Document:

Exhibit 10.4

 

FIFTH AMENDMENT TO CREDIT AGREEMENT

 

THIS FIFTH AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) is executed on June 23, 2020, among ASHFORD HOSPITALITY HOLDINGS
LLC, a Delaware limited liability company (“Borrower”), ASHFORD INC., a Nevada corporation (“Parent”),
each lender party hereto (collectively, “Lenders”), certain of their respective Subsidiaries party hereto
as Guarantors, and BANK OF AMERICA, N.A., as Administrative Agent (“Administrative Agent”).

 

R E C I T A L S

 

1.              Borrower,
Parent, Administrative Agent, and Lenders are parties to that certain Credit Agreement (as modified, amended, renewed, extended,
and/or restated, the “Credit Agreement”) dated as of March 1, 2018.

 

2.             The
parties hereto desire to amend the Credit Agreement, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.             Terms
and References. Unless otherwise stated in this Amendment (a) terms defined in the Credit Agreement have the same meanings
when used in this Amendment, and (b) references to “Sections” are to the Credit Agreement’s sections.

 

2.             Amendments
to the Credit Agreement.

 

(a)            Section 1.1
of the Credit Agreement is hereby amended to delete therefrom the definition of “Eurodollar Rate” in
its entirety and replace such definition with the following:

 

“Eurodollar
Rate” means:

 

(a)            for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”)
or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg
screen page (or such other commercially available source providing such quotations as may be designated by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement
of such Interest Period, for Dollar deposits (for delivery on the first (1st) day of such Interest Period) with
a term equivalent to such Interest Period;

 

(b)            for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m.,
London time determined two (2) Business Days prior to such date for U.S. Dollar deposits with a term of one (1) month
commencing that day; and

 

(c)            if
the Eurodollar Rate shall be less than one half of one percent (0.50%), such rate shall be deemed one half of one percent (0.50%)
for purposes of this Agreement.

 

(b)            Section 1.1
of the Credit Agreement is hereby amended to delete therefrom the definition of “Consolidated Net Worth”
in its entirety.

 

(c)            Section 1.1
of the Credit Agreement is hereby amended to add the following new defined terms in the appropriate alphabetical order:

 

Fifth
Amendment to Credit Agreement

 

    

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“Cash
Equivalents” means any of the following types of Investments, to the extent owned by a member of the Consolidated
Parties:

 

(a)            readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof having maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and
credit of the United States is pledged in support thereof;

 

(b)            time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i)(A) is a Lender
or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal
banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of
Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated
as described in clause (c) of this definition and (iii) has combined capital and surplus of at least
$1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof;

 

(c)            commercial
paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each
case with maturities of not more than 180 days from the date of acquisition thereof; and

 

(d)            Investments,
classified in accordance with GAAP as current assets of a member of the Consolidated Parties, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition.

 

“Liquidity”
means, as of any date of determination, cash and Cash Equivalents not subject to any Liens (other than any Lien granted in favor
of the Administrative Agent) or other restrictions and immediately available to the Borrower.

 

“Liquidity
Compliance Certificate” means a certificate substantially in the form of Exhibit F or in such
other form as may be agreed by the Borrower and the Administrative Agent.

 

(c)            The
penultimate paragraph of Section 3.03 of the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

 

Notwithstanding
anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be
less than one half of one percent (0.50%) for purposes of this Agreement.

 

(d)            Section 6.02
of the Credit Agreement is hereby amended to delete the “and” at the end of clause (i) thereof,
re-letter clause (j) thereof as clause (k), and insert the following new clause (j):

 

Fifth
Amendment to Credit Agreement

 

    

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(j)            not
later than (i) ten (10) Business Days after the last Business Day of each month during the period commencing June 30,
2020 through and including June 30, 2021 and (ii) at all times thereafter, the date required for delivery of a Compliance
Certificate set forth in 6.02(a) above, a Liquidity Compliance Certificate signed by the chief executive officer,
chief financial officer, treasurer or controller of Parent (which delivery may, unless the Administrative Agent, or a Lender requests
executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart
thereof for all purposes), together with documentation reasonably satisfactory to the Administrative Agent to verify the calculations
set forth in such certificate; and

 

(e)            Section 7.11(a) of
the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

(a)            Reserved.

 

(f)            Schedule
1 to Exhibit C to the Credit Agreement is hereby amended to delete Section I thereof
in its entirety and replace such Section with the following:

 

I.              Reserved.

 

(g)            The
Credit Agreement is hereby amended to add the new Exhibit F attached hereto.

 

3.             Amendments
to other Loan Documents.

 

(a)            All
references in the Loan Documents to the Credit Agreement shall henceforth include references to the Credit Agreement, as modified
and amended hereby, and as may, from time to time, be further amended, modified, extended, renewed, and/or increased.

 

(b)            Any
and all of the terms and provisions of the Loan Documents are hereby amended and modified wherever necessary, even though not specifically
addressed herein, so as to conform to the amendments and modifications set forth herein.

 

4.             Conditions
Precedent. This Amendment shall not be effective unless and until: (a) Administrative Agent receives (i) an original
of this Amendment executed by Borrower, Parent, Guarantors, Administrative Agent, and Lenders and (ii) updated incumbency
certificates for each of Borrower and Ashford Advisors, Inc., each certified by a Responsible Officer of such Person, and
including the name, office, and specimen signature of each officer of such Person authorized to execute Loan Documents on behalf
of such Person and (b) the representations and warranties in the Credit Agreement, as amended by this Amendment, and each
other Loan Document are true and correct in all material respects on and as of the date of this Amendment as though made as of
the date of this Amendment except to the extent that (i) any of them speak to a different specific date or (ii) the facts
on which any of them were based have been changed by transactions contemplated or permitted by the Credit Agreement.

 

5.             Ratifications.
Each of Borrower and Parent (a) ratifies and confirms all provisions of the Loan Documents as amended by this Amendment, (b) ratifies
and confirms that all guaranties, assurances, and Liens granted, conveyed, or assigned to Administrative Agent for the benefit
of Lenders under the Loan Documents are not released, reduced, or otherwise adversely affected by this Amendment and continue to
guarantee, assure, and secure full payment and performance of the present and future obligations of Borrower, Parent and each Guarantor
under the Credit Agreement and the Loan Documents, and (c) agrees to perform such acts and duly authorize, execute, acknowledge,
deliver, file, and record such additional documents, and certificates as Administrative Agent may request in order to create, perfect,
preserve, and protect those guaranties, assurances, and Liens.

 

Fifth
Amendment to Credit Agreement

 

    

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6.             Representations.
Each of Borrower and Parent represents and warrants to Administrative Agent and Lenders that as of the date of this Amendment:
(a) this Amendment has been duly authorized, executed, and delivered by Borrower, Parent, and each Guarantor; (b) no
action of, or filing with, any governmental authority is required to authorize, or is otherwise required in connection with, the
execution, delivery, and performance by Borrowers, Parent, or Guarantors of this Amendment; (c) the Loan Documents, as amended
by this Amendment, are valid and binding upon Borrower, Parent, and Guarantors and are enforceable against Borrower, Parent, and
Guarantors in accordance with their respective terms, except as limited by Debtor Relief Laws; (d) the execution, delivery,
and performance by Borrower, Parent, and Guarantors of this Amendment does not require the consent of any other Person and do not
and will not constitute a violation of any laws, agreements, or understandings to which Borrower, Parent, or any Guarantor is a
party or by which Borrower, Parent, or any Guarantor is bound; (e) all representations and warranties in the Loan Documents
are true and correct in all material respects (without duplication of any materiality qualifiers set forth therein) except (i) to
the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and
correct as of such earlier date or (ii) the facts on which any of them were based have been changed by transactions contemplated
or permitted by the Credit Agreement; and (f) no Default exists.

