Document:

Document

EXHIBIT 4g
DESCRIPTION OF VERIZON’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF
THE SECURITIES EXCHANGE ACT OF 1934

As of December 31, 2021, Verizon Communications Inc. had the following thirty classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: (i) common stock, $.0.10 par value per share (“Common Stock”), (ii) 1.625% Notes due 2024 (the “1.625% 2024 Notes”), (iii) 4.073% Notes due 2024 (the “4.073% 2024 Notes”), (iv) 0.875% Notes due 2025 (the “2025 Notes”), (v) 3.250% Notes due 2026 (the “3.250% 2026 Notes”), (vi) 1.375% Notes due 2026 (the “1.375% 2026 Notes”), (vii) 0.875% Notes due 2027 (the “2027 Notes”), (viii) 1.375% Notes due 2028 (the “1.375% 2028 Notes”), (ix) 1.125% Notes due 2028 (the “1.125% 2028 Notes), (x) 2.350% Fixed Rate Notes due 2028 (the “2028 AUD Notes”), (xi) 1.875% Notes due 2029 (the “1.875% 2029 Notes”), (xii) 0.375% Notes due 2029 (the “0.375% 2029 Notes”), (xiii) 1.250% Notes due 2030 (the “1.250% 2030 Notes”), (xiv)1.875% Notes due 2030 (the “1.875% 2030 Notes”), (xv) 2.625% Notes due 2031 (the “2.625% 2031 Notes”), (xvi) 2.500% Notes due 2031 (the “2.500% 2031 Notes”), (xvii) 3.000% Fixed Rate Notes due 2031 (the “2031 AUD Notes”), (xviii) 0.875% Notes due 2032 (the “0.875% 2032 Notes”), (xix) 0.750% Notes due 2032 (the “0.750% 2032 Notes”), (xx) 1.300% Notes due 2033 (the “2033 Notes”), (xxi) 4.750% Notes due 2034 (the “2034 Notes”), (xxii) 3.125% Notes due 2035 (the “3.125% 2035 Notes”), (xxiii) 1.125% Notes due 2035 (the “1.125% 2035 Notes”), (xxiv) 3.375% Notes due 2036 (the “2036 Notes”), (xxv) 2.875% Notes due 2038 (the “2.875% 2038 Notes”), (xxvi) 1.875% Notes due 2038 (the “1.875% 2038 Notes”), (xxvii) 1.500% Notes due 2039 (the “2039 Notes”), (xxviii) 3.50% Fixed Rate Notes due 2039 (the “2039 AUD Notes”),  (xxix) 1.850% Notes due 2040 (the “2040 Notes” and together with the 1.625% 2024 Notes, the 4.073% 2024 Notes, the 2025 Notes, the 3.250% 2026 Notes, the 1.375% 2026 Notes, the 2027 Notes, the 1.375% 2028 Notes, the 1.125% 2028 Notes, the 1.875% 2029 Notes, the 0.375% 2029 Notes, the 1.250% 2030 Notes, the 1.875% 2030 Notes, the 2.625% 2031 Notes, the 2.500% 2031 Notes, the 0.875% 2032 Notes, the 0.750%  2032 Notes, the 2033 Notes, the 2034 Notes, the 3.125% 2035 Notes, the 1.125% 2035 Notes, the 2036 Notes, the 2.875% 2038 Notes, the 1.875% 2038 Notes, and the 2039 Notes, the “Notes”), and (xxx) 3.850% Fixed Rate Notes due 2041 (the “2041 AUD Notes” and together with the 2028 AUD Notes, the 2031 AUD Notes and the 2039 AUD Notes, the “AUD Notes”). In this exhibit, “we,” “our,” “us” and “Verizon Communications” refer to Verizon Communications Inc.
COMMON STOCK
Our restated certificate of incorporation provides authority to issue up to 6,500,000,000 shares of stock of all classes, of which 6,250,000,000 are shares of Common Stock, and 250,000,000 are shares of preferred stock, $0.10 par value per share.
Subject to any preferential rights of the preferred stock, holders of shares of our Common Stock are entitled to receive dividends on that stock out of assets legally available for distribution when, as and if authorized and declared by the board of directors and to share ratably in assets legally available for distribution to our shareholders in the event of our liquidation, dissolution or winding-up. We may not pay any dividend or make any distribution of assets on shares of Common Stock until cumulative dividends on shares of preferred stock then outstanding, if any, having dividend or distribution rights senior to the Common Stock have been paid.
Holders of Common Stock are entitled to one vote per share on all matters voted on generally by the shareholders, including the election of directors. In addition, the holders of Common Stock possess all voting power except as otherwise required by law or except as provided for by any series of preferred stock. Our restated certificate of incorporation does not provide for cumulative voting for the election of directors.
No holder of any shares of Common Stock has any preemptive or preferential right to acquire or subscribe for any unissued shares of any class of stock or any authorized securities convertible into or carrying any right, option or warrant to subscribe for or acquire shares of any class of stock.
The Common Stock is listed on the New York Stock Exchange and the NASDAQ Global Select Market under the symbol “VZ.”
Our board of directors is authorized at any time to provide for the issuance of all or any shares of our preferred stock in one or more classes or series, and to fix for each class or series voting powers, full or limited, or no voting powers, and distinctive designations, preferences and relative, participating, optional or other special rights and any qualifications, limitations or restrictions, as shall be stated and expressed in the resolution or resolutions adopted by the board of directors providing for the issuance of the preferred stock and to the fullest extent as may be permitted by Delaware law. This authority includes, but is not limited to, the authority to provide that any class or series be:
•subject to redemption at a specified time or times and at a specified price or prices;

