Document:

EX-10.9

  
 Exhibit 10.9

EMPLOYMENT AGREEMENT
 This Agreement (the "Agreement") entered into as of this 1st day of June, 2018, (the "Effective Date") by
and between Village Farms, L.P., a Delaware limited partnership (the "Partnership"); and        Bret T. Wiley (the "Employee").  The Partnership and the Employee are referred to herein collectively as
"Parties" and individually as "Party."
 WHEREAS, the Partnership desires to employ the Employee upon the terms and conditions set forth in this Agreement; and

WHEREAS, the Employee desires to serve as Senior Vice President of Sales and Sales Operations of the Partnership upon the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual promises contained herein, the Partnership and the Employee agree as follows:
 SECTION 1. Employment Duties
 The Partnership hereby employs the Employee, and the Employee hereby accepts employment with the Partnership, upon the
terms and conditions set forth in this Agreement.  During the Term (as defined in Section 2 below), the Employee shall serve as the Partnership's Senior Vice President of Sales and Sales Operations, as well as in such other
positions or capacities as may be reasonably requested by the Chief Executive Officer of the Partnership (the "CEO) (including, without limitation, serving as an officer of, or member of any committee of, the Partnership and/or any of the
Related Companies (as defined in Section 2 below)) and shall have such powers, duties and responsibilities as are provided from time to time or that may be assigned by the CEO consistent with such position(s).  The Employee agrees to
(a) devote substantially all of his business time to the business affairs of the Partnership and the Related Companies as directed by the Partnership, (b) perform all duties and fulfill all responsibilities incident to his
employment in a manner reasonably expected of management in similar positions, (c) comply with the Partnership's policies and procedures in place from time to time, and (d) serve the Partnership faithfully and to the best of his
ability.  The Employee's services under this Agreement shall be subject to reasonably necessary travel requirements of his position(s) and duties hereunder.  The Employee shall be responsible for all facets of the Partnership's global
sales programs or other duties that maybe assigned by the CEO.  The foregoing shall not be construed to prohibit the Employee from (i) sitting on boards of directors of companies that are not engaged in a Competitive Business (as
defined in Section 5 below) or engaging in charitable activities, provided that such board membership and/or charitable activities do not inhibit, conflict with or prohibit the performance of the Employee's duties hereunder or inhibit or
conflict with the business of the Partnership or any of the Related Companies, and (ii) satisfying military obligations.
 SECTION 2.
TERM
 The Employee's term of employment under this Agreement shall run from the Effective Date for a period of two (2) years (the "Term"), unless sooner terminated as provided
hereunder.  If (a) the Term is not extended for a two-year period following its expiration, or (b) the Parties do not enter into a new employment agreement reasonably acceptable to all Parties (as applicable,
"Non-Renewal"), the Employee shall continue to receive the Employee's then-current salary and benefits for sixty days following the expiration of the Term.
 SECTION 3.
Compensation and Benefits
 
 For all services to be rendered by the Employee in any
capacity during the Term, including, without limitation, services for the Partnership and its Parent, subsidiaries, affiliates or divisions (collectively, the "Related Companies"), the Partnership will pay and provide to the Employee, the
following (subject, in each case, to the provisions of Section 4 below):

a) Salary.  During the Term, the Partnership shall pay to the Employee a base
salary at a rate of $275,000 on an annualized basis (the "Base Salary"), which Base Salary will be reviewed periodically and subject to the granting of such other compensation, if any, as the CEO, in his discretion, may approve. 
Base Salary payments shall be made to the Employee in a manner consistent with the payroll policies of the Partnership.
 b) Short Term Incentive Plan.  For each fiscal year ending during the Term, Employee shall be eligible to earn an annual short term incentive performance bonus
(the "STIP Bonus") in addition to the Employee's Base Salary.  The maximum STIP Bonus will be up to 30% of the Employee's Base Salary.  The payment of any STIP Bonus will be on or before three (3) months following the Partnership's
fiscal year end.  The STIP Bonus for a fiscal year is not earned until the date that it is paid or payable.  Accordingly, in order for the Employee to be eligible to receive the STIP Bonus with respect to a fiscal year, the Employee must
be employed by the Partnership on the date that such STIP Bonus is paid or payable. 

c) ParentCo Share-based Compensation Plan.  During the Term, the Employee shall be
eligible to participate in the ParentCo's ("Parent-Co") Share-based Compensation Plan dated    January 1, 2010 or any similar successor equity compensation plan as may be in place from time to time (the "Share-based Compensation
Plan"). Awards under the Share-based Compensation Plan are discretionary and can only be granted by the Compensation Committee of ParentCo's Board of Directors.  Such awards, if any, will be subject to the terms and conditions established
within the Plan and a separate award agreement between the Employee and the Parent-Co that sets forth the terms of the award. 
 d) Fringe Benefits.  During the Term, the Employee shall be entitled to participate in all employee benefit plans and programs (excluding severance plans, if
any) made available by the Partnership for the benefit of its managerial employees at the Employee's level or to its employees generally, in each case, to the extent permissible under the general terms and provisions of such plans or programs
and in accordance with the provisions thereof.  The Partnership may amend, modify or rescind any employee benefit plan or program and/or change employee contribution amounts to benefit costs without notice in its discretion. 

e) Business Expenses.  The Employee shall be entitled to receive reimbursement by
the Partnership, subject to such requirements with respect to substantiation and documentation as may be reasonably specified by the Partnership, for all reasonable and necessary travel and other business expenses incurred by the Employee in the
performance of his duties hereunder.  The Employee must adhere to the Partnership's policies and procedures for travel & entertainment to receive the requested reimbursement.

f) Vacation.  During the Term, Employee shall be entitled to twenty (20) paid
vacation days per calendar year, which vacation days shall accrue, and may be used, in accordance with the policies of the Partnership in place from time to time.  The Employee may not carry-over more than five (5) accrued vacation days from
one calendar year to the next calendar year.
 g) Personal Days, Etc.  The
Employee will be entitled to as many holidays, sick days and personal days as are in accordance with the Partnership's policy then in effect generally for its management, and such days off work will be taken at the same times as any such days off
work are taken by the Employee pursuant to any employment agreement the Employee may have with any of the Related Companies (if any).
  
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 h) Moving Expenses.  If the Partnership and Employee mutually agree that the Employee should change his primary office location to Florida, the Partnership will
reimburse Employee for reasonable moving expenses.  A budget will be prepared and approved by the CEO prior to any expenses being incurred or reimbursed.   
 SECTION 4. Termination

