Document:

Exhibit 10.8

 

April 21,
2010

 

Mr. J.
Alberto Gonzalez-Pita

408
Grand Augusta Lane

Las
Vegas, NV 89144

 

Dear
Al:

 

We
are very pleased to offer you the position of Executive Vice President —
General Counsel and Corporate Secretary at HCP, Inc.  Your start date will be no later than May 17,
2010.  If
you are unable to start by that date, this offer will be withdrawn.  This offer is contingent upon the
satisfactory completion of a background check and other pre-employment
screenings.  An Authorization and Disclosure
Form is attached for your review and signature.  We will notify you once the pre-employment
screenings have been completed.

 

Arrangements
of your employment are as follows:

 

1.               Your base annual
compensation will be $350,000 paid on a semi-monthly basis.  Your position is exempt.

 

2.               Your bonus for 2010 will be
$410,000 unless you resign or are discharged for misconduct prior to December 31,
2010. Thereafter, annual bonuses are discretionary. Since discretionary bonuses
are paid both for performance during a year and for continued active service
until the date the bonus is paid, no discretionary bonus will be paid unless
you are still actively employed at the time bonuses are paid. Bonuses are
typically awarded in the first quarter of the year following the year for which
performance is evaluated; however, your bonus for 2010 will be paid not later
than December 31, 2010.  Further, on
or before February 28, 2011, in addition to any other amounts set forth
herein, you will be paid a lump sum of $300,000, less legally required
deductions.

 

3.               Performance and compensation
evaluations are performed on an annual basis.

 

4.               You are eligible for three
weeks of vacation for 2010 which will be available in its entirety on your
start date.  Thereafter, you will be eligible
for four weeks of vacation per year, which will begin accruing ratably on January 1,
2011. You will also be eligible to participate in all company programs (e.g.,
indemnification and change in control) generally available to other executive
vice presidents.

 

5.               Upon employment, restricted
common stock with a value of $750,000 (based on the average closing stock price
on the 10 trading days immediately preceding your first day) will be awarded to
you.  This is a “one-time” grant in the
context of joining HCP.  This stock is
subject to a pro rata three year annual vesting schedule.

 

6.               In the first quarter of
2011, you will be granted a combination of restricted stock, performance based
restricted stock units and stock options with a “value upon grant” of no less
than $500,000.  Value upon grant means (i) for
restricted stock or restricted stock units, the closing price of HCP’s common
stock on the date of the grant times the number of shares granted plus (ii) for
stock options, the value as calculated by the Black—Scholes or other similar
valuation method times the number of options granted.  The equity described in this paragraph is
subject to a pro rata five year annual vesting schedule.  The written agreements for your equity
described in this paragraph, paragraph 5 and future equity grants will define “retirement”
as attaining age 63 and completing at least seven years of employment.

 

 

7.               On the first of the month
following date of employment (or coincident with the date of employment if such
date is the first business day of the month) you will be eligible for the
following benefits to the extent provided to regular employees of HCP: medical,
dental, vision, life and disability insurance and eligible to contribute to the
401(k) Plan.  Additionally, on the
first of the month following 90 days of employment, you will be eligible to
participate in the Section 125 Cafeteria Plan’s Health Care &
Dependent Care Flexible Spending Plan. 
You will become eligible to receive the company matching contribution
for the 40l (k) Plan on the first of the month following three months of
employment.

 

8.               HCP will reimburse you for
actual documented relocation expenses as set forth in the attached addendum,
but not to exceed $100,000. If not previously utilized, relocation benefits
will expire in their entirety after 12 months from your start date.

 

9.               HCP will provide a
reasonable “gross-up” for tax purposes on reimbursed expenses provided for in
paragraph 8 and such gross-up will not be subject to the $100,000 cap.

 

You
understand that you will be an employee at will and that you may quit or be
transferred, reassigned, promoted, suspended, demoted and/or discharged at any
time with or without cause and with or without prior notice.  No other promises or representations have
been made to you.

 

You
will also be required to sign an agreement that any employment dispute will be
subject to arbitration.  Attached is the
agreement for your review.

 

Al,
once you have had a chance to review the foregoing, please sign the enclosed
copy of this letter, and return under confidential cover to me.  This offer will expire on April 21,
2010, if not earlier accepted.

 

Kind regards,

 

 

	
  /s/ JAMES F. FLAHERTY III

  	
   

  
	
  James F. Flaherty III

  	
   

  
	
  Chairman
  and Chief Executive Officer

  	
   

  

 

 

I
agree to accept employment with HCP on this basis. I agree that no other
promises or representations have been made to me relating to my employment
other than those set forth in writing above.

 

	
  Accepted
  by:

  	
  /s/ J. ALBERTO GONZALEZ-PITA

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  April 21, 2010

  	
   

  

 

 

Attachments

 

2

 

Addendum to Offer Letter

Reimbursable Relocation Expenses

 

1.               Movement (packing,
unpacking, transportation, and insurance) of household goods and personal
effects.

 

2.               Temporary storage of
household goods and personal effects.

 

3.               Temporary rental and
commuting (between Las Vegas and Long Beach) until six months after your start
date.

 

4.               Normal closing costs of
buying a primary residence in California (including title, inspection, survey, recording,
notary, credit report, and appraisal).

 

5.               New residence utility
connection fees.Exhibit 10.1

 

2010 EXECUTIVE INCENTIVE PAYMENT PLAN, AS AMENDED

 

1.               Target Award for each Participant

 

·                                    17.5 percent of annual base salary

·                                    Additional 17.5 percent of annual base salary (Michael
Smith, Sally Washlow and Anthony Mirabelli (pro rated for term of employment))
- if pre-tax profit exceeds a higher pre-established performance level

 

2.               Criteria

 

100
percent of the “target” award for each participant tied to Cobra Electronics
Corporation exceeding target pre-tax profit levels without regard to extraordinary
or other nonrecurring or unusual items in accordance with generally accepted
accounting principles unless the Compensation Committee determines that any
such item shall not be disregarded.

 

3.               Payments

 

If
performance goal is exceeded, each participant will receive his or her pro rata
portion (calculated based on the “target” award of such participant measured
against the aggregate target awards of all participants) of such excess until
all of the participants in the plan receive their full “target” awards.