•entitled to receive dividends (which may be cumulative or non-cumulative) at specified rates, on specified conditions and at specified times, and payable in preference to, or in relation to, the dividends payable on any other class or classes or any other series;

•entitled to rights upon the dissolution of, or upon any distribution of the assets of, Verizon Communications; or

•convertible into, or exchangeable for, shares of any class or classes of our stock, or our other securities or property, at a specified price or prices or at specified rates of exchange and with any specified adjustments.
Although no shares of preferred stock are outstanding as of December 31, 2021, in the event of the issuance of any shares of preferred stock, the rights evidenced by, or amounts payable with respect to, the Common Stock may be materially limited or qualified by the terms of such preferred stock.
NOTES
    The following description of the Notes is a summary and does not purport to be complete. This description is qualified in its entirety by reference to the indenture between the Company and U.S. Bank National Association (as successor to Wachovia Bank, National Association, formerly known as First Union National Bank), as trustee, dated as of December 1, 2000, as amended (the “Indenture”) and the terms of the global securities representing the Notes. 
Principal Amount, Maturity, Interest and Listing 
The following table sets forth for each series of Notes the applicable date of initial issuance, principal amount initially issued, principal amount outstanding as of December 31, 2021, maturity date, interest rate per annum, interest payment and record dates, and New York Stock Exchange listing symbol:
																											
	Notes	Date of Initial Issuance
	Principal Amount Initially Issued	Principal Amount Outstanding as of 12/31/2021	Maturity Date	Interest Rate Per Annum	Interest Payment Date	Record Date	NYSE Listing Symbol
	1.625% 2024 Notes	December 1, 2014	€1,400,000,000	€684,827,000	March 1, 2024	1.625%	March 1	February 15	VZ24B
	4.073% 2024 Notes	June 18, 2014	£694,804,000	£412,534,000	June 18, 2024	4.073%	June 18	June 4	VZ24C
	2025 Notes	November 2, 2016	€1,000,000,000	€1,000,000,000	April 2, 2025	0.875%	April 2	March 19	VZ25
	3.250% 2026 Notes	February 12, 2014	€1,250,000,000	€1,250,000,000	February 17, 2026	3.250%	February 17	February 3	VZ26
	1.375% 2026 Notes	October 27, 2017	€1,250,000,000	€1,250,000,000	October 27, 2026	1.375%	October 27	October 12	VZ26B
	2027 Notes	April 8, 2019	€1,250,000,000	€1,250,000,000	April 8, 2027	0.875%	April 8	March 24	VZ27E
	1.375% 2028 Notes	November 2, 2016	€1,250,000,000	€1,250,000,000	November 2, 2028	1.375%	November 2	October 19	VZ28
	1.125% 2028 Notes	November 3, 2020	£600,000,000	£600,000,000	November 3, 2028	1.125%	November 3	Business day preceding the interest payment date	VZ28A
	1.875% 2029 Notes	October 27, 2017	€750,000,000	€750,000,000	October 26, 2029	1.875%	October 26	October 11	VZ29B
	0.375% 2029 Notes	March 22, 2021	€1,000,000,000	€1,000,000,000	March 22, 2029	0.375%	March 22	Business day preceding the interest payment date	VZ29D
	1.250% 2030 Notes	April 8, 2019	€1,250,000,000	€1,250,000,000	April 8, 2030	1.250%	April 8	March 24	VZ30
	1.875% 2030 Notes	September 19, 2019	£550,000,000	£550,000,000	September 19, 2030	1.875%	September 19	September 4	VZ30A
	2.625% 2031 Notes	December 1, 2014	€1,000,000,000	€1,000,000,000	December 1, 2031	2.625%	December 1	November 15	VZ31
	2.500% 2031 Notes	April 8, 2019	£500,000,000	£500,000,000	April 8, 2031	2.500%	April 8	March 24	VZ31A
	0.875% 2032 Notes	September 19, 2019	€800,000,000	€800,000,000	March 19, 2032	0.875%	March 19	March 4	VZ32

2

																											
	0.750% 2032 Notes	March 22, 2021	€1,000,000,000	€1,000,000,000	March 22, 2032	0.750%	March 22	Business day preceding the interest payment date	VZ32A
	2033 Notes	May 18, 2020	€1,350,000,000	€1,350,000,000	May 18, 2033	1.300%	May 18	Business day preceding the interest payment date	VZ33B
	2034 Notes	February 12, 2014	£850,000,000	£456,624,000	February 17, 2034	4.750%	February 17	February 3	VZ34
	3.125% 2035 Notes	November 2, 2016	£450,000,000	£450,000,000	November 2, 2035	3.125%	November 2	October 19	VZ35
	1.125% 2035 Notes	March 22, 2021	€750,000,000	€750,000,000	September 19, 2035	1.125%	September 19	Business day preceding the interest payment date	VZ35A
	2036 Notes	October 27, 2017	£1,000,000,000	£1,000,000,000	October 27, 2036	3.375%	October 27	October 12	VZ36A
	2.875% 2038 Notes	October 27, 2017	€1,500,000,000	€1,500,000,000	January 15, 2038	2.875%	January 15	January 1	VZ38B
	1.875% 2038 Notes	November 3, 2020	£600,000,000	£600,000,000	November 3, 2038	1.875%	November 3	Business day preceding the interest payment date	VZ38C
	2039 Notes	September 19, 2019	€500,000,000	€500,000,000	September 19, 2039	1.500%	September 19	September 4	VZ39C
	2040 Notes	May 18, 2020	€800,000,000	€800,000,000	May 18, 2040	1.850%	May 18	Business day preceding the interest payment date	VZ40

