Document:

Exhibit

June 12, 2019

Marcato Capital Management, LP
Four Embarcadero Center, Suite 2100
San Francisco, California  94111
Attention: Mr. Richard T. McGuire III

Re:    Terex Corporation

Dear Mr. McGuire:

Reference is made to that certain letter agreement dated February 2, 2017 by and among Terex Corporation (the “Company”) and the persons listed on Schedule A thereto (the “Original Letter”).  This letter (the “Amended Letter”) serves to amend and restate the terms of the Original Letter on the terms set forth herein. Except as otherwise provided herein, capitalized but undefined terms used in this Amended Letter shall have the meanings given to such terms in the Original Letter.

You have represented to us that, as of the date hereof, the persons listed on Schedule A to this Amended Letter (the “Marcato Group”) are the beneficial owner, in the aggregate, of 2,830,470 shares (the “Current Marcato Share Amount”) of the common stock (“Common Stock”) of Terex Corporation (the “Company”).  Given its ownership of the Company’s common stock, the Marcato Group has requested that Matthew Hepler (“Designee”) continue to serve as a member of the Terex Board of Directors (the “Board”) for a term that expires at the Company’s 2020 Annual Meeting of Shareholders.   

1.Marcato hereby consents to the Company using a mutually agreed statement in the Form 8-K to be filed by the Company reporting the entry into this Amended Letter.  Subject to the foregoing and except as required by law or the rules of any stock exchange or with the prior written consent of the other party, neither the Company nor the Marcato Group will (i) issue a press release in connection with this Amended Letter or the actions contemplated hereby or (ii) otherwise make any public disclosure, statement, comment or announcement with respect to this Amended Letter or the actions contemplated hereby in each case that is inconsistent with or contrary to the statements made in the Form 8-K.   
 
2.The Company agrees that:

(a)    The Designee will continue to be covered by the same indemnification and insurance provisions and coverage as are applicable to the individuals that are currently directors of the Company;

(b)     The Board will not utilize committees of the Board (including by the formation of an “executive” or similar committee) for the purpose of discriminating against Designee; and

(c)    So long as Designee is a member of the Board, the Board will not change its practice with respect to the manner in which the Board considers and votes on mergers, acquisitions of material assets, dispositions of material assets, other extraordinary corporate transactions, capital structure, capital allocation, dividend policy, or debt financing transactions, in a manner which discriminates against Designee.

3.(a) Designee is entitled to resign from the Board at any time in his sole discretion. Designee will tender his resignation from the Board, if (i) a Qualifying Disposition has occurred or (ii) a material breach of this Amended Letter or the Confidentiality Agreement (as defined below) is committed by a member of the Marcato Group (or, in the case of the Confidentiality Agreement, a member of the Marcato Group or one of its Representatives).  Concurrently with the signing of this Amended Letter, Designee will execute and deliver to the Board a letter in the form attached hereto as Schedule B to this Letter.  Any written resignation tendered by Designee to the Board shall be deemed immediately effective and the Board shall have the right, in its sole and absolute discretion, to accept or reject such resignation.  A “Qualifying Disposition” will be deemed to have occurred at such time as the number of shares of the Company’s Common Stock beneficially owned by the Marcato Group, collectively with its Affiliates and Associates (such Associates and Affiliates, collectively and individually, the “Marcato Affiliates”), is less than 2,100,000 shares of the Company’s Common Stock (all items as adjusted for any stock dividends, combinations, or splits); provided that for purposes of this definition, beneficial ownership of the Marcato Group and the Marcato Affiliates shall be decreased to the extent of any short position.

    (b) The Board waives the Qualifying Disposition to the extent that it occurred on June 7, 2019 pursuant to the terms of the Original Letter and, unless a Qualifying Disposition occurs after the date hereof, shall take all steps necessary to ensure that each member of the Board, including Designee, continues to serve as a member of the Board for a term that expires at the Company’s 2020 Annual Meeting of Shareholders.

