# EDGAR Filing Document

**Accession Number:** 0001852244
**File Stem:** 0001104659-25-110769
**Filing Date:** 2025-11
**Character Count:** 516412
**Document Hash:** 23ac194c1178cc5510a96ae5bc370522
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-110769.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001104659-25-110769

**CONFORMED SUBMISSION TYPE**: POSASR

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GXO Logistics, Inc.
- **CENTRAL INDEX KEY:** 0001852244
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 862098312
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POSASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-281757
- **FILM NUMBER:** 251475246

**BUSINESS ADDRESS:**
- **STREET 1:** TWO AMERICAN LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06831
- **BUSINESS PHONE:** 203-489-1287

**MAIL ADDRESS:**
- **STREET 1:** TWO AMERICAN LANE
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06831
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GXO Logistics Capital B.V.
- **CENTRAL INDEX KEY:** 0002096205

**ORGANIZATION NAME:**
- **EIN:** 981890389
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 7245002GNB5W5E7GV182

**FILING VALUES:**
- **FORM TYPE:** POSASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-281757-01
- **FILM NUMBER:** 251475247

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ACHTSWEG NOORD 27
- **STREET 2:** 5651 GG
- **CITY:** EINDHOVEN
- **PROVINCE COUNTRY:** P7
- **ZIP:** 00000
- **BUSINESS PHONE:** 2034891287

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ACHTSWEG NOORD 27
- **STREET 2:** 5651 GG
- **CITY:** EINDHOVEN
- **PROVINCE COUNTRY:** P7
- **ZIP:** 00000

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the Securities and Exchange Commission on November 13, 2025

#### Registration No. 333-281757

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### POST-EFFECTIVE AMENDMENT NO. 1 TO

### FORM S-3

#### Registration Statement Under the Securities Act of 1933

### GXO Logistics, Inc.
(Exact name of registrant as specified in its charter)

#### Delaware
(State or other jurisdiction of incorporation or organization)

#### 86-2098312
(I.R.S. Employer Identification Number)

#### Two American Lane Greenwich, CT 06831 (203) 489-1287
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

### GXO Logistics Capital B.V.
(Exact name of registrant as specified in its charter)

#### The Netherlands
(State or other jurisdiction of incorporation or organization)

#### 98-1890389
(I.R.S. Employer Identification Number)

#### Achtseweg Noord 27 5651 GG Eindhoven The Netherlands +31 88 588 13 14
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

#### Karlis P. Kirsis Chief Legal Officer GXO Logistics, Inc. Two American Lane Greenwich, CT 06831 (203) 489-1287
(Name, address, including zip code, and telephone number, including area code, of agent for service)

#### Copies to:

#### Adam O. Emmerich, Esq. Mark A. Stagliano, Esq. Kathryn Gettles-Atwa, Esq. Wachtell, Lipton, Rosen & Katz 51 West 52nd Street New York, NY 10019 (212) 403-1000

#### Approximate date of commencement of proposed sale to the public:
From time to time after this registration statement becomes effective.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box: ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☒

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☒

Indicated by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one).

Large accelerated filer ☒ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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#### EXPLANATORY NOTE
This Post-Effective Amendment No. 1 relates to the Registration Statement on Form S-3 (File No. 333-281757) (the "Registration Statement") of GXO Logistics, Inc. ("GXO"). This Post-Effective Amendment No. 1 is being filed for the purpose of: (1) amending and restating the base prospectus of GXO that forms a part of the Registration Statement to (a) add GXO Logistics Capital B.V. ("GXO Capital"), an indirect wholly-owned subsidiary of GXO, as a registrant and register debt securities of GXO Capital, (b) add guarantees by GXO of such debt securities of GXO Capital pursuant to Rule 413(b) under the Securities Act, and (c) update certain other information in such base prospectus and in Part II of the Registration Statement; and (2) filing additional exhibits to the Registration Statement. This Post-Effective Amendment No. 1 shall become effective immediately upon filing with the U.S. Securities and Exchange Commission.

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#### PROSPECTUS
![[MISSING IMAGE: lg_gxo-4c.jpg]](lg_gxo-4c.jpg)

### GXO Logistics, Inc.
Two American Lane

Greenwich, Connecticut 06831

### Common Stock Preferred Stock Debt Securities Warrants Units Guarantees

### GXO Logistics Capital B.V.
Achtseweg Noord 27

5651 GG Eindhoven

The Netherlands

### Debt Securities
fully and unconditionally guaranteed by GXO Logistics, Inc.

GXO Logistics, Inc. ("GXO" or the "Company") or certain selling securityholders may offer and sell to the public from time to time, in one or more series or issuances, GXO's common stock, preferred stock, debt securities, warrants and units. GXO may also offer and sell to the public from time to time, in one or more series or issuances, guarantees of debt securities of GXO Logistics Capital B.V.

Any preferred stock, debt securities or warrants issued by GXO may be convertible or exercisable or exchangeable for common stock, preferred stock or other securities of GXO. Any debt securities issued by GXO may consist of debentures, notes or other types of debt and may be guaranteed by certain of GXO's subsidiaries.

GXO Logistics Capital B.V. ("GXO Capital"), an indirect wholly-owned consolidated subsidiary of GXO, may offer and sell to the public from time to time, in one or more series or issuances, its debt securities, which will be fully and unconditionally guaranteed by GXO.

When GXO or GXO Capital, as applicable, offer securities pursuant to this prospectus, the applicable issuer will provide specific terms of the offering and the manner in which the securities will be offered in supplements to this prospectus. In addition, certain selling securityholders may offer and sell GXO's securities from time to time, together or separately. GXO will provide specific information about any selling securityholders in one or more prospectus supplements. If GXO, GXO Capital or the selling securityholders use any agents, underwriters or dealers to sell the securities, the applicable issuer will name them and describe their compensation in a prospectus supplement. The price to the public of those securities and the net proceeds GXO, GXO Capital or any selling securityholders expect to receive from that sale will also be set forth in a prospectus supplement. See "Plan of Distribution." The prospectus supplements may also add, update or change information contained in this prospectus.

 **Investing in the securities of GXO and GXO Capital involves risks. You should read this prospectus, including the risk factors incorporated herein by reference on page [3](#tRIFA), and in any prospectus supplement, carefully before you invest in GXO's or GXO Capital's securities. The prospectus supplement applicable to each type or series of securities GXO or GXO Capital offers may contain a discussion of additional risks applicable to an investment in GXO or GXO Capital and the particular type of securities GXO or GXO Capital is offering under the prospectus supplement.** 

Shares of GXO's common stock are listed on the New York Stock Exchange ("NYSE") under the trading symbol "GXO." Other than for shares of GXO's common stock, there is no market for the other securities we may offer.

 **Neither the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

#### The date of this prospectus is November 13, 2025.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#tATP)  | [ii](#tATP) |
| [FORWARD-LOOKING STATEMENTS](#tFOST)  | [1](#tFOST) |
| [PROSPECTUS SUMMARY](#tPRSU)  | [2](#tPRSU) |
| [RISK FACTORS](#tRIFA)  | [3](#tRIFA) |
| [USE OF PROCEEDS](#tUOP)  | [4](#tUOP) |
| [SECURITIES THAT MAY BE OFFERED](#tSTMB)  | [4](#tSTMB) |
| [DESCRIPTION OF GXO COMMON STOCK](#tDOGC)  | [5](#tDOGC) |
| [DESCRIPTION OF GXO PREFERRED STOCK](#tDOGP)  | [9](#tDOGP) |
| [DESCRIPTION OF GXO DEBT SECURITIES](#tDOGD)  | [10](#tDOGD) |
| [DESCRIPTION OF GXO WARRANTS](#tDOGW)  | [22](#tDOGW) |
| [DESCRIPTION OF GXO UNITS](#tDOGU)  | [23](#tDOGU) |
| [DESCRIPTION OF GXO CAPITAL DEBT SECURITIES](#tDOGC1)  | [24](#tDOGC1) |
| [SELLING SECURITYHOLDERS](#tSESE)  | [38](#tSESE) |
| [PLAN OF DISTRIBUTION](#tPOD)  | [39](#tPOD) |
| [WHERE YOU CAN FIND MORE INFORMATION](#tWYCF)  | [42](#tWYCF) |
| [LEGAL MATTERS](#tLEMA)  | [44](#tLEMA) |
| [EXPERTS](#tEXP)  | [45](#tEXP) |

---

i

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#### ABOUT THIS PROSPECTUS
This prospectus is part of an "automatic shelf" registration statement (the "registration statement") that has been filed with the SEC. Under this shelf registration process, GXO may sell, from time to time, an indeterminate amount of any combination of the securities described in this prospectus in one or more offerings, and GXO Capital may sell, from time to time, debt securities, which will be fully and unconditionally guaranteed by GXO. The registration statement, including the attached exhibits and schedules, contains additional relevant information about GXO, GXO Capital and the securities. The registration statement can be read at the SEC's website (http://www.sec.gov) or at the offices mentioned under the heading "Where You Can Find More Information."

This prospectus provides you with a general description of the securities GXO, GXO Capital or any selling securityholder may offer. Each time GXO or GXO Capital sells securities, GXO or GXO Capital, as applicable, will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. If there is any inconsistency between the information in this prospectus and any applicable prospectus supplement, you should rely on the information in the applicable prospectus supplement. You should read both this prospectus and any prospectus supplement together with additional information described in this prospectus under the heading "Where You Can Find More Information."

In this prospectus, unless the context otherwise requires or unless the applicable prospectus supplement otherwise indicates, all references to: (i) the "Company," "GXO," "we," "us" and "our" mean GXO Logistics, Inc., a Delaware corporation; (ii) "GXO Capital" mean GXO Logistics Capital B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated under the laws of the Netherlands, having its corporate seat (*statutaire zetel*) at Eindhoven, the Netherlands, its registered office at Achtseweg Noord 27, 5651 GG Eindhoven, The Netherlands and registered with the trade register of the Chamber of Commerce (*Kamer van Koophandel*) under number 98594087; (iii) "securities" mean, collectively, shares of Common Stock, shares of Preferred Stock, Debt Securities, Warrants and Units, and the GXO Capital Debt Securities; (iv) "Common Stock" mean shares of common stock of the Company, par value $0.01 per share; (v) "Preferred Stock" mean shares of preferred stock of the Company, par value $0.01 per share; (vi) "Debt Securities" mean the debt securities of the Company that may be offered and sold pursuant to the registration statement to which this prospectus relates; (vii) "Warrants" mean warrants to purchase securities of the Company that may be offered and sold pursuant to the registration statement to which this prospectus relates; (viii) "Units" mean units consisting of one or more of GXO's Common Stock, Preferred Stock, Debt Securities or Warrants of the Company that may be offered and sold pursuant to the registration statement to which this prospectus relates; and (ix) "GXO Capital Debt Securities" mean the debt securities of GXO Capital that may be offered and sold pursuant to the registration statement to which this prospectus relates, which will be fully and unconditionally guaranteed by GXO.

We prepare our financial statements in U.S. dollars and prepare our financial statements, including all of the financial statements incorporated by reference in this prospectus, in conformity with accounting principles generally accepted in the United States, or "U.S. GAAP." Our fiscal year ends on December 31. In this prospectus, except where otherwise indicated, references to "$" or "dollars" are to the lawful currency of the United States.

This prospectus contains summaries of certain provisions contained in some of the documents described herein. Please refer to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of the documents referred to herein have been filed or will be filed or incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under "Where You Can Find More Information."

 **Neither GXO nor GXO Capital has authorized any person to provide you with any information other than that contained in or incorporated by reference into this prospectus or any prospectus supplement or that is contained in any free writing prospectus issued by GXO or GXO Capital. Neither GXO nor GXO Capital take any responsibility for, and neither provide assurances as to the reliability of, any other information that others may give you. The distribution of this prospectus and sale of the securities in certain jurisdictions may be restricted by law. Persons in possession of this prospectus are required to inform themselves about and observe any such** 

ii

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restrictions. GXO and GXO Capital are only offering the securities in states where offers are permitted. You should assume that the information appearing in this prospectus or in any prospectus supplement is accurate as of the date on the front cover of those documents only. GXO's or GXO Capital's business, financial condition, results of operations and prospects may have changed since that date.

iii

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#### FORWARD-LOOKING STATEMENTS
This prospectus and other materials GXO and GXO Capital have filed or will file with the SEC contain or incorporate statements which constitute written or oral "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target," "trajectory" or the negative of these terms or other comparable terms. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.

Factors (including risks, uncertainties and assumptions) that might cause or contribute to a material difference include, but are not limited to, the risks discussed in our filings with the SEC and the following: economic conditions generally; supply chain challenges, including labor shortages; competition and pricing pressures; our ability to align our investments in capital assets, including equipment, service centers and warehouses, to our respective customers' demands; our ability to successfully integrate and realize anticipated benefits, synergies, cost savings and profit improvement opportunities with respect to acquired companies, including the acquisition of Wincanton plc; acquisitions may be unsuccessful or result in other risks or developments that adversely affect our financial condition and results; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; our indebtedness; our ability to raise debt and equity capital; litigation; labor matters, including our ability to manage its subcontractors, and risks associated with labor disputes at our customers' facilities and efforts by labor organizations to organize its employees; risks associated with defined benefit plans for our current and former employees; our ability to attract or retain necessary talent; the increased costs associated with labor; fluctuations in currency exchange rates; fluctuations in fixed and floating interest rates; fluctuations in customer confidence and spending; issues related to our intellectual property rights; governmental regulation, including environmental laws, trade compliance laws, as well as changes in international trade policies and tax regimes; governmental or political actions, including the United Kingdom's exit from the European Union; natural disasters, terrorist attacks or similar incidents; damage to our reputation; a material disruption of our operations; the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; failure in properly handling the inventory of our customers; the impact of potential cyber-attacks and information technology or data security breaches; and the inability to implement technology initiatives or business systems successfully; our ability to achieve Environmental, Social and Governance goals; and a determination by the IRS that the distribution or certain related spin-off transactions should be treated as taxable transactions. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors.

The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under "Risk Factors." In addition, GXO discusses certain of these matters more fully, as well as certain other factors that may affect its business operations, financial condition and results of operations, in its filings with the SEC, including its Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and GXO assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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#### PROSPECTUS SUMMARY

#### GXO Logistics, Inc.
GXO Logistics, Inc., together with its subsidiaries, is the largest pure-play contract logistics provider in the world and a foremost innovator in the industry. We provide our customers with high-value-added warehousing and distribution, order fulfillment, e-commerce, reverse logistics and other supply chain services differentiated by our ability to deliver technology-enabled, customized solutions at scale. Our customers rely on us to move their goods, with high efficiency through their supply chains — from the moment goods arrive at our warehouses through fulfillment and distribution, and the management of returned products. Our customer base includes many blue-chip leaders in sectors that demonstrate high growth and/or durable demand, with significant growth potential through customer outsourcing of logistics services.

Our principal executive offices are located at Two American Lane, Greenwich, Connecticut 06831. Our telephone number is (203) 489-1287.

#### GXO Logistics Capital B.V.
GXO Logistics Capital B.V. was incorporated on October 15, 2025 as a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) under the laws of the Netherlands., having its corporate seat in Eindhoven and its registered office is located at Achtseweg Noord 27, 5651 GG Eindhoven, the Netherlands. GXO Capital is registered with the trade register of the Dutch Chamber of Commerce in the Netherlands under number 98594087, and is an indirect wholly-owned finance subsidiary of GXO. GXO Capital's telephone number is +31 88 588 13 14.

As permitted under Rule 13-01 of Regulation S-X, we have not included summarized financial information for GXO Capital, because it does not have any assets, liabilities, or operations as of December 31, 2024 or September 30, 2025 since it was not incorporated until October 15, 2025 and as such management believes such summarized financial information would be repetitive and would not provide incremental value to investors.

#### The Offering
Under this prospectus, the Company may offer and sell to the public, in one or more series or issuances, Common Stock, Preferred Stock, Debt Securities, Warrants and Units and guarantees of GXO Capital Debt Securities, or GXO Capital may offer and sell to the public, in one or more series or issuances, GXO Capital Debt Securities.

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#### RISK FACTORS
An investment in the securities of GXO or GXO Capital involves risks. Before making an investment decision, you should carefully consider the risks described under the heading "Risk Factors" in GXO's [Annual Report on Form 10-K for the fiscal year ended December 31, 2024](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000007/gxo-20241231.htm) and GXO's Quarterly Reports on Form 10-Q for the fiscal quarters ended [March 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000027/gxo-20250331.htm), [June 30, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000100/gxo-20250630.htm) and [September 30, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000108/gxo-20250930.htm), as updated by annual, quarterly and other reports and documents GXO files with the SEC after the date of this prospectus and that are incorporated by reference in this prospectus and in any related prospectus supplement, and in the other documents that are incorporated by reference in this prospectus and any prospectus supplement for your securities. For more information, see "Where You Can Find More Information."

Additional risk factors may be included in a prospectus supplement relating to a particular series or offering of securities.

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#### USE OF PROCEEDS
The net proceeds from the sales of the securities will be used as set forth in the applicable prospectus supplement. Unless otherwise provided in the applicable prospectus supplement, GXO will not receive any of the proceeds from sales of securities by selling securityholders, if any.

#### SECURITIES THAT MAY BE OFFERED
This prospectus contains summary descriptions of the Common Stock, Preferred Stock, Debt Securities, Warrants and Units and Parent Guarantees that GXO may offer and sell from time to time, and the GXO Capital Debt Securities that GXO Capital may offer and sell from time to time. These summary descriptions are not meant to be complete descriptions of each security. The particular terms of any security will be described in the applicable prospectus supplement.

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#### DESCRIPTION OF GXO COMMON STOCK
The following is a description of the material terms of the Common Stock, as well as other material terms of GXO's Amended and Restated Certificate of Incorporation, as may be amended from time to time (the "Company Certificate"), and GXO's Second Amended and Restated Bylaws, as may be amended from time to time (the "Bylaws"). This description is only a summary. You should read it together with the Company Certificate and Bylaws, which are included as exhibits to the registration statement of which this prospectus is part and incorporated by reference herein.

#### General
GXO's authorized capital stock consists of 300,000,000 shares of Common Stock, and 10,000,000 shares of Preferred Stock.

As of November 11, 2025, there were 114,493,292 shares of GXO Common Stock issued and outstanding, and no shares of GXO Preferred Stock issued and outstanding.

#### Common Stock
Common stockholders are entitled to one vote for each share held on all matters submitted to a vote of stockholders. Except as otherwise required by law and except for director elections (see below), whenever any corporate action is to be taken, such action will be authorized by a majority of the votes cast at a meeting of stockholders by the stockholders entitled to vote thereon.

Common stockholders are entitled to share equally in the dividends, if any, that may be declared by GXO's board of directors out of funds that are legally available to pay dividends, but only after payment of any dividends required to be paid on outstanding Preferred Stock, if any. Upon any voluntary or involuntary liquidation, dissolution or winding up of GXO, the common stockholders will be entitled to share ratably in all assets of GXO remaining after we pay all of our debts and other liabilities and any amounts we may owe to the holders of our Preferred Stock, if any.

Common stockholders do not have any preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of common stockholders are subject to the rights of the stockholders of any series of Preferred Stock that we will or may designate and issue.

Delaware law and the Bylaws permit us to issue uncertificated shares of Common Stock.

#### Corporate Governance
Responsible and appropriate corporate governance will ensure that our management always keeps stockholder interests in mind when crafting value-creating strategies at all levels of the organization.

*Single Class Capital Structure*. GXO has a single class share capital structure with all stockholders entitled to vote for director nominees and each holder of Common Stock entitled to one vote per share.

*Director Elections*. The election of directors in an uncontested election requires the affirmative vote of a majority of the votes cast (the number of shares voted "for" a director's election exceeds fifty percent (50%) of the number of votes cast with respect to that director's election) by holders of shares of our Common Stock at the meeting at which a quorum is present. If any incumbent director standing for re-election receives a greater number of votes "against" his or her election than votes "for" such election, the Bylaws require that such person promptly tender his or her resignation to our board of directors. Once an election is determined to be a contested election, directors are elected by a plurality of the votes cast at the meeting at which a quorum is present.

*Majority Vote for Mergers and Other Business Combinations*. Mergers and other business combinations involving GXO are generally required to be approved by a majority of GXO's outstanding shares of Common Stock where such stockholder approval is required.

*Other Corporate Governance Features*. In addition to charters for GXO's Audit Committee, Compensation Committee, and Nominating, Corporate Governance and Sustainability Committee, GXO

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also has Corporate Governance Guidelines and a Code of Business Ethics. Also, GXO has implemented stock ownership guidelines for directors and senior executive officers, annual board performance evaluations, clawback and anti-hedging policies, prohibitions on option repricing in equity plans without stockholder approval, risk oversight procedures and other practices and protocols.

#### Anti-Takeover Effects of Various Provisions of Delaware Law, the Company Certificate and the Bylaws
Provisions of the General Corporation Law of the State of Delaware (the "DGCL"), the Company Certificate and the Bylaws could make it more difficult to acquire GXO by means of a tender offer, a proxy contest or otherwise, or to remove incumbent officers and directors. These provisions, summarized below, are expected to discourage types of coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of GXO to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure GXO outweigh the disadvantages of discouraging takeover or acquisition proposals because, among other things, negotiation of these proposals could result in an improvement of their terms.

*Delaware Anti-Takeover Statute*. Section 203 of the DGCL, an anti-takeover statute, generally prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years following the time the person became an interested stockholder, unless (with certain exceptions) the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. A "business combination" generally includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" generally is a person who, together with affiliates and associates, owns (or within three years prior to the determination of interested stockholder status did own) 15 percent or more of a corporation's voting stock. The existence of this provision would be expected to have an anti-takeover effect with respect to transactions not approved in advance by our board of directors, including discouraging attempts that might result in a premium over the market price for the shares of Common Stock. A corporation may "opt out" of Section 203 of the DGCL in its certificate of incorporation. GXO did not "opt out" of, and is thus subject to, Section 203 of the DGCL.

*Size of Board and Vacancies*. The Company Certificate and the Bylaws provide that the number of directors on our board of directors are fixed exclusively by our board of directors. The Bylaws will also provide that the size of the board of directors are not less than one nor more than twelve members. Any vacancies created in the board of directors resulting from any increase in the authorized number of directors or the death, resignation, retirement, disqualification, removal from office or other cause are filled by a majority of the board of directors then in office, even if less than a quorum is present, or by a sole remaining director. Any director appointed to fill a vacancy on our board of directors are appointed for a term expiring at the next annual meeting of stockholders, and until his or her successor has been elected and qualified.

*Director Removal*. The Company Certificate and/or the Bylaws provide that stockholders may remove the Company's directors with or without cause. Removal will require the affirmative vote of at least a majority of the Company's voting stock.

*Stockholder Action by Written Consent*. The Company Certificate expressly eliminates the right of our stockholders to act by written consent. Stockholder action must take place at the annual or at a special meeting of GXO stockholders.

*Special Stockholder Meetings*. The Company Certificate provides that the Chairman of the board of directors or the board of directors pursuant to a resolution adopted by a majority of the entire board of directors may call special meetings of our stockholders. Stockholders may not call special meetings of stockholders.

*Requirements for Advance Notification of Stockholder Nominations and Proposals.* The Company Certificate mandates that stockholder nominations for the election of directors be given in accordance with the Bylaws. The Bylaws establish advance notice procedures with respect to stockholder proposals and nomination of candidates for election as directors as well as other requirements for stockholders making the

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proposals or nominations. Additionally, the bylaws require that candidates for election as director disclose their qualifications and make certain representations.

*No Cumulative Voting*. The DGCL provides that stockholders are denied the right to cumulate votes in the election of directors unless a corporation's certificate of incorporation provides otherwise. The Company Certificate does not provide for cumulative voting.

*Undesignated Preferred Stock*. The Company Certificate authorizes 10,000,000 shares of undesignated Preferred Stock. As a result, our board of directors are permitted, without the approval of holders of our Common Stock, to issue shares of our Preferred Stock with super voting, special approval, dividend or other rights or preferences on a discriminatory basis that could impede the success of any attempt to acquire GXO. These and other provisions may have the effect of deferring, delaying or discouraging hostile takeovers or changes in control or management of GXO.

#### Limitation of Liability and Indemnification of Officers and Directors
The DGCL authorizes corporations to limit or eliminate the personal liability of directors to corporations and their stockholders for monetary damages for breaches of directors' fiduciary duties as directors, and the Company Certificate includes such an exculpation provision. The Company Certificate and the Bylaws include provisions that indemnify, to the fullest extent allowable under the DGCL, the personal liability of directors or officers for monetary damages for actions taken as a director or officer of GXO, or for serving at our request as a director or officer or in another position at another corporation or enterprise, as the case may be, and provide for exculpation for certain senior officers from monetary liability for certain fiduciary duty breaches, solely to the extent permitted under Section 102(b)(7) of the DGCL. The Company Certificate and the Bylaws also provide that we must indemnify and advance expenses to our directors and officers, subject to our receipt of an undertaking from the indemnitee as may be required under the DGCL. We are also expressly authorized to, and intend to, carry directors' and officers' insurance to protect GXO and our directors, officers, employees and agents from certain liabilities.

The limitation of liability and indemnification provisions that are in the Company Certificate and the Bylaws may discourage stockholders from bringing a lawsuit against directors for breach of their fiduciary duties. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. We may be adversely affected to the extent that, in a class action or direct suit, we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

#### Authorized but Unissued Shares of Common Stock
Authorized but unissued shares of our Common Stock and Preferred Stock are available for future issuance without approval by the holders of our Common Stock. We are permitted to use additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, employee benefit plans and as consideration for or to finance future acquisitions, investments or other purposes. The existence of authorized but unissued shares of our Common Stock and Preferred Stock could render more difficult or discourage an attempt to obtain control of GXO by means of a proxy contest, tender offer, merger or otherwise.

#### Exclusive Forum
The Company Certificate provides that unless our board of directors otherwise determines, the state courts within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware) are the sole and exclusive forum for any derivative action or proceeding brought on behalf of GXO, any action asserting a claim for or based on a breach of a fiduciary duty owed by any current or former director or officer of GXO to GXO or to GXO stockholders, including a claim alleging the aiding and abetting of such a breach of fiduciary duty, any action asserting a claim against GXO or any current or former director or officer of GXO arising pursuant to any provision of the DGCL or the Company Certificate or the Bylaws, any action asserting a claim relating to or involving

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GXO governed by the internal affairs doctrine, or any action asserting an "internal corporate claim" as that term is defined in Section 115 of the DGCL.

#### Listing
The Common Stock is listed on the NYSE under the symbol "GXO."

#### Transfer Agent and Registrar
The transfer agent and registrar for GXO's Common Stock is Computershare.

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#### DESCRIPTION OF GXO PREFERRED STOCK
The following description of the terms of the Preferred Stock GXO may issue sets forth certain general terms and provisions of any series of Preferred Stock to which any prospectus supplement may relate. Particular terms of the Preferred Stock offered by any prospectus supplement and the extent, if any, to which these general terms and provisions will apply to any series of Preferred Stock so offered will be described in the prospectus supplement relating to the applicable Preferred Stock. The applicable prospectus supplement may also state that any of the terms set forth in this description are inapplicable to such series of Preferred Stock. This description does not purport to be complete and is subject to and qualified in its entirety by reference to applicable Delaware law and the provisions of the Company Certificate relating to Preferred Stock.

GXO currently has 10,000,000 authorized shares of Preferred Stock, par value $0.01 per share. No shares of GXO Preferred Stock were issued and outstanding as of November 11, 2025. Preferred Stock may be issued independently or together with any other securities and may be attached to or separate from the other securities.

Pursuant to Delaware law and the Company Certificate, GXO's Board of Directors by resolution may establish one or more series of Preferred Stock and fix the number of shares constituting such series, the designation of such series, the voting powers (if any) of the shares of such series and the preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series. Such rights, preferences, powers and limitations as may be established could have the effect of discouraging an attempt to obtain control of the Company. The Preferred Stock may be convertible into or exchangeable for Common Stock, Preferred Stock or other securities.

The Board, in approving the issuance of a series of Preferred Stock and the applicable prospectus supplement, will set forth with respect to such series, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the number of shares constituting such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the designation of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the voting powers, if any, of the shares of such series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series.

The terms of each series of Preferred Stock will be described in the prospectus supplement related to such series of Preferred Stock.

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#### DESCRIPTION OF GXO DEBT SECURITIES
This prospectus describes certain general terms and provisions of the Debt Securities. When we offer to sell a particular series of Debt Securities, we will describe the specific terms of the Debt Securities in a supplement to this prospectus. The prospectus supplement will also indicate whether the general terms and provisions described in this prospectus apply to a particular series of Debt Securities. The Debt Securities will be issued under one or more base indentures, together with related authorizing resolutions, supplemental indentures or officer's certificates, between us and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank National Association), as trustee, or another trustee named in the prospectus supplement (the "Trustee"), including under the Indenture dated as of July 2, 2021, between GXO Logistics, Inc. and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as Trustee (together with any related authorizing resolutions, supplemental indentures or officer's certificates, the "Existing Indenture"). We refer herein to each of the Existing Indenture and any other indenture under which Debt Securities will be issued pursuant to this prospectus as the "indenture". The terms of the indenture and any Debt Securities issued thereunder will be set forth in the prospectus supplement relating to such Debt Securities.

We have summarized some terms of the Existing Indenture below. We expect that the terms of the indenture, if other than the Existing Indenture, will be substantially similar to the Existing Indenture; however, we will describe the specific terms of the Debt Securities to be issued under such indenture in a supplement to this prospectus. The below summary of the Existing Indenture is not complete. The Existing Indenture is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. You should read the Existing Indenture for a complete statement of the provisions summarized in this prospectus and for provisions that may be important to you. We sometimes refer below to specific sections of the Existing Indenture. When we do refer to specific sections contained in the Existing Indenture or terms defined in the Existing Indenture, including important terms, which we capitalize here, we use them in this prospectus in the same way we use them in the Existing Indenture, and you should refer to the Existing Indenture itself for detailed, specific, legal descriptions. In this section, "Description of GXO Debt Securities," when we refer to "GXO," "the Company," "we," "our" or "us," we refer to GXO Logistics, Inc., not including its subsidiaries. Upon or prior to the issuance of any Debt Securities, the Existing Indenture will be made subject to and governed by the Trust Indenture Act of 1939.

#### Summary of the Existing Indenture

#### Ranking
The Debt Securities will be our unsecured and unsubordinated obligations and will rank equally in right of payment with all of our other unsecured and unsubordinated obligations. The Debt Securities will be structurally subordinated to all liabilities of our subsidiaries and will be effectively junior to all of our secured indebtedness to the extent of the value of the assets securing such indebtedness.

Because a significant part of our operations are conducted through subsidiaries, a significant portion of our cash flow, and consequently, our ability to service debt, including the Debt Securities, is dependent upon the earnings of our subsidiaries and the transfer of funds by those subsidiaries to us in the form of dividends or other transfers.

In addition, because the Debt Securities will not be guaranteed by any of our subsidiaries, claims in respect of the Debt Securities will be structurally subordinated to claims of creditors against our subsidiaries, including policy holders, trade creditors, debtholders, secured creditors, taxing authorities, guarantee holders and any preferred shareholders, except to the extent that we are recognized as a creditor of our subsidiary. Any claims of GXO as the creditor of its subsidiary would be subordinate to any security interest in the assets of such subsidiary and any indebtedness of such subsidiary senior to that held by us.

#### Terms of the Debt Securities to be Described in the Prospectus Supplement
The Existing Indenture does not limit the amount of Debt Securities that we may issue under them. We may issue Debt Securities under the Existing Indenture up to an aggregate principal amount as we may authorize from time to time.

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The prospectus supplement will describe the terms of any series of Debt Securities being offered, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the title of the Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the aggregate principal amount (or any limit on the aggregate principal amount) of any such series of Debt Securities and, if any Debt Securities of such series are to be issued at a discount from their face amount, or with a premium, the method of computing the accretion of such discount or computing such premium for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the interest rate or method of calculation of the interest rate for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the date from which interest will accrue for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the record dates for interest payable on Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the dates when, places where and manner in which principal and interest are payable for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if there is more than one Trustee or a Trustee other than Computershare Trust Company, N.A., the identity of the Trustee and, if not the Trustee, the identity of each registrar, paying agent or authenticating agent with respect to such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms of any redemption at the option of holders of such series of Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the permissible denominations in which Debt Securities of such series are issuable, if different from $2,000 and multiples of $1,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether Debt Securities of such series will be issued in registered or bearer form and the terms of any such forms of Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Debt Securities of such series shall be issued in whole or in part in the form of a global security or securities; the terms and conditions upon which such global security or securities may be exchanged in whole or in part for definitive securities; the depositary for such global security or securities; and the form of any legend or legends, if any, to be borne by any such global security or securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the currency or currencies (including any composite currency) in which principal or interest or both may be paid and the agency or organization, if any, responsible for overseeing any composite currency for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if payments of principal or interest may be made in a currency other than that in which Debt Securities of such series are denominated, the manner for determining such payments, including the time and manner of determining the exchange rate between the currency in which such Debt Securities are denominated and the currency in which such Debt Securities or any of them may be paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the amount of payments of principal of or any interest on such series of Debt Securities may be determined with reference to an index, formula, financial or economic measure or other method or methods (which index, formula, measure or method or methods may be based, without limitation, on one or more currencies, commodities, equity indices or other indices) and if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provisions for electronic issuance of Debt Securities or issuance of Debt Securities of such series in uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any events of default, covenants, defined terms and/or other terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether and upon what terms Debt Securities of such series may be defeased or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the form of the Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any terms that may be required by or advisable under applicable law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the percentage of the principal amount of the Debt Securities of such series which is payable if the maturity of the Debt Securities of such series is accelerated in the case of Debt Securities issued at a discount from their face amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether Debt Securities of such series will or will not have the benefit of guarantees and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other indebtedness of the respective guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Debt Securities of such series are unsubordinated or subordinated Debt Securities, and if subordinated Debt Securities, the terms of such subordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Debt Securities of such series will be convertible into or exchangeable for other Debt Securities, capital stock or other securities of any kind of the Company or another person or persons, and, if so, the terms and conditions upon which such Debt Securities will be so convertible or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how and when the conversion price or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at the Company's option, the conversion or exchange period, and any other provision in relation thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other terms, which may supplement, modify or delete any provision of the indenture as it applies to that series.

We may from time to time, without notice to or the consent of the holders of any series of Debt Securities, create and issue further Debt Securities of any such series ranking equally with, and having the same terms and conditions as, the Debt Securities of such series in all respects (or in all respects other than the payment of interest accruing prior to the issue date of such further Debt Securities); provided that if such additional Debt Securities are not fungible with the initial Debt Securities of such series for U.S. federal income tax purposes, such additional Debt Securities will have a separate CUSIP number.

#### Certain Covenants
Except as set forth below or unless otherwise indicated in the prospectus supplement with respect to any series of Debt Securities, neither we nor any of our subsidiaries are restricted by the Existing Indenture from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incurring any indebtedness or other obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • paying dividends or making distributions on our capital stock or the capital stock of our subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • purchasing or redeeming our capital stock or the capital stock of our subsidiaries.

In addition, we are not required to maintain any financial ratios or specified levels of net worth or liquidity.

The Existing Indenture contains the following principal covenants.

#### Limitation on Liens
Unless otherwise provided for in the prospectus supplement with respect to any series of Debt Securities, if we or our domestic subsidiaries incur, issue, assume or guarantee any indebtedness and that indebtedness is secured by a Lien on any of our or our domestic subsidiaries' principal properties, we will secure the Debt Securities of each series equally and ratably with, or prior to, such secured indebtedness, so long as such secured indebtedness shall be so secured.

The foregoing restriction does not apply, with respect to any series of Debt Securities, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

Liens on property of a person existing at the time such person is merged into or consolidated with us or any of our subsidiaries, at the time such person becomes our subsidiary, or at the time of a sale, lease or other disposition of all or substantially all of the properties or assets of a person to us or any of our subsidiaries; provided that such Lien was not incurred in anticipation of the merger, consolidation, sale, lease, or other disposition;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

Liens on property existing at the time of acquisition by us or any of our subsidiaries of such property (which may include property previously leased by us or any of our subsidiaries and leasehold interests on such property, provided that the lease terminates prior to or upon the acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

Liens on property to secure the payment of all or any part of the cost of acquisition, construction, development or improvement of such property, or to secure indebtedness incurred to provide funds for any such purpose, provided that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than 18 months after the later of (a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

Liens in favor of us or any of our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

Liens existing on the initial issue date of the Debt Securities of such series (other than any additional Debt Securities of such series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

Liens created to secure the Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

Liens incurred in connection with pollution control, industrial revenue or similar financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

Liens on property in favor of the United States of America or any state thereof, or in favor of any other country, or any department, agency, instrumentality or political subdivision thereof (including, without limitation, security interests to secure indebtedness of the pollution control or industrial revenue type) in order to permit us or any of our subsidiaries to perform a contract or to secure indebtedness incurred for the purpose of financing all or any part of the purchase price for the cost of constructing or improving the property subject to such security interests or which is required by law or regulation as a condition to the transaction of any business or the exercise of any privilege, franchise or license;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)

any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any indebtedness secured by any Lien referred to in clauses (1) through (8) and (10), inclusive, provided that (i) such extension, renewal or replacement Lien shall be limited to all or a part of the same property that secured the Lien extended, renewed or replaced (plus improvements on such property, and plus any property relating to a specific project, the completion of which is funded pursuant to clause (ii)(b) below), and (ii) the indebtedness secured by such Lien at such time is not increased (other than (a) by an amount equal to any related financing costs (including, but not limited to, the accrued interest and premium, if any, on the indebtedness being refinanced) and (b) where an additional principal amount of indebtedness is incurred to provide funds for the completion of a specific project or property that is subject to a Lien securing the indebtedness being extended, refinanced or renewed, by an amount equal to such additional principal amount); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)

Liens created in substitution of any Liens permitted by clauses (1) through (9), inclusive, provided that, (i) based on a good faith determination of a senior officer of the Company, the principal property encumbered by such substitute or replacement Lien is substantially similar in nature to the principal property encumbered by the otherwise permitted Lien that is being replaced, and (ii) the indebtedness secured by such Lien at such time is not increased (other than (a) by an amount equal to any related financing costs (including, but not limited to, the accrued interest and premium, if any, on the indebtedness being refinanced) and (b) where an additional principal amount of indebtedness is incurred to provide funds for the completion of a specific project or property that is subject to a Lien securing the indebtedness being extended, refinanced or renewed, by an amount equal to such additional principal amount).

