Document:

EX-10.14

 Exhibit 10.14 

BOWMAN CONSULTING GROUP LTD. 

2021 EMPLOYEE STOCK PURCHASE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS: March 25, 2021 

APPROVED BY THE STOCKHOLDERS: [    ] 
  

	1.	 PURPOSE. 

The purpose of the Bowman Consulting Group Ltd. Employee Stock Purchase Plan is to provide eligible employees with an incentive to advance the
interests of Bowman Consulting Group Ltd., a Delaware corporation and chartered trust company (the “Company”) and its Subsidiaries, by affording them an opportunity to purchase Stock of the Company at a favorable price. 

 

	2.	 GENERAL. 

(a) Compliance With Applicable Laws. The Plan is subject to any applicable provisions of the Delaware General Corporation Law and the
regulations promulgated thereunder, and any other applicable law or regulation. 
 (b) Effective Date. The Plan will not become
effective until the latest of (i) the completion of the initial public offering of the Company’s common stock, and (ii) the date that the Plan has been approved by the Board (the “Effective Date”). The
effectiveness of the Plan shall also be subject to approval by the holders of a majority of the outstanding shares of capital stock of the Company within twelve (12) months before or after the date the Plan is adopted by the Board. Such
approval shall be obtained in the manner and to the degree required under applicable laws. No shares of Stock may be delivered to any Participant under the Plan unless and until such shareholder approval is obtained. If such shareholder approval is
not obtained, all options to purchase shares of Stock granted hereunder shall be null and void, except that any payroll deductions related to the options shall be returned to the applicable Participants. 

(c) Duration. The Plan shall remain in effect until the earliest of (i) the date the Board terminates the Plan pursuant to
Section 18, (ii) the Plan’s automatic termination as set forth in Section 18, or (iii) the date that all shares of Stock authorized for issuance under the Plan shall have been purchased
or granted according to the Plan’s provisions. 
  

	3.	 DEFINED TERMS. 

The following words and phrases as used in the Plan shall have the meanings set forth in this Section 3 unless a
different meaning is clearly required by the context: 
 “Board” means the Board of Directors of the Company. 

“Cancellation Notice” means the notice, in the form approved by the Committee, that is delivered by a
Participant who wishes to cancel his or her election to purchase Stock during an Offering, as described in Section 8(e). 

  
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 “Cause” shall have the meaning set forth in the
Participant’s employment agreement with the Company or one of its Subsidiaries; or if no such definition exists at the time in question, means, with respect to a Participant, the occurrence of any of the following events: (i) dishonesty,
fraud, embezzlement or theft by the Participant in any manner connected with the performance of the Participant’s duties to the Company or any Subsidiary; (ii) the Participant’s conviction of, or a pleading of guilty or nolo
contendere to any felony or to a misdemeanor involving moral turpitude; (iii) a material breach by the Participant or non-compliance with the terms and conditions of a written employment agreement
between the Participant and the Company or any Subsidiary or of any non-solicitation, non-competition, and/or non-disclosure
agreement with the Company or any Subsidiary; (iv) the Participant’s failure for any reason, following thirty (30) days written notice thereof to the Participant of the need to correct, cease, or otherwise alter any failure to comply
with reasonable instructions or other action or omission to act by the Participant which the Company reasonably believes is material and does or may adversely affect its business or operations; or (v) material misconduct by the Participant
which, in the Company’s reasonable judgment, is of such a nature that a likelihood exists that such misconduct will materially injure the reputation of the Company or its Subsidiaries if the Participant was to remain employed by the Company or
any Subsidiary. The Committee shall in its discretion determine whether or not a Participant’s employment is terminated with the existence of Cause. The Committee’s determination shall, unless arbitrary and capricious, be final and binding
on the Participant, the Company, its Subsidiaries, and all other affected persons. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or service at any time, and the term
“Company” will be interpreted herein to include any Subsidiary or affiliate or successor thereto, if appropriate. Any determination by the Committee that the service of a Participant was terminated with or without the existence of Cause
for the purposes of the Plan will have no effect upon any determination of the rights or obligations of the Company, any Subsidiary or affiliate, or such Participant for any other purpose. For purposes of this definition, Cause shall not be
considered to exist unless the Company provides written notice to the Participant which indicates the specific Cause provision in this Plan relied upon, to the extent applicable sets forth in reasonable detail the facts and circumstances claimed to
provide a basis for such Cause and specifies the termination date. The failure by the Company to set forth in such notice any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude
the Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder. 
 “Change in
Control” means, the occurrence of a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Company, as determined in
accordance with this definition. In determining whether an event shall be considered a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets”
of the Company, the following provisions shall apply: 
 (a) A “change in the ownership” of the Company shall occur on the date on
which any one person, or more than one person acting as a group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (a “Person”)), acquires ownership of the equity
securities of the Company that, together with the equity securities held by such Person, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the Company, as determined in accordance with Treasury
Regulation §1.409A-3(i)(5)(v). If a Person is considered either to own more than fifty percent (50%) of the total air market value or total voting power of the equity securities of the Company, or to have effective control of the Company within
the meaning of subsection (B), and such Person acquires additional equity securities of the Company, the acquisition of additional equity securities by such Person shall not be considered to cause a “change in the ownership” of the
Company. 

  
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 (b) A “change in the effective control” of the Company shall occur on either of
the following dates: 
 (i) The date on which any Person, acquires (or has acquired during the twelve (12) month period ending on the
date of the most recent acquisition by such Person) ownership of equity securities of the Company possessing thirty percent (30%) or more of the total voting power of the Company’s equity securities, as determined in accordance with Treasury
Regulation §1.409A-3(i)(5)(vi). If a Person is considered to possess thirty percent (30%) or more of the total voting power of the Company’s equity securities, and such Person acquires additional
equity securities of the Company, the acquisition of additional equity securities by such Person shall not be considered to cause a “change in the effective control” of the Company; or 

(ii) The date on which a majority of the members of the Board of Directors of the Company is replaced during any twelve (12) month period
by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of the appointment or election, as determined in accordance with Treasury Regulation
§1.409A-3(i)(5)(vi). 
 (c) A “change in the ownership of a substantial portion of the
assets” of the Company shall occur on the date on which any one Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such Person) assets from the Company that have a
total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, as determined in accordance with Treasury
Regulation §1.409A-3(i)(5)(vii). A transfer of assets shall not be treated as a “change in the ownership of a substantial portion of the assets” when such transfer is made to an entity that is
controlled by the holders of the Company’s equity securities, as determined in accordance with Treasury Regulation §1.409A-3(i)(5)(vii)(B). 

(d) For the purposes of this Plan and this definition, the following acquisitions shall not constitute a Change in Control: (i) an
acquisition by the Company or entity controlled by the Company, or (ii) an acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company. 

“Code” means the Internal Revenue Code of 1986, as amended, and any regulations or formal guidance issued thereunder.

 “Committee” means the Compensation Committee of the Board, or such other committee as shall be appointed by the
Board, or in the absence of either, the Board. 
 “Company” means Bowman Consulting Group Ltd., a Delaware
corporation. 