Interest on each series of Notes is payable annually in arrears and will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on such series (or the date of initial issuance of such series, if no interest has been paid on such series), to but excluding the next scheduled interest payment date.  This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined by the rulebook of the International Capital Market Association.
If interest or principal on any of the 1.625% 2024 Notes, 2025 Notes, 3.250% 2026 Notes, 1.375% 2026 Notes, 2027 Notes, 1.375% 2028 Notes, 1.875% 2029 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 2.625% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 2033 Notes, 1.125% 2035 Notes, 2.875% 2038 Notes, 2039 Notes and 2040 Notes (collectively, the “Euro Notes”) is payable on a Saturday, Sunday or any other day when commercial banks are not open for business in The City of New York or London or any day on which the Trans- European Automated Real-time Gross settlement Express Transfer payment system or any successor thereto is not open for transfer of payments, we will make the payment on the next succeeding business day in such locations, and no additional interest will accrue as a result of the delay in payment. If interest or principal on any of the 4.073% 2024 Notes, 1.125% 2028 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 2034 Notes, 3.125% 2035 Notes, 2036 Notes and 1.875% 2038 Notes (collectively, the “Sterling Notes”) is payable on a Saturday, Sunday or any other day when commercial banks are not open for business in The City of New York or London, we will make the payment on the next business day in such locations, and no additional interest will accrue as a result of the delay in payment. 
We may issue additional Notes of any series in the future.
Ranking
    Each series of Notes is unsecured and ranks equally with all of our unsecured and unsubordinated indebtedness. 
Currency Conversion
    All payments of principal, interest and additional amounts, if any, including any payments made upon any redemption, on the Euro Notes will be payable in euro. 
    All payments of principal, interest and additional amounts, if any, including any payments made upon any redemption, on the Sterling Notes will be payable in GBP. 
3

    If either euro or GBP, as applicable, is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control (including the dissolution of the euro), then all payments in respect of the relevant Notes will be made in U.S. dollars until euro or GBP, as the case may be, is again available to us. The amount payable on any date in euro or GBP, as applicable, will be converted into U.S. dollars at a rate mandated by the U.S. Federal Reserve Board as of the close of business on the second business day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the latest U.S. dollar/euro exchange rate or U.S. dollar/GBP exchange rate, as applicable, available on or prior to the second business day prior to the relevant payment date as determined by us in our sole discretion. Any payment in respect of the Notes alternatively made in U.S. dollars will not constitute an event of default under the Notes or the Indenture.
Optional Redemption
1.625% 2024 Notes, 4.073% 2024 Notes, 2025 Notes, 3.250% 2026 Notes, 1.375% 2026 Notes, 1.375% 2028 Notes, 1.875% 2029 Notes, 2.625% 2031 Notes, 2034 Notes, 3.125% 2035 Notes, 2036 Notes and 2.875% 2038 Notes
    We have the option to redeem each of the 1.625% 2024 Notes, 4.073% 2024 Notes, 2025 Notes, 3.250% 2026 Notes, 1.375% 2026 Notes, 1.375% 2028 Notes, 1.875% 2029 Notes, 2.625% 2031 Notes, 2034 Notes, 3.125% 2035 Notes, 2036 Notes and 2.875% 2038 Notes on not less than 30 nor more than 60 days’ notice, in whole or in part, at any time prior to maturity, at a redemption price equal to the greater of:
(i)100% of the principal amount of the Notes of such series being redeemed, or