Notwithstanding the restrictions set forth in the preceding paragraph, we and our domestic subsidiaries are permitted to incur secured indebtedness which would otherwise be subject to the foregoing restrictions without equally and ratably securing the Debt Securities of any series, provided that, after giving effect to such secured indebtedness, the outstanding aggregate principal amount of all such secured indebtedness (not including Liens permitted under clauses (1) through (10) above with respect to such series) does not exceed

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the greater of (a) 15% of Consolidated Total Assets calculated as of the date of the creation or incurrence of the Lien and (b) 15% of Consolidated Total Assets calculated as of the initial issue date of the Debt Securities of such series. We or our Domestic Subsidiaries may also, without equally and ratably securing the Debt Securities of any series, create or incur Liens that renew, substitute or replace (including successive renewals, substitutions or replacements), in whole or in part, any Lien permitted pursuant to the preceding sentence with respect to such series.

#### Merger, Consolidation or Sales of Assets
Unless otherwise provided for in the prospectus supplement with respect to any series of Debt Securities, we may consolidate with or merge into another person or sell, convey, transfer, lease or otherwise dispose of all or substantially all of our property to any other person, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) we are the continuing person, or (B) the successor formed from the consolidation or merger or the person that received the transfer of or leases the property (the "continuing entity") is a person organized and existing under the laws of the United States, any state thereof or the District of Columbia and expressly assumes, by a supplemental indenture, all of our obligations under the Debt Securities and the Existing Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

immediately after giving effect to the transaction, no event of default shall have occurred and be continuing under the Existing Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

we or the continuing entity deliver to the Trustee an officer's certificate and opinion of counsel stating that the transaction and (if a supplemental indenture is required in connection with such transaction) the supplemental indenture complies with this covenant and that all conditions precedent in the Existing Indenture relating to the transaction have been satisfied.

Upon satisfaction of the foregoing conditions, if we are not the continuing person, then the continuing entity shall succeed to, and be substituted for, and may exercise every right and power of the Company under the Existing Indenture and we will be released from all obligations and covenants under the Existing Indenture and the Debt Securities; provided that, in the case of a lease of all or substantially all of our property, we will not be released from any of the obligations or covenants under the Existing Indenture and the Debt Securities.

Notwithstanding the foregoing, any sale, conveyance, transfer, lease or other disposition of property between or among us and our subsidiaries will not be prohibited under the Existing Indenture.

#### Reports by the Issuer
During any time period in which the Trust Indenture Act applies to the indenture or any of the Debt Securities, we will file with the Trustee and the SEC such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the SEC. We will be deemed to have complied with the obligations described in the immediately previous sentence to the extent that the information, documents and reports are filed with the SEC via EDGAR (or any successor electronic delivery procedure) and posted on our website or otherwise publicly available.

Delivery of the reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including our compliance with any of our covenants under the indenture as to which the Trustee is entitled to rely conclusively on an officer's certificate. The Trustee shall have no liability or responsibility for the filing, timeliness or content of such reports.

#### Events of Default
Unless otherwise provided for in the prospectus supplement with respect to any series of Debt Securities, each of the following is an "event of default" under the Existing Indenture for a series of Debt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

a failure to pay principal of or premium, if any, on any Debt Security of such series, when due at its stated maturity date, upon any optional or mandatory redemption or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

a failure to pay interest on any Debt Security of such series, for 30 days after the date payment is due and payable, if the time of payment has not been extended or deferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

a failure by us to comply with any covenant relating to the Debt Securities of such series, and the failure to comply continues for a period of 90 days after written notice to us by the Trustee or to us and the Trustee by the holders of 25% or more in aggregate principal amount of the outstanding Debt Securities of that series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

the occurrence of various events of bankruptcy, insolvency or reorganization involving us as provided in the Existing Indenture.

If an event of default (other than an event of default resulting from various events of bankruptcy, insolvency or reorganization of the Company) with respect to the Debt Securities of any series occurs and is continuing, then the Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding Debt Securities of such series, may, by a notice in writing to us (and to the Trustee if given by the holders), declare to be due and payable immediately the principal of, and any accrued and unpaid interest on, the Debt Securities of such series. In the case of an event of default with respect to the Debt Securities of any series resulting from various events of bankruptcy, insolvency or reorganization of the Company, the principal of, and any accrued and unpaid interest on, all outstanding Debt Securities of such series will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any holder of Debt Securities. At any time after a declaration of acceleration with respect to the Debt Securities of any series has been made, but before a judgment or decree for payment of the money due has been obtained by the Trustee, the holders of a majority in aggregate principal amount of the outstanding Debt Securities of such series may rescind and annul the acceleration, by written notice to the Trustee, if all events of default, other than the nonpayment of accelerated principal and interest, if any, with respect to the Debt Securities of such series, have been cured or waived as provided in the Existing Indenture. The holders of a majority in aggregate principal amount of the outstanding Debt Securities of such series also have the right to waive past defaults, by written notice to the Trustee, other than the nonpayment of principal or interest, if any, on any outstanding Debt Securities of such series, or in respect of a covenant or a provision that cannot be modified or amended without the consent of all holders of the applicable Debt Securities.

The Existing Indenture provides that the Trustee will be under no obligation to exercise any of its rights or powers under the Existing Indenture at the request of any holder of Debt Securities, unless the Trustee receives indemnity satisfactory to it against any loss, liability or expense. Subject to certain rights of the Trustee, the holders of a majority in principal amount of the outstanding Debt Securities of a series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to such Debt Securities.

No holder of any Debt Security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the Existing Indenture or for the appointment of a receiver or trustee, or for any remedy under the Existing Indenture, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • that holder has previously given to the Trustee written notice of a continuing event of default with respect to such series of Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holders of at least 25% in aggregate principal amount of the outstanding Debt Securities of such series have made written request, and offered indemnity reasonably satisfactory to the Trustee, to the Trustee to institute the proceeding as Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Trustee has failed to comply with the request for at least 60 days after receipt of the request and the offer of indemnity, and has not received from the holders of a majority in aggregate principal amount of the outstanding Debt Securities of such series a direction inconsistent with that request.

Notwithstanding the foregoing, the holder of any Debt Security will have an absolute and unconditional right to receive payment of the principal of, premium and any interest on that Debt Security on or after the due dates expressed in that note and to institute suit for the enforcement of such payment.

If a default occurs and is continuing with respect to any series of Debt Securities and a responsible officer of the Trustee has received written notice thereof at the corporate trust office of the Trustee and

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such notice references such series of Debt Securities and the Existing Indenture and states that it is a "Notice of Default," the Trustee shall give notice of the default to the holders of the Debt Securities within 45 days of having received such notice, unless the default was already cured or waived. Unless there is a default in paying principal, interest or any premium when due, the Trustee can withhold giving notice to the holders if it determines in good faith that the withholding of notice is in the interest of the holders of such series of Debt Securities.

We are required to furnish to the Trustee an annual statement as to compliance with all conditions and covenants under the Existing Indenture.

#### Certain Definitions
The Existing Indenture contains the following defined terms:

"Consolidated Total Assets" means, as of the time of determination, total assets as reflected on our most recent consolidated balance sheet prepared as of the end of a fiscal quarter in accordance with GAAP which we shall have most recently filed with the SEC (or, if we are not required to so file, as reflected on our most recent consolidated balance sheet prepared in accordance with GAAP) prior to the time at which Consolidated Total Assets is being determined. The calculation of Consolidated Total Assets shall give pro forma effect to any acquisition by or disposition of assets of the Company or any of our subsidiaries involving the payment or receipt by us or any of our subsidiaries, as applicable, of consideration (whether in the form of cash or non-cash consideration) in excess of $500,000,000 that has occurred since the end of such fiscal quarter, as if such acquisition or disposition had occurred on the last day of such fiscal quarter.

"domestic subsidiary" means any subsidiary of the Company of which, at the time of determination, all of the outstanding capital stock (other than directors' qualifying shares) is owned by the Company directly and/or indirectly and which, at the time of determination, is primarily engaged in contract logistics, other than a subsidiary that (a) neither transacts any substantial portion of its business nor regularly maintains any substantial portion of its fixed assets within the United States, (b) all or substantially all of whose assets consist of the capital stock of one or more subsidiaries which are not domestic subsidiaries, (c) a majority of whose voting stock is owned directly or indirectly by one or more subsidiaries of the Company which are not domestic subsidiaries or (d) does not own a principal property.

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

"GAAP" means generally accepted accounting principles in the United States of America in effect from time to time.

"indebtedness" means, with respect to any person, debt (other than Non-recourse Obligations) of such person for borrowed money.

"Lien" means any lien, security interest, pledge, mortgage, conditional sale or other title retention agreement or other similar encumbrance.

"Non-recourse Obligation" means indebtedness (A) substantially related to (1) the acquisition of assets not previously owned by the Company or any of its subsidiaries or (2) the financing of a project involving the development or expansion of our properties or properties of any of our subsidiaries or (B) renewing, refinancing, replacing or extending any of the types of indebtedness referred to in the preceding clause (A), in each case, as to which the obligee with respect to such indebtedness has no recourse to us or our assets other than the assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof), provided that indebtedness will not fail to qualify as Non-recourse Obligations solely because the Company has indemnified any such obligee against damages resulting from or is otherwise obligated to such obligee in respect of exceptions to non-recourse liability in general usage (as determined in good faith by the board of directors of the Company, or a committee thereof, or any senior officer of the Company) in the relevant industry at the time such indebtedness is incurred (such as fraud, waste, misapplication of funds, failure to maintain insurance coverage, and environmental liability).

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"person" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or political subdivision thereof.

"principal property" means the land, improvements, buildings and fixtures constituting any research and development facility or service and support facility that is real property located within the territorial limits of the United States (excluding its territories and possessions and Puerto Rico) owned or leased by the Company or any of its domestic subsidiaries and having a net book value which, on the date of determination as to whether a property is a principal property is being made, exceeds 2% of our Consolidated Total Assets, other than (a) any such facility as any of our board of directors (or a committee thereof) determines in good faith is not of material importance to the total business conducted, or assets owned, by us and our subsidiaries, taken as a whole, and (b) our principal corporate offices.

"property" means any property or asset, whether real, personal or mixed, or tangible or intangible, including shares of capital stock.

"SEC" means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution of the indenture such SEC is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

"senior officer" of any specified person means the chief executive officer, any president, any vice president, the chief financial officer, the treasurer, any assistant treasurer, the secretary or any assistant secretary.

"subsidiary" means any corporation or other entity of which at least a majority of the outstanding capital stock or other equity interests having by the terms thereof ordinary voting power to elect a majority of the directors, managers or trustees of such corporation or other entity, irrespective of whether or not at the time capital stock or other equity securities of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency, is at the time, directly or indirectly, owned or controlled by us or by one or more of our subsidiaries, or by us and one or more of our subsidiaries.

"Trust Indenture Act" means the Trust Indenture Act of 1939, as amended.

"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 or managers of such person (or if such person is a partnership, the board of directors or other governing body of the general partner of such person).

#### Amendments, Supplements and Waivers
Unless otherwise provided for in the prospectus supplement with respect to any series of Debt Securities, we and the Trustee may amend or supplement the Existing Indenture or the Debt Securities of a series, without notice to or consent of any holder of such series, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cure any ambiguity or to correct or supplement any provision of the Existing Indenture which may be defective or inconsistent with any other provision in the Existing Indenture or the Debt Securities of any series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • comply with the provisions of the Existing Indenture regarding the consolidation or merger of the Company or the sale, conveyance, transfer, lease or other disposition of all or substantially all of our property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • create a series of Debt Securities and establish its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provide for uncertificated Debt Securities in addition to or in place of certificated Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add a guarantor or obligor in respect of any series of Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • secure any series of Debt Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add to the covenants of the Company for the benefit of the holders of all or any series of Debt Securities or to surrender any right or power conferred upon the Company by the Existing Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add any additional events of default for the benefit of holders of all or any series of Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • comply with requirements of the SEC in order to effect or maintain the qualification of the Existing Indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evidence and provide for the acceptance of the appointment of a successor trustee with respect to the Debt Securities of one or more series and to add to or change any of the provisions of the Existing Indenture or any supplemental indenture as shall be necessary to provide for or facilitate the administration of the trusts under such Existing Indenture or supplemental indenture by more than one trustee pursuant to the requirements set forth in the Existing Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any change that does not adversely affect the rights of any holder in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • conform the provisions of the Existing Indenture to the final offering document in respect of any series of Debt Securities.

With the exceptions discussed below, we and the Trustee may amend or supplement the Existing Indenture or the Debt Securities of a series with the written consent of the holders of at least a majority in principal amount of the outstanding Debt Securities of each series affected by the amendment or supplement (voting as one class). In addition, the holders of a majority in principal amount of the outstanding Debt Securities of each series affected by a waiver (voting as one class) may waive any existing default under, or compliance with, any provision of the Debt Securities of each such series or of the Existing Indenture relating to such series, other than any event of default in payment of interest or principal. These consents and waivers may be obtained in connection with a purchase of, or tender offer or exchange offer for, Debt Securities.

Without the consent of each holder of Debt Securities affected, we and the Trustee may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • change the stated maturity of the principal of, or any installment of principal of or interest thereon, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any place of payment where, or the coin or currency in which, such Debt Securities or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the stated maturity thereof (or, in the case of redemption, on or after the redemption date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any change to the provision of the Existing Indenture relating to the waiver of past defaults, except to increase the percentage in principal amount of Debt Securities of any series the consent of whose holders is required for any waiver or to provide that certain other provisions of the Existing Indenture cannot be modified or waived without the consent of the holder of each outstanding Debt Securities affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • waive a continuing default or event of default in the payment of principal of or interest on any Debt Security or a continuing default of event of default in respect of a covenant or a provision in the Exiting Indenture that cannot be modified or amended with the consent of all holders of the applicable Debt Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the percentage in principal amount of Debt Securities of any series the consent of whose holders is required for any amendment, supplement or waiver.

Any authorizing resolutions, officer's certificate or supplemental indenture which changes or eliminates any covenant or other provision of the Existing Indenture which shall have been included expressly and solely for the benefit of one or more particular series of Debt Securities, or which modifies the rights of the holders of Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights of the holders of Debt Securities of any other series.

The right of any holder of Debt Securities to participate in any consent required or sought pursuant to any provision of the Existing Indenture, and our obligation to obtain any such consent otherwise required from such holder, may be subject to the requirement that such holder shall have been the holder of record of

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Debt Securities with respect to which such consent is required or sought as of a record date fixed by us in accordance with the Existing Indenture.

#### Satisfaction and Discharge
Unless otherwise provided for in the prospectus supplement with respect to any series of Debt Securities, the Existing Indenture will be discharged and will cease to be of further effect as to all outstanding Debt Securities of any series (except as to any surviving rights of conversion or transfer or exchange of any Debt Securities of such series expressly provided for in the Existing Indenture or in the form of Debt Security for such series), and the Trustee, at the expense of the Company, shall execute instruments reasonably requested by the Company acknowledging such satisfaction and discharge of the Existing Indenture with respect to such series of Debt Securities, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) all Debt Securities of such series theretofore authenticated and delivered (other than Debt Securities that have been destroyed, lost or stolen and which have been replaced or paid as provided in the Existing Indenture and Debt Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in the Existing Indenture) have been delivered to the Trustee for cancellation in accordance with the terms of the Existing Indenture, or, if not delivered to the Trustee, such Debt Securities of such series (A) have become due and payable, (B) will become due and payable at maturity within one year or (C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company,

and in the case of clauses (1)(A), (B) and (C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee (or another qualifying trustee) as trust funds in trust solely for that purpose an amount of money in the currency in which the Debt Securities of such series are payable or government obligations or a combination thereof sufficient (in the case of government obligations or a combination of money and government obligations, in the opinion of a nationally recognized firm of independent public accountants) to pay and discharge the entire indebtedness on the Debt Securities of such series not theretofore delivered to the Trustee for cancellation, for principal of and interest on the Debt Securities of such series, on the date of such deposit or to the maturity or redemption date, as the case may be; provided that if on the date of the deposit, the interest payable to, but excluding, or any premium payable on, the stated maturity or redemption date cannot be calculated, the amount deposited shall be sufficient to the extent that an amount is deposited with the Trustee equal to the interest payable to, but excluding, or the premium payable on, the stated maturity or the redemption date calculated as of the date of the deposit, with any deficit on the stated maturity or redemption date, as applicable (any such amount, the "Applicable Deficit"), only required to be deposited with the Trustee on or prior to the stated maturity or redemption date, as applicable; provided, further, any Applicable Deficit shall be set forth in an officer's certificate delivered to the Trustee simultaneously with the deposit of the Applicable Deficit that confirms that the Applicable Deficit shall be applied to the interest or other amounts payable at the stated maturity or on the redemption date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) the Company has paid or caused to be paid all other sums payable under the Existing Indenture by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) the Company has delivered irrevocable instructions to the Trustee (or such other qualifying trustee), to apply the deposited money toward the payment of the Debt Securities of such series at maturity or redemption, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the Company has delivered to the Trustee an officer's certificate and an opinion of counsel (as specified in the Existing Indenture).

#### Legal Defeasance and Covenant Defeasance
The Company may, unless otherwise provided for in the prospectus supplement with respect to any series of Debt Securities, at its option and at any time, elect either "legal defeasance" or "covenant defeasance" be applied to the Debt Securities of any series as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Company shall be deemed to have been released and discharged from its obligations with respect to the outstanding Debt Securities of such series on the date the applicable conditions set forth

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below are satisfied ("legal defeasance"). Legal defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Debt Securities of such series, which shall thereafter be deemed to be "outstanding" only for the purposes of certain limited sections and matters under the Existing Indenture, and the Company shall be deemed to have satisfied all its other obligations under the Debt Securities of such series and the Existing Indenture insofar as such Debt Securities are concerned, subject to certain exceptions set forth in the Existing Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Company shall be released and discharged from the obligations under the covenants described under the sections of the prospectus captioned "Merger, Consolidation or Sales of Assets" and "Limitation on Liens" and Section 4.05 of the Existing Indenture with respect to such series of Debt Securities on and after the date the conditions set forth below are satisfied ("covenant defeasance"), and the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, and such omission to comply shall not constitute a default or an event of default with respect to such series of Debt Securities.

The following shall be the conditions to the application of either legal defeasance or covenant defeasance of any series of Debt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The Company shall have irrevocably deposited in trust with the Trustee (or another qualifying trustee) money in the currency in which the Debt Securities of such series are payable or government obligations or a combination thereof in such amounts and at such times as are sufficient (in the case of government obligations or a combination of money and government obligations, in the opinion of a nationally recognized firm of independent public accountants), to pay the principal of and interest on the outstanding Debt Securities of such series to maturity or redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) No default or event of default (other than a default or event of default resulting from non-compliance with any covenant from which the Company is released upon effectiveness of such legal defeasance or covenant defeasance, as applicable) shall have occurred and be continuing on the date of such deposit or result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) Such deposit will not result in a breach or violation of, or constitute a default under, any other material instrument or agreement to which the Company is a party or by which it or any of its property is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) (i) In the case of legal defeasance, the Company shall deliver to the Trustee an opinion of counsel in the United States stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the issue date pertaining to such series of Debt Securities, there has been a change in the applicable federal income tax law, in either case stating that, and based thereon such opinion of counsel shall state that, or (ii) in the case of covenant defeasance, the Company shall deliver to the Trustee an opinion of counsel in the United States stating that, in the case of clauses (i) and (ii), and subject to customary assumptions and exclusions, holders of the Debt Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and the defeasance contemplated hereby and will be subject to federal income tax in the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) The Company shall have delivered to the Trustee an officer's certificate, stating that the deposit made under clause (1) was not made by the Company with the intent of preferring the holders of the Debt Securities of such series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) The Company has delivered to the Trustee an officer's certificate and an opinion of counsel, each stating that all such conditions precedent relating to defeasance have been complied with.

#### Governing Law
The Existing Indenture provides that the Existing Indenture and the Debt Securities of each series shall be governed by and construed in accordance with the laws of the State of New York.

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#### Jurisdiction
The Existing Indenture provides that the Company and the Trustee, and each holder of a Debt Security by its acceptance thereof, (i) irrevocably submit to the non-exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city of New York, over any suit, action or proceeding arising out of or relating to the Existing Indenture and (ii) to the fullest extent permitted by applicable law, irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

#### The Trustee
The Existing Indenture provides that, except during the continuance of an event of default, the Trustee need perform only such duties as are specifically set forth in the Existing Indenture. During the existence of an event of default with respect to Debt Securities of any series, the Trustee must, prior to the receipt of direction from the holders of a majority in principal amount of the Debt Securities of such series, exercise its rights and powers and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs.

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#### DESCRIPTION OF GXO WARRANTS
GXO may issue Warrants for the purchase of Common Stock, Preferred Stock or Debt Securities. Warrants may be issued independently or together with shares of Common Stock, Preferred Stock or Debt Securities offered by any prospectus supplement and may be attached to or separate from any such offered securities. Each series of Warrants will be issued under a separate warrant certificate to be entered into between us and a bank or trust company, as warrant agent. The warrant agent will act solely as our agent in connection with the Warrants and will not assume any obligation or relationship of agency or trust for or with any holders or beneficial owners of Warrants. The following summary of certain provisions of the Warrants does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the warrant certificate that will be filed with the SEC in connection with the offering of such Warrants.

GXO currently has no Warrants outstanding that are exercisable for shares of GXO Common Stock, shares of GXO Preferred Stock or GXO's Debt Securities as of November 11, 2025.

The prospectus supplement relating to a particular issue of Warrants will describe the terms of such Warrants, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the title of such Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the offering price for such Warrants, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the aggregate number of such Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the designation and terms of the securities purchasable upon exercise of such Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if applicable, the designation and terms of the securities with which such Warrants are issued and the number of such Warrants issued with each such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if applicable, the date from and after which such Warrants and any securities issued therewith will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the principal amount of Debt Securities purchasable upon exercise of a Warrant and the price at which such principal amount of Debt Securities may be purchased upon exercise (which price may be payable in cash, securities or other property) and the number of shares of Common Stock or Preferred Stock purchasable upon exercise of a Warrant and the price at which such shares may be purchased upon exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the date on which the right to exercise such Warrants shall commence and the date on which such right shall expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if applicable, the minimum or maximum amount of such Warrants that may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the Warrants represented by the warrant certificates or Debt Securities that may be issued upon exercise of the Warrants will be issued in registered or bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • information with respect to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the currency or currency units in which the offering price, if any, and the exercise price are payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the anti-dilution provisions of such Warrants, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the redemption or call provisions, if any, applicable to such Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any additional terms of such Warrants, including terms, procedures and limitations relating to the exchange and exercise of such Warrants.

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#### DESCRIPTION OF GXO UNITS
GXO may issue Units consisting of one or more of GXO's Common Stock, Preferred Stock, Debt Securities or Warrants.

The prospectus supplement relating to a particular issue of Units will describe the terms of such Units, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms of the Units and of any of GXO's Common Stock, Preferred Stock, Debt Securities or Warrants comprising the Units, including whether and under what circumstances the securities comprising the Units may be traded separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a description of the terms of any Unit agreement governing the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a description of the provisions for the payment, settlement, transfer or exchange of the Units.

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#### DESCRIPTION OF GXO CAPITAL DEBT SECURITIES
This prospectus describes certain general terms and provisions of the GXO Capital Debt Securities. When we offer to sell a particular series of GXO Capital Debt Securities, we will describe the specific terms of the GXO Capital Debt Securities in a supplement to this prospectus. The prospectus supplement will also indicate whether the general terms and provisions described in this prospectus apply to a particular series of GXO Capital Debt Securities. The GXO Capital Debt Securities will be issued under one or more base indentures, together with related authorizing resolutions, supplemental indentures or officer's certificates, to be entered into between GXO Logistics Capital B.V., as issuer, GXO Logistics, Inc., as guarantor ("GXO"), and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee (the "Trustee"), a form of which is attached hereto as Exhibit 4.2 (together with any related authorizing resolutions, supplemental indentures or officer's certificates, the "GXO Capital Indenture"). We refer herein to each of the GXO Capital Indenture and any other indenture under which GXO Capital Debt Securities will be issued pursuant to this prospectus as the "GXO Capital indenture". The terms of the GXO Capital indenture and any GXO Capital Debt Securities issued thereunder will be set forth in the prospectus supplement relating to such GXO Capital Debt Securities.

We have summarized some terms of the GXO Capital Indenture below. We expect that the terms of the GXO Capital indenture, if other than the GXO Capital Indenture, will be substantially similar to the GXO Capital Indenture; however, we will describe the specific terms of the GXO Capital Debt Securities to be issued under such indenture in a supplement to this prospectus. The below summary of the GXO Capital Indenture is not complete. The GXO Capital Indenture is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. You should read the GXO Capital Indenture for a complete statement of the provisions summarized in this prospectus and for provisions that may be important to you. We sometimes refer below to specific sections of the GXO Capital Indenture. When we do refer to specific sections contained in the GXO Capital Indenture or terms defined in the GXO Capital Indenture, including important terms, which we capitalize here, we use them in this prospectus in the same way we use them in the GXO Capital Indenture, and you should refer to the GXO Capital Indenture itself for detailed, specific, legal descriptions. In this section, "Description of GXO Capital Debt Securities," when we refer to "GXO B.V.," the "Issuer," the "Company," "we," "our" or "us," we refer to GXO Logistics Capital B.V., not to GXO, any of its subsidiaries (other than GXO Logistics Capital B.V.) or any subsidiaries of GXO Logistics Capital B.V. In this section, "Description of GXO Capital Debt Securities," when we refer to "GXO," we refer to GXO Logistics, Inc. and not to any subsidiaries of GXO. Upon or prior to the issuance of any GXO Capital Debt Securities, the GXO Capital Indenture will be made subject to and governed by the Trust Indenture Act of 1939.

#### Summary of the GXO Capital Indenture

#### Ranking
The GXO Capital Debt Securities will be our unsecured and unsubordinated obligations and will rank equally in right of payment with all of our other unsecured and unsubordinated obligations. The GXO Capital Debt Securities will be structurally subordinated to all liabilities of our subsidiaries and will be effectively junior to all of our secured indebtedness to the extent of the value of the assets securing such indebtedness.

Because a significant part of our operations is conducted through subsidiaries, a significant portion of our cash flow, and consequently, our ability to service debt, including the GXO Capital Debt Securities, is dependent upon the earnings of our subsidiaries and the transfer of funds by those subsidiaries to us in the form of dividends or other transfers.

In addition, because the GXO Capital Debt Securities will not be guaranteed by any of our subsidiaries, claims in respect of the GXO Capital Debt Securities will be structurally subordinated to claims of creditors against our subsidiaries, including policy holders, trade creditors, debtholders, secured creditors, taxing authorities, guarantee holders and any preferred shareholders, except to the extent that we are recognized as a creditor of our subsidiary. Any claims of GXO B.V. as the creditor of its subsidiary would be subordinate to any security interest in the assets of such subsidiary and any indebtedness of such subsidiary senior to that held by us.

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#### Parent Guarantee
GXO will fully and unconditionally guarantee to each holder of the GXO Capital Debt Securities and to the Trustee the full and punctual payment when due, whether at stated maturity, by acceleration, by redemption or otherwise, of all obligations of GXO B.V. under the GXO Capital Indenture and the GXO Capital Debt Securities, whether for payment of principal of, or interest on or premium, if any, on, the GXO Capital Debt Securities and all other monetary obligations of GXO B.V. under the GXO Capital Indenture and the GXO Capital Debt Securities (GXO's guarantee, the "Parent Guarantee"). The GXO Capital Debt Securities will not be guaranteed by any of GXO's or the Issuer's subsidiaries. The Parent Guarantee is set forth in the GXO Capital Indenture. GXO's guarantee of the GXO Capital Debt Securities shall be automatically released and discharged, with respect to any series of GXO Capital Debt Securities, upon (a) the exercise by the Issuer of its legal defeasance option with respect to such GXO Capital Debt Securities or (b) the discharge of the Issuer's obligations under the GXO Capital Indenture in respect of such GXO Capital Debt Securities in accordance with the terms of the GXO Capital Indenture.

The Parent Guarantee will be GXO's unsecured and unsubordinated obligation and will rank equally in right of payment with all of GXO's other unsecured and unsubordinated obligations. The Parent Guarantee will be effectively junior to all of GXO's secured indebtedness to the extent of the value of the assets securing such indebtedness.

Because a significant part of GXO's operations is conducted through subsidiaries, a significant portion of its cash flow, and consequently, its ability to service debt, including the Parent Guarantee, is dependent upon the earnings of its subsidiaries and the transfer of funds by those subsidiaries to GXO in the form of dividends or other transfers.

In addition, because the GXO Capital Debt Securities will not be guaranteed by any of GXO's subsidiaries, claims in respect of the Parent Guarantee will be structurally subordinated to claims of creditors against our subsidiaries (other than, by virtue of the Issuer's obligations as issuer of the GXO Capital Debt Securities, the Issuer), including policy holders, trade creditors, debtholders, secured creditors, taxing authorities, guarantee holders and any preferred shareholders, except to the extent that GXO is recognized as a creditor of our subsidiary. Any claims of GXO as the creditor of its subsidiary would be subordinate to any security interest in the assets of such subsidiary and any indebtedness of such subsidiary senior to that held by GXO.

#### Terms of the GXO Capital Debt Securities to be Described in the Prospectus Supplement
The GXO Capital Indenture does not limit the amount of GXO Capital Debt Securities that we may issue under them. We may issue GXO Capital Debt Securities under the GXO Capital Indenture up to an aggregate principal amount as we may authorize from time to time.

The prospectus supplement will describe the terms of any series of GXO Capital Debt Securities being offered, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the title of the GXO Capital Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the aggregate principal amount (or any limit on the aggregate principal amount) of any such series of GXO Capital Debt Securities and, if any GXO Capital Debt Securities of such series are to be issued at a discount from their face amount, or with a premium, the method of computing the accretion of such discount or computing such premium for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the interest rate or method of calculation of the interest rate for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the date from which interest will accrue for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the record dates for interest payable on GXO Capital Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the dates when, places where and manner in which principal and interest are payable for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if there is more than one Trustee or a Trustee other than Computershare Trust Company, N.A., the identity of the Trustee and, if not the Trustee, the identity of each registrar, paying agent or authenticating agent with respect to such GXO Capital Debt Securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the terms of any redemption at the option of holders of such series of GXO Capital Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the permissible denominations in which GXO Capital Debt Securities of such series are issuable, if different from €100,000 and multiples of €1,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether GXO Capital Debt Securities of such series will be issued in registered or bearer form and the terms of any such forms of GXO Capital Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the GXO Capital Debt Securities of such series shall be issued in whole or in part in the form of a global security or securities; the terms and conditions upon which such global security or securities may be exchanged in whole or in part for definitive securities; the depositary for such global security or securities; and the form of any legend or legends, if any, to be borne by any such global security or securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the currency or currencies (including any composite currency) in which principal or interest or both may be paid and the agency or organization, if any, responsible for overseeing any composite currency for such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • if payments of principal or interest may be made in a currency other than that in which GXO Capital Debt Securities of such series are denominated, the manner for determining such payments, including the time and manner of determining the exchange rate between the currency in which such GXO Capital Debt Securities are denominated and the currency in which such GXO Capital Debt Securities or any of them may be paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the amount of payments of principal of or any interest on such series of GXO Capital Debt Securities may be determined with reference to an index, formula, financial or economic measure or other method or methods (which index, formula, measure or method or methods may be based, without limitation, on one or more currencies, commodities, equity indices or other indices) and if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provisions for electronic issuance of GXO Capital Debt Securities or issuance of GXO Capital Debt Securities of such series in uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any events of default, covenants, defined terms and/or other terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether and upon what terms GXO Capital Debt Securities of such series may be defeased or discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the form of the GXO Capital Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any terms that may be required by or advisable under applicable law (including the laws of the Netherlands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the percentage of the principal amount of the GXO Capital Debt Securities of such series which is payable if the maturity of the GXO Capital Debt Securities of such series is accelerated in the case of GXO Capital Debt Securities issued at a discount from their face amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether GXO Capital Debt Securities of such series will or will not have the benefit of guarantees and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other indebtedness of the respective guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the GXO Capital Debt Securities of such series are unsubordinated or subordinated GXO Capital Debt Securities, and if subordinated GXO Capital Debt Securities, the terms of such subordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the GXO Capital Debt Securities of such series will be convertible into or exchangeable for other GXO Capital Debt Securities, capital stock or other securities of any kind of the Company or another person or persons, and, if so, the terms and conditions upon which such GXO Capital Debt Securities will be so convertible or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how and when the conversion price or exchange ratio may

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be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at the Company's option, the conversion or exchange period, and any other provision in relation thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other terms, which may supplement, modify or delete any provision of the GXO Capital indenture as it applies to that series.

We may from time to time, without notice to or the consent of the holders of any series of GXO Capital Debt Securities, create and issue further GXO Capital Debt Securities of any such series ranking equally with, and having the same terms and conditions as, the GXO Capital Debt Securities of such series in all respects (or in all respects other than the payment of interest accruing prior to the issue date of such further GXO Capital Debt Securities); provided that if such additional GXO Capital Debt Securities are not fungible with the initial GXO Capital Debt Securities of such series for U.S. federal income tax purposes, such additional GXO Capital Debt Securities will have a separate CUSIP number.

#### Certain Covenants
Except as set forth below or unless otherwise indicated in the prospectus supplement with respect to any series of GXO Capital Debt Securities, neither GXO nor any of its subsidiaries (including the Company) are restricted by the GXO Capital Indenture from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incurring any indebtedness or other obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • paying dividends or making distributions on our capital stock or the capital stock of our subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • purchasing or redeeming our capital stock or the capital stock of our subsidiaries.

In addition, neither GXO nor any of its subsidiaries are required to maintain any financial ratios or specified levels of net worth or liquidity.

The GXO Capital Indenture contains the following principal covenants.

#### Limitation on Liens
Unless otherwise provided for in the prospectus supplement with respect to any series of GXO Capital Debt Securities, if GXO or its domestic subsidiaries incur, issue, assume or guarantee any indebtedness and that indebtedness is secured by a Lien on any of its or its domestic subsidiaries' principal properties, we will secure the GXO Capital Debt Securities of each series equally and ratably with, or prior to, such secured indebtedness, so long as such secured indebtedness shall be so secured.

The foregoing restriction does not apply, with respect to any series of GXO Capital Debt Securities, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

Liens on property of a person existing at the time such person is merged into or consolidated with GXO or any of its subsidiaries, at the time such person becomes GXO's subsidiary, or at the time of a sale, lease or other disposition of all or substantially all of the properties or assets of a person to GXO or any of its subsidiaries; provided that such Lien was not incurred in anticipation of the merger, consolidation, sale, lease, or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

Liens on property existing at the time of acquisition by GXO or any of its subsidiaries of such property (which may include property previously leased by GXO or any of its subsidiaries and leasehold interests on such property, provided that the lease terminates prior to or upon the acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

Liens on property to secure the payment of all or any part of the cost of acquisition, construction, development or improvement of such property, or to secure indebtedness incurred to provide funds for any such purpose, provided that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than 18 months after the later of (a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

Liens in favor of GXO or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

Liens existing on the initial issue date of the GXO Capital Debt Securities of such series (other than any additional GXO Capital Debt Securities of such series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

Liens created to secure the GXO Capital Debt Securities of such series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

Liens incurred in connection with pollution control, industrial revenue or similar financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

Liens on property in favor of the United States of America or any state thereof, or in favor of any other country, or any department, agency, instrumentality or political subdivision thereof (including, without limitation, security interests to secure indebtedness of the pollution control or industrial revenue type) in order to permit GXO or any of its subsidiaries to perform a contract or to secure indebtedness incurred for the purpose of financing all or any part of the purchase price for the cost of constructing or improving the property subject to such security interests or which is required by law or regulation as a condition to the transaction of any business or the exercise of any privilege, franchise or license;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)

any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any indebtedness secured by any Lien referred to in clauses (1) through (8) and (10), inclusive, provided that (i) such extension, renewal or replacement Lien shall be limited to all or a part of the same property that secured the Lien extended, renewed or replaced (plus improvements on such property, and plus any property relating to a specific project, the completion of which is funded pursuant to clause (ii)(b) below), and (ii) the indebtedness secured by such Lien at such time is not increased (other than (a) by an amount equal to any related financing costs (including, but not limited to, the accrued interest and premium, if any, on the indebtedness being refinanced) and (b) where an additional principal amount of indebtedness is incurred to provide funds for the completion of a specific project or property that is subject to a Lien securing the indebtedness being extended, refinanced or renewed, by an amount equal to such additional principal amount); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)

Liens created in substitution of any Liens permitted by clauses (1) through (9), inclusive, provided that, (i) based on a good faith determination of a senior officer of GXO, the principal property encumbered by such substitute or replacement Lien is substantially similar in nature to the principal property encumbered by the otherwise permitted Lien that is being replaced, and (ii) the indebtedness secured by such Lien at such time is not increased (other than (a) by an amount equal to any related financing costs (including, but not limited to, the accrued interest and premium, if any, on the indebtedness being refinanced) and (b) where an additional principal amount of indebtedness is incurred to provide funds for the completion of a specific project or property that is subject to a Lien securing the indebtedness being extended, refinanced or renewed, by an amount equal to such additional principal amount).

