Document:

FORM OF GUARANTEE AGREEMENT - GS CAP VII

 Exhibit 4.25 
  

 
  

[Form of] 
 GUARANTEE AGREEMENT

 between 
 THE GOLDMAN SACHS
GROUP, INC., 
 as Guarantor, 

and 
 THE BANK OF NEW YORK MELLON,

 as Guarantee Trustee 
  

 
 GOLDMAN SACHS
CAPITAL VII 
  
  

Dated as of [    ] 
  

 
  

 GOLDMAN SACHS CAPITAL VII 

Certain Sections of this Guarantee Agreement relating to 

Sections 310 through 318 of the 

Trust Indenture Act of 1939: 
  

					
	Section of	 	 	  	Section of
	 Trust Indenture Act
	  	Guarantee Agreement
	 310(a)
	 		  	4.1(a)
	       (b)
	 		  	4.1(c), 2.8
	       (c)
	 		  	Inapplicable
	 311(a)
	 		  	2.2(b)
	       (b)
	 		  	2.2(b)
	       (c)
	 		  	Inapplicable
	 312(a)
	 		  	2.2(a)
	       (b)
	 		  	2.2(b)
	 313
	 		  	2.3
	 314(a)
	 		  	2.4
	       (b)
	 		  	Inapplicable
	       (c)
	 		  	2.5
	       (d)
	 		  	Inapplicable
	       (e)
	 		  	1.2, 2.5, 3.2
	       (f)
	 		  	2.1, 3.2
	 315(a)
	 		  	3.1(d)
	       (b)
	 		  	2.7
	       (c)
	 		  	3.1(c)
	       (d)
	 		  	3.1(d)
	 316(a)
	 		  	1.1, 2.6, 5.4
	       (b)
	 		  	5.3, 5.7
	       (c)
	 		  	8.2
	 317(a)
	 		  	Inapplicable
	       (b)
	 		  	Inapplicable
	 318(a)
	 		  	2.1(b)
	       (b)
	 		  	2.1
	       (c)
	 		  	2.1(a)

  
 Note: This
reconciliation and tie sheet shall not, for any purpose, be deemed to be a part of the Guarantee Agreement and shall not affect the interpretation of any of its terms or provisions. 

  
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 TABLE OF CONTENTS 

 

							
	 ARTICLE I INTERPRETATION AND
DEFINITIONS
	  	 	2	 
		
	 SECTION 1.1. Interpretation
	  	 	2	 
	 SECTION 1.2. Definitions
	  	 	2	 
		
	ARTICLE II	  			
		
	 TRUST INDENTURE ACT
	  	 	5	 
		
	 SECTION 2.1. Trust Indenture Act; Application
	  	 	5	 
	 SECTION 2.2. List of Holders
	  	 	5	 
	 SECTION 2.3. Reports by the Guarantee Trustee
	  	 	6	 
	 SECTION 2.4. Periodic Reports to the Guarantee Trustee
	  	 	6	 
	 SECTION 2.5. Evidence of Compliance with Conditions Precedent
	  	 	6	 
	 SECTION 2.6. Events of Default; Waiver
	  	 	6	 
	 SECTION 2.7. Events of Default; Notice
	  	 	7	 
	 SECTION 2.8. Conflicting Interests
	  	 	7	 
		
	ARTICLE III	  			
		
	 POWERS, DUTIES AND RIGHTS
OF THE GUARANTEE TRUSTEE
	  	 	7	 
		
	 SECTION 3.1. Powers and Duties of the Guarantee Trustee
	  	 	7	 
	 SECTION 3.2. Certain Rights of Guarantee Trustee
	  	 	9	 
	 SECTION 3.3. Compensation; Indemnity; Fees
	  	 	11	 
		
	ARTICLE IV	  			
		
	 GUARANTEE TRUSTEE
	  	 	12	 
		
	 SECTION 4.1. Guarantee Trustee; Eligibility
	  	 	12	 
	 SECTION 4.2. Appointment, Removal and Resignation of the Guarantee
Trustee
	  	 	13	 
		
	ARTICLE V	  			
		
	 GUARANTEE
	  	 	13	 
		
	 SECTION 5.1. Guarantee
	  	 	13	 
	 SECTION 5.2. Waiver of Notice and Demand
	  	 	13	 
	 SECTION 5.3. Obligations Not Affected
	  	 	14	 
	 SECTION 5.4. Rights of Holders
	  	 	15	 
	 SECTION 5.5. Guarantee of Payment
	  	 	15	 
	 SECTION 5.6. Subrogation
	  	 	15	 
	 SECTION 5.7. Independent Obligations
	  	 	15	 

  
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	ARTICLE VI	  			
		
	 COVENANTS AND SUBORDINATION
	  	 	16	 
		
	 SECTION 6.1. Subordination
	  	 	16	 
	 SECTION 6.2. Pari Passu Guarantees
	  	 	16	 
		
	ARTICLE VII	  			
		
	 TERMINATION
	  	 	16	 
		
	 SECTION 7.1. Termination
	  	 	16	 
		
	ARTICLE VIII	  			
		
	 MISCELLANEOUS
	  	 	17	 
		
	 SECTION 8.1. Successors and Assigns
	  	 	17	 
	 SECTION 8.2. Amendments
	  	 	17	 
	 SECTION 8.3. Notices
	  	 	17	 
	 SECTION 8.4. Benefit
	  	 	19	 
	 SECTION 8.5. Governing Law; Jury Trial
	  	 	19	 
	 SECTION 8.6. Counterparts
	  	 	19	 
	 SECTION 8.7. Foreign Account Tax Compliance Act (FATCA)
	  	 	19	 

  
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 GUARANTEE AGREEMENT, dated as of
[                            ], is executed and delivered by THE GOLDMAN
SACHS GROUP, INC., a Delaware corporation (the “Guarantor”), having its principal office at 200 West Street, New York, New York 10282, and THE BANK
OF NEW YORK MELLON, a New York banking corporation, as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the
Capital Securities (as defined herein) of GOLDMAN SACHS CAPITAL VII, a Delaware statutory trust (the “Issuer Trust”). 

W I T N E S S E T
H : 
 WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of
[                    ] (as it may be amended from time to time, the “Trust Agreement”), among the Guarantor, as Depositor, the
Property Trustee, the Delaware Trustee and the Administrative Trustees named therein and the Holders from time to time of undivided beneficial interests in the assets of the Issuer Trust, the Issuer Trust is issuing
$[                     ] aggregate Liquidation Amount (as defined in the Trust Agreement) of its [    ]% Capital Securities,
Liquidation Amount $[                     ] per Capital Security (as they may be amended from time to time, the “Capital
Securities”), representing preferred undivided beneficial interests in the assets of the Issuer Trust and having the terms set forth in the Trust Agreement; 

WHEREAS, the Capital Securities will be issued by the Issuer Trust and the proceeds thereof, together with the proceeds from
the issuance of the Issuer Trust’s Common Securities (as defined below), will be used to purchase the Subordinated Debentures (as defined in the Trust Agreement) of the Guarantor which will be deposited with The Bank of New York Mellon, as
Property Trustee under the Trust Agreement, as trust assets; and 
 WHEREAS, as an incentive for the Holders to purchase the
Capital Securities, the Guarantor irrevocably and unconditionally agrees, to the extent set forth herein, to pay to the Holders of the Capital Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Capital
Securities, which purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and delivers this Guarantee Agreement to provide as follows for the benefit of the Holders from time to time of the Capital Securities: 

 ARTICLE I 

INTERPRETATION AND DEFINITIONS 

SECTION 1.1. Interpretation. 

In this Guarantee Agreement, unless the context otherwise requires: 

(a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto have the respective meanings
assigned to them in Section 1.2; 
 (b) a term defined anywhere in this Guarantee Agreement has the same meaning
throughout; 
 (c) all references to “the Guarantee Agreement” or “this Guarantee
Agreement” are to this Guarantee Agreement as modified, supplemented or amended from time to time; 
 (d) all
references in this Guarantee Agreement to Articles and Sections are to Articles and Sections of this Guarantee Agreement unless otherwise specified; 

(e) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee Agreement unless otherwise
defined in this Guarantee Agreement or unless the context otherwise requires; 
 (f) a reference to the singular includes the
plural and vice-versa; and 
 (g) the masculine, feminine or neuter genders used herein shall include the masculine, feminine
and neuter genders. 
 SECTION 1.2. Definitions. 

As used in this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings: 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person; provided, however, that the Issuer Trust shall not be deemed to be an Affiliate of the Guarantor. For the purposes of this definition, “control”,
when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 

  
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 “Board of Directors” means either the board of directors of the
Guarantor or any committee of that board duly authorized to act hereunder. 
 “Common Securities” means the
securities representing common undivided beneficial interests in the assets of the Issuer Trust. 
 “Event of
Default” means a default by the Guarantor on any of its payment or other obligations under this Guarantee Agreement; provided, however, that, except with respect to a default in payment of any Guarantee Payments, the Guarantor
shall have received notice of default and shall not have cured such default within 30 days after receipt of such notice. 

“Guarantee Payments” means the following payments or distributions, without duplication, with respect to the
Capital Securities, to the extent not paid or made by or on behalf of the Issuer Trust: (i) any accumulated and unpaid Distributions (including any Additional Amounts and Other Amounts) (as such capitalized terms are defined in the Trust
Agreement) required to be paid on the Capital Securities, to the extent the Issuer Trust shall have funds on hand available therefor at such time, (ii) the redemption price, including all accumulated and unpaid Distributions (including any
Additional Amounts and Other Amounts) to the date of redemption (the “Redemption Price”), with respect to any Capital Securities called for redemption by the Issuer Trust, to the extent the Issuer Trust shall have funds on hand
available therefor at such time, and (iii) upon a voluntary or involuntary termination, winding up or liquidation of the Issuer Trust, unless Subordinated Debentures are distributed to the Holders, the lesser of (a) the aggregate of the
Liquidation Amount of $[ ] per Capital Security plus accumulated and unpaid Distributions (including any Additional Amounts and Other Amounts) on the Capital Securities to the date of payment to the extent that the Issuer Trust shall have funds
available therefor at such time and (b) the amount of assets of the Issuer Trust remaining available for distribution to Holders in liquidation of the Issuer Trust (in either case, the “Liquidation Distribution”). 

“Guarantee Trustee” means The Bank of New York Mellon, until a Successor Guarantee Trustee has been appointed
and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and thereafter means each such Successor Guarantee Trustee. 

“Holder” means any holder, as registered on the books and records of the Issuer Trust, of any Capital
Securities; provided, however, that in determining whether the holders of the requisite percentage of Capital Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor,
the Guarantee Trustee, any other obligor hereunder or any Affiliate of the Guarantor, the Guarantee Trustee or any such other obligor. 

