Document:

EX-10.1

 Exhibit 10.1 

SUPPORT AGREEMENT AND IRREVOCABLE PROXY 

This SUPPORT AGREEMENT AND IRREVOCABLE PROXY (this “Agreement”), dated as of June 16, 2019, by and among Keane
Investor Holdings LLC, a Delaware limited liability company (the “Stockholder”), C&J Energy Services, Inc. a Delaware corporation (“Crown”) and Cerberus Capital Management, L.P., a Delaware limited partnership
(“Cerberus”). Capitalized terms used herein but not defined shall have the meanings ascribed thereto in the Merger Agreement (as defined below). 

RECITALS 
 WHEREAS, concurrently
herewith, Crown, Keane Group, Inc., a Delaware corporation (“King”), and King Merger Sub Corp., a Delaware corporation and wholly owned subsidiary of King (“King Sub”), are entering into an Agreement and Plan of
Merger, dated as of the date hereof (the “Merger Agreement”), pursuant to which King Sub will merge with and into Crown (the “Merger”), with Crown surviving the Merger as a wholly owned subsidiary of King,
pursuant to and in accordance with the provisions of the General Corporation Law of the State of Delaware (the “DGCL”), providing for, among other things, each share of common stock of Crown, par value $0.01 per share, being
converted into the right to receive a number of validly issued, fully paid and nonassessable shares of King common stock, par value $0.01 per share (the “King Common Stock”), equal to 1.6149; 

WHEREAS, as of the date hereof, the Stockholder is the beneficial and record owner of that number of shares of King Common Stock, as set forth
on Schedule I to this Agreement; 
 WHEREAS, the board of directors of King (the “King Board”), following the
favorable recommendation of the special committee (such Special Committee comprised of only independent and disinterested members of the King Board, the “Special Committee”), has unanimously (a) determined that the Merger
Agreement and the Transactions, including the issuance of shares of King Common Stock pursuant to the Merger Agreement (the “Share Issuance”), are fair to and in the best interests of King and its stockholders, (b) approved and
declared advisable the Merger Agreement and the Transactions, (c) directed that the Share Issuance be submitted to the holders of King Common Stock and (d) recommended that the stockholders of King vote in favor of the Share Issuance; 

WHEREAS, (i) Cerberus (an Affiliate of the Stockholder) is a party to that certain Margin Loan Agreement, dated as of January 16,
2019, by and among KIH Finance, LLC (a special purpose entity of Cerberus), as the borrower (the “Borrower”), Cerberus, in its capacity as the Cerberus Representative (as defined therein) of the Stockholder, Morgan Stanley Senior
Funding, Inc., as the administrative agent, the lenders party thereto from time to time, and Morgan Stanley & Co. LLC, as the collateral agent and calculation agent (as amended, supplemented, amended and restated on or prior to the date
hereof, the “Loan Agreement”) and (ii) the Borrower and the Stockholder are parties to those certain security and control agreements among such entity and the other parties thereto as in effect on the date hereof (the
“Security Agreements” and together with the Loan Agreement, the “Loan Documents”); and 

 WHEREAS, the Stockholder in its capacity as such, is entering into this Agreement as a
condition and inducement to Crown’s willingness to enter into the Merger Agreement and to consummate the transactions contemplated thereby. 

NOW, THEREFORE, in consideration of the foregoing premises, the Stockholder agrees as follows: 

 

	1.	 The Stockholder represents, warrants and agrees that (a) Schedule I to this Agreement sets forth
the number of shares of King Common Stock (together with any shares of King Common Stock acquired by the Stockholder or any of its Affiliates on or after the date of this Agreement, whether by exercise of the Derivative Securities (as defined below)
or otherwise, the “Shares”) and the number and type of shares of King Common Stock that are issuable upon exercise of outstanding warrants, options or other derivative securities, whether or not exercisable (the
“Derivative Securities”), of which the Stockholder is the record or beneficial owner, (b) the Stockholder owns such Shares and Derivative Securities, free and clear of all liens, charges, encumbrances, voting agreements and
commitments of every kind, except those liens and encumbrances under the Loan Agreement and (c) the Stockholder has the power to vote all Shares without restriction (except any restrictions pursuant to the Loan Documents) and that no proxies
heretofore given in respect of any or all of the Shares are irrevocable and that any such proxies have heretofore been revoked. 