  
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 “Custodian” means, as of the Effective Date, TD Ameritrade, or such
other third-party designated by the Committee to purchase shares of Stock on behalf of Participants and to perform such other duties as are outlined in the Plan. 

“Effective Date” shall have the meaning set forth in Section 2(b). 

“Eligible Compensation” means the gross (before taxes and other authorized payroll deductions are withheld) total of
all wages, salaries, commissions, overtime and bonuses received during the Offering Period, but shall not include (a) employer contributions to or payments from any deferred compensation program, whether such program is qualified under Code
Section 401(a) (other than amounts considered as employer contributions under Code Section 402(e)(3)) or nonqualified, (b) amounts realized from the receipt or exercise of a stock option that is not an incentive stock option within
the meaning of Code Section 422, (c) amounts realized at the time property described in Code Section 83 is freely transferable or no longer subject to a substantial risk of forfeiture, (d) amounts realized as a result of an election
described in Code Section 83(b), and (e) amounts realized as a result of a disqualifying disposition within the meaning of Code Section 421(b). 

“Eligible Employee” shall have the meaning set forth in Section 7. 

“Enrollment Form” means the enrollment form (in writing or electronic) approved by the Committee on which the
Participant gives notice of his or her election to participate in an Offering under the Plan. 
 “Fair Market Value”
means, with respect to the relevant date, the fair market value of a share of Stock for such date, as determined by the Committee in good faith and in compliance with Code Section 423. This may include but is not limited to, any of the
following valuation methods if the shares of Stock are duly listed on a national securities exchange or on The Nasdaq Stock Market: 
 (a)
the closing price of a share of Stock on such date, or, if there are no sales on such date, on the next preceding day on which there were sales, 

(b) the last sale before or the first sale after the grant, 

(c) the closing price on the trading day before or the trading day of the grant, 

(d) the arithmetic mean of the high and low prices on the trading day before or the trading day of the grant, or 

(e) an average selling price during a specified period that is within thirty (30) days before or thirty (30) days after the
applicable valuation date; provided that the average selling price method described in this clause (e) is irrevocably approved by the Committee for use before the beginning of the specified period (for this purpose, the term average
selling price refers to the arithmetic mean of the high and low selling prices on all trading days during the specified period, or the average of such prices over the specified period weighted based on the volume of trading of such Stock on each
trading day during such specified period); and provided, further, that the Committee must designate the method for determining the Purchase Price including the period over which the averaging will occur, before the beginning of the specified
averaging period. 

  
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 Provided, however, the fair market value shall never be less than the lesser of
(i) eighty five percent (85%) of the Stock’s fair market value at the time the purchase right is granted; or (ii) eighty five percent (85%) of the Stock’s fair market value at the time the shares are purchased. 

Such price shall be subject to adjustment as provided in Section 16, in accordance with the rules of Code
Section 423. 
 “Grant Date” means the first day of an Offering Period. 

“Offering” means the offer by the Company during the designated Offering Period to permit Eligible Employees to elect
to purchase shares of Stock at the designated Purchase Price. 
 “Offering Period” means the period
specified by the Committee as described in Section 8. 
 “Participant” means each Eligible
Employee who elects to participate in an Offering Period. 
 “Participating Affiliate” shall have the meaning set
forth in Section 6. 
 “Plan” means this Bowman Consulting Group Ltd. Employee Stock
Purchase Plan. 
 “Purchase Date” means the last day of an Offering Period. 

“Purchase Price” means the per share price of Stock to be paid by each Participant on the Exercise Date
for an Offering, which amount shall be designated by the Committee but shall never be less than eighty-five (85%) of the Fair Market Value of the Stock on the Purchase Date. 

“Stock” means the authorized $0.01 par value common stock of the Company, which shares may be unissued
shares or reacquired shares or shares bought on the market for purposes of the Plan. 
 “Subsidiary” means, with
respect to the Company, (i) any Company of which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such Company (irrespective of whether, at the time,
stock of any other class or classes of such Company will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, owned by the Company, and (ii) any partnership, limited liability
company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). For purposes of this definition, “owned”
means a person or entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

  
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	4.	 ADMINISTRATION OF THE PLAN. 

(a) The Committee shall administer the Plan. The Committee shall consist of not fewer than two (2) Directors who are non-Employee Directors of the Company, within the meaning of Rule 16b-3 of the Exchange Act; and “independent directors” for purposes of the rules of the exchange on
which the Shares are traded. The Board may, from time to time, remove members from, or add members to, the Committee. Any vacancies on the Committee shall be filled by members of the Board. Acts of a majority of the Committee at which a quorum is
present, or acts reduced to or approved in writing by unanimous consent of the members of the Committee, shall be valid acts of the Committee. 

(b) Subject to the provisions of the Plan, the Committee shall interpret and construe the Plan and all options granted under the Plan; shall
make such rules as it deems necessary for the proper administration of the Plan; shall make all other determinations necessary or advisable for the administration of the Plan, including the determination of eligibility to participate in the Plan and
the amount of a Participant’s option under the Plan; and shall correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any option granted under the Plan, in the manner and to the extent that the Committee
deems desirable to carry the Plan or any option into effect. The Committee shall, in its sole discretion exercised in good faith, make such decisions or determinations and take such actions as it deems appropriate, and all such decisions,
determinations and actions taken or made by the Committee pursuant to this and the other paragraphs of the Plan shall be conclusive and binding on all parties. The Committee shall not be liable for any decision, determination or action taken or not
taken in good faith in connection with the administration of the Plan. The Committee, in its discretion, may approve the use of a voice response system or on-line administration system through which Eligible
Employees and the Committee may act under the Plan, as an alternative to written forms, notices and elections. 
  

	5.	 STOCK SUBJECT TO THE PLAN. 

(a) Subject to the provisions of Section 13, the aggregate number of shares which may be sold pursuant to options
granted under the Plan shall not exceed 14,000 shares of Stock (the “Share Reserve”) subject to adjustment as provided in Section 16 for any stock split made on or immediately after the Effective
Date. 
 (b) The Share Reserve will automatically increase on January 1st of each year
for the duration of the Plan beginning on January 1st of the year following the year in which the Effective Date occurs, in an amount equal to _____ percent (_____%) of the total number of shares
of Stock outstanding on the Effective Date (subject to adjustment as provided in Section 16 for any stock split made on or after the Effective Date), provided, that the Committee may act prior to January 1st of a given year to provide that there will be no January 1st increase in the Share Reserve for such year or that the increase in the Share
Reserve for such year will be a lesser number of shares of Stock than would otherwise occur as provided above. 
 (c) Should any option
granted under the Plan expire or terminate prior to its exercise in full, the shares of Stock theretofore subject to such option may again be subject to an option granted under the Plan. Any shares of Stock which are not subject to outstanding
options upon the termination of the Plan shall cease to be subject to the Plan. 

  
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	6.	 PARTICIPATING AFFILIATE. 

