Document:

ycbd_ex101

 

 

 

Exhibit 10.1

 

LOCK-UP LETTER AGREEMENT

 

 

 

June
____, 2021

 

ThinkEquity,
a Division of 

Fordham
Financial Management, Inc. 

17
State Street, 22nd Floor 

New
York, NY 10004

 

 

As
Representative of the several Underwriters named on Schedule 1 to
the Underwriting Agreement referenced below

 

 

Ladies
and Gentlemen:

 

The
undersigned understands that you (the “Representative”)
and potentially certain other firms (the “Underwriters”)
propose to enter into an Underwriting Agreement (the
“Underwriting
Agreement”) providing for the purchase by the
Underwriters of securities (which will include shares of preferred
stock, par value $0.001 per share (the “Preferred
Stock”), that are convertible into shares of common
stock, par value $0.001 per share (“Common
Stock”), of cbdMD, Inc., a North Carolina corporation
(the “Company”), and
that the Underwriters propose to reoffer the Preferred Stock to the
public (the “Offering”).

 

In
consideration of the execution of the Underwriting Agreement by the
Underwriters, and for other good and valuable consideration, the
undersigned hereby irrevocably agrees that, without the prior
written consent of the Representative, on behalf of the
Underwriters, the undersigned will not, directly or indirectly, (1)
offer for sale, sell, pledge, or otherwise transfer or dispose of
(or enter into any transaction or device that is designed to, or
could be expected to, result in the transfer or disposition by any
person at any time in the future of) any shares of Preferred Stock
or Common Stock (including, without limitation, shares of Preferred
Stock or Common Stock that may be deemed to be beneficially owned
by the undersigned in accordance with the rules and regulations of
the Securities and Exchange Commission and shares of Preferred
Stock or Common Stock that may be issued upon exercise of any
options or warrants) or securities convertible into or exercisable
or exchangeable for Preferred Stock or Common Stock, (2) enter into
any swap or other derivatives transaction that transfers to
another, in whole or in part, any of the economic benefits or risks
of ownership of shares of Preferred Stock or Common Stock, whether
any such transaction described in clause (1) or (2) above is to be
settled by delivery of Preferred Stock or Common Stock or other
securities, in cash or otherwise, (3) except as
provided for below, make any demand for or exercise any right or
cause to be filed a registration statement, including any
amendments thereto, with respect to the registration of any shares
of Preferred Stock or Common Stock or securities convertible into
or exercisable or exchangeable for Preferred Stock or Common Stock
or any other securities of the Company, or (4) publicly disclose
the intention to do any of the foregoing for a period commencing on
the date hereof and ending on the 60th day after the date of the
Prospectus relating to the Offering (such 60-day period, the
“Lock-Up
Period”).

 

 

 

1

 

 

 

 The
foregoing paragraph shall not apply to (a) transactions relating to
shares of Preferred Stock or Common Stock or other securities
acquired in the open market after the completion of the Offering,
provided that no filing
under Section 16(a) of the Securities Exchange Act of 1934, as
amended (the “Exchange
Act”), shall be required or shall be voluntarily made
in connection with such transfers; (b) bona fide gifts of shares of
any class of the Company’s capital stock or any security
convertible into Preferred Stock or Common Stock, in each case that
are made exclusively between and among the undersigned or members
of the undersigned’s family, or affiliates of the
undersigned, including its partners (if a partnership) or members
(if a limited liability company); (c) any transfer of shares of
Preferred Stock or Common Stock or any security convertible into
Preferred Stock or Common Stock by will or intestate succession
upon the death of the undersigned; (d) transfer of shares of
Preferred Stock or Common Stock or any security convertible into
Preferred Stock or Common Stock to an immediate family member (for
purposes of this Lock-Up Letter Agreement, “immediate
family” shall mean any relationship by blood, marriage or
adoption, not more remote than first cousin) or any trust, limited
partnership, limited liability company or other entity for the
direct or indirect benefit of the undersigned or any immediate
family member of the undersigned; provided that, in the case of clauses
(b) - (d) above, it shall be a condition to any such transfer that
(i) the transferee/donee agrees to be bound by the terms of this
Lock-Up Letter Agreement (including, without limitation, the
restrictions set forth in the preceding sentence) to the same
extent as if the transferee/donee were a party hereto, (ii) each
party (donor, donee, transferor or transferee) shall not be
required by law (including without limitation the disclosure
requirements of the Securities Act of 1933, as amended, (the
“Securities
Act”) and the Exchange Act) to make, and shall agree
to not voluntarily make, any filing or public announcement of the
transfer or disposition prior to the expiration of the 60-day
period referred to above, and (iii) the undersigned notifies the
Representative at least two business days prior to the proposed
transfer or disposition; (e) the transfer of shares to the Company
to satisfy withholding obligations for any equity award granted
pursuant to the terms of the Company’s stock option/incentive
plans, such as upon exercise, vesting, lapse of substantial risk of
forfeiture, or other similar taxable event, in each case on a
“cashless” or “net exercise” basis (which,
for the avoidance of doubt shall not include “cashless”
exercise programs involving a broker or other third party),
provided that as a
condition of any transfer pursuant to this clause (e), that if the
undersigned is required to file a report under Section 16(a) of the
Exchange Act, reporting a reduction in beneficial ownership of
shares of Preferred Stock or Common Stock or any securities
convertible into or exercisable or exchangeable for Preferred Stock
or Common Stock during the Lock-Up Period, the undersigned shall
include a statement in such report, and if applicable an
appropriate disposition transaction code, to the effect that such
transfer is being made as a share delivery or forfeiture in
connection with a net value exercise, or as a forfeiture or sale of
shares solely to cover required tax withholding, as the case may
be; (f) transfers of shares of Preferred Stock or Common Stock or
any security convertible into or exercisable or exchangeable for
Preferred Stock or Common Stock pursuant to a bona fide third party
tender offer made to all holders of the Preferred Stock or Common
Stock, merger, consolidation or other similar transaction involving
a change of control (as defined below) of the Company, including
voting in favor of any such transaction or taking any other action
in connection with such transaction, provided that in the event that such
merger, tender offer or other transaction is not completed, the
Preferred Stock and/or Common Stock and any security convertible
into or exercisable or exchangeable for Preferred Stock or Common
Stock shall remain subject to the restrictions set forth herein;
(g) the exercise of warrants or the exercise of stock options
granted pursuant to the Company’s stock option/incentive
plans or otherwise outstanding on the date hereof; provided, that the restrictions shall
apply to shares of Common Stock issued upon such exercise or
conversion; (h) the establishment of any contract, instruction or
plan that satisfies all of the requirements of Rule 10b5-1 (a
“Rule
10b5-1 Plan”) under the Exchange Act; provided, however, that no sales of Preferred
Stock or Common Stock or securities convertible into, or
exchangeable or exercisable for, Preferred Stock or Common Stock,
shall be made pursuant to a Rule 10b5-1 Plan prior to the
expiration of the Lock-Up Period; provided further, that the Company is not
required to report the establishment of such Rule 10b5-1 Plan in
any public report or filing with the Commission under the Exchange
Act during the lock-up period and does not otherwise voluntarily
effect any such public filing or report regarding such Rule 10b5-1
Plan; and (i) any demands or requests for, exercise any right with
respect to, or take any action in preparation of, the registration
by the Company under the Securities Act of the undersigned’s
shares of Preferred Stock or Common Stock, provided that no
transfer of the undersigned’s shares of Preferred Stock or
Common Stock registered pursuant to the exercise of any such right
and no registration statement shall be filed under the Securities
Act with respect to any of the undersigned’s shares of
Preferred Stock or Common Stock during the Lock-Up Period. For
purposes of clause (f) above, “change of control” shall
mean the consummation of any bona fide third party tender offer,
merger, purchase, consolidation or other similar transaction the
result of which is that any “person” (as defined in
Section 13(d)(3) of the Exchange Act), or group of persons, becomes
the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the
Exchange Act) of a majority of total voting power of the voting
stock of the Company.