4. Designee agrees to, and the Marcato Group will cause Designee to: (i) comply with all policies, procedures, processes, codes, rules, standards and guidelines applicable to all Board members outlined on Schedule D to the Original Letter, including the Company’s Code of Conduct and corporate governance guidelines (the “Company Policies”) (for the avoidance of doubt, the Company agrees that such Company Policies shall not be applicable to, or deemed to apply or extend to, the other members of the Marcato Group (other than their application to Designee) except as otherwise provided in this Amended Letter) and (ii) recuse himself from participating in any meetings (or portions of meetings) of the Board or committees thereof relating specifically to this Amended Letter or the Confidentiality Agreement.  For the avoidance of doubt, (x) the mere ownership of shares of Common Stock by the Marcato Group will not be deemed to require Designee to recuse himself and (y) this provision shall not be deemed to require Designee to recuse himself in any other circumstances, nor shall it be deemed to limit any obligation Designee may have to recuse himself in any other circumstances.   Except as specifically provided for otherwise in this Amended Letter, Designee and Marcato Group each specifically agree that any transfer, sale or other disposition of beneficial ownership of Voting Securities by Designee or Marcato Group while Designee is a member of the Board will be subject to the Company’s insider trading policies.  Except as the parties may otherwise agree, for so long as Designee remains a director of the Company, the Marcato Group will not, other than through a trading plan established pursuant to Rule 10b-5-1 under the Exchange Act, trade in Company securities (including Common Stock) during trading blackout periods generally applicable to directors.  Designee and Marcato Group acknowledge that the Company has informed them about 1999 Securities and Exchange Commission Cease and Desist and Securities and Exchange Commission v. Terex Corporation Final Judgment affecting the Company, and Designee and Marcato Group agree that they will not engage in any conduct which would reasonably be considered a violation thereof. 

5.From the date hereof and continuing until (i) the obligations under this paragraph 5 are terminated in accordance with paragraph 7 below or (ii) the occurrence of a material breach by the Company of its obligations under this Amended Letter:

(a)  The Marcato Group will not, and will cause the Marcato Affiliates not to, directly or indirectly, acquire, agree or seek to acquire, or make any proposal or offer to acquire, or announce any intention to acquire, by purchase or otherwise (but excluding any action by the Company such as a stock dividend and any securities issued to Designee pursuant to a plan established by the Board for members of the Board), beneficial ownership of Voting Securities of the Company if after giving effect to such acquisition the Marcato Group and the Marcato Affiliates collectively would beneficially own 10% or more of the outstanding shares of any class of Voting Securities; provided that, for purposes of the foregoing, any derivative, hedging or similar agreement or arrangement that has the effect of decreasing the voting power or economic interest of the members of the Marcato Group or any Marcato Affiliate in the Company’s Voting Securities will not be given effect.

(b)  Except as permitted by this Amended Letter, none of the members of the Marcato Group will, and the Marcato Group will cause each Marcato Affiliate not to, directly or indirectly, in any manner:

(i)  solicit proxies or written consents of stockholders with respect to, or from the holders of, any Voting Securities, or make, or in any way participate in (other than by voting its shares of Voting Securities in a way that does not violate this Amended Letter), any solicitation of any proxy, consent or other authority to vote any Voting Securities with respect to the election of directors or any other matter, otherwise conduct any non-binding referendum with respect to the Company, or become a participant in, or seek to advise or encourage any person in, any proxy contest or any solicitation with respect to the Company not approved and recommended by the Board, including relating to the removal or the election of directors, other than solicitations or acting as a participant in support of all of the Company’s nominees;

(ii)  advise or encourage any person (except for any member of the Marcato Group or a Marcato Affiliate) with respect to the voting or disposition of any Voting Securities, or seek to do so;