  
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 “Indenture” means the Subordinated Debt Indenture, dated as of
[     ], as supplemented and amended by the [ ]th Supplemental Indenture, dated as of [     ], between the Guarantor and The Bank of New York Mellon, as trustee, as it may be amended or supplemented from time
to time. 
 “List of Holders” has the meaning specified in Section 2.2(a). 

“Majority in Liquidation Amount of the Capital Securities” means, except as provided by the Trust Indenture
Act, a vote by the Holder(s), voting separately as a class, of more than 50% of the Liquidation Amount of all then outstanding Capital Securities issued by the Issuer Trust. 

“Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman or a Vice
Chairman of the Board of Directors of such Person or the President or a Vice President of such Person, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of such Person, and delivered to the Guarantee Trustee. Any
Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement shall include: 

(a) a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions
relating thereto; 
 (b) a brief statement of the nature and scope of the examination or investigation undertaken by each
officer in rendering the Officers’ Certificate; 
 (c) a statement that each officer has made such examination or
investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with. 

“Person” means a legal person, including any individual, corporation, estate, partnership, joint venture,
association, joint stock company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 

“Responsible Officer” means, with respect to the Guarantee Trustee, any Managing Director, any Director, any
Vice President, any Assistant Vice President, any Assistant Secretary, any Assistant Treasurer, any trust officer or assistant trust officer or any other officer of the corporate trust department of the Guarantee Trustee and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 

  
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 “Senior Debt”, “Senior Indebtedness” and
“Senior Subordinated Indebtedness” have the meanings set forth in the Indenture as it applies with respect to the Subordinated Debentures. 

“Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as
Guarantee Trustee under Section 4.1. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as
amended. 
 Capitalized or otherwise defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Trust
Agreement as in effect on the date hereof. 
 ARTICLE II 

TRUST INDENTURE ACT 

SECTION 2.1. Trust Indenture Act; Application. 

(a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Guarantee Agreement
and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any provision of this Guarantee
Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act through the operation of Section 318(c) thereof, such imposed duties shall control. If any provision of this
Guarantee Agreement modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Guarantee Agreement as so modified or to be excluded, as the case may be.

 SECTION 2.2. List of Holders. 

(a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (a) semiannually, on or before June 30 and
December 31 of each year, a list, in such form as the Guarantee Trustee may reasonably require, of the names and addresses of the Holders (the “List of Holders”) as of a date not more than 15 days prior to the delivery thereof,
and (b) at such other times as the Guarantee Trustee may request in writing, within 30 days after the receipt by the Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the time such list is furnished,
in each case to the extent such information is in the possession or control of the Guarantor and is not identical to a previously supplied list of Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such. The
Guarantee Trustee may destroy any List of Holders previously given to it on receipt of a new List of Holders. 

  
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 (b) The Guarantee Trustee shall comply with its obligations under Section 311(a),
Section 311(b) and Section 312(b) of the Trust Indenture Act. 
 SECTION 2.3. Reports by the Guarantee Trustee. 

Not later than [    ] of each year, commencing [    ], the Guarantee Trustee shall provide to the
Holders such reports as are required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with the requirements of
Section 313(d) of the Trust Indenture Act. The Guarantor will notify the Guarantee Trustee if and when any Capital Securities are listed on any stock exchange and of any delisting thereof. 

SECTION 2.4. Periodic Reports to the Guarantee Trustee. 

The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission and the Holders such documents, reports and
information, if any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act. 
 Delivery of such reports, information and documents to the Guarantee Trustee is for informational purposes only and
the Guarantee Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Guarantor’s compliance with any of its covenants
hereunder (as to which the Guarantee Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 2.5. Evidence of
Compliance with Conditions Precedent. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer of the Guarantor
pursuant to Section 314(c)(1) may be given in the form of an Officers’ Certificate. 
 SECTION 2.6. Events of Default;
Waiver. 
 The Holders of a Majority in Liquidation Amount of the Capital Securities may, by vote, on behalf of the Holders, waive any
past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom. 

  
 6 

 SECTION 2.7. Events of Default; Notice. 

(a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to
the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee
Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders. 
 (b) The Guarantee Trustee shall not be deemed to have knowledge of any
Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have obtained written notice, of such Event of Default. 

SECTION 2.8. Conflicting Interests. 

The Trust Agreement and the Indenture shall be deemed to be specifically described in this Guarantee Agreement for the purposes of clause
(i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 ARTICLE III 

POWERS, DUTIES AND RIGHTS OF THE
GUARANTEE TRUSTEE 
 SECTION 3.1. Powers and Duties of the Guarantee Trustee. 

(a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not
transfer this Guarantee Agreement to any Person except a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as
Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and
cessation of title shall be effective whether or not conveyancing documents have been executed and delivered pursuant to the appointment of such Successor Guarantee Trustee. 

(b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce this Guarantee Agreement for the benefit of the
Holders. 

  
 7 

 (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing of
all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee Agreement against the Guarantee Trustee.
In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of care
and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action,
its own negligent failure to act or its own willful misconduct, except that: 
 (i) prior to the occurrence of any Event of
Default and after the curing or waiving of all such Events of Default that may have occurred: 
 (A) the duties and
obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement, and the Guarantee Trustee shall not be liable except for the performance of such duties and obligations as are specifically set
forth in this Guarantee Agreement; and 
 (B) in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee
Agreement; but in the case of any such certificates or opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the
same to determine whether or not they conform to the requirements of this Guarantee Agreement (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein); 

(ii) the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the
Guarantee Trustee, unless it shall be proved that the Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; 

(iii) the Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of not less than a Majority in Liquidation Amount of the Capital Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or
exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and 

  
 8 

 (iv) no provision of this Guarantee Agreement shall require the Guarantee Trustee
to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the
repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee Agreement or adequate indemnity against such risk or liability is not reasonably assured to it. 

(e) Whether or not therein expressly so provided, every provision of this Guarantee Agreement relating to the conduct or affecting the
liability of or affording protection to the Guarantee Trustee shall be subject to the provisions of this Section. 
 SECTION 3.2. Certain
Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 

(i) The Guarantee Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been
signed, sent or presented by the proper party or parties. 
 (ii) Any direction or act of the Guarantor contemplated by this
Guarantee Agreement shall be sufficiently evidenced by an Officers’ Certificate unless otherwise prescribed herein. 

(iii) Whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter
be proved or established before taking, suffering or omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and conclusively rely
upon an Officers’ Certificate which, upon receipt of such request from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 

(iv) The Guarantee Trustee may consult with legal counsel of its selection, and the advice or opinion of such legal counsel
with respect to legal matters shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such legal counsel may
be legal counsel to the Guarantor or any of its Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of
competent jurisdiction. 

  
 9 

 (v) The Guarantee Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Guarantee Agreement at the request or direction of any Holder, unless such Holder shall have provided to the Guarantee Trustee security and indemnity reasonably satisfactory to the Guarantee Trustee, against the
costs, expenses (including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction, including such reasonable advances as may be requested by the Guarantee Trustee; provided
that nothing contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Guarantee Agreement. 

(vi) The Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and if the Guarantee Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Guarantor,
personally or by agent or attorney. 
 (vii) The Guarantee Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or attorney appointed with due care by it
hereunder. 
 (viii) Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable
to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders, (B) may refrain from enforcing such remedy or right or taking
such other action until such instructions are received, and (C) shall be protected in acting in accordance with such instructions. 

(ix) The Guarantee Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Guarantee Agreement except in the case of the Guarantee Trustee’s negligence or willful misconduct. 

(x) In no event shall the Guarantee Trustee be responsible or liable for special, punitive or consequential loss or damage
(including, but not limited to, loss of profit) except in the case of the Guarantee Trustee’s willful misconduct or fraud. 

  
 10 

 (xi) The Guarantee Trustee shall not be deemed to have notice of any Default or
Event of Default unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Guarantee Trustee at the Corporate Trust Office of the Guarantee Trustee, and such notice references the Capital
Securities and this Guarantee Agreement. 
 (xii) In no event shall the Guarantee Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Guarantee Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

(xiii) The Guarantee Trustee may request that the Guarantor deliver a certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Guarantee Agreement. 
 (b) No provision of this
Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or
in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or obligation. No permissive power or authority available to the
Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority. 
 SECTION 3.3. Compensation;
Indemnity; Fees. 
 The Guarantor agrees: 

(a) to pay to the Guarantee Trustee from time to time such compensation as shall be agreed in writing between the Guarantor and the Guarantee
Trustee for all services rendered by it hereunder (which compensation shall not be limited by any provisions of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise expressly provided herein, to reimburse the Guarantee Trustee upon request for all reasonable expenses, disbursements
and advances incurred or made by the Guarantee Trustee in accordance with any provision of this Guarantee Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith; and 

  
 11 

 (c) to indemnify the Guarantee Trustee and its directors, officers, agents and employees for, and
to hold it harmless against, any loss, liability or expense (including reasonable out-of-pocket legal fees and expenses) incurred without negligence or bad faith on the
part of the Guarantee Trustee, arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs and expenses of defending itself against any claim (whether asserted by the Guarantor, any Holder
or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder or in connection with enforcing the provisions of this Section. The Guarantee Trustee will not claim or exact any lien or
charge on any Guarantee Payments as a result of any amount due to it under this Guarantee Agreement. 
 The provisions of this
Section 3.3 shall survive the termination of this Guarantee Agreement or the earlier resignation or removal of the Guarantee Trustee. 

ARTICLE IV 

GUARANTEE TRUSTEE 

SECTION 4.1. Guarantee Trustee; Eligibility. 

(a) There shall at all times be a Guarantee Trustee which shall: 

(i) not be an Affiliate of the Guarantor; and 

(ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of
at least $50,000,000, and shall be a corporation meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the
supervising or examining authority, then, for the purposes of this Section 4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. 
 (b) If at any time the Guarantee Trustee shall cease to be eligible to
so act under Section 4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 

(c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust
Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

  
 12 

 SECTION 4.2. Appointment, Removal and Resignation of the Guarantee Trustee. 

(a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time by the Guarantor. 

(b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted such appointment by
written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The Guarantee Trustee appointed
hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing
executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing executed by such Successor
Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor Guarantee Trustee shall have
been appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any court of
competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Guarantee Trustee. 

ARTICLE V 

GUARANTEE 

SECTION 5.1. Guarantee. 

The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the Guarantee Payments (without duplication of amounts
theretofore paid by or on behalf of the Issuer Trust), as and when due, regardless of any defense, which the Issuer Trust may have or assert, except the defense of payment. The Guarantor’s obligation to make a Guarantee Payment may be satisfied
by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer Trust to pay such amounts to the Holders. 

