Document:

Exhibit 10.1

 

CONSULTING AGREEMENT

 

THIS
CONSULTING AGREEMENT (the “Agreement”) is made and entered into as of March 24, 2019 (“Effective
Date”) by and between Adial Pharmaceuticals, Inc., a Delaware corporation having its principal place of business at
1001 Research Park Blvd., Suite 100, Charlottesville, VA 22911 (collectively with its subsidiaries, the “Company”),
and Dr. Bankole A. Johnson, having an address as set forth in the Company’s records at its principal offices (“Consultant”).
Each of Company and Consultant are sometimes hereafter referred to as a “Party” or collectively as the “Parties.”

 

WHEREAS,
the Consultant has professional expertise related to the field(s) in which Company is researching and developing products and
technologies;

 

WHEREAS,
Company desires to retain the Consultant to perform and do certain work for the Company in furtherance of the development of the
business of the Company, on the terms and conditions of this Agreement; and

 

WHEREAS,
the Consultant is desirous of performing such work for the Company, on the terms and conditions contained herein.

 

NOW
THEREFORE, in full consideration of the mutual promises, covenants and obligations contained in this Agreement, the sufficiency
of which is hereby acknowledged, the Parties agree as follows:

 

	1.	Services; Compensation.

 

	(a)	Services.
                                         Consultant shall furnish in a professional and workmanlike manner, as an independent
                                         contractor, using Consultant’s own means and methods, without the advice, control
                                         or supervision of the Company, personal services as agreed to by the Parties and specified
                                         in Exhibit A (the “Services”). The nature of the Services to
                                         be performed by Consultant, as well as the timing, compensation and payment schedule
                                         with respect to such Services shall be set forth in Exhibit A. Consultant shall devote
                                         no less than 75% of his working time to the provision of the Services and shall be paid
                                         for actual Services completed in accordance with this Agreement. The payment thereof
                                         shall constitute full payment for Services to Company during the Term of this Agreement.
                                         Consultant will receive no other remuneration resulting from or based upon the Services,
                                         and Consultant shall not receive any additional benefits or compensation for the Services.

 

		(b)	Compensation.
                                         Company agrees to pay the Consultant the compensation specified in Exhibit A pursuant
                                         to the payment schedule set forth on Exhibit A. Company will reimburse Consultant for
                                         reasonable and customary travel and out-of-pocket expenses incurred by Consultant in
                                         connection with the Services provided under this Agreement, provided that Consultant
                                         received written pre-approval of such expenses and provides appropriate supporting documentation
                                         of actual costs incurred (including receipts) in accordance with the Company’s
                                         Expense and Reimbursement Guidelines provided in Exhibit B and completes and submits
                                         an expense report using the Company’s standard form as it exists at the time. Company
                                         or its authorized agents shall have the right to audit such financial documentation to
                                         verify amounts billed at any time upon request by Company.

 

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	2.	Term.

 

		(a)	The
                                         term of this Agreement shall commence on the Effective Date and shall continue in full
                                         force and effect for three (3) years thereafter (the “Term”) unless renewed
                                         by the mutual agreement of the Parties or unless sooner terminated as provided herein.

 

		(b)	This
                                         Agreement and/or any Services to be performed by Consultant under this Agreement may
                                         be terminated by Company (i) immediately upon Consultant’s death; (ii) after thirty
                                         (30) days prior written notice to Consultant, for any material breach by Consultant of
                                         any provision of this Agreement which Consultant may cure but, having received thirty
                                         (30) days prior written notice, has failed to cure; (iii) immediately upon notice to
                                         Consultant for any violation by Consultant of any provision of this Agreement that cannot
                                         be cured or for any other cause after thirty (30) days prior written notice , or (iv)
                                         at any time without cause upon thirty (30) days written notice to Consultant but not
                                         before 12 months from the Effective Date; provided that if terminated by the Company
                                         without cause then Consultant shall be entitled to receive his monthly payments for an
                                         additional six (6) months and his options shall continue to vest for an additional six
                                         (6) months from the effective date of the notice of termination, subject to the terms
                                         of the Company’s 2017 Incentive Plan and Option Agreement. Upon the effective termination
                                         date, Consultant shall immediately cease work and deliver to Company all work in progress
                                         and return all Company Confidential Information (as defined in Section 8 below) and any
                                         Company-owned materials and/or equipment. Company’s sole obligation shall be to
                                         pay Consultant undisputed monies owed Consultant up to the time of termination for Services
                                         actually performed and reasonable expenses actually incurred. Any unearned or unexpended
                                         portion of monies previously paid by Company to Consultant shall be refunded to Company.
                                         Cause for purposes of this provision shall mean a material breach of the responsibilities
                                         set forth in this Agreement, an intentional breach of Company policies, a conviction
                                         for a felony crime, the commission of an intentional and material act involving fraud
                                         or dishonesty, or a criminal act of moral turpitude. In the event that Consultant’s
                                         termination shall be without cause and shall occur within three (3) months before or
                                         after a Significant Investment Event, Consultant shall then be immediately entitled to
                                         a buy-out payment in an amount equal to $31,250 times the number of months remaining
                                         on the initial Term of the Agreement as of the effective date of the termination, minus
                                         the payment of the six (6) months of monthly payments provided for above (in addition
                                         to the immediate vesting at the time of termination of all remaining shares or options
                                         of the Company’s common stock that would have otherwise been scheduled to vest
                                         during the remainder of the initial term as set forth above). For purposes of this Section,
                                         a “Significant Investment Event” shall mean a sale or series of sales of
                                         equity securities of the Company within any three- (3) month period resulting in gross
                                         proceeds to the Company of at least $20 million or (i) any consolidation or merger of
                                         the Company with or into any other corporation or other entity, or (ii) series of such
                                         consolidations or mergers within any three- (3) month period, or (iii) any other corporate
                                         reorganization whereby either (x) forty (40) percent or more of the market value of the
                                         Company’s common shares as of the beginning of the three-month period or the date
                                         of the single transaction, whichever is applicable, or (y) forty (40) percent or more
                                         of the Company’s voting power is transferred and becomes controlled, directly,
                                         or indirectly, by a single entity or multiple related entities.

 

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		(c)	This
                                         Agreement may be terminated by Consultant (i) after thirty (30) days prior written notice
                                         to Company, for any material breach by Company of any provision of this Agreement which
                                         Company may cure but, having received thirty (30) days prior written notice, has failed
                                         to cure; (ii) immediately upon notice to Company of any uncurable material breach by
                                         Company; or (iii) at any time after the one year anniversary of the Effective Date without
                                         cause upon sixty (60) days written notice to Company; provided that, if so terminated
                                         without cause by Consultant, upon termination all payment obligations of the Company
                                         shall cease and all equity vesting shall cease, subject to the terms of the Company’s
                                         2017 Incentive Plan and Option Agreement. For purposes of this Agreement, “cause”
                                         shall mean failure of Company to comply with its obligations under this Agreement.

 

		(d)	The
                                         Parties’ obligations under Sections 2(b), 2(c), 2(d), 6, 8, 9, 10, 11, 13, 15,
                                         16, 18, 19, 20, 22 and 25 of this Agreement shall survive the expiration or termination
                                         of this Agreement.

 

		(e)	The
                                         election of a party to terminate this Agreement shall not be deemed an election of remedies,
                                         and all other remedies provided by this Agreement or available at law or in equity shall
                                         survive any termination. Neither expiration nor termination shall relieve either Party
                                         from any liability arising from any breach of this Agreement.

 

	3.	Conflicts of Interest.

 

		(a)	In
                                         General. Consultant warrants and represents that he is authorized to enter into this
                                         Agreement and that Consultant is not a party to any other agreement or under any obligation
                                         to any third party which would prevent Consultant from entering into this Agreement.
                                         Consultant warrants and represents that there is no conflict of interest in Consultant’s
                                         other contracts for services or other employment, if any, with the Services to be provided
                                         pursuant to this Agreement and that Consultant will ensure that no such conflict arises
                                         during the Term of this Agreement.

 

		(b)	Special
                                         Provision regarding Government Employee Status. In the event that Consultant is employed
                                         by a federal, state, local, or foreign government (or an agency thereof) or is an elected
                                         or appointed public official (collectively a “government employee”), Consultant
                                         shall check the box below the signature line of this Agreement to certify that execution
                                         of this Agreement, performance of the Services, and receipt of compensation and/or reimbursement
                                         hereunder: (i) do not conflict with any contractual obligation or terms of Consultant’s
                                         employment or official duties, and (ii) do not violate any law, policy or ethics rules
                                         relating to Consultant’s employment and Consultant’s performance of Services
                                         as an independent consultant to Company. Consultant further certifies that Consultant
                                         has and will take any actions required by the entity or agency by which s/he is employed
                                         or to which s/he has been elected/appointed related to the Services and compensation/reimbursement
                                         hereunder, which may include, by way of example, disclosure of outside financial relationships,
                                         approval of outside consulting arrangements, and recusal from participation in certain
                                         decision-making activities. Failure to comply fully with this Section shall constitute
                                         a material breach of this Agreement, and Company reserves the right to require Consultant
                                         to refund any compensation, expenses, or costs hereunder, in addition to any other legal
                                         rights Company may have.

 

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		4.	No
                                         Debarment or Exclusion; Consultant Responsibility.

 

		(a)	Consultant
                                         certifies, represents and warrants that Consultant has not been: (i) debarred under subsections
                                         (a) or (b) of Section 306 of the Federal Food, Drug and Cosmetic Act, as amended, 21
                                         U.S.C. §335a(a) and (b) (the “FD&C Act”), (ii) excluded, debarred,
                                         suspended or otherwise ineligible to participate in federal health care programs or in
                                         federal procurement or non-procurement programs (as that term is defined in 42 U.S.C.
                                         § 1320a-7b(f)) or convicted of a criminal offense related to the provision of health
                                         care items or services, but has not yet been debarred. Moreover, if Consultant is subsequently
                                         so debarred or excluded, Consultant agrees to immediately notify Company of such debarment
                                         or exclusion as provided in Section 19 herein, and this Agreement shall terminate with
                                         respect to Consultant as of the date of such debarment or exclusion.

 

		(b)	Consultant
                                         certifies, represents and warrants that Consultant will not use in any capacity the Services
                                         of any person debarred under the FD&C Act in connection with Consultant’s performance
                                         of this Agreement. Consultant shall select and shall have full and complete control of
                                         and responsibility for all actions of his agents and permitted subcontractors, if any
                                         (collectively, “Consultant’s Agents”) and none of Consultant’s
                                         Agents shall be, or shall be deemed to be, the agents, affiliates, officers, directors,
                                         employees or subcontractors of Company for any purpose whatsoever by virtue of this Agreement.
                                         Company shall have no duty, liability or responsibility of any kind, to or for the acts
                                         or omissions of Consultant or any of Consultant’s Agents. Consultant hereby acknowledges
                                         and agrees that Consultant shall cause each of Consultant’s Agents who participate
                                         in rendering the Services provided hereunder to comply with the terms of this Agreement.

