Document:

mdla-ex1013_339.htm

 

Exhibit 10.13

MEDALLIA, INC.

COMMON STOCK PURCHASE AGREEMENT

THIS COMMON STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of July 18, 2019, by and among Medallia, Inc., a Delaware corporation (the “Company”) and SCGE Fund, L.P., a Cayman Islands exempted limited partnership (the “Investor”).

THE PARTIES HEREBY AGREE AS FOLLOWS:

1.Purchase and Sale of Stock.

1.1Sale and Issuance of Common Stock. Subject to the terms and conditions of this Agreement, the Investor agrees to purchase from the Company, and the Company agrees to sell and issue to the Investor, the Shares (as defined below) at a price per share equal to the per share initial public offering price (before underwriting discounts and expenses) in the Qualified IPO (as defined below). “Shares” shall mean 620,000 shares of Common Stock of the Company, par value $0.001 (the “Common Stock”). “Qualified IPO” shall mean the issuance and sale of shares of the Common Stock by the Company, pursuant to an Underwriting Agreement to be entered into by and among the Company and certain underwriters (the “Underwriters”), in connection with the Company’s initial public offering pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-232271) (the “Registration Statement”) and/or any related registration statements (the “Underwriting Agreement”).

1.2Closing. The purchase and sale of the Shares shall take place at the location and at the time immediately subsequent to the closing of the Qualified IPO (which time and place are designated as the “Closing”). At the Closing, the Investor shall make payment of the purchase price of the Shares by wire transfer in immediately available funds to the account specified by the Company against delivery to the Investor of the Shares registered in the name of the Investor, which Shares shall be uncertificated shares.

2.Registration Rights. At the Closing, in connection with the purchase of the Shares, the Company’s Amended and Restated Investor Rights Agreement, dated February 25, 2019, by and among the Company and the stockholders of the Company listed thereto (the “Existing Rights Agreement”) shall be amended by Amendment No. 1 to the Existing Rights Agreement pursuant to Section 5.5 thereof, in substantially the form attached hereto as Exhibit A (the “Rights Agreement Amendment” and, together with the Existing Rights Agreement, the “Rights Agreement”), solely for the purpose of providing the Investor with piggyback registration rights under Section 2.3 of the Rights Agreement.

3.Representations and Warranties of the Company. The Company hereby represents and warrants to the Investor that as of the date hereof and as of the date of the Closing:

3.1Organization, Good Standing and Qualification.

(a)The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted.

(b)The Company is duly qualified to transact business and is in good standing in each jurisdiction in which it is required to be so qualified or in good standing.

3.2Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement and the Rights Agreement Amendment, the performance of all obligations of the Company under this Agreement and the Rights Agreement, and the authorization, issuance, sale and delivery of the Shares being sold hereunder has been taken, and this Agreement and the Rights Agreement constitute valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws.

 

 

3.3Valid Issuance of Common Stock. The Shares being purchased by the Investor hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws or as contemplated hereby or by the Rights Agreement.

3.4Compliance with Other Instruments.

(a)The Company is not in violation or default of any provision of its Amended and Restated Certificate of Incorporation or Amended and Restated Bylaws.

(b)The Company is not in violation or default in any material respect of any instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company. The execution, delivery and performance of this Agreement and the Rights Agreement Amendment, and the consummation of the transactions contemplated by this Agreement and the Rights Agreement will not result in any such violation or default or be in conflict with or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event that results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization, or approval applicable to the Company, its business or operations or any of its assets or properties.

3.5Description of Capital Stock. As of the date of the Closing, the statements set forth in the Registration Statement and the Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Capital Stock,” insofar as they purport to constitute a summary of the terms of the Company’s capital stock, are accurate, complete and fair in all material respects.

3.6Registration Statement. The Registration Statement, and any amendment thereto, including any information deemed to be included therein pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), complied (or, in the case of amendments filed after the date of this Agreement, will comply) as of its filing date in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and did not (or, in the case of amendments filed after the date hereof, will not) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the date it is declared effective by the SEC, the Registration Statement, as so amended, and any related registration statements, will comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Any preliminary prospectus included in the Registration Statement or any amendment thereto, any free writing prospectus related to the Registration Statement and any final prospectus related to the Registration Statement filed pursuant to Rule 424 promulgated under the Securities Act, in each case as of its date, will comply in all material respects with the requirements of the Securities Act and the rules and regulations promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

3.7Brokers or Finders. The Company has not incurred, and neither the Company nor the Investor will incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Shares contemplated by this Agreement.

3.8Private Placement. Assuming the accuracy of the representations, warranties and covenants of the Investor set forth in Section 4 of this Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Investor under this Agreement.

 

 

3.9Other Agreements. The Company has not entered into (and will not enter into) any agreement or arrangement with any person or entity in connection with the sale of any shares of Common Stock in connection with the Qualified IPO (or any substantially concurrent private placement) providing for terms that are more favorable in any respect to the purchaser of such shares of Common Stock than are provided to the Investor hereunder.

4.Representations, Warranties and Covenants of the Investor. The Investor hereby represents and warrants to the Company that as of the date hereof and as of the date of the Closing:

4.1Organization, Good Standing and Qualification. The Investor is an exempted limited partnership duly formed, validly existing and in good standing under the laws of the Cayman Islands.

4.2Authorization. The Investor has full power and authority to enter into this Agreement and the Rights Agreement Amendment, and each such agreement constitutes a valid and legally binding obligation of the Investor, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws.

4.3Purchase Entirely for Own Account. By the Investor’s execution of this Agreement, the Investor hereby confirms, that the Shares to be received by the Investor will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any part thereof in violation of the Securities Act, and that the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, except as permitted by applicable federal or state securities laws.

4.4Disclosure of Information. The Investor believes it has received all the information it considers necessary or appropriate for deciding whether to purchase the Shares. The Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business, properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 3 of this Agreement or the right of the Investor to rely thereon.

4.5Investment Experience. The Investor is an investor in securities of companies in the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. Investor also represents it has not been organized for the purpose of acquiring the Shares.

4.6Accredited Investor. The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the SEC under the Securities Act, as presently in effect.

4.7Brokers or Finders. The Investor has not engaged any brokers, finders or agents, and neither the Company nor the Investor has, nor will, incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement.

4.8Restricted Securities. The Investor understands that the Shares will be characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the Securities Act, only in certain limited circumstances. In this connection, the Investor represents that it is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.

 

 

4.9Legends. The Investor understands that the Shares may bear one or all of the following legends:

(a)“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTIONS. THESE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT, APPLICABLE STATE SECURITIES LAWS (PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM). INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. OTHER THAN IN CONNECTION WITH A RESALE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.”

(b)“THESE SHARES ARE SUBJECT TO A 180 DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE INVESTOR, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE INITIAL PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF OTHER THAN IN ACCORDANCE WITH THE TERMS THEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.”

(c)Any legend required by applicable state “blue sky” securities laws, rules and regulations.

4.10Market Stand-Off Agreement; Lock-Up Agreement. The Investor has executed and delivered to the Underwriters a lock-up agreement in substantially the form attached hereto as Exhibit B (the “Lock-Up Agreement”). Such Lock-Up Agreement is in full force and effect, and following the consummation of the transactions contemplated by this Agreement will remain in full force and effect, including with respect to the Shares. The Investor is bound by the market stand-off agreement set forth in Section 2.11 of the Rights Agreement, and such agreement is in full force and effect, and following the consummation of the transactions contemplated by this Agreement will remain in full force and effect.

5.Conditions of the Investor’s Obligations at Closing. The obligations of the Investor under subsection 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions.

5.1Representations and Warranties. The representations and warranties of the Company contained in Section 3 shall be true and correct on and as of the Closing.

5.2Public Offering Shares. The Underwriters shall have purchased, immediately prior to the purchase of the Shares by the Investor hereunder, the Initial Securities (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement.

5.3Rights Agreement Amendment. The Rights Agreement Amendment shall have been executed and delivered by the Company and other parties to the Existing Rights Agreement sufficient to amend the Existing Rights Agreement and cause the Rights Agreement Amendment to be in full force and effect.

5.4Absence of Injunctions, Decrees, Etc. During the period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.

6.Conditions of the Company’s Obligations at Closing. The obligations of the Company under subsection 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions.

6.1Representations, Warranties and Covenants. The representations, warranties and covenants of the Investor contained in Section 4 shall be true and correct on and as of the Closing.

 

 

6.2Public Offering Shares. The Underwriters shall have purchased, immediately prior to the purchase of the Shares by the Investor hereunder, the Initial Securities (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement.

6.3Absence of Injunctions, Decrees, Etc. During the period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing.

7.Termination. This Agreement shall terminate (i) at any time upon the written consent of the Company and the Investor, (ii) upon the withdrawal by the Company of the Registration Statement, (iii) termination of the Underwriting Agreement in accordance with its terms, or (iv) on July 31, 2019 if the Closing has not occurred.

8.Miscellaneous.

8.1Publicity. No party shall issue any press release or make any other public announcement, including any website posting or social media post, that includes the name or any logo or brand name of any party, or discloses the terms of this Agreement or the fact that the Investor has made or proposes to make an investment in the Company, except as may be required by law or with the prior written consent of the other parties. Each party will provide reasonable advance notice to the other parties prior to making any disclosure of this Agreement or the terms hereof in any filings made with the SEC, and will provide the other parties with reasonable opportunity to review and comment on such proposed disclosures. Notwithstanding the foregoing, the parties may use the other parties’ current logo or logos in connection with describing their portfolio or this investment on their webpages and in their promotional materials.

8.2Survival of Warranties. The warranties, representations and covenants of the Company and the Investor contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investor or the Company.

8.3Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned, transferred, delegated or sublicensed by the Investor without the prior written consent of the Company (not to be unreasonably withheld, conditioned or delayed); provided, however, that after the Closing, the Shares and the rights, duties and obligations of the Investor hereunder may be assigned to an affiliate of the Investor without the prior written consent of the Company. Any attempt by the Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement in a manner that is not permitted by the foregoing sentence to be made without such permission shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto

8.4Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of California as applied to agreements entered into among California residents to be performed entirely within California, without regard to principles of conflicts of law.

