Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 SHARE REPURCHASE AGREEMENT 

THIS SHARE REPURCHASE AGREEMENT (this “Agreement”) is entered into on July 25, 2016, by REYNOLDS AMERICAN INC. (the “Company”),
BROWN & WILLIAMSON HOLDINGS, INC. (“B&W”) and LOUISVILLE SECURITIES LIMITED, a U.K. corporation (“LSL”). 
 RECITALS 

 

	I.	The Company’s Board of Directors has authorized a share repurchase program (the “Share Repurchase Program”) for the purchase of outstanding shares of common stock of the Company, par value $0.0001 per
share (the “Shares”), pursuant to which the Company may spend up to $2 billion by December 31, 2018 to repurchase Shares. 

  

	II.	Pursuant to the Governance Agreement dated as of July 30, 2004, as amended (the “Governance Agreement”), the Company, British American Tobacco p.l.c. (“BAT”), and B&W established certain
terms and conditions concerning the corporate governance of the Company and other matters. All capitalized terms used but not defined herein shall have the meanings set forth in the Governance Agreement. 

 

	III.	The purpose of this Agreement is to permit and require BAT and its affiliates (the “BAT Group”) to participate in the Share Repurchase Program, except to the extent purchases under the Share Repurchase Program
are Excluded Compensation Buybacks, subject to the conditions herein, on a basis approximately proportionate with the BAT Group’s percentage ownership of the equity of the Company and in a manner in which the repurchases from LSL shall qualify
for the Intended Tax Treatment (as defined below). 

  

	IV.	This Agreement is being entered into in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “1934 Act”).

 IN CONSIDERATION OF the mutual promises contained in this Agreement, the parties hereto hereby agree: 

 

	A.	Calculations; Purchase and Sale. 

  

	 	1.	For purposes of this Agreement, 

 (i) a “Buyback Week” means a Calendar Week (as
defined below) during which the Company repurchases any Shares pursuant to the Share Repurchase Program from any Person other than a member of the BAT Group; 

(ii) a “Calculation Period” means a period that begins on the day immediately after the end of the preceding Calculation Period
(or in the case of the first Calculation Period, on the first day of the month that includes the date of this Agreement) and ends on the earlier of (i) the next Friday that is the last day of a Buyback Week or (ii) the next Friday that is the last
Friday of a calendar month; 

 (iii) “Calendar Week” means each seven-day period ending on a Friday; 

(iv) “Excluded Compensation Buyback” means a buyback of Shares by the Company designated by the Company in a notice to B&W
as being made pursuant to Section 2.04(d) of the Governance Agreement; 
 (v) the “BAT Seller” means LSL or, if LSL provides
notice to the Company no later than the first business day after the BAT Group Buyback Number (as defined below) has been determined, one or more members of the BAT Group, which may include LSL, as designated in such notice; and 

(vi) for purposes of the provisions of this Agreement relating to the BAT Group’s participation in the Share Repurchase Program
(including, for example, the definition of “Buyback Week” and the calculation of the BAT Group Buyback Number as defined below), any Excluded Compensation Buyback shall be treated as not made pursuant to the Share Repurchase Program (and
the BAT Group will not participate in any Excluded Compensation Buyback). 
  

	 	2.	The Company will promptly notify B&W if a Calendar Week is or is expected to be a Buyback Week. 

  

	 	3.	On or before the third business day following the end of each Calculation Period, the Company will deliver to B&W and LSL a certificate (a “Calculation Certificate”), signed on behalf of the Company by any
of its Chief Financial Officer, Chief Accounting Officer, Treasurer or Secretary, substantially in the form attached hereto as Exhibit A, as the same (including the schedues thereto) may hereafter be amended by the mutual agreement of the parties
hereto, which agreement may be evidenced by email. If the Calculation Period includes a Buyback Week, then the Calculation Certificate shall set forth the number of Shares that the Company proposes to buy back from the BAT Group with respect to such
Buyback Week (the “BAT Group Buyback Number”). The BAT Group Buyback Number shall be calculated in the Calculation Certificate based on the principles referred to in Paragraphs A.5 and A.6. 

 

	 	4.	 LSL, on or before the third business day following receipt by B&W of a Calculation Certificate with respect to a
Calculation Period which includes a Buyback Week, shall deliver a notice (the “LSL Notice”) to the Company substantially in the form attached hereto as Exhibit B. The LSL Notice shall state whether LSL agrees with the Company’s
calculation of the applicable BAT Group Buyback Number, and if not, it shall state LSL’s proposal for the BAT 

  
 -2- 

	 	
Group Buyback Number and its calculation thereof. If the Company does not agree with LSL’s proposal, then B&W and the Company will negotiate in good faith to determine the appropriate
BAT Group Buyback Number, subject to final approval of LSL. However, if the parties cannot agree on the BAT Group Buyback Number within three business days following delivery of the LSL Notice to the Company, then the BAT Group Buyback Number
proposed in the LSL Notice, with revisions approved by LSL in connection with the negotiation between the parties, shall be the number of Shares the Company will repurchase from the BAT Group with respect to the relevant Buyback Week.

  

	 	5.	The BAT Group Buyback Number with respect to a Buyback Week shall be the lowest of: 

 (i)
the number of Shares such that, after the purchase of such Shares from the BAT Group by the Company, the net total number of Shares sold by the BAT Group to the Company under this Agreement shall be equal to the total number of Shares purchased by
the Company from shareholders other than members of the BAT Group (and other than Excluded Compensation Buybacks) for all periods through such Buyback Week pursuant to the Share Repurchase Program multiplied by the ratio of (x) the BAT Group’s
percentage ownership of the equity of the Company on the date of this Agreement, to (y) 1.0 minus the BAT Group’s percentage ownership of the equity of the Company on the date of this Agreement; 

(ii) the maximum number of Shares that the BAT Group can sell to the Company without decreasing the BAT Group’s percentage ownership
of the equity of the Company from the date of this Agreement to the end of such Buyback Week; and 
 (iii) the maximum number of
Shares, reasonably determined by LSL upon advice of its outside tax counsel after consultation with the Company, that the BAT Group can sell to the Company without putting at risk the Intended Tax Treatment. 

If there is a change in the BAT Group’s Percentage Interest after the date of this Agreement that does not occur as part of the same plan as the
purchases under the Share Repurchase Program or this Agreement, then (a) Paragraph A.5(i) shall be modified so as to apply separately on a cumulative basis for periods before and after such change in Percentage Interest, (b) the base BAT Group
percentage ownership in Paragraph A.5(ii) shall be adjusted to reflect any acquisitions or dispositions of Shares by the BAT Group causing such change in Percentage Interest, (c) LSL or B&W, as applicable, shall promptly notify the other party
concerning any such change within its control, and (d) any such change shall be effective for purposes of Paragraphs A.5(i) and A.5(ii) at the beginning of the Calculation Period following the Calculation Period in which the change occurs. 