Notwithstanding the restrictions set forth in the preceding paragraph, GXO and its domestic subsidiaries are permitted to incur secured indebtedness which would otherwise be subject to the foregoing restrictions without equally and ratably securing the GXO Capital Debt Securities of any series, provided that, after giving effect to such secured indebtedness, the outstanding aggregate principal amount of all such secured indebtedness (not including Liens permitted under clauses (1) through (10) above with respect to such series) does not exceed the greater of (a) 15% of Consolidated Total Assets calculated as of the date of the creation or incurrence of the Lien and (b) 15% of Consolidated Total Assets calculated as of the initial issue date of the GXO Capital Debt Securities of such series. GXO or its domestic subsidiaries may also, without equally and ratably securing the GXO Capital Debt Securities of any series, create or incur Liens that renew, substitute or replace (including successive renewals, substitutions or replacements), in whole or in part, any Lien permitted pursuant to the preceding sentence with respect to such series.

#### Merger, Consolidation or Sales of Assets
Unless otherwise provided for in the prospectus supplement with respect to any series of GXO Capital Debt Securities, we may consolidate with or merge into another person or sell, convey, transfer, lease or otherwise dispose of all or substantially all of our property to any other person, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) we are the continuing person, or (B) the successor formed from the consolidation or merger or

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the person that received the transfer of or leases the property (the "continuing entity") is a person organized and existing under the laws of the Netherlands, the United States, any state thereof or the District of Columbia, any country which is, on the date of the execution of the GXO Capital Indenture, a member state of the European Union, Canada or the United Kingdom, and expressly assumes, by a supplemental indenture, all of our obligations under the GXO Capital Debt Securities and the GXO Capital Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

immediately after giving effect to the transaction, no event of default shall have occurred and be continuing under the GXO Capital Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

we or the continuing entity deliver to the Trustee an officer's certificate and opinion of counsel stating that the transaction and (if a supplemental indenture is required in connection with such transaction) the supplemental indenture complies with this covenant and that all conditions precedent in the GXO Capital Indenture relating to the transaction have been satisfied.

Upon satisfaction of the foregoing conditions, if the Issuer is not the continuing person, then the continuing entity shall succeed to, and be substituted for, and may exercise every right and power of the Issuer under the GXO Capital Indenture and the Issuer will be released from all obligations and covenants under the GXO Capital Indenture and the GXO Capital Debt Securities; provided that, in the case of a lease of all or substantially all of our property, we will not be released from any of the obligations or covenants under the GXO Capital Indenture and the GXO Capital Debt Securities.

Notwithstanding the foregoing, any sale, conveyance, transfer, lease or other disposition of property between or among the Company and its subsidiaries will not be prohibited under the GXO Capital Indenture.

Unless otherwise provided for in the prospectus supplement with respect to any series of GXO Capital Debt Securities, GXO may consolidate with or merge into another person or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property to any other person, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) GXO is the continuing person, or (B) the successor formed from the consolidation or merger or the person that received the transfer of or leases the property (the "continuing guarantor entity") is a person organized and existing under the laws of the United States, any state thereof or the District of Columbia, and expressly assumes, by a supplemental indenture, all of GXO's obligations under the Parent Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

immediately after giving effect to the transaction, no event of default shall have occurred and be continuing under the GXO Capital Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

GXO or the continuing guarantor entity delivers to the Trustee an officer's certificate and opinion of counsel stating that the transaction and (if a supplemental indenture is required in connection with such transaction) the supplemental indenture complies with this covenant and that all conditions precedent in the GXO Capital Indenture relating to the transaction have been satisfied.

Upon satisfaction of the foregoing conditions, if GXO is not the continuing person, then the continuing entity shall succeed to, and be substituted for, and may exercise every right and power of GXO under the GXO Capital Indenture and GXO will be released from all obligations and covenants under the GXO Capital Indenture, the Parent Guarantee and the GXO Capital Debt Securities; provided that, in the case of a lease of all or substantially all of GXO's property, GXO will not be released from any of the obligations or covenants under the GXO Capital Indenture, the Parent Guarantee and the GXO Capital Debt Securities applicable to it.

Notwithstanding the foregoing, any sale, conveyance, transfer, lease or other disposition of property between or among GXO and its subsidiaries will not be prohibited under the GXO Capital Indenture.

#### Reports by GXO
During any time period in which the Trust Indenture Act applies to the GXO Capital indenture or any of the GXO Capital Debt Securities, GXO will file with the Trustee and the SEC such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents

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or reports required to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the SEC. GXO will be deemed to have complied with the obligations described in the immediately previous sentence to the extent that the information, documents and reports are filed with the SEC via EDGAR (or any successor electronic delivery procedure) and posted on GXO's website or otherwise publicly available.

Delivery of the reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including GXO's compliance with any of its covenants under the GXO Capital indenture as to which the Trustee is entitled to rely conclusively on an officer's certificate of GXO. The Trustee shall have no liability or responsibility for the filing, timeliness or content of such reports.

#### Events of Default
Unless otherwise provided for in the prospectus supplement with respect to any series of GXO Capital Debt Securities, each of the following is an "event of default" under the GXO Capital Indenture for a series of GXO Capital Debt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

a failure to pay principal of or premium, if any, on any GXO Capital Debt Security of such series, when due at its stated maturity date, upon any optional redemption or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

a failure to pay interest on any GXO Capital Debt Security of such series, for 30 days after the date payment is due and payable, if the time of payment has not been extended or deferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

a failure by us or GXO to comply with any covenant relating to the GXO Capital Debt Securities of such series, and the failure to comply continues for a period of 90 days after written notice to us and GXO by the Trustee or to us, GXO and the Trustee by the holders of 25% or more in aggregate principal amount of the outstanding GXO Capital Debt Securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

the occurrence of various events of bankruptcy, insolvency or reorganization involving GXO or us as provided in the GXO Capital Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

other than by reason of release of the Guarantor in accordance with the terms of the GXO Capital Indenture, the Parent Guarantee ceasing for any reason to be in full force and effect relating to such series of GXO Capital Debt Securities, or GXO denying or disaffirming in writing its obligations under the Parent Guarantee relating to the GXO Capital Debt Securities of such series, and such Parent Guarantee not being issued or returned to full force and effect within, or the denial or disaffirmation not being rescinded, by the date that is 10 days after receipt of a specified written notice to GXO from the Trustee or a holder of GXO Capital Debt Securities.

If an event of default (other than an event of default resulting from various events of bankruptcy, insolvency or reorganization of the Company or GXO) with respect to the GXO Capital Debt Securities of any series occurs and is continuing, then the Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding GXO Capital Debt Securities of such series, may, by a notice in writing to us and GXO (and to the Trustee if given by the holders), declare to be due and payable immediately the principal of, and any accrued and unpaid interest on, the GXO Capital Debt Securities of such series. In the case of an event of default with respect to the GXO Capital Debt Securities of any series resulting from various events of bankruptcy, insolvency or reorganization of the Company or GXO, the principal of, and any accrued and unpaid interest on, all outstanding GXO Capital Debt Securities of such series will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any holder of GXO Capital Debt Securities. At any time after a declaration of acceleration with respect to the GXO Capital Debt Securities of any series has been made, but before a judgment or decree for payment of the money due has been obtained by the Trustee, the holders of a majority in aggregate principal amount of the outstanding GXO Capital Debt Securities of such series may rescind and annul the acceleration, by written notice to the Trustee, if all events of default, other than the nonpayment of accelerated principal and interest, if any, with respect to the GXO Capital Debt Securities of such series, have been cured or waived as provided in the GXO Capital Indenture. The holders of a majority in aggregate principal amount of the outstanding GXO Capital Debt Securities of such series also have the right to waive past defaults, by written

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notice to the Trustee, other than the nonpayment of principal or interest, if any, on any outstanding GXO Capital Debt Securities of such series, or in respect of a covenant or a provision that cannot be modified or amended without the consent of all holders of the applicable GXO Capital Debt Securities.

The GXO Capital Indenture provides that the Trustee will be under no obligation to exercise any of its rights or powers under the GXO Capital Indenture at the request of any holder of GXO Capital Debt Securities, unless the Trustee receives indemnity satisfactory to it against any loss, liability or expense. Subject to certain rights of the Trustee, the holders of a majority in principal amount of the outstanding GXO Capital Debt Securities of a series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to such GXO Capital Debt Securities.

No holder of any GXO Capital Debt Security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the GXO Capital Indenture or for the appointment of a receiver or trustee, or for any remedy under the GXO Capital Indenture, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • that holder has previously given to the Trustee written notice of a continuing event of default with respect to such series of GXO Capital Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holders of at least 25% in aggregate principal amount of the outstanding GXO Capital Debt Securities of such series have made written request, and offered indemnity reasonably satisfactory to the Trustee, to the Trustee to institute the proceeding as Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the Trustee has failed to comply with the request for at least 60 days after receipt of the request and the offer of indemnity, and has not received from the holders of a majority in aggregate principal amount of the outstanding GXO Capital Debt Securities of such series a direction inconsistent with that request.

Notwithstanding the foregoing, the holder of any GXO Capital Debt Security will have an absolute and unconditional right to receive payment of the principal of, premium and any interest on that GXO Capital Debt Security on or after the due dates expressed in that note and to institute suit for the enforcement of such payment.

If a default occurs and is continuing with respect to any series of GXO Capital Debt Securities and a responsible officer of the Trustee has received written notice thereof at the corporate trust office of the Trustee and such notice references such series of GXO Capital Debt Securities and the GXO Capital Indenture and states that it is a "Notice of Default," the Trustee shall give notice of the default to the holders of the GXO Capital Debt Securities within 45 days of having received such notice, unless the default was already cured or waived. Unless there is a default in paying principal, interest or any premium when due, the Trustee can withhold giving notice to the holders if it determines in good faith that the withholding of notice is in the interest of the holders of such series of GXO Capital Debt Securities.

We are required to furnish to the Trustee an annual statement as to compliance with all conditions and covenants under the GXO Capital Indenture.

#### Certain Definitions
The GXO Capital Indenture contains the following defined terms:

"Consolidated Total Assets" means, as of the time of determination, total assets as reflected on GXO's most recent consolidated balance sheet prepared as of the end of a fiscal quarter in accordance with GAAP which GXO shall have most recently filed with the SEC (or, if GXO is not required to so file, as reflected on GXI's most recent consolidated balance sheet prepared in accordance with GAAP) prior to the time at which Consolidated Total Assets is being determined. The calculation of Consolidated Total Assets shall give pro forma effect to any acquisition by or disposition of assets of GXO or any of its subsidiaries involving the payment or receipt by GXO or any of its subsidiaries, as applicable, of consideration (whether in the form of cash or non-cash consideration) in excess of $500,000,000 that has occurred since the end of such fiscal quarter, as if such acquisition or disposition had occurred on the last day of such fiscal quarter.

"domestic subsidiary" means any subsidiary of GXO of which, at the time of determination, all of the outstanding capital stock (other than directors' qualifying shares) is owned by GXO directly and/or indirectly

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and which, at the time of determination, is primarily engaged in contract logistics, other than a subsidiary that (a) neither transacts any substantial portion of its business nor regularly maintains any substantial portion of its fixed assets within the United States, (b) all or substantially all of whose assets consist of the capital stock of one or more subsidiaries which are not domestic subsidiaries, (c) a majority of whose voting stock is owned directly or indirectly by one or more subsidiaries of GXO which are not domestic subsidiaries or (d) does not own a principal property.

"Exchange Act" means the Securities Exchange Act of 1934, as amended.

"GAAP" means generally accepted accounting principles in the United States of America in effect from time to time.

"indebtedness" means, with respect to any person, debt (other than Non-recourse Obligations) of such person for borrowed money.

"Lien" means any lien, security interest, pledge, mortgage, conditional sale or other title retention agreement or other similar encumbrance.

"Non-recourse Obligation" means indebtedness (A) substantially related to (1) the acquisition of assets not previously owned by GXO or any of its subsidiaries or (2) the financing of a project involving the development or expansion of our properties or properties of any of GXO's subsidiaries or (B) renewing, refinancing, replacing or extending any of the types of indebtedness referred to in the preceding clause (A), in each case, as to which the obligee with respect to such indebtedness has no recourse to us or our assets other than the assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof), provided that indebtedness will not fail to qualify as Non-recourse Obligations solely because GXO has indemnified any such obligee against damages resulting from or is otherwise obligated to such obligee in respect of exceptions to non-recourse liability in general usage (as determined in good faith by the board of directors of GXO, or a committee thereof, or any senior officer of GXO) in the relevant industry at the time such indebtedness is incurred (such as fraud, waste, misapplication of funds, failure to maintain insurance coverage, and environmental liability).

"person" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or political subdivision thereof.

"principal property" means the land, improvements, buildings and fixtures constituting any research and development facility or service and support facility that is real property located within the territorial limits of the United States (excluding its territories and possessions and Puerto Rico) owned or leased by GXO or any of its domestic subsidiaries and having a net book value which, on the date of determination as to whether a property is a principal property is being made, exceeds 2% of GXO's Consolidated Total Assets, other than (a) any such facility as any of GXO's board of directors (or a committee thereof) determines in good faith is not of material importance to the total business conducted, or assets owned, by us and our subsidiaries, taken as a whole, and (b) our principal corporate offices.

"property" means any property or asset, whether real, personal or mixed, or tangible or intangible, including shares of capital stock.

"SEC" means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution of the GXO Capital indenture such SEC is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

"senior officer" of any specified person means the chief executive officer, any president, any vice president, the chief financial officer, the treasurer, any assistant treasurer, the secretary or any assistant secretary.

"subsidiary" means any corporation or other entity of which at least a majority of the outstanding capital stock or other equity interests having by the terms thereof ordinary voting power to elect a majority of the directors, managers or trustees of such corporation or other entity, irrespective of whether or not at the time capital stock or other equity securities of any other class or classes of such corporation or other

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entity shall have or might have voting power by reason of the happening of any contingency, is at the time, directly or indirectly, owned or controlled by GXO or by one or more of GXO's subsidiaries, or by GXO and one or more of GXO's subsidiaries.

"Trust Indenture Act" means the Trust Indenture Act of 1939, as amended.

"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 or managers of such person (or if such person is a partnership, the board of directors or other governing body of the general partner of such person).

#### Amendments, Supplements and Waivers
Unless otherwise provided for in the prospectus supplement with respect to any series of GXO Capital Debt Securities, we, GXO and the Trustee may amend or supplement the GXO Capital Indenture or the GXO Capital Debt Securities of a series, without notice to or consent of any holder of such series, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cure any ambiguity or to correct or supplement any provision of the GXO Capital Indenture which may be defective or inconsistent with any other provision in the GXO Capital Indenture or the GXO Capital Debt Securities of any series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • comply with the provisions of the GXO Capital Indenture regarding the consolidation or merger of the Company or GXO or the sale, conveyance, transfer, lease or other disposition of all or substantially all of our or GXO's property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • create a series of GXO Capital Debt Securities and establish its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • provide for uncertificated GXO Capital Debt Securities in addition to or in place of certificated GXO Capital Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add a guarantor or obligor in respect of any series of GXO Capital Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • secure any series of GXO Capital Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add to the covenants of GXO or the Company for the benefit of the holders of all or any series of GXO Capital Debt Securities or to surrender any right or power conferred upon GXO or the Company by the GXO Capital Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • add any additional events of default for the benefit of holders of all or any series of GXO Capital Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • comply with requirements of the SEC in order to effect or maintain the qualification of the GXO Capital Indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • evidence and provide for the acceptance of the appointment of a successor trustee with respect to the GXO Capital Debt Securities of one or more series and to add to or change any of the provisions of the GXO Capital Indenture or any supplemental indenture as shall be necessary to provide for or facilitate the administration of the trusts under such GXO Capital Indenture or supplemental indenture by more than one trustee pursuant to the requirements set forth in the GXO Capital Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any change that does not adversely affect the rights of any holder in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • conform the provisions of the GXO Capital Indenture to the final offering document in respect of any series of GXO Capital Debt Securities.

With the exceptions discussed below, we, GXO and the Trustee may amend or supplement the GXO Capital Indenture or the GXO Capital Debt Securities of a series with the written consent of the holders of at least a majority in principal amount of the outstanding GXO Capital Debt Securities of each series affected by the amendment or supplement (voting as one class). In addition, the holders of a majority in principal amount of the outstanding GXO Capital Debt Securities of each series affected by a waiver (voting as one class) may waive any existing default under, or compliance with, any provision of the GXO Capital Debt Securities of each such series or of the GXO Capital Indenture relating to such series, other than any

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event of default in payment of interest or principal. These consents and waivers may be obtained in connection with a purchase of, or tender offer or exchange offer for, GXO Capital Debt Securities.

Without the consent of each holder of GXO Capital Debt Securities affected, we, GXO and the Trustee may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • change the stated maturity of the principal of, or any installment of principal of or interest thereon, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any place of payment where, or the coin or currency in which, such GXO Capital Debt Securities or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the stated maturity thereof (or, in the case of redemption, on or after the redemption date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any change to the provision of the GXO Capital Indenture relating to the waiver of past defaults, except to increase the percentage in principal amount of GXO Capital Debt Securities of any series the consent of whose holders is required for any waiver or to provide that certain other provisions of the GXO Capital Indenture cannot be modified or waived without the consent of the holder of each outstanding GXO Capital Debt Securities affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • waive a continuing default or event of default in the payment of principal of or interest on any GXO Capital Debt Security or a continuing default of event of default in respect of a covenant or a provision in the GXO Capital Indenture that cannot be modified or amended with the consent of all holders of the applicable GXO Capital Debt Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • reduce the percentage in principal amount of GXO Capital Debt Securities of any series the consent of whose holders is required for any amendment, supplement or waiver.

Any authorizing resolutions, officer's certificate or supplemental indenture which changes or eliminates any covenant or other provision of the GXO Capital Indenture which shall have been included expressly and solely for the benefit of one or more particular series of GXO Capital Debt Securities, or which modifies the rights of the holders of GXO Capital Debt Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights of the holders of GXO Capital Debt Securities of any other series.

The right of any holder of GXO Capital Debt Securities to participate in any consent required or sought pursuant to any provision of the GXO Capital Indenture, and our and GXO's obligation to obtain any such consent otherwise required from such holder, may be subject to the requirement that such holder shall have been the holder of record of GXO Capital Debt Securities with respect to which such consent is required or sought as of a record date fixed by us in accordance with the GXO Capital Indenture.

#### Satisfaction and Discharge
Unless otherwise provided for in the prospectus supplement with respect to any series of GXO Capital Debt Securities, the GXO Capital Indenture will be discharged and will cease to be of further effect as to all outstanding GXO Capital Debt Securities of any series (except as to any surviving rights of conversion or transfer or exchange of any GXO Capital Debt Securities of such series expressly provided for in the GXO Capital Indenture or in the form of GXO Capital Debt Security for such series), and the Trustee, at the expense of the Company, shall execute instruments reasonably requested by the Company acknowledging such satisfaction and discharge of the GXO Capital Indenture with respect to such series of GXO Capital Debt Securities, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

all GXO Capital Debt Securities of such series theretofore authenticated and delivered (other than GXO Capital Debt Securities that have been destroyed, lost or stolen and which have been replaced or paid as provided in the GXO Capital Indenture and GXO Capital Debt Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in the GXO Capital Indenture) have been delivered to the Trustee for cancellation in accordance with the terms of the GXO Capital Indenture, or, if not delivered to the Trustee, such GXO Capital Debt Securities of such series (A) have become due and payable, (B) will become due and payable at maturity within one year or (C) are to be called for redemption within one year under

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arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and in the case of clauses (1)(A), (B) and (C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee (or another qualifying trustee) as trust funds in trust solely for that purpose an amount of money in the currency in which the GXO Capital Debt Securities of such series are payable or government obligations or a combination thereof sufficient (in the case of government obligations or a combination of money and government obligations, in the opinion of a nationally recognized firm of independent public accountants) to pay and discharge the entire indebtedness on the GXO Capital Debt Securities of such series not theretofore delivered to the Trustee for cancellation, for principal of and interest on the GXO Capital Debt Securities of such series, on the date of such deposit or to the maturity or redemption date, as the case may be; provided that if on the date of the deposit, the interest payable to, but excluding, or any premium payable on, the stated maturity or redemption date cannot be calculated, the amount deposited shall be sufficient to the extent that an amount is deposited with the Trustee equal to the interest payable to, but excluding, or the premium payable on, the stated maturity or the redemption date calculated as of the date of the deposit, with any deficit on the stated maturity or redemption date, as applicable (any such amount, the "Applicable Deficit"), only required to be deposited with the Trustee on or prior to the stated maturity or redemption date, as applicable; provided, further, any Applicable Deficit shall be set forth in an officer's certificate delivered to the Trustee simultaneously with the deposit of the Applicable Deficit that confirms that the Applicable Deficit shall be applied to the interest or other amounts payable at the stated maturity or on the redemption date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

the Company has paid or caused to be paid all other sums payable under the GXO Capital Indenture by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

the Company has delivered irrevocable instructions to the Trustee (or such other qualifying trustee), to apply the deposited money toward the payment of the GXO Capital Debt Securities of such series at maturity or redemption, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

the Company has delivered to the Trustee an officer's certificate and an opinion of counsel (as specified in the GXO Capital Indenture).

#### Legal Defeasance and Covenant Defeasance
The Company may, unless otherwise provided for in the prospectus supplement with respect to any series of GXO Capital Debt Securities, at its option and at any time, elect either "legal defeasance" or "covenant defeasance" be applied to the GXO Capital Debt Securities of any series as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

The Company and GXO shall be deemed to have been released and discharged from their respective obligations with respect to the outstanding GXO Capital Debt Securities of such series on the date the applicable conditions set forth below are satisfied ("legal defeasance"). Legal defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding GXO Capital Debt Securities of such series, which shall thereafter be deemed to be "outstanding" only for the purposes of certain limited sections and matters under the GXO Capital Indenture, and the Company and GXO shall be deemed to have satisfied all of their other respective obligations under the GXO Capital Debt Securities of such series and the GXO Capital Indenture insofar as such GXO Capital Debt Securities are concerned, subject to certain exceptions set forth in the GXO Capital Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

The Company and GXO shall be released and discharged from their respective obligations under the covenants described under the sections of the prospectus captioned "Merger, Consolidation or Sales of Assets" and "Limitation on Liens" and Section 4.05 of the GXO Capital Indenture with respect to such series of GXO Capital Debt Securities on and after the date the conditions set forth below are satisfied ("covenant defeasance"), and the Company and GXO may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, and such omission to comply shall not constitute a default or an event of default with respect to such series of GXO Capital Debt Securities.

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The following shall be the conditions to the application of either legal defeasance or covenant defeasance of any series of GXO Capital Debt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

The Company shall have, or have caused to be, irrevocably deposited in trust with the Trustee (or another qualifying trustee) money in the currency in which the GXO Capital Debt Securities of such series are payable or government obligations or a combination thereof in such amounts and at such times as are sufficient (in the case of government obligations or a combination of money and government obligations, in the opinion of a nationally recognized firm of independent public accountants), to pay the principal of and interest on the outstanding GXO Capital Debt Securities of such series to maturity or redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

No default or event of default (other than a default or event of default resulting from non-compliance with any covenant from which the Company or GXO, as applicable, is released upon effectiveness of such legal defeasance or covenant defeasance, as applicable) shall have occurred and be continuing on the date of such deposit or result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

Such deposit will not result in a breach or violation of, or constitute a default under, any other material instrument or agreement to which the Company or GXO, as applicable, is a party or by which it or any of its property is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) In the case of legal defeasance, the Company shall deliver to the Trustee an opinion of counsel in the United States stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the issue date pertaining to such series of GXO Capital Debt Securities, there has been a change in the applicable U.S. federal income tax law, in either case stating that, and based thereon such opinion of counsel shall state that, or (ii) in the case of covenant defeasance, the Company shall deliver to the Trustee an opinion of counsel in the United States stating that, in the case of clauses (i) and (ii), and subject to customary assumptions and exclusions, holders of the GXO Capital Debt Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and the defeasance contemplated hereby and will be subject to federal income tax in the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

The Company shall have delivered to the Trustee an officer's certificate, stating that the deposit made under clause (1) was not made by the Company with the intent of preferring the holders of the GXO Capital Debt Securities of such series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

The Company has delivered to the Trustee an officer's certificate and an opinion of counsel, each stating that all such conditions precedent relating to defeasance have been complied with.

#### Governing Law
The GXO Capital Indenture provides that the GXO Capital Indenture and the GXO Capital Debt Securities of each series shall be governed by and construed in accordance with the laws of the State of New York.

#### Jurisdiction
The GXO Capital Indenture provides that the Company and the Trustee, and each holder of a GXO Capital Debt Security by its acceptance thereof, (i) irrevocably submit to the non-exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city of New York, over any suit, action or proceeding arising out of or relating to the GXO Capital Indenture and (ii) to the fullest extent permitted by applicable law, irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

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#### The Trustee
The GXO Capital Indenture provides that, except during the continuance of an event of default, the Trustee need perform only such duties as are specifically set forth in the GXO Capital Indenture. During the existence of an event of default with respect to GXO Capital Debt Securities of any series, the Trustee must, prior to the receipt of direction from the holders of a majority in principal amount of the GXO Capital Debt Securities of such series, exercise its rights and powers and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs.

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#### SELLING SECURITYHOLDERS
Information about selling securityholders, where applicable, will be set forth in a prospectus supplement, in a post-effective amendment or in filings we make with the SEC under the Exchange Act that are incorporated by reference.

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#### PLAN OF DISTRIBUTION
GXO, GXO Capital, or any of the selling securityholders may sell the securities offered by this prospectus and applicable prospectus supplements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to or through underwriters, brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in short or long transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • through agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • through a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • directly to purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • through a combination of any such methods of sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • through any other methods described in a prospectus supplement.

If underwriters are used to sell securities, GXO or GXO Capital, as applicable, will enter into an underwriting agreement or similar agreement with them at the time of the sale to them. In that connection, underwriters may receive compensation from GXO or GXO Capital, as applicable, in the form of underwriting discounts or commissions and may also receive commissions from purchasers of the securities for whom they may act as agent. Any such underwriter, dealer or agent may be deemed to be an underwriter within the meaning of the Securities Act.

The applicable prospectus supplement relating to an offering of securities will set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the offering terms, including the name or names of any underwriters, dealers or agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the purchase price of the securities being offered and the proceeds to GXO or GXO Capital, if any, from such sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any underwriting discounts, concessions, commissions and other items constituting compensation to underwriters, dealers or agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any initial public offering price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any discounts or concessions allowed or re-allowed or paid by underwriters or dealers to other dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of the Debt Securities or the GXO Capital Debt Securities, the interest rate, maturity and redemption provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • details regarding overallotment options under which underwriters may purchase additional securities from GXO or GXO Capital, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the securities exchanges on which the securities may be listed, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other information GXO or GXO Capital thinks is important.

If underwriters or dealers are used in the sale, the securities may be acquired by the underwriters or dealers for their own account and may be resold from time to time in one or more transactions in accordance with the rules of the NYSE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at a fixed price or prices that may be changed from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at market prices prevailing at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at prices related to such prevailing market prices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • at negotiated prices.

The securities may be offered to the public either through underwriting syndicates represented by one or more managing underwriters or directly by one or more of such firms. Unless otherwise set forth in an applicable prospectus supplement, the obligations of underwriters or dealers to purchase the securities will

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be subject to certain conditions precedent and the underwriters or dealers will be obligated to purchase all the securities if any are purchased. Any public offering price and any discounts or concessions allowed or re-allowed or paid by underwriters or dealers to other dealers may be changed from time to time.

Any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by the underwriters and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.

GXO or GXO Capital may enter into hedging transactions with broker-dealers and the broker-dealers may engage in short sales of the securities in the course of hedging the positions they assume with GXO or GXO Capital, as applicable, including, without limitation, in connection with distributions of the securities by those broker-dealers. GXO or GXO Capital may enter into option or other transactions with broker-dealers that involve the delivery of the securities offered hereby to the broker-dealers, who may then resell or otherwise transfer those securities. GXO or GXO Capital may also loan or pledge the securities offered hereby to a broker-dealer and the broker-dealer may sell the securities offered hereby so loaned or upon a default may sell or otherwise transfer the pledged securities offered hereby.

Securities may be sold directly by GXO or GXO Capital or through agents designated by GXO or GXO Capital from time to time. Any agent involved in the offer or sale of the securities in respect of which this prospectus and a prospectus supplement is delivered will be named, and any commissions payable by GXO or GXO Capital to such agent will be set forth, in the prospectus supplement. Unless otherwise indicated in the prospectus supplement, any such agent will be acting on a best efforts basis for the period of its appointment.

If so indicated in the prospectus supplement, GXO or GXO Capital will authorize underwriters, dealers or agents to solicit offers from certain specified institutions to purchase securities from GXO or GXO Capital at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. Such contracts will be subject to any conditions set forth in the prospectus supplement and the prospectus supplement will set forth the commissions payable for solicitation of such contracts. Institutions to which such offers may be made, when authorized, include commercial and savings banks, insurance companies, pension funds, investment companies, educational and charitable institutions and such other institutions as may be approved by GXO or GXO Capital, as applicable. The underwriters and other persons soliciting such contracts will have no responsibility for the validity of such arrangements or the performance of GXO or GXO Capital, as applicable, or such institutions thereunder.

Underwriters, dealers and agents may be entitled under agreements entered into with GXO or GXO Capital to be indemnified by GXO or GXO Capital against certain civil liabilities, including liabilities under the Securities Act, or to contribution by GXO or GXO Capital to payments which they may be required to make. The terms and conditions of such indemnification will be described in an applicable prospectus supplement and will be subject to the restrictions and limitations contained in the applicable provisions, if any, of applicable law and the Company Certificate and the organizational documents of GXO Capital. Underwriters, dealers and agents may be customers of, engage in transactions with or perform services for GXO or GXO Capital in the ordinary course of business, for which they receive compensation. However, any possible conflicts of interest of any underwriter, dealer or agent will be disclosed in the applicable prospectus supplement.

Any underwriters to whom securities are sold by GXO or GXO Capital for public offering and sale may make a market in such securities, but such underwriters will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to the liquidity of the trading market for any securities.

Certain persons participating in any offering of securities may engage in transactions that stabilize, maintain or otherwise affect the price of the securities offered in accordance with Regulation M under the Exchange Act. In connection with any such offering, the underwriters or agents, as the case may be, may purchase and sell securities in the open market. These transactions may include overallotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the

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offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the securities and syndicate short positions involve the sale by the underwriters or agents, as the case may be, of a greater number of securities than they are required to purchase from GXO or GXO Capital in the offering. The underwriters may also impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker-dealers for the securities sold for their account may be reclaimed by the syndicate if such securities are repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain or otherwise affect the market price of the securities, which may be higher than the price that might otherwise prevail in the open market, and if commenced, may be discontinued at any time. These transactions may be effected on the NYSE, in the over-the-counter market or otherwise. These activities will be described in more detail in the sections entitled "Plan of Distribution" or "Underwriting" in the applicable prospectus supplement.

Each series of offered securities will be a new issue, other than the shares of Common Stock, which are listed on the NYSE. GXO or GXO Capital may elect to list any series of offered securities on an exchange, and in the case of the Common Stock, on any additional exchange, but unless otherwise specified in the applicable prospectus supplement, neither GXO nor GXO Capital shall be obligated to do so.

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#### WHERE YOU CAN FIND MORE INFORMATION
GXO files annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains an Internet site that contains information GXO has filed electronically with the SEC, which you can access over the Internet at http://www.sec.gov. In addition, documents filed with the SEC by GXO will be available free of charge by accessing GXO's website at https://investors.gxo.com under the heading "Financial Information" or, alternatively, by directing a request by mail or telephone to GXO Logistics, Inc. at Two American Lane, Greenwich, Connecticut 06831, (203) 489-1287. The web addresses of the SEC and GXO are included as inactive textual references only. Except as specifically incorporated by reference into this prospectus, information on those web sites is not part of this prospectus.

This prospectus is part of a registration statement on Form S-3 that has been filed with the SEC relating to the securities being offered pursuant to this prospectus. As permitted by SEC rules, this prospectus does not contain all the information that is included in the registration statement and the accompanying exhibits and schedules GXO has filed with the SEC. You may refer to the registration statement, exhibits and schedules for more information about GXO and GXO Capital and the securities. The registration statement, exhibits and schedules are available at the SEC's public reference room or through its Internet site.

This prospectus does not contain or incorporate by reference separate financial statements for GXO Capital because GXO Capital is a subsidiary of GXO that is indirectly wholly-owned by GXO, and GXO files consolidated financial information under the Exchange Act. The financial condition, results of operations and cash flows of GXO Capital are consolidated in the financial statements of GXO.

The SEC allows issuers to "incorporate by reference" the information filed with it, which means that GXO and GXO Capital can disclose important information to you by referring you to those documents. The information GXO and GXO Capital incorporate by reference is an important part of this prospectus, and later information that GXO and GXO Capital file with the SEC (other than information furnished and not filed under Item 2.02 or 7.01 in current reports on Form 8-K) will automatically update and supersede this information. The following documents are incorporated by reference into this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • [GXO's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 18, 2025;](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000007/gxo-20241231.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GXO's [Definitive Proxy Statement on Schedule 14A, filed on April 17, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000155837025004977/tmb-20250513xdef14a.htm) (solely to the extent specifically incorporated by reference into GXO's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed on February 18, 2025);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GXO's Quarterly Reports on Form 10-Q for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025 filed with the SEC on [May 8, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000027/gxo-20250331.htm), [August 6, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000100/gxo-20250630.htm) and [November 6, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000108/gxo-20250930.htm), respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • GXO's Current Reports on Form 8-K filed with the SEC on [February 18, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000110465925014782/tm256913d1_8k.htm), [May 15, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000068/gxo-20250513.htm), [June 20, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000110465925060942/tm2518398d1_8k.htm) (Film No.: 251059248; Item 5.02 only), [July 31, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000077/gxo-20250729.htm) (Item 5.02 only), [August 5, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000110465925074265/tm2522563d1_8k.htm) (Film No.: 251185988) and [October 29, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1852244/000185224425000101/gxo-20251024.htm) (Item 5.02 only); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • [GXO's Description of Common Stock (incorporated by reference to Exhibit 4.5 of GXO's Annual Report on Form 10-K filed with the SEC on February 17, 2022).](http://www.sec.gov/Archives/edgar/data/1852244/000185224422000010/descriptionofsecurities.htm)

GXO and GXO Capital also incorporate by reference any future filings they make with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding information deemed to be furnished and not filed with the SEC) until the termination of this offering.

This prospectus, any accompanying prospectus supplement or information incorporated by reference herein or therein may contain summaries of certain agreements that GXO or GXO Capital have filed as exhibits to various SEC filings, as well as certain agreements that GXO or GXO Capital will enter into in connection with the offering of securities covered by any particular accompanying prospectus supplement. The descriptions of these agreements contained in this prospectus, any accompanying prospectus supplement or information incorporated by reference herein or therein do not purport to be complete and are subject to, or qualified in their entirety by reference to, the definitive agreements.

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Copies of the definitive agreements will be made available without charge to you by making a written or oral request at the following address:

GXO Logistics, Inc.

Two American Lane

Greenwich, CT 06831

Attention: Secretary

Telephone: (203) 489-1287

You should not assume that the information in this document is accurate as of any date other than that on the front cover of this prospectus. Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained herein, in any other subsequently filed document which also is or is deemed to be incorporated by reference herein or in any accompanying prospectus supplement, modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified and superseded, to constitute a part of this prospectus.

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#### LEGAL MATTERS
Unless otherwise specified in any prospectus supplement, certain matters with respect to the validity of the offered securities will be passed upon for GXO and/or GXO Capital by Wachtell, Lipton, Rosen & Katz, New York, New York, and particular matters with respect to Dutch law will be passed upon by Baker & McKenzie Amsterdam N.V. Additional legal matters may be passed upon for us, any selling securityholders or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus supplement.

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#### EXPERTS
The consolidated financial statements of GXO Logistics, Inc. as of December 31, 2024 and 2023, and for each of the years in the three-year period ended December 31, 2024, and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2024, have been incorporated by reference herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing. The audit report on the effectiveness of internal control over financial reporting as of December 31, 2024, contains an explanatory paragraph that states the Company acquired Wincanton plc. during 2024, and management excluded from its assessment of the effectiveness of the Company's internal control over financial reporting as of December 31, 2024, Wincanton plc.'s internal control over financial reporting associated with approximately 9.9% of total assets, excluding associated goodwill and intangible assets, and approximately 11.8% of total revenues included in the consolidated financial statements of the Company as of and for the year ended December 31, 2024.

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### ITEM 14. Other Expenses of Issuance and Distribution.
The following are the categories of expenses to be incurred in connection with the issuance and distribution of the securities registered under this registration statement, other than underwriting discounts and commissions. Actual amounts will be provided in the applicable prospectus supplement.

---

| | |
|:---|:---|
| SEC Registration Fee  | \* |
| Legal Fees and Expenses  | \*\* |
| Accounting Fees and Expenses  | \*\* |
| Printing, Engraving and Mailing Fees  | \*\* |
| Trustee's Fees and Expenses  | \*\* |
| Rating Agency Fees and Expenses  | \*\* |
| FINRA Filing Fee  | \*\* |
| Transfer Agent Fees and Expenses  | \*\* |
| Miscellaneous Expenses  | \*\* |
| Total Expenses  | \*\* |

---

\*

To be deferred pursuant to Rule 456(b) under the Securities Act and calculated in connection with an offering of securities under this registration statement pursuant to Rule 457(r) under the Securities Act.

\*\*

Estimated fees and expenses are not presently known. The foregoing sets forth the general categories of fees and expenses (other than underwriting discounts and commissions) that the registrants anticipate they will incur in connection with the offering of securities under this registration statement. An estimate of the aggregate fees and expenses in connection with the issuance and distribution of the securities being offered will be included in the applicable prospectus supplement.