a) Notwithstanding the provisions of Section 2 of this Agreement, the
Employee's employment under this Agreement shall terminate by either the Partnership or the Employee pursuant to Section 4(b) below.
 b) Events of Termination.  This Agreement and the Employee's employment with Partnership shall terminate upon the occurrence of any one or more of the following
events:
 i. Death.  In the event of the Employee's death
("Death"), this Agreement and the Employee's employment with the Partnership shall automatically terminate on the date of Death.
 ii. Disability.  If the Employee, due to physical or mental illness, is unable to perform the essential functions of the Employee's duties (with or without
reasonable accommodation) for a continuous period of ninety (90) days or non-continuous period of one hundred twenty (120) days in any 12-month period ("Disability"), the Partnership may terminate this Agreement and the Employee's
employment with the Partnership upon written notice of termination to the Employee ("Disability Termination Notice").  It is understood and agreed that return to work for brief periods, not exceeding five three-day periods during the
90-day period, shall not be deemed to have eliminated the continuity of the 90-day period.  If any question arises as to whether the Employee is unable to perform the essential functions of his duties (with or without reasonable
accommodations) due to physical or mental illness, the Employee shall submit to an examination by a physician selected by the mutual agreement of the Partnership and the Employee, at the Partnership's expense.  The decision of the physician
shall be certified in writing to the Partnership, shall be sent by the Partnership to the Employee or the Employee's representative, and shall be conclusive for purposes of this Agreement.  If within twenty (20) days after the Partnership's
request, the Employee shall fail to submit to a physical examination, a determination by the Partnership shall be conclusive.  A termination due to Disability shall be effective immediately (or such later date that may be set forth in the
written notice of termination to the Employee). 
 iii. Termination by the
Partnership for Cause.  The Partnership may terminate this Agreement and Employee's employment with the Partnership for Cause (as defined herein) upon the Partnership giving written notice of termination to the Employee.  The
following acts or omissions by the Employee shall constitute "Cause" for immediate termination of this Agreement: (A) conduct by the Employee constituting a felony or other crime involving dishonesty, theft or an act of moral
turpitude; (B) conduct of the Employee which is materially injurious, or reasonably likely to be materially injurious, to the Partnership or any Related Companies, monetarily or otherwise; (C) an act or acts of dishonesty by the
Employee involving the Partnership or any Related Companies; (D) willful misconduct or gross negligence in the performance of the Employee's duties under this Agreement, (E) refusal by the Employee to perform his duties hereunder and,
to the extent that such refusal or failure is subject to cure (as determined by the Partnership in its reasonable discretion) failure of the Employee to cure same within thirty (30) days after notice thereof to the Employee; provided,
however, that no such notice and opportunity shall be required if the same refusal or failure occurs by the Employee after the initial refusal or failure has been cure; (F) any breach of the Employee's obligations under Section 5 of this
Agreement, or (G) a material breach by the Employee of any of the other provisions of this Agreement and, to the extent that such breach is subject to cure (as determined by the Partnership in its reasonable discretion) failure of the
Employee to cure same within thirty (30) days after notice thereof to the Employee; provided, however, that no such notice shall be required if the same breach occurs by the Employee after the initial breach has been cured.  A termination for
"Cause" shall be effective immediately (or on such later date set forth in the written notice of termination to the Employee). 
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 iv. Termination by the Partnership Without Cause.  The Partnership may terminate this Agreement and the Employee's employment with the Partnership at any time
Without Cause (as defined below) by giving written notice of termination to the Employee. As used in this Agreement, ("Without Cause") means a termination of this Agreement and the Employee's employment by the Partnership for any
reason or no reason (other than Cause or due to the Employee's Death or Disability).  A termination "Without Cause" shall be effective immediately (or on such later date set forth in the written notice of termination to the
Employee). 
 v. Voluntary Termination by the Employee. The Employee may
terminate this Agreement and the Employee's employment with the Partnership for any reason or no reason ("Voluntary Termination") by giving at least thirty (30) days prior written notice of Voluntary Termination to the Partnership; provided,
however, the Partnership reserves the right, upon written notice to the Employee, to accept the Employee's notice of Voluntary Termination and to accelerate such notice and make the Employee's Voluntary Termination effective immediately or on such
other date prior to the Employee's intended last day of work as the Partnership deems appropriate.  It is understood and agreement that the Partnership's election to accelerate the Employee's notice of Voluntary Termination shall not be deemed
a termination by the Partnership. The Employee's Voluntary Termination shall be effective as of the date set forth in the Employee's written notice of Voluntary Termination (or such earlier date set forth in the acceleration notice from the
Partnership, if any). 
 vi. Termination for Good Reason by Employee. 
The Employee may terminate this Agreement and the Employee's employment with the Partnership for Good Reason (as defined below) by giving written notice of termination for Good Reason within thirty (30) days after the expiration of the Good
Reason Cure Period (defined below); provided, however, the Partnership reserves the right, upon written notice to the Employee, to accept the Employee's notice of termination for Good Reason  and to accelerate such notice and make the
Employee's termination for Good Reason effective immediately or on such other date prior to the Employee's intended last day of work as the Partnership deems appropriate.  It is understood and agreed that the Partnership's election to
accelerate the Employee's notice of termination for Good Reason shall not be deemed a termination by the Partnership. For purposes of this Agreement, "Good Reason" shall mean the occurrence, without the Employee's prior consent of: (A)
a change materially adverse to the Employee in the nature or scope of his position, functions, responsibilities or duties (B) the Partnership's breach of any material provision of this Agreement, as defined herein.  However, clauses (A)
or (B) of this Section shall constitute "Good Reason" only if (i) the Employee provides the Partnership with written notice of the Employee's objection to such act or event within thirty (30) days after such event first occurs,
(ii) the Partnership is afforded an opportunity to cure such event within thirty (30) days after the Partnership's receipt of such notice (the "Good Reason Cure Period"), and (iii) during the Good Reason Cure Period, the
Employee cooperates in good faith with the Partnership's efforts to cure such event. For purposes of clarification, if the Partnership cures the Good Reason event during the Good Reason Cure Period, Good Reason shall not be deemed to have
occurred.  The Employee's resignation for Good Reason shall be effective as of the date set forth in the Employee's notice of resignation for Good Reason to the Partnership (or such earlier date set forth in the acceleration notice from the
Partnership, if any).
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c) Termination Benefits.

i. If the Employee's employment is terminated due to Cause, Voluntary
Termination, Death or Disability, then this Agreement and the Employee's employment with the Partnership shall terminate and the Partnership's sole obligation to the Employee (or the Employee's estate, heirs, executors, administrators,
representatives and assigns) under this Agreement or otherwise shall be to: (A) pay to the Employee any Base Salary earned, but not yet paid, prior to the effective date of termination, payable in accordance with the Partnership's
standard payroll practices; (B) reimburse the Employee for any expenses incurred by the Employee through the date of termination in accordance with Section 3(f) above; (C) pay to the Employee (or the Employee's estate, heirs,
executors, administrators, representatives and assigns) a "Death Benefit" in the amount equivalent to six (6) months' salary (less applicable withholdings and customary payroll deductions, excluding 401(k) contributions); and
(D) pay and/or provide any amounts or benefits that are vested amounts or vested benefits or that the Employee is otherwise entitled to receive under any plan, program, policy or practice (with the exception of those, if any, relating to
severance) on the effective date of termination, in accordance with such plan, program, policy, or practice (clauses (A), (B), (C) and (D) of this sentence are collectively referred to herein as the "Accrued Obligations").

ii. If the Employee's employment is terminated by the Partnership Without Cause, or is
terminated by the Employee for Good Reason, then this Agreement and the Employee's employment hereunder shall terminate and the Partnership's sole obligation to the Employee (or the Employee's estate, heirs, executors, administrators,
representatives and assigns) under this Agreement or otherwise shall be to: (A) pay and/or provide to the Employee the Accrued Obligations, in accordance with the terms set forth in Section 4(c)(i) above; and (B) subject to Section
4(c)(iii) below, during the Salary Continuation Period (as defined below) continue to pay to the Employee his Base Salary at the rate in effect immediately prior to the effective date of termination (the "Salary Continuation
Payments"). As used herein, the "Salary Continuation Period" means the period beginning on the day following the effective date of termination and ending on the twelve (12) month anniversary of the effective date of termination. 
Subject to Section 4(c)(iv) below, the Salary Continuation Payments (less applicable withholdings and customary payroll deductions, excluding 401(k) contributions) shall be payable in substantially equal installments in accordance with the
Partnership's customary payroll practices and procedures, commencing on the next regular pay date following the 8th day after the Employee's execution and delivery of the Release (as defined in Section 4(c)(iii) below); provided, however, the
first payment of the Salary Continuation Payments shall include the cumulative amount of payments that would have been paid to the Employee during the period of time between the effective date of termination and the date the Salary Continuation
Payments commence had such payments commenced immediately following the effective date of termination.   
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 Notwithstanding anything set forth in this Section 4(c)(ii) to the contrary,
in the event of a breach by the Employee of his obligations under Section 5 of this Agreement or any material breach by the Employee of his obligations under the Release and in addition to any other remedies under this Agreement, the Release or at
law or in equity, the Salary Continuation Period shall terminate as of the date of such breach and the Partnership shall have no further obligations under this Section 4(c)(ii) other than to pay the Accrued Obligations (to the extent not
previously paid) and the Employee shall be required, upon demand, to return to the Partnership ninety percent (90%) of any Salary Continuation Payments made by the Partnership pursuant to this Section 4(c)(ii).

iii. The Salary Continuation Payments shall be contingent upon the Employee's execution,
delivery within 21 days (or 45 days in the case of a group termination) following receipt, and non-revocation of a general release in a form satisfactory to the Partnership (the "Release").  The Release will be delivered to the
Employee within ten (10) business days following the effective date of termination and will include, without limitation, a general release from all liability of the Partnership, the Related Companies, each of their respective officers, directors,
shareholders, partners, managers, agents, employees and other related parties. Notwithstanding anything to the contrary contained herein, in the event that any payment hereunder is contingent upon the Employee's execution and delivery of the Release
and the 21 (or 45 day) period covers more than one calendar year, the payment shall be paid in the second calendar year (on the first regular pay date of such calendar year following the date that the Release becomes effective and is no
longer subject to revocation, all subject to Section 4(c)(iv) below), regardless of whether the Employee executes and delivers the Release in the first or the second calendar year encompassed in such 21 (or 45) day period.