  

	2.	 The Stockholder agrees that it will not, directly or indirectly, sell, transfer, assign, pledge, encumber or
otherwise dispose of any of the Shares, or any interest therein, or any other securities convertible into or exchangeable for King Common Stock (including the Derivative Securities), or any voting rights with respect thereto or enter into any
contract, option or other arrangement or understanding with respect thereto (including any voting trust or agreement and the granting of any proxy), other than: (a) as expressly required by the Loan Documents, as in effect on the date hereof,
or (b) with the prior written consent of Crown. The Stockholder hereby agrees to, subject to the terms of the Loan Documents, authorize and request King to notify its transfer agent that there is a stop transfer order with respect to all of the
Shares and that this Agreement places limits on the voting of the Shares. 

  

	3.	 Unless and until the termination of this Agreement pursuant to paragraph 14, at every meeting of the
stockholders of King called (whether annual or special), and at every postponement or adjournment thereof, the Stockholder irrevocably and unconditionally agrees to (a) appear at such meeting or otherwise cause all of the Shares to be counted
as present thereat for purposes of calculating a quorum and (b) vote all of the Shares entitled to be voted thereat or to cause all of the Shares to be voted thereat (unless otherwise subject to any enforcement action in respect of the Shares
held as collateral under the Loan Documents): (i) in favor of the Share Issuance and (ii) against (A) any proposal made in opposition to the Share Issuance, the adoption of the Merger Agreement or that is intended, that could reasonably be
expected, or the effect of which could reasonably be expected, to impede, interfere with, delay, postpone, discourage, adversely affect, compete or be inconsistent with the Merger, the Share Issuance or any other transaction contemplated by the
Merger Agreement, (B) any Acquisition Proposal and (C) any action or agreement that would result in a breach of any representation, warranty, covenant or agreement or any other obligation of King or King Sub under the Merger Agreement or
of the Stockholder under this Agreement. 

  
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	4.	 Notwithstanding paragraph 3, if the King Board (at the recommendation of the Special Committee) effects
a Change of Recommendation in compliance with the terms and conditions of Section 7.2 of the Merger Agreement in connection with a Superior Proposal, the obligation of the Stockholder to vote the Shares in the manner set forth in
paragraph 3(b) shall apply only with respect to the lesser of (a) all of the Shares of which the Stockholder is the record or beneficial owner and (b) such portion of the Shares equal to 35% of the shares of King
Common Stock in the aggregate. 

  

	5.	 In furtherance of the agreements contained in paragraph 3 of this Agreement and as security for this
Agreement, the Stockholder hereby irrevocably and unconditionally appoints Danielle Hunter and Jan Kees van Gaalen (the “Grantees”), and each of them individually, as the sole and exclusive attorneys-in-fact and proxies of the Stockholder, for and in the name, place and stead of the Stockholder, with full power of substitution and resubstitution, to vote, grant a consent or approval in respect
of, or execute and deliver a proxy to vote, the Shares, subject to (a) the terms and conditions of paragraph 4, (b) the termination of this Agreement pursuant to paragraph 14 or
(c) the lender commencing an enforcement action in respect of the Shares held as collateral under the Loan Documents, (i) in favor of the Share Issuance, (ii) against any matter referred to in
paragraph 3(b)(ii) of this Agreement and (iii) in the discretion of the Grantees, with respect to any proposed postponements or adjournments of any annual or special meeting of the stockholders of King held in
connection with any of the foregoing. The Stockholder hereby affirms that the irrevocable proxy set forth in this paragraph 5 is given in connection with, and in consideration of, the execution of the Merger Agreement by Crown, King and King
Sub, and that such irrevocable proxy is given to secure the performance of the duties of the Stockholder under this Agreement. The Stockholder hereby further affirms that the proxy granted in this paragraph 5 is coupled with an interest and
may under no circumstances be revoked. The Stockholder hereby ratifies and confirms all that the Grantees may lawfully do or cause to be done by virtue hereof. The proxy contained herein with respect to shares of King Common Stock is intended to be
irrevocable in accordance with the provisions of Section 212(e) of the DGCL and is limited to the Shares owned by the Stockholder at the time the vote is to occur, pursuant to the terms and conditions set forth in any proxy statement.