 

7.             Continued
Effect. Except to the extent amended hereby, all terms, provisions and conditions of the Credit Agreement and the other Loan
Documents, and all documents executed in connection therewith, shall continue in full force and effect and shall remain enforceable
and binding in accordance with their respective terms.

 

8.             Waiver.

 

(a)            Borrower
has informed Administrative Agent and Lenders that Borrower was in violation of the Consolidated Net Worth as set forth in Section 7.11(a) of
the Credit Agreement (the “Net Worth Violation”).

 

(b)            Solely
due to the Net Worth Violation, an Event of Default exists under Section 8.01(b) of the Credit Agreement
(the “Subject Default”).

 

(c)            Borrower
has requested that Administrative Agent and Lenders waive the Subject Default. By their execution hereof, Administrative Agent
and Lenders hereby waive the Subject Default, subject to the satisfaction of the conditions precedent set forth in Section 4
above.

 

(d)            The
waivers and other agreements contained herein (i) are limited expressly as written, (ii) do not impair Administrative
Agent or any Lender’s rights to insist upon strict compliance with the Credit Agreement and the other Loan Documents, and
(iii) do not extend to any other event of non-compliance, Default, or Event of Default.

 

9.             Miscellaneous.
Unless stated otherwise (a) the singular number includes the plural and vice versa and words of any gender include
each other gender, in each case, as appropriate, (b) headings and captions may not be construed in interpreting provisions,
(c) this Amendment shall be subject to the provisions regarding choice of law, submission to jurisdiction, waiver of venue,
service of process, and waiver of jury trial set forth in Section 11.14 and 11.15 of the Credit
Agreement, and such provisions are incorporated herein by this reference, mutatis mutandis, (d) if any part of this
Amendment is for any reason found to be unenforceable, all other portions of it nevertheless remain enforceable, and (e) this
Amendment may be executed in any number of counterparts (originals or facsimile copies followed by original executed counterparts
within two (2) Business Days, but the failure to deliver original executed counterparts shall not affect the validity, enforceability,
and binding effect of this Amendment) with the same effect as if all signatories had signed the same document, and all of those
counterparts must be construed together to constitute the same document. Borrower shall pay the reasonable fees and expenses
of counsel for Administrative Agent incurred in connection with this Amendment in accordance with Section 11.04
of the Credit Agreement.

 

Fifth
Amendment to Credit Agreement

 

    

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10.            Release.
The Loan Parties hereby acknowledge that, as of the date hereof, the Obligations under the Credit Agreement and under the other
Loan Documents are absolute and unconditional without any right of rescission, setoff, counterclaim, defense, offset, cross-complaint,
claim or demand of any kind or nature from Administrative Agent. Borrower and Parent hereby voluntarily and knowingly release and
forever discharge agents, employees, successors, and assigns (collectively, the “Released Parties”) from all
possible claims, demands, actions, causes of action, damages, costs, expenses, and liabilities whatsoever arising from or whether
known or unknown, anticipated or unanticipated, suspected or unsuspected, fixed, contingent, or conditional, at law or in equity,
originating in whole or in part on or before the date hereof which any Loan Party may now or hereafter have against the Released
Parties, if any, and irrespective of whether any such claims arise out of contract, tort, violation of law or regulations, or otherwise,
including, without limitation, any contracting for, charging, taking, reserving, collecting, or receiving interest in excess of
the highest lawful rate applicable.

 

11.            Entireties.
The Credit Agreement as amended by this Amendment represents the final agreement among the parties about the subject matter of
the Credit Agreement as amended by this Amendment and may not be contradicted by evidence of prior, contemporaneous, or subsequent
oral agreements of the parties. There are no unwritten oral agreements among the parties.

 

12.            Parties.
 This Amendment binds and inures to Borrower, Parent, Administrative Agent, each Lender, and their respective successors and
permitted assigns.

 

[Remainder of Page Intentionally
Left Blank; Signature Pages to Follow]

 

 

Fifth
Amendment to Credit Agreement

 

    

     

    

 

EXECUTED as of the date first stated above.

 

BORROWER:

 

ASHFORD HOSPITALITY HOLDINGS LLC, a Delaware limited
liability company

 

	By:	/s/ Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President and Secretary	 

 

PARENT:

 

ASHFORD INC., a Nevada corporation

 

	By:	/s/ Robert G. Haiman	 
	 	Name: Robert G. Haiman	 
	 	Title: Executive Vice President, General Counsel, and Secretary	 

 

Signature Page to

Fifth
Amendment to Credit Agreement

 

    

     

    

 

ADMINISTRATIVE AGENT:

 

BANK OF AMERICA, N.A., as Administrative
Agent

 

	By:	/s/ Suzanne E. Pickett	 
	 	Suzanne E. Pickett	 
	 	Senior Vice President	 

 

Signature Page to

Fifth
Amendment to Credit Agreement

 

    

     

    

 

LENDER:

 

BANK OF AMERICA, N.A., as a Lender

 

	By:	/s/ Suzanne E. Pickett	 
	 	Suzanne E. Pickett	 
	 	Senior Vice President	 

 

Signature Page to

Fifth
Amendment to Credit Agreement

 

    

     

    

 

To induce the Administrative Agent and
Lenders to enter into this Amendment, the undersigned (a) consents and agrees to the Amendment’s execution and delivery,
(b) ratifies and confirms that all guaranties, assurances, and liens granted, conveyed, or assigned to Administrative Agent
and Lenders under the Loan Documents are not released, diminished, impaired, reduced, or otherwise adversely affected by the Amendment
and continue to guarantee, assure, and secure the full payment and performance of all present and future Obligations, (c) agrees
to perform such acts and duly authorize, execute, acknowledge, deliver, file, and record such additional guaranties, assignments,
security agreements, deeds of trust, mortgages, and other agreements, documents, instruments, and certificates as Administrative
Agent may reasonably deem necessary or appropriate in order to create, perfect, preserve, and protect those guaranties, assurances,
and liens, (d) waives notice of acceptance of this consent and agreement, which consent and agreement binds the undersigned
and its successors and permitted assigns and inures to the Administrative Agent and Lenders and their respective successors and
permitted assigns, and (e) ratifies and confirms the release contained in Section 10 herein.