 

4.               Other Terms

 

·                                    Pre-tax profit will be calculated based on Cobra Electronics
Corporation’s consolidated results

·                                    Incentive payments will be processed with the next regularly
scheduled payroll after the approval by the Board of Directors of 2010 audited
consolidated results, but not later than March 15, 2011, subject to
changes approved by the Compensation CommitteeExhibit 4.1

EXECUTION COPY

 

 

 

 

THIRD SUPPLEMENTAL INDENTURE

 

between

 

WESTPAC BANKING CORPORATION

 

and

 

THE BANK OF NEW YORK MELLON

 

(as successor to The Chase
Manhattan Bank)

 

as Trustee

 

Dated as of August 3,
2010

 

 

THIRD
SUPPLEMENTAL INDENTURE

 

THIRD SUPPLEMENTAL INDENTURE, dated as of August 3, 2010 (the “Third
Supplemental Indenture”), between WESTPAC BANKING CORPORATION (ABN 33 007 457
141), a company incorporated in the Commonwealth of Australia under the
Corporations Act 2001 of Australia and registered in New South Wales (the “Company”),
and THE BANK OF NEW YORK MELLON, a New York banking corporation, as successor
to The Chase Manhattan Bank, as trustee (the “Trustee”).

 

RECITALS:

 

WHEREAS, the Company and The Chase Manhattan
Bank are parties to a Senior Indenture, dated as of July 1, 1999 (the “Base
Indenture”), relating to the issuance from time to time by the Company of
Securities in one or more series as therein provided;

 

WHEREAS, the Trustee has succeeded The Chase
Manhattan Bank as trustee under the Base Indenture;

 

WHEREAS, the Company and the Trustee entered
into the First Supplemental Indenture, dated as of August 27, 2009 (the “First
Supplemental Indenture”), among other things, to supplement and amend certain
provisions of the Base Indenture (the Base Indenture, as supplemented and
amended by the First Supplemental Indenture is referred to herein as the “Amended
Base Indenture” and the Amended Base Indenture as further supplemented by this
Third Supplemental Indenture, is referred to herein as the “Indenture”);

 

WHEREAS, Section 8.1(7) of the
Amended Base Indenture provides that the Company may enter into a supplemental
indenture to establish the forms or terms of Securities of any series as
permitted by Sections 2.1 and 3.1 therein;

 

WHEREAS, in connection with the issuance of the
2013 Notes and the 2015 Notes (each as defined herein), the Company has duly
authorized the execution and delivery of this Third Supplemental Indenture to
establish the forms and terms of the 2013 Notes and the 2015 Notes as
hereinafter described; and

 

WHEREAS, all conditions and requirements of the
Amended Base Indenture necessary to make this Third Supplemental Indenture a
valid, binding and legal instrument in accordance with its terms have been
performed and fulfilled by the parties hereto.

 

NOW, THEREFORE, for and in consideration of the
premises and other good and valuable consideration, receipt of which is hereby
acknowledged by the parties hereto, the parties hereto hereby agree as follows:

 

 

ARTICLE I

DEFINITIONS

 

Section 1.01                                General
Definitions.  For
purposes of this Third Supplemental Indenture:

 

(a)                                  Capitalized
terms used herein without definition shall have the meanings specified in the
Amended Base Indenture;

 

(b)                                 All references
to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of the Amended Base Indenture; and

 

(c)                                  The terms “herein,”
“hereof,” “hereunder” and other words of similar import refer to this Third
Supplemental Indenture as a whole and not to any particular Article, Section or
other subdivision.

 

ARTICLE II

THE 2013 NOTES

 

Section 2.01                                Title of
Securities.  There shall
be a series of Securities of the Company designated the “2.10% Notes due August 2,
2013” (the “2013 Notes”).

 

Section 2.02                                Limitation of
Aggregate Principal Amount.  The aggregate principal amount of the 2013
Notes shall initially be limited to US$1,000,000,000.  The Company may from time to time, without
the consent of the Holders of the 2013 Notes, create and issue additional notes
having the same terms and conditions as the 2013 Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon (“Additional
2013 Notes”).  Additional 2013 Notes
issued in this manner will be consolidated with, and will form a single series
with, the 2013 Notes, unless such Additional 2013 Notes will not be treated as
fungible with the 2013 Notes for U.S. federal income tax purposes. The 2013
Notes and any such Additional 2013 Notes would rank equally and ratably.

 

Section 2.03                                Principal
Payment Date.  The
principal amount of the 2013 Notes Outstanding (together with any accrued and
unpaid interest) shall be payable in a single installment on August 2,
2013, which date shall be the Stated Maturity of the 2013 Notes.

 

Section 2.04                                Interest and
Interest Rates.  The 2013
Notes will bear interest at a rate of 2.10% per year from August 3, 2010,
or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, and interest on the 2013 Notes shall be payable
semi-annually in arrears on February 2 and August 2 of each year,
beginning on February 2, 2011 and ending on August 2, 2013, to the
Holders of record on the preceding January 18 or July 18 (whether or
not a Business Day), as the case may be. 

 

 

Interest will be computed on
the basis of a 360-day year consisting of twelve 30-day months.  The amount of interest payable for any period
less than a full interest period shall be computed on the basis of a 360-day
year consisting of twelve 30-day months and the actual days elapsed in a
partial month in such period.  Any
payment of principal, premium or interest required to be made on an Interest
Payment Date that is not a Business Day shall be made on the next succeeding
Business Day, and no interest will accrue on that payment for the period from
and after such Interest Payment Date to the date of payment on the next
succeeding Business Day.  For purposes of
the 2013 Notes , “Business Day” shall mean any calendar day that is not
a Saturday, Sunday or legal holiday in New York, London or Sydney and on which
commercial banks are open for business in New York, London and Sydney.

 

Section 2.05                                Place of
Payment.  The Place of Payment where the
2013 Notes may be presented or surrendered for payment, where the 2013 Notes
may be surrendered for registration of transfer or exchange and where notices
and demand to or upon the Company in respect of the 2013 Notes and the
Indenture may be served initially shall be the Corporate Trust Office of the
Trustee maintained for that purpose in the Borough of Manhattan, City of New
York.