SECTION 5.2. Waiver of Notice and Demand. 

The Guarantor hereby waives notice of acceptance of this Guarantee Agreement and of any liability to which it applies or may apply,
presentment, demand for payment, any right to require a proceeding first against the Guarantee Trustee, the Issuer Trust or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of
redemption and all other notices and demands. 

  
 13 

 SECTION 5.3. Obligations Not Affected. 

The obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by
reason of the happening from time to time of any of the following: 
 (a) the release or waiver, by operation of law or
otherwise, of the performance or observance by the Issuer Trust of any express or implied agreement, covenant, term or condition relating to the Capital Securities to be performed or observed by the Issuer Trust; 

(b) the extension of time for the payment by the Issuer Trust of all or any portion of the Distributions (other than an
extension of time for payment of Distributions that results from the extension of any interest payment period on the Subordinated Debentures as provided in the Indenture), Redemption Price, Liquidation Distribution or any other sums payable under
the terms of the Capital Securities or the extension of time for the performance of any other obligation under, arising out of, or in connection with, the Capital Securities; 

(c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right,
privilege, power or remedy conferred on the Holders pursuant to the terms of the Capital Securities, or any action on the part of the Issuer Trust granting indulgence or extension of any kind; 

(d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer Trust or any of the assets of the Issuer Trust; 

(e) any invalidity of, or defect or deficiency in, the Capital Securities; 

(f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 

(g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor
(other than payment of the underlying obligation), it being the intent of this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 

There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing.

  
 14 

 SECTION 5.4. Rights of Holders. 

The Guarantor expressly acknowledges that: (i) this Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the
benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a Majority in Liquidation Amount of the Capital Securities have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and
(iv) any Holder may institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer Trust or any other
Person. 
 SECTION 5.5. Guarantee of Payment. 

This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee Agreement will not be discharged except by
payment of the Guarantee Payments in full (without duplication of amounts theretofore paid by the Issuer Trust) or upon distribution of Subordinated Debentures to Holders as provided in the Trust Agreement. 

SECTION 5.6. Subrogation. 

The Guarantor shall be subrogated to all rights (if any) of the Holders against the Issuer Trust in respect of any amounts paid to the Holders
by the Guarantor under this Guarantee Agreement and shall have the right to waive payment by the Issuer Trust pursuant to Section 5.1; provided, however, that the Guarantor shall not (except to the extent required by mandatory
provisions of law) be entitled to enforce or exercise any rights which it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, in all cases as a result of payment under this Guarantee Agreement, if, at the time of
any such payment, any amounts are due and unpaid under this Guarantee Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over
such amount to the Holders. 
 SECTION 5.7. Independent Obligations. 

The Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer Trust with respect to the Capital
Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections
(a) through (g), inclusive, of Section 5.3 hereof. 

  
 15 

 ARTICLE VI 

COVENANTS AND SUBORDINATION 

SECTION 6.1. Subordination. 

The obligations of the Guarantor under this Guarantee Agreement will constitute unsecured obligations of the Guarantor and will rank
subordinate and junior in right of payment to all Senior Debt of the Guarantor to the extent and in the manner set forth in the Indenture with respect to the Subordinated Debentures, and the provisions of Article XIV of the Indenture will apply,
mutatis mutandis, to the obligations of the Guarantor hereunder. The obligations of the Guarantor under this Guarantee Agreement do not constitute Senior Indebtedness, Senior Debt or Senior Subordinated Indebtedness. 

SECTION 6.2. Pari Passu Guarantees. 

The obligations of the Guarantor under this Guarantee Agreement shall rank pari passu with the obligations of the Guarantor under any
similar guarantee agreements issued by the Guarantor on behalf of the holders of preferred or capital securities issued by any statutory trust. 

ARTICLE VII 

TERMINATION 

SECTION 7.1. Termination. 

This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full payment of the Redemption Price of all
Capital Securities, (ii) the distribution of Subordinated Debentures to the Holders in exchange for all of the Capital Securities or (iii) full payment of the amounts payable in accordance with the Trust Agreement upon liquidation of the
Issuer Trust. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of any sums paid with respect to Capital Securities or this
Guarantee Agreement in connection with a bankruptcy, insolvency or other similar proceeding. 

  
 16 

 ARTICLE VIII 

MISCELLANEOUS 

SECTION 8.1. Successors and Assigns. 

All guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives
of the Guarantor and shall inure to the benefit of the Holders of the Capital Securities then outstanding. Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture, and
pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s obligations hereunder, the Guarantor shall not assign its obligations hereunder. 

SECTION 8.2. Amendments. 

Except with respect to any changes which do not adversely affect the rights of the Holders in any material respect (in which case no consent of
the Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in Liquidation Amount of the Capital Securities. The provisions of Article VI of the Trust Agreement
concerning meetings of the Holders shall apply to the giving of such approval. 
 The Property Trustee shall be entitled to receive an
Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Guarantee Agreement is in compliance with this Guarantee Agreement. 

SECTION 8.3. Notices. 

Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving
such notice, and delivered, telecopied or mailed by first class mail as follows: 
 (a) if given to the Guarantor, to the
address set forth below or such other address, facsimile number or to the attention of such other Person as the Guarantor may give notice to the Holders: 

The Goldman Sachs Group. Inc. 

200 West Street 

New York, New York 10282 

Facsimile No.: [    ] 

Attention: [    ] 

(b) if given to the Issuer Trust, in care of the Guarantee Trustee, at the Issuer Trust’s (and the Guarantee
Trustee’s) address set forth below or such other address as the Guarantee Trustee on behalf of the Issuer Trust may give notice to the Holders: 

  
 17 

 Goldman Sachs Capital VII 

c/o The Goldman Sachs Group, Inc. 

200 West Street 

New York, New York 10282 

Facsimile No.: [    ] 

Attention: [    ] 

with a copy to: 

The Bank of New York Mellon 

101 Barclay Street, Floor 7 West 

New York, New York 10286 

Facsimile No.: (212) 815-5802 

Attention: Corporate Trust Administration 

(c) if given to any Holder, at the address set forth on the books and records of the Issuer Trust. 

All notices hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class
mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver. 
 The Guarantee Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods. If the Guarantor elects to give the Guarantee Trustee
e-mail or facsimile instructions (or instructions by a similar electronic method) and the Guarantee Trustee in its discretion elects to act upon such instructions, the Guarantee Trustee’s commercially
reasonable understanding of such instructions shall be deemed controlling. The Guarantee Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Guarantee Trustee’s reliance upon and compliance with
such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction except in the case of the Guarantee Trustee’s negligence or willful misconduct. The Guarantor agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Guarantee Trustee, including without limitation the risk of the Guarantee Trustee acting on unauthorized instructions, and the risk of interception and
misuse by third parties. The Guarantee Trustee and the party providing electronic instructions will maintain commercially reasonable security measures reasonably designed to prevent interception and misuse by third parties, which measures, with
respect to the Guarantee Trustee, shall be considered to be commercially reasonable to the extent such measures are consistent with accepted practices in the banking industry. 

  
 18 

 SECTION 8.4. Benefit. 

This Guarantee Agreement is solely for the benefit of the Holders and is not separately transferable from the Capital Securities. 

SECTION 8.5. Governing Law; Jury Trial 

THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE CAPITAL SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 SECTION 8.6. Counterparts. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 SECTION 8.7. Foreign Account Tax Compliance Act (FATCA)

 The Guarantor agrees (i) upon request by the Guarantee Trustee, to provide the Guarantee Trustee with such reasonable information as
it has in its possession to enable the Guarantee Trustee to determine whether any Guarantee Payments pursuant to this Guarantee Agreement are subject to the withholding requirements described in Section 1471(b) of the US Internal Revenue Code
of 1986 (the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof (“Applicable Law”), and (ii) that the Guarantee
Trustee shall be entitled to make any withholding or deduction from such Guarantee payments hereunder to the extent necessary to comply with Applicable Law, for which the Guarantee Trustee shall not have any liability. 

  
 19 

 IN WITNESS WHEREOF, the undersigned have executed
this Guarantee Agreement as of the date first above written. 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By	 	  

		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON,
		 	        as Guarantee Trustee
		
	By	 	  

		 	Name:
		 	Title:FORM OF FLOATING RATE SENIOR DEBT - 2008 INDENTURE

 Exhibit 4.36 

[FORM OF FLOATING RATE SENIOR DEBT SECURITY] 
  

			
	 Registered No.
	  	CUSIP No.
		  	ISIN No.

 (Face of Security) 

[IF A GLOBAL SECURITY, INSERT — THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE AS DEFINED HEREIN ON THE
REVERSE OF THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

[IF DTC IS THE DEPOSITARY, INSERT — UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE GOLDMAN SACHS GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INSERT ANY
LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.] 
 [INSERT ANY LEGEND REQUIRED BY THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT AND THE REGULATIONS THEREUNDER.] 
 THIS SECURITY IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY, NOR IS IT AN OBLIGATION OF, OR GUARANTEED BY, A BANK. 

  
 (Face of Security
continued on next page) 
  

 THE GOLDMAN SACHS GROUP, INC. 

[TITLE OF SECURITY/SERIES] 

The Goldman Sachs Group, Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture as defined on the reverse of this Security), for value received, hereby promises to pay to
                , or registered assigns, the principal sum of [Insert Principal Amount] ($[Insert Numeric Principal Amount]) on [Insert Maturity] and to pay interest
thereon, from [insert Issue Date, unless there is a Predecessor Security, in which case this date shall be the issue date of the first Predecessor Security] (such date, the “Original Issuance Date”) or from the most recent Interest
Payment Date to which interest has been paid or made available for payment, on the Interest Payment Dates in each year, commencing on the first such date specified on the face of this Security, and at the Maturity of the principal hereof, at a rate
per annum determined in accordance with the applicable provisions of Section 3 on the reverse hereof, until the principal hereof is paid or made available for payment. Any such installment of interest that is overdue at any time shall also bear
interest (to the extent that the payment of such interest shall be legally enforceable) at the rate per annum at which the principal then bears interest, from the date any such overdue amount first becomes due until it is paid or made available for
payment. Notwithstanding the foregoing, interest on any installment of interest that is overdue shall be payable on demand. 
 The Interest
Payment Dates shall be                  in each year, commencing on                 ,
[provided that the Interest Payment Date that falls in                  shall be
                 (and not                 ),] in each case as such payment date may be
adjusted in accordance with the second paragraph under “Payments Due on a Business Day” below. 
 The interest so payable, and
punctually paid or made available for payment, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the
[if Global Security, insert — calendar day (whether or not a Business Day (as defined in Section 3(e) on the reverse hereof))] [if not a Global Security, insert alternative provision acceptable to Trustee and Registrar]
immediately preceding the day on which payment is to be made (as such payment date may be adjusted in accordance with the second paragraph under “Payments Due on a Business Day” below) (a “Regular Record Date”). Any
interest so payable, but not punctually paid or made available for payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and such Defaulted Interest may either be paid to the Person in
whose name this Security (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 whereof being given to the Holder of this
Security not less than 10 days prior to such Special Record Date, or be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. For the purpose of determining the Holder at the close of business on any relevant record date when business is not being conducted, the close of business will mean 5:00 P.M.,
New York City time, on that day. 