  
 -3- 

	 	6.	The following rules shall apply for purposes of Paragraph A.5(ii) but shall not limit the discretion of LSL under Paragraph A.5(iii): 

(i) any Sale (as defined below) of Shares to the Company under this Agreement with respect to any Buyback Week (current or prior) shall
be treated as having occurred or as occurring on the last day of such Buyback Week, 
 (ii) unless reasonably determined otherwise by
LSL after consultation by B&W with the Company, such calculation shall take into account any increase or decrease in the outstanding equity of the Company since the date of this Agreement for any reason, and 

(iii) LSL shall be entitled, after prior consultation by B&W with the Company, to reduce the number of Shares otherwise determined
under Paragraph A.5(ii) so as to assure LSL that the BAT Group’s percentage ownership of the equity of the Company will not decrease as a result of future events that may reasonably be expected to occur in the future, including, without
limitation, issuances of new equity by the Company pursuant to the exercise of stock options or the vesting of performance shares, the issuance or vesting of restricted stock, or the issuance of any other equity to any third party reasonably
expected to occur after the end of the applicable Buyback Week. Without limiting the generality of the foregoing, for purposes of Paragraph A.5(ii), (i) LSL will take into account, in considering possible future issuances of Shares by the Company,
the Company’s obligation pursuant to Section 2.04(d) of the Governance Agreement to make Excluded Compensation Buybacks, and (ii) the BAT Group’s percentage ownership in the Company at any time shall be determined by treating as not
outstanding the number of Shares with respect to which the Company then has an outstanding obligation to make Excluded Compensation Buybacks. 
  

	 	7.	For purposes of this Agreement, the determination of the number of outstanding Shares or other equity of the Company shall be based on Shares or equity considered outstanding for U.S. Securities and Exchange Commission
reporting purposes. Any assumptions made for the purposes of determining the number of outstanding Shares shall be described in the Calculation Certificate. 

  

	 	8.	 The BAT Seller shall deliver and sell to the Company, and the Company shall buy from the BAT Seller (each such transaction,
a “Sale”), at or before 12:00 p.m. Eastern Time on the second business day following the date the BAT Group Buyback Number for the applicable Buyback Week becomes final (a “Closing Date”) a number of Shares (the “Sale
Shares”) equal to such BAT Group Buyback Number. On each Closing Date, (a) B&W or the BAT Seller shall deliver to the Company’s transfer agent instructions to transfer the Sale Shares to the Company, together with such stock powers and
other instruments from the BAT Seller as may be necessary to give effect to such instructions, and (b) upon confirmation from the Company’s transfer agent of receipt of such instructions, the Company

  
 -4- 

	 	
shall pay the purchase price specified in Paragraph A.9 for the Sale Shares, net of applicable withholding taxes as provided in Paragraph C.2, in immediately available funds to such account of
the BAT Seller as B&W has designated in writing. 

  

	 	9.	The price per Share to be paid by the Company under a Sale with respect to a Buyback Week shall be the volume weighted average price (“VWAP”) paid by the Company for the Shares purchased from shareholders
other than members of the BAT Group (the “Prior Period Shares”) with respect to such Buyback Week. For purposes of this Agreement, VWAP is calculated by dividing the total consideration paid, without taking commissions into account, for
the Prior Period Shares by the aggregate number of Prior Period Shares. 

  

	 	10.	The Company shall not be obligated to deliver a proposed BAT Group Buyback Number and neither the Company nor the BAT Group shall be required to effect a Sale if the performance of their respective obligations would
violate applicable law. Other than for the purposes of correcting any error, only one Calculation Certificate may be delivered and one Sale may be effected with respect to each Buyback Week. 

 

	 	11.	Any fractional amounts of Shares required to be sold to the Company under any LSL Notice, as the same may be amended, shall be rounded down to the nearest whole number. 

 

	 	12.	For purposes of this agreement, “business day” means a day which is not a Federal Reserve Bank holiday or a United Kingdom bank holiday and on which the New York Stock Exchange is open for trading.

  

	 	13.	If at any time the Company becomes aware that any statement previously made in a Calculation Certificate is wrong or misleading, or if the Company decides to issue equity not contemplated by the assumptions set forth in
a Calculation Certificate, it shall promptly notify B&W in writing. If at any time B&W or LSL becomes aware that any statement previously made in a Calculation Certificate or LSL Notice is wrong or misleading, it shall promptly notify
the Company in writing. 

  

	 	14.	In the event Paragraph A.13 applies, or if LSL reasonably determines after prior consultation by B&W with the Company that its calculation of a BAT Group Buyback Number was incorrect, then the Company shall take
remedial steps reasonably requested by LSL in order to permit LSL to assure itself of the satisfaction of Paragraph A.5, including if necessary, rescinding prior Sales under this Agreement. 

 

	 	15.	 During the term of this Agreement, the Company shall satisfy its obligations under Section 2.04(d) of the Governance
Agreement by making Excluded 

  
 -5- 

	 	
Compensation Buybacks pursuant to the Share Repurchase Program, and to the extent there are unsatisfied obligations under such Section 2.04(d), purchases pursuant to the Share Repurchase Program
shall be designated by the Company as Excluded Compensation Buybacks. 

  

	B.	Term. The term of this Agreement shall commence on the date hereof and shall terminate as of the earlier of the date stated in the first Recital hereto and the date of the expenditure of the aggregate amount stated in
the first Recital hereto pursuant to this Share Repurchase Agreement and the Share Repurchase Program, collectively. In addition: (a) LSL may terminate this Agreement at any time upon written notice to the Company, if LSL determines in
good faith, upon advice of its outside tax counsel and after consultation by B&W with the Company, that based on the facts existing at such time, there is a reasonable risk that it is not possible to achieve the results contemplated in Paragraph
A.5 for sales of Shares by any member of the BAT Group to the Company pursuant to this Agreement (including through the exercise by LSL of its rights under Paragraph J of this Agreement) and (b) the Company may terminate this Agreement, upon
written notice to B&W, following public announcement by the Company of the termination of the Share Repurchase Program by the Board of Directors of the Company, provided that (i) no such termination shall be effective with respect to any Buyback
Week, and (ii) Paragraphs A.13, A.14, I, J and L shall survive such termination. If LSL determines in good faith, upon advice of its outside tax counsel and after consultation with the Company, that any circumstance has arisen that could
reasonably be expected to cause it in the future to invoke its right to terminate the Agreement under clause (a) of the preceding sentence, it shall promptly notify the Company, and the parties shall use their reasonable best efforts to avoid the
need for such termination. 