8.5Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

8.6Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to the Investor or any other holder of Company securities) or otherwise delivered by hand, messenger or courier service addressed:

(a)if to the Investor, to the Investor’s address or electronic mail address as shown on the Investor’s signature page to this Agreement with a copy (which shall not constitute notice) to Craig E. Marcus, Ropes & Gray LLP, 800 Boylston Street, Boston, Massachusetts 02199.

 

 

(b)if to the Company, to the attention of the Chief Financial Officer of the Company at 575 Market Street, Suite 1850, San Francisco, California 94105 or roxanne@Medallia.com, or at such other current address or electronic mail address as the Company shall have furnished to the Investor with a copy (which shall not constitute notice) to Rezwan Pavri, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 94304.

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five business days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day.

8.7Brokers or Finders. The Company shall indemnify and hold harmless the Investor from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such liability or asserted liability) for which the Investor or any of its constituent partners, members, officers, directors, employees or representatives is responsible to the extent such liability is attributable to any inaccuracy or breach of the representations and warranties contained in Section 3.7, and the Investor agrees to indemnify and hold harmless the Company from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its constituent officers, directors, employees or representatives is responsible to the extent such liability is attributable to any inaccuracy or breach of the representations and warranties contained in Section 4.7.

8.8Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor.

8.9Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its terms.

8.10Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

8.11Entire Agreement. The Company and the Investor hereby acknowledge that this Agreement and the transactions contemplated hereby fulfill the Company’s obligations under that certain Allocation Agreement dated February 25, 2019 between the Company and the Investor (the “Allocation Agreement”), and that upon the Closing, the Allocation Agreement shall automatically terminate pursuant to Section 5.7 thereof and be of no further effect. This Agreement, the Allocation Agreement and the documents referred to herein (including the Rights Agreement) constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants except as specifically set forth herein or therein. In the event of any conflict between this Agreement and the terms of the Allocation Agreement that expressly address the subject matter of this Agreement, this Agreement shall control.

 

 

8.12Specific Performance. The parties to this Agreement hereby acknowledge and agree that the Company would be irreparably injured by a breach of this Agreement by the Investor, and the Investor would be irreparably injured by a breach of this Agreement by the Company, and that money damages are an inadequate remedy for an actual or threatened breach of this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered by the aggrieved party in the event that this agreement is breached. Therefore, each of the parties to this Agreement agree to the granting of specific performance of this Agreement and injunctive or other equitable relief in favor of the aggrieved party as a remedy for any such breach, without proof of actual damages, and the parties to this Agreement further waive any requirement for the securing or posting of any bond in connection with any such remedy. Such remedy shall not be deemed to be the exclusive remedy for breach of this Agreement, but shall be in addition to all other remedies available at law or in equity to the aggrieved party.

8.13Waiver of Conflicts. The Investor acknowledges that Wilson Sonsini Goodrich & Rosati, P.C. (“WSGR”), counsel to the Company, may have performed and may now or in the future perform legal services for the Investor or its affiliates in matters unrelated to the transactions described in this Agreement. Accordingly, each party to this Agreement hereby (a) acknowledges that they have had an opportunity to ask for and have obtained information relevant to this disclosure, (b) acknowledges that WSGR represents only the Company in connection with this Agreement and the transactions contemplated hereby, and not the Investor or any stockholder, director or employee of the Investor and (c) gives its informed consent to WSGR’s representation of the Company in connection with this Agreement and the transactions contemplated hereby.

[Remainder of page intentionally left blank]

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this Common Stock Purchase Agreement as of the date first above written.

 

			
	
MEDALLIA, INC.

	
 
	
 
	
 

	
By:
	
 
	
/s/ Leslie Stretch

	
Name:
	
 
	
Leslie Stretch

	
Title:
	
 
	
Chief Executive Officer

	
 
	
 
	
 

	
Address:

	
 

	
575 Market Street, Suite 1850

	
San Francisco, California 94105

 

[Signature Page to Common Stock Purchase Agreement

 

 

IN WITNESS WHEREOF, the parties have executed this Common Stock Purchase Agreement as of the date first above written.

 

			
	
INVESTOR:

	
 

	
SCGE FUND, L.P.

	
 
	
 
	
 

	
By:
	
 
	
SCGE (LTGP), L.P.,

	
 
	
 
	
its general partner

	
 
	
 
	
 

	
By:
	
 
	
SCGE GenPar, Ltd.,

	
 
	
 
	
its general partner

	
 
	
 
	
 

	
By:
	
 
	
/s/ Kimberly Summe

	
 
	
 
	
 

	
Name:
	
 
	
Kimberly Summe

	
 
	
 
	
 

	
Title:
	
 
	
Chief Operating Officer and General Counsel

	
 
	
 
	
 

	
Address:
	
 
	
2800 Sand Hill Road, Suite101 

Menlo Park, California 94025

	
 
	
 
	
 

	
Email:
	
 
	
ksumme@sequoiacap.com

 

 

 

Exhibit A

Amendment No. 1 to the Existing Rights Agreement

 

 

MEDALLIA, INC.

AMENDMENT NO. 1 TO THE

AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

This Amendment No. 1 to the Amended and Restated Investor Rights Agreement (this “Amendment”), is made as of July 1, 2019 by and among Medallia, Inc., a Delaware corporation (the “Company”) and the Investors set forth on the signature pages hereto. Capitalized terms not herein defined shall have the meanings ascribed to them in the Amended and Restated Investor Rights Agreement by and among the Company and the Investors dated as of February 25, 2019, as amended (the “Existing Rights Agreement”).

RECITALS

WHEREAS, the Company has entered into that certain Common Stock Purchase Agreement, dated [ ], 2019 (the “Purchase Agreement”), with SCGE Fund, L.P., a Delaware limited partnership (“Purchaser”), pursuant to which Purchaser will purchase shares of the Company’s Common Stock, par value $0.001 per share (the “Shares”), immediately subsequent to the closing of the Qualified IPO (as defined in the Purchase Agreement).

WHEREAS, the Company and the undersigned parties desire to amend the terms of the Existing Rights Agreement for the limited purposes of providing Purchaser with certain registration rights under Section 2 of the Existing Rights Agreement with respect to the Shares.

WHEREAS, pursuant to Section 5.5 of the Existing Rights Agreement, the Existing Rights Agreement may be amended only with the written consent of the Company and Investors holding a majority of the then-outstanding Registrable Securities (as defined in the Existing Rights Agreement) (collectively, the “Requisite Consent”).

WHEREAS, the undersigned parties constitute the Requisite Consent and consent to the change as set forth in this Amendment.

AGREEMENT

NOW, THEREFORE, the undersigned parties hereby agree as follows:

1.Amendment. Pursuant to Section 5.5 of the Rights Agreement, Section 1.1(n) of the Rights Agreement shall be replaced in its entirety by the following:

“Registrable Securities” means (a) Common Stock of the Company issuable or issued upon conversion of the Shares, (b) other than for purposes of Section 2.2, Section 2.4, Section 3 and Section 4, Common Stock of the Company issuable or issued upon conversion of the Founder Shares, (c) other than for purposes of Section 2.2, Section 3 and Section 4, Common Stock of the Company issuable or issued upon conversion of the Warrant Shares, (d) other than for purposes of Section 3 and Section 4, Common Stock that shall be issued pursuant to a Common Stock Purchase Agreement by and between the Company and the purchaser(s) of such Common Stock entered into in connection with a private placement that is made concurrently with (or immediately subsequent to) the Company’s initial public offering and (e) any Common Stock of the Company issued as as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities. Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a person to the public either pursuant to a registration statement or Rule 144 or (ii) sold in a private transaction in which the transferor’s rights under Section 2 of this Agreement are not assigned.”

2.Consent. The undersigned parties hereby consent to the addition of Purchaser as an “Investor” party to the Existing Rights Agreement, as amended, (to the extent not already a party thereto) for the purposes set forth in this Amendment. To the extent not already a party thereto, Purchaser shall become a party to the Existing Rights Agreement, as amended including by this Amendment, by executing and delivering a counterpart signature to this Amendment.

 

 

 

3.Full Force and Effect. Except as expressly modified by this Amendment, the terms of the Existing Rights Agreement shall remain in full force and effect.

4.Governing Law. This Amendment shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law.

5.Integration. This Amendment together with the Existing Rights Agreement, and the documents referred to herein and therein and the exhibits and schedules thereto, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and thereof, and supersedes any and all other written or oral agreements relating to the subject matter hereof.

6.Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

[SIGNATURE PAGE FOLLOWS]

 

 

In Witness Whereof, the parties hereto have executed this Amendment No. 1 to the Existing Rights Agreement as of the date first written above.

 

			
	
THE COMPANY:

	
 
	
 
	
 

	
MEDALLIA, INC.

	
 
	
 
	
 

	
By:
	
 
	
/s/ Leslie Stretch

	
Name:
	
 
	
Leslie Stretch

	
Title:
	
 
	
Chief Executive Officer

 

 

 

In Witness Whereof, the parties hereto have executed this Amendment No. 1 to the Existing Rights Agreement as of the date first written above.

INVESTORS:

SEQUOIA CAPITAL U.S. GROWTH FUND VI, L.P.

SEQUOIA CAPITAL U.S. GROWTH VI PRINCIPALS FUND, L.P.

Each a Cayman Islands exempted limited partnership

 

			
	
By:
	
 
	
SC U.S. GROWTH VI MANAGEMENT, L.P.,

	
 
	
 
	
a Cayman Islands exempted limited partnership

	
 
	
 
	
General Partner of Each

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
SC US (TTGP), LTD.,

	
 
	
 
	
a Cayman Islands exempted company, its General Partner

 

			
	
By:
	
 
	
/s/ Douglas M. Leone

	
Name:
	
 
	
Douglas M. Leone

	
Title:
	
 
	
Authorized Signatory

 

SEQUOIA CAPITAL GLOBAL GROWTH FUND, LP

SEQUOIA CAPITAL GLOBAL GROWTH PRINCIPALS FUND, LP

 

			
	
By:
	
 
	
SCGGF Management, LP

	
 
	
 
	
A Cayman Islands exempted limited partnership

	
 
	
 
	
General Partner of Each

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
SC US (TTGP), LTD.,

	
 
	
 
	
A Cayman Islands exempted company, its General Partner

 

			
	
By:
	
 
	
/s/ Douglas M. Leone

	
Name:
	
 
	
Douglas M. Leone

	
Title:
	
 
	
Authorized Signatory

 

 

 

In Witness Whereof, the parties hereto have executed this Amendment No. 1 to the Existing Rights Agreement as of the date first written above.