 

Section 2.06                                Redemption.  The Company shall not have the right to
redeem the 2013 Notes other than pursuant to Section 10.8 of the Amended
Base Indenture.

 

Section 2.07                                No Sinking Fund. The 2013
Notes are not entitled to the benefit of any sinking fund.

 

Section 2.08                                Form.  The 2013 Notes shall be issued initially as
Registered Securities (as defined in the Amended Base Indenture) in the form of
one or more permanent notes in global form, without coupons, substantially in
the form attached hereto as Exhibit A, deposited with The Bank of New York
Mellon, as custodian for the Depositary, duly executed by the Company and
authenticated by the Trustee as herein provided.

 

Section 2.09                                Denomination.  The 2013 Notes shall be issuable only in
denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.
The 2013 Notes shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plans as the Officers of the Company
executing the same may determine with the approval of the Trustee.

 

Section 2.10                                Depositary.  The Depository Trust Company shall be the
initial Depositary, until a successor shall have been appointed and become such
pursuant to the applicable provisions of the Amended Base Indenture, and
thereafter, “Depositary” shall mean or include such successor.

 

Section 2.11                                Defeasance;
Discharge.  The provisions
of Sections 4.3, 4.4, 4.5 

 

 

and 4.6 of the Amended Base
Indenture will apply to the 2013 Notes .

 

ARTICLE III

THE 2015 NOTES

 

Section 3.01                                Title of
Securities.  There shall
be a series of Securities of the Company designated the “3.00% Notes due August 4,
2015” (the “2015 Notes”).

 

Section 3.02                                Limitation of
Aggregate Principal Amount.  The aggregate principal amount of the 2015
Notes shall initially be limited to US$2,000,000,000.  The Company may from time to time, without
the consent of the Holders of the 2015 Notes, create and issue additional notes
having the same terms and conditions as the 2015 Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon (“Additional
2015 Notes”).  Additional 2015 Notes
issued in this manner will be consolidated with, and will form a single series
with, the 2015 Notes, unless such Additional 2015 Notes will not be treated as
fungible with the 2015 Notes for U.S. federal income tax purposes. The 2015
Notes and any such Additional 2015 Notes would rank equally and ratably.

 

Section 3.03                                Principal
Payment Date.  The
principal amount of the 2015 Notes Outstanding (together with any accrued and
unpaid interest) shall be payable in a single installment on August 4,
2015, which date shall be the Stated Maturity of the 2015 Notes.

 

Section 3.04                                Interest and
Interest Rates.  The 2015
Notes will bear interest at a rate of 3.00% per year from August 3, 2010,
or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, and interest on the 2015 Notes shall be payable
semi-annually in arrears on February 4 and August 4 of each year,
beginning on February 4, 2011 and ending on August 4, 2015, to the
Holders of record on the preceding January 20 or July 20 (whether or
not a Business Day), as the case may be. 
Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months.  The amount of
interest payable for any period less than a full interest period shall be
computed on the basis of a 360-day year consisting of twelve 30-day months and
the actual days elapsed in a partial month in such period.  Any payment of principal, premium or interest
required to be made on an Interest Payment Date that is not a Business Day
shall be made on the next succeeding Business Day, and no interest will accrue
on that payment for the period from and after such Interest Payment Date to the
date of payment on the next succeeding Business Day.  For purposes of the 2015 Notes, “Business
Day” shall mean any calendar day that is not a Saturday, Sunday or legal
holiday in New York, London or Sydney and on which commercial banks are open
for business in New York, London and Sydney.

 

Section 3.05                                Place of
Payment.  The Place of Payment where the
2015 Notes may be presented or surrendered for payment, where the 2015 Notes
may be surrendered for registration of transfer or exchange and where notices
and demand to or upon the 

 

 

Company in respect of the
2015 Notes and the Indenture may be served initially shall be the Corporate
Trust Office of the Trustee maintained for that purpose in the Borough of
Manhattan, City of New York.

 

Section 3.06                                Redemption.  The Company shall not have the right to
redeem the 2015 Notes other than pursuant to Section 10.8 of the Amended
Base Indenture.

 

Section 3.07                                No Sinking Fund. The 2015
Notes are not entitled to the benefit of any sinking fund.

 

Section 3.08                                Form.  The 2015 Notes shall be issued initially as
Registered Securities (as defined in the Amended Base Indenture) in the form of
one or more permanent notes in global form, without coupons, substantially in
the form attached hereto as Exhibit B, deposited with The Bank of New York
Mellon, as custodian for the Depositary, duly executed by the Company and
authenticated by the Trustee as herein provided.

 

Section 3.09                                Denomination.  The 2015 Notes shall be issuable only in
denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.
The 2015 Notes shall be numbered, lettered, or otherwise distinguished in such
manner or in accordance with such plans as the Officers of the Company
executing the same may determine with the approval of the Trustee.

 

Section 3.10                                Depositary.  The Depository Trust Company shall be the
initial Depositary, until a successor shall have been appointed and become such
pursuant to the applicable provisions of the Amended Base Indenture, and
thereafter, “Depositary” shall mean or include such successor.

 

Section 3.11                                Defeasance;
Discharge.  The
provisions of Sections 4.3, 4.4, 4.5 and 4.6 of the Amended Base Indenture will
apply to the 2015 Notes.

 

ARTICLE IV

MISCELLANEOUS

 

Section 4.01                                Integral Part;
Effect of Supplement on Indenture.  This Third Supplemental Indenture constitutes
an integral part of the Indenture.  The
Amended Base Indenture shall remain in full force and effect as executed.

 

Section 4.02                                Adoption,
Ratification and Confirmation.  The Indenture, as supplemented by this Third
Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed.

 

Section 4.03                                Trustee Not
Responsible for Recitals.  The
recitals in this Third Supplemental Indenture shall be taken as statements of
the Company, and the Trustee 

 

 

assumes no responsibility
for their correctness.  The Trustee makes
no representations as to the validity or adequacy of this Third Supplemental
Indenture.

 

Section 4.04                                Counterparts.  This Third Supplemental Indenture may be
executed in any number of counterparts, each of which shall be an original but
such counterparts shall together constitute but one instrument.

