Document:

Exhibit 4.5

  

  

  

  
    
      SUPPLEMENTAL INDENTURE NO. 11 (this “Supplemental Indenture”), dated as of September 25, 2020 among B.A.T Capital Corporation, a corporation incorporated in the state of
        Delaware (the “Company”), as issuer, British American Tobacco p.l.c., a public limited company incorporated under the laws of England and Wales (the “Parent”), B.A.T.
        International Finance p.l.c., a public limited company incorporated under the laws of England and Wales (“BATIF”), B.A.T. Netherlands Finance B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands (“BATNF”), and, until its guarantee is released in accordance with
        the Base Indenture (if ever), Reynolds American Inc., a North Carolina corporation (“RAI”), as guarantors (the “Guarantors”) and Citibank, N.A., as trustee (the “Trustee”).

      

      

      W I T N E S S E T H

      

      

      WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of September 6, 2019 (the “Base Indenture”), providing for the issuance from time
        to time of an unlimited aggregate principal amount of guaranteed debt securities;

      

      

      WHEREAS, Section 7.01(g) of the Base Indenture provides that without the consent of any Holder, the Company, the Guarantors and the Trustee may amend or supplement the Base Indenture in order to, among other things,
        issue an unlimited aggregate principal amount of notes under the Base Indenture;

      

      

      WHEREAS, pursuant to Section 7.01(g) of the Base Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture;

      

      

      WHEREAS, the Company and the Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Supplemental Indenture;

      

      

      WHEREAS, as contemplated by Section 2.01 of the Base Indenture, the Company intends to issue, and the Guarantors intend to guarantee, a new series of guaranteed debt securities to be known as the Company’s “3.984%
        Notes due 2050” under the Base Indenture.

      

      

      NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable
        benefit of the Holders of the 2050 Notes (as defined below) as follows:

      

      

      

      

      ARTICLE I

      

      

      Definitions and Other Provisions of General Application

      

      

      SECTION 1.01.          Definitions.

      

      

      Except as otherwise expressly provided in this Supplemental Indenture, all terms used in this Supplemental Indenture which are defined in the Base Indenture shall have the meanings ascribed to them by the Base
        Indenture.

      

      

      
        
          

      

      
      

      

      

      

      SECTION 1.02.          Effect of Headings.

      

      

      The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

      

      

      SECTION 1.03.          Separability Clause.

      

      

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

      

      

      SECTION 1.04.          Benefits of Instrument.

      

      

      Nothing in this Supplemental Indenture expressed, and nothing that may be implied from any of the provisions hereof, is intended, or shall be construed, to confer upon, or to give to, any Person other than the parties
        hereto and their successors and the Holders of the 2050 Notes any benefit or any right, remedy or claim under, or by reason of, this Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all covenants,
        conditions, stipulations, promises and agreements contained in this Supplemental Indenture shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of the 2050 Notes.

      

      

      

      

      ARTICLE II

      

      

      3.984% Notes due 2050

      

      

      SECTION 2.01.          Creation of Series.

      

      

      There is hereby established a new series of Notes under the Base Indenture entitled “3.984% Notes due 2050” (the “2050 Notes”). The form
        of the 2050 Notes, including the form of the certificate of authentication, is attached hereto as Exhibit A.

      

      

      The Company shall issue the 2050 Notes in an aggregate principal amount of $1,000,000,000. The Company may from time to time, without the consent of the Holders of the 2050 Notes, “reopen” the series of 2050 Notes and
        create and issue additional Notes having substantially identical terms and conditions as the 2050 Notes (or in all respects except as to issue price, denomination, rate of interest, maturity date and the date from which interest, if any, shall
        accrue, and except as may otherwise be provided in or pursuant to such Officer’s Certificate or supplemental indenture relating thereto) so that the additional Notes are consolidated and form a single series with the outstanding 2050 Notes.

      

      

      The 2050 Notes initially shall be represented by one or more 2050 Notes of the same series in registered, global form without interest coupons. The global notes representing the 2050 Notes (collectively, the “2050 Global Notes”) initially shall be (i) registered in the name of the Depository Trust Company (the “Depositary”) or the
        nominee of such Depositary, in each case for credit to an account of a member of, or direct or indirect participant in, the Depositary; and (ii) delivered to Citibank, N.A. as custodian for such Depositary.

      

      

      
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      (a)          The maturity date of the principal of the 2050 Notes shall be September 25, 2050 (the “Maturity Date”).

      

      

      (b)          The outstanding principal amount of the 2050 Notes shall accrue interest at a rate equal to 3.984% per annum, as provided in Section 2.03.

      

      

      (c)          Unless supplemented or superseded in this Supplemental Indenture, the terms of the 2050 Notes, including any Events of Default and
          covenants of the Company and the Guarantors are consistent with the Base Indenture and set forth therein.

      

      

      SECTION 2.02.          Guarantee.

      

      

      Subject to the terms and applicable limitations set forth in the Base Indenture and the form of 2050 Notes, each Guarantor, hereby jointly and severally, fully, unconditionally and irrevocably guarantees the 2050 Notes
        and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Authentication Agent, and to the Trustee on behalf of such Holder, that (i) the principal of (and premium, if any)
        and interest on the 2050 Notes will be paid in full when due, whether at the Maturity Date, by acceleration or otherwise (including, without limitation, the amount that would become due but for the operation of any automatic stay provision of any
        Bankruptcy Law), together with interest on the overdue principal, if any, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be paid in full or performed, all in accordance with the terms hereof and
        thereof; and (ii) in case of any extension of time of payment or renewal of any 2050 Notes or of any such other obligations, the same will be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at
        the Maturity Date, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 9.03 of the Base Indenture.

      

      

      SECTION 2.03.          Interest.

      

      

      The 2050 Notes shall bear interest at a rate equal to 3.984% per annum. The 2050 Notes will bear interest from the date of the initial issuance of such 2050 Notes or from the most recent interest payment date to which
        interest has been paid or provided for, payable semi-annually in arrear on March 25 and September 25 of each year (each, an “Interest Payment Date”), commencing on March 25, 2021 until the Maturity Date,
        unless previously purchased or redeemed by the Company, to the person in whose name any Note is registered at the close of business on the 15th calendar day preceding each Interest Payment Date, whether or not such day is a Business Day (each, a “Record Date”) notwithstanding any transfer or exchange of such 2050 Notes subsequent to the Record Date and prior to such Interest Payment Date, except that, if and to the extent the Company shall default in the
        payment of the interest due on such Interest Payment Date, and the applicable grace period shall have expired, such defaulted interest may at the option of the Company be paid to the persons in whose names the outstanding 2050 Notes are registered
        at the close of business on a subsequent Record Date (which shall not be less than five Business Days prior to the date of payment of such defaulted interest) established by notice sent by or on behalf of the Company to the Holders (which term
        means registered holders) of the 2050 Notes, not less than 15 days preceding such subsequent Record Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months, or in the case of an incomplete month, the number
        of days elapsed. If the date on which any interest payment or principal payment is to be made is not a Business Day, such payment will be made on the next day which is a Business Day, without any further interest or other amounts being paid or
        payable in connection therewith.

      

      

      
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      SECTION 2.04.          Place of Payment.

