Document:

EX-4.1

 Exhibit 4.1 

Mastercard Incorporated 

Officer’s Certificate 

February 26, 2018 
 Pursuant
to Sections 102 and 301 of the Indenture dated as of March 31, 2014 (the “Indenture”) by and between Mastercard Incorporated (the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), the
undersigned officer does hereby certify, in connection with the issuance of (i) $500,000,000 aggregate principal amount of 3.500% Notes due 2028 (the “2028 Notes”) and (ii) $500,000,000 aggregate principal amount of 3.950%
Notes due 2048 (the “2048 Notes” and, together with the 2028 Notes, the “Notes”), that the terms of the Notes are as follows: 

Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Indenture. 

 

	1.	2028 Notes 

  

			
	 Title
	  	3.500% Notes due 2028
		
	Issuer	  	Mastercard Incorporated
		
	 Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent
	  	Deutsche Bank Trust Company Americas
		
	Aggregate Principal Amount at Maturity	  	$500,000,000
		
	Principal Payment Date	  	February 26, 2028
		
	Interest	  	3.500% per annum
		
	Date from which Interest will Accrue	  	February 26, 2018
		
	Interest Payment Dates	  	February 26 and August 26, beginning on August 26, 2018
		
	Record Dates	  	February 11 and August 11
		
	Redemption	  	 The Issuer may at its option redeem the 2028 Notes in whole or in part, at any time or from time to time prior to November 26, 2027
(three months prior to the maturity date of the 2028 Notes), on at least 30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2028 Notes, at a redemption
price, calculated by the Issuer, equal to the greater of:
  
 (i) 100% of the principal
amount of the 2028 Notes being redeemed; or
  
 (ii) the sum of the present values of
the remaining scheduled payments of principal and interest on the

			
		  	 notes to be redeemed (assuming the 2028 Notes matured on November 26, 2027) (exclusive of interest accrued to the date of redemption)
discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined in the 2028 Notes) plus 10 basis points, plus,
in each case, accrued and unpaid interest thereon to the date of redemption.
  
 On
or after November 26, 2027 (three months prior to the maturity date of the 2028 Notes), the Issuer may redeem the Notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus
accrued and unpaid interest to, but excluding, the redemption date.

		
	Ranking	  	The 2028 Notes will be the Issuer’s senior unsecured obligations and will rank equally with the Issuer’s other senior unsecured and unsubordinated debt from time to time outstanding.
		
	Conversion	  	None
		
	Sinking Fund	  	None
		
	Denominations	  	$2,000 and any integral multiple of $1,000 in excess thereof.
		
	CUSIP/ISIN	  	57636QAJ3 / US57636QAJ31
		
	Miscellaneous	  	The terms of the 2028 Notes shall include such other terms as are set forth in the form of 2028 Notes attached hereto as Exhibit A and in the Indenture. In addition, the global notes for the 2028 Notes shall include the following
language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	2.	2048 Notes 

  

			
		
	Title	  	3.950% Notes due 2048
		
	Issuer	  	Mastercard Incorporated
		
	 Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent
	  	Deutsche Bank Trust Company Americas
		
	Aggregate Principal Amount at Maturity	  	$500,000,000
		
	Principal Payment Date	  	February 26, 2048
		
	Interest	  	3.950% per annum
		
	Date from which Interest will Accrue	  	February 26, 2018

			
	Interest Payment Dates	  	February 26 and August 26, beginning on August 26, 2018
		
	Record Dates	  	February 11 and August 11
		
	Redemption	  	 The Issuer may at its option redeem the 2048 Notes in whole or in part, at any time or from time to time prior to August 26, 2047
(six months prior to the maturity date of the 2048 Notes), on at least 30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2048 Notes, at a redemption price,
calculated by the Issuer, equal to the greater of:
  
 (i) 100% of the principal amount
of the 2048 Notes being redeemed; or
  
 (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the notes to be redeemed (assuming the 2048 Notes matured on August 26, 2047) (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined in the 2048 Notes)
plus 12.5 basis points, plus, in each case, accrued and unpaid interest thereon to the date of redemption.
  

On or after August 26, 2047 (six months prior to the maturity date of the 2048 Notes), the Issuer may redeem the Notes, in whole or in part, at any time
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.

		
	Ranking	  	The 2048 Notes will be the Issuer’s senior unsecured obligations and will rank equally with the Issuer’s other senior unsecured and unsubordinated debt from time to time outstanding.
		
	Conversion	  	None
		
	Sinking Fund	  	None
		
	Denominations	  	$2,000 and any integral multiple of $1,000 in excess thereof.
		
	CUSIP/ISIN	  	57636QAK0 / US57636QAK04
		
	Miscellaneous	  	The terms of the 2048 Notes shall include such other terms as are set forth in the form of 2048 Notes attached hereto as Exhibit B and in the Indenture. In addition, the global notes for the 2048 Notes shall include the following
language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

 Subject to the covenants described in the Indenture, as amended or supplemented from time to
time, the Issuer shall be entitled, subject to authorization by the Board of Directors of the Issuer and an Officer’s Certificate or supplemental indenture, to issue additional notes from time to time under each series of Notes issued hereby.
Any such additional notes of a series shall have identical terms as the 2028 Notes or the 2048 Notes, as the case may be, issued on the issue date, other than with respect to the date of issuance, the issue price, the date interest begins to accrue
and, in certain circumstances, the first interest payment date (together the “Additional Notes”); provided that if the Additional Notes are not fungible with the 2028 Notes or the 2048 Notes, as the case may be, for U.S. federal income tax
purposes, the Additional Notes will have a separate CUSIP and/or ISIN number, as applicable. Any Additional Notes will be issued in accordance with Section 301 of the Indenture. 