 

Section 4.05                                Separability.  In case any provision of this Third
Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

 

Section 4.06                                Governing Law.  This Third Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
including all matters of construction, validity and performance.

 

[signature
page follows]

 

 

IN WITNESS WHEREOF, the Company and the Trustee
have executed this Third Supplemental Indenture as of the date first above
written.

 

	
   

  	
  WESTPAC BANKING CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Manuela Adl

  
	
   

  	
   

  	
  Name: Manuela Adl

  
	
   

  	
   

  	
  Title: Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK MELLON, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joellen McNamara

  
	
   

  	
   

  	
  Name: Joellen McNamara

  
	
   

  	
   

  	
  Title: Senior Associate

  

 

 

EXHIBIT A

 

(FORM OF FACE OF NOTE)

 

[THIS
SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. EVERY SECURITY AUTHENTICATED AND
DELIVERED UPON REGISTRATION OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS
SECURITY WILL BE IN GLOBAL FORM, SUBJECT TO THE FOREGOING.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, 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 SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](1)

 

 

	
  No. [·]

  	
  CUSIP No. 961214BM4

  
	
   

  	
  ISIN No. US961214BM40

  

 

WESTPAC
BANKING CORPORATION

 

2.10%
NOTE DUE AUGUST 2, 2013

 

WESTPAC BANKING CORPORATION, a company
incorporated in the Commonwealth of Australia under the Corporations Act 2001
of Australia and registered in New South Wales (the “Company”), which
term includes any successor corporation 

 

(1) 
Insert in Global Notes only

 

 

under the Indenture hereinafter referred to,
for value received, hereby promises to pay to [·] or registered assigns, the principal sum of [·] (US$[·]) on August 2, 2013 (the “Stated Maturity”).  The Notes will bear interest at a rate of
2.10% per year from August 3, 2010, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, and interest
on the Notes shall be payable semi-annually in arrears on February 2 and August 2
of each year (each such date, an “Interest Payment Date”), beginning on February 2,
2011 and ending on August 2, 2013. 
Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months.  The amount of
interest payable for any period less than a full interest period shall be
computed on the basis of a 360-day year consisting of twelve 30-day months and
the actual days elapsed in a partial month in such period.  Any payment of principal, premium or interest
required to be made on an Interest Payment Date that is not a Business Day
shall be made on the next succeeding Business Day, and no interest will accrue
on that payment for the period from and after such Interest Payment Date to the
date of payment on the next succeeding Business Day.  For purposes hereof, “Business Day”
shall mean any calendar day that is not a Saturday, Sunday or legal holiday in
New York, London or Sydney and on which commercial banks are open for business
in New York, London and Sydney.

 

Interest
on this Note which is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which in the case of the Notes
shall be the close of business on January 18 or July 18 (whether or
not a Business Day), as the case may be, at the office or agency maintained for
such purpose pursuant to the Indenture; provided, however, that at the option
of the Company, interest on this Note may be paid (i) by check mailed to
the address of the Person entitled thereto as it shall appear on the Register
or (ii) to a Holder of US$1,000,000 or more in aggregate principal amount
of the Notes by wire transfer to an account maintained by the Person entitled
thereto as specified in the Register. 
Any interest on this Note which is payable, but is not punctually paid
or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest shall instead be payable to the Person in whose name this
Note is registered on the Special Record Date or other specified date in
accordance with the Indenture.

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory
for any purpose until the Certificate of Authentication hereon shall have been
signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on
the reverse side hereof and such continued provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this        day of
                              ,
2010.

 

 

	
   

  	
  WESTPAC BANKING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

CERTIFICATE OF
AUTHENTICATION

 

This is one of the Securities of the series
designated herein and issued under the within-mentioned Indenture.

 

 

	
   

  	
   

  	
   

  	
  The Bank of New York Mellon, as Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

 

(FORM OF REVERSE OF NOTE)

 

This Note is one of a duly authorized series of
securities of the Company, issued and to be issued in one or more series under
and pursuant to a Senior Indenture, dated as of July 1, 1999 (the “Base
Indenture”), duly executed and delivered between the Company and The Bank
of New York Mellon, as successor to The Chase Manhattan Bank, as trustee (the “Trustee”,
which term includes any successor trustee under the Indenture), as supplemented
and amended by the First Supplemental Indenture, dated as of August 27, 2009,
between the Company and the Trustee (the “First Supplemental Indenture”
and, together with the Base Indenture, the “Amended Base Indenture”),
and as further supplemented by the Third Supplemental Indenture, dated as of
August 3, 2010, between the Company and the Trustee (the “Third Supplemental
Indenture”; the Amended Base Indenture, as further supplemented by the
Third Supplemental Indenture, the “Indenture”), to which Indenture and
all Indentures supplemental thereto reference is hereby made for a description
of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes.  This Note is one of a series of securities designated
on the face hereof (the “Notes”). 
The Notes are issued pursuant to the Indenture and are limited in
aggregate principal amount to US$1,000,000,000; provided,
however, that the Company may from time to time, without the consent
of the Holders of the Notes, create and issue additional notes having the same
terms and conditions as the Notes in all respects or in all respects except for
issue date, issue price and, if applicable, the first date on which interest
accrues and the first payment of interest thereon.  Additional notes issued in this manner will
be consolidated with, and will form a single series with, the Notes, unless
such additional notes will not be treated as fungible with the Notes for U.S.
federal income tax purposes. The Notes and any such additional notes would rank
equally and ratably.