(ii)the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of such series being redeemed (exclusive of interest accrued to the date of redemption), as the case may be, discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at (A) the Comparable Government Bond Rate plus 15 basis points for the 1.625% 2024 Notes, (B) the Comparable Government Bond Rate plus 25 basis points for the 4.073% 2024 Notes, (C) the Comparable Government Bond Rate plus 20 basis points for the 2025 Notes, (D) the Comparable Government Bond Rate plus 25 basis points for the 3.250% 2026 Notes, (E) the Comparable Government Bond Rate plus 20 basis points for the 1.375% 2026 Notes, (F) the Comparable Government Bond Rate plus 20 basis points for the 1.375% 2028 Notes, (G) the Comparable Government Bond Rate plus 25 basis points for the 1.875% 2029 Notes, (H) the Comparable Government Bond Rate plus 25 basis points for the 2.625% 2031 Notes, (I) the Comparable Government Bond Rate plus 25 basis points for the 2034 Notes, (J) the Comparable Government Bond Rate plus 25 basis points for the 3.125% 2035 Notes, (K) the Comparable Government Bond Rate plus 25 basis points for the 2036 Notes and (L) the Comparable Government Bond Rate plus 30 basis points for the 2.875% 2038 Notes,
plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of redemption.
2027 Notes, 1.125% 2028 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 2033 Notes, 1.125% 2035 Notes, 1.875% 2038 Notes, 2039 Notes and 2040 Notes
We have the option to redeem the 2027 Notes, 1.125% 2028 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 2033 Notes, 1.125% 2035 Notes, 1.875% 2038 Notes, 2039 Notes and 2040 Notes on not less than 10 nor more than 60 days’ notice, in whole or in part,
(i)     at any time prior to (A) January 8, 2027 (three months prior to the maturity date of the 2027 Notes) (the “2027 Notes par call date”) with respect to the 2027 Notes, (B) August 3, 2028 (three months prior to the maturity date of the 1.125% 2028 Notes) (the “1.125% 2028 Notes par call date”) with respect to the 1.125% 2028 Notes, (C) December 22, 2028 (three months prior to the maturity date of the 0.375% 2029 Notes) (the “0.375% 2029 Notes par call date”) with respect to the 0.375% 2029 Notes, (D) January 8, 2030 (three months prior to the maturity date of the 1.250% 2030 Notes) (the “1.250% 2030 Notes par call date”) with respect to the 1.250% 2030 Notes (E) June 19, 2030 (three months prior to the maturity date of the 1.875% 2030 Notes) (the “1.875% 2030 Notes par call date”) with respect to the 1.875% 2030 Notes (F) January 8, 2031 (three months prior to the maturity date of the 2.500% 2031 Notes) (the “2.500% 2031 Notes par call date”) with respect to the 2.500% 2031 Notes, (G) December 19, 2031 (three months prior to the maturity date of the 0.875% 2032 Notes) (the “0.875% 2032 Notes par call date”) with respect to the 0.875% 2032 Notes, (H) December 22, 2031 (three months prior to the maturity date of the 0.750% 2032 Notes) (the “0.750% 2032 Notes par call date”) with respect to the 0.750% 2032 Notes, (I) February 18, 2033 (three months prior to the maturity date of the 2033 Notes) (the “2033 Notes par call date”) with respect to the 2033 Notes, (J) June 19, 2035 (three months prior to the maturity date of the 1.125% 2035 Notes) (the “1.125% 2035 Notes par call date”) with respect to the 1.125% 2035 Notes, (K) August 3, 2038 (three months prior to the maturity date of the 1.875% 2038 Notes) (the “1.875% 2038 Notes par call date”) with respect to the 1.875% 2038 Notes, (L) March 19, 2039 (six months prior to the maturity date of the 2039 Notes) (the “2039 Notes par call date”) with respect to the 2039 Notes, and (M) November 18, 2039 (six months prior to the maturity date of the 2040 Notes) (the “2040 Notes par call date”) with respect to the 2040 Notes, at a redemption price equal to the greater of:
(a) 100% of the principal amount of the Notes of such series being redeemed, or
4

