Document:

FORM OF STOCK PURCHASE AGREEMENT

SECURITIES PURCHASE AGREEMENT

This Securities Purchase Agreement (this "Agreement") is dated as of June 15, 2009, among DARA BioSciences, Inc., a Delaware corporation (the "Company"), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a "Purchaser" and collectively the "Purchasers").

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act of 1933, as amended (the "Securities Act") and Rule 506 of Regulation D promulgated thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, that aggregate number of Units (as hereinafter defined) set forth on such Purchaser's signature page to this Agreement (which aggregate amount of Units for all Purchasers together (the "Total Units") shall not have an aggregate purchase price exceeding $5,000,000 (the "Purchase Price Cap").  Each "Unit" shall consist of (i) one Share of Common Stock, and (ii) one Warrant (in each case, as defined below);

WHEREAS, subject to the terms and conditions set forth in this Agreement, up to an aggregate number of 6,016,682 Units, as determined in the discretion of the Company (the "Initial Units"), will be issued and sold to the Purchasers on the First Closing Date (as defined below) at a price per Unit equal to the average of the closing sales price on the Nasdaq Capital Market (trading symbol "DARA") for one share of Common Stock for the period of twenty (20) Trading Days (as defined below) ending on the last Trading Day prior to the date Purchaser executes this Agreement and deposits the full Aggregate Purchase Price (as defined below) into the Escrow Account (as defined below) (the "Purchase Price"); and 

WHEREAS, subject to the terms and conditions set forth in this Agreement, an amount up to the difference between Total Units and the aggregate number of Initial Units sold on the First Closing Date (the "Remaining Units") may be issued and sold to the Purchasers on the Second Closing Date (as defined below) at a price per Unit equal to the Purchase Price.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser, severally and not jointly, agree as follows:

ARTICLE I.

DEFINITIONS
1.1Definitions.  In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings indicated in this Section 1.1:

"Affiliate" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms are used in and construed under Rule 144 under the Securities Act.  With respect to a Purchaser, any investment fund or managed account that is managed on a discretionary basis by the same investment manager as such Purchaser will be deemed to be an Affiliate of such Purchaser.

"Aggregate Purchase Price" means, as to each Purchaser, the aggregate amount to be paid by such Purchaser for Units purchased hereunder as specified below such Purchaser's name on the signature page of this Agreement and next to the heading "Aggregate Purchase Price", in United States Dollars and in immediately available funds.

"Business Day" means any day except Saturday, Sunday, any day which shall be a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

"Closing" means either the First Closing or the Second Closing.

"Closing Date" means either the First Closing Date or the Second Closing Date.

"Commission" means the Securities and Exchange Commission.

"Common Stock" means the common stock of the Company, par value $.01 per share.

"Common Stock Equivalents" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

"Company's Counsel" means K&L Gates, LLP, having an office at 4350 Lassiter at North Hills Avenue, Suite 300, Raleigh, North Carolina 27609.

"Co-Placement Agents" means Gilford Securities Incorporated and Waveland Capital Partners LLC.

"Discussion Time", with respect to each Purchaser, means the period commencing from the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person setting forth the material terms of the transactions contemplated hereunder until the date hereof.

"Escrow Account" has the meaning ascribed to such term in Section 2.1(c).

"Escrow Agent" means Wachovia Bank, N.A. 

"Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"First Closing" has the meaning ascribed to such term in Section 2.1(a).

"First Closing Date" has the meaning ascribed to such term in Section 2.1(a).

"Initial Units" has the meaning ascribed to such term in the recitals to this Agreement.

"Intellectual Property" has the meaning ascribed to such term in Section 3.1(k).

"Liens" means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

"Material Adverse Effect" has the meaning ascribed to such term in Section 3.1(a).

"Nasdaq Stockholder Approval Requirement" has the meaning ascribed to such term in Section 4.9.

"Person" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

"Purchase Price" has the meaning ascribed to such term in the recitals to this Agreement.

"Purchase Price Cap" has the meaning ascribed to such term in the recitals to this Agreement.

"Purchaser Party" has the meaning ascribed to such term in Section 4.6.

"Remaining Units" has the meaning ascribed to such term in the recitals to this Agreement.

"Rule 144" means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

"SEC Reports" has the meaning ascribed to such term in Section 3.1.

"Second Closing" has the meaning ascribed to such term in Section 2.1(b).

"Second Closing Date" has the meaning ascribed to such term in Section 2.1(b).

"Securities" means the Shares, the Warrants and the Warrant Shares.

"Securities Act" has the meaning ascribed to such term in the recitals to this Agreement.

"Shares" means shares of the Company's Common Stock.

"Short Sales" means all "short sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation of borrowable shares of Common Stock).

"Stockholder Approval Condition" has the meaning ascribed to such term in Section 2.4(c).

"Stockholder Approval Termination Date" has the meaning ascribed to such term in Section 4.12. 

"Subsidiary" has the meaning ascribed to such term in Section 3.1(a).

"Total Units" has the meaning ascribed to such term in the recitals to this Agreement.

"Trading Day" means a day on which the Common Stock is traded on a Trading Market.

"Trading Market" means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the Nasdaq Capital Market, the American Stock Exchange, the New York Stock Exchange, the Nasdaq Global Market, the Nasdaq Global Select Market or the OTC Bulletin Board.

"Transaction Agreements" means this Agreement, the Warrants and any other agreements executed in connection with the transactions contemplated hereunder.

"Unit" has the meaning ascribed to such term in the recitals to this Agreement.

"VWAP" means, for any date, the price determined by the first of the following clauses that applies:  (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if the Common Stock is not then quoted for trading on a Trading Market and if prices for the Common Stock are then reported in the "Pink Sheets" published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchaser and reasonably acceptable to the Company.

"Warrants" means collectively the Common Stock purchase warrants, in the form of Exhibit A attached hereto and delivered to the Purchasers at a Closing in accordance with Article II hereof, which Warrants shall be exercisable beginning on the date that is 12 months after the date hereof and have a term of exercise equal to 5 years.

"Warrant Exercise Price" has the meaning ascribed to such term in Section 2.2(a)(ii).

"Warrant Shares" means the shares of Common Stock issuable upon exercise of the Warrants.

ARTICLE II.

PURCHASE AND SALE

2.1Purchase and Sale of Units. Subject to the terms and conditions of this Agreement, each Purchaser, severally and not jointly, agrees to purchase, and the Company agrees to sell and issue to each of the Purchasers, such number of Units set forth on such Purchaser's signature page to this Agreement.  Subject to the terms and conditions of this Agreement, such purchases and sales shall take place at the First Closing and/or the Second Closing (if applicable) in the order of the dates on which Purchasers deliver to the Company their executed signature pages to this Agreement and deposit funds in the Escrow Account pursuant to Section 2.1(c); provided, however, if one or more signature pages are received by the Company and related Escrow Account fundings occur on the same date, and if the sale of the Units represented thereby would result in the total number of Initial Units, along with any shares or warrants issued contemporaneously therewith, such as placement agent warrants, required to be counted together therewith for purposes of the Nasdaq Approval Requirement prior to the sale thereof, then the Company shall allocate such Units between Initial Units (to be purchased and sold at the First Closing subject to the terms and conditions of this Agreement) and Remaining Units (to be purchased and sold at the Second Closing subject to the terms and conditions of this Agreement) in its sole discretion.  By their signatures to this Agreement, the Purchasers expressly acknowledge and agree that there is no minimum number of Units required to be sold at any Closing under this Agreement.  No investment should be made in the Company pursuant to this Agreement based on any assumption or expectation by any Purchaser that any minimum number of Units will be sold hereunder.  Notwithstanding any other provision of this Agreement, in no event shall the Company sell or issue, or be required to sell or issue, pursuant to this Agreement any Units that would cause the Company to sell or issue Units in excess of the Purchase Price Cap.

(a)First Closing.  The first closing of the purchase and sale of the Initial Units (the "First Closing") shall be held at the offices of the Company's Counsel, on June 15, 2009 at 11:00 a.m., New York time, or at such other time (on or prior to June 30, 2009) and place designated by the Company and the Co-Placement Agents (the "First Closing Date").

(b)Second Closing.  If applicable, a closing of the purchase and sale of the Remaining Units (the "Second Closing") may be held at the offices of the Company's Counsel, which Second Closing would be held no later than three Trading Days following the satisfaction of the Stockholder Approval Condition (as hereinafter defined) (the "Second Closing Date"). 

(c)Payments.  Immediately upon a Purchaser's execution of this Agreement, such Purchaser shall deposit the full Aggregate Purchase Price, as set forth on such Purchaser's signature page to this Agreement, into an account established by the Company with the Escrow Agent and designated in writing to such Purchaser by the Company (the "Escrow Account").  Such deposit shall be made in United States dollars and in immediately available funds by wire transfer.  Upon written instruction by (i) the Company and (ii) the Co-Placement Agents to the Escrow Agent, the Escrow Agent shall release funds from the Escrow Account to the Company at the First Closing and, if applicable, at the Second Closing.  Such funds shall be paid by the Escrow Agent to the Company in United States dollars and in immediately available funds by wire transfer to an account established by the Company and designated in writing to the Escrow Agent by the Company.  If any funds remain in the Escrow Account at 6:00 p.m. New York time on the Stockholder Approval Termination Date, the Escrow Agent shall, on the next Trading Day, return those funds, without interest, to those Purchasers whose payment(s) hereunder have not been used to purchase Units.

2.2First Closing Deliveries.

(a)At the First Closing, the Company shall deliver or cause to be delivered to Purchasers, and/or the Co-Placement Agents on behalf of the Purchasers, the following: 

(i)a stock certificate for the number of Shares included in the Initial Units purchased by such Purchaser at the First Closing, in the name of such Purchaser and bearing a restrictive legend under the Securities Act as described in Section 3.2(j) below (such stock certificate may be delivered within three Trading Days of the First Closing Date; and

(ii)a Warrant registered in the name of such Purchaser to purchase up to a number of Shares equal to 100% of such Purchaser's Initial Units actually purchased hereunder at the First Closing, with an exercise price per Share equal to the consolidated closing bid price on the Nasdaq Capital Market (trading symbol "DARA") for one share of Common Stock for the trading day prior to the First Closing Date (the "Warrant Exercise Price"), subject to adjustment therein (such Warrant certificate may be delivered within three Trading Days of the First Closing Date).

(b)At the First Closing, the aggregate Purchase Price for the Initial Units purchased at the First Closing shall be delivered to the Company from the Escrow Account in accordance with Section 2.1(c).

2.3Second Closing Deliveries. 

(a)At the Second Closing (if applicable), the Company shall deliver or cause to be delivered to the Co-Placement Agents on behalf of the Purchasers the following: 

(i)a stock certificate for the number of Shares included in the Remaining Units purchased by such Purchaser at the Second Closing, in the name of such Purchaser and bearing a restrictive legend under the Securities Act as described in Section 3.2(j) (such Warrant certificate may be delivered within three Trading Days of the Second Closing Date; and

(ii)a Warrant registered in the name of such Purchaser to purchase up to a number of Shares equal to 100% of such Purchaser's Remaining Units actually purchased hereunder at the Second Closing, with an exercise price per Share equal to the Warrant Exercise Price, subject to adjustment therein (such Warrant certificate may be delivered within three Trading Days of the Second Closing Date).

(b)At the Second Closing (if applicable), the aggregate Purchase Price for the Remaining Units purchased at the Second Closing shall be delivered to the Company from the Escrow Account in accordance with Section 2.1(c).

2.4Closing Conditions.

(a)Conditions Precedent to the Obligations of the Purchasers at the Closings.  The obligation of each Purchaser to acquire the Initial Units at the First Closing and the Remaining Units at the Second Closing (if applicable) is subject to the satisfaction or waiver by such Purchaser, at or before the First Closing or Second Closing, as applicable, of each of the following conditions:

(i)Representations and Warranties.  The representations and warranties of the Company contained herein shall be true and correct in all material respects as of the date when made and as of the First Closing Date or the Second Closing Date, as applicable, as though made on and as of such date; provided, however, that those representations and warranties qualified by materiality shall be true and correct in all respects as of the date when made and as of the First Closing Date or the Second Closing Date, as applicable, as though made on and as of such date.

(ii)Performance.  The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Transaction Agreements to be performed, satisfied or complied with by it at or prior to the First Closing or the Second Closing, as applicable.  

(iii)Absence of Litigation.  No action, suit or proceeding by or before any court or any governmental body or authority, against the Company or pertaining to the transactions contemplated by this Agreement or their consummation, shall have been instituted, or to the Company's knowledge, threatened, on or before the First Closing Date or the Second Closing Date, as applicable, which action, suit or proceeding would reasonably be expected to have a Material Adverse Effect. 

(b)Conditions Precedent to the Obligations of the Company at the Closings.  The obligation of the Company to sell the Initial Units to a Purchaser at the First Closing and the Remaining Units at the Second Closing (if applicable) is subject to the satisfaction or waiver by the Company, at or before the First Closing or the Second Closing, as applicable, of each of the following conditions: 

(i)Representations and Warranties.  The representations and warranties of such Purchaser contained herein shall be true and correct in all material respects as of the date when made and as of the First Closing Date or the Second Closing Date, as applicable, as though made on and as of such date; provided, however, that those representations and warranties qualified by materiality shall be true and correct in all respects as of the date when made and as of the First Closing Date or the Second Closing Date, as applicable, as though made on and as of such date.

(ii)Performance.  Such Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Transaction Agreements to be performed, satisfied or complied with by such Purchaser at or prior to the First Closing or the Second Closing, as applicable.

(iii)Company Acceptance.  The Company shall have accepted such Purchaser's commitment to purchase Units as set forth on such Purchaser's signature page, as evidenced by the countersignature of a Company officer on such signature page where indicated.

(c)Additional Conditions to the Second Closing.  The obligations of each Purchaser to accept delivery of, and the Company's obligation to sell and issue, the Remaining Units are subject to the Company's receipt and effectiveness of stockholder approval for the issuance of the Remaining Units as, and to the extent, required pursuant to the rules and regulations of the Nasdaq Stock Market, the Commission or otherwise (the "Stockholder Approval Condition").  If and to the extent applicable, following the satisfaction of the foregoing condition, the Company will issue to the Purchasers the Remaining Units and shall instruct the Escrow Agent to remit, and the Escrow Agent shall remit, payment of the aggregate Purchase Price for the Remaining Units to the Company pursuant to Section 2.1(c).

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

3.1Representations, Warranties and Covenants of the Company.  Except as otherwise described in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, any Company Quarterly Report on Form 10-Q filed since the filing date of such Annual Report, or any of the Company's Current Reports on Form 8-K filed since the filing date of such Annual Report (all collectively, the "SEC Reports"), the Company hereby represents and warrants to, and covenants with, each Purchaser as of the date hereof and as of each Closing Date, as follows:

 

(a)Organization.  The Company is duly incorporated and validly existing in good standing under the laws of the State of Delaware.  The Company has full power and authority to own, operate and occupy its properties and to conduct its business as currently conducted and is registered or qualified to do business and in good standing in each jurisdiction in which it owns property or transacts business and where the failure to be so qualified would have a material adverse effect upon: (i) the Company and its Subsidiaries as a whole, (ii) the business, financial condition, properties, operations or assets of the Company and its Subsidiaries as a whole, or (iii) the Company's ability to perform its obligations under the Transaction Agreements in all material respects (each, a "Material Adverse Effect").  No proceeding has been instituted, or to the Company's knowledge, threatened, in any such jurisdiction revoking, limiting or curtailing, or seeking to revoke, limit or curtail, such power and authority or qualification.  Except as set forth in the SEC Reports, the Company does not currently own, directly or indirectly, a majority of the stock or other equity interests in any entity (each, a "Subsidiary").  Except for matters which are not reasonably likely to have a Material Adverse Effect, each Subsidiary of the Company has been duly incorporated, formed, or organized, and is validly existing, in good standing under the laws of the jurisdiction of its incorporation, formation, or organization, with full power and authority to own its properties and conduct its business as currently conducted.  Except for matters which are not reasonably likely to have a Material Adverse Effect, all of the issued and outstanding capital stock of each Subsidiary of the Company has been duly authorized and validly issued and is fully paid and non-assessable and, except as disclosed in the SEC Reports, is owned of record by the Company, or a Subsidiary of the Company.

 

(b)Due Authorization.  The Company has all requisite power and authority to execute, deliver and perform its obligations under the Transaction Agreements.  The execution and delivery of the Transaction Agreements, and the consummation by the Company of the transactions contemplated thereby, have been duly authorized by all necessary corporate action.  The Transaction Agreements that require execution by the Company have been validly executed and delivered by the Company and constitute legal, valid and binding agreements of the Company enforceable against the Company in accordance with their terms, except to the extent (i) rights to indemnity and contribution may be limited by state or federal securities laws or the public policy underlying such laws; (ii) such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' and contracting parties' rights generally and (iii) such enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(c)No Conflict or Default.  The execution and delivery of the Transaction Agreements, the issuance and sale of the Securities to be sold by the Company under the Transaction Agreements, the fulfillment of the terms of the Transaction Agreements and the consummation of the transactions contemplated thereby will not: (A) result in a conflict with or constitute a violation of, or default (with the passage of time or otherwise) under, (i) any bond, debenture, note, loan agreement or other evidence of indebtedness, or any indenture, lease, mortgage, deed of trust or any other agreement or instrument to which the Company is a party or by which it is bound or to which any of the property or assets of the Company is subject, (ii) any stockholders agreement, voting agreement or similar agreement concerning the voting rights of stockholders, (iii) the Certificate of Incorporation, bylaws or other organizational documents of the Company, as amended, or (iv) with respect to the issuance and sale of the Securities, assuming the accuracy of the representations and warranties and the performance and satisfaction of the covenants and agreements, of the Purchasers pursuant to the Transaction Agreements, any law, rule, ordinance, statute, regulation, or existing order of any court or governmental agency, or other authority binding upon the Company or the Company's respective properties; or (B) result in the creation or imposition of any Lien upon any of the material assets of the Company or an acceleration of indebtedness pursuant to any obligation, agreement or condition contained in any material bond, debenture, note, loan agreement or other evidence of indebtedness, or any material indenture, lease, mortgage, deed of trust or any other agreement or instrument to which the Company is a party or by which it is bound or to which any of the property or assets of the Company is subject.  No consent, approval, authorization or other order of, or registration, qualification or filing with, any regulatory body, administrative agency, or other governmental body is required for the execution and delivery of the Transaction Agreements by the Company and the valid issuance or sale of the Securities by the Company pursuant to the Transaction Agreements, other than such as have been made or obtained, and except for any filings required to be made under federal or state securities laws. 