  
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 -2- 

 Currency and Manner of Payment 

[IF PAYMENT IS IN U.S. DOLLARS, INSERT — Payment of the principal of and premium or interest on this Security will be made in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Notwithstanding any other provision of this Security or the Indenture, if this Security is a Global Security, any
payment in respect of this Security may be made pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture. 

Subject to the prior paragraph and except as provided in the next paragraph, payment of any amount payable on this Security will be made at
the office or agency of the Company maintained for that purpose in The City of New York (and at any other office or agency maintained by the Company for that purpose), against surrender of this Security in the case of any payment due at the Maturity
of the principal hereof (other than any payment of interest that first becomes due on an Interest Payment Date); provided, however, that, at the option of the Company and subject to the next paragraph, payment of interest may be made
by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Subject to the
second preceding paragraph, payment of any amount payable on this Security will be made by wire transfer of immediately available funds to an account maintained by the payee with a bank located in the Borough of Manhattan, The City of New York, if
(i) the principal of this Security is at least $1,000,000 and (ii) the Holder entitled to receive such payment transmits a written request for such payment to be made in such manner to the Trustee at its Corporate Trust Office, Attention:
Global Corporate Trust, on or before the fifth Business Day before the day on which such payment is to be made; provided that, in the case of any such payment due at the Maturity of the principal hereof (other than any payment of interest
that first becomes due on an Interest Payment Date), this Security must be surrendered at the office or agency of the Company maintained for that purpose in The City of New York (or at any other office or agency maintained by the Company for that
purpose) in time for the Paying Agent to make such payment in such funds in accordance with its normal procedures. Any such request made with respect to any payment on this Security payable to a particular Holder will remain in effect for all later
payments on this Security payable to such Holder, unless such request is revoked on or before the fifth Business Day before a payment is to be made, in which case such revocation shall be effective for such payment and all later payments. In the
case of any payment of interest payable on an Interest Payment Date, such written request must be made by the Person who is the registered Holder of this Security on the relevant Regular Record Date. The Company will pay any administrative costs
imposed by banks in connection with making payments by wire transfer with respect to this Security, but any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may be deducted from
the payment by the Company or the Paying Agent.] 

  
 (Face of Security
continued on next page) 
 -3- 

 [IF PAYMENT IS IN EUROS, INSERT — Payment of the principal of and premium or interest
on this Security will be made will be made in such coin or currency as at the time of payment is legal tender for payment of public and private debts in all of the countries (if any) then participating in the European Economic and Monetary Union (or
any successor union) pursuant to the Treaty on European Union of February 1992 (or any successor treaty), as it may be amended from time to time. Notwithstanding any other provision of this Security or the Indenture, if this Security is a
Global Security, any payment in respect of this Security may be made pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture. 

Subject to the prior paragraph and except as provided in the next two paragraphs, payment of any amount payable on this Security will be made
at the office or agency of the Company maintained for that purpose in The City of New York (and at any other office or agency maintained by the Company for that purpose), against surrender of this Security in the case of any payment due at the
Maturity of the principal hereof (other than any payment of interest that first becomes due on an Interest Payment Date); provided, however, that, at the option of the Company and subject to the next paragraph, payment of interest may
be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 Subject to
the second preceding paragraph, payment of any amount payable on this Security will be made by wire transfer of immediately available funds to an account maintained by the payee in euros at a bank or other financial institution acceptable to the
Company and the Trustee, if (i) the principal of this Security is at least USD $1,000,000 (or the equivalent in euros) and (ii) the Holder entitled to receive such payment transmits a written request for such payment to be made in such
manner to the Trustee at its Corporate Trust Office, Attention: Global Corporate Trust, on or before the fifth Business Day before the day on which such payment is to be made; provided that, in the case of any such payment due at the Maturity
of the principal hereof (other than any payment of interest that first becomes due on an Interest Payment Date), this Security must be surrendered at the office or agency of the Company maintained for that purpose in The City of New York (or at any
other office or agency maintained by the Company for that purpose) in time for the Paying Agent to make such payment in such funds in accordance with its normal procedures. Any such request made with respect to any payment on this Security payable
to a particular Holder will remain in effect for all later payments on this Security payable to such Holder, unless such request is revoked on or before the fifth Business Day before a payment is to be made, in which case such revocation shall be
effective for such payment and all later payments. In the case of any payment of interest payable on an Interest Payment Date, such written request must be made by the Person who is the registered Holder of this Security on the relevant Regular
Record Date.] 
 [IF PAYMENT IS IN EUROS, INSERT — Payments Made in U.S. Dollars 

Notwithstanding any provision of this Security or the Indenture, if any amount payable on this Security is payable on any day and if euros are
not available to the Company on the two Business Days before such day, due to the imposition of exchange controls, disruption in a currency market or any other circumstances beyond the control of the Company, the Company

  
 (Face of Security
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 -4- 

 
will be entitled to satisfy its obligation to pay such amount in euros by making such payment in U.S. dollars. The amount of such payment in U.S. dollars shall be determined by the Exchange Rate
Agent on the basis of an exchange rate for euros published at approximately 12:00 noon, New York City time, by a generally recognized and publicly available source, to be determined in the sole discretion of the Exchange Rate Agent (the
“Exchange Rate”) as of the latest day before the day on which such payment is to be made. Any payment made under such circumstances in U.S. dollars where the required payment is in euros will not constitute an Event of Default under this
Security or the Indenture. 
 Exchange Rate Agent 

As used herein, the “Exchange Rate Agent” shall initially mean [Goldman Sachs International]; provided that the Company may,
and in its sole discretion, appoint any other institution (including any affiliate of the Company) to serve as any such agent from time to time. The Company will give the Trustee prompt written notice of any change in any such appointment. Insofar
as this Security provides for any such agent to obtain rates, quotes or other data from a bank, dealer or other institution for use in making any determination hereunder, such agent may do so from any institution or institutions of the kind
contemplated hereby notwithstanding that any one or more of such institutions are any such agent, affiliates of any such agent or affiliates of the Company. 

All determinations made by the Exchange Rate Agent pursuant to the terms of this Security shall be, absent manifest error, conclusive for all
purposes and binding on the holder of this Security and the Company, and the Exchange Rate Agent shall have no liability therefor.] 

Calculation Agent 
 As used herein,
the “Calculation Agent” shall initially mean Goldman Sachs & Co. LLC; provided that the Company may, in its sole discretion, appoint any other institution (including any affiliate of the Company) to serve as any such agent
from time to time. The Company will give the Trustee prompt written notice of any change in any such appointment. Insofar as this Security provides for any such agent to obtain rates, quotes or other data from a bank, dealer or other institution for
use in making any determination hereunder, such agent may do so from any institution or institutions of the kind contemplated hereby notwithstanding that any one or more of such institutions are any such agent, affiliates of any such agent or
affiliates of the Company. 
 All determinations made by the Calculation Agent may be made by such agent in its sole discretion and, absent
manifest error, shall be conclusive for all purposes and binding on the Holder of this Security and the Company. The Calculation Agent shall not have any liability therefor. 

Payments Due on a Business Day 

Notwithstanding any provision of this Security or the Indenture, if the Maturity of the principal hereof occurs on a day that is not a Business
Day, any amount of principal, premium or interest that would otherwise be due on this Security on such day (the “Specified Day”) may be 

  
 (Face of Security
continued on next page) 
 -5- 

 
paid or made available for payment on the Business Day that is next succeeding the Specified Day with the same force and effect as if such amount were paid on the Specified Day, and no interest
will accrue on the amount so payable for the period from the Specified Day to such next succeeding Business Day. 
 If any Interest Reset
Date or Interest Payment Date other than one that falls on the date of Maturity of the principal hereof would otherwise fall on a day that is not a Business Day, [INSERT IF BUSINESS DAY CONVENTION IS FOLLOWING — then such date
shall be postponed to the next day that is a Business Day][INSERT IF BUSINESS DAY CONVENTION IS MODIFIED FOLLOWING — then such date shall be postponed to the next day that is a Business Day; provided that, if such next
succeeding Business Day falls in the next calendar month, then such date shall be advanced to the immediately preceding Business Day][INSERT IF BUSINESS DAY CONVENTION IS FOLLOWING UNADJUSTED — any payment due on such date shall
be postponed to the next day that is a Business Day; provided that interest due with respect to an Interest Payment Date shall not accrue from and including such Interest Payment Date to and including the date of payment of such interest as
so postponed; provided further that Interest Reset Dates and Interest Periods shall not be adjusted for non-Business Days][INSERT IF BUSINESS DAY CONVENTION IS MODIFIED FOLLOWING
UNADJUSTED — any payment due on such date shall be postponed to the next day that is a Business Day; provided that interest due with respect to such an Interest Payment Date shall not accrue from and including such Interest
Payment Date to and including the date of payment of such interest as so postponed, and provided further that, if such day would fall in the next succeeding calendar month, the date of payment with respect to such Interest Payment Date
shall be advanced to the Business Day immediately preceding such Interest Payment Date; and provided further that Interest Reset Dates and Interest Periods shall not be adjusted for non-Business
Days]. 
 The provisions of the two immediately preceding paragraphs shall apply to this Security in lieu of the provisions of
Section 1.13 of the Indenture. 
  
  

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

  
 (Face of Security
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 -6- 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: _____________________ 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 This is one of the Securities of the series designated herein and referred to in the Indenture. 