(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of such series being redeemed (exclusive of interest accrued to the date of redemption), assuming for such purpose that the (A) 2027 Notes matured on the 2027 Notes par call date, (B) 1.125% 2028 Notes matured on the 1.125% 2028 Notes par call date, (C) 0.375% 2029 Notes matured on the 0.375% 2029 Notes par call date, (D) 1.250% 2030 Notes matured on the 1.250% 2030 Notes par call date, (E) 1.875% 2030 Notes matured on the 1.875% 2030 Notes par call date, (F) 2.500% 2031 Notes matured on the 2.500% 2031 par call date, (G) 0.875% 2032 Notes matured on the 0.875% 2032 Notes par call date, (H) 0.750% 2032 Notes matured on the 0.750% 2032 Notes par call date, (I) 2033 Notes matured on the 2033 Notes par call date, (J) 1.125% 2035 Notes matured on the 1.125% 2032 Notes par call date, (K) 1.875% 2038 Notes matured on the 1.875% 2038 Notes, (L) 2039 Notes matured on the 2039 Notes par call date, and (M) 2040 Notes matured on the 2040 Notes par call date, discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at (AA) the Comparable Government Bond Rate plus 20 basis points for the 2027 Notes, (BB) the Comparable Government Bond Rate plus 20 basis points for the 1.125% 2028 Notes, (CC) the Comparable Government Bond Rate plus 15 basis points for the 0.375% 2029 Notes, (DD) the Comparable Government Bond Rate plus 25 basis points for the 1.250% 2030 Notes, (EE) the Comparable Government Bond Rate plus 25 basis points for the 1.875% 2030 Notes, (FF) the Comparable Government Bond Rate plus 25 basis points for the 2.500% 2031 Notes, (GG) the Comparable Government Bond Rate plus 25 basis points for the 0.875% 2032 Notes, (HH) the Comparable Government Bond Rate plus 20 basis points for the 0.750% 2032 Notes, (II) the Comparable Government Bond Rate plus 30 basis points for the 2033 Notes, (JJ) the Comparable Government Bond Rate plus 25 basis points for the 1.125% 2035 Notes, (KK) the Comparable Government Bond Rate plus 20 basis points for the 1.875% 2038 Notes, (LL) the Comparable Government Bond Rate plus 30 basis points for the 2039 Notes and (MM) the Comparable Government Bond Rate plus 35 basis points for the 2040 Notes; and
(ii)     at any time on or after (A) the 2027 Notes par call date with respect to the 2027 Notes, (B) the 1.125% 2028 Notes par call date with respect to the 1.125% 2028 Notes, (C) the 0.375% 2029 Notes par call date with respect to the 0.375% 2029 Notes, (D) the 1.250% 2030 Notes par call date with respect to the 1.250% 2030 Notes, (E) the 1.875% 2030 Notes par call date with respect to the 1.875% 2030 Notes, (F) the 2.500% 2031 Notes par call date with respect to the 2.500% 2031 Notes, (G) the 0.875% 2032 Notes par call date with respect to the 0.875% 2032 Notes, (H) the 0.750% 2032 Notes par call date with respect to the 0.750% 2032 Notes, (I) the 2033 Notes par call date with respect to the 2033 Notes, (J) the 1.125% 2035 Notes par call date with respect to the 1.125% 2035 Notes, (K) the 1.875% 2038 Notes par call date with respect to the 1.875% 2038 Notes, (L) the 2039 Notes par call date with respect to the 2039 Notes and (M) the 2040 Notes par call date with respect to the 2040 Notes, at a redemption price equal to 100% of the principal amount of the Notes of such series being redeemed,
plus, in each case, accrued and unpaid interest on the principal amount of such series being redeemed to, but excluding, the date of redemption.
Defined Terms
    The “Comparable Government Bond Rate” will be determined on the third business day preceding the redemption date and means, with respect to any date of redemption, the rate per annum equal to the yield to maturity calculated in accordance with customary financial practice in pricing new issues of comparable corporate debt securities paying interest on an annual basis (ACTUAL/ACTUAL (ICMA)) of the applicable Comparable Government Bond, assuming a price for the applicable Comparable Government Bond (expressed as a percentage of its principal amount) equal to the applicable Comparable Government Bond Price for such date of redemption.    
    “Calculation Agent” means an independent investment banking or commercial banking institution of international standing appointed by us.
    “Comparable Government Bond” means (i) with respect to any series of Euro Notes, the Federal Republic of Germany government security or securities selected by one of the Reference Government Bond Dealers appointed by us as having an actual or interpolated maturity comparable with the remaining term of such series of Euro Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of a maturity comparable to the remaining term of such series of Euro Notes (to, in the case of the 0.375% 2029 Notes, December 22, 2028; to, in the case of the 0.750% 2032 Notes, December 22, 2031; to, in the case of the 2033 Notes, February 18, 2033; to, in the case of the 1.125% 2035 Notes, June 19, 2035; and to, in the case of the 2040 Notes, November 18, 2039),  and (ii) with respect to any series of Sterling Notes, the United Kingdom government security or securities selected by one of the Reference Government Bond Dealers appointed by us as having an actual or interpolated maturity comparable with the remaining term of such series of Sterling Notes (to, in the case of the 1.125% 2028 Notes, August 3, 2028, and to, in the case of the 1.875% 2038 Notes, August 3, 2038), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of sterling-denominated corporate debt securities of a maturity comparable to the remaining term of such series of Sterling Notes (to, in the case of the 1.125% 2028 Notes, August 3, 2028, and to, in the case of the 1.875% 2038 Notes, August 3, 2038).
    “Comparable Government Bond Price” means, with respect to any redemption date, (A) the arithmetic average of the Reference Government Bond Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Government Bond 
5

Dealer Quotations, or (B) if the Calculation Agent obtains fewer than four such Reference Government Bond Dealer Quotations, the arithmetic average of all such quotations.
    “Reference Government Bond Dealer” means each of five banks selected by us, which are (A) primary European government securities dealers, and their respective successors, or (B) market makers in pricing corporate bond issues.
    “Reference Government Bond Dealer Quotations” means, with respect to each Reference Government Bond Dealer and any redemption date, the arithmetic average, as determined by the Calculation Agent, of the bid and offered prices for the applicable Comparable Government Bond (expressed in each case as a percentage of its principal amount) at 11:00 a.m., Central European Time (or in the case of the 4.073% 2024 Notes, London Time), on the third business day preceding such date for redemption quoted in writing to the Calculation Agent by such Reference Government Bond Dealer.
Tax Redemption
1.625% 2024 Notes, 4.073% 2024 Notes, 3.250% 2026 Notes, 2.625% 2031 Notes and 2034 Notes 
    Each of the 1.625% 2024 Notes, 4.073% 2024 Notes, 3.250% 2026 Notes, 2.625% 2031 Notes and 2034 Notes may be redeemed at our option, in whole but not in part, at any time on giving not less than 30 nor more than 60 days’ notice to the noteholders (which notice shall be irrevocable), at their principal amount, together with interest accrued to, but excluding, the date fixed for redemption, if:
									
