Document:

EX-10.1

 Exhibit 10.1 

WESTERN DIGITAL CORPORATION 

2021 Long-Term Incentive Plan 

EFFECTIVE DATE: NOVEMBER 22, 2021 

 

	1.	 GENERAL. 

(a) Purpose. This Plan, through the granting of Awards, is intended to help the Company secure and retain the services of eligible award
recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide a means by which the eligible award recipients may benefit from increases in the value of the Common Stock. This
Plan is the successor to the Prior Plans. From and after 12:01 a.m. Pacific Standard Time on the Effective Date, no additional awards will be granted under the Prior Plans. 

(b) Eligible Award Recipients. Employees, Directors and Consultants are eligible to receive Awards. 

(c) Available Awards. This Plan provides for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory
Stock Options; (iii) Stock Appreciation Rights; (iv) Substitute Awards; (v) Restricted Stock Awards; (vi) Restricted Stock Unit Awards; (vii) Performance Stock Awards; (viii) Cash Awards; and (ix) Other Stock-Based
Awards. 
  

	2.	 ADMINISTRATION. 

(a) Administration. This Plan shall be administered by and all Awards under this Plan shall be authorized by the Administrator. The
“Administrator” means the Board or a Committee or Committees (or any subcommittee thereof) to which administration of this Plan has been delegated (within its delegated authority), as provided in
Section 2(d). 
 (b) Powers of Administrator. The Administrator will have the power, subject to, and within
the limitations of, the express provisions of this Plan: 
 (i) To determine: (A) who will be granted Awards; (B) when and how each
Award will be granted; (C) what type of Award will be granted; (D) the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive cash or Common Stock under the Award;
(E) the number of shares of Common Stock subject to, or the cash value of, an Award; and (F) the Fair Market Value applicable to a Stock Award. 

(ii) To construe and interpret this Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for
administration of this Plan and Awards. The Administrator, in the exercise of these powers, may correct any defect, omission or inconsistency in this Plan or in any Award Document or in the written terms of a Cash Award, in a manner and to the
extent it will deem necessary or expedient to make this Plan or Award fully effective. 
 (iii) To settle all controversies regarding this
Plan and Awards granted under it. 

 (iv) To accelerate, in whole or in part, or to extend, in whole or in part, the time during
which an Award may be exercised or vest, or at which cash or shares of Common Stock may be issued. 
 (v) To amend or terminate this Plan at
any time, subject to Sections 10 and 11 of this Plan. 
 (vi) To submit any amendment to this Plan for stockholder approval,
including, but not limited to, amendments to this Plan intended to satisfy the requirements of (A) Section 422 of the Code regarding “incentive stock options” or (B) Rule 16b-3 of the
Exchange Act or any successor rule, if applicable. 
 (vii) To approve forms of Award Documents for use under this Plan and to amend the
terms of any one or more outstanding Awards, subject to Section 10 of this Plan. 
 (viii) To generally exercise
such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of this Plan and/or Award Documents. 

(ix) To adopt such procedures and sub-plans as are necessary or appropriate (A) to permit or
facilitate participation in this Plan by persons eligible to receive Awards under this Plan who are not citizens of, subject to taxation by, or employed outside, the United States or (B) to allow Awards to qualify for special tax treatment in a
jurisdiction other than the United States. Administrator approval will not be necessary for immaterial modifications to this Plan or any Award Document that are required for compliance with the laws of the relevant jurisdiction. 

(c) Minimum Vesting Requirements. Notwithstanding any other provision of this Plan, Awards granted under this Plan may not become
exercisable, vest or settle, in whole or in part, prior to the one-year anniversary of the date of grant, except (1) the Administrator may provide that Awards become exercisable, vest or settle in
connection with a Change in Control, retirement, death or Disability or such other circumstances determined to be appropriate by the Administrator, (2) with respect to an Award that is granted in connection with a merger or other acquisition as
a substitute or replacement award for awards held by grantees of the acquired business, and (3) annual Awards to Non-Employee Directors made in connection with the annual meeting of stockholders may vest
on the Company’s next annual meeting of stockholders (provided that such annual meetings are at least 50 weeks apart). Notwithstanding the foregoing, up to 5% of the aggregate number of Shares authorized for issuance under this Plan (as
described in Section 3(a)(1) hereof) may be issued without regard to the restrictions of the foregoing sentence. 

(d) Delegation to Committee. 

(i) General. The Board may delegate some or all of the administration of this Plan to a Committee or Committees. If administration of
this Plan is delegated to a Committee, the Committee will have, in connection with the administration of this Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a
subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise. Any delegation of administrative powers will be reflected in the charter of the 

  
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Committee to which the delegation is made, or resolutions, not inconsistent with the provisions of this Plan, adopted from time to time by the Board or Committee (as applicable). The Committee
may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to any subcommittee. Unless otherwise provided by the Board, delegation of authority by the Board to a Committee, or to an Officer or employee pursuant to
Section 2(e), does not limit the authority of the Board, which may continue to exercise any authority so delegated and may concurrently administer this Plan with the Committee and may, at any time, revest in the Board some
or all of the powers previously delegated. 
 (ii) Rule 16b-3 Compliance. If required for
compliance with Rule 16b-3 of the Exchange Act, the Committee may consist solely of two or more Non-Employee Directors. 

(e) Delegation to an Officer. The Administrator may delegate to one or more Officers the authority to do one or both of the following,
to the maximum extent permitted by applicable law: (i) designate Employees who are not Officers to be recipients of Stock Awards and the terms of such Stock Awards; and (ii) determine the number of shares of Common Stock to be subject to
such Stock Awards granted to such Employees; provided, however, that the Board or Committee resolutions regarding such delegation will specify the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer
and that such Officer may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on a form that is substantially the same as the form of Stock Award Document approved by the Committee or the Board for use in connection
with such Stock Awards, unless otherwise provided for in the resolutions approving the delegation authority. 
 (f) Effect of
Administrator’s Decision. All determinations, interpretations and constructions made by the Administrator in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. No director,
officer or agent of the Company or any of its Subsidiaries shall be liable for any such action or determination taken or made or omitted in good faith. 
  

	3.	 SHARES SUBJECT TO THIS PLAN. 

(a) Share Reserve. 
 (i)
Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to Stock Awards from and after the Effective Date will not exceed (a)
9.5 million shares of Common Stock, less (b) one share of Common Stock for each share of Common Stock granted under a Prior Plan on or after September 5, 2021 and prior to the Effective Date, plus (c) any shares of Common Stock
subject to outstanding awards under the Prior Plans as of the Effective Date (including the shares described in the immediately preceding subclause (b) (the “Prior Plan Awards”) that on or after the Effective Date are forfeited,
terminated, expire, lapse without being exercised (to the extent applicable), or are otherwise reacquired by the Company (the sum of (a), (b), and (c), the “Share Reserve”). The maximum number of shares of Common Stock subject to
Stock Options and SARs that may be granted during any calendar year to any individual under this Plan is 1,000,000 shares. 

  
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 (ii) For clarity, the Share Reserve is a limitation on the number of shares of Common Stock
that may be issued under this Plan. As a single share may be subject to grant more than once (e.g., if a share subject to a Stock Award is forfeited, it may be made subject to grant again as provided in Section 3(b) below),
the Share Reserve is not a limit on the number of Stock Awards that can be granted. For the avoidance of doubt, the grant of a Cash Award, and its subsequent settlement, or Other Stock-Based Award settled in cash shall in no event reduce the number
of shares of Common Stock available for issuance under this Plan. 
 (iii) Shares may be issued under the terms of this Plan in connection
with a merger or acquisition as permitted by Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available
for issuance under this Plan. 
 (iv) Substitute Awards shall not reduce the shares of Common Stock authorized for issuance under the Plan or
authorized for grant to a Participant in any calendar year. Additionally, in the event that a company acquired by the Company or any Subsidiary, or with which the Company or any Subsidiary combines, has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such
pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration
payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the shares of Common Stock authorized for issuance under the Plan; provided that
Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made
to individuals who were employees of such acquired or combined company before such acquisition or combination. 
 (v) Subject to
Section 9(a) relating to Capitalization Adjustments, the total compensation paid to any one Non-Employee Director during any Grant Year shall not exceed $900,000, including the
aggregate Fair Market Value on the date of grant of Shares subject to Awards granted under this Plan and any cash compensation paid or payable. The limitation described in this Section shall be determined without regard to amounts paid to a Non-Employee Director during or for any period in which such individual was an employee or consultant, and any severance and other payments paid to a Non-Employee Director for
such director’s prior or current service to the Company or any Subsidiary other than serving as a director shall not be taken into account in applying the limit provided above. For the avoidance of doubt, any compensation that is deferred shall
be counted toward this limit for the year in which it was first earned, and not when paid or settled. For this purpose, “Grant Year” means the annual period commencing on the date of the Company’s annual meeting of stockholders
and concluding on the day immediately preceding the next annual meeting of stockholders, or such other annual period as the Committee may determine in its discretion. 

  
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 (b) Reversion of Shares to the Share Reserve. The Share Reserve shall be subject to
the following adjustments: 
 (i) If a Stock Award (or Prior Plan Award) or any portion of a Stock Award (or Prior Plan Award) (A)
expires, is cancelled or forfeited or otherwise terminates without all of the shares covered by the Stock Award having been issued or (B) is settled in cash or a form other than shares of Common Stock, such expiration, cancellation, forfeiture,
termination or settlement shall result in the shares of Common Stock subject to such Stock Award (or Prior Plan Award) being added back to the shares of Common Stock available for Awards under the Plan. 

(ii) Shares that are exchanged by a Participant or withheld by the Company as full or partial payment in connection with any Award under this
Plan, or any Prior Plan Award, and shares exchanged by a Participant or withheld by the Company or one of its Subsidiaries to satisfy the tax withholding obligations related to any Award under this Plan or Prior Plan Award, shall be treated as
follows: (A) to the extent that the exchange or withholding occurred with respect to an Option or SAR under this Plan (or stock option or stock appreciation right under a Prior Plan), such shares shall not be available for subsequent awards
under this Plan and (B) to the extent that the exchange or withholding occurs with respect to an Award under this Plan other than an Option or SAR (or awards granted under a Prior Plan other than options or stock appreciation rights), such
shares shall be added back to the shares of Common Stock available for Awards under the Plan. 
 (iii) In the event that shares of Common
Stock are delivered in respect of dividend equivalents granted under this Plan, only the actual number of shares delivered with respect to the award shall reduce (or otherwise offset) the number of shares of Common Stock that are available for
issuance under this Plan. 
 (iv) To the extent that shares of Common Stock are delivered pursuant to the exercise of an Option or SAR under
this Plan (or a stock option or stock appreciation right under the Prior Plan), the entire number of shares subject to the award shall be counted against Share Reserve. Shares repurchased on the open market with the proceeds received by the Company
upon the exercise of an Option or SAR under this Plan (or a stock option or stock appreciation right under the Prior Plan) shall not be added to the shares of Common Stock available for Awards under the Plan. 

(c) Incentive Stock Option Limit. Subject to Section 9(a) relating to Capitalization Adjustments, the
aggregate maximum number of shares of Common Stock that may be issued on the exercise of Incentive Stock Options will be 5,000,000 shares of Common Stock. 

(d) Source of Shares. The stock issuable under this Plan will be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market or otherwise or shares classified as treasury shares. 
 (e) No Fractional
Shares. Unless otherwise expressly provided by the Administrator, no fractional shares shall be delivered under this Plan. The Administrator may pay cash in lieu of any fractional shares in settlements of Awards under this Plan. 

 

	4.	 ELIGIBILITY. 

(a) Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent
corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants. 

  
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 (b) Ten Percent Stockholders. A Ten Percent Stockholder will not be granted an
Incentive Stock Option unless the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five years from the date of grant. 

 

	5.	 PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS. 

Each Option or SAR will be in such form and will contain such terms and conditions as the Administrator deems appropriate. All Options will be
separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of
Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable
rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however, that each Award Document will conform to (through incorporation of provisions
hereof by reference in the applicable Award Document or otherwise) the substance of each of the following provisions: 
 (a) Term.
Subject to Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of 10 years from the date of its grant or such shorter period specified in the Award Document. 

(b) Exercise Price. Subject to Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price
of each Option or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike
price lower than 100% of the Fair Market Value of the Common Stock subject to the Award if such Award is a Substitute Award and in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of
the Code. Each SAR will be denominated in shares of Common Stock equivalents. 
 (c) Purchase Price for Options. The purchase price of
Common Stock acquired pursuant to the exercise of an Option may be paid, to the extent permitted by applicable law and as determined by the Administrator in its sole discretion, by any combination of the methods of payment set forth below. The
Administrator will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a
particular method of payment. The purchase price shall be denominated in U.S. dollars. The permitted methods of payment are as follows: 

(i) a reduction in compensation otherwise payable to the Participant or for services rendered by the Participant; 

  
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 (ii) by cash, check, bank draft or money order payable to the Company; 

(iii) pursuant to a program developed under Regulation T as promulgated by the United States Federal Reserve Board or a successor regulation,
or a similar rule in a foreign jurisdiction of domicile of a Participant, that, prior to or contemporaneously with the issuance of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of
irrevocable instructions to pay the aggregate exercise price to the Company from the proceeds of sale of such stock; 
 (iv) pursuant to a
“cashless exercise” with a third party who provides financing for the purposes of (or who otherwise facilitates) the purchase or exercise of awards, including through same-day sales; 

(v) by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock; 

(vi) by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon
exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept cash or other payment from the Participant to the extent of any remaining
balance of the aggregate exercise price not satisfied by such reduction in the number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable thereafter to the extent that
(A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding
obligations; or 
 (vii) in any other form of legal consideration that may be acceptable to the Administrator and specified in the applicable
Award Document. 
 (d) Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of
exercise to the Company in compliance with the provisions of the Stock Appreciation Right Award Document evidencing such SAR. The appreciation distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of
(A) the aggregate Fair Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant is vested under such SAR (with respect to which the
Participant is exercising the SAR on such date), over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution may be paid
in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Administrator and contained in the Award Document evidencing such SAR. 

  
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 (e) Transferability of Options and SARs. The Administrator may, in its sole
discretion, impose such limitations on the transferability of Options and SARs as the Administrator determines. In the absence of such a determination by the Administrator to the contrary, the following restrictions on the transferability of Options
and SARs will apply: 
 (i) Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of
descent and distribution (or pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant. The Administrator may permit transfer of the Option or SAR in a manner that is
not prohibited by applicable tax and securities laws (including, but not limited to, a transfer to the Company to the extent consistent with applicable tax and securities laws). Except as explicitly provided herein, neither an Option nor a SAR may
be transferred for consideration. 
 (ii) Domestic Relations Orders. Subject to the approval of the Administrator or a duly authorized
Officer, an Option or SAR may be transferred pursuant to the terms of a qualified domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by U.S. Treasury Regulation 1.421-1(b)(2) or other applicable law. If an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

(iii) Beneficiary Designation. Subject to the approval of the Administrator or a duly authorized Officer, a Participant may, by
delivering written notice to the Company or designated broker, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the Participant, will thereafter be entitled to exercise the Option or SAR and
receive the Common Stock or other consideration resulting from such exercise. In the absence of such a designation, the executor or administrator of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common
Stock or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with the provisions of
applicable laws. 
 (f) Vesting Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and
therefore become exercisable in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time or times when it may or may not be exercised (which may be based on the satisfaction
of performance goals or other criteria) as the Administrator may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject to any Option or SAR
provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised. 
 (g) Termination of
Continuous Service. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the
Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Award as of the date of termination of Continuous Service) within the period of time
ending on the earlier of (i) the date three months following the termination of the Participant’s Continuous Service and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document. If, after
termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option or SAR will terminate. 