 

(d)Capitalization.  The authorized capital stock of the Company consists of 75,000,000 shares of Common Stock, par value $0.01 per share, and 1,000,000 shares of Preferred Stock, par value $0.01 per share (the "Preferred Stock").  At December 31, 2008, there were 30,113,829 shares of Common Stock issued and 30,101,328 shares of Common Stock outstanding.  There were no shares of Preferred Stock issued and outstanding as of December 31, 2008.  As of December 31, 2008, no shares of the Company's Common Stock were reserved for issuance, except (a) up to 2,228,213 shares of Common Stock reserved for issuance pursuant to outstanding stock options, (b) up to 4,041,408 shares of Common Stock reserved for future issuance pursuant to the Company's employee and director incentive stock plans (excluding shares reflected in clause (a) above) and (c) up to 4,277,511 shares of Common Stock reserved for issuance pursuant to outstanding warrants.  All outstanding stock options have been appropriately issued, dated and authorized under the Company's employee and director incentive stock plans.  Since December 31, 2008, the Company has not issued any shares of Common Stock or any securities convertible into or exercisable for any shares of its Common Stock, other than pursuant to its employee and director incentive stock plans and upon the exercise of outstanding stock options.  There are not any outstanding preemptive rights or rights of first refusal that would provide for the issuance or sale of any Common Stock of the Company to any Person as a result of the transactions contemplated by this Agreement.  

(e)Issuance of the Securities.  The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Agreements, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Agreements.  The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Agreements.  The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement and the Warrants.  

(f)Legal Proceedings.  There is no legal, administrative, regulatory or governmental proceeding pending, or to the knowledge of the Company, threatened, to which the Company or any Subsidiary is a party or of which the business or property of the Company is subject, that is reasonably likely to have a Material Adverse Effect.  Neither the Company nor any of its Subsidiaries are subject to any injunction, judgment, decree or order of any court, regulatory body, administrative agency or other government body that is reasonably likely to have a Material Adverse Effect.

(g)SEC Reports.  The SEC Reports, including copies of all the exhibits included or referenced therein, as of their respective dates (or, if amended or superseded by a filing prior to the date of this Agreement, then on the date of such amendment or superseding filing): (i) have been prepared and filed in compliance in all material respects with the applicable requirements of the Exchange Act and the rules and regulations thereunder; and (ii) did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  

(h)No Violations.  The Company is not in violation of its Certificate of Incorporation or bylaws, as amended.  To the knowledge of the Company, it is not in violation of any law, rule, ordinance, statute, regulation or order of any court or governmental agency, arbitration panel or authority applicable to the Company, which violation, individually or in the aggregate, is reasonably likely to have a Material Adverse Effect.  The Company is not in default (and there exists no condition which, with the passage of time or otherwise, would constitute a default) in the performance of any bond, debenture, note or any other evidence of indebtedness or any indenture, mortgage, deed of trust or any other material agreement or instrument to which the Company is a party or by which the Company is bound, which such default is reasonably likely to have a Material Adverse Effect.

 

(i)Governmental Permits, Etc.  The Company and each of its Subsidiaries have all necessary franchises, licenses, certificates and other authorizations from any foreign, federal, state or local government or governmental agency, department or body that are currently necessary for the operation of the business of the Company and its Subsidiaries as currently conducted, except where the failure to currently possess such franchises, licenses, certificates and other authorizations is not reasonably likely to have a Material Adverse Effect.

(j)Good and Marketable Title to Property.  The Company and its Subsidiaries have good and marketable title to, or a valid, subsisting and enforceable interest in, all real properties and all other properties and assets owned or leased by them that are material to the operation of the Company's business.

(k)Intellectual Property.  Except for matters which are not reasonably likely to have a Material Adverse Effect, (i) the Company or a Subsidiary has ownership of, or a license or other legal right to use, all patents, copyrights, trade secrets, trademarks, trade names, customer lists, designs, manufacturing or other processes, computer software, systems, data compilation, research results or other proprietary rights used in the business of the Company (collectively, "Intellectual Property") and (ii) the Company or a Subsidiary owns and has the right to use the same, free and clear of any claim or conflict with the rights of others (subject to the provisions of any applicable license agreement).  To the Company's knowledge, its use of its Intellectual Property does not infringe the intellectual property rights of any third party which could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate.

(l)Financial Statements.  The financial statements of the Company and the related notes contained in the SEC Reports present fairly and accurately in all material respects the financial position of the Company on a consolidated basis as of the dates therein indicated, and the consolidated results of its operations, cash flows and the changes in stockholders' equity for the periods therein specified, subject, in the case of unaudited financial statements for interim periods, to normal year-end audit adjustments.  Such financial statements (including the related notes) have been prepared in accordance with generally accepted accounting principles applied on a consistent basis at the times and throughout the periods therein specified, except that unaudited financial statements may not contain all footnotes required by generally accepted accounting principles.  The Company has no off-balance sheet arrangements.  The Company's internal accounting controls and procedures are sufficient to cause the Company and each Subsidiary to prepare financial statements that comply in all material respects with generally accepted accounting principles and the rules and regulations of the Commission on a consistent basis during the periods involved.  Since December 31, 2008, nothing has been brought to the attention of the Company's management that would result in any reportable condition relating to the Company's internal accounting procedures, weaknesses or controls that has not been reported as required by the Commission.  

(m)Tax Returns.  Except for matters which are not reasonably likely to have a Material Adverse Effect, the Company and its Subsidiaries have made or filed all federal, state and foreign income and all other tax returns, reports and declarations required by any jurisdiction to which they are subject and have paid or accrued all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations.

(n)No Material Adverse Change.  There has not been since December 31, 2008 any event, circumstance or change that has had or is reasonably likely to have a Material Adverse Effect.

 

(o)Contracts.  Except for matters which are not reasonably likely to have a Material Adverse Effect and those contracts that are substantially or fully performed or expired by their terms, the contracts listed as exhibits to or described in the SEC Reports that are material to the Company and all amendments thereto, are in full force and effect on the date hereof, and neither the Company nor, to the Company's knowledge, any other party to such contracts is in breach of or default under any of such contracts, which breach or default is reasonably likely to result in a Material Adverse Effect.  The Company maintains insurance in scope and amount which is reasonable and customary in the businesses in which the Company and the Subsidiaries are engaged.

 

(p)Investment Company.  The Company is not an "investment company" or an "affiliated person" of an investment company, within the meaning of the Investment Company Act of 1940, as amended, and will not be deemed an "investment company" as a result of the transactions contemplated by this Agreement.

(q)Certain Fees.  Except for the fees payable to the Co-Placement Agents, and fees payable to Roccus Partners, Inc., no brokerage or finder's fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Agreements.  The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Agreements.

(s)Employees.  The Company and each of its Subsidiaries is in compliance in all material respects with all laws and regulations respecting the employment of its employees and employment practices, terms and conditions of employment and wages and hours relating thereto.  There are no pending investigations involving the Company or any of its Subsidiaries by any governmental agency responsible for the enforcement of such laws and regulations.  There is no unfair labor practice charge or complaint against the Company or any of its Subsidiaries pending before any governmental agency or body or any strike, picketing, boycott, dispute, slowdown or stoppage pending, or to the knowledge of the Company, threatened, against or involving the Company or any of its Subsidiaries or any predecessor entity.  No question concerning representation exists respecting the employees of the Company or any of its Subsidiaries and no collective bargaining agreement or modification thereof is currently being negotiated by the Company or any of its Subsidiaries.  No grievance or arbitration proceeding is pending under any expired or existing collective bargaining agreements of the Company or any of its Subsidiaries, if any.

3.2Representations, Warranties and Covenants the Purchasers.  Each Purchaser hereby, for itself and for no other Purchaser, represents and warrants as of the date hereof and as of each Closing Date to the Company, and covenants with the Company, as follows:

(a)The Purchaser has carefully read the Transaction Agreements and is familiar with and understands the terms thereof.  The Purchaser has also carefully read and considered the Company SEC Reports, including, without limitation, the financial statements included therein.  The Purchaser fully understands all of the risks related to the purchase of the Units.  The Purchaser understands that nothing in the SEC Reports, any Transaction Agreement, or any other materials presented to the Purchaser in connection with the purchase and sale of the Units constitutes legal, tax or investment advice. The Purchaser has carefully considered and has discussed with the Purchaser's professional legal, tax, accounting and financial advisors, to the extent the Purchaser has deemed necessary, the suitability of an investment in the Units for the Purchaser's particular tax and financial situation and has determined that the Units being purchased by the Purchaser are a suitable investment for the Purchaser.  The Purchaser recognizes that an investment in the Units involves substantial risks, including the possible loss of the entire amount of such investment. The Purchaser further recognizes that the Company has broad discretion concerning the use and application of the proceeds from the sale of the Units and exercise of the Warrants.

(b)The Purchaser acknowledges that (i) the Purchaser has had the opportunity to request copies of any documents, records, and books pertaining to this investment and (ii) any such documents, records and books that the Purchaser requested have been made available for inspection by the Purchaser, the Purchaser's attorney, accountant or other advisor(s).  The Purchaser has requested, received, reviewed and considered all information it deems relevant in making an informed decision to purchase the Units.  

(c)The Purchaser and the Purchaser's advisor(s) have had a reasonable opportunity to ask questions of and receive answers from representatives of the Company or Persons acting on behalf of the Company concerning the Company, the offering contemplated by the Transaction Agreements and the Securities and all such questions have been answered to the full satisfaction of the Purchaser.  

(d)After examination of the SEC Reports and other information available, the Purchaser is fully aware of the business, financial condition, risks associated with investment in the Units and the operating history relating to the Company, and therefore in subscribing for the purchase of the Units, the Purchaser is not relying upon any information other than information contained in the SEC Reports or in the Transaction Agreements.  The Purchaser acknowledges that it has independently evaluated the merits of the transactions contemplated by the Transaction Agreements, that it has independently determined to enter into the transactions contemplated thereby, that it is not relying on any advice from or evaluation by any other Purchaser, and that it is not acting in concert with any other Purchaser in making its purchase of the Units hereunder.  The Purchaser acknowledges that the Purchaser has not, either individually or collectively with any other Purchasers, taken any actions that would deem the Purchasers to be members of a "group" for purposes of Section 13(d) of the Exchange Act with respect to the Company.

(e)The Purchaser is not purchasing the Units as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar, meeting or conference whose attendees have been invited by any general solicitation or general advertising.  

(f)If the Purchaser is a natural Person, the Purchaser has reached the age of majority in the state in which the Purchaser resides.  The Purchaser has adequate means of providing for the Purchaser's current financial needs and contingencies, is able to bear the substantial economic risks of an investment in the Securities for an indefinite period of time, has no need for liquidity in such investment and can afford a complete loss of such investment.

(g)The Purchaser has sufficient knowledge and experience in financial, tax and business matters to enable the Purchaser to utilize the information made available to the Purchaser in connection the transactions contemplated by the Transaction Agreements, to evaluate the merits and risks of an investment in the Securities and to make an informed investment decision with respect to an investment in the Securities on the terms described in the Transaction Agreements.  The Purchaser has independently evaluated the merits and risks of its decision to purchase the Units, and the Purchaser confirms that it has not relied on the advice of the Company's or any other Purchaser's business and/or legal counsel in making such decision.  

(h)The Purchaser will not sell or otherwise transfer the Securities without registration under the Securities Act and applicable state securities laws or an applicable exemption therefrom.  The Purchaser acknowledges that neither the offer nor sale of the Units or any of the Securities has been registered under the Securities Act or under the securities laws of any state.  The Purchaser represents and warrants that the Purchaser is acquiring the Securities for the Purchaser's own account, for investment purposes and not with a view toward resale or distribution within the meaning of the Securities Act, except pursuant to sales registered or exempted under the Securities Act.  The Purchaser is acquiring the Securities in the ordinary course of business.  The Purchaser has not offered or sold the Securities being acquired nor does the Purchaser have any present intention of selling, distributing or otherwise disposing of such Securities either currently or after the passage of a fixed or determinable period of time or upon the occurrence or non-occurrence of any predetermined event or circumstances in violation of the Securities Act.  The Purchaser is aware that (i) the Securities are not currently eligible for sale in reliance upon Rule 144 promulgated under the Securities Act and (ii) the Company has no obligation to register the Securities purchased hereunder.  By making these representations herein, the Purchaser is not making any representation or agreement to hold the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an available exemption to the registration requirements of the Securities Act.

(i)The Purchaser understands that:  (i) The Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, (B) the Purchaser shall have delivered to the Company an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) the Purchaser provides the Company with reasonable assurance that such Securities can be sold, assigned or transferred pursuant to Rule 144; (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller (or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other Person is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.  

(j)The Purchaser acknowledges and agrees that the Shares, the Warrants, and upon exercise of the Warrants, the Warrant Shares, shall bear any legend required by the securities laws of any state and be stamped or otherwise imprinted with a legend substantially in the following form:  
THIS SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW, AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD HERETO AND THERETO, OR (ii) AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.

(k)If this Agreement is executed and delivered on behalf of a partnership, corporation, trust, estate or other entity:  (i) such partnership, corporation, trust, estate or other entity is duly organized and validly existing and has the full legal right and power and all authority and approval required (a) to execute and deliver this Agreement and all other instruments executed and delivered by or on behalf of such partnership, corporation, trust, estate or other entity in connection with the purchase of its Units, and (b) to purchase and hold such Units; (ii) the signature of the party signing on behalf of such partnership, corporation, trust, estate or other entity is binding upon such partnership, corporation, trust, estate or other entity; and (iii) such partnership, corporation, trust or other entity has not been formed for the specific purpose of acquiring such Units.

(l)The information contained in the purchaser questionnaire in the form of Exhibit B attached hereto delivered by the Purchaser in connection with this Agreement is complete and accurate in all respects.  The Purchaser is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act on the basis indicated therein and is a resident of the jurisdiction set forth therein.  The Purchaser is not required to be a registered broker-dealer under Section 15 of the Exchange Act.  The Purchaser is an "accredited investor" as defined in Rule 501(a) of Regulation D under the   

(m)The Purchaser acknowledges that the Company will have the authority to issue shares of Common Stock, in excess of those being issued in connection herewith, and that the Company may issue additional shares of Common Stock from time to time.  The issuance of additional shares of Common Stock may cause dilution of the existing shares of Common Stock and a decrease in the market price of such existing shares.  

(n)The Purchaser understands that the Units are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and the Purchaser's compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire the Units.

(o)The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment in the Units or the  Securities nor have such authorities passed upon or endorsed the merits of the offering of the Units or the Securities.

(p)This Agreement has been duly and validly authorized, executed and delivered on behalf of the Purchaser and shall constitute the legal, valid and binding obligations of such Purchaser enforceable against the Purchaser in accordance its terms.

(q)The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the Purchaser or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Purchaser is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment  or decree (including federal and state securities laws) applicable to the Purchaser, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Purchaser to perform its obligations hereunder.  Assuming the accuracy of the representations and warranties, and the performance and satisfaction of the covenants and agreements, of the Company pursuant to the Transaction Agreements, no consent, approval, authorization or other order of, or registration, qualification or filing with, any regulatory body, administrative agency, or other governmental body is required for the execution and delivery of the Transaction Agreement by the Purchaser, other than such as have been made or obtained, and except for any filings required to be made under federal or state securities laws.

(r)The Purchaser has not entered into any agreement or arrangement that would entitle any broker or finder to compensation by the Company in connection with the sale of the Units to such Purchaser.

(s)The Purchaser has, in connection with its purchase of the Units, complied with all applicable provisions of the Securities Act, including the rules and regulations promulgated by the SEC thereunder, and applicable state securities laws.  

(t)Other than the transaction contemplated hereunder, the Purchaser has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, executed any purchase or disposition, including Short Sales, in the securities of the Company during the Discussion Time.  Such Purchaser covenants that neither it nor any Person acting on its behalf or pursuant to any understanding with it will engage in any transactions in the securities of the Company (including Short Sales) prior to the time that the transactions contemplated by this Agreement are publicly disclosed. Other than to other Persons party to this Agreement, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

4.1Furnishing of Information.  As long as any Purchaser owns any Securities, the Company covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act and the rules and regulations of the Trading Market.  As long as any Purchaser owns any Securities, if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchasers and make publicly available in accordance with Rule 144(c) such information as is required for the Purchasers to sell the Securities under Rule 144.  The Company further covenants that it will take such further action as any holder of Securities may reasonably request, to the extent required from time to time to enable such Person to sell such Securities without registration under the Securities Act within the requirements of the exemption provided by Rule 144.