 

GUARANTORS:

 

ASHFORD ADVISORS, INC., a Delaware
corporation

 

	By:	/s/ Robert G. Haiman	 
	 	Name:	Robert G. Haiman	 
	 	Title:	Executive Vice President and Secretary	 

 

ASHFORD HOSPITALITY ADVISORS LLC,
a Delaware limited liability company

 

	By:	/s/ Deric Eubanks	 
	 	Name:	Deric Eubanks	 
	 	Title:	Chief Financial Officer	 

 

ASHFORD LENDING CORPORATION, a Delaware
corporation

 

	By:	/s/ Deric Eubanks	 
	 	Name:	Deric Eubanks	 
	 	Title:	President	 

 

LISMORE CAPITAL LLC, a Delaware
limited liability company

 

	By:	/s/ Deric Eubanks	 
	 	Name:	Deric Eubanks	 
	 	Title:	President	 

 

Signature Page to

Fifth
Amendment to Credit Agreement

 

    

     

    

 

AINC KALIBRI HOLDCO LLC, a Delaware
limited liability company

 

	By:	/s/ Robert G. Haiman	 
	 	Name:	Robert G. Haiman	 
	 	Title:	Executive
Vice President and Secretary	 

 

ASHFORD OAINC II INC., a Maryland
corporation

 

	By:	/s/ Robert G. Haiman	 
	 	Name:	Robert G. Haiman	 
	 	Title:	Executive
Vice President, General Counsel and Secretary	 

 

ASHFORD OAINC, INC., a Maryland
corporation

 

	By:	/s/ Robert G. Haiman	 
	 	Name:	Robert G. Haiman	 
	 	Title:	Executive
Vice President, General Counsel and Secretary	 

 

PREMIER PROJECT MANAGEMENT LLC,
a Maryland limited liability company

 

	By:	/s/ Robert G. Haiman	 
	 	Name:	Robert G. Haiman	 
	 	Title:	Executive
Vice President and Secretary	 

 

Signature Page to

Fifth
Amendment to Credit Agreement

 

    

     

    

 

EXHIBIT M

 

FORM OF
LIQUIDITY CERTIFICATE

 

Liquidity Statement Date: ________, ____

 

To:     Bank
of America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to
that certain Credit Agreement, dated as of March 1, 2018 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein
defined), among Ashford Hospitality Holdings LLC, a Delaware limited liability company (the “Borrower”),
Ashford Inc., a Nevada corporation (the “Parent”), the Lenders from time to time party thereto, and Bank
of America, N.A., as Administrative Agent. Capitalized terms used but not defined herein shall have the meanings ascribed to them
by the Credit Agreement.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the ___________________________________ of the Parent, and that,
as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Parent,
for itself and on behalf of Borrower, and that:

 

1.             The
Parent has delivered the liquidity calculation and related documentation regarding the calculations set forth herein as required
by Section 6.02(j) of the Agreement for the [month] [quarter] ended as of the above date.

 

2.             The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Consolidated Parties during the [month] [quarter]
ended as of the above date.

 

3.             A
review of the activities of the Consolidated Parties during such [month] [quarter] has been made under the supervision of the undersigned
with a view to determining whether during such month the Consolidated Parties performed and observed all its Obligations under
the Loan Documents, and

 

[select one:]

 

[to the best knowledge
of the undersigned, during such month the Consolidated Parties performed and observed each covenant and condition of the Loan Documents
applicable to it, and no Default has occurred and is continuing.]

 

--or--

 

[to the best knowledge
of the undersigned, during such month the following covenants or conditions have not been performed or observed and the following
is a list of each such Default and its nature and status:]

 

4.             The
representations and warranties of the Borrower and the Parent contained in Article V of the Agreement and all
representations and warranties of any Loan Party that are contained in any document furnished at any time under or in connection
with the Loan Documents, are true and correct on and as of the date hereof, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that
for purposes of this Liquidity Compliance Certificate, the representations and warranties contained in subsections (a) and
(b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01
of the Agreement, including the statements in connection with which this Compliance Certificate is delivered.

 

Exhibit M –
Page 1

 

    

     

    

 

5.             The
calculations and information set forth on Schedule 1 attached hereto are true and accurate on and as of the
date of this Certificate.

 

IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of_________________,_______________.

 

	 	PARENT:
	 	 
	 	ASHFORD, INC.
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

	 	BORROWER:
	 	 
	 	ASHFORD
HOSPITALITY holdings llc
	 	 	 
		By:	
	 	 	Name:
	 	 	Title:

 

Exhibit M –
Page 2

 

    

     

    

 

For the [month] [quarter] ended ___________________,
____ (“Statement Date”)

 

SCHEDULE 1

to the Liquidity Compliance Certificate

 

	 	A.	Liquidity not subject to any Liens (other than any Lien granted in favor of the Administrative Agent) or other restrictions and immediately available to Borrower at Statement Date:
	 	 	 	 	 
	 	 	1.	Cash:	$	 
	 	 	 	 	 
	 	 	2.	Cash Equivalents:	$	 
	 	 	 	 	 
	 	 	3.	Liquidity (Line A1 plus Line A.2):	$	 

 

Exhibit M –
Page 3EX-4.1

 Exhibit 4.1 
  

Total Capital International, 

Company 
 and

 TOTAL S.A., 

Guarantor 
 TO

 The Bank of New York Mellon, acting through its London Branch 

Trustee 
 Fourth
Supplemental Indenture 
 Dated as of June 29, 2020 

Supplement to Indenture dated as of February 17, 2012, as amended from time to time 

$800,000,000 2.986% Guaranteed Notes Due 2041 

$800,000,000 3.386% Guaranteed Notes Due 2060 

  

 FOURTH SUPPLEMENTAL INDENTURE 

This FOURTH SUPPLEMENTAL INDENTURE, dated as of June 29, 2020 (this “Fourth Supplemental Indenture”), is entered into by and between Total
Capital International, a société anonyme duly organized and existing under the laws of the Republic of France (herein called the “Company”), having its principal office at 2, place Jean Millier, La
Défense 6, 92400 Courbevoie, France, and TOTAL S.A., a société anonyme duly organized and existing under the laws of the Republic of France (herein called the “Guarantor”), having its principal office at 2,
place Jean Millier, La Défense 6, 92400 Courbevoie, and The Bank of New York Mellon, acting through its London Branch, as Trustee (herein called the “Trustee”) having its principal corporate trust office at One Canada Square,
London E14 5AL, United Kingdom. 
 RECITALS 

WHEREAS, the Company and the Guarantor have heretofore executed and delivered to the Trustee the Indenture, dated as of February 17, 2012 (herein called
the “Base Indenture,” and together with the First Supplemental Indenture (as defined below) and this Fourth Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of one or more series of the
Company’s unsecured debentures, notes or other evidences of indebtedness (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and 301 of the
Base Indenture; 
 WHEREAS, for the avoidance of doubt, The Bank of New York Mellon, acting through its London Branch, acts as Trustee and Paying Agent and
The Bank of New York Mellon, New York, acts as Registrar and Transfer Agent under the Indenture; 
 WHEREAS, Section 901(7) of the Base Indenture
permits supplements thereto without the consent of Holders to establish the form or terms of Securities of any series or the form of the Guarantee as permitted by Sections 201 and 301, and Section 901(10) of the Base Indenture permits the
Company to make any other provisions with respect to matters or questions arising under this Indenture, provided, however, that such action shall not adversely affect the interests of the Holders of Securities of any series in any
material respect; and 
 WHEREAS, the Company, the Guarantor and the Trustee entered into a first supplemental indenture dated February 19, 2019 (the
“First Supplemental Indenture”) which amended and supplemented certain provisions of the Base Indenture; 
 WHEREAS, the Company desires to issue
(i) as a single series of Securities under the Base Indenture, U.S.$800,000,000 2.986% Guaranteed Notes Due 2041 (the “2041 Notes”) and (ii) as a single series of Securities under the Base Indenture, U.S.$800,000,000 3.386%
Guaranteed Notes Due 2060 (the “2060 Notes” and, together with the 2041 Notes, the “Notes”), in each case to be issued pursuant to this Fourth Supplemental Indenture; 