  

	C.	Tax Treatment. 

  

	 	1.	The parties intend for the proceeds of any Sales pursuant to this Agreement paid to a BAT Seller from the Company to be treated as a dividend pursuant to Sections 302(d) and 301(c)(1) of the Internal Revenue Code of
1986, as amended (the “Code”), as such Sections are in effect on the date of this Agreement. Subject to Paragraph C.2, the Company may withhold on any such Sale proceeds paid to a BAT Seller that is not a U.S. person as required by law on
the assumption that such Sale proceeds are so treated as a dividend. The Company shall pay any such withheld amounts to the appropriate taxing authority on behalf of the BAT Seller in a timely manner, and the Company shall give timely notice to the
BAT Seller of the amount so withheld. Any amount so withheld and so paid to a taxing authority shall be treated as paid to the BAT Seller for all purposes of this Agreement. 

 

	 	2.	 If it is legally able to do so, LSL shall, at least 5 and not more than 10 business days before the first purchase of
Shares under this Agreement, and when required by law or reasonably requested by the Company thereafter, provide the Company with a completed IRS Form W-8BEN-E (the “IRS Tax Form”) claiming

  
 -6- 

	 	
eligibility for the 5% withholding tax rate on dividends from the Company pursuant to Article 10(2)(a) of the United States-United Kingdom Income Tax Convention and exemption from any withholding
under the Foreign Account Tax Compliance Act. LSL shall promptly notify the Company if it determines that the IRS Tax Form is no longer valid or if it cannot legally renew such form with such claim. To the extent that the BAT Seller is LSL
and the Company reasonably believes the IRS Tax Form is correct and valid, the Company agrees that in reliance on such Form, it shall withhold 5%, and no more than 5%, of the gross purchase price otherwise payable to LSL and pay such withholding tax
on a timely basis to the Internal Revenue Service on behalf of LSL. The Company shall promptly notify LSL if it comes to believe that the IRS Tax Form is not correct and valid or that proceeds of any Sales paid to LSL are for any reason not
eligible for 5% withholding tax. 

  

	 	3.	If the BAT Seller is LSL, the “Intended Tax Treatment” is (i) withholding tax of no more than 5% on the gross purchase price for Shares otherwise payable to LSL, and (ii) no additional material adverse U.S. or
United Kingdom tax effects to the BATGroup from the sale of Shares pursuant to this Agreement. LSL may, upon advice of its outside tax counsel and after consultation with the Company, reasonably determine that pending, proposed or enacted tax
legislation or a tax treaty would or will adversely affect the Intended Tax Treatment, even if (in the case of pending or proposed legislation or tax treaty) such legislation or tax treaty has not yet been enacted or ratified but might be enacted or
ratified with a retroactive effective date, but (i) any such determination by LSL shall be effective only with respect to Buyback Weeks that begin after LSL has provided notice to the Company of such determination, and (ii) LSL may not rely on
pending, proposed or enacted tax legislation or tax treaty as a basis for repurchasing Shares from the Company pursuant to Paragraph J (or otherwise pursuant to this Agreement) that it previously sold to the Company pursuant to this Agreement.

  

	 	4.	If the Intended Tax Treatment would be available to LSL if it completed the IRS Tax Form as provided in Paragraph C.2, and it is legally able to so complete such Form, but it does not provide such completed Form or
elects to have the BAT Seller be a different entity, then the Intended Tax Treatment shall be deemed to be satisfied for all purposes of this Agreement. 

  

	 	5.	If the Intended Tax Treatment is not available to LSL, then the parties shall negotiate in good faith to determine if the they can carry out the purposes of this Agreement with tax results to the BAT Group no more
burdensome than the Intended Tax Treatment, without other adverse tax or nontax effects to the BAT Group or to the Company, by structuring sales of Shares to the Company in a different manner.    Each party shall determine in
good faith, but in its sole discretion, whether any such alternative approach is acceptable to it. If both parties find an alternative approach acceptable, this Agreement shall be applied in the manner so determined by the parties.

  
 -7- 

	D.	Representations and Warranties. 

  

	 	1.	LSL represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement have been duly authorized by the Boards of Directors of LSL and B&W, (ii) no Sale will contravene, or
require any consent, notice or filing which has not been obtained, given or made, under (a) any law applicable to the BAT Seller, (b) the organizational documents of the BAT Seller, or (c) any judgment, order or decree or any contract or
agreement to which the BAT Seller is subject, (iii) the BAT Seller has or will have valid title to the Shares to be sold to the Company and the legal right and power to sell, transfer and deliver such Shares, (iv) the delivery of the Shares
under each Sale will, upon payment of the purchase price therefor, pass valid title to the Company to such Shares free and clear of any security interests, claims, liens, equities, and other encumbrances, (v) any LSL Notice delivered under this
Agreement will be accurate in all material respects, (vi) absent a change in law, it currently expects to be able to deliver the IRS Tax Form and to achieve the Intended Tax Treatment if it is the BAT Seller, and (vii) LSL is an indirect wholly
owned subsidiary of BAT, and B&W is an indirect wholly owned subsidiary of LSL. 

  

	 	2.	The Company represents and warrants to LSL that (i) the execution, delivery and performance of this Agreement have been duly authorized by the Board of Directors of the Company, (ii) no Sale will contravene, or require
any consent, notice or filing which has not been obtained, given or made, under (a) any law applicable to the Company, (b) the organizational documents of the Company or (c) any judgment, order or decree or any contract or agreement to which the
Company is subject, (iii) any Calculation Certificate delivered under this Agreement will be accurate in all material respects, (iv) the Company has sufficient earnings and profits for the gross proceeds of all Sales under this Agreement
to be treated as dividends within the meaning of Section 316 of the Code, and (v) the Company has delivered to B&W a certificate signed on behalf of the Company by the Chief Financial Officer, Chief Accounting Officer, Treasurer or
Secretary of the Company setting forth the applicable information otherwise required pursuant to Exhibit A, treating for the purposes of this Paragraph D.2(v) the calendar month ending prior to the date of this Agreement as the Calculation
Period thereunder. 

  

	E.	 Assignment; Third-Party Beneficiaries. This Agreement is intended solely for the benefit of the Company, B&W and LSL
and may not be assigned, in whole or in part, except that (1) with respect to Sales hereunder by any BAT Seller other than LSL, LSL shall assign its rights, interests and obligations under this Agreement to such BAT Seller with respect to such
Sales, provided that such assignment shall not relieve LSL of its obligations hereunder and, provided, further that any BAT Seller agrees in writing to be bound by the provisions hereof, and (2) upon notice to the Company from time to time, B&W
may assign its duties under this Agreement to any member of the BAT Group, provided that such assignment shall not relieve B&W of its obligations hereunder. This Agreement,

  
 -8- 

	 	
except for Paragraph I, is not intended to confer any rights or remedies upon any Person other than the Company, B&W, LSL or any BAT Seller referred to in the first sentence of this
Paragraph E. 

  

	F.	Sales Plan. It is the intent of the parties that this Agreement comply with the requirements of Rule 10b5-1(c) under the 1934 Act and this Agreement shall be interpreted to comply with the requirements of Rule 10b5-1(c)
under the 1934 Act. 

  

	G.	Complete Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior agreements, oral or written, with respect to such subject matter.