 

		5.	Consulting
                                         Relationship. This Agreement establishes an independent contractor relationship
                                         between the Parties, and all of the terms and conditions of this Agreement shall be interpreted
                                         in light of that relationship. The relationship of Company and Consultant for purposes
                                         of this Agreement is completely independent and unrelated to any other relationship that
                                         exists or may exist in the future between the Parties. This Agreement does not create
                                         any employer-employee, agency, or partnership relationship. As an independent contractor,
                                         Consultant’s fees and expenses shall be limited to those expressly stated in this
                                         Agreement. Consultant shall not, in his capacity as a Consultant, participate in Company’s
                                         fringe benefit plans or any other compensation or benefit plans that Company maintains
                                         for its own employees. Consultant represents and warrants that Consultant shall not knowingly
                                         or directly trade any stock of the Company in violation of any applicable Securities
                                         Laws. 

 

		6.	Consultant
                                         Responsible for Taxes. In conformity with Consultant’s independent contractor
                                         status and without limiting any of the foregoing,  Consultant agrees to accept liability
                                         for the payment of all taxes or contributions for unemployment insurance or pensions
                                         or annuities or social security payments which are measured by the wages, salaries or
                                         other remuneration paid to Consultant or Consultant’s Agents, if any, and to reimburse
                                         and indemnify Company for any such taxes or contributions or penalties which Company
                                         may be compelled to pay.  Consultant also agrees to take all actions and comply
                                         with all applicable administrative regulations necessary for the payment by Consultant
                                         of such taxes and contributions.

 

		7.	Insurance.
                                         Through his position as an officer of the Company, Consultant shall be covered
                                         by the Company’s insurance policies in force to the extent they cover Company officers
                                         and their activities related to the business of the Company.

 

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		8.	Confidentiality.

 

		(a)	Consultant
                                         agrees to use Company Confidential Information (as defined herein) solely to perform
                                         Consultant’s obligations under this Agreement and agrees to retain in confidence
                                         and to refrain from disclosing and/or using Company Confidential Information for Consultant’s
                                         personal benefit or the benefit of any third party. The term “Company Confidential
                                         Information” shall include, without limitation: (i) any and all information, formulae,
                                         methods, techniques, processes, know-how and data, technical or non-technical, whether
                                         written, graphic, computer-generated or orally furnished to Consultant by Company or
                                         indirectly learned by Consultant as a result of Consultant’s Services under this
                                         Agreement or obtained by Consultant while visiting Company’s facilities; (ii) information
                                         which has been received by or disclosed to Consultant or Consultant’s Agents, either
                                         in oral or written or other tangible form including, without limitation, Company’s
                                         business plans and/or compound or product information, and any physical substances or
                                         equipment provided to Consultant by Company; (iii) Intellectual Property (defined herein);
                                         and (iv) copies and derivations of and improvements on any of the foregoing. Company
                                         Confidential Information is and shall be solely owned by Company. Consultant also agrees
                                         to safeguard and keep confidential the confidential and proprietary information of Company’s
                                         actual or potential investors, licensees, customers, vendors, suppliers, consultants
                                         and others with whom Company does or may do business, to the same extent as if it were
                                         Company Confidential Information.

 

		(b)	The
                                         foregoing restrictions shall not apply to Company Confidential Information that Consultant
                                         can properly demonstrate by written documentation: (i) is or became public knowledge
                                         through no fault of Consultant or Consultant’s Agents; or (ii) is lawfully made
                                         available to Consultant by an independent third party; or (iii) is already in Consultant’s
                                         possession at the time of initial receipt from Company; or (iv) is independently developed
                                         by Consultant or Consultant’s Agents.

 

		(c)	Consultant
                                         may disclose that portion of Company Confidential Information which is required by law,
                                         regulation, rule, act or order of any governmental authority or agency with competent
                                         jurisdiction to be disclosed by Consultant, provided, however, that Consultant
                                         shall give Company reasonable advance written notice so as to permit the Company to seek
                                         a protective order or other similar order or confidential treatment with respect to such
                                         Company Confidential Information and thereafter Consultant discloses only the minimum
                                         Company Confidential Information required to be disclosed in order to comply, whether
                                         or not confidential treatment, a protective order, or other similar order is obtained
                                         by Company.

 

		(d)	Except
                                         as permitted in subsection (c) above, Consultant agrees that Consultant will not, without
                                         the prior written permission of Company, use Company Confidential Information for any
                                         purpose other than in carrying out the obligations of this Agreement and performing the
                                         Services. Consultant shall not use any Company Confidential Information to apply for,
                                         secure or perfect any intellectual property rights. Consultant shall hold Company Confidential
                                         Information in a manner consistent with Consultant’s treatment of his own similar
                                         confidential information, but in no event shall Consultant maintain the confidentiality
                                         of such information with less than reasonable care and diligence. Consultant shall provide
                                         the Company Confidential Information received hereunder only to Consultant’s Agents
                                         who are directly concerned with the Services provided by Consultant under this Agreement
                                         and who are subject to and bound by written obligations of confidentiality, non-disclosure
                                         and non-use that are no less restrictive than those provided for herein. Further, Consultant
                                         agrees to (i) advise Consultant’s Agents of the proprietary nature of the Company
                                         Confidential Information and the terms and conditions of this Agreement; and (ii) use
                                         all reasonable safeguards to prevent the unauthorized use or disclosure of Company Confidential
                                         Information by such Agents. Consultant shall be responsible for any breach of this Agreement
                                         by Consultant’s Agents. Consultant also agrees not to submit for publication any
                                         paper containing Company Confidential Information without the prior written permission
                                         of Company.

 

		(e)	Notwithstanding
                                         the foregoing, pursuant to 18 U.S.C. §1833(b), Consultant shall not be held criminally
                                         or civilly liable under any Federal or State trade secret law for the disclosure of a
                                         trade secret that: (1) is made in confidence to a Federal, State, or local government
                                         official, either directly or indirectly, or to an attorney, and solely for the purpose
                                         of reporting or investigating a suspected violation of law; or (2) is made in a complaint
                                         or other document filed in a lawsuit or other proceeding, if such filing is made under
                                         seal. In addition, notwithstanding the foregoing, Consultant shall not be prohibited
                                         from disclosing Proprietary Information to a government agency as a whistleblower.

 

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		9.	Property/Ownership.

 

		(a)	All
                                         materials, documents, reports, information, descriptions, and suggestions of every kind
                                         supplied to Consultant by Company in connection with and/or pursuant to this Agreement
                                         or the relationship established between Consultant and Company (including, without limitation,
                                         any such materials, documents, reports, information, descriptions and suggestions supplied
                                         to Consultant by Company prior to the execution of this Agreement) shall be the sole
                                         and exclusive property of Company and shall be deemed and treated as Company Confidential
                                         Information. Company shall have the right to use as it sees fit any information, materials,
                                         reports, documents, ideas, descriptions, advice, recommendations, and suggestions provided
                                         by Consultant pursuant to this Agreement without payment of any consideration in addition
                                         to that specified in this Agreement. Upon termination of this Agreement, Consultant shall
                                         return such items, including all copies thereof, to Company or dispose of such items
                                         as directed by Company.

 

		(b)	All
                                         information of whatever type developed or provided pursuant to this Agreement, including
                                         those items described in Section 9(a), shall upon its creation be the exclusive property
                                         of Company and shall be deemed and treated as Company Confidential Information. All machines,
                                         instruments, and products purchased, manufactured or assembled by Consultant or any of
                                         Consultant’s Agents, in connection with and/or pursuant to this Agreement and paid
                                         for by Company shall be the exclusive property of Company. Upon termination of this Agreement,
                                         Consultant shall return such items, including all copies thereof, to Company or dispose
                                         of such items as directed by Company.

 

		(c)	If
                                         Company provides any materials (including without limitation, compounds, formulations,
                                         devices, samples or the like) to Consultant, unless expressly provided for in the description
                                         of Services in Exhibit A, Consultant shall not use, copy, distribute, reverse engineer,
                                         sell, lease, license, or otherwise transfer, modify, adapt or create derivatives of such
                                         materials.

 

		(d)	Consultant
                                         shall keep and maintain adequate and current records and agrees to keep separate and
                                         segregated from other work (including work for a third party) all documents, records,
                                         notebooks, correspondence, and all products made thereby that arise out of Consultant’s
                                         work under this Agreement. All rights, title and interest therein shall be in the Company
                                         and upon expiration or termination of this Agreement, all such documents and materials,
                                         including copies thereof, then in Consultant’s or Consultants Agents’ possession
                                         or subject to Consultant’s or Consultant’s Agents’ control, whether
                                         prepared by Consultant or others, will be turned over to Company. Such records shall
                                         be available to the Company at all times.

 

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	10.	Assignment of Intellectual Property.

 

		(a)	During
                                         the Term hereof, and without additional compensation to Consultant, Consultant hereby
                                         sells and assigns to Company and agrees to assign to the Company and Company shall be
                                         the exclusive owner of the entire right, title and interest, including all renewals for
                                         the entire world, in and to all work performed, deliverables, materials, writings, ideas,
                                         concepts, discoveries, developments, know-how, trade secrets, techniques, methodologies,
                                         modifications, innovations, improvements, data, documents, formulas, designs, models,
                                         drawings, photographs, reports, information, advice, recommendations and suggestions,
                                         tangible research materials, design inventions and other inventions made, whether patentable
                                         or not, conceived, delivered, discovered, invented, developed, created, made or reduced
                                         to practice or authored by Consultant or any of Consultant’s Agents, either solely
                                         or jointly with others, pursuant to this Agreement or with information, materials, or
                                         facilities of Company received or used by Consultant during the Term of the Agreement
                                         and all related intellectual property rights, including enforcement rights, including,
                                         without limiting any of the foregoing, inventions, know-how, or trade secrets related
                                         to the treatment of patients with pharmaceutical products, (all hereinafter at times
                                         referred to as “Intellectual Property”), and Consultant shall cause Consultant’s
                                         Agents to do the same, including if based upon information provided to Consultant by
                                         or at the direction of Company or its corporate affiliates or otherwise developed by
                                         Consultant in carrying out Consultant’s duties under this Agreement. Consultant
                                         shall promptly disclose (and shall cause Consultant’s Agents to promptly disclose)
                                         all Intellectual Property in writing to Company.