WHEREAS, Section 901(4) of the Base Indenture permits supplements thereto without the consent of Holders to provide for a Guarantee of any new series of
Securities; 
 WHEREAS, Section 205 of the Base Indenture sets forth the text of the endorsement of the Guarantee for any Securities to be guaranteed
by the Guarantor and the Guarantor desires to provide the Guarantees provided for herein and in the Base Indenture for the benefit of the holders of the Notes; 

WHEREAS, this Fourth Supplemental Indenture only applies to the Notes; to the extent that the terms of the Base Indenture are inconsistent with the provisions
of this Fourth Supplemental Indenture, the terms of this Fourth Supplemental Indenture shall govern; 
 WHEREAS, all things necessary to make this Fourth
Supplemental Indenture a valid agreement of the Company and the Guarantor, in accordance with its terms, have been done. 

  
 1 

 NOW THEREFORE, in consideration of the premises and the purchase of the Securities by the Holders thereof,
it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 

ARTICLE ONE 
 DEFINITIONS

 Section 101. Definition of Terms. Unless the context otherwise requires: 

(a) each term defined in the Indenture has the same meaning when used in this Fourth Supplemental Indenture; 

(b) each term defined anywhere in this Fourth Supplemental Indenture has the same meaning throughout; 

(c) the singular includes the plural and vice versa; and 

(d) headings are for convenience of reference only and do not affect interpretation. 

Section 102. Supplemental Definitions. The following definitions shall apply to the Notes only: 

“Applicable Law” means any law or regulation. 

“Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“FATCA Withholding” means any withholding or deduction imposed or required pursuant to Sections 1471 through 1474 of the Code (or any amended or
successor version that is substantively comparable), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules
or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code. 

“Tax” means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or
assessed by or on behalf of any Authority having power to tax. 
 ARTICLE TWO 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

SECTION 201. Designation and Principal Amount. There is hereby authorized and established the following series of Securities under the Indenture,
designated (i) the “U.S.$ 800,000,000 2.986% Guaranteed Notes Due 2041” and (ii) the “U.S.$ 800,000,000 3.386% Guaranteed Notes Due 2060”, which shall be deemed “Securities” for all purposes under the
Indenture. 
 SECTION 202. Maturity. The Stated Maturity of principal of (i) the 2041 Notes is June 29, 2041 and (ii) the 2060
Notes is June 29, 2060. 
 SECTION 203. Further Issues. The Company may from time to time, without the consent of the Holders of the Notes,
issue additional Notes. Any such additional Notes will have the same ranking, interest rate, 

  
 2 

 
maturity date and other terms (except for the date from which interest accrues, the issue price and, in some cases, the first interest payment date on the new notes, if any) as the Notes herein
provided for. Any such additional Notes, together with the Notes herein provided for, will constitute a single series of Securities under the Indenture. Any additional Notes shall be issued under a separate CUSIP or ISIN number unless the additional
Notes are issued pursuant to a “qualified reopening” of the original series, are otherwise treated as part of the same “issue” of debt instruments as the original series or are issued with no more than a de minimis amount of
original discount, in each case for U.S. federal income tax purposes. 
 SECTION 204. Form of Notes. The form of each series of Notes shall be
substantially as set forth in Exhibit A and Exhibit B, as attached hereto, which is incorporated herein and made part hereof. 

SECTION 205. Interest. The Notes shall bear interest, be payable and have such other terms as are stated in the form of the Notes attached hereto
as Exhibit A and Exhibit B and in the Base Indenture, as supplemented by the First Supplemental Indenture and this Fourth Supplemental Indenture. 

SECTION 205. Redemption. 
 Prior to December 29,
2040 (six months prior to the Stated Maturity), the Company has the right to redeem the 2041 notes in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the
2041 Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2041 Notes to be redeemed that would be due if such 2041 notes matured on December 29, 2040 (six months
prior to the Stated Maturity) (not including any portion of payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate (as defined in Exhibit A hereto) plus 25 basis points, plus accrued and unpaid interest to (but excluding) the date of redemption. In accordance with the terms of the 2041 Notes, the Quotation Agent (as defined in
Exhibit A hereto) shall be responsible for calculating the make-whole amount in connection with any redemption hereunder. 
 On or after
December 29, 2040 (six months prior to the Stated Maturity), the Company has the right to redeem the 2041 notes in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2041
Notes to be redeemed, plus accrued and unpaid interest to (but excluding) the date of redemption. 
 Prior to December 29, 2059 (six months
prior to the Stated Maturity), the Company has the right to redeem the 2060 notes in whole or in part, at any time and from time to time, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2060 Notes to be
redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2060 Notes to be redeemed that would be due if such 2060 notes matured on December 29, 2059 (six months prior to the
Stated Maturity) (not including any portion of payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
defined in Exhibit B hereto) plus 30 basis points, plus accrued and unpaid interest to (but excluding) the date of redemption. In accordance with the terms of the 2060 Notes, the Quotation Agent (as defined in Exhibit B
hereto) shall be responsible for calculating the make-whole amount in connection with any redemption hereunder. 
 On or after December 29, 2059 (six
months prior to the Stated Maturity), the Company has the right to redeem the 2060 notes in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2060 Notes to be redeemed, plus
accrued and unpaid interest to (but excluding) the date of redemption. 
 SECTION 207. Issuance of Notes; Selection of Depositary. The Notes
shall be issued as Global Securities in registered form, without coupons. The initial Depositary for the Notes shall be The Depository Trust Company. 

  
 3 

 SECTION 208. Authorized Denominations. The Notes shall be issuable in denominations of
U.S.$2,000 and any integral multiple of U.S.$1,000. 
 SECTION 209. No Sinking Fund. No sinking fund will be provided with respect to the Notes.

  
 4 

 ARTICLE THREE 

AMENDMENTS TO THE BASE INDENTURE 

APPLICABLE TO THE NOTES ONLY 

SECTION 401. FATCA Undertakings. With respect to the Notes only, the Base Indenture is amended by adding Article Thirteen, which shall read as
follows: 
 ARTICLE THIRTEEN 

Section 1301. Mutual Undertaking Regarding Information Reporting and Collection Obligations. 