#### ITEM 15. Indemnification of Directors and Officers.

#### GXO Logistics, Inc.
Section 6.1 of the Bylaws requires the Company to indemnify and hold harmless, to the full extent permitted from time to time under the DGCL each person who is made or threatened to be made a party to any threatened, pending or completed action, suit, arbitration, alternative dispute resolution procedure, legislative hearing or inquiry or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Company. Such indemnification will cover all expenses, liabilities and losses reasonably incurred by such individuals.

Subsection (a) of Section 145 of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the

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best interest of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.

Subsection (b) of Section 145 of the DGCL empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in right of the corporation to procure a judgment in its favor by reason of the fact that such person acted in any of the capacities set forth above, against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Subsection (d) of Section 145 of the DGCL provides that any indemnification under subsections (a) and (b) of Section 145 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of Section 145. Such determination shall be made, with respect to a person who is a director or officer at the time of such determination, (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such directors designated by the majority vote of such directors, even though less than a quorum, or (3) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (4) by the stockholders.

Section 145 of the DGCL further provides that to the extent a present or former director or officer of a corporation has been successful on the merits or otherwise in the defense of any action, suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith and that such expenses may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in Section 145 of the DGCL; that any indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled; that indemnification and advancement of expenses provided by, or granted pursuant to, Section 145 shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person's heirs, executors and administrators; and empowers the corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the corporation would have the power to indemnify such person against such liabilities under Section 145.

As authorized by the Bylaws, the Company may purchase and maintain at its expense on behalf of directors and officers insurance, within certain limits, covering liabilities which may be incurred by them in such capacities.

To the fullest extent permitted by the DGCL, the Company Certificate provides (i) that a director of the Company shall not be personally liable to the Company or its stockholders for monetary damages for breach of fiduciary duty as a director and (ii) for exculpation for certain senior officers from monetary liability for certain fiduciary duty breaches, solely to the extent permitted under Section 102(b)(7) of the DGCL.

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#### GXO Logistics Capital B.V.
The articles of association of GXO Capital do not exonerate the directors for liability against GXO Capital, nor do they provide that the directors will be indemnified by GXO Capital against claims of third parties. However, Dutch law does not prohibit the articles of association of GXO Capital or agreements between the managing directors and GXO Capital from containing such provisions, insofar as they relate to damages that were not caused intentionally or by deliberate recklessness. In any offering of GXO Capital Debt Securities, the board of directors of GXO Capital may, by resolution, indemnify the officers and directors of GXO Capital against claims related to acts taken in connection with the offering of such securities. GXO Capital may also obtain D&O insurance for its managing directors to cover both their liability towards GXO Capital and towards third parties. Such insurance would shift the monetary consequences of the directors' liability, without affecting the right of GXO Capital or third parties to bring an action for breach of duty. D&O insurance in the Netherlands does not cover willful misconduct (*opzet*), fraudulent acts (*fraude*) or acts caused by gross negligence (*grove nalatigheid*). However, D&O insurance may cover fines and penalties related to criminal offenses, although such events are often excluded.

Exonerations, indemnities and D&O insurance cover liabilities incurred by the managing directors while exercising their duties as managing directors. These duties consist of acting in accordance with the corporate interests of GXO Capital. The managing directors are responsible for the continuity of GXO Capital and its affiliated enterprise and the sustainable long-term value creation by GXO Capital and its affiliated enterprise. The managing directors must weigh the relevant interests of all stakeholders in this respect. Each managing director bears responsibility for the general course of affairs of GXO Capital.

Under Dutch law, there are various potential liabilities that may exist for managing directors in this respect. The managing directors may be held liable by the company in accordance with the Dutch Civil Code (*Burgerlijk Wetboek*) in case of mismanagement. Individual directors are jointly and severally liable in full for the damages caused by mismanagement, unless they can exculpate themselves. Individual directors may exculpate themselves if, in view of the duties assigned to the other managing directors, they cannot be seriously blamed for the mismanagement and they were not negligent in taking measures to avert the consequences of mismanagement. In addition, managing directors may, under specific circumstances, also be subject to criminal liability, such as in the case of an abuse of assets. In the event of bankruptcy, managing directors may be subject to specific criminal and civil liabilities, including being held liable for the full bankruptcy estate deficit, especially when they did not comply with the duty to keep books of the company or with the duty to file its annual accounts. Moreover, although managing directors may, in principle, not be held personally liable for the debts and obligations of the company, they may be held liable for the damages caused by the company not paying its debts or complying with its obligations, if they can be personally blamed for such damages being caused by the company.

#### ITEM 16. Exhibits and Financial Statement Schedules.

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Description of Exhibit**  |
| 1.1\* | Form of Underwriting Agreement for Common Stock. |
| 1.2\* | Form of Underwriting Agreement for Preferred Stock. |
| 1.3\* | Form of Underwriting Agreement for Debt Securities. |
| 1.4\* | Form of Underwriting Agreement for Warrants. |
| 1.5\* | Form of Underwriting Agreement for Units. |
| 1.6\* | Form of Underwriting Agreement for GXO Capital Debt Securities. |
| 3.1\*\* | [Amended and Restated Certificate of Incorporation of the Company, dated July 30, 2021, incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K (Commission file no. 001-40470) filed with the SEC on August 2, 2021.](https://www.sec.gov/Archives/edgar/data/1852244/000162828021015181/exhibit31-8xkgxo.htm)  |
| 3.2\*\* | [Certificate of Amendment to Amended and Restated Certificate of Incorporation of the Company, dated May 22, 2024, incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K (Commission file no. 001-40470) filed with the SEC on May 23, 2024.](https://www.sec.gov/Archives/edgar/data/1852244/000185224424000022/certificateofamendment-gxo.htm)  |

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---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Description of Exhibit**  |
| 3.3\*\* | [Second Amended and Restated Bylaws of the Company, dated August 2, 2021, incorporated by reference to Exhibit 3.2 of the Company's Current Report on Form 8-K (Commission file no. 001-40470) filed with the SEC on August 2, 2021.](https://www.sec.gov/Archives/edgar/data/1852244/000162828021015181/exhibit32-8xkgxo.htm)  |
| 3.4 | [Deed of Incorporation (](tm2530142d2_ex3-4.htm)*[Akte van oprichting](tm2530142d2_ex3-4.htm)*[), including the currently effective articles association (](tm2530142d2_ex3-4.htm)*[statuten](tm2530142d2_ex3-4.htm)*[) of GXO Capital.](tm2530142d2_ex3-4.htm) |
| 4.1\*\* | [Indenture, dated as of July 2, 2021, among GXO Logistics, Inc. and Wells Fargo Bank, National Association, as Trustee, incorporated by reference to Exhibit 4.1 to the Company's Amendment No. 3 to the Registration Statement on Form 10 (Commission file no. 001-40470) filed with the SEC on July 7, 2021.](https://www.sec.gov/Archives/edgar/data/1852244/000162828021013619/exhibit41-form10a.htm)  |
| 4.2 | [Form of Indenture for Debt Securities issued by GXO Capital.](tm2530142d2_ex4-2.htm)  |
| 4.4\* | Form of Warrant Certificate. |
| 4.5\* | Form of Senior Debt Securities. |
| 4.8\* | Form of Subordinated Debt Securities. |
| 4.9\* | Form of Warrant. |
| 4.10\* | Form of Warrant Agreement. |
| 5.1 | [Opinion of Wachtell, Lipton, Rosen & Katz.](tm2530142d2_ex5-1.htm)  |
| 5.2 | [Opinion of Baker & McKenzie Amsterdam N.V.](tm2530142d2_ex5-2.htm)  |
| 22.1 | [Subsidiary Issuer of Guaranteed Debt Securities.](tm2530142d2_ex22-1.htm)  |
| 23.1 | [Consent of KPMG LLP, independent registered public accounting firm.](tm2530142d2_ex23-1.htm)  |
| 23.2 | [Consent of Wachtell, Lipton, Rosen & Katz (included in Exhibit 5.1).](tm2530142d2_ex5-1.htm)  |
| 23.3 | [Consent of Baker & McKenzie Amsterdam N.V. (included in Exhibit 5.2).](tm2530142d2_ex5-2.htm)  |
| 24.1 | [Power of Attorney of GXO Logistics, Inc. (included in the signature pages hereto).](https://www.sec.gov/Archives/edgar/data/1852244/000110465924092457/tm2421394-1_s3asr.htm#tPOW)  |
| 24.2 | [Power of Attorney of GXO Capital (included in the signature pages hereto).](#tSIG)  |
| 25.1 | [Form T-1 Statement of Eligibility and Qualification of Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association) as Trustee under the Indenture dated as of July 2, 2021 for Debt Securities of GXO Logistics, Inc.](tm2530142d2_ex25-1.htm) |
| 25.2 | [Form T-1 Statement of Eligibility and Qualification of Computershare Trust Company, N.A. under the form of Indenture for Debt Securities of GXO Capital.](tm2530142d2_ex25-2.htm)  |
| 107 | [Filing Fee Table](tm2530142d1_ex-filingfees.htm)  |

---

\*

To be filed, if necessary, as an exhibit to a post-effective amendment to this registration statement or as an exhibit to a Current Report on Form 8-K to be filed by the Company in connection with a specific offering, and incorporated herein by reference.

\*\*

Previously filed.

#### ITEM 17. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

Each of the undersigned registrants hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment hereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered

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would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act ("Rule 424(b)") if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that clauses (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those clauses is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

That, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Each prospectus filed by the registrant pursuant to Rule 424(b)(3) under the Securities Act shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B under the Securities Act relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) under the Securities Act for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B under the Securities Act, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv)

Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Each undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of each undersigned registrant pursuant to the foregoing provisions, or otherwise, such registrant has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of such registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, such registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

Each undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the Trustee to act under subsection (a) of Section 310 of the Trust Indenture Act, in accordance with the rules and regulations prescribed by the SEC under Section 305(b)(2) of the Trust Indenture Act.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, GXO certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Greenwich, State of Connecticut, on this 13th day of November, 2025.

#### GXO LOGISTICS, INC.
By:

/s/ Karlis P. Kirsis

Name: Karlis P. Kirsis

Title: Chief Legal Officer

#### POWER OF ATTORNEY
We, the undersigned directors and officers of GXO Logistics, Inc., do hereby constitute and appoint Patrick Kelleher and Karlis P. Kirsis, or any of them, our true and lawful attorneys and agents, with full power of substitution, to do any and all acts and things in our name and on our behalf in our capacities as directors and officers and to execute any and all instruments for us and in our names in the capacities indicated below, which said attorneys and agents, or either of them, may deem necessary or advisable to enable said registrant to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with this registration statement, including specifically, but without limitation, power and authority to sign for us or any of us in our names in the capacities indicated below, any and all amendments (including post-effective amendments) hereto and we do hereby ratify and confirm that all said attorneys and agents, or any of them, shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Patrick Kelleher <br>Name: Patrick Kelleher  | Chief Executive Officer <br> (Principal Executive Officer)  | November 13, 2025  |
| /s/ Baris Oran <br>Name: Baris Oran  | Chief Financial Officer <br> (Principal Financial Officer)  | November 13, 2025  |
| /s/ Paul Blanchett <br>Name: Paul Blanchett  | Chief Accounting Officer <br> (Principal Accounting Officer)  | November 13, 2025  |
| /s/ Brad Jacobs <br>Name: Brad Jacobs  | Director <br> (Chairman)  | November 13, 2025  |
| /s/ Marlene Colucci <br>Name: Marlene Colucci  | Director <br> (Lead Independent Director)  | November 13, 2025  |
| /s/ Patrick Byrne <br>Name: Patrick Byrne  | Director  | November 13, 2025  |
| /s/ Todd Cooper <br>Name: Todd Cooper  | Director  | November 13, 2025  |
| /s/ Matthew Fassler <br>Name: Matthew Fassler  | Director  | November 13, 2025  |

---

------

[**TABLE OF CONTENTS**](#TOC)

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Michael Kneeland <br>Name: Michael Kneeland  | Director  | November 13, 2025  |
| /s/ Julio Nemeth <br>Name: Julio Nemeth  | Director  | November 13, 2025  |
| /s/ Torsten Pilz <br>Name: Torsten Pilz  | Director  | November 13, 2025  |
| /s/ Laura Wilkin <br>Name: Laura Wilkin  | Director  | November 13, 2025  |
| /s/ Kyle Wismans <br>Name: Kyle Wismans  | Director  | November 13, 2025  |

---

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[**TABLE OF CONTENTS**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, GXO Capital certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Eindhoven, Netherlands, on this 13th day of November, 2025.

#### GXO LOGISTICS CAPITAL B.V.
By:

/s/ Michael Shea

Name: Michael Shea

Title: Director

#### POWER OF ATTORNEY
We, the undersigned directors and officers of GXO Capital, do hereby constitute and appoint Patrick Kelleher and Karlis P. Kirsis, or any of them, our true and lawful attorneys and agents, with full power of substitution, to do any and all acts and things in our name and on our behalf in our capacities as directors and officers and to execute any and all instruments for us and in our names in the capacities indicated below, which said attorneys and agents, or either of them, may deem necessary or advisable to enable said registrant to comply with the Securities Act of 1933, as amended, and any rules, regulations and requirements of the U.S. Securities and Exchange Commission, in connection with this registration statement, including specifically, but without limitation, power and authority to sign for us or any of us in our names in the capacities indicated below, any and all amendments (including post-effective amendments) hereto and we do hereby ratify and confirm that all said attorneys and agents, or any of them, shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Michael Shea <br>Name: Michael Shea  | Director <br> Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer <br> Corporate Secretary <br> (Authorized Representative in the United States)  | November 13, 2025  |
| /s/ Bouke Laskewitz <br>Name: Bouke Laskewitz  | Director  | November 13, 2025  |

---

------

## Exhibit 3.4

**Exhibit 3.4**

---

| | |
|:---|:---|
| ![](tm2530142d2_ex3-4img01.jpg) | **Baker & McKenzie Amsterdam N.V.** |
| ![](tm2530142d2_ex3-4img01.jpg) |  |
| ![](tm2530142d2_ex3-4img01.jpg) | Attorneys at law, Tax advisors<br> and Civil-law notaries |
| ![](tm2530142d2_ex3-4img01.jpg) |  |
| ![](tm2530142d2_ex3-4img01.jpg) | P.O. Box 2720<br> 1000 CS Amsterdam<br> The Netherlands |
| 20250460/01/SAK2/RAS4 | Tel: +31 20 551 7555<br> www.bakermckenzie.nl |

---

**INCORPORATION**

**<u>GXO LOGISTICS CAPITAL B.V.</u>**

On this day, the fifteenth day of October two thousand and twenty-five, appeared before me, Kim Francis Tan, civil-law notary in Amsterdam, the Netherlands (the "**notary**"):

Sara Joanna Karetko, born in Warsaw, Poland on the twenty-seventh day of October nineteen hundred ninety-six, for the purpose hereof electing as her domicile the office of the notary (Claude Debussylaan 54, 1082 MD Amsterdam, the Netherlands), here acting upon a written power of attorney granted by:

**GXO Logistics Holdings B.V.**, a private company with limited liability organized and existing under the laws of the Netherlands, having its corporate seat in Eindhoven, the Netherlands, with office address at Achtseweg Noord 27, 5651 GG Eindhoven, the Netherlands and registered with the Trade Register of the Chamber of Commerce under number 73391832 (the "**Incorporator**").

![](tm2530142d2_ex3-4img01.jpg)

The appearing person declared to incorporate a private company with limited liability for and on behalf of the Incorporator, which shall be governed by the following:

**<u>ARTICLES OF ASSOCIATION</u>**

<u>Definition of terms</u>

<u>Article 1</u>

In these articles of association, the following terms have the following meanings:

a. general meeting: the corporate body of the company formed by the shareholders or, as the case may be, the meeting of the holders of
a meeting right;

b. depositary receipts: depositary receipts for shares in the company's capital;

c. subsidiary: a legal entity or company as referred to in article 2:24a Dutch Civil Code;

d. annual accounts: the balance sheet and the profit and loss account, plus the explanatory notes thereto;

e. written/in writing: in the form of any message transmitted and received in writing via any normal means of communication, including
fax or e-mail;

f. holder of a meeting right: party who, pursuant to the law or these articles of association, holds a meeting right;

g. meeting right: the right to attend and address the general meeting, either in person or by written proxy.

<u>Name and corporate seat</u>

<u>Article 2</u>

2.1 The company's name is **GXO Logistics Capital B.V.** 

2.2 The company has its corporate seat in Eindhoven, the Netherlands.

<u>Objects</u>

<u>Article 3</u>

The objects of the company are:

a. to attract, negotiate and enter into financing agreements, as well as to provide such agreements and services to other group companies;

b. to incorporate, conduct the management of, participate in and take any other financial interest in other companies and/or enterprises;

c. to render administrative, technical, financial, economic or managerial services to other companies, persons and/or enterprises;

d. to acquire, dispose of, manage and operate real property, personal property and other goods, including patents, trademark rights,
licences, permits and other industrial property rights;

![](tm2530142d2_ex3-4img01.jpg)

e. to raise funds by means of, *inter alia*, attracting loans, issuing bonds and other debt instruments, entering into financial
derivatives or otherwise, and investing and placing funds raised by the company in, among other things, (interests in) loans, bonds, debt
instruments, shares, warrants, and other similar securities, as well as in financial derivatives;

f. to borrow and/or lend monies, provide security or guarantee or otherwise warrant performance jointly and severally on behalf of group
companies and others,

the foregoing whether or not in collaboration with third parties and inclusive of the performance and promotion of all activities which directly and indirectly relate to those objects, all this in the broadest sense of the words.

<u>Shares and depositary receipts</u>

<u>Article 4</u>

4.1 The company has an issued share capital divided into one (1) or more shares.

4.2 At least one (1) share must be held by a party other than the company or one (1) of its subsidiaries and for a purpose other
than to benefit the company or one (1) of its subsidiaries.

4.3 The shares have a nominal value of one euro (EUR 1.00) each.

4.4 All shares are registered and are numbered consecutively from 1 onwards. No share certificates shall be issued. Attached to each
share is a voting right, a meeting right and a right to share in the company's profits and reserves, in accordance with the provisions
of these articles of association.

4.5 No meeting right is attached to depositary receipts. In deviation of the provision in the preceding sentence, the general meeting
is authorized to attach or to cancel the meeting right in relation to one (1) or more depositary receipts.

<u>Shareholders' register</u>

<u>Article 5</u>

5.1 The company's board of managing directors shall keep a register in which the names and addresses of all the shareholders are
recorded, specifying the date on which they acquired their shares, the date of acknowledgment by or service upon the company, the type
or class of the shares and the amount paid up on each share. Should a shareholder be exempt from an obligation, requirement or suspension
of rights as defined in article 2:192 paragraph 1 Dutch Civil Code under the articles of association, that exemption shall be noted. The
register shall also contain the names and addresses of all holders of a usufruct or right of pledge on shares, specifying the date on
which they acquired such usufruct or right of pledge, the date of acknowledgment by or service upon the company and the rights attached
to the shares which are vested in them in accordance with articles 11 and 29 of these articles of association. The names and addresses
of the holders of depositary receipts to which a meeting right is attached shall be recorded in the register, specifying the date on which
the meeting right was attached to their depositary receipts and the date of acknowledgement by or service upon the company.

![](tm2530142d2_ex3-4img01.jpg)

5.2 Shareholders and others whose details must be included in the shareholders' register pursuant to paragraph 1 of this article
shall provide the board of managing directors with the required details in a timely fashion. If an electronic address is also provided
for inclusion in the shareholders' register, such provision shall be deemed the permission of the relevant shareholder or other
holder of a meeting right to be sent all notifications and announcements, as well as convocations to general meetings, by electronic means.

5.3 The register shall be updated regularly and the grant of each release from liability for payments not yet made shall be recorded therein.
All entries or notes in the register shall be signed by a managing director.

5.4 Further to a request to that effect, the board of managing directors shall provide each shareholder, usufructuary, pledgee or holder
of a depositary receipt to which a meeting right is attached with an extract from the register relating to its entitlement to its share
or depositary receipt, free of charge. If a usufruct or right of pledge has been created on a share, the extract will specify to whom
the rights referred to in articles 11 and 29 of these articles of association accrue.

5.5 The board of managing directors shall make the register available at the company's offices for inspection by the shareholders
as well as by the usufructuaries or pledgees to whom the rights referred to in articles 11 and 29 of these articles of association accrue
as well as to holders of depositary receipts to which is attached a meeting right. The particulars in the register in respect of shares
which have not been paid up in full shall be available for public inspection and a copy or an extract of such particulars shall be provided
at no more than cost.

![](tm2530142d2_ex3-4img01.jpg)

<u>Issue of shares</u>

<u>Article 6</u>

6.1 The company may only issue shares pursuant to a resolution of the general meeting. The general meeting may delegate its powers in
this respect to another corporate body of the company and may revoke such delegation.

6.2 Paragraph 1 of this article shall apply *mutatis mutandis* to the granting of rights to subscribe for shares but will not apply
to the issuing of shares to persons exercising a previously obtained right to subscribe for shares.

<u>Conditions for issuing of shares. Pre-emptive rights</u>

<u>Article 7</u>

7.1 Any resolution to issue shares shall also specify the issue price and any further conditions in connection with the issue. The issuing
of shares shall require a notarial deed to be executed for that purpose before a civil-law notary practicing in the Netherlands, to which
those involved are party.

7.2 With due observance of the restrictions stipulated by law, each shareholder shall have a pre-emptive right on any further share issue,
in proportion to the aggregate amount of his shares.

7.3 Shareholders shall have a similar pre-emptive right with respect to the granting of rights to subscribe for shares.

7.4 The pre-emptive rights may be limited or suspended for each single issue by the corporate body of the company authorized to issue
shares.

<u>Payment on shares</u>

<u>Article 8</u>

8.1 On subscription for a share, payment must be made of its nominal value. The company may require that the nominal value or a part thereof
must first be paid after a certain period of time or after the company has requested such payment.

8.2 Payment on a share must be made in cash unless another form of contribution has been agreed. The company's permission is required
to pay on shares in a currency other than that in which the nominal value of the shares is denominated.

![](tm2530142d2_ex3-4img01.jpg)

<u>Acquisition of shares by the company in its own capital</u>

<u>Article 9</u>

9.1 The company may only acquire shares in its own capital pursuant to a resolution of the board of managing directors.

9.2 Any acquisition by the company of shares in its own capital that are not fully paid up shall be null and void.

9.3 Unless it acquires such shares free of charge, the company may not acquire fully paid-up shares in its own capital if the amount of
its equity, less the acquisition price, is less than the reserves that the company must maintain by law or pursuant to these articles
of association or if the board of managing directors knows or could reasonably be expected to foresee that the acquisition would make
the company unable to continue paying any of its due and payable debts.

9.4 If, after making such an acquisition that was not made free of charge, the company is unable to continue paying its due and payable
debts, the managing directors shall, subject to the provisions of law, be jointly and severally liable to the company for the shortfall

make the company unable to continue paying any of its due and payable debts shall be liable to the company for payment of the shortfall

to the company and with due observance of the provisions of law.

9.5 The provisions in the preceding paragraphs shall not apply to shares acquired by the company by operation of law.

9.6 Any acquisition of shares at the expense of the reserves referred to in paragraph 3 of this article shall be null and void. The managing
directors shall be jointly and severally liable to a good faith seller of shares who incurs a loss as a result of a sale being declared
null and void.

9.7 The term 'shares' as used in this article shall be taken to include depositary receipts.

<u>Capital reduction</u>

<u>Article 10</u>

With due observance of article 4 paragraph 2 of these articles of association and the provisions of law, the general meeting may resolve to reduce the issued capital of the company, either by a cancellation of shares or by a reduction of the nominal value of the shares by means of an amendment of the articles of association. A resolution to reduce the issued capital with a repayment in respect of the shares shall have no effect as long as it has not been approved by the board of managing directors. The provisions of article 2:216 paragraphs 2 up to and including 4 Dutch Civil Code shall apply accordingly to the resolution referred to in the previous sentence.

![](tm2530142d2_ex3-4img01.jpg)

<u>Transfer of shares and depositary receipts. Restricted rights</u>

<u>Article 11</u>

11.1 The transfer of shares and the transfer – including the creation and disposal – of any restricted rights attached to shares
shall require a notarial deed to be executed for that purpose before a civil-law notary practicing in the Netherlands, to which those
involved are party.

11.2 The transfer in accordance with paragraph 1 of this article will also be valid vis-à-vis the company by operation of law. Unless
the company is a party to the legal act, the rights attached to shares cannot be exercised until the company either acknowledges the legal
act or the notarial deed has been served upon the company in accordance with the relevant statutory provisions.

11.3 The provisions of paragraph 2 of this article shall apply *mutatis mutandis* to the transfer of depositary receipts to which
a meeting right is attached.

11.4 A shareholder may create a usufruct or right of pledge on one or more of his shares.

11.5 The voting right attached to the shares encumbered with a usufruct or right of pledge shall be vested in the shareholder. The voting
right may be vested in the usufructuary or pledgee if this is stipulated on the establishment of the usufruct or right of pledge or if
this is agreed afterwards in writing between the shareholder and the usufructuary or pledgee, provided that both this provision and –
in the case of a transfer of the usufruct or if another party succeeds to the rights of the pledgee – the transfer of the voting
right is approved by the general meeting.

11.6 The provisions of paragraph 2 of this article shall apply *mutatis mutandis* to a written agreement as referred to in paragraph
5 of this article, above.

![](tm2530142d2_ex3-4img01.jpg)

<u>Transferability of shares</u>

<u>Article 12</u>

Shares can be transferred freely and without any restrictions as referred to in article 2:195 Dutch Civil Code.

<u>Board of managing directors</u>

<u>Article 13</u>

13.1 The board of managing directors consists of one (1) or more managing directors, with the actual number being determined by the
general meeting. Each managing director of the company has the title of director (*directeur*).

13.2 The managing directors are appointed by the general meeting.

13.3 For the purposes of article 9 paragraph 4, article 10 and article 23 paragraph 3 of these articles of association, a person who has
determined or co-determined the company's policies as if he or she were a managing director shall be considered equivalent to a
managing director, including the same responsibilities and liabilities.

<u>Suspension and dismissal</u>

<u>Article 14</u>

14.1 The general meeting is authorized to suspend or dismiss a managing director from office at any time.

14.2 Any such suspension may be extended once or more often, but will be limited to a total of three (3) months. Such suspension shall
expire on lapse of this period unless a resolution has been adopted either to lift the suspension or to dismiss the managing director
prior to the end of this period.

<u>Remuneration</u>

<u>Article 15</u>

The general meeting determines the remuneration and other terms and conditions of employment of each managing director.

<u>Managerial duties</u>

<u>Article 16</u>

16.1 Subject to the restrictions set forth in these articles of association and with due observance of the law, the board of managing directors
is charged with the management of the company.

16.2 The board of managing directors may adopt rules and regulations governing its decision-making process.

16.3 The board of managing directors may make a division of duties, specifying the individual duties of each managing director.

![](tm2530142d2_ex3-4img01.jpg)

<u>Meetings of the board of managing directors</u>

<u>Article 17</u>

17.1 The board of managing directors shall meet as often as a managing director requests a meeting.

17.2 Each managing director is authorized to convene a meeting of the board of managing directors in writing, specifying the topics to
be discussed. Such convocation shall take place no later than two (2) days prior to the day of the meeting.

17.3 A summary reflection of the matters addressed at the meeting must be recorded in the minutes.

17.4 A managing director may be represented at the meeting by a fellow managing director authorized by written power of attorney.

17.5 No legally valid resolutions may be passed with regard to items that are not included in the agenda, the written convening notice
or which have not been announced as prescribed or within the prescribed convocation term, unless the managing directors unanimously agree
that resolutions on these items shall be passed.

<u>Resolutions of the board of managing directors. Conflict of interest</u>

<u>Article 18</u>

18.1 The board of managing directors adopts resolutions by an absolute majority of the votes cast. Each managing director has a right to
cast one (1) vote. In the event the votes are equally divided, the proposal is rejected.

18.2 A managing director with a direct or indirect personal interest that conflicts with the company's interest may not take part
in the deliberations or decision-making. If no resolution can be adopted by the board of managing directors as result thereof, such resolution
must be adopted by the general meeting or by a corporate body as appointed by the general meeting for that purpose, which corporate body
- notwithstanding the provisions of this paragraph - may also be the board of managing directors.

18.3 The board of managing directors may adopt resolutions outside meetings provided that all its members have agreed with this method
of decision-making and have expressed themselves regarding the proposal concerned in writing.

![](tm2530142d2_ex3-4img01.jpg)

<u>Representative authority</u>

<u>Article 19</u>

19.1 The board of managing directors represents the company. The authority to represent the company is also vested in two (2) managing
directors acting jointly in the case that the board of managing directors consists of more than one (1) managing director.

19.2 The board of managing directors may appoint officers with a limited or unlimited power of attorney. Each officer will represent the
company within the scope of his authority. The officers' titles are determined by the board of managing directors.

<u>Approval of board resolutions</u>

<u>Article 20</u>

20.1 The general meeting is authorized to make subject to its approval resolutions by the board of managing directors. Any such resolution
must be clearly described and reported to the board of managing directors in writing.

20.2 The absence of approval as defined in this article will not impair the representative authority of the board of managing directors
or of the managing directors.

<u>Absence. Inability to act</u>

<u>Article 21</u>

If one or more managing director(s) is/are absent or unable to perform his/their duties, the remaining managing director or managing directors shall be temporarily charged with the management of the company. In the event of the absence or inability to act of all the managing directors or the sole managing director, a person appointed for that purpose by the general meeting shall be temporarily charged with the management of the company.

<u>Financial year. Annual accounts</u>

<u>Article 22</u>

22.1 The financial year corresponds with the calendar year.

22.2 The board of managing directors is required to draw up the annual accounts within five (5) months of the end of the company's
financial year, unless this period has been extended by a maximum of five (5) months by the general meeting on account of special
circumstances.

22.3 The annual accounts must be signed by the managing directors; if one or more of their signatures is missing, this shall be stated
giving the reason therefore.

![](tm2530142d2_ex3-4img01.jpg)

22.4 The general meeting adopts the annual accounts.

22.5 A resolution to adopt the annual accounts shall not automatically discharge a managing director. The general meeting may resolve to
grant one or more managing directors full or partial discharge.

22.6 If all of the shareholders are also managing directors of the company, the signing of the annual accounts by all of the managing directors
shall not be considered an adoption as referred to in paragraph 4 of this article.

22.7 If so required by law, the company shall instruct a qualified auditor to examine its accounts and records. The general meeting is
authorized to appoint the auditor. If the general meeting fails to appoint the auditor, the board of managing directors is authorized
to do so. The appointment of the auditor may be withdrawn for good reasons with due observance of article 2:393 paragraph 2 Dutch Civil
Code.

22.8 The statutory provisions apply to the directors' report, the additional data to be added, the auditor's report and the
publication of the directors' report.

<u>Profits</u>

<u>Article 23</u>

23.1 The general meeting is authorized to allocate the profit determined by adopting the annual accounts and to resolve on any distributions,
to the extent that the company's equity exceeds the reserves that the company must maintain pursuant to the law or these articles
of association.

23.2 A resolution intending a distribution shall not be effected until the board of managing directors approves such resolution. The board
of managing directors shall withhold such approval only if it knows, or could reasonably be expected to foresee, that the distribution
would make the company unable to continue paying any of its due and payable debts.

23.3 If, after making such a distribution, the company is unable to continue paying its due and payable debts, the managing directors shall,

A party receiving such distribution who knows or could reasonably be expected to foresee that the distribution would make the company

distribution, with said liability not to exceed the amount of the distribution received by that party and with due observance of the provisions
of prevailing law.

![](tm2530142d2_ex3-4img01.jpg)

23.4 In calculating the profit distribution, the shares held by the company in its own capital will not be taken into account.

23.5 In calculating the amount to be distributed on each share, only the amount of the obligatory payments on the nominal amount of the
shares will be taken into account.

23.6 A claim of a shareholder to receive a distribution expires after five (5) years.

<u>General meetings</u>

<u>Article 24</u>

24.1 At least once during each financial year, either a general meeting shall be held, or resolutions shall be passed in accordance with
article 31 paragraph 1 of these articles of association, or the annual accounts shall be adopted with due observance of the provisions
of article 22 paragraph 6 of these articles of association.

24.2 The agenda for such general meeting as mentioned in paragraph 1 of this article shall, among other things, include the following items:

a. the directors' report;

b. adoption of the annual accounts;

c. discharging the managing directors for the management they performed in the past financial year;

d. allocation of result;

e. the filling of any vacancies;

f. other proposals by the board of managing directors or shareholders or others entitled to cast votes and/or other holders of a meeting
right, provided that these proposals have been raised and announced with due observance of the provisions of article 26 of these articles
of association.

<u>Other meetings</u>

<u>Article 25</u>

25.1 Without prejudice to the provisions of article 24 paragraph 1 of these articles of association, other general meetings shall be held
as often as the board of managing directors, a single managing director or a pledgee with voting rights considers necessary.

![](tm2530142d2_ex3-4img01.jpg)

25.2 One or more shareholders who, alone or together, represent at least one one-hundredth (1/100) of the issued capital may submit a written
request to the board of managing directors to convene a general meeting, provided that such request contains a detailed description of
the items to be addressed at said meeting. The board of managing directors will take the steps necessary to ensure that the general meeting
is held within four (4) weeks of its receipt of such request, except in the event of a countervailing substantial company interest.

25.3 For the purposes of the application of this article, shareholders shall be equated with other holders of a meeting right.

<u>Convocation of meetings. Agenda</u>

<u>Article 26</u>

26.1 General meetings are convened by the board of managing directors, a single managing director or a pledgee with voting rights, without
prejudice to the provisions laid down in article 25 paragraph 2 of these articles of association.

26.2 Convocation shall take place in writing to the addresses recorded in the register of shareholders with due observance of article 5
paragraph 2 of these articles of association and no less than on the eighth (8th) day prior to the day of the meeting.

26.3 The convening notice shall specify the matters to be addressed at the general meeting. Any matters not specified in the convening
notice may be announced later, with due observance of the requirements of paragraph 5 of this article.

26.4 Shareholders and other holders of a meeting right who jointly represent at least one one-hundredth (1/100) part of the issued capital
shall be entitled to request the board of managing directors to place one (1) or more matters on the agenda for the next general
meeting. The board of managing directors shall place such matter(s) on the agenda except in the event of a countervailing substantial
company interest. If the convening notice referred to in paragraph 2 of this article for the next meeting has already been sent out and
there are fewer than thirty (30) days between the request for matters to be placed on the agenda and the day of the next meeting, the
said matters shall be placed on the agenda for the meeting following that next meeting.

26.5 No legally valid resolutions may be passed with regard to items that are not included in the agenda, the written convening notice
or which have not been announced as prescribed or within the prescribed convocation term, unless all holders of a meeting right have agreed
with the decision-making on these items and the managing directors have been given the opportunity to advise on the items to be resolved
upon prior to the adoption thereof.

![](tm2530142d2_ex3-4img01.jpg)

<u>Venue for general meetings</u>

<u>Article 27</u>

General meetings shall be held in the municipality in which the company has its corporate seat, its head office, in the municipality of Amsterdam, or in the municipality of Haarlemmermeer (Schiphol Airport). A general meeting may be held elsewhere, provided that all holders of a meeting right have agreed with the meeting venue and the managing directors have been given the opportunity to advise on the items to be resolved upon prior to the adoption thereof.

<u>Chair. Minutes</u>

<u>Article 28</u>

28.1 The general meeting shall appoint its own chairperson. The chairperson appoints a secretary.

28.2 The secretary shall take minutes of the proceedings at each general meeting. The said minutes shall be confirmed and signed in evidence
thereof by the chairperson and the secretary.

28.3 The chairperson or the party who convened the meeting may resolve to have a notarial report made of the proceedings at the meeting.
Such notarial report shall be co-signed by the chairperson.

28.4 The board of managing directors is required to keep records of the resolutions adopted by the general meeting and deposit them at
the company's office for inspection by the shareholders and other holders of a meeting right. Upon request, each shareholder and
holder of a meeting right will be provided with a copy of or excerpt from the records at no more than cost.

28.5 If the board of managing directors is not represented at a meeting, the chairperson of the meeting is responsible for ensuring that
the board of managing directors is given a copy of the resolutions adopted as soon as possible after the meeting.

![](tm2530142d2_ex3-4img01.jpg)

<u>Meeting right. Right to attend</u>

<u>Article 29</u>

29.1 A meeting right is allocated to shareholders, holders of depositary receipts for shares to which a meeting right is attached and to
usufructuaries and pledgees who hold voting rights. Usufructuaries and pledgees who do not hold voting rights shall not have a meeting
right unless provisions to the contrary were agreed upon the creation or transfer of the usufruct or right of pledge.

29.2 Each holder of a meeting right or its representative who attends a meeting must sign the attendance list.

29.3 Each holder of a meeting right or its representative participating in the general meeting by way of electronic means of communication
shall be identified by the chairperson in the manner as stated in the terms and conditions mentioned in paragraph 6 of this article. The
name of the holder of a meeting right and the name of any representative participating in the general meeting by way of electronic means
of communication shall be added to the attendance list.

29.4 The managing directors have, in that capacity, an advisory vote at general meetings.

29.5 The general meeting may resolve to allow persons, other than those referred to in this article, to attend general meetings of shareholders.

29.6 The board of managing directors may determine that a holder of a meeting right or its representative may attend and address general
meetings, and, insofar as possible, exercise its voting right by electronic means of communication. The board of managing directors sets
the terms and conditions for electronic participation to the meeting as mentioned in the previous sentence and announces those in the
convening notice. These conditions in any case encompass the method by which the holder of a meeting right or its representative can (i) be
identified through the electronic means of communication, (ii) take direct cognisance of the proceedings at the meeting and (iii) insofar
as possible, exercise its voting right.

<u>Resolutions of the general meeting</u>

<u>Article 30</u>

30.1 Resolutions are passed by an absolute majority of the votes cast, unless the law or these articles of association require a greater
majority.

30.2 Each share confers the right to cast one (1) vote. No votes may be cast during the general meeting for a share held by the company
or any of its subsidiaries; nor for shares of which either of them holds the depositary receipts.