 

 

2

 

 

 

  

The
undersigned also agrees and consents to the entry of stop transfer
instructions with the Company’s transfer agent and registrar
against the transfer of the undersigned’s securities subject
to this Lock-Up Letter Agreement except in compliance with this
Lock-Up Letter Agreement.

 

If the
undersigned is an officer or director of the Company, (i) the
undersigned agrees that the foregoing restrictions shall be equally
applicable to any shares of Preferred Stock that the undersigned
may purchase in the Offering; (ii) the Representative agrees that,
at least three (3) business days before the effective date of any
release or waiver of the foregoing restrictions in connection with
a transfer of securities subject to this Lock-Up Letter Agreement,
the Representative will notify the Company of the impending release
or waiver; and (iii) the Company has agreed in the Underwriting
Agreement to announce the impending release or waiver by press
release through a major news service at least two (2) business days
before the effective date of the release or waiver. Any release or
waiver granted by the Representative hereunder to any such officer
or director shall only be effective two (2) business days after the
publication date of such press release. The provisions of this
paragraph will not apply if (a) the release or waiver is effected
solely to permit a transfer of securities subject to this Lock-Up
Letter Agreement not for consideration and (b) the transferee has
agreed in writing to be bound by the same terms described in this
securities subject to this Lock-Up Letter Agreement to the extent
and for the duration that such terms remain in effect at the time
of such transfer.

 

It is
understood that, if the Company notifies the Underwriters that it
does not intend to proceed with the Offering, if the Underwriting
Agreement does not become effective, or if the Underwriting
Agreement (other than the provisions thereof which survive
termination) shall terminate or be terminated prior to payment for
and delivery of the securities, the undersigned will be released
from its obligations under this Lock-Up Letter
Agreement.

 

The
undersigned understands that the Company and the Underwriters will
proceed with the Offering in reliance on this Lock-Up Letter
Agreement.

 

Whether
or not the Offering actually occurs depends on a number of factors,
including market conditions. Any Offering will only be made
pursuant to an Underwriting Agreement, the terms of which are
subject to negotiation between the Company and the
Underwriters.

 

 

 

3

 

 

 

This
Lock-Up Letter Agreement shall automatically terminate upon the
earliest to occur, if any, of (1) the termination of the
Underwriting Agreement before the sale of any securities to the
Underwriters or (2) August 22, 2021, in the event that the
Underwriting Agreement has not been executed by that
date.

 

The
undersigned hereby represents and warrants that the undersigned has
full power and authority to enter into this Lock-Up Letter
Agreement and that, upon request, the undersigned will execute any
additional documents necessary in connection with the enforcement
hereof. Any obligations of the undersigned shall be binding upon
the heirs, personal representative, successors and assigns of the
undersigned.

 

Very
truly yours,

 

By:
______________________________

                                                                       Name:

 
Title:

 

 

 

 

 

    

 

4EX-4.3

 
  
 
 

Exhibit
4.3

DESCRIPTION OF THE
REGISTRANT’S SECURITIES
 REGISTERED PURSUANT TO SECTION 12 OF THE 
 SECURITIES EXCHANGE ACT OF 1934
                 As of May 30, 2021, General Mills, Inc. (“General
Mills,” the “Company,” “we,” “us,” and “our”) had four classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):
 Common Stock, $.10 par value; 1.000% Notes due 2023; 0.450% Notes due 2026; and 1.500% Notes due 2027.

DESCRIPTION OF COMMON
STOCK

         
       The following description of our Common Stock and our cumulative preference stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Restated
Certificate of Incorporation (the “Certificate of Incorporation”) and our By-laws, as amended (the “By-laws”), each of which are incorporated by reference as an exhibit to our most recent Annual Report on Form 10-K. We
encourage you to read our Certificate of Incorporation, our By-laws and the applicable provisions of the General Corporation Law of the State of Delaware (“DGCL”) for additional information.

         
       General
                 Our Certificate of Incorporation currently authorizes the issuance of one billion shares of
our Common stock, par value $0.10 per share, and five million shares of cumulative preference stock, without par value, issuable in series. Our Common Stock is listed and principally traded on the New York Stock Exchange under the symbol
“GIS.” All outstanding shares of our Common Stock are fully paid and nonassessable. 

Dividend Rights

The holders of Common Stock are entitled
to receive dividends when and as declared by our Board of Directors out of funds legally available for that purpose, provided that if any shares of preference stock are at the time outstanding, the payment of dividends on Common Stock or other
distributions (including purchases of Common Stock) may be subject to the declaration and payment of full cumulative dividends, and the absence of overdue amounts in any mandatory sinking fund, on outstanding shares of preference
stock.
 Voting
Rights

                The holders of Common
Stock are entitled to one vote for each share on all matters voted on by stockholders, including the election of directors, subject to the voting rights of any preference stock then outstanding. The holders of Common Stock are not entitled to
cumulative voting of their shares in the election of directors. Directors are to be elected by a majority of the votes cast by the holders of Common Stock entitled to vote and present in person or represented by proxy, provided that if the number of
nominees standing for election at any meeting of the stockholders exceeds the number of directors to be elected, the directors will be elected by a plurality of the votes cast. Except as provided by law, all other matters are to be decided by a vote
of a majority of votes cast by the holders of Common Stock entitled to vote and present in person or represented by proxy.
  
 Liquidation Rights
 In the event of liquidation, dissolution or winding up of the Company, holders of Common Stock are entitled to share ratably in any assets remaining after the satisfaction in full of
the prior rights of creditors, including holders of our indebtedness, and the aggregate liquidation preference of any preference stock then outstanding.

Other Rights and
Preferences
 The
holders of Common Stock do not have any conversion rights or any preemptive rights to subscribe for stock or any other securities of the Company. There are no redemption or sinking fund provisions applicable to our Common Stock. 