Dated: _____________________ 
  

			
	 THE BANK OF NEW YORK
 MELLON, as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  

  
 -7- 

 (Reverse of Security) 

1. Securities and Indenture. 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be
issued in one or more series under a Senior Debt Indenture, dated as of July 16, 2008 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New
York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

 
 2. Series and Denominations. 

This Security is one of the series designated on the face hereof, limited to an aggregate principal amount as shall be determined and may be
increased from time to time by the Company. Any election by the Company so to increase such aggregate principal amount shall be evidenced by a certificate of an Authorized Person (as defined in the Determination of an Authorized Person, dated
    , with respect to this series). References herein to “this series” mean the series of Securities designated on the face hereof, provided that, for purposes of Sections 7 and 8 below, the term
“series” (and references to Securities of a series) shall be deemed to refer only to Securities having the same CUSIP number. The Securities of this series are issuable only in registered form without coupons in denominations of integral
multiples of     , subject to a minimum denomination of     . 
 3. Calculation of Interest
Payment and Interest Rate. 
 Payments of interest hereon with respect to any Interest Payment Date or at the Maturity of the
principal hereof will include interest accrued to but excluding such Interest Payment Date or the date of such Maturity, as the case may be (subject to “Payments Due on a Business Day” on the face hereof). Accrued interest from the
Original Issuance Date or from the last date to which interest has been paid or duly provided for shall be calculated by the Calculation Agent by multiplying the principal amount by an accrued interest factor for the Interest Period. Such
accrued interest factor shall be expressed as a decimal and computed by multiplying the interest rate determined as set forth below for such Interest Period (also expressed as a decimal) by the Day Count Convention (as defined below) for such
Interest Period. 
 All percentages resulting from any calculation with respect to this Security will be rounded upward or downward, as
appropriate, to the next higher or lower one hundred-thousandth of a percentage point (e.g., 9.876541% (or .09876541) being rounded down to 9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655% (or
..0987655)). All amounts used in or resulting from any calculation with respect to this Security will be rounded upward or downward, as appropriate, to the nearest cent, in the case of U.S. dollars, or to the nearest corresponding hundredth of a
unit, in the case of a currency other than U.S. dollars, with one-half cent or one-half of a corresponding hundredth of a unit or more being rounded upward. 

  
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 -8- 

 (a) Interest Rate Reset. The interest rate on this Security will be reset
from time to time as provided in this Section 3, and each date upon which such rate is reset as so provided is hereinafter called an “Interest Reset Date”. The Interest Reset Dates with respect to this Security will be [each
Interest Payment Date]; provided, however, [, that the Interest Reset Date that falls in          shall be          (and not
        ), and provided, further,] that any Interest Reset Date shall be subject to adjustment if and as provided in the second paragraph under the heading “Payments Due on a Business
Day” on the face of this Security. 
 Subject to applicable provisions of law, the interest rate on this Security in effect from and
including the Original Issuance Date to but excluding the last day of the first Interest Period will be [Insert Initial Rate, including and spread or multiplier]. 

Subject to applicable provisions of law and except as otherwise specified herein, on each Interest Reset Date the interest rate on this
Security shall be the rate determined in accordance with Section 3(b) below (the “Base Rate”), [INSERT AS APPLICABLE IF SPREAD APPLIES — as adjusted by the [addition] [subtraction] of [    ]%]
[INSERT AS APPLICABLE IF SPREAD MULTIPLIER APPLIES — as adjusted by multiplying such Base Rate by [Insert Spread Multiplier]], and subject to adjustment as provided in Section 3(c) below. The Calculation Agent shall determine the
interest rate of this Security in accordance with the applicable Sections below. 
 The Calculation Agent will determine the interest rate
on this Security that takes effect on any Interest Reset Date [INSERT IF THE BASE RATE IS THE TREASURY RATE — on the Interest Reset Date or, in the circumstances described in Section 3(b) below, a day no later than the
applicable Calculation Date (as defined in Section 3(d) below)] [INSERT IF THE BASE RATE IS THE FEDERAL FUNDS RATE OR PRIME RATE — on the applicable Interest Reset Date] [INSERT IF THE BASE RATE IS THE CMS
RATE, CMT RATE, EURIBOR OR LIBOR — on the applicable Interest Determination Date (as defined in paragraph (b) below) corresponding to such Interest Reset Date.] 

[INSERT IF THE BASE RATE IS THE TREASURY RATE — However, the Calculation Agent need not wait until the Calculation
Date to determine interest rates if the rate information it needs to make such determination in the manner specified in the applicable provisions of Section 3(b) hereof is available from the relevant sources specified in such applicable
provisions.] Upon request of the Holder to the Calculation Agent, the Calculation Agent will provide the interest rate then in effect on this Security and, if determined, the interest rate that will become effective on the next Interest Reset Date.

 (b) Determination of Base Rate. [INSERT IF THE BASE RATE IS THE CMS RATE — The Base
Rate that takes effect on any Interest Reset Date shall equal the rate appearing on the Reuters Screen ICESWAP1 Page for U.S. dollar swaps having a maturity equal 

  
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 -9- 

 
to the Index Maturity specified on the face hereof as of approximately 11:00 A.M., New York City time on the second U.S. Government Securities Business Day immediately preceding such
Interest Reset Date (the “Interest Determination Date”). If the CMS Rate cannot be determined as described above, the following procedures will apply in determining the CMS Rate: 

(i) If the rate described above does not so appear on the Reuters Screen ICESWAP1 Page, then the CMS Rate will be determined on
the basis of the mid-market semi-annual swap rate quotations provided by five leading swap dealers in the New York City interbank market at approximately 11:00 A.M., New York City time, on the relevant
Interest Determination Date. For this purpose, the “semi-annual swap rate” means the mean of the bid and offered rates for the semi-annual fixed leg, calculated using the 30/360 (ISDA) Day Count Convention (as defined in Section 3(e)
below), of a fixed-for-floating U.S. dollar interest rate swap transaction with a term equal to the Index Maturity commencing on such Interest Reset Date with an
acknowledged dealer of good credit in the swap market, where the floating leg, calculated using the Actual/360 (ISDA) Day Count Convention, is equivalent to LIBOR with a designated maturity of three months, as such rate may be determined as provided
below. The Calculation Agent will select the five swap dealers in its sole discretion and will request the principal New York City office of each of those dealers to provide a quotation of its rate. 

(ii) If at least three quotations are provided as described in clause (i) above, the CMS Rate for such Interest Reset Date
will be the arithmetic mean of the quotations described above, eliminating the highest and lowest quotations or, in the event of equality, one of the highest and one of the lowest quotations. 

(iii) If fewer than three quotations are provided, the Calculation Agent will determine the CMS Rate in its sole discretion.]

 [INSERT IF THE BASE RATE IS THE CMT RATE — The Base Rate that takes effect on any Interest Reset Date
shall equal the CMT Rate determined as described below. “CMT Rate” means: 
 (i) If the Designated CMT
Reuters Screen Page is the Reuters Screen FRBCMT Page, then the CMT Rate for such Interest Reset Date will be the yield for Treasury securities at “constant maturity” for a period of the Designated CMT Index Maturity as published by the
Federal Reserve System Board of Governors, or its successor, on its website or in another recognized electronic source, in each case as determined by the Calculation Agent in its sole discretion, as such yield is displayed on the Designated CMT
Reuters Screen Page on the second U.S. Government Securities Business Day immediately preceding such Interest Reset Date (the “Interest Determination Date”). 
  

	 	(A)	 If the applicable rate described in clause (i) above is not displayed on the Designated CMT Reuters Screen
Page, then the CMT Rate will be the rate for Treasury securities at “constant maturity” for a period of the 

  
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Designated CMT Index Maturity as published by the Federal Reserve System Board of Governors, or its successor, on its website or in another recognized electronic source, in each case as
determined by the Calculation Agent in its sole discretion. 
  

	 	(B)	If the applicable rate described in clause (A) above does not appear on the website of the Federal Reserve System Board of Governors or in another recognized electronic source, in each case as determined by the
Calculation Agent in its sole discretion, then the CMT Rate for such Interest Reset Date will be the Treasury constant maturity rate, for the Designated CMT Index Maturity that: 

a. is published by the Board of Governors of the Federal Reserve System, or the U.S. Department of the Treasury, and 

b. is determined by the Calculation Agent to be comparable to the applicable rate that would have otherwise been published on
the website of the Federal Reserve System Board of Governors or in another recognized electronic source, in each case as determined by the Calculation Agent in its sole discretion. 

 

	 	(C)	If, on the Interest Determination Date, the Board of Governors of the Federal Reserve System or the U.S. Department of the Treasury does not publish a yield on Treasury securities at “constant maturity” for
the Designated CMT Index Maturity, then the CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market bid rates for the most recently issued Treasury securities having an original maturity of
approximately the Designated CMT Index Maturity, having a remaining term to maturity of not less than the Designated CMT Index Maturity minus one year and in a Representative Amount: as of approximately 3:30 P.M., New York City time, on such
Interest Determination Date, quoted by three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting such bid rates, the Calculation Agent will request quotations from five such primary dealers and
will disregard the highest quotation — or, if there is equality, one of the highest — and the lowest quotation — or, if there is equality, one of the lowest. If fewer than five but more than two such bid rates are provided, the CMT
Rate will be based on the arithmetic mean of the bid prices provided, and neither the highest nor lowest of such quotations will be eliminated. 

  

	 	(D)	 If the Calculation Agent is unable to obtain three quotations of the kind described in clause (C) above, the
CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market offered rates for Treasury securities having an original maturity 

  
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longer than the Designated CMT Index Maturity, having a remaining term to maturity closest to the Designated CMT Index Maturity and in a Representative Amount, as of approximately 3:30 p.m., New
York City time, on such CMT Interest Determination Date, of three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting such bid rates, the Calculation Agent will request quotations from five
such primary dealers and will disregard the highest quotation — or, if there is equality, one of the highest — and the lowest quotation — or, if there is equality, one of the lowest. If fewer than five but more than two of these
primary dealers are quoting, then the CMT Rate for such Interest Reset Date will be based on the arithmetic mean of the bid rates so obtained, and neither the highest nor the lowest of such quotations will be disregarded. If two Treasury securities
with an original maturity longer than the CMT Designated Index Maturity have remaining terms to maturity that are equally close to the Designated CMT Index Maturity, the Calculation Agent will obtain quotations for the Treasury securities with the
shorter original term to maturity. 
  

	 	(E)	If two or fewer primary dealers selected by the Calculation Agent are quoting as described in clause (D) above, then the CMT Rate for such Interest Reset Date shall be determined by the Calculation Agent in its
sole discretion, after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate the rate for Treasury securities at “constant
maturity” or any of the foregoing bid rates. 

 (ii) if the Designated CMT Reuters Screen Page is the
Reuters Screen FEDCMT Page, the CMT Rate for such Interest Reset Date will be the one-week average yield for Treasury securities at “constant maturity” for a period of the Designated CMT Index
Maturity as set forth on the website of the Federal Reserve System Board of Governors or in another recognized electronic source, in each case as determined by the Calculation Agent in its sole discretion, for the week preceding such Interest Reset
Date, as such average is displayed on the Designated CMT Reuters Screen Page for the week preceding such Interest Reset Date. 
  