      

      

      The place or places where the principal of, and premium, if any, and interest, if any, and Additional Amounts, if any, on the 2050 Notes shall be payable, the place or places where any 2050 Notes may be surrendered for
        registration, transfer or exchange and the place or places where notices and demands to or upon the Company in respect of the 2050 Notes may be served are as set forth in the Base Indenture.

      

      

      SECTION 2.05.          Optional Redemption.

      

      

      The Company may redeem the 2050 Notes, in whole or in part, at the Company’s option, at any time and from time to time before the Par Call Date (as defined below), at a redemption price equal to the greater of (x) 100%
        of the principal amount of the 2050 Notes to be redeemed and (y) as determined by the Independent Investment Banker (as defined below), the sum of the present values of the applicable Remaining Scheduled Payments (as defined below) discounted to
        the date of redemption (the “Redemption Date”) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed) at the
        Treasury Rate (as defined below) plus 40 basis points, together with accrued and unpaid interest on the principal amount of the 2050 Notes to be redeemed to, but excluding, the Redemption Date.

      

      

      If the Company elects to redeem the 2050 Notes on or after the Par Call Date, the Company will pay an amount equal to 100% of the principal amount of the 2050 Notes redeemed, plus accrued and unpaid interest, if any,
        to, but excluding, the date of redemption.

      

      

      In connection with such optional redemption the following defined terms apply:

      

      

      	

            	●	
              Comparable Treasury Issue means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary
                financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the 2050 Notes to the Par Call Date.

            

      

      

      	

            	●	
              Comparable Treasury Price means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest
                of such Reference Treasury Dealer Quotations or (B) if the Independent Investment Banker for the 2050 Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

            

      

      

      
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            	●	
              Independent Investment Banker means one of the Reference Treasury Dealers (as defined below) appointed by the Company to act as the “Independent Investment Banker”.

            

      

      

      	

            	●	
              Par Call Date means March 25, 2050 (six months prior to the Maturity Date of the 2050 Notes).

            

      

      

      	

            	●	
              Reference Treasury Dealer means each of BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., SG Americas Securities, LLC and Wells
                Fargo Securities, LLC and their respective successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company; provided,
                  however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor
                another nationally recognized investment banking firm that is a Primary Treasury Dealer.

            

      

      

      	

            	●	
              Reference Treasury Dealer Quotation means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on
                the third Business Day immediately preceding that Redemption Date.

            

      

      

      	

            	●	
              Remaining Scheduled Payments means, with respect to each 2050 Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due from and
                including the related Redemption Date, but for such redemption, to but excluding the Par Call Date; provided, however, that if that Redemption Date is not an Interest Payment Date with respect to
                such 2050 Notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date.

            

      

      

      	

            	●	
              Treasury Rate means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding
                that Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date.

            

      

      

      Notice of any optional redemption will be given in accordance with the Base Indenture at least 10 days but not more than 30 days before the Redemption Date to each Holder of the 2050 Notes to be redeemed.  Any
        redemption may, at the Company’s sole discretion, be subject to the satisfaction of one or more conditions precedent. In the event of a conditional redemption, the notice of conditional redemption shall reflect and specify the conditions to the
        redemption. Once the notice of redemption is delivered, Notes called for redemption shall, subject to the satisfaction of any applicable conditions, become irrevocably due and payable on the Redemption Date.

      

      

      
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      If less than all the 2050 Notes are to be redeemed pursuant to this Section 2.05, in the case of a redemption at the Company’s option, the 2050 Notes to be redeemed shall be selected in accordance with applicable
        procedures of DTC.

      

      

      SECTION 2.06.          Redemption for Tax Reasons.

      

      

      The ability of the Company to redeem the 2050 Notes due to a Change in Tax Law is as set forth in the Base Indenture.

      

      

      SECTION 2.07.          Additional Amounts.

      

      

      Except as set forth below, the applicability of payments of Additional Amounts under the 2050 Notes is as set forth in the Base Indenture. The Company is not required to pay Additional Amounts, except to the extent
        described in Section 4.10 of the Base Indenture.

      

      

      In addition to the exceptions and limitations described in the Base Indenture, no Guarantor shall be required to pay any Additional Amounts for or on account of any taxes imposed or to be withheld pursuant to the Dutch
        Withholding Tax Act 2021 (Wet bronbelasting 2021).

      

      

      

      

      ARTICLE III

      

      

      Miscellaneous Provisions

      

      

      SECTION 3.01.          Effectiveness. This Supplemental Indenture will become effective upon its execution and
          delivery.

      

      

      SECTION 3.02.          Original Issue. The 2050 Notes may, upon execution of this Supplemental Indenture, be
          executed by the Company and delivered by the Company to the Trustee, as Authentication Agent, for authentication, and the Authentication Agent shall, upon Company order, authenticate and deliver such 2050 Notes as in such Company order provided.

      

      

      SECTION 3.03.          Ratification and Integral Part. The Base Indenture, as supplemented by this
          Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture will be deemed an integral part of the Base Indenture in the manner and to the extent herein and therein provided.

      

      

      SECTION 3.04.          Priority. This Supplemental Indenture shall be deemed part of the Base Indenture in the
          manner and to the extent herein and therein provided. The provisions of this Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Base Indenture with respect to the 2050 Notes to the extent the Base Indenture
          is inconsistent herewith.

      

      

      
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      SECTION 3.05.          Successors and Assigns. All covenants and agreements in the Base Indenture, as
          supplemented and amended by this Supplemental Indenture, by the Company and the Guarantors will bind their respective successors and assigns, whether so expressed or not.

      

      

      SECTION 3.06.          NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT
          LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
          THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

      

      

      SECTION 3.07.          Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
          Each signed copy shall be an original, but all of them together represent the same agreement.

      

      

      SECTION 3.08.          The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
          respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantors.

      

      

      [Remainder of page intentionally left blank.]

       

      

    

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

    

    
      

        
          	 	
                  B.A.T CAPITAL CORPORATION

                   

                  

                	 
	 	 	 	 
	

                	
                  By: 

                	/s/ Caroline M. Price

                	 
	 	 	Name:   Caroline M. Price 	 
	 	 	Title:     Treasurer

                	 
	 	 	 	 

        

        

        

        

        

        
          

          

          
            	 	
                    BRITISH AMERICAN TOBACCO P.L.C.

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	/s/ Tadeu Marroco

                  	 
	 	 	Name:   Tadeu Marroco 	 
	 	 	Title:     Director

                  	 
	 	 	 	 

          

          

          

        

        

        

        
          

          

          
            	 	
                    B.A.T. NETHERLANDS FINANCE B.V.

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	/s/ JEP Bollen

                  	 
	 	 	Name:   JEP Bollen	 
	 	 	Title:     Director

                  	 
	 	 	 	 
	 	 	 	 
	 	By:

                  	/s/ HMJ Lina

                  	 
	 	 	Name:   HMJ Lina 	 
	 	 	Title:     Director

                  	 

          

          

          

          

          

          
            

            

            
              	 	
                      B.A.T. INTERNATIONAL FINANCE P.L.C.