  
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 (h) Extension of Termination Date. Except as otherwise provided in the applicable
Award Document, or other agreement between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause and other than upon the Participant’s
death or Disability) would be prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate on the earlier of (i) the
expiration of a total period of three months (that need not be consecutive) after the termination of the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration
requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document. In addition, unless otherwise provided in a Participant’s applicable Award Document, or other agreement between the
Participant and the Company, if the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider trading
policy, and the Company does not waive the potential violation of the policy or otherwise permit the sale, or allow the Participant to surrender shares of Common Stock to the Company in satisfaction of any exercise price and/or any withholding
obligations under Section 8(g), then the Option or SAR will terminate on the earlier of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination exercise period
after the termination of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the
expiration of the term of the Option or SAR as set forth in the applicable Award Document. 
 (i) Disability of Participant. Except as
otherwise provided in the applicable Award Document, or other agreement between the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise his
or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months
following such termination of Continuous Service, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document. If, after termination of Continuous Service, the Participant does not exercise his or her
Option or SAR within the applicable time frame, the Option or SAR (as applicable) will terminate. 
 (j) Death of Participant. Except
as otherwise provided in the applicable Award Document, or other agreement between the Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the
Participant dies within the period (if any) specified in this Plan or the applicable Award Document, or other agreement between the Participant and the Company, for exercisability after the termination of the Participant’s Continuous Service
(for a reason other than death), then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s estate, by a person who acquired the right to
exercise the Option or SAR by bequest or inheritance or by a person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date 36 months following the date of
death, and (ii) the expiration of the term of such Option or SAR as set forth in the applicable Award Document. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option or SAR will
terminate. 

  
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 (k) Termination for Cause. Except as explicitly provided otherwise in a
Participant’s Award Document or other individual written agreement between the Company or any Subsidiary and the Participant, if a Participant’s Continuous Service is terminated for Cause, the Option or SAR will terminate upon the date on
which the event giving rise to the termination for Cause first occurred, and the Participant will be prohibited from exercising his or her Option or SAR from and after the date on which the event giving rise to the termination for Cause first
occurred (or, if required by law, the date of termination of Continuous Service). If a Participant’s Continuous Service is suspended pending an investigation of the existence of Cause, all of the Participant’s rights under the Option or
SAR will also be suspended during the investigation period. 
 (l) No Repricing or Cash Buyout. Neither an Option nor SAR may be
modified to reduce the exercise price thereof nor may a new Option, SAR or other Award at a lower price be substituted or exchanged for a surrendered Option or SAR nor may an outstanding Option or SAR with an exercise price per share that equals or
exceeds the Fair Market Value of one share of Common Stock be exchanged or substituted for cash (including a Cash Award) (other than adjustments or substitutions in accordance with Section 9(a) relating to Capitalization
Adjustments), unless such action is approved by the stockholders of the Company. 
  

	6.	 PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS AND SARS. 

(a) Restricted Stock Awards. Each Restricted Stock Award Document will be in such form and will contain such terms and conditions as the
Administrator deems appropriate. To the extent consistent with the Company’s bylaws, at the Administrator’s election, shares of Common Stock may be (x) held in book entry form subject to the Company’s instructions until any
restrictions relating to the Restricted Stock Award lapse, or (y) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Administrator. The terms and conditions of Restricted Stock Award
Documents may change from time to time, and the terms and conditions of separate Restricted Stock Award Documents need not be identical. Each Restricted Stock Award Document will conform to (through incorporation of the provisions hereof by
reference in the agreement or otherwise) the substance of each of the following provisions: 
 (i) Consideration. A Restricted Stock
Award may be awarded in consideration for (A) cash, check, bank draft or money order payable to the Company, (B) past services to the Company or a Subsidiary, or (C) any other form of legal consideration (including future services)
that may be acceptable to the Administrator, in its sole discretion, and permissible under applicable law. 
 (ii) Vesting. Shares of
Common Stock awarded under the Restricted Stock Award Document may be subject to forfeiture to the Company in accordance with a vesting schedule and subject to such conditions as may be determined by the Administrator. 

(iii) Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may
receive through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award
Document. 

  
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 (iv) Transferability. Common Stock issued pursuant to an Award, and rights to acquire
shares of Common Stock under the Restricted Stock Award Document, will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Document, as the Administrator determines in its sole
discretion, so long as such Common Stock remains subject to the terms of the Restricted Stock Award Document. Notwithstanding the foregoing or anything in the Plan or the Restricted Stock Award Document to the contrary, no Restricted Stock Award may
be transferred to any financial institution without prior stockholder approval. 
 (v) Dividends. Any dividends paid on Restricted
Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate. 

(b) Restricted Stock Unit Awards. Each Restricted Stock Unit Award Document will be in such form and will contain such terms and
conditions as the Administrator deems appropriate. The terms and conditions of Restricted Stock Unit Award Documents may change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Documents need not be identical.
Each Restricted Stock Unit Award Document will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions: 

(i) Consideration. At the time of grant of a Restricted Stock Unit Award, the Administrator will determine the consideration, if any, to
be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may
be paid in any form of legal consideration that may be acceptable to the Administrator, in its sole discretion, and permissible under applicable law. 

(ii) Vesting. At the time of the grant of a Restricted Stock Unit Award, the Administrator may impose such restrictions on or conditions
to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate. 
 (iii) Payment. A Restricted
Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination thereof or in any other form of consideration, as determined by the Administrator and contained in the Restricted Stock Unit Award
Document. 
 (iv) Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Administrator, as it deems
appropriate, may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award. 

(v) Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit
Award, as determined by the Administrator and contained in the Restricted Stock Unit Award Document. At the sole discretion of the Administrator, such dividend equivalents may be converted into additional shares of Common Stock covered by the
Restricted Stock Unit Award in such manner as determined by the Administrator. Any dividend equivalents and/or additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the
same terms and conditions of the underlying Restricted Stock Unit Award Document to which they relate (including the same vesting and forfeiture restrictions). 

  
 11 

 (vi) Termination of Participant’s Continuous Service. Except as otherwise
provided in the applicable Restricted Stock Unit Award Document, or other agreement between the Participant and the Company, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s
termination of Continuous Service. 
 (c) Performance Stock Awards. 

(i) Performance Stock Awards. A Performance Stock Award is a Stock Award (including, but not limited to, in the form of Restricted Stock
and Restricted Stock Units) that is payable (including that may be granted, vest or exercised) contingent upon the attainment during a Performance Period of the achievement of certain performance goals. A Performance Stock Award may, but need not,
require the completion of a specified period of Continuous Service. The length of any Performance Period, the performance goals to be achieved during the Performance Period, and the measure of whether and to what degree such performance goals have
been attained will be conclusively determined by the Committee, the Administrator, or an authorized Officer, in its sole discretion. In addition, to the extent permitted by applicable law and the applicable Award Document, the Administrator may
determine that cash may be used in payment of Performance Stock Awards. 
 (ii) Dividends; Dividend Equivalents. Any dividends paid on
a Performance Stock Award in the form of Restricted Stock will be subject to the same vesting and forfeiture restrictions as apply to the shares subject to the Performance Stock Award to which they relate. Dividend equivalents may be credited in
respect of shares of Common Stock covered by a Performance Stock Award in the form of Restricted Stock Units, as determined by the Administrator and contained in the Performance Stock Award Document. At the sole discretion of the Administrator, such
dividend equivalents may be converted into additional shares of Common Stock covered by such Performance Stock Award in such manner as determined by the Administrator. Any dividend equivalents and/or additional shares covered by such Performance
Stock Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Performance Stock Award Document to which they relate (including the same vesting and forfeiture restrictions).

 (iii) Administrator Discretion. The Administrator or an authorized Officer, as the case may be, retains the discretion to define
the manner of calculating the performance criteria it selects to use for a Performance Period. 
 (d) Cash Awards. A Cash Award is an
award of cash that is granted under the Plan. A Cash Award that may become payable contingent upon the attainment during a Performance Period of the achievement of certain performance goals is a Performance Cash Award. A Cash Award (including a
Performance Cash Award) may require the completion of a specified period of Continuous Service. At the time of grant of a Performance Cash Award, the length of any Performance Period, the performance goals to be achieved during the Performance
Period, and the 

  
 12 

 
measure of whether and to what degree such performance goals have been attained will be conclusively determined by the Committee, the Administrator, or an authorized Officer, in its sole
discretion. The Administrator may specify the form of payment of Cash Awards, which may be cash or other property, or may provide for a Participant to have the option for his or her Cash Award, or such portion thereof as the Administrator may
specify, to be paid in whole or in part in cash or other property. The Administrator or an authorized Officer, as the case may be, retains the discretion to define the manner of calculating the performance criteria it selects to use for a
Performance Period. 
 (e) Other Stock-Based Awards. Other Stock-Based Awards will consist of other types of equity-based or
equity-related awards not otherwise described by the terms of the Plan in such amounts and subject to such terms and conditions, as the Administrator or an authorized Officer shall determine. Such Awards may involve the transfer of actual shares of
Common Stock, or payment in cash or otherwise of amounts based on the value of Common Stock. Other Stock-Based Awards may include, but not be limited to, dividend equivalent rights granted as a separate award or in connection with another award
under this Plan; provided, however, that dividend equivalent rights may not be granted in connection with Options or SARs granted under this Plan. In addition, any dividends and/or dividend equivalents as to the portion of an Award that is subject
to unsatisfied vesting requirements will be subject to termination and forfeiture to the same extent as the corresponding portion of the Award to which they relate in the event the applicable vesting requirements are not satisfied. 

 

	7.	 COVENANTS OF THE COMPANY. 

(a) Securities Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over this
Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities Act
this Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority
that counsel for the Company deems necessary for the lawful issuance and sale of Common Stock under this Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and
until such authority is obtained. A Participant will not be eligible for the grant of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be in violation of any applicable securities law.

 (b) No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may
not be exercised. The Company has no duty or obligation to, and does not undertake to, provide tax advice or to minimize the tax consequences of an Award to the holder of such Award. 

  
 13 

	8.	 MISCELLANEOUS. 

(a) Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will
constitute general funds of the Company. 
 (b) Corporate Action Constituting Grant of Awards. Corporate action constituting a grant
by the Company of an Award to any Participant will be deemed completed as of the latest date that all necessary corporate action has occurred and all material terms of the Award (including, in the case of stock options, the exercise price thereof)
are fixed, unless otherwise determined by the Administrator, regardless of when the documentation evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board or
Committee consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Document as a result of a
clerical error in the papering of the Award Document, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Document. 

(c) Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any
shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the
issuance of the Common Stock subject to such Stock Award has been entered into the books and records of the Company. 
 (d) No Employment
or Other Service Rights or Rights to Awards. Nothing in this Plan, any Award Document or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to
serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or any other capacity or will interfere in any way with the right of the Company or Affiliate to change a Participant’s compensation or other
benefits, or will affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, including, but not limited to, Cause, (ii) the service of a Consultant
pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the organizational documents of the Company or an Affiliate (including articles of incorporation and
bylaws), and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. In addition, no person shall have any claim or rights to be granted an Award (or additional Awards,
as the case may be) under this Plan, subject to any express contractual rights (set forth in a document other than this Plan) to the contrary. 

(e) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by any optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds USD$100,000 (or such other limit established in the Code)
or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as
Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s). 

  
 14 

 (f) Withholding Obligations. Unless prohibited by the terms of an Award Document, the
Company may, in its sole discretion, satisfy any national, state, local or other tax withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash
payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award (only up to the amount permitted that will not cause an adverse accounting consequence
or cost); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant, including proceeds from the sale of shares of Common Stock issued pursuant to a Stock Award; or
(v) by such other method as may be set forth in the Award Document. 
 (g) Electronic Delivery. Any reference herein to a
“written” agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto), or posted on the Company’s intranet (or other shared electronic medium
controlled by the Company to which the Participant has access). 
 (h) Deferrals. To the extent permitted by applicable law, the
Administrator, in its sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish programs and procedures for
deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section 409A of the Code (to the extent applicable to a Participant). Consistent with Section 409A of the Code, the Administrator may
provide for distributions while a Participant is still an employee or otherwise providing services to the Company. The Administrator is authorized to make deferrals of Awards and determine when, and in what annual percentages, Participants may
receive payments, including lump sum payments, following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of this Plan and in accordance with applicable law. 

(i) Compliance with Section 409A. Unless otherwise expressly provided for in an Award Document, or other agreement
between the Participant and the Company, this Plan and Award Documents will be interpreted to the greatest extent possible in a manner that makes this Plan and the Awards granted hereunder exempt from Section 409A of the Code, to the extent
that Section 409A of the Code is applicable to an Award, and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Administrator determines that any Award granted hereunder is subject to Section 409A of the
Code, the Award Document evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Document is silent on terms necessary for
compliance, such terms are hereby incorporated by reference into the Award Document. Notwithstanding anything to the contrary in this Plan (and unless the Award Document specifically provides otherwise), if the shares of Common Stock are publicly
traded, and if a Participant holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee” for purposes of Section 409A of the Code and the Participant is otherwise
subject to Section 409A of the Code, no distribution or payment of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) will
be issued or paid before the date that is six months following the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death, unless such distribution or payment can be made in a
manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule. 

  
 15 

 (j) Clawback/Recovery. All Awards granted under this Plan will be subject to
recoupment in accordance with the Company’s compensation recovery (clawback) policy or policies then in effect. No recovery of compensation under any such policy will be an event giving rise to a right to resign for “good reason” or
“constructive termination” (or similar term) under any agreement with the Company or a Subsidiary. 
 (k) Plan Not Funded.
Awards payable under this Plan shall be payable in shares or from the general assets of the Company, and no special or separate reserve, fund or deposit shall be made to assure payment of such Awards. No Participant, beneficiary or other person
shall have any right, title or interest in any fund or in any specific asset (including shares of Common Stock, except as expressly otherwise provided) of the Company or one of its Subsidiaries by reason of any Award hereunder. Neither the
provisions of this Plan (or of any related documents), nor the creation or adoption of this Plan, nor any action taken pursuant to the provisions of this Plan shall create, or be construed to create, a trust of any kind or a fiduciary relationship
between the Company or one of its Subsidiaries and any Participant, beneficiary or other person. To the extent that a Participant, beneficiary or other person acquires a right to receive payment pursuant to any Award hereunder, such right shall be
no greater than the right of any unsecured general creditor of the Company. 
  

	9.	 ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS. 

(a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Administrator will appropriately and proportionately
adjust: (i) the class(es) and maximum number of securities subject to this Plan pursuant to Section 3(a); (ii) the class(es) and maximum number of securities that may be issued pursuant to the exercise of Incentive
Stock Options pursuant to Section 3(c); and (iii) the class(es) and number of securities or other property and value (including price per share of stock) subject to outstanding Stock Awards. The Administrator will make
such adjustments, and its determination will be final, binding and conclusive. 
 (b) Dissolution or Liquidation. Except as otherwise
provided in the Stock Award Document, or other agreement between the Participant and the Company, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding
shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the
Company’s repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Stock Award is providing Continuous Service; provided, however, that the
Administrator may, in its sole discretion, cause some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock Awards have not previously expired or terminated) before the
dissolution or liquidation is completed but contingent on its completion. 

  
 16 

 (c) Change in Control. The following provisions will apply to Awards in the event of
a Change in Control unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Subsidiary and the Participant or unless otherwise expressly provided by the Administrator at the time of
grant of an Award. In the event of a Change in Control, then, notwithstanding any other provision of this Plan, the Administrator will take one or more of the following actions with respect to each outstanding Award, contingent upon the closing or
completion of the Change in Control: 
 (i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring
corporation’s parent company) to assume or continue the Award or to substitute a similar award for the Award (including, but not limited to, an award to acquire the same consideration per share paid to the stockholders of the Company pursuant
to the Change in Control); 
 (ii) arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of
Common Stock issued pursuant to the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company); 

(iii) accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date
prior to the effective time of such Change in Control as the Administrator will determine (or, if the Administrator will not determine such a date, to the date that is five days prior to the effective date of the Change in Control), with such Award
terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective; 

(iv) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award; 

(v) cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Change in
Control, in exchange for such cash consideration, if any, as the Administrator, in its reasonable determination, may consider appropriate as an approximation of the value of the canceled Award, taking into account the value of the Common Stock
subject to the canceled Award, the possibility that the Award might not otherwise vest in full, and such other factors as the Administrator deems relevant; and 

(vi) cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Change
in Control, in exchange for a payment, in such form as may be determined by the Administrator equal to the excess, if any, of (A) the value in the Change in Control of the property the Participant would have received upon the exercise of the
Award immediately prior to the effective time of the Change in Control, over (B) any exercise price payable by such holder in connection with such exercise. 

The Administrator need not take the same action or actions with respect to all Awards or portions thereof or with respect to all Participants.
The Administrator may take different actions with respect to the vested and unvested portions of an Award. 

