Document:

Exhibit

119 Standard St.
El Segundo, CA 90245

Exhibit 10.1

August 1, 2019

Sanjay Shah
PO Box 95
Medina, WA 98039 

Dear Sanjay,

Beyond Meat, Inc., a Delaware corporation (the “Company”), is pleased to offer
you employment with the Company on the terms described below.

1.Position. You will start in a full-time, exempt position as the Company’s Chief Operating Officer, and you will report to Ethan Brown, the Company’s Chief Executive Officer. By signing this letter, you confirm with the Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties with the Company.

2.TriNet HR Corporation. The Company’s benefits, payroll, and other human resource management services are provided through TriNet HR Corporation, a professional employer organization. As a result of the Company’s arrangement with TriNet, TriNet will be considered your employer of record for these purposes and your managers at the Company will be responsible for directing your work, reviewing your performance, setting your schedule, and otherwise directing your work at the Company.

		
	3.
	Compensation and Employee Benefits.

(a)    Base Salary. Your initial base salary will be $440,000.00 per year, payable on the Company’s regular payroll dates.

(b)    Annual Bonus. You will be eligible to participate in the Company’s Executive Incentive Bonus Plan, with the target amount of your bonus for the 2019 calendar year equal to 50% of your base salary, pro-rated based on the date you commence employment with the Company (the “Commencement Date”). The Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) will determine in its sole and absolute discretion whether you have earned a 

bonus for each calendar year, including whether any applicable performance objectives have been met and the amount of the bonus.

(c)    Sign-on Cash Bonus. The Company will pay you a one-time sign- on bonus equal to $450,000.00 (the “Sign-On Bonus”) within 30 days of the Commencement Date, subject to your continued employment with the Company through the payment date. You will earn, and be permitted to retain, the full amount of the Sign- On Bonus if you remain employed by the Company through the 1-year anniversary of the Commencement Date. By signing below, you acknowledge and agree that, if before such 1-year anniversary date, you terminate employment with the Company for any reason, you will be required to immediately re-pay the full amount of the Sign-On Bonus no later than 30 days following the last day of your employment with the Company.

(d)    Sign-on Bonus Equity Awards. Subject to the approval of the Compensation Committee, you will be issued fully vested shares of the Company’s common stock (the “Common Stock”) pursuant to the Company’s 2018 Equity Incentive Plan (as such plan may be amended and restated from time to time, the “Plan”) on the first annual anniversary of your Commencement Date and on each quarterly anniversary thereafter through the second annual anniversary of your Commencement Date, or if any such day falls within a blackout period under the Company’s Insider Trading Policy (“Blackout Period”), on the first business day following the expiration of such Blackout Period, with the number of shares to be issued on (i) the first date determined by dividing
$3,500,000.00 by the Average Closing Price (as defined below) and (ii) each of the 4 dates thereafter determined by dividing $875,000.00 by the Average Closing Price, in each case, rounding up to the nearest whole number of shares (each such grant, a “Sign- On Equity Award”). For purposes of this letter, the Average Closing Price shall be calculated based on the average of the closing prices of the Common Stock as reported on the NASDAQ Global Select Market for the period of 10 consecutive trading days ending on (and including) the last trading day prior to the date of grant.

(e)    Severance. Like other Company executives, you will be eligible for severance pursuant to the terms of the enclosed Executive Change in Control Severance Agreement. You will also be eligible for severance pursuant to section 8 below.

(f)    Equity. In addition to the Sign-On Equity Awards and the New Hire Equity Awards described in section 3(d) above and section 5 below, you will be eligible for additional equity grants under the Plan. The Compensation Committee will consider such additional equity grants at least annually in connection with its review of executive compensation described in section 3(i) below, provided the first year you will be eligible for any such equity grant will be 2023.

(g)    Benefits. As a regular employee of the Company you will be eligible to participate in a number of Company-sponsored benefits, which are described 

in the employee benefit summary enclosed with this letter. In addition to Company holidays, you will be entitled to 20 days of Paid Time-Off (PTO).

(h)    Annual Review. The Compensation Committee will review your compensation, along with the compensation provided to the Company’s other executives, at least annually.

4.Background Check. Like all Company employees, your employment is subject to a background check. As a condition of your employment with the Company, you are required to sign the Company’s enclosed background check consent form.