                       

                      

                    	 
	 	 	 	 
	

                    	
                      By: 

                    	/s/ Neil Wadey

                    	 
	 	 	Name:   Neil Wadey	 
	 	 	Title:     Director

                    	 
	 	 	 	 

            

            

            

            

            

            
              

              

              
                	 	
                        REYNOLDS AMERICAN INC.

                         

                        

                      	 
	 	 	 	 
	

                      	
                        By: 

                      	/s/ John R. Whitener

                      	 
	 	 	Name:   John R. Whitener	 
	 	 	
                        Title:     SVP Controller - Finance and

                                      Accounting and Treasurer

                        

                      	 
	 	 	 	 

              

            

          

        

        

        

        

        

        

        

        

        [Signature Page to Supplemental Indenture No. 11]

        
          
            

        

        

        

        
          

          

          
            	 	
                    CITIBANK, N.A.,

                    as Trustee

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	/s/ Kerry Hehir

                  	 
	 	 	Name:  Kerry Hehir

                  	 
	 	 	Title:    Senior Trust Officer

                  	 
	 	 	 	 

          

          

          

        

        

        

        

        

        

        

        

        

        [Signature Page to Supplemental Indenture No. 11]

        

        

        

        

        
          
            

        

        
        

        

        

        

        EXHIBIT A

        

        

        CUSIP No. 05526D BU8

        

        

        B.A.T CAPITAL CORPORATION

        

        

        	
                No. [●]

              	
                $[●]

              

        

        

        3.984% NOTE DUE 2050

        

        

        B.A.T Capital Corporation, a corporation incorporated in the state of Delaware (the “Company”), for value received, promises to pay to CEDE & CO. or registered assigns the
          principal sum of $[●], on September 25, 2050.

        

        

        Interest Payment Dates: March 25 and September 25, commencing on March 25, 2021.

        

        

        Record Dates: at the close of business on the 15th calendar day that precedes the related Interest Payment Date, whether or not such day is a Business Day.

        

        

        Reference is made to the further provisions of this 2050 Note contained herein, which will for all purposes have the same effect as if set forth at this place.

        

        

        IN WITNESS WHEREOF, the Company has caused this 2050 Note to be signed manually or by facsimile by one of its duly authorized officers.

        

        

        

        

        

        

        
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                    B.A.T CAPITAL CORPORATION

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	

                  	 
	 	 	Name:   

                  	 
	 	 	Title:     

                  	 
	 	 	 	 

          

          

          

        

        

        

        

        
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        Certificate of Authentication

        

        

        
          
            This is one of the 3.984% Notes due 2050 referred to in the within-mentioned Supplemental Indenture.

          

        

        

        

        	 	
                CITIBANK, N.A.,

              
	 	 
	 	
                as Authentication Agent

              
	 	 
	 	 
	 	
                By:

              	 	 
	 	 	
                Authorized Signatory

              

        

        

        

        

        Dated:

        

        

        

        

        

        
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        B.A.T CAPITAL CORPORATION

        

        

        3.984% NOTE DUE 2050

        

        

        (1)          Interest. B.A.T Capital Corporation, a corporation incorporated in the state of Delaware, as issuer (the “Company”), promises to pay, until the principal
          hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 3.984% per annum. Interest on the 3.984% Notes due 2050 (the “2050 Notes”) will
          accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including September 25, 2020, to but excluding the date on which interest is paid. Interest shall be payable in arrears on
          each March 25 and September 25, commencing on March 25, 2021. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed. The Company shall pay
          interest on overdue principal (to the full extent permitted by law) at the rate borne by the 2050 Notes.

        

        

        (2)          Method of Payment. The Company will pay interest to those persons in whose name a 2050 Note is registered on the 2050 Note register at the close of business on the 15th calendar day that precedes
          each Interest Payment Date, whether or not such day is a Business Day. Interest on the 2050 Notes will accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid.  If the date on which
          any interest payment or principal payment is to be made is not a Business Day, such payment will be made on the next day which is a Business Day, without any further interest or other amounts being paid or payable in connection therewith.

        

        

        (3)          Paying Agent, Transfer Agent and Registrar. Initially, Citibank, N.A. (the “Agent”) will act as a Paying Agent, Transfer Agent and Registrar. The Company
          may change any Paying Agent, Transfer Agent or Registrar without notice to the Holders of the 2050 Notes. The Company or any of its subsidiaries may act as Paying Agent, Transfer Agent or Registrar.

        

        

        (4)          Indenture. The Company issued the 2050 Notes under an indenture dated as of September 6, 2019 (the “Indenture”) and a supplemental indenture dated as of
          September 25, 2020 (the “Supplemental Indenture No. 11”), in each case among the Company, the Guarantors, the Trustee and the Agent. This is one of an issue of Notes of the Company issued, or to be issued,
          under the Indenture. The terms of the 2050 Notes include those stated in the Indenture and the Supplemental Indenture No. 11. The 2050 Notes are subject to all such terms, and Holders of the 2050 Notes are referred to the Indenture and the
          Supplemental Indenture No. 11 for a statement of them. Capitalized and certain other terms used and not otherwise defined herein have the meanings set forth in the Indenture or the Supplemental Indenture No. 11 (as applicable).

        

        

        (5)          Optional Redemption. At any time and from time to time before the Par Call Date, the Company may redeem the 2050 Notes, in whole or in part, at the Company’s option, upon not less than 10 nor more
          than 30 days’ prior notice, at a price equal to the greater of:

        

        

        (1)          100% of the aggregate principal amount of any 2050 Notes being redeemed, and

        

        

        
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        (2)          as determined by the Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming
          a 360-day year consisting of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed) at the Treasury Rate, plus 40 basis points,

        

        

        together with, in each case, accrued and unpaid interest on the principal amount of the 2050 Notes to be redeemed to, but excluding, the Redemption Date.

        

        

        On or after the Par Call Date of the 2050 Notes, the 2050 Notes will be redeemable in whole at any time or in part, from time to time, at the Company’s option, upon at least 10 days’ but no more than 30 days’ prior
          notice, at a price equal to 100% of the principal amount of the 2050 Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

        

        

        The 2050 Notes are also redeemable by the Company, in whole but not in part, at 100% of the principal amount of the 2050 Notes plus any accrued and unpaid interest to the Redemption Date (including any Additional
          Amounts) at the Company’s option at any time prior to their maturity if, due to a Change in Tax Law: (i) the Company or any Guarantor, in accordance with the Supplemental Indenture No. 11, has, or would, become obligated to pay any Additional
          Amounts to the Holders of the 2050 Notes; (ii) in the case of any Guarantor, (A) the Parent would be unable, for reasons outside its control, to procure payment by the Company or any other Guarantor or (B) the procuring of such payment by the
          Company and each such other Guarantor would be subject to withholding taxes imposed by a Relevant Taxing Jurisdiction; and (iii) such obligation cannot otherwise be avoided by such Guarantor, the Parent or the Company, taking reasonable measures
          available to it.

        

        

        (6)          Redemption Procedures. If the Company elects to redeem less than all of the 2050 Notes at any time, in the case of 2050 Notes issued in definitive form, the 2050 Notes to be redeemed shall be
          selected in accordance with applicable procedures of the Depositary.