INVESTORS:

SC US GF V HOLDINGS, LTD.

a Cayman Islands exempted company

 

			
	
By:
	
 
	
SEQUOIA CAPITAL U.S. GROWTH FUND V, L.P.

	
 
	
 
	
SEQUOIA CAPITAL USGF PRINCIPALS FUND V, L.P.,

	
 
	
 
	
both Cayman Islands exempted limited partnerships, its Members

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
SCGF V MANAGEMENT, L.P.,

	
 
	
 
	
a Cayman Islands exempted limited partnership, its General Partner

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
SC US (TTGP), LTD.,

	
 
	
 
	
a Cayman Islands exempted company, its General Partner

	
 
	
 
	
 

 

			
	
By:
	
 
	
/s/ Douglas M. Leone

	
Name:
	
 
	
Douglas M. Leone

	
Title:
	
 
	
Authorized Signatory

 

SCGE FUND, L.P.

A Cayman Islands limited partnership

 

By: SCGE (LTGP), L.P.

A Cayman Islands limited partnership, its General Partner

 

			
	
By:
	
 
	
/s/ Kimberly Summe

	
Name:
	
 
	
Kimberly Summe

	
Title:
	
 
	
Chief Operating Officer and General Counsel

 

SCHF CIF, L.P./CIF 2015-A SERIES

SCHF (M) PV, LP

 

			
	
By:
	
 
	
SCHF (GPE), LLC

	
 
	
 
	
General Partner of Each

 

			
	
By:
	
 
	
/s/ Irwin Gross

	
Name:
	
 
	
Irwin Gross

	
Title:
	
 
	
Managing Member

 

 

 

 

Exhibit B

Lock-Up Agreement

 

 

Lock-Up Agreement

April 16, 2019

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

Citigroup Global Markets Inc.

Wells Fargo Securities, LLC

as Representatives of the several

Underwriters to be named in the

within-mentioned Underwriting Agreement

c/o Merrill Lynch, Pierce, Fenner & Smith

Incorporated

One Bryant Park

New York, New York 10036

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

c/o Wells Fargo Securities, LLC

375 Park Avenue

New York, New York 10152

Re:Proposed Public Offering by Medallia, Inc.

Ladies and Gentleman:

The undersigned, an equityholder, an officer and/or director of Medallia, Inc., a Delaware corporation (the “Company”), understands that Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), Citigroup Global Markets Inc. (“Citigroup”) and Wells Fargo Securities, LLC (“Wells Fargo” and together with Merrill Lynch, and Citigroup, the “Representatives”) propose to enter into an Underwriting Agreement (the “Underwriting Agreement”) with the Company providing for the public offering (the “Public Offering”) of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”). In recognition of the benefit that such an offering will confer upon the undersigned as an equityholder, an officer and/or director of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with each underwriter to be named in the Underwriting Agreement (the “Underwriters”) that, during the period beginning on the date hereof and ending on and including the date that is 180 days from the date of the Underwriting Agreement (the “Lock-Up Period”), the undersigned will not, without the prior written consent of Merrill Lynch and Wells Fargo (the “Release Agents”), (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of any shares of the Company’s Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”), (ii) exercise any right with respect to the registration of any of the Lock-Up Securities, or file, cause to be filed or cause to be confidentially submitted any registration statement in connection therewith, under the Securities Act of 1933, as amended (the “Securities Act”), or (iii) enter into any swap, hedging transactions or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise, in each case, other than Lock-Up Securities to be sold by the undersigned to the Underwriters pursuant to the Underwriting Agreement or as otherwise provided herein. If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed securities the undersigned may purchase in the offering.

 

 

If the undersigned is an officer or director of the Company, (1) the Release Agents agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of the Common Stock, the Release Agents will notify the Company of the impending release or waiver, and (2) the Company has agreed, or will agree, in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver, if required by FINRA Rule 5131 (or any successor provision thereto) (for the avoidance of doubt the Blackout-Related Release (as defined below) shall not be deemed a release or waiver hereunder pursuant to FINRA Rule 5131, and is instead an expiration of this lock-up agreement pursuant to the terms hereof). Any release or waiver granted by the Release Agents hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer not for consideration and (ii) the transferee has agreed in writing to be bound by the same terms described in this letter to the extent and for the duration that such terms remain in effect at the time of the transfer. 

Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer the Lock-Up Securities without the prior written consent of the Release Agents:

	
 
	
(i)
	
as a bona fide gift or gifts or for bona fide estate planning purposes;

	
 
	
(ii)
	
by will or intestacy;

	
 
	
(iii)
	
to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned (for purposes of this lock-up agreement, “immediate family” shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin) or if the undersigned is a trust, to a trustor or beneficiary of the trust or to the estate of a beneficiary of such trust;

	
 
	
(iv)
	
to a partnership, limited liability company or other entity of which the undersigned and the immediate family of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests;

	
 
	
(v)
	
to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (iv) above

	
 
	
(vi)
	
by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or separation agreement;

	
 
	
(vii)
	
if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution, transfer or disposition without consideration by the undersigned to its stockholders, partners, members or other equity holders;

	
 
	
(viii)
	
in transactions relating to shares of Common Stock that the undersigned may purchase (A) from the Underwriters in the Public Offering or (B) in open market transactions following the date of the final prospectus relating to the Public Offering (such prospectus, the “Prospectus,” and such date, the “Public Offering Date”);

 

 

	
 
	
(ix)
	
to the Company in connection with the vesting or settlement of restricted stock units or the exercise of options or other rights to purchase the shares of Common Stock (including, in each case, by way of “net” or “cashless” exercise), including any transfer for the payment of exercise price, tax withholdings or remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options or rights; provided that if the undersigned is required to file a report under Section 16(a) of the Exchange Act (as defined below) reporting a reduction in beneficial ownership of shares of Common Stock during the Lock-Up Period, the undersigned shall clearly indicate in the footnotes thereto that the filing relates to the circumstances described in this clause (ix);

	
 
	
(x)
	
to the Company pursuant to any contractual arrangement that provides the Company with an option to repurchase such shares of Common Stock in connection with the termination of the undersigned’s employment with the Company, provided that such contractual arrangement (or a form thereof) is in effect on the date of the Prospectus and is disclosed in the Prospectus or filed as an exhibit to the Registration Statement on Form S-1 relating to the Public Offering, and provided further that no filing under Section 16(a) of the Exchange Act or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Common Stock shall be required or shall be voluntarily made during the Lock-Up Period within 60 days after the date the undersigned ceases to provide services to the Company, and after such 60th day, if the undersigned is required to file a report under Section 16(a) of the Exchange Act reporting a reduction in beneficial ownership of shares of Common Stock during the Lock-Up Period, the undersigned shall clearly indicate in the footnotes thereto that the filing relates to the termination of the undersigned’s employment or other services;

	
 
	
(xi)
	
pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company’s capital stock involving a Change of Control (as defined below) of the Company, provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned’s Lock-Up Securities shall remain subject to the provisions of this lock-up agreement; or

	
 
	
(xii)
	
for shares of Common Stock in connection with the conversion, reclassification, exchange or swap of any outstanding preferred stock of the Company or other Lock-Up Securities into shares of one or more series or classes of Common Stock, provided that any such shares of Common Stock received upon such conversion, reclassification, exchange or swap shall be subject to the terms of this lock-up agreement, and such conversion, reclassification, exchange or swap is disclosed in the Prospectus; provided that (A) in the case of any transfer or distribution pursuant to clauses (i) through (vii) above, each donee, devisee, transferee or distributee shall execute and deliver to the Representatives a lock-up agreement in the form hereof, (B) in the case of any transfer or distribution pursuant to clauses (i) through (v), (vii) and (viii) above, no filing by any party (donor, donee, transferor, transferee, distributor or distributee) under the Exchange Act of 1934, as amended (the “Exchange Act”), or other public announcement reporting a reduction in beneficial ownership of shares of Common Stock shall be required or shall be made voluntarily in connection with such donation, transfer or distribution (other than any required filing on a Form 5), (C) in the case of any transfer or distribution pursuant to clauses (vi) and (xii) above it shall be a condition to such transfer that any required filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Common Stock shall clearly indicate in the footnotes thereto the nature and conditions of such transfer and no other public filing or announcement shall be made voluntarily in connection with such transfer or distribution, and (D) in the case of any transfer or distribution pursuant to clauses (i) through (v) and (vii), any such transfer or disposition shall not involve a disposition for value. 

In addition, the foregoing paragraph shall not apply to the establishment of trading plans by the undersigned pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock; provided that (1) such plans do not provide for the transfer of Common Stock during the Lock-Up Period and (2) to the extent a filing by any party under the Exchange Act or other public announcement shall be made voluntarily in connection with the establishment or amendment of such trading plans, such announcement or filing shall include a statement to the effect that no transfer of shares of Common Stock may be made under such plan during the Lock-Up Period.

 

 

For purposes of this lock-up agreement, “Change of Control” shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions that is approved by the Board of Directors of the Company, to a person or group of affiliated persons (other than an Underwriter pursuant to the Public Offering), of the Company’s voting securities if, after such transfer, such person or group of affiliated persons would hold more than 66 2/3% of the outstanding voting securities of the Company (or the surviving entity).