The undersigned officer has read and understands the provisions of the Indenture and the definitions relating thereto. The statements made in
this Officer’s Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Issuer. In such officer’s opinion, such officer has made such examination or investigation as is
necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance, authentication and delivery of the Notes have been complied with. In such officer’s
opinion, such covenants and conditions have been complied with. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned officer of the Issuer has duly executed this certificate as of the date first
written above. 
  

					
	MASTERCARD INCORPORATED
		
	By:	 	 /s/ Alfred Kibe

		 	Name:	 	Alfred Kibe        
		 	Title:	 	Corporate Treasurer         

 [Signature page to Officer’s Certificate (Indenture)] 

 EXHIBIT A 

FORM OF NOTE DUE 2028 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

 MASTERCARD INCORPORATED 

3.500% Note due 2028 
  

			
	No. [●]	  	CUSIP: 57636QAJ3
		  	ISIN No.: US57636QAJ31
		  	$[●]

 MASTERCARD INCORPORATED, a Delaware corporation (the “Issuer”), for value received promises to pay
to CEDE & CO. or registered assigns the principal sum of [●] DOLLARS on February 26, 2028. 
 Interest Payment Dates:
February 26 and August 26 (each, an “Interest Payment Date”), beginning on August 26, 2018. 
 Interest Record
Dates: February 11 and August 11 (each, an “Interest Record Date”). 
 Reference is made to the further provisions of
this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	MASTERCARD INCORPORATED
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

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

									
		 	Deutsche Bank Trust Company Americas, as Trustee
				
	Date:	 	            , 2018	 	By:	 	
                     

		 		 		 	Authorized Signatory

 (REVERSE OF NOTE) 

MASTERCARD INCORPORATED 

3.500% Notes due 2028 
  

	 	1.	Interest 

 Mastercard Incorporated (the “Issuer”) promises to pay interest on the
principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 26, 2018. Interest on this
Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 26, 2018. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of
interest (without regard to any applicable grace periods) to the extent lawful. 
  

	 	2.	Paying Agent. 

 Initially, Deutsche Bank Trust Company Americas (the “Trustee”) will
act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 3.500% Notes due 2028 (the
“Notes”) issued under an indenture dated as of March 31, 2014 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated February 26, 2018, issued pursuant
to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed
portion of any Note being redeemed in part. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 

	 	6.	Redemption. 

 Prior to November 26, 2027 (three months prior to the maturity date of
the Notes), the Issuer may at its option redeem any of the Notes in whole or in part at any time, each at a redemption price calculated by the Issuer equal to the greater of: 

(i)    100% of the principal amount of the Notes to be redeemed; and 

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be
redeemed (assuming the Notes matured on November 26, 2027) (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 10 basis points, plus, in each case, accrued and unpaid interest thereon to the date of
redemption. 
 Notwithstanding the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling
on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Notes and the Indenture. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming the Notes matured on November 26, 2027) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes (assuming the Notes matured on November 26, 2027). 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to
act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) any of Goldman
Sachs & Co. LLC, J.P. Morgan Securities LLC, RBS Securities Inc. and a Primary Treasury Dealer selected by Lloyds Securities Inc. and each of their respective successors, unless such Reference Treasury Dealer ceases to be a primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealers the Issuer selects. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (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
Rate” means, with respect to any redemption date, the rate per year equal to: (1) 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 applicable Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Notes to
be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue 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; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions are
authorized or obligated by law or executive order to close in New York City. 
 On or after November 26, 2027 (three months prior
to the maturity date of the Notes), the Issuer may redeem the Notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the
redemption date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days before the redemption date to
each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for
redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the case of Notes that are not
represented by a Global Note. 
  

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

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

	 	9.	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 (= tenants 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). 
  

	 	10.	CUSIP Numbers. 

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

	 	11.	Governing Law. 

 The Indenture and the Notes shall be governed by, and construed in accordance
with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                      agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

 

									
					
	Date:                                     
                                    	 		 		 	Your Signature:	 	  

	
	  

	Sign exactly as your name appears on the other side of this Note.
		 		 		 	  