Each party to this Indenture shall, within ten (10) business days of a written request by another party to this Indenture, supply to that other party such
forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes of that other party’s compliance with Applicable Law and shall notify the relevant other party
reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such party is (or becomes) inaccurate in any material respect; provided, however, that no party to this Indenture shall be
required to provide any forms, documentation or other information pursuant to this Article to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is
not reasonably available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of such party constitute a breach of any: (a) Applicable Law;
(b) fiduciary duty; or (c) duty of confidentiality. For purposes of this this Article, “Applicable Law” shall be deemed to include (i) any rule or practice of any Authority by which any party is bound or with which it is
accustomed to comply; (ii) any agreement between any Authorities; and (iii) any agreement between any Authority and any party to this Indenture that is customarily entered into by institutions of a similar nature. 

Section 1302. Notice of Possible Withholding Under FATCA. 

The Company shall notify each Paying Agent in the event that it determines that any payment to be made by a Paying Agent under the Notes is a payment which
could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment is so treated, provided, however, that the
Company’s obligation under this this Section 1302 shall apply only to the extent that such payments are so treated by virtue of characteristics of the Company, the Notes, or both. 

Section 1303. Agent Right to Withhold. 

Notwithstanding any other provision of this Indenture, each Paying Agent shall be entitled to make a deduction or withholding from any payment which it makes
under the Notes for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the Paying Agent shall make such payment after such deduction or withholding has been made and shall account to the relevant
Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Company the amount so deducted or withheld, in which case, the Company shall so account to
the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this this Section 1303. 

Section 1304. Issuer Right to Redirect. 
 In the
event that the Company determines in its sole discretion that any deduction or withholding for or on account of any Tax will be required by Applicable Law in connection with any payment due to any of the Paying Agents on the Notes, then the Company
will be entitled to redirect or reorganize any such payment in any way that it sees fit in order that the payment may be made without such deduction or withholding 

  
 5 

 
provided that, any such redirected or reorganized payment is made through a recognized institution of international standing and otherwise made in accordance with this Indenture. The Company will
promptly notify the Paying Agents and the Trustee of any such redirection or reorganization. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this
Section 1304. 
 SECTION 402. Additional Amounts. With respect to the Notes only, Section 1010 of the Base Indenture is amended by
adding a paragraph to Section 1010, which shall read as follows: 
 Furthermore, any amounts to be paid by the Company or the Guarantor, as the case
may be, on the debt securities will be paid net of any FATCA Withholding. Neither the Company nor the Guarantor will be required to pay Additional Amounts on account of any FATCA Withholding. 

ARTICLE FOUR 

MISCELLANEOUS 
 SECTION 401.
Execution as Supplemental Indenture. This Fourth Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture, as amended from time to time, and, as provided in the Base Indenture, this Fourth
Supplemental Indenture forms a part thereof. Except as herein expressly otherwise defined, the use of the terms and expressions herein is in accordance with the definitions, uses and constructions contained in the Base Indenture. 

SECTION 402. Provisions Binding on Company’s and Guarantor’s Successors. All the covenants, stipulations, promises and agreements of the
Company contained in this Fourth Supplemental Indenture shall bind the Company’s successors and assigns whether so expressed or not. All the covenants, stipulations, promises and agreements of the Guarantor contained in this Fourth Supplemental
Indenture shall bind the Guarantor’s successors and assigns whether so expressed or not. 
 SECTION 403. New York Contract. This Fourth
Supplemental Indenture, each Note and the Guarantees shall be governed by and construed in accordance with the laws of the state of New York. 

SECTION 404. Execution and Counterparts. This Fourth Supplemental Indenture may be executed with counterpart signature pages or in any number of
counterparts, each of which shall be an original but such counterparts shall together constitute but one and the same instrument. 
 The words
“execution,” signed,” “signature,” and words of like import in this Fourth Supplemental Indenture, the Securities or in any other certificate, agreement or document related to this Fourth Supplemental Indenture or the
offering and sale of the Securities shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic
signatures (including, without limitation, DocuSign and AdobeSign or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion ). The use of electronic
signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a
manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. Each party agrees that this Fourth Supplemental Indenture, the Securites and any other documents to be
delivered in connection herewith may be electronically or digitally signed using DocuSign (or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion), and
that any such electronic or digital signatures appearing on this Fourth Supplemental Indenture, the Securities or such other documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility. The Company
agrees to assume all risks arising out 

  
 6 

 
of the use of electronic or digital signatures and electronic methods to submit any communications to Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties. 
 SECTION 405. Capitalized Terms. Capitalized terms not otherwise
defined in this Fourth Supplemental Indenture shall have the respective meanings assigned to them in the Base Indenture. 

  
 7 

 IN WITNESS WHEREOF, the Company and the Trustee hereto have caused this Fourth Supplemental Indenture to be
duly executed, and the Guarantor has caused this Fourth Supplemental Indenture to be signed on its behalf by its duly appointed attorney, all as of the day and year first above written. 

 

			
	TOTAL CAPITAL INTERNATIONAL
	 By:
	 	TOTAL FINANCE CORPORATE SERVICES LIMITED

  

			
	By	 	/s/ ANTOINE LARENAUDIE
	 Name:
	 	Antoine Larenaudie
	 Title:
	 	Authorized Signatory of Total Finance Corporate Services Limited

 Attest: 
  

 

			
	By:	 	/s/ VINCENT SIMONET
	 Name:
	 	Vincent Simonet
	 Title:
	 	Authorized Signatory

  

			
	 	 	TOTAL S.A.
	By:	 	/s/ ANTOINE LARENAUDIE
	 Name:
	 	Antoine Larenaudie
	 Title:
	 	 Group Treasurer 

  
 [Signature Page to Fourth
Supplemental Indenture] 

  
 8 

 
			
	THE BANK OF NEW YORK MELLON, acting
through its London Branch, as Trustee
	 By:
	 	/s/ MELISSA LAIDLEY
		 	  

	 Name:
	 	Melissa Laidley
	 Title:
	 	Vice President

 [Signature Page to the Fourth Supplemental Indenture] 

  
 9 

 EXHIBIT A 

FORM OF NOTES 
 Face of Security

 [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY
(OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY 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.] 
 TOTAL CAPITAL INTERNATIONAL 

2.986% GUARANTEED NOTE DUE 2041 
  

					
	 No. [ ]
	  	U.S.$ [___]	 
		  	 	CUSIP [___]	 
		  	 	ISIN [___]	 

 TOTAL CAPITAL INTERNATIONAL, a société anonyme duly organized and existing under the laws of the Republic
of France with a capital of €300,000 having its registered office at 2 Place Jean Millier, La Défense 6, 92400 Courbevoie, France, for a term that will expire on December 13, 2103, with the Registry of Commerce and Companies
(Registre du commerce et des sociétés) of Nanterre under No. 479 858 854 (herein called the “Company”, which term includes any successor or substitute corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [            ]
(U.S.$[            ]) on June 29, 2041 and to pay interest thereon from June 29, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on June 29 and December 29 of each year (each an “Interest Payment Date”), commencing December 29, 2020, at the rate of 2.986% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such 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 Regular Record Date for such interest, which shall be June 14 or December 14 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this 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 shall be given to Holders of Securities of this series not less than 