  

	H.	Governing Law; Jurisdiction. Except to the extent specifically required by the North Carolina Business Corporation Act, this Agreement shall be governed by, and construed in accordance with, the laws of the State
of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. The parties declare that it is their intention that this Agreement be regarded as made under the laws of the State of
Delaware and that the laws of the State of Delaware be applied in interpreting its provisions in all cases where interpretation shall be required, except to the extent the North Carolina Business Corporation Act is specifically required by such act
to govern the interpretation of this Agreement. 

 The parties agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and
to enforce specifically the terms and provisions of this Agreement in any Federal court located in the State of Delaware or in the Chancery Court of the State of Delaware, this being in addition to any other remedy to which they are entitled at law
or in equity. In addition, each of the parties (a) consents to submit itself to the personal jurisdiction of any Federal court located in the State of Delaware or Chancery Court of the State of Delaware in the event any dispute arises out of this
Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) irrevocably and unconditionally waives (and agrees not to plead or claim) any objection to the
laying of venue in Delaware of any action, suit or proceeding arising out of this Agreement, (d) agrees that it will not bring any action relating to this Agreement in any court other than any Federal court sitting in the State of Delaware or
Chancery Court of the State of Delaware, (e) waives any right to trial by jury with respect to any action related to or arising out of this Agreement, and (f) agrees that this Agreement involves at least $100,000 and has been entered into by the
parties in express reliance upon 6 Del. C. § 2708. Without limiting the agreement of the parties set forth in this Paragraph H, in the event that any dispute arising under this Agreement is subject to, or adjudicated by, the courts of
the State of North Carolina, the parties agree that any such dispute will be adjudicated by the North Carolina Business Court (with any references in this Paragraph H to Delaware courts being deemed to be references to North Carolina courts and
any references in this Paragraph H to the Chancery Court of the State of Delaware being deemed to be references to the North Carolina Business Court). 

  
 -9- 

	I.	Indemnity. 

  

	 	1.	The Company agrees to indemnify and hold members of the BAT Group harmless, on an after-tax basis, from and against any loss, liability, claim, cost, damage or expense (including reasonable legal fees and expenses)
suffered or incurred by them arising from or relating to their failure to obtain the Intended Tax Treatment resulting from the inaccuracy in any respect of information set forth in any Calculation Certificate delivered pursuant to this Agreement
including but not limited to any increase in tax liability resulting from the Sales and arising from or relating to any such inaccuracy. Notwithstanding the foregoing, members of the BAT Group shall not be entitled to indemnification hereunder
to the extent their remedies under Paragraph B or J are adequate to assure the Intended Tax Treatment and the Company (a) confirms that the member of the BAT Group is entitled to exercise its remedies under such Paragraph B or J, as applicable, and
(b) complies with such Paragraph B or J, as applicable. 

  

	 	2.	LSL agrees to indemnify and hold the Company harmless, on an after-tax basis, from and against any loss, liability, claim, cost, damage or expense (including reasonable legal fees and expenses) suffered or incurred by
it arising from or relating to its failure to withhold the required amount on any Sales proceeds paid to a BAT Seller under this Agreement, unless such underwithholding is due to any inaccuracy in any respect of information set forth in any
Calculation Certificate delivered by the Company pursuant to this Agreement. If any tax authority claims that any such additional amount was required to be withheld by the Company, and LSL would be liable for such amount under the preceding
sentence, the Company shall afford LSL the ability to contest such claim at its own expense and shall not settle such claim without the consent of LSL. 

  

	J.	LSL Purchase Right 

  

	 	1.	 If LSL reasonably determines, after consultation by B&W with the Company, that there is a reasonable risk that it is
not possible to achieve the results in Paragraph A.5 because of equity issued or to be issued by the Company after the date hereof which reduces the BAT Group’s percentage ownership of the equity of the Company, and such risk cannot be avoided
by reducing the BAT Group Buyback Number for future Buyback Weeks, then LSL may deliver to the Company a written notice (a “Primary Purchase Notice”) stating that LSL (or another specified member of the BAT Group) wishes to repurchase from
the Company (a “Primary Purchase”) a stated number of Shares (the “Purchase Number”) that the BAT Group previously sold to the Company pursuant to this Agreement. The Purchase Number shall be reasonably determined by LSL, after
consultation by 

  
 -10- 

	 	
B&W with the Company, and shall not exceed the number of Shares that, if purchased, would eliminate the identified risk. LSL shall provide the Company with the method of calculation of the
Purchase Number. The prices per Share (the “Purchase Price”) for such a purchase shall be the prices previously paid by the Company to the BAT Group to purchase the equivalent number of Shares from the BAT Group, determined on a “last
in first out” basis. 

  

	 	2.	If LSL properly delivers a Primary Purchase Notice, the Company will be obligated to sell, and the designated member of the BAT Group shall be obligated to buy, a number of Shares equal to the Purchase Number for the
Purchase Price at or before 12:00 p.m. Eastern Time on the second business day after the delivery of the Primary Purchase Notice. 

  

	K.	[reserved] 

  

	L.	Company Repurchases of Shares. 

  

	 	1.	The parties understand that certain expected future issuances of Shares to third parties by the Company could reduce the number of Shares purchased by the Company from the BAT Group under this Agreement, and that the
actual issuance of such Shares by the Company would be expected to reduce the BAT Group’s Percentage Interest. If, contrary to such expectations, the Company determines in good faith that such expected issuance will not take place and if the
operation of Paragraph A.5(i) would not otherwise result in putting the parties in a position similar to the position they would be in if there had never been an expectation that the Company would issue the additional Shares, then the parties agree
to comply with the procedures set forth in this Paragraph L in order to put the parties in such similar position. 

  

	 	2.	 (i) If (a) the Company determines in good faith that such expected issuance of additional Shares will not take place, (b)
the operation of Paragraph A.5(i) would not otherwise result in putting the parties in a position similar to the position they would be in if there had never been an expectation that the Company would issue the additional Shares, and (c) the BAT
Group had previously reduced, pursuant to Paragraph A.6(iii), the amount determined under Paragraph A.5(ii) or purchased Shares from the Company under Paragraph J to permit the BAT Group to assure itself that the BAT Group’s percentage
ownership of the equity of the Company did not decrease as a result of such expected issuance of additional Shares, then the Company shall deliver to B&W a certificate (a “Purchase Certificate”) identifying the expected issuance which
will not take place (a “Canceled Issuance”) and setting forth the number of Shares (the “Repurchase Number”) that the Company shall purchase from the BAT Group as a result of such Canceled Issuance. The Repurchase Number in
respect of a Canceled Issuance shall be equal to the lesser of (a) the sum of (i) the number of additional Shares that the BAT Group would have sold to the Company under this Agreement

  
 -11- 

	 	
previously if there had never been an expectation to issue additional Shares in such Canceled Issuance, and (ii) the number of Shares that the BAT Group purchased from the Company under Paragraph
J on the account of such Canceled Issuance, and (b) the maximum number of Shares that the BAT Group may sell to the Company consistent with Paragraphs A.5(i), A.5(ii) and A.5(iii) as if such Shares were being sold to the Company for a Buyback Week.
The price per Share (the “Repurchase Price”) for a purchase in respect of a Canceled Issuance shall be the volume weighted average price paid by the Company for the Shares purchased from shareholders other than members of the BAT Group in
all prior Buyback Weeks pursuant to the Share Repurchase Program. If LSL does not agree with the Company’s calculation of the Repurchase Number or Repurchase Price, then B&W and the Company will negotiate in good faith to determine the
appropriate Repurchase Number or Repurchase Price, as applicable, subject to the approval of LSL. 

