Document:

Exhibit 10.13  

FORM OF EXECUTIVE RETENTION AGREEMENT—2007  

        This Executive Retention Agreement ("Agreement") is made and entered into between Enogex Inc., an Oklahoma corporation ("Enogex"), and
                                       ("Executive").

	1.
	Executive
is currently employed by Enogex as its
                                      .

	2.
	Enogex
wishes to encourage Executive to remain with Enogex at least through June 30, 2009.

	3.
	As
a Retention Bonus, Executive will be eligible to receive two payments which together equal seventy-five percent (75%) of Executive's annual rate of base salary in effect
on June 30, 2007. Within twenty (20) days of signing this Agreement, if Executive is still employed by Enogex or an Affiliate, Executive will receive the First Payment equal to fifty percent
(50%) of the Retention Bonus. If Executive is still employed with Enogex or an Affiliate on June 30, 2009, Executive will receive the Second Payment equal to the remaining fifty percent (50%)
of the Retention Bonus between July 1, 2009 and July 15, 2009.

	4.
	Executive
agrees and understands that if Executive resigns, voluntarily retires or is terminated for Cause as defined herein at paragraph 7.1 from Enogex and its Affiliates
before June 30, 2009, Executive will not receive the Second Payment of the Retention Bonus and will be required to pay back the First Payment of the Retention Bonus. In the event of the
termination of Executive's employment prior to June 30, 2009, by reason of death, permanent disability (as determined by Enogex) or termination without cause (defined as a termination by Enogex
or its Affiliates for no reason or a reason other than for Cause as defined in Section 7.1 below), Executive and/or Executive's estate will be entitled to retain the First Payment of the
Retention Bonus previously paid under this Agreement, but the Second Payment of the Retention Bonus will not be made.

	5.
	By
signing this Agreement, Executive agrees that if Executive resigns, retires or is terminated for Cause, any monies due and owing to Enogex pursuant to this Agreement may be deducted
by Enogex from any wages or other monies owed to Executive by Enogex or any Affiliate.

	6.
	If
Enogex is required to file suit and incur attorney fees and expenses to recover from Executive money or property due and owing pursuant to this Agreement, Executive agrees to pay
attorney fees and expenses of Enogex in any such action.

	7.
	Definition
of "Cause" and "Employment-At-Will":

	7.1
	Cause

	

	For
purpose of this Agreement, "Cause" means, as determined by Enogex:

	(i)
	failure
of Executive to meet performance expectations as determined by the chief operating officer of Enogex (other than any such failure resulting from incapacity due
to physical or mental illness or injury), after a written demand for substantial performance is delivered to Executive by the Enogex chief operating officer which specifically identifies the manner in
which the Enogex chief operating officer believes that Executive has not substantially performed the Executive's duties;

	

	or

	(ii)
	the
willful engaging by the Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to Enogex or its Affiliates.

	7.2
	Employment-At-Will

	

	This
Agreement is not a contract of employment. No provision of the Agreement shall be constructed to affect the employment-at-will
relationship between Enogex 

and
Executive. The employment relationship may be terminated at any time by Enogex or Executive. 

	8.
	Miscellaneous
Provisions.

	8.1
	Executive
expressly agrees that the Retention Bonus given pursuant to this Agreement is in addition to any other benefits or compensation to which Executive may be entitled by reason
of employment with Enogex.

	8.2
	This
Agreement shall be governed by and construed in accordance with the laws of the State of Oklahoma.

	8.3
	Enogex
may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as Enogex is required to withhold pursuant to any law or government
regulation or ruling.

	8.4
	This
Agreement may be amended, modified or supplemented only by written agreement executed by both parties to this Agreement.

	8.5
	Executive
agrees to keep the existence and terms of this Agreement confidential and to not disclose the terms or the existence to anyone other than Executive's legal advisor, tax
advisor, spouse or as may be required by law.

	8.6
	This
Agreement will inure to the benefit of and be binding on Enogex and any successors thereto and on Executive and Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees and legatees.

	8.7.
	For
purposes of this Agreement, "Affiliate" means with respect to Enogex, an entity that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, Enogex. 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the    day of                   , 2007. 

	 	By:	 
        [Name of Executive]
	

 	

 	

        ENOGEX INC.
	