        

        

        (7)          Notice of Redemption. Notices of redemption shall be transmitted at least 10 but not more than 30 days before the Redemption Date to each Holder of 2050 Notes to be redeemed in accordance with
          Section 10.01 of the Indenture. If the 2050 Notes are to be redeemed in part only, the notice of redemption that relates to such 2050 Notes will state the portion of the principal amount thereof that is to be redeemed. Any redemption may, at the
          Company’s sole discretion, be subject to the satisfaction of one or more conditions precedent. In the event of a conditional redemption, the notice of conditional redemption shall reflect and specify the conditions to the redemption. Once the
          notice of redemption is delivered, 2050 Notes called for redemption shall, subject to the satisfaction of any applicable conditions, become irrevocably due and payable on the Redemption Date.

        

        

        (8)          Denominations, Transfer, Exchange. The 2050 Notes shall be issuable only in fully registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
          A Holder may transfer or exchange 2050 Notes in accordance with the Indenture.

        

        

        
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        (9)          Persons Deemed Owners. The Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the 2050 Global Notes for all purposes
          whatsoever.

        

        

        (10)          Unclaimed Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its request or, if such
          money is then held by the Company in trust, such money shall be released from such trust. After that, Holders of the 2050 Notes entitled to the money must look only to the Company for payment as general creditors unless applicable abandoned
          property law designates another Person.

        

        

        (11)          Amendment, Supplement, Waiver, Etc. The Company, the Guarantors and the Trustee may modify or amend the Indenture, the 2050 Notes or the Guarantees without the consent of any Holder to, among
          other things, cure any ambiguity, or to correct or supplement any provision contained in the Indenture, the 2050 Notes or the Guarantees and add to the covenants, or the restrictions, conditions or provisions applicable to, the Company and
          Guarantors, as the case may be, such further covenants, restrictions, conditions or provisions as the Company and any Guarantor, as the case may be, shall consider to be for the protection of the Holders of the applicable 2050 Notes issued
          pursuant to the Indenture. Other amendments and modifications of the Indenture or the 2050 Notes may be made by the Company and the Trustee with the consent of the Holders of a majority of the aggregate principal amount of all series of Notes
          affected by such amendments or modifications (voting as one class), subject to certain exceptions requiring the consent of each of the Holders of the 2050 Notes to be affected.

        

        

        (12)          Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event of Default with respect to the 2050 Notes (other than an
          Event of Default specified in Section 5.01 (vii), (viii) or (ix) of the Indenture with respect to the Company or any Guarantor) shall have occurred and be continuing, unless the principal of all the 2050 Notes shall have already become due and
          payable, the Holders of not less than 25% in aggregate principal amount of the 2050 Notes then outstanding, by notice in writing to the Company, each Guarantor and the Trustee, may declare the entire principal amount of all 2050 Notes and
          interest accrued and unpaid thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, without any further declaration or other act on the part of any Holder of the 2050
          Notes. If certain Events of Default specified in Section 5.01 (vii), (viii) or (ix) of the Indenture occur with respect to the Company and are continuing, the principal amount of and accrued and unpaid interest on all the 2050 Notes issued
          pursuant to the Indenture shall become immediately due and payable, without any declaration or other act on the part of the Trustee or any Holder of the 2050 Notes. The Trustee shall be under no obligation to exercise any of its rights or powers
          under the Indenture at the request or direction of any of the Holders of the 2050 Notes, unless such Holders have offered to the Trustee security or indemnity satisfactory to the Trustee. Except in the case of a Default or Event of Default in
          payment of the principal of, premium, if any, or interest on any 2050 Note (including payments pursuant to a redemption or repurchase of the 2050 Notes pursuant to the provisions of the Indenture), the Trustee may withhold the notice if and so
          long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of the 2050 Notes.

        

        

        
          6

          
            

        

        

        

        

        

        (13)          Trustee Dealings with Company. The Trustee in its individual or any other capacity may become the owner or pledgee of 2050 Notes and may make loans to, accept deposits from, perform services for
          or otherwise deal with the Company or any Affiliate thereof with the same rights it would have if it were not Trustee.

        

        

        (14)          No Recourse Against Others. No director, officer, employee or stockholder of the Company or any of the Guarantors, past, present or future, will have any liability for any of the Company’s or
          such Guarantor’s obligations under the 2050 Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of 2050 Notes by accepting a Note waives and releases all such
          liability. The waiver and release are part of the consideration for issuance of the 2050 Notes.

        

        

        (15)          Discharge. The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the
          payment or cancellation of all the 2050 Notes or upon the irrevocable deposit with the Trustee of United States dollars or U.S. Government Obligations sufficient to pay when due principal of and interest on the 2050 Notes at maturity or
          redemption, as the case may be.

        

        

        (16)          Guarantees. The Company’s obligations under the 2050 Notes are jointly and severally, fully and unconditionally guaranteed, to the extent set forth in the Indenture, by each of the Guarantors.

        

        

        (17)          Authentication. This 2050 Note shall not be valid until the Authentication Agent manually signs the certificate of authentication on this 2050 Note.

        

        

        (18)          Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND
          BE USED TO CONSTRUE THIS 2050 NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

        

        

        (19)          Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TENANT (= tenants by the entireties), JT TEN (= joint tenants
          with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

        

        

        The Company will furnish to any Holder of the 2050 Notes upon written request and without charge a copy of the Indenture. Requests may be made to:

        

        

        B.A.T Capital Corporation

        c/o British American Tobacco p.l.c.

        Globe House

        4 Temple Place

        London WC2R 2PG

        United Kingdom

        Facsimile: +44 (0)20 7845 0555

        Attention: Company Secretary

        

        

        
          7

          
            

        

        

        

        

        

        With a copy (which shall not constitute notice) to:

        

        

        Cravath, Swaine & Moore LLP

        CityPoint, 1 Ropemaker St.

        London EC2Y 9HR

        United Kingdom

        Facsimile: +44 20 7860 1150

        Attention: Alyssa K. Caples

        

        

        

        

        
          8

          
            

        

        

        

        

        

        ASSIGNMENT

        

        

        I or we assign and transfer this 2050 Note to:

        

        

        

        

        	 
	
                (Insert assignee’s social security or tax I.D. number)

              

        

        

        

        

        	 
	
                (Print or type name, address and zip code of assignee)

              

        

        

        

        

        and irrevocably appoint:

        

        

        

        

        as Transfer Agent to transfer this 2050 Note on the books of the Company. The Transfer Agent may substitute another to act for him.