  
 A-1 

	 	
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

 If any
deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Company is incorporated, shall at any time be
required by such jurisdiction (or any such political subdivision or taxing authority thereof or therein) in respect of any amounts to be paid by the Company of principal of or interest on a Security of any series, then the Company will pay to the
Holder of a Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not less than the amounts specified in such Security to
which such Holder is otherwise entitled; provided, however, that the Company shall not be required to make any payment of additional amounts for or on account of: 

 

	(a)	 any tax, assessment or other governmental charge which would not have been imposed but for (i) the
existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and
the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being
or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where
presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	(b)	 any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other
governmental charge; 

  

	(c)	 any tax, assessment or other governmental charge that is payable otherwise than by withholding from payments of
(or in respect of) principal of, or any interest on, the Securities of such series; 

  

	(d)	 any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the
Holder or the beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or
satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part
of such tax, assessment or other governmental charge; 

  

	(e)	 any tax, assessment or other governmental charge which such Holder would have been able to avoid by presenting
such Security to another Paying Agent; or 

  

	(f)	 any combination of items (a), (b), (c), (d) and (e) above; nor shall additional amounts be paid with
respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the
laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial
owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

 Furthermore, any amounts to
be paid by the Company on the debt securities will be paid net of any FATCA Withholding. The Company will not be required to pay additional amounts on account of any FATCA Withholding. 

  
 A-2 

 The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of
any amount to be paid by the Company of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor
or substitute Person to the Company is organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Company pursuant to Section 801, for or on account
of any taxes, assessments or governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the Company’s being treated as engaged in
a trade or business, or having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent establishment. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the Corporate Trust Office of the Trustee, as Paying Agent, in
The City of New York, 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; provided, however, that at the option of the Company 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. 
 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 referred to on the reverse hereof by manual signature, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

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

Dated: June 29, 2020 
  

			
	TOTAL CAPITAL INTERNATIONAL
	 By:
	 	TOTAL FINANCE CORPORATE SERVICES LIMITED

  

			
	By	 	  

	 Name:
	 	Antoine Larenaudie
	 Title:
	 	Authorized Signatory of Total Finance Corporate Services Limited

 Attest: 
  

 

			
	 	 	  

	 Name:
	 	Vincent Simonet
	 Title:
	 	Authorized Signatory

  
 A-4 

 Trustee’s Certificate of Authentication 

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

Dated: June 29, 2020 
  

			
	 THE BANK OF NEW YORK MELLON,
LONDON BRANCH
as Trustee

 

			
	By	 	  

	 Title:
	 	Authorized Signatory

  
 A-5 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued outside
France in one or more series under an Indenture, dated as of February 17, 2012, as supplemented by the first supplemental indenture, dated February 19, 2019 and the fourth supplemental indenture dated June 29, 2020 (herein called the
“Indenture”), among the Company, as issuer, TOTAL S.A., as Guarantor (herein called the “Guarantor”), and The Bank of New York Mellon, acting through its London Branch, as Trustee (herein called the “Trustee”, which
term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the
Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in
aggregate principal amount to U.S.$800,000,000. 
 The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’
notice by mail, as follows: (A) prior to December 29, 2040 (six months prior to the Stated Maturity), the Company has the right to redeem the 2041 notes in whole or in part, at any time and from time to time, at a redemption price (the
“Optional Make-Whole Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on
the Securities to be redeemed that would be due if such 2041 Notes matured on December 29, 2040 (six months prior to the Stated Maturity) (not including any portion of payments of interest accrued to the relevant redemption date (any such date,
the “Redemption Date”)) discounted to the relevant Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid
interest to (but excluding) the relevant Redemption Date and (B) on or after December 29, 2040 (six months prior to Stated Maturity), the Notes shall be redeemable in whole or in part, at any time and from time to time, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to (but excluding) the Redemption Date. 

For purposes of determining the Optional Make-Whole Redemption Price, the following definitions are applicable. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated
(on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, the
average of the Reference Treasury Dealer Quotations for such Redemption Date. 
 “Quotation Agent” means one of the Reference Treasury Dealers
appointed by Total Capital International and TOTAL S.A. The quotation agent will determine the applicable make-whole premium and deliver such determination to Total Capital International and TOTAL S.A., with a copy to the Trustee. 

“Reference Treasury Dealer” means each of Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities
Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and a primary U.S. government securities dealer selected by each of Credit Agricole Securities (USA) Inc., MUFG Securities Americas Inc. and Standard Chartered Bank or their
respective affiliates which are primary U.S. government securities dealers, and their respective successors, and three other primary U.S. 

  
 A-6 

 
government securities dealers selected by Total Capital International and TOTAL S.A., provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer
in the United States (a “Primary Treasury Dealer”), Total Capital International and TOTAL S.A. shall substitute therefore another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York
time on the third Business Day preceding such Redemption Date. 
 Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

“Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking or trust institutions in The City
of New York are authorized generally or obligated by law, regulation or executive order to close. 
 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. 

In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof. 
 This Security is also redeemable prior to Stated Maturity as permitted under Section 1108
(“Optional Redemption Due to Changes in Tax Treatment”); the date specified for the Securities of this series, for the purpose of said Section 1108, is June 29, 2020. 

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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this 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. 
 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 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 as Trustee and offered the Trustee reasonable indemnity, 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 or provided for herein. 

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. 

  
 A-7 

 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 premium, if any) 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 attorney duly authorized in writing, and thereupon one or more
new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of U.S.$2,000 and any integral multiple of U.S.$1,000. 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 of a different authorized denomination, as requested by the
Holder surrendering the same. 
 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 Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to Section 307 of the
Indenture), whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture provides that the Company and the Guarantor, at the Guarantor’s option, (a) will be discharged from any and all obligations in respect
of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with
certain restrictive covenants of the Indenture, in each case if the Company or the Guarantor deposits, in trust, with the Trustee money or U.S. Government Obligations which, through the payment of interest thereon and principal thereof in accordance
with their terms, will provide money, in an amount sufficient to pay all the principal (including any mandatory sinking fund payments) of, and premium, if any, and interest on, the Securities on the dates such payments are due in accordance with the
terms of such Securities and Guarantee, and certain other conditions are satisfied. 
 All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 

  
 A-8 

 GUARANTEE OF TOTAL S.A. 

For value received, TOTAL S.A., a société anonyme duly organized and existing under the laws of the Republic of France (herein called the
“Guarantor”, which term includes any successor corporation under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby unconditionally guarantees to the Holder of the Security upon which this Guarantee is
endorsed and to the Trustee referred to in such Indenture due and prompt payment of the principal of (and premium, if any) and interest (including additional amounts) on such Security, when and as the same shall become due and payable, whether at
the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Total Capital International, a société
anonyme duly organized and existing under the laws of the Republic of France (herein called the “Company”, which term includes any successor corporation under such Indenture) punctually to make any such principal, premium or interest
(including additional amounts) payment, the Guarantor hereby agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption
or otherwise, and as if such payment were made by the Company. 
 The Guarantor hereby further agrees, subject to the limitations and exceptions set forth
below, that if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Guarantor is incorporated,
shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority thereof or therein) in respect of any amounts to be paid by the Guarantor under this Guarantee, the Guarantor will pay to the Holder of a
Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such
Holder is otherwise entitled; provided, however, that the Guarantor shall not be required to make any payment of additional amounts for or on account of: 
  

	(a)	 any tax, assessment or other governmental charge which would not have been imposed but for (i) the
existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and
the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being
or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where
presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	(b)	 any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other
governmental charge; 

  

	(c)	 any tax, assessment or other governmental charge that is payable otherwise than by withholding from payments of
(or in respect of) principal of, or any interest on, the Securities of such series; 

  

	(d)	 any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the
Holder or the beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or
satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part
of such tax, assessment or other governmental charge; 

  

	(e)	 any tax, assessment or other governmental charge which such Holder would have been able to avoid by presenting
such Security to another Paying Agent; or 

  
 A-9 

	(f)	 any combination of items (a), (b), (c), (d) and (e) above; nor shall additional amounts be paid with
respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the
laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial
owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

 Furthermore, any amounts to
be paid by the Guarantor on the debt securities will be paid net of any FATCA Withholding. The Guarantor will not be required to pay additional amounts on account of any FATCA Withholding. 

