary” in Section 1.01 of the Indenture is deleted in its entirety. 
 SECTION 2. Operation of Amendments. Upon the execution and delivery of this Supplemental Indenture by the parties hereto, this Supplemental Indenture will become effective but the Amendments will
not become operative until a majority in principal amount of the outstanding Notes are accepted for purchase by the Issuer pursuant to and in accordance with the terms and conditions set forth in the Offer to Purchase and Consent Solicitation
Statement, as the same may be amended, modified or supplemented from time to time in accordance therewith. 
 SECTION 3.
Miscellaneous. 
 SECTION 3.01 Incorporation of the Indenture. All the provisions of this Supplemental Indenture
shall be deemed to be incorporated in, and made a part of, the Indenture; and the Indenture, as supplemented and amended by this Supplemental Indenture, shall be read, taken and construed as one and the same instrument. 

SECTION 3.02 Application of First Supplemental Indenture. The provisions and benefit of this Supplemental Indenture shall be
effective with respect to the Notes. 
 SECTION 3.03 Counterpart Originals. 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. 

SECTION 3.04 Successors. All agreements of the Issuer in this Supplemental Indenture shall bind its successor. All agreements of
the Trustee in this Supplemental Indenture shall bind its successor. 
 SECTION 3.05 Severability. In case any provision
in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and a Holder shall have no claim therefor against
any party hereto. 
 SECTION 3.06 Benefits of First Supplemental Indenture. Nothing in this Supplemental Indenture,
express or implied, shall give to any person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture. 

 SECTION 3.07 Regarding the Trustee. The Trustee shall not be responsible for the
correctness of the recitals herein, and makes no representation as to the validity or the sufficiency of this Supplemental Indenture. The Trustee shall, in connection with this Supplemental Indenture, be entitled to all of the benefits of all of the
rights, privileges, immunities and indemnities of the Trustee provided for in the Indenture. 
 SECTION 3.08 GOVERNING
LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THIS SUPPLEMENTAL INDENTURE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
 SECTION 3.09 Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

 

					
	AEP INDUSTRIES INC.
		
	By:	 	   /s/ Paul M. Feeney

		 	Name:	 	Paul M. Feeney
		 	Title:	 	Executive Vice President, Finance and Chief Executive Officer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	   /s/ Thomas J. Provenzano

		 	Name: Thomas J. Provenzano
		 	Title: Agent

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