  
 17 

 In the absence of any affirmative determination by the Administrator at the time of a Change
in Control, each outstanding Award will be assumed or an equivalent Award will be substituted by such successor corporation or a parent or subsidiary of such successor corporation (the “Successor Corporation”), unless the Successor
Corporation does not agree to assume the Award or to substitute an equivalent Award, in which case the vesting of such Award will accelerate in its entirety (along with, if applicable, the time at which the Award may be exercised) to a date prior to
the effective time of such Change in Control as the Administrator will determine (or, if the Administrator will not determine such a date, to the date that is five days prior to the effective date of the Change in Control), with such Award
terminating if not exercised (if applicable) at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective; provided, that the holder of a Stock Option or SAR shall be
given reasonable advance notice of the impending termination and a reasonable opportunity to exercise his or her outstanding vested Stock Options and SARs (after giving effect to any accelerated vesting required in the circumstances) in accordance
with their terms before the termination of such Awards (except that in no case shall more than ten days’ notice of the impending termination be required and any acceleration of vesting and any exercise of any portion of an award that is so
accelerated may be made contingent upon the actual occurrence of the event). 
 (d) Acceleration of Awards upon a Change in Control.
An Award may be subject to additional acceleration of vesting and exercisability upon or after a Change in Control as may be provided in the Award Document for such Award or as may be provided in any other written agreement between the Company or
any Subsidiary and the Participant, but in the absence of such provision, no such acceleration will occur. 
  

	10.	 AMENDMENT OF THIS PLAN AND OUTSTANDING AWARDS. 

(a) Amendment to Plan. The Administrator may amend this Plan in any respect the Administrator deems necessary or advisable, subject to
the limitations of applicable law. If required by applicable law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any
amendment of this Plan that (a) materially increases the number of shares of Common Stock available for issuance under this Plan, (b) materially expands the class of individuals eligible to receive Awards under this Plan,
(c) materially increases the benefits accruing to Participants under this Plan, (d) materially reduces the price at which shares of Common Stock may be issued or purchased under this Plan, (e) materially extends the term of this Plan,
or (f) materially expands the types of Awards available for issuance under this Plan. 
 (b) Amendment to Outstanding Awards. The
Administrator may also amend the terms of any one or more outstanding Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Documents for such Awards, subject to
any specified limits in this Plan that are not subject to Administrator discretion. A Participant’s rights under any Award will not be impaired by any such amendment unless the Company requests the consent of the affected Participant, and the
Participant consents in writing. However, a Participant’s rights will not be deemed to have been impaired by any such amendment if the Administrator, in its sole discretion, determines that the amendment, taken as a whole, does not materially
impair the Participant’s rights. Subject to the limitations of applicable law, the Administrator may amend the terms of any one or more Awards without the affected Participant’s consent (a) to maintain the qualified status of the
Award as an Incentive Stock Option under 

  
 18 

 
Section 422 of the Code, (b) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the qualified status of the
Award as an Incentive Stock Option under Section 422 of the Code, (c) to clarify the manner of exemption from, or to bring the Award into compliance with, Section 409A of the Code, or (d) to comply with other applicable laws or
listing requirements. 
  

	11.	 EFFECTIVE DATE OF PLAN; TIMING OF FIRST GRANT OR EXERCISE; TERM; TERMINATION. 

(a) Effective Date; Timing of First Grant or Exercise. This Plan shall come into existence on the Effective Date and no Award may be
granted under this Plan prior to the Effective Date. In addition, no Stock Award may be exercised (or, in the case of a Restricted Stock Award, Restricted Stock Unit Award, or Performance Stock Award, may be granted) and no Cash Award may be settled
unless and until this Plan has been approved by the stockholders of the Company, which approval will be within 12 months before or after the Adoption Date. 

(b) Term; Termination. The Plan shall remain available for the grant of Awards until the
10th anniversary of the Effective Date. Notwithstanding the foregoing, the Plan may be terminated at such earlier time as the Administrator may determine. No Awards may be granted under this Plan
after it is terminated. Termination of the Plan will not affect the rights and obligations of the Participants and the Company arising under Awards theretofore granted. 
  

	12.	 CHOICE OF LAW. 

The laws of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without
regard to that state’s conflict of laws rules. 
  

	13.	 DEFINITIONS. 

As used in this Plan, the following definitions will apply to the capitalized terms indicated below: 

(a) “Adoption Date” means the date this Plan is originally adopted by the Board. 

(b) “Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company, as such
terms are defined in Rule 405 of the Securities Act. The Administrator will have the authority to determine the time or times at which “parent” or “subsidiary” status is determined within the foregoing definition. 

(c) “Award” means a Stock Award or a Cash Award. 

(d) “Award Document” means a written agreement between the Company and a Participant, or a written notice issued by the
Company to a Participant, evidencing the terms and conditions of an Award. 
 (e) “Beneficially Own” or “Beneficial
Owner” (as the context may require) means a “beneficial owner” as defined in Rule 13d-3 of the Exchange Act, except that a person shall also be deemed the beneficial owner of all securities
which such person may have a right to acquire, whether or not such right is presently exercisable. 

  
 19 

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

(g) “Business Combination” means the consummation of any merger, consolidation, reorganization or other extraordinary
transaction (or series of related transactions) involving the Company, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its
subsidiaries. 
 (h) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Common Stock subject to this Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend,
dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other similar equity restructuring
transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be
treated as a Capitalization Adjustment. 
 (i) “Cash Award” means an award of cash granted pursuant to the terms and
conditions of Section 6(d). 
 (j) “Cause” means the occurrence or existence of any of the
following with respect to a Participant: (i) the Participant’s conviction by, or entry of a plea of guilty or nolo contendere in, a court of competent and final jurisdiction for any crime involving moral turpitude or any felony punishable
by imprisonment in the jurisdiction involved; (ii) the Participant’s willful engaging in dishonest or fraudulent actions or omissions; (iii) the Participant’s failure or refusal to perform his or her duties as reasonably required
by the Company or any Subsidiary; (iv) negligence, insubordination, violation by the Participant of any duty (of loyalty or otherwise) owed to the Company or any Subsidiary, or any other material misconduct on the part of the Participant;
(v) conduct by the Participant which, upon reasonable investigation, is determined by the Company to violate the Company’s or any Subsidiary’s anti-harassment, discrimination or retaliation policies; (vi) conduct endangering, or
likely to endanger, the health or safety of another employee; (vii) falsifying or misrepresenting information on the records of the Company or any Subsidiary; (viii) the Participant’s physical destruction or theft of substantial
property or assets of the Company or any Subsidiary; or (ix) breach of any policy of, or agreement with, the Company or any Subsidiary applicable to the Participant or to which the Participant is otherwise bound. 

(k) “Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one or
more of the following events: 
 (i) any Person, alone or together with its affiliates and associates, including any group of persons which
is deemed a “person” under Section 13(d)(3) of the Exchange Act (other than the Employer or any employee benefit plan (or related trust) of the Employer, or any underwriter in connection with a firm commitment public offering of the
Company’s capital 

  
 20 

 
stock), becomes the Beneficial Owner of: (i) thirty-three and one-third percent or more of the then Outstanding Company Common Stock; or
(ii) securities representing thirty-three and one-third percent or more of the Outstanding Company Voting Securities (in each case above, other than an acquisition in the context of a merger,
consolidation, reorganization, asset sale or other extraordinary transaction covered by, and which does not constitute a Change in Control under, clause (iii) below); 

(ii) a change, during any period of two consecutive years, of a majority of the Board as constituted as of the beginning of such period, unless
the election, or nomination for election by the Company’s stockholders, of each director who was not a director at the beginning of such period was approved by vote of at least two-thirds of the Incumbent
Directors then in office; 
 (iii) a Business Combination, unless, following such Business Combination, (i) all or substantially all of
the individuals and entities that were the Beneficial Owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination Beneficially Own, directly or indirectly, more than 50%
of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business
Combination (including, without limitation, a Parent), (ii) no Person (excluding any entity resulting from such Business Combination or a Parent or any employee benefit plan (or related trust) of the Company or such entity resulting from such
Business Combination or Parent, and excluding any underwriter in connection with a firm commitment public offering of the Company’s capital stock) Beneficially Owns, directly or indirectly, more than thirty-three and one-third percent of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such
entity, and (iii) at least a majority of the members of the board of directors of the entity resulting from such Business Combination or a Parent were Incumbent Directors at the time of execution of the initial agreement or of the action of the
Board providing for such Business Combination; or 
 (iv) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company (other than in the context of a merger, consolidation, reorganization, asset sale or other extraordinary transaction covered by, and which does not constitute a Change in Control under, clause (iii) above). 

Notwithstanding the foregoing definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of
assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any
Subsidiary and the Participant will supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term is set forth in such an individual written
agreement, the foregoing definition will apply. 

  
 21 

 If required for compliance with Section 409A of the Code, in no event will a Change in
Control be deemed to have occurred if such transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined
under U.S. Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). The Administrator may, in its sole discretion and without a Participant’s consent,
amend the definition of “Change in Control” to conform to the definition of “Change in Control” under Section 409A of the Code, and the regulations thereunder. 

(l) “Code” means the U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance
thereunder. 
 (m) “Committee” means a committee of one or more Directors to whom authority has been delegated by the Board
in accordance with Section 2(d). 
 (n) “Compensation Committee” means the Compensation and Talent
Committee of the Board. 
 (o) “Common Stock” means the common stock, $.01 par value per share, of the Company. 

(p) “Company” Western Digital Corporation, a Delaware corporation. 

(q) “Consultant” means any person, including an advisor, who is (i) engaged by the Company or a Subsidiary to render
consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of a Subsidiary and is compensated for such services. However, service solely as a Director, or payment of a fee for
such service, will not cause a Director to be considered a “Consultant” for purposes of this Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form Registration Statement on Form S-8 or a successor form under the Securities Act is available to register either the offer or the sale of the Company’s securities to such person. 

(r) “Continuous Service” means that the Participant’s service with the Company or a Subsidiary, whether as an Employee,
Director or Consultant, is not interrupted or terminated. Unless the express policy of the Company or any Subsidiary, or the Administrator, otherwise provides, or except as otherwise required by applicable law, a Participant will not be deemed to
have terminated Continuous Service in the case of (i) sick leave, (ii) military leave, (iii) transfer from one Affiliate to another Affiliate, or (iv) any other leave of absence authorized by the Company (or Subsidiary) or the
Administrator, provided that such leave is for a period of not more than three months (unless the Administrator otherwise provides or reemployment or continued service is guaranteed by contract or law upon the expiration of such leave). In the case
of any Participant of the Company or one of its Subsidiaries on an approved leave of absence, continued vesting of an Award while on leave from the service of the Company or one of its Subsidiaries may be suspended until the Participant returns to
service, unless the Administrator otherwise provides or applicable law otherwise requires. For purposes of this Plan and any Award, if an entity ceases to be a Subsidiary, a termination of Continuous Service shall be deemed to have occurred with
respect to each Participant in respect of such Subsidiary who does not continue as an Employee, Director or Consultant in respect of the Company or another Subsidiary that continues as such after giving effect to the transaction or other event
giving rise to the change in 

  
 22 

 
status. In addition, if required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of Continuous Service will be made,
and such term will be construed, in a manner that is consistent with the definition of “separation from service” as defined under U.S. Treasury Regulation Section 1.409A-1(h) (without regard to
any alternative definition thereunder). 
 (s) “Director” means a member of the Board. 

(t) “Disability” means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months as provided in Sections 22(e)(3)
and 409A(a)(2)(C)(i) of the Code, and will be determined by the Administrator on the basis of such medical evidence as the Administrator deems warranted under the circumstances. 

(u) “Employee” means any person providing services as an employee of the Company or a Subsidiary. However, service solely as a
Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of this Plan. 

(v) “Entity” means a corporation, partnership, limited liability company or other entity. 

(w) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 (x) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share of
Common Stock as of any date of determination will be, unless otherwise determined by the Administrator, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the
Common Stock) on the date of determination, as reported in a source the Administrator deems reliable. 
 (ii) Unless otherwise provided by
the Administrator, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists. 

(iii) In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Administrator in good faith and in a
manner that complies with Sections 409A and 422 of the Code. 
 (y) “Incentive Stock Option” means an option granted
pursuant to Section 5 of this Plan that is intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code. 

  
 23 

 (z) “Incumbent Directors” means the directors holding office as of the
Effective Date and any person becoming a director subsequent to such date whose election, or nomination for election by the Company’s stockholders, is approved by a vote of at least a majority of the Incumbent Directors then in office. 

(aa) “Non-Employee Director” means a Director who either (i) is not a current
employee or officer of the Company or a Subsidiary, does not receive compensation, either directly or indirectly, from the Company or a Subsidiary for services rendered as a consultant or in any capacity other than as a Director (except for an
amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act (“Regulation S-K”)),
does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be
required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for purposes of Rule 16b-3 of the Exchange Act. 
 (bb) “Nonstatutory Stock Option” means any option granted
pursuant to Section 5 of this Plan that does not qualify as an Incentive Stock Option. 
 (cc)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act. 
 (dd)
“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to this Plan. 

(ee) “Option Agreement” means an Award Document evidencing the terms and conditions of an Option grant. Each Option Agreement
will be subject to the terms and conditions of this Plan. 
 (ff) “Other Stock-Based Awards” means an award granted pursuant
to the terms and conditions of Section 6(e). 
 (gg) “Outstanding Company Common Stock” means the
outstanding shares of the Company’s common stock. 
 (hh) “Outstanding Company Voting Securities” means the combined
voting power of the Company’s then outstanding voting securities. 
 (ii) “Own,” “Owned,”
“Owner,” “Ownership” means a person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or
Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

(jj) “Parent” means an entity that, as a result of a Business Combination, owns the Company or all or substantially all of the
Company’s assets directly or through one or more subsidiaries. 

  
 24 

 (kk) “Participant” means a person to whom an Award is granted pursuant to
this Plan or, if applicable, such other person who holds an outstanding Stock Award. 
 (ll) “Performance Cash Award” means
an award of cash granted pursuant to the terms and conditions of Section 6(d). 
 (mm) “Performance
Period” means the period of time selected by the Administrator over which the attainment of one or more performance goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a
Performance Cash Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Administrator. 
 (nn)
“Performance Stock Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i). 

(oo) “Person” means a person as defined in Sections 13(d) and 14(d) of the Exchange Act. 

(pp) “Plan” means this 2021 Long-Term Incentive Plan of Western Digital Corporation, as amended and restated from time to
time. 
 (qq) “Prior Plans” means (i) the Amended and Restated Western Digital Corporation 2017 Performance
Incentive Plan and (ii) the SanDisk Corporation 2013 Incentive Plan. 
 (rr) “Restricted Stock Award” means an award of
shares of Common Stock which is granted pursuant to the terms and conditions of Section 6(a). 
 (ss)
“Restricted Stock Award Document” means an Award Document evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Document will be subject to the terms and conditions of this Plan. 

(tt) “Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms and
conditions of Section 6(b). 
 (uu) “Restricted Stock Unit Award Document” means an Award Document
evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock Unit Award Document will be subject to the terms and conditions of this Plan. 

(vv) “Securities Act” means the U.S. Securities Act of 1933, as amended. 

(ww) “Stock Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that is
granted pursuant to the terms and conditions of Section 5. 
 (xx) “Stock Appreciation Right Award
Document” means an Award Document evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right Award Document will be subject to the terms and conditions of this Plan. 

  
 25 

 (yy) “Stock Award” means any right to receive Common Stock granted under
this Plan, including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, or a Performance Stock Award. 

(zz) “Stock Award Document” means an Award Document evidencing the terms and conditions of a Stock Award grant. Each Stock
Award Document will be subject to the terms and conditions of this Plan. 
 (aaa) “Subsidiary” means, with respect to the
Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class
or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity
in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%. 

(bbb) “Substitute Awards” means Awards granted or Common Stock issued by the Company in assumption of, or in substitution or
exchange for, awards previously granted, or the right or obligation to make future awards, by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines. 

(ccc) “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code)
stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate. 
 END OF DOCUMENT

  
 26Exhibit 4.1

 

EXECUTION
VERSION

 

 

THIRTIETH SUPPLEMENTAL INDENTURE

 

between

 

WESTPAC BANKING CORPORATION

 

and

 

THE BANK OF NEW YORK MELLON

 

as Trustee

 

Dated as of November 18, 2021

 

     

     

    

 

THIRTIETH SUPPLEMENTAL INDENTURE

 

THIRTIETH
SUPPLEMENTAL INDENTURE, dated as of November 18, 2021 (the “Thirtieth Supplemental Indenture”), between WESTPAC
BANKING CORPORATION (ABN 33 007 457 141), a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of Australia
and registered in New South Wales (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee
(the “Trustee”).