  

	6.	 Each of the Stockholder and Cerberus agrees that during the Standstill Period (defined below), it shall not,
without the prior written consent of Crown (prior to the Effective Time) and the New Board (after the Effective Time), nor shall any of its controlled Affiliates or, to the extent acting on behalf of or in concert with such party, its
Representatives, directly or indirectly, alone or in concert with others, (a) acquire, offer to acquire, or agree to acquire, by purchase, or otherwise, beneficial ownership (as defined in Rule 13d-3 of
the Exchange Act) of, or rights to acquire, (i) any shares of King Common Stock, (ii) any option, warrant, convertible security, stock appreciation right or other right to acquire such ownership, including through any swap agreement or
other security, contract right or derivative position, whether or not presently exercisable, that is exercisable for, converts into or has a settlement payment or mechanism or is priced by reference to or in relation to

  
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the value of King or shares of King Common Stock or (iii) any material assets of King (other than as part of an authorized sale process) or any securities or material assets of any
Subsidiary of King; provided, however, that notwithstanding the foregoing, Cerberus and the Stockholder and each of their controlled Affiliates may acquire beneficial ownership (as defined in Rule 13d-3 under
the Exchange Act) of King Common Stock provided that such beneficial ownership does not result in ownership of 30% or more of the issued and outstanding shares of King Common Stock in the aggregate following such transaction (assuming any stock buy
back transaction announced but not yet consummated by the Company has been consummated as of the time of such acquisition), (b) propose to enter into any merger, business combination or recapitalization transaction involving King or any of its
Subsidiaries, (c) make, or in any way participate in, any “solicitation” of “proxies” (as such terms are used in the proxy rules of the SEC) with respect to shares of King Common Stock, or advise or seek to influence any
Person with respect to the voting of, or giving of consents with respect to, any shares of King Common Stock or any shares or other equity securities of King’s Subsidiaries, (d) seek or propose to influence or control (whether though a
“group,” as such term is used in Rule 13d-5 of the Exchange Act or otherwise) the management, board of directors (or any committee thereof), policies or affairs of King or any of its Subsidiaries,
(e) to the extent doing so would require the public disclosure of such action by King, make any request to waive or amend any provision of this paragraph 6, (f) form, join or in any way participate in a group or act
jointly or in concert with others in connection with any of the foregoing or have any discussions or enter into any arrangements, understandings or agreements (oral or written) with, or advise, finance, assist or encourage, any third party with
respect to any of the matters set forth in this paragraph 6 (it being understood that, without limiting the generality of the foregoing, neither Stockholder nor any of its Affiliates or Representatives shall be permitted to
act as a bidder, a joint bidder or co-bidder with any other Person with respect to King or any of its Subsidiaries), (g) disclose any intention, plan or arrangement inconsistent with any of the foregoing or
(h) advise, assist or encourage any other Persons to do any of the foregoing. The “Standstill Period” means the period commencing on the date of this Agreement and ending upon the earliest to occur of (i) 12 months from
the Effective Time, (ii) 30 days from the date that King fails to honor the Stockholder’s right to appoint designees to the New Board in accordance with the terms of the King Stockholders Agreement, (iii) the date that the Stockholder
and Cerberus, together with their controlled Affiliates, beneficially own less than 5% of the King Common Stock, in the aggregate, and (iv) the date on which King becomes insolvent, files for bankruptcy or reorganizes in connection with a
bankruptcy or insolvency proceeding. As used in this paragraph 6, the term “securities” shall mean any securities of King (including shares of King Common Stock) and any direct or indirect warrants, rights or
options to acquire securities of King. Notwithstanding the foregoing, after the Effective Time, Stockholder shall be permitted to privately communicate to the New Board, a non-public proposal regarding a
transaction in such a manner as would not reasonably be expected to require public disclosure thereof by the Stockholder or King at any time and to negotiate such proposal with the New Board. 

 

	7.	 Each of Stockholder and Cerberus agree that, during the period commencing at the Effective Time and continuing
for forty-five days thereafter, each of Stockholder and Cerberus shall not sell, transfer, assign, pledge, encumber or otherwise dispose of, directly or indirectly, the Shares or any other securities convertible into or exchangeable for King

  
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Common Stock (including Derivative Securities), without the prior written consent of the New Board (which consent shall require the unanimous approval of the Crown Designees). Notwithstanding the
foregoing, the provisions of the immediately preceding paragraph shall not apply to or prohibit any of the following: (i) the pledge, hypothecation or other granting of a security interest in shares of King Common Stock in connection with the
Loan Documents and, pursuant to the terms of the Loan Documents, any transfer upon foreclosure upon such shares and (ii) subject to the terms set forth in the Second Amended and Restated Limited Liability Company Agreement of the Stockholder,
effective as of February 12, 2019, the distributions of King Common Stock by the Stockholder to the persons set forth on Schedule II; provided that any such distributions pursuant to this clause shall not involve a disposition for value;
provided further; for the avoidance of doubt such person shall be limited to receive the King Common Stock attributable to such person as set forth on Schedule II (as adjusted for any stock splits, stock dividends, combinations, subdivisions,
recapitalizations or the like). 