Effect of Preference
Shares
     
 

 
 
 

Our Board of Directors is authorized to
approve the issuance of one or more series of preference stock without further authorization of our stockholders and to fix the number of shares, the designations, the relative rights and the limitations of any series of preference stock. As a
result, our Board of Directors, without stockholder approval, could authorize the issuance of preference stock with voting, conversion and other rights that could proportionately reduce, minimize or otherwise adversely affect the voting power and
other rights of holders of Common Stock or other series of preference stock or that could have the effect of delaying, deferring or preventing a change in our control.

Transfer Agent

The transfer agent for Common Stock is
Equiniti Trust Company.

 

DESCRIPTION OF 

1.000% NOTES DUE 2023
 0.450% NOTES DUE 2026 
 1.500% NOTES DUE 2027
                 The following description of our 1.000% Notes due 2023 (the “2023 Notes”),
0.450% Notes due 2026 (the “2026 Notes”) and 1.500% Notes due 2027 (the “2027 Notes,” and together with the 2023 Notes and 2026 Notes, the “Notes”) is a summary and does not purport to be complete. It is subject
to and qualified in its entirety by reference to the Indenture, dated as of February 1, 1996, between General Mills and U.S. Bank National Association (f/k/a First Trust of Illinois, National Association), as supplemented by the First Supplemental
Indenture, dated as of May 18, 2009, between General Mills and U.S. Bank National Association (together the “Indenture”), which are incorporated by reference as exhibits to our most recent Annual Report on Form 10-K, and, as applicable,
the Officers’ Certificate for the 2023 Notes, incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated April 24, 2015, the Officers’ Certificate for the 2026 Notes, incorporated herein by
reference to Exhibit 4 to the Company’s Current Report on Form 8-K dated January 15, 2020, and the Officers’ Certificate for the 2027 Notes, incorporated herein by reference to Exhibit 4.2 to the Company’s Current Report on Form
8-K dated April 24, 2015. We encourage you to read the Indenture and the Officers’ Certificates for additional information. References in this section to the “Company,” “us,” “we” and “our” are
solely to General Mills and not to any of its subsidiaries, unless the context requires otherwise.
                 General

         
       We issued €500,000,000 aggregate principal amount of our 2023 Notes and €400,000,000 aggregate principal amount of our 2027 Notes on April 27, 2015, and €600,000,000 aggregate principal amount of
our 2026 Notes on January 15, 2020. The 2023 Notes, 2026 Notes and 2027 Notes are listed and principally traded on the New York Stock Exchange under the symbols “GIS23A,” “GIS26” and “GIS27,” respectively. As of
May 30, 2021, €500,000,000 aggregate principal amount of the 2023 Notes, €600,000,000 aggregate principal amount of the 2026 Notes and €400,000,000 aggregate principal amount of the 2027 Notes were outstanding.

         
       The Notes were each issued as a separate series of securities under the Indenture. The Notes and the Indenture are governed by, and are to be construed in accordance with, the laws of the State of New York
applicable to agreements made and to be performed wholly within the State of New York.
                 Interest and Maturity

         
        The 2023 Notes will mature on April 27, 2023, the 2026 Notes will mature on January 15,
2026, and the 2027 Notes will mature on April 27, 2027. We will pay interest on the 2023 Notes at the rate of 1.000% per year annually in arrears on April 27 of each year, beginning April 27, 2016, to holders of record on the preceding April 12. We
will pay interest on the 2026 Notes at the rate of 0.450% per year annually in arrears on January 15 of each year, beginning January 15, 2021, to holders of record on the preceding January 1. We will pay interest on the 2027 Notes at the rate of
1.500% per year annually in arrears on April 27 of each year, beginning April 27, 2016, to holders of record on the preceding April 12. Interest payments for the 2023 and 2027 Notes include accrued interest from and including April 27, 2015 or from
and including the last date in respect of which interest has been paid or provided for, as the case may be, to but excluding the next interest payment date or the date of maturity, as the case may be. Interest payments for the 2026 Notes include
accrued interest from and including January 15, 2020 or from and including the last date in respect of which interest has been paid or provided for, as the case may be, to but excluding the interest payment date or the date of maturity, as the case
may be. Interest payable at the maturity of the Notes will be payable to the registered holders of the Notes to whom the principal is payable.
 
   
 

 
 
 

         
       Interest on the Notes is computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was
paid on the Notes, to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. If any interest payment date on
the Notes falls on a day that is not a business day, the interest payment will be postponed to the next day that is a business day, and no interest on that payment will accrue for the period from and after the interest payment date. If the maturity
date of the Notes falls on a day that is not a business day, the payment of interest and principal will be made on the next succeeding business day, and no interest on such payment will accrue for the period from and after the maturity
date.

         
       “Business day” means any day that is not a Saturday or Sunday and that is not a day on which banking institutions are authorized or obligated by law or executive order to close in the City of New York
or London and on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates.

     
           Payments in Euro
                 All payments of interest and principal, including payments made upon any redemption of the
Notes, is payable in euro. If the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that
have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in dollars until the euro is again
available to us or so used. The amount payable on any date in euro is converted into dollars on the basis of the most recently available market exchange rate for euro. Any payment in respect of the Notes so made in dollars will not constitute an
event of default under the Notes or the Indenture governing the Notes. Neither the trustee nor the paying agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

         
       Issuance of Additional Notes
                 We may, without the consent of the holders of Notes, issue additional Notes having the same
ranking and the same interest rate, maturity and other terms as a series of the Notes (except for the public offering price and issue date and, in some cases, the first interest payment date). Any additional Notes, together with the Notes with the
same terms, will constitute a single series of Notes under the Indenture; provided that, if the additional Notes are not fungible with the Notes in this offering for United States federal income tax purposes, the additional Notes will have different
ISIN and CUSIP numbers. No additional Notes of a series may be issued if an event of default has occurred with respect to that series of Notes.

         
       Ranking
                 The Notes are our unsecured and unsubordinated obligations. The Notes rank equal in priority
with all of our existing and future unsecured and unsubordinated indebtedness and senior in right of payment to all of our existing and future subordinated indebtedness. The Notes effectively rank junior to all of our existing and future secured
indebtedness to the extent of the value of the assets securing such indebtedness. In addition, because the Notes are only our obligation and are not guaranteed by our subsidiaries, creditors of each of our subsidiaries, including trade creditors and
owners of preferred equity of our subsidiaries, generally will have priority with respect to the assets and earnings of the subsidiary over the claims of our creditors, including holders of the Notes. The Notes, therefore, are effectively
subordinated to the claims of creditors, including trade creditors, of our subsidiaries, and to claims of owners of preferred equity of our subsidiaries. 

         
       Redemption
                 As discussed below, we may redeem the Notes before they mature. The Notes to be redeemed
will stop bearing interest on the redemption date. We will give holders of Notes between 15 and 45 days’ notice before the redemption date.