 (ii) If the Company
properly delivers a Purchase Certificate, then the BAT Seller will be obligated to sell, and the Company shall be obligated to buy, a number of Shares equal to such Repurchase Number for such Repurchase Price at or before 12:00 p.m. Eastern Time on
the second business day after the determination of the Repurchase Number and Repurchase Price in accordance with Paragraph L.2(i) above. 
  

	 	3.	 (i) If (a) the BAT Group has previously reduced, pursuant to Paragraph A.5(iii), the number of shares to be sold to the
Company, (b) the Company or the BAT Group determines in good faith that any facts or assumptions relied upon by the BAT Group in making the determination under Paragraph A.5(iii) are no longer correct or applicable, and (c) the operation of
Paragraph A.5(i) would not otherwise result in putting the parties in a position similar to the position they would be in if such facts or assumptions had not been relied upon, then either the Company or LSL may deliver to the other party a
certificate (a “Modification Certificate”) identifying the facts or assumptions that such party reasonably believes are no longer correct or applicable and setting forth the number of Shares (the “Additional Number”) that such
party believes the Company can purchase from the BAT Group consistent with such subsequent determination and Paragraph A.5. If LSL provides the Modification Certificate, and the Company reasonably agrees with the calculations therein, then the BAT
Seller shall sell the Additional Number to the Company. If the Company provides the Modification Certificate, then LSL shall reasonably consider, after consultation by B&W with the Company, whether it agrees with the calculations and whether
selling such Additional Number to the Company would put the results in Paragraph A.5 at risk. If the reasonable determination of LSL in accordance with the preceding sentence is that such calculations are incorrect or such a purchase would put the
results in Paragraph A.5 at risk, then to such extent the BAT Group will have no obligation to sell such Shares to the Company. If, however, LSL reasonably determines that the calculations are correct and the sale of the Additional Number

  
 -12- 

	 	
or an adjusted Additional Number would not put the results in Paragraph A.5 at risk, then the BAT Seller will consummate the sale contemplated by the Modification Certificate, as so adjusted. The
price per Share for a purchase under this Paragraph L.3 shall be the volume weighted average price paid by the Company for the Shares purchased from shareholders other than members of the BAT Group in all prior Buyback Weeks pursuant to the Share
Repurchase Program (the “Modification Repurchase Price”). 

 (ii) Without limiting the generality of Paragraph
L.2(i), either LSL or the Company may invoke the procedures of that Paragraph immediately following the end of the Share Repurchase Program, to the extent that the number of Shares that have been purchased from the BAT Group has been reduced on
account of Paragraphs A.5(ii) and A.6(iii). If such procedures are invoked by the Company at such time, LSL shall reasonably consider, after consultation by B&W with the Company, the extent to which the prior reduction in sales of Shares to the
Company pursuant to Paragraph A.6(iii) is still appropriate in order to not put the results in Paragraph A.5 at risk, based on all the facts and circumstances existing at that time. To the extent that LSL determines that the sale of an additional
number of Shares to the Company at that time, in order to offset all or part of the prior reduction in sales as a result of Paragraph A.6(iii), is consistent with Paragraphs A.5, then LSL shall accept a Modification Certificate from the Company
providing an Additional Number equal to such additional number. 
 (iii) If either the Company or LSL properly delivers a Modification
Certificate, then, subject to Paragraphs L.3(i) and (ii), the BAT Seller will be obligated to sell, and the Company shall be obligated to buy, a number of Shares equal to such Additional Number for such Modification Repurchase Price at or before
12:00 p.m. Eastern Time on the second business day after such determination of the Additional Number, if any, and Modification Repurchase Price in accordance with Paragraphs L.3(i) and (ii) above. 

 

	M.	Role of B&W. The parties understand and agree that the only role of B&W under this Agreement, except to the extent it may be designated as a BAT Seller, is to administer the Agreement on behalf of the BAT
Group in accordance with its terms. Without limiting the generality of the foregoing, except as expressly provided in this Agreement, B&W shall have no authority to enter into any binding agreement under this Agreement on behalf of any BAT
Seller or any other member of the BAT Group. 

  

	N.	Amendments; Waivers. No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the case of an amendment, by the parties hereto, or in the case of a waiver,
by the party against whom the waiver is to be effective. The failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights nor shall any single or partial
exercise by any party to this Agreement of any of its rights under this Agreement preclude any other or further exercise of such rights or any other rights under this Agreement. 

  
 -13- 

	O.	Notices. All notices, requests, claims, demands and other communications under this Agreement shall be given by email and shall be deemed given upon receipt by the parties at the following email addresses (or at
such other email address for a party as shall be specified by like notice): 

 if to B&W, to 

Andrew Panaccione 
 Corporate Secretary 

Email: atpanaccione@gmail.com 
 with copies
to: 
 L. Brent Cotton 
 President 

Louisville Corporate Services, Inc. 

Email: brent_cotton@bat.com 
 Philip Gelston

 Cravath, Swaine & Moore LLP 

Email: pgelston@cravath.com 
 if to LSL, to:

 Steve Dale 
 Director 

Email: steve_dale@bat.com 
 with copies to:

 Philip Gelston 
 Cravath, Swaine & Moore
LLP 
 Email: pgelston@cravath.com 
 if to
the Company, to 
 Martin L. Holton III 
 General
Counsel 
 Email: holtonm@rjrt.com 
 with a
copy to: 
 Randi C. Lesnick 
 Jones Day 

Email: rclesnick@jonesday.com 

  
 -14- 

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

							
		  	LOUISVILLE SECURITIES LIMITED
				
		  		 	by	 	 /s/ Steve Dale

		  		 	Name:	 	Steve Dale
		  		 	Title:	 	Director
		
		  	BROWN & WILLIAMSON HOLDINGS, INC., 
				
		  		 	by	 	 /s/ Timothy J. Hazlett

		  		 	Name:	 	Timothy J. Hazlett
		  		 	Title:	 	President
		
		  	REYNOLDS AMERICAN INC.,
				
		  		 	by	 	 /s/ Daniel A. Fawley

		  		 	Name:	 	Daniel A. Fawley
		  		 	Title:	 	Senior Vice President and Treasurer

  
 [Signature Page to the Share
Repurchase Agreement] 

 EXHIBIT A1 

REYNOLDS AMERICAN INC. CALCULATION CERTIFICATE 
 Date:
                     
 Calculation Period: beginning
date                      ending date
                     
 Proposed BAT Group Buyback Number:
                     
 Note: Unless otherwise
indicated, all statements of outstanding shares, shares issued, shares acquired, percentage interest, etc. are to be based on the meaning of those terms as defined in the Share Repurchase Agreement and will be calculated in accordance with the Share
Repurchase Agreement. 
 Part A: Schedules 

The following schedules are attached hereto (as applicable). 