In addition, notwithstanding the provisions of the first paragraph of this lock-up agreement, and provided that the undersigned is not the Company’s Chief Executive Officer or Chief Financial Officer, if (A) at least 120 days have elapsed since the Public Offering Date and (B) the Lock-Up Period is scheduled to end during a Blackout Period (as defined below) or within five Trading Days prior to a Blackout Period (such period, the “Specified Period”), the Lock-Up Period with respect to 10% of the Specified Securities (as defined below) held by the undersigned shall end 15 Trading Days prior to the commencement of the Blackout Period (the “Blackout-Related Release”); provided, that in the event that the Lock-Up Period will end during the Specified Period, (1) the Company shall notify the Release Agents of the date of the impending Blackout-Related Release at least five Trading Days in advance of the date of the Blackout-Related Release, and shall announce the date of the expected Blackout-Related Release through a major news service, or on a Form 8-K, at least two Trading Days in advance of the Blackout-Related Release.

For purposes of this lock-up agreement, a “Trading Day” is a day on which the New York Stock Exchange and the Nasdaq Stock Market are open for the buying and selling of securities. For purposes of this lock-up agreement, “Blackout Period” shall mean a broadly applicable and regularly scheduled period during which trading in the Company’s securities would not be permitted under the Company’s insider trading policy. For purposes of this Lock-Up Agreement, “Specified Securities” shall mean Common Stock, RSUs and options to purchase shares of Common Stock that will be vested as of the date 180 days after the Public Offering Date.

The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions.

The undersigned hereby consents to receipt of this lock-up agreement in electronic form and understands and agrees that this this lock-up agreement may be signed electronically. In the event that any signature is delivered by facsimile transmission, electronic mail, or otherwise by electronic transmission evidencing an intent to sign this this lock-up agreement, such facsimile transmission, electronic mail or other electronic transmission shall create a valid and binding obligation of the undersigned with the same force and effect as if such signature were an original. Execution and delivery of this lock-up agreement by facsimile transmission, electronic mail or other electronic transmission is legal, valid and binding for all purposes.

The undersigned understands that the Underwriters are entering into the Underwriting Agreement and proceeding with the Public Offering in reliance upon this lock-up agreement. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors, and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this lock-up agreement. This lock-up agreement and any claim, controversy or dispute arising under or related to this lock-up agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

In the event that, during the Lock-Up Period, the Release Agents release or waive any prohibition set forth in this agreement on the transfer of shares of Common Stock, or any securities convertible into or exercisable for Common Stock, held by any director, officer or Significant Holder (as defined below), the same percentage of the total number of outstanding shares of Common Stock held by the undersigned on the date of such release or waiver as the percentage of the total number of outstanding shares of Common Stock held by such director, officer or such Significant Holder on the date of such release or waiver that are the subject of such waiver shall be immediately and fully released on the same terms from the applicable prohibition(s) set forth herein. For the purposes of the foregoing, a “Significant Holder” shall mean any person or entity that (together with any investment funds affiliated with such person or entity) beneficially owns 5% or more of the total outstanding shares of Common Stock. Notwithstanding the foregoing, the provisions of this paragraph shall not apply (1) if the release or waiver is effected solely to permit a transfer not involving a disposition for value, (2) if the transferee agrees in writing to be bound by the same terms described in this agreement to the extent and for the duration that such terms remain in effect at the time of transfer, (3) in the case of any secondary underwritten public offering of shares of Common 

 

 

Stock (including a secondary underwritten public offering with a primary component), (4) if the release or waiver is granted to any individual party by Release Agents in an amount of Common Stock, individually or in the aggregate, less than or equal to $3,000,000, or (5) if the release or waiver is granted due to circumstances of an emergency or hardship as determined by Release Agents in their sole judgment. The Release Agents shall use commercially reasonable efforts to promptly notify the Company of each such release (provided that the failure to provide such notice shall not give rise to any claim or liability against the Release Agents or the Underwriters). The undersigned further acknowledges that the Release Agents are under no obligation to inquire into whether, or to ensure that, the Company notifies the undersigned of the delivery by the Release Agents of any such notice, which is a matter between the undersigned and the Company.

In the event that either of the Release Agents withdraws from or declines to participate in the Public Offering, all references to the Release Agents contained in this lock-up agreement shall be deemed to refer to the sole Release Agent that continues to participate in the Public Offering (the “Sole Release Agent”), and, in such event, any written consent, waiver or notice given or delivered in connection with  this lock-up agreement by the Sole Release Agent shall be deemed to be sufficient and effective for all purposes under this lock-up agreement. Notwithstanding anything to the contrary contained herein, this lock-up agreement will automatically terminate and the undersigned shall be released from all obligations hereunder upon the earliest to occur of (A) the Company advising the Release Agents in writing that it has determined not to proceed with the Public Offering, (B) the Company filing an application with the Securities and Exchange Commission to withdraw the registration statement related to the Public Offering, (C) the Underwriting Agreement being executed but then terminated (other than the provisions thereof which survive termination) prior to payment for and delivery of the Common Stock to be sold thereunder, or (iv) October 31, 2019, if the Underwriting Agreement does not become effective by such date; provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date for a period of up to three additional months.

[Signature page follows]

 

 

Very truly yours,

 

 

 

 

	
	
SCGE Fund. L.P.

	
Name of Security Holder (Print exact name)

 

			
	
By:
	
 
	
/s/ Kimberly Summe

	
 
	
 
	
Signature

	
 
	
 
	
 

	
If not signing in an individual capacity:

 

	
	
/s/ Kimberly Summe

	
Name of Aumorized Signatory (Print)

 

	
	
Chief Operating Officer and General Counsel

	
Tiltle of Authorized Signatory (Print)

	
 

	
(indicate capacity ofperson signing if signing as

	
custodian, trustee, or on behalf of an entity)

 

[Signature page to Lock-Up Agreement]EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

CHENIERE ENERGY PARTNERS, L.P. 

as Partnership, 
 and 

any Subsidiary Guarantors party hereto 

and 
 THE BANK OF NEW YORK MELLON,

 as Trustee 
 THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of September 12, 2019 

to 
 Indenture dated as of
September 18, 2017 
 4.500% Senior Notes due 2029 
  

 
  

 Table of Contents 
  

							
	 ARTICLE I RELATION TO BASE INDENTURE; DEFINITIONS
	  	 	2	 
			
	 Section 1.1
	  	 Relation to Base Indenture
	  	 	2	 
	 Section 1.2
	  	 Generally
	  	 	2	 
	 Section 1.3
	  	 Definition of Certain Terms
	  	 	2	 
		
	 ARTICLE II GENERAL TERMS OF THE NOTES
	  	 	2	 
			
	 Section 2.1
	  	 Form
	  	 	2	 
	 Section 2.2
	  	 Title, Amount and Payment of Principal and Interest
	  	 	2	 
	 Section 2.3
	  	 Transfer and Exchange
	  	 	3	 
		
	 ARTICLE III MISCELLANEOUS PROVISIONS
	  	 	4	 
			
	 Section 3.1
	  	 Ratification of Base Indenture
	  	 	4	 
	 Section 3.2
	  	 Trustee Not Responsible for Recitals
	  	 	4	 
	 Section 3.3
	  	 Table of Contents, Headings, etc
	  	 	4	 
	 Section 3.4
	  	 Counterpart Originals
	  	 	4	 
	 Section 3.5
	  	 Governing Law
	  	 	4	 
	 Section 3.6
	  	 Trust Indenture Act Controls
	  	 	4	 

  
 i 

 THIS THIRD SUPPLEMENTAL INDENTURE dated as of September 12, 2019 (this “Third
Supplemental Indenture”), is among Cheniere Energy Partners, L.P., a Delaware limited partnership, as issuer (the “Partnership”), Cheniere Energy Investments, LLC, Sabine Pass LNG-GP, LLC,
Sabine Pass LNG, L.P., Sabine Pass Tug Services, LLC, Cheniere Creole Trail Pipeline, L.P. and Cheniere Pipeline GP Interests, LLC, as subsidiary guarantors (the “Subsidiary Guarantors”), and The Bank of New York Mellon, a national banking
association, as trustee (the “Trustee”). 
 RECITALS: 

WHEREAS, the Partnership and the Subsidiary Guarantors have executed and delivered to the Trustee an Indenture, dated as of September 18,
2017 (the “Base Indenture” and as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture and this Third Supplemental Indenture, the “Indenture”), providing for the issuance by the Partnership from
time to time of its notes to be issued in one or more series unlimited as to principal amount, including the issuance of the Initial Notes (as defined below); 

WHEREAS, the Partnership has duly authorized and desires to cause to be established pursuant to the Base Indenture and this Third Supplemental
Indenture a new series of notes; 
 WHEREAS, Sections 2.01 and 2.04 of the Base Indenture permit the execution of indentures supplemental
thereto to establish the form and terms of notes of any series; 
 WHEREAS, pursuant to Section 9.01 of the Base Indenture, the
Partnership has requested and hereby requests that the Trustee join in the execution of this Third Supplemental Indenture to establish the form and terms of the Notes (as defined below) and the Trustee is authorized to execute and deliver this Third
Supplemental Indenture; 
 WHEREAS, all things necessary have been done to make the Notes, when executed by the Partnership and
authenticated and delivered hereunder and under the Base Indenture and duly issued by the Partnership, the valid obligations of the Partnership and the Subsidiary Guarantors, and to make this Third Supplemental Indenture a valid agreement of the
Partnership and the Subsidiary Guarantors enforceable in accordance with its terms. 
 NOW, THEREFORE, in consideration of the premises,
agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which 

  
 1 

 
are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 
 RELATION TO
BASE INDENTURE; DEFINITIONS 
 Section 1.1    Relation to Base Indenture. 

With respect to the Notes (as defined below), this Third Supplemental Indenture constitutes an integral part of the Base Indenture. 

Section 1.2    Generally. 

The rules of interpretation set forth in the Base Indenture shall be applied hereto as if set forth in full herein. 

Section 1.3    Definition of Certain Terms 

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed to them in the Base Indenture. 

ARTICLE II 
 GENERAL
TERMS OF THE NOTES 
 Section 2.1    Form. 