	 	(i)	we have or will become obliged to pay additional amounts with respect to such series of Notes as provided or referred to under “—Withholding Taxes—4.073% 2024 Notes, 3.250% 2026 Notes and 2034 Notes” below in the case of the 1.625% 2024 Notes, 4.073% 2024 Notes, 3.250% 2026 Notes, 2.625% 2031 Notes and 2034 Notes, or under “—Withholding Taxes—1.625% 2024 Notes and 2.625% 2031 Notes” below in the case of the 1.625% 2024 Notes and 2.625% 2031 Notes, as a result of any change in, or amendment to, the laws, treaties, or rulings of the United States or any political subdivision or any authority thereof or therein having the power to tax, or any change in the application or official interpretation of such laws or regulations or rulings (including a holding by a court of competent jurisdiction in the United States), which change or amendment is enacted or adopted on or after the issue date of such series of Notes; provided that, prior to the publication of any notice of redemption pursuant to this paragraph, we have delivered to the trustee a certificate signed by one of our officers stating that we are entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to our right so to redeem have occurred; or

 
									
	 	(ii)	on or after the issue date of such series of Notes, any action is taken by a taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, the United States or any political subdivision of or in the United States or any authority thereof or therein having the power to tax, including any of those actions specified in clause (i) above, whether or not such action was taken or decision was rendered with respect to us, or any change, amendment, application or interpretation is officially proposed, which, in any such case, in the written opinion of independent tax counsel of nationally recognized standing, will result in a material probability that we will become obliged to pay additional amounts with respect to such series of Notes; provided that, prior to the publication of any notice of redemption pursuant to this paragraph, we have delivered to the trustee a certificate signed by one of our officers stating that we are entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to our right so to redeem have occurred. However, no such notice of redemption shall be given less than 30 or more than 90 days prior to the earliest date on which we would be obliged to pay such additional amounts if a payment in respect of such series of Notes were then due.

2025 Notes, 1.375% 2026 Notes, 2027 Notes, 1.375% 2028 Notes, 1.125% 2028 Notes, 1.875% 2029 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 2033 Notes, 3.125% 2035 Notes, 1.125% 2035 Notes, 2036 Notes, 2.875% 2038 Notes, 1.875% 2038 Notes, 2039 Notes and 2040 Notes
    Each of the 2025 Notes, 1.375% 2026 Notes, 2027 Notes, 1.375% 2028 Notes, 1.125% 2028 Notes, 1.875% 2029 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 2033 Notes, 3.125% 2035 Notes, 1.125% 2035 Notes, 2036 Notes, 2.875% 2038 Notes, 1.875% 2038 Notes, 2039 Notes and 2040 Notes may be redeemed at our option, in whole but not in part, at any time on giving not less than 30 nor more than 90 days’ notice to the noteholders (which notice shall be irrevocable), at their principal amount, together with interest accrued to the date fixed for redemption, if:
 (i)    we have or will become obliged to pay additional amounts with respect to such series of Notes as provided or referred to under “—Withholding Taxes—2025 Notes, 1.375% 2026 Notes, 2027 Notes, 1.375% 2028 Notes, 1.875% 2029 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 3.125% 2035 Notes, 1.125% 2035 Notes, 2036 Notes, 2.875% 2038 Notes and 2039 Notes” below in the case of the 2025 Notes, 1.375% 2026 Notes, 2027 Notes, 1.375% 2028 Notes, 1,875% 2029 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 3.125% 2035 Notes, 1.125% 2035 Notes, 2036 Notes, 2.875% 2038 Notes and 2039 Notes, or under “—Withholding Taxes—2033 Notes, 1.125% 2028 Notes, 1.875% 2038 Notes and 2040 Notes” below in the case of the 2033 Notes, 1.125% 2028 Notes, 
6