 	

By:	

 

	

 	

Title:Exhibit
4.01

	
  CUSIP NO. 52517P2G5

  	
   

  	
   

  
	
  ISIN NO. US52517P2G58

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  REGISTERED

  	
   

  	
  PRINCIPAL AMOUNT: $3,000,000

  
	
  No. R-1

  	
   

  	
   

  

 

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTE, SERIES I

FX BASKET-LINKED NOTE
 DUE DECEMBER 22, 2008

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY OR A NOMINEE OF THE DEPOSITORY. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN CERTIFICATED FORM (A “CERTIFICATED NOTE”), THIS GLOBAL SECURITY
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE
DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER
NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

LEHMAN
BROTHERS HOLDINGS INC., a corporation duly organized and existing under the
laws of the State of Delaware (herein called the “Company,” which term includes
any successor corporation under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to CEDE & Co., or
registered assigns, on the Maturity Date, an amount equal to the Redemption
Amount.

The “Maturity
Date” is December 22, 2008, or if such day is not a Business Day, on the next
following Business Day.

The “Redemption
Amount” is the amount equal to the sum of the principal amount of the Notes
plus the Additional Amount, if any.

The “Additional
Amount” is a single U.S. dollar amount equal the principal amount of the Notes
multiplied by:

(A) 4.00%, if
the Basket Return is less than or equal to 0.0; or

(B) the
product of the Leverage times the Basket Return, if the Basket Return is
greater than 0.0.

The “Leverage”
is 190%.

The “Reference Currencies” are the Hong Kong Dollar (HKD), Indian Rupee
(INR), Turkish Lira (TRY) and Chinese Renminbi (CNY).

The “Basket Return” equals the sum of the Weighted
Currency Returns.

The “Weighted
Currency Return” for each Reference Currency is the product of the Weighting
for such Reference Currency times a quotient, the numerator of which is the
difference of the Initial Reference Currency Rate for such Reference Currency minus
the Settlement Rate for such Reference Currency and the denominator of which is
the Settlement Rate for such Reference Currency.

The “Weighting”
and “Initial Reference Currency Rate” for each Reference Currency are as
follows:

	
  Reference

  Currency

  	
   

  	
  Weighting

  	
   

  	
  Initial

  Reference

  Currency Rate

  
	
  HKD

  	
   

  	
  25%

  	
   

  	
  7.8190

  
	
  INR

  	
   

  	
  25%

  	
   

  	
  40.90

  
	
  TRY

  	
   

  	
  25%

  	
   

  	
  1.3235

  
	
  CNY

  	
   

  	
  25%

  	
   

  	
  7.6260

  

 

The “Settlement
Rate” for each Reference Currency is the Reference Exchange Rate on the
Valuation Date, determined in accordance with the applicable Settlement Rate
Option (subject to the occurrence of a Disruption Event).

 2
 

 

The “Reference
Exchange Rates” are the spot exchange rates for each of the Reference
Currencies quoted against the U.S. dollar expressed as number of currency units
per USD 1.

The “Valuation Date” is December 16, 2008; provided that, upon the
occurrence of a Disruption Event with respect to a Reference Currency, the
Valuation Date for the affected Reference Currency may be postponed (as
described in “Disruption Events” below).

The “Issue Date” is June 21, 2007.

If the
Calculation Agent determines that a Disruption Event relating to one or more of
the Reference Currencies is in effect on the scheduled Valuation Date, the
Calculation Agent will determine the Basket Return using:

·                                          for each Reference
Currency that did not suffer a Disruption Event on the scheduled Valuation
Date, the Settlement Rate on the scheduled Valuation Date, and

·                                          for each Reference
Currency that did suffer a Disruption Event on the scheduled Valuation Date,
the Settlement Rate on the immediately succeeding scheduled Valuation Business
Day for such Reference Currency on which no Disruption Event occurs or is
continuing with respect to such Reference Currency;

provided, however, that if a
Disruption Event has occurred or is continuing with respect to a Reference
Currency on each of the three scheduled Valuation Business Days following the
scheduled Valuation Date, then (a) such third scheduled Valuation Business Day
shall be deemed the Valuation Date for the affected Reference Currency; and (b)
the Calculation Agent will determine the Settlement Rate for the affected
Reference Currency on such day in accordance with Fallback Rate Observation
Methodology.

For
purposes of the above, “scheduled Valuation Business Day” means a day that is
or, in the judgment of the Calculation Agent, should have been, a Valuation
Business Day for the affected Reference Currency.