Additionally, if under the terms of the debt securities the Company is not required to pay any additional amounts, then the Guarantor shall not be required to
pay additional amounts under the guarantee. 
 The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of
any amount to be paid by the Guarantor of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any
successor to the Guarantor is organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Guarantor pursuant to Section 801, for or on account of any
taxes, assessments or governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the Guarantor’s being treated as engaged in a
trade or business, or having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent establishment. 

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute and
unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any waiver, modification or
indulgence granted to the Company with respect thereto, by the Holder of such Security or such Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided,
however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security or the interest rate thereon or increase any premium payable
upon redemption thereof. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company, protest
or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of (and premium, if any) and interest on
such Security. This Guarantee is a guarantee of payment and not of collection. 
 The Guarantor shall be subrogated to all rights of the Holder of such
Security against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon, such right of subrogation until the principal of (and premium, if any) and interest on all Securities of the same series issued under such Indenture shall have been paid in full. 

No reference herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the Guarantor, which is
absolute and unconditional, of the due and punctual payment of the principal of (and premium, if any) and interest on the Security upon which this Guarantee is endorsed at the times, place and rate, and in the cash or currency prescribed therein.

  
 A-10 

 This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication of
such Security shall have been manually executed by or on behalf of the Trustee under such Indenture. 
 All terms used in this Guarantee which are defined
in such Indenture shall have the meanings assigned to them in such Indenture. 

  
 A-11 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be signed manually or in facsimile by a
person duly authorized in that behalf. 
 Dated: June 29, 2020 

 

			
	TOTAL S.A.
		
	 By
	 	
		 	  

	 Name:
	 	Antoine Larenaudie
	 Title:
	 	Group Treasurer

 Attest: 
  

			
	  

	Name:	 	Vincent Simonet
	 Title:
	 	Authorized Signatory

  
 A-12 

 EXHIBIT B 

FORM OF NOTES 
 Face of Security

 [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY. THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY
(OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY 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.] 
 TOTAL CAPITAL INTERNATIONAL 

3.386% GUARANTEED NOTE DUE 2060 
  

					
	No. [ ]	  	U.S.$ [___]	 
		  	 	CUSIP [___]	 
		  	 	ISIN [___]	 

 TOTAL CAPITAL INTERNATIONAL, a société anonyme duly organized and existing under the laws of the Republic
of France with a capital of €300,000 having its registered office at 2 Place Jean Millier, La Défense 6, 92400 Courbevoie, France, for a term that will expire on December 13, 2103, with the Registry of Commerce and Companies
(Registre du commerce et des sociétés) of Nanterre under No. 479 858 854 (herein called the “Company”, which term includes any successor or substitute corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [            ]
(U.S.$[            ]) on June 29, 2060 and to pay interest thereon from June 29, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on June 29 and December 29 of each year (each an “Interest Payment Date”), commencing December 29, 2020, at the rate of 3.386% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such 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 Regular Record Date for such interest, which shall be June 14 or December 14 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this 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 shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. 

  
 B-1 

 If any deduction or withholding for any present or future taxes, assessments or other governmental charges
of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Company is incorporated, shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority thereof or
therein) in respect of any amounts to be paid by the Company of principal of or interest on a Security of any series, then the Company will pay to the Holder of a Security of such series such additional amounts as may be necessary in order that the
net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is otherwise entitled; provided, however, that the Company shall
not be required to make any payment of additional amounts for or on account of: 
  

	(a)	 any tax, assessment or other governmental charge which would not have been imposed but for (i) the
existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and
the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being
or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where
presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	(b)	 any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other
governmental charge; 

  

	(c)	 any tax, assessment or other governmental charge that is payable otherwise than by withholding from payments of
(or in respect of) principal of, or any interest on, the Securities of such series; 

  

	(d)	 any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the
Holder or the beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or
satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part
of such tax, assessment or other governmental charge; 

  

	(e)	 any tax, assessment or other governmental charge which such Holder would have been able to avoid by presenting
such Security to another Paying Agent; or 

  

	(f)	 any combination of items (a), (b), (c), (d) and (e) above; nor shall additional amounts be paid with
respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the
laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial
owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

 Furthermore, any amounts to
be paid by the Company on the debt securities will be paid net of any FATCA Withholding. The Company will not be required to pay additional amounts on account of any FATCA Withholding. 

  
 B-2 

 The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of
any amount to be paid by the Company of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor
or substitute Person to the Company is organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Company pursuant to Section 801, for or on account
of any taxes, assessments or governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the Company’s being treated as engaged in
a trade or business, or having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent establishment. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the Corporate Trust Office of the Trustee, as Paying Agent, in
The City of New York, 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; provided, however, that at the option of the Company 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. 
 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 referred to on the reverse hereof by manual signature, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [Signature pages follow.] 

  
 B-3 

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

Dated: June 29, 2020 
  

			
	TOTAL CAPITAL INTERNATIONAL
	 By:
	 	TOTAL FINANCE CORPORATE SERVICES LIMITED

  

			
	By	 	  

	 Name:
	 	Antoine Larenaudie
	 Title:
	 	Authorized Signatory of Total Finance Corporate Services Limited

 Attest: 
  

			
	  

	Name:	 	Vincent Simonet
	 Title:
	 	Authorized Signatory

  
 B-4 

 Trustee’s Certificate of Authentication 

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

Dated: June 29, 2020 
  

	
	THE BANK OF NEW YORK MELLON,
	LONDON BRANCH
as Trustee

  

			
	By	 	  

	 Authorized Signatory

  
 B-5 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued outside
France in one or more series under an Indenture, dated as of February 17, 2012, as supplemented by the first supplemental indenture, dated February 19, 2019 and the fourth supplemental indenture dated June 29, 2020 (herein called the
“Indenture”), among the Company, as issuer, TOTAL S.A., as Guarantor (herein called the “Guarantor”), and The Bank of New York Mellon, acting through its London Branch, as Trustee (herein called the “Trustee”, which
term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the
Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in
aggregate principal amount to U.S.$800,000,000. 
 The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’
notice by mail, as follows: (A) prior to December 29, 2059 (six months prior to the Stated Maturity), the Company has the right to redeem the 2060 notes in whole or in part, at any time and from time to time, at a redemption price (the
“Optional Make-Whole Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on
the Securities to be redeemed that would be due if such 2060 Notes matured on December 29, 2059 (six months prior to the Stated Maturity) (not including any portion of payments of interest accrued to the relevant redemption date (any such date,
the “Redemption Date”)) discounted to the relevant Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus accrued and unpaid
interest to (but excluding) the relevant Redemption Date and (B) on or after December 29, 2059 (six months prior to Stated Maturity), the Notes shall be redeemable in whole or in part, at any time and from time to time, at a redemption
price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to (but excluding) the Redemption Date. 