  

	8.	 The terms of this Agreement shall not limit, restrict or impair Cerberus’s or its Affiliates ability to
directly or indirectly (a) propose, commit on, participate in and/or make a loan or other debt financing to King or any of its Subsidiaries, (b) propose, commit on, participate in and/or provide debt financing to a prospective buyer
regarding King or any of its Subsidiaries or assets in a negotiated transaction with King, finance a third party’s effort to make a loan or other debt financing to King or any of its Subsidiaries in a negotiated transaction with King or any of
its Subsidiaries, (c) participate in any process approved, conducted or initiated by King pursuant to which any of the businesses or assets of King or any of its Subsidiaries are proposed to be sold or otherwise disposed of, in each case in
accordance with the parameters of such process, or (d) purchase debt of King or its Subsidiaries in secondary market transactions; provided that in the case of clauses (a), (b), and (e), references to debt shall be limited to no more than 30%
of any debt financing or offering. The term “debt” as used in this paragraph shall include, without limitation, institutional debt (bank or otherwise), commercial paper, notes, debentures, bonds, other evidences of indebtedness, and debt
securities, but shall not include any debt convertible or exchangeable for equity. 

  

	9.	 Each of the Stockholder and Cerberus agrees that it shall comply in all respects with, and take no action
inconsistent with, the terms, conditions, restrictions and obligations set forth in Section 7.2 of the Merger Agreement applicable to Representatives, and Stockholder acknowledges and agrees that it is a “Representative” of King for
the purpose of Section 7.2 of the Merger Agreement. 

  

	10.	 Prior to the Effective Time, to the extent that any Crown stockholders have registration rights under that
certain Registration Rights Agreement, dated as of January 6, 2017, by and among Crown and certain Crown stockholders named therein (the “Crown Registration Rights Agreement”), Crown, Cerberus and the Stockholder shall use
reasonable best efforts (which efforts shall include negotiating in good faith with each other and with King) to enter into an agreement among King, the Crown stockholders party to the Crown Registration Rights Agreement, Cerberus and the
Stockholder resolving any inconsistencies between the registration rights granted pursuant to the Crown Registration Rights Agreement and the King Stockholders Agreement. 

  
 5 

	11.	 The parties acknowledge and agree that nothing contained in this Agreement shall restrict, limit or prohibit
any Affiliate of the Stockholder or Cerberus from exercising (in his or her capacity as a member of the King Board (or the New Board, as applicable)) his or her rights or fiduciary duties as such a director. 

 

	12.	 Each of the Stockholder and Cerberus represents and warrants that it has all necessary power and authority to
enter into this Agreement, and that this Agreement is the legal, valid and binding agreement of the Stockholder and Cerberus (as applicable) and is enforceable against the Stockholder and Cerberus (as applicable) in accordance with its terms.

  

	13.	 Each of the Stockholder and Cerberus represent and warrants that as of the date of this Agreement, no Affiliate
of the Stockholder or Cerberus (as applicable) owns beneficially or of record any Shares or Derivative Securities. In the event that any Affiliate of the Stockholder or Cerberus acquires record or beneficial ownership of any Shares or Derivative
Securities after the execution of this Agreement, the Stockholder or Cerberus (as applicable) shall cause such Affiliate to enter into a joinder to this Agreement, in a form and substance satisfactory to Crown, requiring such Shares or Derivative
Securities to be subject to this Agreement to the same extent that such Shares or Derivative Securities would have been had they been owned by the Stockholder or Cerberus. 

 

	14.	 This Agreement shall terminate on the earlier of (a) termination of the Merger Agreement in accordance
with its terms or (b) the day following the Effective Time; provided, however, that unless the Merger Agreement is terminated in accordance with its terms, paragraph 6 shall terminate upon the expiration of the Standstill
Period and paragraph 7 shall terminate forty-five days after the Effective Time. 

  

	15.	 This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to principles of conflict of laws. Each of the parties hereto agrees that it shall bring any action or Proceeding in respect of any claim arising under or relating to this Agreement exclusively in the Chosen Court and, solely
in connection with such claims, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Court, (ii) waives any objection to the laying of venue in any such action or Proceeding in the Chosen Court, (iii) waives any
objection that the Chosen Court is an inconvenient forum or does not have jurisdiction over any party and (iv) agrees that mailing of process or other papers in connection with any such action or Proceeding in the manner provided in
paragraph 19 or in such other manner as may be permitted by Law shall be valid and sufficient service thereof. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY. 