 

		(b)	The
                                         Parties expressly agree that all works created pursuant to this Agreement are “Works
                                         Made for Hire”, as defined in the U.S. Copyright Act, 17 U.S.C. § 101, and
                                         shall vest in Company as author. All other work product generated by Consultant or Consultant’s
                                         Agents pursuant to this Agreement, whether copyrightable or not, including without limitation,
                                         any works which may be deemed by a competent authority not to be Works Made For Hire,
                                         are, without additional consideration, hereby assigned to Company by Consultant, including
                                         without limitation, all right, title and interest in and to the copyright thereof throughout
                                         the world, including all renewals and extensions thereof and including the right to make
                                         and distribute copies in any media, to translate, and/or make derivative works therefrom.
                                         Consultant agrees to execute and to secure the execution from any applicable authors
                                         retained by Consultant all registrations, assignments, transfer documents, and other
                                         instruments necessary or desirable in the reasonable opinion of Company to record any
                                         assignment or registration of copyright or other transfer of ownership in any work transferred
                                         to Company pursuant to this Agreement.

 

		(c)	Consultant
                                         shall sign, execute and acknowledge or cause to be signed, executed and acknowledged
                                         any and all further assignments, documents, assurances, applications and other instruments
                                         and to perform such acts as may be necessary, useful or convenient for the purpose of
                                         securing to Company and/or its nominees patent, trademark or copyright protection throughout
                                         the world with respect to all Intellectual Property and other work product to be assigned
                                         to Company pursuant to Sections 10(a) and (b). Consultant shall do so both during and
                                         after the term of this Agreement, for no additional consideration beyond the payments
                                         from Company to Consultant for the Services provided during the Term of this Agreement.
                                         Further, if Company is unable, after making reasonable inquiry, to obtain Consultant’s
                                         signature on any such documents, Consultant hereby appoints Company as Consultant’s
                                         attorney-in-fact to execute and deliver such documents.

 

		(d)	Consultant
                                         shall specifically describe and identify in Exhibit C to this Agreement, and shall update
                                         from time to time in writing during the Term hereof as necessary, any and all information,
                                         materials and technology (i) which Consultant intends to use in performing Services under
                                         this Agreement, (ii) which is either owned by Consultant or licensed to Consultant with
                                         a right to sublicense, and (iii) which is in existence in the form of a writing or working
                                         prototype prior to the Effective Date of this Agreement (“Background Technology”).
                                         Without additional consideration, Consultant hereby grants to the Company, and the Company
                                         hereby accepts, a fully paid-up, royalty-free, worldwide, non-exclusive, sublicenseable,
                                         perpetual, irrevocable, license under Background Technology to the extent necessary for
                                         the Company to use, reproduce, modify, distribute and otherwise exploit any Intellectual
                                         Property in order to develop, make, have made, use, sell, offer for sale and import Company
                                         products and programs. Other than that which is set forth in Exhibit C, Consultant shall
                                         not use any information, materials or technology in the performance of the Services that
                                         is owned or controlled by Consultant or any third party. If Consultant will not be using
                                         any Background Technology in the performance of the Services, Consultant shall initial
                                         Exhibit C in acknowledgement of such.

 

		(e)	No
                                         rights or licenses, including without limitation to trademarks, inventions, copyrights,
                                         patents or other intellectual properties, are implied or granted to Consultant, whether
                                         by implication, estoppel, or otherwise, under this Agreement.

 

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11.    Publications. Consultant may not publish in any way without the prior written consent of Company, which consent
may be withheld by Company in its sole discretion, any material or manuscript relating to Consultant’s work hereunder and/or
any information or materials that Consultant received in connection with or pursuant to this Agreement or Consultant’s relationship
established with Company.

 

12.    Confidential Information of Third Parties. The performance by the Consultant of the Services does not and will not
breach any agreement which obligates Consultant to keep in confidence any confidential or proprietary information of any third
party or to refrain from competing, directly or indirectly, with the business of any third party. Consultant shall not use in
the performance of the Services or disclose to Company any such confidential or proprietary information. In addition, Consultant
represents and warrants that Consultant’s performance of the Services hereunder does not and will not infringe upon or misappropriate
any intellectual property rights.

 

13.    Non-Solicitation. Consultant agrees that during the Term of this Agreement and for a period of one (1) year thereafter,
Consultant shall not directly or indirectly solicit for employment or otherwise retain, employees of Company whom Consultant has
met as a result of Consultant’s performance of Services for Company.

 

14.    Non-Competition. During the period commencing on the Effective Date and ending twelve (12) months after the Termination
Date (the “Restrictive Period”), and provided that the Agreement has not been terminated by Consultant due to failure
to pay the Monthly Compensation (defined in Exhibit A) due hereunder, the Consultant shall not, in any state of the United States
or the European Union where the Company conducts business as of the Termination Date, engage in, or own, manage, operate or control,
or participate in the ownership, management, operation or control of any business or entity that develops, sells or provides products
or services competitive with the products or services developed or sold by the Company at the time of cessation of the employment
of Consultant. Notwithstanding the foregoing, nothing in this Section 14 shall prevent the Consultant from owning, as a passive
investor, up to five percent (5%) of the securities of any entity that are publicly traded on a national securities exchange.
For the avoidance of doubt, nothing in this Section 14 prevents the Consultant from working in the pharmaceutical industry as
long as such positions and activities are not directly competitive with the business of the Company. As used in this Section 14,
“competitive” shall mean the development, sale or marketing of one or more pharmaceutical products that are directly
competitive to any product of the Company at the Termination Date. Consultant agrees that this covenant is reasonable with respect
to its duration, geographical area, and scope.

 

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15.    No Assignment, Delegation, or Subcontracting. Consultant may not, in whole or in part, assign, delegate, or subcontract
his interests and/or obligations under this Agreement, to any person, firm, partnership, corporation or other entity (including
by operation of law, judicial process, or otherwise) without the prior written consent of Company, which consent may be withheld
in Company’s sole discretion, and any attempt to the contrary shall be void. Company may fully assign and transfer this
Agreement in whole or in part.

 

16.    Indemnification.  Consultant hereby agrees to indemnify, defend, and hold harmless Company, its affiliates, officers,
directors, agents and employees, successors and assigns, from, against, and with respect to any and all third-party claims of
any kind based on any negligence, willful misconduct, or violation of law or regulation on the part of Consultant or any of Consultant’s
Agents in connection with Consultant’s performance of the Services or meeting his/her/its obligations hereunder. The Company
agrees to indemnify, defend, and hold harmless Consultant per the Company’s articles and by-laws.

 

17.    Resignation.  In conjunction with and effective upon the entry into this Agreement, Consultant has agreed to resign
from the Company’s Board of Directors. For the Term of this Agreement, Consultant shall have board visitation rights for
meetings of the Company’s Board of Directors and shall be provided the same notice of all Board meetings as provided to
the voting members of the Board of Directors, and shall be entitled to attend and participate in such meetings in a non-voting
role, including any matters that involve the sale, acquisition, or material change in the Company structure or organization; provided,
however, that Consultant may be excused from the meeting if requested by a member of the Board of Directors due to a conflict
of interest or otherwise.

 

18.    Governing Law and Jurisdiction. The terms and provisions of this Agreement shall be construed and interpreted pursuant
to the laws of the Commonwealth of Virginia, without regard to the conflict of law rules or principles thereof or of any other
jurisdiction. The United States District Court for the Western District of Virginia or, in the event such court lacks subject
matter jurisdiction, the Circuit Court for Albemarle County, Virginia, shall be the agreed-upon forum for the resolution of all
disputes arising hereunder, and the Parties hereto, their officers, and employees hereby consent to (i) the jurisdiction and venue
of the aforesaid courts for the purpose of resolving all such disputes and (ii) service of process by registered mail, return
receipt requested, or any other manner consistent with federal or Virginia laws. Consultant hereby acknowledges and agrees that
in the event of any breach of this Agreement by Consultant, including, without limitation, actual or threatened disclosures in
violation of Sections 8, 9, 10, 11, 12 or 23 without the prior express written consent of Company, Company will suffer an irreparable
injury, such that no remedy at law will afford it adequate protection against, or appropriate compensation for, such injury. Accordingly,
Consultant hereby agrees that Company shall be entitled to specific performance of Consultant's obligations under this Agreement,
as well as such further relief as may be granted by a court of competent jurisdiction, without Company having to prove actual
damages or post a bond.

 

19.    Severability. In the event any portion of this Agreement shall be held illegal, void or ineffective, the remaining
portions hereof shall remain in full force and effect. If any of the terms or provisions of this Agreement are in conflict with
any applicable statute or rule of law, then such term(s) or provision(s) shall be deemed inoperative to the extent that they may
conflict therewith and shall be deemed to be modified to conform with such statute or rule of law.

 

20.    Non-Waiver of Rights. No failure or delay on the part of either Party hereunder in either exercising or enforcing any
right hereunder will operate as a waiver of, or impair, any such right. No single or partial exercise or enforcement of any such
right will preclude any other or further exercise or enforcement thereof or the exercise or enforcement of any other right. No
waiver of any such right will have effect unless given in a signed writing. No waiver of any such right will be deemed a waiver
of any other right hereunder.

 

    9

     

    

 

21.    Notice. Any report or notice required or permitted to be given hereunder shall be effective when sent. All notices
shall be in writing and given personally or by prepaid certified mail, return receipt requested, or sent by expedited delivery
service addressed to the Parties hereunder at their respective addresses as follows:

 

If
to Company:

 

Adial
Pharmaceuticals, Inc.

Attention:
CEO

1001
Research Park Blvd., Suite 100

Charlottesville,
VA 22911

Telephone:
(434) 422-9800

Email:
wstilley@adialpharma.com

 

Invoices
should be sent to: jtruluck@adialpharma.com

 

If
to Consultant:

 

Dr.
Bankole A. Johnson

#####

 

with
a copy to:

 

Eric
N. Heyer, Esq.

Thomson
Hine LLP

1919
M Street, N.W., Suite 700

Washington,
DC 20036

Email:
eric.heyer@thompsonhine.com

 

22.    Compliance with Law. Consultant represents and warrants that Consultant and Consultants’ Agents shall comply
with any and all applicable laws and regulations including, but not limited to, health, safety, and security rules and regulations.
Notwithstanding the foregoing, Consultant agrees that applicable laws and regulations shall include, but not be limited to, the
United States Federal Health Care Program Anti-Kickback statute and its state counterparts, each as amended; other United States
Federal and state anti-fraud laws; United States Federal and state patient privacy and information laws; and United States Federal
Anti-Corruption laws such as the Foreign Corrupt Practices Act of 1977, as amended. Failure to comply with this Section shall
be deemed a material breach of a material provision of this Agreement and the Company will have the right to terminate this Agreement
immediately upon written notice to Consultant without any liability to Consultant.

 

    10

     

    

 

23.    Additional Consultant Responsibilities. Consultant understands the regulated nature of the pharmaceutical industry
and the need for Company to retain control of the creation, approval, and dissemination (including but not limited to any posting
or placement of any social media of any type) of all material created as a result of this Agreement. Consultant represents and
warrants that Consultant will not release any material without the express written approval of Company. All material created as
a result of this Agreement shall be reviewed and approved through an applicable Company review process or procedure.