Schedule 1: General information and calculation of BAT Group Buyback Number. 

Schedule 2: Schedule of all outstanding restricted stock, employee stock options, performance shares and other deferred issuances of shares as compensation,
including grant, vesting, expiration and issuance dates, all as of the end of the Calculation Period. 
 Schedule 3: Details of purchases made under the Program from
parties other than the BAT Group during the Calculation Period, including Excluded Compensation Buybacks. 
 Part B: Assumptions and Additional
Information 
  

	Item 1.	State any assumptions made in arriving at the numbers provided in this exhibit and schedules hereto other than those explicitly mentioned in the Share Repurchase Agreement including, without limitation, treatment and
number of shares held by corporate affiliates. 

  

	Item 2.	Describe any issuance of or reacquisition by the Company of equity of the Company (including but not limited to Shares) during the Calculation Period that has been made except made with respect to restricted stock or
employee stock options. 

  

	Item 3.	Response to any additional information requested by tax counsel to LSL for purposes of its determinations pursuant to this Agreement. 

 
  

	1 	Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Share Repurchase Agreement among Reynolds American Inc., Brown & Williamson Holdings, Inc., and Louisville Securities
Limited, dated July 25, 2016 (the “Share Repurchase Agreement”). 

 Part C: Representations 

The Company represents that, except as otherwise expressly noted below or elsewhere in this Exhibit A, (i) the Board of Directors of the Company has not
been informed of and has not publicly announced or approved any intent, plan or arrangement directly or indirectly to issue or acquire any of its equity, other than the purchase of Shares pursuant to the Share Repurchase Program (including Excluded
Compensation Buybacks) or pursuant to employee stock option or restricted stock plans, (ii) previously issued Calculation Certificates remain true, correct and complete as of their dates of issuance, (iii) if the Calculation Period includes a
Buyback Week, it will have sufficient earnings and profits to permit the entire purchase price of all the Shares to be purchased pursuant to this Certificate to be treated as a dividend within the meaning of Section 316 of the Code, (iv) it does not
have a Rabbi Trust or a similar arrangement holding shares, and (v) if the BAT Seller is LSL, it will withhold on the proceeds of the Sale paid to LSL at a rate of 5% of the gross purchase price for Shares otherwise payable to LSL and it has no
reason to believe that such withholding rate is incorrect. 
 Exceptions: 

The undersigned hereby certifies on behalf of Reynolds American Inc. that the statements contained herein and on schedules attached hereto are true,
correct and complete. 
  

					
	REYNOLDS AMERICAN INC.,
			
		 	by	 	  

		 	Name:	 	
		 	Title:	 	

 EXHIBIT B2 

LSL NOTICE 
 Date:
                     
  

	To:	REYNOLDS AMERICAN INC. 

 Attn: Steven Holland 

Sent by email to: Hollans@rjrt.com 
 Calculation Period ending:
                     
 Date of Calculation Certificate
                     

                     We agree with the BAT Group Buyback
Number stated in such Calculation Certificate 

                     We DO NOT agree with the BAT
Group Buyback Number stated in such Calculation Certificate. 
 BAT Group Buyback Number proposed by LSL: 

[Explanation] 
 BAT Seller, if other than
LSL:                      
  

			
	LOUISVILLE SECURITIES LIMITED
	
	  

	Name:	 	Steve Dale
	Title:	 	Director

  
  

	2 	Capitalized terms used but not defined herein shall have the meaning assigned thereto in the Share Repurchase Agreement among Reynolds American Inc., Brown & Williamson Holdings, Inc., and Louisville Securities
Limited, dated July 25, 2016 (the “Share Repurchase Agreement”). 

 SCHEDULE 1 TO CALCULATION CERTIFICATE 

Start date of calculation period: 
 End date of calculation period: 

Includes buyback week (Y/N): 
  

					
	 ROW
	  	 DESCRIPTION
	  	 FORMULA/NOTES

	A	  	Status As of Date of Agreement: xx/xx/201x	  	
			
	A1	  	Shares owned by LSL	  	input
	A2	  	Shares owned by B&W	  	input
	A3	  	Other shares owned by BAT Group	  	0 unless input
	A4	  	Total shares owned by BAT Group	  	A1+A2+A3
	A5	  	Total outstanding shares (SEC)	  	input
	A6	  	Outstanding shares subject to Excluded Compensation Buyback (ECB)	  	input
	A7	  	Net outstanding shares (SEC)	  	A5-A6
	A8	  	LSL percentage ownership	  	A1/A7
	A9	  	B&W percentage ownership	  	A2/A7
	A10	  	Other BAT Group percentage ownership	  	A3/A7
	A11	  	Total BAT Group percentage ownership	  	A4/A7
	A12	  	Ratio of BAT to non-BAT shares	  	A4/(A7-A4)
			
	B	  	Beginning of Period	  	
			
	B1	  	Total outstanding shares (SEC)	  	input
	B2	  	Shares outstanding after all actual and pending buybacks, excluding future required ECBs	  	prior H1
	B3	  	Outstanding shares subject to ECB	  	input first period, then prior D5
	B4	  	Net outstanding shares	  	B2-B3
	B5	  	Shares owned by LSL reduced by pending buybacks	  	prior H8
	B6	  	Shares owned by B&W reduced by pending buybacks	  	A2 unless new input
	B7	  	Other shares owned by BAT Group reduced by pending buybacks	  	0 unless input
	B8	  	Total shares owned by BAT Group reduced by pending buybacks	  	B5+B6+B7
	B9	  	LSL percentage ownership	  	B5/B4
	B10	  	B&W percentage ownership	  	B6/B4
	B11	  	Other BAT Group percentage ownership	  	B7/B4
	B12	  	Total BAT Group percentage ownership	  	B8/B4
			
	C	  	Events during Period	  	
			
	C1	  	New issuances of employee compensatory shares (e.g., EIAP/LTIP/Performance Shares/exercise of options) treated as outstanding for SEC purposes, net of tax shares withheld, including shares repurchased during current period under
ECB	  	input
	C2	  	Other new issuances of shares by RAI	  	input
	C3	  	Completed purchases for prior periods from third parties, excluding ECB purchases	  	prior D2
	C4	  	Completed ECB purchases for prior periods from third parties	  	prior D3