 

In accordance with Section 10.8 of the Amended
Base Indenture, pursuant to the procedure set forth in Article X of the Amended
Base Indenture, the Notes may be redeemed at the option of the Company, in
whole but not in part, at any time within 90 days following the occurrence of a
Tax Event (as defined herein) at a Redemption Price equal to 100% of the
principal amount thereof, plus accrued interest to but excluding the Redemption
Date; provided, however, that, if at the time
there is available to the Company the opportunity to eliminate, within the
90-day period, the Tax Event by taking some ministerial action, such as filing
a form or making an election, or pursuing some other similar reasonable measure
that in the Company’s sole judgment has or will cause no adverse effect on the
Company or any of its Subsidiaries or Affiliates and will involve no material
cost, the Company will pursue that measure in lieu of redemption.  “Tax Event” means that the Company has
requested and received an opinion of competent tax counsel to the effect that
there has been (1) an amendment to, change in or announced proposed change in
the laws or regulations under those laws of the Commonwealth of Australia or
any political subdivision or authority thereof or therein; (2) a judicial
decision interpreting, applying or clarifying those laws or regulations; (3) an

 

 

administrative pronouncement or action that
represents an official position, including a clarification of an official
position, of the governmental authority or regulatory body making the
administrative pronouncement or taking any action; or (4) a threatened
challenge asserted in connection with an audit of the Company, or any of its
Subsidiaries, or a threatened challenge asserted in writing against any other
taxpayer that has raised capital through the issuance of securities that are
substantially similar to the Notes, which amendment or change is adopted or
which proposed change, decision or pronouncement is announced or which action,
clarification or challenge occurs on or after July 26, 2010, following which
there is more than an insubstantial risk that any payment on the Notes is, or
will be, subject to withholding or deduction in respect of any taxes,
assessments or other governmental charges.

 

Notice of any such redemption of the Notes will
be given to Holders of the Notes at their addresses, as shown in the Register,
not more than 60 nor less than 30 days prior to the date fixed for redemption,
and otherwise in accordance with Article X of the Amended Base Indenture.

 

The Indenture contains provisions for
defeasance and covenant defeasance at any time of the indebtedness evidenced by
this Note upon compliance by the Company with certain conditions set forth
therein.

 

If an Event of Default shall have occurred and
be continuing, the principal hereof may be declared, and upon such declaration
become, due and payable immediately, in the manner, with the effect and subject
to the conditions provided in the Indenture. 
The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes, on
behalf of all of the Holders of the Notes, to waive any Event of Default under
the Indenture and its consequences, subject to Section 5.7 of the Amended Base
Indenture.

 

In accordance with Section 9.8 of the Amended
Base Indenture, all payments in respect of this Note shall be made without
withholding or deduction for, or on account of, any taxes, assessments or other
governmental charges (“relevant tax”) imposed or levied by or on behalf of the
Commonwealth of Australia or any political subdivision or authority in or of
the Commonwealth of Australia, unless the withholding or deduction is required
by law. In that event, the Company will pay such additional amounts (“Additional
Amounts”) as may be necessary so that the net amount received by the Holder of
this Note, after such withholding or deduction, will equal the amount that the
Holder would have received in respect of this Note without such withholding or
deduction.  However, the Company will pay
no Additional Amounts for or on account of:

 

(1)  any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
was a resident, domiciliary or national of, or engaged in business or
maintained a permanent establishment or was physically present in, the
Commonwealth of Australia or any political 

 

 

subdivision or taxing authority thereof or
therein or otherwise had some connection with the Commonwealth of Australia or
any political subdivision or taxing authority thereof or therein other than
merely holding this Note, or receiving payments under this Note;

 

(2)  any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment in the Commonwealth of Australia, unless the
Holder, or the beneficial owner, was required to present this Note for payment
and it could not have been presented for payment anywhere else;

 

(3)  any relevant tax that would not have been
imposed but for the fact that the Holder, or the beneficial owner, of this Note
presented this Note for payment more than 30 days after the date such payment
became due and was provided for, whichever is later, except to the extent that
the Holder or beneficial owner would have been entitled to the additional
amounts on presenting this Note for payment on any day during that 30 day
period;

 

(4)  any relevant tax that is an estate,
inheritance, gift, sale, transfer, personal property or similar tax;

 

(5)  any relevant tax which is payable otherwise
than by withholding or deduction;

 

(6)  any relevant tax that would not have been
imposed if the Holder, or the beneficial owner, of this Note complied with the
Company’s request to provide information concerning his, her or its
nationality, residence or identity or to make a declaration, claim or filing or
satisfy any requirement for information or reporting that is required to
establish the eligibility of the Holder, or the beneficial owner, of this Note
to receive the relevant payment without (or at a reduced rate of) withholding
or deduction for or on account of any such relevant tax;

 

(7)  any relevant tax that would not have been
imposed but for the Holder, or the beneficial owner, of this Note being an
associate of the Company for purposes of section 128F(6) of the Income Tax
Assessment Act 1936 of the Commonwealth of Australia (the “Australian Tax Act”);

 

(8)  any relevant tax that is imposed or withheld
as a consequence of a determination having been made under Part IVA of the
Australian Tax Act (or any modification thereof or provision substituted
therefor) by the Australian Commissioner of Taxation that such relevant tax is
payable in circumstances where the Holder, or the beneficial owner, of this
Note is a party to or participated in a scheme to avoid such relevant tax which
the Company was not a party to;

 

 

(9)  any relevant tax that is imposed pursuant to
European Council Directive 2003/48/EC (the “Directive”) or any law implementing
or complying with, or introduced in order to conform to, such Directive, or any
agreement entered into by a Member State of the European Union with (A) any
other state or (B) any relevant, dependent or associated territory of any
Member State of the European Union providing for measures equivalent to, or the
same as those provided for by such Directive; or

 

(10)  any combination of the foregoing.

 

In addition, the Company will pay no Additional
Amounts to any Holder who is a fiduciary or partnership or other than the sole
beneficial owner of the payment in respect of this Note to the extent such
payment would, under the laws of the Commonwealth of Australia or any political
subdivision or authority of or in the Commonwealth of Australia, be treated as
being derived or received for tax purposes by a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to Additional Amounts had it been the Holder
of this Note.

 

Any reference in this Note to principal or
interest shall be deemed to also refer to any Additional Amount that may be
payable as provided above.