 

RECITALS:

 

WHEREAS, the Company and The Chase Manhattan Bank
are parties to a Senior Indenture, dated as of July 1, 1999 (the “Base Indenture”), relating to the issuance from time
to time by the Company of Securities in one or more series as therein provided;

 

WHEREAS, the Trustee has succeeded The Chase Manhattan
Bank as trustee under the Base Indenture;

 

WHEREAS, the Company and the Trustee entered into
the First Supplemental Indenture, dated as of August 27, 2009 (the “First Supplemental Indenture”), the Fifth Supplemental
Indenture, dated as of August 14, 2012 (the “Fifth Supplemental Indenture”), the Seventeenth Supplemental Indenture,
dated as of November 9, 2016 (the “Seventeenth Supplemental Indenture”), the Twenty-Fifth Supplemental Indenture, dated
November 9, 2018 (the “Twenty-Fifth Supplemental Indenture”), and the Twenty-Eighth Supplemental Indenture, dated January 16,
2020 (the “Twenty-Eighth Supplemental Indenture”) among other things, to supplement and amend certain provisions of the Base
Indenture (the Base Indenture, as amended and supplemented by the First Supplemental Indenture, the Fifth Supplemental Indenture, the
Seventeenth Supplemental Indenture, the Twenty-Fifth Supplemental Indenture, and the Twenty-Eighth Supplemental Indenture is referred
to herein as the “Amended Base Indenture” and the Amended Base Indenture as further supplemented by this Thirtieth Supplemental
Indenture, is referred to herein as the “Indenture”);

 

WHEREAS, Section 8.1(5) of the Amended
Base Indenture provides that the Company may enter into a supplemental indenture to change or eliminate any of the provisions of the Amended
Base Indenture, provided that any such change or elimination shall become effective only with respect to any series of Securities which
has not been issued as of the execution of such supplemental indenture or when there is no Security Outstanding of any series created
prior to the execution of such supplemental indenture which is entitled to the benefit of such provision;

 

WHEREAS, Section 8.1(7) of the Amended
Base Indenture provides that the Company may enter into a supplemental indenture to establish the forms or terms of Securities of any
series as permitted by Sections 2.1 and 3.1 therein;

 

    2

     

    

 

WHEREAS, the Company deems it advisable to enter
into this Thirtieth Supplemental Indenture for the purposes of amending and supplementing certain provisions of the Amended Base Indenture;

 

WHEREAS, in connection with the issuance of the
1.019% Notes, the 1.953% Notes and the Floating Rate Notes (each as defined herein), the Company has duly authorized the execution and
delivery of this Thirtieth Supplemental Indenture to establish the forms and terms of the 1.019% Notes, the 1.953% Notes and the Floating
Rate Notes as hereinafter described; and

 

WHEREAS, all conditions and requirements of the
Amended Base Indenture necessary to make this Thirtieth Supplemental Indenture a valid, binding and legal instrument in accordance with
its terms have been performed and fulfilled by the parties hereto.

 

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

 

Article I

DEFINITIONS

 

Section 1.01          General
Definitions. For purposes of this Thirtieth Supplemental Indenture:

 

(a)           Capitalized
terms used herein without definition shall have the meanings specified in the Amended Base Indenture;

 

(b)           All
references to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of the Amended Base
Indenture; and

 

(c)           The
terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Thirtieth Supplemental
Indenture as a whole and not to any particular Article, Section or other subdivision.

 

Article II 

THE
1.019% Notes

 

Section 2.01          Title
of Securities. There shall be a series of Securities of the Company designated the “1.019% Notes due November 18, 2024”
(the “1.019% Notes”).

 

    3

     

    

 

Section 2.02           Limitation
of Aggregate Principal Amount. The aggregate principal amount of the 1.019% Notes shall initially be limited to US$1,250,000,000.
The Company may from time to time, without the consent of the Holders of the 1.019% Notes, create and issue additional notes having the
same terms and conditions as the 1.019% Notes in all respects or in all respects except for issue date, issue price and, if applicable,
the first date on which interest accrues and the first payment of interest thereon (“Additional 1.019% Notes”). Additional
1.019% Notes issued in this manner will be consolidated with, and will form a single series with, the 1.019% Notes, unless such Additional
1.019% Notes will not be treated as fungible with the 1.019% Notes for U.S. federal income tax purposes. The 1.019% Notes and any such
Additional 1.019% Notes would rank equally and ratably.

 

Section 2.03           Principal
Payment Date. The principal amount of the 1.019% Notes Outstanding (together with any accrued and unpaid interest) shall be payable
in a single installment on November 18, 2024, which date shall be the Stated Maturity of the 1.019% Notes.

 

Section 2.04           Interest
and Interest Rates. The 1.019% Notes will bear interest on the unpaid principal amount thereof at a rate of 1.019% per year from November 18,
2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, until the principal amount of
the 1.019% Notes shall have been paid or duly provided for, and interest on the 1.019% Notes shall be payable semi-annually in arrears
on May 18 and November 18 of each year, beginning on May 18, 2022. Interest on a 1.019% Note will be paid to the Person
in whose name that 1.019% Note was registered at the close of business on the May 3 or November 3, as the case may be, whether
or not a Business Day, prior to the applicable Interest Payment Date, except that in the case of the Interest Payment Date that is also
the Stated Maturity of the 1.019% Notes, the interest due on such date will be paid to the Person to whom principal is payable upon surrender
of such Note at a Place of Payment. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount
of interest payable for any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve
30-day months and the actual days elapsed in a partial month in such period. Any payment of principal or interest required to be made
on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day, and no interest will accrue
on that payment for the period from and after such Interest Payment Date to the date of payment on the next succeeding Business Day. For
purposes of the 1.019% Notes, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not
a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by
law or executive order to close.

 

Section 2.05          Place
of Payment. The Place of Payment where the 1.019% Notes may be presented or surrendered for payment, where the 1.019% Notes may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the 1.019% Notes
and the Indenture may be served initially shall be the Corporate Trust Office of the Trustee maintained for that purpose in the Borough
of Manhattan, City of New York.

 

    4

     

    

 

Section 2.06          Redemption.
The Company shall not have the right to redeem the 1.019% Notes other than pursuant to Section 10.8 of the Indenture.

 

Section 2.07          No
Sinking Fund. The 1.019% Notes are not entitled to the benefit of any sinking fund.

 

Section 2.08          Form.
The 1.019% Notes shall be issued initially as Registered Securities (as defined in the Indenture) in the form of one or more permanent
notes in global form, without coupons, substantially in the form attached hereto as Exhibit A, deposited with The Bank of New York
Mellon, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture.

 

Section 2.09          Denomination.
The 1.019% Notes shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The 1.019%
Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officers of the Company
executing the same may determine with the approval of the Trustee.

 

Section 2.10          Depositary.
The Depository Trust Company shall be the initial Depositary for the 1.019% Notes, until a successor shall have been appointed and become
such pursuant to the applicable provisions of the Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

Section 2.11          Defeasance;
Discharge. The provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Indenture will apply to the 1.019% Notes.

 

Article III

The 1.953% NOTES

 

Section 3.01          Title
of Securities. There shall be a series of Securities of the Company designated the “1.953% Notes due November 20, 2028”
(the “1.953% Notes”).

 

Section 3.02          Limitation
of Aggregate Principal Amount. The aggregate principal amount of the 1.953% Notes shall initially be limited to US$1,250,000,000.
The Company may from time to time, without the consent of the Holders of the 1.953% Notes, create and issue additional notes having the
same terms and conditions as the 1.953% Notes in all respects or in all respects except for issue date, issue price and, if applicable,
the first date on which interest accrues and the first payment of interest thereon (“Additional 1.953% Notes”). Additional
1.953% Notes issued in this manner will be consolidated with, and will form a single series with, the 1.953% Notes, unless such Additional
1.953% Notes will not be treated as fungible with the 1.953% Notes for U.S. federal income tax purposes. The 1.953% Notes and any such
Additional 1.953% Notes would rank equally and ratably.

 

    5

     

    

 

Section 3.03          Principal
Payment Date. The principal amount of the 1.953% Notes Outstanding (together with any accrued and unpaid interest) shall be payable
in a single installment on November 20, 2028, which date shall be the Stated Maturity of the 1.953% Notes.

 

Section 3.04          Interest
and Interest Rates. The 1.953% Notes will bear interest on the unpaid principal amount thereof at a rate of 1.953% per year from November 18,
2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, until the principal amount of
the 1.953% Notes shall have been paid or duly provided for, and interest on the 1.953% Notes shall be payable semi-annually in arrears
on May 20 and November 20 of each year, beginning on May 20, 2022. Interest on a 1.953% Note will be paid to the Person
in whose name that 1.953% Note was registered at the close of business on the May 5 or November 5, as the case may be, whether
or not a Business Day, prior to the applicable Interest Payment Date, except that in the case of the Interest Payment Date that is also
the Stated Maturity of the 1.953% Notes, the interest due on such date will be paid to the Person to whom principal is payable upon surrender
of such Note at a Place of Payment. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount
of interest payable for any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve
30-day months and the actual days elapsed in a partial month in such period. Any payment of principal or interest required to be made
on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day, and no interest will accrue
on that payment for the period from and after such Interest Payment Date to the date of payment on the next succeeding Business Day. For
purposes of the 1.953% Notes, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not
a day on which banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by
law or executive order to close.

 

Section 3.05          Place
of Payment. The Place of Payment where the 1.953% Notes may be presented or surrendered for payment, where the 1.953% Notes may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the 1.953% Notes
and the Indenture may be served initially shall be the Corporate Trust Office of the Trustee maintained for that purpose in the Borough
of Manhattan, City of New York.

 

Section 3.06          Redemption.
The Company shall not have the right to redeem the 1.953% Notes other than pursuant to Section 10.8 of the Indenture.

 

Section 3.07          No
Sinking Fund. The 1.953% Notes are not entitled to the benefit of any sinking fund.

 

Section 3.08          Form.
The 1.953% Notes shall be issued initially as Registered Securities (as defined in the Indenture) in the form of one or more permanent
notes in global form, without coupons, substantially in the form attached hereto as Exhibit B, deposited with The Bank of New York
Mellon, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture.

 

    6

     

    

 

Section 3.09          Denomination.
The 1.953% Notes shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The 1.953%
Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officers of the Company
executing the same may determine with the approval of the Trustee.

 

Section 3.10          Depositary.
The Depository Trust Company shall be the initial Depositary for the 1.953% Notes, until a successor shall have been appointed and become
such pursuant to the applicable provisions of the Indenture, and thereafter, “Depositary” shall mean or include such successor.

 

Defeasance;
Discharge. The provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Indenture will apply to the 1.953% Notes.

 

Article IV

THE FLOATING RATE NOTES

 

Section 4.01          Title
of Securities. There shall be a series of Securities of the Company designated the “Floating Rate Notes due November 18,
2024” (the “Floating Rate Notes”).

 

Section 4.02          Limitation
of Aggregate Principal Amount. The aggregate principal amount of the Floating Rate Notes shall initially be limited to US$750,000,000.
The Company may from time to time, without the consent of the Holders of the Floating Rate Notes, create and issue additional notes having
the same terms and conditions as the Floating Rate Notes in all respects or in all respects except for issue date, issue price and, if
applicable, the first date on which interest accrues and the first payment of interest thereon (“Additional Floating Rate Notes”).
Additional Floating Rate Notes issued in this manner will be consolidated with, and will form a single series with, the Floating Rate
Notes, unless such Additional Floating Rate Notes will not be treated as fungible with the Floating Rate Notes for U.S. federal income
tax purposes. The Floating Rate Notes and any such Additional Floating Rate Notes would rank equally and ratably.

 

Section 4.03          Principal
Payment Date. The principal amount of the Floating Rate Notes Outstanding (together with any accrued and unpaid interest) shall be
payable in a single installment on November 18, 2024, which date shall be the Stated Maturity of the Floating Rate Notes.

 

    7

     

    

 

Section 4.04          Interest
and Interest Rates.

 

(a)           The
Floating Rate Notes will bear interest on the unpaid principal amount thereof from November 18, 2021, or from the most recent Floating
Rate Interest Payment Date (as defined below) to which interest has been paid or duly provided for, until the principal amount of the
Floating Rate Notes shall have been paid or duly provided for. The interest rate per annum for the Floating Rate Notes will be reset quarterly
on the first day of each Floating Rate Interest Period (as defined below) and will be equal to Compounded SOFR (as defined below) plus
a margin of 30 basis points, as determined by a calculation agent (the “Calculation Agent”). The Bank of New York Mellon
will initially act as Calculation Agent. The amount of interest accrued and payable on the Floating Rate Notes for each Floating Rate
Interest Period will be equal to the product of (i) the Outstanding principal amount of the Floating Rate Notes multiplied by (ii) the
product of (a) the interest rate for the relevant Floating Rate Interest Period (as defined below) multiplied by (b) the quotient
of the actual number of calendar days in such Observation Period (as defined below) divided by 360.

 

(b)           Interest
on the Floating Rate Notes shall be payable quarterly in arrears on each February 18, May 18, August 18 and November 18
(each such date, a “Floating Rate Interest Payment Date”), beginning on February 18, 2022. If any Floating Rate
Interest Payment Date would fall on a day that is not a Business Day, other than the Floating Rate Interest Payment Date that is also
the Stated Maturity of the Floating Rate Notes, that Floating Rate Interest Payment Date will be postponed to the following day that is
a Business Day, except that if such next Business Day is in a different month, then that Floating Rate Interest Payment Date will be the
immediately preceding day that is a Business Day. If the Stated Maturity of the Floating Rate Notes is not a Business Day, payment of
principal and interest on the Floating Rate Notes will be made on the following day that is a Business Day and no interest will accrue
for the period from and after such Stated Maturity of the Floating Rate Notes. Interest on a Floating Rate Note will be paid to the Person
in whose name that Floating Rate Note was registered at the close of business on the February 3, May 3, August 3 or November 3,
as the case may be, whether or not a Business Day, prior to the applicable Floating Rate Interest Payment Date, except that in the case
of the Floating Rate Interest Payment Date that is also the Stated Maturity of the Floating Rate Notes, the interest due on such date
will be paid to the Person to whom principal is payable upon surrender of such Floating Rate Note at a Place of Payment.

 

(c)           On
each Floating Rate Interest Payment Date, the Company will pay interest for the Floating Rate Interest Period ended on the day immediately
preceding such Floating Rate Interest Payment Date. “Floating Rate Interest Period” shall mean the period commencing
on and including November 18, 2021 to but excluding the first Floating Rate Interest Payment Date and each successive period from
and including a Floating Rate Interest Payment Date to but excluding the next Floating Rate Interest Payment Date.

 

    8

     

    

  

(d)           The
interest rate on the Floating Rate Notes for each Floating Rate Interest Period will be equal to Compounded SOFR (as defined herein)
plus a margin of 30 basis points. “Compounded SOFR” will be determined by the Calculation Agent in accordance with the following
formula:

 

 

 

where:

 

“d0,” for any Observation Period, is the number
of U.S. Government Securities Business Days in the relevant Observation Period;

 

“i” is a series of whole numbers from one to
d0, each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first
U.S. Government Securities Business Day in the relevant Observation Period;

 

“SOFRi,” for any U.S. Government Securities Business
Day “i” in the relevant Observation Period, is equal to SOFR in respect of that day “i”;

 

“ni,” for any U.S. Government Securities Business
Day “i” in the relevant Observation Period, is the number of calendar days from, and including, such U.S. Government Securities
Business Day “i” to, but excluding, the following U.S. Government Securities Business Day (“i+1”); and

 

“d” is the number of calendar days in the relevant
Observation Period.

 

For
these calculations, the daily SOFR in effect on any U.S. Government Securities Business Day will be the applicable SOFR as
reset on that date.

 

(e)           For
purposes of determining Compounded SOFR, “SOFR” means, with respect to any U.S. Government Securities Business Day:

 

		(i)	the Secured Overnight Financing Rate published for such U.S. Government Securities Business Day as such rate appears on the Federal
Reserve Bank of New York’s Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business
Day (the “SOFR Determination Time”); or

 

    9

     

    

 

		(ii)	if the rate specified in (i) above does not so appear, unless both a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred, the Secured Overnight Financing Rate as published in respect of the first preceding U.S. Government
Securities Business Day for which the Secured Overnight Financing Rate was published on the Federal Reserve Bank of New York’s Website.

 

(f)           Notwithstanding
anything to the contrary herein, if the Company or its designee (which may be an independent financial advisor or other designee of the
Company (any of such entities, a ‘‘Designee’’)), determines on or prior to the relevant Reference Time that a
Benchmark Transition Event and its related Benchmark Replacement Date (each as defined below) have occurred with respect to determining
Compounded SOFR, then the benchmark replacement provisions set forth herein will thereafter apply to all determinations of the rate of
interest payable on the Floating Rate Notes.