iv. Notwithstanding anything set forth in Section 4(c)(ii) above to the contrary, if necessary
to comply with the restriction in Section 409A(a)(2)(B) of the Internal Revenue Code of 1986, as amended (the "Code") concerning payments to "specified employees," any payment on account of the Employee's separation from service that
would otherwise be due hereunder within six (6) months after such separation shall nonetheless be delayed until the first business day of the seventh month following the Employee's date of termination and the first such payment shall include the
cumulative amount of any payments that would have been paid prior to such date if not for such restriction, together with interest on such cumulative amount during the period of such restriction at a rate, per annum, equal to the applicable federate
short-term rate (compounded monthly) in effect under Section 1274(d) of the Code on the date of termination.  For purposes of Section 4 of this Agreement, the Employee shall be a "specified employee" for the 12-month period
beginning on the first day of the fourth month following each "Identification Date" if the Employee is a "key employee" (as defined in Section 416(i) of the Code without regard to Section 416(i)(5) thereof) of the Partnership at any
time during the 12-month period ending on the "Identification Date."  For purposes of the foregoing, the Identification date shall be December 31. 
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 SECTION 5. Nondisclosure,
Inventions and Noncompetition

a) Nondisclosure and Inventions.

i. Definitions.  For purposes of this Section 5, the following
terms shall have the meanings set forth below.
 "Competitive Business" means any business engaged in providing products and services competitive with those products and services offered
by the Partnership or any Related Companies at the time of termination of Employee's employment.
 "Confidential Information" means all information relating to the Partnership and any
Related Companies and their respective customers and suppliers considered by the Partnership or any Related Companies to be confidential including, without limitation, (a) business plans, research, developments and marketing strategies,
customer names and lists, employee names and information, product and service prices and lines, processes, designs, ideas, formulae, methods, financial information, costs, supplies, pricing information, computer programs, procedures, processes,
methods, systems, strategies, production methods and (b) the Inventions and Trade Secrets (as defined below).  "Confidential Information" shall not include the foregoing that is or becomes (i) in the public domain
other than through acts by the Employee, (ii) already lawfully in the Employee's  possession at the time of disclosure by the Partnership as evidenced by the Employee's  written records, (c) disclosed to the Employee by a
third party who is not prohibited from disclosing the information pursuant to any fiduciary, contractual, or other duty to any Related Companies, or (d) required by law, rule, regulation or court order to be disclosed.

"Inventions" means discoveries, concepts, ideas, methods, formulae, techniques, developments, know-how, inventions, and improvements relating to the business of the Partnership and any of
the Related Companies, whether or not patentable, conceived of or made by Employee at any time, whether before, during, or after business hours, or with the use of the facilities of the Partnership or any of the Related Companies, materials, or
personnel, either solely or jointly with others after the Effective Date and during Employee's  employment by the Partnership.
 "Trade Secrets" means any and all technology and
information relating to businesses of the Partnership or any Related Companies or their respective patents, methods, formulae, software, algorithms, financial models, know-how, designs, products, processes, services, research development,
inventions, systems, engineering, and manufacturing which have been designated and treated as trade secrets by the Partnership or any Related Companies and which provide competitive advantage to the Partnership or any Related Companies.

ii. Confidentiality; Partnership to Own Inventions.

a. Receipt of Confidential Information.  The Employee
acknowledges that during Employee's employment as an Employee of the Partnership and as a result of the confidential relationship with the Related Companies established thereby, the Employee shall be receiving Confidential Information and that the
Confidential Information is a highly valuable asset of the Partnership and Related Companies.           
 b. Protection of Confidential Information.  The Employee shall use Confidential Information solely for their duties with the Partnership and any Related
Companies.  The Employee will not disclose Confidential Information, directly or indirectly, at any time during or after employment by the Partnership except to persons authorized by the Partnership or Related Companies to receive this
information or as required by law.  The Employee will not use Confidential Information, directly or indirectly, at any time during or after employment by the Partnership, for any personal benefit, for the benefit of any other person or entity,
or in any manner adverse to the Partnership or any Related Companies.  
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 c. Return of Confidential Information.  The Employee will immediately return or destroy all materials (including without limitation, written or printed
documents, email and computer disks or tapes, whether machine or user readable, computer memory, and other information reduced to any recorded format or medium) containing, summarizing, abstracting or in any way relating to Confidential
Information.  At the time Employee returns these materials a release will be signed that Employee has complied with the terms of this agreement. 
 d. Disclosure and Ownership.  The Employee shall inform the Partnership promptly and fully of all Inventions by a written report, setting forth in detail a
description of the invention, the procedures used and the results achieved.  All Inventions shall be and remain the sole property of the Partnership or any Related Companies designated by the CEO.  The Employee promptly shall execute and
deliver to the designated Related Companies any instruments deemed necessary by it to effect disclosure and assignment of all Inventions to the designated Related Companies including, without limitation, assignments satisfactory to the designated
Related Companies.  Upon request of the designated Related Companies, during and after the Employee's  employment with the Partnership, the Employee shall execute patent and copyright applications and any other instruments, reasonably
deemed necessary by the designated Related Companies for the prosecution of such patent applications or the acquisition of letters patent or registration of copyrights in the United States and foreign countries based on such Inventions; provided,
however, that if the Employee takes any action in connection with the foregoing obligation after the Employee's  employment with the Partnership is terminated, the designated Related Companies shall compensate the Employee at a reasonable rate
to be agreed upon by the parties and shall promptly reimburse the Employee for any expenses incurred in satisfying such obligation.
 e. Works for Hire.  To the extent the Inventions consist of original works of authorship which are made by the Employee (solely or jointly with others)
within the scope of the Employee's employment and which are protectable by copyright, the Employee acknowledges that all such original works of authorship are "works for hire" as that term is defined in the United States Copyright Act (17
U.S.C., Section 101).
 b) Noncompetition.  In consideration
of the Employee's employment with the Partnership and in consideration of this Agreement, the Employee hereby covenants as follows:
 i. Covenants.  Without the prior written consent of the CEO, during the Employee's tenure with the Partnership and for the Salary Continuation Period, if the
Employee shall leave the employment of the Partnership, whether voluntarily or involuntarily, the Employee shall not directly or indirectly, personally, by agency, as an employee, through a corporation, partnership, limited liability partnership, or
by any other entity, artifice, or device:
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a. own, manage, operate, control, employ or have any financial interest in or consult to, or
lend the Employee's name to any enterprise, partnership, or other entity engaged in a Competitive Business in North America;
 b. assist others in engaging in any Competitive Business in the manner described in the foregoing clause;

c. solicit or service in any way in connection with or relating to a Competitive Business, on
behalf of the Employee or on behalf of or in conjunction with others, any supplier, client, customer, or prospective supplier, client, or customer, who had been serviced by the Partnership or any Related Companies in the one year period immediately
preceding the date of termination, or any prospective supplier, client, or customer to whom a formal business presentation or substantiated offering of services had been made by Partnership within the 12 months immediately preceding the date of
termination; or
 d. actively solicit or induce employees of any of the Partnership or
Related Companies to terminate their employment with the Partnership or such Related Companies or engage in any Competitive Business;
 The covenants in this Section 5(b)(i) shall be specifically
enforceable.  However, the covenants in this Section 5(b)(i) shall not be construed to prohibit the ownership of not more than five percent of the equity of any publicly held entity engaged in a Competitive Business, so long as the Employee is
not otherwise engaged with such entity in any of the other activities specified in clauses (a) through (d).  Notwithstanding the foregoing, if Severance Payments are required to be made to the Employee and the Partnership does not make any such
payments within 30 business days following the date on which the Partnership (by notice to the CEO) is given notice by the Employee that payment was not timely made, then the Employee's obligations under this Section 5(b) shall terminate.