 

24.    Entire Agreement. This Agreement represents the entire understanding between the Parties with respect to the subject
matter contained herein and supersedes all prior and contemporaneous understandings and agreements, whether oral or written, between
the Parties with respect to the Services to be performed hereunder. This Agreement may be modified only with a written instrument
duly executed by each of the Parties. No person has any authority to make any representation or promise on behalf of any of the
Parties not set forth herein and this Agreement has not been executed in reliance upon any representations or promises except
those contained herein.

 

25.    Headings. The headings contained in this Agreement are for convenience of reference only and shall not affect or alter
the meaning or effect of any provision hereof.

 

26.    Successors. This Agreement and all the rights, obligations, duties, representations, warranties and covenants of each
Party shall inure to the benefit, and be the burden of, and shall be binding upon their respective successors (including by operation
of law) and permitted assigns.

 

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

 

    11

     

    

  

INTENDING TO BE LEGALLY BOUND, the
Parties hereto have caused this Agreement to be executed by their duly authorized representatives.

 

	By:	/s/ Bankole A. Johnson	 	By:	/s/ William B. Stilley
	Name:	Bankole A. Johnson	 	Name:	William B. Stilley
	 	 	 	Title:	Chief Executive Officer

 

☐ Check this box
if you are a government employee (see Section 3)

 

By checking the box, I certify as follows:

 

I certify that: (i) execution of this
Agreement and performance of the Services do not conflict with any contractual obligation, the terms of my employment, or my official
duties, and does not violate any state or federal policy relating my employment and my performance of the Services as an independent
consultant, and (ii) I have and will take any actions required by the agency by which I am employed or to which I have been elected/appointed
related to the Services and compensation/reimbursement hereunder, which may include, by way of example, disclosure of outside
financial relationships, approval of outside consulting arrangements, and recusal from participation in certain decision-making
activities.

 

    12

     

    

 

EXHIBIT A

 

CONSULTING SERVICES

 

Consultant shall perform for Company the
Services described below.

 

SERVICES AND WORK PLAN

 

Consultant shall serve as the Chief Medical
Officer (contracted) of the Company and will perform all duties customary to a person holding such title for pharmaceutical companies,
which duties include, without limitation,

 

	●	If requested, serving as the principal
investigator for Company clinical trials.
	●	If requested, serving as a safety reviewer,
	●	If requested, preparation of reports and
publications related to the Company’s business, and
	●	Other activities and responsibilities
reasonably requested by the Chief Executive Officer of the Company.

 

In this role, Consultant shall serve as an Officer of the Company.

 

Additionally, and without limiting the
above, Consultant will file applications for grant funding for which the Company is eligible on behalf of the Company. In the event
grant funding is secured, Consultant will and hereby does, grant the Company rights to, within the bounds of applicable laws and
regulations, direct the proper use of the grant funding, and Consultant agrees that he will take no actions to redirect grant funding,
or to otherwise contravene the value of the grant to the Company, without the prior written consent of the Company, which consent
will be at the Company’s sole discretion. Consultant may apply for grants for other entities for which the Company is not
eligible or that are not for the development or a pharmaceutical product or products that are directly competitive to any product
of the Company at the time of the grant filing without the prior written permission of the Company, which permission will be at
the Company’s sole discretion.

 

COMPENSATION

 

Compensation for Services provided pursuant
to this Agreement shall be $31,250 per month (the “Monthly Compensation”) for each month that Services are provided
payable in two equal installments on the first and fifteenth days of the month following the month in which Services are performed.

 

Consultant shall be paid a $250,000 signing
bonus within 5 days of the Effective Date.

 

Consultant shall be granted a non-incentive
option to 250,000 shares of the Company’s common stock, such option to (i) have an effective date of grant that is the date
of execution of the Consulting Agreement, (ii) expire ten years after the effective date of the grant (subject to earlier expiration
in connection with termination of optionee’s service with the Company), (iii) vest pro rata on a monthly basis over three
years commencing on the on the one month anniversary of the effective grant date hereof, (iv) have an exercise price equal to the
fair market value of the Company’s common stock on the effective date of grant date, as determined in the Company’s
2017 Equity Incentive Plan (the “Plan”) and (v) be evidenced by one of the forms of Stock Option Agreement and be subject
to the terms of the Plan.

 

Consultant shall continue to be entitled
to receive payment under the Company’s Grant Incentive Plan as amended on December 4, 2018.

 

Consultant shall receive no other payment
or expense reimbursement for Consultant’s provision of Services as described herein.   

 

    13

     

    

EXHIBIT B

 

Company’s Expense
and Reimbursement Guidelines

 

	1.	Travel arrangements must be authorized in writing in advance by the Company or booked directly
by the Company. All travel arrangements should be made in sufficient time to take advantage of time-related discounts whenever
possible. Travel expenses will only be reimbursed at reasonable prevailing commercial rates.
	 	 
	2.	Reimbursement for airline travel is limited to coach class (or equivalent) for travel within the
US of two (2) hours’ scheduled duration or less for the longest leg of the trip and business class (or equivalent) for international
travel and travel within the US of more than two (2) hours’ scheduled duration for the longest leg of the trip.
	 	 
	3.	Transportation to/from airport should be accomplished in a reasonably cost effective manner (e.g.,
taxi). Automobile rentals should be in the compact or mid-size car class.
	 	 
	4.	Hotel reservations should be made at “business class” hotels within a reasonable distance
from the location at which business will be conducted. "Business class" hotels in most cities should not exceed $300.00
per day without the prior written approval of the Company.
	 	 
	5.	Reasonable meal expenditures will be reimbursed and approved up to $100.00 per day. This per diem
should be prorated accordingly for individuals working less than one full day. The per diem allowance may not be accumulated from
day to day. Vendors/Consultants are expected to exercise good judgment in choosing restaurants in order to keep meal expenditures
within reasonable limits. TV shows, movies, mini-bar, and other sources of personal entertainment will not be reimbursed.
	 	 
	6.	Two personal long distance telephone calls per day of a reasonable duration will be reimbursed.
All reasonable business related telephone calls related to the Company also will be reimbursed.
	 	 
	7.	Incidental expenses of a personal nature will not be reimbursed except when mandated
due to status (e.g., significant travel delays). Reasonable laundry expenses will be reimbursed when on business travel for the
Company for at least five consecutive days.
	 	 
	Note:	This list details significant items and is not all inclusive. This list may be updated from
time to time in writing by the Company, including providing Consultant with a copy of the Company’s Travel & Expense
policy when available. All expenses must be accompanied with appropriate receipts. Expenses will be reviewed for reasonableness
and compliance with these Guidelines. 

 

    14

     

    

 

EXHIBIT C

 

BACKGROUND TECHNOLOGY

 

If no
Background Technology will be used in performing the Services initial here:___________

 

If Background
Technology will be used in performing the Services, list below:

 

 

 

 

 

 

 

 15Exhibit

Exhibit 4.1

INGERSOLL-RAND LUXEMBOURG FINANCE S.A., as COMPANY,
INGERSOLL-RAND PLC,
INGERSOLL-RAND GLOBAL HOLDING COMPANY LIMITED,
INGERSOLL-RAND LUX INTERNATIONAL HOLDING COMPANY S.À R.L.,
INGERSOLL-RAND IRISH HOLDINGS UNLIMITED COMPANY, and
INGERSOLL-RAND COMPANY,
as GUARANTORS
AND
WELLS FARGO BANK, NATIONAL ASSOCIATION, as TRUSTEE

_______________________

FOURTH SUPPLEMENTAL INDENTURE

Dated as of March 21, 2019

________________________

THIS FOURTH SUPPLEMENTAL INDENTURE, dated as of March 21, 2019, is among INGERSOLL-RAND LUXEMBOURG FINANCE S.A., a Luxembourg public limited liability company (société anonyme) with registered office at 1 avenue du Bois, L-1251 Luxembourg and registered with the Luxembourg Register of Commerce and Companies (RCS) under number B 189791 (the “Company”), INGERSOLL-RAND PLC, a public limited company duly organized and existing under the laws of Ireland (“IR Parent”), INGERSOLL-RAND GLOBAL HOLDING COMPANY LIMITED, a corporation incorporated in Delaware (“IR Global”), INGERSOLL-RAND LUX INTERNATIONAL HOLDING COMPANY S.À R.L., a Luxembourg private limited liability company (société à responsabilité limitée) with registered office at 1 avenue du Bois, L-1251 Luxembourg and registered with the RCS under number B 182971 (“Lux International”), INGERSOLL-RAND IRISH HOLDINGS UNLIMITED COMPANY, an Irish private unlimited company (“Irish Holdings”), and INGERSOLL-RAND COMPANY, a corporation  incorporated in New Jersey (“IR Company” and, together with IR Parent, IR Global, Lux International, Irish Holdings and IR Company, the “Guarantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, acting as Trustee under the Indenture referred to below (the “Trustee”).
WITNESSETH:
WHEREAS, the Company has duly authorized the execution and delivery of an Indenture dated as of February 21, 2018, among the Company, the Guarantors and the Trustee (the “Indenture”), to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series (collectively, the “Securities” and each, a “Security”);
WHEREAS, each Guarantor has duly authorized the execution and delivery of the Indenture to provide for Guarantees of the Securities provided for therein, as endorsed on each Security and authenticated and delivered pursuant to the Indenture (collectively, the “Guarantees” and each, a “Guarantee”);
WHEREAS, Section 901 of the Indenture provides, among other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Indenture for, among other things, the purpose of establishing the form and terms of the Securities of any series, as permitted under Sections 201 and 301 of the Indenture, and the form and terms of the Guarantees, as permitted under Sections 201 and 206 of the Indenture;
WHEREAS, the Company has determined to issue a series of Securities entitled the “3.500% Senior Notes due 2026,” (the “Senior Notes”), with such series guaranteed by the Guarantors pursuant to the Indenture;
WHEREAS, the Company and the Guarantors have each duly authorized the execution and delivery of this Fourth Supplemental Indenture in order to provide for certain supplements to the Indenture which shall only be applicable to the Senior Notes and the related Guarantees;

WHEREAS, all acts and things necessary to make this Fourth Supplemental Indenture a valid and binding agreement of each of the Company and the Guarantors according to its terms have been done and performed;
WHEREAS, all acts and things necessary to make the Senior Notes, when executed by the Company and authenticated and delivered by the Trustee as provided in the Indenture and this Fourth Supplemental Indenture, the valid and binding obligations of the Company have been done and performed; and
WHEREAS, all acts and things necessary to make the related Guarantees, when executed by the Guarantors and authenticated and delivered by the Trustee as provided in the Indenture and this Fourth Supplemental Indenture, the valid and binding obligations of the Guarantors have been done and performed;
NOW, THEREFORE, in consideration of the premises, of the purchase and acceptance of the Senior Notes by the Holders thereof, and of the sum of one dollar duly paid to it by the Trustee at the execution and delivery of these presents, the receipt whereof is hereby acknowledged, each of the Company and the Guarantors covenants and agrees with the Trustee to supplement the Indenture, only for purposes of the Senior Notes and the related Guarantees, as follows:
ARTICLE 1
DEFINITIONS
Section 101.    Definitions.   For all purposes of this Fourth Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) references to any Article, Section or subdivision thereof are references to an Article, Section or other subdivision of this Fourth Supplemental Indenture and (ii) capitalized terms not otherwise defined herein shall have the meanings set forth in the Indenture.