		 		 		 	Signature:	 	
					
	Signature Guarantee:	 		 		 		 	
				
	                                      
                                         
   	 		 		 	  

	Signature must be guaranteed	 		 		 	Signature	 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another 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

		 		 		 		 	

 EXHIBIT B 

FORM OF NOTE DUE 2048 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

 MASTERCARD INCORPORATED 

3.950% Note due 2048 
  

			
	No. [●]	  	CUSIP No.: 57636QAK0
		  	ISIN No.: US57636QAK04
		  	$[●]

 MASTERCARD INCORPORATED, a Delaware corporation (the “Issuer”), for value received promises to pay
to CEDE & CO. or registered assigns the principal sum of [●] DOLLARS on February 26, 2048. 
 Interest Payment Dates:
February 26 and August 26 (each, an “Interest Payment Date”), beginning on August 26, 2018. 
 Interest Record
Dates: February 11 and August 11 (each, an “Interest Record Date”). 
 Reference is made to the further provisions of
this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	 MASTERCARD INCORPORATED

		
	By:	 	
                     
                    

		 	Name:
		 	Title:

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

							
		 		 	Deutsche Bank Trust Company Americas, as Trustee
				
	Date:             , 2018	 		 	By:	 	  

		 		 		 	Authorized Signatory

 (REVERSE OF NOTE) 

MASTERCARD INCORPORATED 

3.950% Notes due 2048 
  

	 	1.	Interest 

 Mastercard Incorporated (the “Issuer”) promises to pay interest on the
principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 26, 2018. Interest on this
Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 26, 2018. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of
interest (without regard to any applicable grace periods) to the extent lawful. 
  

	 	2.	Paying Agent. 

 Initially, Deutsche Bank Trust Company Americas (the “Trustee”) will
act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 3.950% Notes due 2048 (the
“Notes”) issued under an indenture dated as of March 31, 2014 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated February 26, 2018, issued pursuant
to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part except the unredeemed
portion of any Note being redeemed in part. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 

	 	6.	Redemption. 

 Prior to August 26, 2047 (six months prior to the maturity date of the
Notes), the Issuer may at its option redeem any of the Notes in whole or in part at any time, each at a redemption price calculated by the Issuer equal to the greater of: 

(i)    100% of the principal amount of the Notes to be redeemed; and 

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be
redeemed (assuming the Notes matured on August 26, 2047) (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined below) plus 12.5 basis points, plus, in each case, accrued and unpaid interest thereon to the date of
redemption. 
 Notwithstanding the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling
on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the Notes and the Indenture. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed (assuming the Notes matured on August 26, 2047) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes (assuming the Notes matured on August 26, 2047). 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to
act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) any of Goldman
Sachs & Co. LLC, J.P. Morgan Securities LLC, RBS Securities Inc. and a Primary Treasury Dealer selected by Lloyds Securities Inc. and each of their respective successors, unless such Reference Treasury Dealer ceases to be a primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealers the Issuer selects. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (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
Rate” means, with respect to any redemption date, the rate per year equal to: (1) 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 applicable Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Notes to
be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue 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; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions are
authorized or obligated by law or executive order to close in New York City. 
 On or after August 26, 2047 (six months prior to
the maturity date of the Notes), the Issuer may redeem the Notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but excluding, the
redemption date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days before the redemption date to
each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for
redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes represented by a Global Note, or by lot, in the case of Notes that are not
represented by a Global Note. 
  

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
 9.    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 (= tenants 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). 
  

	 	10.	CUSIP Numbers. 

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

	 	11.	Governing Law. 

 The Indenture and the Notes shall be governed by, and construed in accordance
with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

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

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                     agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 
  

					
			
	Date:
                                         
                   	  	Your Signature:	 	  

  
  

Sign exactly as your name appears on the other side of this Note. 
  

			
		  	  

		  	Signature:

 Signature Guarantee: 
  

			
	
                   
                                         
          
	  	  

	 Signature must be guaranteed
	  	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another 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 TrusteeExhibit

	
	
	Private & Confidential

	Contract of Employment Mike Clarke

	Delphi Technologies plc

Private & Confidential                                December 6, 2017
Mike Clarke
[ADDRESS]

Dear Mike,

Contract of Employment 

We are pleased to confirm your change of role to Chief Human Resources Officer, reporting to the Chief Executive Officer & President. Your start date will be January 1, 2018 and your annual compensation package will be:
Annual Base Salary             £384,560
Annual Incentive Target % of         60% (of Annual Base Salary)
Annual Long-Term Incentive Target    $500,000 USD

We believe that you have a significant contribution to make to this role and look forward to receiving your written acceptance of this amendment.

The benefits associated with this offer are detailed in the enclosed Contract of Employment and Appendix, should you have any further questions please do not hesitate to contact us.

To accept this Contract of Employment, please sign this document and return to Alice Herring.

Congratulations on your new role and we wish you every success for the future.

Yours sincerely,

/s/ Liam Butterworth

Liam Butterworth
Chief Executive Officer    & President 
Telephone: [PHONE NUMBER]
Email:    [EMAIL ADDRESS]

Page 2 of 2                                                                  

Contract of Employment
These are the terms and conditions of employment that apply to you.  

		
	1
	Employer

Your employer is Delphi Powertrain Systems Management Limited and the registered office is 1 Park Row, Leeds, North Yorkshire, LS1 5AB.
		
	2
	Employee

		
	2.1
	Mike Clarke of [ADDRESS]

		
	3
	Job Title

		
	3.1
	Your job title is Chief Human Resources Officer, Delphi Technologies plc. You will also be an elected Officer of Delphi Technologies

		
	4
	Date of Commencement

		
	4.1
	Your employment shall commence on the date set out in Section 2 of the Appendix ("Commencement Date").  Your period of continuous employment (for statutory employment rights purposes) commenced on the date set out in Section 3 of the Appendix. No previous employment outside of the employer will be treated as continuous with your employment by the Company.