Each present and future parent and subsidiary of the Company (within the meaning of Code Sections 424(e) and (f)) that is eligible by law to participate in the
Plan shall be a “Participating Affiliate” during the period that such entity is such a parent or subsidiary; provided, however, that (a) the Committee may at any time and from time to time, in its sole discretion,
terminate a Participating Affiliate’s participation in the Plan, and (b) any such foreign parent or subsidiary of the Company shall be eligible to participate in the Plan only upon written approval of the Committee and, for clarification
purposes, as of the Effective Date, no such foreign parent or subsidiary of the Company has been so designated. Any Participating Affiliate may, by appropriate action of its Board of Directors, terminate its participation in the Plan. Transfer of
employment among the Company and Participating Affiliates (and among any other parent or Subsidiary of the Company) shall not be considered a termination of employment hereunder. 

 

	7.	 ELIGIBILITY. 

Any employee of the Company or a Participating Affiliate (determined under Treasury Regulation §1.421-1(h)) who
satisfies all of the following requirements as of the applicable Grant Date (an “Eligible Employee”) shall be eligible to participate in any Offering Period that begins on or after the first day of the next calendar
quarter after all such requirements are met: 
 (a) The employee whose customary employment is more than twenty (20) hours per week and
at least five (5) months per calendar year; and 
 (b) The employee does not, immediately after the option is granted, own stock
possessing five-percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of a parent or Subsidiary (within the meaning of Sections 423(b)(3) and 424(d) of the Code); and 

(c) The employee has been continuously employed by the Company for at least one (1) year. 

 

	8.	 OFFERING. 

(a) Offering Period. The Committee shall designate (in writing or electronically) one (1) or more Offering Periods during which the
Company will offer options to Eligible Employees to purchase shares of Stock under this Plan, which designation shall be incorporated by reference into the Plan. Each Offering Period shall commence on the first day of a calendar quarter and end of
the last day of such calendar quarter. All Eligible Employees who are eligible to purchase shares of Stock during an Offering Period shall have the same rights and privileges with respect to that Offering Period. 

(b) Election to Participate. Each Eligible Employee who elects to participate in an Offering (a “Participant”)
shall deliver to the Company or its designee (as determined by the Committee), within the time period designated by the Committee, an Enrollment Form (in writing or electronic) approved by the Committee, on which the Participant will give notice of
his or her election to participate in the Plan as of the next following Grant Date, and the percentage or specific amount (as determined by the Committee) of his or her Eligible 

  
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Compensation to be deducted for each pay period during the Offering Period and credited to a book entry account established in his or her name. The designated percentage or specific amount of a
Participant’s Eligible Compensation to be deducted for each pay period during an Offering Period may not be less than one-percent (1%) or greater than (i) fifteen percent (15%) of the amount of
Eligible Compensation (after taxes and any other authorized payroll deductions are withheld) from which the deduction is made; or (ii) an amount which will result in non-compliance with the annual
limitations stated in Section 8(d) below. The Committee may adopt a procedure pursuant to which a Participant who has elected to participate in an Offering shall be deemed to have made the same election for each subsequent
Offering for which he or she is eligible, unless and until the Participant cancels his or her election as described in Section 8(e) below. 

(c) Payment for Shares. A Participant may elect to purchase shares of Stock during an Offering Period only by means of payroll
deduction. 
 (d) Annual Limitations. No Eligible Employee shall be granted an option under the Plan to purchase Stock to the extent
such grant would permit his or her rights to purchase Stock under the Plan and under all other employee stock purchase plans of the Company and its parent and subsidiaries (as such terms are defined in Section 424(e) and (f) of the Code)
to accrue at a rate which exceeds, in any one (1) calendar year in which any such option granted to such Eligible Employee is outstanding at any time (within the meaning of Section 423(b)(8) of the Code), the lesser of (i) $15,000 in Fair
Market Value of Stock (determined in accordance with Section 8(b) at the time the option is granted), or (ii) fifteen percent (15%) of the Participant’s Eligible Compensation (determined at the time the option is
granted). 
 (e) Cancellation of Election. Any Participant may cancel his or her election made for an Offering Period at any time
prior to thirty (30) days before the Purchase Date for that Offering Period. Partial withdrawals shall not be permitted. A Participant who wishes to cancel his or her election must timely deliver (in writing or electronically) to the Company a
Cancellation Notice in the form approved by the Committee. The Company, promptly following the time when such Cancellation Notice is delivered, shall refund to the Participant the amount of the cash balance in his or her account under the Plan and
shall cancel the Participant’s payroll deduction authorization and his or her interest in unexercised options under the Plan shall terminate. A Participant who cancels his or her election shall not be eligible to participate in the Plan during
the then current Offering Period but shall be eligible to participate again in the Plan in a subsequent Offering Period (provided that the Participant is otherwise eligible to participate in the Plan at such time and complies with the
enrollment procedures). 
 (f) Termination of Employment. If the employment of a Participant with the Company and its
Participating Affiliates terminates for any reason (including death), his or her election made for the current Offering Period and his or her participation in the Plan shall terminate as of the date of termination of employment; provided,
however, if such termination occurs within the last two (2) weeks of the Offering Period, the Participant’s participation shall not terminate until the end of the Offering Period after his or her Plan account has been applied toward
the purchase of shares of Stock for such Offering Period. The Company shall refund to the Participant the amount of the cash balance in his or her account under the Plan, and no further shares of Stock will be purchased under the Plan. 

  
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 (g) Leaves of Absence. For purposes of the Plan, the Participant’s employment
will be treated as continuing while the Participant is on military, sick leave or other bona fide leave of absence if such leave does not exceed ninety (90) days or, if longer, such period during which the Participant continues to be guaranteed
reemployment rights by statute or contract as described in Treasury Regulation §1.421-7(h)(2). If a Participant takes an unpaid leave of absence, then such Participant may not make additional
contributions under the Plan while on such unpaid leave of absence (except to the extent of any Eligible Compensation paid during such leave), but any payroll deductions already taken during the applicable Offering Period shall be applied to
exercise options on the next following Purchase Date, unless cancelled pursuant to Section 8(e) or (f) above. 
  

	9.	 PURCHASE OF STOCK. 

On the Purchase Date at the end of an Offering Period, each Participant in the Offering, automatically and without any act on his or her part, shall be deemed
to have exercised his or her option to purchase whole shares of Stock at the Purchase Price designated by the Committee for such Offering. The number of whole shares of Stock to be purchased by a Participant shall be the total payroll deductions
withheld on behalf of such Participant during the Offering Period divided by the Purchase Price of the Stock. To the extent that, after the purchase of the maximum number of whole shares of Stock permitted under the Plan with respect to an Offering
Period, there is cash remaining in the Participant’s Plan account, the remaining amount that would have been used to purchase a fractional share will be held in the Participant’s account for the purchase of Stock under the next Offering
Period under the Plan and any remaining balance will be returned to the Participant as soon as practicable following the Purchase Date by check or other payroll credit for such amount. 

 

	10.	 DELIVERY OF SHARES. 

(a) Delivery of Shares. As soon as practicable after each Purchase Date, the Company shall issue (or cause to be issued) the aggregate
number of shares of Stock purchased for each Participant for credit to the accounts of Participants established with the Custodian. 
 (b)
Duties of the Custodian. The Custodian shall have the following duties with respect to shares of Stock purchased by Participants following an Offering Period: 

(i) The Custodian will keep accurate records of the beneficial interests of each Participant in the shares of Stock by means of
Participants’ accounts under the Plan and will provide each Participant with periodic statements as directed by the Committee. 
 (ii)
The Custodian will, in accordance with procedures adopted by the Custodian, facilitate voting rights attributable to shares held in Participants’ accounts. 