ii. Severability of Covenants.  For purposes of this Section 5(b), the Employee and
the Partnership intend that the above covenants-not-to-compete shall be construed as separate covenants, one for each activity and each geographic area.  If one or more of these covenants are adjudicated to be unenforceable, such unenforceable
covenant shall be deemed eliminated from this Section 5(b) to the extent necessary to permit the remaining separate covenants to be enforced.
 SECTION
6. Conflicting Agreements
 The Employee represents and warrants that he is free to enter into this Agreement, that he has not made and will not make any agreements in conflict with the
Agreement, and that he will not disclose to the Partnership or any Related Companies, nor use for the benefit of the Partnership or any Related Companies, any trade secrets or confidential information that are the property of any former employer or
employers.
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SECTION 7. Indemnification
 The Partnership shall indemnify the Employee for acts
undertaken as an agent of the Partnership or Related Companies to the fullest extent provided under applicable law. 
 SECTION 8.
Assignment
 a) Nonassignability.  Neither this
Agreement nor any right or interest hereunder shall be assignable (i) by the Employee without the prior written consent of the Partnership, or (ii) by the Partnership without the prior written consent of the Employee, except that the
Partnership may assign its rights hereunder in connection with the sale or disposition of the business and assets of the Partnership as a whole or in part.
 b) No Attachment.  Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale,
assignment, encumbrance, charge, pledge or assignment by operation of law; and any attempt, voluntary or involuntary, to effect such action shall be void and of no effect.
 SECTION 9. Binding Agreement
 This Agreement shall be binding upon the Partnership and inure to the benefit of the Partnership, the Related Companies
and their respective successors and permitted assigns (including, without limitation, the purchaser of all or substantially all of the assets of the Partnership or any of the Related Companies).  This Agreement also shall be binding upon
and inure to the benefit of the Employee and the Employee's heirs, administrators and permitted assigns. 
 SECTION 10. Severability

If any provision of this Agreement shall be declared invalid or unenforceable, the remainder of this Agreement, or the application of such provision in circumstances other than those as to which it is
held invalid or unenforceable, shall not be affected thereby, and each provision of this Agreement shall be valid and be enforceable to the fullest extent permitted by law.  If any provision contained in this Agreement shall be held to be
excessively broad as to scope, activity or subject so as to be unenforceable at law, such provision shall be construed by limiting and reducing it so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

SECTION 11. Notice
 All notices or other communications which are required or permitted to
be given to the parties under this Agreement shall be sufficient in all respects only if given in writing and delivered in person, by telecopy, by overnight courier, or by certified mail, postage prepaid, return receipt requested, to the receiving
party and the current business or home address.  Notice shall be deemed given on the date of delivery, in the case of personal delivery or telecopy, or on the delivery or refusal date, as specified on the return receipt, in the case of
overnight courier or certified mail.
 SECTION 12. Waivers
 The failure of any Party to
require the performance of any term or obligation of the Agreement, or the waiver by any Party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent
breach.
 SECTION 13. Entire Agreement
 This Agreement constitutes the entire
understanding of the Employee and the Partnership with respect to the Employee's employment.  As of the Effective Date, this Agreement supersedes any prior agreement or arrangement (whether written or oral) relative to the Employee's
employment with the Partnership.  No modification or waiver of any provisions of this Agreement shall be made unless made in writing and signed by the Employee and by such other person on behalf of the Partnership as the CEO may designate for
such purpose.
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SECTION 14. Governing Law
 Any and all actions or controversies arising out of this
Agreement, Employee's employment with the Partnership or the termination hereof or thereof, including, without limitation, tort claims, shall be construed and enforced in accordance with the internal laws of the State of Florida without regard to
the choice of law principles thereof. 
 SECTION 15. Arbitration
 Except with
respect to the Partnership's and Employee's right to seek injunctive or other equitable relief (including, without limitation, pursuant to Section 5 above) or claims by the Employee for workers' compensation or unemployment compensation, any
dispute, controversy or claim based upon, arising out of or relating to the interpretation and performance of this Agreement, the Employee's employment with the Partnership or any termination hereof or thereof or any matter relating to the foregoing
shall be solely submitted to and finally settled by arbitration by a single arbitrator in accordance with the then-current rules of the American Arbitration Association ("AAA"), including, without limitation, claims for discrimination under
any applicable federal, state or local law or regulation.  Any such arbitration shall be conducted in the Florida office of the AAA located closest to the Partnership's Florida office.  The single arbitrator shall be appointed from the
AAA's list of arbitrators by the mutual consent of the Parties or, in the absence of such consent, by application of any Party to the AAA. A decision of the arbitrator shall be final and binding upon the Parties. The Parties agree that this Section
15 shall be grounds for dismissal of any court action commenced by either Party with respect to this Agreement, other than (i) post-arbitration actions seeking to enforce an arbitration award and the Party against whom enforcement is sought
shall bear the expenses, including attorneys' fees, of enforcement, and (ii) actions seeking appropriate equitable or injunctive relief, including, without limitation, pursuant to Section 5 above.  The Partnership shall pay the pay the
fees of the arbitrator and each Party shall be responsible for his/its own legal fees, costs of its experts and expenses of his/its witnesses. The arbitrator's remedial authority shall equal the remedial power that a court with competent
jurisdiction over the Parties and their dispute would have.  Any award rendered shall be a reasoned award in writing and shall be final, binding and conclusive (without the right to an appeal, unless such appeal is based on fraud by the
other Party in connection with the arbitration process) upon the Parties and any judgment on such award may be enforced in any court having jurisdiction, unless otherwise provided by law.  The Partnership and Employee acknowledge that it is
the intention of the parties that this Section 15 shall apply to all disputes, controversies and claims, including, without limitation, any rights or claims the Employee may have under the Age Discrimination in Employment Act of 1967, the Americans
with Disabilities Act, Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Florida Civil Rights Act, the Florida Equal Pay Law, the Florida Human Rights Act and all other federal, state or local laws, rules or regulations relating to
employment discrimination or otherwise pertaining to this Agreement, Employee's employment or termination thereof. THE PARTNERSHIP AND EMPLOYEE KNOWINGLY AND VOLUNTARILY AGREE TO THIS ARBITRATION PROVISION AND ACKNOWLEDGE THAT ARBITRATION SHALL
BE INSTEAD OF ANY CIVIL LITIGATION, MEANING THAT EMPLOYEE AND THE PARTNERSHIP ARE EACH WAIVING ANY RIGHTS TO A JURY TRIAL. 
 SECTION 16.
CAPTIONS
 The captions set forth in this Agreement are for convenience only, and shall not be considered as part of this Agreement or as in any way limiting or amplifying the terms and
provisions hereof.
  11
 
 

SECTION 17. 409A COMPLIANCE
 a) This Agreement is intended to comply with the requirements of Section 409A of the Code ("Section 409A") and regulations promulgated thereunder.  To the extent
that any provision in this Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments due under this Agreement shall comply with Section 409A.  For purposes of section 409A,
each payment made under this Agreement shall be treated as a separate payment.  In no event may the Employee, directly or indirectly, designate the calendar year of payment.  Notwithstanding anything contained herein to the contrary, the
Employee shall not be considered to have terminated employment with Employer for purposes of Section 4 hereof unless he would be considered to have incurred a "termination of employment" from the Employer within the meaning of Treasury
Regulation §1.409A-1(h)(1)(ii).
 b) All reimbursements provided under this Agreement
shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Employee's lifetime (or during a shorter period of
time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an
eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit.

c) The Employee acknowledges that, while the Parties endeavor to have the Agreement comply with
the requirements of Section 409A, any tax liability incurred by the Employee under Section 409A is solely the responsibility of the Employee.
 SECTION
18. LEGAL COUNSEL
 The Employee represents that the Partnership has previously recommended that the Employee engage counsel to assist him in reviewing this Agreement and all other
matters relating to the Employee's employment relationship with the Employer.  The Employee acknowledges that, prior to executing this Agreement; the Employee has been given a reasonable opportunity to review the Agreement and to consult with
counsel as to its content and is entering into this Agreement freely and voluntarily.  The Partnership and the Employee shall each bear their own costs and expenses in connection with the negotiation and execution of this Agreement.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
  12
 

 IN WITNESS WHEREOF, the Parties have signed, sealed and delivered this Agreement as of
the date first written above and below.
  

	 	VILLAGE FARMS, L.P.
	 	 	 