		
	5
	Probationary Period

5.1    Not applicable. 

		
	6
	Permission to work in the United Kingdom

		
	6.1
	Your employment is conditional upon you having the appropriate permission to work in the United Kingdom by the Commencement Date. If you do not have that permission by the Commencement Date, this Agreement will not take effect and the Company will cease to owe any obligations to you under it.  If, in the reasonable opinion of the Company, you cease to have the appropriate permission to work in the United Kingdom after the Commencement Date, this Agreement may be terminated summarily. 

		
	6.2
	You will co-operate with the Company in providing valid, original or copy documents and information promptly when requested by the Company in connection with this clause.  You will update the Company promptly of any change in your contact details, address and any significant change in your circumstances which may impact your permission to work in the United Kingdom.

		
	7
	Duration of Employment and Termination

		
	7.1
	Your employment shall continue for an indefinite period and shall be terminable on notice or otherwise as set out below. The period of notice to be given in writing by either you or the Company to terminate your employment is set out in Section 5 of the Appendix.

		
	7.2
	During any period of notice of termination served in accordance with this clause (whether given by you or the Company), the Company shall be under no obligation to assign any duties to you and shall be entitled to exclude you from its premises (“Garden Leave Period”). During the Garden Leave, you will continue to be bound by all other express and implied terms of this contract. You will also remain entitled to receive your remuneration and other contractual benefits.

Page 3 of 3                                                                  

		
	7.3
	If either you or the Company is giving notice to terminate the employment, the Company reserves the right to pay you in lieu of notice or part of notice rather than asking you to work your notice period. Pay in lieu of notice will not be paid where gross misconduct is the reason for termination of employment. Holidays may only be taken during a notice period with the permission of the relevant Director.

Payment in lieu of notice will be equal to the basic salary (as at the date of termination) which you would have been entitled to receive under this contract agreement during the notice period (or, if notice has already been given, during the remainder of the notice period) less income tax and National Insurance contributions. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to:

		
	(a)
	Any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made;

		
	(b)
	Any payment in respect of benefits which the Employee would have been entitled to receive during the period for which the Payment in Lieu is made; and

		
	(c)
	Any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made.

		
	7.1
	Nothing in this clause shall preclude the Company from terminating your employment without notice or a payment in lieu of notice in appropriate circumstances, including (without limitation) serious/gross misconduct. 

		
	7.2
	    Under agreed circumstances, employment may be terminated sooner by agreement with yourself and the Company to waive part of the notice period. In these circumstances no payment will be made for the un-worked portion of the notice period. 

		
	8
	Basic Salary

		
	8.1
	Your current basic salary and payment details are set out in Section 6 of the Appendix.  

		
	8.2
	Your salary/pay will be reviewed annually, although it will only be increased at the discretion of the Company. There is no guarantee that it will be increased.

		
	8.1
	You authorise the Company to deduct from your basic salary/pay, and to set off against any monies due to you under clause 8 (Expenses) or otherwise, any sum due to the Company from you including, without any limitation, any overpayments (including overpayments of holiday), loans or advances made to you by the Company, sums authorised to be deducted under a prior agreement (such as under a Salary Sacrifice Scheme or a study agreement) and the cost of repairing any damage or loss to the Company’s property caused by you.

		
	1
	Incentive arrangements 

		
	1.1
	In addition to your basic salary referred to in clause 8.1 above, you may be entitled to participate in the Company's bonus scheme and other incentive arrangements in place from time to time. If you are, it will be set out in Section 7 and/or Section 8 of the Appendix and will be subject to the relevant rules of any such schemes from time to time in force. 

		
	1.2
	The terms and amount of any bonus will be decided from time to time by the Board in its sole discretion. Any payment will not form part of your salary, and will not be taken into account in calculating any benefits which are calculated by reference to salary.  In determining whether a bonus is to be paid, and if so the size of that bonus, the Board may take into account such factors as it considers, in its absolute discretion, to be appropriate, which may include anticipated future 

Page 4 of 4                                                                  

performance and/or past performance of you or the Company, although it has no obligation to take any of these factors into account.
		
	1.3
	For the avoidance of doubt, bonus will not accrue, nor will you have any legitimate expectation as to the size or form of the discretionary bonus, until the Company pays it to you and any communication before a bonus is paid shall be treated as indicative only. There are no circumstances whether in reliance on express or implied terms or otherwise where you can require pay out of a particular sum or payment in a particular form or claim compensation for loss of such a bonus. You will not be eligible for a bonus if your employment has terminated or you are under notice (given or received) at the time of payment. 

		
	1.4
	It is agreed that, where the Company operates a bonus scheme for a particular period, the Company will have a complete and unfettered discretion to alter, amend or discontinue any bonus scheme at the end of that period, in respect of any subsequent period and you will have no expectation of a continuation of the previous bonus scheme.

		
	1.5
	In the case of any conflict between the terms of this Agreement and the terms of any other scheme or arrangement the provisions of this Agreement shall prevail.