![](tm2530142d2_ex3-4img01.jpg)

30.3 If there is a tie in voting at the election of persons, a drawing of lots shall determine the issue. If there is a tie in voting on
other matters, the proposal shall be considered rejected.

30.4 Blank votes and invalid votes will be deemed not to have been cast.

30.5 The conditions as referred to in article 29 paragraph 6 of these articles of association mention the manner in which a shareholder
or its representative may participate in the voting by way of electronic means.

<u>Resolutions adopted outside a meeting</u>

<u>Article 31</u>

31.1 Shareholder resolutions may be adopted outside meetings, provided that all holders of a meeting right have agreed with this method
of decision-making. The managing directors must be given the opportunity to advise on the items to be resolved upon prior to the adoption
thereof.

31.2 If resolutions are passed outside meetings, the votes shall be cast in writing. The requirement that votes be cast in writing may
also be satisfied if the resolution is adopted in writing and includes a statement of the method by which each of the shareholders cast
its vote.

<u>Amendment to the articles of association</u>

<u>Article 32</u>

The general meeting is authorized to adopt a resolution to amend the articles of association. If a proposal to amend the articles of association is submitted to the general meeting, this must always be stated in the notice convening the general meeting and simultaneously a copy of the proposal containing the proposed amendment verbatim must be deposited at the company's office for inspection by the shareholders and other holders of a meeting right until the end of the meeting.

<u>Dissolution and liquidation</u>

<u>Article 33</u>

33.1 The general meeting is authorized to adopt a resolution to dissolve the company. If a resolution is to be proposed to the general
meeting for dissolving the company, such shall be stated in the convening notice.

33.2 In the event of the company being dissolved, the managing directors shall be the liquidators of the assets of the dissolved company,
unless the general meeting appoints other persons to do so.

![](tm2530142d2_ex3-4img01.jpg)

33.3 The liquidators have the same powers, duties and liabilities as managing directors, insofar as such is compatible with their task
as liquidator.

33.4 Any surplus assets remaining after the company's debts have been settled shall be distributed to the shareholders in proportion
to the aggregate nominal value of their individual shareholding.

33.5 After the company has ceased to exist, the company's accounts, records and other data carriers must be kept for seven (7) years
by the person designated for that purpose by the general meeting.

<u>FINAL PROVISIONS</u>

Finally, the person appearing declared on behalf of the Incorporator:

a. The company's issued capital on incorporation is one euro (EUR 1.00), consisting of one (1) share, numbered 1.

The Incorporator shall participate in the issued capital of the company by subscribing for one (1) share.

The share has been issued at par.

The issued share has not been fully paid up in cash. The Incorporator is obliged to fully pay up the share upon the company's request. The share may be paid up in a currency other than that in which the nominal value of the share is denominated.

b. The following persons are hereby appointed as the company's first managing directors:

- **Michael Brian Shea**; and

- **Bouke Laskewitz.**

c. The company's first financial year ends on the thirty-first day of December two thousand twenty-five.

d. The address of the company is Achtseweg Noord 27, 5651 GG Eindhoven, the Netherlands.

The underlined headings in this deed have been included for ease of reference only.

The existence of the power of attorney to the appearing person appears from one (1) private instrument attached to this deed.

The appearing person is known to me, notary,

![](tm2530142d2_ex3-4img01.jpg)

IN WITNESS WHEREOF,

the original of this deed was drawn up and executed in Amsterdam, the Netherlands on the date in the first paragraph of this deed. The substance of this deed was stated and clarified to the appearing person. The appearing person declared to have taken note of the content of this deed in time before its execution, agreed to its content and did not require a full reading of this deed. Subsequently, after limited reading in accordance with the law, this deed was signed by the appearing person and me, notary.

## Exhibit 4.2

**Exhibit 4.2**

------

**GXO LOGISTICS CAPITAL B.V.**, as the Company

and

**GXO LOGISTICS, INC.**, as the Guarantor

DEBT SECURITIES

INDENTURE

Dated as of [ ]

COMPUTERSHARE TRUST COMPANY, N.A.,

as Trustee

------

**CROSS-REFERENCE TABLE**

This Cross-Reference Table is not a part of the Indenture

---

| | |
|:---|:---|
| **TIA Section** | **Indenture Section** |
| 310(a)(1) | 7.10 |
| (a)(2) | 7.10 |
| (a)(3) | N.A. |
| (a)(4) | N.A. |
| (b) | ‎7.08; ‎7.10; ‎11.02 |
| 311(a) | 7.11 |
| (b) | 7.11 |
| 312(a) | 2.05 |
| (b) | 11.03 |
| (c) | 11.03 |
| 313(a) | 7.06 |
| (b)(1) | N.A. |
| (b)(2) | 7.06 |
| (c) | 11.02 |
| (d) | 7.06 |
| 314(a) | ‎4.03; ‎11.02 |
| (b) | N.A. |
| (c)(1) | 11.04 |
| (c)(2) | 11.04 |
| (c)(3) | N.A. |
| (d) | N.A. |
| (e) | 11.05 |
| 315(a) | ‎7.01(b) |
| (b) | ‎7.05; ‎11.02 |
| (c) | 7.01(a) |
| (d) | ‎7.01(c) |
| (e) | 6.11 |
| 316(a)(last sentence) | 11.06 |
| (a)(1)(A) | 6.05 |
| (a)(1)(B) | 6.04 |
| (a)(2) | N.A. |
| (b) | 6.07 |
| (c) | 9.04 |
| 317(a)(1) | 6.08 |
| (a)(2) | 6.09 |
| (b) | 2.04 |
| 318(a) | 11.01 |
| (c) | N.A. |

---

N.A. means Not Applicable.

i

**<u>**TABLE OF CONTENTS**</u>**

<u>Page</u>

This **Table of Contents** is not a part of the Indenture

---

| | | |
|:---|:---|:---|
| Article 1<br> Definitions and Incorporation by Reference | Article 1<br> Definitions and Incorporation by Reference | Article 1<br> Definitions and Incorporation by Reference |
| Section 1.01. | Definitions | 1 |
| Section 1.02. | Other Definitions | 6 |
| Section 1.03. | Incorporation by Reference of Trust Indenture Act | 7 |
| Section 1.04. | Rules of Construction | 7 |
| Article 2<br> The Securities | Article 2<br> The Securities | Article 2<br> The Securities |
| Section 2.01. | Form and Dating | 8 |
| Section 2.02. | Execution and Authentication | 10 |
| Section 2.03. | Registrar and Paying Agent | 11 |
| Section 2.04. | Paying Agent to Hold Money | 11 |
| Section 2.05. | Securityholder Lists | 12 |
| Section 2.06. | Transfer and Exchange | 12 |
| Section 2.07. | Replacement Securities | 12 |
| Section 2.08. | Outstanding Securities | 13 |
| Section 2.09. | Temporary Securities | 13 |
| Section 2.10. | Cancellation | 13 |
| Section 2.11. | Defaulted Interest | 13 |
| Section 2.12. | Treasury Securities | 14 |
| Section 2.13. | CUSIP/ISIN Numbers/Common Codes | 14 |
| Section 2.14. | Deposit of Moneys | 14 |
| Section 2.15. | Book-Entry Provisions for Global Security | 14 |
| Section 2.16. | No Duty to Monitor | 16 |
| Article 3<br> Redemption | Article 3<br> Redemption | Article 3<br> Redemption |
| Section 3.01. | Notices to Trustee | 17 |
| Section 3.02. | Selection of Securities to be Redeemed | 17 |
| Section 3.03. | Notice of Redemption | 18 |
| Section 3.04. | Effect of Notice of Redemption | 19 |
| Section 3.05. | Deposit of Redemption Price | 19 |
| Section 3.06. | Securities Redeemed in Part | 19 |

---

ii

---

| | | |
|:---|:---|:---|
| Article 4<br> Covenants | Article 4<br> Covenants | Article 4<br> Covenants |
| Section 4.01. | Payment of Securities | 19 |
| Section 4.02. | Maintenance of Office or Agency | 20 |
| Section 4.03. | Compliance Certificate | 20 |
| Section 4.04. | Waiver of Stay, Extension or Usury Laws | 20 |
| Section 4.05. | Commission Reports | 20 |
| Section 4.06. | Limitation on Liens | 21 |
| Article 5<br> Successor Person | Article 5<br> Successor Person | Article 5<br> Successor Person |
| Section 5.01. | When Company May Merge, etc | 23 |
| Section 5.02. | When Guarantor May Merge, etc | 24 |
| Article 6<br> Defaults and Remedies | Article 6<br> Defaults and Remedies | Article 6<br> Defaults and Remedies |
| Section 6.01. | Events of Default | 25 |
| Section 6.02. | Acceleration | 26 |
| Section 6.03. | Other Remedies | 26 |
| Section 6.04. | Waiver of Existing Defaults | 27 |
| Section 6.05. | Control by Majority | 27 |
| Section 6.06. | Limitation on Suits | 27 |
| Section 6.07. | Rights of Holders to Receive Payment | 28 |
| Section 6.08. | Collection Suit by Trustee | 28 |
| Section 6.09. | Trustee May File Proofs of Claim | 28 |
| Section 6.10. | Priorities | 28 |
| Section 6.11. | Undertaking for Costs | 29 |
| Article 7<br> Trustee | Article 7<br> Trustee | Article 7<br> Trustee |
| Section 7.01. | Duties of Trustee | 29 |
| Section 7.02. | Rights of Trustee | 30 |
| Section 7.03. | Individual Rights of Trustee | 32 |
| Section 7.04. | Trustee's Disclaimer | 32 |
| Section 7.05. | Notice of Defaults | 32 |
| Section 7.06. | Reports by Trustee to Holders | 33 |
| Section 7.07. | Compensation and Indemnity | 33 |
| Section 7.08. | Replacement of Trustee | 34 |
| Section 7.09. | Successor Trustee by Merger, etc | 34 |
| Section 7.10. | Eligibility; Disqualification | 34 |
| Section 7.11. | Preferential Collection of Claims Against Company | 35 |

---

iii

---

| | | |
|:---|:---|:---|
| Article 8<br> Discharge of Indenture | Article 8<br> Discharge of Indenture | Article 8<br> Discharge of Indenture |
| Section 8.01. | Defeasance upon Deposit of Moneys or Government Obligations; Satisfaction and Discharge | 35 |
| Section 8.02. | Survival of the Company's Obligations | 38 |
| Section 8.03. | Application of Trust Money | 38 |
| Section 8.04. | Repayment to the Company | 38 |
| Section 8.05. | Reinstatement | 39 |
| Article 9<br> Amendments, Supplements and Waivers | Article 9<br> Amendments, Supplements and Waivers | Article 9<br> Amendments, Supplements and Waivers |
| Section 9.01. | Without Consent of Holders | 39 |
| Section 9.02. | With Consent of Holders | 40 |
| Section 9.03. | Compliance with Trust Indenture Act | 41 |
| Section 9.04. | Revocation and Effect of Consents | 41 |
| Section 9.05. | Notation on or Exchange of Securities | 42 |
| Section 9.06. | Trustee to Sign Amendments, etc | 42 |
| Article 10<br> Securities in Foreign Currencies | Article 10<br> Securities in Foreign Currencies | Article 10<br> Securities in Foreign Currencies |
| Section 10.01. | Applicability of Article | 43 |
| Article 11<br> Miscellaneous | Article 11<br> Miscellaneous | Article 11<br> Miscellaneous |
| Section 11.01. | Trust Indenture Act Controls | 43 |
| Section 11.02. | Notices | 43 |
| Section 11.03. | Communications by Holders with Other Holders | 44 |
| Section 11.04. | Certificate and Opinion as to Conditions Precedent | 45 |
| Section 11.05. | Statements Required in Certificate or Opinion | 45 |
| Section 11.06. | Rules by Trustee and Agents | 45 |
| Section 11.07. | Legal Holidays | 45 |
| Section 11.08. | Governing Law | 46 |
| Section 11.09. | No Adverse Interpretation of Other Agreements | 46 |
| Section 11.10. | No Recourse Against Others | 46 |
| Section 11.11. | Successors and Assigns | 46 |
| Section 11.12. | Duplicate Originals | 46 |
| Section 11.13. | Severability | 46 |
| Section 11.14. | PATRIOT ACT | 47 |
| Section 11.15. | Waiver of Jury Trial | 47 |
| Section 11.16. | Jurisdiction | 47 |
| Section 11.17. | Judgment Currency | 47 |
| Section 11.18. | Service of Process | 48 |

---

iv

Article 12<br> Guarantee <br>Section 12.01. Guarantee 48

EXHIBIT A – Form of Security

v

INDENTURE dated as of [ ] (this "**Base Indenture**"), among GXO LOGISTICS CAPITAL B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated under the laws of the Netherlands, having its corporate seat (*statutaire zetel*) at Eindhoven, the Netherlands, its registered office at Achtseweg Noord 27, 5651 GG Eindhoven, The Netherlands and registered with the trade register of the Chamber of Commerce (*Kamer van Koophandel*) under number 98594087 (the "**Company**"), GXO LOGISTICS, INC., a Delaware corporation (the "**Guarantor**"), and COMPUTERSHARE TRUST COMPANY, N.A., as trustee (the "**Trustee**").

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Company's debt securities issued under this Base Indenture:

Article 1<br> Definitions and Incorporation by Reference

Section 1.01. *Definitions*.

"**Affiliate**" means, when used with reference to a specified Person, any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Person specified.

"**Agent**" means any Registrar, Paying Agent or co-Registrar or agent for service of notices and demands.

"**Authorizing Resolution**" means a resolution adopted by the Board of Directors or by an Officer or committee of Officers pursuant to delegation by the Board of Directors authorizing a Series of Securities. Unless stated otherwise or the context indicates otherwise, this term will refer to an Authorizing Resolution of the Company.

"**Bankruptcy Law**" means Title 11 of the United States Code, as amended, or any similar federal, state or foreign law for the relief of debtors.

"**Board of Directors**" means the Board of Directors of the Company or the Guarantor, as applicable, or any duly authorized committee thereof. Unless stated otherwise or the context indicates otherwise, this term will refer to the Board of Directors of the Company.

"**Business Day**" means any calendar day that is not a Saturday or a Sunday or a day on which banking institutions in the City of New York or City of London (or any other place of payment with respect to the applicable Security) are authorized or required by law, regulation or executive order to close.

"**capital stock**" means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of or in such Person's capital stock or other equity interests.

"**Clearstream**" means Clearstream Banking S.A., *société anonyme*, or its successor to its securities clearance and settlement operations.

"**Commission**" means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at any time after the execution of this Base Indenture such Commission is not existing and performing the duties now assigned to it under the TIA, then the body performing such duties at such time.

"**Company**" means the party named as such in this Base Indenture until a successor replaces it pursuant to this Base Indenture and thereafter means the successor.

"**Consolidated Total Assets**" means, as of the time of determination, total assets as reflected on the Guarantor's most recent consolidated balance sheet prepared as of the end of a fiscal quarter in accordance with GAAP which the Guarantor shall have most recently filed with the Commission (or, if the Guarantor is not required to so file, as reflected on its most recent consolidated balance sheet prepared in accordance with GAAP) prior to the time at which Consolidated Total Assets is being determined. The calculation of Consolidated Total Assets shall give pro forma effect to any acquisition by or disposition of assets of the Guarantor or any of its Subsidiaries involving the payment or receipt by the Guarantor or any of its Subsidiaries, as applicable, of consideration (whether in the form of cash or non-cash consideration) in excess of $500,000,000 that has occurred since the end of such fiscal quarter, as if such acquisition or disposition had occurred on the last day of such fiscal quarter.

"**Continuing Entity**" has the meaning set forth in ‎Section 5.01(a)(i).

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

"**Default**" means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default.

"**Definitive Security**" means a certificated Security registered in the name of the Securityholder thereof.

"**Depositary**" means, with respect to Securities of any Series which the Company shall determine will be issued in whole or in part as a Global Security, Clearstream, Euroclear, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, and any other applicable U.S. or foreign statute or regulation, which, in each case, shall be designated by the Company pursuant to ‎Section 2.01.

"**Dollars**" or "**$**" means United States Dollars.

"**€**" and "**euros**" each refer to the single currency of the participating member states of the European Union participating in the third stage of economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended or supplemented from time to time.

"**Domestic Subsidiary**" means any Subsidiary of the Guarantor of which, at the time of determination, all of the outstanding capital stock (other than directors' qualifying shares) is owned by the Guarantor directly and/or indirectly and which, at the time of determination, is primarily engaged in contract logistics, other than a Subsidiary that (a) neither transacts any substantial portion of its business nor regularly maintains any substantial portion of its fixed assets within the United States, (b) all or substantially all of whose assets consist of the capital stock of one or more Subsidiaries which are not Domestic Subsidiaries, (c) a majority of whose Voting Stock is owned directly or indirectly by one or more Subsidiaries of the Guarantor which are not Domestic Subsidiaries or (d) does not own a Principal Property.

"**DTC**" means The Depository Trust Company.

"**Euroclear**" means Euroclear Bank S.A./N.V., a company organized under the laws of Belgium, as operator of the Euroclear System, or its successor in such capacity.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Foreign Currency**" means any currency, currency unit or composite currency, including, without limitation, the euro, issued by the government of one or more countries other than the United States of America or by any recognized confederation or association of such governments.

"**GAAP**" means generally accepted accounting principles in the United States of America in effect from time to time.

"**Global Security**" means, with respect to any Series of Securities, a Security executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary's instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

"**Government Obligations**" means securities which are (i) direct obligations of the United States or the other government or governments in the confederation which issued the Foreign Currency in which the principal of or any interest on the Security of the applicable Series shall be payable, in each case for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States or such other government or governments, in each case the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States or such other government or governments, which, in either case are not callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Government Obligations or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depositary receipt; *provided* that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depositary receipt.

"**Guarantee**" means the guarantee by the Guarantor of the Company's obligations under any Security of any applicable Series under this Indenture.

"**Guaranteed Obligations**" has the meaning specified in Section 12.01.

"**Guarantor**" means the Person named as the "Guarantor" in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Base Indenture, and thereafter "Guarantor" will mean such successor Person.

"**Holder**" or "**Securityholder**" means the Person in whose name a Security is registered on the Registrar's books.

"**Indebtedness**" means, with respect to any Person, debt (other than Non-recourse Obligations) of such Person for borrowed money.

"**Indenture**" means this Base Indenture as amended or supplemented from time to time, including pursuant to any Authorizing Resolution or supplemental indenture pertaining to any Series, and including, for all purposes of this instrument and any such Authorizing Resolution or supplemental indenture, the provisions of the TIA that are deemed to be a part of and govern this Base Indenture and any such Authorizing Resolution or supplemental indenture, respectively.

"**Issue Date**" means, with respect to any Series of Securities, the date on which the Securities of such Series are originally issued under this Indenture.

"**Lien**" means any lien, security interest, pledge, mortgage, conditional sale or other title retention agreement or other similar encumbrance.

"**Non-recourse Obligation**" means Indebtedness (A) substantially related to (1) the acquisition of assets not previously owned by the Guarantor or any of its Subsidiaries or (2) the financing of a project involving the development or expansion of properties of the Guarantor or any of its Subsidiaries, or (B) renewing, refinancing, replacing or extending any of the types of Indebtedness referred to in the preceding clause (A), in each case, as to which the obligee with respect to such Indebtedness has no recourse to the Guarantor or its assets other than the assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof), *provided* that Indebtedness will not fail to qualify as Non-recourse Obligations solely because the Guarantor has indemnified any such obligee against damages resulting from or is otherwise obligated to such obligee in respect of exceptions to non-recourse liability in general usage (as determined in good faith by the Board of Directors or any Senior Officer of the Guarantor) in the relevant industry at the time such Indebtedness is incurred (such as fraud, waste, misapplication of funds, failure to maintain insurance coverage, and environmental liability).

"**Notice of Default**" has the meaning specified in ‎Section 6.01(c).

"**NYUCC**" means the New York Uniform Commercial Code, as in effect from time to time.

"**Officer**" means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the Chief Accounting Officer, the President, any Vice President, the Treasurer, the Assistant Treasurer, the Controller, the Agent for Service, Corporate Secretary, Authorized Representative in the United States, the Principal Executive Officer, the Principal Financial Officer, the Principal Accounting Officer, the Appropriate Officer or the Secretary of the Company or the Guarantor, as applicable. Unless stated otherwise or the context indicates otherwise, this term will refer to an Officer of the Company.

"**Officer's Certificate**" means a certificate signed by an Officer of the Company or the Guarantor, as applicable. Unless stated otherwise or the context indicates otherwise, this term will refer to an Officer's Certificate of the Company.

"**Opinion of Counsel**" means a written opinion of counsel, which may be an employee of or counsel for the Guarantor, any Subsidiary of the Guarantor (including the Company) or any Person of which the Guarantor is a Subsidiary, and who shall be reasonably acceptable to the Trustee.

"**Person**" means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or political subdivision thereof.

"**principal**" of a debt security means the principal of the security *plus*, when appropriate, the premium, if any, on the security.

"**Principal Property**" means the land, improvements, buildings and fixtures constituting any research and development facility or service and support facility that is real property located within the territorial limits of the United States (excluding its territories and possessions and Puerto Rico) owned or leased by the Guarantor or any of its Domestic Subsidiaries and having a net book value which, on the date of determination as to whether a Property is a Principal Property is being made, exceeds 2% of Consolidated Total Assets, other than (a) any such facility as any of the Board of Directors determines in good faith is not of material importance to the total business conducted, or assets owned, by the Guarantor and its Subsidiaries, taken as a whole, and (b) the Guarantor's principal corporate offices.

"**Property**" means any property or asset, whether real, personal or mixed, or tangible or intangible, including shares of capital stock.

"**Securities**" means any securities that are issued under this Base Indenture.

"**Securities Act**" means the U.S. Securities Act of 1933, as amended.

"**Senior Officer**" of any specified Person means the Chief Executive Officer, any President, any Vice President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of such Person.

"**Series**" means a series of Securities established under this Base Indenture.

"**Subsidiary**" means any corporation or other entity of which at least a majority of the outstanding capital stock or other equity interests having by the terms thereof ordinary voting power to elect a majority of the directors, managers or trustees of such corporation or other entity, irrespective of whether or not at the time capital stock or other equity securities of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency, is at the time, directly or indirectly, owned or controlled by the Guarantor or by one or more of its Subsidiaries, or by the Guarantor and one or more of its Subsidiaries.

"**TIA**" means the Trust Indenture Act of 1939, as amended.

"**Trust Officer**" means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who, in each case, shall have direct responsibility for the administration of this Indenture.

"**Trustee**" means the party named as such in this Base Indenture until a successor replaces it pursuant to this Base Indenture and thereafter means the successor serving hereunder; *provided*, *however*, that if at any time there is more than one such Person, "Trustee" as used with respect to the Securities of any Series shall mean only the Trustee with respect to Securities of that Series.

"**United States**" means the United States of America.

"**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 or managers of such Person (or if such Person is a partnership, the board of directors or other governing body of the general partner of such Person).

Section 1.02. *Other Definitions*.

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| | |
|:---|:---|
| **Term** | **Defined in Section** |
| Agent Members | ‎2.15(a) |
| Applicable Deficit | 8.01(e) |
| Base Indenture | Preamble |
| Covenant Defeasance | ‎8.01(c) |
| Event of Default | 6.01 |
| Legal Defeasance | ‎8.01(b) |
| Legal Holiday | 11.07 |
| Paying Agent | 2.03 |
| Registrar | 2.03 |
| Security Register | 2.03 |
| Signature Law | 11.12 |

---

Section 1.03. *Incorporation by Reference of Trust Indenture Act*. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

"indenture securities" means the Securities of a particular Series.

"obligor" on the indenture securities means the Company or any other obligor on the Securities of a Series.

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meanings so assigned to them.

Section 1.04. *Rules of Construction*. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP and all accounting determinations shall be made in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive and "including" means "including without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words in the singular include the plural, and in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "herein," "hereof" and "hereunder," and other words of similar import, refer to this Indenture as a whole (including any Authorizing Resolution or supplemental indenture relating to the relevant Series) and not to any particular Article, Section or other subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all exhibits are incorporated by reference herein and expressly made a part of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any transaction or event shall be considered "permitted by" or made "in accordance with" or "in compliance with" this Indenture or any particular provision hereof if such transaction or event is not expressly prohibited by this Indenture or such provision, as the case may be.

Article 2<br> The Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the title of the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate principal amount (or any limit on the aggregate principal amount) of the Series and, if any Securities of a Series are to be issued at a discount from their face amount, or with a premium, the method of computing the accretion of such discount or computing such premium;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the interest rate or method of calculation of the interest rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date from which interest will accrue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the record dates for interest payable on Securities of the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the dates when, places where and manner in which principal and interest are payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if there is more than one Trustee or a Trustee other than Computershare Trust Company, N.A., the identity of the Trustee and, if not the Trustee, the identity of each Registrar, Paying Agent or authenticating agent with respect to such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of any redemption at the option of Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the permissible denominations in which Securities of such Series are issuable, if different from €100,000 and integral multiples of €1,000 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whether Securities of such Series will be issued in registered or bearer form and the terms of any such forms of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) whether the Securities of the Series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions, if different from those contained in this Base Indenture, upon which such Global Security or Securities may be exchanged in whole or in part for Definitive Securities; the Depositary for such Global Security or Securities; and the form of any legend or legends, if any, to be borne by any such Global Security or Securities in addition to or in lieu of the legends referred to in ‎Section 2.15;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the currency or currencies (including any composite currency) in which principal or interest or both may be paid and the agency or organization, if any, responsible for overseeing any composite currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if payments of principal or interest may be made in a currency other than that in which Securities of such Series are denominated, the manner for determining such payments, including the time and manner of determining the exchange rate between the currency in which such Securities are denominated and the currency in which such Securities or any of them may be paid, and any deletions from or modifications of or additions to the terms of this Base Indenture to provide for or to facilitate the issuance of Securities denominated or payable, at the election of the Company or a Holder thereof or otherwise, in a Foreign Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) whether the amount of payments of principal of or any interest on such Securities may be determined with reference to an index, formula, financial or economic measure or other method or methods (which index, formula, measure or method or methods may be based, without limitation, on one or more currencies, commodities, equity indices or other indices) and if so, the terms and conditions upon which and the manner in which such amounts shall be determined and paid or be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) provisions for electronic issuance of Securities or issuance of Securities of such Series in uncertificated form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) any Events of Default, covenants, defined terms and/or other terms in addition to or in lieu of those set forth in this Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) whether and upon what terms Securities of such Series may be defeased or discharged if different from the provisions set forth in this Base Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the form of the Securities of such Series, which, unless the Authorizing Resolution, Officer's Certificate or supplemental indenture otherwise provides, shall be in the form of Exhibit A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) any terms that may be required by or advisable under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the percentage of the principal amount of the Securities of such Series which is payable if the maturity of the Securities of such Series is accelerated in the case of Securities issued at a discount from their face amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) whether Securities of such Series will or will not have the benefit of guarantees and, if applicable, the terms and conditions upon which such guarantees may be subordinated to other indebtedness of the respective guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) whether the Securities of such Series are unsubordinated or subordinated debt securities, and if subordinated debt securities, the terms of such subordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) whether the Securities of the Series will be convertible into or exchangeable for other Securities, capital stock or other securities of any kind of the Company or another Person or Persons, and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the initial conversion or exchange price or rate or the method of calculation, how and when the conversion price or exchange ratio may be adjusted, whether conversion or exchange is mandatory, at the option of the holder or at the Company's option, the conversion or exchange period, and any other provision in relation thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any other terms in addition to or different from those contained in this Base Indenture applicable to such Series.

All Securities of one Series need not be issued at the same time and, unless otherwise provided, a Series may be reopened for issuances of additional Securities of such Series pursuant to an Authorizing Resolution, an Officer's Certificate or in any indenture supplemental hereto.

The creation and issuance of a Series and the authentication and delivery thereof are not subject to any conditions precedent.

The Guarantees endorsed on the Securities of each Series shall be substantially in the form or forms set forth in Exhibit A hereto or as shall be established by or pursuant to an Authorizing Resolution of the Guarantor, an Officer's Certificate of the Guarantor or one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Base Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws, the rules of any securities exchange or Depositary therefor or as may, consistently herewith, be determined by the Officer of the Guarantor executing such Guarantees, as evidenced by such Officer's execution of the Guarantees.

Section 2.02. *Execution and Authentication*. One Officer of the Company shall sign the Securities for the Company and one Officer of the Guarantor shall sign the Guarantees, in each case, by manual, electronic or facsimile signature.

If an Officer of the Company whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall nevertheless be valid.

If an Officer of the Guarantor whose signature is on the Guarantee no longer holds that office at the time the Trustee authenticates the Guarantee, the Guarantee shall nevertheless be valid.

A Security shall not be valid until the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Base Indenture.

At any time and from time to time after the execution and delivery of this Base Indenture, the Company may deliver Securities of any Series executed by the Company to the Trustee for authentication. Each Security shall be dated the date of its authentication. The Trustee shall authenticate Securities for original issue upon receipt of, and shall be fully protected in relying upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an order to the Trustee signed by an Officer of the Company directing the Trustee to authenticate the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Officer's Certificate of the Company delivered in accordance with ‎Section 11.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than in connection with the authentication of the Securities issued on the date hereof pursuant to this Indenture, an Opinion of Counsel for the Company delivered in accordance with ‎Section 11.04; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability to existing Holders.

Section 2.03. *Registrar and Paying Agent*. The Company shall maintain an office or agency where Securities may be presented for registration of transfer or where Securities of a Series that are convertible or exchangeable may be surrendered for conversion or exchange ("**Registrar**"), an office or agency where Securities may be presented for payment ("**Paying Agent**") and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Registrar shall keep a register of the Securities and of their transfer and exchange (the "**Security Register**"). The Company may have one or more co-Registrars and one or more additional paying agents. The term "Paying Agent" includes any additional paying agent. The Company may at any time rescind the designation of any Registrar or Paying Agent or approve a change in the office through which the Registrar or Paying Agent acts.

The Company shall enter into an appropriate agency agreement with any Agent not a party to this Base Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall promptly notify the Trustee in writing of the name and address of any such Agent, and the Trustee shall have the right to inspect the Security Register at all reasonable times to obtain copies thereof, and the Trustee shall have the right to rely upon such register as to the names and addresses of the Holders and the principal amounts and certificate numbers thereof. If the Company fails to maintain a Registrar or Paying Agent or fails to give the foregoing notice, the Trustee shall act as such.

Section 2.04. *Paying Agent to Hold Money*. Each Paying Agent shall hold for the benefit of Securityholders and the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities, and shall notify the Trustee of any default by the Company in making any such payment. If the Company, the Guarantor or a Subsidiary acts as Paying Agent, it shall segregate the money and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon doing so the Paying Agent shall have no further liability for the money. Upon an Event of Default under Section 6.01(d) or Section 6.01(e), the Trustee shall automatically be the Paying Agent.

Section 2.05. *Securityholder Lists*. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least five (5) Business Days before each annual interest payment date and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Securityholders.

Section 2.06. *Transfer and Exchange*. Where a Security is presented to the Registrar or a co-Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of Section 8-401(a) of the NYUCC are met and the other provisions of this ‎Section 2.06 and, to the extent applicable, ‎Section 2.15, are satisfied. Where Securities are presented to the Registrar or a co- Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit transfers and exchanges, the Trustee shall authenticate Securities at the Registrar's request. The Registrar need not transfer or exchange any Security selected for redemption or transfer or exchange any Security for a period of 15 days before a selection of Securities to be redeemed or repurchased. Any exchange or transfer shall be without charge, except that the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto, except in the case of exchanges pursuant to ‎Section 2.09, ‎3.06 or 9.05 not involving any transfer. In connection with the foregoing, the Registrar may require a Holder to furnish appropriate endorsements and transfer documents.

Any Holder of a Global Security shall, by acceptance of such Global Security, agree that transfers of beneficial interests in such Global Security may be effected only through a book- entry system maintained by the Holder of such Global Security (or its agent), and that ownership of a beneficial interest in the Security shall be required to be reflected in a book entry.

Section 2.07. *Replacement Securities*. If the Holder of a Security claims that the Security has been lost, destroyed, mutilated or wrongfully taken, the Company shall issue and execute a replacement security and, upon written request of any Officer of the Company, the Trustee shall authenticate such replacement Security; *provided*, in the case of a lost, destroyed or wrongfully taken Security, that the requirements of Section 8-405 of the NYUCC are met. If any such lost, destroyed, mutilated or wrongfully taken Security shall have matured or shall be about to mature, the Company may, instead of issuing a substitute Security therefor, pay such Security without requiring (except in the case of a mutilated Security) the surrender thereof. An indemnity bond must be sufficient in the judgment of the Trustee to protect the Trustee and in the judgment of the Company to protect the Company, the Trustee and any Agent from any loss which any of them may suffer if a Security is replaced, including the acquisition of such Security by a bona fide purchaser. The Company and the Trustee may charge for their expenses in replacing a Security.

Section 2.08. *Outstanding Securities*. Securities outstanding at any time are all Securities authenticated by the Trustee except for those cancelled by it and those described in this Section. A Security does not cease to be outstanding because the Company or one of its Affiliates holds the Security.

If a Security is replaced pursuant to ‎Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Security is held by a "protected purchaser" (as such term is defined in the NYUCC).

If the Paying Agent holds on a redemption date, purchase date or maturity date money sufficient to pay Securities payable on that date, then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue.

Subject to the foregoing provisions of this Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

Section 2.09. *Temporary Securities*. Until Definitive Securities are ready for delivery, the Company may execute and the Trustee shall (upon receipt of an order from the Company) authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and, upon surrender for cancellation of the temporary Security, the Company shall execute and the Trustee shall authenticate Definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities authenticated and delivered hereunder.

Section 2.10. *Cancellation*. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange, redemption, purchase or payment. The Trustee and no one else shall cancel and dispose of such cancelled or tendered Securities, or retain in accordance with its standard retention policy, all Securities surrendered for registration of transfer, exchange, redemption, purchase, payment or cancellation. Unless the Authorizing Resolution, Officer's Certificate or supplemental indenture so provides, the Company may not issue new Securities to replace Securities that it has previously paid or delivered to the Trustee for cancellation.

Section 2.11. *Defaulted Interest*. If the Company defaults in a payment of interest on the Securities of any Series, it shall pay the defaulted interest plus any interest payable on the defaulted interest to the persons who are Securityholders of such Series on a subsequent special record date. The Company shall fix such special record date and a payment date. At least 15 days before such special record date, the Company shall send to each Securityholder of the relevant Series (with a copy to the Trustee) a notice that states the record date, the payment date and the amount of defaulted interest to be paid. On or before the date such notice is sent, the Company shall deposit with the Paying Agent money sufficient to pay the amount of defaulted interest to be so paid. The Company may pay defaulted interest in any other lawful manner if, after notice given by the Company to the Trustee of the proposed payment, such manner of payment shall be deemed practicable by the Trustee.

Section 2.12. *Treasury Securities*. In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any direction, waiver, consent or notice, Securities owned by the Company or any of its Affiliates shall be considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually knows are so owned shall be so considered.

Section 2.13. *CUSIP/ISIN Numbers*/*Common Codes*. The Company in issuing the Securities of any Series may use a "CUSIP", "ISIN" and/or Common Codes or other similar number, and if so, the Trustee shall use the CUSIP, ISIN and/or Common Codes or other similar number in notices of redemption or exchange as a convenience to Holders of such Securities; *provided* that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of any such CUSIP, ISIN and/or Common Codes or other similar number printed in the notice or on such Securities, and that reliance may be placed only on the other identification numbers printed on such Securities. The Company shall promptly notify the Trustee of any change in any CUSIP, ISIN and/or Common Codes or other similar number.

Section 2.14. *Deposit of Moneys*. Prior to 10:00 a.m., London time, on each interest payment date and maturity date with respect to each Series of Securities, the Company shall have deposited with the Paying Agent in immediately available funds money in the applicable currency sufficient to make cash payments due on such interest payment date or maturity date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders of such Series on such interest payment date or maturity date, as the case may be.

Section 2.15. *Book-Entry Provisions for Global Security*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Global Security of a Series initially shall (i) be registered in the name of the Depositary or the nominee of such Depositary, or the nominee of the Common Depositary (ii) be delivered to the Paying Agent or the Trustee as custodian for such Depositary and (iii) bear any required legends.

Members of, or participants in, the Depositary ("**Agent Members**") shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Paying Agent or Trustee as its custodian, or under the Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transfers of any Global Security shall be limited to transfers in whole, but not in part, to the Depositary, its successors or their respective nominees. Global Securities of a Series will be exchangeable for Definitive Securities of such Series without interest coupons only in the following limited circumstances: (i) the Depositary for any of the Securities represented by a registered Global Security notifies the Company that it is unwilling or unable to continue as depositary or clearing system for such Global Securities of such Series, and the Company fails to appoint a successor Depositary within 90 days; (ii) the Company in its sole discretion determines to allow such Global Securities to be exchangeable for a Definitive Security in registered form or (iii) there has occurred and is continuing an Event of Default with respect to the Securities of which such Global Security is a part and the depositary notifies the Trustee of its decision to exchange any Global Security of such Series for Definitive Securities of such Series under the Indenture. In all such cases, Definitive Securities delivered in exchange for any Global Securities or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any transfer or exchange of a portion of the beneficial interest in any Global Security to beneficial owners pursuant to paragraph ‎(b), the Registrar shall (if one or more Definitive Securities are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the beneficial interest in the Global Security to be transferred, and the Company shall execute, and the Trustee shall authenticate and deliver, one or more Definitive Securities of like Series and amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the transfer of an entire Global Security to beneficial owners pursuant to paragraph ‎(b), the Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in the Global Security, an equal aggregate principal amount of Definitive Securities of the same Series in authorized denominations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Holder of any Global Security may grant proxies and otherwise authorize any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise provided in the Authorizing Resolution or supplemental indenture for a particular Series of Securities, each Global Security of such Series shall bear legends in substantially the following forms:

"THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE HOLDERS OF BENEFICIAL INTERESTS HEREIN, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES, EXCEPT THAT (I) THE TRUSTEE MAY MAKE ANY SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06 OF THE BASE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED AS A WHOLE, BUT NOT IN PART, TO THE DEPOSITARY, ITS SUCCESSORS OR THEIR RESPECTIVE NOMINEES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV, AS OPERATOR OF THE EUROCLEAR SYSTEM ("EUROCLEAR"), AND CLEARSTREAM BANKING S.A., ("CLEARSTREAM" AND, TOGETHER WITH EUROCLEAR, "EUROCLEAR/CLEARSTREAM"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE DEPOSITARY, HAS AN INTEREST HEREIN."