The Notes and the Trustee’s certificates of authentication included therein shall be substantially in the form set forth on Exhibit
A-1 or Exhibit A-2 to this Third Supplemental Indenture, which are hereby incorporated into this Third Supplemental Indenture. The terms and provisions contained in the
Notes shall constitute, and are hereby expressly made, a part of this Third Supplemental Indenture and to the extent applicable, the Partnership, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Third Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 The Notes shall be issued upon original issuance in
whole in the form of one or more Global Notes. Each Global Note shall represent such of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of outstanding Notes from time to time
endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. 

The Partnership initially appoints The Depository Trust Company to act as Depositary with respect to the Global Notes. 

Section 2.2    Title, Amount and Payment of Principal and Interest. 

 

	 	(a)	 The Notes shall be entitled the “4.500% Senior Notes due 2029”. The Trustee shall authenticate and
deliver (i) the Notes for original issue on the date hereof (the “Initial Notes”) in the aggregate principal amount of $1,500,000,000, and (ii) additional Notes (the “Additional Notes”) for original issue from time to
time after the date hereof in such principal amounts as may be specified in a 

  
 2 

	 	
Partnership Order described in this paragraph, which will be part of the same series as the Initial Notes and which will have the same terms (except for the issue date, issue price and, in some
cases, the initial interest accrual date and the first Interest Payment Date), in each case upon a Partnership Order for the authentication and delivery thereof and satisfaction of the other provisions of Section 2.04 of the Base Indenture.
Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, and the name or names of the initial Holder or Holders. The aggregate principal amount of Notes that may be
outstanding at any time may not exceed $1,500,000,000 plus such additional principal amounts as may be issued and authenticated pursuant to clause (ii) of this paragraph (except as provided in Section 2.09 of the Indenture). The Initial
Notes and any Additional Notes issued and authenticated pursuant to clause (ii) of this paragraph shall constitute a single series of notes for all purposes under the Indenture (collectively, the “Notes”). 

 

	 	(b)	 The principal amount of each Note shall be payable on October 1, 2029. Each Note shall bear interest from
the date of original issuance, or the most recent date to which interest has been paid, at the fixed rate of 4.500% per annum. The dates on which interest on the Notes shall be payable shall be October 1 and April 1 of each year,
commencing April 1, 2020 (the “Interest Payment Dates”). The regular record date for interest payable on the Notes on any Interest Payment Date shall be March 15 and September 15, as the case may be, next preceding such
Interest Payment Date. 

  

	 	(c)	 Payments of principal of, premium, if any, and interest due on the Notes representing Global Notes on any
Interest Payment Date or at maturity will be made available to the Trustee by 10:00 a.m., New York City time, on such date, unless such date falls on a day which is not a Business Day, in which case such payments will be made available to the
Trustee by 10:00 a.m., New York City time, on the next Business Day. As soon as possible thereafter, the Trustee will make such payments to the Depositary. 

Section 2.3    Transfer and Exchange. 

The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depositary, in accordance with
Section 2.08 of the Base Indenture and the rules and procedures of the Depositary therefor, which shall include restrictions on transfer comparable to those set forth therein and herein to the extent required by the Securities Act of 1933, as
amended. 

  
 3 

 ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.1    Ratification of Base Indenture. 

The Base Indenture, as supplemented by this Third Supplemental Indenture, is in all respects ratified and confirmed, and this Third
Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 3.2    Trustee Not Responsible for Recitals. 

The recitals contained herein and in the Notes, except with respect to the Trustee’s certificates of authentication, shall be taken as the
statements of the Partnership, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity, adequacy or sufficiency of this Third Supplemental Indenture or of the Notes. The
Trustee shall not be accountable for the use or application by the Partnership of the Notes or of the proceeds thereof. 

Section 3.3    Table of Contents, Headings, etc. 

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

Section 3.4    Counterpart Originals. 

The parties may sign any number of copies of this Third Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or electronic (i.e., “pdf” or “tif”) transmission shall constitute effective execution and delivery of
this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic (i.e., “pdf” or “tif”)
transmission shall be deemed to be their original signatures for all purposes 
 Section 3.5    Governing Law. 

THIS THIRD SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 

	Section	 3.6    Trust Indenture Act Controls. 

Upon registration of the Notes in accordance with the Registration Rights Agreement, if any provision of the Supplemental Indenture limits,
qualifies, or conflicts with another provision that is required to be included in the Indenture by the TIA, the required provision shall control. 

  
 4 

 (Signature Pages Follow) 

  
 5 

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

			
	CHENIERE ENERGY PARTNERS, L.P.
	
	By its general partner, CHENIERE ENERGY PARTNERS GP, LLC
		
	        	 	 /s/ Lisa C. Cohen

		 	Name: Lisa C. Cohen
		 	Title:   Vice President and Treasurer
	
	CHENIERE ENERGY INVESTMENTS, LLC
		
		 	 /s/ Lisa C. Cohen

		 	Name: Lisa C. Cohen
		 	Title:   Treasurer
	
	SABINE PASS LNG-GP, LLC
		
		 	 /s/ Lisa C. Cohen

		 	Name: Lisa C. Cohen
		 	Title:   Treasurer
	
	SABINE PASS LNG, L.P.
	
	By its general partner, SABINE PASS LNG-GP, LLC
		
		 	 /s/ Lisa C. Cohen

		 	Name: Lisa C. Cohen
		 	Title:   Treasurer

  
 [Signature Page to Third
Supplemental Indenture] 

 
			
	SABINE PASS TUG SERVICES, LLC
		
	    	 	 /s/ Lisa C. Cohen

		 	Name: Lisa C. Cohen
		 	Title:   Treasurer
	
	CHENIERE PIPELINE GP INTERESTS, LLC
		
		 	 /s/ Lisa C. Cohen

		 	Name: Lisa C. Cohen
		 	Title:   Treasurer
	
	CHENIERE CREOLE TRAIL PIPELINE, L.P.
	
	By its general partner, CHENIERE PIPELINE GP INTERESTS, LLC
		
		 	 /s/ Lisa C. Cohen

		 	Name: Lisa C. Cohen
		 	Title:   Treasurer

  
 [Signature Page to Third
Supplemental Indenture] 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	        	 	 /s/ Laurence J. O’Brien

		 	 Name: Laurence J. O’Brien
 Title:
  Vice President

  
 [Signature Page to Third
Supplemental Indenture] 

 EXHIBIT A-1 

FORM OF NOTE 
 [FACE OF
NOTE] 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] [Insert the Private Placement Legend, if
applicable pursuant to the provisions of the Indenture] 
  

			
	No.	  	$            
		  	CUSIP: 16411Q AE1
		  	ISIN: US16411QAE17

 CHENIERE ENERGY PARTNERS, L.P. 

4.500% SENIOR NOTES DUE 2029 

CHENIERE ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Partnership,” which term includes any successor under
the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.* or its registered assigns, the principal sum of [        ] U.S. dollars
($[            ]), [or such greater or lesser principal sum as is shown on the attached Schedule of Increases and Decreases in Global Note]*, on October 1, 2029 in such coin and
currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest thereon at an annual rate of 4.500% payable on April 1 and October 1 of each year, to
the person in whose name the Note is registered at the close of business on the record date for such interest, which shall be the preceding March 15 and September 15, respectively, payable commencing on April 1, 2020, with interest
accruing from September 12, 2019, or the most recent date to which interest shall have been paid. 
  

 

	*	 To be included in a Global Note. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this Note are an integral part of the
terms of this Note and by acceptance hereof the Holder of this Note agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Note is issued in respect of a series of Notes of an initial aggregate principal amount of $1,500,000,000 designated as the 4.500% Senior
Notes due 2029 of the Partnership (the “4.500% Series Notes”) and is governed by the Indenture dated as of September 18, 2017 (the 

  
 A-1-1 

 
“Base Indenture”), duly executed and delivered by the Partnership, as issuer, the subsidiary guarantors party thereto and The Bank of New York Mellon, as trustee (the
“Trustee”) as supplemented by the Third Supplemental Indenture dated as of September 12, 2019, duly executed by the Partnership, the Subsidiary Guarantors party thereto and the Trustee (the “Third Supplemental
Indenture”, and together with the Base Indenture, the “Indenture”). The terms of the Indenture are incorporated herein by reference. “Subsidiary Guarantors” as used herein shall mean Cheniere Energy Investments,
LLC, Sabine Pass LNG-GP, LLC, Sabine Pass LNG, L.P., Sabine Pass Tug Services, LLC, Cheniere Creole Trail Pipeline, L.P. and Cheniere Pipeline GP Interests, LLC. This Note shall in all respects be entitled to
the same benefits as Definitive Notes under the Indenture. 
 Upon registration of the Notes in accordance with the applicable registration
rights agreement, if and to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the
provisions of the Trust Indenture Act of 1939, as amended (the “TIA”), such required provision shall control. 
 This Note
shall not be valid or become obligatory for any purpose until the Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 

  
 A-1-2 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed by
its sole General Partner. 
 Dated: September 12, 2019 

 

			
	CHENIERE ENERGY PARTNERS, L.P.
	
	By its general partner, CHENIERE ENERGY PARTNERS GP, LLC
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

			
	 THE BANK OF NEW YORK MELLON,
  

as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-1-3 

 [REVERSE OF NOTE] 

CHENIERE ENERGY PARTNERS, L.P. 

4.500% SENIOR NOTES DUE 2029 

This Note is one of a duly authorized series of the 4.500% Series Notes hereinafter specified, all issued or to be issued under and pursuant
to the Indenture, to which Indenture reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Partnership and the Holders of the 4.500% Series Notes. 

 

	 	1.	 Interest. 

The Partnership promises to pay interest in cash on the principal amount of this Note at the rate of 4.500% per annum until maturity and shall
pay the Additional Interest, if any, payable pursuant to Section 6 of the Registration Rights Agreement referred to below. 
 The
Partnership will pay interest and Additional Interest, if any, semi-annually in arrears on April 1 and October 1 of each year, or if such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment
Date”), commencing April 1, 2020. Interest on the 4.500% Series Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid on the Notes, from September 12, 2019. Interest will be
computed on the basis of a 360-day year consisting of twelve 30-day months. The Partnership shall pay interest (including post-petition interest in any proceeding under
any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent
lawful. 
  