         
       We are not required (i) to register, transfer or exchange the Notes during the period from the opening of business 15 days before the day a notice of redemption relating to the Notes selected for redemption is
sent to the close of business on the day that notice is sent, or (ii) to register, transfer or exchange any Notes so selected for redemption, except for the unredeemed portion of any Notes being redeemed in part.
 
   
 

 
 
 

         
       We may redeem the Notes, in whole or in part, at any time and from time to time. The redemption price for the 2023 Notes to be redeemed on any redemption date that is prior to January 27, 2023 (the date that is
three months prior to the maturity date) will be equal to the greater of (1) 100% of the principal amount of the 2023 Notes to be redeemed and (2) as determined by an independent investment bank selected by us, the sum of the present values of the
remaining scheduled payments of principal and interest on the 2023 notes to be redeemed (excluding any portion of such payments of interest accrued as of the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL
(ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 20 basis points, plus, in each case, accrued and unpaid interest to the date of redemption. The redemption price for the 2023 Notes to be redeemed on any redemption
date that is on or after January 27, 2023 (the date that is three months prior to the maturity date) will be equal to 100% of the principal amount of the 2023 Notes being redeemed on the redemption date, plus accrued and unpaid interest on the 2023
Notes to the date of redemption. The redemption price for the 2026 Notes to be redeemed on any redemption date that is prior to October 15, 2025 (the date that is three months prior to the maturity date) will be equal to the greater of (1) 100% of
the principal amount of the 2026 Notes to be redeemed and (2) as determined by an independent investment bank selected by us, the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed
(excluding any portion of such payments of interest accrued as of the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 15 basis
points, plus, in each case, accrued and unpaid interest to the date of redemption. The redemption price for the 2026 Notes to be redeemed on any redemption date that is on or after October 15, 2025 (the date that is three months prior to the
maturity date) will be equal to 100% of the principal amount of the notes being redeemed on the redemption date, plus accrued and unpaid interest on the notes to the date of redemption. The redemption price for the 2027 Notes to be redeemed on any
redemption date that is prior to January 27, 2027 (the date that is three months prior to the maturity date) will be equal to the greater of (1) 100% of the principal amount of the 2027 Notes to be redeemed and (2) as determined by an independent
investment bank selected by us, the sum of the present values of the remaining scheduled payments of principal and interest on the 2027 Notes to be redeemed (excluding any portion of such payments of interest accrued as of the date of redemption)
discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate plus 25 basis points, plus, in each case, accrued and unpaid interest to the date of redemption. The redemption price for
the 2027 Notes to be redeemed on any redemption date that is on or after January 27, 2027 (the date that is three months prior to the maturity date) will be equal to 100% of the principal amount of the 2027 Notes being redeemed on the redemption
date, plus accrued and unpaid interest on the 2027 Notes to the date of redemption. In any case, the principal amount of a Notes remaining outstanding after a redemption in part shall be €100,000 or an integral multiple of €1,000 in
excess thereof.

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

·         “Comparable Government
Bond Rate” means the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), on the third business day prior to the date fixed for redemption, of the Comparable Government Bond (as
defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank selected by us.

·         “Comparable Government
Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by us, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or
if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German
government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.

         
       The Notes are also subject to redemption prior to maturity if certain events occur involving United States taxation. If any of these special tax events occur, the Notes may be redeemed at a redemption price of
100% of their principal amount plus accrued and unpaid interest to the date fixed for redemption. See “Redemption for Tax Reasons.”

         
       Payment of Additional Amounts
                 We will, subject to the exceptions and limitations set forth below, pay as additional
interest on the Notes such additional amounts as are necessary in order that the net payment of the principal of and interest on the Notes to a holder of the Notes (or the beneficial owner for whose benefit such holder holds the Notes) who is not a
United States person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount
provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:
 
   
 

 
 
 

(1)      
     to any tax, assessment or other governmental charge that is imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds such note), or a fiduciary, settlor, beneficiary, member or shareholder
of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

(a)      
     being or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United States;

(b)      
     having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes or the receipt of any payment or the enforcement of any rights thereunder),
including being or having been a citizen or resident of the United States;
 (c)           being or having been a personal holding company, a passive foreign investment company or a controlled foreign
corporation for United States income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax;

(d)      
     being or having been a “10-percent shareholder” of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision;
or

(e)      
     being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

(2)      
     to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the
holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor,
beneficial owner or member received directly its beneficial or distributive share of the payment;
 (3)           to any tax, assessment or other governmental charge that would not have been imposed but for
the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner
of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax,
assessment or other governmental charge;
 (4)           to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by us or an
applicable paying or withholding agent from the payment;
 (5)           to any tax, assessment or other governmental charge that would not have been imposed but for a change in law,
regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

(6)      
     to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge;

(7)      
     with respect to the 2023 and 2027 Notes, to any withholding or deduction that is imposed on a payment to an individual and that is required to be made pursuant to any law implementing or complying with, or introduced in order
to conform to, any European Union Directive on the taxation of savings;
 (8)           to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of
principal of or interest on any note, if such payment can be made without such withholding by at least one other paying agent;

(9)      
     to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the holder of any note, where presentation is required, for payment on a date more than 30 days after the date
on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

(10)      
   with respect to the 2023 and 2027 Notes, to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner being a bank (i) purchasing the Notes in the ordinary course of its lending
business or (ii) that is neither (A) buying the Notes for investment purposes only nor (B) buying the Notes for resale to a third-party that either is not a bank or holding the Notes for investment purposes only;
 
   
 

 
 
 

(11)      
   to any tax, assessment or other governmental charge imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement
entered into pursuant to Section 1471(b) of the Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code;
or

(12)      
   in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9), (10) and (11).

         
       The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically provided under this heading
“Payment of Additional Amounts,” we are not required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political
subdivision.

         
       As used under this heading “Payment of Additional Amounts” and under the heading “Redemption for Tax Reasons”, the term “United States” means the United States of America, the
states of the United States, and the District of Columbia, and the term “United States person” means any individual who is a citizen or resident of the United States for United States federal income tax purposes, a corporation,
partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to United States federal income taxation
regardless of its source.

         
       With respect to the 2023 and 2027 Notes, to the extent permitted by law, we will maintain a paying agent in a Member State of the European Union (if any) that will not require withholding or deduction of tax
pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such European Council Directive.