		
	2
	No right to compensation

Upon the termination of your employment, you will have no rights as a result of this Agreement or any alleged breach of this Agreement to any compensation under or in respect of any share options or long-term incentive plans in which you may participate or have received grants or allocations at or before the date the employment terminates.  Any rights which you may have under such schemes will be exclusively governed by the rules of such schemes.
		
	3
	Expenses

		
	3.1
	You will be reimbursed for all reasonable out of pocket expenses in accordance with any costs incurred through your role as agreed with your line manager. 

		
	4
	Place of Work

		
	4.1
	Your normal place of work is set out in Section 9 of the Appendix. However, you may be required to work at other sites or travel throughout the United Kingdom and overseas and stay away as necessary for the proper performance of your duties or as reasonably requested by the Company. 

		
	5
	Overseas Work

You may be required to travel overseas on a frequent basis as part of your role in order to fulfil your contractual duties.

		
	6
	Working Hours

You have no normal working hours but are required to work during normal business hours and such other hours as may be reasonably necessary for the proper performance of your duties for the Group. You agree that the duration of your working time is not measured or pre-determined. You acknowledge that for statutory sick pay puposes, your qualifying days are Monday to Friday. 

		
	7
	Holidays

		
	7.1
	You are entitled to the number of days' paid holiday in each period of 12 months from 1 January – 31 December each year (the “Holiday Year”) as set out in Section 12 of the Appendix. You may be required to work public holidays to support business needs.  

Page 5 of 5                                                                  

		
	7.2
	The Company may specify when some holiday must be taken (such as any closures).  You will be given notice of any such obligatory holiday dates as soon as possible. Other holiday must be agreed in advance with your line manager. For holidays of 1 week or more, you should give at least 4 weeks’ notice. For holidays of less than 1 week you should give at least 1 weeks’ notice, wherever possible.  

		
	7.3
	If you do not take all your holiday entitlement in the relevant Holiday Year you are not entitled to receive payment for this.  You may not usually carry forward any unused holiday entitlement in to the following Holiday Year; this would need to be agreed by the relevant Director.

		
	7.4
	In the years of commencement and termination of employment, your basic holiday entitlement will be calculated pro rata to the number of months worked in that year.  If on termination of employment you have any unused holiday entitlement, the Company may either make a payment in lieu or require you to take it during any notice period.  If you have exceeded your basic holiday entitlement you will be required to repay the excess holiday pay to the Company.  This sum may be deducted from any monies due to you on termination of your employment.

		
	12.5
	Your holiday will be paid at basic rate. If you receive any overtime, this will be reconsolidated in January each year and the difference will be paid to you at this time.

		
	8
	Sickness and other absence

		
	8.1
	On your first working day of absence, you must inform the Company of your absence by telephone prior to your normal start time, in accordance with the Attendance Policy.  Any unauthorised absence must be properly explained.  If absent because of illness you are required to give details of the nature of the illness and any indication that can then be given of your anticipated length of absence. If your absence is due to bereavement, or to attend medical appointments, guidance on this is contained in the Attendance Policy.

		
	8.2
	When any period of absence continues beyond seven calendar days you are required to obtain a medical certificate and to forward this to the Human Resources Department.  If illness continues after expiry of the first certificate further certificates must be obtained as necessary to cover the whole period of absence and forwarded to the Company on each occasion.  

		
	8.3
	Your entitlement to sick pay (which is payable at the discretion of the Company and subject to your compliance with the above notification provisions) including statutory sick pay is shown in Section 13 of the Appendix.

		
	8.4
	Your level of sickness absence will be monitored by the Company.  Continued and excessive absence may result in Formal Attendance actions against you.

		
	9
	Health and wellbeing

		
	9.1
	You are entitled to meet with our Occupational Health Doctor at any time during your employment. The company may also request you meet with Occupational Health after prolonged absence or if they feel your wellbeing is at stake. All referrals are confidential and reports to Management are held in the strictest of confidence with your approval.  

		
	10
	Drug and Alcohol Testing 

		
	10.1
	At any time during your employment the Company may require you to undergo a drug/alcohol test in accordance with the terms of the Company’s non-contractual drug and alcohol policy from time to time. If you are found to be under the influence of drugs and/or alcohol, it could be a disciplinary matter. In appropriate circumstances, it could be considered as gross misconduct, the penalty for which is summary dismissal. 

Page 6 of 6                                                                  

		
	11
	Car Allowance/Company Car

		
	11.1
	If appropriate, and in order to assist you in the performance of your duties, under this contract or as a benefit of the role, (subject to you remaining legally qualified and fit to drive), the Company may provide you with a Company car cash allowance. If you are entitled to a car allowance, this will be set out in Section 14 of the Appendix.

		
	11.2
	The car allowance is provided to cover all business travel eventualities with respect to travel by vehicle. Employees in receipt of a car allowance must ensure their car is insured for business travel. The Company Car Policy (which does not form part of the terms of this Agreement) can provide further information.

		
	12
	Pension and Insurance Benefits

		
	12.1
	Delphi operates a Group Personal Pension Plan as detailed in Section 15 of the Appendix. Delphi will comply with legislative requirements and all employees will be automatically enrolled into the Group Personal Pension Plan. Employees will only be able to leave the Plan through opting out direct to the Pension Provider.