(iii) The Custodian will automatically reinvest any cash dividends received by the Custodian on Stock in Participants’ accounts in
additional shares of Stock. 
 (iv) The Committee may require that shares of Stock be retained with the Custodian, or other designated broker
or agent, for a designated period of time and/or the Committee may establish other procedures to permit tracking of “disqualifying dispositions” of the shares. 

  
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 (c) Delivery of Shares to Participants. A Participant may, at any time, in the form
and manner established by the Committee, direct the Custodian to sell Stock held by the Custodian in his or her account, subject to the restrictions in Section 13, and deliver the proceeds therefrom, less applicable
expenses, to the Participant. 
 (d) Neither the Company nor the Committee shall have any liability with respect to a delay in the delivery
of a Stock certificate pursuant to this Section 10. 
 (e) While shares of Stock are held by the Company (or its
agent), such shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of by the Participant who has purchased such shares; provided, however, that such restriction shall not apply to
the transfer of such shares of Stock pursuant to (a) a plan of reorganization of the Company (but the stock, securities or other property received in exchange therefor shall be held by the Company pursuant to the provisions hereof), or
(b) a divorce. 
  

	11.	 HOLDING PERIOD & TAXES 

A Participant may dispose of (in any manner including assignment or hypothecation) shares of Stock acquired under this Plan at any time following the Purchase
Date of such shares so long as such disposition complies with all applicable securities laws. 
 While the Plan does not have a required holding period,
each Participant may be required to hold his or her shares of Stock acquired through this Plan until the later of twelve (12) months following their Purchase Date or twenty-four (24) months following their Grant Date, if the Participant
desires to achieve capital gains treatment with respect to any gain. 
 To the extent that the Company or any of its Subsidiaries or Participating
Affiliates is required to withhold federal, state or any other taxes in connection with a Participant’s participation in this Plan, the Participant consents to the Company or such Subsidiary or Participating Affiliate deducting such amount from
any compensation due to such Participant by the Company or such Subsidiary or Participating Affiliate. Notwithstanding the foregoing, each Participant remains solely responsible for all taxes due with respect to his or her participation in the Plan.

  

	12.	 INSUFFICIENCY OF SHARES AVAILABLE FOR ISSUANCE. 

If the total number of shares of Stock remaining available for issuance pursuant to Section 5 is less than the total number of shares
of Stock that has been elected by Participants to be purchased for a given Offering Period, after application of the limitations in Sections 8(b), (d) and (f) (the “Total Share Limit”), then the number of
shares of Stock that could otherwise be acquired by each Participant for the given Offering Period shall be reduced proportionately based on the ratio that such available shares bears such total shares elected to be purchased by all Participants
with respect to such Offering Period. 

  
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	13.	 RESTRICTION UPON ASSIGNMENT. 

An Eligible Employee’s rights under the Plan shall not be transferable otherwise than by will or the laws of descent and distribution. An Eligible
Employee’s option to purchase shares of Stock shall be exercisable, during the Participant’s lifetime, only by the Eligible Employee to whom it was granted. The Company shall not recognize any assignment or purported assignment by an
Eligible Employee of his or her option or of any rights under his or her option, and any such attempt may be treated by the Company as an election to withdraw from the Plan. Notwithstanding the foregoing, a Participant may file a written
designation of a beneficiary who is to receive any shares of Stock and cash in the Participant’s Plan account in the event of such Participant’s death. Such designation of beneficiary may be changed by the Participant at any time by
written notice during Participant’s lifetime. Upon the death of a Participant and upon receipt by the Company of proof of the identity and existence of a beneficiary validly designated by him or her under the Plan, the Company shall deliver
such shares and cash to such beneficiary. In the event of the death of the Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such
shares of Stock and cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company) the Company shall deliver such shares of Stock and cash to the
applicable court having jurisdiction over the administration of such estate. No designated beneficiary shall, prior to the death of the Participant by whom he or she has been designated, acquire any interest in the shares or Stock or cash credited
to the Participant under the Plan. 
  

	14.	 NO STOCKHOLDER RIGHTS. 

A Participant shall not have any rights or privileges of a stockholder until following the applicable Purchase Date the Company has either evidenced
uncertificated shares with the Custodian or issued a certificate for shares of Stock to the Participant. With respect to a Participant’s Stock that has been issued but is held by the Custodian pursuant to Section 10,
the Company (or its agent) shall, as soon as practicable and in accordance with applicable law, pay the Participant any cash dividends attributable thereto and facilitate the Participant’s voting rights attributable thereto. 

 

	15.	 CLAWBACK/RECOVERY. 

All shares of Stock purchased under the Plan will be subject to clawback, recovery, or recoupment, as determined by the Committee in its sole discretion,
(a) as provided in any clawback or forfeiture policy implemented by the Company from time to time and applicable to all officers of the Company on the same terms and conditions, including without limitation, any such policy adopted to comply
with the requirements of applicable law or the rules and regulations of any stock exchange applicable to the Company, or (b) to the extent that the Committee determines that the Participant has been involved in the altering, inflating, and/or
inappropriate manipulation of performance/financial results, violation of laws, or any other infraction of recognized ethical business standards, or that the Participant has willfully engaged in any activity injurious to the Company, or the
Participant’s termination with the Company or its Subsidiaries or affiliates is for Cause. No recovery of compensation under this Section 15 will be an event giving rise to a right to resign for “good reason”
or “constructive termination” (or similar term) under any agreement with the Company or any of its Subsidiaries or affiliates. 

  
 Page 11 of 14 

	16.	 CHANGES IN STOCK; ADJUSTMENTS. 

Whenever any change is made in the Stock, by reason of a stock dividend or by reason of subdivision, stock split, reverse stock split, recapitalization,
reorganization, combinations, reclassification of shares, or other similar change, appropriate action will be taken by the Committee to appropriately adjust the number of shares of Stock subject to the Plan, the minimum and maximum number of shares
that may be purchased hereunder, and the number and Purchase Price of shares available for purchase and elections made to purchase such shares during the current Offering Period. 

Upon the occurrence of a Change in Control, unless a surviving company assumes or substitutes new options to purchase (within the meaning of Code
Section 424(a)) for all options to purchase shares of Stock then outstanding or the Committee elects to continue the options to purchase shares of Stock then outstanding without change, the Purchase Date for all options then outstanding shall
be accelerated to a date fixed by the Committee prior to the effective date of such Change in Control. 
  

	17.	 USE OF FUNDS; NO INTEREST PAID. 

All funds received or held by the Company under the Plan shall be included in the general funds of the Company free of any trust or other restriction and may
be used for any corporate purpose. No interest shall be paid to any Participant or credited to his or her account under the Plan. 
  