	 	(A)	If the applicable average described in clause (ii) above is not displayed on the Designated CMT Reuters Screen Page, then the CMT Rate for such Interest Reset Date will be the
one-week average yield for Treasury securities at “constant maturity” for a period of the Designated CMT Index Maturity and for the week preceding such Interest Reset Date as published on the website
of the Federal Reserve System Board of Governors or in another recognized electronic source, in each case as determined by the Calculation Agent in its sole discretion. 

  
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	 	(B)	If the applicable average described in clause (A) above does not appear on the Designated Reuters Screen Page or on the website of the Federal Reserve System Board of Governors or in another recognized electronic
source, in each case as determined by the Calculation Agent in its sole discretion, then the CMT Rate for such Interest Reset Date will be the one-week average yield for Treasury securities at “constant
maturity” for a period equal to the Designated CMT Index Maturity as otherwise announced by the Federal Reserve Bank of New York for the week preceding such Interest Reset Date. 

 

	 	(C)	If the Federal Reserve Bank of New York does not publish a one-week average yield for Treasury securities at “constant maturity” for a period equal to the Designated CMT
Index Maturity for the week prior to such Interest Reset Date, then the CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market bid rates for the most recently issued Treasury securities
having an original maturity of approximately the Designated CMT Index Maturity, having a remaining term to maturity of not less than the Designated CMT Index Maturity minus one year and in a Representative Amount: as of approximately 3:30 P.M.,
New York City time, on the Interest Determination Date, quoted by three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting these bid rates, the Calculation Agent will request quotations from
five primary dealers and will disregard the highest quotation or, if there is equality, one of the highest, and the lowest quotation or, if there is equality, one of the lowest. If fewer than five but more than two such bid rates are provided, the
CMT Rate will be based on the arithmetic mean of the bid prices provided, and neither the highest nor lowest of such quotations will be eliminated. 

  

	 	(D)	 If the Calculation Agent is unable to obtain three quotations of the kind described in clause (C) above,
then the CMT Rate for such Interest Reset Date will be the yield to maturity of the arithmetic mean of the secondary market offered rates for Treasury securities having an original maturity longer than the Designated CMT Index Maturity, having a
remaining term to maturity closest to the Designated CMT Index Maturity and in a Representative Amount, as of approximately 3:30 p.m., New York City time, on the Interest Determination Date, of three primary U.S. government securities dealers
in New York City selected by the Calculation Agent. In selecting such bid rates, the Calculation Agent will request quotations from five such primary dealers and will disregard the highest quotation — or, if there is equality, one of the
highest — and the lowest quotation — or, if there is equality, one of the lowest. If fewer than five but more than two of these primary dealers are quoting, then the CMT Rate for such Interest Reset Date will be based on the arithmetic
mean of 

  
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 -13- 

 
the bid rates so obtained, and neither the highest nor the lowest of such quotations will be disregarded. If two Treasury securities with an original maturity longer than the CMT Designated Index
Maturity have remaining terms to maturity that are equally close to the Designated CMT Index Maturity, the Calculation Agent will obtain quotations for the Treasury securities with the shorter original term to maturity. 

 

	 	(E)	If two or fewer primary dealers selected by the Calculation Agent are quoting as described in clause (D) above, the CMT Rate for such Interest Reset Date shall be the rate determined by the Calculation Agent in its
sole discretion, after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate the one-week average
for Treasury securities at “constant maturity” or any of the foregoing bid rates.] 

 [INSERT IF THE BASE
RATE IS EURIBOR — the Base Rate that takes effect on any Interest Reset Date shall be the rate equal to the interest rate for deposits in euros designated as “EURIBOR” and sponsored jointly by the European Banking
Federation and ACI — The Financial Markets Association (or any company established by the joint sponsors for purposes of compiling and publishing that rate) on the second Euro Business Day (as defined in Section 3(e) below) before
such Interest Reset Date (an “Interest Determination Date”), and will be determined in accordance with the following provisions: 

(i) EURIBOR for such Interest Reset Date will be the offered rate for deposits in euros having the Index Maturity as that rate
appears on the Reuters Screen EURIBOR01 Page as of approximately 11:00 A.M., Brussels time, on such Interest Determination Date. 

(ii) If the rate described in clause (i) above does not so appear on the Reuters Screen EURIBOR01 Page, EURIBOR will be
determined on the basis of the rates at which deposits in euros are offered by four major banks in the Euro-Zone (as defined in Section 3(d) below) interbank market, at approximately 11:00 A.M., Brussels time, on such Interest
Determination Date, to prime banks in the Euro-Zone interbank market for a period of the Index Maturity commencing on such Interest Determination Date and in a Representative Amount, assuming an Actual/360 (ISDA) Day Count Convention. The
Calculation Agent will request the principal Euro-Zone office of each of these four banks to provide a quotation of its rate. If at least two quotations are provided, EURIBOR for such Interest Reset Date will be the arithmetic mean of such
quotations. 
 (iii) If fewer than two quotations are provided as described in clause (ii) above, EURIBOR for such
Interest Reset Date will be the arithmetic mean of the rates quoted by major banks in the Euro-Zone, selected by the Calculation Agent at approximately 11:00 A.M., Brussels time, on such Interest Reset Date, for loans of euros to leading European
banks for the Index Maturity beginning on such Interest Reset Date, and in a Representative Amount. 

  
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 (iv) If no quotation is provided as described in clause (iii) above, then
the Calculation Agent, after consulting such sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate EURIBOR or any of the foregoing lending rates, shall
determine EURIBOR for the Interest Determination Date in its sole discretion.] 
 [INSERT IF THE BASE RATE IS THE FEDERAL FUNDS
RATE — the Base Rate that takes effect on any Interest Reset Date shall be the rate equal to the rate, on such Interest Reset Date, as set forth in H.15 Daily Update opposite the heading “Federal funds (effective)”,
as that rate is displayed on the Reuters Screen FEDFUNDS1 Page for that day. If the Federal Funds Rate cannot be determined as described above, the following procedures will apply in determining the Federal Funds Rate: 

(i) If the rate described above is not displayed on the Reuters Screen FEDFUNDS1 Page by approximately 5:00 P.M., New York
City time, on the day that is one New York City Banking Day following such Interest Reset Date, the Federal Funds Rate for such Interest Reset Date will be the rate described above as published in H.15 Daily Update, or another recognized electronic
source used for displaying that rate, opposite the heading “Federal funds (effective)”. 
 (ii) If the rate cannot
be determined as described above, then the Federal Funds (Effective) Rate for such Interest Reset Date will be the rate for the first day preceding such Interest Reset Date for which such rate is set forth in H.15 Daily Update opposite the heading
“Federal funds (effective)”, as such rate is displayed on the Reuters Screen FEDFUNDS1 Page.] 
 [INSERT IF THE BASE
RATE IS LIBOR — the Base Rate that takes effect on any Interest Reset Date shall be LIBOR, which will be the London interbank offered rate per annum for [three-month] deposits in [U.S. dollars] beginning on such Interest Reset
Date, as such rate appears on the Reuters Screen LIBOR Page (as defined in Section 3(d) below) as of approximately 11:00 A.M., London time, on the day that is two London Business Days prior to such Interest Reset Date (such date, the
“LIBOR Interest Determination Date”). 
 (i) If LIBOR does not so appear on the Reuters Screen LIBOR Page,
then LIBOR will be determined on the basis of the rates [per annum] at which [three-month] deposits in [U.S. dollars] are offered by four major banks in the London interbank market selected by the Calculation Agent at approximately 11:00 A.M.,
London time, on such LIBOR Interest Determination Date, to prime banks in the London interbank market for a period of [three months] beginning on the relevant Interest Reset Date and in a Representative Amount. The Calculation Agent will request the
principal London office of each such bank to provide a quotation of its rate. If at least two quotations are provided, LIBOR for such Interest Reset Date will be the arithmetic mean of the quotations. 

  
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 (ii) If fewer than two of the requested quotations described in clause
(i) above are provided, LIBOR for such Interest Reset Date will be the arithmetic mean of the rates per annum quoted by major banks in [New York City][IF THE SPECIFIED INDEX CURRENCY IS NOT U.S. DOLLARS, INSERT THE PRINCIPAL FINANCIAL CENTER
FOR THE COUNTRY ISSUING THE INDEX CURRENCY], selected by the Calculation Agent at approximately 11:00 A.M. [New York City][IF THE SPECIFIED INDEX CURRENCY IS NOT U.S. DOLLARS, INSERT THE PRINCIPAL FINANCIAL CENTER FOR THE COUNTRY ISSUING THE
INDEX CURRENCY] time on such LIBOR Interest Determination Date, for loans in [U.S. dollars] to leading European banks for a period of [three months] beginning on such Interest Reset Date and in a Representative Amount. 

(iii) If no quotation is provided as described in clause (ii) above, then the Calculation Agent, after consulting such
sources as it deems comparable to any of the foregoing quotations or display page, or any such source as it deems reasonable from which to estimate LIBOR or any of the foregoing lending rates, shall determine LIBOR for such Interest Reset Date in
its sole discretion.] 
 [INSERT IF THE BASE RATE IS THE PRIME RATE — the Base Rate that takes effect on
any Interest Reset Date shall be the rate equal to the rate for such Interest Reset Date published in H.15 Daily Update opposite the heading “Bank prime loan” (or in another recognized electronic source determined by the Calculation Agent
in its sole discretion). If the Prime Rate cannot be determined as described above, the following procedures will apply in determining the Prime Rate: 

(i) If the rate described above does not appear in H.15 Daily Update or another recognized electronic source by approximately
5:00 P.M., New York City time, on the day that is one New York City Banking Day following such Interest Reset Date, then the Prime Rate will be the rate for the day first preceding such Interest Reset Date for which such rate is set forth in
H.15 Daily Update opposite the heading “Bank prime loan” (or in another recognized electronic source determined by the Calculation Agent in its sole discretion).] 

[INSERT IF THE BASE RATE IS THE TREASURY RATE — the Base Rate that takes effect on any Interest Reset Date
shall be the rate on such Interest Reset Date (if direct obligations of the United States (“Treasury Bills”) have been auctioned on such day), as that rate appears on the Reuters Screen USAUCTION10 Page or the Reuters Screen
USAUCTION11 Page opposite the Index Maturity under the heading “INVEST RATE”. If the Treasury Rate cannot be determined as described above, the following procedures will apply in determining the Treasury Rate: 

  
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 (i) If the rate described above does not appear on either the Reuters Screen
USAUCTION10 or USAUCTION11 Page on the Calculation Date (unless the calculation is made earlier and the rate is available from that source at that time), but Treasury Bills having the Index Maturity have been auctioned during the relevant Interest
Period, then the Treasury Rate will be the Bond Equivalent Yield (as defined in Section 3(d) below) of the rate, for such Interest Reset Date, as published in H.15 Daily Update, or another recognized electronic source used for displaying that
rate, for that day and for the Index Maturity, under a heading indicating that such rate is the “auction high” rate for Treasury Bills. 