 

(g)           For
the avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred, the interest payable for each Floating Rate Interest Period on the Floating Rate Notes will be an annual
rate equal to the sum of the Benchmark Replacement (as defined below) and the applicable margin.

 

(h)           Effect
of Benchmark Transition Event

 

		(i)	Benchmark Replacement. If the Company or its Designee determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement
will replace the then-current Benchmark for all purposes relating to the Floating Rate Notes in respect of such determination on such
date and all determinations on all subsequent dates.

 

		(ii)	Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Company or its Designee
will have the right to make Benchmark Replacement Conforming Changes from time to time.

 

    10

     

    

 

		(iii)	Decisions and Determinations. Any determination, decision or election that may be made by the Company or its Designee pursuant to
the benchmark replacement provisions herein, including any determination with respect to tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection:

 

(A) will
be conclusive and binding absent manifest error;

 

(B) if
made by the Company, will be made in its sole discretion;

 

(C) if
made by the Company’s Designee, will be made after consultation with the Company, and the Designee will not make any such determination,
decision or election to which the Company objects; and

 

(D) shall
become effective without consent from any other party.

 

		(iv)	Any determination, decision or election pursuant to the benchmark replacement provisions not made by the Company’s Designee
will be made by the Company on the basis set forth above. The Designee shall have no liability for not making any such determination,
decision or election. In addition, the Company may designate an entity (which may be the Company’s affiliate)
to make any determination, decision or election that the Company has the right to make in connection with the benchmark replacement provisions
set forth herein.

 

		(i)	Certain
Defined Terms. As used herein:

 

		(i)	“Benchmark” means, initially, Compounded SOFR, as such term is defined above; provided that if a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published daily SOFR used in the
calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 

    11

     

    

 

		(ii)	“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company
or its Designee as of the Benchmark Replacement Date:

 

(A) the
sum of: (I) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor and (II) the Benchmark Replacement Adjustment;

 

(B) the
sum of: (I) the ISDA Fallback Rate and (II) the Benchmark Replacement Adjustment; and

 

(C) the
sum of: (I) the alternate rate of interest that has been selected by the Company or its Designee as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for
the then-current Benchmark for U.S. dollar denominated Floating Rate Notes at such time and (II) the Benchmark Replacement Adjustment.

 

		(iii)	“Benchmark Replacement Adjustment” means the first alternative
set forth in the order below that can be determined by the Company or its Designee as of the Benchmark Replacement Date:

 

(A) the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

(B) if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

 

(C) the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or its Designee giving due
consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated Floating Rate Notes at
such time.

 

    12

     

    

 

		(iv)	“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definitions or interpretations of Floating Rate Interest Period, the timing and
frequency of determining rates and making payments of interest, the rounding of amounts or tenors, and other administrative matters) that
the Company or its Designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially
consistent with market practice (or, if the Company or its Designee decides that adoption of any portion of such market practice is not
administratively feasible or if the Company or its Designee determines that no market practice for use of the Benchmark Replacement exists,
in such other manner as the Company or its Designee determines is reasonably practicable).

 

		(v)	“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

(A) in
the case of clause (A) or (B) of the definition of “Benchmark Transition Event,” the later of (I) the
date of the public statement or publication of information referenced therein and (II) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

(B) in
the case of clause (C) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

For the avoidance of doubt, if the event giving rise to the
Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark
Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

		(vi)	“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current
Benchmark:

 

(A) a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark;

 

    13

     

    

 

(B) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction
over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court
or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator
of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

 

(C) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative.

 

		(vii)	“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately
the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.

 

		(viii)	“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York, currently
at http://www.newyorkfed.org, or any successor source.

 

		(ix)	‘‘Floating Rate Interest Payment Determination Date’’ means the date two U.S. Government Securities Business
Days before each Floating Rate Interest Payment Date.

 

		(x)	“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time.

 

		(xi)	“ISDA Fallback Adjustment” means the spread adjustment, (which may be a positive or negative value or zero) that would
apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event
with respect to the Benchmark for the applicable tenor.

 

    14

     

    

 

		(xii)	“ISDA Fallback Rate” means the rate that would apply for derivatives
transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect
to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

		(xiii)	“Observation Period” means, in respect of each Floating Rate Interest Period, the period from, and including, the date
two U.S. Government Securities Business Days preceding the first date in such Floating Rate Interest Period to, but excluding, the
date two U.S. Government Securities Business Days preceding the Floating Rate Interest Payment Date for such Floating Rate Interest Period.

 

		(xiv)	“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR,
the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its Designee
in accordance with the Benchmark Replacement Conforming Changes.

 

		(xv)	“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee
officially endorsed or convened by the Federal Reserve Board and/or
the Federal Reserve Bank of New York or any successor thereto.

 

		(xvi)	“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal
Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s
Website.

 

		(xvii)	“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

		(xviii)	“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day
for purposes of trading in U.S. government securities.

 

    15

     

    

 

(j)            The
interest rate and amount of interest to be paid on the Floating Rate Notes for each Floating Rate Interest Period will be determined by
the Calculation Agent. All determinations made by the Calculation Agent shall, in the absence of manifest error, be conclusive for all
purposes and binding on the Company and the Holders. So long as Compounded SOFR is required to be determined with respect to the Floating
Rate Notes, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling
to act, or that such Calculation Agent shall fail duly to establish Compounded SOFR for any Floating Rate Interest Period, or the Company
proposes to remove such Calculation Agent, the Company shall appoint another Calculation Agent.

 

(k)           In
no event shall the Calculation Agent be the Company’s Designee. The Calculation Agent shall have no liability for any determination
made by or on behalf of the Company or its Designee in connection with a Benchmark Transition Event or a Benchmark Replacement or any
adjustments or conforming changes thereto. In no event shall the Calculation Agent be responsible for determining any substitute for SOFR
or any Benchmark Replacement, or for determining whether any Benchmark Transition Event has occurred or for making any Benchmark Replacement
Adjustments or Benchmark Replacement Conforming Changes. In connection with the foregoing, the Calculation Agent will be entitled to conclusively
rely on any determinations made by the Company or its Designee.

 

(l)            In
no event shall the interest rate on the Floating Rate Notes be higher than the maximum rate permitted by New York law, as the same may
be modified by United States law of general application. Additionally, the interest rate on the Floating Rate Notes will in no event be
lower than zero.

 

(m)           All
percentages resulting from any of the calculations in this Article IV will be rounded, if necessary, to the nearest one hundred thousandth
of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to
9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half
cent being rounded upwards).

 

Section 4.05          Place
of Payment. The Place of Payment where the Floating Rate Notes may be presented or surrendered for payment, where the Floating Rate
Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the
Floating Rate Notes and the Indenture may be served initially shall be the Corporate Trust Office of the Trustee maintained for that purpose
in the Borough of Manhattan, City of New York.

 

Section 4.06          Redemption.
The Company shall not have the right to redeem the Floating Rate Notes other than pursuant to Section 10.8 of the Indenture.

 

Section 4.07          No
Sinking Fund. The Floating Rate Notes are not entitled to the benefit of any sinking fund.

 

    16

     

    

 

Section 4.08          Form.
The Floating Rate Notes shall be issued initially as Registered Securities (as defined in the Indenture) in the form of one or more permanent
notes in global form, without coupons, substantially in the form attached hereto as Exhibit C, deposited with The Bank of New York
Mellon, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture.

 

Section 4.09           Denomination.
The Floating Rate Notes shall be issuable only in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The
Floating Rate Notes shall be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plans as the Officers
of the Company executing the same may determine with the approval of the Trustee.

 

Section 4.10          Depositary.
The Depository Trust Company shall be the initial Depositary for the Floating Rate Notes, until a successor shall have been appointed
and become such pursuant to the applicable provisions of the Indenture, and thereafter, “Depositary” shall mean or include
such successor.

 

Section 4.11          Defeasance;
Discharge. The provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Indenture will apply to the Floating Rate Notes.

 

Section 4.12          Defined
Terms. Terms specifically defined in this Article IV shall only relate to the Floating Rate Notes and shall have no bearing on
any other series of notes referenced in this Thirtieth Supplemental Indenture.

 

Article V

MISCELLANEOUS

 

Section 5.01          Electronic
Communications. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
given pursuant to the Indenture and delivered using Electronic Means (as defined below); provided, however, that, unless previously provided,
the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the
Company whenever a person is to be added or deleted from the listing.  If the Company elects to give the Trustee Instructions using
Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions
shall be deemed controlling.  The Company understands and agrees that the Trustee cannot determine the identity of the actual sender
of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer
listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer.  The Company shall be responsible
for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers
are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication
keys upon receipt by the Company.  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 directions conflict or are inconsistent
with a subsequent written instruction, except as may result from its own gross negligence, bad faith or willful misconduct.  The
Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including
without limitation the risk of the Trustee acting on unauthorized Instructions (unless the Trustee has acted on such unauthorized Instructions
with gross negligence, in bad faith or with willful misconduct), and the risk of interception and misuse by third parties; (ii) that
it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and
that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the
security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning
of any compromise or unauthorized use of the security procedures.

 

    17

     

    

 

"Electronic Means" shall mean the following communications
methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication
keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services
hereunder.

 

Section 5.02           OFAC.
None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee or affiliate
of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Department of the Treasury (“OFAC”); and the Company will not use the proceeds of the offering of the 1.019% Notes,
the 1.953% Notes and the Floating Rate Notes in a manner that would result in a violation by the Bank of the U.S. sanctions administered
by OFAC.

 

Section 5.03          Integral
Part; Effect of Supplement on Indenture. This Thirtieth Supplemental Indenture constitutes an integral part of the Indenture. Except
for the amendments and supplements made by this Thirtieth Supplemental Indenture, the Amended Base Indenture shall remain in full force
and effect as executed.

 

Section 5.04          Adoption,
Ratification and Confirmation. The Indenture, as amended and supplemented by this Thirtieth Supplemental Indenture, is in all respects
hereby adopted, ratified and confirmed.

 

Section 5.05          Trustee
Not Responsible for Recitals. The recitals in this Thirtieth Supplemental Indenture shall be taken as statements of the Company, and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or adequacy of this
Thirtieth Supplemental Indenture.

 

    18

     

    

 

Section 5.06          Counterparts.
This Thirtieth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original but such counterparts
shall together constitute but one instrument.

 

Section 5.07          Separability.
In case any provision of this Thirtieth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 5.08          Governing
Law. This Thirtieth Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York,
including all matters of construction, validity and performance.

 

[signature page follows]

 

    19

     

    

 

IN WITNESS WHEREOF, the Company and the Trustee
have executed this Thirtieth Supplemental Indenture as of the date first above written.

 

	 	WESTPAC BANKING CORPORATION
	 	  
	 	By:	/s/ Yvette Adiguzel
	 	 	Name:	Yvette Adiguzel
	 	 	Title:	Tier 1 Attorney
	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee
	 	 
	 	By:	/s/ Shannon Matthews
	 	 	Name:	 Shannon Matthews
	 	 	Title:	 Agent

 

    20

     

    

 

EXHIBIT A

 

(FORM OF FACE OF NOTE)

 

[THIS SECURITY IS IN GLOBAL FORM WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN GLOBAL FORM, SUBJECT TO
THE FOREGOING.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

 

1 Insert in Global Notes only

 

    A-1

     

    

 

	No.	CUSIP No. 961214 EU3
	 	ISIN
No. US961214EU39

 

WESTPAC BANKING CORPORATION

 

1.019% NOTE DUE NOVEMBER 18, 2024

 

WESTPAC
BANKING CORPORATION, a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of the Commonwealth of Australia
and registered in New South Wales (the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                              or
registered assigns, the principal sum of                    (US$
) on November 18, 2024 (the “Stated Maturity”). This Note will bear interest on the unpaid principal amount hereof
at a rate of 1.019% per year from November 18, 2021, or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, until the principal amount hereof shall have been paid or duly provided for, and interest on the Notes shall be
payable semi-annually in arrears on May 18 and November 18 of each year (each such date, an “Interest Payment Date”),
beginning on May 18, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount
of interest payable for any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve
30-day months and the actual days elapsed in a partial month in such period. Any payment of principal or interest required to be made
on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day, and no interest will accrue
on that payment for the period from and after such Interest Payment Date to the date of payment on the next succeeding Business Day. For
purposes hereof, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which
banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by law or executive
order to close.

 

Interest on this Note which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close
of business on the May 19 or November 18 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date, at the office or agency maintained for such purpose pursuant to the Indenture; provided, however, that at the option of the Company,
interest on this Note may be paid (i) by check mailed to the address of the Person entitled thereto as it shall appear on
the Register or (ii) to a Holder of US$1,000,000 or more in aggregate principal amount of the Notes by wire transfer to an
account maintained by the Person entitled thereto as specified in the Register. Any interest
on this Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest shall instead be payable to the Person in whose name this Note is registered on the Special Record
Date or other specified date in accordance with the Indenture. Notwithstanding the foregoing, interest payable on an Interest Payment
Date that is also the Stated Maturity of this Note will be paid at such office or agency to the Person to whom the principal hereof is
payable, upon surrender of this Note at such office or agency.

 

    A-2

     

    

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon
shall have been signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on the
reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

    A-3

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this 18th day of November, 2021.

 

	 	WESTPAC BANKING CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
herein and issued under the within-mentioned Indenture.

 

	 	 	The Bank of New York Mellon, as Trustee
	 
	Dated:	 	 	By:	 
	 	 	 	Authorized Signatory

 

    A-4

     

    

 

(FORM OF REVERSE OF NOTE)

 

This Note is one of a duly authorized series of
securities of the Company, issued and to be issued in one or more series under and pursuant to a Senior Indenture, dated as of July 1,
1999 (the “Base Indenture”), duly executed and delivered between the Company and The Bank of New York Mellon, as successor
to The Chase Manhattan Bank, as trustee (the “Trustee”, which term includes any successor trustee under the Indenture),
as amended and supplemented by the First Supplemental Indenture, dated as of August 27, 2009, between the Company and the Trustee
(the “First Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of August 14, 2012, between the
Company and the Trustee (the “Fifth Supplemental Indenture”), the Seventeenth Supplemental Indenture, dated as of November 9,
2016, between the Company and the Trustee (the “Seventeenth Supplemental Indenture”) and the Twenty-Fifth Supplemental
Indenture, dated as of November 9, 2018, between the Company and the Trustee (the “Twenty-Fifth Supplemental Indenture”;
the Base Indenture as amended and supplemented by the First Supplemental Indenture, the Fifth Supplemental Indenture, the Seventeenth
Supplemental Indenture and the Twenty-Fifth Supplemental Indenture is referred to herein as the “Amended Base Indenture”),
and as further amended and supplemented by the Thirtieth Supplemental Indenture, dated as of November 18, 2021, between the Company
and the Trustee (the “Thirtieth Supplemental Indenture”; the Amended Base Indenture, as further amended and supplemented
by the Thirtieth Supplemental Indenture, is referred to herein as the “Indenture”), to which Indenture and all Indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. This Note is one of a series of securities designated on the face
hereof (the “Notes”). The Notes are issued pursuant to the Indenture and are limited in aggregate principal amount
to US$1,250,000,000; provided, however, that the Company may from time to time, without the consent of the Holders of the Notes,
create and issue additional notes having the same terms and conditions as the Notes in all respects or in all respects except for issue
date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon. Additional notes
issued in this manner will be consolidated with, and will form a single series with, the Notes, unless such additional notes will not
be treated as fungible with the Notes for U.S. federal income tax purposes. The Notes and any such additional notes would rank equally
and ratably.

 

    A-5

     

    

 

In accordance with Section 10.8 of the Indenture,
pursuant to the procedure set forth in Article X of the Indenture, the Company may, at its option, redeem all, but not less than
all, of the Notes if (a) there is a change in or any amendment to the laws or regulations (i) of the Commonwealth
of Australia, or any political subdivision or taxing authority thereof or therein, or (ii) in the event of the assumption
pursuant to Section 7.1 of the Indenture of the obligations of the Company under the Indenture and this Note by an entity organized
under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth
of Australia, of the Commonwealth of Australia or the country in which such entity is organized or resident or deemed resident for tax
purposes or any political subdivision or taxing authority thereof or therein, or (b) there is a change in any application
or interpretation of any such laws or regulations, which change or amendment becomes effective, (i) with respect to taxes
imposed by the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, on or after the date the
Company originally issued this Note, or (ii) in the event of the assumption pursuant to Section 7.1 of the Indenture
of the obligations of the Company under the Indenture and this Note by an entity organized under the laws of a country other than the
Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia, with respect to taxes imposed
by a non-Australian jurisdiction, on or after the date of the transaction resulting in such assumption, and, in each case, as a result
of such change or amendment (1) the Company is or will become obligated to pay any additional amounts on this Note pursuant
to Section 9.8 of the Indenture or (2) the Company would not be entitled to claim a deduction in computing its taxation
liabilities in respect of (A) any payments of interest or additional amounts or (B) any original issue discount
on this Note.