A “Disruption
Event” means any of the
following events as determined in good faith by the Calculation Agent:

(A)                              the occurrence and/or existence of an event on any day that has the
effect of preventing or making impossible (x) the delivery of USD from accounts
inside the country for which a Reference Currency is the lawful currency (such
jurisdiction with respect to such Reference Currency, the “Reference Currency
Jurisdiction”) for that Reference Currency to accounts outside that Reference
Currency Jurisdiction; or (y) for HKD and TRY only, the conversion of the
Reference Currency into USD through customary legal channels;

(B)                                the occurrence of any event causing the Reference
Exchange Rate for the Reference Currency to be split into dual or multiple
currency exchange rates; or

 3
 

 

(C)                                the Settlement Rate being unavailable for the Reference Currency, or
the occurrence of an event (i) in the Reference Currency Jurisdiction for that
Reference Currency that materially disrupts the market for the Reference
Currency or (ii) that generally makes it impossible to obtain the Settlement
Rate for the Reference Currency, on the Valuation Date.

A “Valuation Business Day” means,
with respect to each Reference Currency, any day, other than a Saturday or
Sunday, that is neither a legal holiday nor a day on which commercial banks are
authorized or required by law, regulation or executive order to close
(including for dealings in foreign exchange in accordance with the practice of
the foreign exchange market) in the city or jurisdiction indicated in the table
below:

	
  Reference
  Currency

  	
   

  	
  Valuation Business Day

  	
   

  	
  Principal Financial Center

  
	
  HKD

  	
   

  	
  1FEE

  	
   

  	
  New York

  
	
  INR

  	
   

  	
  RBIB

  	
   

  	
  Mumbai

  
	
  TRY

  	
   

  	
  The EUR/TRY
  fixing rate

  on ECB37 divided by the 

  EUR/USD fixing rate on

  ECB37

  	
   

  	
  TARGET

  
	
  CNY

  	
   

  	
  SAEC

  	
   

  	
  Beijing

  

The “Settlement Rate Option”
for the HKD is the Hong Kong Dollar/U.S. dollar official fixing rate, expressed
as the amount of Hong Kong Dollars per one U.S. dollar, for settlement in two
New York business days reported by the Federal Reserve Bank of New York which
appears on Reuters Screen 1FEE to the right of the caption “HKD” at
approximately 12.00 p.m. New York time, on the Trade Date or Valuation Date, as
applicable.  The Settlement Rate Option
for the INR is the Indian Rupee/U.S. dollar reference rate, expressed as the
amount of Indian Rupee per one U.S. dollar, for settlement in two Business Days
reported by the Reserve Bank of India which appears on the Reuters Screen RBIB
Page at approximately 2:30 p.m., Mumbai time, or as soon thereafter as
practicable on the Trade Date or Valuation Date, as applicable.  The Settlement Rate Option for the TRY is the
TRY/EUR Fixing Rate divided by the USD/EUR Fixing Rate.  The “TRY/EUR Fixing Rate” is the Turkish
Lira/Euro fixing rate, expressed as the amount of Turkish Lira per one Euro which
appears on Reuters Screen ECB37 to the right of the caption “TRY” at
approximately 2:15 p.m., Central European time, on the Trade Date or Valuation
Date, as applicable.  The “USD/EUR Fixing
Rate” is the U.S. dollar/Euro fixing rate, expressed as the amount of U.S.
dollar per one Euro which appears on Reuters Screen ECB37 to the right of the
caption “USD” at approximately 2:15 p.m., Central European time, on the Trade
Date or Valuation Date, as applicable. 
The Settlement Rate Option for the CNY is the Chinese Renminbi/U.S.
dollar official fixing rate, expressed as the amount of Chinese Renminbi per
one U.S. dollar, for settlement in two Business Days reported by The State
Administration of Foreign Exchange of the People’s Republic of China, Beijing,
which appears on the Reuters Screen SAEC Page opposite the symbol “USDCNY=” at
approximately 5:00 p.m., Beijing time, on the Trade Date or Valuation Date, as
applicable.  The term “business day”
solely as used in any Settlement Rate Option described above shall mean any
day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which commercial banks are authorized or required by law, regulation or
executive order to close (including for dealings in foreign exchange in
accordance with the practice of the foreign exchange market) in the Principal
Financial Center for both (a) the Reference Currency and (b) the
currency against which the Reference Currency is quoted (the “base currency”)
in accordance with the Reference 

 4
 

Exchange Rate specified in the applicable pricing supplement, in each
case as specified for the applicable Reference Currency or base currency in the
table below; provided that where the Turkish Lira is the Reference Currency or
the base currency “business day” for the Turkish Lira as the Reference Currency
or the base currency shall mean any day on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer (TARGET) System is open.

The screen or time of observation
indicated in relation to any Settlement Rate Option above shall be deemed to
refer to such screen or time of observation as modified or amended from time to
time, or to any substitute screen thereto.