For purposes of determining the Optional Make-Whole Redemption Price, the following definitions are applicable. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated
(on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, the
average of the Reference Treasury Dealer Quotations for such Redemption Date. 
 “Quotation Agent” means one of the Reference Treasury Dealers
appointed by Total Capital International and TOTAL S.A. The quotation agent will determine the applicable make-whole premium and deliver such determination to Total Capital International and TOTAL S.A., with a copy to the Trustee. 

“Reference Treasury Dealer” means each of Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities
Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC and a primary U.S. government securities dealer selected by each of Credit Agricole Securities (USA) Inc., MUFG Securities Americas Inc. and Standard Chartered Bank or their
respective affiliates which are primary U.S. government securities dealers, and their respective successors, and three other primary U.S. government securities dealers selected by Total Capital International

  
 B-6 

 
and TOTAL S.A., provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), Total
Capital International and TOTAL S.A. shall substitute therefore another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means
with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption Date. 

Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

“Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking or trust institutions in The City
of New York are authorized generally or obligated by law, regulation or executive order to close. 
 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. 

In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof. 
 This Security is also redeemable prior to Stated Maturity as permitted under Section 1108
(“Optional Redemption Due to Changes in Tax Treatment”); the date specified for the Securities of this series, for the purpose of said Section 1108, is June 29, 2020. 

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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company or the Guarantor, or both, with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this 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. 
 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 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 as Trustee and offered the Trustee reasonable indemnity, 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 or provided for herein. 

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. 

  
 B-7 

 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 premium, if any) 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 attorney duly authorized in writing, and thereupon one or more
new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of U.S.$2,000 and any integral multiple of U.S.$1,000. 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 of a different authorized denomination, as requested by the
Holder surrendering the same. 
 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 Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to Section 307 of the
Indenture), whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture provides that the Company and the Guarantor, at the Guarantor’s option, (a) will be discharged from any and all obligations in respect
of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with
certain restrictive covenants of the Indenture, in each case if the Company or the Guarantor deposits, in trust, with the Trustee money or U.S. Government Obligations which, through the payment of interest thereon and principal thereof in accordance
with their terms, will provide money, in an amount sufficient to pay all the principal (including any mandatory sinking fund payments) of, and premium, if any, and interest on, the Securities on the dates such payments are due in accordance with the
terms of such Securities and Guarantee, and certain other conditions are satisfied. 
 All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 

  
 B-8 

 GUARANTEE OF TOTAL S.A. 

For value received, TOTAL S.A., a société anonyme duly organized and existing under the laws of the Republic of France (herein called the
“Guarantor”, which term includes any successor corporation under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby unconditionally guarantees to the Holder of the Security upon which this Guarantee is
endorsed and to the Trustee referred to in such Indenture due and prompt payment of the principal of (and premium, if any) and interest (including additional amounts) on such Security, when and as the same shall become due and payable, whether at
the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture referred to therein. In case of the failure of Total Capital International, a société
anonyme duly organized and existing under the laws of the Republic of France (herein called the “Company”, which term includes any successor corporation under such Indenture) punctually to make any such principal, premium or interest
(including additional amounts) payment, the Guarantor hereby agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption
or otherwise, and as if such payment were made by the Company. 
 The Guarantor hereby further agrees, subject to the limitations and exceptions set forth
below, that if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any political subdivision or taxing authority thereof or therein) in which the Guarantor is incorporated,
shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority thereof or therein) in respect of any amounts to be paid by the Guarantor under this Guarantee, the Guarantor will pay to the Holder of a
Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such
Holder is otherwise entitled; provided, however, that the Guarantor shall not be required to make any payment of additional amounts for or on account of: 
  

	(a)	 any tax, assessment or other governmental charge which would not have been imposed but for (i) the
existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and
the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being
or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where
presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

 

	(b)	 any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other
governmental charge; 

  

	(c)	 any tax, assessment or other governmental charge that is payable otherwise than by withholding from payments of
(or in respect of) principal of, or any interest on, the Securities of such series; 

  

	(d)	 any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the
Holder or the beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or
satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part
of such tax, assessment or other governmental charge; 

  

	(e)	 any tax, assessment or other governmental charge which such Holder would have been able to avoid by presenting
such Security to another Paying Agent; or 

  
 B-9 

	(f)	 any combination of items (a), (b), (c), (d) and (e) above; nor shall additional amounts be paid with
respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the
laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial
owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

 Furthermore, any amounts to
be paid by the Guarantor on the debt securities will be paid net of any FATCA Withholding. The Guarantor will not be required to pay additional amounts on account of any FATCA Withholding. 

Additionally, if under the terms of the debt securities the Company is not required to pay any additional amounts, then the Guarantor shall not be required to
pay additional amounts under the guarantee. 
 The foregoing provisions shall apply mutatis mutandis to any withholding or deduction in respect of
any amount to be paid by the Guarantor of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any
successor to the Guarantor is organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Guarantor pursuant to Section 801, for or on account of any
taxes, assessments or governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the Guarantor’s being treated as engaged in a
trade or business, or having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent establishment. 

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be absolute and
unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any waiver, modification or
indulgence granted to the Company with respect thereto, by the Holder of such Security or such Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided,
however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security or the interest rate thereon or increase any premium payable
upon redemption thereof. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company, protest
or notice with respect to such Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of (and premium, if any) and interest on
such Security. This Guarantee is a guarantee of payment and not of collection. 
 The Guarantor shall be subrogated to all rights of the Holder of such
Security against the Company in respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon, such right of subrogation until the principal of (and premium, if any) and interest on all Securities of the same series issued under such Indenture shall have been paid in full. 

No reference herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the Guarantor, which is
absolute and unconditional, of the due and punctual payment of the principal of (and premium, if any) and interest on the Security upon which this Guarantee is endorsed at the times, place and rate, and in the cash or currency prescribed therein.

 This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication of such Security shall have been manually
executed by or on behalf of the Trustee under such Indenture. 

  
 B-10 

 All terms used in this Guarantee which are defined in such Indenture shall have the meanings assigned to
them in such Indenture. 
 [Signature page follows.] 

  
 B-11 

 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be signed manually or in facsimile by a
person duly authorized in that behalf. 
 Dated: June 29, 2020 

 

			
	TOTAL S.A.
	 By
	 	
		 	  

	 Name:
	 	Antoine Larenaudie
	 Title:
	 	Group Treasurer

 Attest: 
  

			
	  

	 Name:
	 	Vincent Simonet
	 Title:
	 	Authorized Signatory

  
 B-12

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