 

	16.	 Each of the Stockholder and Cerberus recognizes and acknowledges that a breach by it of any covenants or
agreements contained in this Agreement will cause Crown to sustain damages for which it would not have an adequate remedy at law for money damages, and therefore each of the Stockholder and Cerberus agrees in respect of itself that in the event of
any such breach, Crown shall be entitled to specific performance of such covenants and agreements and injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity. 

  
 6 

	17.	 The effectiveness of this Agreement shall be conditioned upon the execution and delivery of the Merger
Agreement by each of the parties thereto. 

  

	18.	 This Agreement may be executed in any number of counterparts, each such counterpart being deemed to be an
original instrument, and all such counterparts shall together constitute the same agreement. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as
delivery of an original signed copy of this Agreement. 

  

	19.	 All notices, requests, instructions or other communications or documents to be given or made hereunder by any
party to the other party shall be in writing and shall be deemed to have been duly given when (a) served by personal delivery or by an internationally recognized overnight courier service upon a party for whom it is intended, (b) delivered
by registered or certified mail, return receipt requested or (c) sent by email; provided, that the transmission of the email is promptly confirmed by telephone or response email: 

If to Stockholder: 
 Keane
Investor Holdings LLC 
 c/o Cerberus Capital Management, L.P. 

875 Third Avenue 
 New York, NY
10022 
 Attention: Scott Wille, Alexander Benjamin 

Telephone: (212) 220-8718, (646) 885-3186 

E-mail: swille@cerberus.com, abenjamin@cerberuscapital.com 

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

Schulte Roth & Zabel LLP 

919 Third Avenue 
 New York, NY
10022 
 Attention: Stuart D. Freedman 

Michael Gilligan 
 Andrew Fadale

 Telephone: (212) 756-2000 

E-mail: stuart.freedman@srz.com 

michael.gilligan@srz.com 

andrew.fadale@srz.com 
 If to
Cerberus: 
 Cerberus Capital Management, L.P. 

875 Third Avenue 
 New York, NY
10022 
 Attention: Scott Wille, Alexander Benjamin 

Telephone: (212) 220-8718, (646) 885-3186 

E-mail: swille@cerberus.com, abenjamin@cerberuscapital.com 

  
 7 

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

Schulte Roth & Zabel LLP 

919 Third Avenue 
 New York, NY
10022 
 Attention: Stuart D. Freedman 

Michael Gilligan 
 Andrew Fadale

 Telephone: (212) 756-2000 

E-mail: stuart.freedman@srz.com 

michael.gilligan@srz.com 

andrew.fadale@srz.com 
 If to
Crown: 
 C&J Energy Services, Inc. 

3990 Rogerdale 
 Houston, TX 77042

 Attention: Danielle Hunter 

Telephone: (713) 325-6090 

E-mail: danielle.hunter@cjes.com 

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

Kirkland & Ellis LLP 

609 Main Street 
 Houston, TX
77002 
 Attention: Adam D. Larson, P.C. 

Douglas E. Bacon, P.C. 
 Kim Hicks

 Telephone: (713) 836-3600 

E-mail: adam.larson@kirkland.com 

doug.bacon@kirkland.com 

kim.hicks@kirkland.com 
 or to
such other Person or addressees as has been designated in writing by the party to receive such notice provided above. 
  

	20.	 The Stockholder agrees that this Agreement and the obligations hereunder shall attach to the Shares and shall
be binding upon any person or entity to which legal or beneficial ownership of the Shares shall pass (except pursuant to the Loan Documents), whether by operation of law or otherwise. 

 

	21.	 This Agreement may not be amended, and no provision waived, without the prior written consent of the parties
hereto and King (acting at the direction of the Special Committee). 

  
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King is hereby made an express third party beneficiary of this Agreement and shall be entitled to enforce (at the direction of the Special Committee) the foregoing sentence and to enforce (at the
direction of the Special Committee) any other provisions of this Agreement to the same extent as Crown. 

 [SIGNATURE PAGES
FOLLOWS] 

  
 9 

 Please confirm that the foregoing correctly states the understanding between us and you by
signing and returning to us a counterpart hereof. 
  

			
	Very truly yours,
	
	C&J Energy Services, Inc.