 

Before the Company may redeem this Note, it must
give the Holder of this Note at least 30 days’ written notice and not more than 60 days’ written notice of its intention to
redeem this Note, provided that if the earliest date on which (i) the Company will be obligated to pay any additional amounts,
or (ii) the Company would not be entitled to claim a deduction in respect of any payments of interest or additional amounts
on or any original issue discount in respect of this Note in computing its taxation liabilities, would occur less than 45 days after the
relevant change or amendment to the applicable laws, regulations, determinations or guidelines, the Company may give less than 30 days’
written notice but in no case less than 15 days’ written notice, provided it gives such notice as soon as practicable in all the
circumstances.

 

The Redemption Price for this Note shall equal
100% of the principal amount of this Note plus accrued but unpaid interest to but excluding the date of redemption.

 

The Indenture contains provisions for defeasance
and covenant defeasance at any time of the indebtedness evidenced by this Note upon compliance by the Company with certain conditions
set forth therein.

 

If an Event of Default shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration become, due and payable immediately, in the manner, with
the effect and subject to the conditions provided in the Indenture. The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes, on behalf of all of the Holders of the Notes, to waive any Event
of Default under the Indenture and its consequences, subject to Section 5.7 of the Indenture.

 

    A-6

     

    

 

In accordance with Section 9.8 of the Indenture,
the Company will pay all amounts that it is required to pay in respect of this Note without withholding or deduction for, or on account
of, any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf of the Commonwealth
of Australia or any political subdivision or taxing authority thereof or therein, unless such withholding or deduction is required by
law. In that event, the Company will pay such additional amounts as may be necessary so that the net amount received by the Holder of
this Note, after such withholding or deduction, will equal the amount that the Holder of this Note would have received in respect of this
Note without such withholding or deduction; provided that the Company will pay no additional amounts in respect of this Note for or on
account of:

 

		(1)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder, or the beneficial owner, of this Note was a resident, domiciliary or national
of, or engaged in business or maintained a permanent establishment or was physically present in, the Commonwealth of Australia or any
political subdivision or taxing authority thereof or therein or otherwise had some connection with the Commonwealth of Australia or any
political subdivision or taxing authority thereof or therein other than merely holding this Note or receiving payments under this Note;

 

		(2)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder of this Note presented this Note for payment in the Commonwealth of Australia,
unless the Holder was required to present this Note for payment and it could not have been presented for payment anywhere else;

 

		(3)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder of this Note presented this Note for payment more than 30 days after the
date such payment became due and was provided for, whichever is later, except to the extent that the Holder would have been entitled
to the additional amounts on presenting this Note for payment on any day during that 30 day period;

 

		(4)	any estate, inheritance, gift, sale, transfer, personal property
or similar tax, duty, assessment or other governmental charge;

 

		(5)	any tax, duty, assessment or other governmental charge which
is payable otherwise than by withholding or deduction;

 

		(6)	any tax, duty, assessment or other governmental charge that
would not have been imposed if the Holder, or the beneficial owner, of this Note complied with the Company’s request to provide
information concerning his, her or its nationality, residence or identity or to make a declaration, claim or filing or satisfy any requirement
for information or reporting that is required to establish the eligibility of the Holder, or the beneficial owner, of this Note to receive
the relevant payment without (or at a reduced rate of) withholding or deduction for or on account of any such tax, duty, assessment or
other governmental charge;

 

    A-7

     

    

 

		(7)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the Holder, or the beneficial owner, of this Note being an associate of the Company’s for purposes
of Section 128F of the Income Tax Assessment Act 1936 of the Commonwealth of Australia, as amended, or any successor act (the “Australian
Tax Act”) (other than in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered
scheme under the Corporations Act 2001 of the Commonwealth of Australia, as amended, or any successor act);

 

		(8)	any tax, duty, assessment or other governmental charge that
is imposed or withheld as a consequence of a determination having been made under Part IVA of the Australian Tax Act (or any modification
thereof or provision substituted therefor) by the Australian Commissioner of Taxation that such tax, duty, assessment or other governmental
charge is payable in circumstances where the Holder, or the beneficial owner, of this Note is a party to or participated in a scheme
to avoid such tax which the Company was not a party to;

 

		(9)	any tax, duty, assessment or other governmental charge arising
under or in connection with Section 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended, including any regulations
or official interpretations issued, agreements (including, without limitation, intergovernmental agreements) entered into or non-U.S.
laws enacted with respect thereto (“FATCA”); or

 

		(10)	any combination of the foregoing.

 

Subject to the foregoing, additional amounts will
also not be payable by the Company with respect to any payment on this Note to any Holder who is a fiduciary or partnership or other than
the sole beneficial owner of such payment to the extent that payment would, under the laws of the Commonwealth of Australia or any political
subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes by a beneficiary or settler
of that fiduciary or member of that partnership or a beneficial owner, in each case, who would not have been entitled to those additional
amounts had it been the actual Holder of this Note.

 

If, as a result of the Company’s consolidation
or merger with or into an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision
of a country other than the Commonwealth of Australia or the sale, conveyance or transfer by the Company of all or substantially all its
assets to such an entity, such an entity assumes the obligations of the Company, such entity will pay additional amounts on the same basis,
except that references to “the Commonwealth of Australia” (other than in clause (7) above) will be treated as references
to both the Commonwealth of Australia and the country in which such entity is organized or resident (or deemed resident for tax purposes).

 

    A-8

     

    

 

The Company, and any other Person to or through
which any payment with respect to this Note may be made, shall be entitled to withhold or deduct from any payment with respect to this
Note amounts required to be withheld or deducted under or in connection with FATCA, and Holders and beneficial owners of this Note shall
not be entitled to receive any gross up or other additional amounts on account of any such withholding or deduction.

 

All references in this Note to the payment of the
principal of or interest on this Note shall be deemed to include the payment of additional amounts to the extent that, in that context,
additional amounts are, were or would be payable as provided above.

 

The
Indenture contains provisions permitting the Company and the Trustee, with the written consent of the Holders of not less than a majority
in aggregate principal amount (calculated as provided in the Indenture) of the Outstanding Securities of each series adversely affected
thereby to add any provisions to or to change or eliminate any provisions of the Indenture or any supplemental indenture or to modify
the rights of the Holders of the Securities of such series, provided that, without the consent of the Holder of each such Security
so affected, no such modification shall (a) change the Stated Maturity of the principal of, or any installment of principal
of or interest on, any Security, or reduce the principal amount of any Security or the rate of interest thereon, or change the coin or
currency in which any Security or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity of any Security (or, in the case of redemption, on or after the Redemption Date), or (b) reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
amendment or modification, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture
or certain defaults thereunder and their consequences) provided for in the Indenture, or (c) change any obligation of the
Company to maintain an office or agency in the places and for the purposes specified in Section 9.2 of the Indenture, or (d) except
to the extent provided in Section 8.1(9) of the Indenture, make any change in Section 5.2, 5.7, 5.10 or 8.2 of the Indenture
except to increase any percentage or to provide that certain other provisions of the Indenture cannot be modified or waived except with
the consent of the Holders of each Outstanding Security affected thereby. Any such consent given by the Holder of this Note shall be conclusive
and binding upon such Holder and all future Holders of this Note and of any Notes issued on registration hereof, the transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Note.

 

    A-9

     

    

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the place, at the respective time, at the rate and in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of
this Note, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
a new Note or Notes of like tenor and authorized denominations for an equal aggregate principal amount in exchange herefor, subject to
the limitations provided in the Indenture. Every Note presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company, the Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing.
No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name this Note is registered
as the owner hereof for all purposes (subject to the provisions hereof with respect to determination of the Person to whom interest is
payable).

 

Reference is made to the Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer, employee,
agent, member, manager, trustee or stockholder, as such, of the Company or any successor Person shall have any liability for any obligations
of the Company or any successor Person, either directly or through the Company or any successor Person, under the Notes or the Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. By accepting
a Note, each Holder agrees to the provisions of Section 1.13 of the Indenture and waives and releases all such liability. Such waiver
and release shall be part of the consideration for the issue of the Notes.

 

    A-10

     

    

 

The Notes of this series shall be issuable only
in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive
form only under certain limited circumstances set forth in the Indenture.]2 At the option of the Holder, the Notes (except
a Note in global form) may be exchanged for other Notes, of any authorized denominations and of a like aggregate principal amount containing
identical terms and provisions, upon surrender of the Notes to be exchanged at such office or agency.

 

All terms used in this Note that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS.

 

 

2 Insert in Global Notes only

 

    A-11

     

    

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered Holder
hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No. 

 

Please print or typewrite name and address including zip code of
assignee

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such Note on
the books of the Company with full power of substitution in the premises.

 

	Your Signature:	 
	 	 
	By:	 	 
	 	 
	Date:	 	 
	 	 
	Signature Guarantee:	 
	 	 
	By:	 	 
	 	(Participant in a Recognized Signature	 
	 	Guaranty Medallion Program)	 
	 	 
	Date:	 	 

 

    A-12

     

    

 

EXHIBIT B

 

(FORM OF FACE OF NOTE)

 

[THIS SECURITY IS IN GLOBAL FORM WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN GLOBAL FORM, SUBJECT TO
THE FOREGOING.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

 

1 Insert in Global Notes only

 

    B-1

     

    

 

	No.	CUSIP No. 961214EW9
	 	ISIN
No. US961214EW94

 

WESTPAC BANKING CORPORATION

 

1.953% NOTE DUE NOVEMBER 20, 2028

 

WESTPAC
BANKING CORPORATION, a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of the Commonwealth of Australia
and registered in New South Wales (the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                              or
registered assigns, the principal sum of                    (US$
) on November 20, 2028 (the “Stated Maturity”). This Note will bear interest on the unpaid principal amount hereof
at a rate of 1.953% per year from November 18, 2021, or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, until the principal amount hereof shall have been paid or duly provided for, and interest on the Notes shall be
payable semi-annually in arrears on May 20 and November 20 of each year (each such date, an “Interest Payment Date”),
beginning on May 20, 2022. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount
of interest payable for any period less than a full interest period shall be computed on the basis of a 360-day year consisting of twelve
30-day months and the actual days elapsed in a partial month in such period. Any payment of principal or interest required to be made
on an Interest Payment Date that is not a Business Day shall be made on the next succeeding Business Day, and no interest will accrue
on that payment for the period from and after such Interest Payment Date to the date of payment on the next succeeding Business Day. For
purposes hereof, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which
banking institutions in Sydney, Australia, New York, New York, or London, United Kingdom are authorized or obligated by law or executive
order to close.

 

Interest on this Note which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close
of business on the May 5 or November 5 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date, at the office or agency maintained for such purpose pursuant to the Indenture; provided, however, that at the option of the Company,
interest on this Note may be paid (i) by check mailed to the address of the Person entitled thereto as it shall appear on
the Register or (ii) to a Holder of US$1,000,000 or more in aggregate principal amount of the Notes by wire transfer to an
account maintained by the Person entitled thereto as specified in the Register. Any interest
on this Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest shall instead be payable to the Person in whose name this Note is registered on the Special Record
Date or other specified date in accordance with the Indenture. Notwithstanding the foregoing, interest payable on an Interest Payment
Date that is also the Stated Maturity of this Note will be paid at such office or agency to the Person to whom the principal hereof is
payable, upon surrender of this Note at such office or agency.

 

    B-2

     

    

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon
shall have been signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on the
reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

    B-3

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this 18th day of November, 2021.

 

	 	WESTPAC BANKING CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
herein and issued under the within-mentioned Indenture.

 

	 	 	The Bank of New York Mellon, as Trustee
	 
	Dated:	 	 	By:	 
	 	 	 	Authorized Signatory

 

    B-4

     

    

 

(FORM OF REVERSE OF NOTE)

 

This Note is one of a duly authorized series of
securities of the Company, issued and to be issued in one or more series under and pursuant to a Senior Indenture, dated as of July 1,
1999 (the “Base Indenture”), duly executed and delivered between the Company and The Bank of New York Mellon, as successor
to The Chase Manhattan Bank, as trustee (the “Trustee”, which term includes any successor trustee under the Indenture),
as amended and supplemented by the First Supplemental Indenture, dated as of August 27, 2009, between the Company and the Trustee
(the “First Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of August 14, 2012, between the
Company and the Trustee (the “Fifth Supplemental Indenture”), the Seventeenth Supplemental Indenture, dated as of November 9,
2016, between the Company and the Trustee (the “Seventeenth Supplemental Indenture”) and the Twenty-Fifth Supplemental
Indenture, dated as of November 9, 2018, between the Company and the Trustee (the “Twenty-Fifth Supplemental Indenture”;
the Base Indenture as amended and supplemented by the First Supplemental Indenture, the Fifth Supplemental Indenture, the Seventeenth
Supplemental Indenture and the Twenty-Fifth Supplemental Indenture is referred to herein as the “Amended Base Indenture”),
and as further amended and supplemented by the Thirtieth Supplemental Indenture, dated as of November 18, 2021, between the Company
and the Trustee (the “Thirtieth Supplemental Indenture”; the Amended Base Indenture, as further amended and supplemented
by the Thirtieth Supplemental Indenture, is referred to herein as the “Indenture”), to which Indenture and all Indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. This Note is one of a series of securities designated on the face
hereof (the “Notes”). The Notes are issued pursuant to the Indenture and are limited in aggregate principal amount
to US$1,250,000,000; provided, however, that the Company may from time to time, without the consent of the Holders of the Notes,
create and issue additional notes having the same terms and conditions as the Notes in all respects or in all respects except for issue
date, issue price and, if applicable, the first date on which interest accrues and the first payment of interest thereon. Additional notes
issued in this manner will be consolidated with, and will form a single series with, the Notes, unless such additional notes will not
be treated as fungible with the Notes for U.S. federal income tax purposes. The Notes and any such additional notes would rank equally
and ratably.

 

    B-5

     

    

 

In accordance with Section 10.8 of the Indenture,
pursuant to the procedure set forth in Article X of the Indenture, the Company may, at its option, redeem all, but not less than
all, of the Notes if (a) there is a change in or any amendment to the laws or regulations (i) of the Commonwealth
of Australia, or any political subdivision or taxing authority thereof or therein, or (ii) in the event of the assumption
pursuant to Section 7.1 of the Indenture of the obligations of the Company under the Indenture and this Note by an entity organized
under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth
of Australia, of the Commonwealth of Australia or the country in which such entity is organized or resident or deemed resident for tax
purposes or any political subdivision or taxing authority thereof or therein, or (b) there is a change in any application
or interpretation of any such laws or regulations, which change or amendment becomes effective, (i) with respect to taxes
imposed by the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, on or after the date the
Company originally issued this Note, or (ii) in the event of the assumption pursuant to Section 7.1 of the Indenture
of the obligations of the Company under the Indenture and this Note by an entity organized under the laws of a country other than the
Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia, with respect to taxes imposed
by a non-Australian jurisdiction, on or after the date of the transaction resulting in such assumption, and, in each case, as a result
of such change or amendment (1) the Company is or will become obligated to pay any additional amounts on this Note pursuant
to Section 9.8 of the Indenture or (2) the Company would not be entitled to claim a deduction in computing its taxation
liabilities in respect of (A) any payments of interest or additional amounts or (B) any original issue discount
on this Note.

 

Before the Company may redeem this Note, it must
give the Holder of this Note at least 30 days’ written notice and not more than 60 days’ written notice of its intention to
redeem this Note, provided that if the earliest date on which (i) the Company will be obligated to pay any additional amounts,
or (ii) the Company would not be entitled to claim a deduction in respect of any payments of interest or additional amounts
on or any original issue discount in respect of this Note in computing its taxation liabilities, would occur less than 45 days after the
relevant change or amendment to the applicable laws, regulations, determinations or guidelines, the Company may give less than 30 days’
written notice but in no case less than 15 days’ written notice, provided it gives such notice as soon as practicable in all the
circumstances.