5.New Hire Equity Awards. Subject to the approval of the Compensation Committee, you will be granted under the Plan: (a) an option (“Option”) to purchase shares of the Company’s common stock (“Common Stock”), and (b) an award of restricted stock units (“RSUs” and, together, the “New Hire Equity Awards”). The New Hire Equity Awards will be granted effective as of the Commencement Date, or if such day falls within a Blackout Period, on the first business day following the expiration of such Blackout Period.

(a)    Option. The number of shares of Common Stock subject to the Option will be determined by dividing $3,500,000.00 by the Average Closing Price, multiplying the resultant total by 2, and rounding up to the nearest whole number of shares of Common Stock. The exercise price per share applicable to the Option will be no less than the per share fair market value of the Common Stock, as determined pursuant to the Plan, on the grant effective date. Further, the Option will vest and become exercisable over 2-years as follows: 1/24th of the total number of shares subject to the Option will vest and become exercisable on the 25th monthly anniversary of your Commencement Date and 1/24th of the total number of shares subject to the Option will vest and become exercisable on each monthly anniversary thereafter, subject to your continuous service through each vesting date.

(b)    RSUs. The number of shares of Common Stock subject to the RSUs will be determined by dividing $3,500,000.00 by the Average Closing Price and rounding up to the nearest whole number of shares. The RSUs will vest and become non- forfeitable over 2-years as follows: 1/16th of the RSUs will vest on the 27-month anniversary of your Commencement Date and 1/16th of the RSUs will vest in quarterly installments thereafter, subject to your continuous service through each vesting date.

(c)    New Hire Equity Awards. The New Hire Equity Awards shall otherwise be subject to the terms and conditions set forth in the Plan and the applicable

award agreement, which you will be required to accept as a condition of the grant of the awards.

6.Confidential Information and Invention Assignment Agreement. Like all Company employees, you will be required, as a condition of your employment with
the Company, to sign the Company’s enclosed standard Confidential Information and Invention Assignment Agreement.

		
	7.
	Employment Relationship.

(a)    Employment at Will. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations which may have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Company’s Chief Executive Officer.

(b)    Rights Upon Termination.  Except as expressly provided in section 8 below, upon the termination of your employment, you shall only be entitled to the compensation, benefits and reimbursements then due and owing for the period ending as of the end of the effective date of your termination (the “Termination Date”). Accordingly, the Company shall make the following payments to you (or your beneficiaries or estate if applicable): (i) all earned but unpaid salary, all accrued but unpaid vacation and all other earned but unpaid compensation or wages, (ii) any unreimbursed business expenses incurred by you on or before the Termination Date and which are reimbursable under the Company’s business expense reimbursement policies, which will be paid to you promptly following your submission of any required receipts and other documentation to the Company in accordance with the Company’s business expense reimbursement policies, provided such receipts and documents are received by the Company within 45 days after the Termination Date, and (iii) such other compensation or benefits due you under any Company-provided plans, policies, and arrangements or as otherwise required by law.

		
	8.
	Severance.

(a)    Conditions. Any other provision of this letter notwithstanding, subsection (b) below shall not apply unless and until (i) you have returned all Company property in your possession within 10 days following your termination, (ii) you have 

executed (and not revoked) a full and complete general release of all claims that you may have against the Company or persons affiliated with the Company in the form provided by the Company and such release has become effective no later than the 30th day after your termination or, if later, the deadline date required by applicable law (the “Deadline Date”), and (iii) you have continuously complied with the Confidential Information and Invention Assignment Agreement you execute and all Company policies.

(b)    Termination Benefits. If, during your first 12-months of continuous full-time employment with the Company, you experience a “separation from service” (as defined in Treasury Regulation 1.409A-1(h)) (an “Involuntary Separation”) by the Company without Cause (as defined in the Executive Change in Control Severance Agreement you execute with the Company), then you will receive the severance benefits set forth below from the Company.

(i)    Base Salary and Bonus Severance Payment. You will receive severance in an amount equal to (i) 6 months of your base salary (at the monthly base salary rate in effect at the time of your Involuntary Separation) plus (ii) a pro-rated portion of your target annual bonus based on the number of days you were continuously employed with the Company during the calendar year in which you incur an Involuntary Termination. Such severance payment shall be paid in a single, lump-sum cash payment within 15 days following the Deadline Date.