         
       Redemption for Tax Reasons
                 If, as a result of any change in, or amendment to, the laws (or any regulations or rulings
promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations or rulings, we become or,
based upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts as described under the heading “Payment of Additional Amounts” with respect to the Notes, then we may at any time at our
option redeem, in whole, but not in part, any series of the Notes on not less than 15 nor more than 45 days’ prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on such Notes
to, but not including, the date fixed for redemption.
                 Change of Control Offer to Purchase

         
       If a change of control triggering event occurs, holders of Notes may require us to repurchase all or any part (equal to an integral multiple of €1,000) of their Notes at a purchase price of 101% of the
principal amount, plus accrued and unpaid interest, if any, on such Notes to the date of purchase (unless a notice of redemption has been mailed within 30 days after such change of control triggering event stating that all of the Notes of such
series will be redeemed as described above); provided that the principal amount of a Note remaining outstanding after a repurchase in part shall be €100,000 or an integral multiple of €1,000 in excess thereof. We are required to mail to
holders of the Notes a notice describing the transaction or transactions constituting the change of control triggering event and offering to repurchase the Notes. The notice must be mailed within 30 days after any change of control triggering event,
and the repurchase must occur no earlier than 30 days and no later than 60 days after the date the notice is mailed.
                 On the date specified for repurchase of the Notes, we will, to
the extent lawful:

·         accept for payment all
properly tendered Notes or portions of Notes;
 ·         deposit with the paying agent the required payment for all properly tendered Notes or portions of Notes; and

·         deliver to the trustee the
repurchased Notes, accompanied by an officers’ certificate stating, among other things, the aggregate principal amount of repurchased Notes.
 
   
 

 
 
 

         
       We will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended, and any other securities laws and regulations applicable to the repurchase of the Notes. To the extent that
these requirements conflict with the provisions requiring repurchase of the Notes, we will comply with these requirements instead of the repurchase provisions and will not be considered to have breached our obligations with respect to repurchasing
the Notes. Additionally, if an event of default exists under the Indenture (which is unrelated to the repurchase provisions of the Notes), including events of default arising with respect to other issues of debt securities, we will not be required
to repurchase the Notes notwithstanding these repurchase provisions.
                 We will not be required to comply with the obligations relating to repurchasing the Notes if
a third party instead satisfies them.

         
       For purposes of the repurchase provisions of the Notes, the following terms are applicable:
                 “Change of control” means the occurrence of any of the following: (a) the consummation of any
transaction (including, without limitation, any merger or consolidation) resulting in any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) (other than us or one of our subsidiaries)
becoming the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of our voting stock or other voting stock into which our voting stock is
reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (b) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in a transaction or a
series of related transactions, of all or substantially all of our assets and the assets of our subsidiaries, taken as a whole, to one or more “persons” (as that term is defined in the Indenture) (other than us or one of our
subsidiaries); or (c) the first day on which a majority of the members of our Board of Directors are not continuing directors. Notwithstanding the foregoing, a transaction will not be considered to be a change of control if (a) we become a direct or
indirect wholly-owned subsidiary of a holding company and (b)(y) immediately following that transaction, the direct or indirect holders of the voting stock of the holding company are substantially the same as the holders of our voting stock
immediately prior to that transaction or (z) immediately following that transaction no person is the beneficial owner, directly or indirectly, of more than 50% of the voting stock of the holding company.

         
       “Change of control triggering event”
means the occurrence of both a change of control and a rating event.
                
“Continuing directors” means, as of any date of determination, any
member of our Board of Directors who (a) was a member of the Board of Directors on the date the Notes were issued or (b) was nominated for election, elected or appointed to the Board of Directors with the approval of a majority of the continuing
directors who were members of the Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of our proxy statement in which such member was named as a nominee for election as a director,
without objection to such nomination).
 “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, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by us.

         
       “Moody’s” means Moody’s
Investors Service, Inc.

         
       “Rating agencies” means (a) each of
Fitch, Moody’s and S&P; and (b) 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 our control, a “nationally recognized statistical
rating organization” (as defined in Section 3(a)(62) of the Securities Exchange Act of 1934, as amended) selected by us as a replacement rating agency for a former rating agency.

         
       “Rating event” means the rating on
the Notes is lowered by each of the rating agencies and the Notes are rated below an investment grade rating by each of the rating agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes
is under publicly announced consideration for a possible downgrade by any of the rating agencies) after the earlier of (a) the occurrence of a change of control and (b) public notice of the occurrence of a change of control or our intention to
effect a change of control; provided that a rating event will not be deemed to have occurred in respect of a particular change of control (and thus will not be deemed a rating event for purposes of the definition of change of control triggering
event) if each rating agency making the reduction in rating does not publicly announce or confirm or inform the trustee in writing at our request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or
arising as a result of, or in respect of, the change of control (whether or not the applicable change of control has occurred at the time of the rating event).

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

 
 
 

         
       “Voting stock” means, with respect
to any specified “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of
the board of directors of such person.

         
       Sinking Fund
                 The Notes are not subject to, or entitled to the benefit of, any sinking
fund.
 Conversion or
Exchange Rights

The Notes are not convertible or
exchangeable for shares of our common stock or other securities.
 Certain Restrictive Covenants
 The Indenture contains restrictive covenants that apply the Notes, the most significant of which are described below.

Limitation on Liens on Major
Property and United States and Canadian Operating Subsidiaries  

Some of our property may be subject to a
mortgage or other legal mechanism that gives our lenders preferential rights in that property over other lenders, including direct holders of the Notes, or over our general creditors, if we fail to pay them back. These preferential rights are called
“liens.” The Indenture restricts our ability to create, issue, assume, incur or guarantee any indebtedness for borrowed money that is secured by a mortgage, pledge, lien, security interest or other encumbrance on:

·         any flour mill,
manufacturing or packaging plant or research laboratory located in the United States or Canada owned by us or one of our current or future United States or Canadian operating subsidiaries; or

·         any stock or debt issued by
one of our current or future United States or Canadian operating subsidiaries
 unless we also secure all the Notes that are still outstanding under the Indenture equally with the indebtedness being secured. This promise does not restrict our ability to sell or
otherwise dispose of our interests in any United States or Canadian operating subsidiary.
 These requirements do not apply to liens:
 ·         existing on February 1, 1996 and any extensions, renewals or replacements of those liens;

·         relating to the
construction, improvement or purchase of a flour mill, plant or laboratory;
 ·         in favor of us or one of our United States or Canadian operating subsidiaries;

·         in favor of governmental
units for financing construction, improvement or purchase of our property;
 ·         existing on any property, stock or debt existing at the time we acquire it, including liens on property, stock or debt of a United States or Canadian operating subsidiary at the time
it became our United States or Canadian operating subsidiary;
 ·         relating to the sale of our property;
 ·         for work done on our property;

·         relating to workers’
compensation, unemployment insurance and similar obligations;
 ·         relating to litigation or legal judgments;
 ·         for taxes, assessments or governmental charges not yet due; or

·         consisting of easements or
other restrictions, defects in title or encumbrances on our real property.
     
 

We may also avoid securing the Notes
equally with the indebtedness being secured if the amount of the indebtedness being secured plus the value of any sale and lease back transactions, as described below, is 15% or less than the amount of our consolidated total assets minus our
consolidated non-interest bearing current liabilities, as reflected on our consolidated balance sheet.
 If a merger or other transaction would create any liens that are not permitted as described above, we must grant an equivalent lien to the direct holders of
the Notes.