	18.	 AMENDMENT OR TERMINATION OF THE PLAN. 

The Board in its discretion may terminate the Plan at any time with respect to any shares for which options have not theretofore been granted. The Committee
shall have the right to alter or amend the Plan or any part thereof, from time to time without the approval of the stockholders of the Company; provided that no change in any option theretofore granted, other than a change determined by the
Committee to be necessary to comply with applicable law, may be made which would impair the rights of the Participant without the consent of such Participant; and provided further that the Committee may not make any alteration or amendment,
without the approval of the stockholders of the Company, which would (i) increase the aggregate number of shares which may be issued pursuant to the provisions of the Plan (other than as a result of either the automatic increase contained in
Section 5 of the Plan or the anti-dilution provisions of the Plan), (ii) change the annual limitation under Section 8(d)(ii), (iii) extend the term of an Offering Period or the term of the Plan (as
defined below), (iv) change the class of individuals eligible to receive options under the Plan, or (v) cause options issued under the Plan to fail to meet the requirements for employee stock purchase plans as defined in Section 423 of the
Code. 
 Unless earlier terminated by the Board, the Plan shall automatically terminate on, and no further Offering Periods shall begin ten (10) years
after its Effective Date; provided, however, no termination of the Plan, other than to the extent that the Board determines is necessary or advisable to comply with applicable U.S. or foreign laws, shall adversely affect in any material way
any option previously granted under the Plan, without the written (or electronic) consent of the Participant who has elected to purchase shares pursuant to such option. No further options to purchase may be granted under the Plan after the Plan is
terminated. 

  
 Page 12 of 14 

	19.	 SECURITIES LAWS. 

The Company shall not be obligated to issue any Stock pursuant to any option granted under the Plan at any time when the shares covered by such option have not
been registered under the Securities Act of 1933, as amended, and such other state and federal laws, rules or regulations as the Company or the Committee deems applicable and, in the opinion of legal counsel for the Company, there is no exemption
from the registration requirements of such laws, rules or regulations available for the issuance and sale of such shares. Further, all Stock acquired pursuant to the Plan shall be subject to the Company’s policy or policies, if any, concerning
compliance with securities laws and regulations, as the same may be amended from time to time. 
 The Committee may cause any Stock certificates issued
under the Plan to bear such legend or legends, and the Committee may take such other actions, as it deems appropriate in order to reflect the provisions of Section 10 and 11 and to assure compliance with applicable
securities laws. 
  

	20.	 NO RESTRICTION ON CORPORATE ACTION. 

Nothing contained in the Plan shall be construed to prevent the Company or any parent, Subsidiary or affiliate from taking any corporate action which is deemed
by the Company or such parent, Subsidiary or affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any grant made under the Plan. No employee, beneficiary or other person shall
have any claim against the Company or any parent, Subsidiary or affiliate as a result of any such action. 
  

	21.	 ELECTRONIC DELIVERY. 

Any reference herein to a “written” agreement or document will include any agreement or document delivered electronically or posted on the
Company’s intranet (or other shared electronic medium controlled by the Company to which the Participant has access). 
  

	22.	 CHOICE OF LAW. 

The law of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan and all payments hereunder,
without regard to that state’s conflict of laws rules. 
  

	23.	 SEVERABILITY. 

Each provision in this Plan is severable, and if any provision is held to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not, in any way, be affected or impaired thereby. 
 Adopted this _____ day of April, 2021. 

  
 Page 13 of 14 

 
			
	BOWMAN CONSULTING GROUP LTD.
		
	By:	 	  

	Name:	 	[                     ]
	Title:	 	[                     ]

  
 Page 14 of 14EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

BURLINGTON NORTHERN SANTA FE, LLC 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 Trustee 
  

 
 TWENTY-FOURTH
SUPPLEMENTAL INDENTURE 
 Dated as of April 6, 2021 

to 
 INDENTURE 

Dated as of December 1, 1995 
  

 
 3.300%
Debentures due September 15, 2051 
  
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	
	Definitions	  

			
	 SECTION 1.01.
	 	Definition of Terms	  	 	2	 
	
	ARTICLE II	  

	
	General Terms and Conditions of the Debentures	  

			
	 SECTION 2.01.
	 	Designation and Principal Amount	  	 	2	 
	 SECTION 2.02.
	 	Maturity	  	 	2	 
	 SECTION 2.03.
	 	Further Issues	  	 	2	 
	 SECTION 2.04.
	 	Form and Payment	  	 	2	 
	 SECTION 2.05.
	 	Global Securities	  	 	3	 
	 SECTION 2.06.
	 	Definitive Form	  	 	3	 
	 SECTION 2.07.
	 	Interest	  	 	3	 
	 SECTION 2.08.
	 	Authorized Denominations	  	 	3	 
	 SECTION 2.09.
	 	Redemption	  	 	4	 
	 SECTION 2.10.
	 	Change of Control	  	 	5	 
	 SECTION 2.11.
	 	Appointment of Agents	  	 	8	 
	 SECTION 2.12.
	 	Replacement Capital Covenant Waiver	  	 	8	 
	
	ARTICLE III	  

	
	Form of Debentures	  

			
	 SECTION 3.01.
	 	Form of Debentures	  	 	8	 
	
	ARTICLE IV	  

	
	Original Issue of Debentures	  

			
	 SECTION 4.01.
	 	Original Issue of Debentures	  	 	8	 
	
	ARTICLE V	  

	
	Miscellaneous	  

			
	 SECTION 5.01.
	 	Ratification of Indenture	  	 	8	 
	 SECTION 5.02.
	 	Trustee Not Responsible for Recitals	  	 	9	 
	 SECTION 5.03.
	 	Governing Law	  	 	9	 

  
 i 

							
	 SECTION 5.04.
	 	 Separability
	  	 	9	 
	 SECTION 5.05.
	 	 Counterparts
	  	 	9	 
	 SECTION 5.06.
	 	 Certain Rights of the Trustee
	  	 	9	 
	 SECTION 5.07.
	 	 Waiver of Trial by Jury
	  	 	10	 
	 SECTION 5.08.
	 	 Submission to Jurisdiction
	  	 	10	 
	 SECTION 5.09.
	 	 Notices
	  	 	11	 
	 SECTION 5.10.
	 	 Foreign Account Tax Compliance Act (FATCA)
	  	 	11	 
	 SECTION 5.11.
	 	 Force Majeure
	  	 	12	 

 EXHIBIT A Form of Debentures 

  
 ii 

 TWENTY-FOURTH SUPPLEMENTAL INDENTURE, dated as of April 6, 2021 (this
“Supplemental Indenture”), between Burlington Northern Santa Fe, LLC, a limited liability company duly formed and existing under the laws of the State of Delaware (as
successor-in-interest to Burlington Northern Santa Fe Corporation), having its principal office at 2650 Lou Menk Drive, Fort Worth, Texas 76131-2830 (the
“Company”), and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), a national banking association, as
successor-in-interest to J.P. Morgan Trust Company, National Association, as
successor-in-interest to Bank One Trust Company, N.A., as successor-in-interest to The
First National Bank of Chicago, as trustee (the “Trustee”), having a corporate trust office at 601 Travis Street, 16th Floor, Houston, Texas 77002 (such address, as changed from time to time by the Trustee with notice to the
Holders, the “Corporate Trust Office”). 
 WHEREAS, the Company executed and delivered the indenture, dated as of
December 1, 1995, to the Trustee, as supplemented by the Fifth Supplemental Indenture, dated as of February 11, 2010 (as heretofore supplemented, the “Indenture”), to provide for the issuance of the Company’s
debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series; 
 WHEREAS,
pursuant to the terms of the Indenture, the Company desires to provide for the establishment of a new series of Securities under the Indenture to be known as its “3.300% Debentures due September 15, 2051” (the
“Debentures”), the form and substance of such series and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 