	 	By:	 Village Farms of Delaware, L.L.C.
       General Partner
 
	 	 	 
	 	By:	 Agro Power Development, Inc.
       Managing Member
 
	 	 	 
	 	By:	 
	 	 	Michael A. DeGiglio, Chief Executive Officer
	 	 	 
	 	Employee:
	 	 
	 	 
	 	Bret T. Wiley

 13Exhibit 4.1

 

OMNICOM GROUP INC.

as Issuer

SECOND SUPPLEMENTAL INDENTURE

Dated as of April 1, 2020

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Trustee

Debt Securities

    

    

    

Second Supplemental Indenture dated
as of April 1, 2020 (the “Second Supplemental Indenture”) between Omnicom Group Inc., a New York corporation
(the “Issuer”) and Deutsche Bank Trust Company Americas, a New York banking corporation, as Trustee (the “Trustee”).

W I T N E S S E T H:

               WHEREAS,
the Issuer and the Trustee executed and delivered an indenture dated as of February 21, 2020 (the “Indenture”)
to provide for the issuance by the Issuer from time to time of Securities to be issued in one or more Series as provided in the
Indenture;

WHEREAS, the issuance and sale of up
to $600,000,000 aggregate principal amount of a Series of the Issuer’s 4.200% Senior Notes due 2030 (the “Securities”)
have been authorized by the board of directors of the Issuer;

WHEREAS, the Issuer desires to issue
and sell $600,000,000 aggregate principal amount of the Securities on the date hereof;

WHEREAS, the Issuer desires to enter
into this Second Supplemental Indenture pursuant to Sections 2.2, 2.14.1 and 9.1 of the Indenture to supplement the Indenture to
establish the form and terms of the Securities; and

               NOW,
THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH, that, for and in consideration of the above premises, it is mutually
covenanted and agreed, for the sole, equal and proportionate benefit of all Holders of the Securities, as follows:

ARTICLE
ONE

DEFINITIONS

Section 1.1 Relation to Base
Indenture.    

This Second Supplemental Indenture
constitutes an integral part of the Indenture. In the event of inconsistencies between the Indenture and this Second Supplemental
Indenture, the terms hereof shall govern.

Section 1.2. Definitions.

(a)       All
of the terms used in this Second Supplemental Indenture which are defined in the Indenture shall have the meanings specified in
the Indenture, unless otherwise provided herein or unless the context otherwise requires, and for the purposes of this Second Supplemental
Indenture and the Securities, the following terms have the meanings set forth in this Section:

 

“Below Investment Grade Rating Event”
occurs if both the rating on the Securities is lowered by each of the Rating Agencies and such Securities are rated below Investment
Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change
of Control until the end of the 60-day period following public

    2

    

    

notice of the occurrence of a Change of Control (which period shall
be extended so long as the rating of such Securities is under publicly announced consideration for possible downgrade by any of
the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction
in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if any of the Rating
Agencies making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or
inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change
of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Change of Control” means
the occurrence of any of the following:

 

		(1)	the sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries taken as a whole to any “person”
(as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))
other than to the Issuer or one of its Subsidiaries;

 

		(2)	the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Issuer or one of its wholly
owned Subsidiaries, becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than 50% of the then outstanding shares of the Issuer’s Voting Stock, measured by voting
power rather than number of shares; or

 

		(3)	the adoption of a plan relating to the liquidation or dissolution of the Issuer.

 

Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control if (i) the Issuer becomes a wholly owned Subsidiary of a holding company and
(ii) the holders of the Voting Stock of such holding company immediately following such transaction are substantially the same
as the holders of the Issuer’s Voting Stock immediately prior to such transaction.

 

“Change of Control Offer”
has the meaning specified in Section 3.2 of this Second Supplemental Indenture. 

 

“Change of Control Payment Date”
has the meaning specified in Section 3.2 of this Second Supplemental Indenture.

 

“Change of Control Purchase Price”
has the meaning specified in Section 3.2 of this Second Supplemental Indenture.

 

    3

    

    

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining
term of the

Securities (assuming the Securities matured on the par call date),
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 the Securities (assuming the Securities matured on the
par call date).

 

“Comparable Treasury Price”
means, with respect to any redemption date, the Reference Treasury Dealer Quotations for that redemption date.

 

“Consolidated Net Worth”
means the consolidated net worth of the Issuer, as determined in accordance with GAAP.

 

“Debt” of any person
means, without duplication: (a) all indebtedness of such person for borrowed money; (b) all obligations of such person for the
deferred purchase price of property or services (other than earn-out payment obligations of such person in connection with the
purchase of property or services to the extent they are still contingent); (c) all obligations of such person evidenced by notes,
bonds, debentures or other similar instruments; (d) all obligations of such person created or arising under any conditional sale
or other title retention agreement with respect to property acquired by such person (even though the rights and remedies of the
seller or lender under such agreement in the event of default are limited to repossession or sale of such property); (e) all
obligations of such person as lessee under leases to the extent that such leases have been or should be, in accordance with GAAP,
recorded as finance leases; (f) all obligations, contingent or otherwise, of such person in respect of acceptances, letters of
credit or similar extensions of credit; (g) all obligations of such person in respect of Hedge Agreements; (h) all Debt of others
referred to in clauses (a) through (g) above or clause (i) below and other payment obligations guaranteed, directly or indirectly,
in any manner by such person, or in effect guaranteed, directly or indirectly, by such person through an agreement (1) to pay or
purchase such Debt or to advance or supply funds for the payment or purchase of such Debt, (2) to purchase, sell or lease (as lessee
or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such
Debt or to assure the holder of such Debt against loss, (3) to supply funds to or in any other manner invest in the debtor (including
any agreement to pay for property or services irrespective of whether such property is received or such services are rendered)
or (4) otherwise to assure a creditor against loss; and (i) all Debt referred to in clauses (a) through (h) above secured by (or
for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including,
without limitation, accounts and contract rights) owned by such person, even though such person has not assumed or become liable
for the payment of such Debt.

“GAAP” means generally accepted
accounting principles in the United States of America.

 

“Hedge Agreements” means
interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future
or option contracts and

    4

    

    

other similar agreements.

 

“Investment Grade” means
a rating equal to or higher than Baa3 (or its equivalent under any successor rating categories) by Moody’s and BBB- (or its
equivalent under any successor rating categories) by S&P, or, in each case, if such Rating Agency ceases to rate the Securities
or fails to make a rating of such Securities publicly available for reasons outside of the Issuer’s control, the equivalent
investment grade credit rating by the replacement agency selected by the Issuer in accordance with the procedures described under
clause (2) of the definition of “Rating Agencies.”

 

“Lien” means any lien, security
interest or other charge or encumbrance of any kind, or any other type of preferential arrangement intended to provide security
for the payment or performance of an obligation, including, without limitation, the lien or retained security title of a conditional
vendor and any easement, right of way or other encumbrance on title to real property.

 

“Moody’s” means Moody’s
Investors Service, Inc., and its successors.

 

“par call date” has the meaning
specified in Section 3.1 of this Second Supplemental Indenture.

 

“Permitted Liens” means such
of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall have been commenced: (a) Liens
for taxes, assessments and governmental charges or levies to the extent not yet due and payable, or being contested in good faith
by appropriate proceedings; (b) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmen’s
and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations that are not
overdue for a period of more than 30 days or that are being contested in good faith and by appropriate proceedings that prevent
the forfeiture or sale of the asset subject to such Lien; (c) pledges or deposits to secure obligations under workers’ compensation
laws or similar legislation or to secure public or statutory obligations or, in any such case, to secure reimbursement obligations
under letters of credit or bonds issued to support such obligations; and (d) easements, rights of way and other encumbrances on
title to real property that do not render title to the property encumbered thereby unmarketable or materially adversely affect
the use of such property for its present purposes.

 

“Rating Agencies” means (1)
each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to rate the Securities or fails to make a
rating of the Securities publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical
rating organization,” as defined in Section 3(a)(62) of the Exchange Act, selected by the Issuer as a replacement agency
for Moody’s or S&P, or both of them, as the case may be.

 

“Reference Treasury Dealer”
means each of any three primary U.S. Government securities dealer selected by the Issuer, and their respective successors.

 

“Reference Treasury Dealer Quotations”
means, with respect to the Reference Treasury Dealer and any redemption date, the average, as determined by the Issuer, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal

    5

    

    

amount) quoted in writing to the Issuer by the Reference Treasury
Dealer at 3:30 p.m., New York City time, on the third business day preceding that redemption date.