Section 2.16. *No Duty to Monitor*. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary.

Article 3<br> Redemption

Section 3.01. *Notices to Trustee*. Securities of a Series that are redeemable prior to maturity shall be redeemable in accordance with their terms and, unless the Authorizing Resolution, Officer's Certificate or supplemental indenture provides otherwise, in accordance with this ‎Article 3.

If the Company wants to redeem Securities pursuant to any provisions of such Securities permitting the Company to redeem such Securities at its option, it shall notify the Trustee and the Paying Agent in writing of the redemption date and the principal amount of Securities to be redeemed. Any such notice may be cancelled at any time prior to notice of such redemption being sent to Holders. Any such cancelled notice shall be void and of no effect.

If the Company wants to credit any Securities previously redeemed, retired or acquired against any redemption pursuant to any provisions of such Securities requiring the Company to redeem such Securities, it shall notify the Trustee of the amount of the credit and it shall deliver any Securities not previously delivered to the Trustee for cancellation with such notice.

The Company shall give each notice provided for in this ‎Section 3.01 at least two days before the notice of any such redemption is to be delivered to Holders (unless a shorter notice shall be satisfactory to the Trustee or the Paying Agent).

Section 3.02. *Selection of Securities to be Redeemed*. If fewer than all of the Securities of a Series are to be redeemed, the Trustee or Paying Agent (or Depositary, as applicable) shall select the Securities to be redeemed pro rata, by lot or such other method the Trustee or Paying Agent (or Depositary, as applicable) considers fair and appropriate and in a manner that complies with applicable requirements of the Depositary. The Trustee or Paying Agent (or Depositary, as applicable) shall make the selection from Securities outstanding not previously called for redemption and shall promptly notify the Company of the serial numbers or other identifying attributes of the Securities so selected. The Trustee or Paying Agent (or Depositary, as applicable) may select for redemption portions of the principal of Securities that have denominations larger than the minimum denomination for the Series. Securities and portions of them it selects shall be in amounts equal to a permissible denomination for the Series. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.

Unless otherwise provided in the Authorizing Resolution, Officer's Certificate or supplemental indenture relating to a Series, if any Security selected for partial redemption is converted into or exchanged for capital stock or other securities, cash or other property in part before termination of the conversion or exchange right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities which have been converted or exchanged during a selection of Securities to be redeemed shall be treated by the Trustee as outstanding for the purpose of such selection.

Section 3.03. *Notice of Redemption*. At least 10 days but not more than 60 days before a redemption date, the Company shall send a notice of redemption by first-class mail, postage prepaid (or in the case of Global Securities, deliver electronically in accordance with the applicable procedures of the Depositary), to each Holder of Securities to be redeemed (with a copy to the Trustee or Paying Agent).

The notice shall identify the Securities to be redeemed and shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the redemption date and any conditions precedent to such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the redemption price or the formula pursuant to which such price will be calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of Securities of a Series that are convertible or exchangeable into shares of the Company's capital stock or other securities, cash or other property, the conversion or exchange price or rate, the date or dates on which the right to convert or exchange the principal of the Securities of such Series to be redeemed will commence or terminate and the place or places where such Securities may be surrendered for conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the name and address of the Paying Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that, unless the Company defaults in payment of the redemption price, interest on Securities called for redemption ceases to accrue on and after the redemption date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) that the Securities are being redeemed pursuant to the mandatory redemption or the optional redemption provisions, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the CUSIP number and that no representation is hereby deemed to be made be made by the Trustee as to the correctness or accuracy of any such CUSIP and/or ISIN or other similar number printed in the notice or on such Securities, and that reliance may be placed only on the other identification numbers printed on such Securities.

At the Company's request, the Trustee shall give the notice of redemption in the Company's name and at its expense; *provided*, *however*, that the Company shall deliver to the Trustee at least two days prior to the date on which notice of redemption is to be sent or such shorter period as may be satisfactory to the Trustee, such notice and an Officer's Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

Section 3.04. *Effect of Notice of Redemption*. Once notice of redemption is sent, Securities called for redemption become due and payable on the redemption date and at the redemption price as set forth in the notice of redemption, unless otherwise specified in such notice of redemption. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price, *plus* accrued and unpaid interest to the redemption date.

Any notice of redemption of any Series of Securities may, at the Company's discretion, be subject to one or more conditions precedent with respect to completion of a corporate transaction (including, but not limited to, any merger, acquisition, disposition, asset sale or corporate restructuring or reorganization) or financing (including, but not limited to, any incurrence of indebtedness (or entering into a commitment with respect thereto), sale and leaseback transaction, issuance of securities, equity offering or contribution, liability management transaction or other capital raise) and may be given prior to the completion thereof. If a redemption is subject to satisfaction of one or more conditions precedent, the notice shall describe each condition, and the notice may be rescinded in the event that any or all of the conditions shall not have been satisfied on or prior to the redemption date; *provided, however* that in no event may such notice be rescinded later than 10:00 a.m. London time on the redemption date. Any notice of redemption may provide that payment of the redemption price and the Company's obligations with respect to the redemption may be performed by another Person.

Section 3.05. *Deposit of Redemption Price*. On or before the redemption date, the Company shall deposit with the Paying Agent immediately available funds in the applicable currency sufficient to pay the redemption price of and accrued interest on all Securities to be redeemed on that date. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Securities, or portions thereof, called for redemption.

Section 3.06. *Securities Redeemed in Part*. Upon surrender of a Definitive Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate for each Holder a new Definitive Security of the same Series equal in principal amount to the unredeemed portion of the Definitive Security surrendered. If any Global Security is redeemed in part, the records of the Trustee shall reflect such decrease in the principal amount of such Global Security.

Article 4<br> Covenants

Section 4.01. *Payment of Securities*. The Company shall pay the principal of and interest on a Series on the dates, in the currency and in the manner provided in the Securities of the Series. An installment of principal or interest shall be considered paid on the date it is due if the Paying Agent holds on that date money in the applicable currency designated for and sufficient to pay the installment.

The Company shall pay interest on overdue principal at the rate borne by the Series; it shall pay interest on overdue installments of interest at the same rate.

Section 4.02. *Maintenance of Office or Agency*. The Company shall maintain the office or agency required under ‎Section 2.03. The Company shall give prior written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee, *provided* that the Trustee shall not be the agent for service of legal process on the Company.

Section 4.03. *Compliance Certificate*. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officer's Certificate stating whether or not the signer knows of any continuing Default by the Company in performing any of its obligations under this Indenture. If the signer does know of such a Default, the certificate shall describe the Default.

Section 4.04. *Waiver of Stay, Extension or Usury Laws*. Each of the Company and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever claim or take the benefit or advantage of any stay or extension law or any usury law or other law that would prohibit or forgive the Company or the Guarantor, as applicable, from paying all or any portion of the principal of or interest on the Securities of any Series as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) each of the Company and the Guarantor expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 4.05. *Commission Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During any time period in which the TIA applies to this Indenture or Securities of any Series, the Guarantor shall file with the Trustee and the Commission, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the TIA at the times and in the manner provided pursuant to the TIA; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. The Guarantor will be deemed to have complied with the obligations described in the immediately previous sentence to the extent that the information, documents and reports are filed with the Commission via EDGAR (or any successor electronic delivery procedure) and posted on the Guarantor's website or otherwise publicly available. For the avoidance of doubt, neither this Base Indenture nor the Securities will initially be qualified under the TIA as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delivery of the reports, information and documents to the Trustee is for informational purposes only and the Trustee's receipt shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Guarantor's compliance with any of its covenants under the Indenture as to which the Trustee is entitled to rely conclusively on an Officer's Certificate. The Trustee shall have no liability or responsibility for the filing, timeliness or content of such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During any time period in which the TIA does not apply to the Indenture or Securities of any Series, for so long as any such Securities remain outstanding, the Guarantor will furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

Section 4.06. *Limitation on Liens*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Guarantor or any of its Domestic Subsidiaries incurs, issues, assumes or guarantees any Indebtedness and that Indebtedness is secured by a Lien on any of the Principal Properties of the Guarantor or any of its Domestic Subsidiaries, the Company will secure the Securities of each Series equally and ratably with, or prior to, such secured Indebtedness, so long as such secured Indebtedness shall be so secured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing restriction shall not apply, with respect to any Series, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on Property of a Person existing at the time such Person is merged into or consolidated with the Guarantor or any of its Subsidiaries, at the time such Person becomes a Subsidiary of the Guarantor, or at the time of a sale, lease or other disposition of all or substantially all of the Properties or assets of a Person to the Guarantor or any of the Guarantor's Subsidiaries; *provided* that such Lien was not incurred in anticipation of the merger, consolidation, sale, lease, or other disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Liens on Property existing at the time of acquisition by the Guarantor or any of its Subsidiaries of such Property (which may include Property previously leased by the Guarantor or any of its Subsidiaries and leasehold interests on such Property, *provided* that the lease terminates prior to or upon the acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Liens on Property to secure the payment of all or any part of the cost of acquisition, construction, development or improvement of such Property, or to secure Indebtedness incurred to provide funds for any such purpose, *provided* that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than 18 months after the later of (a) the completion of the acquisition, construction, development or improvement of such Property or (b) the placing in operation of such Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Liens in favor of the Guarantor or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens existing on the date of the initial Issue Date of the Securities of such Series (other than any additional Securities of such Series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Liens created to secure the Securities of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Liens incurred in connection with pollution control, industrial revenue or similar financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Liens on Property in favor of the United States of America or any state thereof, or in favor of any other country, or any department, agency, instrumentality or political subdivision thereof (including, without limitation, security interests to secure Indebtedness of the pollution control or industrial revenue type) in order to permit the Guarantor or any of its Subsidiaries to perform a contract or to secure Indebtedness incurred for the purpose of financing all or any part of the purchase price for the cost of constructing or improving the Property subject to such security interests or which is required by law or regulation as a condition to the transaction of any business or the exercise of any privilege, franchise or license;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any Indebtedness secured by any Lien referred to in clauses ‎(i) through ‎(viii) and ‎(x), inclusive, *provided* that (1) such extension, renewal or replacement Lien shall be limited to all or a part of the same Property that secured the Lien extended, renewed or replaced (plus improvements on such Property, and plus any Property relating to a specific project, the completion of which is funded pursuant to clause (2)(b) below), and (2) the Indebtedness secured by such Lien at such time is not increased (other than (a) by an amount equal to any related financing costs (including, but not limited to, the accrued interest and premium, if any, on the Indebtedness being refinanced) and (b) where an additional principal amount of Indebtedness is incurred to provide funds for the completion of a specific project or Property that is subject to a Lien securing the Indebtedness being extended, refinanced or renewed, by an amount equal to such additional principal amount); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens created in substitution of any Liens permitted by clauses ‎(i) through ‎(ix), inclusive, *provided* that, (1) based on a good faith determination of a Senior Officer of the Guarantor, the Principal Property encumbered by such substitute or replacement Lien is substantially similar in nature to the Principal Property encumbered by the otherwise permitted Lien that is being replaced, and (2) the Indebtedness secured by such Lien at such time is not increased (other than (a) by an amount equal to any related financing costs (including, but not limited to, the accrued interest and premium, if any, on the Indebtedness being refinanced) and (b) where an additional principal amount of Indebtedness is incurred to provide funds for the completion of a specific project or property that is subject to a Lien securing the Indebtedness being extended, refinanced or renewed, by an amount equal to such additional principal amount).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the restrictions set forth in Section 4.06(a) and Section 4.06(b), the Guarantor and its Domestic Subsidiaries may incur secured Indebtedness which would otherwise be subject to such restrictions without equally and ratably securing the Securities of any Series, *provided* that, after giving effect to such secured Indebtedness, the outstanding aggregate principal amount of all such secured Indebtedness (not including Liens permitted under clauses ‎(i) through ‎(x) of Section 4.06(b) with respect to such Series) does not exceed the greater of (i) 15% of Consolidated Total Assets calculated as of the date of the creation or incurrence of the Lien and (ii) 15% of Consolidated Total Assets calculated as of the date of initial Issue Date of the Securities of such Series. The Guarantor or its Domestic Subsidiaries may also, without equally and ratably securing the Securities of any Series, create or incur Liens that renew, substitute or replace (including successive renewals, substitutions or replacements), in whole or in part, any Lien permitted pursuant to the preceding sentence with respect to such Series.

Article 5<br> Successor Person

Section 5.01. *When Company May Merge, etc*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may consolidate with or merge into another Person or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its Property to any other Person, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the Company is the continuing Person, or (B) the successor formed from the consolidation or merger or the Person that received the transfer of or leases the Property (the "**Continuing Entity**") is a Person organized and existing under the laws of the Netherlands, the United States of America, any State thereof or the District of Columbia, any country which is, on the date hereof, a member state of the European Union, Canada or the United Kingdom and expressly assumes, by an indenture supplemental hereto, all of the Company's obligations under the Securities and the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to the transaction, no Event of Default shall have occurred and be continuing under this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company or the Continuing Entity delivers to the Trustee an Officer's Certificate and an Opinion of Counsel, subject to customary qualifications and exceptions, each stating that the transaction and (if a supplemental indenture is required in connection with such transaction) the supplemental indenture complies with this Section 5.01 and that all conditions precedent in this Indenture relating to the transaction have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon satisfaction of the foregoing conditions, if the Company is not the continuing Person, then the Continuing Entity shall succeed to, and be substituted for, and may exercise every right and power of the Company under the Indenture and the Company will be released from all obligations and covenants under the Indenture and the Securities; *provided* that, in the case of a lease of all or substantially all of the Company's Property, the Company will not be released from any of the obligations or covenants under the Indenture and the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Section 5.01, any sale, conveyance, transfer, lease or other disposition of Property between or among the Company and its Subsidiaries will not be prohibited under the Indenture.

Section 5.02. *When Guarantor May Merge, etc*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor may consolidate with or merge into another Person or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its Property to any other Person, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) the Guarantor is the continuing Person, or (B) the Continuing Entity is a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and expressly assumes, by an indenture supplemental hereto, all of the Guarantor's obligations under the Securities and the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) immediately after giving effect to the transaction, no Event of Default shall have occurred and be continuing under the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Guarantor or the Continuing Entity delivers to the Trustee an Officer's Certificate and an Opinion of Counsel, subject to customary qualifications and exceptions, each stating that the transaction and (if a supplemental indenture is required in connection with such transaction) the supplemental indenture complies with this Section 5.01 and that all conditions precedent in the Indenture relating to the transaction have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon satisfaction of the foregoing conditions, if the Guarantor is not the continuing Person, then the Continuing Entity shall succeed to, and be substituted for, and may exercise every right and power of the Guarantor under the Indenture and the Guarantor will be released from all obligations and covenants under the Indenture, the Guarantee and the Securities; *provided* that, in the case of a lease of all or substantially all of the Guarantor's Property, the Guarantor will not be released from any of the obligations or covenants under the Indenture and the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Section 5.02, any sale, conveyance, transfer, lease or other disposition of Property between or among the Guarantor and its Subsidiaries will not be prohibited under the Indenture.

Article 6<br> Defaults and Remedies

Section 6.01. *Events of Default*. Each of the following events shall constitute an "**Event of Default**" with respect to a Series of Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of the principal of or premium, if any, on any Security of such Series when due at its stated maturity date, upon any optional or mandatory redemption or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of any interest upon any Security of such Series when it becomes due and payable (if the time of payment has not been extended or deferred), and continuance of such default for a period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the performance, or breach, of any covenant of the Company or the Guarantor in the Indenture relating to the Securities of such Series (other than a covenant a default in whose performance or whose breach is elsewhere in this Section 6.01 specifically dealt with), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, or overnight delivery service to the Company and the Guarantor by the Trustee or to the Company, the Guarantor and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Securities of such Series a written notice specifying such default or breach and stating that such notice is a "**Notice of Default**" under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company or the Guarantor in an involuntary case or proceeding under any applicable Federal, State or foreign bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Company or the Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or the Guarantor under any applicable Federal, State or foreign law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or the Guarantor, as applicable, or of all or substantially all of the Property of the Company or the Guarantor, as applicable, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the commencement by the Company or the Guarantor of a voluntary case or proceeding under any applicable Federal, State or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company or the Guarantor in an involuntary case or proceeding under any applicable Federal, State or foreign bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company or the Guarantor, or the filing by the Company or the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable Federal, State or foreign, or the consent by the Company or the Guarantor to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or the Guarantor, as applicable, or of all or substantially all of the Property of the Company or the Guarantor, as applicable, or the making by the Company or the Guarantor of a general assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other than by reason of release of the Guarantor in accordance with the terms of this Indenture, the Guarantee ceasing for any reason to be in full force and effect relating to such Series of Securities, or the Guarantor denying or disaffirming in writing its obligations under the Guarantee relating to the Securities of such Series, and such Guarantee not being issued or returned to full force and effect within, or the denial or disaffirmation not being rescinded, by the date that is 10 days after receipt of a specified written notice to the Guarantor from the Trustee or a Holder of the Securities.

Section 6.02. *Acceleration*. If an Event of Default (other than an Event of Default pursuant to Section 6.01(d) or Section 6.01(e)) occurs and is continuing with respect to a Series of Securities, then the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Securities of such Series may, by a notice in writing to the Company and the Guarantor (and to the Trustee if given by Holders), declare the principal amount of all such Securities of such Series, plus accrued and unpaid interest, if any, on such Securities of such Series to be due and payable immediately, and upon any such declaration such principal amount and accrued and unpaid interest shall become immediately due and payable. However, upon an Event of Default pursuant to Section 6.01(d) or Section 6.01(e), the principal amount of all outstanding Securities of such Series, plus accrued and unpaid interest, if any, on all outstanding Securities of such Series to the acceleration date, shall be due and payable immediately without any declaration or other act on the part of the Trustee or any Holder.

At any time after such a declaration of acceleration with respect to the Securities of a Series has been made but before a judgment or decree for payment of the money due has been obtained by the Trustee, the Holders of a majority in aggregate principal amount of the outstanding Securities of such Series, by written notice to the Trustee, may rescind and annul such declaration and its consequences if all Events of Default, other than the non-payment of the principal and interest, if any, of Securities of such Series which have become due solely as a result of such declaration of acceleration, have been cured or waived as provided in Section 6.04 hereof. No such rescission shall affect any subsequent Default or impair any right consequent thereon.

In case the Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have been discontinued or been abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Guarantor and the Trustee shall be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Guarantor and the Trustee shall continue as though no such proceedings had been taken.

Section 6.03. *Other Remedies*. If an Event of Default with respect to a Series occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or interest on such Series or to enforce the performance of any provision in the Securities of such Series or this Indenture applicable to the Series.

The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative.

Section 6.04. *Waiver of Existing Defaults*. Subject to the last sentence of the first paragraph of ‎Section 9.02, the Holders of a majority in aggregate principal amount of the outstanding Securities of a Series affected by a waiver on behalf of all the Holders of such Series by notice to the Trustee have the right to waive an existing Default on such Series and its consequences. When a Default is waived, it is cured and stops continuing, and any Event of Default arising therefrom shall be deemed to have been cured; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

Section 6.05. *Control by Majority*. The Holders of a majority in principal amount of the outstanding Securities of a Series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to such Series. The Trustee, however, may refuse to follow any direction (a) that conflicts with law or this Indenture, (b) that, subject to ‎Section 7.01, the Trustee determines is unduly prejudicial to the rights of other Securityholders, (c) that would involve the Trustee in personal liability, if there shall be reasonable grounds for believing that adequate indemnity against such liability is not reasonably assured to it, or (d) if the Trustee shall not have been provided with indemnity satisfactory to it.

Section 6.06. *Limitation on Suits*. No Securityholder of any Security of any Series will have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee, or for any remedy under the Indenture unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to such Series of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holders of at least 25% in aggregate principal amount of the outstanding Securities of such Series have made a written request to the Trustee, and offered indemnity reasonably satisfactory to the Trustee, to institute the proceeding as Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee has failed to comply with the request for at least 60 days after receipt of the request and the offer of indemnity, and has not received from the Holders of a majority in aggregate principal amount of the outstanding Securities of such Series a direction inconsistent with that request.

A Securityholder may not use this Indenture to prejudice the rights of another Holder of Securities of the same Series or to obtain a preference or priority over another Holder of Securities of the same Series (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances by such Holder are unduly prejudicial to another Holder).

Section 6.07. *Rights of Holders to Receive Payment*. Notwithstanding any other provision of this Indenture, the right of any Holder to receive payment of principal of and interest on any Security, on or after the respective due dates expressed in the Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder.

Section 6.08. *Collection Suit by Trustee*. If an Event of Default in payment of interest or principal specified in ‎Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal and interest remaining unpaid.

Section 6.09. *Trustee May File Proofs of Claim*. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and counsel) and the Securityholders allowed in any judicial proceedings relative to the Company, the Guarantor or their respective creditors or Property, and unless prohibited by applicable law or regulation, may vote on behalf of the Holders in any election of a custodian, and shall be entitled and empowered to collect and receive any moneys or other Property payable or deliverable on any such claims and to distribute the same and any custodian in any such judicial proceeding is hereby authorized by each Securityholder to make such payments to the Trustee. Nothing herein shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder or to authorize the Trustee to vote in respect of the claim of any Securityholder except as aforesaid for the election of the custodian.

Section 6.10. *Priorities*. If the Trustee collects any money or Property pursuant to this Article with respect to Securities of any Series, it shall pay out the money in the following order:

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| *First*: | to the Trustee (acting in its capacity as such) for all amounts due under Section 7.07; |

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|:---|:---|
| *Second*: | to Securityholders of the Series for amounts due and unpaid on the Series for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Series for principal and interest, respectively; and |

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*Third*: to the Company or as a court of competent jurisdiction shall direct.

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

Section 6.11. *Undertaking for Costs*. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys' fees and expenses, against any party litigant in the suit, having the due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to ‎Section 6.07 or a suit by Holders of more than 10% in principal amount of the Series.

Article 7<br> Trustee

Section 7.01. *Duties of Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Default has occurred and is continuing with respect to Securities of any Series, the Trustee shall, prior to the receipt of direction from the Holders of a majority in principal amount of the Securities of the Series, exercise its rights and powers and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others and no implied covenants or obligations shall be read into this Indenture against the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, in the case of certificates or opinions specifically required by any provision hereof to be furnished to it, shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture but need not confirm or investigate the accuracy of mathematical calculations or other facts or matters stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may not be relieved from liability for its own grossly negligent action, its grossly negligent failure to act or its own willful misconduct, as determined by a final non-appealable order of a court of competent jurisdiction, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This paragraph does not limit the effect of paragraph ‎(b) of this Section 7.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to ‎Section 6.05 or any other direction of the Holders permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), ‎(b) and ‎(c) of this Section 7.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may refuse to perform any duty or exercise any right or power if the Trustee has reasonable grounds to believe that such performance or exercise (i) would require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance, unless it receives indemnity satisfactory to it against any loss, liability or expense, or (ii) is not in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

Section 7.02. *Rights of Trustee*. Subject to ‎Section 7.01:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document, resolution, certificate, instrument, report, or direction believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document, resolution, certificate, instrument, report, or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before the Trustee acts or refrains from acting at the request of the Company, it may require an Officer's Certificate or an Opinion of Counsel or both, which shall conform to Sections ‎11.04 and ‎11.05 hereof. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer's Certificate, Opinion of Counsel or any other direction of the Company permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel as to matters of law shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Guarantor shall be sufficient if signed by an Officer of the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default unless written notice of any Event of Default is received by a Trust Officer of the Trustee at its address specified in ‎Section 11.02 hereof and such notice references the Securities generally, the Company and this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Trustee receives indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Trustee may request that the Company or the Guarantor deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, (i) any act or provision of any present or future law or regulation or governmental authority, (ii) any act of God, (iii) natural catastrophes, (iv) war, (v) terrorism, (vi) civil disturbances, (vii) accidents, (viii) labor dispute, (ix) disease, (x) epidemic or pandemic, (xi) quarantine, (xii) national emergency, (xiii) loss or malfunction of utility or computer software or hardware, (xiv) communications system failure, (xv) malware or ransomware or (xvi) unavailability of the Federal Reserve Bank wire or telex system or other wire or other funds transfer systems, or (xvii) unavailability of any securities clearing system; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The permissive rights of the Trustee enumerated herein shall not be construed as duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

Section 7.03. *Individual Rights of Trustee*. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company, the Guarantor or their respective affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, must comply with Sections ‎7.10 and ‎7.11.

Section 7.04. *Trustee's Disclaimer*. The Trustee makes no representation as to the validity or adequacy of this Indenture, the Securities or of any prospectus used to sell the Securities of any Series; it shall not be accountable for the Company's use of the proceeds from the Securities; it shall not be accountable for any money paid to the Company, or upon the Company's direction, if made under and in accordance with any provision of this Indenture; it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement of the Company or the Guarantor in this Indenture or in the Securities other than its certificate of authentication.

Section 7.05. *Notice of Defaults*. If a Default occurs and is continuing hereunder with respect to a Series of Securities and a Trust Officer of the Trustee has received written notice thereof at the corporate trust office of the Trustee and such notice references the Securities of such Series or the Securities generally and the Indenture and states that it is a "Notice of Default," the Trustee shall give the Holders of Securities of such Series notice of all Defaults known to the Trustee which have occurred with respect to such Securities within 45 days after receipt thereof, unless such Defaults shall have been cured before the giving of such notice; *provided*, *however*, that except in the case of a Default in the payment of principal or redemption price of (or premium, if any) or interest on any Securities, the Trustee shall be protected in withholding such notice if and so long as its board of directors, executive committee, or trust committee of directors or trustees and/or Trust Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders of Securities of such Series.

Section 7.06. *Reports by Trustee to Holders*. Within 60 days after each May 15 beginning with the May 15 following the date of this Base Indenture, the Trustee shall send to each Securityholder a brief report dated as of such May 15 that complies with TIA § 313(a) (but if no event described in TIA §§ 313(a)(1) through (8) has occurred within the twelve months preceding the reporting date no report in relation thereto need be transmitted). The Trustee also shall comply with TIA § 313(b).

A copy of each report at the time of its sending to Securityholders shall be delivered to the Company and filed by the Trustee with the Commission and each national securities exchange on which the Securities are listed. The Company agrees to notify the Trustee of each national securities exchange on which the Securities are listed.

Section 7.07. *Compensation and Indemnity*. The Company shall pay to the Trustee from time to time reasonable compensation for its services subject to any written agreement between the Trustee and the Company (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee's agents and counsel. The Company shall indemnify the Trustee, its officers, directors, employees and agents and hold it harmless against any loss, liability, fee, cost, damage or expense incurred or made by or on behalf of it in connection with the administration of this Indenture or the trust hereunder and its duties hereunder including the costs and expenses of defending itself against or investigating any claim in the premises and the costs and expenses (including reasonable attorneys' fees and expenses and court costs) incurred in connection with any action, claim or suit brought to enforce the Trustee's right to indemnification. The Trustee shall notify the Company promptly of any claim of which it has received written notice and for which it may seek indemnity, but failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company need not reimburse any expense or indemnify against any loss, liability, fee, cost or damage incurred by the Trustee through the Trustee's, or its officers', directors' or employees' gross negligence or willful misconduct as determined by a final non-appealable order of a court of competent jurisdiction.

Unless otherwise provided in any supplemental indenture, Officer's Certificate or Authorizing Resolution relating to any Series, to ensure the Company's payment obligations in this Section, the Trustee shall have a lien prior to the Securities of all Series on all money or Property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in ‎Section 6.01 or in connection with ‎Article 6 hereof, the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any Bankruptcy Law. This ‎Section 7.07 shall survive the discharge of the Indenture or the resignation or removal of the Trustee.

Section 7.08. *Replacement of Trustee*. The Trustee may resign with respect to Securities of any or all Series by so notifying the Company. The Holders of a majority in principal amount of the outstanding Securities (or of the relevant Series) may remove the Trustee by so notifying the removed Trustee in writing and may appoint a successor trustee with the Company's consent. The Trustee for one or more Series of Securities may be removed by the Company, so long as no Event of Default has occurred and is continuing with respect to such Series. The Trustee may also be removed by the Company for purposes of the Base Indenture. Such resignation or removal shall not take effect until the appointment by the Securityholders of the relevant Series or the Company as hereinafter provided of a successor trustee and the acceptance of such appointment by such successor trustee. The Company may remove the Trustee and appoint a successor trustee, and any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee, for any or no reason, including if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee fails to comply with ‎Section 7.10 after written request by the Company or any bona fide Securityholder who has been a Securityholder for at least six months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee is adjudged a bankrupt or an insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a receiver or other public officer takes charge of the Trustee or its Property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor trustee with respect to the Securities of the relevant Series. If a successor trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee at the expense of the Company, the Company or any Holder may petition any court of competent jurisdiction for the appointment of a successor trustee.

A successor trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Guarantor. Immediately after that, the retiring Trustee shall, upon payment of its charges hereunder, transfer all Property held by it as Trustee to the successor trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor trustee shall send notice of its succession to each Securityholder.

Section 7.09. *Successor Trustee by Merger, etc*. If the Trustee consolidates with, merges with or into or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor trustee.

Section 7.10. *Eligibility; Disqualification*. This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1). The Trustee shall have a combined capital and surplus of at least $10,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).

Section 7.11. *Preferential Collection of Claims Against Company*. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein.

Article 8<br> Discharge of Indenture

Section 8.01. *Defeasance upon Deposit of Moneys or Government Obligations; Satisfaction and Discharge*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may, at its option and at any time, elect to have either paragraph ‎(b) or paragraph ‎(c) below be applied to the outstanding Securities of any Series upon compliance with the applicable conditions set forth in paragraph ‎(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Company's exercise under paragraph ‎(a) above of the option applicable to this paragraph ‎(b) with respect to any Series, the Company and the Guarantor shall be deemed to have been released and discharged from their respective obligations with respect to the outstanding Securities of such Series on the date the applicable conditions set forth below are satisfied (hereinafter, "**Legal Defeasance**"). For this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Securities of such Series, which shall thereafter be deemed to be "outstanding" only for the purposes of the Sections and matters under this Indenture referred to in ‎(i) and ‎(ii) below, and the Company and the Guarantor shall be deemed to have satisfied all of their other respective obligations under such Securities and this Indenture insofar as such Securities are concerned, except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Securities of such Series to receive solely from the trust fund described in paragraph ‎(d) below and as more fully set forth in such paragraph, payments in respect of the principal of and interest on such Securities when such payments are due, (ii) the Company's obligations with respect to such Securities under ‎Section 2.06, ‎Section 2.07, ‎Section 2.09 and ‎Section 4.02, (iii) the rights, powers, trusts, duties, immunities and other provisions in respect of the Trustee hereunder and (iv) this ‎Article 8. The Company may exercise its option under this paragraph ‎(b) with respect to a Series notwithstanding the prior exercise of its option under paragraph ‎(c) below with respect to the Securities of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the Company's exercise under paragraph ‎(a) above of the option applicable to this paragraph ‎(c) with respect to any Series, the Company and the Guarantor shall be released and discharged from the obligations with respect to such Series under Section 4.05, Section 4.06 and Section 5.01 and any other covenant contained in or referenced in the Authorizing Resolution, Officer's Certificate or supplemental indenture relating to such Series (to the extent such release and discharge shall not be prohibited thereby), on and after the date the conditions set forth below are satisfied (hereinafter, "**Covenant Defeasance**"), and the Securities of such Series shall thereafter be deemed to be not "outstanding" for the purpose of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed "outstanding" for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the outstanding Securities of such Series, the Company and the Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(c) or otherwise, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following shall be the conditions to the application of either paragraph ‎(b) or paragraph ‎(c) above to the outstanding Securities of any Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall have, or have caused to be, irrevocably deposited in trust with the Trustee or Paying Agent (or another qualifying trustee) money in the currency in which the Securities of such Series are payable or Government Obligations or a combination thereof in such amounts and at such times as are sufficient (in the case of Government Obligations or a combination of money and Government Obligations, in the opinion of a nationally recognized firm of independent public accountants), to pay the principal of and interest on the outstanding Securities of such Series to maturity or redemption; *provided*, *however*, that the Trustee or Paying Agent (or other qualifying trustee) shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply such money or the proceeds of such Government Obligations to said payments with respect to the Securities of such Series to maturity or redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Default or Event of Default (other than a Default or Event of Default resulting from non-compliance with any covenant from which the Company or the Guarantor, as applicable, is released upon effectiveness of such Legal Defeasance or Covenant Defeasance pursuant to paragraph ‎(b) or ‎(c) hereof, as applicable) shall have occurred and be continuing on the date of such deposit or result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such deposit will not result in a breach or violation of, or constitute a default under, any other material instrument or agreement to which the Company or the Guarantor, as applicable, is a party or by which it or any of its Property is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (A) In the event the Company elects paragraph ‎(b) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the United States stating that (1) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (2) since the Issue Date pertaining to such Series, there has been a change in the applicable U.S. federal income tax law, in either case stating that, and based thereon such Opinion of Counsel shall state that, or (B) in the event the Company elects paragraph ‎(c) hereof, the Company shall deliver to the Trustee an Opinion of Counsel in the United States stating that, in the case of clauses ‎(A) and ‎(B), and subject to customary assumptions and exclusions, Holders of the Securities of such Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and the defeasance contemplated hereby and will be subject to federal income tax in the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall have delivered to the Trustee an Officer's Certificate, stating that the deposit made under clause ‎(i) was not made by the Company with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Company has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent specified herein relating to the defeasance contemplated by this ‎Section 8.01 have been complied with.

In the event all or any portion of the Securities of a Series are to be redeemed through such irrevocable trust, the Company must make arrangements satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such redemption or redemptions by the Trustee in the name and at the expense of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture will be discharged and will cease to be of further effect as to all outstanding Securities of any Series (except as to any surviving rights of conversion or transfer or exchange of Securities of such Series expressly provided for herein or in the form of Security for such Series), and the Trustee, at the expense of the Company, shall execute instruments reasonably requested by the Company acknowledging such satisfaction and discharge of the Indenture with respect to such Series, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and which have been replaced or paid as provided in ‎Section 2.07 and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation in accordance with the Indenture, or, if not delivered to the Trustee, such Securities of such Series (A) have become due and payable, (B) will become due and payable at maturity within one year or (C) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and in the case of clauses (i)(A), (B) and (C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee (or another qualifying trustee) as trust funds in trust solely for that purpose an amount of money in the currency in which the Securities of such Series are payable or Government Obligations or a combination thereof sufficient (in the case of Government Obligations or a combination of money and Government Obligations, in the opinion of a nationally recognized firm of independent public accountants) to pay and discharge the entire indebtedness on the Securities of such Series not theretofore delivered to the Trustee for cancellation, for principal of and interest on the Securities of such Series, on the date of such deposit or to the maturity or redemption date, as the case may be; *provided* that if on the date of the deposit, the interest payable to, but excluding, or any premium payable on, the stated maturity or redemption date cannot be calculated, the amount deposited shall be sufficient to the extent that an amount is deposited with the Trustee equal to the interest payable to, but excluding, or the premium payable on, the stated maturity or the redemption date calculated as of the date of the deposit, with any deficit on the stated maturity or redemption date, as applicable (any such amount, the "**Applicable Deficit**"), only required to be deposited with the Trustee on or prior to the stated maturity or redemption date, as applicable; *provided*, *further*, any Applicable Deficit shall be set forth in an Officer's Certificate delivered to the Trustee simultaneously with the deposit of the Applicable Deficit that confirms that the Applicable Deficit shall be applied to the interest or other amounts payable at the stated maturity or on the redemption date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company has paid or caused to be paid all other sums payable under the Indenture by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company has delivered irrevocable instructions to the Trustee (or such other qualifying trustee), to apply the deposited money toward the payment of the Securities of such Series at maturity or redemption, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company has delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, stating that all conditions precedent specified in this ‎Section 8.01(e) relating to the satisfaction and discharge of this Indenture have been complied with.

Section 8.02. *Survival of the Company's Obligations*. Notwithstanding the satisfaction and discharge of this Indenture with respect to any Series under Section 8.01‎(e), the obligations of the Company to the Trustee under ‎Section 7.07, and, if money shall have been deposited with the Trustee pursuant to ‎Section 8.01(e)(i), the obligations of the Trustee under ‎Section 8.03 and ‎Section 8.04 shall survive.

Section 8.03. *Application of Trust Money*. The Trustee or Paying Agent shall hold in trust money or Government Obligations deposited with it pursuant to ‎Section 8.01. It shall apply the deposited money and the money from Government Obligations in accordance with this Indenture to the payment of principal of and interest on the Securities of the defeased or discharged Series.

Section 8.04. *Repayment to the Company*. The Trustee and the Paying Agent shall promptly pay to the Company upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent shall pay to the Company any money held by them for the payment of principal or interest that remains unclaimed for two years, *provided*, *however*, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once in a newspaper of general circulation in the City of New York or send to each such Holder notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or sending, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Securityholders entitled to the money must look solely to the Company for payment unless applicable abandoned property law designates another Person and all liability of the Trustee or such Paying Agent with respect to such money shall cease.