(iii)  form, join or in any other way participate in a “partnership, limited partnership, syndicate or other group” within the meaning of Section 13(d)(3) of the Exchange Act with respect to any Voting Securities, or otherwise advise, encourage or participate in any effort by a third party with respect to the matters set forth in clauses (i) and (ii) above (except in the case of clause (ii), for any member of the Marcato Group or a Marcato Affiliate), or deposit any Voting Securities in a voting trust or subject any Voting Securities to any voting agreement or other arrangement of similar effect, other than, in each case, solely with other members of the Marcato Group;
  
(iv)  seek to call, or request the call of, a special meeting of the stockholders or holders of any other Voting Securities of the Company, seek to make, or make, a stockholder proposal (whether pursuant to Rule 14a-8 under the Exchange Act or otherwise) at any meeting of the stockholders or holders of other Voting Securities of the Company, make a request for a list of the holders of any of the Voting Securities, or seek election to the Board, seek to place a representative or other nominee on the Board or seek the removal of any director from the Board, or otherwise, acting alone or in concert with others (other than the Designee acting in his capacity as a director), seek to control or influence the management, strategies, governance or policies of the Company;

(v)  except as set forth below, solicit, effect or seek to effect, offer or propose (whether publicly or otherwise) to effect, or cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, or make any statement with respect to, any merger, consolidation, business combination, tender or exchange offer, sale or purchase of assets, sale or purchase of securities, dissolution, liquidation, restructuring, recapitalization or similar transactions of or involving the Company or any of its Affiliates or Associates; 

(vi)  institute, solicit, assist or join as a party, any litigation, arbitration or other proceeding against or involving the Company or any of its Affiliates or Associates or any of their respective current or former directors or officers (including derivative actions) (other than (x) with respect to “books and records” requests on the Company (and litigation to enforce same) pursuant to Section 220(d) of the Delaware General Corporation Law brought in good faith by Designee as a director of the Company acting in such capacity or (y) such litigation against the Company as may be necessary to enforce the provisions of this Amended Letter);

(vii)  make or issue, or cause to be made or issued, any public disclosure, statement, comment or announcement, including the filing or furnishing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist or analyst or the press or media (including social media) (or any private statement or comment to any investors, hedge funds, analysts, investment bankers, press or media that (x) would reasonably be expected to be made public or (y) is made with the purpose of advising or influencing such investors, hedge funds, analysts, investment bankers, press or media to take any action or make any public disclosure, statement, comment or announcement with respect to the Company), disparaging or negatively commenting upon the Company or any of its Affiliates or Associates or any of their respective officers or directors, including the Company’s corporate strategy, business, extraordinary or other transactions, corporate activities, policies, Board or management (it being agreed that the prosecution in good faith of litigation relating to a “books and records” request on the Company described in clause (vi) or asserting that the Company has breached its obligations under this Amended Letter, in and of itself, will not constitute a violation of this clause (vii) to the extent it is necessary in such litigation to describe the facts underlying the asserted breach);

(viii)  make or disclose any public statement regarding any intent, purpose, plan or proposal with respect to the Board, the Company, its management, policies or affairs or any of its securities or assets or this Amended Letter, that is inconsistent with the provisions of this Amended Letter, including any intent, purpose, plan or proposal that is conditioned on, or would require waiver, amendment, nullification or invalidation of, any provision of this Amended Letter, or take any action that would reasonably be expected to require the Company to make any public disclosure relating to any such intent, purpose, plan, proposal or condition;
  
(ix)  take any action which could reasonably be expected to cause or require the Company or any Affiliate or Associate of the Company to make a public announcement regarding any of the foregoing; or

(x)  enter into any discussions, negotiations, agreements or undertakings with any person with respect to the foregoing or advise, assist, encourage or seek to persuade others to take any action with respect to any of the foregoing.