4.2Securities Laws Disclosure; Publicity.  The Company shall, by 9:30 a.m. (New York City time) on the Trading Day immediately following the First Closing Date, issue a Current Report on Form 8-K, disclosing the material terms of the transactions contemplated hereby, and shall attach the Transaction Agreements thereto.  The Company may, contemporaneously with such Form 8-K issue a press release concerning the transactions contemplated hereby.  The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release or otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.  The Company shall not need the prior consent of any Purchaser to issue the press release with respect to the transactions contemplated hereby as set forth above in this Section 4.2.  Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (i) as required by federal securities law in connection with the filing of final Transaction Agreements (including signature pages thereto) with the Commission and (ii) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this subclause (ii).

4.3Non-Public Information.  Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Agreements, the Company covenants and agrees that neither it nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes material non-public information, unless prior thereto such Purchaser shall have executed a written agreement regarding the confidentiality and use of such information.  The Company understands and confirms that each Purchaser shall be relying on the foregoing representations in effecting transactions in securities of the Company.

4.4Use of Proceeds.  The Company shall use the net proceeds from the sale of the Units hereunder for general corporate purposes, including without limitation working capital.

4.5Indemnification of Purchasers.  Subject to the provisions of this Section 4.5, the Company will indemnify, defend and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a "Purchaser Party") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Agreements or (b) any action instituted against a Purchaser, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser, with respect to any of the transactions contemplated by the Transaction Agreements (unless such action is based upon a breach of such Purchaser's representations, warranties or covenants under the Transaction Agreements or any agreements or understandings such Purchaser may have with any such stockholder or any violations by the Purchaser of state or federal securities laws or any conduct by such Purchaser which constitutes fraud, gross negligence, willful misconduct or malfeasance).  If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.  Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.  The Company will not be liable to any Purchaser Party under this Agreement (i) for any settlement by a Purchaser Party effected without the Company's prior written consent, which shall not be unreasonably withheld or delayed or (ii) to the extent, but only to the extent, that a loss, claim, damage or liability is attributable to any Purchaser Party's breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Agreements.

4.6Reservation of Common Stock.  As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrants.

4.7Short Sales and Confidentiality After The Date Hereof.  Each Purchaser severally and not jointly with the other Purchasers covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any Short Sales during the period commencing at the Discussion Time and ending at the time that the transactions contemplated by this Agreement are first publicly announced as described in Section 4.2.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement, or other information provided by or on behalf of the Company to such Purchaser, is publicly disclosed by the Company as described in Section 4.2 or otherwise, such Purchaser will maintain the confidentiality of all such disclosures  (including the existence and terms of this transaction).  Notwithstanding the foregoing, no Purchaser makes any representation, warranty or covenant hereby that it will not engage in Short Sales in the securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced as described in Section 4.2 and any other material nonpublic information disclosed by or on behalf of the Company to such Purchaser is publicly announced.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

4.8Delivery of Securities After Closing.  Subject to the receipt of all necessary information from each Purchaser, the Company shall deliver, or cause to be delivered, the respective Securities purchased by each Purchaser at a Closing to such Purchaser within three Trading Days of the applicable Closing Date.

4.9Stockholder Approval Event.  If the Company agrees to sell and the Purchasers agree to purchase any Remaining Units hereunder, and if, and to the extent, the Company determines, in its reasonable discretion, that stockholder approval is required for the issuance of such Remaining Units pursuant to the rules and regulations of the Nasdaq Stock Market (the "Nasdaq Stockholder Approval Requirement"), the Commission or otherwise, the Company shall prepare and file with the Commission either (i) a proxy statement pursuant to Section 14(a) of the Exchange Act or (ii) an information statement pursuant to Section 14(c) of the Exchange Act.  In the event of such filing, the Company shall use its commercially reasonable efforts to satisfy the Stockholder Approval Condition within seventy-five (75) days of the First Closing Date (such date being the "Stockholder Approval Termination Date").  The Stockholder Approval Termination Date may be extended by the Company upon written notice to the Purchasers for up to an additional thirty (30) days.

ARTICLE V.

MISCELLANEOUS

5.1Termination.  This Agreement may be terminated by any Purchaser, as to such Purchaser's obligations hereunder with respect to any future Closing only and without any effect whatsoever on the obligations between the Company and the other Purchasers or on Units purchased hereunder by such Purchaser at a prior Closing, by written notice to the other parties, if (i) the First Closing has not been consummated on or before July 20, 2009, or (ii) the Second Closing (if applicable) has not been consummated on or before September 30, 2009; provided, however, that no such termination will affect the right of any party to sue for any breach by the other party (or parties).  Upon such termination, the terminating Purchaser shall be entitled to receive a full refund of such Purchaser's Aggregate Purchase Price that has not already been applied to the purchase of Units hereunder at a Closing hereunder.

5.2Fees and Expenses.  Except as expressly set forth in the Transaction Agreements to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.  The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

5.3Entire Agreement.  The Transaction Agreements, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

5.4Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the 2nd Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given.  The address for such notices and communications shall be as set forth on the signature pages attached hereto.

5.5Amendments; Waivers.  No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchaser(s) holding 51% or more of the then outstanding Securities sold pursuant to this Agreement, or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

5.6Headings.  The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

5.7Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger).  

5.8No Third-Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.5.

5.9Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of the Transaction Agreements shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  The parties hereby waive all rights to a trial by jury.  

5.10Survival.  The representations and warranties contained herein shall survive until the 18 month anniversary of the date hereof.

5.11Execution.  This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective with respect to each Purchaser when counterparts have been signed by such Purchaser and the Company and delivered by each to the other, it being understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a ".pdf" format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or ".pdf" signature page were an original thereof.

5.12Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.  It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

5.13Replacement of Securities.  If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction.  The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

5.14Remedies.  In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Agreements.  The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Agreements and hereby agrees to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.  

5.15Independent Nature of Purchasers' Obligations and Rights.  The obligations of each Purchaser under any Transaction Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or nonperformance of the obligations of any other Purchaser under any Transaction Agreement.  Nothing contained herein or in any other Transaction Agreement, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Agreements.  Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Transaction Agreements, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.  Each Purchaser has been represented by its own separate legal counsel in their review and negotiation of the Transaction Agreements.  Company has elected to provide all Purchasers with the same terms and Transaction Agreements for the convenience of the Company and not because it was required or requested to do so by the Purchasers.

5.16Construction.  The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction Agreements and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Agreements or any amendments hereto.

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

	
DARA BIOSCIENCES, INC.

 

By:
Name:  Richard A. Franco

Title:    President

	
8601 Six Forks Road, Suite 160

Raleigh, NC 27615

Attn:  Richard A. Franco

Fax:  919-861-0239

e-mail:  rfranco@darabiosciences.com

 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

[PURCHASER SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT]

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

Name of Purchaser:  

Signature of Authorized Signatory of Purchaser:  

Name of Authorized Signatory:  

Title of Authorized Signatory (if Purchaser is an entity):  

Date of Signature and Deposit of Funds in Escrow Account:  

Email Address of Purchaser:  

Fax Number of Purchaser:  

Address for Notice of Purchaser:

Address for Delivery of Securities for Purchaser (if not same as above):

EIN Number: 

 

Total Number of Units:  __________________________________________________________

Approval of this Purchaser's Signature Page by Company:  _____________________________
Richard A. Franco

President

EXHIBIT A

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW, AND NEITHER THIS WARRANT, THE SECURITIES ISSUABLE UPON EXERCISE HEREOF, OR ANY INTEREST HEREIN OR THEREIN MAY BE ACQUIRED UPON EXERCISE HEREUNDER, OFFERED, SOLD, TRANSFERRED, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF UNLESS (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD HERETO AND THERETO, OR (ii) AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER.

COMMON STOCK PURCHASE WARRANT

To Purchase Shares of Common Stock of

DARA BIOSCIENCES, INC.

Dated as of [__________], 2009

THIS COMMON STOCK PURCHASE WARRANT (the "Warrant") certifies that, for value received, the holder (the "Holder"), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the 12-month anniversary of the date hereof (the "Initial Exercise Date") and on or prior to the close of business on the five year anniversary of the Initial Exercise Date (the "Termination Date") but not thereafter, to subscribe for and purchase from DARA BioSciences, Inc., a Delaware corporation (the "Company"), up to [____TBD____] shares (the "Warrant Shares") of Common Stock, par value $0.01 per share, of the Company (the "Common Stock").  The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).
Section 1.Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the "Purchase Agreement"), dated as of June 15, 2009, among the Company and the purchasers signatory thereto.

Section 2.Exercise.

	Exercise of Warrant.  Subject to compliance with applicable securities laws, exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the Company); provided, however, within five Trading Days of the date said Notice of Exercise is delivered to the Company, if this Warrant is exercised in full, the Holder shall have surrendered this Warrant to the Company and the Company shall have received payment of the aggregate Exercise Price of the Warrant Shares thereby purchased by wire transfer or cashier's check drawn on a United States bank.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full.  Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases.  The Company shall deliver any objection to any Notice of Exercise Form within two Business Days of receipt of such notice.  In the event of any dispute or discrepancy, the records of the Company shall be controlling and determinative in the absence of manifest error.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

	Exercise Price.  The per share exercise price of the Common Stock under this Warrant shall be $[_TBD_], subject to adjustment hereunder (the "Exercise Price").

	Cashless Exercise.  If at any time during the term of this Warrant either there is no effective registration statement registering, or no current prospectus available for, the issuance of the Warrant Shares by the Holder, then this Warrant may also be exercised at such time by means of a "cashless exercise" in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

(A) = the VWAP on the Trading Day immediately preceding the date of such election;

(B) = the Exercise Price of this Warrant, as adjusted; and

(X) = the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

	Mechanics of Exercise.

	Authorization of Warrant Shares.  The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

	Delivery of Certificates Upon Exercise.  Certificates for shares purchased hereunder shall be transmitted to the Holder by  physical delivery to the address specified by the Holder in the Notice of Exercise within three Trading Days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above ("Warrant Share Delivery Date").  This Warrant shall be deemed to have been exercised on the date the Exercise Price is received by the Company.  The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price. 

	Restrictive Legend. The Holder understands that unless the issuance of the Warrant Shares shall have been registered or otherwise may be sold pursuant to Rule 144 under the Securities Act or another exemption from registration under the Securities Act without any restriction as to the number of securities as of a particular date that can then be immediately sold, the Warrant Shares shall bear a restrictive legend in substantially the form described in the Purchase Agreement (and a stop-transfer order may be placed against transfer of the certificates for such securities).

	Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

	No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price.

Section 3.Certain Adjustments.

	Stock Dividends and Splits.  If the Company, at any time while this Warrant is outstanding: (A) pays a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company pursuant to this Warrant or the other Warrants), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (D) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

	Fundamental Transaction.  If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of the Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (each "Fundamental Transaction"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and/or any other consideration, including cash (the "Alternate Consideration"), receivable as a result of such merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event.  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder's right to exercise such warrant into Alternate Consideration. 

	Calculations.  All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.  For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

	Notice to Holders. Whenever the Exercise Price is adjusted pursuant to this Section 3, the Company shall promptly mail to each Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

Section 4.Transfer of Warrant.

	Transferability.  This Warrant and all rights hereunder are transferable in accordance, and only in accordance, with applicable securities laws and the Securities Purchase Agreement, in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

	New Warrants.  This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.

	Warrant Register.  The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "Warrant Register"), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

Section 5.Miscellaneous.

	Title to Warrant.  Prior to the Termination Date and subject to compliance with applicable laws and Section 4 of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed.

	No Rights as Stockholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the Company prior to the exercise hereof.  Upon the surrender of this Warrant and the payment of the aggregate Exercise Price (or by means of a cashless exercise), the Warrant Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment.

	Loss, Theft, Destruction or Mutilation of Warrant.  The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

	Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or legal holiday.

	Authorized Shares.

The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

	Jurisdiction.  All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the Purchase Agreement.

	Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will not be registered and will have restrictions upon resale imposed by state and federal securities laws.

	Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder's rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date.  If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

	Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

	Limitation of Liability.  No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant or purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

	Remedies.  Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.  The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

	Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder.  The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares.

	Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

	Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

	Headings.  The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized.

Dated:  _________ __, 2009
DARA BIOSCIENCES, INC.

 

By: 
Name: Richard A. Franco

Title: President

NOTICE OF EXERCISE

TO: DARA BioSciences, Inc.

8601 Six Forks Road, Suite 160

Raleigh, North Carolina 27615

(1) The undersigned hereby elects to purchase ______ Warrant Shares of the Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price, together with all applicable transfer taxes, if any, in accordance with paragraph (2) below.

(2) Payment shall take the form of (check applicable box):
[ ] $__________________ in lawful money of the United States; or

[ ] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

(3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_____________________________________

The Warrant Shares shall be delivered to the following:

_____________________________________

_____________________________________

_____________________________________

ASSIGNMENT FORM

(To assign the foregoing warrant, execute this form and supply required information.  Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to ____________________________________________ whose address is ____________________________________________________________.

Dated:  ____________, ______

Holder's Signature:  

Holder's Address:  

Signature Guaranteed:  ___________________________

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company.  Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

EXHIBIT B

DARA BioSciences, Inc.

Confidential Purchaser Questionnaire

 
Before any sale of Units can be made to you by DARA BioSciences, Inc., this Questionnaire must be completed and returned to Richard Franco.

1.IF YOU ARE AN INDIVIDUAL PLEASE FILL IN THE IDENTIFICATION QUESTIONS IN (A) IF YOU ARE AN ENTITY PLEASE FILL IN THE IDENTIFICATION QUESTIONS IN (B)

A.  INDIVIDUAL IDENTIFICATION QUESTIONS
Name 

(Exact name as it should appear on stock certificate)

Residence Address 

Home Telephone Number 

Fax Number 

Date of Birth 

Social Security Number 

B.  IDENTIFICATION QUESTIONS FOR ENTITIES
Name 

(Exact name as it will appear on stock certificate)

Address of Principal  Place of Business

State (or Country) of Formation or Incorporation 

Contact Person  

Telephone Number (    )

Type of entity (corporation, partnership, trust, etc.) 

Was entity formed for the purpose of this investment?

Yes        No      

2.DESCRIPTION OF INVESTOR

The following information is required to ascertain whether you would be deemed an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act.  Please check whether you are any of the following:

a corporation, limited liability company or partnership with total assets in excess of $5,000,000, not organized for the purpose of this particular investment

private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940

a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958

an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act

a trust not organized to make this particular investment, with total assets in excess of $5,000,000 whose purchase is directed by a sophisticated Person as described in Rule 506(b)(2)(ii) of the Securities Act of 1933 and who completed item 4 below of this questionnaire

a bank as defined in Section 3(a)(2) or a savings and loan association or other institution defined in Section 3(a)(5)(A) of the Securities Act of 1933 acting in either an individual or fiduciary capacity

an insurance company as defined in Section 2(13) of the Securities Act of 1933

an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974 (i) whose investment decision is made by a fiduciary which is  either a bank, savings and loan association, insurance company, or registered investment advisor, or (ii) whose total assets exceed $5,000,000, or (iii) if a self-directed plan, whose investment decisions are made solely by a Person who is an accredited investor and who completed Part I of this questionnaire;

a charitable, religious, educational or other organization described in Section 501(c)(3) of the Internal Revenue Code, not formed for the purpose of this investment, with total assets in excess of $5,000,000

a broker or dealer registered under Section 15 of the Securities Exchange Act of 1934

a plan having assets exceeding $5,000,000 established and maintained by a government agency for its employees

an individual who had individual income from all sources during each of the last two years in excess of $200,000 or the joint income of you and your spouse (if married) from all sources during each of such years in excess of $300,000 and who reasonably excepts that either your own income from all sources during the current year will exceed $200,000 or the joint income of you and your spouse (if married) from all sources during the current year will exceed $300,000

an individual whose net worth as of the date you purchase the securities offered, together with the net worth of your spouse, be in excess of $1,000,000

an entity in which all of the equity owners are accredited investors

3.BUSINESS, INVESTMENT AND EDUCATIONAL EXPERIENCE 

Occupation 

Number of Years 

Present Employer 

Position/Title 

Educational Background

Frequency of prior investment (check one in each column):

	 	
Stocks & Bonds
	
Venture Capital Investments

	
Frequently
	 	 
	
Occasionally
	 	 
	
Never
	 	 

4.SIGNATURE

The above information is true and correct.  The undersigned recognizes that the Company and its counsel are relying on the truth and accuracy of such information in reliance on the exemption contained in Subsection 4(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder.  The undersigned agrees to notify the Company promptly of any changes in the foregoing information which may occur prior to the investment.