 
			
		
	By:	 	 /s/ Danielle Hunter

	Name:	 	Danielle Hunter
	Title:	 	Executive Vice President, General Counsel, Chief Risk and Compliance Officer and Corporate Secretary

 
			
	
	Keane Investor Holdings LLC

 
			
		
	By:	 	 /s/ Scott Wille

	Name:	 	Scott Wille
	Title:	 	Authorized Signatory

 
			
	
	Cerberus Capital Management, L.P.

 
			
		
	By:	 	 /s/ Jeffrey L. Lomasky

	Name:	 	Jeffrey L. Lomasky
	Title:	 	Senior Managing Director

 [Signature Page to Support Agreement] 

 SCHEDULE I 

 

	1.	 51,668,175 shares of King Common Stock. 

 SCHEDULE II 

 

					
	 Persons
	  	
Number of Shares of
King Common Stock
	 
	 JS Keane Coinvestor LLC (vehicle controlled by James Stewart)
	  	 	31,249	 
	 James Stewart
	  	 	1,839,089	 
	 Greg Powell
	  	 	1,532,574	 
	 Paul Debonis
	  	 	613,030	 
	 Ian Henkes
	  	 	122,606	 
	 Tim Adams
	  	 	81,737	 
	 Brian Coe
	  	 	61,303	 
	 Sang Cho
	  	 	61,303	 
	 Nathan Carrell
	  	 	61,303	 
	 Kenneth Pucheu
	  	 	122,606	 
	 Kevin McDonald
	  	 	275,863	 

  
 12Exhibit

Exhibit 4.2

[FORM OF 2029 FIXED RATE GLOBAL NOTE]

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY NAMED BELOW OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE  “DEPOSITARY”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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. 
TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY, TO THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

	
			
	 
	 
	 

	No. [ ]
	 
	$____________________

CUSIP: 437076BY7 
ISIN NUMBER: US437076BY77
The Home Depot, Inc. 
Dated: June 17, 2019
2.950% Note due June 15, 2029
The Home Depot, Inc., a Delaware corporation (the “Company”), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of ______________ MILLION DOLLARS ($_______________) at the Company’s office or agency for said purpose in the City of New York, on June 15, 2029 (the “Maturity Date”), in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually in arrears on June 15 and December 15 (each an “Interest Payment Date”) of each year, commencing on December 15, 2019, on said principal sum in like coin or currency at the rate per annum set forth above at said office or agency from the most recent Interest Payment Date to which interest on the Securities of this series has been paid or duly provided for or, if no interest on the Securities of this series has been paid or duly provided for, from the date hereof. The interest so payable on any Interest Payment Date will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on June 1 or December 1, as the case may be, immediately preceding the relevant Interest Payment Date (the “Regular Record Date”) whether or not such day is a Business Day, provided that interest may be paid, at the option of the Company, by mailing a check therefor payable to the registered holder entitled thereto at such holder’s last address as it appears on the Security Register or by wire transfer, in immediately available funds, to such bank or other entity in the continental United States as shall be designated in writing by such holder prior to the relevant Regular Record Date and shall have appropriate facilities for such purpose. If and for so long as all of the Securities of this series are represented by Securities in global form, the principal of, premium, if any, and interest on this Global Security shall be paid in same day funds to the Depositary, or to such name or entity as is requested by an authorized representative of the Depositary.
Reference is made to the further provisions set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
This Security shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee acting under the Indenture. 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 
	
			
	 
	THE HOME DEPOT, INC.

	 
	 
	 

	 
	By:
	 

	 
	Name:
	Isabel C. Janci

	 
	Title:
	Vice President – Investor Relations and Treasurer

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

	
			
	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
   as Trustee

	 
	 
	 

	 
	By:
	 

	 
	 
	Authorized Signatory

	 
	 
	 

	 
	 
	 

	 
	Date:
	June 17, 2019

    

[Signature Page to 2.950% Fixed Rate Global Security]