(c)  The Marcato Group will cause all Voting Securities beneficially owned, directly or indirectly, by the Marcato Group or any Marcato Affiliate as of the record date for any meeting of the Company’s stockholders or any proposed action by written consent of the Company’s stockholders, or as to which the Marcato Group or the Marcato Affiliates have the right to vote at any meeting of the Company’s stockholders or in connection with any written consent of the Company’s stockholders, to be present for quorum purposes in the case of a meeting and to be voted, at any such meeting of the Company’s stockholders or at any adjournments or postponements thereof, or be subject to a written consent executed, (i) in favor of each director nominated and recommended by the Board for election at any such meeting or action by consent, (ii) against any stockholder nominations for director which are not approved and recommended by the Board for election at

any such meeting or action by consent, (iii) in favor of the Company’s “say-on-pay” proposal and any proposal by the Company relating to equity compensation that has been approved by the Compensation Committee of the Board and (iv) in favor of the Company’s proposal for ratification of the appointment of the Company’s independent registered public accounting firm. In the event that any proposal submitted by a stockholder is subject to a vote or written consent of the Company’s stockholders, the Marcato Group will cause all Voting Securities to be voted in accordance with the Board’s recommendation; provided that nothing herein shall restrict the Marcato Group’s ability to vote or execute a written consent in accordance with paragraph 5(e)(v) hereof.

(d)  The Company agrees that it will not, and it will cause its subsidiaries and representatives not to, directly or indirectly, in any manner make or issue, or cause to be made or issued, any public disclosure, statement, comment or announcement, including the filing or furnishing of any document or report with the SEC or any other governmental agency or any disclosure to any journalist or analyst or the press or media (including social media) (or any private statement or comment to any investors, hedge funds, analysts, investment bankers, press or media that (x) would reasonably be expected to be made public or (y) is made with the purpose of advising or influencing such investors, hedge funds, analysts, investment bankers, press or media to take any action or make any public disclosure, statement, comment or announcement with respect to the Marcato Group), disparaging or negatively commenting upon any member of the Marcato Group or any Marcato Affiliate or any of their respective officers or directors, including such Marcato Group member’s corporate strategy, business, extraordinary or other transactions, corporate activities, policies, board or management (it being agreed that the prosecution in good faith of litigation asserting that such Marcato Group member has breached its obligations under this Amended Letter, in and of itself, will not constitute a violation to the extent it is necessary in such litigation to describe the facts underlying the asserted breach).

(e) Notwithstanding the foregoing, nothing in this paragraph 5 shall be deemed to in any way restrict or limit Designee’s or any other member of the Marcato Group’s ability to (i) prepare to take any action; provided that such preparations are undertaken solely among the members of the Marcato Group and its advisors  privately and on a confidential basis and in a manner not reasonably expected to result in public disclosure of such preparations, (ii) discuss any matter confidentially with the Company, the Board or any of its members, (iii) take any action that the Designee or any member of the Marcato Group reasonably determines is required by applicable law, (iv) tender or not tender shares, receive payment for shares or otherwise participate or not participate, in any tender offer or exchange offer involving the Company, or a combination thereof, on the same basis as other stockholders of the Company or (v)  grant any proxy, consent or other authority to act as to any shares of Voting Securities on a third party’s proxy card or written consent in connection with an extraordinary or other transaction (including a merger, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution or other business combination or extraordinary transaction) or any election of directors in connection therewith.  In the event that the Designee or another member of the Marcato Group, as applicable, reasonably determines that disclosure of any confidential information is required by applicable law, the Marcato Group will, or will cause Designee to, promptly notify (except where such notice would be legally prohibited) the Company in writing and provide reasonable cooperation, at the Company’s expense, so that the Company may, and shall have sufficient time to, seek a protective order or other appropriate remedy or waive compliance with the provisions hereof.  In no event will the Marcato Group oppose any action by the Company to obtain a protective order, motion to quash or other relief to prevent the disclosure of any confidential information or to obtain reliable assurance that confidential treatment will be afforded such information.  For the avoidance of doubt, Designee and any other member of the Marcato Group shall not (A) publicly comment upon and solicit votes against any item presented for stockholder approval by the Company, (B) publicly comment upon and solicit votes in response to a public announcement by the Company that the Company has entered into an agreement providing for any merger, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution or other business combination or extraordinary transaction in any case that requires the approval of the holders of Common Stock, (C) publicly comment upon any public announcement by the Company that the Board has determined to explore a merger, acquisition, disposition, consolidation, recapitalization,

restructuring, liquidation, dissolution or other business combination or extraordinary transaction, which announcement did not result in whole or in part from a breach of this Letter, or (D) in the event that any third party makes a bona fide unsolicited public proposal to enter into a merger, acquisition, disposition, consolidation, recapitalization, restructuring, liquidation, dissolution or other business combination or extraordinary transaction with the Company  which did not result in whole or in part from a breach of this Amended Letter, publicly comment upon such offer.