Executed  at ___________________, on                                      , 2009

 

 

(Signature)Seventh Supplemental Indenture dated as of June 15, 2009

 Exhibit 4.1 
 Execution Copy 
  
  
 THE INTERPUBLIC GROUP OF COMPANIES, INC. 
 and 
 U.S. BANK NATIONAL ASSOCIATION 
 Trustee 
  
  
 Seventh Supplemental
Indenture 
 Dated as of June 15, 2009 
 to the Senior Debt Indenture dated as of November 12, 2004 
  
  
 Creating a series of
Securities designated 
 10.0% Senior Notes due 2017 
  
  

 TABLE OF CONTENTS 
  

					
	 	 	 	 	Page
	ARTICLE 1
	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
			
	SECTION 1.01	 	Provisions of the Base Indenture	 	2
	SECTION 1.02	 	Definitions	 	2
	
	ARTICLE 2
	
	GENERAL TERMS AND CONDITIONS OF THE NOTES
			
	SECTION 2.01	 	Creation of Series; Establishment of Form	 	9
	SECTION 2.02	 	Payment of Principal or Interest	 	11
	SECTION 2.03	 	Optional Redemption by the Company	 	12
	SECTION 2.04	 	Change of Control Offer	 	14
	
	ARTICLE 3
	
	GLOBAL SECURITIES
			
	SECTION 3.01	 	Form	 	16
	SECTION 3.02	 	Regulation S Global Securities	 	17
	SECTION 3.03	 	Transfer and Exchange	 	17
	
	ARTICLE 4
	
	REMEDIES
			
	SECTION 4.01	 	Additional Events of Default	 	30
	SECTION 4.02	 	Amendment to Cross-Acceleration Provision	 	30
	
	ARTICLE 5
	
	REPORTS BY THE COMPANY
			
	SECTION 5.01	 	Reports by the Company	 	31
	
	ARTICLE 6
	
	COVENANTS
			
	SECTION 6.01	 	Limitations on Liens	 	32

  

 i 

					
	ARTICLE 7
	
	WAIVER, MODIFICATIONS AND AMENDMENTS
			
	SECTION 7.01	 	Supplemental Indentures with Consent of Holders	 	34
	
	ARTICLE 8
	
	RANKING
			
	SECTION 8.01	 	Senior in Right of Payment	 	34
	
	ARTICLE 9
	
	MISCELLANEOUS
			
	SECTION 9.01	 	Integral Part	 	34
	SECTION 9.02	 	Adoption, Ratification and Confirmation	 	35
	SECTION 9.03	 	Counterparts	 	35
	SECTION 9.04	 	GOVERNING LAW	 	35
	SECTION 9.05	 	Conflict of Any Provision of Indenture with Trust Indenture Act	 	35
	SECTION 9.06	 	Effect of Headings	 	35
	SECTION 9.07	 	Severability of Provisions	 	35
	SECTION 9.08	 	Successors and Assigns	 	35
	SECTION 9.09	 	Benefit of Indenture	 	35
	SECTION 9.10	 	Acceptance by Trustee	 	35

  

					
	Exhibit A	 	Form of Note	 	EX. A-1
	Exhibit B	 	Form of Certificate of Transfer	 	EX. B-1
	Exhibit C	 	Form of Certificate of Exchange	 	EX. C-1
	Exhibit D	 	Form of Certificate From Acquiring Institutional Accredited Investor	 	EX. D-1
	Exhibit E	 	Form of Free Transferability Certificate	 	EX. E-1

  

 ii 

 SEVENTH SUPPLEMENTAL INDENTURE, dated as of June 15, 2009 between THE INTERPUBLIC GROUP OF
COMPANIES, INC., a Delaware corporation (the “Company”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association under the laws of the United States of America and having a corporate trust office in Atlanta, Georgia, as
trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 
 WHEREAS, the Company has heretofore executed and delivered to SunTrust Bank (to the interests of which as indenture trustee the Trustee has succeeded) a
Senior Debt Indenture, dated as of November 12, 2004 (the “Base Indenture”), providing for the issuance from time to time of its senior unsecured debentures, notes or other evidences of indebtedness (the
“Securities”), to be issued in one or more series as provided in the Base Indenture; 
 WHEREAS, Section 9.01(7) of the
Base Indenture provides that the Company and the Trustee may from time to time enter into one or more indentures supplemental thereto to establish the form or terms of Securities of a new series; 
 WHEREAS, Section 3.01 of the Base Indenture provides that the Company may enter into supplemental indentures to establish the terms and provisions
of a series of Securities issued pursuant to the Base Indenture; 
 WHEREAS, the Company, pursuant to the foregoing authority, proposes in
and by this Seventh Supplemental Indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) to supplement the Base Indenture in so far as it will apply only to a series of
Securities to be known as the Company’s “10.0% Senior Notes due 2017” (the “Notes”) issued hereunder (and not to any other series); 
 WHEREAS, the Company has duly authorized the execution and delivery of this Supplemental Indenture to establish the Notes as a series of Securities under the Base Indenture and to provide for, among other things, the
issuance of and the form and terms of the Notes for purposes of the Notes and the Holders thereof; and 
 WHEREAS, all things necessary have
been done to make the Notes, when executed by the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and to make this Supplemental Indenture a valid agreement of the Company, in
accordance with their and its terms. 

 NOW, THEREFORE, for and in consideration of the premises and the purchase and acceptance of the Notes by
the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 SECTION 1.01 Provisions of the Base Indenture. 
 Except insofar as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Base Indenture shall remain in full force and effect. The Base Indenture, as amended and supplemented
by this Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Supplemental Indenture shall be read, taken and considered as one and the same instrument for all purposes and every Holder of Notes
authenticated and delivered under the Base Indenture shall be bound hereby. 
 SECTION 1.02 Definitions. For all purposes
of the Indenture relating to the series of Securities (consisting of the Notes) created hereby, except as otherwise expressly provided or unless the subject matter or context otherwise requires: 
 (a) unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or
Section, as the case may be, of this Supplemental Indenture; 
 (b) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 
 (c) each capitalized term that is used in
this Supplemental Indenture but not defined herein shall have the meaning specified in the Base Indenture; 
 (d) all other
terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, or defined by the rules of the Securities and Exchange Commission and not otherwise defined herein, have the meanings assigned to them therein;

 (e) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 (f) the word “including” (and with correlative meaning “include”) means including, without limiting the
generality of, any description preceding such term; 
 (g) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to the Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (h) references to payments on the Notes shall include Additional Interest payable under the Registration Rights Agreement, if any.

 “144A Global Security” means a Global Security in the form of Exhibit A hereto bearing the Global Security Legend
and the Restricted Securities Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount at maturity of the Securities sold
in reliance on Rule 144A. 
  

 2 

 “Additional Interest” means all additional interest owing on the Notes pursuant to the
Registration Rights Agreement. 
 “Applicable Premium” means, with respect to any Note on any redemption date, the greater
of: 
 (1) 1.0% of the principal amount of the Note; and 
 (2) the excess of: 
 (a) the present value at such redemption date of (i) the redemption
price of the Note at July 15, 2013 (such redemption price being set forth in the table appearing in Section 2.03(f)(ii)), plus (ii) all required interest payments due on the Note through July 15, 2013, computed using a discount
rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the principal amount of the Note.

 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Security, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Base
Indenture” has the meaning provided in the recitals. 
 “Beneficial Owner” has the meaning assigned to such term in
Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed
to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” shall have corresponding meanings. 
 “Board of Directors” means: 
 (1) with respect to a corporation, the board of directors of the
corporation or, except in the context of the definitions of “Change of Control” and “Continuing Directors,” a duly authorized committee thereof; 
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership or, if the partnership has more than
one general partner, the managing general partner of the partnership; and 
 (3) with respect to any other Person, the board
or committee of such Person serving a similar function. 
  

 3 

 “Broker-Dealer” means any broker-dealer that receives Exchange Notes for its own account
in the Exchange Offer in exchange for Notes that were acquired by such broker-dealer as a result of market-making or other trading activities. 
 “Business Day” means any day, other than a Saturday or Sunday, which is not a day on which banking institutions in New York, New York are authorized or obligated by law, regulation or executive order to close. 

“Change of Control” means the occurrence of any of the following: 
 (1) the direct or indirect 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 properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act);

 (2) the adoption by the Company’s shareholders of a plan relating to the Company’s liquidation or dissolution;

 (3) the Company (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) becomes aware of the acquisition by any “person” or “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group
acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act, or any successor provision), in a single transaction or in a series of related transactions, by way of
merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50% of the total voting power of the Voting Stock of the
Company; 
 (4) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing
Directors; or 
 (5) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or
merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such
transaction where immediately after such transaction, no “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act) becomes, directly or indirectly, the Beneficial Owner of more than 50% of
the voting power of the Voting Stock of the surviving or transferee Person. 
 “Change of Control Offer” has the meaning
specified in Section 2.04(a). 
 “Change of Control Payment” has the meaning specified in Section 2.04(a).

 “Change of Control Payment Date” has the meaning specified in Section 2.04(a). 
  

 4 

 “Clearstream” means Clearstream Banking, société anonyme, Luxembourg
(formerly Cedel Bank, société anonyme), and any successor thereto. 
 “Company” has the meaning provided in
the recitals. 
 “Continuing Directors” means, as of any date of determination, those members of the Board of Directors of
the Company, each of whom (1) was a member of such Board of Directors on the Issue Date; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members
of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such
nomination). 
 “Defaulted Interest” has the meaning specified in Section 2.02(c)(ii). 
 “Definitive Security” means a certificated Security registered in the name of the Holder thereof and issued in accordance with
Section 3.03 hereof, substantially in the form of Exhibit A hereto, and such Security shall not bear the Global Security Legend. 
 “Depositary” shall mean the Depository Trust Company or any successor thereto. 
 “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. The term
“Disqualified Stock” shall also include any options, warrants or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the holder, or required to be redeemed, prior to the date that is 91 days
after the date on which the Notes mature. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear
system, or its successor. 
 “Exchange Notes” means the Securities issued in the Exchange Offer in accordance with
Section 3.03(f) hereof. 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
 “Global Securities” means with respect to the Notes issued hereunder, one or more global notes which are executed by the Company and
authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Supplemental Indenture, which shall be registered in the name of the Depositary or its nominee and which shall
bear the Global Security Legend. 
  

 5 

 “Global Security Legend” means the legend set forth in Section 2.06 of the Base
Indenture. 
 “Holder” means a Person in whose name a Note is registered in the Security Register. 
 “Indenture” has the meaning provided in the recitals. 
 “Indirect Participant” means an entity that, with respect to The Depository Trust Company, clears through or maintains a direct or indirect, custodial relationship with a Participant. 
 “Initial Purchasers” means Morgan Stanley & Co. Incorporated, Citigroup Global Markets Inc., J.P. Morgan Securities Inc., UBS
Securities LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC and Lloyds TSB Bank plc. 
 “Institutional Accredited
Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who is not also a QIB. 
 “Interest Payment Date” means January 15 and July 15 of each year. 
 “Interest Period” means the period commencing on, and including, an Interest Payment Date for the Notes and ending on, and including,
the day before the next succeeding Interest Payment Date for the Notes. The initial Interest Period shall commence on the Issue Date and end on January 14, 2010. 
 “Issue Date” means the date of this Supplemental Indenture. 
 “Legended Regulation
S Global Security” means a Global Security in the form of Exhibit A hereto bearing the Global Security Legend, the Regulation S Temporary Global Note Legend and the Restricted Securities Legend and deposited with or on behalf
of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount at maturity of the Securities initially sold in reliance on Rule 903 of Regulation S. 
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the Securities for use
by such Holders in connection with the Exchange Offer. 
 “Maturity” means the date on which the principal of the Notes
becomes due and payable as therein or herein provided, whether at the Stated Maturity or by call for redemption or otherwise. 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Notes” has the meaning provided in
the recitals. 
  

 6 

 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief
Executive Officer, the President, any Vice President, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller, the Secretary or any Assistant Secretary of such
Person. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with
the Depositary, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 
 “Paying Agent” means any Person authorized by the Company to pay the principal of, premium, if any, or interest on any Notes on behalf of the Company. The Company or a Subsidiary or an Affiliate of
the Company may act as Paying Agent with respect to any Notes issued hereunder. 
 “Principal,” “Principal
Amount” or “principal” of a Note means the principal of the Note. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A. 
 “Redemption Date” when used with respect to any Note to be
redeemed, means the date fixed for such redemption by or pursuant to this Supplemental Indenture. 
 “Registration Rights
Agreement” means the Registration Rights Agreement, dated the Issue Date, between the Company and the Initial Purchasers. 
 “Regular Record Date” means January 1 and July 1 (whether or not a Business Day). 
 “Regulation
S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Security” means a Legended
Regulation S Global Security or an Unlegended Regulation S Global Security, as appropriate. 
 “Regulation S Temporary
Global Note Legend” means the legend set forth in Section 3.03(h) hereof, which is required to be placed on all Legended Regulation S Global Securities issued under the Indenture. 
 “Resale Restriction Termination Date” means, for any Restricted Security (or beneficial interest therein) the date on which the Company
instructs the Trustee in writing to remove the Restricted Securities Legend from the Restricted Security in accordance with the procedures described in this Supplemental Indenture (which instruction is expected to be given on or about the one-year
anniversary of the issuance of such Restricted Security). 
 “Restricted Definitive Security” means a Definitive Security
bearing the Restricted Securities Legend. 
 “Restricted Global Security” means a Global Security bearing the Restricted
Securities Legend. 
  

 7 

 “Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Restricted Securities Legend” means the legend containing the transfer restrictions set forth in
Section 3.03(g)(i) hereof. 
 “Restricted Security” means a Restricted Definitive Security or a Restricted Global
Security. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Securities” has the meaning specified in the recitals. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Security
Register” means the register, in such office as the Company shall keep at the Corporate Trust Office of the Trustee or in any office or agency to be maintained by the Company in accordance with Section 3.05 of the Base Indenture, in
which the Company shall, subject to such reasonable regulations as it may prescribe, provide for the registration of Securities and of registration of transfers of Securities. 
 “Security Registrar” means such Person appointed for the purpose of registering Securities and transfer of Securities in accordance with
Section 3.05 of the Base Indenture. The Trustee is hereby appointed Security Registrar. 
 “Shelf Registration
Statement” has the meaning set forth in the Registration Rights Agreement relating to registering the Notes under the Securities Act. 
 “Special Redemption Period” has the meaning specified in Section 2.03(f)(iii). 
 “Stated
Maturity” means July 15, 2017. 
 “Supplemental Indenture” has the meaning provided in the recitals.

 “Tender Offers” means the Company’s offers, commencing June 8, 2009, to purchase for cash (i) any and all
of the Company’s 5.40% Notes due 2009 and (ii) up to $500,000,000 in aggregate principal amount of the Company’s 7.25% Notes due 2011 and the Company’s Floating Rate Notes due 2010. 
 “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities
with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is
no longer published, any publicly available source of similar market data)) most nearly equal to the period from the Redemption Date to July 15, 2013; provided, however, that if the period from the Redemption Date to July 15,
2013 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 
  

 8 

 “Trustee” has the meaning provided in the recitals and, subject to the provisions of
Article 6 of the Base Indenture, any successor to that person. 
 “Unlegended Regulation S Global Security” means
a permanent Global Security in the form of Exhibit A hereto bearing the Global Security Legend and the Restricted Securities Legend, deposited with or on behalf of, and registered in the name of, the Depositary or its nominee and issued
in an aggregate amount of denominations equal in total to the outstanding Principal Amount of the Legended Regulation S Global Security upon expiration of the Restricted Period. 
 “Unrestricted Definitive Security” means a Definitive Security that does not bear and is not required to bear the Restricted Securities
Legend. 
 “Unrestricted Global Security” means a Global Security not bearing the Restricted Securities Legend. 

“U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 
 “Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange
Act) as of any date, the Capital Stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such person. 
 ARTICLE 2 
 GENERAL TERMS AND CONDITIONS OF THE NOTES 
 SECTION 2.01 Creation of Series; Establishment of Form. In accordance with Section 3.01 of the Base Indenture, there is hereby
created a series of Securities under the Indenture entitled “10.0% Senior Notes due 2017”. 
 (a) The form of the Notes, including
the form of the certificate of authentication, is attached hereto as Exhibit A. 
 (b) The Trustee shall authenticate or deliver
the Notes for original issue in an initial aggregate principal amount of $600,000,000 upon a Company Order for the authentication and delivery of the Notes. The Company may from time to time issue additional Notes in accordance with
Section 3.01 of the Base Indenture. The Notes issued originally hereunder, together with any additional Notes subsequently issued, shall be treated as a single class for purposes of the Indenture. 
 (c) The aggregate Principal Amount of the Notes shall be due and payable at the Stated Maturity unless earlier repaid in accordance with this
Supplemental Indenture. 
 (d) The outstanding Principal Amount of the Notes shall bear interest at a rate of 10.0% per annum, from
June 15, 2009 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semiannually in arrears on each Interest Payment Date, commencing on January 15, 2010, and at
Maturity, to the Person 

  

 9 

 
in whose name the Notes are registered at the close of business on the Regular Record Date, until the principal thereof is paid or made available for
payment. Interest on the Notes will be calculated on the basis of a 360-day year comprised of twelve 30-day months. 
 (e) If any
Interest Payment Date, Redemption Date, Change of Control Payment Date or Maturity date is not a Business Day, the payment of principal, premium, if any, and interest (including any Additional Interest), as applicable, will be made on the next
succeeding Business Day, except that if such Business Day is in the next succeeding calendar month, such Interest Payment Date will be the immediately preceding Business Day. No interest will accrue on the amount so payable for the period from and
after any Interest Payment Date, Redemption Date, Change of Control Payment Date or the Maturity date, as the case may be, to the date payment is made. 
 (f) All amounts payable in connection with the Notes shall be denominated and payable in the lawful currency of the United States. 
 (g) The Notes shall be payable and may be presented for registration of transfer and exchange, without service charge, at the office of the Company maintained for such purpose in the State of New York, City of New
York, Borough of Manhattan, which shall initially be the office or agency of the Trustee. 
 (h) The Company may appoint and change any
Paying Agent, Security Registrar or co-registrar without notice, other than notice to the Trustee, except that the Company will maintain at least one Paying Agent in the State of New York, City of New York, Borough of Manhattan. The Company shall
enter into an appropriate agency agreement with any agent not a party to the Indenture. The agreement shall implement the provisions of the Indenture that relate to such agent. The Company shall give prompt written notice to the Trustee of the name
and address of any such agent and any change in the address of such agent. If the Company fails to maintain a Paying Agent, Security Registrar and/or agent for service of notices and demands, the Trustee shall act as such Paying Agent, Security
Registrar or agent for service of notices and demands. The Company may remove any Paying Agent or Security Registrar upon written notice to such Paying Agent or Security Registrar and the Trustee; provided that no such removal shall become
effective until (i) the acceptance of an appointment by a successor Paying Agent or Security Registrar as evidenced by an appropriate agency agreement entered into by the Company and such successor and delivered to the Trustee or
(ii) notification to the Trustee that the Trustee shall serve as such Paying Agent or Security Registrar until the appointment of a successor agent in accordance with clause (i) of this proviso. The Company or any of its Subsidiaries or
any of their Affiliates may act as Paying Agent, Security Registrar or co-registrar. 
 (i) Article 12 of the Base Indenture shall have
no force or effect in respect of, or application to, the Notes. 
 (j) The Base Indenture is hereby amended, with respect to the Notes only,
by replacing the words, “other than the Securities of such series” with the words “other than the 10.0% Senior Notes due 2017” in paragraph (5) of Section 5.01. 
  