 

“Remaining Scheduled Payments”
means the remaining scheduled payments of principal of and interest on the Securities that but for the redemption would be due
after the related redemption date through the par call date, assuming the Securities matured on the par call date, not including
any portion of such interest payment accrued as of such redemption date. If that redemption date is not an interest payment date
with respect to the Securities, the amount of the next succeeding scheduled interest payment on the Securities will be reduced
by the amount of interest accrued on the Securities to such redemption date.

 

“S&P” means S&P Global
Ratings, and its successors.

 

“Treasury Rate” means, with
respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the third
business day immediately preceding that redemption date) 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 that redemption date.

 

“Voting Stock” means, with
respect to any person, capital stock of any class or kind the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right so to
vote has been suspended by the happening of such a contingency.

 

 

ARTICLE TWO

THE SECURITIES

Section 2.1. Terms of the Securities.

The Securities shall have the following
terms, established pursuant to Section 2.2 of the Indenture:

2.1.1. Pursuant to Section 2.2.1 of
the Indenture, the title of the Securities to be issued as a Series of Securities under the Indenture shall be the “4.200%
Senior Notes due 2030”;

2.1.2. Pursuant to Section 2.2.2 of
the Indenture, the price or prices at which the Securities of the Series will be issued initially shall be 99.620% of the aggregate
principal amount thereof;

2.1.3. Pursuant to Section 2.2.3 of
the Indenture, the aggregate principal amount of the Securities that may be authenticated and delivered under this Second Supplemental
Indenture initially shall be limited to $600,000,000;

2.1.4. Pursuant to Section 2.2.4 of
the Indenture, 100% of the Securities shall be payable on June 1, 2030;

    6

    

    

2.1.5. Pursuant to Section 2.2.5 of
the Indenture, the Securities shall bear interest at a rate equal to 4.200% per annum; interest on the Securities shall accrue
from April 1, 2020 until the principal thereof is paid or duly provided for; interest on the Securities shall be payable semi-annually
in arrears in cash on June 1 and December 1 of each year, commencing on June 1, 2020 to Holders of record on May 15 and November
15 (whether or not a Business Day) immediately preceding the applicable interest payment date. Interest on the Securities shall
be computed from and including the prior interest payment date (or, in the case of the first interest payment date, from and including
April 1, 2020) to but excluding the next interest payment date on the basis of a 360-day year consisting of twelve 30-day months.
In the event that any principal or interest on the Securities is not paid when due, whether at Maturity or otherwise, then except
to the extent permitted by law such overdue principal and interest shall bear interest until paid at the rate of interest set forth
in this Section 2.1.5 of this Second Supplemental Indenture, compounded semi-annually;

2.1.6. Pursuant to Section 2.2.6 of
the Indenture, the place or places where the principal of and interest in the Securities shall be payable shall be as set forth
in the Securities, the form of which is attached hereto as Exhibit A;

2.1.7. Pursuant to Section 2.2.7 of
the Indenture, the Securities shall be subject to redemption at the option of the Issuer as set forth in Article III of the Indenture,
as modified by Section 3.1 of this Second Supplemental Indenture;

2.1.8. Pursuant to Section 2.2.8 of
the Indenture, the Issuer shall not be obligated to redeem or purchase the Securities pursuant to any sinking fund or at the option
of a Holder thereof prior to the Maturity;

2.1.9. Pursuant to Section 2.2.9 of
the Indenture, the Issuer shall not be obligated to redeem or purchase the Securities pursuant to any repurchase obligations or
at the option of a Holder thereof prior to the Maturity, except pursuant to Section 3.2 of this Second Supplemental Indenture;

2.1.10. Pursuant to Section 2.2.10, the Securities
shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof;

 

2.1.11. Pursuant to Section 2.2.11 of the Indenture,
the Securities shall be issued as Global Securities;

2.1.12. Pursuant to Section 2.2.15
of the Indenture, the Issuer shall be subject to the additional restrictions as set forth in Section 4.1 of this Second Supplemental
Indenture; and

2.1.13. Pursuant to Section 2.2 of
the Indenture, the Issuer may, without the consent of the Holders of the Securities of any Series, issue additional Securities
of such Series having the same ranking and the same interest rate, maturity and other terms as the Securities of such Series issued
on the date hereof (except for the issue date, the price to the public, the payment of interest accruing prior to the issue date
of such additional Securities or except for first payment of interest following the issue date of such additional Securities).
Any such additional Securities

    7

    

    

shall be a part of the Series having the same terms as the Securities
of such Series issued on the date hereof, provided that such additional Securities subsequently issued are fungible for U.S. federal
income tax purposes with any Securities of such Series previously issued.

ARTICLE
THREE

ADDITIONAL
REDEMPTION PROVISION

Section 3.1. Optional Redemption.

Prior to March 1, 2030 (“par call date”),
the Securities shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time to time, upon
mailed notice (or electronic notice, as applicable) to the registered address of each Holder of Securities at least 15 days but
not more than 60 days prior to the redemption. The redemption price shall be equal to the greater of (1) 100% of the principal
amount of the Securities to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on the Securities
discounted to the date of redemption, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a
rate equal to the sum of the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest thereon, if any, to,
but excluding, the redemption date.

 

On or after the par call date, the Securities
shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time to time, upon mailed notice
(or electronic notice, as applicable) to the registered address of each Holder of Securities at least 15 days but not more than
60 days prior to the redemption at a redemption price of 100% of the principal amount of the Securities, plus accrued and unpaid
interest thereon, if any, to, but excluding, the redemption date.

On and after the redemption date, interest shall
cease to accrue on the Securities or any portion of the Securities called for redemption (unless the Issuer defaults in the payment
of the redemption price and accrued interest). On or before 10:00 a.m. New York City time on the redemption date, the Issuer shall
deposit with a Paying Agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on the Securities
to be redeemed on that date. If less than all of the Securities are to be redeemed, the Securities to be redeemed shall be selected
by such method as the Trustee deems fair and appropriate, subject to the procedures of the Depository.

Section 3.2. Repurchase Upon Change
of Control Triggering Event.

Upon the occurrence of a Change of Control Triggering
Event, unless the Issuer has exercised its option to redeem the Securities pursuant to Section 3.1 of this Second Supplemental
Indenture, each Holder of Securities shall have the right to require the Issuer to repurchase all or a portion of such Holder’s
Securities pursuant to a change of control offer pursuant to, and in accordance with, the provisions of this Section 3.2 (a “Change
of Control Offer”), at a purchase price (the “Change of Control Purchase Price”) equal to 101% of
the principal amount thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the right of Holders
of Securities on the relevant record date to receive interest due on the relevant interest payment date.

 

    8

    

    

Within 30 days following the date upon which
the Issuer becomes aware that a Change of Control Triggering Event has occurred, or at the Issuer’s option, prior to any
Change of Control but after the public announcement of the pending Change of Control, the Issuer shall be required to send, by
first class mail or electronic delivery, a notice to each Holder of Securities, with a copy to the Trustee, which notice shall
govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be
no earlier than 30 days nor later than 60 days from the date such notice is mailed or delivered, other than as may be required
by law (the “Change of Control Payment Date”). The notice, if mailed or delivered prior to the date of consummation
of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control Triggering Event
occurring on or prior to the Change of Control Payment Date. The Issuer shall not be required to make a Change of Control Offer
upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all Securities
properly tendered and not withdrawn under its offer.

 

The Issuer shall be required to comply with
the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the Securities as a result of a Change of Control Triggering
Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 3.2 and the Securities,
the Issuer shall be required to comply with those securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 3.2 and the Securities by virtue of any such compliance.

 

On each Change of Control Payment Date,
the Issuer shall, to the extent lawful:

		(a)	accept for payment all Securities or portions of Securities properly tendered and not withdrawn pursuant to the Change of Control
Offer;

 

		(b)	deposit with the Paying Agent an amount equal to the Change of Control Purchase Price in respect of all Securities or portions
of Securities properly tendered and not withdrawn; and

 

		(c)	deliver or cause to be delivered to the Trustee the Securities properly accepted together with an Officer’s Certificate
stating the aggregate principal amount of Securities or portions of Securities being repurchased.

ARTICLE
FOUR

LIMITATION
ON LIENS

Section 4.1. Limitation on Liens.