ARTICLE 2 
TERMS AND CONDITIONS OF THE SENIOR NOTES AND THE RELATED GUARANTEES 
Section 201.    Designation, Principal Amount and Terms.  There is hereby authorized and established, pursuant to Section 301 of the Indenture, a series of Securities designated as the “3.500% Senior Notes due 2026,” with such series guaranteed by the Guarantors pursuant to the Indenture. 
(a)    The 3.500% Senior Notes due 2026 and the related Guarantees shall be executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to, the terms, conditions and covenants of the Indenture and this Fourth Supplemental Indenture (including the form of Security set forth in Exhibit A-1 hereto and the form of Guarantee set forth in Exhibit A-2 hereto).  Subject to Section 203 hereof, the aggregate principal amount of the 3.500% Senior Notes due 2026 which may initially be authenticated and 

2    

delivered under this Fourth Supplemental Indenture shall not, except as permitted by the provisions of the Indenture, exceed $400,000,000.
Section 202.    Optional Redemption.  The Company may, at its option, elect to redeem any or all of the outstanding Senior Notes, in whole or in part, at any time and from time to time prior to January 21, 2026, upon not less than 30 nor more than 60 days’ prior written notice delivered electronically or mailed by first-class mail to the registered address of each Holder of the Senior Notes or otherwise in accordance with the procedures of the U.S. Depositary, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Senior Notes to be redeemed, or (2) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the Senior Notes to be redeemed that would be due if such series of notes matured on the Par Call Date (as defined below) (except that if the Redemption Date is not an interest payment date, the amount of the next succeeding scheduled interest payment will be reduced (solely for the purpose of this calculation) by the amount of interest accrued thereon to the Redemption Date, discounted to the Redemption Date on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months at a discount rate equal to the Adjusted Treasury Rate (as defined below) plus 15 basis points, plus, in the case of each of clauses (1) and (2), accrued and unpaid interest on the principal amount of the Senior Notes being redeemed to, but not including, the Redemption Date.  
The Company may, at its option, elect to redeem any or all of the outstanding Senior Notes, in whole or in part, at any time and from time to time on or after January 21, 2026, upon not less than 30 nor more than 60 days’ prior written notice delivered electronically or mailed by first-class mail to the registered address of each Holder of the Senior Notes or otherwise in accordance with the procedures of the U.S. Depositary, at a Redemption Price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Senior Notes being redeemed to, but not including, the Redemption Date. 
Unless the Company defaults in payment of the Redemption Price, interest shall cease to accrue on the Senior Notes or portions of the Senior Notes called for redemption on and after the Redemption Date.
“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date.
“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Senior Notes to be redeemed that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities 

3    

of comparable maturity to the remaining term of such Senior Notes (assuming, for the purposes of this definition, that the Senior Notes matured on the Par Call Date of the Senior Notes).
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of the Reference Treasury Dealer Quotations so received.
“Par Call Date” means January 21, 2026. 
“Quotation Agent” means Goldman Sachs & Co. LLC.
“Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealers selected by the Quotation Agent. 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 
Section 203.    Additional Issuances.  The Company may, at any time, without the consent of the Holders of the Senior Notes, issue additional Senior Notes of the same series having the same ranking and the same interest rate, maturity and other terms as any of the existing Senior Notes. Any additional Senior Notes having such similar terms, together with the existing Senior Notes, may constitute a single series of Senior Notes under the Indenture and this Fourth Supplemental Indenture; provided, however, if the additional Senior Notes are not fungible with the existing Senior Notes of such series for U.S. federal income tax purposes, such additional Senior Notes shall have a different CUSIP number. No additional Senior Notes may be issued if an Event of Default under the Indenture has occurred and is continuing with respect to the Senior Notes.
Section 204.    Special Mandatory Redemption. The Company shall redeem the Senior Notes at a Redemption Price equal to 101% of the aggregate principal amount of the Senior Notes, plus accrued and unpaid interest from the date of initial issuance or the most recent interest payment date, but not including, the Special Mandatory Redemption Date (as defined below) subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date) (the “Special Mandatory Redemption Price”) if the acquisition (the “Acquisition”) of Precision Flow Systems by IR Parent is not completed, or IR Parent’s offer is terminated, on or before January 31, 2020.  

4    

If the Company is required to redeem the Senior Notes pursuant to this special mandatory redemption, the Company shall cause the notice of redemption to be delivered electronically or mailed by first-class mail to the registered address of each Holder of the Senior Notes or otherwise in accordance with the procedures of the U.S. Depositary, with a copy to the trustee, by the earlier of (1) January 29, 2020, if the Acquisition has not been completed by that date, or (2) five business days after the occurrence of the event that requires the Company to redeem such Senior Notes.
Unless the Company defaults in payment of the Redemption Price, interest shall cease to accrue on the Senior Notes on and after the Special Mandatory Redemption Date.
“Special Mandatory Redemption Date” means the earlier to occur of (i) January 31, 2020, if IR Parent has not completed the proposed Acquisition on or prior to January 31, 2020, or (ii) the 30th day (or if such day is not a business day, the first business day thereafter) following the termination of IR Parent’s offer for any reason.
Section 205.    Special Tax Redemption.  Any Payor (as defined below) may elect to redeem the outstanding Senior Notes, in whole but not in part, at any time, upon not less than 30 nor more than 60 days’ prior written notice delivered electronically or mailed by first-class mail to the registered address of each Holder of the Senior Notes or otherwise in accordance with the procedures of the U.S. Depositary, at a Redemption Price equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the date fixed for redemption (a “Tax Redemption Date”), and Additional Amounts (as defined below), if any, then due or becoming due on the Tax Redemption Date in the event (i) such Payor is, has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Senior Notes, any Additional Amounts or indemnification payments (other than in respect of documentary taxes) as a result of (A) a change or amendment in the laws or treaties (including any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction; or (B) any change or amendment in the application, administration or interpretation of such laws, treaties, regulations or rulings (including pursuant to a holding, judgment or order by a court of competent jurisdiction); which change or amendment, in either case, is announced or becomes effective after the date hereof (or, if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a later date, after such later date) (each of the foregoing in clauses (A) and (B), a “Change in Tax Law”); and (ii) such Payor has determined in its business judgment that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to such Payor.  Notwithstanding the foregoing, no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which such Payor would, but for such redemption, be obligated to make such payment or withholding or later than 90 days after such Payor is first obligated to make such payment or withholding.  Prior to the delivery or mailing of any notice of redemption of the Senior Notes pursuant to the foregoing, such Payor shall deliver to the Trustee (1) a certificate signed by a duly authorized officer stating that such Payor is entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent to the right of such Payor to so redeem have occurred and (2) an opinion of an independent tax counsel of recognized international standing to the effect that the circumstances referred to in clause (i) in 

5    

the first sentence of this Section 205 exist, and the Trustee shall accept such certificate and such opinion as sufficient evidence of the satisfaction of the conditions precedent above, which acceptance shall then be conclusive and binding on the Holders of Senior Notes.
Section 206.    Tax Considerations for Holders.  Any Payor may request at any time from Holders of Senior Notes who are “United States persons” within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended (the “Code”), to provide a properly completed and duly executed U.S. Internal Revenue Service Form W-9 (or valid substitute form) and from Holders of Senior Notes who are not “United States persons” within the meaning of Section 7701(a)(30) of the Code to provide a properly completed and duly executed U.S. Internal Revenue Service Form W-8BEN, W-8ECI or W-8IMY (or valid substitute form).  Any such request must be complied with by such Holder or Holders within 30 days’ of the receipt thereof, such request to be made in writing and mailed by first-class mail to the registered address of such Holder or Holders.  If a form previously delivered pursuant to this Section 206 expires or becomes obsolete, or if there is a change in circumstances requiring a change in the form previously delivered, the Holder that previously delivered such form shall deliver a new, properly completed and duly executed form on or before the date that the previously delivered form expires or becomes obsolete or promptly after the change in circumstances occurs.
Section 207.    Additional Amounts. 
All payments made by the Company or any Guarantor (except IR Global and IR Company) or a successor of the Company or such Guarantor (except IR Global and IR Company) (each a “Payor”) on the Senior Notes in respect of interest, premium (if any) and principal shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of: 
 
	
			
	 
	(1)
	any jurisdiction from or through which payment on the Senior Notes or the applicable Guarantee is made in respect of interest, premium or principal, or any political subdivision or governmental authority thereof or therein having the power to tax; or

 
	
			
	 
	(2)
	any other jurisdiction in which a Payor is organized or otherwise considered to be a resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax (each of clauses (1) and (2), a “Relevant Taxing Jurisdiction”),

shall at any time be required from any payments made with respect to the Senior Notes in respect of interest, premium or principal, the Payor shall pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each beneficial owner of the Senior Notes or the Guarantee, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), equal the amounts which would have 

6    

been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no such Additional Amounts shall be payable with respect to: 
 
	
			
	 
	(1)
	any Taxes that would not have been so imposed but for the existence of any present or former connection between the beneficial owner (or between a fiduciary, settlor, beneficiary, partner, member, shareholder or other holder of equity interests of, or possessor of power over the relevant beneficial owner, if the relevant beneficial owner is an estate, nominee, trust, partnership, limited liability company, corporation or other entity) and the Relevant Taxing Jurisdiction (including the beneficial owner being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) other than by the mere ownership or holding of such note or enforcement of rights thereunder or under the Guarantee or the receipt of payments in respect thereof;

 
	
			
	 
	(2)
	any Taxes that would not have been so imposed if the beneficial owner had made a declaration of non-residence or any other claim or filing for exemption to which it is entitled (provided that (x) such declaration of non-residence or other claim or filing for exemption is required by the applicable law of the Relevant Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold such Taxes and (y) at least 30 days prior to the first payment date with respect to which such declaration of non-residence or other claim or filing for exemption is required under the applicable law of the Relevant Taxing Jurisdiction, the relevant beneficial owner at that time has been notified by the Payor or any other person through whom payment may be made that a declaration of non-residence or other claim or filing for exemption is required to be made); 

 
	
			
	 
	(3)
	any note presented for payment (where presentation is permitted or required) more than 30 days after the relevant payment is first made available for payment to the beneficial owner (except to the extent that the beneficial owner would have been entitled to Additional Amounts had the note been presented during such 30 day period);

 
	
			
	 
	(4)
	any Taxes that are payable otherwise than by withholding or deduction from a payment of the principal of, premium, if any, or interest, on the Senior Notes or under the Guarantee;

 

7    

	
			
	 
	(5)
	any estate, inheritance, gift, value, use, sale, excise, transfer, personal property or similar tax, assessment or other governmental charge;

	 
	 
	 

	 
	(6)
	any Taxes which could have been avoided by the presentation (where presentation is required) of the relevant note to another Paying Agent in a member state of the European Union; or

	 
	 
	 

	 
	(7)
	any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any treaty, law, regulation or other official guidance in any other jurisdiction implementing an intergovernmental approach thereto;

	 
	 
	 

	 
	(8)

	any withholding or deduction imposed pursuant to the Luxembourg law of 23 December 2005 as amended, introducing a withholding tax on certain interest payments made or ascribed by Luxembourg paying agents to Luxembourg resident individuals; or

	 
	 
	 

	 
	(9)

	any Taxes imposed or levied by reason of any combination of clauses (1) through (8) above.