	 	2.	 Method of Payment. 

The Partnership shall pay interest on the 4.500% Series Notes (except Defaulted Interest) and Additional Interest, if any, to the persons who
are the registered Holders at the close of business on March 15 and September 15 immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) may be
paid to the persons who are registered Holders at the close of business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which
such 4.500% Series Notes may then be listed if such manner of payment shall be deemed practicable by the Trustee, as more fully provided in the Indenture. The Partnership shall pay principal, premium, if any, and interest and Additional Interest, if
any, in such coin or currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments in respect of a Global Note (including principal, premium, if any, interest and
Additional Interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in respect of 4.500% Series Notes in definitive form (including principal, premium, if any, and interest) will be
made at the office or agency of the Partnership maintained for such purpose, which initially will be at the office of the Paying Agent and Registrar, or, at the option of the Partnership, payment of interest or Additional Interest may be made by
check mailed to the Holders on the relevant record date at their addresses set forth in the register of Holders 

  
 A-1-1 

 
maintained by the Registrar or at the option of the Holder, payment of interest on 4.500% Series Notes in definitive form will be made by wire transfer of immediately available funds to any
account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the Paying Agent. The Holder must surrender this Note to a Paying Agent to collect payment of
principal. 
  

	 	3.	 Paying Agent and Registrar. 

Initially, The Bank of New York Mellon will act as Paying Agent and Registrar. The Partnership may change any Paying Agent or Registrar at any
time upon notice to the Trustee and the Holders. The Partnership may act as Paying Agent. 
  

	 	4.	 Indenture. 

This Note is one of a duly authorized issue of Notes of the Partnership issued and to be issued in one or more series under the Indenture. 

Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the 4.500% Series Notes include
those stated in the Base Indenture, those made part of the Indenture by reference to the TIA, as in effect on the date of the Base Indenture, and those terms stated in the Third Supplemental Indenture. The 4.500% Series Notes are subject to all such
terms (including the Guarantees set forth in Article X of the Base Indenture), and Holders of 4.500% Series Notes are referred to the Base Indenture, the Third Supplemental Indenture and the TIA for a statement of them. The 4.500% Series Notes are
limited to an initial aggregate principal amount of $1,500,000,000; provided, however, that the authorized aggregate principal amount of such series may be increased from time to time as provided in the Third Supplemental Indenture. 

 

	 	5.	 Redemption. 

At any time prior to October 1, 2024, the Partnership may on any one or more occasions redeem up to 35% of the aggregate principal amount
of the 4.500% Series Notes, upon not less than 10 nor more than 60 days’ notice, at a redemption price of 104.500% of the principal amount of the 4.500% Series Notes redeemed, plus accrued and unpaid interest, if any, to but excluding the
redemption date (subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date), with the proceeds of one or more Equity Offerings; provided that: 

 

	 	(1)	 at least 65% of the aggregate principal amount of the 4.500% Series Notes issued on the Issue Date (excluding
4.500% Series Notes held by the Partnership and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

  

	 	(2)	 the redemption occurs within 120 days of the date of the closing of such Equity Offering.

 At any time prior to October 1, 2024, the Partnership may on any one or more occasions redeem all or a part of the
4.500% Series Notes, upon not less than 10 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of 4.500% Series Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if
any, to but excluding, the redemption date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. 

  
 A-1-2 

 Except pursuant to the preceding two paragraphs, the 4.500% Series Notes will not be
redeemable at the Partnership’s option prior to October 1, 2024. The Partnership is not prohibited, however, from acquiring the 4.500% Series Notes in market transactions by means other than a redemption, whether pursuant to a tender offer
or otherwise. 
 On or after October 1, 2024, the Partnership may on any one or more occasions redeem all or a part of the 4.500%
Series Notes upon not less than 10 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 4.500% Series Notes redeemed, to but
excluding the applicable redemption date, if redeemed during the 12-month period beginning on October 1 of the years indicated below (subject to the rights of Holders on the relevant record date to
receive interest on the relevant Interest Payment Date): 
  

					
	Year	  	Percentage	 
	 2024
	  	 	102.250	% 
	 2025
	  	 	101.500	% 
	 2026
	  	 	100.750	% 
	 2027 and thereafter
	  	 	100.000	% 

 4.500% Series Notes called for redemption become due on the redemption date. Notices of redemption will be
mailed, or delivered electronically if the 4.500% Series Notes are held at DTC, at least 10 but not more than 60 days before the redemption date to each Holder of the 4.500% Series Notes to be redeemed at its registered address. The notice of
redemption for the 4.500% Series Notes will state, among other things, the amount of 4.500% Series Notes to be redeemed, the redemption date, the method of calculating the redemption price and each place that payment will be made upon presentation
and surrender of 4.500% Series Notes to be redeemed. Unless we default in payment of the redemption price, interest will cease to accrue on any 4.500% Series Notes that have been called for redemption on the redemption date. For purposes of
determining the redemption price, the following definitions are applicable: 
 “Applicable Premium” means, with respect to
any note on any redemption date, the greater of: 
 (1) 1.0% of the principal amount of such note; or 

(2) the excess of: 
  

	 	(a)	 the present value at such redemption date of (i) the redemption price of such 4.500% Series Notes at
October 1, 2024 (such redemption prices being set forth in the tables appearing above) plus (ii) all required remaining scheduled interest payments due on such note through October 1, 2024 (in each case

  
 A-1-3 

	 	
excluding accrued but unpaid interest to but excluding the redemption date), computed using a discount rate equal to the Treasury Yield as of such redemption date plus 50 basis points; over

  

	 	(b)	 the principal amount of the note. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
a maturity comparable to the remaining term of the 4.500% Series Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the 4.500% Series Notes to be redeemed; provided, however, that if no maturity is within three months before or after the maturity date for such 4.500% Series Notes, yields for the two published
maturities most closely corresponding to such United States Treasury security will be determined and the treasury rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month. 

“Comparable Treasury Price” means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer
Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Independent Investment Banker” means RBC Capital Markets, LLC and its successors or, if such firm is not
willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Partnership. 

“Reference Treasury Dealer” means each RBC Capital Markets, LLC and four additional primary U.S. government securities
dealers (each, a “Primary Treasury Dealer”) selected by the Partnership; provided, however, that if such firm or any such successor, as the case may be, shall cease to be a primary U.S. government securities dealer, the
Partnership will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any redemption date for the 4.500% Series Notes, an average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the 4.500% Series Notes
to be redeemed (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such
redemption date. 
 “Treasury Yield” means, with respect to any redemption date, (a) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities 

  
 A-1-4 

 
adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; or (b) if the release (or any
successor release) is not published during the week preceding the calculation date or does not contain these yields, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately
preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such redemption date. 

 

	 	6.	 Repurchase of Notes at the Option of the Holders upon Change of Control Triggering Event and Asset Sale
Triggering Event 

 Upon the occurrence of a Change of Control Triggering Event, each Holder shall have the right,
subject to certain conditions specified in the Indenture, to require the Partnership to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest, on the Notes repurchased to, but excluding, the date of purchase (subject to the right of the Holders of record on the relevant record date to receive interest, if any, due on the relevant Interest Payment Date), as provided in, and
subject to the terms of, the Indenture. In accordance with Section 4.09 of the Indenture, the Partnership will be required to offer to purchase Notes upon the occurrence of certain Asset Sale Triggering Events. 

 

	 	7.	 Denominations; Transfer; Exchange. 

The 4.500% Series Notes are to be issued in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in
excess of $2,000. A Holder may register the transfer of, or exchange, 4.500% Series Notes in accordance with the Indenture. The 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. 
  

	 	8.	 Person Deemed Owners. 

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

 

	 	9.	 Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any provision
may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Debt Securities of each series affected. Without consent of any Holder of a Note, the parties thereto may amend or supplement the Indenture to, among
other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Note. Any such consent or waiver by the Holder of this Note (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any 4.500% Series Notes which may be issued in exchange or substitution herefor, irrespective of whether
or not any notation thereof is made upon this Note or such other 4.500% Series Notes. 
  

	 	10.	 Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes.

 In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and
Restricted Definitive Notes will have all the rights set forth in the 

  
 A-1-5 

 
Registration Rights Agreement dated as of September 12, 2019, between the Partnership and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders
of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among the Partnership, the Subsidiary Guarantors, if any, and the other parties thereto, relating to
rights given by the Partnership and the Subsidiary Guarantors, if any, to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). By such Holders’ acceptance of Restricted Global Notes or
Restricted Definitive Notes, such Holder acknowledges and agrees to the provisions of the Registration Rights Agreement, including without limitation the obligations of the Holders with respect to indemnification of the Partnership and the
Subsidiary Guarantors to the extent provided therein 
  

	 	11.	 Defaults and Remedies. 

Certain events of bankruptcy or insolvency are Events of Default that will result in the principal amount of the 4.500% Series Notes, together
with premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the 4.500% Series Notes occurs and is continuing, then
in every such case the Trustee or the Holders of not less than 33 1/3% in aggregate principal amount of the 4.500% Series Notes then outstanding may declare the principal amount of all the 4.500% Series Notes, together with premium, if any, and
accrued and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been
made, the Holders of a majority in principal amount of the outstanding 4.500% Series Notes, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of
a court already rendered and if all Events of Default with respect to the 4.500% Series Notes, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration, shall have been
cured or shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of 4.500% Series Notes may not enforce the Indenture or the 4.500% Series Notes except as provided in the
Indenture. The Trustee may require indemnity or security satisfactory to it before it enforces the Indenture or the 4.500% Series Notes. Subject to certain limitations, Holders of a majority in aggregate principal amount of the 4.500% Series Notes
then outstanding may direct the Trustee in its exercise of any trust or power. 
  

	 	12.	 Trustee Dealings with Partnership. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the
Partnership or its Affiliates, and may otherwise deal with the Partnership or its Affiliates as if it were not the Trustee. 
  

	 	13.	 Authentication. 

This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note. 

 

	 	14.	 Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (tenant in common), TEN ENT (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 Gifts to Minors Act). 