(ii)    Sign-On Bonus Equity Award Acceleration. Subject to the approval of the Compensation Committee, you will be issued fully vested shares of Common Stock pursuant to the Plan on the date that is 20 business days following the Deadline Date, or if such day falls within a Blackout Period, on the first business day following the expiration of such Blackout Period, with the number of shares to be issued determined by dividing $3,500,000.00 by the Average Closing Price and then multiplying the resulting total by a ratio where the numerator is the number of months you were continuously employed with the Company during the calendar year in which you incur an Involuntary Termination and the denominator is 12, rounded up to the nearest whole number of shares.

(c)    Code Section 409A. For purposes of Section 409A, each payment that is paid, and benefit that is provided, pursuant to this letter is hereby designated as a separate payment. The parties intend that all payments and benefits made or to be made under this letter comply with, or are exempt from, the requirements of Section 409A so

that none of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to so comply or be so exempt. Specifically, any severance payments or benefits made in connection with your Involuntary Separation under this letter and paid or provided on or before the 15th day of the 3rd month following the end of your first tax year in which your Involuntary 

Separation occurs or, if later, the 15th day of the 3rd month following the end of the Company’s first tax year in which your Involuntary Separation occurs, shall be exempt from Section 409A to the maximum extent permitted pursuant to Treasury Regulation Section 1.409A-1(b)(4) and any other severance payments or benefits provided in connection with your Involuntary Separation under this letter shall be exempt from Section 409A to the maximum extent permitted pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) (to the extent it is exempt pursuant to such section it will in any event be paid no later than the last day of your 2nd taxable year following the taxable year in which your Involuntary Separation occurs). Notwithstanding the foregoing, if any of the payments or benefits provided in connection with your Involuntary Separation do not qualify for any reason to be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(4), Treasury Regulation Section 1.409A-1(b)(9)(iii), or any other applicable exemption and you are, at the time of your Involuntary Separation, a
“specified employee,” as defined in Treasury Regulation Section 1.409A-1(i) (i.e., you are a “key employee” of a publicly traded company), each such payment or benefit will not be provided until the first regularly scheduled payroll date of the 7th month after your Involuntary Separation and, on such date (or, if earlier, the date of your death), you will receive all payments and/or benefits that would have been provided during such period in a single lump sum.
9.Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting or other business activity without the written consent of the Company. In addition, while you render services to the Company, you will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company.

10.Taxes, Withholding and Required Deductions. All forms of compensation referred to in this letter are subject to all applicable taxes, withholding, and any other deductions required by applicable law.

11.Entire Agreement. This letter supersedes and replaces any prior understandings or agreements, whether oral, written or implied, between you and the Company regarding the matters described in this letter.

[Signature Page Follows]

If you wish to accept this offer, please sign, date and return this letter to the Company, along with the enclosed Executive Change in Control Severance Agreement and Confidential Information and Invention Assignment Agreement, on or before Tuesday, August 6, 2019. As required, by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United States. We look forward to having you join us!

	
				
	 
	 
	Very truly yours,

	 
	 
	 
	 

	 
	 
	BEYOND MEAT, INC.

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	By:
	/s/ Ethan Brown

	 
	 
	Name:
	Ethan Brown

	 
	 
	Title:
	Chief Executive Officer

	
		
	ACCEPTED AND AGREED:

Sanjay Shah

	 
	 

	/s/ Sanjay Shah

	Signature

	 

	8/3/2019

	Date

Anticipated Start Date:  Sept 18Exhibit 4.1

 

THIS CERTIFICATE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED
IN THE NAME OF THE NOMINEE OF THE ENTITY APPOINTED AS COMMON SAFEKEEPER (THE “CSK”) FOR CLEARSTREAM BANKING, S.A. (“CLEARSTREAM”)
AND EUROCLEAR BANK SA/NV (“EUROCLEAR” AND, TOGETHER WITH CLEARSTREAM, THE “CLEARING SYSTEMS”). TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT IN PART, TO NOMINEES OF THE CSK OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE.

 

WPC
Eurobond B.V.

 

1.350% Senior Note due 2028

 

	REGISTERED	PRINCIPAL AMOUNT: €500,000,000
	No. R-1	 

 

ISIN: XS2052968596

Common Code: 205296859

 

This certifies that
the person whose name is entered in the register maintained by the Registrar in relation to the Notes (the “Register”)
is the duly registered holder (the “Holder”) of Notes in the aggregate principal amount of €500,000,000
or such other amount as is shown on Register as being represented by this Global Note and is duly endorsed (for information purposes
only) in the fourth column of the Schedule of Increases and Decreases in Note attached to this Global Note.