		
	13
	Normal Retirement Age

		
	13.1
	There is no normal retirement age in line with current legislation, however some insurance based benefits may cease to be offered after the age of 65, which may vary from time to time. 

		
	14
	Company Property

		
	14.1
	You acknowledge that all mobile phones, laptops and other computer equipment, fuel cards, car keys, identity and access cards, books, notes, memoranda, records, lists of customers, suppliers and employees, correspondence, documents, computer and other discs and tapes, data listings, codes, designs and drawings, confidential information and other documents and materials (whether made or created by you or otherwise) relating to the business of the Company, any Group company or any customer of the Company or Group Company and any copies, summaries or adaptations of them as appropriate;

		
	(a)
	Shall be and remain the property of the Company or customer;

		
	(b)
	Shall not be removed from the Company’s premises or copied, except in the proper performance of your duties; and

		
	(c)
	Shall be handed over to the Company on demand and in any event on the termination of your employment.

		
	15
	Confidentiality/Post Employment Obligations

		
	20.1
	The Employee shall not, whether during the period of his employment by the Company or at any time after its termination (howsoever arising) except in the proper performance of his duties, or in pursuance of any obligation arising from any statutory enactment or order of a competent court or tribunal or on the request of the Board: 

		
	(a)
	Directly or indirectly make use of or divulge or communicate to any person firm company or organisation any Confidentiality Information which he has possessed during the continuance of his employment with the Company or any Group Company; or

		
	(b)
	Copy or reproduce in any form or by or on any media or device (or allow others to copy or reproduce) documents, disks, tapes or other material containing or referring to Confidential Information.

		
	20.2
	All documents (including copies), disks, tapes and other material (in whatsoever medium) held by the Employee containing or referring to Confidential Information or relating to the affairs and business of the Company or any Group Company (and whether or not prepared by him or 

Page 7 of 7                                                                  

supplied by the Company or any Group Company) shall be the property of the Company or the relevant Group Company and shall be delivered by him to the Company or the relevant Group Company upon the termination of his employment (howsoever arising).

20.3    These restrictions shall not apply:
(a)    To Confidential Information which has come into the public domain;
		
	(b)
	To any disclosure or use of Confidential Information authorised by the Board or required by law or in connection with the performance by the Employee of his duties with the Company;

		
	(c)
	So as to prevent the Employee from using his own personal skill in any business in which he may be lawfully engaged after the Employment is ended.

		
	20.4
	You shall not for a period of one year after the termination of your employment whether alone or jointly with others, directly or indirectly:

		
	(a)
	Interfere with, canvas, solicit, or cause to be canvassed, solicited or approached in respect of any services which are the same or similar to those which have been provided by the Company at any time during the preceding 12 months of your employment, any person, persons or Company who at the date of termination of your employment or during the period of one year prior to that date, was to your knowledge a customer or client of the Company and with whom you had dealings during the last twelve months of your employment.

		
	(b)
	Supply to or deal with in respect of any services which are the same as or similar to those which have been provided by the Company at any time during the last 12 months of your employment, any person, persons or Company who at the date of termination of your employment or during the period on 1 year prior to that date, was to your knowledge a customer or client of the Company and with whom you had dealings during the last 12 months of your employment.

		
	(c)
	Offer to employ or endeavour to employ or entice away from the Company to join a direct competitor or start up a competing venture, any person employed by Delphi Powertrain Systems Management Limited during the period of 12 months prior to your termination of employment and with whom you had personal dealings in the normal course of your employment. This applies for a period of one year.

		
	(d)
	Be employed by or hold any material interest in any person, firm or company which requires or might reasonably be thought by the company to require you to disclose or make use of any confidential business information in order properly to discharge your duties for the benefit of that person, firm or company and/or to further his interest in such person, firm or company.

		
	20.5
	At any time after the your termination of employment you shall not represent yourself or permit yourself to be held out by any person, firm or company as being in any way connected with or interested in the Company.

		
	20.6
	Whilst employed by the Company, you must not develop any business within the scope of services offered by Delphi Powertrain Systems Management Limited for your own (or others) benefit outside your employment, or after your employment has terminated for whatever reason. You accept that such business developed during your time employed by the Company will be assigned to Delphi Powertrain Systems Management Limited and that any gross profits made for a period of one year following termination of employment must be paid to the Company.

Page 8 of 8                                                                  

		
	20.7
	The restrictions above apply to all the Company’s clients including Clients which members of staff bring in to the business as a result of their employment with the Company. They are clients of the Company and not of the individual employee.

		
	16
	Intellectual Property

		
	16.1
	If the Employee in the course of the performance of his duties under this Agreeement of Employment shall create, make or discover any Intellectual Property or make any improvement upon a derivation from any existing work, invention or design whether or not the Intellectual Property has, or is capable of giving rise to, patents or rights equivalent to patents, registered design, copyright, design right, or other like protection and whether alone or in conjunction with any other employee or employees of the Company, or of any Group Company, or other persons, he shall immediately disclose such Intellectual Property to the Board and undertakes that at the Company's request and expense he shall at any time during or after the termination of his employment do all such acts and execute all such documents as may be necessary to vest all rights in or relating to any such Intellectual Property in the name of the Company and any Group Company to the intent that all such rights and any such invention, design or improvement shall subject, in relation to patents, to any applicable provisions of the Copyright Designs and Patent Act 1988, become the absolute property of the Company or its nominee. Nothing contained in this clause shall limit any statutory or other right of the Company or any Group Company in relation to any such intellectual Property.