  
 A-1-6 

	 	15.	 CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Partnership has caused CUSIP
numbers to be printed on the 4.500% Series Notes as a convenience to the Holders of the 4.500% Series Notes. No representation is made as to the accuracy of such number as printed on the 4.500% Series Notes and reliance may be placed only on the
other identification numbers printed hereon. 
  

	 	16.	 Absolute Obligation. 

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

 

	 	17.	 No Recourse. 

No director, officer, employee, limited partner or shareholder, as such, of the Partnership or the General Partner shall have any personal
liability in respect of the obligations of the Partnership under the 4.500% Series Notes, the Indenture or any Guarantee by reason of his, her or its status. Each Holder by accepting the 4.500% Series Notes waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the 4.500% Series Notes. 
  

	 	18.	 Governing Law. 

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

ABBREVIATIONS 
 The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

			
	TEN COM - as tenants in common	  	UNIF GIFT MIN ACT -
		
		  	(Cust.)
		
	TEN ENT - as tenants by entireties	  	Custodian for:
		
		  	(Minor)
		
	JT TEN - as joint tenants with right of survivorship and not as tenants in common	  	Under Uniform Gifts to Minors Act of
		
		  	(State)

  
 A-1-7 

 ADDITIONAL ABBREVIATIONS MAY
ALSO BE USED THOUGH NOT IN THE ABOVE LIST. 

  
 A-1-8 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF
ASSIGNEE 
 Please print or type name and address including postal zip code of assignee: 

the within Note and all rights thereunder, hereby irrevocably constituting and appointing to transfer said Note on the books of the Partnership, with full
power of substitution in the premises. 
  

			
	Dated	  	Registered Holder

  
 A-1-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Partnership pursuant to Section 4.08 or Section
4.09 of the Indenture, check the appropriate box below: 
  

			
	☐   Section 4.08	  	☐  Section 4.09
	  [Change of Control]
	  	   [Asset Sale]

 If you want to elect to have only part of the Note purchased by the Partnership pursuant to
Section 4.08 or 4.09 of the Indenture, state the amount you elect to have purchased: 

$         

Date:                      

 

							
		 		 	Your Signature:                                
                             
		 		 	    	 	(Sign exactly as your name appears on the face of this Note)
			
		 		 	Tax Identification No:                     

 Signature Guarantee*: 
  

 

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-1-10 

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL NOTE* 
 The
following increases or decreases in this Global Note have been made: 
  

															
	 Date of Exchange
	  	Amount of Decrease
in Principal Amount
of this Global
Note	 	  	Amount of Increase
in Principal Amount
of this Global
Note	 	  	Principal Amount of
this Global Note
following such
decrease (or increase)	 	  	 Signature of

authorized officer of

Trustee or Depositary

		  				  				  				  	
		  				  				  				  	
		  				  				  				  	

  

	*	 To be included in a Global Note. 

  
 A-1-11 

 EXHIBIT A-2 

FORM OF NOTE 
 [FACE OF
NOTE] 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] [Insert the Private Placement Legend, if
applicable pursuant to the provisions of the Indenture] [Insert the Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

 

			
	 No.
	  	$            
		  	CUSIP: U16353 AC5
		  	ISIN: USU16353AC57

 CHENIERE ENERGY PARTNERS, L.P. 

4.500% SENIOR NOTES DUE 2029 

CHENIERE ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Partnership,” which term includes any successor under
the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co.* or its registered assigns, the principal sum of [        ] U.S. dollars
($[        ]), [or such greater or lesser principal sum as is shown on the attached Schedule of Increases and Decreases in Regulation S Temporary Global Note]*, on October 1, 2029 in such coin and
currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest thereon at an annual rate of 4.500% payable on April 1 and October 1 of each year, to
the person in whose name the Note is registered at the close of business on the record date for such interest, which shall be the preceding March 15 and September 15 respectively, payable commencing on April 1, 2020, with interest
accruing from September 12, 2019, or the most recent date to which interest shall have been paid. 
  

 

	*	 To be included in a Global Note. 

Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have
the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this Note are an integral part of the
terms of this Note and by acceptance hereof the Holder of this Note agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

  
 A-2-1 

 This Note is issued in respect of a series of Notes of an initial aggregate principal amount
of $1,500,000,000 designated as the 4.500% Senior Notes due 2029 of the Partnership (the “4.500% Series Notes”) and is governed by the Indenture dated as of September 18, 2017 (the “Base Indenture”), duly
executed and delivered by the Partnership, as issuer, the subsidiary guarantors party thereto and The Bank of New York Mellon, as trustee (the “Trustee”) as supplemented by the Third Supplemental Indenture dated as of
September 12, 2019, duly executed by the Partnership, the Subsidiary Guarantors party thereto and the Trustee (the “Third Supplemental Indenture”, and together with the Base Indenture, the “Indenture”). The
terms of the Indenture are incorporated herein by reference. “Subsidiary Guarantors” as used herein shall mean Cheniere Energy Investments, LLC, Sabine Pass LNG-GP, LLC, Sabine Pass LNG, L.P., Sabine
Pass Tug Services, LLC, Cheniere Creole Trail Pipeline, L.P. and Cheniere Pipeline GP Interests, LLC. This Note shall in all respects be entitled to the same benefits as Definitive Notes under the Indenture. 

Upon registration of the Notes in accordance with the applicable registration rights agreement, if and to the extent any provision of the
Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as amended
(the “TIA”), such required provision shall control. 
 This Note shall not be valid or become obligatory for any purpose
until the Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 

  
 A-2-2 

 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed by
its sole General Partner. 
 Dated: September 12, 2019 

 

			
	CHENIERE ENERGY PARTNERS, L.P.
	
	By its general partner, CHENIERE ENERGY PARTNERS GP, LLC
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

			
	THE BANK OF NEW YORK MELLON,
	
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

CHENIERE ENERGY PARTNERS, L.P. 

4.500% SENIOR NOTES DUE 2029 

This Note is one of a duly authorized series of the 4.500% Series Notes hereinafter specified, all issued or to be issued under and pursuant
to the Indenture, to which Indenture reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Partnership and the Holders of the 4.500% Series Notes. 

 

	 	1.	 Interest. 

The Partnership promises to pay interest in cash on the principal amount of this Note at the rate of 4.500% per annum until maturity and shall
pay the Additional Interest, if any, payable pursuant to Section 6 of the Registration Rights Agreement referred to below. 
 The
Partnership will pay interest and Additional Interest, if any, semi-annually in arrears on April 1 and October 1 of each year or if such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment
Date”), commencing April 1, 2020. Interest on the 4.500% Series Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid on the Notes, from September 12, 2019. Interest will be
computed on the basis of a 360-day year consisting of twelve 30-day months. The Partnership shall pay interest (including post-petition interest in any proceeding under
any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent
lawful. 
 Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Note, the Holder hereof
shall not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other respects be entitled to the same benefits as other Notes under the Indenture. 

 

	 	2.	 Method of Payment. 

The Partnership shall pay interest on the 4.500% Series Notes (except Defaulted Interest) and Additional Interest, if any, to the persons who
are the registered Holders at the close of business on March 15 and September 15 immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) may be
paid to the persons who are registered Holders at the close of business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which
such 4.500% Series Notes may then be listed if such manner of payment shall be deemed practicable by the Trustee, as more fully provided in the Indenture. The Partnership shall pay principal, premium, if any, and interest and Additional Interest, if
any, in such coin or currency of the United States of America as at the time of payment shall be legal tender for payment of public and private debts. Payments in respect of a Regulation S Temporary Global Note (including principal, premium, if any,
interest and Additional Interest) will be made by wire transfer of immediately available funds to the accounts 

  
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specified by the Depositary. Payments in respect of 4.500% Series Notes in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the
Partnership maintained for such purpose, which initially will be at the office of the Paying Agent and Registrar, or, at the option of the Partnership, payment of interest or Additional Interest may be made by check mailed to the Holders on the
relevant record date at their addresses set forth in the register of Holders maintained by the Registrar or at the option of the Holder, payment of interest on 4.500% Series Notes in definitive form will be made by wire transfer of immediately
available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the Paying Agent. The Holder must surrender this Note to a Paying Agent to
collect payment of principal. 
  

	 	3.	 Paying Agent and Registrar. 

Initially, The Bank of New York Mellon will act as Paying Agent and Registrar. The Partnership may change any Paying Agent or Registrar at any
time upon notice to the Trustee and the Holders. The Partnership may act as Paying Agent. 
  

	 	4.	 Indenture. 

This Note is one of a duly authorized issue of Notes of the Partnership issued and to be issued in one or more series under the Indenture. 

Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the 4.500% Series Notes include
those stated in the Base Indenture, those made part of the Indenture by reference to the TIA, as in effect on the date of the Base Indenture, and those terms stated in the Third Supplemental Indenture. The 4.500% Series Notes are subject to all such
terms (including the Guarantees set forth in Article X of the Base Indenture), and Holders of 4.500% Series Notes are referred to the Base Indenture, the Third Supplemental Indenture and the TIA for a statement of them. The 4.500% Series Notes are
limited to an initial aggregate principal amount of $1,500,000,000; provided, however, that the authorized aggregate principal amount of such series may be increased from time to time as provided in the Third Supplemental Indenture. 

 

	 	5.	 Redemption. 

At any time prior to October 1, 2024, the Partnership may on any one or more occasions redeem up to 35% of the aggregate principal amount
of the 4.500% Series Notes, upon not less than 10 nor more than 60 days’ notice, at a redemption price of 104.500% of the principal amount of the 4.500% Series Notes redeemed, plus accrued and unpaid interest, if any, to but excluding the
redemption date (subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date), with the proceeds of one or more Equity Offerings; provided that: 

 

	 	(3)	 at least 65% of the aggregate principal amount of the 4.500% Series Notes issued on the Issue Date (excluding
4.500% Series Notes held by the Partnership and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

  

	 	(4)	 the redemption occurs within 120 days of the date of the closing of such Equity Offering.

  
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 At any time prior to October 1, 2024, the Partnership may on any one or more occasions
redeem all or a part of the 4.500% Series Notes, upon not less than 10 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of 4.500% Series Notes redeemed, plus the Applicable Premium as of, and
accrued and unpaid interest, if any, to but excluding, the redemption date, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. 