Such Additional Amounts shall also not be payable where, had the beneficial owner of the note been the Holder of the note, it would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (9) inclusive above. 
The Payor shall (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor shall use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and shall provide such certified copies to each Holder. The Payor shall attach to each certified copy a certificate stating (x) that the amount of withholding Taxes evidenced by the certified copy was paid in connection with payments in respect of the principal amount of Senior Notes then outstanding and (y) the amount of such withholding Taxes paid per $1,000 principal amount of the Senior Notes. Copies of such documentation shall be available for inspection during ordinary business hours at the office of the Trustee by the Holders of the Senior Notes upon request and shall be made available at the offices of the Paying Agent. 
At least 30 days prior to each date on which any payment under or with respect to the Senior Notes or the Guarantee is due and payable (unless such obligation to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter), if the Payor shall be obligated to pay Additional Amounts with respect to such payment, the Payor shall deliver to the Trustee an Officers’ Certificate stating the fact that such Additional Amounts shall be payable, the amounts so payable and shall set forth such other information necessary to enable the Trustee to pay such Additional Amounts to Holders on the 

8    

payment date. Each such Officer’s Certificate shall be relied upon until receipt of a further Officers’ Certificate addressing such matters. 
If the Payor conducts business in any jurisdiction (an “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction and, as a result, is required by the law of such Additional Taxing Jurisdiction to deduct or withhold any amount on account of taxes imposed by such Additional Taxing Jurisdiction from payments under the Senior Notes or the Guarantee, as the case may be, which would not have been required to be so deducted or withheld but for such conduct of business in such Additional Taxing Jurisdiction, the Additional Amounts provision described above shall be considered to apply to such Holders or beneficial owners as if references in such provision to “Taxes” included taxes imposed by way of deduction or withholding by any such Additional Taxing Jurisdiction (or any political subdivision thereof or governmental authority therein). 
Wherever in the Indenture, the Senior Notes or the Guarantee there are mentioned, in any context: 
 
	
			
	 
	(1)
	the payment of principal or premium (if any),

 
	
			
	 
	(2)
	purchase prices in connection with a purchase of Senior Notes,

 
	
			
	 
	(3)
	interest, or

 
	
			
	 
	(4)
	any other amount payable on or with respect to the Senior Notes or the Guarantee,

such reference shall be deemed to include payment of Additional Amounts as described under this section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
The Payor shall pay any present or future stamp, court or documentary taxes, or any other excise or property taxes, charges or similar levies which arise in any jurisdiction from the execution, delivery or registration of any Senior Notes or any other document or instrument referred to therein (other than a transfer of the Senior Notes), or the receipt of any payments with respect to the notes or the guarantee, excluding (i) any such taxes, charges’ or similar levies imposed by Luxembourg in case the notes or the guarantee (and/or any documents in connection therewith) are (a) enclosed to a compulsorily registrable deed (acte obligatoirement enregistrable) or (b) deposited with the official records of a notary (déposé au rang des minutes d’un notaire) and (ii) any such taxes, charges or similar levies imposed by any jurisdiction other than a Relevant Taxing Jurisdiction, other than those resulting from, or required to be paid in connection with, the enforcement of the Senior Notes, the Guarantee or any other such document or instrument following the occurrence of any Event of Default with respect to the Senior Notes. 
The foregoing obligations shall survive any termination, defeasance or discharge of the Indenture and shall apply mutatis mutandis to any jurisdiction in which any successor to a 

9    

Payor is organized or otherwise considered a resident for tax purposes or any political subdivision or governmental authority or agency thereof or therein. 

Section 208.    Offer to Redeem Upon Change of Control Triggering Event.
Upon the occurrence of a Change of Control Triggering Event, unless the Company has previously exercised its right to redeem the Senior Notes in full, each Holder of the Senior Notes shall have the right to require the Company to purchase all or a portion of such Holder’s Senior Notes pursuant to the offer described below (the “Change of Control Offer”) at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of Holders of the Senior Notes on the relevant record date to receive interest due on the relevant interest payment date.
Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by electronic delivery or first class mail or otherwise in accordance with the procedures of the U.S. Depositary, a notice to each Holder of the Senior Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state:
(i) (a) if delivered or mailed following the date upon which a Change of Control Triggering Event has occurred, that a Change of Control Triggering Event has occurred and that such Holder of the Senior Notes has the right to require the Company to purchase all or a portion of such Holder’s Senior Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of the Senior Notes of record on the relevant record date to receive interest on the relevant interest payment date), or (b) if delivered or mailed prior to any Change of Control but after the public announcement of a pending Change of Control, that a Change of Control is pending and, upon the occurrence of a Change of Control Triggering Event, such Holder of the Senior Notes has the right to require the Company to purchase all or a portion of such Holder’s Senior Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of the Senior Notes of record on the relevant record date to receive interest on the relevant interest payment date) and that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date;
(ii) the circumstances and relevant facts regarding such Change of Control Triggering Event;
(iii) the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is delivered or mailed, other than as may be required by law (the “Change of Control Payment Date”); and
(iv) the instructions determined by the Company, consistent with this Section, that a Holder of the Senior Notes must follow in order to have its Senior Notes purchased.

10    

Holders of the Senior Notes electing to have Senior Notes purchased pursuant to a Change of Control Offer shall be required to surrender their Senior Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Senior Notes completed, to the Paying Agent at the address specified in the notice, or transfer their Senior Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. Holders of the Senior Notes shall be entitled to withdraw their election if the Paying Agent receives not later than one Business Day prior to the purchase date a telegram, telex facsimile transmission or letter setting forth the name of the Holder of the Senior Notes and a statement that such Holder is withdrawing its election to have such Senior Notes purchased.
On the Change of Control Payment Date, the Company shall, to the extent lawful: 
		
	1.
	accept for payment all Senior Notes (or portions of Senior Notes) properly tendered pursuant to the Change of Control Offer; provided that the unpurchased portion of any Senior Note must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof; 

		
	2.
	deposit with the Paying Agent an amount equal to the aggregate payment in respect of all Senior Notes (or portions of Senior Notes) properly tendered pursuant to the Change of Control Offer; and 

		
	3.
	deliver or cause to be delivered to the Trustee the Senior Notes properly accepted for purchase, together with an Officer’s Certificate stating the aggregate principal amount of the Senior Notes (or portions of Senior Notes) being purchased.

The Paying Agent shall promptly mail or transfer to each Holder of Senior Notes properly tendered the purchase price for the Senior Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book-entry) to each such Holder new Senior Notes equal in principal amount to any unpurchased portion of any Senior Notes surrendered; provided that each new Senior Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. A Senior Note shall be deemed to have been accepted for purchase at the time the Paying Agent mails or delivers payment therefor to the Surrendering Holder.
The Company shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements in this Section 208 for such an offer made by the Company and such third party purchases all Senior Notes properly tendered and not withdrawn under its offer. 
The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the purchase of the Senior Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Senior Notes, the 

11    

Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Senior Notes by virtue of such conflict.
Each of the Company and Guarantors shall use reasonable best efforts to ensure that at all times at least two Rating Agencies are providing a rating for the Senior Notes.
For purposes of the Change of Control Offer provisions of the Senior Notes, the following terms shall be applicable: 
“Below Investment Grade Rating Event” means, with respect to the Senior Notes, such notes cease to be rated Investment Grade by at least two of the three Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by IR Parent of any Change of Control (or pending Change of Control) and ending 60 days following the consummation of such Change of Control (which Trigger Period shall be extended if the rating of the Senior Notes is under publicly announced consideration for possible downgrade by any Rating Agency on such 60th day, such extension to last with respect to each Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates the Senior Notes below Investment Grade or (y) publicly announces that it is no longer considering the Senior Notes for possible downgrade; provided, that no such extension shall occur if on such 60th day the Senior Notes are rated Investment Grade not subject to review for possible downgrade by any Rating Agency). 
“Change of Control” means the occurrence of any one of the following: 
1)the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of IR Parent and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) and Section 14(d) of the Exchange Act) other than to IR Parent or one of its subsidiaries; 
2)the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d) and Section 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of IR Parent, or other Voting Stock into which the Voting Stock of IR Parent is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; 
3)the first day on which the majority of the members of the board of directors of IR Parent cease to be Continuing Directors; 
4)IR Parent consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, IR Parent, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of IR Parent or such other person is converted into or exchanged for cash, securities or other property, other than 

12    

any such transaction where the shares of the Voting Stock of IR Parent outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction; 
5)the adoption of a plan relating to the liquidation or dissolution of IR Parent; or 
6)the failure of IR Parent to own, directly or indirectly, at least 51% of the Voting Stock of the Company. 
Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control under clause (2) above if (i) IR Parent becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii) the shares of the Voting Stock of IR Parent outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of such holding company immediately after giving effect to such transaction.
“Change of Control Triggering Event” means, with respect to the Senior Notes, the occurrence of both a Change of Control and a Below Investment Grade Rating Event with respect to the Senior Notes. Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 
“Continuing Director” means, as of any date of determination, any member of the board of directors of IR Parent who: (1) was a member of such board of directors on the date of the issuance of the Senior Notes; or (2) was nominated for election or elected to such board of directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination or election. 
“Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A., and its successors. 
“Investment Grade” means (1) a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); (2) a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); and (3) a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch). 
“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
“Rating Agency” means each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P and Fitch ceases to rate the Senior Notes or fails to make a rating of the Senior Notes publicly available for reasons outside of the Company’s and the Guarantors’ control, a “nationally recognized statistical rating organization,” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by IR Global as a replacement agency for Moody’s, 

13    

S&P or Fitch, or any of them, as the case may be, with respect to making a rating of the Senior Notes. 
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
“Voting Stock” of any specified person as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.
Section 209.    Amendments or Supplements Without Consent of Holders.  In addition to any permitted amendment or supplement to the Indenture pursuant to Section 901 of the Indenture, the Company, the Guarantors and the Trustee may amend or supplement the Senior Notes without notice to or the consent of any Holder of the Senior Notes:
(15) to conform this Fourth Supplemental Indenture and the form or terms of the Senior Notes to the section entitled “Description of the Notes” as set forth in the final prospectus supplement related to the offering and sale of the Senior Notes dated March 19, 2019;
(16) to add guarantees with respect to the Senior Notes; 

(17) to provide for the issuance of additional Senior Notes in accordance with the Indenture and this Fourth Supplemental Indenture; or

(18) to amend the provisions of the Indenture and this Fourth Supplemental Indenture relating to the transfer and legending of the Senior Notes, including, without limitation, to facilitate the issuance and administration of the Senior Notes; provided that compliance with the Indenture and this Fourth Supplemental Indenture as so amended would not result in the Senior Notes being transferred in violation of the Securities Act of 1933, as amended, or any applicable securities law.