 10 

 SECTION 2.02 Payment of Principal or Interest. 
 (a) Payments. Payments of principal and interest on the Notes shall be made in the manner provided for in the Notes. 
 (b) Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names
and addresses of Holders. If the Trustee is not the Security Registrar, the Company shall furnish, or cause the Security Registrar to furnish, to the Trustee, in writing at least five Business Days before each Interest Payment Date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
 (c) Payment of Interest; Interest Rights Preserved. 
 (i) Semiannual interest on any
Notes that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Notes are registered at the close of business on the Regular Record Date for such interest at the office
or agency of the Company maintained for such purpose. Each installment of interest on any Notes shall be paid in same-day funds by transfer to an account maintained by the payee located inside the United States. In the case of a Global Security,
semiannual interest payable on any applicable Interest Payment Date will be paid to the Depositary, with respect to that portion of such Global Security held for its account by Cede & Co., for the purpose of permitting such party to credit
the interest received by it in respect of such Global Security to the accounts of the beneficial owners thereof. 
 (ii)
Except as otherwise specified with respect to the Notes, any semiannual interest on any Notes that is payable, but is not punctually paid or duly provided for, on any applicable payment date (herein called “Defaulted Interest,”
which term shall include any accrued and unpaid interest that has accrued on such defaulted amount in accordance with paragraph 1 of the Notes), shall forthwith cease to be payable to the Holder thereof on the relevant Regular Record Date by virtue
of having been such Holder, and such Defaulted Interest shall be paid by the Company as provided for in Section 3.07 of the Base Indenture. 
 (iii) Subject to the foregoing provisions of Section 2.02 of this Supplemental Indenture and Section 3.05 of the Base Indenture, Notes delivered under this Supplemental Indenture upon registration of
transfer of or in exchange for or in lieu of any other Notes shall carry the rights to semiannual interest accrued and unpaid, and to accrue interest, which were carried by such other Notes. 
 (d) Additional Interest under the Registration Rights Agreement. Under certain circumstances, the Company may be obligated to pay Additional
Interest to Holders, all as and to the extent set forth in the Registration Rights Agreement. The terms thereof are incorporated by reference herein and such Additional Interest is deemed to be interest for purposes of this Indenture. 
 (e) Sinking Fund. There shall be no sinking fund provided for the Notes. 
  

 11 

 SECTION 2.03 Optional Redemption by the Company. 
 (a) Right to Redeem; Notice to Trustee, Paying Agent and Holders. The Company, at its option, may redeem the Notes pursuant to the redemption
provisions of Section 2.03(f) hereof. If the Company elects to redeem Notes pursuant to Section 2.03(f) hereof, it shall notify in writing the Trustee, Paying Agent and each Holder of Notes to be redeemed as provided in
Section 2.03(c). 
 (b) Fewer Than All Outstanding Notes to Be Redeemed. If fewer than all of the outstanding Notes are to be
redeemed, the Trustee shall select the Notes to be redeemed in Principal Amounts of $2,000 or integral multiples of $1,000 in excess thereof. In the case that the Trustee shall select the Notes to be redeemed, the Trustee may effectuate such
selection by lot, pro rata, or by any other method that the Trustee considers fair and appropriate. The Trustee will make such selection promptly following receipt of the notice of redemption from the Company provided pursuant to
Section 2.03(c). 
 (c) Notice of Redemption. Subject to the provisions of Section 2.03(f), at least 30 days but not more
than 60 days before a Redemption Date, the Company shall mail or cause to be mailed a notice of redemption by first-class mail to the Trustee, the Paying Agent and each Holder of Notes to be redeemed at such Holder’s address as it appears on
the Security Register or otherwise in accordance with the procedures of the Depositary, except that redemption notices may be delivered more than 60 days prior to a Redemption Date if the notice is issued in connection with a defeasance of the Notes
or a satisfaction and discharge in accordance with the terms of the Indenture. Notices of redemption may not be conditional. 
 The notice
shall identify the Notes to be redeemed and shall state: 
 (i) the Redemption Date; 
 (ii) the redemption price; 
 (iii) the name and address of the Paying Agent; 
 (iv) that Notes called for redemption must
be presented and surrendered to the Paying Agent to collect the redemption price; 
 (v) that, unless the Company defaults in
making payment of such redemption price, interest, if any, on the Notes called for redemption will cease to accrue on and after the Redemption Date, and the only remaining right of the Holder will be to receive payment of the redemption price upon
presentation and surrender to the Paying Agent of the Notes; 
 (vi) if any Note is to be redeemed in part only, the
certificate number and portion of the Principal Amount of such Note that is to be redeemed and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in Principal Amount equal to the unredeemed portion shall be issued in
the name of the Holder upon cancellation of the original Note; 
  

 12 

 (vii) the paragraph of the Notes and/or Section of this Supplemental Indenture pursuant
to which the Notes or portions thereof called for redemption are being redeemed; and 
 (viii) the CUSIP and ISIN number or
numbers for the Notes called for redemption and that no representation is made as to the correctness or accuracy of any such CUSIP or ISIN number that is listed in such notice or printed on the Notes. 
 At the Company’s request, made at least five Business Days prior to the date upon which such notice is to be mailed, the Paying Agent shall give the
notice of redemption in the Company’s name and at the Company’s expense. 
 (d) Effect of Notice of Redemption. Once notice
of redemption is mailed in accordance with Section 2.03(c) hereof, Notes called for redemption become due and payable on the Redemption Date and at the redemption price. Upon presentation and surrender to the Paying Agent, Notes called for
redemption shall be paid at the redemption price as set forth in Section 2.03(f) hereof and in the Notes. 
 (e) Deposit of
Redemption Price. On or before 10:00 a.m. (New York City time) on the Redemption Date, the Company shall deposit with the Trustee or the Paying Agent (or if the Company or an Affiliate of the Company is acting as the Paying Agent, shall
segregate and hold in trust) an amount of money sufficient to pay the aggregate redemption price of, and any accrued and unpaid interest (including any Additional Interest) with respect to, all the Notes to be redeemed on that date other than the
Notes or portions thereof called for redemption which on or prior thereto have been delivered by the Company to the Security Registrar for cancellation. The Trustee or the Paying Agent shall, as promptly as practicable, return to the Company any
money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and any accrued and unpaid interest (including any Additional Interest) with respect to, the Notes to be redeemed.

 The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the payment of the redemption price and any accrued and unpaid interest (including any Additional Interest) and shall notify the Trustee of any default by the Company in making
any such payment. If the Company or an Affiliate of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon doing so, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
 (f) Optional Redemption. Except as set forth below in this Section 2.03(f), the Notes shall not be redeemable by the Company. 
 (i) At any time prior to July 15, 2013, the Company may at its option redeem all or a part of the Notes, upon not less than 30 nor
more than 60 days’ notice, at a redemption price equal to 100% of the Principal Amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the Redemption Date.

  

 13 

 (ii) On or after July 15, 2013, the Company may at its option redeem all or a part
of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of Principal Amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon to the
applicable Redemption Date, if redeemed during the twelve-month period beginning on July 15 of the years indicated below: 
  

				
	 Year
	  	Percentage	 
	 2013
	  	105.000	% 
	 2014
	  	102.500	% 
	 2015 and thereafter
	  	100.000	% 

 (iii) If the terms, conduct or results of any of the Company’s Tender Offers
are not satisfactory to the Company in its sole judgment, then the Company may at its option, at any time during the 30-day period commencing on the Issue Date (the “Special Redemption Period”), redeem (A) all or (B) a
part of the Notes (provided that, if less than all of the Notes are being redeemed, the Company may only redeem up to $200,000,000 in aggregate Principal Amount), upon not less than three Business Days’ notice, at a redemption price
equal to the accreted value of the Notes to be redeemed as of the Redemption Date plus 1.0% of the Principal Amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. If, prior to the expiration of the Special
Redemption Period, the Company determines in its sole judgment that the terms, conduct and results of such Tender Offers are satisfactory to the Company, then the Company shall make a public announcement to such effect and thereby waive its rights
under this Section 2.03(f)(iii). 
 (g) With respect to the Notes only, Sections 11.02 through 11.06 of the Base Indenture shall not be
applicable. 
 SECTION 2.04 Change of Control Offer. (a) If a Change of Control occurs, each Holder shall have the right to
require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to an offer (a “Change of Control Offer”) on the terms set forth herein. In
the Change of Control Offer, the Company will offer payment (a “Change of Control Payment”) in cash equal to not less than 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional
Interest, if any, thereon, to the date of repurchase (the “Change of Control Payment Date”), which date will be no earlier than the date of the occurrence of such Change of Control. 
 (b) No later than 30 days following any occurrence of a Change of Control, the Company shall mail a notice to the Trustee and each Holder or otherwise in
accordance with the procedures of the Depositary describing the transaction or transactions that constitute the 

  

 14 

 
Change of Control and offering to repurchase the Notes on the Change of Control Payment Date specified in such notice, which date will be no earlier than 30
days and no later than 60 days from the date such notice is mailed. Such notice shall also state: 
 (i) that the Change of
Control Offer is being made pursuant to this Section 2.04 and that all Notes properly tendered and not withdrawn shall be accepted for payment; 
 (ii) the purchase price and the Change of Control Payment Date; 
 (iii) that any Note not
properly tendered shall remain outstanding and continue to accrue interest; 
 (iv) that, unless the Company defaults in the
payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest on and after the Change of Control Payment Date; 
 (v) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, or transfer by book-entry transfer, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of
business on the third Business Day preceding the Change of Control Payment Date; 
 (vi) that Holders shall be entitled to
withdraw their tendered Notes and their election to require the Company to purchase such Notes, provided that the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment
Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the Principal Amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such
Notes purchased; and 
 (vii) that Holders whose Notes are being purchased only in part shall be issued new Notes equal in
Principal Amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in Principal Amount or an integral multiple of $1,000 in excess thereof. 
 (c) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws and regulations are applicable in connection with the Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 2.04, the Company shall comply
with the applicable securities laws or regulations and shall not be deemed to have breached its obligations under this Section 2.04 by virtue of such compliance. 
 (d) On or prior to the Change of Control Payment Date, the Company shall, to the extent lawful: 
 (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 
  

 15 

 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the
Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 (e) The Paying Agent shall promptly mail or wire transfer to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be
transferred by book-entry) to each Holder a new Note equal in Principal Amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a Principal Amount of $2,000 or an integral multiple of
$1,000 in excess thereof. 
 (f) The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable
after the Change of Control Payment Date. 
 (g) The Company shall not be required to make a Change of Control Offer upon a Change of Control
if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 2.04 applicable to a Change of Control Offer made by the Company and purchases all Notes
validly tendered and not withdrawn under such Change of Control Offer. 
 (h) If the Change of Control Payment Date is on or after a Regular
Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest (including any Additional Interest) shall be paid to the Person in whose name a Note is registered at the close of business on such Regular Record Date,
and no additional interest shall be payable to Holders who tender Notes pursuant to the Change of Control Offer. 
 (i) Notwithstanding
anything to the contrary contained in this Supplemental Indenture, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement has been executed by the time of making
the Change of Control Offer. 
 (j) This Section 2.04 shall be applicable notwithstanding the applicability of any other provisions of
the Indenture. 
 ARTICLE 3 
 GLOBAL SECURITIES 
 SECTION 3.01 Form. The Notes shall initially be issued in the form of one or more
Global Securities. The Company shall execute and the Trustee or the Authenticating Agent shall authenticate and deliver such Global Security or Securities in the manner provided for in Article 2 of the Base Indenture. 
  

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 SECTION 3.02 Regulation S Global Securities. 
 (a) Regulation S Global Securities. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Legended
Regulation S Global Security, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for
the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. Following the termination of the Restricted Period, beneficial interests in the
Legended Regulation S Global Security shall automatically be exchanged for beneficial interests in Unlegended Regulation S Global Security pursuant to the Applicable Procedures. The aggregate Principal Amount of the Regulation S Global Securities
may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 
 (b) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the
Regulation S Global Securities that are held by Participants through Euroclear or Clearstream and this Indenture shall not govern such transfers. 
 SECTION 3.03 Transfer and Exchange. 
 (a) Transfer and Exchange of Global Securities. Except as otherwise set
forth in this Section 3.03, a Global Security may be transferred, in whole but not in part, only by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Securities shall be exchanged by the Company for Definitive Securities if (i) the Depositary notifies the Company (A) that
it is unwilling or unable to continue as Depositary for the Global Securities and the Company fails to appoint a successor Depositary within 90 days after receiving such notice or (B) that it has ceased to be a clearing agency registered under
the Exchange Act and the Company fails to appoint a successor Depositary within 90 days after becoming aware of such condition; (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of Definitive
Securities; provided that in no event shall the Legended Regulation S Global Securities be exchanged by the Company for Definitive Securities prior to the expiration of the Restricted Period; or (iii) there shall have occurred and be
continuing a Default or Event of Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Securities shall be issued in such names as the Depositary shall instruct the
Trustee. Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 3.04 and 3.06 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Security or any portion
thereof, pursuant to the Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Security. A Global Security may not be exchanged for another Security other than as provided in this Section 3.03(a);
provided, however, that beneficial interests in a Global Security may be transferred and exchanged for beneficial interests in a Global Security as provided in Section 3.03(b), (c) or (f) hereof. 
  

 17 

 (b) Transfer and Exchange of Beneficial Interests in the Global Securities. The transfer and
exchange of beneficial interests in the Global Securities shall be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Securities shall be
subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in
accordance with the transfer restrictions set forth in the Restricted Securities Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Legended Regulation S Global Security may not
be made to a U.S. Person or for the account or benefit of a U.S. Person (other than the Initial Purchasers). Beneficial interests in any Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial
interest in an Unrestricted Global Security. No written orders or instructions shall be required to be delivered to the Security Registrar to effect the transfers described in this Section 3.03(b)(i). 
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 3.03(b)(i) above, the transferor of such beneficial interest must deliver to the Security Registrar either (A) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Security in an amount equal to the beneficial interest to be transferred or exchanged and
(2) instructions given by the Depositary to the Security Registrar containing information regarding the Person in whose name such Definitive Security shall be registered to effect the transfer or exchange referred to in (B)(1) above; provided
that in no event shall Definitive Securities be issued upon the transfer or exchange of beneficial interests in the Legended Regulation S Global Security prior to the expiration of the Restricted Period. Upon consummation of an Exchange Offer by the
Company in accordance with Section 3.03(f) hereof, the requirements of this Section 3.03(b)(ii) shall be deemed to have been satisfied upon receipt by the Security Registrar of the instructions contained in the Letter of Transmittal
delivered by the Holder of such beneficial interests in the Restricted Global Securities. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Securities 

  

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contained in the Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the Principal Amount at maturity of the
relevant Global Securities pursuant to Section 3.03(i) hereof. 
 (iii) Transfer of Beneficial Interests to Another
Restricted Global Security. A beneficial interest in any Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Security if the transfer complies
with the requirements of Section 3.03(b)(ii) above and the Security Registrar receives the following: 
 (A) if the
transferee shall take delivery in the form of a beneficial interest in the 144A Global Security, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and

 (B) if the transferee shall take delivery in the form of a beneficial interest in a Legended Regulation S Global Security,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 
 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Security for Beneficial Interests in the Unrestricted Global Security. A beneficial interest in any Restricted Global Security may be
exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security if the exchange or transfer
complies with the requirements of Section 3.03(b)(ii) above and: 
 (A) such exchange or transfer is effected pursuant to
the Exchange Offer in accordance with the Registration Rights Agreement and the Holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) a Person participating in the distribution of the Exchange Notes or (2) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
 (D) the Security Registrar receives the following: 
 (1) if the Holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a
beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
  

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 (2) if the Holder of such beneficial interest in a Restricted Global Security proposes
to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Security Registrar so requests
or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Security Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of a Company Order in accordance with the
Indenture, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate Principal Amount equal to the aggregate Principal Amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.

 Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof in
the form of, a beneficial interest in a Restricted Global Security. 
 (c) Transfer or Exchange of Beneficial Interests for
Definitive Securities. 
 (i) Beneficial Interests in Restricted Global Securities to Restricted Definitive
Securities. If any Holder of a beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a Restricted Definitive Security or to transfer such beneficial interest to a Person who takes delivery thereof
in the form of a Restricted Definitive Security, then, upon receipt by the Security Registrar of the following documentation: 
 (A) if the Holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a Restricted Definitive Security, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is being transferred to a QIB in
accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule
904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 
  

 20 

 (D) if such beneficial interest is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof, 
 the Trustee
shall cause the aggregate Principal Amount of the applicable Global Security to be reduced accordingly pursuant to Section 3.03(i) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in
the instructions a Restricted Definitive Security in the appropriate Principal Amount. Any Restricted Definitive Security issued in exchange for a beneficial interest in a Restricted Global Security pursuant to this Section 3.03(c) shall be
registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Security Registrar through instructions from the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Restricted Definitive Securities to the Persons in whose names such Securities are so registered. Any Restricted Definitive Security issued in exchange for a beneficial interest in a Restricted Global
Security pursuant to this Section 3.03(c)(i) shall bear the Restricted Securities Legend and shall be subject to all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in Legended Regulation S Global Security to Definitive Securities. A beneficial interest in the Legended
Regulation S Global Security may not be exchanged for a Definitive Security or transferred to a Person who takes delivery thereof in the form of a Definitive Security prior to the expiration of the Restricted Period, except in the case of a transfer
pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (iii)
Beneficial Interests in Restricted Global Securities to Unrestricted Definitive Securities. A Holder of a beneficial interest in a Restricted Global Security may exchange such beneficial interest for an Unrestricted Definitive Security or may
transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a
transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Person participating in the distribution of the Exchange Notes or (2) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
 (D) the Security Registrar receives the following: 
 (1) if the Holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for an

  

 21 

 
Unrestricted Definitive Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or 
 (2) if the Holder of such beneficial interest in a Restricted Global Security proposes to transfer
such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 and, in each such case set forth in this subparagraph (D), if the Security Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Security Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted
Securities Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iv) Beneficial
Interests in Unrestricted Global Securities to Unrestricted Definitive Securities. If any Holder of a beneficial interest in an Unrestricted Global Security proposes to exchange such beneficial interest for an Unrestricted Definitive Security or
to transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security, then, upon satisfaction of the conditions set forth in Section 3.03(b)(ii) hereof, the Trustee shall cause the
aggregate Principal Amount of the applicable Unrestricted Global Security to be reduced accordingly pursuant to Section 3.03(i) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the
instructions an Unrestricted Definitive Security in the appropriate Principal Amount. Any Unrestricted Definitive Security issued in exchange for a beneficial interest pursuant to this Section 3.03(c)(iv) shall be registered in such name or
names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Security Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall
deliver such Unrestricted Definitive Securities to the Persons in whose names such Securities are so registered. Any Unrestricted Definitive Security issued in exchange for a beneficial interest pursuant to this Section 3.03(c)(iv) shall not
bear the Restricted Securities Legend. 
 (d) Transfer and Exchange of Definitive Securities for Beneficial Interests.

 (i) Restricted Definitive Securities to Beneficial Interests in Restricted Global Securities. If any Holder of a
Restricted Definitive Security proposes to exchange such Security for a beneficial interest in a Restricted Global Security or to transfer such Restricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial
interest in a Restricted Global Security, then, upon receipt by the Security Registrar of the following documentation: 
 (A)
if the Holder of such Restricted Definitive Security proposes to exchange such Security for a beneficial interest in a Restricted Global Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in
item (2)(b) thereof; 
  

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 (B) if such Restricted Definitive Security is being transferred to a QIB in accordance
with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive Security is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule
903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 
 (D) if such Restricted Definitive Security is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof, 
 the Trustee shall cancel the Restricted Definitive Security, and increase or cause to be increased the aggregate
Principal Amount of, in the case of clause (A) above, the appropriate Restricted Global Security, in the case of clause (B) above, the 144A Global Security, and in the case of clause (C) above, the Regulation S Global Security.

 (ii) Restricted Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of a
Restricted Definitive Security may exchange such Security for a beneficial interest in an Unrestricted Global Security or transfer such Restricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Security only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Person participating in the
distribution of the Exchange Notes or (2) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B)
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Security Registrar receives the following: 
 (1) if the Holder of such Restricted Definitive Security proposes to exchange such Security for a beneficial interest in the Unrestricted
Global Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
  

 23 

 (2) if the Holder of such Restricted Definitive Security proposes to transfer such
Security to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Security, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Security Registrar so requests or if the Applicable
Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Security Registrar and the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Restricted Securities Legend are no longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 3.03(d)(ii), the Trustee shall cancel the Restricted Definitive Security and increase or cause to be increased the aggregate Principal Amount of the
Unrestricted Global Security. 
 (iii) Unrestricted Definitive Securities to Beneficial Interests in Unrestricted Global
Securities. A Holder of an Unrestricted Definitive Security may exchange such Security for a beneficial interest in an Unrestricted Global Security or transfer such Definitive Security to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Security and increase or cause to be increased the
aggregate Principal Amount of one of the Unrestricted Global Securities. 
 If any such exchange or transfer from a Definitive
Security to a beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Security has not yet been issued, the Company shall issue and, upon receipt of a Company Order in
accordance with the Indenture, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate Principal Amount equal to the Principal Amount of Definitive Securities so transferred. 
 (e) Transfer and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this Section 3.03(e), the Security Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall
present or surrender to the Security Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Security Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 3.03(e). 
 (i) Restricted Definitive Securities to Restricted Definitive Securities. Any Restricted Definitive Security may be transferred to
and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Security if the Security Registrar receives the following: 
 (A) if the transfer shall be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (1) thereof; 
  

 24 

 (B) if the transfer shall be made pursuant to Rule 903 or Rule 904, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (ii) Restricted Definitive
Securities to Unrestricted Definitive Securities. Any Restricted Definitive Security may be exchanged by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person or Persons who take delivery thereof in the form of an
Unrestricted Definitive Security if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Person participating in the distribution of
the Exchange Notes or (2) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer
is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Security Registrar receives the following: 
 (1) if the Holder of such Restricted
Definitive Security proposes to exchange such Security for an Unrestricted Definitive Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (2) if the Holder of such Restricted Definitive Security proposes to transfer such Security to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  

 25 

 and, in each such case set forth in this subparagraph (D), if the Security Registrar so requests, an
Opinion of Counsel in form reasonably acceptable to the Security Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities
Legend are no longer required in order to maintain compliance with the Securities Act. 
 (iii) Unrestricted Definitive
Securities to Unrestricted Definitive Securities. A Holder of Unrestricted Definitive Securities may transfer such Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security. Upon receipt of a request to
register such a transfer, the Security Registrar shall register the Unrestricted Definitive Securities pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of a Company Order in accordance with the Indenture,
the Trustee shall authenticate (i) one or more Unrestricted Global Securities in an aggregate Principal Amount equal to the Principal Amount of the beneficial interests in the Restricted Global Securities tendered for acceptance by Persons that
certify in the applicable Letters of Transmittal that (x) they are not participating in a distribution of the Exchange Notes and (y) they are not affiliates (as defined in Rule 144) of the Company, and accepted for exchange in the Exchange
Offer and (ii) Definitive Securities in an aggregate Principal Amount equal to the Principal Amount of the Restricted Definitive Securities accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Securities, the
Trustee shall cause the aggregate Principal Amount of the applicable Restricted Global Securities to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and deliver to the Persons designated by the Holders of
Restricted Global Securities so accepted Unrestricted Global Securities in the appropriate Principal Amount. 
 (g) Legends. The
following legends shall appear on the face of all Global Securities and Definitive Securities issued under the Indenture unless specifically stated otherwise in the applicable provisions of the Indenture. 
 (i) Restricted Securities Legend. Except as permitted below, each Global Security and each Definitive Security (and all Securities
issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 THIS NOTE (OR ITS
PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), OR (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT; 
  

 26 

 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN
EXCEPT (A) TO THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
(C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S OF THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY AND THE TRUSTEE) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION; AND 
 (3) AGREES THAT IT WILL DELIVER TO
EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
 AS USED HEREIN, THE
TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF
THIS NOTE IN VIOLATION OF THE FOREGOING. 
 Notwithstanding the foregoing, any Global Security or Definitive Security issued pursuant to
subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this Section 3.03 (and all Securities issued in exchange therefor or substitution thereof) shall not bear the Restricted Securities Legend. 

(ii) OID Legend. Each Global Security and each Definitive Security (and all Securities issued in exchange therefor or
substitution thereof) that have more than a de minimus amount of original issue discount for U.S. federal income tax purposes shall bear a legend in substantially the following form: 
 THIS NOTE WAS ISSUED WITH “ORIGINAL ISSUE DISCOUNT” FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A
HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE COMPANY AT THE FOLLOWING ADDRESS: THE 

  

 27 

 
INTERPUBLIC GROUP OF COMPANIES, INC., 1114 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK 10036, ATTENTION: INVESTOR RELATIONS. 
 (h) Regulation S Temporary Global Security Legend. To the extent required by the Depositary, the Legended Regulation S Global Security shall bear
a legend in substantially the following form: 
 THE RIGHTS ATTACHING TO THIS GLOBAL SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS
EXCHANGE FOR DEFINITIVE SECURITIES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
 (i) Cancellation and/or Adjustment of Global
Securities. At such time as all beneficial interests in a particular Global Security have been exchanged for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such
Global Security shall be returned to or retained and canceled by the Trustee in accordance with the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who
shall take delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the Principal Amount of Notes represented by such Global Security shall be reduced accordingly and an endorsement shall be made
on such Global Security by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a
beneficial interest in another Global Security, such other Global Security shall be increased accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase. 
 (j) General Provisions Relating to Transfers and Exchanges. 
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Securities and
Definitive Securities upon the Company Order or at the Security Registrar’s request. 
 (ii) No service charge shall be
made to a Holder of a beneficial interest in a Global Security or to a Holder of a Definitive Security for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than exchanges pursuant to Section 3.04, 9.06 or 11.07 of the Base Indenture or Section 2.04 of this Supplemental Indenture, in each case not involving any transfer). 

(iii) The Security Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Securities and Definitive
Securities issued upon any registration of transfer or exchange of Global Securities or Definitive Securities shall be the valid and legally binding obligations of the Company, evidencing the same debt, and entitled to the same benefits under the
Indenture, as the Global Securities or Definitive Securities surrendered upon such registration of transfer or exchange. 
  

 28 

 (v) The Company shall not be required (A) to issue, to register the transfer of or
to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under the Indenture and ending at the close of business on the day of selection, (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register the transfer of or to exchange a Note between a Regular Record Date and the
next succeeding Interest Payment Date or (D) to register the transfer of or to exchange a Note tendered and not withdrawn in connection with a Change of Control Offer. 
 (vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, Security Registrar, Paying Agent and the
Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest (including any Additional Interest) on such Notes and for all other
purposes, and none of the Trustee, Security Registrar, Paying Agent or the Company shall be affected by notice to the contrary. 
 (vii) The Trustee shall authenticate Global Securities and Definitive Securities in accordance with the provisions of the Indenture. 
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Security Registrar pursuant to this Section 3.03 to effect a registration of transfer or exchange may be submitted
by facsimile or electronic transmission with the original to follow by first class mail. 
 (k) Applicable Procedures for Delegending.

 (i) After one year has elapsed following (A) the Issue Date or (B) if the Company has issued any additional Notes
with the same terms and the same CUSIP number as the Notes pursuant to the Indenture within one year following the date of original issuance of the Notes, the date of original issuance of such additional Notes, if the Notes are freely tradeable
pursuant to Rule 144 under the Securities Act by Holders who are not Affiliates of the Company where no conditions of Rule 144 are then applicable (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long as such holding
period requirement is satisfied), the Company may: 
 (1) instruct the Trustee in writing to remove the Restricted Securities
Legend from the Notes by delivering to the Trustee a certificate in the form of Exhibit E hereto, and upon such instruction the Restricted Securities Legend shall be deemed removed from any Global Securities representing such Notes without
further action on the part of Holders; 
 (2) notify the Holders that the Restricted Securities Legend has been removed or
deemed removed; and 
  

 29 

 (3) instruct the Depositary to change the CUSIP number for the Notes to the unrestricted
CUSIP number for the Notes. 
 In no event will the failure of the Company to provide any notice set forth in this paragraph
or of the Trustee to remove the Restricted Securities Legend constitute a failure by the Company to comply with any of its covenants or agreements set forth in this Indenture. Any Restricted Security (or security issued in exchange or substitution
therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Restricted Security for exchange to the Security Registrar in accordance with the provisions of Article Three of this
Supplemental Indenture, be exchanged for a new Security or Securities, of like tenor and aggregate principal amount, which shall not bear the Restricted Securities Legend. The Company shall notify the Trustee in writing upon the occurrence of the
Resale Restriction Termination Date and promptly after a registration statement with respect to the Notes, if any, has been declared effective under the Securities Act. 
 (ii) Notwithstanding any provision of this Section 3.03(k) to the contrary, in the event that Rule 144 as promulgated under the
Securities Act (or any successor rule) is amended to change the one-year holding period thereunder (or the corresponding period under any successor rule), (i) each reference in this Section 3.03(k) to “one year” shall be deemed
for all purposes hereof to be references to such changed period, and (ii) all corresponding references in the Notes (including the definition of Resale Restriction Termination Date) shall be deemed for all purposes hereof to be references to
such changed period, provided that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal securities laws. This Section 3.03(k)(ii) shall apply to
successive amendments to Rule 144 (or any successor rule) changing the holding period thereunder. 
 ARTICLE 4 
 REMEDIES 
 SECTION 4.01
Additional Events of Default. The following events shall each constitute an additional “Event of Default” under the Base Indenture whenever used with respect to the Notes (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (i) failure by the Company to repurchase Notes or make a Change of Control Offer in a timely manner in accordance with Section 2.04
hereof. 
 SECTION 4.02 Amendment to Cross-Acceleration Provision. The Base Indenture is hereby amended, with respect to the
Notes only, by replacing the reference to “$20,000,000” with “$50,000,000” in paragraph (5) of Section 5.01 of the Base Indenture. 
  

 30 

 ARTICLE 5 
 REPORTS BY THE COMPANY 
 SECTION 5.01 Reports by the Company. (a) Sections 7.04(1)
and (2) of the Base Indenture shall, with respect to the Notes only, be deleted in its entirety and replaced with the following: 
 “(1) For so long as any of the Notes are outstanding: 
 (a) file with the Trustee, within 45 days after the
Company is required to file the same with the Commission, copies of the annual and quarterly reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) that the Company may be required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports
pursuant to either of said Sections, then it shall file with the Trustee and the Commission (unless the Commission will not accept such a filing), in accordance with the rules and regulations prescribed from time to time by the Commission, such of
the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time
to time in such rules and regulations; 
 (b) not take any action for the purpose of causing the Commission not to accept any
such filings described in clause (a) above; provided that if, notwithstanding the foregoing, the Commission will not accept the Company’s filings for any reason, the Company shall post the information, documents and reports
described in clause (a) above on its website within the time periods that would apply if the Company were required to file such information, documents and reports with the Commission pursuant to clause (a) above; and 
 (c) furnish, upon the request of a Holder and a prospective purchaser designated by such Holder, the information required to be delivered
under Rule 144A(d)(4) under the Securities Act, if at the time of such request the Company is neither a reporting company under Section 13 or Section 15(d) of the Exchange Act, nor exempt from reporting pursuant to Rule 12g3-2 thereunder,

 provided that, notwithstanding any of the foregoing, the Company shall not be required to prepare or file any
financial statements or other information or disclosure required pursuant to Rule 3-10 or 3-16 of Regulation S-X (or any successor provision) under the Exchange Act.” 
 (b) With respect to the Notes only, Section 7.04(3) of the Base Indenture shall not be applicable. 
  

 31 

 ARTICLE 6 
 COVENANTS 
 SECTION 6.01 Limitations on Liens. The definition of “Permitted
Liens” in the Base Indenture shall, with respect to the Notes only, be deleted in its entirety and replaced with the following: 
 ““Permitted Liens” means (a) liens (including liens arising from sale and lease-back transactions) on property or assets acquired or held by the Company or a Restricted Subsidiary incurred to secure the payment of
all or any part of the purchase price thereof or to secure any Indebtedness incurred prior to, at the time of, or within 180 days after the acquisition for the purpose of financing all or any part of the purchase price thereof, or liens
(including liens arising from sale and lease-back transactions) on property or assets existing at the time of acquisition thereof by the Company or a Restricted Subsidiary, other than liens created in contemplation of such acquisition that were not
incurred for the purpose of financing all or any part of the purchase price thereof, provided, however, that the lien does not extend to or cover any property or assets of any character other than the property or assets being acquired;
(b) liens on property or assets of a Person, other than the Company or a Restricted Subsidiary, existing at the time of acquisition of such property and assets by the Company or a Restricted Subsidiary, provided, that the liens were not
created in contemplation of such acquisition and do not extend to any property or assets of any character other than the property or assets being acquired; (c) liens affecting property or assets of a Person, other than the Company or any
Restricted Subsidiaries, existing at the time the Person merges into or consolidates with the Company or a Restricted Subsidiary or becomes a Restricted Subsidiary or at the time of sale, lease or other disposition of the property or assets as an
entirety or substantially as an entirety to the Company or a Restricted Subsidiary, provided, however, that the liens were not created in contemplation of such merger, consolidation or acquisition and do not extend to any property or
assets other than those of the Person so merged into or consolidated with, or acquired by, the Company or such Restricted Subsidiary; (d) liens securing Indebtedness owing by a Restricted Subsidiary of the Company to the Company or to a
Restricted Subsidiary of the Company; (e) liens existing on the Issue Date; (f) liens in favor of the United States of America or any State, territory or possession thereof (or the District of Columbia), or any department, agency,
instrumentality or political subdivision of the United States of America or any State, territory or possession thereof (or the District of Columbia), to secure partial, progress, advance or other payments; (g) liens on any property to secure
all or part of the cost of alteration, repair or improvement thereon or Indebtedness incurred to provide funds for such purpose in a principal amount not exceeding the cost of such improvements or construction; (h) purchase money liens on
personal property; (i) liens created in connection with capitalized lease obligations, but only to the extent that such liens encumber property financed by such capital lease obligation and the principal component of such capitalized lease
obligation is not increased; (j) liens on property arising in connection with a securities repurchase transaction; (k) liens (including judgment liens) arising in connection with legal proceedings, taxes, fees, assessments or other
governmental charges, so long as such proceedings, taxes, fees, assessments or other 