1.875% 2038 Notes and 2040 Notes as a result of any change in, or amendment to, the laws, treaties, or rulings of the United States or any political subdivision or any authority thereof or therein having the power to tax, or any change in the application or official interpretation of such laws or regulations or rulings (including a holding by a court of competent jurisdiction in the United States), which change or amendment is enacted or adopted on or after the issue date of such series of Notes; or
 (ii)    on or after the issue date of such series of Notes, any action is taken by a taxing authority of, or any decision has been rendered by a court of competent jurisdiction in, the United States or any political subdivision of or in the United States or any authority thereof or therein having the power to tax, including any of those actions specified in clause (i) above, whether or not such action was taken or decision was rendered with respect to us, or any change, amendment, application or interpretation is officially proposed, which, in any such case, will result in a material probability that we will become obliged to pay additional amounts with respect to such series of Notes; provided that, prior to the publication of any notice of redemption pursuant to this paragraph, we have delivered to the trustee a certificate signed by one of our officers stating that we are entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to our right so to redeem have occurred and a copy of an opinion of a reputable independent counsel of our choosing to that effect based on that statement of facts. However no such notice of redemption shall be given less than 30 nor more than 90 days prior to the earliest date on which we would be obliged to pay such additional amounts if a payment in respect of such series of Notes were then due.    
Withholding Taxes
    For purposes of all clauses described under “—Withholding Taxes”, references to the holder or beneficial owner of a Note include a fiduciary, settlor, beneficiary or person holding power over such holder or beneficial owner, if such holder or beneficial owner is an estate or trust, or a partner, member or shareholder of such holder or beneficial owner, if such holder or beneficial owner is a partnership, limited liability company or corporation. In addition, we will not pay additional amounts to the holder of a Note if such holder or the beneficial owner of such Note is a fiduciary, partnership, limited liability company or other fiscally transparent entity, or if the holder of such Note is not the sole beneficial owner of such Note, as the case may be, to the extent that a beneficiary or settlor with respect to the fiduciary, or a beneficiary, partner or member of the partnership, limited liability company or other fiscally transparent entity, or a beneficial owner would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner, partner or member received directly its beneficial or distributive share of the payment. For purposes of “—Withholding Taxes,” the term “Non-U.S. Person” means any person that is, for U.S. federal income tax purposes, a foreign corporation, nonresident alien individual, a nonresident fiduciary of a foreign estate or foreign trust or a foreign partnership one or more of the partners of which is such a foreign corporation, nonresident alien individual or nonresident fiduciary.
    Any additional amounts paid pursuant to any clause described under “—Withholding Taxes” on the Euro Notes or the Sterling Notes will be paid in euro or GBP, respectively.
4.073% 2024 Notes, 3.250% 2026 Notes and 2034 Notes 
All payments of principal, interest and premium (if any) in respect of the 4.073% 2024 Notes, 3.250% 2026 Notes and 2034 Notes by us or a paying agent on our behalf shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges (“Taxes”) imposed by or on behalf of the United States or any political subdivision thereof or any authority therein or thereof having the power to tax, unless the withholding or deduction of such Taxes is required by law. In that event, we shall pay to a holder that is a Non-U.S. Person such additional amounts as may be necessary to ensure that the net amount received by such holder, after withholding or deduction for or on account of such Taxes, will be equal to the amount such holder would have received in the absence of such withholding or deduction. However, no additional amounts shall be payable with respect to any Note if the beneficial owner is subject to taxation solely for reasons other than its ownership of Notes, nor shall additional amounts be payable for or on account of:     
(i)    any Tax that would not have been imposed, withheld or deducted but for any present or former connection (other than the mere fact of being a holder or beneficial owner of such Note) between the holder or the beneficial owner of such Note and the United States or the applicable political subdivision or authority, including, without limitation, such holder or beneficial owner being or having been a citizen or resident of the United States or the applicable political subdivision or authority or treated as being or having been a resident thereof;
 (ii)    any Tax that would not have been imposed, withheld or deducted but for the holder or beneficial owner of such Note being or having been with respect to the United States a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign private foundation or other foreign tax-exempt organization, or a corporation that accumulates earnings to avoid U.S. federal income tax;
 (iii)    any Tax that is payable other than by withholding or deduction by us or a paying agent from payments in respect of such Note;
 (iv)    any gift, estate, inheritance, sales, transfer, personal property, excise or similar Tax;
7

 (v)    any Tax that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever occurs later, to the extent such change in law, treaty, regulation or administrative interpretation would apply retroactively to such payment;
 (vi)    any Tax that would not have been imposed, withheld or deducted but for the presentation of such Note more than 30 days after the applicable payment becomes due or is duly provided for, whichever occurs later, except to the extent that such holder would have been entitled to such additional amounts on presenting such Note for payment on the last date of such period of 30 days;
 (vii)    any Tax that would not have been imposed, withheld or deducted but for the failure of a direct or indirect holder or beneficial owner of such Note to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the United States of such holder or beneficial owner;
(viii)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner of such Note to meet the requirements (including the statement requirements) of Section 871(h) or Section 881(c) of the Internal Revenue Code of 1986, as amended (the “Code”); or
 (ix)    any combination of items (i)-(viii).
1.625% 2024 Notes and 2.625% 2031 Notes
All payments of principal, interest and premium (if any) in respect of the 1.625% 2024 Notes and 2.625% 2031 Notes by us or a paying agent on our behalf shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges (“Taxes”) imposed by or on behalf of the United States or any political subdivision thereof or any authority therein or thereof having the power to tax, unless the withholding or deduction of such Taxes is required by law. In that event, we shall pay to a holder that is a Non-U.S. Person such additional amounts as may be necessary to ensure that the net amount received by such holder, after withholding or deduction for or on account of such Taxes, will be equal to the amount such holder would have received in the absence of such withholding or deduction. However, no additional amounts shall be payable with respect to any Note if the beneficial owner is subject to taxation solely for reasons other than its ownership of Notes, nor shall additional amounts be payable for or on account of:     
(i)    any Tax that would not have been imposed, withheld or deducted but for any present or former connection (other than the mere fact of being a holder or beneficial owner of such Note) between the holder or the beneficial owner of such Note and the United States or the applicable political subdivision or authority, including, without limitation, such holder or beneficial owner being or having been a citizen or resident of the United States or the applicable political subdivision or authority or treated as being or having been a resident thereof;
 (ii)    any Tax that would not have been imposed, withheld or deducted but for the holder or beneficial owner of such Note being or having been with respect to the United States a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign private foundation or other foreign tax-exempt organization, or a corporation that accumulates earnings to avoid U.S. federal income tax;
 (iii)    any Tax that is payable other than by withholding or deduction by us or a paying agent from payments in respect of such Note;
 (iv)    any gift, estate, inheritance, sales, transfer, personal property, excise or similar Tax;
 (v)    any Tax that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever occurs later, to the extent such change in law, treaty, regulation or administrative interpretation would apply retroactively to such payment;
 (vi)    any Tax that would not have been imposed, withheld or deducted but for the presentation of such Note more than 30 days after the applicable payment becomes due or is duly provided for, whichever occurs later, except to the extent that such holder would have been entitled to such additional amounts on presenting such Note for payment on the last date of such period of 30 days;
 (vii)    any Tax that would not have been imposed, withheld or deducted but for the failure of a direct or indirect holder or beneficial owner of such Note to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the United States of such holder or beneficial owner;
(viii)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner of such Note to meet the requirements (including the statement requirements) of Section 871(h) or Section 881(c) of the Code; or
8