Section 8.05. *Reinstatement*. If the Trustee is unable to apply any money or Government Obligations in accordance with Section 8.01 ‎(b) or ‎(c) by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company's obligations under this Indenture and the Securities relating to the Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 ‎(b) or ‎(c), as applicable until such time as the Trustee is permitted to apply all such money or Government Obligations in accordance with Section 8.01 ‎(b) or ‎(c), as applicable; *provided*, *however*, that (a) if the Company has made any payment of interest on or principal of any Securities of the Series because of the reinstatement of its obligations hereunder, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Obligations held by the Trustee and (b) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee shall return all such money or Government Obligations to the Company promptly after receiving a written request therefor at any time, if such reinstatement of the Company's obligations has occurred and continues to be in effect.

Article 9<br> Amendments, Supplements and Waivers

Section 9.01. *Without Consent of Holders*. The Company, the Guarantor and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to or consent of any Securityholder of such Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to cure any ambiguity or to correct or supplement any provision of the Indenture which may be defective or inconsistent with any other provision in the Indenture or the Securities of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to comply with ‎Article 5 (or any other provisions of the Indenture regarding the consolidation or merger of the Company or the Guarantor or the sale, conveyance, transfer, lease or other disposition of all or substantially all of their respective Properties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to create a Series and establish its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to provide for uncertificated Securities in addition to or in place of Definitive Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add a guarantor or obligor in respect of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to secure any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to add to the covenants of the Company or the Guarantor for the benefit of the Holders of all or any Series or to surrender any right or power conferred upon the Company or the Guarantor by the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to add any additional Events of Default for the benefit of Holders of all or any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to evidence and provide for the acceptance of the appointment of a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of the Indenture or any supplemental indenture as shall be necessary to provide for or facilitate the administration of the trusts under such Indenture or supplemental indenture by more than one Trustee pursuant to the requirements set forth in the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to make any change that does not adversely affect the rights of any Securityholder in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the provisions of the Indenture to the final offering document in respect of any Series.

After an amendment under this ‎Section 9.01 becomes effective, the Company shall send notice of such amendment to the Securityholders (with a copy to the Trustee).

Section 9.02. *With Consent of Holders*. The Company, the Guarantor and the Trustee may amend or supplement this Indenture or the Securities of a Series without notice to any Securityholder of such Series but with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by the amendment or supplement (voting as one class) (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities of such Series). The Holders of a majority in principal amount of the outstanding Securities of each Series affected by a waiver (voting as one class) may waive any existing Default under, or compliance with, any provision of the Securities of each such Series or of this Indenture relating to each such Series without notice to any Securityholder (including any waiver granted in connection with a purchase of, or tender offer or exchange offer for, Securities of such Series). Without the consent of each Holder of a Security affected thereby, however, an amendment, supplement or waiver, including a waiver pursuant to ‎Section 6.04, may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the stated maturity of the principal of, or any installment of principal of or interest thereon, or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any place of payment where, or the coin or currency in which, such Security or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the stated maturity thereof (or, in the case of redemption, on or after the redemption date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any change to ‎Section 6.04, except to increase the percentage in principal amount of Securities of any Series the consent of whose Holders is required for any waiver or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding Security affected thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waive a continuing Default or Event of Default in the payment of the principal of or interest on any Security or a continuing Default or Event of Default in respect of a covenant or a provision of the Indenture that cannot be modified or amended without the consent of all Holders of the applicable Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce the percentage in principal amount of Securities of any Series the consent of whose Holders is required for any amendment, supplement or waiver.

Any amendment, supplement or waiver which changes or eliminates any covenant or other provision of the Indenture which shall have been included expressly and solely for the benefit of one or more particular Series of Securities, or which modifies the rights of the Holders of such Series with respect to such covenant or other provision, shall be deemed not to affect the rights of the Holders of any other Series.

It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed supplement, but it shall be sufficient if such consent approves the substance thereof.

Section 9.03. *Compliance with Trust Indenture Act*. From the date on which this Indenture is qualified under the TIA, every amendment to or supplement of this Indenture or any Securities shall comply with the TIA as then in effect.

Section 9.04. *Revocation and Effect of Consents*. A consent to an amendment, supplement or waiver by a Holder shall bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent is not made on any Security. Unless otherwise provided in the consent or the consent solicitation statement or other document describing the terms of the consent, any Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security. Any revocation of a consent by the Holder of a Security or any such subsequent Holder shall be effective only if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer's Certificate from the Company certifying that the requisite number of consents have been received.

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders of Securities of any Series entitled to consent to any amendment, supplement or waiver. If a record date is fixed, and if Holders otherwise have a right to revoke their consent under the consent or the consent solicitation statement or other document describing the terms of the consent, then notwithstanding the second to last sentence of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date.

An amendment, supplement or waiver with respect to a Series becomes effective upon the (i) receipt by the Company, the Guarantor or the Trustee of the requisite consents, (ii) satisfaction of any conditions to effectiveness as set forth in the Indenture or any indenture supplemental hereto containing such amendment, supplement or waiver and (iii) execution of such amendment, supplement or waiver (or the related supplemental indenture) by the Company, the Guarantor and the Trustee. After an amendment, supplement or waiver with respect to a Series becomes effective, it shall bind every Holder of such Series, unless it makes a change described in any of clauses ‎(a) through ‎(d) of ‎Section 9.02, in which case, the amendment, supplement or waiver shall bind a Holder of a Security who is affected thereby only if it has consented to such amendment, supplement or waiver and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder's Security.

Section 9.05. *Notation on or Exchange of Securities*. If an amendment, supplement or waiver changes the terms of a Security, the Company may require the Holder of the Security to deliver it to the Trustee, at which time the Trustee shall place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms.

Section 9.06. *Trustee to Sign Amendments, etc*. Subject to ‎Section 7.02(b), the Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not, sign such amendment, supplement or waiver. In signing or refusing to sign such amendment or supplement or waiver, the Trustee shall be provided with and shall be fully protected in relying upon, an Officer's Certificate and an Opinion of Counsel as conclusive evidence that such amendment, supplement or waiver is authorized or permitted by this Indenture (it being understood that in no event shall the Company be required to deliver an Opinion of Counsel in connection with the execution of the First Supplemental Indenture hereto, dated as of the date hereof).

Article 10<br> Securities in Foreign Currencies

Section 10.01. *Applicability of Article*. Whenever this Indenture provides for (a) any action by, or the determination of any of the rights of, Holders of Securities of any Series in which not all of such Securities are denominated in the same currency, or (b) any distribution to Holders of Securities, in the absence of any provision to the contrary pursuant to this Indenture or the Securities of any particular Series, any amount in respect of any Security denominated in a Foreign Currency shall be treated for any such action or distribution as that amount of euros that could be obtained for such amount on such reasonable basis of exchange and as of the record date with respect to Securities of such Series (if any) for such action, determination of rights or distribution (or, if there shall be no applicable record date, such other date reasonably proximate to the date of such action, determination of rights or distribution) as the Company may specify in a written notice to the Trustee or, in the absence of such written notice, as the paying agent or agency or organization, if any, responsible for overseeing such composite currency may determine. The Trustee shall have no duty to calculate or verify the calculations made pursuant to this ‎Section 10.01.

Article 11<br> Miscellaneous

Section 11.01. *Trust Indenture Act Controls*. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control.

Section 11.02. *Notices*. Any order, consent, notice or communication shall be sufficiently given if in writing and delivered in person or mailed by first-class mail, postage prepaid, or delivered by commercial courier service, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Company or the Guarantor:

GXO Logistics, Inc.<br> Two American Lane<br> Greenwich, CT 06831

United States of America<br> Attention: Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to the Trustee:

Computershare Trust Company, N.A.<br> Attn: Corporate Trust Services – GXO Administrator

1505 Energy Park Drive

St. Paul, MN 55108<br> Email: lindsey.widdis@computershare.com

The Company, the Guarantor or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

Any notice or communication sent to a Securityholder shall be sent electronically or mailed to such Securityholder by first-class mail, postage prepaid, or delivered by commercial courier service, at such Securityholder's address as it appears on the registration books of the Registrar, or, in the case of Global Securities sent electronically in accordance with the procedures of the Depositary, and shall be sufficiently given to such Securityholder if so sent within the time prescribed.

Failure to send a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other Securityholders. If a notice or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives it except that notice to the Trustee shall only be effective upon receipt thereof by the Trustee.

If the Company or the Guarantor sends notice or communications to the Securityholders, it shall send a copy to the Trustee at the same time.

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

Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee.

Section 11.03. *Communications by Holders with Other Holders*. Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).

Section 11.04. *Certificate and Opinion as to Conditions Precedent*. Upon any request or application by the Company or the Guarantor to the Trustee to take any action under this Indenture, the Company or the Guarantor, as applicable, shall furnish to the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Officer's Certificate (which shall include the statements set forth in ‎Section 11.05) stating that, in the opinion of the signers (who may rely upon an Opinion of Counsel with respect to matters of law), all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an Opinion of Counsel (which shall include the statements set forth in ‎Section 11.05) stating that, in the opinion of such counsel (who may rely upon an Officer's Certificate or certificates of public officials as to matters of fact), all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with.

Section 11.05. *Statements Required in Certificate or Opinion*. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the person making such certificate or opinion has read such covenant or condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.

Section 11.06. *Rules by Trustee and Agents*. The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar or Paying Agent may make reasonable rules for its functions.

Section 11.07. *Legal Holidays*. A "**Legal Holiday**" is a day that is not a Business Day. If any interest or other payment date of a Security falls on a Legal Holiday, the required payment of principal, premium, if any, or interest will be due on the next succeeding Business Day as if made on the date that the payment was due, and no interest will accrue on that payment for the period from and after that interest or other payment date, as the case may be, to the date of that payment on the next succeeding Business Day. If this Indenture provides for a time period that ends or requires performance of any non-payment obligation by a day that is not a Business Day, then such time period shall instead be deemed to end on, and such obligation shall instead be performed by, the next succeeding Business Day.

Section 11.08. *Governing Law*. This Indenture and the Securities of each Series shall be governed by and construed in accordance with the laws of the State of New York.

Section 11.09. *No Adverse Interpretation of Other Agreements*. This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

Section 11.10. *No Recourse Against Others*. All liability described in Paragraph 10 of the Securities of any of the Company's or the Guarantor's respective directors, officers, employees or stockholders, as such, are, to the fullest extent permitted by applicable law, waived and released.

Section 11.11. *Successors and Assigns*. All covenants and agreements of the Company and the Guarantor in this Indenture and the Securities shall bind its respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns.

Section 11.12. *Duplicate Originals*. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Signatures of the parties hereto transmitted by facsimile or other electronic transmission shall be deemed to be their original signatures for all purposes. This Indenture shall be valid, binding, and enforceable against a party (subject to applicable bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, reorganization, moratorium and other laws now or hereinafter in effect affecting creditors' rights or remedies generally and to general principles of equity (including standards of materiality, good faith, fair dealing and reasonableness), whether considered in a proceeding at law or at equity) only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the NYUCC (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the NYUCC or other Signature Law due to the character or intended character of the writings.

Section 11.13. *Severability*. In case any one or more of the provisions contained in this Indenture or in the Securities of a Series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities.

Section 11.14. *PATRIOT ACT*. The Company and the Guarantor each acknowledges that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions, and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. Each of the Company and the Guarantor agrees that it will provide the Trustee with such information as it may reasonably request as required in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

Section 11.15. *Waiver of Jury Trial*. EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

Section 11.16. *Jurisdiction*. The Company, the Guarantor and the Trustee, and each Holder of a Security by its acceptance thereof, hereby (i) irrevocably submit to the non-exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city of New York, over any suit, action or proceeding arising out of or relating to this Indenture and (ii) to the fullest extent permitted by applicable law, irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

Section 11.17. *Judgment Currency*. Any payment on account of an amount that is payable in euros which is made to or for the account of any Holder or the Trustee in lawful currency of any other jurisdiction (the "Judgment Currency"), whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Company or the Guarantor, shall constitute a discharge of the Company or the Guarantor's obligation under this Indenture and the Securities or the Guarantee, as the case may be, only to the extent of the amount of euros which such Holder or the Trustee, as the case may be, could purchase in the London foreign exchange markets with the amount of the Judgment Currency in accordance with normal banking procedures at the rate of exchange prevailing on the first business day following receipt of the payment in the Judgment Currency. The trustee shall have no liability or responsibility to convert any currency or in connection with any currency exchange or conversion.

If the amount of euros that could be so purchased is less than the amount of euros originally due to such Holder or the Trustee, as the case may be, the Company and the Guarantor shall indemnify and hold harmless the Holder or the Trustee, as the case may be, from and against all loss or damage arising out of, or as a result of, such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Indenture or the Securities, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by any Holder or the Trustee from time to time and shall continue in full force and effect notwithstanding any judgment or order.

Section 11.18. *Service of Process*. The Company hereby appoints the corporate secretary of the Guarantor as its agent for service of process in any suit, action or proceeding described in clause (i) of Section 11.16 and agrees that service of process in any such suit, action or proceeding may be made upon it at the office of such agent. The Guarantor represents and warrants that it has agreed to act as the Company's agent for service of process. To the extent that the Company determines to appoint a new agent for service of process, the Company shall promptly notify the Trustee of the name and address of such new agent for service of process.

Article 12<br> Guarantee

Section 12.01. *Guarantee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor hereby fully and unconditionally guarantees to each Holder and to the Trustee the full and punctual payment when due, whether at stated maturity, by acceleration, by redemption or otherwise, of all obligations of the Company under this Indenture and the Securities, whether for payment of principal of, or interest on or premium, if any, on, the Securities and all other monetary obligations of the Company under this Indenture and the Securities (all the foregoing being hereinafter collectively called the "Guaranteed Obligations"). The Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from the Guarantor, and that the Guarantor shall remain bound under this Article notwithstanding any extension or renewal of any Guaranteed Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor waives presentation to, demand of payment from, and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. The Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The obligations of the Guarantor hereunder are unconditional and absolute and shall not be released, discharged or otherwise affected by (a) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities or any other agreement or otherwise; (b) any extension or renewal of the Guaranteed Obligations; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture or the Securities or any other agreement; (d) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (e) any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Security; (f) the existence of any claim, set-off or other rights that the Guarantor may have at any time against the Company, the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; (g) any invalidity or unenforceability relating to or against the Company for any reason of this Indenture or any Security, or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of, premium, if any, or interest on any Security or any other amount payable by the Company under this Indenture; or (h) any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other circumstance whatsoever which might, but for the provisions of this Section 12.01(b), constitute a legal or equitable discharge of or defense to such Guarantor's obligations hereunder (other than payment in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Guarantor hereby waives any right to which it may be entitled to have the assets of the Company first be used and depleted as payment of the Company's or the Guarantor's obligations hereunder prior to any amounts being claimed from or paid by the Guarantor hereunder. The Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an action being initiated against the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as expressly set forth in Section 12.01(h), the Guarantor agrees that its Guarantee shall remain in full force and effect until the payment in full of all the Guaranteed Obligations. The Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against the Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to pay any other Guaranteed Obligation, the Guarantor, hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (a) the unpaid principal amount of such Guaranteed Obligations and (b) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Guarantor shall be subrogated to all rights of the Holders of any Series of Securities and the Trustee against the Company in respect of any amounts paid to such Holders and the Trustee by the Guarantor pursuant to the provisions of the Guarantee; provided that the Guarantor shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. The Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (a) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of the Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (b) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in this Indenture, the Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purposes of this Section 12.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Guarantee of the Securities of any Series shall be automatically released and discharged upon (a) the exercise by the Company of its defeasance option with respect to such Series pursuant to Article 8 or (b) the discharge of the Company's obligations with respect to such Series under this Indenture in accordance with the terms of this Indenture. If the Trustee is requested to acknowledge, authorize or sign a release (or similar or related document) of the Guarantor, the Guarantor will deliver to the Trustee an Officer's Certificate and Opinion of Counsel each stating that all conditions precedent provided for in this Indenture relating to such transaction or release and discharge have been complied with.

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

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| | |
|:---|:---|
| **GXO LOGISTICS CAPITAL B.V.,**<br> as Company | **GXO LOGISTICS CAPITAL B.V.,**<br> as Company |
| By: |  |
|  | Name: |
|  | Title: |

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| | |
|:---|:---|
| **GXO LOGISTICS, INC.,**<br> as Guarantor | **GXO LOGISTICS, INC.,**<br> as Guarantor |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signature Page – GXO Capital Indenture*]

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| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY, N.A.**,<br> as Trustee | **COMPUTERSHARE TRUST COMPANY, N.A.**,<br> as Trustee |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signature Page – GXO Capital Indenture*]

## Exhibit 5.1

**Exhibit 5.1**

[LETTERHEAD OF WACHTELL, LIPTON, ROSEN & KATZ]

November 13, 2025

GXO Logistics, Inc.

Two American Lane

Greenwich, Connecticut 06831

GXO Logistics Capital B.V.

Achtseweg Noord 27

5651 GG Eindhoven

The Netherlands

Re: <u>Registration Statement on Form S-3 (File No. 333-281757) (as amended by Post</u>- <u>Effective Amendment No. 1 thereto)</u>

Ladies and Gentlemen:

We have acted as special counsel to GXO Logistics, Inc., a Delaware corporation (the "Company"), and the indirect parent of GXO Logistics Capital B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated under the laws of the Netherlands ("GXO Capital"), in connection with Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 (File No. 333-281757), which Registration Statement was initially filed on August 23, 2024 (the "Amendment" and the Registration Statement, as amended and as it may be further amended or supplemented from time to time, the "Registration Statement"), to be filed on the date hereof by the Company and GXO Capital with the U.S. Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (including the rules and regulations thereunder, the "Act"). The Registration Statement relates to, among other things, the offer and sale from time to time, pursuant to Rule 415 of the General Rules and Regulations promulgated under the Act, of the following securities (collectively, the "Securities" and, each, a "Security"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shares of common stock, par value $0.01 per share ("Common
Stock"), of the Company, including shares of Common Stock as may from time to time be issued upon conversion or exchange of Company
Debt Securities or Preferred Stock (each as defined below) or the exercise of Warrants or Units (each as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares of preferred stock, par value $0.01 per share ("Preferred
Stock"), of the Company in one or more series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) debt securities (the "Company Debt Securities")
of the Company, which, unless otherwise provided in any supplement to the prospectus forming a part of the Registration Statement relating
to a particular series of the Company Debt Securities, will be in the form of senior debt securities to be issued pursuant to that certain
Indenture, dated as of July 2, 2021 (the "Company Base Indenture"), between the Company and Computershare Trust Company,
N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee"), filed as Exhibit 4.1 to the Registration
Statement, as supplemented and amended with respect to each series of the Company Debt Securities by the terms thereof established, as
applicable, pursuant to authorizing resolutions, an officer's certificate or a supplemental indenture pursuant to Section 2.01
of the Company Base Indenture, to be executed on the date the Company Debt Securities are issued (each, a "Company Supplemental
Indenture" and the Company Base Indenture, as supplemented and amended with respect to each series of Company Debt Securities by
the terms of the applicable Supplemental Indenture, the "Company Indenture");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) debt securities (the "GXO Capital Debt Securities")
of GXO Capital, which, unless otherwise provided in any supplement to the prospectus forming a part of the Registration Statement relating
to a particular series of the GXO Capital Debt Securities, are to be issued under an indenture among GXO Capital, as issuer, the Company,
as guarantor, and the Trustee, a form of which is filed as Exhibit 4.2 to the Registration Statement (the "GXO Capital Base Indenture"
and together with the Company Base Indenture, the "Base Indentures" and each a "Base Indenture"), as supplemented
by supplemental indentures among the Company, GXO Capital and the Trustee (as so supplemented, the "GXO Capital Indenture"
and together with the Company Indenture, the "Indentures" and each an "Indenture");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) warrants of the Company for the purchase of Common Stock, Preferred
Stock or Company Debt Securities ("Warrants") pursuant to one or more warrant agreements (each, a "Warrant Agreement")
proposed to be entered into between the Company and one or more warrant agents to be named in the applicable Warrant Agreement (each,
a "Warrant Agent");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) units of the Company consisting of one or more of the Company's
Common Stock, Preferred Stock, Debt Securities or Warrants, or any combination of those securities ("Units"), pursuant to
one or more unit agreements (each, a "Unit Agreement") proposed to be entered into between the Company and one or more unit
agents to be named in the applicable Unit Agreement (each, a "Unit Agent"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) guarantee by the Company of the GXO Capital Debt Securities (the "Guarantee").

The prospectus that is part of the Registration Statement as supplemented in the future by various supplements to the prospectus (each, a "Prospectus Supplement") will provide for the issuance and sale by the Company or GXO Capital, as applicable, of the Securities, which may be offered pursuant to Rule 415 under the Securities Act.

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In rendering the opinions stated herein, we have examined and relied upon the following: (a) the Registration Statement (including the Amendment); (b) the Company Indenture (including the form of Company Debt Securities set forth therein) and the GXO Capital Indenture (including the form of GXO Capital Debt Securities set forth therein), each of which are an exhibit to the Registration Statement; (c) the Amended and Restated Certificate of Incorporation of the Company, as amended and as in effect as of the date hereof (the "Certificate of Incorporation"); (d) the Second Amended and Restated Bylaws of the Company, as amended and as in effect as of the date hereof (the "Bylaws"); and (e) a copy of certain resolutions of the Board of Directors of the Company (the "Board of Directors") relating to the registration of the Securities.

We have examined the certificates and other documents delivered on the date hereof and such other corporate records, certificates and other documents of the Company and GXO Capital or public officials and other instruments and have had such conversations as we have deemed necessary or appropriate.

We have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of documents submitted to us as certified, facsimile, conformed, electronic or photostatic copies and the authenticity of the originals of such copies. As to all matters of fact, we have relied with your consent upon certificates or comparable documents, and oral and written statements and representations, of officers and representatives of the Company and GXO Capital, as applicable, and of public officials, and, in certain instances, upon the representations and warranties of the Company and GXO Capital, as applicable, contained in the Transaction Documents. We have not independently verified such information and assumptions.

In expressing the opinions set forth below, we have assumed with your consent that, at or prior to the time of the delivery of any Securities, (i) the Board of Directors or the governing body of GXO Capital, as applicable, and any appropriate committee appointed thereby, shall have taken all necessary corporate action to approve the specific sale and issuance of such Securities (including the terms thereof and including the sale and issuance, and terms of, any related securities for which such Securities may be exchanged, converted or exercised) and shall not have modified or rescinded the duly authorized issuance and sale of such Securities; (ii) the Registration Statement, as finally amended (including the Amendment and all necessary post-effective amendments), has become effective under the Securities Act and continues to be so effective; (iii) the prospectus will describe the Securities offered thereby or an appropriate prospectus supplement or term sheet will have been prepared, delivered and filed in compliance with the Securities Act and the applicable rules and regulations thereunder and will describe the Securities offered thereby; (iv) all Securities will be issued and sold in compliance with applicable U.S. federal and state and non-U.S. securities laws, including applicable provisions of "blue sky" laws, and in the manner stated in the Registration Statement and, if applicable, the prospectus supplement; (v) the Registration Statement, the Securities and any definitive purchase, underwriting or similar agreement with respect to such Securities (collectively, the "Transaction Documents") with respect to any Securities offered will have been duly authorized and validly executed and delivered by the Company and the other parties thereto; (vi) with respect to shares of Common Stock or Preferred Stock offered, there will be sufficient shares of Common Stock or Preferred Stock authorized under the Company's organizational documents and not otherwise reserved for issuance; (vii) the organizational documents of the Company or of GXO Capital, as applicable, each as amended to the date hereof, will not have been amended from the date hereof in a manner that would affect the validity of the opinion rendered herein and (viii) any Securities issuable upon conversion, exchange, redemption or exercise of any Securities being offered will be duly authorized, created and, if appropriate, reserved for issuance upon such conversion, exchange, redemption or exercise.

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We have assumed that the execution, delivery and performance of the Transaction Documents will not (i) violate, conflict with or result in a breach of, or require any consent under, the charters, bylaws or equivalent organizational documents of any party to any such Transaction Document or the laws of the jurisdictions of organization or applicable laws with respect to such parties (excepting the laws of the State of New York, the General Corporation Law of the State of Delaware (the "DGCL") and the federal securities laws of the United States of America as such laws apply to the Company and/or GXO Capital, as applicable, and the transaction pursuant to which the Securities are offered); (ii) violate any requirement or restriction imposed by any order, writ, judgment, injunction, decree, determination or award of any court or governmental body having jurisdiction over it or any of its assets or (iii) constitute a breach or violation of any agreement or instrument that is binding upon such parties, and we have assumed that each party (in the case of parties which are not natural persons) has been duly organized and is validly existing and in good standing under its jurisdiction of organization, that each such party has the legal capacity, power and authority (corporate or otherwise) to enter into, deliver and perform its obligations thereunder and that each of the Transaction Documents constitutes the valid and legally binding obligation of all such parties, enforceable against them in accordance with its terms. As to any facts material to the opinions expressed herein that we did not independently establish or verify, we have relied and will rely upon statements and representations of officers and other representatives of the Company, GXO Capital and others.

We have assumed that the applicable Base Indenture, any applicable Supplemental Indenture, each Warrant Agreement and each Unit Agreement will be duly authorized, executed and delivered by each party thereto, including the applicable Trustee, Warrant Agent or Unit Agent, as the case may be, and that any Company Debt Securities, GXO Capital Debt Securities, Warrants or Units that may be issued will be manually authenticated, signed or countersigned, as the case may be, by duly authorized officers of the Company and/or GXO Capital, as applicable, applicable Trustee, Warrant Agent or Unit Agent, as the case may be.

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We have assumed that New York law will be chosen to govern the Company Indenture, the Company Debt Securities, the Warrant Agreements, the Warrants, the Unit Agreements and the Units, and that such choice in each case is a valid and legal provision. We have also assumed that the choice of currency in which any Offered Company Debt Securities (as defined below) or Offered GXO Capital Debt Securities (as defined below) are denominated does not contravene any exchange control or other laws of the nation issuing such currency. As to any facts relevant to the opinions expressed herein that we did not independently establish or verify, we have relied and will rely upon statements and representations of officers and other representatives of the Company, GXO Capital and others and of public officials.

Based upon the foregoing and subject to the limitations, qualifications, exceptions and assumptions stated herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any shares of Common Stock offered by the Company pursuant to the Registration Statement (the "Offered Common Stock"), when (i) terms of the issuance and sale of the Offered Common Stock have been duly established and are then in conformity with the Certificate of Incorporation and the Bylaws so as not to violate any applicable law, the Certificate of Incorporation or the Bylaws or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or other governmental authority having jurisdiction over the Company; (ii) if the Offered Common Stock is to be certificated, certificates in the form required under the DGCL representing the shares of Offered Common Stock have been duly executed and countersigned and (iii) the shares of Common Stock are registered in the Company's share registry and delivered upon payment of the agreed-upon consideration therefor, the shares of Offered Common Stock, when issued and sold or otherwise distributed in accordance with the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, will be duly authorized and validly issued, and the shares of Offered Common Stock, when issued and sold or otherwise distributed in accordance with the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, will be fully paid and nonassessable, in each case provided that the consideration therefor is not less than $0.01 per share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to the shares of any series of Preferred Stock offered by the Company pursuant to the Registration Statement (the "Offered Preferred Stock"), when (i) a Certificate of Designations for the Offered Preferred Stock in accordance with the applicable provisions of the DGCL (the "Certificate of Designations") has been filed with, and accepted for record by, the Secretary of State of the State of Delaware, in the form to be filed as an exhibit to a post-effective amendment to the Registration Statement or as an exhibit to a Current Report on Form 8-K or other applicable report under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in the manner contemplated in the Registration Statement or any prospectus supplement relating thereto; (ii) the terms of the Offered Preferred Stock and of their issuance and sale have been duly established and are then in conformity with the Certificate of Incorporation, including the Certificate of Designations relating to the Offered Preferred Stock, and the Bylaws so as not to violate any applicable law, the Certificate of Incorporation or the Bylaws or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or other governmental authority having jurisdiction over the Company; (iii) if the Offered Preferred Stock is to be certificated, certificates in the form required under the DGCL representing the shares of Offered Preferred Stock have been duly executed and countersigned and (iv) the shares of Offered Preferred Stock are registered in the Company's share registry and delivered upon payment of the agreed-upon consideration therefor, the shares of Offered Preferred Stock, when issued and sold or otherwise distributed in accordance with the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, will be duly authorized, validly issued, fully paid and nonassessable, provided that the consideration therefor is not less than $0.01 per share of Preferred Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to any series of Company Debt Securities offered by the Company pursuant to the Registration Statement (the "Offered Company Debt Securities"), when (i) the Company Indenture and indenture trustee qualify under the Trust Indenture Act of 1939, as amended (the "TIA") and a Statement of Eligibility of the Trustee on a Form T-1 has been filed with the Commission with respect to each such indenture trustee; (ii) the terms of the Offered Company Debt Securities and of their issuance and sale have been duly established in conformity with the Company Base Indenture and the applicable Company Supplemental Indenture relating to such Offered Company Debt Securities so as not to violate any applicable law, the Certificate of Incorporation or the Bylaws, or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or other governmental authority having jurisdiction over the Company and (iii) the Offered Company Debt Securities, in a form compliant with the Company Base Indenture and the applicable Company Supplemental Indenture relating to such Offered Company Debt Securities and filed as an exhibit to the Registration Statement or to be filed as an exhibit or exhibits to a post-effective amendment to the Registration Statement or as an exhibit to a Current Report on Form 8-K or other applicable report under the Exchange Act in the manner contemplated in the Registration Statement or any prospectus supplement relating thereto, have been duly executed and authenticated in accordance with the provisions of the Company Base Indenture and the applicable Company Supplemental Indenture relating to such Offered Company Debt Securities and delivered to the purchasers thereof upon payment of the agreed-upon consideration therefor, the Offered Company Debt Securities, when issued and sold or otherwise distributed in accordance with the Company Base Indenture and the applicable Company Supplemental Indenture relating to such Offered Company Debt Securities and the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, will be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York.

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GXO Logistics, Inc.<br> GXO Logistics Capital B.V. <br> November 13, 2025 <br> Page 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to any series of GXO Capital Debt Securities offered by GXO Capital pursuant to the Registration Statement (the "Offered GXO Capital Debt Securities"), when (i) the GXO Capital Indenture and indenture trustee qualify under the TIA and a Statement of Eligibility of the Trustee on a Form T-1 has been filed with the Commission with respect to each such indenture trustee; (ii) the terms of the Offered GXO Capital Debt Securities and of their issuance and sale have been duly established in conformity with the GXO Capital Base Indenture and the applicable GXO Capital Supplemental Indenture relating to such Offered GXO Capital Debt Securities so as not to violate any applicable law, the organizational documents of GXO Capital, or result in a default under or breach of any agreement or instrument binding upon GXO Capital and so as to comply with any requirement or restriction imposed by any court or other governmental authority having jurisdiction over GXO Capital and (iii) the Offered GXO Capital Debt Securities, in a form compliant with the GXO Capital Base Indenture and the applicable GXO Capital Supplemental Indenture relating to such Offered GXO Capital Debt Securities and filed as an exhibit to the Registration Statement or to be filed as an exhibit or exhibits to a post-effective amendment to the Registration Statement or as an exhibit to a Current Report on Form 8-K or other applicable report under the Exchange Act in the manner contemplated in the Registration Statement or any prospectus supplement relating thereto, have been duly executed and authenticated in accordance with the provisions of the GXO Capital Base Indenture and the applicable GXO Capital Supplemental Indenture relating to such Offered GXO Capital Debt Securities and delivered to the purchasers thereof upon payment of the agreed-upon consideration therefor, the Offered GXO Capital Debt Securities, when issued and sold or otherwise distributed in accordance with the GXO Capital Base Indenture and the applicable GXO Capital Supplemental Indenture relating to such Offered GXO Capital Debt Securities and the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, will be valid and binding obligations of GXO Capital, enforceable against GXO Capital in accordance with their respective terms under applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to any series of Warrants offered by the Company pursuant to the Registration Statement (the "Offered Warrants"), when (i) a Warrant Agreement relating to the Offered Warrants has been duly authorized, executed and delivered by the Company and the other parties thereto; (ii) the terms of the Offered Warrants and of their issuance and sale have been duly established and are then in conformity with the applicable Warrant Agreement so as not to violate any applicable law, the Certificate of Incorporation or the Bylaws or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company and (iii) the Offered Warrants have been duly executed, delivered, countersigned, issued and sold in accordance with the provisions of the applicable Warrant Agreement to be filed as an exhibit to a post-effective amendment to the Registration Statement or as an exhibit to a Current Report on Form 8-K or other applicable report under the Exchange Act in the manner contemplated in the Registration Statement or any prospectus supplement relating thereto, the Offered Warrants, when issued and sold or otherwise distributed in accordance with the applicable Warrant Agreement and the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding purchase or agency agreement, will be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York.

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GXO Logistics, Inc.<br> GXO Logistics Capital B.V. <br> November 13, 2025 <br> Page 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to any Units offered by the Company pursuant to the Registration Statement (the "Offered Units"), when (i) a Unit Agreement relating to the Offered Units has been duly authorized, executed and delivered by the Company and the other parties thereto; (ii) the terms of the Offered Units and of their issuance and sale have been duly established and are then in conformity with the applicable Unit Agreement of which the Offered Units are a component so as not to violate any applicable law, the Certificate of Incorporation or the Bylaws, or result in a default under or breach of any agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company and (iii) the Offered Units have been duly executed, delivered, countersigned, issued and sold in accordance with the provisions of the applicable Unit Agreement to be filed as an exhibit to a post-effective amendment to the Registration Statement or as an exhibit to a Current Report on Form 8-K or other applicable report under the Exchange Act in the manner contemplated in the Registration Statement or any prospectus supplement relating thereto, the Offered Units, when issued and sold or otherwise distributed in accordance with the applicable Unit Agreement and the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, will be duly authorized and validly issued and will be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to any Guarantee to be offered by the Company pursuant to the Registration Statement, when the terms of the Guarantee and of their issuance and sale have been duly established in conformity with the GXO Capital Indenture and any supplemental indenture to be entered into in connection with the issuance of such Guarantee, the Guarantee, when issued and sold in accordance with the GXO Capital Indenture, any supplemental indenture to be entered into in connection with the issuance of such Guarantee and the applicable underwriting agreement, will be valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms.

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GXO Logistics, Inc.<br> GXO Logistics Capital B.V. <br> November 13, 2025 <br> Page 9

The opinions set forth above are each subject to the effects of: (a) bankruptcy, insolvency, reorganization, receivership, moratorium, rearrangement, liquidation, conservatorship or other similar laws now or hereafter in effect relating to or affecting the enforcement of creditors' rights generally, including, without limitation, laws relating to fraudulent conveyances, preferences and equitable subordination, (b) general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity), (c) public policy considerations which may limit the rights of parties to obtain remedies, (d) an implied covenant of good faith and fair dealing, (e) the waivers of any usury defense contained in the Base Indenture, any Supplemental Indenture or the Offered Company Debt Securities which may be unenforceable, (f) requirements that a claim with respect to any Offered Company Debt Securities denominated in a currency, currency unit or composite currency other than United States dollars (or a judgment denominated other than in United States dollars in respect of such claim) be converted into United States dollars at a rate of exchange prevailing on a date determined pursuant to applicable law, (g) governmental authority to limit, delay or prohibit the making of payments outside the United States or in foreign currencies, currency units or composite currencies and (h) generally applicable laws that (1) provide for the enforcement of oral waivers or modifications where a material change of position in reliance thereon has occurred or provide that a course of performance may operate as a waiver, (2) limit the availability of a remedy under certain circumstances where another remedy has been elected, (3) limit the enforceability of provisions releasing, exculpating or exempting a party from, or requiring indemnification of a party for, liability for its own action or inaction, to the extent the action or inaction involves negligence, gross negligence, recklessness, willful misconduct or unlawful conduct, (4) may, where less than all of a contract may be unenforceable, limit the enforceability of the balance of the contract to circumstances in which the unenforceable portion is not an essential part of the agreed-upon exchange, (5) may limit the enforceability of provisions providing for compounded interest, imposing increased interest rates or late payment charges upon delinquency in payment or default or providing for liquidated damages or for premiums or penalties upon acceleration, or (6) limit the waiver of rights under usury laws. Furthermore, the manner in which any particular issue relating to the opinions would be treated in any actual court case would depend in part on facts and circumstances particular to the case and would also depend on how the court involved chose to exercise the wide discretionary authority generally available to it. We express no opinion as to the effect of Section 210(p) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

You have informed us that you intend to issue the Securities from time to time on a delayed or continuous basis, and this opinion is limited to the laws, including the rules and regulations, as in effect on the date hereof. We understand that prior to issuing any Securities you will afford us an opportunity to review all operative documents pursuant to which such Securities are to be issued (including the applicable prospectus supplement) and will file such supplement or amendment to this opinion (if any) as we may reasonably consider necessary or appropriate by reason of the terms of such Securities.

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GXO Logistics, Inc.<br> GXO Logistics Capital B.V. <br> November 13, 2025 <br> Page 10

We are members of the Bar of the State of New York. The opinions set forth herein are limited to the laws of the State of New York and the DGCL (including the statutory provisions and all applicable provisions of the Delaware Constitution and reported judicial decisions interpreting these laws), and the federal securities laws of the United States of America, in each case as in effect on the date hereof. We express no opinion as to whether, or the extent to which, the laws of any other jurisdiction apply to the subject matter hereof, including, without limitation, the enforceability of the governing law provision contained in any Securities and their governing documents.

This opinion letter speaks only as of its date and is delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act. We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the reference to us under the caption "Legal Matters" in the prospectus contained therein. In giving such consent, we do not thereby admit that we are an expert within the meaning of Section 7 of the Securities Act and the rules and regulations thereunder. We assume no obligation to advise the Company or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.