  

 32 

 
governmental charges are being contested in good faith and, in the case of judgment liens, execution thereon is stayed and for which any reserves required in
accordance with GAAP have been established; (l) carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar liens arising in the ordinary course of business which are not overdue
for a period of more than 90 days or are being contested in good faith by appropriate proceedings diligently pursued, provided, however, that (i) any proceedings commenced for the enforcement of such liens shall have been
stayed or suspended within 30 days of the commencement thereof and (ii) provision for the payment of such liens has been made on the books of the Company to the extent required by GAAP; (m) easements, rights-of-way, zoning
restrictions and other similar encumbrances incurred in the ordinary course of business which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or
interfere with the ordinary conduct of the business of the Company or any Restricted Subsidiary; (n) pledges or deposits to secure obligations under workers’ compensation laws or other similar legislation (other than in respect of employee
benefit plans subject to the Employee Retirement Security Act of 1974, as amended) or to secure public or statutory obligations; (o) liens securing the performance of, or payment in respect of, bids, tenders, government contracts (other than
for the repayment of borrowed money), surety and appeal bonds and other obligations of a similar nature incurred in the ordinary course of business; (p) any interest or title of a lessor or sublessor and any restriction or encumbrance to which
the interest or title of such lessor or sublessor may be subject that is incurred in the ordinary course of business; (q) any contractual right of set-off or any contractual right to charge or contractual security interest in or lien on the
accounts of the Company or a Restricted Subsidiary to effect the payment of amounts to a depositary institution whether or not due and payable in respect of any Indebtedness or financing arrangement and any other lien arising solely by virtue of any
statutory or common law provision relating to banker’s liens, rights of set-off or similar rights; (r) liens arising in the ordinary course of banking transactions and securing Indebtedness in an aggregate amount of not more than
$15,000,000 that matures not more than one year after the date on which it is originally incurred; (s) any liens on the assets of any Subsidiaries of the Company organized outside of the United States in favor of lenders or an affiliated
guarantor under or in connection with short-term working capital lines of credit or overdraft facilities, in each case entered into in the ordinary course of business; (t) any liens on any asset of any Person organized outside of the United
States arising at any time pursuant to an arrangement (factoring or otherwise) secured by accounts receivable that is existing at the time such Person becomes or became a Restricted Subsidiary of the Company or is merged into or consolidated with
the Company or any of its Restricted Subsidiaries, provided that such lien or arrangement was not created in contemplation of such event, and only to the extent, in the case of any such arrangement, that such arrangement does not provide for
liens which, together with all other liens permitted under this clause (t), would encumber assets representing more than 5.0% of the consolidated accounts receivable of the Company and its consolidated Subsidiaries as reflected in the
consolidated balance sheet of the Company and its consolidated Subsidiaries for the Company’s fiscal quarter most recently ended prior to such event; (u) any lien arising out of an interest bearing cash deposit account to be established
and maintained by the lender or lenders (or their agent) under any credit 

  

 33 

 
facility with a bank or a syndicate of banks; and (v) any extension, renewal, refinancing or replacement (or successive extensions, renewals or
replacements), in whole or in part, of any lien referred to in the foregoing clauses (a) to (u), inclusive, provided, however, that any lien permitted by any of the foregoing clauses (a) through (u) shall not extend to
or cover any property of the Company or such Restricted Subsidiary, as the case may be, other than the property specified in such clauses and improvements thereto.” 
 ARTICLE 7 
 WAIVER, MODIFICATIONS AND AMENDMENTS 
 SECTION 7.01 Supplemental Indentures with Consent of Holders. (a) Supplemental indentures modifying the Indenture and the terms of the
Notes may be entered into as set forth in Article 9 of the Base Indenture; provided that, in addition to the provisions of Section 9.02 of the Base Indenture, the Company and the Trustee also may not, without the consent of each Holder
of Notes affected thereby, enter into a supplemental indenture modifying or amending the Indenture or the Notes to: 
 (i)
alter the provisions, waive any payment, or otherwise change the Company’s obligation in a manner adverse to the Holder with respect to the redemption of the Notes other than provisions relating to the covenant described in Section 2.04 of
this Supplemental Indenture (except to the extent provided in clause (ii) below); or 
 (ii) amend, change or modify the
Company’s obligation to make and consummate a Change of Control Offer in the event of a Change of Control in accordance with Section 2.04 of this Supplemental Indenture after such Change of Control has occurred, including amending,
changing or modifying any definition relating thereto after the Change of Control has occurred. 
 (b) With respect to the Notes only,
Section 9.02(3) of the Base Indenture shall not be applicable. 
 ARTICLE 8 
 RANKING 
 SECTION 8.01 Senior
in Right of Payment. The Notes shall be direct senior obligations of the Company and shall rank (a) senior in right of payment to all existing and future Indebtedness that is, by its terms, expressly subordinated in right of payment
to the Notes and (b) pari passu in right of payment with all other unsecured senior Indebtedness of the Company. The Notes are not guaranteed. 
 ARTICLE 9 
 MISCELLANEOUS 
 SECTION 9.01 Integral Part. This Supplemental Indenture constitutes an integral part of the Base Indenture with respect to the Notes only.

  

 34 

 SECTION 9.02 Adoption, Ratification and Confirmation. The Base Indenture, as supplemented and
amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. The provisions
of this Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith. 
 SECTION 9.03 Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 9.04
GOVERNING LAW. THE INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW RULES OF SAID STATE. 
 SECTION 9.05 Conflict of Any Provision of Indenture with Trust Indenture Act. If and to the extent that any provision of the Indenture
limits, qualifies or conflicts with a provision required under the terms of the Trust Indenture Act, the Trust Indenture Act provision shall control. 
 SECTION 9.06 Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 
 SECTION 9.07 Severability of Provisions. In case any provision in the Indenture or in the Notes 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 9.08 Successors and Assigns. All covenants and agreements in the Indenture by the parties hereto shall bind their respective successors and assigns and inure to the benefit of their respective successors and assigns,
whether so expressed or not. 
 SECTION 9.09 Benefit of Indenture. Nothing in this Supplemental Indenture, express or implied,
shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, and their successors hereunder, and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim hereunder or under the
Indenture. 
 SECTION 9.10 Acceptance by Trustee. The Trustee accepts the amendments to the Base Indenture effected by this
Supplemental Indenture and agrees to execute the trusts created by the Base Indenture as hereby amended, but only upon the terms and conditions set forth in this Supplemental Indenture and the Base Indenture. Without limiting the generality of the
foregoing, the Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Company and except as provided in the Indenture the Trustee shall not be responsible or accountable
in any way whatsoever for or with respect to the validity or execution or sufficiency of this Supplemental Indenture and the Trustee makes no representation with respect thereto. All rights, protections, privileges, indemnities and benefits granted
or afforded to the Trustee under the Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted by the Trustee under this Supplemental Indenture. 
  

 35 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, and
the Company’s corporate seal to be hereunto affixed and attested, all as of the day and year first above written. 
  

							
		 		 	THE INTERPUBLIC GROUP OF COMPANIES, INC.
				
		 		 	By:	 	 /s/ Ellen T. Johnson

		 		 	Name:	 	Ellen T. Johnson
		 		 	Title:	 	Senior Vice President and Treasurer
				
	[SEAL]	 		 		 	
				
	Attest:	 		 		 	
				
	 /s/ Nicholas J. Camera
	 		 		 	
	Name: Nicholas J. Camera	 		 		 	
	Title: Senior Vice President, General Counsel and Secretary	 		 		 	
			
		 		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
				
		 		 	By:	 	 /s/ George T. Hogan

		 		 	Name:	 	George T. Hogan
		 		 	Title:	 	Vice President

 EXHIBIT A 
 [FORM OF FACE OF SECURITY] 
 [FOR GLOBAL SECURITY] [THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE INTERPUBLIC GROUP OF COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS SECURITY OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.] 
 [FOR RESTRICTED SECURITY] [THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 
 (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), OR (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; 
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT (A) TO THE COMPANY OR ANY OF ITS
SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN 

  

 EX. A-1 

 
ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF
RULE 903 OR 904 OF REGULATION S OF THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
(AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY AND THE TRUSTEE) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER APPLICABLE JURISDICTION; AND 
 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. 
 AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES”
HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING.] 
 THIS NOTE WAS ISSUED WITH “ORIGINAL ISSUE DISCOUNT” FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A HOLDER MAY OBTAIN
THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE COMPANY AT THE FOLLOWING ADDRESS: THE INTERPUBLIC GROUP OF COMPANIES, INC., 1114 AVENUE
OF THE AMERICAS, NEW YORK, NEW YORK 10036, ATTENTION: INVESTOR RELATIONS. 
 [FOR LEGENDED REGULATION S GLOBAL SECURITY] [THE RIGHTS ATTACHING TO THIS GLOBAL
SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE SECURITIES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).] 
  

 EX. A-2 

 THE INTERPUBLIC GROUP OF COMPANIES, INC. 
 10.0% Senior Notes due 2017 
 No. A-1 
  

					
		 		  	CUSIP No.:
		 		  	ISIN No.:

 The Interpublic Group of Companies, Inc., a corporation duly organized and existing under the laws
of Delaware (herein called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, on
July 15, 2017 the principal sum of             Dollars ($             ) and to pay interest thereon from
June 15, 2009 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually on January 15 and July 15 of each year, commencing on January 15, 2010, at the rate of 10.0% per
annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. 
 Payment of the principal of (and premium, if any) and interest (including any Additional Interest) on this Note will be made at the office or agency of
the Company maintained for that purpose in the State of New York, City of New York, Borough of Manhattan; provided, however, that at the option of the Company, payment of interest (including any Additional Interest) may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 So long as all of the Notes of
this series are represented by Notes in global form, the principal of (and premium, if any) and interest (including any Additional Interest) on this global Note shall be paid in same day funds to the Depositary, or to such name or entity as is
requested by an authorized representative of the Depositary. If at any time the Notes of this series are no longer represented by global Notes and are issued in definitive certificated form, then the principal of (and premium, if any) and interest
(including any Additional Interest) on each certificated Note at Maturity shall be paid in same day funds to the Holder upon surrender of such certificated Note at the Corporate Trust Office of the Trustee, or at such other place or places as may be
designated in or pursuant to the Indenture; provided that such certificated Note is surrendered to the Trustee, or at such other place or places as may be designated in or pursuant to the Indenture, in time for the Paying Agent to make such
payments in such funds in accordance with its normal procedures. Payments of interest (including any Additional Interest) with respect to such certificated Notes other than at Maturity may, at the option of the Company, be made by check mailed to
the address of the Person entitled thereto as it appears on the Security Register on the relevant Regular or Special Record Date or by wire transfer in same day funds to such account as may have been appropriately designated to the Paying Agent by
such Person in writing not later than such relevant Regular or Special Record Date. 
  

 EX. A-3 

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

 EX. A-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

  

			
	THE INTERPUBLIC GROUP OF COMPANIES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Attest:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	[SEAL]
	
	Dated: June     , 2009
	
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	This is one of the Notes described in the within-mentioned Indenture and Supplemental Indenture.
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

  

 EX. A-5 

 [FORM OF REVERSE SIDE OF SECURITY] 
 THE INTERPUBLIC GROUP OF COMPANIES, INC. 
 10.0% Senior Notes due 2017 
  

	1.	INTEREST 

 THE INTERPUBLIC GROUP OF COMPANIES, INC., a
Delaware corporation (the “Company”), promises to pay interest on the outstanding Principal Amount of this Note at the rate of 10.0% per annum from June 15, 2009 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, as the case may be, until Maturity. The Company shall pay interest semiannually in arrears on January 15 and July 15 of each year, commencing January 15, 2010, and at Maturity to the Person
in whose name the Notes are registered at the close of business on the Regular Record Date of January 1 and July 1 (whether or not a Business Day), as the case may be, until the principal thereof is paid or made available for payment.
Interest on the Notes will be calculated on the basis of a 360-day year comprised of twelve 30-day months. 
 If any Interest Payment Date,
Redemption Date, Change of Control Payment Date or Maturity date is not a Business Day, the payment of principal and interest (including any Additional Interest), as applicable, will be made on the next succeeding Business Day, except that if such
Business Day is in the next succeeding calendar month, such Interest Payment Date will be the immediately preceding Business Day. No interest will accrue on the amount so payable for the period from any Interest Payment Date, Redemption Date, Change
of Control Payment Date or the Maturity date, as the case may be, to the date payment is made. 
  

	2.	METHOD OF PAYMENT 

 Subject to the terms and conditions of
the Indenture, the Company shall make payments in respect of the Notes to the Persons who are registered Holders of Notes as of the close of business on the Business Day preceding the Redemption Date or Maturity date, as the case may be, or at the
close of business on a Change of Control Payment Date. Holders must surrender Notes to a Paying Agent to collect such payments in respect of the Notes. The Company shall pay cash amounts in money of the United States that at the time of payment is
legal tender for payment of public and private debts. However, the Company may make such cash payments by check payable in such money. 
  

	3.	PAYING AGENT AND SECURITY REGISTRAR 

 Initially, U.S. Bank
National Association, a national banking association under the laws of the United States of America and having a corporate trust office in Atlanta, Georgia (the “Trustee”), shall act as Paying Agent and Security Registrar. The
Company may appoint and change any Paying Agent and Security Registrar or co-registrar without notice, other than notice to the Trustee except that the Company will maintain at least one Paying Agent in the State of New York, City of New York,
Borough of Manhattan. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Security Registrar or co-registrar. 
  

 EX. A-6 

	4.	INDENTURE 

 This Security is one of a duly authorized issue
of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Debt Indenture, dated as of November 12, 2004 (the “Base Indenture”), as supplemented
by the Seventh Supplemental Indenture thereto, dated as of June 15, 2009 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee. Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. Reference is hereby made to the Indenture for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Notes and
the terms upon which the Notes are to be authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended,
and those set forth in the Notes. 
 The Notes are general unsecured obligations of the Company initially issued in an aggregate Principal
Amount of $600,000,000. 
  

	5.	REDEMPTION AT THE OPTION OF THE COMPANY 

 No sinking fund
is provided for the Notes. Except as set forth below, the Notes shall not be redeemable by the Company. 
 (a) At any time
prior to July 15, 2013, the Company may at its option redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the Principal Amount of the Notes to be redeemed plus the
Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the Redemption Date, subject to the rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date.

 (b) On or after July 15, 2013, the Company may at its option redeem all or a part of the Notes, upon not less than 30
nor more than 60 days’ notice, at the redemption prices (expressed as percentages of Principal Amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon to the applicable Redemption Date, subject to the
rights of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on July 15 of the years indicated below: 
  

				
	 Year
	  	Percentage	 
	 2013
	  	105.000	% 
		
	 2014
	  	102.500	% 
		
	 2015 and thereafter
	  	100.000	% 

 (c) If the terms, conduct or results of any of the Company’s Tender Offers are
not satisfactory to the Company in its sole judgment, then the Company may at its option, at any time during the Special Redemption Period, redeem (A) all or (B) a part of the Notes (provided that, if less than all of the Notes are
being redeemed, the Company may 

  

 EX. A-7 

 
only redeem up to $200,000,000 in aggregate Principal Amount), upon not less than three Business Days’ notice, at a redemption price equal to the
accreted value of the Notes to be redeemed as of the Redemption Date plus 1.0% of the Principal Amount of the Notes to be redeemed plus accrued and unpaid interest to the Redemption Date. If, prior to the expiration of the Special Redemption Period,
the Company determines in its sole judgment that the terms, conduct and results of such Tender Offers are satisfactory to the Company, then the Company shall make a public announcement to such effect and thereby waive its rights under this paragraph
5(c). 
  

	6.	NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY 

 Subject
to the provisions of paragraph 5 of this Note, at least 30 days but not more than 60 days before a Redemption Date, the Company shall mail or cause to be mailed a notice of redemption by first-class mail to the Trustee, the Paying Agent and each
Holder of Notes to be redeemed at such Holder’s address as it appears on the Note register or otherwise in accordance with the procedures of the Depositary, except that redemption notices may be delivered more than 60 days prior to a Redemption
Date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge in accordance with the terms of the Indenture. If money sufficient to pay the redemption price of all Notes (or portions thereof) to be
redeemed on the Redemption Date is deposited with the Paying Agent prior to or on the Redemption Date, on and after the Redemption Date, interest (including any Additional Interest), if any, shall cease to accrue on such Notes or portions thereof.
Notes in denominations larger than $2,000 Principal Amount may be redeemed in part but only in integral multiples of $1,000 Principal Amount in excess thereof. 
  

	7.	REPURCHASE OF NOTES AT THE OPTION OF THE HOLDER UPON A CHANGE OF CONTROL 

 If a Change of Control occurs, each Holder shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes
pursuant to a Change of Control Offer on the terms set forth in the Indenture. In the Change of Control Offer, the Company will offer payment in cash equal to not less than 101% of the aggregate principal amount of Notes repurchased plus accrued and
unpaid interest and Additional Interest, if any, thereon, to the date of repurchase, which date will be no earlier than the date of such Change of Control. The Company shall not be required to make a Change of Control Offer upon a Change of Control
if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in Section 2.04 of the Supplemental Indenture applicable to a Change of Control Offer made by the Company
and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
  

	8.	RANKING 

 The Notes shall be direct senior obligations of
the Company and shall rank senior in right of payment to all existing and future Indebtedness that is, by its terms, expressly subordinated in right of payment to the Notes and pari passu in right of payment with all other unsecured senior
Indebtedness of the Company. The Notes are not guaranteed. 
  

 EX. A-8 

	9.	DEFAULTED INTEREST 

 Except as otherwise specified with
respect to the Notes, any Defaulted Interest on any Note shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the
Company as provided for in Section 3.07 of the Base Indenture and Section 2.02 of the Supplemental Indenture. 
  