6.The Company hereby agrees that Designee is permitted to provide confidential information subject to and in accordance with the terms of the Confidentiality Agreement executed by Marcato Group in connection with the Original Letter (which shall remain in full force and effect in accordance with its terms).  

7.This Amended Letter and all covenants and agreements contained herein will terminate on the date that Designee ceases to serve as a director of the Company; provided that the provisions of paragraph 5 of this Letter will survive until twelve (12) months after the Designee is no longer a member of the Board.  Such termination will not relieve any party hereto from any liability for a breach of this Letter prior to such termination. 

8.All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in regard hereto shall be in writing (including electronic format) and shall be deemed validly given, made or served, if (i) given by electronic mail, when such electronic mail is transmitted to the email address set forth below (provided that a copy of such notice, consent, request, instruction, approval or other communication is also delivered by overnight courier or certified mail within two business days after such electronic transmission and that any copy, either via e-mail or via overnight courier or certified mail delivered to Cadwalader, Wickersham & Taft LLP shall not satisfy a notice, consent, request, instruction, approval or other communication pursuant to this paragraph 8 or (ii) if given by any other means, when actually received during normal business hours at the address specified below:
 
If to the Company:

Terex Corporation
200 Nyala Farms Road 
Westport, Connecticut 06880
Attention:  Eric I Cohen
                 Senior Vice President, Secretary & General Counsel
Email:       eric.cohen@terex.com

If to any member of the Marcato Group:

Marcato Capital Management LP
Four Embarcadero Center, Suite 2100
San Francisco, California  94111
Attention: Richard T. McGuire III
Email: Legal@marcatollc.com

with a copy to: 
Cadwalader, Wickersham & Taft LLP
200 Liberty Street
New York, NY 10281
Attention:  Richard Brand
Email: Richard.Brand@cwt.com

                                 Very truly yours,
TEREX CORPORATION

By: _/s/Eric I Cohen        
       Eric I Cohen
       Senior Vice President, Secretary and
       General Counsel

Accepted and agreed as of June 12, 2019:

 	
					
	MARCATO CAPITAL MANAGEMENT LP
	 
	MARCATO INTERNATIONAL MASTER FUND, LTD.

	 
	 

	 
	 

	By:
	 _/s/Richard T. McGuire III_______
	By:
	_/s/Richard T. McGuire III_______

	 
	Name: Richard T. McGuire III 
Title: Managing Director
	 
	Name: Richard T. McGuire III 
Title: Managing Director

	 
	 

	 
	 
	 
	 

	 
	 
	

	 
	 
	 

	 
	 
	 
	 /s/Matthew Hepler__________

	 
	 
	 
	                  Matthew Hepler

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 

	
				
	 
	 
	 
	 

Schedule A

MARCATO ENTITIES

Marcato Capital Management LP

Marcato International Master Fund, Ltd.

Richard T. McGuire III

Matthew Hepler

Schedule B

RESIGNATION

June 12, 2019

Board of Directors
Terex Corporation
200 Nyala Farms Road
Westport, CT 06880

Re:  Resignation

Ladies and Gentlemen:

This irrevocable resignation is delivered pursuant to that certain Letter dated as of June 12, 2019, from Terex Corporation and to the members of the Marcato Group signatory thereto (the “Amended Letter Agreement”).  Capitalized terms used herein but not defined will have the meanings set forth in the Letter Agreement.  I hereby irrevocably resign from my position as a director of the Company and from any and all committees of the Board on which I serve effective only upon, and subject to, the occurrence of a Qualifying Disposition pursuant to paragraph 3 of the Letter Agreement.