REVERSE OF SECURITY 
The Home Depot, Inc. 
2.950% Note due June 15, 2029
This Security is one of a duly authorized issue of debt securities of the Company, issued or to be issued in one or more series pursuant to an indenture dated as of August 24, 2012 (the “Indenture”), duly executed and delivered by the Company to Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture). Reference is hereby made to the Indenture and all indentures supplemental thereto for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders (the words “holders” or “holder” meaning the registered holders or registered holder) of the Securities of this series. 
This Security will bear interest until the Maturity Date at the rate per annum shown above. If any Interest Payment Date, redemption date, Change of Control Payment Date, or the Maturity Date of this Security is not a Business Day, then payment of principal, premium, if any, and interest will be made on the next succeeding Business Day. No interest will accrue on the amount so payable for the period from such Interest Payment Date, redemption date, Change of Control Payment Date, or Maturity Date, as the case may be, to the date payment is made. Interest will be computed on the basis of a 360-day year consisting of 12 months of 30 days each. The Company will pay interest on overdue principal of, premium, if any, and to the extent lawful, interest on overdue installments of interest on this Security, at the same rate.  The Company hereby initially designates the Corporate Trust Office of the Trustee in the City of New York as the office or agency to be maintained by it where this Security may be presented for payment, registration of transfer, or exchange and where notices or demands to or upon the Company in respects of this Security or the Indenture may be served.  “Business Day” shall mean any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in the City of New York are authorized or obligated by law or executive order to close.
In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing with respect to this series of Securities, the principal of all the outstanding Securities of this series may be declared due and payable, in the manner and with the effect, and subject to the conditions, provided in the Indenture. The Indenture provides that in certain events such declaration and its consequences may be waived by the holders of a majority in aggregate principal amount of the Securities of this series then outstanding and that, prior to any such declaration, such holders may waive any past default under the Indenture and its consequences except a default in the payment of principal of, premium, if any, or interest on any of the Securities of this series. Any consent or waiver by the holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Security and any Security of this series which may be issued in exchange or substitution herefor, whether or not any notation thereof is made upon this Security or such other Securities of this series.
The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee, with the consent of the holders of at least a majority in aggregate principal amount of the Securities at the time outstanding, evidenced as provided in the Indenture, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the holders of the Securities. 
Notwithstanding the foregoing, without the consent of any holder of Securities of this series, the Company and the Trustee may amend or supplement the Indenture or the Securities of this series to cure any ambiguity, defect or inconsistency, to provide for uncertificated Securities of this series in addition to or in place of certificated Securities of this series, to provide for the assumption of the Company’s obligations to holders of Securities of this series in the case of a transaction described in Section 10.01 of the Indenture, to evidence and provide for the acceptance of appointment by a successor trustee and to add to or change any of the provisions of the Indenture necessary to provide for or facilitate the administration of the trusts by more than one trustee, to make any change that would provide any additional rights or benefits to the holders of Securities of this series or that does not adversely affect the legal rights under the Indenture of any such holder, or to 

comply with requirements of the Commission in order to maintain the qualification of the Indenture under the Trust Indenture Act. 
No reference herein to the Indenture and no provision of this Security shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Security at the place, times, and rate, and in the currency, herein prescribed. 
The Securities of this series are issuable only as registered Securities without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. 
At the office or agency of the Company referred to on the face hereof and in the manner and subject to the limitations provided in the Indenture and this Security, Securities of this series may be exchanged for a like aggregate principal amount of Securities of this series of other authorized denominations. 
Upon due presentment for registration of transfer of this Security at the above-mentioned office or agency of the Company, a new Security or Securities of this series of authorized denominations, for a like aggregate principal amount, will be issued to the transferee as provided in the Indenture. No service charge shall be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 
Default in the performance, or breach, of the covenant set forth under “Offer to Repurchase Upon a Change of Control” will be an “Event of Default” under Section 5.01 of the Indenture, and the covenant set forth under such section will be subject to defeasance in accordance with Section 12.03 of the Indenture.
The Company, the Trustee, and any authorized agent of the Company or the Trustee, may deem and treat the registered holder hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than the Company, the Trustee or any authorized agent of the Company or the Trustee), for the purpose of receiving payment of, or on account of, the principal hereof and premium, if any, and interest hereon and for all other purposes, and none of the Company, the Trustee nor any authorized agent of the Company or the Trustee shall be affected by any notice to the contrary. 
The Securities of this series are subject to defeasance as described in the Indenture. 
No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Security, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any Indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company 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. 
The Indenture is hereby incorporated by reference and, to the extent of any conflict between the provisions hereof and the Indenture, the Indenture shall control. Terms used but not defined herein have the meanings assigned to such terms in the Indenture. 
This Security shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except as may otherwise be required by mandatory provisions of law. 
Optional Redemption
The Securities of this series are redeemable in whole or in part, at the option of the Company at any time and from time to time, on not less than 15 nor more than 45 days’ prior notice mailed to the holders of the Securities.  Prior to the Par Call Date, the Securities of this series will be redeemable at a redemption price, plus accrued interest to the date of redemption, equal to the greater of (1) 100% of the principal amount of the Securities of this series to be redeemed or (2) the sum of the present values of the remaining scheduled 