 

WPC Eurobond B.V.,
a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) promises to pay to
each Holder the aggregate principal amount shown on the Register as being represented by this Global Note on April 15, 2028 (the
“Stated Maturity Date”).

 

Interest Payment Date:
April 15 of each year, commencing April 15, 2020 (short first coupon).

 

Regular Record Date:
The Business Day immediately preceding the applicable Interest Payment Date.

 

Issue Date: September
19, 2019

 

Additional provisions
of this Note are set forth on the reverse side hereof.

 

     

     

    

 

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

 

	 	WPC EUROBOND B.V.
	 	 
	 	 
	 	By:  	          
	 	Name:
	 	Title: 
	 	 
	 	 
	 	By:  	 
	 	Name:  
	 	Title: 

 

	TRUSTEE’S CERTIFICATE OF	 
	AUTHENTICATION	 
	 	 
	U.S. Bank National Association, as	 
	Trustee, certifies that this is one of the Notes	 
	referred to in the Indenture.	 
	 	 
	By:	                	 	 
	 	Authorized Signatory	 
	 	 
	Date: September      , 2019	 
	 	 
	EFFECTUATED for and on behalf of	 
	 	 
	CLEARSTREAM BANKING, S.A.	 
	 	 
	as common safekeeper, without recourse,	 
	warranty or liability	 
	 	 
	By:	 	 	 
	 	Authorized Signatory	 
	 	 
	 	 
	Date: September      , 2019	 

 

     

     

    

 

[FORM OF REVERSE SIDE OF GLOBAL NOTE]

1.350% Senior Note due 2028

 

General. This
Note is one of a duly authorized issue of Securities of WPC Eurobond B.V., a Dutch
private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), as issuer (the “Company,”
which term includes any successor Person under the Indenture hereinafter referred to), issued and to be issued in one or more series
under an indenture (the “Original Indenture”), dated as of November 8, 2016, by and among the Company, the Guarantor
and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of Securities of which this Note is a part), as supplemented by a Fourth Supplemental
Indenture thereto, dated as of September 19, 2019 (the “Fourth Supplemental Indenture,” and together with the
Original Indenture, the “Indenture”), by and among the Company, the Guarantor and the Trustee. Reference is
hereby made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Company, the Guarantor, 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 Note is one of a duly authorized series of Securities designated as “1.350%
Senior Notes due 2028” (collectively, the “Notes”), limited, except as specified below, in aggregate principal
amount to Five Hundred Million EURO (€500,000,000). To the extent the terms
of this Note conflict with the terms of the Indenture, the terms of this Note shall govern. For the avoidance of doubt, the Securities
(1) shall be evidenced by this Global Note at all times, (2) are Registered Securities as such term is defined in the Indenture
and (3) shall be registered as to both principal and stated interest with such principal and interest payable solely to the Holders
thereof; the Company shall take no action that would cause the Securities to not meet the foregoing requirements.

 

The Guarantee.
To guarantee the full and punctual payment when due, whether at maturity, upon redemption or repurchase, by acceleration or otherwise,
of principal of and premium, if any, and interest on the Notes and all other obligations of the Company under this Indenture, whether
at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantor has fully, unconditionally
and irrevocably guaranteed such obligations pursuant to the terms of the Indenture. The Guarantee is an unsecured and unsubordinated
obligation of the Guarantor and ranks equally with all other unsecured and unsubordinated indebtedness and obligations of the Guarantor.

 

Payment of Interest.
Interest on this Note shall be payable, annually in arrears, on each Interest Payment Date and shall be computed on the basis of
an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Market Association) day count convention. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture,
be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the
Business Day, as defined in the Indenture, immediately preceding such Interest Payment Date (the “Regular Record Date”).
Any such interest not punctually paid or duly provided for on an Interest Payment Date (“Defaulted Interest”)
shall forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person
in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a special record date (the
“Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other
lawful manner, not inconsistent with the requirements of the Irish Stock Exchange or any other securities exchange on which the
Notes may be listed, all as more fully provided in the Indenture.

 

Interest on the Notes
shall be payable to the Paying Agent by electronic means, in Euro. Interest payable on Global Notes shall be made in immediately
available funds to the Clearing Systems or to the nominee of the CSK, as the case may be, as the registered Holder of such Global
Note. If any of the Notes are no longer represented by Global Notes, payment of interest on the Notes in definitive form may, at
the option of the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as
applicable, be made by electronic means directly to Holders at their registered addresses.