The Issuer shall not, and shall not
permit any of its Subsidiaries to, create or suffer to exist any Lien on or with respect to any of the Issuer’s properties,
whether now owned or hereafter acquired, to secure any Debt of the Issuer, any direct or indirect Subsidiary of the Issuer or any
other person without securing the Securities equally and ratably with such Debt to which such Liens relate for so long as such
Debt shall be so secured, other than:

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(a)       Permitted
Liens;

(b)       purchase
money Liens upon or in any real property or equipment acquired or held by the Issuer or any Subsidiary of the Issuer in the ordinary
course of business to secure the purchase price of such property or equipment or to secure Debt incurred solely for the purpose
of financing the acquisition of such property or equipment, or Liens existing on such property or equipment at the time of its
acquisition (other than any such Liens created in contemplation of such acquisition that were not incurred to finance the acquisition
of such property) or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount, provided, however,
that no such Lien shall extend to or cover any properties of any character other than the real property or equipment being acquired
and fixed improvements thereon or accessions thereto, and no such extension, renewal or replacement shall extend to or cover any
properties not theretofore subject to the Lien being extended, renewed or replaced;

(c)       Liens
existing on March 27, 2020;

(d)       Liens
on property of a person existing at the time such person is merged into, consolidated with, or acquired by the Issuer or any Subsidiary
of the Issuer or becomes a Subsidiary of the Issuer; provided that such Liens were not created in contemplation of such merger,
consolidation or acquisition and do not extend to any assets other than those of the person so merged into or consolidated with
the Issuer or such Subsidiary or acquired by the Issuer or such Subsidiary;

(e)       Liens
granted by Subsidiaries of the Issuer to secure Debt owed to the Issuer or a wholly owned Subsidiary of the Issuer;

(f)       Liens
arising out of a judgment, decree or order of court being contested in good faith by appropriate proceedings, provided that adequate
reserves with respect thereto are maintained on the books of the Issuer or the books of its Subsidiaries, as the case may be, in
conformity with GAAP;

(g)       Debt
of a person existing at the time such person is merged into or consolidated with the Issuer or becomes a Subsidiary of the Issuer
provided that such Debt was not created in contemplation of such merger, consolidation or acquisition and provided further that
the aggregate principal amount of such Debt shall not exceed $50,000,000 at any time outstanding;

(h)       Liens
to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or refundings), in
whole or in part, of any Debt secured by Liens referred to above or Liens created in connection with any amendment, consent or
waiver relating to such Debt, so long as such Lien does not extend to any other property, the amount of Debt secured is not increased
(other than by the amount equal to any costs and expenses incurred in connection with any extension, renewal, refinancing or refunding)
and the Debt so secured does not exceed the fair market value (as determined by the Issuer’s Board of Directors in good faith)
of the

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assets subject to such Liens at the time of such extension,
renewal, refinancing or refunding, or such amendment, consent or waiver, as the case may be;

(i) any assignment of accounts
receivable (1) by and among the Issuer and its Subsidiaries or (2) pursuant to non-recourse factoring or similar arrangements or
otherwise in an aggregate amount not to exceed in any fiscal year the greater of $500,000,000 (measured as the face value of such
accounts receivable at the time of assignment) and 10.0% of the consolidated accounts receivable of the Issuer and its Subsidiaries
as reflected in the consolidated balance sheet of the Issuer as of the end of the fiscal year of the Issuer most recently ended
prior to such assignment for which financial statements are available; and

(j) (1) Liens otherwise prohibited
by this covenant, securing Debt or other obligations in an aggregate amount at any time outstanding plus (2) the aggregate face
value at the time of assignment of such accounts receivable assigned, the assignment of which is not otherwise permitted by the
foregoing exceptions, in an aggregate amount not to exceed 20% of Consolidated Net Worth of the Issuer and its Subsidiaries as
set forth in the Issuer’s most recently available financial statements.

 

ARTICLE FIVE

LIABILITY OF TRUSTEE

 

Section 5.1 Trustee Not Responsible for Recitals.

 

The Trustee shall not be responsible in any
matter whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of
the recitals contained herein, all of which are made solely by the Issuer or for or with respect to (i) the proper authorization
by the Issuer by action or otherwise, (ii) the due execution hereof by the Issuer or (iv) the consequences of any amendment herein
provided for, and the Trustee makes no representation with respect to any such matters.

 

ARTICLE SIX

MISCELLANEOUS

Section 6.1. Ratification and
Effect.

               Except
as hereby expressly amended, the Indenture is in all respects ratified and confirmed and all the terms, provisions and conditions
thereof shall be and remain in full force and effect.

               Upon
and after the execution of this Second Supplemental Indenture, each reference in the Indenture to “this Indenture,”
“hereunder,” “hereof” or words of like import referring to the Indenture shall mean and be a reference
to the Indenture as modified hereby.

 

    11

    

    

Section 6.2 Governing Law.

               THIS
SECOND SUPPLEMENTAL INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF.

Section 6.3 Counterpart Originals.

               This
Second Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement.

Section 6.4 Effect of Headings.    

The headings of the Articles and Sections
of this Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof,
and shall in no way modify or restrict any of the terms or provisions hereof.

Section 6.5.Severability.

In case any provision in this Second
Supplemental Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

Section 6.6.Modification, Amendment and Waiver.

The provisions of this Second Supplemental
Indenture may not be amended, supplemented, modified or waived except by an execution of a Supplemental Indenture executed by the
Issuer and the Trustee. Any such amendment shall comply with Article IX of the Indenture. Until an amendment, waiver or other action
by Holders becomes effective, a consent thereto by a Holder of a Security hereunder is a continuing consent by the Holder and every
subsequent Holder of that Security or portion of the Security that evidences the same obligation as the consenting Holder’s
Security, even if notation of the consent, waiver or action is not made on the Security. However, any such Holder or subsequent
Holder may revoke the consent, waiver or action as to such Holder’s Security or portion of the Security if the Trustee receives
the notice of revocation before the date the amendment, waiver or action becomes effective. After an amendment, waiver or action
becomes effective, it shall bind every Holder.

Section 6.7. Ratification of Indenture;
Supplemental Indenture Part of Indenture.

Except as expressly amended hereby,
the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Securities
heretofore or hereafter authenticated and delivered shall be bound hereby.

    12

    

    

Section 6.8. Trust Indenture Acts
Controls.

If any provision of this Second Supplemental
Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act of 1939, as amended (the “TIA”),
that is required under the TIA to be part of and govern any provision of this Second Supplemental Indenture, the provision of the
TIA shall control. If any provision of this Second Supplemental Indenture modifies or excludes any provisions of the TIA that may
be so modified or excluded, the provisions of the TIA shall be deemed to apply to the Indenture as so modified or to be excluded
by this Second Supplemental Indenture, as the case may be.

Section 6.9. Consent to Jurisdiction;
Waiver of Jury Trial.

The Issuer agrees that any legal suit,
action or proceeding brought by any party to enforce any rights under or with respect to this Second Supplemental Indenture, any
Security or any other document or the transactions contemplated hereby or thereby may be instituted in any state or federal court
in The Borough of Manhattan, The City of New York, State of New York, United States of America, irrevocably waives to the fullest
extent permitted by law any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding,
irrevocably waives to the fullest extent permitted by law any claim that and agrees not to claim or plead in any court that any
such action, suit or proceeding brought in such court has been brought in an inconvenient forum and irrevocably submits to the
non-exclusive jurisdiction of any such court in any such suit, action or proceeding or for recognition and enforcement of any judgment
in respect thereof.

To the extent that the Issuer or any
of its Subsidiaries has or hereafter may acquire any immunity from jurisdiction of any court (including any court in the United
States, the State of New York or other jurisdiction in which the Issuer or any successor thereof may be organized or any political
subdivisions thereof) or from any legal process (whether through service of notice, attachment prior to judgment, attachment in
aid of execution, execution or otherwise) with respect to itself or its property or assets, this Second Supplemental Indenture,
the Securities, the transactions contemplated hereby or thereby or any other documents or actions to enforce judgments in respect
of any thereof, then the Issuer hereby irrevocably waives, and will cause its Subsidiaries to waive, such immunity, and any defense
based on such immunity, in respect of its obligations under the above-referenced documents and the transactions contemplated thereby,
to the extent permitted by law.