Limitation on Sale and Leaseback
Transactions  

The Indenture also provides that we and
our United States and Canadian operating subsidiaries will not enter into any sale and leaseback transactions on any of our flourmills, manufacturing or packaging plants or research laboratories located in the United States or Canada owned by us or
one of our current or future United States or Canadian operating subsidiaries (“principal properties”) unless we satisfy some restrictions. A sale and leaseback transaction involves our sale to a lender or other investor of a property of
ours and our leasing back that property from that party for more than three years, or a sale of a property to, and its lease back for three or more years from, another person who borrows the necessary funds from a lender or other investor on the
security of the property.
 We may enter into a sale and leaseback transaction covering any of our principal properties only if:

·         it falls into the exceptions
for liens described above under “— Limitation on Liens on Major Property and United States and Canadian Operating Subsidiaries”; or

·         within 180 days after the
property sale, we set aside for the retirement of funded debt, meaning notes or bonds that mature at or may be extended to a date more than 12 months after issuance, an amount equal to the greater of:

 ☐     the net proceeds of the sale of the principal property,
or
 
☐     the fair market value of the
principal property sold, and in either case, minus
  ☐     the principal amount of any debt securities issued under the Indenture that are delivered to the trustee for retirement within 120 days after the property sale, and

 ☐     the principal amount of any funded debt, other than debt
securities issued under the Indenture, voluntarily retired by us within 120 days after the property sale; or
 ·         the attributable value, as described below, of all sale and leaseback transactions plus any indebtedness that we incur that, but for the exception in the
second to last paragraph of “— Limitation on Liens on Major Property and United States and Canadian Operating Subsidiaries” above, would have required us to secure the Notes equally with it, is 15% or less than the amount of our
consolidated total assets minus our consolidated non-interest bearing current liabilities, as reflected on our consolidated balance sheet.

We determine the attributable value of a sale and
leaseback transaction by choosing the lesser of (1) or (2) below:
 1.       sale price of the leased property                      
x                             
                  remaining portion of the base
 term of the lease                

the base term of the lease

2.       the total obligation of the lessee for
rental payments during the remaining portion of the base term of the lease, discounted to present value at the highest interest rate on any outstanding series of debt securities issued under the Indenture. The rental payments in this calculation do
not include amounts for property taxes, maintenance, repairs, insurance, water rates and other items that are not payments for the property itself.

Mergers and Similar
Events
 We are
generally permitted under the Indenture to consolidate or merge with another company. We are also permitted to sell or lease some or all of our assets to another company. However, we may not take any of these actions unless the following conditions,
among others, are met:
     
 

 
 
 

·         where we merge out of
existence or sell or lease substantially all our assets, the other company must be a corporation, limited liability company, partnership or trust organized under the laws of a state or the District of Columbia or under United States federal law and
it must expressly agree in a supplemental indenture to be legally responsible for the Notes; and
 ·         the merger, sale of assets or other transaction must not bring about a default on the Notes (for purposes of this test, a default would include an event of
default described below under “Default and Related Matters” and any event that would be an event of default if the requirements for giving us notice of our default or our default having to exist for a specific period of time were
disregarded).
 There is
no precise, established definition of what would constitute a sale or lease of substantially all of our assets under applicable law and, accordingly, there may be uncertainty as to whether a sale or lease of less than all of our assets would subject
us to this provision.

If we merge out of existence or transfer
(except through a lease) substantially all our assets, and the other firm becomes our successor and is legally responsible for the Notes, we will be relieved of our own responsibility for the Notes.

Default and
Related Matters

Noteholders will have special rights if
an event of default occurs and is not cured. For each series of Notes the term “event of default” means any of the following:

·         we do not pay interest on a
Note of that series within 30 days of its due date;
 ·         we do not pay the principal or any premium on a Note of that series on its due date;

·         we do not deposit money into
a separate custodial account, known as a sinking fund, when such a deposit is due, if we agree to maintain a sinking fund with respect to that series;

·         we remain in breach of any
restrictive covenant with respect to that series or any other term of the Indenture for 60 days after we receive a notice of default stating we are in breach (the notice must be sent by either the trustee or direct holders of at least 25% of the
principal amount of Notes of the affected series); or
 ·         we file for bankruptcy or other events of bankruptcy, insolvency or reorganization occur.

In the event of our bankruptcy,
insolvency or other similar proceeding, all of the Notes will automatically be due and immediately payable. If a non-bankruptcy event of default has occurred with respect to any series of Notes and has not been cured, the trustee or the direct
holders of not less than 25% in principal amount of the Notes of the affected series may declare the entire principal amount of all the Notes of that series to be due and immediately payable. This is called a “declaration of acceleration of
maturity.”
 A
declaration of acceleration of maturity may be canceled by the direct holders of at least a majority in principal amount of the Notes of the affected series if any other defaults on those Notes have been waived or cured and we pay or deposit with
the trustee an amount sufficient to pay the following with respect to the Notes of that series:
 ·         all overdue interest;
 ·         principal and premium, if any, which has become due, other than as a result of the acceleration, plus any interest on that principal;

·         interest on overdue
interest, to the extent that payment is lawful; and
 ·         amounts paid or advanced by the trustee and reasonable trustee compensation and expenses.

Except in cases of default, where the
trustee has some special duties, the trustee is not required to take any action under the Indenture at the request of any direct holders unless the holders offer the trustee reasonable protection from expenses and liability, called an
“indemnity.” If reasonable indemnity is provided, the direct holders of a majority in principal amount of the outstanding Notes of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal
action seeking any remedy available to the trustee. These majority direct holders may also direct the trustee in exercising any trust or power conferred on the trustee under the Indenture.
 
   
 

 
 
 

Before an investor may bypass the
trustee and bring its own lawsuit or other formal legal action or take other steps to enforce its rights or protect its interests relating to any Notes of any series, the following must occur:

·         the investor must give the
trustee written notice that an event of default with respect to the Notes of that series has occurred and remains uncured;

·         the direct holders of at
least 25% in principal amount of all outstanding Notes of that series must make a written request that the trustee take action because of the default, and must offer reasonable indemnity to the trustee against any cost and liabilities of taking that
action;
 ·         the trustee must not have
received from direct holders of a majority in principal amount of the outstanding Notes of that series a direction inconsistent with the written notice; and

·         the trustee must have failed
to take action for 60 days after receipt of the above notice and offer of indemnity.
 However, investors are entitled at any time to bring a lawsuit for the payment of money due on a Note on or after its due date.

Every year we will certify in a written
statement to the trustee that we are in compliance with the Indenture and each series of Notes or specify any default that we know about.