 

The Redemption Price for this Note shall equal
100% of the principal amount of this Note plus accrued but unpaid interest to but excluding the date of redemption.

 

The Indenture contains provisions for defeasance
and covenant defeasance at any time of the indebtedness evidenced by this Note upon compliance by the Company with certain conditions
set forth therein.

 

If an Event of Default shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration become, due and payable immediately, in the manner, with
the effect and subject to the conditions provided in the Indenture. The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes, on behalf of all of the Holders of the Notes, to waive any Event
of Default under the Indenture and its consequences, subject to Section 5.7 of the Indenture.

 

    B-6

     

    

 

In accordance with Section 9.8 of the Indenture,
the Company will pay all amounts that it is required to pay in respect of this Note without withholding or deduction for, or on account
of, any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf of the Commonwealth
of Australia or any political subdivision or taxing authority thereof or therein, unless such withholding or deduction is required by
law. In that event, the Company will pay such additional amounts as may be necessary so that the net amount received by the Holder of
this Note, after such withholding or deduction, will equal the amount that the Holder of this Note would have received in respect of this
Note without such withholding or deduction; provided that the Company will pay no additional amounts in respect of this Note for or on
account of:

 

		(1)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder, or the beneficial owner, of this Note was a resident, domiciliary or national
of, or engaged in business or maintained a permanent establishment or was physically present in, the Commonwealth of Australia or any
political subdivision or taxing authority thereof or therein or otherwise had some connection with the Commonwealth of Australia or any
political subdivision or taxing authority thereof or therein other than merely holding this Note or receiving payments under this Note;

 

		(2)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder of this Note presented this Note for payment in the Commonwealth of Australia,
unless the Holder was required to present this Note for payment and it could not have been presented for payment anywhere else;

 

		(3)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder of this Note presented this Note for payment more than 30 days after the
date such payment became due and was provided for, whichever is later, except to the extent that the Holder would have been entitled
to the additional amounts on presenting this Note for payment on any day during that 30 day period;

 

		(4)	any estate, inheritance, gift, sale, transfer, personal property
or similar tax, duty, assessment or other governmental charge;

 

		(5)	any tax, duty, assessment or other governmental charge which
is payable otherwise than by withholding or deduction;

 

		(6)	any tax, duty, assessment or other governmental charge that
would not have been imposed if the Holder, or the beneficial owner, of this Note complied with the Company’s request to provide
information concerning his, her or its nationality, residence or identity or to make a declaration, claim or filing or satisfy any requirement
for information or reporting that is required to establish the eligibility of the Holder, or the beneficial owner, of this Note to receive
the relevant payment without (or at a reduced rate of) withholding or deduction for or on account of any such tax, duty, assessment or
other governmental charge;

 

    B-7

     

    

 

		(7)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the Holder, or the beneficial owner, of this Note being an associate of the Company’s for purposes
of Section 128F of the Income Tax Assessment Act 1936 of the Commonwealth of Australia, as amended, or any successor act (the “Australian
Tax Act”) (other than in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered
scheme under the Corporations Act 2001 of the Commonwealth of Australia, as amended, or any successor act);

 

		(8)	any tax, duty, assessment or other governmental charge that
is imposed or withheld as a consequence of a determination having been made under Part IVA of the Australian Tax Act (or any modification
thereof or provision substituted therefor) by the Australian Commissioner of Taxation that such tax, duty, assessment or other governmental
charge is payable in circumstances where the Holder, or the beneficial owner, of this Note is a party to or participated in a scheme
to avoid such tax which the Company was not a party to;

 

		(9)	any tax, duty, assessment or other governmental charge arising
under or in connection with Section 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended, including any regulations
or official interpretations issued, agreements (including, without limitation, intergovernmental agreements) entered into or non-U.S.
laws enacted with respect thereto (“FATCA”); or

 

		(10)	any combination of the foregoing.

 

Subject to the foregoing, additional amounts will
also not be payable by the Company with respect to any payment on this Note to any Holder who is a fiduciary or partnership or other than
the sole beneficial owner of such payment to the extent that payment would, under the laws of the Commonwealth of Australia or any political
subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes by a beneficiary or settler
of that fiduciary or member of that partnership or a beneficial owner, in each case, who would not have been entitled to those additional
amounts had it been the actual Holder of this Note.

 

If, as a result of the Company’s consolidation
or merger with or into an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision
of a country other than the Commonwealth of Australia or the sale, conveyance or transfer by the Company of all or substantially all its
assets to such an entity, such an entity assumes the obligations of the Company, such entity will pay additional amounts on the same basis,
except that references to “the Commonwealth of Australia” (other than in clause (7) above) will be treated as references
to both the Commonwealth of Australia and the country in which such entity is organized or resident (or deemed resident for tax purposes).

 

The Company, and any other Person to or through
which any payment with respect to this Note may be made, shall be entitled to withhold or deduct from any payment with respect to this
Note amounts required to be withheld or deducted under or in connection with FATCA, and Holders and beneficial owners of this Note shall
not be entitled to receive any gross up or other additional amounts on account of any such withholding or deduction.

 

    B-8

     

    

 

All references in this Note to the payment of the
principal of or interest on this Note shall be deemed to include the payment of additional amounts to the extent that, in that context,
additional amounts are, were or would be payable as provided above.

 

The
Indenture contains provisions permitting the Company and the Trustee, with the written consent of the Holders of not less than a majority
in aggregate principal amount (calculated as provided in the Indenture) of the Outstanding Securities of each series adversely affected
thereby to add any provisions to or to change or eliminate any provisions of the Indenture or any supplemental indenture or to modify
the rights of the Holders of the Securities of such series, provided that, without the consent of the Holder of each such Security
so affected, no such modification shall (a) change the Stated Maturity of the principal of, or any installment of principal
of or interest on, any Security, or reduce the principal amount of any Security or the rate of interest thereon, or change the coin or
currency in which any Security or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity of any Security (or, in the case of redemption, on or after the Redemption Date), or (b) reduce
the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such
amendment or modification, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture
or certain defaults thereunder and their consequences) provided for in the Indenture, or (c) change any obligation of the
Company to maintain an office or agency in the places and for the purposes specified in Section 9.2 of the Indenture, or (d) except
to the extent provided in Section 8.1(9) of the Indenture, make any change in Section 5.2, 5.7, 5.10 or 8.2 of the Indenture
except to increase any percentage or to provide that certain other provisions of the Indenture cannot be modified or waived except with
the consent of the Holders of each Outstanding Security affected thereby. Any such consent given by the Holder of this Note shall be conclusive
and binding upon such Holder and all future Holders of this Note and of any Notes issued on registration hereof, the transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this Note.

 

    B-9

     

    

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the place, at the respective time, at the rate and in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of
this Note, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
a new Note or Notes of like tenor and authorized denominations for an equal aggregate principal amount in exchange herefor, subject to
the limitations provided in the Indenture. Every Note presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company, the Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing.
No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name this Note is registered
as the owner hereof for all purposes (subject to the provisions hereof with respect to determination of the Person to whom interest is
payable).

 

Reference is made to the Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer, employee,
agent, member, manager, trustee or stockholder, as such, of the Company or any successor Person shall have any liability for any obligations
of the Company or any successor Person, either directly or through the Company or any successor Person, under the Notes or the Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. By accepting
a Note, each Holder agrees to the provisions of Section 1.13 of the Indenture and waives and releases all such liability. Such waiver
and release shall be part of the consideration for the issue of the Notes.

 

    B-10

     

    

 

The Notes of this series shall be issuable only
in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive
form only under certain limited circumstances set forth in the Indenture.]2 At the option of the Holder, the Notes (except
a Note in global form) may be exchanged for other Notes, of any authorized denominations and of a like aggregate principal amount containing
identical terms and provisions, upon surrender of the Notes to be exchanged at such office or agency.

 

All terms used in this Note that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS.

 

 

2 Insert in Global Notes only

 

    B-11

     

    

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered Holder
hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No.

 

Please print or typewrite name and address including zip code of assignee

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such Note on the books
of the Company with full power of substitution in the premises.

 

	Your Signature:	 
	 	 
	By:	 	 
	 	 
	Date:	 	 
	 	 
	Signature Guarantee:	 
	 	 
	By:	 	 
	 	(Participant in a Recognized Signature	 
	 	Guaranty Medallion Program)	 
	 	 
	Date:	 	 

 

    B-12

     

    

 

EXHIBIT C

 

(FORM OF FACE OF NOTE)

 

[THIS SECURITY IS IN GLOBAL FORM WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN GLOBAL FORM, SUBJECT TO
THE FOREGOING.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

 

1 Insert in Global Notes only

 

    C-1

     

    

 

	No.	CUSIP No. 961214EV1
	 	ISIN
No. US961214EV12

 

WESTPAC BANKING CORPORATION

 

FLOATING RATE NOTE DUE NOVEMBER 18, 2024

 

WESTPAC
BANKING CORPORATION, a company incorporated in the Commonwealth of Australia under the Corporations Act 2001 of the Commonwealth of Australia
and registered in New South Wales (the “Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                                        or
registered assigns, the principal sum of                                        (US$
) on November 18, 2024 (the “Stated Maturity”). This Note will bear interest on the unpaid principal amount hereof
from November 18, 2021, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly
provided for, until the principal amount hereof shall have been paid or duly provided for. The interest rate per annum on this Note will
be reset quarterly on the first day of each Interest Period (as defined below) and will be equal to Compounded SOFR (as defined below)
plus a margin of 30 basis points, as determined by a calculation agent (the “Calculation Agent”). The Bank of New York
Mellon will initially act as Calculation Agent. The amount of interest accrued and payable on the Floating Rate Notes for each Interest
Period will be equal to the product of (i) the Outstanding principal amount of the Floating Rate Notes multiplied by (ii) the
product of (a) the interest rate for the relevant Interest Period multiplied by (b) the quotient of the actual number of calendar
days in such Observation Period (as defined below) divided by 360.

 

Interest on this Note shall be payable quarterly
in arrears on each February 18, May 18, August 18 and November 18 (each such date, an “Interest Payment Date”),
beginning on February 18, 2022. If any Interest Payment Date would fall on a day that is not a Business Day, other than the Interest
Payment Date that is also the Stated Maturity for this Note, that Interest Payment Date will be postponed to the following day that is
a Business Day, except that if such next Business Day is in a different month, then that Interest Payment Date will be the immediately
preceding day that is a Business Day. If the Stated Maturity for this Note is not a Business Day, payment of principal and interest on
this Note will be made on the following day that is a Business Day and no interest will accrue for the period from and after such Stated
Maturity.

 

On each Interest Payment Date, the Company will
pay interest for the Interest Period ended on the day immediately preceding such Interest Payment Date. “Interest Period”
shall mean the period commencing on and including November 18, 2021 to but excluding the first Interest Payment Date and each successive
period from and including an Interest Payment Date to but excluding the next Interest Payment Date.

 

    C-2

     

    

 

The interest rate on this Note for each Interest
Period will be equal to Compounded SOFR (as defined herein) plus a margin of 30 basis points. “Compounded SOFR” will
be determined by the Calculation Agent in accordance with the following formula:

 

 

 

where:

 

“d0,” for any Observation Period, is the number
of U.S. Government Securities Business Days in the relevant Observation Period;

 

“i” is a series of whole numbers from one to
d0, each representing the relevant U.S. Government Securities Business Day in chronological order from, and including, the first
U.S. Government Securities Business Day in the relevant Observation Period;

 

“SOFRi,” for any U.S. Government Securities Business
Day “i” in the relevant Observation Period, is equal to SOFR in respect of that day “i”;

 

“ni,” for any U.S. Government Securities Business
Day “i” in the relevant Observation Period, is the number of calendar days from, and including, such U.S. Government Securities
Business Day “i” to, but excluding, the following U.S. Government Securities Business Day (“i+1”); and

 

“d” is the number of calendar days in the relevant
Observation Period.

 

For
these calculations, the daily SOFR in effect on any U.S. Government Securities Business Day will be the applicable SOFR as
reset on that date.

 

For purposes of determining Compounded SOFR, “SOFR”
means, with respect to any U.S. Government Securities Business Day:

 

(1) the
Secured Overnight Financing Rate published for such U.S. Government Securities Business Day as such rate appears on the Federal Reserve
Bank of New York’s Website at 3:00 p.m. (New York time) on the immediately following U.S. Government Securities Business Day
(the “SOFR Determination Time”); or

 

(2) if
the rate specified in (i) above does not so appear, unless both a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, the Secured Overnight Financing Rate as published in respect of the first preceding U.S. Government Securities
Business Day for which the Secured Overnight Financing Rate was published on the Federal Reserve Bank of New York’s Website.

 

    C-3

     

    

 

Notwithstanding
anything to the contrary herein, if the Company or its designee (which may be an independent financial advisor or other designee
of the Company (any of such entities, a ‘‘Designee’’)), determines on or prior to the relevant Reference Time
that a Benchmark Transition Event and its related Benchmark Replacement Date (each as defined below) have occurred with respect to
determining Compounded SOFR, then the benchmark replacement provisions set forth herein will thereafter apply to all determinations of
the rate of interest payable on this Note.

 

For
the avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred, the interest payable for each Interest Period on this Note will be an annual rate equal to the
sum of the Benchmark Replacement (as defined below) and the applicable margin.

 

Effect
of Benchmark Transition Event

 

Benchmark
Replacement. If the Company or its Designee determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement
will replace the then-current Benchmark for all purposes relating to this Note in respect of such determination on such date and all determinations
on all subsequent dates.

 

Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Company or its Designee will
have the right to make Benchmark Replacement Conforming Changes from time to time.

 

Decisions
and Determinations. Any determination, decision or election that may be made by the Company or its Designee pursuant to the benchmark
replacement provisions herein, including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection:

 

(i) will
be conclusive and binding absent manifest error;

 

(ii) if
made by the Company, will be made in its sole discretion;

 

(iii) if
made by the Company’s Designee, will be made after consultation with the Company, and the Designee will not make any such determination,
decision or election to which the Company objects; and

 

(iv) shall
become effective without consent from any other party.

 

    C-4

     

    

 

Any
determination, decision or election pursuant to the benchmark replacement provisions not made by the Company’s Designee will
be made by the Company on the basis set forth above. The Designee shall have no liability for not making any such determination, decision
or election. In addition, the Company may designate an entity (which may be the Company’s affiliate)
to make any determination, decision or election that the Company has the right to make in connection with the benchmark replacement provisions
set forth herein.

 

Certain Defined Terms. As used herein:

 

“Benchmark” means, initially, Compounded
SOFR, as such term is defined above; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to Compounded SOFR (or the published daily SOFR used in the calculation thereof) or the then-current Benchmark,
then “Benchmark” means the applicable Benchmark Replacement.

 

“Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Company or its Designee
as of the Benchmark Replacement Date:

 

(1) the
sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

 

(2) the
sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and

 

(3) the
sum of: (a) the alternate rate of interest that has been selected by the Company or its Designee as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for
the then-current Benchmark for U.S. dollar denominated Floating Rate Notes at such time and (b) the Benchmark Replacement Adjustment.

 

“Benchmark
Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Company
or its Designee as of the Benchmark Replacement Date:

 

(1) the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

    C-5

     

    

 

(2) if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and

 

(3) the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or its Designee giving due
consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated Floating Rate Notes at
such time.

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes
(including changes to the definitions or interpretations of Interest Period, the timing and frequency of determining rates
and making payments of interest, the rounding of amounts or tenors, and other administrative matters) that the Company or its Designee
decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market
practice (or, if the Company or its Designee decides that adoption of any portion of such market practice is not administratively feasible
or if the Company or its Designee determines that no market practice for use of the Benchmark Replacement exists, in such other manner
as the Company or its Designee determines is reasonably practicable).

 

“Benchmark Replacement Date” means
the earliest to occur of the following events with respect to the then-current Benchmark:

 

(1) in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the
date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the
Benchmark permanently or indefinitely ceases to provide the Benchmark; or

 

(2) in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

For the avoidance of doubt, if the event giving rise to the Benchmark
Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement
Date will be deemed to have occurred prior to the Reference Time for such determination.

 

“Benchmark Transition Event” means
the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(1) a
public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark;

 

    C-6

     

    

 

(2) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction
over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court
or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator
of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

 

(3) a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative.

 

“Corresponding Tenor” with respect
to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment)
as the applicable tenor for the then-current Benchmark.

 

“Federal Reserve Bank of New York’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source.

 

“Floating
Rate Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each Interest Payment
Date.