 

The Indenture contains provisions permitting
the Company and the Trustee, with the written consent of the Holders of not
less than a majority in aggregate principal amount (calculated as provided in
the Indenture) of the Outstanding Securities of each series adversely affected
thereby to add any provisions to or to change or eliminate any provisions of
the Indenture or any supplemental indenture or to modify the rights of the
Holders of the Securities of such series, provided that,
without the consent of the Holder of each such Security so affected, no such
modification shall (a) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or reduce the
principal amount of any Security or the rate of interest thereon, or change the
coin or currency in which any Security or the interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity of any Security (or, in the case of redemption, on
or after the Redemption Date), or (b) reduce the percentage in principal amount
of the Outstanding Securities of any series, the consent of whose Holders is
required for any such amendment or modification, or the consent of whose
Holders is required for any waiver (of compliance with certain provisions of
the Indenture or certain defaults thereunder and their consequences) provided
for in the Indenture, or (c) change any obligation of the Company to maintain
an office or agency in the places and for the purposes specified in Section 9.2
of the Amended Base Indenture, or (d) except to the extent provided in Section
8.1(9) of the Amended Base Indenture, make any change in Section 5.2, 5.7, 5.10
or 8.2 of the Amended Base Indenture except to increase any percentage or to
provide that certain other provisions of the Indenture cannot be modified or
waived except with the consent 

 

 

of the Holders of each Outstanding Security
affected thereby.  Any such consent given
by the Holder of this Note shall be conclusive and binding upon such Holder and
all future Holders of this Note and of any Notes issued on registration hereof,
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent 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, which is absolute and unconditional, to pay the principal of,
premium, if any, and interest on this Note at the place, at the respective
time, at the rate and in the coin or currency herein prescribed.

 

Upon surrender for registration of transfer of
this Note, the Company shall execute and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, a new Note or
Notes of like tenor and authorized denominations for an equal aggregate
principal amount in exchange herefor, subject to the limitations provided in
the Indenture.  Every Note presented or
surrendered for registration of transfer or for exchange shall (if so required
by the Company, the Registrar or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the
Company, the Registrar and the Trustee duly executed by the Holder thereof or
his attorney duly authorized in writing. 
No service charge shall be made for any 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 Note 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 Note is registered as
the owner hereof for all purposes (subject to the provisions hereof with
respect to determination of the person to whom interest is payable).

 

Reference is 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 Notes
and of the terms upon which the Notes are to be authenticated and delivered.

 

No past, present or future director, officer,
employee, agent, member, manager, trustee or stockholder, as such, of the
Company or any successor Person shall have any liability for any obligations of
the Company or any successor Person, either directly or through the Company or
any successor Person, under the Notes or this Indenture or for any claim based
on, in respect of or by reason of such obligations or their creation, whether
by virtue of any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or
otherwise.  By accepting a Note, each
Holder agrees to the provisions of Section 1.13 of the Amended Base Indenture
and waives and releases all such liability. 
Such waiver and release shall be part of the consideration for the issue
of the Notes.

 

 

The Notes of this series shall be issuable only
in denominations of US$2,000 and integral multiples of US$1,000 in excess
thereof.  [This Global Note is
exchangeable for Notes in definitive form only under certain limited
circumstances set forth in the Indenture.](2) 
At the option of the Holder, the Notes (except a Note in global form)
may be exchanged for other Notes, of any authorized denominations and of a like
aggregate principal amount containing identical terms and provisions, upon
surrender of the Notes to be exchanged at such office or agency.

 

All terms used in this Note that are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

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 LAWS.

 

(2)  Insert in Global Notes only

 

 

TRANSFER NOTICE

 

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

 

Insert Taxpayer Identification No.

 

 

Please print or typewrite
name and address including zip code of assignee

 

 

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

 

	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Participant in a Recognized Signature 

  	
   

  
	
   

  	
  Guaranty Medallion Program)

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

 

EXHIBIT B

 

(FORM OF FACE OF NOTE)

 

[THIS
SECURITY IS IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, OR
IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE IN GLOBAL FORM, SUBJECT
TO THE FOREGOING.

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, 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 SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](3)

 

 

	
  No. [·]

  	
  CUSIP No. 961214BN2

  
	
   

  	
  ISIN
  No. US961214BN23

  

 

WESTPAC
BANKING CORPORATION

 

3.00%
NOTE DUE AUGUST 4, 2015

 

WESTPAC BANKING CORPORATION, a company
incorporated in the Commonwealth of Australia under the Corporations Act 2001
of Australia and registered in New South Wales (the “Company”), which
term includes any successor corporation 

 

(3)  Insert in Global Notes only

 

 

under the Indenture hereinafter referred to,
for value received, hereby promises to pay to [·] or registered assigns, the principal sum of [·] (US$[·]) on August 4, 2015 (the “Stated Maturity”).  The Notes will bear interest at a rate of
3.00% per year from August 3, 2010, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, and interest on the
Notes shall be payable semi-annually in arrears on February 4 and August 4 of
each year (each such date, an “Interest Payment Date”), beginning on
February 4, 2011 and ending on August 4, 2015. 
Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months.  The amount of
interest payable for any period less than a full interest period shall be
computed on the basis of a 360-day year consisting of twelve 30-day months and
the actual days elapsed in a partial month in such period.  Any payment of principal, premium or interest
required to be made on an Interest Payment Date that is not a Business Day
shall be made on the next succeeding Business Day, and no interest will accrue
on that payment for the period from and after such Interest Payment Date to the
date of payment on the next succeeding Business Day.  For purposes hereof, “Business Day”
shall mean any calendar day that is not a Saturday, Sunday or legal holiday in
New York, London or Sydney and on which commercial banks are open for business
in New York, London and Sydney.

 

Interest
on this Note which is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name this Note
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which in the case of the Notes
shall be the close of business on January 20 or July 20 (whether or not a
Business Day), as the case may be, at the office or agency maintained for such
purpose pursuant to the Indenture; provided, however, that at the option of the
Company, interest on this Note may be paid (i) by check mailed to the address
of the Person entitled thereto as it shall appear on the Register or (ii) to a
Holder of US$1,000,000 or more in aggregate principal amount of the Notes by
wire transfer to an account maintained by the Person entitled thereto as
specified in the Register.  Any interest
on this Note which is payable, but is not punctually paid or duly provided for,
on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder, and such Defaulted Interest shall instead
be payable to the Person in whose name this Note is registered on the Special Record
Date or other specified date in accordance with the Indenture.

 

This Note shall not be entitled to any benefit
under the Indenture hereinafter referred to or be valid or become obligatory
for any purpose until the Certificate of Authentication hereon shall have been
signed by or on behalf of the Trustee.

 

The provisions of this Note are continued on
the reverse side hereof and such continued provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed on this        day of
                              ,
2010.