(ii) If the rate cannot be determined as described in the preceding paragraph, then the Treasury Rate will be the Bond
Equivalent Yield of the auction rate for Treasury Bills with a remaining maturity equal to the Index Maturity as announced by the United States Treasury 

(iii) If no such auction is held for any period of seven consecutive calendar days ending on, and including, any Friday and an
Interest Reset Date occurred during such period, then the Treasury Rate will be the rate, for such Interest Reset Date and for Treasury Bills having the Index Maturity, as published in H.15 Daily Update, or another recognized electronic source used
for displaying that rate, under the heading “U.S. government securities/ Treasury bills (secondary market)”. 

(iv) If the rate described in the preceding paragraph does not appear in H.15 Daily Update or another recognized electronic
source on such Calculation Date (unless the calculation is made earlier and the rate is available from that source at that time), the Treasury Rate will be the Bond Equivalent Yield of the arithmetic mean of the following secondary market bid rates
for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity: the rates bid as of approximately 3:30 P.M., New York City time, on such Interest Reset Date, by primary U.S. government securities dealers in New York
City selected by the Calculation Agent. 
 (v) If no quotation is provided as described in the preceding paragraph, then the
Calculation Agent, after consulting such sources as it deems comparable to any of the foregoing secondary market bids or any display page or other U.S. government publication or source, or any other source as it deems reasonable from which to
estimate the Treasury Bills auction rate or any of the foregoing secondary market bid rates, shall determine the Treasury Rate for such Interest Reset Date in its sole discretion.] 

(c) Minimum and Maximum Limits. Notwithstanding the foregoing, the rate at which interest accrues on this Security
[INSERT AS APPLICABLE IF CAP OR FLOOR APPLIES — (i) shall not at any time be higher than [            %], or less than
[            %], in each case on an accrual basis, and (ii)] shall not at any time be higher than the maximum rate permitted by New York law, as the same may be modified by United
States law of general application. 

  
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 (d) Definitions of Calculation Terms. As used in this Security, the
following terms have the meanings set forth below: [INSERT RELEVANT TERMS BELOW AS APPLICABLE — 
 “Bond Equivalent
Yield” means a yield expressed as a percentage and calculated in accordance with the following formula: 
  

					
	Bond Equivalent Yield =	  	         D x N        

360 – (D x M)
	  	 x 100,

 where 
  

	 	•	 	“D” equals the annual rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal; 

  

	 	•	 	“N” equals 365 or 366, as the case may be; and 

  

	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period. 

 The
“Calculation Date” means the Business Day immediately preceding the date on which interest will next be paid on this Security. 

“H.15 Daily Update” means the daily statistical release designated as such published by the Federal Reserve System Board of
Governors, or its successor, available through the website of the Board of Governors of the Federal Reserve System at https://www.federalreserve.gov/releases/h15/, or any successor site or publication. 

“Interest Period” means, with respect to any Interest Payment Date or the Maturity of the principal hereof, [INSERT IF
BUSINESS DAY CONVENTION IS FOLLOWING UNADJUSTED OR MODIFIED FOLLOWING UNADJUSTED — the period from and including the preceding Interest Payment Date (or, with respect to the initial Interest Period, the Original Issuance Date) to but
excluding such Interest Payment Date or such Maturity, as the case may be (subject to “Payments Due on a Business Day” on the face hereof)] [INSERT IF BUSINESS DAY CONVENTION IS FOLLOWING OR MODIFIED FOLLOWING — the
period from and including the last date on which interest was paid or made available for payment (or, with respect to the initial Interest Period, the Original Issuance Date) to but excluding such Interest Payment Date or such Maturity, as the case
may be (subject to “Payments Due on a Business Day” on the face hereof).] 
 “Money Market Yield” means a
yield expressed as a percentage and calculated in accordance with the following formula: 
  

					
	Money Market Yield =	  	D x 360	  	 x 100,

	  	  
	  
	  	360 – (D x M)	  

  
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 -18- 

 where 
  

	 	•	 	“D” equals the per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal; and 

  

	 	•	 	“M” equals the actual number of days in the applicable Interest Reset Period. 

“Representative Amount” means an amount that, in the Calculation Agent’s judgment, is representative of a single
transaction in the relevant market at the relevant time. 
 “Reuters Screen” means the display on the Thomson Reuters Eikon
service or any successor or replacement service. 
 “Reuters Screen LIBOR Page” means Reuters Screen LIBOR01 Page or any
successor or replacement page. 
 “Reuters Screen USPRIME1 Page” means the display on the Reuters Screen page titled
“USPRIME1”, for the purpose of displaying Prime Rates or base lending rates of major U.S. banks or any successor or replacement page.] 

(e) Other Definitions. 

“Business Day” means, for this Security, a day that is a New York Business Day (as defined below) [INSERT IF THE BASE RATE IS
USD LIBOR — and is also a London Business Day] [INSERT IF THE BASE RATE IS EURIBOR OR IF THE CURRENCY FOR PAYMENT OF PRINCIPAL OF OR INTEREST ON THIS SECURITY IS EUROS, OR THE BASE RATE IS LIBOR FOR WHICH THE INDEX CURRENCY IS EUROS — , is
also a Euro Business Day, and solely with respect to any payment or other action to be made or taken at any Place of Payment outside The City of New York, is a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking
institutions in such Place of Payment generally are authorized or obligated by law, regulation or executive order to close]. 
 “Day
Count Convention” means: 
 [IF DAY COUNT CONVENTION IS “1/1 (ISDA)” OR “1/1”, INSERT — 1.] 

[IF DAY COUNT CONVENTION IS “ACTUAL/ACTUAL”, “ACTUAL/ACTUAL (ISDA)”, “ACT/ACT” OR “ACT/ACT (ISDA)”,
INSERT — the actual number of days in the Interest Period divided by 365 (or, if any portion of that Interest Period falls in a leap year, the sum of (1) the actual number of days in that portion of the Interest Period
falling in a leap year divided by 366 and (2) the actual number of days in that portion of the Interest Period falling in a non-leap year divided by 365).] 

  
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 -19- 

 [IF DAY COUNT CONVENTION IS “ACTUAL/ACTUAL (ICMA)” OR “ACT/ACT (ICMA)”,
INSERT — the number of days in the Interest Period, including February 29 in a leap year, divided by the product of (1) the actual number of days in such Interest Period and (2) the number of Interest Periods in the year.]

 [IF DAY COUNT CONVENTION IS “ACTUAL/365 (FIXED)”, “ACT/365 (FIXED)”, “A/365 (FIXED)” OR “A/365F”,
INSERT — the actual number of days in the Interest Period divided by 365.] 
 [IF DAY COUNT CONVENTION IS “ACTUAL/360
(ISDA)”, “ACT/360 (ISDA)”, “A/360 (ISDA)”, “ACTUAL/360”, “ACT/360” OR “A/360”, INSERT — the actual number of days in the Interest Period divided by 360.] 

[IF DAY COUNT CONVENTION IS “30/360 (ISDA)”, “360/360 (ISDA)”, “Bond Basis (ISDA)”, “30/360”,
“360/360” or “Bond Basis”, INSERT — the number of days in the Interest Period in respect of which payment is being made divided by 360, calculated on a formula basis as follows: 

 

	
	[360 x (Y2 – Y1 )] + [30 x (M2 – M1)] + (D2 – D1)
	360

 where 
  

	 	•	 	“Y1” is the year, expressed as a number, in which the first day of the Interest Period falls; 

 

	 	•	 	“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Interest Period falls; 

 

	 	•	 	“M1” is the calendar month, expressed as a number, in which the first day of the Interest Period falls; 

 

	 	•	 	“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

  

	 	•	 	“D1” is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D1 will be 30; and 

  

	 	•	 	“D2” is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30.] 

[IF DAY COUNT CONVENTION IS “30E/360” or “EUROBOND BASIS”, INSERT — the number of days in the Interest Period in
respect of which payment is being made divided by 360, calculated on a formula basis as follows: 

  
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 -20- 

	
	[360 x (Y2 – Y1 )] + [30 x (M2 – M1)] + (D2 – D1)
	360

 where 
  

	 	•	 	“Y1” is the year, expressed as a number, in which the first day of the Interest Period falls; 

 

	 	•	 	“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Interest Period falls; 

 

	 	•	 	“M1” is the calendar month, expressed as a number, in which the first day of the Interest Period falls; 

 

	 	•	 	“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

  

	 	•	 	“D1” is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D1 will be 30; and 

  

	 	•	 	“D2” is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number would be 31, in
which case D2 will be 30.] 

 [IF DAY COUNT CONVENTION IS
“30E/360” (ISDA)”, INSERT — the number of days in the Interest Period in respect of which payment is being made divided by 360, calculated on a formula basis as follows: 

 

	
	[360 x (Y2 – Y1 )] + [30 x (M2 – M1)] + (D2 – D1)
	360

 where 
  

	 	•	 	“Y1” is the year, expressed as a number, in which the first day of the Interest Period falls; 

 

	 	•	 	“Y2” is the year, expressed as a number, in which the day immediately following the last day included in the Interest Period falls; 

 

	 	•	 	“M1” is the calendar month, expressed as a number, in which the first day of the Interest Period falls; 

 

	 	•	 	“M2” is the calendar month, expressed as a number, in which the day immediately following the last day included in the Interest Period falls;

  
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 -21- 

	 	•	 	“D1” is the first calendar day, expressed as a number, of the Interest Period, unless (1) that day is the last day of February or (2) such
number would be 31, in which cases D1 will be 30; and 

  

	 	•	 	“D2” is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless (1) that day is the last
day of February, but not the stated maturity date or (2) such number would be 31, in which cases D2 will be 30.] 

“Euro Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday on which the Trans-European Automated
Real-Time Gross Settlement Express Transfer (TARGET) System, or any successor system, is open for business. 
 “Euro-Zone”
means, at any time, the region comprised of the EMU Countries. 
 “London Business Day” means each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day on which banking institutions in London generally are authorized or obligated by law, regulation or executive order to close and [INSERT IF THE BASE RATE FOR THIS SECURITY IS LIBOR – is
also a day on which dealings in [U.S. dollars][IF THE SPECIFIED INDEX CURRENCY IS NOT U.S. DOLLARS, REPLACE WITH INDEX CURRENCY]] are transacted in the London interbank market. 