 

     

     

    

 

Issuance in Euro.
Principal of, and premium, if any, and interest on the Notes shall be payable in Euro. If Euro is unavailable to the Company, the
Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, due to the imposition
of exchange controls or other circumstances beyond the Company’s, the Guarantor’s or the Operating Partnership’s,
as applicable, control or the Euro is no longer used by the member states of the European Monetary Union that have adopted the
Euro as their currency for the settlement of transactions by public institutions within the international banking community, then
all payments in respect of the Notes shall be made in Dollars until Euro is again available to the Company, the Guarantor or the
Operating Partnership, as applicable, or so used. In such case, the amount payable on any date in Euro shall be converted to Dollars
on the basis of the Market Exchange Rate on the second Business Day before the date that payment is due, or if such Market Exchange
Rate is not then available, on the basis of the most recently available Market Exchange Rate on or before the date that payment
is due. Any payment in respect of the Notes so made in Dollars shall not constitute an Event of Default under the Indenture. Neither
the Trustee nor any Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or otherwise handling
re-denominations.

 

“Market Exchange
Rate” means the noon buying rate in the City of New York for cable transfers of Euro as certified for customs purposes
(or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York.

 

Optional Redemption;
Redemption for Tax Reasons. The provisions of Article Twelve of the Original Indenture (defined below) shall apply to this
Note, as supplemented or amended by the following paragraphs.

 

The Notes shall be
redeemable, at the Company's sole option, in whole at any time or in part from time to time, in each case prior to January 15,
2028 (i.e., three months prior to the Stated Maturity Date), for cash, at a Redemption Price equal to the greater of (1) 100% of
the principal amount of the Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal
of and interest on the Notes to be redeemed (exclusive of unpaid interest accrued to, but not including, such Redemption Date),
discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital
Market Association)) at the Comparable Government Bond Rate plus 0.350%, plus, in each case, unpaid interest, if any, accrued to,
but not including, such Redemption Date.

 

In addition, at any
time on or after January 15, 2028 (i.e., three months prior to the Stated Maturity Date), the Notes shall be redeemable, at the
Company's sole option, in whole at any time or in part from time to time, for cash, at a Redemption Price equal to 100% of the
principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, such Redemption Date.

 

If, as a result of
any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the Netherlands or the United
States (or any taxing authority thereof or therein), as applicable, or any change in, or amendments to, an official position regarding
the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective
on or after September 19, 2019, the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has
been issued, as applicable, becomes or, based upon a written opinion of independent counsel selected by them, shall become obligated
to pay Additional Amounts with respect to the Notes, then the Notes may be redeemed at the option of the Company, in whole, but
not in part, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus unpaid interest, if any,
accrued to, but not including, such Redemption Date.

 

Notwithstanding the
foregoing, interest shall be payable to Holders of the Notes on the Regular Record Date applicable to an Interest Payment Date
falling on or before such Redemption Date.

 

The following definitions
shall apply with respect to the foregoing:

 

“Comparable
Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent
Investment Banker, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if the Independent
Investment Banker in its discretion determines that such similar bond is not in issue, such other German government bond as such
Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected
by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond Rate.

 

“Comparable
Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on
the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day
of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00
a.m. (London time) on such Business Day as determined by an Independent Investment Banker.

 

    A-2

     

    

 

“Independent
Investment Banker” means each of Merrill Lynch International, J.P. Morgan Securities plc and Barclays Bank PLC and their
respective successors, or, if none of such firms are willing or able to select the Comparable
Government Bond, an independent investment banking institution of international standing appointed by the Company.

 

In order to exercise
the Company’s right of optional redemption or redemption for tax reasons, the Company (or, at the Company's request, the
Paying Agent on its behalf) must transmit a notice of redemption to each Holder of Notes to be redeemed at least 30 days but not
more than 60 days prior to the Redemption Date. Such notice of redemption shall specify the principal amount of Notes to be redeemed,
the CUSIP, ISIN and Common Code numbers of the Notes to be redeemed, the Redemption Date, the Redemption Price, the place or places
of payment, and that payment shall be made upon presentation and surrender of such Notes. Once notice of redemption is delivered
to Holders, the Notes called for redemption shall become due and payable on the Redemption Date at the Redemption Price. On the
Redemption Date, the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued,
as applicable, shall deposit with the Trustee or the Paying Agent an amount of money sufficient to redeem on the Redemption Date
all the Notes so called for redemption at the Redemption Price.