The “Fallback
Rate Observation Methodology” means
that the reference exchange rate, Settlement Rate or other rate, as specified
in the applicable pricing supplement, in respect of a reference currency will
equal the noon buying rate in New York for cable transfers in foreign
currencies as announced by the Federal Reserve Bank of New York for customs purposes
(the “Noon Buying Rate”) on the relevant Valuation Date or such other date
specified in the applicable pricing supplement. If the Noon Buying Rate is not
announced on that date, the Reference Exchange Rate, Settlement Rate or other
rate for such Reference Currency will be calculated on the basis of the
arithmetic mean of the applicable spot quotations received by the Calculation
Agent at approximately 10:00 a.m., New York City time, on the Valuation
Business Day next succeeding the Valuation Date or such other date specified in
the applicable pricing supplement, for the purchase or sale for deposits in the
reference currency by the New York offices of three leading banks engaged in
the interbank market (selected in the sole discretion of the Calculation Agent)
(the “Reference Banks”). If fewer than three Reference Banks provide spot
quotations, then the Reference Exchange Rate, Settlement Rate or other rate, as
applicable, will be calculated on the basis of the arithmetic mean of the
applicable spot quotations received by the Calculation Agent at approximately
10:00 a.m., New York City time, on the relevant date from two Reference
Banks (selected in the sole discretion of the Calculation Agent), for the
purchase or sale for deposits in the Reference Currency. If these spot
quotations are available from only one Reference Bank, then the Calculation
Agent, in its sole discretion, will determine whether that quotation is
reasonable to be used. If no spot quotation is available, then the Reference
Exchange Rate, Settlement Rate or other rate, as applicable, for such Reference
Currency will be determined by the Calculation Agent in good faith and in a
commercially reasonable manner.

A “Business Day”,
notwithstanding any provision in the Indenture, is any day that is not is not a
Saturday or Sunday and that is not a day on which banking institutions in New
York City generally are authorized or obligated by law or executive order to be
closed.

The “Calculation Agent” means
Lehman Brothers Inc.

Except as provided below, the
Redemption Amount may, at the option of the Company, be made by check mailed to
the person entitled thereto at such person’s address as it appears on the
registry books of the Company.

Payment of the Redemption
Amount will be made in immediately available funds in accordance with the
normal procedures of the Trustee (or any duly appointed Paying Agent).

The Company will pay any
administrative costs imposed by banks in making payments in immediately
available funds, but any tax, assessment or governmental charge

 5
 

 

imposed upon payments
hereunder, including, without limitation, any withholding tax, will be borne by
the Holder hereof.

References herein to “U.S. dollars” or “U.S.$” or “$”
or “USD” are to the coin or currency of the United States as at the time of
payment is legal tender for the payment of public and private debts.

REFERENCE
IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
HEREOF.  SUCH FURTHER PROVISIONS SHALL
FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

This Note shall not be
valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the
Indenture.

 

 6

IN WITNESS WHEREOF, Lehman Brothers Holdings Inc.
has caused this instrument to be signed by its Chairman of the Board, its
President, its Vice Chairman, its Chief Financial Officer, one of its Vice
Presidents or its Treasurer, by manual or facsimile signature under its
corporate seal, attested by its Secretary or one of its Assistant Secretaries
by manual or facsimile signature.

Dated:  June 21, 2007

	
  [SEAL]

  	
  LEHMAN BROTHERS HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Andrew Yeung

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Cindy Buckholz

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Assistant Secretary

  	
   

  

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

	
  CITIBANK, N.A.

  	
   

  
	
    as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 7

 

[REVERSE
OF NOTE]

LEHMAN BROTHERS
HOLDINGS INC.

MEDIUM-TERM NOTES, SERIES I
 FX BASKET-LINKED NOTE
 DUE DECEMBER 22, 2008

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series I, FX Basket-Linked Note (herein called
the “Notes”).  The Notes are one of an indefinite
number of series of debt securities of the Company (collectively, the “Securities”)
issued or issuable under and pursuant to an indenture dated as of September 1,
1987, as amended and supplemented (the “Indenture”), duly executed and
delivered by the Company and Citibank, N.A., as Trustee (herein called the “Trustee”),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the holders of
the Securities.  The separate series of
Securities may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions or repurchase rights (if any), may be
subject to different sinking, purchase or analogous funds (if any), may be
subject to different covenants and Events of Default and may otherwise vary as
in the Indenture provided.

Section 2.  Principal
Amount for Indenture Purposes.  For
the purpose of determining whether Holders of the requisite amount of Notes of
this series outstanding under the Indenture have made a demand, given a notice
or waiver or taken any other action, the principal amount of this Note will be
deemed to be the principal amount of this Note then outstanding.