 

“ISDA Definitions” means the 2006
ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

 

“ISDA Fallback Adjustment” means the
spread adjustment, (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA
Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

 

“ISDA
Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback
Adjustment.

 

    C-7

     

    

 

“Observation
Period” means, in respect of each Interest Period, the period from, and including, the date two U.S. Government Securities
Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business
Days preceding the Interest Payment Date for such Interest Period.

 

“Reference
Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Determination
Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its Designee in accordance with
the Benchmark Replacement Conforming Changes.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“SOFR” with respect to any day means
the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark,
(or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Unadjusted Benchmark Replacement”
means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 

“U.S.
Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in U.S. government securities.

 

The interest rate and amount of interest to be
paid on this Note for each Interest Period will be determined by the Calculation Agent. All determinations made by the Calculation Agent
shall, in the absence of manifest error, be conclusive for all purposes and binding on the Company and the Holders. So long as Compounded
SOFR is required to be determined with respect to this Note, there will at all times be a Calculation Agent. In the event that any then
acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish Compounded SOFR
for any Interest Period, or the Company proposes to remove such Calculation Agent, the Company shall appoint another Calculation Agent.

 

    C-8

     

    

 

In no event shall the Calculation Agent be the
Company’s Designee. The Calculation Agent shall have no liability for any determination made by or on behalf of the Company or its
Designee in connection with a Benchmark Transition Event or a Benchmark Replacement or any adjustments or conforming changes thereto.
In no event shall the Calculation Agent be responsible for determining any substitute for SOFR or any Benchmark Replacement, or for determining
whether any Benchmark Transition Event has occurred or for making any Benchmark Replacement Adjustments or Benchmark Replacement Conforming
Changes. In connection with the foregoing, the Calculation Agent will be entitled to conclusively rely on any determinations made by the
Company or its Designee.

 

In
no event shall the interest rate on this Note be higher than the maximum rate permitted by New York law, as the same may be modified
by United States law of general application. Additionally, the interest rate on this Note will in no event be lower than zero.

 

All percentages resulting from any of the above
calculations will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a
percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used
in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards).

 

Interest on this Note which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close
of business on the February 16, May 19, August 19 or November 18 (whether or not a Business Day), as the case may
be, next preceding such Interest Payment Date, at the office or agency maintained for such purpose pursuant to the Indenture; provided,
however, that at the option of the Company, interest on this Note may be paid (i) by check mailed to the address of the Person
entitled thereto as it shall appear on the Register or (ii) to a Holder of US$1,000,000 or more in aggregate principal amount
of the Notes by wire transfer to an account maintained by the Person entitled thereto as specified in the Register. Any
interest on this Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such
Holder, and such Defaulted Interest shall instead be payable to the Person in whose name this Note is registered on the Special Record
Date or other specified date in accordance with the Indenture. Notwithstanding the foregoing, interest payable on an Interest Payment
Date that is also the Stated Maturity of this Note will be paid at such office or agency to the Person to whom the principal hereof is
payable, upon surrender of this Note at such office or agency.

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory for any purpose until the Certificate of Authentication hereon
shall have been signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on the
reverse side hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

    C-9

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this 18th day of November, 2021.

 

	 	WESTPAC BANKING CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
herein and issued under the within-mentioned Indenture.

 

	 	 	The Bank of New York Mellon, as Trustee
	 
	Dated:	 	 	By:	 
	 	 	 	Authorized Signatory

 

    C-10

     

    

 

(FORM OF REVERSE OF NOTE)

 

This
Note is one of a duly authorized series of securities of the Company, issued and to be issued in one or more series under and pursuant
to a Senior Indenture, dated as of July 1, 1999 (the “Base Indenture”), duly executed and delivered between the
Company and The Bank of New York Mellon, as successor to The Chase Manhattan Bank, as trustee (the “Trustee”, which
term includes any successor trustee under the Indenture), as amended and supplemented by the First Supplemental Indenture, dated as of
August 27, 2009, between the Company and the Trustee (the “First Supplemental Indenture”), the Fifth Supplemental
Indenture, dated as of August 14, 2012, between the Company and the Trustee (the “Fifth Supplemental Indenture”),
the Seventeenth Supplemental Indenture, dated as of November 9, 2016, between the Company and the Trustee (the “Seventeenth
Supplemental Indenture”) and the Twenty-Fifth Supplemental Indenture, dated as of November 9, 2018, between the Company
and the Trustee (the “Twenty-Fifth Supplemental Indenture”; the Base Indenture as amended and supplemented by the First
Supplemental Indenture, the Fifth Supplemental Indenture, the Seventeenth Supplemental Indenture and the Twenty-Fifth Supplemental Indenture
is referred to herein as the “Amended Base Indenture”), and as further amended and supplemented by the Thirtieth Supplemental
Indenture, dated as of November 18, 2021, between the Company and the Trustee (the “Thirtieth Supplemental Indenture”;
the Amended Base Indenture, as further supplemented by the Thirtieth Supplemental Indenture, is referred to herein as the “Indenture”),
to which Indenture and all Indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. This Note is one of a series of
securities designated on the face hereof (the “Notes”). The Notes are issued pursuant to the Indenture and are limited
in aggregate principal amount to US$750,000,000; provided, however, that the Company may from time to time, without the consent
of the Holders of the Notes, create and issue additional notes having the same terms and conditions as the Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first date on which interest accrues and the first payment of
interest thereon. Additional notes issued in this manner will be consolidated with, and will form a single series with, the Notes, unless
such additional notes will not be treated as fungible with the Notes for U.S. federal income tax purposes. The Notes and any such additional
notes would rank equally and ratably.

 

    C-11

     

    

 

In accordance with Section 10.8 of the Indenture,
pursuant to the procedure set forth in Article X of the Indenture, the Company may, at its option, redeem all, but not less than
all, of the Notes if (a) there is a change in or any amendment to the laws or regulations (i) of the Commonwealth
of Australia, or any political subdivision or taxing authority thereof or therein, or (ii) in the event of the assumption
pursuant to Section 7.1 of the Indenture of the obligations of the Company under the Indenture and this Note by an entity organized
under the laws of a country other than the Commonwealth of Australia or a political subdivision of a country other than the Commonwealth
of Australia, of the Commonwealth of Australia or the country in which such entity is organized or resident or deemed resident for tax
purposes or any political subdivision or taxing authority thereof or therein, or (b) there is a change in any application
or interpretation of any such laws or regulations, which change or amendment becomes effective, (i) with respect to taxes
imposed by the Commonwealth of Australia or any political subdivision or taxing authority thereof or therein, on or after the date the
Company originally issued this Note, or (ii) in the event of the assumption pursuant to Section 7.1 of the Indenture
of the obligations of the Company under the Indenture and this Note by an entity organized under the laws of a country other than the
Commonwealth of Australia or a political subdivision of a country other than the Commonwealth of Australia, with respect to taxes imposed
by a non-Australian jurisdiction, on or after the date of the transaction resulting in such assumption, and, in each case, as a result
of such change or amendment (1) the Company is or will become obligated to pay any additional amounts on this Note pursuant
to Section 9.8 of the Indenture or (2) the Company would not be entitled to claim a deduction in computing its taxation
liabilities in respect of (A) any payments of interest or additional amounts or (B) any original issue discount
on this Note.

 

Before the Company may redeem this Note, it must
give the Holder of this Note at least 30 days’ written notice and not more than 60 days’ written notice of its intention to
redeem this Note, provided that if the earliest date on which (i) the Company will be obligated to pay any additional amounts,
or (ii) the Company would not be entitled to claim a deduction in respect of any payments of interest or additional amounts
on or any original issue discount in respect of this Note in computing its taxation liabilities, would occur less than 45 days after the
relevant change or amendment to the applicable laws, regulations, determinations or guidelines, the Company may give less than 30 days’
written notice but in no case less than 15 days’ written notice, provided it gives such notice as soon as practicable in all the
circumstances.

 

The Redemption Price for this Note shall equal
100% of the principal amount of this Note plus accrued but unpaid interest to but excluding the date of redemption.

 

The Indenture contains provisions for defeasance
and covenant defeasance at any time of the indebtedness evidenced by this Note upon compliance by the Company with certain conditions
set forth therein.

 

If an Event of Default shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration become, due and payable immediately, in the manner, with
the effect and subject to the conditions provided in the Indenture. The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes, on behalf of all of the Holders of the Notes, to waive any Event
of Default under the Indenture and its consequences, subject to Section 5.7 of the Indenture.

 

    C-12

     

    

 

In accordance with Section 9.8 of the Indenture,
the Company will pay all amounts that it is required to pay in respect of this Note without withholding or deduction for, or on account
of, any present or future taxes, duties, assessments or other governmental charges imposed or levied by or on behalf of the Commonwealth
of Australia or any political subdivision or taxing authority thereof or therein, unless such withholding or deduction is required by
law. In that event, the Company will pay such additional amounts as may be necessary so that the net amount received by the Holder of
this Note, after such withholding or deduction, will equal the amount that the Holder of this Note would have received in respect of this
Note without such withholding or deduction; provided that the Company will pay no additional amounts in respect of this Note for or on
account of:

 

		(1)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder, or the beneficial owner, of this Note was a resident, domiciliary or national
of, or engaged in business or maintained a permanent establishment or was physically present in, the Commonwealth of Australia or any
political subdivision or taxing authority thereof or therein or otherwise had some connection with the Commonwealth of Australia or any
political subdivision or taxing authority thereof or therein other than merely holding this Note or receiving payments under this Note;

 

		(2)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder of this Note presented this Note for payment in the Commonwealth of Australia,
unless the Holder was required to present this Note for payment and it could not have been presented for payment anywhere else;

 

		(3)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the fact that the Holder of this Note presented this Note for payment more than 30 days after the
date such payment became due and was provided for, whichever is later, except to the extent that the Holder would have been entitled
to the additional amounts on presenting this Note for payment on any day during that 30 day period;

 

		(4)	any estate, inheritance, gift, sale, transfer, personal property
or similar tax, duty, assessment or other governmental charge;

 

		(5)	any tax, duty, assessment or other governmental charge which
is payable otherwise than by withholding or deduction;

 

    C-13

     

    

 

		(6)	any tax, duty, assessment or other governmental charge that
would not have been imposed if the Holder, or the beneficial owner, of this Note complied with the Company’s request to provide
information concerning his, her or its nationality, residence or identity or to make a declaration, claim or filing or satisfy any requirement
for information or reporting that is required to establish the eligibility of the Holder, or the beneficial owner, of this Note to receive
the relevant payment without (or at a reduced rate of) withholding or deduction for or on account of any such tax, duty, assessment or
other governmental charge;

 

		(7)	any tax, duty, assessment or other governmental charge that
would not have been imposed but for the Holder, or the beneficial owner, of this Note being an associate of the Company’s for purposes
of Section 128F of the Income Tax Assessment Act 1936 of the Commonwealth of Australia, as amended, or any successor act (the “Australian
Tax Act”) (other than in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered
scheme under the Corporations Act 2001 of the Commonwealth of Australia, as amended, or any successor act);

 

		(8)	any tax, duty, assessment or other governmental charge that
is imposed or withheld as a consequence of a determination having been made under Part IVA of the Australian Tax Act (or any modification
thereof or provision substituted therefor) by the Australian Commissioner of Taxation that such tax, duty, assessment or other governmental
charge is payable in circumstances where the Holder, or the beneficial owner, of this Note is a party to or participated in a scheme
to avoid such tax which the Company was not a party to;

 

		(9)	any tax, duty, assessment or other governmental charge arising
under or in connection with Section 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended, including any regulations
or official interpretations issued, agreements (including, without limitation, intergovernmental agreements) entered into or non-U.S.
laws enacted with respect thereto (“FATCA”); or

 

		(10)	any combination of the foregoing.

 

Subject to the foregoing, additional amounts will
also not be payable by the Company with respect to any payment on this Note to any Holder who is a fiduciary or partnership or other than
the sole beneficial owner of such payment to the extent that payment would, under the laws of the Commonwealth of Australia or any political
subdivision or taxing authority thereof or therein, be treated as being derived or received for tax purposes by a beneficiary or settler
of that fiduciary or member of that partnership or a beneficial owner, in each case, who would not have been entitled to those additional
amounts had it been the actual Holder of this Note.

 

If, as a result of the Company’s consolidation
or merger with or into an entity organized under the laws of a country other than the Commonwealth of Australia or a political subdivision
of a country other than the Commonwealth of Australia or the sale, conveyance or transfer by the Company of all or substantially all its
assets to such an entity, such an entity assumes the obligations of the Company, such entity will pay additional amounts on the same basis,
except that references to “the Commonwealth of Australia” (other than in clause (7) above) will be treated as references
to both the Commonwealth of Australia and the country in which such entity is organized or resident (or deemed resident for tax purposes).

 

    C-14

     

    

 

The Company, and any other Person to or through
which any payment with respect to this Note may be made, shall be entitled to withhold or deduct from any payment with respect to this
Note amounts required to be withheld or deducted under or in connection with FATCA, and Holders and beneficial owners of this Note shall
not be entitled to receive any gross up or other additional amounts on account of any such withholding or deduction.

 

All references in this Note to the payment of the
principal of or interest on this Note shall be deemed to include the payment of additional amounts to the extent that, in that context,
additional amounts are, were or would be payable as provided above.

 

The Indenture contains provisions permitting the
Company and the Trustee, with the written consent of the Holders of not less than a majority in aggregate principal amount (calculated
as provided in the Indenture) of the Outstanding Securities of each series adversely affected thereby to add any provisions to or to change
or eliminate any provisions of the Indenture or any supplemental indenture or to modify the rights of the Holders of the Securities of
such series, provided that, without the consent of the Holder of each such Security so affected, no such modification shall (a) change
the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount
of any Security or the rate of interest thereon, or change the coin or currency in which any Security or the interest thereon is payable,
or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity of any Security (or, in
the case of redemption, on or after the Redemption Date), or (b) reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such amendment or modification, or the consent of whose Holders
is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences)
provided for in the Indenture, or (c) change any obligation of the Company to maintain an office or agency in the places and
for the purposes specified in Section 9.2 of the Indenture, or (d) except to the extent provided in Section 8.1(9) of
the Indenture, make any change in Section 5.2, 5.7, 5.10 or 8.2 of the Indenture except to increase any percentage or to provide
that certain other provisions of the Indenture cannot be modified or waived except with the consent of the Holders of each Outstanding
Security affected thereby. Any such consent given by the Holder of this Note shall be conclusive and binding upon such Holder and all
future Holders of this Note and of any Notes issued on registration hereof, the transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent is made upon this Note.

 

    C-15

     

    

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Note at the place, at the respective time, at the rates and in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of
this Note, the Company shall execute and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
a new Note or Notes of like tenor and authorized denominations for an equal aggregate principal amount in exchange herefor, subject to
the limitations provided in the Indenture. Every Note presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company, the Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing.
No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name this Note is registered
as the owner hereof for all purposes (subject to the provisions hereof with respect to determination of the Person to whom interest is
payable).

 

Reference is made to the Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes
and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer, employee,
agent, member, manager, trustee or stockholder, as such, of the Company or any successor Person shall have any liability for any obligations
of the Company or any successor Person, either directly or through the Company or any successor Person, under the Notes or the Indenture
or for any claim based on, in respect of or by reason of such obligations or their creation, whether by virtue of any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise. By accepting
a Note, each Holder agrees to the provisions of Section 1.13 of the Indenture and waives and releases all such liability. Such waiver
and release shall be part of the consideration for the issue of the Notes.

 

    C-16

     

    

 

The Notes of this series shall be issuable only
in denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. [This Global Note is exchangeable for Notes in definitive
form only under certain limited circumstances set forth in the Indenture.]2 At the option of the Holder, the Notes (except
a Note in global form) may be exchanged for other Notes, of any authorized denominations and of a like aggregate principal amount containing
identical terms and provisions, upon surrender of the Notes to be exchanged at such office or agency.

 

All terms used in this Note that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS.

 

 

2 Insert in Global Notes only

 

    C-17

     

    

 

TRANSFER NOTICE

 

FOR VALUE RECEIVED the undersigned registered Holder
hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer Identification No.

 

Please print or typewrite name and address including zip code of assignee

 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer such Note on the books
of the Company with full power of substitution in the premises.

 

	Your Signature:	 
	 	 
	By:	 	 
	 	 
	Date:	 	 
	 	 
	Signature Guarantee:	 
	 	 
	By:	 	 
	 	(Participant in a Recognized Signature	 
	 	Guaranty Medallion Program)	 
	 	 
	Date:	 	 

 

    C-18

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