 

Unless there is a
default in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or any
portion of the Notes called for redemption from and including the Redemption Date.

 

If less than all of
the Notes are to be redeemed, the Trustee, upon prior notice from the Company, shall select the Notes to be redeemed, which, in
the case of Notes in book-entry form, shall be in accordance with the procedures of the applicable depositary or common safekeeper.
The Trustee may select Notes and portions of Notes in amounts of €100,000 and integral multiples of €1,000 in excess
thereof.

 

Payment of Additional
Amounts. All payments in respect of the Notes shall be made by Company, the Guarantor or the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, without withholding or deduction for, or on account of, any present or future
taxes, duties, assessments or governmental charges of whatever nature, imposed or levied by the Netherlands or the United States
or any taxing authority thereof or therein, as applicable, unless such withholding or deduction is required by law. If such withholding
or deduction is required by law, the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee
has been issued, as applicable, shall pay to a Holder who is not a United States person, as applicable, such additional amounts
(the “Additional Amounts”) on the Securities as are necessary in order that the net payment by the Company,
the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, or a Paying Agent
of principal of, and premium, if any, and interest on, the Securities to such Holder, after such withholding or deduction, shall
not be less than the amount provided in the Securities to be then due and payable, provided, however, that the foregoing
obligation to pay Additional Amounts shall not apply to the exceptions provided for in Section 1104 of the Original Indenture.

 

The Notes are subject
in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes.
Except as specifically provided hereunder, neither the Company nor the Guarantor nor the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, shall be required to make any payment for any tax, duty, assessment or governmental
charge of whatever nature imposed by any government or a political subdivision or taxing authority of or in any government or political
subdivision.

 

Place of Payment.
The Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, shall
make payment of the principal of, or premium, if any, and interest on, this Note to the Paying Agent by electronic means, in Euro.

 

Time of Payment.
If an Interest Payment Date, the Stated Maturity Date or any Redemption Date falls on a day that is not a Business Day, the required
payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on such Interest Payment Date, the Stated Maturity Date or such Redemption Date, as the case may be, and no additional interest
shall accrue on such payment as a result of payment on such next succeeding Business Day.

 

    A-3

     

    

 

Further Issuance.
The Company may, from time to time, without notice to, or the consent of, the Holders of the Notes, increase the principal amount
of the series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and
ratably with, and having the same interest rate, maturity and other terms as, the originally issued Notes (other than the issue
date and, to the extent applicable, issue price, initial Interest Payment Date and initial date of interest accrual). Any such
Additional Securities shall be consolidated, and constitute a single series of Securities, with the originally issued Notes for
all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN, Common Code or other identifying
number of any Outstanding Notes must be fungible with such Outstanding Notes for U.S. federal income tax purposes. If this Note
is represented by a Global Note, details of such Additional Securities may be entered in the records of the relevant Clearing Systems
such that the nominal amount of Notes represented by this Global Note may be increased by the amount of such Additional Securities
so issued.

 

Possible Future
Operating Partnership Guarantee. Upon and following consummation of the UPREIT Reorganization, if the Operating Partnership
incurs or assumes any recourse Funded Debt, or guarantees or otherwise becomes obligated with respect to any other entity's Funded
Debt, then the Guarantor shall cause the Operating Partnership, within 10 Business Days of such incurrence, assumption, guarantee
or other action, to (i) execute and deliver to the Trustee a supplemental indenture, in form reasonably satisfactory to the
Trustee, pursuant to which the Operating Partnership shall fully, unconditionally and irrevocably guarantee all of the payment
and other obligations under the Notes in a timely manner on a senior unsecured basis on terms consistent with the Guarantee and
(ii) deliver to the Trustee an Officer's Certificate and an opinion of counsel to the effect that each of such supplemental indenture
and such Operating Partnership Guarantee has been duly authorized, executed and delivered by, and constitutes a valid, legally
binding and enforceable obligation of, the Operating Partnership, except insofar as enforcement thereof may be limited by bankruptcy,
insolvency or similar laws or by general principles of equity. Any such Operating Partnership Guarantee shall provide that holders
of the Notes shall be entitled to proceed directly against the Operating Partnership without exercising their remedies against
any other obligor.

 

Events of Default.
If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared,
and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture.