WHEREAS, the Board of Managers of the Company, pursuant to the resolutions duly adopted on May 6, 2019 has duly authorized the issuance
of the Debentures, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 901(7) of the Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make
the Debentures, when manually or electronically executed by the Company and manually or electronically authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects; 

 NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the
Debentures by the Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the forms and terms of the Debentures, the Company covenants and agrees with the Trustee, as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Definition of Terms. Unless the context otherwise requires: 

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

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

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

ARTICLE II 
 General Terms and
Conditions of the Debentures 
 SECTION 2.01. Designation and Principal Amount. There is hereby authorized and established a
series of Securities under the Indenture, designated as the “3.300% Debentures due September 15, 2051”, which is not limited in aggregate principal amount. The aggregate principal amount of the Debentures to be issued shall be as set
forth in any Company Order for the authentication and delivery of the Debentures, pursuant to Section 303 of the Indenture. 
 SECTION
2.02. Maturity. The Stated Maturity of principal for the Debentures will be September 15, 2051. 
 SECTION 2.03. Further
Issues. The Company may from time to time, without the consent of the Holders of the Debentures, issue additional debentures of that series. Any such additional debentures will have the same ranking, interest rate, maturity date and other terms
as the Debentures, except for the issue date and, if applicable, the initial interest accrual date and the initial Interest Payment Date. Any such additional debentures, together with the Debentures herein provided for, will constitute a single
series of Securities under the Indenture. 
 SECTION 2.04. Form and Payment. Payment of the principal of (and premium, if any) and
interest on the Debentures will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address 

  
 2 

 
of the Person entitled thereto as such address shall appear in the Security Register. If any Interest Payment Date, Redemption Date or Stated Maturity of the Debentures shall not be a Business
Day in the Borough of Manhattan, The City of New York, then payment of the principal (and premium, if any) or interest need not be made on such date, but may be made on the next succeeding Business Day at such office or agency with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, without any interest or other payment in respect of such delay. 

SECTION 2.05. Global Securities. Upon the original issuance, the Debentures will be represented by one or more Global Securities
registered in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”). The Company will issue the Debentures in denominations of $2,000 and integral multiples of $1,000 in excess thereof and will deposit
the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. DTC shall be the initial Depositary for the Debentures. 

SECTION 2.06. Definitive Form. If (a) (i) the Depositary has notified the Company that it is unwilling or unable to continue as
depositary for the Debentures or (ii) the Depositary has ceased to be a clearing agency registered under the Exchange Act, and in either case a successor Depositary is not appointed by the Company within 90 days of notice thereof, (b) an
Event of Default has occurred with regard to the Debentures and has not been cured or waived, or (c) the Company at any time and in its sole discretion and subject to the procedures of the Depositary determines not to have the Debentures
represented by Global Securities, the Company may issue the Debentures in definitive form in exchange for such Global Securities. In any such instance, an owner of a beneficial interest in Debentures will be entitled to physical delivery in
definitive form of Debentures, equal in principal amount to such beneficial interest and to have Debentures registered in its name as shall be established in a Company Order. 

SECTION 2.07. Interest. The Debentures will bear interest (computed on the basis of a 360-day
year consisting of twelve 30-day months) from April 6, 2021 at the rate of 3.300% per annum, payable semi-annually; interest payable on each Interest Payment Date will include interest accrued from
April 6, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are March 15 and September 15, commencing on
September 15, 2021; and the Regular Record Date for the interest payable on any Interest Payment Date is the close of business on the March 1 or September 1, as the case may be, immediately preceding the relevant Interest Payment
Date, whether or not that day is a Business Day. 
 SECTION 2.08. Authorized Denominations. The Debentures shall be issuable in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

  
 3 

 SECTION 2.09. Redemption. At any time before March 15, 2051, the Debentures are
subject to redemption upon not less than 10 and not more than 60 days’ notice, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Debentures to be
redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such interest accrued as of the Redemption Date and assuming for these purposes that the
Debentures mature on March 15, 2051) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate (as defined below), plus 15 basis points, plus in either case any accrued and unpaid interest thereon to the Redemption Date. The Independent Investment Banker (as defined below) will calculate the Redemption Price. 

At any time on or after March 15, 2051, the Debentures are subject to redemption upon not less than 10 and not more than 60 days’
notice, as a whole or in part, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of the Debentures to be redeemed plus accrued and unpaid interest thereon to the Redemption Date. 

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

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
a maturity comparable to the remaining term of the Debentures (assuming for these purposes that the Debentures mature on March 15, 2051) that would be used, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity with the remaining term of the Debentures. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(ii) 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 appointed by the Company. 

“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 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. on the third Business Day preceding such Redemption Date. 
 “Reference Treasury
Dealer” means each of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC and one other nationally recognized investment banking firm that is a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”) specified from time to time by the Company; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company
shall replace that former dealer with another Primary Treasury Dealer. 

  
 4 

 Notice of any redemption will be transmitted at least 10 days but not more than 60 days
before the Redemption Date to each Holder of the Debentures to be redeemed. Notwithstanding Section 1104 of the Indenture, such notice, if relating to a redemption under the first paragraph of this Section, need not set forth the Redemption
Price but only the manner of calculation thereof. The Company shall give the Trustee notice of such Redemption Price promptly after the calculation thereof and the Trustee shall have no responsibility for such calculation. 

Unless the Company defaults in payment of the Redemption Price and accrued interest, on and after the Redemption Date interest will cease to
accrue on the Debentures or portions thereof called for redemption. 
 SECTION 2.10. Change of Control. (a) Upon the occurrence
of a Change of Control Repurchase Event, unless the Company has exercised its right to redeem all Debentures in accordance with the redemption terms as set forth in the Debentures by giving notice of such redemption to the Holders of the Debentures
pursuant to Section 1104 of the Indenture (as supplemented and amended by Section 2.09 of this Supplemental Indenture) prior to the 30th day following the Change of Control Repurchase Event, the Company shall make an irrevocable offer to
each Holder of Debentures to repurchase all or any part (in integral multiples of $1,000) of such Holder’s Debentures at a repurchase price in cash equal to 101% of the aggregate principal amount of Debentures repurchased plus any accrued and
unpaid interest on the Debentures repurchased to, but not including, the date of repurchase (the “Repurchase Price”). 
 (b)
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but in either case, after the public announcement of the transaction that constitutes or may constitute the Change of
Control, the Company shall transmit to each Holder of Debentures, with a copy to the Trustee, a notice: 
 (i) describing the
transaction or transactions that constitute or may constitute the Change of Control Repurchase Event; 
 (ii) offering to
repurchase all Debentures tendered; 
 (iii) setting forth the payment date for the repurchase of the Debentures, which date
will be no earlier than 30 days and no later than 60 days from the date such notice is transmitted (the “Repurchase Date”); 

(iv) if transmitted prior to the date of consummation of the Change of Control, stating that the offer to repurchase is
conditioned on a Change of Control Repurchase Event occurring on or prior to the Repurchase Date; 

  
 5 

 (v) disclosing that any Debenture not tendered for repurchase will continue
to accrue interest; and 
 (vi) specifying the procedures for tendering Debentures. 