 

 

	
   

  	
  WESTPAC BANKING CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the
Securities of the series designated herein and issued under the
within-mentioned Indenture.

 

 

	
   

  	
   

  	
  The Bank of New York
  Mellon, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Signatory

  

 

 

(FORM
OF REVERSE OF NOTE)

 

This Note is one of a
duly authorized series of securities of the Company, issued and to be issued in
one or more series under and pursuant to a Senior Indenture, dated as of July
1, 1999 (the “Base Indenture”), duly executed and delivered between the
Company and The Bank of New York Mellon, as successor to The Chase Manhattan
Bank, as trustee (the “Trustee”, which term includes any successor
trustee under the Indenture), as supplemented and amended by the First
Supplemental Indenture, dated as of August 27, 2009, between the Company and
the Trustee (the “First Supplemental Indenture” and, together with the
Base Indenture, the “Amended Base Indenture”), and as further
supplemented by the Third Supplemental Indenture, dated as of August 3, 2010, between
the Company and the Trustee (the “Third Supplemental Indenture”; the
Amended Base Indenture, as further supplemented by the Third Supplemental
Indenture, the “Indenture”), to which Indenture and all Indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and the Holders of the Notes.  This Note is one of a series of securities
designated on the face hereof (the “Notes”).  The Notes are issued pursuant to the
Indenture and are limited in aggregate principal amount to US$2,000,000,000; provided, however, that the Company may from time to time,
without the consent of the Holders of the Notes, create and issue additional
notes having the same terms and conditions as the Notes in all respects or in
all respects except for issue date, issue price and, if applicable, the first
date on which interest accrues and the first payment of interest thereon.  Additional notes issued in this manner will
be consolidated with, and will form a single series with, the Notes, unless
such additional notes will not be treated as fungible with the Notes for U.S.
federal income tax purposes. The Notes and any such additional notes would rank
equally and ratably.

 

In accordance with
Section 10.8 of the Amended Base Indenture, pursuant to the procedure set forth
in Article X of the Amended Base Indenture, the Notes may be redeemed at the
option of the Company, in whole but not in part, at any time within 90 days
following the occurrence of a Tax Event (as defined herein) at a Redemption
Price equal to 100% of the principal amount thereof, plus accrued interest to
but excluding the Redemption Date; provided, however,
that, if at the time there is available to the Company the opportunity to
eliminate, within the 90-day period, the Tax Event by taking some ministerial
action, such as filing a form or making an election, or pursuing some other
similar reasonable measure that in the Company’s sole judgment has or will
cause no adverse effect on the Company or any of its Subsidiaries or Affiliates
and will involve no material cost, the Company will pursue that measure in lieu
of redemption.  “Tax Event” means that
the Company has requested and received an opinion of competent tax counsel to
the effect that there has been (1) an amendment to, change in or announced
proposed change in the laws or regulations under those laws of the Commonwealth
of Australia or any political subdivision or authority thereof or therein; (2)
a judicial decision interpreting, applying or clarifying those laws or
regulations; (3) an 

 

 

administrative pronouncement or action that
represents an official position, including a clarification of an official
position, of the governmental authority or regulatory body making the
administrative pronouncement or taking any action; or (4) a threatened
challenge asserted in connection with an audit of the Company, or any of its
Subsidiaries, or a threatened challenge asserted in writing against any other
taxpayer that has raised capital through the issuance of securities that are
substantially similar to the Notes, which amendment or change is adopted or
which proposed change, decision or pronouncement is announced or which action,
clarification or challenge occurs on or after July 26, 2010, following which
there is more than an insubstantial risk that any payment on the Notes is, or
will be, subject to withholding or deduction in respect of any taxes,
assessments or other governmental charges.

 

Notice of any such
redemption of the Notes will be given to Holders of the Notes at their
addresses, as shown in the Register, not more than 60 nor less than 30 days
prior to the date fixed for redemption, and otherwise in accordance with
Article X of the Amended Base Indenture.

 

The Indenture
contains provisions for defeasance and covenant defeasance at any time of the
indebtedness evidenced by this Note upon compliance by the Company with certain
conditions set forth therein.

 

If an Event of
Default shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration become, due and payable immediately, in the
manner, with the effect and subject to the conditions provided in the
Indenture.  The Indenture contains
provisions permitting the Holders of not less than a majority in aggregate
principal amount of the Outstanding Notes, on behalf of all of the Holders of
the Notes, to waive any Event of Default under the Indenture and its
consequences, subject to Section 5.7 of the Amended Base Indenture.

 

In accordance with
Section 9.8 of the Amended Base Indenture, all payments in respect of this Note
shall be made without withholding or deduction for, or on account of, any
taxes, assessments or other governmental charges (“relevant tax”) imposed or
levied by or on behalf of the Commonwealth of Australia or any political
subdivision or authority in or of the Commonwealth of Australia, unless the
withholding or deduction is required by law. In that event, the Company will
pay such additional amounts (“Additional Amounts”) as may be necessary so that
the net amount received by the Holder of this Note, after such withholding or
deduction, will equal the amount that the Holder would have received in respect
of this Note without such withholding or deduction.  However, the Company will pay no Additional
Amounts for or on account of:

 

(1)          any relevant tax that would not have been imposed but
for the fact that the Holder, or the beneficial owner, of this Note was a
resident, domiciliary or national of, or engaged in business or maintained a
permanent establishment or was physically present in, the Commonwealth of
Australia or any political

 

 

subdivision or taxing
authority thereof or therein or otherwise had some connection with the
Commonwealth of Australia or any political subdivision or taxing authority
thereof or therein other than merely holding this Note, or receiving payments
under this Note;

 

(2)          any relevant tax that would not have been imposed but
for the fact that the Holder, or the beneficial owner, of this Note presented
this Note for payment in the Commonwealth of Australia, unless the Holder, or
the beneficial owner, was required to present this Note for payment and it
could not have been presented for payment anywhere else;

 

(3)          any relevant tax that would not have been imposed but
for the fact that the Holder, or the beneficial owner, of this Note presented
this Note for payment more than 30 days after the date such payment became due
and was provided for, whichever is later, except to the extent that the Holder
or beneficial owner would have been entitled to the additional amounts on
presenting this Note for payment on any day during that 30 day period;