Sincerely,

_______________________
Matthew HeplerExhibit

Exhibit 4.1

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, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES, INCLUDING THE PAYMENT OF PRINCIPAL AND INTEREST. 
UNLESS AND UNTIL THIS GLOBAL SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE INDENTURE, 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. 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
	
		
	No.  R-1
	 

	 
	 

	CUSIP No. 91529Y AN6
	$400,000,000

UNUM GROUP
4.000% SENIOR NOTES DUE 2029
UNUM GROUP, a corporation duly organized and existing under the laws of the State of Delaware (the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., as nominee of The Depository Trust Company, or registered assigns, the principal sum of FOUR HUNDRED MILLION DOLLARS ($400,000,000) on June 15, 2029 (such date is hereinafter referred to as the “Stated Maturity”), and to pay interest thereon, from June 13, 2019, or from the most recent Interest Payment Date (as defined below) for which interest has been paid or duly provided for, at the rate of 4.000% per annum (the “Interest Rate”). Interest on this Note shall be payable semi-annually in arrears on June 15 and December 15 of each year (each, an “Interest Payment Date”), commencing December 15, 2019, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or December 1, as the case may be (whether or not a Business Day) immediately preceding such Interest Payment Date; provided, that interest payable at the Stated Maturity or on a Redemption Date will be paid to the Person to whom principal is payable on such date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date and shall otherwise be payable, all as more fully provided in the Indenture. 

Payments of principal and premium, if any, shall be made upon the surrender of this Note at the Corporate Trust Office of the Trustee, or at such other office or agency of the Company as may be designated by the Company for such purpose in the Borough of Manhattan, The City of New York or in the City of Chattanooga, Tennessee, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, by Dollar check drawn on, or transfer to, a Dollar account. Payments of interest on this Note may be made by Dollar check, drawn on a Dollar account, mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or, upon written application by the Holder to the Security Registrar setting forth wire instructions not later than the relevant Regular Record Date, by wire transfer to a Dollar account. The amount of interest payable for any period on any Interest Payment Date shall be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). 
Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if fully set forth at this place. 
Unless the certificate of authorization hereon has been executed by the Trustee referred to on the reverse hereof or an Authentication Agent by the manual signature of one of their respective authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this Note to be executed and delivered.
	
		
	Dated:  June 13, 2019
	 

	 
	UNUM Group

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
	
		
	Dated:  June 13, 2019
	 

	 
	THE BANK OF NEW YORK MELLON

	 
	TRUST COMPANY, N.A., as Trustee

	 
	 

	 
	By:

	 
	Authorized Signatory

This Note is one of a duly authorized issue of securities of the Company designated as its “4.000% Senior Notes due 2029” (herein sometimes referred to as the “Notes”), issued and to be issued under and pursuant to an Indenture, dated as of August 23, 2012 (the “Indenture”), duly executed and delivered between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.  
This Note is one of the series designated herein, initially limited to a principal amount of $400,000,000, which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Securities of this series. References herein to “this series” mean the series designated herein. 
The Notes are issuable only in registered form without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the Holder surrendering the same. 
No sinking fund is provided for the Notes. 
The Notes shall be redeemable in whole at any time or in part from time to time prior to March 15, 2029, at the Company’s option, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount to be redeemed to the Redemption Date and (ii) the sum, as calculated by the Independent Investment Banker, of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the Redemption Date) on the Notes to be redeemed (assuming for such purpose that the Notes mature on March 15, 2029) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 30 basis points, plus accrued and unpaid interest on the principal amount to be redeemed to the Redemption Date.  On or after March 15, 2029, the Company shall have the right to redeem the Notes, at the Company’s option in whole or in part, at any time and from time to time at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount to be redeemed to the Redemption Date.
For the purposes of the foregoing, the following definitions shall apply: 
“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming for such purpose that the Notes mature on March 15, 2029) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes (assuming for such purpose that the Notes mature on March 15, 2029). 
“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date. 
“Independent Investment Banker” means any of (1) Citigroup Global Markets Inc., (2) Goldman Sachs & Co. LLC and (3) HSBC Securities (USA) Inc., and their respective successors, as selected by the Company, or, if any such firm or the successors, if any, to such firm, as the case may be, are unwilling or unable to serve as such, an independent investment banking institution of national standing appointed by the Company. 
“Reference Treasury Dealer” means each of (1) Citigroup Global Markets Inc., (2) Goldman Sachs & Co. LLC and (3) HSBC Securities (USA) Inc. and their respective successors; provided, however, that if any of them ceases to be a primary U.S. Government securities dealer (each a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to: 
(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Notes to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or 
(2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. As used in the immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed. 
Notice of any redemption shall be mailed at least 15 but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the Redemption Date, the manner of calculation of the Redemption Price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed. If less than all of the Notes are to be redeemed at the Company’s option, the Trustee will select, in a manner it deems fair and appropriate, the Notes, or portions of the Notes, to be redeemed. Unless the Company defaults in the payment of the Redemption Price, interest will cease to accrue on any Notes that have been called for redemption at the Redemption Date. 
The Company will not be required (i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Notes selected for redemption and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 
In case an Event of Default shall occur and be continuing, the principal of all of the Notes, together with accrued interest to the date of declaration, may be declared due and payable in the manner and with the effect provided in the Indenture. 
“Event of Default” means any one of the events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) set forth in Section 501 of the Indenture, provided, however, that the Events of Default set forth in Section 501(5) of the Indenture shall mean any of the following events:
Default under a bond, debenture, note, mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company (or by any 

Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor), having a principal amount outstanding in excess of $50,000,000 (other than indebtedness which is non-recourse to the Company or the Subsidiaries), whether such indebtedness now exists or shall hereafter be created, which default shall have resulted in such indebtedness being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” under the Indenture. 
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. 
As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (i) such Holder shall have previously given the Trustee written notice of a continuing Event of Default, (ii) the Holders of not less than 25% in principal amount of the Notes that are Outstanding shall have made a written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to it, (iii) the Trustee shall not have received from the Holders of a majority in principal amount of the Notes that are Outstanding a direction inconsistent with such request, and (iv) the Trustee shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by any Holder of this Note for the enforcement of any payment of principal hereof, or any premium of interest hereon on or after the respective due dates expressed herein. 
No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 
As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable on the Security Register upon surrender of this Note for registration of transfer at the Corporate Trust Office of the Trustee or at such other office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan, The City of New York or the City of Chattanooga, Tennessee (which shall initially be an office or agency of the Trustee), or at such other offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Security Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees by the Security Registrar. 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 recover any tax or other governmental charge payable in connection therewith. 
Prior to due presentation 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 thereof for all purposes, whether or not such Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

No recourse for the payment of the principal (and premium, if any) or interest on this Note 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, employee, agent, officer or director or subsidiary, 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 consideration for the issue hereof, expressly waived and released. 
THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
All capitalized terms used in this Note which are defined in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture. 

ABBREVIATIONS
The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations:
	
			
	TEN COM
	—
	as tenants in common

	TEN ENT
	—
	as tenants by the entireties (Cust)

	JT TEN
	—
	as joint tenants with right of survivorship and not as tenants in common

	UNIF GIFT MIN ACT
	—
	___________ Custodian ________________ (Minor)

	 
	 
	under Uniform Gifts to Minors Act ___________ (State)

Additional abbreviations may also be used though not in the above list.

ASSIGNMENT
FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to:

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(Insert assignee’s social security or tax identification number)

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(Insert address and zip code of assignee)
agent to transfer this Note on the Security Register. The agent may substitute another to act for him or her. 
	
		
	Dated:
	 

	 
	Signed:

	 
	 

	 
	Signature Guarantee:

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

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