		
	17
	Other Employment

You will (unless prevented by ill health or injury) devote the whole of your working time, attention and abilities during the employment to the business of the Group and will not, without the prior written consent of the Board:
		
	(a)
	accept any other appointment, work for or be directly or indirectly engaged in or concerned with the conduct of any other business, or prepare to do so; or 

		
	(b)
	be directly or indirectly financially interested in any such business, although this will not prevent you from holding or being interested in genuine investments representing not more than three per cent of any class of shares or securities in any company, whether or not listed or dealt in on any recognised investment exchange.

		
	18
	Company Policy and Procedures

		
	18.1
	You agree to comply with the rules, policies and procedures of the Company, although these do not form part of your contract of employment and are subject to change. For the avoidance of doubt, the policies and procedures referred to in this Agreement are non-contractual.

		
	19
	Grievance Procedure

		
	19.1
	Any grievance you may have relating to your employment should be in line with the Company’s Grievance Policy which can be obtained from your line manager or Human Resources. Should you need to raise a grievance, this should usually be raised with your line manager in the first instance and formally inn writing to your line manager or Human Resources if the issue cannot be resolved informally. The terms of this policy do not form part of your contract of employment. 

		
	20
	Disciplinary Procedure

		
	20.1
	The Company expects certain standards of conduct and performance from all employees and where an employee’s standards do not meet the Company’s expectations, or where they undertake misconduct, the Company will instigate the Disciplinary Policy. This can be obtained from your line manager or Human Resources. Any appeal should be in writing addressed to Human Resources. The terms of this policy do not form part of your contract of employment.

Page 9 of 9                                                                  

		
	21
	Equal Opportunities

		
	21.1
	The Company is fully committed to the active promotion of equal opportunities in its capacity as an employer and its provision of all its services to the community as a whole. 

		
	22
	Health and Safety

		
	22.1
	The Company takes Health and Safety very seriously and you must comply with this at all times. Your obligations are set out in our company Health and Safety Policy and supporting procedures and processes. It is the individual responsibility of each employee to ensure the practical application of these in the workplace to ensure that Delphi Powertrain Systems Management Limited is a safe place to work. 

		
	23
	IT Policy

		
	23.1
	You agree to comply with all aspects of the Company’s IT Policy which is subject to change.

		
	23.2
	You agree that the Company to which you provide services may intercept and monitor communications sent via any company communication systems or services of the Company.

		
	24
	Collective Agreements

		
	24.1
	There are no collective agreements which directly affect the terms and conditions of your employment. 

		
	25
	Variation to standard and other terms and conditions

		
	25.1
	The Company reserves the right to make reasonable changes to these and any other agreed terms and conditions of employment.  Minor changes of detail (e.g. in procedures) may be made from time to time and will be effected by a general notice to employees. 

		
	26
	Public interest disclosure

		
	26.1
	Nothing in this Agreement shall prevent you from making a protected disclosure in good faith pursuant to the Public Interest Disclosure Act 1998.

		
	27
	Data Protection

		
	27.1
	You agree that personal data (other than sensitive personal data) as defined in the Data Protection Act 1998, relating to you and your employment may be processed by the Company to the extent that it is reasonably necessary in connection with your employment or the business of the Company, in line with the Data Protection Policy available from your line manager or Human Resources. 

		
	27.2
	You agree that the Company may process sensitive personal data relating to you, including medical details and details of gender, race and ethnic origin.  Personal data relating to gender, race and ethnic origin will be processed by the Company only for the purpose of monitoring the Company’s Equality Policy.  You agree that the Company may disclose or transfer such sensitive personal data to other persons if it is required or permitted by law to do so for the purpose of monitoring the Company’s data.

		
	27.3
	Your consent to the transfer and disclosure of personal data as set out above shall apply regardless of the country of residence of the person to whom the data is to be transferred.  Where the disclosure or transfer is to a person resident outside the European Economic Area, the Company shall take reasonable steps to ensure that your rights and freedom in relation to the processing of the relevant personal data are adequately protected.

Page 10 of 10                                                                  

		
	28
	Choice of law

		
	28.1
	This Agreement and any dispute or claim arising out of or in connection with it shall be governed and construed in accordance with English law.

		
	28.2
	All disputes or claims arising out of or relating to this Agreement shall be subject to the exclusive jurisdiction of the English courts to which the parties irrevocably submit.

		
	29
	Whole Agreement

		
	29.1
	This Agreement (including the Appendix) and the Company policies and procedures sets out the entire agreement relating to your employment with the Company and shall replace any previous agreements and arrangements relating to your employment with the Company

Mike Clarke
Chief Human Resources Officer
Appendix to Employment Contract – January 1, 2018

The matters set out in this Appendix may only be amended by the issue of a new Appendix signed by you and the Company.