        

        

        	
                Date:

              	 	 	
                Your Signature:

              	 
	 	 	 	 	(Sign exactly as your name appears on the face of this Note)
	 	 	 	
                

                

              

        

        

        	
                Signature Guarantee:

              	 	 

        

        

        

        

        SIGNATURE GUARANTEE

        

          Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion
            Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

        

        

        

        

        

        
          9

          
            

        

        

        

        SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

        

        

        The following increases or decreases in this Global Note have been made:

        

        

        	
                Date of Exchange

                 

              	 	
                Amount of decrease in Principal Amount of this Global Note

                 

              	 	
                Amount of increase in Principal Amount of this Global Note

                 

              	 	
                Principal Amount of this Global Note following such decrease or increase

                 

              	 	
                Signature of authorized signatory of Trustee or Notes Custodian

                 

              

        

        

        

        

        

        

        

        

        

        

      

      10Exhibit 4.6

  

  

  

  
    
      SUPPLEMENTAL INDENTURE NO. 1 (this “Supplemental Indenture”), dated as of September 25, 2020, among B.A.T. International Finance p.l.c., a public limited company incorporated
        under the laws of England and Wales (the “Company”), as issuer, British American Tobacco p.l.c., a public limited company incorporated under the laws of England and Wales (the “Parent”), B.A.T Capital Corporation, a corporation incorporated in the state of Delaware (“BATCAP”), B.A.T. Netherlands Finance B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands (“BATNF”), and, until its guarantee is released in accordance with
        the Base Indenture (if ever), Reynolds American Inc., a North Carolina corporation (“RAI”), as guarantors (the “Guarantors”) and Citibank, N.A., as trustee (the “Trustee”).

      

      

      W I T N E S S E T H

      

      

      WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of September 25, 2020 (the “Base Indenture”), providing for the issuance from
        time to time of an unlimited aggregate principal amount of guaranteed debt securities;

      

      

      WHEREAS, Section 7.01(g) of the Base Indenture provides that without the consent of any Holder, the Company, the Guarantors and the Trustee may amend or supplement the Base Indenture in order to, among other things,
        issue an unlimited aggregate principal amount of notes under the Base Indenture;

      

      

      WHEREAS, pursuant to Section 7.01(g) of the Base Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture;

      

      

      WHEREAS, the Company and the Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Supplemental Indenture;

      

      

      WHEREAS, as contemplated by Section 2.01 of the Base Indenture, the Company intends to issue, and the Guarantors intend to guarantee, a new series of guaranteed debt securities to be known as the Company’s “1.668%
        Notes due 2026” under the Base Indenture.

      

      

      NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable
        benefit of the Holders of the 2026 Notes (as defined below) as follows:

      

      

      

      

      ARTICLE I

      

      

      Definitions and Other Provisions of General Application

      

      

      SECTION 1.01.          Definitions.

      

      

      Except as otherwise expressly provided in this Supplemental Indenture, all terms used in this Supplemental Indenture which are defined in the Base Indenture shall have the meanings ascribed to them by the Base
        Indenture.

      

      

      
        
          

      

      

      

      

      

      SECTION 1.02.          Effect of Headings.

      

      

      The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

      

      

      SECTION 1.03.          Separability Clause.

      

      

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

      

      

      SECTION 1.04.          Benefits of Instrument.

      

      

      Nothing in this Supplemental Indenture expressed, and nothing that may be implied from any of the provisions hereof, is intended, or shall be construed, to confer upon, or to give to, any Person other than the parties
        hereto and their successors and the Holders of the 2026 Notes any benefit or any right, remedy or claim under, or by reason of, this Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all covenants,
        conditions, stipulations, promises and agreements contained in this Supplemental Indenture shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of the 2026 Notes.

      

      

      

      

      ARTICLE II

      

      

      1.668% Notes due 2026

      

      

      SECTION 2.01.          Creation of Series.

      

      

      There is hereby established a new series of Notes under the Base Indenture entitled “1.668% Notes due 2026” (the “2026 Notes”). The form
        of the 2026 Notes, including the form of the certificate of authentication, is attached hereto as Exhibit A.

      

      

      The Company shall issue the 2026 Notes in an aggregate principal amount of $1,500,000,000. The Company may from time to time, without the consent of the Holders of the 2026 Notes, “reopen” the series of 2026 Notes and
        create and issue additional Notes having substantially identical terms and conditions as the 2026 Notes (or in all respects except as to issue price, denomination, rate of interest, maturity date and the date from which interest, if any, shall
        accrue, and except as may otherwise be provided in or pursuant to such Officer’s Certificate or supplemental indenture relating thereto) so that the additional Notes are consolidated and form a single series with the outstanding 2026 Notes.

      

      

      The 2026 Notes initially shall be represented by one or more 2026 Notes of the same series in registered, global form without interest coupons. The global notes representing the 2026 Notes (collectively, the “2026 Global Notes”) initially shall be (i) registered in the name of the Depository Trust Company (the “Depositary”) or the
        nominee of such Depositary, in each case for credit to an account of a member of, or direct or indirect participant in, the Depositary; and (ii) delivered to Citibank, N.A. as custodian for such Depositary.

      

      

      
        
          

      

      

      

      

      

      (a)          The maturity date of the principal of the 2026 Notes shall be March 25, 2026 (the “Maturity Date”).

      

      

      (b)          The outstanding principal amount of the 2026 Notes shall accrue interest at a rate equal to 1.668% per annum, as provided in Section 2.03.

      

      

      (c)          Unless supplemented or superseded in this Supplemental Indenture, the terms of the 2026 Notes, including any Events of Default and
          covenants of the Company and the Guarantors are consistent with the Base Indenture and set forth therein.

      

      

      SECTION 2.02.          Guarantee.

      

      

      Subject to the terms and applicable limitations set forth in the Base Indenture and the form of 2026 Notes, each Guarantor, hereby jointly and severally, fully, unconditionally and irrevocably guarantees the 2026 Notes
        and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Authentication Agent, and to the Trustee on behalf of such Holder, that (i) the principal of (and premium, if any)
        and interest on the 2026 Notes will be paid in full when due, whether at the Maturity Date, by acceleration or otherwise (including, without limitation, the amount that would become due but for the operation of any automatic stay provision of any
        Bankruptcy Law), together with interest on the overdue principal, if any, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be paid in full or performed, all in accordance with the terms hereof and
        thereof; and (ii) in case of any extension of time of payment or renewal of any 2026 Notes or of any such other obligations, the same will be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at
        the Maturity Date, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 9.03 of the Base Indenture.

      

      

      SECTION 2.03.          Interest.

      

      

      The 2026 Notes shall bear interest at a rate equal to 1.668% per annum. The 2026 Notes will bear interest from the date of the initial issuance of such 2026 Notes or from the most recent interest payment date to which
        interest has been paid or provided for, payable semi-annually in arrear on  March 25 and September 25 of each year (each, an “Interest Payment Date”), commencing on March 25, 2021 until the Maturity Date,
        unless previously purchased or redeemed by the Company, to the person in whose name any Note is registered at the close of business on the 15th calendar day preceding each Interest Payment Date, whether or not such day is a Business Day (each, a “Record Date”) notwithstanding any transfer or exchange of such 2026 Notes subsequent to the Record Date and prior to such Interest Payment Date, except that, if and to the extent the Company shall default in the
        payment of the interest due on such Interest Payment Date, and the applicable grace period shall have expired, such defaulted interest may at the option of the Company be paid to the persons in whose names the outstanding 2026 Notes are registered
        at the close of business on a subsequent Record Date (which shall not be less than five Business Days prior to the date of payment of such defaulted interest) established by notice sent by or on behalf of the Company to the Holders (which term
        means registered holders) of the 2026 Notes, not less than 15 days preceding such subsequent Record Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months, or in the case of an incomplete month, the number
        of days elapsed. If the date on which any interest payment or principal payment is to be made is not a Business Day, such payment will be made on the next day which is a Business Day, without any further interest or other amounts being paid or
        payable in connection therewith.