					
	C5	  	Completed purchases for prior periods from BAT Group	  	prior G2
	C6	  	Restricted shares (outstanding for SEC purposes) forfeited or canceled	  	Input
	C7	  	Non-ECB shares bought back from third parties during current period under buyback plan	  	Input
	C8	  	ECB shares bought back during current period	  	Input
	C9	  	Other reacquisitions of shares by RAI (SEC)	  	Input
	C10	  	Purchases by BAT Group during period unrelated to buyback plan	  	Input
	C11	  	Sales by BAT Group during period unrelated to buyback plan	  	input
			
	D	  	Status At End of Period	  	
			
	D1	  	Pending purchases from BAT Group for prior periods	  	input
	D2	  	Pending purchases from third parties for current and prior periods, excluding ECBs	  	input
	D3	  	Pending ECB purchases from third parties for current and prior periods	  	input
	D4	  	Net shares outstanding on last day of period before buyback from BAT, without regard to future ECB purchases	  	B1+C1+C2-C3-C4-C5-C6-C7-C8-C9-D1-D2-D3
	D5	  	Required future ECB purchases	  	input
	D6	  	Net shares outstanding on last day of period before buyback from BAT, reduced by required future ECB purchases	  	D4-D5
			
	E	  	Calculation of Buyback Number Under A.5(i)	  	
			
	E1	  	Cumulative non-ECB buybacks from third parties for all periods, including current period	  	C3 cumulative to current period + C7 cumulative to current period + D2
	E2	  	BAT Group percentage ownership on first day of agreement	  	A11
	E3	  	Increase (decrease) to BAT Group percentage ownership under A.5(i)	  	0 unless input
	E4	  	Adjusted BAT Group percentage ownership under A.5(i)	  	E2+E3
	E5	  	Cumulative limit on purchases from BAT Group (further adjustment needed to reflect any changes in E3 over time)	  	E1*E4/(1-E4)
	E6	  	All purchases from BAT Group for prior periods (even if not yet made)	  	G2 cumulative to preceding period
	E7	  	Buyback number under A.5(i)	  	E5-E6
			
	F	  	Calculation of Buyback Number under A.5(ii)	  	
			
	F1	  	Net shares owned by BAT Group on last day of period, before BAT buyback	  	B8+C10-C11-D1
	F2	  	Net outstanding shares	  	D6
	F3	  	Assumed future issuances not subject to ECB	  	0 unless input
	F4	  	Net outstanding shares including assumed future issuances	  	F2+F3
	F5	  	Buyback number based on (F1-F5)/(F4-F5)=A11	  	(F1-(A11*F4))/(1-A11)
			
	G	  	Proposed B&W Buyback Number	  	
			
	G1	  	Unrounded (lower of E7 and F5)	  	lower (E7, F5)
	G2	  	Rounded down (not negative)	  	G1 rounded down
			
	H	  	BAT Status At End of Period under Proposed B&W Buyback Number	  	
			
	H1	  	Shares outstanding on last day of period after all actual and pending buybacks, disregarding future required ECBs	  	D4-G2
	H2	  	Shares outstanding on last day of period after all actual and pending buybacks, reduced by future required ECBs	  	D6-G2

  
 2 

					
	H3	  	Same as H2, but including assumed future issuances	  	H2+F3
	H4	  	Total BAT Group share ownership	  	B8+C10-C11-G2
	H5	  	BAT Group percentage ownership based on H1	  	H4/H1
	H6	  	BAT Group percentage ownership based on H2	  	H4/H2
	H7	  	BAT Group percentage ownership based on H3	  	H4/H3
	H8	  	LSL share ownership, assuming for H8-H14 that all buybacks are from LSL and there are no other purchases/sales during period	  	B5-G2
	H9	  	LSL percentage ownership based on H1	  	H8/H1
	H10	  	LSL percentage ownership based on H2	  	H8/H2
	H11	  	LSL percentage ownership based on H3	  	H8/H3
	H12	  	B&W percentage ownership based on H1	  	A2/H1
	H13	  	B&W percentage ownership based on H2	  	A2/H2
	H14	  	B&W percentage ownership based on H3	  	A2/H3
	H15	  	BAT portion of total non-ECBs for period	  	G2/(G2+C7+D2)
			
	I	  	Reserved	  	
			
	J	  	Payment to BAT Seller	  	
			
	J1	  	Total dollars paid to third parties for purchases (including ECBs) during this period (before commissions)	  	input
	J2	  	Volume weighted average price paid per share to third parties	  	J1/(C7+C8+D2+D3)
	J3	  	Settlement date	  	input
	J4	  	Amount payable to BAT Seller	  	G2*J2
	J5	  	U.S. withholding tax if BAT Seller is LSL	  	.05*J4
	J6	  	Net amount payable to LSL	  	J4-J5
			
	K	  	Summary	  	
			
	K1	  	Total dollars of buybacks, other than ECBs, for period	  	J1*((C7+D2)/(C7+C8+D2+D3))+J4
	K2	  	Total dollars of buybacks, other than ECBs, cumulative	  	K1 cumulative
	K3	  	Total dollars of ECB buybacks, for period	  	J1+J4-K1
	K4	  	Total dollars of ECB buybacks, cumulative	  	K3 cumulative
	K5	  	Total dollars of buybacks, including ECBs, for period	  	J1+J4
	K6	  	Total dollars of buybacks, including ECBs, cumulative	  	K5 cumulative
	K7	  	Total amount payable to BAT Sellers before withholding, cumulative	  	J4 cumulative
	K8	  	U.S. withholding tax if BAT Seller is LSL, cumulative	  	J5 cumulative
	K9	  	Net amount payable to LSL, cumulative	  	J6 cumulative

 The parties acknowledge that certain adjustments will be required if any buyback for a period is not completed by the end of the
immediately following period. 

  
 3Exhibit

Exhibit 4.1

Dated 28 April 2016
PHILIP MORRIS INTERNATIONAL INC. 
as Issuer

HSBC PRIVATE BANK (C.I.) LIMITED
As Registrar

HSBC BANK PLC
as Principal Paying Agent

HSBC BANK PLC 
as Transfer Agents

and
HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED 
as Trustee
DEED OF TERMINATION AND RELEASE 
Euro Medium Term Note Programme

RESTRICTED

Table of Contents

	
				
	 
	Page
	 

	 
	 
	 

	1.
	Interpretation........................................................................................................................
	1
	

	2.
	Releases...............................................................................................................................
	1
	

	3.
	Surviving Provisions and Mutual Release..........................................................................
	2
	

	4.
	General.................................................................................................................................
	2
	

	5.
	Law and Jurisdiction...........................................................................................................
	3
	

RESTRICTED - i

This Deed of Termination and Release (this “Deed”) is dated 28 April 2016
Between:
	
		
	(1)
	PHILIP MORRIS INTERNATIONAL INC. (the “Issuer”); 

	 
	 

	(2)
	HSBC PRIVATE BANK (C.I.) LIMITED, as registrar (the "Registrar");

	 
	 

	(3)
	HSBC BANK PLC (the "Principal Paying Agent");

	 
	 

	(4)
	HSBC BANK PLC (the "Transfer Agents"); and

	 
	 

	(5)
	HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED (the “Trustee”).