 

(4)          any relevant tax that is an estate, inheritance, gift,
sale, transfer, personal property or similar tax;

 

(5)          any relevant tax which is payable otherwise than by
withholding or deduction;

 

(6)          any relevant tax that would not have been imposed if
the Holder, or the beneficial owner, of this Note complied with the Company’s
request to provide information concerning his, her or its nationality,
residence or identity or to make a declaration, claim or filing or satisfy any
requirement for information or reporting that is required to establish the
eligibility of the Holder, or the beneficial owner, of this Note to receive the
relevant payment without (or at a reduced rate of) withholding or deduction for
or on account of any such relevant tax;

 

(7)          any relevant tax that would not have been imposed but
for the Holder, or the beneficial owner, of this Note being an associate of the
Company for purposes of section 128F(6) of the Income Tax Assessment Act 1936
of the Commonwealth of Australia (the “Australian Tax Act”);

 

(8)          any relevant tax that is imposed or withheld as a
consequence of a determination having been made under Part IVA of the
Australian Tax Act (or any modification thereof or provision substituted
therefor) by the Australian Commissioner of Taxation that such relevant tax is
payable in circumstances where the Holder, or the beneficial owner, of this
Note is a party to or participated in a scheme to avoid such relevant tax which
the Company was not a party to;

 

 

(9)          any relevant tax that is imposed pursuant to European
Council Directive 2003/48/EC (the “Directive”) or any law implementing or
complying with, or introduced in order to conform to, such Directive, or any
agreement entered into by a Member State of the European Union with (A) any
other state or (B) any relevant, dependent or associated territory of any
Member State of the European Union providing for measures equivalent to, or the
same as those provided for by such Directive; or

 

(10)    any combination of the foregoing.

 

In addition, the
Company will pay no Additional Amounts to any Holder who is a fiduciary or partnership
or other than the sole beneficial owner of the payment in respect of this Note
to the extent such payment would, under the laws of the Commonwealth of
Australia or any political subdivision or authority of or in the Commonwealth
of Australia, be treated as being derived or received for tax purposes by a
beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner who would not have been entitled to
Additional Amounts had it been the Holder of this Note.

 

Any reference in this
Note to principal or interest shall be deemed to also refer to any Additional
Amount that may be payable as provided above.

 

The Indenture
contains provisions permitting the Company and the Trustee, with the written
consent of the Holders of not less than a majority in aggregate principal
amount (calculated as provided in the Indenture) of the Outstanding Securities
of each series adversely affected thereby to add any provisions to or to change
or eliminate any provisions of the Indenture or any supplemental indenture or
to modify the rights of the Holders of the Securities of such series, provided that, without the consent of the Holder of each
such Security so affected, no such modification shall (a) change the Stated
Maturity of the principal of, or any installment of principal of or interest
on, any Security, or reduce the principal amount of any Security or the rate of
interest thereon, or change the coin or currency in which any Security or the
interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity of any Security
(or, in the case of redemption, on or after the Redemption Date), or (b) reduce
the percentage in principal amount of the Outstanding Securities of any series,
the consent of whose Holders is required for any such amendment or
modification, or the consent of whose Holders is required for any waiver (of
compliance with certain provisions of the Indenture or certain defaults
thereunder and their consequences) provided for in the Indenture, or (c) change
any obligation of the Company to maintain an office or agency in the places and
for the purposes specified in Section 9.2 of the Amended Base Indenture, or (d)
except to the extent provided in Section 8.1(9) of the Amended Base Indenture,
make any change in Section 5.2, 5.7, 5.10 or 8.2 of the Amended Base Indenture
except to increase any percentage or to provide that certain other provisions
of the Indenture cannot be modified or waived except with the consent

 

 

of the Holders of each Outstanding Security
affected thereby.  Any such consent given
by the Holder of this Note shall be conclusive and binding upon such Holder and
all future Holders of this Note and of any Notes issued on registration hereof,
the transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent 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, which is absolute and unconditional,
to pay the principal of, premium, if any, and interest on this Note at the
place, at the respective time, at the rate and in the coin or currency herein
prescribed.

 

Upon surrender for
registration of transfer of this Note, the Company shall execute and the
Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, a new Note or Notes of like tenor and authorized
denominations for an equal aggregate principal amount in exchange herefor,
subject to the limitations provided in the Indenture.  Every Note presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company,
the Registrar or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company, the Registrar and
the Trustee duly executed by the Holder thereof or his attorney duly authorized
in writing.  No service charge shall be
made for any 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 Note 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 Note is registered as the owner hereof for all purposes (subject to the
provisions hereof with respect to determination of the person to whom interest
is payable).

 

Reference is 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 Notes and of the terms upon which the Notes are to be authenticated and
delivered.

 

No past, present or
future director, officer, employee, agent, member, manager, trustee or
stockholder, as such, of the Company or any successor Person shall have any
liability for any obligations of the Company or any successor Person, either
directly or through the Company or any successor Person, under the Notes or
this Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation, whether by virtue of any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise. 
By accepting a Note, each Holder agrees to the provisions of Section
1.13 of the Amended Base Indenture and waives and releases all such
liability.  Such waiver and release shall
be part of the consideration for the issue of the Notes.

 

 

The Notes of this
series shall be issuable only in denominations of US$2,000 and integral
multiples of US$1,000 in excess thereof. 
[This Global Note is exchangeable for Notes in definitive form only
under certain limited circumstances set forth in the Indenture.](4)  At the option of the Holder, the Notes
(except a Note in global form) may be exchanged for other Notes, of any
authorized denominations and of a like aggregate principal amount containing
identical terms and provisions, upon surrender of the Notes to be exchanged at
such office or agency.

 

All terms used in
this Note that are defined in the Indenture shall have the meanings assigned to
them in the Indenture.

 

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 LAWS.

 

(4)  Insert in Global Notes only

 

 

TRANSFER
NOTICE

 

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

 

Insert Taxpayer Identification No.

 

	
   

  
	
  Please print or typewrite
  name and address including zip code of assignee

  
	
   

  
	
   

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

  

 

	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Participant in a
  Recognized Signature

  	
   

  
	
   

  	
  Guaranty Medallion
  Program)

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

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