      

      

      
        
          

      

      

      

      

      

      SECTION 2.04.          Place of Payment.

      

      

      The place or places where the principal of, and premium, if any, and interest, if any, and Additional Amounts, if any, on the 2026 Notes shall be payable, the place or places where any 2026 Notes may be surrendered for
        registration, transfer or exchange and the place or places where notices and demands to or upon the Company in respect of the 2026 Notes may be served are as set forth in the Base Indenture.

      

      

      SECTION 2.05.          Optional Redemption.

      

      

      The Company may redeem the 2026 Notes, in whole or in part, at the Company’s option, at any time and from time to time before the Par Call Date (as defined below), at a redemption price equal to the greater of (x) 100%
        of the principal amount of the 2026 Notes to be redeemed and (y) as determined by the Independent Investment Banker (as defined below), the sum of the present values of the applicable Remaining Scheduled Payments (as defined below) discounted to
        the date of redemption (the “Redemption Date”) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed) at the
        Treasury Rate (as defined below) plus 25 basis points, together with accrued and unpaid interest on the principal amount of the 2026 Notes to be redeemed to, but excluding, the Redemption Date.

      

      

      If the Company elects to redeem the 2026 Notes on or after the Par Call Date, the Company will pay an amount equal to 100% of the principal amount of the 2026 Notes redeemed, plus accrued and unpaid interest, if any,
        to, but excluding, the date of redemption.

      

      

      In connection with such optional redemption the following defined terms apply:

      

      

      	

            	●	
              Comparable Treasury Issue means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary
                financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the 2026 Notes to the Par Call Date.

            

      

      

      	

            	●	
              Comparable Treasury Price means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest
                of such Reference Treasury Dealer Quotations or (B) if the Independent Investment Banker for the 2026 Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

            

      

      

      
        
          

      

      

      

      

      

      	

            	●	
              Independent Investment Banker means one of the Reference Treasury Dealers (as defined below) appointed by the Company to act as the “Independent Investment Banker”.

            

      

      

      	

            	●	
              Par Call Date means February 25, 2026 (one month prior to the Maturity Date of the 2026 Notes).

            

      

      

      	

            	●	
              Reference Treasury Dealer means each of BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc., SG Americas Securities, LLC and Wells
                Fargo Securities, LLC and their respective successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company; provided,
                  however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor
                another nationally recognized investment banking firm that is a Primary Treasury Dealer.

            

      

      

      	

            	●	
              Reference Treasury Dealer Quotation means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on
                the third Business Day immediately preceding that Redemption Date.

            

      

      

      	

            	●	
              Remaining Scheduled Payments means, with respect to each 2026 Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due from and
                including the related Redemption Date, but for such redemption, to but excluding the Par Call Date; provided, however, that if that Redemption Date is not an Interest Payment Date with respect to
                such 2026 Notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date.

            

      

      

      	

            	●	
              Treasury Rate means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding
                that Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date.

            

      

      

      Notice of any optional redemption will be given in accordance with the Base Indenture at least 10 days but not more than 30 days before the Redemption Date to each Holder of the 2026 Notes to be redeemed.  Any
        redemption may, at the Company’s sole discretion, be subject to the satisfaction of one or more conditions precedent. In the event of a conditional redemption, the notice of conditional redemption shall reflect and specify the conditions to the
        redemption. Once the notice of redemption is delivered, Notes called for redemption shall, subject to the satisfaction of any applicable conditions, become irrevocably due and payable on the Redemption Date.

      

      

      
        
          

      

      

      

      

      

      If less than all the 2026 Notes are to be redeemed pursuant to this Section 2.05, in the case of a redemption at the Company’s option, the 2026 Notes to be redeemed shall be selected in accordance with applicable
        procedures of DTC.

      

      

      SECTION 2.06.          Redemption for Tax Reasons.

      

      

      The ability of the Company to redeem the 2026 Notes due to a Change in Tax Law is as set forth in the Base Indenture.

      

      

      SECTION 2.07.          Additional Amounts.

      

      

      The applicability of payments of Additional Amounts under the 2026 Notes is as set forth in the Base Indenture. The Company is not required to pay Additional Amounts, except to the extent described in Section 4.10 of
        the Base Indenture.

      

      

      

      

      ARTICLE III

      

      

      Miscellaneous Provisions

      

      

      SECTION 3.01.          Effectiveness. This Supplemental Indenture will become effective upon its execution and
          delivery.

      

      

      SECTION 3.02.          Original Issue. The 2026 Notes may, upon execution of this Supplemental Indenture, be
          executed by the Company and delivered by the Company to the Trustee, as Authentication Agent, for authentication, and the Authentication Agent shall, upon Company order, authenticate and deliver such 2026 Notes as in such Company order provided.

      

      

      SECTION 3.03.          Ratification and Integral Part. The Base Indenture, as supplemented by this
          Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture will be deemed an integral part of the Base Indenture in the manner and to the extent herein and therein provided.

      

      

      SECTION 3.04.          Priority. This Supplemental Indenture shall be deemed part of the Base Indenture in the
          manner and to the extent herein and therein provided. The provisions of this Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Base Indenture with respect to the 2026 Notes to the extent the Base Indenture
          is inconsistent herewith.

      

      

      SECTION 3.05.          Successors and Assigns. All covenants and agreements in the Base Indenture, as
          supplemented and amended by this Supplemental Indenture, by the Company and the Guarantors will bind their respective successors and assigns, whether so expressed or not.

      

      

      SECTION 3.06.          NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT
          LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
          THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

      

      

      
        
          

      

      

      

      

      

      SECTION 3.07.          Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
          Each signed copy shall be an original, but all of them together represent the same agreement.

      

      

      SECTION 3.08.          The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
          respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantors.

       

        

      

      

      [Remainder of page intentionally left blank.]

       

      

    

    
      7

      
        

    

    

    

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

    

    
       

      

      

        
          	 	
                  
                    B.A.T. INTERNATIONAL FINANCE P.L.C.

                  

                   

                  

                	 
	 	 	 	 
	

                	
                  By: 

                	/s/ Neil Wadey

                	 
	 	 	Name:   Neil Wadey 	 
	 	 	Title:     Director

                	 
	 	 	 	 

        

        

        

        

        

        
          

          

          
            	 	
                    BRITISH AMERICAN TOBACCO P.L.C.

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	/s/ Tadeu Marroco

                  	 
	 	 	Name:   Tadeu Marroco 	 
	 	 	Title:      Director

                  	 
	 	 	 	 

          

          

          

        

        

        

        
          

          

          
            	 	
                    B.A.T. NETHERLANDS FINANCE B.V.

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	/s/ JEP Bollen

                  	 
	 	 	Name:   JEP Bollen	 
	 	 	Title:     Director

                  	 
	 	 	 	 
	 	 	 	 
	 	By:

                  	/s/ HMJ Lina

                  	 
	 	 	Name:   HMJ Lina 	 
	 	 	Title:     Director

                  	 

          

          

          

          

          

          
            

            

            
              	 	
                      B.A.T CAPITAL CORPORATION

                       

                      

                    	 
	 	 	 	 
	

                    	
                      By: 

                    	/s/ Caroline M. Price

                    	 
	 	 	Name:   Caroline M. Price	 
	 	 	Title:     Treasurer

                    	 
	 	 	 	 

            

            

            

            

            

            
              

              

              
                	 	
                        REYNOLDS AMERICAN INC.