THE PARTIES HERETO HEREBY WAIVE TRIAL
BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE SECURITIES, THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY
OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

[Signatures pages follow]

 

    13

    

    

IN WITNESS WHEREOF, the parties hereto
have caused this Second Supplemental Indenture to be duly executed as of the day and year first above written.

 

	 	 
	 	
        OMNICOM GROUP INC.

        By:/s/ Philip J. Angelastro                    

        Name: Philip J. Angelastro

        Title: Executive Vice President and

        Chief Financial Officer

	 	 

 

 

 

 

Second Supplemental Indenture

 

     

    

    

 

 

	 	
        DEUTSCHE BANK TRUST COMPANY
        AMERICAS, as Trustee

        By: /s/ Luke Russell

        Name: Luke Russell

        Title: Assistant Vice President

        By: /s/ Chris Niesz

        Name: Chris Niesz

        Title: Vice President

 

 

Second Supplemental Indenture

 

 

 

     

    

    

Exhibit A

FORM OF GLOBAL SECURITY FOR THE 4.200%
SENIOR NOTES DUE 2030

THIS GLOBAL SECURITY IS HELD BY THE DEPOSITORY
(AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE ANY SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
2.7 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO THE INDENTURE AND
(IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE
OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR TO ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS GLOBAL SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF ANY ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
(AND ANY PAYMENT IS MADE TO SUCH ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF HAS AN INTEREST
HEREIN.

     

    

    

4.200% Senior Notes
due 2030

ISIN: US681919BC93

CUSIP No. 681919 BC9

$

No.

OMNICOM GROUP INC., a New York corporation (the “Issuer,”
which term includes any successor person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & CO., or registered assigns, the principal sum of $                  on
June 1, 2030 and to pay interest thereon from April 1, 2020 or from the most recent interest payment date to which interest has
been paid or duly provided for, semi-annually on June 1 and December 1 in each year, commencing June 1, 2020, at the rate of 4.200%
per annum, set forth below. The interest so payable, and punctually paid or duly provided for, on any interest payment date shall,
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 May 15 or November 15 (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 shall 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).

 

Payment of the principal of (and premium, if
any) and interest on this Security will be

made at the office or agency of the Issuer maintained for that purpose
in The City of New York,

New York, in accordance with the terms of the Indenture referred
to on the reverse hereof 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 Issuer 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.

This Security shall be deemed to be a
contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed
by the laws of said state.

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.

 

    1 

    

    

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

 

	Dated:  	OMNICOM GROUP INC.
	 	By:	 
	 	Name:	 
	 	Title:   	 
	 	By:	 
	 	Name:  	 
	 	Title:    	 

 

 

 

 

     

    

    

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

 

	 	Deutsche Bank Trust Company Americas, as Trustee
	 	By:	 
	 	 	Authorized Signatory

 

Dated:

 

 

     

    

    

Reverse of Security

OMNICOM GROUP INC.

4.200% Senior Notes due 2030

This Security is one of a duly authorized
issue of securities of the Issuer, designated as its 4.200% Senior Notes due 2030 (herein called the “Securities”),
issued and to be issued in one or more Series under an Indenture, dated as of February 21, 2020 (the “Base Indenture”),
between the Issuer and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes
any successor trustee under the Indenture), as supplemented by the Second Supplemental Indenture dated as of April 1, 2020, between
the Issuer and the Trustee (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Issuer, 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 $600,000,000. Capitalized terms used in this Security and not defined
herein have the meaning ascribed thereto in the Indenture.

Deutsche Bank Trust Company Americas,
the Trustee under the Indenture, has been appointed by the Issuer as Paying Agent, Registrar and custodian with regard to the Securities.

In case an Event of Default shall have
occurred and be continuing, the principal of and accrued interest on all Securities may be declared, and upon said declaration,
shall become due and payable, in the manner, with the effect and subject to the conditions provided for in the Indenture.

Prior to March 1, 2030 (the “par call
date”), the Securities shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time
to time, upon mailed notice (or electronic notice, as applicable) to the registered address of each Holder of Securities at least
15 days but not more than 60 days prior to the redemption. The redemption price shall be equal to the greater of (1) 100% of the
principal amount of the Securities to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on
the Securities discounted to the date of redemption, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months), at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points, plus accrued and unpaid interest thereon,
if any, to, but excluding, the redemption date.

 

On or after the par call date, the Securities
shall be redeemable, as a whole or in part, at the Issuer’s option, at any time or from time to time, upon mailed notice
(or electronic notice, as applicable) to the registered address of each Holder of Securities at least 15 days but not more than
60 days prior to the redemption at a redemption price of 100% of the principal amount of such Securities, plus accrued and unpaid
interest thereon, if any, to, but excluding, the redemption date.

“Comparable Treasury Issue”
means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining
term of the

     

    

    

notes (assuming the notes matured on the par call date), 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 the notes (assuming the notes matured
on the par call date).

 

“Comparable Treasury Price”
means, with respect to any redemption date, the Reference Treasury Dealer Quotations for that redemption date.

 

“Reference Treasury Dealer”
means each of any three primary U.S. Government securities dealer selected by the Issuer, and their respective successors.

 

“Reference Treasury Dealer Quotations”
means, with respect to the Reference Treasury Dealer and any redemption date, the average, as determined by the Issuer, 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 Issuer by the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding
that redemption date.

 

“Remaining Scheduled Payments”
means the remaining scheduled payments of principal of and interest on the Securities that but for the redemption would be due
after the related redemption date through the par call date, assuming the Securities matured on the par call date, not including
any portion of such interest payment accrued as of such redemption date. If that redemption date is not an interest payment date
with respect to the Securities, the amount of the next succeeding scheduled interest payment on the Securities will be reduced
by the amount of interest accrued on the Securities to such redemption date.

 

“Treasury Rate” means, with
respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the third
business day immediately preceding that redemption date) 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 that redemption date.

 

On and after the redemption date, interest shall
cease to accrue on the Securities or any portion of the Securities called for redemption (unless the Issuer defaults in the payment
of the redemption price and accrued interest). On or before 10:00 a.m. New York City time on the redemption date, the Issuer shall
deposit with a Paying Agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on the Securities
to be redeemed on that date. If less than all of the Securities are to be redeemed, the Securities of such Series to be redeemed
shall be selected by such method as the Trustee deems fair and appropriate, subject to the procedures of the Depository.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this Series and of like tenor for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the cancellation hereof; provided that in the case of a Global Security, an appropriate book-entry
adjustment may be made in lieu of the issuance of a new Security.

The Indenture contains provisions that
permit the Issuer to elect either (1) to defease and be discharged from the entire indebtedness of this Security or (2) to be released
from its

     

    

    

obligations under certain restrictive covenants and Events
of Default with respect to this Security, in each case upon payment in full of the Securities and compliance with certain conditions
set forth in the Indenture.

Upon the occurrence of a Change of Control
Triggering Event with respect to the Securities of this Series, the Issuer shall be required to make an offer to repurchase the
Securities of this Series on the terms set forth in Section 3.2 of the Second Supplemental Indenture.

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.

The Indenture permits the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securities of each Series
to be affected under the Indenture at any time by the Issuer 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, with certain exceptions as therein provided with
respect to certain modifications or amendments which may not be made without the consent of each Holder of such Security affected
thereby. The Indenture also permits certain amendments and modifications thereto from time to time by the Issuer and the Trustee
without the consent of the Holders of any Series of the Securities to be affected thereby for certain specified purposes, including
curing ambiguities, defects or inconsistencies and making any such change that does not adversely affect the legal rights of any
Holder of such Series of the Securities, as provided therein.

The Indenture 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 Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences with respect to such Series. 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 hereof or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

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

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the security register, upon surrender
of this Security for registration of transfer at the office or agency of the Issuer in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Issuer 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 and of like tenor, of authorized denominations and for the same aggregate
principal amount, shall be issued to the designated transferee or transferees.

     

    

    

The Securities of this Series are issuable only in registered form
without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the

Indenture and subject to certain limitations therein set forth,
Securities of this Series are exchangeable for a like aggregate principal amount of Securities of this Series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Issuer 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 Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and none of the
Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

No recourse shall be had for the payment
of the principal of (and premium, if any) or interest on this Security, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
officer or director, as such, past, present or future, of the Issuer or of any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.

All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

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