	10.	DENOMINATIONS; TRANSFER; EXCHANGE 

 The Notes are in
registered form, without coupons, in denominations of $2,000 or integral multiples of $1,000 in excess thereof. A Holder may transfer Notes in accordance with the Indenture. The Security Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Security Registrar need not transfer or exchange any Notes selected for redemption (except, in the case of a Note to be
redeemed in part, the portion of the Note not to be redeemed) or any Notes in respect of which a Change of Control Offer has been given and not withdrawn (except, in the case of a Note to be purchased in part, the portion of the Note not to be
purchased) for a period of 15 days before any selection of Notes to be redeemed. The Notes are subject to certain transfer restrictions set forth in Article 3 of the Supplemental Indenture. 
  

	11.	PERSONS DEEMED OWNERS 

 The registered Holder of this Note
may be treated as the owner of this Note for all purposes. 
  

	12.	UNCLAIMED MONEY OR PROPERTY 

 The Trustee and the Paying
Agent shall return to the Company upon written request any money or property held by them for the payment of any amount with respect to the Notes that remains unclaimed for one year; provided, however, that the Trustee or such Paying Agent,
before being required to make any such return, shall at the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money or property remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed money or property then remaining shall be returned to the Company. After return to the Company,
Holders entitled to the money or property must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person. 
  

	13.	AMENDMENT; WAIVER 

 Subject to certain exceptions set forth
in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the Holders of at least a majority in aggregate Principal Amount of the Notes at the time outstanding and (ii) certain Defaults or noncompliance
with certain provisions may be waived with the written consent of the Holders of a majority in aggregate Principal Amount of the Notes at the time outstanding. The Indenture or the Notes may be amended without the consent of any Holders under
circumstances set forth in Section 9.01 of the Base Indenture. 
  

 EX. A-9 

	14.	DEFAULTS AND REMEDIES 

 If an Event of Default occurs and
is continuing, the Trustee, or the Holders of at least 25% in aggregate Principal Amount of the Notes at the time outstanding, may declare the outstanding Principal Amount and any accrued and unpaid interest, of all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default which shall result in the Notes being declared due and payable immediately upon the occurrence of such Events of Default. 
 Events of Default in respect of the Notes are set forth in Section 5.01 of the Base Indenture, as amended and supplemented by Article 4 of the
Supplemental Indenture. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain
limitations, conditions and exceptions, Holders of a majority in aggregate Principal Amount of the Notes at the time outstanding may direct the Trustee in its exercise of any trust or power, including the annulment of a declaration of acceleration.
The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of amounts specified in clauses (1) and (2) of Section 5.01 of the Base Indenture) if it determines that withholding notice is in
their interests. 
  

	15.	CONSOLIDATION, MERGER, AND SALE OF ASSETS 

 In the event of
a consolidation, merger, or sale of assets to convey, transfer or lease of all or substantially all of the Company’s property or assets as described in Section 8.01 of the Base Indenture, the successor corporation to the Company shall
succeed to and be substituted for the Company, and may exercise the Company’s rights and powers under this Indenture, and thereafter, except in the case of a lease, the Company shall be relieved of all obligations and convents under the
Indenture and the Notes with respect to its obligations under this Indenture. 
  

	16.	TRUSTEE AND AGENT DEALINGS WITH THE COMPANY 

 The Trustee,
Paying Agent and Security Registrar under the Indenture, each in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee, Paying Agent or Security Registrar. 
  

	17.	NO RECOURSE AGAINST OTHERS 

 A director, officer or
employee, as such, of the Company or any subsidiary of the Company or any stockholder as such, of the Company shall not have any liability for any obligations of the Company under the Notes or the Supplemental Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

 EX. A-10 

	18.	AUTHENTICATION 

 This Note shall not be valid until an
authorized officer of the Trustee or Authenticating Agent manually signs the Trustee’s certificate of authentication on the other side of this Note. 
  

	19.	ABBREVIATIONS 

 Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (=tenants in common), TENANT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act). 
  

	20.	GOVERNING LAW 

 The Indenture and this Note shall be
governed by and construed in accordance with the laws of the State of New York without regard to the conflicts of law rules of said state. 
  

 EX. A-11 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to: 
  

	
	  

	(Insert assignee’s social security or tax I.D. number)
	  

	  

	  

	  

	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                         as agent
to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

							
	Dated:	 	                      
	  	Your Signature:	  	  

	(Sign exactly as your name appears on the other side of this Security)

  

			
	Signature Guaranty:	 	  

		 	[Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements will include membership or participation in
STAMP or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.]

  

			
	Social Security Number or	 	
	Taxpayer Identification Number:	 	  

  

 EX. A-12 

 OPTION OF HOLDER TO ELECT PURCHASE 
 The undersigned registered Holder of this Note hereby acknowledges receipt of a notice from The Interpublic Group of Companies, Inc. (the
“Company”) as to the occurrence of a Change of Control with respect to the Company and requests and instructs the Company to repurchase this Note, or the portion hereof (which is $2,000 Principal Amount or an integral multiple of
$1,000 in excess thereof) designated below, in accordance with paragraph 7 of this Note and the terms of the Supplemental Indenture referred to in this Note and directs that the check in payment for this Note or the portion thereof and any Notes
representing any unrepurchased principal amount hereof, be issued and delivered to the registered Holder hereof. 
  

							
	Dated:	 	                      
	  	Your Signature:	  	  

	(Sign exactly as your name appears on the other side of this Security)

  

			
	Signature Guaranty:	  	  

		  	[Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Trustee, which requirements will include membership or participation in
STAMP or such other “signature guarantee program” as may be determined by the Trustee in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.]

  

			
	Social Security Number or	  	
	Taxpayer Identification Number:	  	  

 Principal Amount to be purchased (if 
 less than all):$                    ,000. 
  

 EX. A-13 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 The Interpublic Group of Companies, Inc. 
 1114 Avenue of the Americas 
 New York, New York 10036 
 Attention: Investor Relations 
 U.S. Bank National Association 
 1349 W. Peachtree Street, Suite 1050 
 Atlanta, Georgia 30309 
 Attention: Corporate Trust Division 
 Re: 10.0% Senior Notes
due 2017 
 Reference is hereby made to the Senior Debt Indenture, dated as of November 12, 2004 (the “Base
Indenture”), between The Interpublic Group of Companies, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association (as a successor to Suntrust Bank), as trustee (the “Trustee”), as
amended and supplemented by the seventh supplemental indenture dated as of June 15, 2009 (the “Supplemental Indenture”, and together with the Base Indenture, the “Indenture”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 
             (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount at
maturity of $            in such Note[s] or interests (the “Transfer”), to             (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
  ̈    1. Check if Transferee will take delivery
of a beneficial interest in the 144A Global Security or a Definitive Security Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Security is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the
beneficial interest or Definitive Security for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the 144A Global Security and/or the
Definitive Security and in the Indenture and the Securities Act. 
  

 EX. B-1 

  ̈    2. Check if Transferee will take delivery
of a beneficial interest in a Regulation S Global Security or a Definitive Security pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) the transfer is not being made to a U.S. Person or for the account or
benefit of a U.S. Person. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will be subject to the restrictions on transfer enumerated in the
Restricted Securities Legend printed on the Regulation S Global Security and/or the Definitive Security and in the Indenture and the Securities Act. 
  ̈    3. Check and complete if Transferee will take delivery of a Restricted Definitive Security pursuant to any provision of the Securities Act other than Rule
144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Securities and Restricted Definitive Securities and pursuant to and in accordance with
the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  ̈    (a) such Transfer is being effected to the Company or a subsidiary thereof; or 
  ̈    (b) such Transfer is being effected to an Institutional Accredited Investor and pursuant to
an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D
under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Security or Restricted Definitive Securities and the requirements of the exemption claimed, which
certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such transfer is in respect of an aggregate principal amount of Notes less than $100,000, an Opinion of Counsel
provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Security will be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Definitive Securities and in the Indenture and
the Securities Act. 
 4. Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Security or of an
Unrestricted Definitive Security. 
  

 EX. B-2 

  ̈    (a) Check if Transfer is Pursuant to Rule
144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will no longer be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global
Securities, on Restricted Definitive Securities and in the Indenture. 
  ̈    (b)
Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any state of the United States and, in the case of a transfer from a Restricted Global Security or a Restricted Definitive Security, the Transferor hereby further certifies that (a) the Transfer is not
being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (b) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (c) the transaction is not part
of a plan or scheme to evade the registration requirements of the Securities Act and (d) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person, and (ii) the restrictions on transfer contained in the
Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Security will no longer be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global Securities, on Restricted Definitive Securities and in the Indenture. 
  ̈    (c) Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue
sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Security will not be subject to the restrictions on transfer enumerated in the Restricted Securities Legend
printed on the Restricted Global Securities or Restricted Definitive Securities and in the Indenture. 
  

 EX. B-3 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company. 
  

			
	 Dated:
                    

			
	
	  

	 [Insert Name of Transferor]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 EX. B-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (A) OR (B)] 
  

					
	  ̈
	  	(A)	  	A BENEFICIAL INTEREST IN THE:
			
		  	(i)	  	144A Global Security (CUSIP [            ]); or
			
		  	(ii)	  	Regulation S Global Security (CUSIP [            ]); or
			
	  ̈
	  	(B)	  	A RESTRICTED DEFINITIVE SECURITY.

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE]

  

					
	  ̈
	  	(A)	  	A BENEFICIAL INTEREST IN THE:
			
		  	(i)	  	144A Global Security (CUSIP [            ]); or
			
		  	(ii)	  	Regulation S Global Security (CUSIP [            ]); or
			
		  	(iii)	  	Unrestricted Global Security (CUSIP [            ]); or
			
	  ̈
	  	(B)	  	A RESTRICTED DEFINITIVE SECURITY; OR
			
	  ̈
	  	(C)	  	AN UNRESTRICTED DEFINITIVE SECURITY,

 in accordance with the terms of the Indenture. 
  

 EX. B-5 

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 The Interpublic Group of Companies, Inc. 
 1114 Avenue of the Americas 
 New York, New York 10036 
 Attention: Investor Relations 
 U.S. Bank National Association 
 1349 W. Peachtree Street, Suite 1050 
 Atlanta, Georgia 30309 
 Attention: Corporate Trust Division 
 Re: 10.0% Senior Notes
due 2017 
 Reference is hereby made to the Senior Debt Indenture, dated as of November 12, 2004 (the “Base
Indenture”), between The Interpublic Group of Companies, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association (as a successor to Suntrust Bank), as trustee (the “Trustee”), as
amended and supplemented by the seventh supplemental indenture dated as of June 15, 2009 (the “Supplemental Indenture”, and together with the Base Indenture, the “Indenture”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 
                      (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein,
in the principal amount at maturity of $             in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 1. Exchange of Restricted Definitive Securities or Beneficial Interests in a Restricted Global Security for Unrestricted Definitive
Securities or Beneficial Interests in an Unrestricted Global Security. 
  ̈    a)
Check if Exchange is from beneficial interest in a Restricted Global Security to beneficial interest in an Unrestricted Global Security. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Security
for a beneficial interest in an Unrestricted Global Security in an equal principal amount at maturity, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Global Securities and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Security
is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  

 EX. C-1 

  ̈    (b) Check if Exchange is from beneficial
interest in a Restricted Global Security to Unrestricted Definitive Security. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Security for an Unrestricted Definitive Security, the Owner hereby
certifies (i) the Definitive Security is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Securities and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act and (iv) the
Definitive Security is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  ̈    (c) Check if Exchange is from Restricted Definitive Security to beneficial interest in an Unrestricted Global Security. In connection with the Owner’s Exchange of a Restricted
Definitive Security for a beneficial interest in an Unrestricted Global Security, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted Definitive Securities and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted
Securities Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

  ̈    (d) Check if Exchange is from Restricted Definitive Security to
Unrestricted Definitive Security. In connection with the Owner’s Exchange of a Restricted Definitive Security for an Unrestricted Definitive Security, the Owner hereby certifies (i) the Unrestricted Definitive Security is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Securities and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Security is being
acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted
Definitive Securities or Beneficial Interests in Restricted Global Securities for Restricted Definitive Securities or Beneficial Interests in Restricted Global Securities. 
  ̈    (a) Check if Exchange is from beneficial interest in a Restricted Global Security to
Restricted Definitive Security. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Security for a Restricted Definitive Security with an equal principal amount at maturity, the Owner hereby certifies
that the Restricted Definitive Security is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Security issued will
continue to be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted Definitive Security and in the Indenture and the Securities Act. 
  

 EX. C-2 

  ̈    (b) Check if Exchange is from Restricted
Definitive Security to beneficial interest in a Restricted Global Security. In connection with the Exchange of the Owner’s Restricted Definitive Security for a beneficial interest in the [CHECK ONE] : 
  ̈ 144A Global Security or 
  ̈ Regulation S Global Security, 
 with an equal principal amount at maturity, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted
Global Securities and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of
the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the relevant Restricted Global Security and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	 Dated:
                    

	
	  

	 [Insert Name of Transferor]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 EX. C-3 

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 The Interpublic Group of Companies, Inc. 
 1114 Avenue of the Americas

 New York, New York 10036 
 Attention: Investor Relations

 U.S. Bank National Association 
 1349 W. Peachtree Street,
Suite 1050 
 Atlanta, Georgia 30309 
 Attention: Corporate Trust
Division 
 Re: 10.0% Senior Notes due 2017 
 Reference is hereby made to the Senior Debt Indenture, dated as of November 12, 2004 (the “Base Indenture”), between The Interpublic Group of Companies, Inc., a Delaware corporation (the
“Company”), and U.S. Bank National Association (as a successor to Suntrust Bank), as trustee (the “Trustee”), as amended and supplemented by the seventh supplemental indenture dated as of June 15, 2009 (the
“Supplemental Indenture”, and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
 In connection with our proposed purchase of $             aggregate principal amount at
maturity of: 
 (a)     ̈    beneficial interest in a Global
Security, or 
 (b)     ̈    a Definitive Security, 
 we confirm that: 
 1. We understand that any
subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any
interest therein except in compliance with, such restrictions and conditions and the United States Securities Act of 1933, as amended (the “Securities Act”). 
  

 EX. D-1 

 2. We understand that the offer and sale of the Notes have not been registered under the Securities Act,
and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the
Notes or any interest therein, we will do so only: 
 (i)(a) to a person whom we reasonably believe is a qualified
institutional buyer (as defined in Rule 144A under the Securities Act) in a transaction meeting the requirements of Rule 144A, (b) in a transaction meeting the requirements of Rule 144 under the Securities Act, (c) outside the United
States to a non-U.S. person in a transaction meeting the requirements of Rule 903 or 904 under the Securities Act, (d) to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of the
Securities Act) (an “Institutional Accredited Investor”) that, prior to such transfer, furnishes the trustee a signed letter substantially in the form of this letter and, if such transfer is in respect of an aggregate principal amount of
Notes less than $100,000, an Opinion of Counsel acceptable to the issuer that such transfer is in compliance with the Securities Act, or (e) in accordance with another exemption from the registration requirements of the Securities Act (and
based upon an Opinion of Counsel if the Company so requests), 
 (ii) to the Company, or 
 (iii) pursuant to an effective registration statement and, in each case, in accordance with any applicable securities laws of any state of
the United States or any other applicable jurisdiction; 
 and we further agree to provide to any person purchasing the Definitive Security or beneficial
interest in a Global Security from us in a transaction meeting the requirements of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such
certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to
the foregoing effect. 
 4. We are an Institutional Accredited Investor and have such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an
Institutional Accredited Investor) as to each of which we exercise sole investment discretion. 
 You and the Company are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

					
	 Dated:
                        
	 		 	  

		 		 	[Insert Name of Accredited Investor]

  

 EX. D-2 

			
	By:	 	  

	Name:	 	
	Title:	 	

  

 EX. D-3 

 EXHIBIT E 
 FORM OF FREE TRANSFERABILITY CERTIFICATE 
 U.S. Bank National Association 
 1349 W. Peachtree Street, Suite 1050 
 Atlanta, Georgia 30309 
 Attention: Corporate Trust Division 
 Re: 10.0% Senior Notes
due 2017 
 Reference is hereby made to the Senior Debt Indenture, dated as of November 12, 2004 (the “Base
Indenture”), between The Interpublic Group of Companies, Inc., a Delaware corporation (the “Company”), and U.S. Bank National Association (as a successor to Suntrust Bank), as trustee (the “Trustee”), as
amended and supplemented by the seventh supplemental indenture dated as of June 15, 2009 (the “Supplemental Indenture”, and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture. 
 Whereas the 10.0% Senior Notes due 2017 (the “Notes”) have
become freely tradable without restrictions by non-affiliates of the Company pursuant to Rule 144(b)(1) under the Securities Act, in accordance with Section 3.03(k) of the Supplemental Indenture, pursuant to which the Notes were issued, the
Company hereby instructs you that: 
 (i) the Restricted Securities Legend described in Section 3.03(g)(i) of the Supplemental Indenture
and set forth on the Securities shall be deemed removed from the Securities, in accordance with the terms and conditions of the Notes and as provided in the Indenture, without further action on the part of Holders; and 
 (ii) the restricted CUSIP number and restricted ISIN number for the Notes shall be deemed removed from the Notes and replaced with the unrestricted CUSIP
number ([—]) and unrestricted ISIN number ([—]), respectively, set forth therein, in accordance with the terms and conditions of the Notes and as provided in the Indenture,
without further action on the part of Holders. 
  

			
	THE INTERPUBLIC GROUP OF COMPANIES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 EX. E-1

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