(c) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any
other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Debentures as a result of a Change of Control Repurchase Event. To the extent that the provisions of
any securities laws or regulations conflict with the provisions of this Section 2.10, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this
Section 2.10 by virtue of such conflict. 
 (d) On the Repurchase Date following a Change of Control Repurchase Event, the Company
shall, to the extent lawful: 
 (i) accept for payment all Debentures or portions thereof properly tendered pursuant to such
offer; 
 (ii) deposit with the Trustee an amount equal to the aggregate Repurchase Price in respect of all Debentures or
portions thereof properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Debentures properly
accepted, together with an Officers’ Certificate of the Company stating the aggregate principal amount of Debentures or portions thereof being repurchased by the Company. 

(e) The Trustee will promptly transmit to each Holder of Debentures properly tendered the Repurchase Price for such Debentures, and the
Trustee, upon the execution and delivery by the Company of such Debentures, will promptly authenticate and cause to be transferred by book-entry to each Holder a new Debenture equal in principal amount to any unpurchased portion of any Debentures
surrendered; provided that each new Debenture will be in a principal amount of a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof. 

(f) The Company shall not be required to make an offer to repurchase the Debentures upon a Change of Control Repurchase Event if a third party
makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Debentures properly tendered and not withdrawn under its offer. 

(g) Solely for purposes of this Section 2.10 in connection with the Debentures, the following terms shall have the following meanings:

  
 6 

 “Below Investment Grade Ratings Event” means that on any day within the 60-day period (which period shall be extended so long as the rating of the Debentures is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of
(i) the occurrence of a Change of Control; or (ii) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control, the Debentures are rated below Investment Grade by each of the Rating
Agencies. Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be
deemed a Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or
publicly confirm or inform the Trustee in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of such ratings reduction). 
 “Change of Control” means the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than
Berkshire Hathaway Inc., its Subsidiaries, or its or such Subsidiaries’ employee benefit plans, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed,
measured by voting power rather than number of shares. 
 “Change of Control Repurchase Event” means the occurrence of both
a Change of Control and a Below Investment Grade Ratings Event. 
 “Investment Grade” means a rating of Baa3 or better by
Moody’s (or its equivalent under any successor ratings category of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor ratings category of S&P); and the
equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

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

“Rating Agency” means (a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to
rate the Debentures or fails to make a rating of the Debentures publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of
the Exchange Act, selected by the Company (as certified by a written consent or resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc. and its successors. 

  
 7 

 “Voting Stock” of any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date means the capital stock (or other equity interests) of such person that is at the time entitled to vote generally in the election of the board of directors (or other equivalent body) of such
person. 
 SECTION 2.11. Appointment of Agents. The Trustee will initially be the Security Registrar and Paying Agent for the
Debentures and will act through its designated offices in New York, New York. 
 SECTION 2.12. Replacement Capital Covenant Waiver.
Each Holder of a Debenture by its acceptance of a Debenture shall be deemed to have consented to the elimination of the Replacement Capital Covenant (“Replacement Capital Covenant”), dated as of December 15, 2005, by the Company, as successor-in-interest to Burlington Northern Santa Fe Corporation, in favor of and for the benefit of each Covered Debtholder (as defined therein) and all obligations of the
Company pursuant to the Replacement Capital Covenant. This consent shall be deemed to have been made on the date of issuance of the Debentures and on each day that the Debentures remain Outstanding, although the elimination of the Replacement
Capital Covenant will become operative only if the Debentures are designated to be the Covered Debt (as defined in the Replacement Capital Covenant) for purposes of the Replacement Capital Covenant. The Trustee is authorized to take any action
requested by the Company to evidence such consent without further notice to or approval of the Holders of the Debentures. 
 ARTICLE III 

Form of Debentures 

SECTION 3.01. Form of Debentures. The Debentures and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the form set forth in Exhibit A hereto. 
 ARTICLE IV 

Original Issue of Debentures 

SECTION 4.01. Original Issue of Debentures. The Debentures may, upon execution of this Supplemental Indenture, be executed by the
Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Debentures as in such Company Order provided. 

ARTICLE V 
 Miscellaneous

 SECTION 5.01. Ratification of Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided that the provisions of this Supplemental Indenture apply solely with respect
to the Debentures. 

  
 8 

 SECTION 5.02. Trustee Not Responsible for Recitals. The recitals herein contained are
made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

SECTION 5.03. Governing Law. This Supplemental Indenture and the Debentures shall be governed by and construed in accordance with the
laws of the State of New York. 
 SECTION 5.04. Separability. In case any one or more of the provisions contained in this
Supplemental Indenture or the Debentures shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture or of
the Debentures, but this Supplemental Indenture and the Debentures shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

SECTION 5.05. Counterparts. This Supplemental Indenture may be executed in any number of counterparts (which may include counterparts
delivered by any standard form of electronic or telecommunication), each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile,
electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

SECTION 5.06. Certain Rights of the Trustee. No provision of the Indenture or this Supplemental Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties thereunder, or in the exercise of any of its rights or powers, with respect to the Debentures or this Supplemental Indenture, if it shall
have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

The Trustee shall not be deemed to have notice or knowledge of any default or Event of Default with respect to a series of Debentures unless a
Responsible Officer of the Trustee in its Corporate Trust Office has received actual written or electronic notice of any event which is in fact such a default, and such notice references the existence of a default or Event of Default, the Debentures
of such series and this Indenture. When used in this paragraph, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to a series of Debentures. The Trustee
agrees to accept notice pursuant to this paragraph sent 

  
 9 

 
by unsecured electronic transmission; provided, however, that (1) the party providing such written notice, subsequent to such transmission of written notice, shall provide the
originally executed notice to the Trustee in a timely manner, and (2) such originally executed notice shall be signed by an authorized representative of the party providing such notice. The Trustee shall not be liable for any losses, costs or
expenses arising directly or indirectly from the Trustee’s reasonable reliance upon such notice notwithstanding such notice is inconsistent with a subsequent notice. 

The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the
Trustee was negligent in ascertaining the pertinent facts. 
 The Trustee shall not be liable with respect to any action taken or omitted to
be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Debentures. 

Delivery of reports, information and documents to the Trustee, pursuant to Section 704 of the Indenture, is for informational purposes
only and the Trustee’s receipt of such shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 With respect to this
Supplemental Indenture and the Debentures, in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of
whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 SECTION 5.07.
Waiver of Trial by Jury. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
SUPPLEMENTAL INDENTURE, THE DEBENTURES OR THE TRANSACTIONS CONTEMPLATED THEREBY. 
 SECTION 5.08. Submission to Jurisdiction. The
Company and the Trustee each hereby irrevocably submits to the jurisdiction of any New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the City of New York in
respect of any suit, action or proceeding arising out of or relating to this Supplemental Indenture and the Debentures, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid
courts. 