Defeasance

In some circumstances described below,
we may elect to discharge our obligations on the Notes through defeasance or covenant defeasance.
 Full Defeasance
 
 If there is
a change in United States federal tax law as described below, we could legally release ourselves from any payment or other obligations on the Notes, called “full defeasance,” if we put in place the following arrangements for investors to
be repaid:
 ·         we must irrevocably deposit
in trust for the benefit of all direct holders of those Notes money or specified German government securities or a combination of these that will generate enough cash to make interest, principal and any other payments on those Notes on their various
due dates;
 ·         there must be a change in
current federal tax law or an Internal Revenue Service ruling that lets us make the deposit without causing investors to be taxed on the Notes any differently than if we did not make the deposit and simply repaid such Notes ourselves (under current
United States federal tax law, the deposit and our legal release from the such Notes would be treated as though we took back such Notes and gave investors their share of the cash and notes or bonds deposited in trust, in which case investors could
recognize gain or loss on those Notes); and
 ·         we must deliver to the trustee a legal opinion confirming the United States tax law change described above.

In addition, no default must have
occurred and be continuing with respect to those Notes at the time the deposit is made (and, with respect only to bankruptcy and similar events, during the 90 days following the deposit), and we have delivered a certificate and a legal opinion to
the effect that the deposit does not:
 ·         cause any outstanding Notes to be delisted;
 ·         cause the trustee to have a “conflicting interest” within the meaning of the Trust Indenture Act of 1939;

·         result in a breach or
violation of, or constitute a default under, any other agreement or instrument to which we are party or by which we are bound; and

·         result in the trust arising
from it constituting an “investment company” within the meaning of the Investment Company Act of 1940 (unless we register the trust, or find an exemption from registration, under that Act).

If we ever did accomplish full
defeasance, investors would have to rely solely on the trust deposit, and could no longer look to us, for repayment on the Notes of the affected series. Conversely, the trust deposit would likely be protected from claims of our lenders and other
creditors if we ever become bankrupt or insolvent.
     
 

 
 
 

Covenant
Defeasance  

Under current United States federal tax
law, we can make the same type of deposit described above and be released from many of the covenants in the Notes. This is called “covenant defeasance.” In that event, investors would lose the protection of those covenants but would gain
the protection of having money and securities set aside in trust to repay the applicable series of Notes. In order to achieve covenant defeasance, we must do the following:

·         make the same deposit of
money and/or German government securities described above under “— Full Defeasance;”
 ·         deliver to the trustee a legal opinion confirming that under current United States federal income tax law we may make the above deposit without causing
investors to be taxed on the applicable series of Notes any differently than if we did not make the deposit and simply repaid the applicable series of Notes ourselves; and

·         comply with the other
conditions precedent described above under “— Full Defeasance.”
 If we accomplish covenant defeasance, the following provisions, among others, would no longer apply:

·         the events of default
relating to breach of covenants described below under “Default and Related Matters;” and
 ·         any promises regarding conduct of our business, such as those described under “Certain Restrictive Covenants” below and any other covenants
applicable to the series of Notes.
 If we accomplish covenant defeasance, investors can still look to us for repayment of the applicable series of Notes if there is a shortfall in the trust deposit. Depending on the
event causing the default, however, investors may not be able to obtain payment of the shortfall.
 Modification and Waiver

There are three types of changes we can
make to the Indenture and the Notes.
 First, there are changes that cannot be made to the Notes without specific investor approval. These include:

·         change of the stated due
date for payment of principal or interest on a series of Notes;
 ·         reduction in the principal amount of, the rate of interest payable on or any premium payable upon redemption of a series of Notes;

·         reduction in the amount of
principal payable upon acceleration of the maturity of a series of Notes following a default;
 ·         change in the place or currency of payment on a series of Notes;

·         impairment of an
investor’s right to sue for payment on a series of Notes on or after the due date for such payment;
 ·         reduction in the percentage of direct holders of a series of Notes whose consent is required to modify or amend the Indenture;

·         reduction in the percentage
of holders of a series of Notes whose consent is required under the Indenture to waive compliance with provisions of, or to waive defaults under, the Indenture; and

·         modification of any of the
provisions described above or other provisions of the Indenture dealing with waiver of defaults or covenants under the Indenture, except to increase the percentages required for such waivers or to provide that other provisions of the Indenture
cannot be changed without the consent of each direct holder affected by the change.
 Second, changes may be made by us and the trustee without any vote by holders of any series of Notes. These include:

·         evidencing the assumption by
a successor of our obligations under the Indenture and any series of Notes;
 ·         adding to our covenants for the benefit of the holders of any series of Notes, or surrendering any of our rights or powers under the Indenture;
 
   
 

 
 
 

·         adding other events of
default for the benefit of holders of any series of Notes;
 ·         making such changes as may be necessary to permit or facilitate the issuance of any series of Notes in bearer or uncertificated form;

·         establishing the forms or
terms of any series of Notes;
 ·         evidencing the acceptance of appointment by a successor trustee; and

·         curing any ambiguity,
correcting any Indenture provision that may be defective or inconsistent with other Indenture provisions or making any other change that does not adversely affect the interests of the holders of any series of Notes in any material
respect.
 Third, we
need a vote by direct holders of Notes owning at least a majority of the principal amount of each series affected by the change to make any other change to the Indenture that is not of the type described in the preceding two paragraphs. A majority
vote of this kind is also required to obtain a waiver of any past default, except a payment default on principal or interest or concerning a provision of the Indenture that cannot be changed without the consent of the direct
holder.
 When taking a
vote, we will decide how much principal amount to attribute to a series of Notes by using the dollar equivalent, as determined by our Board of Directors.

Notes will not be considered
outstanding, and therefore will not be eligible to vote, if owned by us or one of our affiliates or if we have deposited or set aside money in trust for their payment or redemption. Notes will also not be eligible to vote if they have been fully
defeased as described below under “Defeasance — Full Defeasance.”
 We will generally be entitled to set any day as a record date for the purpose of determining the direct holders of outstanding Notes that are entitled to vote or take other action
under the Indenture. In some circumstances, generally related to a default by us on a series of the Notes, the trustee will be entitled to set a record date for action by holders.

Trustee

U.S. Bank National Association, as
trustee under the Indenture, has been appointed by us as paying agent and registrar with regard to the Notes. The trustee also acts as an agent for the issuance of our United States commercial paper. The trustee and its affiliates currently provide
cash management and other banking and advisory services to us in the normal course of business and may from time to time in the future provide other banking and advisory services to us in the ordinary course of business, in each case in exchange for
a fee.

         
       Book-Entry; Delivery and Form; Global Note
                 We have obtained the information in this section concerning Clearstream Banking,
société anonyme (“Clearstream”) and Euroclear Bank, S.A./N.V., or its successor, as operator of the Euroclear System (“Euroclear”) and their book-entry systems and procedures from sources that we believe to be
reliable. We take no responsibility for an accurate portrayal of this information. In addition, the description of the clearing systems in this section reflects our understanding of the rules and procedures of Clearstream and Euroclear as they were
in effect at the time of the issuance of the Notes of each series. Those clearing systems could change their rules and procedures at any time.