                         

                        

                      	 
	 	 	 	 
	

                      	
                        By: 

                      	/s/ John R. Whitener

                      	 
	 	 	Name:   John R. Whitener	 
	 	 	
                        Title:     SVP Controller - Finance and

                                      Accounting and Treasurer

                      	 
	 	 	 	 

              

            

          

        

        

        

        

        

        

        

        

        
          [Signature Page to Supplemental Indenture No. 1]

        

        
          
            

        

        

        

        
          

          

          
            	 	
                    CITIBANK, N.A.,

                    as Trustee

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	/s/ Kerry Hehir

                  	 
	 	 	Name:   Kerry Hehir	 
	 	 	Title:     Senior Trust Officer

                  	 
	 	 	 	 

          

          

          

        

        

        

        

        

        

        

        [Signature Page to Supplemental Indenture No. 1]

        
          
            

        

        
        

        

        EXHIBIT A

        

        

        CUSIP No. 05530Q AN0

        

        

        B.A.T. INTERNATIONAL FINANCE P.L.C.

        

        

        	
                No. [●]

              	
                $[●]

              

        

        

        1.668% NOTE DUE 2026

        

        

        B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales (the “Company”), for value received, promises
          to pay to CEDE & CO. or registered assigns the principal sum of $[●], on March 25, 2026.

        

        

        Interest Payment Dates: March 25 and September 25, commencing on March 25, 2021.

        

        

        Record Dates: at the close of business on the 15th calendar day that precedes the related Interest Payment Date, whether or not such day is a Business Day.

        

        

        Reference is made to the further provisions of this 2026 Note contained herein, which will for all purposes have the same effect as if set forth at this place.

        

        

        IN WITNESS WHEREOF, the Company has caused this 2026 Note to be signed manually or by facsimile by one of its duly authorized officers.

        

        

        

        

        
          1

          
            

        

        

        

        
          

          

          

          

          
            	 	
                    
                      B.A.T. INTERNATIONAL FINANCE P.L.C.

                    

                     

                    

                  	 
	 	 	 	 
	

                  	
                    By: 

                  	

                  	 
	 	 	Name:   

                  	 
	 	 	Title:     

                  	 
	 	 	 	 

          

          

          

        

        

        

        

        
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        Certificate of Authentication

        

        

        This is one of the 1.668% Notes due 2026 referred to in the within-mentioned Supplemental Indenture.

        

        

        	 	
                CITIBANK, N.A.,

              
	 	 
	 	
                as Authentication Agent

              
	 	 
	 	 
	 	
                By:

              	 	 
	 	 	
                Authorized Signatory

              

        

        

        

        

        Dated:

        

         

        

         

        

        
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          B.A.T INTERNATIONAL FINANCE P.L.C.

          

          

          

          1.668% NOTE DUE 2026

          

          

          (1)          Interest. B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales, as issuer (the “Company”),
            promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 1.668% per annum. Interest on the 1.668% Notes due 2026 (the “2026 Notes”) will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including September 25, 2020, to but excluding the date on which interest is paid.
            Interest shall be payable in arrears on each March 25 and September 25, commencing on March 25, 2021. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months or, in the case of an incomplete month, the number
            of days elapsed. The Company shall pay interest on overdue principal (to the full extent permitted by law) at the rate borne by the 2026 Notes.

          

          

          (2)          Method of Payment. The Company will pay interest to those persons in whose name a Note is registered on the Note register at the close of business on the 15th calendar day that precedes each
            Interest Payment Date, whether or not such day is a Business Day. Interest on the 2026 Notes will accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid.  If the date on which
            any interest payment or principal payment is to be made is not a Business Day, such payment will be made on the next day which is a Business Day, without any further interest or other amounts being paid or payable in connection therewith.

          

          

          (3)          Paying Agent, Transfer Agent and Registrar. Initially, Citibank, N.A. (the “Agent”) will act as a Paying Agent, Transfer Agent and Registrar. The Company
            may change any Paying Agent, Transfer Agent or Registrar without notice to the Holders of the 2026 Notes. The Company or any of its subsidiaries may act as Paying Agent, Transfer Agent or Registrar.

          

          

          (4)          Indenture. The Company issued the 2026 Notes under an indenture dated as of September 25, 2020 (the “Indenture”) and a supplemental indenture dated as of
            September 25, 2020 (the “Supplemental Indenture No. 1”), in each case among the Company, the Guarantors, the Trustee and the Agent. This is one of an issue of Notes of the Company issued, or to be
            issued, under the Indenture. The terms of the 2026 Notes include those stated in the Indenture and the Supplemental Indenture No. 1. The 2026 Notes are subject to all such terms, and Holders of the 2026 Notes are referred to the Indenture and
            the Supplemental Indenture No. 1 for a statement of them. Capitalized and certain other terms used and not otherwise defined herein have the meanings set forth in the Indenture or the Supplemental Indenture No. 1 (as applicable).

          

          

          (5)          Optional Redemption. At any time and from time to time before the Par Call Date, the Company may redeem the 2026 Notes, in whole or in part, at the Company’s option, upon not less than 10 nor
            more than 30 days’ prior notice, at a price equal to the greater of:

          

          

          (1)          100% of the aggregate principal amount of any 2026 Notes being redeemed, and

          

          

          
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          (2)          as determined by the Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis
            (assuming a 360-day year consisting of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed) at the Treasury Rate, plus 25 basis points,

          

          

          together with, in each case, accrued and unpaid interest on the principal amount of the 2026 Notes to be redeemed to, but excluding, the Redemption Date.

          

          

          On or after the Par Call Date of the 2026 Notes, the 2026 Notes will be redeemable in whole at any time or in part, from time to time, at the Company’s option, upon at least 10 days’ but no more than 30 days’ prior
            notice, at a price equal to 100% of the principal amount of the 2026 Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

          

          

          The 2026 Notes are also redeemable by the Company, in whole but not in part, at 100% of the principal amount of the 2026 Notes plus any accrued and unpaid interest to the Redemption Date (including any Additional
            Amounts) at the Company’s option at any time prior to their maturity if, due to a Change in Tax Law: (i) the Company or any Guarantor, in accordance with the Supplemental Indenture No. 1, has, or would, become obligated to pay any Additional
            Amounts to the Holders of the 2026 Notes; (ii) in the case of any Guarantor, (A) the Parent would be unable, for reasons outside its control, to procure payment by the Company or any other Guarantor or (B) the procuring of such payment by the
            Company and each such other Guarantor would be subject to withholding taxes imposed by a Relevant Taxing Jurisdiction; and (iii) such obligation cannot otherwise be avoided by such Guarantor, the Parent or the Company, taking reasonable
            measures available to it.

          

          

          (6)          Redemption Procedures. If the Company elects to redeem less than all of the 2026 Notes at any time, in the case of 2026 Notes issued in definitive form, the 2026 Notes to be redeemed shall be
            selected in accordance with applicable procedures of the Depositary.