payments of principal and interest on the Securities of this series to be redeemed that would be due if the Securities of this series matured on the Par Call Date (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 (using the discount rate set forth below) on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months).  The discount rate for the Securities of this series will be the Treasury Rate plus 15 basis points.
At any time on or after the Par Call Date, the Securities of this series are redeemable, in whole or in part at any time and from time to time, at the Company’s option at a redemption price equal to 100% of the principal amount of the Securities of this series to be redeemed plus accrued interest thereon to the date of redemption.
“Comparable Treasury Issue” means the United States Treasury security selected by an 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 Securities of this series. “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 
“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations as determined by the Company for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained, or (3) if only one Reference Treasury Dealer Quotation is obtained, such Reference Treasury Dealer Quotation. 
“Par Call Date” means March 15, 2029.
“Reference Treasury Dealer” means Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC and their successors and affiliates and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company, except that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall be required to designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer. 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, 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 Company by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 
“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the second Business Day immediately preceding such 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 such redemption date. 
Prior to any redemption date, the Company shall be required to deposit with a paying agent money sufficient to pay the redemption price of, and accrued interest on, the Securities of this series to be redeemed on such date. On and after any redemption date, interest will cease to accrue on the Securities of this series called for redemption. If the Company is redeeming less than all the Securities of this series, the Trustee must select the Securities to be redeemed, either pro rata, by lot or by such other method as the Trustee deems fair and appropriate, provided, that so long as the Securities of this series are represented by one or more Global Securities, interests in such Securities will be selected for redemption by the Depositary in accordance with its standard procedures therefor.  Subject to payment by the Company of a sum sufficient to pay the amount due on redemption, interest on this Security (or portion hereof if this Security is redeemed in part) shall cease to accrue upon the date duly fixed for redemption of this Security (or portion hereof if this Security is redeemed in part).  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.  On the redemption date, the Company shall deliver to the Trustee an Officers’ Certificate stating the redemption price.  The Trustee shall have no responsibility for determining the redemption price.  Notwithstanding Section 11.02 of the Indenture, the notice of such redemption need not set forth the redemption price but only the manner of calculation thereof if such redemption price is not then ascertainable.
Offer to Repurchase Upon a Change of Control
If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities of this series as described above, holders of the Securities of this series will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Securities pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased plus accrued and unpaid interest, if any, on the Securities of this series repurchased, to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Company will be required to mail a notice to holders of the Securities of this series describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Securities on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described herein and in such notice. The Company must comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions herein, the Company will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts. 
On the Change of Control Payment Date, the Company will be required, to the extent lawful, to (i) accept for payment all Securities of this series or portions of such Securities properly tendered pursuant to the Change of Control Offer; (ii) deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Securities of this series or portions of such Securities properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities of this series or portions of such Securities being purchased. 
“Below Investment Grade Rating Event” means the Securities of this series are rated below an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 
“Change of Control” means the occurrence of any of the following: (i) the direct or indirect sale, 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 properties or assets of the Company and its Subsidiaries taken as a whole to any Person other than the Company or one of its Subsidiaries; or (ii) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the total voting power of the Company’s voting stock.
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 

“Fitch” means Fitch Ratings.

“Investment Grade Rating” means a rating equal to or higher than BBB (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
“Moody’s” means Moody’s Investors Service, Inc. 

“Person” means any individual, partnership, corporation, limited liability company, joint stock company, business trust, trust, unincorporated association, joint venture or other entity, or a government or political subdivision or agency thereof. 

“Rating Agencies” means (i) each of Fitch, Moody’s and S&P; and (ii) if any of Fitch, Moody’s or S&P ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of the Company’s 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 certified by a Board Resolution) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its successors. 

FORM OF TRANSFER NOTICE 
FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto
Insert Taxpayer Identification No.:   
Please print or typewrite name and address including zip code of assignee of the within Security: 
and all rights thereunder, hereby irrevocably constituting and appointing _____________________ to transfer said Security on the books of the Company with full power of substitution in the premises. 

____________________________
By:
Date:

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
The following increases or decreases in this Global Security have been made: 
	
					
	Date of Increase
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	Amount of
increase
in Principal 
Amount
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	Principal Amount
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following such decrease or
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	Signature of
authorized
signatory of
Trustee or
Securities
Custodian

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