  
 10 

 SECTION 5.09. Notices. The Trustee shall have the right to accept and act upon
instructions, including funds transfer instructions (“Instructions”) given pursuant to this Supplemental Indenture and delivered using Electronic Means; provided, however, that the Company, as applicable, shall provide to the Trustee an
incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company,
as applicable, whenever a person is to be added or deleted from the listing. If the Company, as applicable, elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the
Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively
presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only
Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or
authentication keys upon receipt by the Company, as applicable. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the use of Electronic Means for
transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the Electronic Means selected by the Company, as applicable; (iii) that the security procedures (if any) to be followed in
connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or
unauthorized use of the security procedures. “Electronic Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder. 

Notwithstanding any other provision of this Supplemental Indenture or any Debenture, where this Supplemental Indenture or any Debenture
provides for notice of any event or any other communication (including any notice of redemption or repurchase) to a holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee)
pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with accepted practices at DTC. 

SECTION 5.10. Foreign Account Tax Compliance Act (FATCA). The Company agrees (i) to provide the Trustee with such reasonable
information as it has in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in Section 1471(b) of the US Internal Revenue Code of 1986 (the
“Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof (“Applicable Law”), and (ii) that the Trustee shall be
entitled to make any withholding or deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, for which the Trustee shall not have any liability. 

  
 11 

 SECTION 5.11. Force Majeure. In no event shall the Trustee be responsible or liable
for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, epidemics or pandemics, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the
Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 12 

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

					
	BURLINGTON NORTHERN SANTA FE, LLC
		
	        By	 	 /s/ Julie A. Piggott

		 	Name:	 	Julie A. Piggott
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	        By	 	 /s/ Julie Hoffman-Ramos

		 	Name:	 	Julie Hoffman-Ramos
		 	Title:	 	Vice President

 EXHIBIT A 

FORM OF DEBENTURES 
 Burlington
Northern Santa Fe, LLC 
 3.300% Debenture due September 15, 2051 

 

			
	 REGISTERED
	  	$
	 No. R-
	  	CUSIP No. 12189L BG5

 [Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York
Corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as may be requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to such other entity as may be 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 hereinafter referred to and is registered in the name of a Depositary or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in
part may be registered, in the name of any Person other than such Depositary or a nominee thereof, except in the limited circumstances described in the Indenture. 

BURLINGTON NORTHERN SANTA FE, LLC, a limited liability company duly formed and existing under the laws of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum
of             ($         ) on September 15, 2051, and to pay interest thereon from April 6, 2021 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually on March 15 and September 15 in each year, commencing September 15, 2021, at the rate of 3.300% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not
so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close
of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. 

 Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. If any Interest
Payment Date, Redemption Date or Stated Maturity of this Security shall not be a Business Day in the Borough of Manhattan, The City of New York, then payment of the principal (and premium, if any) or interest need not be made on such date, but may
be made on the next succeeding Business Day at such office or agency with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, without any interest or other payment in respect of such
delay. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

 

							
	Dated:	 	BURLINGTON NORTHERN SANTA FE, LLC
			
		 	        by	 	          

		 		 	Name:	 	Julie A. Piggott
		 		 	Title:	 	Executive Vice President and Chief Financial Officer

  

	
	Attest:
	
	          

	Name: Dustin J. Almaguer
	Title: Assistant Secretary

 CERTIFICATE OF AUTHENTICATION 

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

 
  

							
	Dated:	 	    	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
				
		 		 	        by	 	          

		 		 	Authorized Signatory

 [REVERSE OF DEBENTURE] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of December 1, 1995, between the Company, as successor-in-interest to Burlington Northern Santa Fe
Corporation, and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), as successor-in-interest to J.P. Morgan
Trust Company, National Association, as successor-in-interest to Bank One Trust Company, N.A., as
successor-in-interest to The First National Bank of Chicago, as Trustee (herein called the “Trustee”, which term includes any successor trustee under
the Indenture), as supplemented by the Twenty-Fourth Supplemental Indenture, dated as of April 6, 2021, between the Company and the Trustee (herein called the “Indenture”, which term shall have the meaning assigned to it in
such instrument), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in the aggregate principal amount of $925,000,000. The Company may, without the consent of the
Holders of the Securities of this series, issue additional Securities of this series and thereby increase such principal amount in the future, on the same terms and conditions and with the same CUSIP number as this Security, except as provided in
said Twenty-Fourth Supplemental Indenture. 
 At any time before March 15, 2051, the Securities of this series are subject to
redemption upon not less than 10 and not more than 60 days’ notice, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities of this series to
be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such interest accrued as of the Redemption Date and assuming for these purposes that the
Debentures mature on March 15, 2051) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate (as defined in said Twenty-Fourth Supplemental Indenture), plus 15 basis points, plus in either case any accrued and unpaid interest thereon to the Redemption Date. The Independent Investment Banker (as defined in said Twenty-Fourth
Supplemental Indenture) will calculate the Redemption Price. 
 At any time on or after March 15, 2051, the Securities of this series
are subject to redemption upon not less than 10 and not more than 60 days’ notice, as a whole or in part, at the election of the Company, at a Redemption Price equal to 100% of the principal amount of the Securities of this series to be
redeemed plus accrued and unpaid interest thereon to the Redemption Date. 
 In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder, upon the cancellation hereof. 

 Upon the occurrence of a Change of Control Repurchase Event (as defined in said
Twenty-Fourth Supplemental Indenture), unless the Company has exercised its right of redemption as described above by giving notice of such redemption to the Holders of the Securities of this series pursuant to Section 1104 of the Indenture (as
supplemented and amended by Section 2.09 of said Twenty-Fourth Supplemental Indenture) prior to the 30th day following the Change of Control Repurchase Event, each Holder of Securities of this series shall have the right to require the Company
to repurchase all or any part (in integral multiples of $1,000) of such Holder’s Securities pursuant to the Change of Control notice as provided in, and subject to the terms of, said Twenty-Fourth Supplemental Indenture at a purchase price in
cash equal to 101% of the aggregate principal amount of the Securities of this series repurchased, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. 

As provided in the Twenty-Fourth Supplemental Indenture, each Holder of a Debenture by its acceptance of a Debenture shall be deemed to have
consented to the elimination of the Replacement Capital Covenant (“Replacement Capital Covenant”), dated as of December 15, 2005, by the Company, as
successor-in-interest to Burlington Northern Santa Fe Corporation, in favor of and for the benefit of each Covered Debtholder (as defined therein) and all obligations of
the Company pursuant to the Replacement Capital Covenant. This consent shall be deemed to have been made on the date of issuance of the Debentures and on each day that the Debentures remain Outstanding, although the elimination of the Replacement
Capital Covenant will become operative only if the Debentures are designated to be the Covered Debt (as defined in the Replacement Capital Covenant) for purposes of the Replacement Capital Covenant. The Trustee is authorized to take any action
requested by the Company to evidence such consent without further notice to or approval of the Holders of the Debentures. 
 The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any
time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding
a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the
Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein (or in the case of a redemption on or after the Redemption Date). 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

 Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

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