          

          

          (7)          Notice of Redemption. Notices of redemption shall be transmitted at least 10 but not more than 30 days before the Redemption Date to each Holder of 2026 Notes to be redeemed in accordance with
            Section 10.01 of the Indenture. If the 2026 Notes are to be redeemed in part only, the notice of redemption that relates to such 2026 Notes will state the portion of the principal amount thereof that is to be redeemed. Any redemption may, at
            the Company’s sole discretion, be subject to the satisfaction of one or more conditions precedent. In the event of a conditional redemption, the notice of conditional redemption shall reflect and specify the conditions to the redemption. Once
            the notice of redemption is delivered, 2026 Notes called for redemption shall, subject to the satisfaction of any applicable conditions, become irrevocably due and payable on the Redemption Date.

          

          

          (8)          Denominations, Transfer, Exchange. The 2026 Notes shall be issuable only in fully registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess
            thereof. A Holder may transfer or exchange 2026 Notes in accordance with the Indenture.

          

          

          
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          (9)          Persons Deemed Owners. The Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the 2026 Global Notes for all purposes
            whatsoever.

          

          

          (10)          Unclaimed Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its request or, if such
            money is then held by the Company in trust, such money shall be released from such trust. After that, Holders of the 2026 Notes entitled to the money must look only to the Company for payment as general creditors unless applicable abandoned
            property law designates another Person.

          

          

          (11)          Amendment, Supplement, Waiver, Etc. The Company, the Guarantors and the Trustee may modify or amend the Indenture, the 2026 Notes or the Guarantees without the consent of any Holder to, among
            other things, cure any ambiguity, or to correct or supplement any provision contained in the Indenture, the 2026 Notes or the Guarantees and add to the covenants, or the restrictions, conditions or provisions applicable to, the Company and
            Guarantors, as the case may be, such further covenants, restrictions, conditions or provisions as the Company and any Guarantor, as the case may be, shall consider to be for the protection of the Holders of the applicable 2026 Notes issued
            pursuant to the Indenture. Other amendments and modifications of the Indenture or the 2026 Notes may be made by the Company and the Trustee with the consent of the Holders of a majority of the aggregate principal amount of all series of Notes
            affected by such amendments or modifications (voting as one class), subject to certain exceptions requiring the consent of each of the Holders of the 2026 Notes to be affected.

          

          

          (12)          Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event of Default with respect to the 2026 Notes (other than an
            Event of Default specified in Section 5.01 (vii), (viii) or (ix) of the Indenture with respect to the Company or any Guarantor) shall have occurred and be continuing, unless the principal of all the 2026 Notes shall have already become due and
            payable, the Holders of not less than 25% in aggregate principal amount of the 2026 Notes then outstanding, by notice in writing to the Company, each Guarantor and the Trustee, may declare the entire principal amount of all 2026 Notes and
            interest accrued and unpaid thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, without any further declaration or other act on the part of any Holder of the 2026
            Notes. If certain Events of Default specified in Section 5.01 (vii), (viii) or (ix) of the Indenture occur with respect to the Company and are continuing, the principal amount of and accrued and unpaid interest on all the 2026 Notes issued
            pursuant to the Indenture shall become immediately due and payable, without any declaration or other act on the part of the Trustee or any Holder of the 2026 Notes. The Trustee shall be under no obligation to exercise any of its rights or
            powers under the Indenture at the request or direction of any of the Holders of the 2026 Notes, unless such Holders have offered to the Trustee security or indemnity satisfactory to the Trustee. Except in the case of a Default or Event of
            Default in payment of the principal of, premium, if any, or interest on any 2026 Note (including payments pursuant to a redemption or repurchase of the 2026 Notes pursuant to the provisions of the Indenture), the Trustee may withhold the notice
            if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of the 2026 Notes.

          

          

          
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          (13)          Trustee Dealings with Company. The Trustee in its individual or any other capacity may become the owner or pledgee of 2026 Notes and may make loans to, accept deposits from, perform services
            for or otherwise deal with the Company or any Affiliate thereof with the same rights it would have if it were not Trustee.

          

          

          (14)          No Recourse Against Others. No director, officer, employee or stockholder of the Company or any of the Guarantors, past, present or future, will have any liability for any of the Company’s or
            such Guarantor’s obligations under the 2026 Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of 2026 Notes by accepting a Note waives and releases all such
            liability. The waiver and release are part of the consideration for issuance of the 2026 Notes.

          

          

          (15)          Discharge. The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the
            payment or cancellation of all the 2026 Notes or upon the irrevocable deposit with the Trustee of United States dollars or U.S. Government Obligations sufficient to pay when due principal of and interest on the 2026 Notes at maturity or
            redemption, as the case may be.

          

          

          (16)          Guarantees. The Company’s obligations under the 2026 Notes are jointly and severally, fully and unconditionally guaranteed, to the extent set forth in the Indenture, by each of the Guarantors.

          

          

          (17)          Authentication. This 2026 Note shall not be valid until the Authentication Agent manually signs the certificate of authentication on this 2026 Note.

          

          

          (18)          Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND
            BE USED TO CONSTRUE THIS 2026 NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

          

          

          (19)          Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TENANT (= tenants by the entireties), JT TEN (= joint tenants
            with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

          

          

          The Company will furnish to any Holder of the 2026 Notes upon written request and without charge a copy of the Indenture. Requests may be made to:

          

          

          B.A.T. International Finance p.l.c.

          c/o British American Tobacco p.l.c.

          Globe House

          4 Temple Place

          London WC2R 2PG

          United Kingdom

          Facsimile: +44 (0)20 7845 0555

          Attention: Company Secretary

          

          

          
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          With a copy (which shall not constitute notice) to:

          

          

          Cravath, Swaine & Moore LLP

          CityPoint, 1 Ropemaker St.

          London EC2Y 9HR

          United Kingdom

          Facsimile: +44 20 7860 1150

          Attention: Alyssa K. Caples

          

          

        

        

        
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        ASSIGNMENT

        

        

        I or we assign and transfer this 2026 Note to:

        

        

        

        

        	 
	
                (Insert assignee’s social security or tax I.D. number)

              

        

        

        

        

        	 
	
                (Print or type name, address and zip code of assignee)

              

        

        

         

        

        and irrevocably appoint:

        

        

        

        

        as Transfer Agent to transfer this 2026 Note on the books of the Company. The Transfer Agent may substitute another to act for him.

         

        

         

        

        	
                Date:

              	 	 	
                Your Signature:

              	 
	 	 	 	 	(Sign exactly as your name appears on the face of this Note)
	 	 	 	
                

                

              

        

        

        	
                Signature Guarantee:

              	 	 

        

        

        

        

        SIGNATURE GUARANTEE

        

          Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer
            Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

        

        

        

        

        

        
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        SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

        

        

        The following increases or decreases in this Global Note have been made:

        

        

        	
                Date of Exchange

                 

              	 	
                Amount of decrease in Principal Amount of this Global Note

                 

              	 	
                Amount of increase in Principal Amount of this Global Note

                 

              	 	
                Principal Amount of this Global Note following such decrease or increase

                 

              	 	
                Signature of authorized signatory of Trustee or Notes Custodian

                 

              

        

        

        

        

        

        

        

        

        

        

      

    

    

    

    

    

    

    

  

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