“New York Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking
institutions in New York City generally are authorized or obligated by law, regulation or executive order to close. 
 “New York
City Banking Day” means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York City. 

“U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income department of its members be closed for the entire day for purposes of trading in U.S. government securities. 

(f) Sources and Corrections. References herein to a Base Rate as set forth on a display page, other
published source, information vendor or other vendor officially designated by the sponsor of that rate, if there is a successor source for the display page, other published source, information vendor or other official vendor, include that successor
source as applicable as determined by the Calculation Agent. References herein to a particular heading or headings on any such sources, include any successor or replacement heading or headings as determined by the Calculation Agent. 

[INSERT AS APPLICABLE—If the Base Rate is based on information obtained from a Reuters Screen, such rate will be subject to the
corrections, if any, published on such Reuter’s Screen within one hour of the time such information was first displayed on such source. 

  
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 -22- 

 
[If the Base Rate is based on information obtained from H.15 Daily Update, such rate will be subject to the corrections, if any, published by that source within 30 days of the day such rate was
first published in that source.]] 
 4. [IF APPLICABLE, INSERT—Additional Amounts. 

If the beneficial owner of this Security is a United States Alien (as defined below), the Company will pay all additional amounts that may be
necessary so that every net payment of the principal of and interest on this Security to such beneficial owner, after deduction or withholding for or on account of any present or future tax, assessment or governmental charge imposed with respect to
such payment by any U.S. Taxing Authority (as defined below), will not be less than the amount provided for in this Security to be then due and payable; provided, however, that the Company shall have no obligation to pay additional
amounts for or on account of any one or more of the following: 
 (i) any tax, assessment or other governmental charge
imposed solely because at any time there is or was a connection between such beneficial owner (or between a fiduciary, settlor, beneficiary, shareholder or member of such beneficial owner, if such beneficial owner is an estate, trust, partnership or
corporation) and the United States (as defined below) (other than the mere receipt of a payment on, or the ownership or holding of, a Security), including because such beneficial owner (or such fiduciary, settlor, beneficiary. shareholder or member)
at any time, for U.S. federal income tax purposes: (a) is or was a citizen or resident, or is or was treated as a resident, of the United States, (b) is or was present in the United States, (c) is or was engaged in a trade or business
in the United States, (d) has or had a permanent establishment in the United States, (e) is or was a domestic or foreign personal holding company, a passive foreign investment company or a controlled foreign corporation, (f) is or was
a corporation that accumulates earnings to avoid U.S. federal income tax or (g) is or was a “10-percent shareholder” of the Company as defined in section 871(h)(3) of the U.S. Internal Revenue
Code or any successor provision; 
 (ii) any tax, assessment or governmental charge imposed solely because of a change in
applicable law or regulation, or in any official interpretation or application of applicable law or regulation, that becomes effective more than 15 days after the day on which the payment becomes due or is duly provided for, whichever occurs
later; 
 (iii) any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax,
assessment or other governmental charge; 
 (iv) any tax, assessment or other governmental charge imposed solely because such
beneficial owner or any other Person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the United States of the Holder or any beneficial owner of
this Security, if compliance is required by statute, by regulation of the U.S. Treasury Department 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; 

  
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 -23- 

 (v) any tax, assessment or other governmental charge that is payable otherwise
than by deduction or withholding from payments of principal of or interest on this Security; 
 (vi) any tax, assessment or
other governmental charge imposed solely because the payment is to be made by a particular Paying Agent (which term may include the Company) and would not be imposed if made by another Paying Agent (which term may include the Company); 

(vii) any tax, assessment or other governmental charge imposed solely because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment purposes only nor (B) buying this Security for resale to a third party that either is not a bank or
holding the note for investment purposes only; or 
 (viii) any combination of the taxes, assessments or other governmental
charges described in items (i) through (vii) of this Section 4. 
 Additional amounts also will not be paid with respect to any
payment of principal of or interest on this Security to any United States Alien who is a fiduciary or a partnership, or who is not the sole beneficial owner of any such payment, to the extent that the Company would not be required to pay additional
amounts to any beneficiary or settlor of such fiduciary or any member of such a partnership, or to any beneficial owner of the payment, if that Person had been treated as the beneficial owner of this Security for this purpose. 

In addition, any amounts to be paid on this Security will be paid net of any deduction or withholding imposed or required pursuant to Sections
1471 through 1474 of the U.S. Internal Revenue Code, 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 U.S. Internal Revenue Code, and no additional amounts will be required to be paid on account of any such
deduction or withholding. 
 The term “United States Alien” means any Person who, for U.S. federal income tax purposes, is
a nonresident alien individual, a foreign corporation, a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a nonresident alien individual or a nonresident alien
fiduciary of a foreign estate or trust, or a nonresident alien fiduciary of an estate or trust that is not subject to U.S. federal income tax on a net income basis on income or gain from this Security. For the purposes of this Section 4 and
Section 5 only, (a) the term “United States” means the United States of America (including the states thereof and the District of Columbia), together with the territories, possessions and all other areas subject to the
jurisdiction of the United States of America and (b) the term “U.S. Taxing Authority” means the United States of America or any state, other jurisdiction or taxing authority in the United States. 

  
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 -24- 

 Except as specifically provided in this Security, the Company shall not be required to make any
payment with respect to any tax, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority thereof or therein. 

Whenever in the Securities of this series (or in the Indenture, including in Sections 5.01(1) and (2) thereof, insofar as applicable to
this series) there is a reference, in any context, to the payment of the principal of or interest on any Security of this series, such mention shall be deemed to include mention of any payment of additional amounts to United States Aliens in respect
of such payment of principal or interest to the extent that, in such context, such additional amounts are, were or would be payable in respect thereof pursuant to this Section 4 or any corresponding section of another Security of this series,
as the case may be. Express mention of the payment of additional amounts in any provision of any Security of this series shall not be construed as excluding additional amounts in the provisions of any Security of this series (or of the Indenture
insofar as it applies to this series) where such express mention is not made.] 
 5. Redemption at the Company’s
Option. 
 (a) [IF APPLICABLE, INSERT—The Securities of this series may be redeemed, as a whole but not in part,
at the option of the Company, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, together with interest accrued to the date fixed for redemption, if, as a result of any amendment to, or change in, the laws
or regulations of any U.S. Taxing Authority (as defined in Section 4 above), or any amendment to or change in any official interpretation or application of such laws or regulations, which amendment or change becomes effective or is announced on
or after         , the Company will become obligated to pay, on the next Interest Payment Date, additional amounts in respect of any Security of this series pursuant to Section 4 of this Security or any
corresponding section of another Security of this series. If the Company becomes entitled to redeem the Securities of this series, it may do so on any day thereafter pursuant to the Indenture; provided, however, that (1) the
Company gives the Holder of this Security notice of such redemption not more than 60 days nor less than 30 days prior to the date fixed for redemption as provided in the Indenture, (2) no such notice of redemption may be given earlier than 90
days prior to the next Interest Payment Date on which the Company would be obligated to pay such additional amounts and (3) at the time such notice is given, such obligation to pay such additional amounts remains in effect. Immediately prior to
the giving of any notice of redemption of Securities pursuant to this Section 5(a), the Company will deliver to the Trustee an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth in
reasonable detail a statement of facts showing that the conditions precedent to the right of the Company to so redeem the Securities have occurred. Interest installments due on or prior to a Redemption Date will be payable to the Holder of this
Security or one or more Predecessor Securities, of record at the close of business on the relevant record date, all as provided in the Indenture.] 

(b) [IF APPLICABLE, INSERT—The Securities of this series may be redeemed, at the Company’s option, in whole, but not in
part, on             , at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, together with interest accrued to the date fixed for redemption. Notice
of a redemption pursuant to this Section 

  
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 -25- 

 
5(b) must be provided to the Holder of this Security not more than 60 days nor less than 15 days prior to the date fixed for redemption. Interest installments due on or prior to a Redemption Date
will be payable to the Holder of this Security or one or more Predecessor Securities, of record at the close of business on the relevant record date, all as provided in the Indenture.] 

6. Defeasance. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants,
Events of Default and Covenant Breaches with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. Both of such provisions are applicable to this Security. 

7. Modification and Waiver. 

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 to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of all Securities at the time Outstanding to
be affected, considered together as one class for this purpose (such Securities to be affected may be Securities of the same or different series and, with respect to any series, may comprise fewer than all the Securities of such series). The
Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected under the Indenture, considered together as one class for this purpose (such affected
Securities may be Securities of the same or different series and, with respect to any particular series, may comprise fewer than all the Securities of such series), on behalf of the Holders of all Securities so affected, to waive compliance by the
Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered
separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. For the purpose of this paragraph, the term “default” means, with respect to any Securities, any event which is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach in respect of such
Securities. 
 8. Remedies. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. With respect to this Security, the only Events of Default are payment defaults that continue for 30 days and insolvency events, all as specified in the
Indenture. Any other default under or breach of the Indenture or the Securities will not give rise to an Event of Default, whether after notice, the passage of time or otherwise. 

  
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 -26- 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security 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 such Holder shall have previously given the Trustee written notice of a
continuing Event of Default or Covenant Breach with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default or Covenant Breach, as applicable, as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and 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 the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

If so provided pursuant to the terms of any specific Securities, the above-referenced provisions of the Indenture regarding the ability of
Holders to waive certain defaults, or to request the Trustee to institute proceedings (or to give the Trustee other directions) in respect thereof, may be applied differently with regard to such Securities. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and premium (if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

9. Transfer and Exchange. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by
the Holder surrendering the same. 

  
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 -27- 

 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 payable in connection therewith. 
 Prior to
due presentment of this Security 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 Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 [INSERT IF
GLOBAL SECURITY—This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations in Section 3.05 thereof on transfers and exchanges of Global Securities.] 

10. Governing Law. 

This Security and the Indenture shall be governed by and construed in accordance with the laws of the State of New York. 

11. Terms Defined in the Indenture. 

All terms used in this Security which are defined in the Indenture but not otherwise defined herein shall have the meanings assigned to them in
the Indenture. 
  

  
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 -28- 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto                                        
                      
 PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 [_____________________________________________________] 

(Please Print or Typewrite Name and Address Including Postal Zip Code of Assignee) 

the attached Security and all rights thereunder, and hereby irrevocably constitutes and appoints 

to transfer said Security on the books of the Company, with full power of substitution in the premises. 

Dated: _____________________ 
 Signature Guaranteed 

 

			
	 NOTICE: Signature must be
 Medallion
Signature
 Guaranteed.
	  	NOTICE: The signature to this assignment must correspond with the name of the Holder as written upon the face of the attached Security in every particular, without alteration or any change whatever.

  
 -29-

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