Section 3.  Modification
and Waivers.  The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the
Holders of not less than 66-2/3% in aggregate principal amount of each series
of the Securities at the time Outstanding to be affected, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
holders of the Securities of all such series; provided, however, that no such
supplemental indenture shall, among other things, (i) change the fixed maturity
of any Security, or reduce the Additional Amount or the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon
or reduce any premium or other amount payable on redemption, or make the
Additional Amount or the principal amount thereof, premium or other amount
payable, if any, or interest thereon payable in any coin or currency other than
that herein above provided, without the consent of the Holder of each Security
so affected, or (ii) change the place of payment on any Security, or impair the
right to institute suit for payment on any Security, or reduce the aforesaid
percentage of Securities, the holders of which are required to consent to any
such supplemental indenture, without the consent of the holders of each
Security so affected.  It is also
provided in the Indenture that, prior to any declaration accelerating the
maturity of any series of Securities, the holders of a majority in aggregate
principal amount of the Securities of such series Outstanding may on behalf of
the holders of all the Securities of such series waive any past

 

default
or Event of Default under the Indenture with respect to such series and its
consequences, except a default in the payment of interest, if any, on the
Additional Amount or the principal amount, or premium, if any, on any of the
Securities of such series, or in the payment of any sinking fund installment or
analogous obligation with respect to Securities of such series.  Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
holders and owners of this Note and any Notes of this series which may be
issued in exchange or substitution herefor, irrespective of whether or not any
notation thereof is made upon this Note or such other Notes of this series.

Section 4.  Obligations
Unconditional.  No reference herein
to the Indenture and no provisions of this Note or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional,
to pay the Additional Amount or the principal amount on this Note at the place,
at the respective times, at the rate, and in the coin or currency herein
prescribed.

Section 5.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on
this Note upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

Section 6.  Authorized
Form and Denominations.  The Notes of
this series are issuable in registered form, without coupons.  Each Note will be issued initially as either
a Global Security or a Certificated Note, at the option of the Company, in denominations
of $1,000 or whole multiples of $1,000, either at the office or agency to be
designated and maintained by the Company for such purpose in the Borough of
Manhattan, New York City, pursuant to the provisions of the Indenture or at any
of such other offices or agencies as may be designated and maintained by the
Company for such purpose pursuant to the provisions of the Indenture, and in
the manner and subject to the limitations provided in the Indenture, but
without the payment of any service charge, except for any tax or other
governmental charges imposed in connection therewith.  Notes of this series are exchangeable for a
like aggregate principal amount of Notes of this series of a different
authorized denomination, except that Global Securities will not be exchangeable
for Certificated Notes of this series.

Section 7.  Registration
of Transfer.  As provided in the
Indenture and subject to certain limitations as therein set forth, the transfer
of this Note is registrable in the Security Register, upon surrender of this
Note for registration of transfer, at the Corporate Trust Office or agency in a
Place of Payment for this Note, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar requiring such written instrument of transfer duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

If at any time the Depository notifies the Company
that it is unwilling or unable to continue as Depository or if at any time the
Depository shall no longer be eligible under the Indenture, the Company shall
appoint a successor Depository.  If a
successor Depository for the Notes of this series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such ineligibility, the Company will issue, and the Trustee will 

 

authenticate
and deliver, Notes of this series in definitive form in an aggregate principal
amount equal to the principal amount of this Note.

No service charge shall
be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection therewith.

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the person in whose name this Note is registered as the owner
hereof for all purposes, and neither the Company nor the Trustee nor any agent
of the Company or of the Trustee shall be affected by any notice to the contrary.

Section 8.  Events
of Default.  If an Event of Default
with respect to Notes of this series shall occur and be continuing, the amount
that may be declared due and payable upon any acceleration of the notes will be
determined by the Calculation Agent for the period from and including the Issue
Date to but excluding the date of early repayment and will equal, for each
note, the Redemption Amount, calculated as the date of early repayment were the
Maturity Date. If a bankruptcy proceeding is commenced in respect of Lehman
Brothers Holdings, the claim of the beneficial owner of a note for the period
from and including the Issue Date to but excluding the date of early repayment
will be capped at the Redemption Amount, calculated as though the date of the
commencement of the proceeding were the Maturity Date.

Section 9.  No
Recourse Against Certain Persons.  No
recourse for the payment of the Additional Amount or for any claim based hereon
or otherwise in respect hereof, and no recourse under or upon any obligation,
covenant or agreement of the Company in the Indenture or any Indenture
supplemental thereto or in any Note, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

Section 10.  Defined
Terms.  All terms used but not
defined in this Note are used herein as defined in the Indenture.

Section 11.  GOVERNING LAW.  THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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