         
       The Notes are represented by one or more fully registered global notes. Each such global note is deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common
depositary for the accounts of Clearstream and Euroclear. Except as set forth below, the global notes may be transferred, in whole and not in part, only to Euroclear or Clearstream or their respective nominees. Investors may hold interests in the
global notes in Europe through Clearstream or Euroclear, either as a participant in such systems or indirectly through organizations that are participants in such systems. Clearstream and Euroclear will hold interests in the global notes on behalf
of their respective participating organizations or customers through customers’ securities accounts in Clearstream’s or Euroclear’s names on the books of their respective depositaries. Book-entry interests in the Notes and all
transfers relating to the Notes are reflected in the book-entry records of Clearstream and Euroclear.
                 The distribution of the Notes is cleared through Clearstream and Euroclear. Any secondary
market trading of book-entry interests in the Notes takes place through Clearstream and Euroclear participants and settles in same-day funds. Owners of book-entry interests in the Notes receive payments relating to their Notes in euro, except as
described under the heading “Payments in Euro.”
     
 

 
 
 

         
       Clearstream and Euroclear have established electronic securities and payment transfer, processing, depositary and custodial links among themselves and others, either directly or through custodians and
depositaries. These links allow the Notes to be issued, held and transferred among the clearing systems without the physical transfer of certificates. Special procedures to facilitate clearance and settlement have been established among these
clearing systems to trade securities across borders in the secondary market.
                 The policies of Clearstream and Euroclear will govern payments, transfers, exchanges and
other matters relating to the investor’s interest in the Notes held by them. We have no responsibility for any aspect of the records kept by Clearstream or Euroclear or any of their direct or indirect participants. We also do not supervise
these systems in any way.

         
       Clearstream and Euroclear and their participants perform these clearance and settlement functions under agreements they have made with one another or with their customers. Investors should be aware that they are
not obligated to perform or continue to perform these procedures and may modify them or discontinue them at any time.
                 Except as provided below, owners of beneficial interests in the
Notes will not be entitled to have the Notes registered in their names, will not receive or be entitled to receive physical delivery of the Notes in definitive form and will not be considered the owners or holders of the Notes under the Indenture,
including for purposes of receiving any reports delivered by us or the trustee pursuant to the Indenture. Accordingly, each person owning a beneficial interest in a Note must rely on the procedures of the depositary and, if such person is not a
participant, on the procedures of the participant through which such person owns its interest, in order to exercise any rights of a holder of Notes.

         
       We have been advised by Clearstream and Euroclear, respectively, as follows:
                 Clearstream

         
       Clearstream advises that it is incorporated under the laws of Luxembourg as a professional depositary. Clearstream holds securities for its participating organizations (“Clearstream Participants”) and
facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates.
Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic
markets in several countries. As a professional depositary, Clearstream is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier). Clearstream Participants are
recognized financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations and may include the underwriters. Indirect access to
Clearstream is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Clearstream Participant, either directly or indirectly.

         
       Distributions with respect to interests in the Notes held beneficially through Clearstream are credited to cash accounts of Clearstream Participants in accordance with its rules and procedures.

        
        Euroclear
                 Euroclear advises that it was created in 1968 to hold securities for participants of
Euroclear (“Euroclear Participants”) and to clear and settle transactions between Euroclear Participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of
certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear includes various other services, including securities lending and borrowing and interfaces with domestic markets in several countries. Euroclear is
operated by Euroclear Bank S.A./N.V. (the “Euroclear Operator”). All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear
Operator. Euroclear Participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries and may include the underwriters. Indirect access to Euroclear is also available to other firms
that clear through or maintain a custodial relationship with a Euroclear Participant, either directly or indirectly.
                 The Terms and Conditions Governing Use of Euroclear and the
related Operating Procedures of the Euroclear System, or the Euroclear Terms and Conditions, and applicable Belgian law govern securities clearance accounts and cash accounts with the Euroclear Operator. Specifically, these terms and conditions
govern:
 ·         transfers of securities and
cash within Euroclear;

·         withdrawal of securities and
cash from Euroclear; and
     
 

 
 
 

·         receipt of payments with
respect to securities in Euroclear.

         
       All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear Operator acts under the Terms and Conditions only on
behalf of Euroclear Participants and has no record of or relationship with persons holding securities through Euroclear Participants.
                 Distributions with respect to interests in the Notes held
beneficially through Euroclear are credited to the cash accounts of Euroclear Participants in accordance with the Euroclear Terms and Conditions.

         
       Clearance and Settlement Procedures
                 We understand that investors that hold their Notes through Clearstream or Euroclear accounts
will follow the settlement procedures that are applicable to conventional eurobonds in registered form. Notes are credited to the securities custody accounts of Clearstream and Euroclear participants on the business day following the settlement
date, for value on the settlement date. They are credited either free of payment or against payment for value on the settlement date.
                 We understand that secondary market trading between Clearstream
and/or Euroclear participants will occur in the ordinary way following the applicable rules and operating procedures of Clearstream and Euroclear. Secondary market trading is settled using procedures applicable to conventional eurobonds in
registered form.

         
       Investors should be aware that investors will only be able to make and receive deliveries, payments and other communications involving the Notes through Clearstream and Euroclear on days when those systems are
open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.

         
       In addition, because of time-zone differences, there may be problems with completing transactions involving Clearstream and Euroclear on the same business day as in the United States. United States investors who
wish to transfer their interests in the Notes, or to make or receive a payment or delivery of the Notes, on a particular day, may find that the transactions will not be performed until the next business day in Luxembourg or Brussels, depending on
whether Clearstream or Euroclear is used.

         
       Clearstream or Euroclear will credit payments to the cash accounts of Clearstream customers or Euroclear participants, as applicable, in accordance with the relevant system’s rules and procedures, to the
extent received by its depositary. Clearstream or the Euroclear Operator, as the case may be, will take any other action permitted to be taken by a holder under the Indenture on behalf of a Clearstream customer or Euroclear participant only in
accordance with its relevant rules and procedures.
                 Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate
transfers of the Notes among participants of Clearstream and Euroclear. However, they are under no obligation to perform or continue to perform those procedures, and they may discontinue those procedures at any time.

         
       Certificated Notes
                 If the depositary for any of the Notes of any series represented by a registered global note
is at any time unwilling or unable to continue as depositary and a successor depositary is not appointed by us within 90 days, we will issue Notes of that series in definitive form in exchange for the registered global note that had been held by the
depositary. Any Notes issued in definitive form in exchange for a registered global note will be registered in the name or names that the depositary gives to the trustee or other relevant agent of the trustee. It is expected that the
depositary’s instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global note that had been held by the depositary. In addition, we may at
any time determine that the Notes of any series shall no longer be represented by a global note and will issue Notes of such series in definitive form in exchange for such global note pursuant to the procedure described above.

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