	
		
	1.    Job title

	Chief Human Resources Officer reporting to the CEO & President

	2.    Date of commencement of employment 
	January 1, 2018

	3.    Date of commencement of continuous employment
	June 1, 2015

	4.    Probationary Period
	NA

	5.    Notice of termination
	Your employment may be terminated at any time by either party giving not less than 6 months' notice in writing

	6.    Basic Salary/Pay
	£384,560 per annum payable on the 19th of each month

	7.    Discretionary Bonus

	You are eligible to participate in the Company's annual incentive plan (AIP). Your target annual incentive award will be 60% of your base salary and subject always to the terms of Clause 9 of this Agreement,  any actual annual incentive payment will be determined taking into account  to the terms of the AIP, in place from time to time.

	8.    Long Term Incentive Plan
	You are eligible to participate in our Long-Term Incentive Plan (LTI).   LTI awards are granted annually in February in the discretion of the Board of Directors, and subject to such terms as the Board considers appropritate. Typically an award may consist of 25% time-based restricted stock units (RSU) which vest rateably over three years beginning on the one year anniversary of the grant; and 75% Performance-based restricted stock units (PRSU’s) which vest after a three-year performance period.

	9.    Place of work 
	Angel Court, London EC2R 7BH

	10.    Hours of work
	See clause 14

Page 11 of 11                                                                  

	
		
	11.    Overtime
	Not applicable.

	12.    Holidays

	The holiday year runs from 1st January to 31st December.  Your holiday entitlement will be on a pro rata basis according to your contracted hours and start date within a year.  If you leave the Company part way through a year, your holiday will be calculated up to your leave date. 
Your holiday terms are as below:
•    27 Days holiday per annum 
•    8 statutory bank holidays

For employees with long service the following will apply:

After 10 years’ service – 1 additional day holiday entitlement from the start of the subsequent leave year 

	13.    Sickness

	Length of service   Duration of payment
0 – 5 years’ service   3 months following the month in which the illness occurs
5 – 9 years’ service   4 months following the month in which the illness occurs
9 – 12 years’ service   5 months following the month in which the illness occurs
12 – 15 years’ service   6 months following the month in which the illness occurs
15 – 17 years’ service   7 months following the month in which the illness occurs
17 – 19 years’ service   8 months following the month in which the illness occurs
19 – 22 years’ service   10 months following the month in which the illness occurs
22 – 23 years’ service   11 months following the month in which the illness occurs
23 years’ service   12 months following the month in which the illness occurs
And thereafter at the Director’s discretion. This is subject to adherence to adherence to the absence procedure. This will be calculated on a rolling 12 month basis.

	14.    Car/Car Allowance

	You will maintain your current company provided vehicle until the current lease ends or you fully relocate to the UK. At that time, you are entitled to a monthly car allowance of £1,000 paid via payroll and subject to normal deductions. This is non-pensionable and is not incorporated into your salary for the purposes of annual salary reviews or bonus payments, if applicable.

Page 12 of 12                                                                  

	
		
	15.    Other benefits

	Pension: You are entitled to participate in the Group Personal Pension Plan which the company will contribute to dependant on your contribution amount. You will receive further information of this separately.

Life Assurance: If you are a member of the Defined Contribution Pension Plan, you are entitled to four times basic salary death in service benefit. If you are not in the scheme, you are not eligible for this benefit.

Voluntary Benefits:
The company offers a range of voluntary benefits which are not contractual and may be changed from time to time; include the removal of the voluntary benefit, according to the business needs.

 Private Medical Insurance: You are entitled to fully funded Private Medical Insurance for yourself and eligible members of your family in a Company nominated private health care scheme, subject to meeting conditions and eligibility criteria imposed by the insurance provider and subject to the rules of such schemes.

This is regarded as a taxable benefit by the Inland Revenue and you are required to pay tax on the Company’s contributions.

Health Cash Plan: You are eligible for inclusion in our health cash plan further details will be communicated to you.

Childcare Vouchers: Company offers Childcare Vouchers which can be deducted direct through your salary. For further information on this benefit, please contact a member of Human Resources.

Holiday Purchase: You are able to purchase up to 5 days holiday each year. This can be purchased from the company ahead of the start of the holiday year and will be communicated when this process is open for applications.

Relocation: You will covered under the Company’s relocation policy as your work location moves from Luxembourg to the UK. 

Tax Preparation Assistance: You will receive Company provided tax preparation assistance for 2017 and 2018 in conjunction with your work location moving from Luxembourg to the UK.

Tax Equalization: Your UK compensation will be tax-equalized to Luxembourg for 2018. No tax equalization will be provided beyond 2018.

You and the Company agree to appendix terms outlined above:

	
				
	Signed:
	/s/ Mike Clarke
	Date:
	12/11/17

	 
	Mike Clarke
	 
	 

On behalf of Delphi Powertrain Systems Management Limited

Page 13 of 13                                                                  

	
				
	Signed:
	/s/ Philip Napoli
	Date:
	12/6/17

	 
	Philip Napoli
Vice President Total Rewards
	 
	 

    

	
				
	Signed:
	/s/ Liam Butterworth
	Date:
	12/6/17

	 
	Liam Butterworth
Chief Executive Officer & President
	 
	 

Page 14 of 14

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