Whereas:
		
	(A)
	The Issuer established a Euro Medium Term Note Programme (the "Programme") for the issuance of Notes;

		
	(B)
	The Issuer and the Trustee entered into a Trust Deed on 13 March 2009 relating to the Issuer’s Euro Medium Term Note Programme (the “Trust Deed”);

		
	(C)
	The Issuer, the Registrar, the Trustee and the Agents entered into a Issue and Paying Agency Agreement on 13 March 2009 relating to the Issuer’s Euro Medium Term Note Programme (the “Agency Agreement”);

		
	(D)
	All of the Notes subject to the provisions of the Trust Deed and the Agency Agreement have been redeemed as of 24 March 2016 and the parties agree to terminate the Trust Deed, the Agency Agreement and the Programme with effect from the date of this Deed on the terms set out in this Deed.

It is agreed as follows:
1.    Interpretation
1.1    In this Deed, capitalised terms used herein which are not specifically defined have the meanings given to them in the Trust Deed.
2.    Releases
2.1    The parties to this Deed agree that, subject to the terms of this Deed, with effect from the date hereof:
		
	(a)
	the Trust Deed is terminated;

		
	(b)
	pursuant to Section 14.2 of the Agency Agreement the Agents’ appointment shall be revoked and the Agency Agreement is terminated;

RESTRICTED

		
	(c)
	the Programme is terminated;

		
	(d)
	the Notes shall be cancelled;

		
	(e)
	notwithstanding any provision in this Deed to the contrary, nothing in this Deed is intended to release any person from any provisions in the Trust Deed (including, without limitation, Clause 11.1 (Remuneration)) which is specifically stated to survive the discharge of the Trust Deed;

		
	(f)
	notwithstanding any provision in this Deed to the contrary, nothing in this Deed is intended to release any person from any provisions in the Agency Agreement (including, without limitation, Clause 13.3 (Indemnity)) which is specifically       stated to survive the discharge of the Agency Agreement;".

3.    Surviving Provisions and Mutual Release
3.1    Except as otherwise provided in Clause 2 of this Deed, the parties to this Deed unconditionally release and discharge each other from all of their contractual obligations,         liabilities and all other legal obligations to one another arising under, pursuant to or in                 connection with (i) the Trust Deed or its termination, (ii) the Agency Agreement or its                termination  and (iii) the Notes and their cancellation.
3.2    The Issuer shall as of the date of this Deed, promptly instruct the Principal Paying Agent and the Registrar to cancel and destroy any Global Notes previously issued in respect of the              Notes.
4.    General
4.1    This Deed constitutes the entire understanding between the parties to this Deed           concerning the termination of the Trust Deed and the Agency Agreement and supersedes all                 other agreements, arrangements and understandings, written or oral, concerning such subject        matter. Each party acknowledges to the other that it has not entered into this Deed in reliance             upon any statement or representation or any other communication made by the other, other than    as expressly stated in this Deed.
4.2     This Deed may be executed in any number of counterparts, each of which shall be               deemed an original.
4.3    In case any provision in or obligation under this Deed shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining  provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.
4.4     No person shall have any right to enforce any provision of this Deed under the Contracts (Rights of Third Parties) Act 1999.

RESTRICTED - 2

4.5    Termination of the Trust Deed and the Agency Agreement shall not affect or prejudice any claim or demand that either party may have against the other under or in connection with the Trust Deed and the Agency Agreement arising before the date hereof.

5.     Law and Jurisdiction
5.1    This Deed, including any non-contractual obligations arising out of or in connection with this Deed are governed by, and shall be construed in accordance with, English law.
5.2     The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”)        arising out of or in connection with this Deed (including a Dispute regarding the existence,           validity or termination of it or any non-contractual obligation arising out of or in connection with it) or the consequences of its nullity.
5.3     The parties agree that the courts of England are the most appropriate and convenient             courts to settle any Dispute and, accordingly, that they will not argue to the contrary.
This Deed has been entered into as a deed on the date stated at the beginning of this Deed.

RESTRICTED - 3

SIGNATURES
	
			
	Executed as a deed by
PHILIP MORRIS INTERNATIONAL INC.
as Issuer
	 
	

By:/s/ FRANK DE ROOIJ      
Name:  Frank de Rooij
Title:    Assistant Treasurer

RESTRICTED

SIGNATURES
EXECUTED as a DEED by 
HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED 
acting by its attorney/director 
/s/ JAMES MCCOMB        James McComb
Attorney/Director 

Witnessed by:
/s/ KATHERINE HENSBY
Witness Name: KATHERINE HENSBY
Witness Address: HSBC BANK PLC
                             8 CANADA SQUARE
                             LONDON 
                             E14 5HQ

Executed as a deed by
HSBC BANK PLC
as the Principal Paying Agent          
By:___________________________             
Name:
Title:

Executed as a deed by                        
HSBC PRIVATE BANK (C.I.) LIMITED                
as The Registrar                            
By:___________________________
Name:
Title:

Executed as a deed by                        
HSBC BANK PLC                        
as The Transfer Agent                        
By: __________________________
Title:
Name:

RESTRICTED

SIGNATURES
	
		
	EXECUTED as a DEED by 
HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED acting by its attorney/director 
.............................. 
Attorney/Director 

Witnessed by:
............................... 
Witness Name:     ............................... 
Witness Address:  ...............................

	

	 
	 

Executed as a deed by
HSBC BANK PLC
as the Principal Paying Agent          
By: /s/ JONATHAN PARKER
Name: Jonathan Parker
Title: Authorised Signatory

Executed as a deed by                        
HSBC PRIVATE BANK (C.I.) LIMITED                
as The Registrar            
By:___________________________
Name:
Title:

Executed as a deed by                        
HSBC BANK PLC                        
as The Transfer Agent                        
By: /s/ JONATHAN PARKER
Name: Jonathan Parker
Title: Authorised Signatory

RESTRICTED

SIGNATURES
	
		
	EXECUTED as a DEED by 
HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED acting by its attorney/director 
.............................. 
Attorney/Director 

Witnessed by:
............................... 
Witness Name:     ............................... 
Witness Address:  ...............................

	

	 
	 

Executed as a deed by
HSBC BANK PLC
as the Principal Paying Agent          
By:___________________________
Name: 
Title: 

Executed as a deed by                        
HSBC PRIVATE BANK (C.I.) LIMITED                
as The Registrar
By:/s/DAVID STODDART    /s/ STUART DAVIDSON
Name: D. Stoddart  S. Davidson
Title:    COO           HoBS

Executed as a deed by                        
HSBC BANK PLC                        
as The Transfer Agent                        
By: ________________________
Name: 
Title: 

RESTRICTED

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00260-of-00352.parquet"}]]