---

| |
|:---|
| Very truly yours, |
| /s/ Wachtell, Lipton, Rosen & Katz |

---

## Exhibit 5.2

**Exhibit 5.2**

---

| | |
|:---|:---|
| ![](tm2530142d2_ex5-2img001.jpg) | **Baker & McKenzie Amsterdam N.V.** |
| ![](tm2530142d2_ex5-2img001.jpg) | Attorneys at law, Tax advisors |
| ![](tm2530142d2_ex5-2img001.jpg) | and Civil-law notaries |
| ![](tm2530142d2_ex5-2img001.jpg) |  |
| ![](tm2530142d2_ex5-2img001.jpg) | P.O. Box 2720 |
| ![](tm2530142d2_ex5-2img001.jpg) | 1000 CS Amsterdam |
| ![](tm2530142d2_ex5-2img001.jpg) | The Netherlands |
| ![](tm2530142d2_ex5-2img001.jpg) |  |
| ![](tm2530142d2_ex5-2img001.jpg) | Tel: +31 20 551 7555 |
| ![](tm2530142d2_ex5-2img001.jpg) | www.bakermckenzie.nl |

---

**Asia Pacific**

Bangkok

Beijing

Hanoi

Ho Chi Minh City

Hong Kong

Jakarta

Kuala Lumpur

Manila

Melbourne

Shanghai

Singapore

Sydney

Taipei

Tokyo

**Europe & Middle East**

Abu Dhabi

Almaty

Amsterdam

Antwerp

Bahrain

Baku

Barcelona

Berlin

Brussels

Budapest

Cairo

Doha

Dusseldorf

Frankfurt/ Main

Geneva

Istanbul

Kyiv

London

Luxembourg

Madrid

Milan

Munich

Paris

Prague

Riyadh

Rome

Stockholm

Vienna

Warsaw

Zurich

**North & South America**

Bogota

Brasilia\*

Buenos Aires

Caracas

Chicago

Dallas

Guadalajara

Houston

Juarez

Mexico City

Miami

Monterrey

New York

Palo Alto

Porto Alegre\*

Rio de Janeiro\*

San Diego

San Francisco

Santiago

Sao Paulo\*

Tijuana

Toronto

Valencia

Washington, DC

\*Associated Firm

**GXO Logistics Capital B.V.**<br> Achtseweg Noord 27<br> 5651 GG, Eindhoven<br> The Netherlands

(the "**Addressee**")

13 November 2025

**Re: GXO Logistics Capital B.V.**

Dear Addressee,

**I.** **Introduction** 

We are acting as special Dutch legal counsel (*advocaten*) to GXO Logistics Capital B.V., a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) incorporated under the laws of The Netherlands, having its corporate seat (*statutaire zetel*) in Eindhoven, The Netherlands, its registered office at Achtseweg Noord 27, 5651 GG, Eindhoven, The Netherlands, and registered with the trade register of the Chamber of Commerce ("**Chamber of Commerce**", *Kamer van Koophandel*) under number 98594087 ("**GXO Capital**") in connection with its filing of Post-Effective Amendment No. 1 to the Registration Statement on Form S-3, dated 13 November 2025 (the "**Registration Statement**") filed under the Securities Act of 1933, as amended from time to time (the "**Securities Act**") by GXO Capital and GXO Logistics, Inc. ("**GXO**" and together with GXO Capital, the "**Registrants**") on 13 November 2025. The Registration Statement relates to, among other things, the issuance and sale from time to time, pursuant to Rule 415 under the Securities Act, of an unspecified amount of debt securities (the "**Debt Securities**") by the Registrants and guarantees of the Debt Securities by GXO (the "**Guarantees**" and, together with the Debt Securities, the "**Securities**").

**II.** **Role** 

Our role in respect of the Documents (as defined below) has been limited to the issuing of this opinion letter. We have not been involved in drafting or negotiating any documents or agreements cross-referred to in any of the Documents, save for the drafting of the Board Resolutions, the General Meeting Resolutions and the Deed of Incorporation (all as defined below). Accordingly, we assume no responsibility for the adequacy of any of the other Documents.

Baker & McKenzie Amsterdam N.V. has its registered office in Amsterdam, The Netherlands, and is registered with the Trade Register under number 34208804.Baker & McKenzie Amsterdam N.V. is a member of Baker & McKenzie International, a Swiss Verein.

![](tm2530142d2_ex5-2img001.jpg)

**III.** **Documents** 

For the purposes of this opinion letter, we have examined, and relied solely upon, originals or electronic copies of the documents as listed below, but not any documents or agreements cross-referred to in any such document:

a) a scanned copy, received by email, of the Registration
 Statement;

b) a scanned copy, received by email, of the executed
 written resolutions of the board of managing directors (*bestuur*) of GXO Capital (the
 "**Board** "), dated 11 November 2025, *inter alia*, authorising the
 Registration Statement and the publication of the Registration Statement ()"**Board Resolutions** ");

c) a scanned copy, received by email, of the executed
 written resolutions of the general meeting (*algemene vergadering*) of GXO Capital,
 dated 11 November 2025, *inter alia*, approving the Board Resolutions and authorising
 the Registration Statement and the publication of the Registration Statement ()"**General Meeting Resolutions** ");

d) a certified online excerpt (*uittreksel*),
 dated 13 November 2025, from the trade register of the Chamber of Commerce regarding
 the registration of GXO Capital with the Chamber of Commerce under number 98594087 ()"**GXO Capital Excerpt** "); and

e) a scanned copy of the deed of incorporation
 (*akte van oprichting*) of GXO Capital, dated 15 October 2025, which, according
 to GXO Capital Excerpt, are the articles of association of GXO Capital, which are in force
 on the date hereof and which have remained unaltered since that date ()"**Deed of Incorporation** ").

The documents under a) through e) are hereinafter collectively referred to as "**Documents**". The documents under b) and c) are hereinafter collectively referred to as "**Resolutions**".

Words importing the plural include the singular and *vice versa*.

Where reference is made to the laws of The Netherlands or to The Netherlands in a geographical sense, reference is made to the laws as in effect in the part of the Kingdom of The Netherlands (*Koninkrijk der Nederlanden*) that is located in Europe (*Europese deel van Nederland*) and to the geographical part of the Kingdom of The Netherlands that is located in Europe.

Except as stated herein, we have not examined any documents entered into by or affecting GXO Capital or any corporate records of GXO Capital and have not made any other enquiries concerning GXO Capital.

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**IV.** **Assumptions** 

In examining and describing the Documents and in giving the opinions expressed in this opinion letter, we have, to the extent necessary to form the opinions expressed in this opinion letter, with your permission, assumed the following:

*genuineness and authenticity*

(i) the genuineness of all signatures (including
 electronic signatures) on all Documents of the individual purported to have placed that signature;

(ii) the authenticity and completeness of all
 documents submitted to us as originals and the conformity to originals of all conformed,
 copied, faxed or specimen documents and that all documents examined by us as draft or execution
 copy conform to the final and executed documents;

(iii) that (i) the documents specified in
 the Resolutions are congruent with and accurately specify the Documents and (ii) the
 relevant Securities will be accurately specified in any written resolutions of the Board
 that will be executed by it in connection with the authorisation, execution and delivery
 of these Securities;

(iv) the accuracy and completeness as on the date
 hereof of the Documents and all the matters stated, certified or evidenced thereby and that
 the Resolutions have on the date of this opinion letter not been amended, superseded, repealed,
 rescinded or annulled;

*due existence, corporate and regulatory authority*

(v) nothing in this opinion letter is affected
 by the provisions of the laws of any jurisdiction other than The Netherlands;

(vi) no works council (*ondernemingsraad*),
 nor central, group or European works council has been established, has been requested to
 be established, must mandatorily be established or is in the process of being established
 with respect to GXO Capital nor does any works council, central works council or European
 works council which has been established within the group of GXO Capital have any jurisdiction
 over GXO Capital;

(vii) (1) GXO Capital has not passed a resolution
 to voluntarily dissolve (*ontbinden*), merge (*fuseren*), de-merge (*splitsen*)
 or convert (*omzetten*) GXO Capital, (2) no petition has been presented nor an
 order made by a court for the bankruptcy (*faillissement*) or moratorium of payment
 (*surseance van betaling*) of GXO Capital and that GXO Capital has not been made subject
 to comparable insolvency proceedings in other jurisdictions, (3) no receiver, trustee,
 administrator (*bewindvoerder*) or similar officer has been appointed in respect of
 GXO Capital or its assets, (4) GXO Capital has not been subjected to measures on the
 basis of the Financial Institutions (Special Measures) Act (*Wet bijzondere maatregelen financiële ondernemingen*) and (5) no decision has been taken to dissolve (*ontbinden*)
 GXO Capital by (a) the Chamber of Commerce under article 2:19a of the Dutch Civil Code
 (*Burgerlijk Wetboek*, "**DCC**") or (b) the competent court (*rechtbank*)
 under article 2:21 of the DCC.

![](tm2530142d2_ex5-2img001.jpg)

These assumptions are supported by (i) certifications and confirmation to that effect in the Board Resolutions, (ii) confirmations obtained as of the date hereof from (a) the online central insolvency register (*Centraal Insolventie Register*) and (b) the EU Insolvency Register (*EU Insolventieregister*), and (iii) the confirmation obtained today from the Chamber of Commerce, that GXO Capital has not been declared bankrupt or dissolved nor a moratorium of payments has been granted, that no administrator (*bewindvoerder*) has been appointed and that the Chamber of Commerce does not intend to dissolve GXO Capital;

(viii) none of the managing directors of GXO Capital
 is nor will be subject to a civil law director disqualification (*civielrechtelijk bestuursverbod*)
 or suspension to act as a director (*schorsing*) imposed by a competent court pursuant
 to articles 106a through 106e of the Dutch Bankruptcy Act (*Faillissementswet*) or rule or
 regulation of similar application, nor have been or will be denied by a regulator the authority
 to fulfil positions at regulated entities or other enterprises pursuant to article 1:87 of
 the Financial Supervision Act (*Wet op het financieel toezicht*);

(ix) none of the managing directors of GXO Capital
 has nor will have a conflict of interest (either direct or indirect) which would preclude
 any of the managing directors of GXO Capital from participating in the deliberations and
 the decision-making process concerned in accordance with article 2:239(6) of the DCC;

(x) that neither a board regulation (*bestuursreglement*)
 nor an assignment of duties (*taakverdeling*) of the Board have been adopted containing
 provisions that would preclude the Board from validly adopting the written resolutions contained
 in (a) the Resolutions or (b) any written resolutions of the Board that will be
 executed by the Board in connection with the authorisation, execution and delivery of any
 Securities;

(xi) GXO Capital has its "centre of main
 interests" (as that term is used in article 3(1) of the Regulation (EU) 2015/848
 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings
 (recast) ()"**EU Insolvency Regulation** ")) in The Netherlands and GXO Capital
 does not have an "establishment" (as defined in article 2(10) of the EU Insolvency
 Regulation) in an EU Member State (other than The Netherlands); and

![](tm2530142d2_ex5-2img001.jpg)

*corporate interest*

(xii) the issuance and the delivery of the Securities
 and the performance of the transactions contemplated thereby will be in the best corporate
 interest of the GXO Capital and are not prejudicial to its present and future creditors.

We have not investigated or verified and we do not express an opinion on the accuracy of the facts, representations and warranties as to facts set out in the Documents, and in any other document on which we have relied in giving this opinion letter and for the purpose of this opinion letter, we have assumed that such facts are correct.

We do not express an opinion on matters of fact, matters of law of any jurisdiction other than The Netherlands, nor on tax, anti-trust law, insider dealing, data protection, unfair trade practices, market abuse laws, sanctions or international law, including, without limitation, the laws of the European Union, including Directive 2015/2366/EU of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, except to the extent the laws of the European Union (other than anti-trust and tax law) have direct force and effect in The Netherlands. No opinion is given on commercial, accounting or non-legal matters or on the ability of the parties to meet their financial or other obligations under the Documents.

**V.** **Opinion** 

Based on and subject to the foregoing (including the assumptions made above) and subject to any matters, documents or events not disclosed to us by the parties concerned and having regard to such legal considerations as we deem relevant and subject to the qualifications listed below, we are of the opinion that:

**<u>Corporate Status</u>**

1. GXO Capital is duly incorporated and validly
 existing under the laws of The Netherlands as a private company with limited liability (*besloten vennootschap met beperkte aansprakelijkheid*) and has the corporate power to issue the
 Debt Securities.

**<u>Corporate Action</u>**

2. When all necessary actions have been taken
 by the Board to authorise the form, terms, execution and delivery by GXO Capital of the relevant
 Debt Securities, these Debt Securities will be duly authorised by all requisite corporate
 action required by GXO Capital's articles of association and by Dutch corporate law.

![](tm2530142d2_ex5-2img001.jpg)

**VI.** **Qualifications** 

The opinions expressed in this opinion letter are subject to and limited by the following qualifications:

*general principles of Dutch law*

(i) The opinions expressed in this opinion letter
 are subject to and limited by the provisions of any applicable bankruptcy, insolvency, reorganisation
 or moratorium laws and other laws of general application relating to or affecting generally
 the enforcement of creditors' rights and remedies (including the doctrine of creditors'
 prejudice (*Actio Pauliana*) within the meaning of article 3:45 of the DCC and/or article
 42 et. sec. of the Dutch Bankruptcy Act), sanctions and measures pursuant to applicable export
 control regulations, United Nations, European Community or Netherlands sanctions, implemented,
 effective or sanctioned in *inter alia*, The Netherlands Sanction Act 1977 (*Sanctiewet 1977*), the Economic Offences Act (*Wet Economische Delicten*), the Environmental
 Management Act (*Wet Milieubeheer*), the Financial Transactions Emergency Act (*Noodwet financieel verkeer*), the Council Regulation (EC) No 2271/96 of 22 November 1996
 on protecting against the effects of the extra-territorial application of legislation adopted
 by a third country (*Anti-Boycott Regulation*), the Act on Special Measures for Financial
 Enterprises (*Interventiewet)*.

*representation*

(ii) Article 2:7 of the DCC entitles companies
 to invoke the nullity of a legal act (*ultra vires*) if such legal act (*rechtshandeling*)
 cannot serve to realise the objects (*doel*) of such company and the other parties thereto
 knew, or should have known without an investigation of their own (*wist of zonder eigen onderzoek moest weten*), that such objects have been exceeded for which determination
 not only description of the objects clause is decisive, but all relevant circumstances have
 to be taken into account such as whether the interests of the company were served by the
 transaction. The nullity can only be invoked by the company itself (or the trustee (curator)
 in bankruptcy) and not by the other parties involved, if the aforementioned requirements
 are met. Most authoritative legal writers agree that acts of a company which are (a) within
 the objects clause as contained in the articles of association of the company and (b) in
 the actual interest of the company in the sense that such acts are conducive to the realisation
 of the objects of the company as laid down in its articles of association, do not exceed
 the objects of the company and therefore are not subject to nullification pursuant to article
 2:7 of the DCC, which view is supported by the Dutch Supreme Court.

![](tm2530142d2_ex5-2img001.jpg)

In practice, the concept of ultra vires has rarely been applied in court decisions in The Netherlands. Only under exceptional circumstances have transactions been considered to be ultra vires and consequently have been annulled. Nullification of a transaction can result in (internal) liability of the managing directors toward the legal entity.

*miscellaneous provisions*

(iii) The term "valid" means that the
 obligations to which this term relates are of a type which under the laws of The Netherlands
 are generally recognised or are generally enforceable: specific performance, however, may
 not always be granted by the courts of The Netherlands.

(iv) The concept of "delivery" of a
 document is not known or required under the laws of The Netherlands to render a document
 valid, binding and enforceable.

**VII.** **Confidentiality and Reliance** 

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the U.S. securities laws.

In issuing this opinion letter we do not assume any obligation to notify or to inform you of any developments subsequent to its date that might render its contents untrue or inaccurate in whole or in part at such time.

This opinion letter:

(a) expresses and describes Dutch legal concepts
 in English and not in their original Dutch terms. These concepts may not be identical to
 the concepts described by the English translations; consequently this opinion letter is issued
 and may only be relied upon on the express condition that any issues of interpretation or
 liability issues arising under this opinion letter will be governed by the laws of The Netherlands
 and be brought before a court of The Netherlands;

(b) speaks as of the date stated above;

(c) is addressed to you and is solely for your
 benefit; and

![](tm2530142d2_ex5-2img001.jpg)

(d) is strictly limited to the matters set forth
 herein and no opinion may be inferred or implied beyond that expressly stated herein.

We consent to the inclusion of this opinion letter as an exhibit to the Registration Statement and to the use of our name under the heading "Legal Matters" in the prospectus forming a part of the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933 or the rules and regulations of the SEC thereunder. In giving this consent, we do not imply that we are experts under the U.S. Securities Act of 1933, as amended or the rules and registrations of the SEC issued thereunder with respect to any part of the Registration Statement, including this opinion letter.

The opinions expressed in this opinion letter are limited in all respects to and are to be construed and interpreted in accordance with the laws of The Netherlands in force on the date of this opinion letter and as they are presently interpreted under published authoritative case law as at present in effect.

This opinion letter is given on behalf of Baker & McKenzie Amsterdam N.V. and not by or on behalf of Baker & McKenzie International (a Swiss Verein) or any other member thereof. In this opinion letter the expressions "we", "us", "our" and similar expressions should be construed accordingly.

Yours sincerely,

/s/ Baker & McKenzie Amsterdam N.V.

## Exhibit 22.1

**Exhibit 22.1**

<u>Subsidiary Issuer of Guaranteed Debt Securities</u>

The following subsidiary of GXO Logistics, Inc. may issue debt securities guaranteed by GXO Logistics, Inc. under an indenture, a form of which is attached hereto as Exhibit 4.2, among GXO Logistics Capital B.V., as issuer, GXO Logistics, Inc., as guarantor and Computershare Trust Company, N.A., as trustee:

GXO Logistics Capital B.V.

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated February 18, 2025, with respect to the consolidated financial statements of GXO Logistics, Inc., and the effectiveness of internal control over financial reporting, incorporated herein by reference, and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG LLP

New York, New York<br>November 13, 2025

## Exhibit 25.1

**Exhibit 25.1**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM T-1**

**STATEMENT OF ELIGIBILITY**

**UNDER THE TRUST INDENTURE ACT OF 1939 OF A**

**CORPORATION DESIGNATED TO ACT AS TRUSTEE**

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A

TRUSTEE PURSUANT TO SECTION 305(b)(2) [___]

**Computershare Trust Company, National Association**

(Exact name of trustee as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**National Banking Association**<br> (Jurisdiction of incorporation or organization<br> if not a U.S. national bank) | &nbsp;&nbsp;**04-3401714**<br> (I.R.S. Employer<br> Identification Number) |
| &nbsp;&nbsp;**150 Royall Street, Canton, MA**<br> (Address of principal executive offices) | &nbsp;&nbsp;**02021**<br> (Zip Code) |

---

**Law Department**

**Computershare Trust Company, National Association**

 **150 Royall Street, Canton, MA** 

**02021** 

**(781) 575-2000** 

**(Name, address and telephone number of agent for service)**

**GXO Logistics, Inc.**

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Delaware**<br> (State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;**86-2098312**<br> (I.R.S. Employer Identification Number) |
| &nbsp;&nbsp;**Two American Lane<br> Greenwich, CT** <br> (Address of principal executive offices) | &nbsp;&nbsp;**06831**<br> (Zip Code) |

---

**Debt Securities**

(Title of the indenture securities)

**Item 1.** **General Information.** Furnish the following information as to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and address of each examining or supervising authority to which it is subject.

Comptroller of the Currency

340 Madison Avenue, 4<sup>th</sup> Floor

New York, NY 10017-2613

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

**Item 2.** **Affiliations with the obligor.** If the obligor is an affiliate of the trustee, describe such affiliation.

None.

---

| | |
|:---|:---|
| **Items** **3-15**. | No responses are included for Items 3-15 of this Form T-1 because, to the best of the Trustee's knowledge, neither the obligor nor any guarantor is in default under any Indenture for which the Trustee acts as Trustee and the Trustee is not a foreign trustee as provided under Item 15. |

---

**Item 16.** **List of exhibits.** List below all exhibits filed as a part of this statement of eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the articles of association of the trustee. (See Exhibit 1 to Form T-1 filed with Registration Statement No. 333-200089).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the certificate of authority of the trustee to commence business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of the Comptroller of the Currency Certification of Fiduciary Powers for Computershare Trust Company, National Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing bylaws of the trustee, as now in effect. (See Exhibit 4 to Form T-1 filed with Registration Statement No. 333-200089).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee required by Section 321(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Not applicable

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, Computershare Trust Company, National Association, a national banking association, organized and existing under the laws of the United States, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of St. Paul, and State of Minnesota, on the 13<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION** | **COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION** |
| By: | /s/ Veronica Ard |
|  | Name: Veronica Ard |
|  | Title: Assistant Vice President |

---

**EXHIBIT 2**

A copy of the Comptroller of the Currency Certificate of Corporate Existence for Computershare Trust Company, National Association, dated October 7, 2025.

![](tm2530142d2_ex25-1img001.jpg)

**EXHIBIT 3**

A copy of the Comptroller of the Currency Certification of Fiduciary Powers for Computershare Trust Company, National Association, dated October 7, 2025.

![](tm2530142d2_ex25-1img002.jpg)

**EXHIBIT 6**

**CONSENT OF THE TRUSTEE**

Pursuant to the requirements of Section 321 (b) of the Trust Indenture Act of 1939, and in connection with the proposed issue of debt securities, Computershare Trust Company, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon request therefore.

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY, <br> NATIONAL ASSOCIATION** | **COMPUTERSHARE TRUST COMPANY, <br> NATIONAL ASSOCIATION** |
| By: | /s/ Veronica Ard |
|  | Title: Assistant Vice President |
| November 13, 2025 | November 13, 2025 |

---

**<u>EXHIBIT 7</u>**

Consolidated Report of Condition of

Computershare TRUST COMPANY, NATIONAL ASSOCIATION

150 Royall Street, Canton, MA 02021

at the close of business June 30, 2025.

---

| | |
|:---|:---|
| **ASSETS** | Dollar Amounts In Thousands |
| Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing balances and currency and coin | 705 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances | 399156 |
| Securities: |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | -0- |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities | -0- |
| Federal funds sold and securities purchased under agreements to resell: |  |
| &nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices | -0- |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | -0- |
| Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;Loans and leases held for sale | -0- |
| &nbsp;&nbsp;&nbsp;Loans and leases, net of unearned income | -0- |
| &nbsp;&nbsp;&nbsp;LESS: Allowance for loan and lease losses | -0- |
| &nbsp;&nbsp;&nbsp;Loans and leases, net of unearned income and allowance | -0- |
| Trading assets | -0- |
| Premises and fixed assets (including capitalized leases) | 5362 |
| Other real estate owned | -0- |
| Investments in unconsolidated subsidiaries and associated companies | -0- |
| Direct and indirect investments in real estate ventures | -0- |
| Intangible assets: |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 134206 |
| &nbsp;&nbsp;&nbsp;Other intangible assets | 412143 |
| Other assets | 150149 |
| Total assets | 1101721 |

---

---

| | |
|:---|:---|
| **LIABILITIES** |  |
| Deposits: |  |
| &nbsp;&nbsp;&nbsp;In domestic offices | -0- |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | -0- |
| &nbsp;&nbsp;&nbsp;Interest-bearing | -0- |
| Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices | -0- |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | -0- |
| Trading liabilities | -0- |
| &nbsp;&nbsp;&nbsp;Other borrowed money:<br> (includes mortgage indebtedness and obligations under capitalized leases) | -0- |
| Not applicable |  |
| Not applicable |  |
| Subordinated notes and debentures | -0- |
| Other liabilities | 150437 |
| Total liabilities | 150437 |
| **EQUITY CAPITAL** |  |
| Perpetual preferred stock and related surplus | -0- |
| Common stock | 500 |
| Surplus (exclude all surplus related to preferred stock) | 850876 |
| Retained earnings | 99908 |
| Accumulated other comprehensive income | -0- |
| Other equity capital components | -0- |
| Total bank equity capital | 951284 |
| Noncontrolling (minority) interests in consolidated subsidiaries | -0- |
| Total equity capital | 951284 |
| Total liabilities and equity capital | 1101721 |

---

I, Greg Brandt, Assistant Controller of the above named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

![](tm2530142d2_ex25-1img003.jpg)

Greg Brandt

Assistant Controller

## Exhibit 25.2

**Exhibit 25.2**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM T-1**

**STATEMENT OF ELIGIBILITY**

**UNDER THE TRUST INDENTURE ACT OF 1939 OF A**

**CORPORATION DESIGNATED TO ACT AS TRUSTEE**

CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A

TRUSTEE PURSUANT TO SECTION 305(b)(2) [___]

**Computershare Trust Company, National Association**

(Exact name of trustee as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**National Banking Association**<br> (Jurisdiction of incorporation or organization<br> if not a U.S. national bank) | &nbsp;&nbsp;**04-3401714**<br> (I.R.S. Employer<br> Identification Number) |
| &nbsp;&nbsp;**150 Royall Street, Canton, MA**<br> (Address of principal executive offices) | &nbsp;&nbsp;**02021**<br> (Zip Code) |
| &nbsp;&nbsp; <br> **Law Department**<br> **Computershare Trust Company, National Association**<br> **150 Royall Street, Canton, MA**<br> **02021**<br> **(781) 575-2000**<br> **(Name, address and telephone number of agent for service)** | &nbsp;&nbsp; <br> **Law Department**<br> **Computershare Trust Company, National Association**<br> **150 Royall Street, Canton, MA**<br> **02021**<br> **(781) 575-2000**<br> **(Name, address and telephone number of agent for service)** |

---

**GXO Logistics Capital, B.V.**

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**The Netherlands**<br> (State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;**98-1890389**<br> (I.R.S. Employer Identification Number) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Achtseweg Noord 27**<br> **Eindhoven**<br> (Address of principal executive offices) | &nbsp;&nbsp; <br>**5651 GG**<br> (Zip Code) |

---

**Debt Securities**

(Title of the indenture securities)

**GXO Logistics, Inc.**

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Delaware**<br> (State or other jurisdiction of<br> incorporation or organization) | &nbsp;&nbsp;**86-2098312**<br> (I.R.S. Employer Identification Number) |

---

**Item 1.** **General Information.** Furnish the following information as to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name and address of each examining or supervising authority to which
 it is subject.

Comptroller of the Currency

340 Madison Avenue, 4<sup>th</sup> Floor

New York, NY 10017-2613

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether it is authorized to exercise corporate trust powers.

The trustee is authorized to exercise corporate trust powers.

**Item 2.** **Affiliations with the obligor.** If the obligor is an affiliate of the trustee, describe such affiliation.

None.

---

| | |
|:---|:---|
| **Items 3-15.** | No responses are included for Items 3-15 of this Form T-1 because, to the best of the Trustee's knowledge, neither the obligor nor any guarantor is in default under any Indenture for which the Trustee acts as Trustee and the Trustee is not a foreign trustee as provided under Item 15. |

---

**Item 16.** **List of exhibits.** List below all exhibits filed as a part of this statement of eligibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the articles
 of association of the trustee. (See Exhibit 1 to Form T-1 filed with Registration
 Statement No. 333-200089).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the certificate
 of authority of the trustee to commence business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of the Comptroller
 of the Currency Certification of Fiduciary Powers for Computershare Trust Company, National
 Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of the existing
 bylaws of the trustee, as now in effect. (See Exhibit 4 to Form T-1 filed with
 Registration Statement No. 333-200089).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the Trustee
 required by Section 321(b) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. A copy of the latest report
 of condition of the trustee published pursuant to law or the requirements of its supervising
 or examining authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Not applicable

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, Computershare Trust Company, National Association, a national banking association, organized and existing under the laws of the United States, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of St. Paul, and State of Minnesota, on the 13th day of November, 2025.

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION** | **COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION** |
| By: | /s/ Veronica Ard |
|  | Name: Veronica Ard |
|  | Title: Assistant Vice President |

---

**EXHIBIT 2**

A copy of the Comptroller of the Currency Certificate of Corporate Existence for Computershare Trust Company, National Association, dated October 7, 2025.

![](tm2530142d2_ex25-2img001.jpg)

**EXHIBIT 3**

A copy of the Comptroller of the Currency Certification of Fiduciary Powers for Computershare Trust Company, National Association, dated October 7, 2025.

![](tm2530142d2_ex25-2img002.jpg)

**EXHIBIT 6**

**CONSENT OF THE TRUSTEE**

Pursuant to the requirements of Section 321 (b) of the Trust Indenture Act of 1939, and in connection with the proposed issue of debt securities, Computershare Trust Company, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon request therefore.

---

| | |
|:---|:---|
| **COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION** | **COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION** |
| By: | /s/ Veronica Ard |
|  | Title: Assistant Vice President |
| November 13, 2025 | November 13, 2025 |

---

**<u>EXHIBIT 7</u>**

Consolidated Report of Condition of

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION

150 Royall Street, Canton, MA 02021<br> at the close of business June 30, 2025.

---

| | |
|:---|:---|
| **ASSETS** | Dollar Amounts In Thousands |
| Cash and balances due from depository institutions: |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing balances and currency and coin | 705 |
| &nbsp;&nbsp;&nbsp;Interest-bearing balances | 399156 |
| Securities: |  |
| &nbsp;&nbsp;&nbsp;Held-to-maturity securities | -0- |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities | -0- |
| Federal funds sold and securities purchased under agreements to resell: |  |
| &nbsp;&nbsp;&nbsp;Federal funds sold in domestic offices | -0- |
| &nbsp;&nbsp;&nbsp;Securities purchased under agreements to resell | -0- |
| Loans and lease financing receivables: |  |
| &nbsp;&nbsp;&nbsp;Loans and leases held for sale | -0- |
| &nbsp;&nbsp;&nbsp;Loans and leases, net of unearned income | -0- |
| &nbsp;&nbsp;&nbsp;LESS: Allowance for loan and lease losses | -0- |
| &nbsp;&nbsp;&nbsp;Loans and leases, net of unearned income and allowance | -0- |
| Trading assets | -0- |
| Premises and fixed assets (including capitalized leases) | 5362 |
| Other real estate owned | -0- |
| Investments in unconsolidated subsidiaries and associated companies | -0- |
| Direct and indirect investments in real estate ventures | -0- |
| Intangible assets: |  |
| &nbsp;&nbsp;&nbsp;Goodwill | 134206 |
| &nbsp;&nbsp;&nbsp;Other intangible assets | 412143 |
| Other assets | 150149 |
| Total assets | 1101721 |

---

---

| | |
|:---|:---|
| **LIABILITIES** |  |
| Deposits: |  |
| &nbsp;&nbsp;&nbsp;In domestic offices | -0- |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | -0- |
| &nbsp;&nbsp;&nbsp;Interest-bearing | -0- |
| Federal funds purchased and securities sold under agreements to repurchase: |  |
| &nbsp;&nbsp;&nbsp;Federal funds purchased in domestic offices | -0- |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | -0- |
| Trading liabilities | -0- |
| Other borrowed money: |  |
| &nbsp;&nbsp;&nbsp;(includes mortgage indebtedness and obligations under capitalized leases) | -0- |
| Not applicable |  |
| Not applicable |  |
| Subordinated notes and debentures | -0- |
| Other liabilities | 150437 |
| Total liabilities | 150437 |
| **EQUITY CAPITAL** |  |
| Perpetual preferred stock and related surplus | -0- |
| Common stock | 500 |
| Surplus (exclude all surplus related to preferred stock) | 850876 |
| Retained earnings | 99908 |
| Accumulated other comprehensive income | -0- |
| Other equity capital components | -0- |
| Total bank equity capital | 951284 |
| Noncontrolling (minority) interests in consolidated subsidiaries | -0- |
| Total equity capital | 951284 |
| Total liabilities and equity capital | 1101721 |

---

I, Greg Brandt, Assistant Controller of the above named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

![](tm2530142d2_ex25-2img003.jpg)

Greg Brandt

Assistant Controller

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GXO Logistics, Inc.**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Stock, par value $0.01 per share | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 2 | Equity | Preferred Stock, par value $0.01 per share | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 3 | Debt | Debt Securities | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 4 | Other | Warrants | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 5 | Other | Units | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 6 | Debt | Guarantees of Debt Securities of GXO Logistics Capital B.V. | 457(r) |  | 0.0001381 |  |
| Fees to be Paid | 7 | Debt | Debt Securities | 457(r) |  | 0.0001381 |  |
| Fees Previously Paid |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $0.00  |  | $0.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $0.00  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> 1.a. GXO Logistics, Inc. ("GXO") and GXO Logistics Capital B.V. ("GXO Capital") are relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), to defer payment of all of the registration fee. In connection with the securities offered hereby, GXO and GXO Capital will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). GXO and GXO Capital will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. 1.b. An unspecified aggregate initial offering price and number of securities of each identified class is being registered and may from time to time be offered at unspecified prices. The securities registered also include such unspecified amounts and numbers of common stock, preferred stock and debt securities as may be issued upon conversion of or exchange for preferred stock, debt securities or warrants or settlement of any units that provide for conversion or exchange or pursuant to the anti-dilution provisions of any such securities. Pursuant to Rule 416 under the Securities Act, this Registration Statement also covers additional shares of GXO's common stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of common stock of GXO. Separate consideration may or may not be received for securities that are issuable on exercise, redemption, conversion, exchange or settlement of other securities or that are issued in units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> 2.a. GXO Logistics, Inc. ("GXO") and GXO Logistics Capital B.V. ("GXO Capital") are relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), to defer payment of all of the registration fee. In connection with the securities offered hereby, GXO and GXO Capital will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). GXO and GXO Capital will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. 2.b. An unspecified aggregate initial offering price and number of securities of each identified class is being registered and may from time to time be offered at unspecified prices. The securities registered also include such unspecified amounts and numbers of common stock, preferred stock and debt securities as may be issued upon conversion of or exchange for preferred stock, debt securities or warrants or settlement of any units that provide for conversion or exchange or pursuant to the anti-dilution provisions of any such securities. Pursuant to Rule 416 under the Securities Act, this Registration Statement also covers additional shares of GXO's common stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of common stock of GXO. Separate consideration may or may not be received for securities that are issuable on exercise, redemption, conversion, exchange or settlement of other securities or that are issued in units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup> 3.a. GXO Logistics, Inc. ("GXO") and GXO Logistics Capital B.V. ("GXO Capital") are relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), to defer payment of all of the registration fee. In connection with the securities offered hereby, GXO and GXO Capital will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). GXO and GXO Capital will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. 3.b. An unspecified aggregate initial offering price and number of securities of each identified class is being registered and may from time to time be offered at unspecified prices. The securities registered also include such unspecified amounts and numbers of common stock, preferred stock and debt securities as may be issued upon conversion of or exchange for preferred stock, debt securities or warrants or settlement of any units that provide for conversion or exchange or pursuant to the anti-dilution provisions of any such securities. Pursuant to Rule 416 under the Securities Act, this Registration Statement also covers additional shares of GXO's common stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of common stock of GXO. Separate consideration may or may not be received for securities that are issuable on exercise, redemption, conversion, exchange or settlement of other securities or that are issued in units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>4</sup> 4.a. GXO Logistics, Inc. ("GXO") and GXO Logistics Capital B.V. ("GXO Capital") are relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), to defer payment of all of the registration fee. In connection with the securities offered hereby, GXO and GXO Capital will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). GXO and GXO Capital will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. 4.b. An unspecified aggregate initial offering price and number of securities of each identified class is being registered and may from time to time be offered at unspecified prices. The securities registered also include such unspecified amounts and numbers of common stock, preferred stock and debt securities as may be issued upon conversion of or exchange for preferred stock, debt securities or warrants or settlement of any units that provide for conversion or exchange or pursuant to the anti-dilution provisions of any such securities. Pursuant to Rule 416 under the Securities Act, this Registration Statement also covers additional shares of GXO's common stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of common stock of GXO. Separate consideration may or may not be received for securities that are issuable on exercise, redemption, conversion, exchange or settlement of other securities or that are issued in units. 4.c. Representing warrants to purchase shares of GXO's common stock and/or any of the other securities of GXO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup> 5.a. GXO Logistics, Inc. ("GXO") and GXO Logistics Capital B.V. ("GXO Capital") are relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), to defer payment of all of the registration fee. In connection with the securities offered hereby, GXO and GXO Capital will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). GXO and GXO Capital will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. 5.b. An unspecified aggregate initial offering price and number of securities of each identified class is being registered and may from time to time be offered at unspecified prices. The securities registered also include such unspecified amounts and numbers of common stock, preferred stock and debt securities as may be issued upon conversion of or exchange for preferred stock, debt securities or warrants or settlement of any units that provide for conversion or exchange or pursuant to the anti-dilution provisions of any such securities. Pursuant to Rule 416 under the Securities Act, this Registration Statement also covers additional shares of GXO's common stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of common stock of GXO. Separate consideration may or may not be received for securities that are issuable on exercise, redemption, conversion, exchange or settlement of other securities or that are issued in units. 5.c. Representing units that may consist of any combination of the other securities of GXO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>6</sup> 6. GXO will fully and unconditionally guarantee the obligations of GXO Capital under its debt securities. No separate consideration will be paid in respect of any such guarantees. Pursuant to Rule 457(n) of the Securities Act, no separate fee is payable with respect to the guarantees of the debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>7</sup> 7.a. GXO Logistics, Inc. ("GXO") and GXO Logistics Capital B.V. ("GXO Capital") are relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"), to defer payment of all of the registration fee. In connection with the securities offered hereby, GXO and GXO Capital will pay "pay-as-you-go registration fees" in accordance with Rule 456(b). GXO and GXO Capital will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. 7.b. An unspecified aggregate initial offering price and number of securities of each identified class is being registered and may from time to time be offered at unspecified prices. The securities registered also include such unspecified amounts and numbers of common stock, preferred stock and debt securities as may be issued upon conversion of or exchange for preferred stock, debt securities or warrants or settlement of any units that provide for conversion or exchange or pursuant to the anti-dilution provisions of any such securities. Pursuant to Rule 416 under the Securities Act, this Registration Statement also covers additional shares of GXO's common stock which become issuable by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of consideration which results in an increase in the number of the outstanding shares of common stock of GXO. Separate consideration may or may not be received for securities that are issuable on exercise, redemption, conversion, exchange or settlement of other securities or that are issued in units.

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| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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