 

Sinking Fund.
The Notes are not subject to, or entitled to the benefits of, any sinking fund.

 

Satisfaction and
Discharge. The Indenture contains provisions where, upon the Company’s direction and satisfaction of certain conditions,
the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of
the Indenture.

 

Legal Defeasance
and Covenant Defeasance. The Indenture contains provisions for legal defeasance of certain obligations of the Company, the
Guarantor and the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, under this Note and
the Indenture and covenant defeasance of certain obligations of the Company, the Guarantor and the Operating Partnership if an
Operating Partnership Guarantee has been issued, as applicable, under the Indenture.

 

Modification and
Waivers; Obligations of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company, Guarantor and the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, and the rights of the Holders of the Securities. Such amendment and modification
may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of each series affected thereby (voting as separate classes). The Indenture
also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Company, the Guarantor
or the Operating Partnership, as applicable, with certain provisions of the Indenture. Furthermore, provisions in the Indenture
permit the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series to waive, on behalf
of the Holders of all Outstanding Securities of such series, certain past defaults under the Indenture and their consequences.
Any such consent or waiver in respect of the Notes shall be conclusive and binding upon the Holder of this Note and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, the Guarantor
or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, which is absolute and unconditional,
to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency,
herein prescribed.

 

    A-4

     

    

 

Limitation on Suits.
As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note shall have any right to institute any proceeding,
judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder,
except in the case of failure of the Trustee, for 60 days, to act after it has received a written request to institute proceedings
in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well
as an offer of indemnity or security reasonably satisfactory to it, and no inconsistent direction has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding
any other provision of the Indenture, each Holder of a Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute
suit for the enforcement therefor, and this right shall not be impaired without the consent of such Holder.

 

Authorized Denominations.
The Notes are issuable only in registered form without coupons in minimum denominations of €100,000 or any integral multiple
of €1,000 in excess thereof.

 

Effectuation.
This Note shall not be valid for any purposes until it has been effectuated for or on behalf of the entity appointed as common
safekeeper by the relevant Clearing Systems.

 

Registration of
Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer
of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration
of transfer, at the Office of the Paying Agent (or, otherwise, in accordance with applicable procedures of Euroclear and Clearstream)
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 or her attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees.
The Indenture is written with the intention of meeting the requirements for the Note to be in “registered form” within
the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”)
(and any other relevant or successor provisions of the Code) and is to be so construed.

 

As provided in the
Indenture and subject to certain limitations herein and therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge
shall be made for any such registration of transfer or exchange, but the Company, the Guarantor or
the Operating Partnership if an Operating Partnership Guarantee has been issued, 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 Note for registration of transfer, the Company, the Guarantor or the Operating Partnership if an Operating Partnership
Guarantee has been issued, as applicable, the Trustee and any agent of the Company, the Guarantor, the Operating Partnership if
an Operating Partnership Guarantee has been issued, the Trustee or the Paying Agent may treat the Holder as the owner hereof for
all purposes, whether or not this Note be overdue, and none of the Company, the Guarantor or the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, the Trustee, the Paying Agent or any such agent shall be affected by notice
to the contrary.

 

Defined Terms.
All terms used but not defined in this Note shall have the meanings assigned to them in the Indenture.

 

Governing Law.
The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of New York without regard
to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE COMPANY, the
Guarantor 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 THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
HEREBY.

 

Unless the certificate
of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

 

The Company has caused
“ISIN” numbers and a Common Code to be printed on the Notes as a convenience to the Holders of the Notes. No representation
is made as to the correctness or accuracy of such ISIN number or Common Code printed on the Notes, and reliance may be placed only
on the other identification numbers printed hereon.

 

    A-5

     

    

 

ASSIGNMENT

 

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

 

	 

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

 

	 	 	 

 

	 

(Please print or typewrite name and address,

including postal zip code, of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

 

	 
	 

 

to transfer said Note on the books of the
Trustee, with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.

 

	        	 	 
	Signature Guarantee	 

 

    A-6

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN NOTE

 

The following increases or decreases in
this Note have been made:

 

	Date of Exchange	 	Amount of
 decrease in
 Principal Amount 
 of this
 Note	 	Amount of increase 
 in 
 Principal Amount 
 of this 
 Note	 	Principal Amount 
 of this 
 Note following such 
 decrease or 
 increase	 	Signature of 
 authorized 
 signatory of
 Common Service 
 Provider to 
 the Clearing 
 Systems

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