Except pursuant to the preceding two paragraphs, the 4.500% Series Notes will not be redeemable at the Partnership’s option prior to
October 1, 2024. The Partnership is not prohibited, however, from acquiring the 4.500% Series Notes in market transactions by means other than a redemption, whether pursuant to a tender offer or otherwise. 

On or after October 1, 2024, the Partnership may on any one or more occasions redeem all or a part of the 4.500% Series Notes upon not
less than 10 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 4.500% Series Notes redeemed, to but excluding the applicable
redemption date, if redeemed during the 12-month period beginning on October 1 of the years indicated below (subject to the rights of Holders on the relevant record date to receive interest on the
relevant Interest Payment Date): 
  

					
	Year	  	Percentage	 
	 2024
	  	 	102.250	% 
	 2025
	  	 	101.500	% 
	 2026
	  	 	100.750	% 
	 2027 and thereafter
	  	 	100.000	% 

 4.500% Series Notes called for redemption become due on the redemption date. Notices of redemption will be
mailed, or delivered electronically if the 4.500% Series Notes are held at DTC, at least 10 but not more than 60 days before the redemption date to each Holder of the 4.500% Series Notes to be redeemed at its registered address. The notice of
redemption for the 4.500% Series Notes will state, among other things, the amount of 4.500% Series Notes to be redeemed, the redemption date, the method of calculating the redemption price and each place that payment will be made upon presentation
and surrender of 4.500% Series Notes to be redeemed. Unless we default in payment of the redemption price, interest will cease to accrue on any 4.500% Series Notes that have been called for redemption on the redemption date. For purposes of
determining the redemption price, the following definitions are applicable: 
 “Applicable Premium” means, with respect to
any note on any redemption date, the greater of: 
 (3)    1.0% of the principal amount of such note; or 

  
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 (4)    the excess of: 

 

	 	(a)	 the present value at such redemption date of (i) the redemption price of such 4.500% Series Notes at
October 1, 2024 (such redemption prices being set forth in the tables appearing above) plus (ii) all required remaining scheduled interest payments due on such note through October 1, 2024 (in each case excluding accrued but
unpaid interest to but excluding the redemption date), computed using a discount rate equal to the Treasury Yield as of such redemption date plus 50 basis points; over 

 

	 	(b)	 the principal amount of the note. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
a maturity comparable to the remaining term of the 4.500% Series Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the 4.500% Series Notes to be redeemed; provided, however, that if no maturity is within three months before or after the maturity date for such 4.500% Series Notes, yields for the two published
maturities most closely corresponding to such United States Treasury security will be determined and the treasury rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month. 

“Comparable Treasury Price” means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer
Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Independent Investment Banker” means RBC Capital Markets, LLC and its successors or, if such firm is not
willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Partnership. 

“Reference Treasury Dealer” means RBC Capital Markets, LLC and four additional primary U.S. government securities dealers
(each, a “Primary Treasury Dealer”) selected by the Partnership; provided, however, that if such firm or any such successor, as the case may be, shall cease to be a primary U.S. government securities dealer, the Partnership
will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to
each Reference Treasury Dealer and any redemption date for the 4.500% Series Notes, an average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the 4.500% Series Notes to be
redeemed (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption
date. 

  
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 “Treasury Yield” means, with respect to any redemption date, (a) the
yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the
Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue; or (b) if the release (or any successor release) is not published during the week preceding the calculation date or does not contain these yields, the rate per annum equal to the semi-annual
equivalent yield to maturity (computed as of the third business day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the applicable Comparable Treasury Price for such redemption date. 
  

	 	6.	 Repurchase of Notes at the Option of the Holders upon Change of Control Triggering Event and Asset Sale
Triggering Event 

 Upon the occurrence of a Change of Control Triggering Event, each Holder shall have the right,
subject to certain conditions specified in the Indenture, to require the Partnership to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid
interest, on the Notes repurchased to, but excluding, the date of purchase (subject to the right of the Holders of record on the relevant record date to receive interest, if any, due on the relevant Interest Payment Date), as provided in, and
subject to the terms of, the Indenture. In accordance with Section 4.09 of the Indenture, the Partnership will be required to offer to purchase Notes upon the occurrence of certain Asset Sale Triggering Events. 

 

	 	7.	 Denominations; Transfer; Exchange. 

The 4.500% Series Notes are to be issued in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in
excess of $2,000. A Holder may register the transfer of, or exchange, 4.500% Series Notes in accordance with the Indenture. The 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. 
  

	 	8.	 Person Deemed Owners. 

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

 

	 	9.	 Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any provision
may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Debt Securities of each series affected. Without consent of any Holder of a Note, the parties thereto may amend or supplement the Indenture to, among
other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Note. Any such consent or waiver by the Holder of this Note (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any 4.500% Series Notes which may be issued in exchange or substitution herefor, irrespective of whether
or not any notation thereof is made upon this Note or such other 4.500% Series Notes. 

  
 A-2-8 

	 	10.	 Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes.

 In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive
Notes will have all the rights set forth in the Registration Rights Agreement dated as of September 12, 2019, between the Partnership and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders of
Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among the Partnership, the Subsidiary Guarantors, if any, and the other parties thereto, relating to rights
given by the Partnership and the Subsidiary Guarantors, if any, to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). By such Holders’ acceptance of Restricted Global Notes or Restricted
Definitive Notes, such Holder acknowledges and agrees to the provisions of the Registration Rights Agreement, including without limitation the obligations of the Holders with respect to indemnification of the Partnership and the Subsidiary
Guarantors to the extent provided therein. 
  

	 	11.	 Defaults and Remedies. 

Certain events of bankruptcy or insolvency are Events of Default that will result in the principal amount of the 4.500% Series Notes, together
with premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the 4.500% Series Notes occurs and is continuing, then
in every such case the Trustee or the Holders of not less than 33 1/3% in aggregate principal amount of the 4.500% Series Notes then outstanding may declare the principal amount of all the 4.500% Series Notes, together with premium, if any, and
accrued and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been
made, the Holders of a majority in principal amount of the outstanding 4.500% Series Notes, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of
a court already rendered and if all Events of Default with respect to the 4.500% Series Notes, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration, shall have been
cured or shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of 4.500% Series Notes may not enforce the Indenture or the 4.500% Series Notes except as provided in the
Indenture. The Trustee may require indemnity or security satisfactory to it before it enforces the Indenture or the 4.500% Series Notes. Subject to certain limitations, Holders of a majority in aggregate principal amount of the 4.500% Series Notes
then outstanding may direct the Trustee in its exercise of any trust or power. 
 This Regulation S Temporary Global Note is exchangeable in
whole or in part for one or more Global Notes only (i) on or after the termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates
(accompanied by an Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.

  
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	 	12.	 Trustee Dealings with Partnership. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the
Partnership or its Affiliates, and may otherwise deal with the Partnership or its Affiliates as if it were not the Trustee. 
  

	 	13.	 Authentication. 

This Note shall not be valid until the Trustee signs the certificate of authentication on the other side of this Note. 

 

	 	14.	 Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (tenant in common), TEN ENT (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 Gifts to Minors Act). 
  

	 	15.	 CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Partnership has caused CUSIP
numbers to be printed on the 4.500% Series Notes as a convenience to the Holders of the 4.500% Series Notes. No representation is made as to the accuracy of such number as printed on the 4.500% Series Notes and reliance may be placed only on the
other identification numbers printed hereon. 
  

	 	16.	 Absolute Obligation. 

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

 

	 	17.	 No Recourse. 

No director, officer, employee, limited partner or shareholder, as such, of the Partnership or the General Partner shall have any personal
liability in respect of the obligations of the Partnership under the 4.500% Series Notes, the Indenture or any Guarantee by reason of his, her or its status. Each Holder by accepting the 4.500% Series Notes waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the 4.500% Series Notes. 
  

	 	18.	 Governing Law. 

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

  
 A-2-10 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

			
	TEN COM - as tenants in common	  	UNIF GIFT MIN ACT -
		
		  	(Cust.)
		
	TEN ENT - as tenants by entireties	  	Custodian for:
		
		  	(Minor)
		
	JT TEN - as joint tenants with right of survivorship and not as tenants in common	  	Under Uniform Gifts to Minors Act of
		
		  	(State)

 ADDITIONAL ABBREVIATIONS MAY ALSO
BE USED THOUGH NOT IN THE ABOVE LIST. 

  
 A-2-11 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER
                     
 IDENTIFYING NUMBER OF ASSIGNEE
                     
 Please print or type name and
address including postal zip code of assignee: 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing to transfer said
Note on the books of the Partnership, with full power of substitution in the premises. 
  

			
	Dated                     	  	Registered Holder

  
 A-2-12 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Partnership pursuant to Section 4.08 or Section
4.09 of the Indenture, check the appropriate box below: 
  

			
	☐   Section 4.08	  	☐  Section 4.09
	  [Change of Control]
	  	   [Asset Sale]

 If you want to elect to have only part of the Note purchased by the Partnership pursuant to
Section 4.08 or 4.09 of the Indenture, state the amount you elect to have purchased: 

$         

Date:                      

 

							
		 		 	Your Signature:                                
                             
		 		 	    	 	(Sign exactly as your name appears on the face of this Note)
			
		 		 	Tax Identification No:                     

 Signature Guarantee*:
                     
  

 

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee) 

  
 A-2-13 

 SCHEDULE OF INCREASES OR DECREASES 

IN THE REGULATION S TEMPORARY GLOBAL NOTE* 

The following increases or decreases in this Regulation S Temporary Global Note have been made: 

 

															
	 Date of Exchange
	  	Amount of Decrease
in Principal Amount
of this Global
Note	 	  	Amount of Increase
in Principal Amount
of this Global
Note	 	  	Principal Amount of
this Global Note
following such
decrease (or increase)	 	  	 Signature of

authorized officer of

Trustee or Depositary

		  				  				  				  	
		  				  				  				  	
		  				  				  				  	

  

	*	 To be included in a Global Note. 

  
 A-2-14

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