Section 210.    Legend.  The following legends shall appear on the face of all Global Securities and Definitive Securities issued under this Fourth Supplemental Indenture and the Indenture unless specifically stated otherwise in the applicable provisions of this Fourth Supplemental Indenture and the Indenture:
 “THIS GLOBAL SECURITY IS HELD BY THE U.S. DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 305 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR U.S. DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.  UNLESS AND UNTIL IT IS EXCHANGED 

14    

IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE U.S. DEPOSITARY TO A NOMINEE OF THE U.S. DEPOSITARY OR BY A NOMINEE OF THE U.S. DEPOSITARY TO THE U.S. DEPOSITARY OR ANOTHER NOMINEE OF THE U.S. DEPOSITARY OR BY THE U.S. DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR U.S. DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR U.S. DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”
ARTICLE 3 
MISCELLANEOUS
Section 301.    Execution as Supplemental Indenture.  This Fourth Supplemental Indenture is hereby executed and shall be construed as an indenture supplemental to the Indenture and, as provided in the Indenture, this Fourth Supplemental Indenture forms a part thereof.
Section 302.    Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Fourth Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required provisions shall control.
Section 303.    Effect of Headings.  The Article and Section headings herein are for convenience only and shall not affect the construction hereof.
Section 304.    Separability.  In case any provision in this Fourth Supplemental Indenture or in any Senior Note or related Guarantees 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 305.    The Trustee.  The Trustee shall not be responsible in any manner for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture, or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely.
Section 306.    Governing Law.  This Fourth Supplemental Indenture, the Senior Notes and the related Guarantees shall be governed by and construed in accordance with the laws of the State of New York. For the avoidance of doubt, the application of article 470-1 to 470-19 (inclusive) of the Luxembourg law dated August 10, 1915 on commercial companies, as amended, is expressly excluded.

15    

Section 307.    Counterparts.  This Fourth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
Section 308.  Additional Guarantors.  If at any time there is more than one Guarantor in respect of the Senior Notes, then each such Guarantor shall be deemed to Guarantee the Senior Notes jointly and severally with each other such Guarantor, and any reference in the Indenture and this Fourth Supplemental Indenture to “the Guarantor” shall be deemed to be a reference to each such Guarantor.

[Remainder of page left intentionally blank.]

16    

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed as of the day and year first above written.

	
		
	 
	INGERSOLL-RAND LUXEMBOURG FINANCE S.A.

	 
	 

	 
	 

	 
	By:   /s/ Jeffrey Tallyen   

	 
	Name: Jeffrey Tallyen

	 
	Title: Class A Director

	 
	 

	 
	By:   /s/ Timea Orosz   

	 
	Name: Timea Orosz

	 
	Title: Class B Director

	 
	 

	 
	INGERSOLL-RAND PUBLIC LIMITED COMPANY

	 
	 

	 
	 

	 
	By:   /s/ Richard E. Daudelin   

	 
	Name: Richard E. Daudelin

	 
	Title:  Treasurer

	 
	 

	 
	 

	 
	INGERSOLL-RAND GLOBAL HOLDING COMPANY LIMITED

	 
	 

	 
	By:   /s/ Scott R. Williams   

	 
	Name: Scott R. Williams

	 
	Title: Assistant Treasurer

	 
	 

	 
	 

	 
	INGERSOLL-RAND LUX INTERNATIONAL HOLDING COMPANY S.À R.L

	 
	 

	 
	By:   /s/ Pascal Campaignolle   

	 
	Name: Pascal Campaignolle

	 
	Title: Class A Manager

	 
	 

	 
	By:   /s/ Mark Lee   

	 
	Name: Mark Lee

	 
	Title: Class B Manager

Fourth Supplemental Indenture – Senior Notes

	
		
	 
	 

	 
	

INGERSOLL-RAND IRISH HOLDINGS UNLIMITED COMPANY

	 
	 

	 
	By:   /s/ Christopher Donohoe   

	 
	Name: Christopher Donohoe

	 
	Title: Director

	 
	

	 
	INGERSOLL-RAND COMPANY

	 
	 

	 
	By:   /s/ Scott R. Williams  

	 
	Name: Scott R. Williams

	 
	Title: Assistant Treasurer

	 
	 

Fourth Supplemental Indenture – Senior Notes
    

	
		
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee

	 
	 

	 
	By:   /s/ Stefan Victory   

	 
	Name: Stefan Victory

	 
	Title: Vice President

Fourth Supplemental Indenture – Senior Notes
    

EXHIBIT A-1
Form of 3.500% Senior Notes due 2026

[Global Security Legend]

THIS GLOBAL SECURITY IS HELD BY THE U.S. DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE  INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 305 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR U.S. DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.  UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE U.S. DEPOSITARY TO A NOMINEE OF THE U.S. DEPOSITARY OR BY A NOMINEE OF THE U.S. DEPOSITARY TO THE U.S. DEPOSITARY OR ANOTHER NOMINEE OF THE U.S. DEPOSITARY OR BY THE U.S. DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR U.S. DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR U.S. DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
	
		
	No.
	CUSIP No. _____

	 
	$ _____

	 
	 

INGERSOLL-RAND LUXEMBOURG FINANCE S.A., a Luxembourg public limited liability company (société anonyme) with registered office at 1 avenue du Bois, L-1251 Luxembourg and registered with the Luxembourg Register of Commerce and Companies (RCS) under number B 189791 (herein called the “Company”, which term includes any successor company under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[_______] ([_______] DOLLARS)

A-1-1    

[, as it may be increased or decreased as set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto,] on March 21, 2026, and to pay interest thereon from and including March 21, 2019 (the “Original Issue Date”), or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually on March 21 and September 21 in each year, commencing September 21, 2019, at the rate per annum provided in the title hereof, until the principal hereof is paid or made available for payment. 
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be March 6 or September 6 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
Interest shall be computed on the basis of a year of twelve 30-day months. 
Payment of the principal of (and premium, if any, on) and interest, if any, on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in coin or currency of the United States of America, provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of or funds transferred to the person entitled thereto as such address shall appear in the Security Register. 
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
[Remainder of page left intentionally blank.]

A-1-2    

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and delivered on the date first written above. 
	
		
	 
	 

	 
	 

	 
	INGERSOLL-RAND LUXEMBOURG FINANCE S.A.

	 
	 

	 
	By _________________________

	 
	Name:

	 
	Title:

	 
	 

A-1-3    

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
	
		
	Dated:
	 

	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

	 
	 

	 
	By ________________________________

	 
	Authorized Signatory

	 
	 

        

A-1-4    

 (Reverse of Note)
INGERSOLL-RAND LUXEMBOURG FINANCE S.A.
3.500% Senior Notes due 2026

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of February 21, 2018, as supplemented (herein called the “Indenture”), among the Company, Ingersoll-Rand plc, Ingersoll-Rand Global Holding Company Limited, Ingersoll-Rand Lux International Holding Company S.à r.l., Ingersoll-Rand Irish Holdings Unlimited Company and Ingersoll-Rand Company (herein called the “Guarantors”, which term includes any successor guarantor under the Indenture) and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to [__________]. 
The Securities of this series are subject to redemption upon not less than 30 or more than 60 days’ notice delivered electronically or by mail to the Holders of such Securities at their addresses in the Security Register for such series or otherwise in accordance with the procedures of the U.S. Depositary, at any time and from time to time, prior to January 21, 2026, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: 
(a)    100% of the principal amount of the Securities to be redeemed, or 
(b)    as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed that would be due if such series of Securities matured on the Par Call Date (as defined below) (except that if the Redemption Date is not an interest payment date, the amount of the next succeeding scheduled interest payment will be reduced (solely for the purpose of this calculation) by the amount of interest accrued thereon to the Redemption Date, discounted to the Redemption Date on a semi-annual basis assuming a 360-day year consisting of twelve 30-day months at a discount rate equal to the Adjusted Treasury Rate (as defined below) plus 15 basis points, plus, in the case of each of clauses (a) and (b), accrued and unpaid interest on the principal amount of the Securities to be redeemed to, but not including, the Redemption Date. 
The Securities of this series are subject to redemption upon not less than 30 or more than 60 days’ notice delivered electronically or by mail to the Holders of such Securities at their addresses in the Security Register for such series or otherwise in accordance with the procedures of the U.S. Depositary, in whole or in part at any time and from time to time on or after January 21, 2026, at a Redemption Price equal to 100% of the principal amount of the notes to be 

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redeemed, plus accrued and unpaid interest on the principal amount of the Securities to be redeemed to, but not including, the Redemption Date.
Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the Securities or portions of the Securities called for redemption on and after the Redemption Date.
“Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. 
“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming, for purposes of this definition, that the Securities matured on the Par Call Date). 
“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of the Reference Treasury Dealer Quotations so received. 
“Par Call Date” means January 21, 2026. 
“Quotation Agent” means Goldman Sachs & Co. LLC.
“Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealers selected by the Quotation Agent. 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date.
In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

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Any Payor may elect to redeem the outstanding Securities, in whole but not in part, at any time, upon not less than 30 nor more than 60 days’ prior written notice delivered electronically or mailed by first-class mail to the registered address of each Holder of the Securities or otherwise in accordance with the procedures of the U.S. Depositary, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the date fixed for redemption (a “Tax Redemption Date”), and Additional Amounts, if any, then due or becoming due on the Tax Redemption Date in the event (i) such Payor is, has become or would become obligated to pay, on the next date on which any amount would be payable with respect to the Securities, any Additional Amounts or indemnification payments (other than in respect of documentary taxes) as a result of (A) a change or amendment in the laws or treaties (including any regulations or rulings promulgated thereunder) of a Relevant Taxing Jurisdiction; or (B) any change or amendment in the application, administration or interpretation of such laws, treaties, regulations or rulings (including pursuant to a holding, judgment or order by a court of competent jurisdiction); which change or amendment, in either case, is announced or becomes effective after the date hereof (or, if the applicable Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction on a later date, after such later date) (each of the foregoing in clauses (A) and (B), a “Change in Tax Law”); and (ii) the Company has determined in its business judgment that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to the Company.  
Notwithstanding the foregoing, no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which such Payor would, but for such redemption, be obligated to make such payment or withholding or later than 90 days after such Payor is first obligated to make such payment or withholding.  Prior to the delivery or mailing of any notice of redemption of the Securities pursuant to the foregoing, such Payor shall deliver to the Trustee (1) a certificate signed by a duly authorized officer stating that such Payor is entitled to effect the redemption and setting forth a statement of facts showing that the conditions precedent to the right of such Payor to so redeem have occurred and (2) an opinion of an independent tax counsel of recognized international standing to the effect that the circumstances referred to in clause (i) in the first sentence of the previous paragraph exist, and the Trustee shall accept such certificate and such opinion as sufficient evidence of the satisfaction of the conditions precedent above, which acceptance shall then be conclusive and binding on the Holders of Securities.
The Company will be required to redeem the Securities of this series at a Redemption Price equal to 101% of the aggregate principal amount of the Securities, plus accrued and unpaid interest from the date of initial issuance or the most recent interest payment date to but excluding the special mandatory redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date) (the “Special Mandatory Redemption Price”) if the acquisition (the “Acquisition”) of PFS Systems by IR Parent is not completed, or IR Parent’s offer is terminated, on or before January 31, 2020.  
If the Company is required to redeem the Securities of this series pursuant to this special mandatory redemption, the Company shall cause the notice of redemption to be delivered electronically or by mail to the Holders of such Securities at their addresses in the Security 

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Register for such series or otherwise in accordance with the procedures of the U.S. Depositary, with a copy to the trustee, by the earlier of (1) January 29, 2020, if the Acquisition has not been completed by that date, or (2) five business days after the occurrence of the event that requires the Company to redeem such series of Securities. Unless the Company defaults in payment of the Redemption Price, interest shall cease to accrue on the Securities on and after the Special Mandatory Redemption Date.
“Special Mandatory Redemption Date” means the earlier to occur of (i) January 31, 2020 if IR Parent has not completed the proposed Acquisition on or prior to January 31, 2020, or (ii) the 30th day (or if such day is not a business day, the first business day thereafter) following the termination of IR Parent’s offer for any reason.
The Securities of this series are subject to redemption upon the occurrence of a Change of Control Triggering Event. Unless the Company has exercised its right to redeem this Security in full as described above, the Indenture provides that each Holder of the Securities of this series will have the right to require the Company to purchase all or a portion of such Holder’s Securities of this series pursuant to the offer described below (the “Change of Control Offer”) at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of Holders of Securities of this series on the relevant record date to receive interest due on the relevant interest payment date.
Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will be required to send, by electronic delivery or first class mail or otherwise in accordance with the procedures of the U.S. Depositary, a notice to each Holder of the Securities of this series, with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is delivered or mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if delivered or mailed prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date.
Holders electing to have Securities purchased pursuant to a Change of Control Offer will be required to surrender their Securities, with the form below entitled “Option of Holder to Elect Purchase” completed, to the paying agent at the address specified in the notice, or transfer their Securities to the paying agent by book-entry transfer pursuant to the applicable procedures of the paying agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date.
On the Change of Control Payment Date, the Company will, to the extent lawful: 
		
	1.
	accept for payment all Securities of this series (or portions of Securities of this series) properly tendered pursuant to the Change of Control Offer; provided that the unpurchased portion of any Security of this series must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof; 

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	2.
	deposit with the paying agent an amount equal to the aggregate payment in respect of all Securities of this series (or portions of Securities of this series) properly tendered pursuant to the Change of Control Offer; and 

		
	3.
	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted for purchase, together with an officer’s certificate stating the aggregate principal amount of Securities of this series (or portions of Securities of this series) being purchased.

The paying agent will promptly mail to each Holder of properly tendered Securities the purchase price for the Securities, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each such Holder new Securities equal in principal amount to any unpurchased portion of any Securities surrendered; provided that each new Security will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.
The Company will not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all properly tendered Securities of this series not withdrawn under its offer. 
The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the purchase of the Securities of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Securities of this series, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of the Securities of this series by virtue of such conflict.
For purposes of the Change of Control Offer provisions of the Securities, the following terms will be applicable: 
“Below Investment Grade Rating Event” means the Securities of this series cease to be rated Investment Grade by at least two of the three Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by IR Parent of any Change of Control (or pending Change of Control) and ending 60 days following the consummation of such Change of Control (which Trigger Period will be extended if the rating of the Securities is under publicly announced consideration for possible downgrade by any Rating Agency on such 60th day, such extension to last with respect to each Rating Agency until the date on which such Rating Agency considering such possible downgrade either (x) rates the Securities below Investment Grade or (y) publicly announces that it is no longer considering the Securities for possible downgrade; provided, that no such extension will occur if on such 60th day the Securities are rated Investment Grade not subject to review for possible downgrade by any Rating Agency).
“Change of Control” means the occurrence of any one of the following: 

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	1)
	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of IR Parent and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) and Section 14(d) of the Exchange Act) other than to IR Parent or one of its subsidiaries; 

		
	2)
	the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d) and Section 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of IR Parent, or other Voting Stock into which the Voting Stock of IR Parent is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; 

		
	3)
	the first day on which the majority of the members of the board of directors of IR Parent cease to be Continuing Directors; 

		
	4)
	IR Parent consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, IR Parent, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of IR Parent or such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of IR Parent outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction; 

		
	5)
	the adoption of a plan relating to the liquidation or dissolution of IR Parent; or 

		
	6)
	the failure of IR Parent to own, directly or indirectly, at least 51% of the Voting Stock of the Company. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control under clause (2) above if (i) IR Parent becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii) the shares of the Voting Stock of IR Parent outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of such holding company immediately after giving effect to such transaction.
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 
“Continuing Director” means, as of any date of determination, any member of the board of directors of IR Parent who: (1) was a member of such board of directors on the date of the issuance of the Securities of this series; or (2) was nominated for election or elected to such 

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board of directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination or election. 
“Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A., and its successors. 
“Investment Grade” means (1) a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); (2) a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P); and (3) a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch). 
“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
“Rating Agency” means each of Moody’s, S&P and Fitch; provided, that if any of Moody’s, S&P and Fitch ceases to rate the Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s and the Guarantors’ control, a “nationally recognized statistical rating organization,” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company as a replacement agency for Moody’s, S&P or Fitch, or any of them, as the case may be, with respect to making a rating of the Securities of this series. 
“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
“Voting Stock” of any specified person as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.
The Indenture contains provisions for defeasance of (a) the entire indebtedness of this Security and (b) certain restrictive covenants upon compliance by the Company with certain conditions set forth therein. 
If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantors and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities at the time Outstanding of all series to be affected, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and/or the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be 

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conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest, if any, on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any, on) and interest, if any, on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same. 
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
Prior to due presentment of this Security for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee may treat the person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Guarantors, the Trustee or any such agent shall be affected by notice to the contrary. 
No recourse for the payment of the principal of (and premium, if any, on) or interest, if any, on this Security or any Guarantee endorsed hereon, or for any claim based hereon or thereon or otherwise in respect hereof or thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Guarantor in the Indenture or in any indenture supplemental thereto, or in any Security or in any Guarantee, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or any Guarantor or of any successor corporation, either directly or through the Company or any Guarantor or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

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THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event that a provision of this Security conflicts with the Indenture, the terms of the Indenture will govern. 

Option of Holder to Elect Purchase 
If you want to elect to have this Security purchased by the Company pursuant to Section 208 of the Fourth Supplemental Indenture, check the box below: 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 208 of the Fourth Supplemental Indenture, state the amount you elect to have purchased: 
$___________ 
Date:_______________ 
Your Signature:        
(Sign exactly as your name 
appears on the face of this 
Security)

Tax Identification No.:     

Signature Guarantee:**  ________________________
	
		
	________________

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

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SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

The initial outstanding principal amount of this Global Note is $______. The
following exchanges of a part of this Global Note for an interest in another Global Note or for a
Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this
Global Note, have been made:

	
						
	Date of Exchange
	Amount of decrease in Principal Amount
	Amount of increase in Principal
Amount
	Amount of this Global Security
	Principal Amount of this Global Security following such decrease or increase
	Signature of authorized officer of Trustee or Note Custodian

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*This schedule should only be included if the Senior Notes are issued in global form.

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EXHIBIT A-2

Form of Guarantee to 3.500% Senior Notes due 2026

For value received, each of Ingersoll-Rand plc, a company duly organized and existing under the laws of Ireland, Ingersoll-Rand Global Holding Company Limited, a corporation incorporated in Delaware, Ingersoll-Rand Lux International Holding Company S.à r.l., a Luxembourg private limited liability company (société à responsabilité limitée) with registered office at 1 avenue du Bois, L-1251 Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 182971, Ingersoll-Rand Irish Holdings Unlimited Company, an Irish private limited company and Ingersoll-Rand Company, a corporation incorporated in New Jersey (each herein called a “Guarantor”, which term includes any successor Person under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby irrevocably and unconditionally guarantees to the Holder of the Security upon which this Guarantee is endorsed and to the Trustee for itself and on behalf of each such Holder the due and punctual payment of the principal of (and premium, if any, on) and interest on such Security and the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein, and all other amounts owed under the Indenture, all in accordance with and subject to the terms and limitations of the Security on which this Guarantee is endorsed and Article Thirteen of the Indenture. In case of the failure of Ingersoll-Rand Luxembourg Finance S.A., a Luxembourg public company limited by shares (société anonyme) (herein called the “Company”, which term includes any successor Person under such Indenture), promptly to make any such payment of principal (and premium, if any) or interest or any such sinking fund or analogous payment, each Guarantor hereby agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company, subject to the terms and limitations of Article Thirteen of the Indenture. 
Each such Guarantor shall be deemed to Guarantee the Security jointly and severally with each other such Guarantor.
This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture. 
All terms used in this Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture. 
THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
Executed and delivered on this [___] day of [_______], 2019. 

A-2-1    

    

	
		
	 
	Ingersoll-Rand plc

	 
	 

	 
	By ___________________________

	 
	Name:

	 
	Title:

	 
	 

	 
	Ingersoll-Rand Global Holding Company Limited

	 
	 

	 
	By___________________________

	 
	Name:

	 
	Title:

	 
	 

	 
	Ingersoll-Rand Lux International Holding Company S.à r.l.

	 
	 

	 
	By___________________________

	 
	Name:

	 
	Title:

	 
	 

	 
	

	 
	

Ingersoll-Rand Company

	 
	 

	 
	By___________________________

	 
	Name:

	 
	Title:

A-2-2

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