(ix)    any Tax imposed pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreements entered pursuant to Section 1471(b) of the Code and any intergovernmental agreements (and related legislation or official administrative guidance) implementing the foregoing; or 
(x)    any combination of items (i)-(ix).
2025 Notes, 1.375% 2026 Notes, 2027 Notes, 1.375% 2028 Notes, 1.875% 2029 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750% 2032 Notes, 3.125% 2035 Notes, 1.125% 2035 Notes, 2036 Notes, 2.875% 2038 Notes and 2039 Notes
    All payments of principal, interest and premium (if any) in respect of the 2025 Notes, 1.375% 2026 Notes, 2027 Notes, 1.375% 2028 Notes, 1.875% 2029 Notes, 0.375% 2029 Notes, 1.250% 2030 Notes, 1.875% 2030 Notes, 2.500% 2031 Notes, 0.875% 2032 Notes, 0.750 2032 Notes, 3.125% 2035 Notes, 1.125% 2035 Notes, 2036 Notes, 2.875% 2038 Notes and 2039 Notes by us or a paying agent on our behalf shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges (“Taxes”) imposed by or on behalf of the United States or any political subdivision thereof or any authority therein or thereof having the power to tax, unless the withholding or deduction of such Taxes is required by law. In that event, we shall pay to a holder that is a Non-U.S. Person such additional amounts as may be necessary to ensure that the net amount received by such holder, after withholding or deduction for or on account of such Taxes, will be equal to the amount such holder would have received in the absence of such withholding or deduction. However, no additional amounts shall be payable with respect to any Note if the beneficial owner is subject to taxation solely for reasons other than its ownership of Notes, nor shall additional amounts be payable for or on account of:
 (i)    any Tax that would not have been imposed, withheld or deducted but for any present or former connection (other than the mere fact of being a holder or beneficial owner of such Note) between the holder or the beneficial owner of such Note and the United States or the applicable political subdivision or authority, including, without limitation, such holder or beneficial owner being or having been a citizen or resident of the United States or the applicable political subdivision or authority or treated as being or having been a resident thereof;
 (ii)    any Tax that would not have been imposed, withheld or deducted but for the holder or beneficial owner of such Note being or having been with respect to the United States a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign private foundation or other foreign tax-exempt organization, or a corporation that accumulates earnings to avoid U.S. federal income tax;
 (iii)    any Tax that is payable other than by withholding or deduction by us or a paying agent from payments in respect of such Note;
 (iv)    any gift, estate, inheritance, sales, transfer, value added, personal property, excise or similar Tax;
 (v)    any Tax that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever occurs later;
 (vi)    any Tax that would not have been imposed, withheld or deducted but for the presentation of such Note for payment more than 30 days after the applicable payment becomes due or is duly provided for, whichever occurs later, except to the extent that such holder would have been entitled to such additional amounts on presenting such Note for payment on the last date of such period of 30 days;
 (vii)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner of such Note to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the United States of such holder or beneficial owner;
(viii)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner (or any financial institution or other person through which the holder or beneficial owner holds any Notes) to comply with any certification, information, identification, documentation or other reporting requirements with respect to itself or any beneficial owner or account holders thereof;
 (ix)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner of such Note to meet the requirements (relating, in the case of the 0.375% 2029 Notes, 0.750% 2032 Notes and 1.125% 2035% Notes, to the portfolio interest exemption) (including the statement requirements) of Section 871(h) or Section 881(c) of the Code;
 (x)    any Tax imposed by the Foreign Account Tax Compliance Act pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code and any intergovernmental agreements (and related legislation or official administrative guidance) implementing the foregoing; or
 (xi)    any combination of items (i)-(x).
9

2033 Notes, 1.125% 2028 Notes, 1.875% 2038 Notes and 2040 Notes
    All payments of principal, interest and premium (if any) in respect of the 2033 Notes and 2040 Notes by us or a paying agent on our behalf shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges imposed by any governmental authority having the power to tax (“Taxes”), unless the withholding or deduction of such Taxes is required by law. If any Taxes are so imposed by or on behalf of the United States or any political subdivision thereof or any authority therein, we shall pay to a holder that is a Non-U.S. Person such additional amounts as may be necessary to ensure that the net amount received by such holder, after withholding or deduction for or on account of such Taxes, will be equal to the amount such holder would have received in the absence of such withholding or deduction. However, no additional amounts shall be payable for or on account of:
 (i)    any Tax that would not have been imposed, withheld or deducted but for any present or former connection (other than the mere fact of being a holder or beneficial owner of such Note) between the holder or the beneficial owner of such Note and the United States or the applicable political subdivision or authority, including, without limitation, such holder or beneficial owner being or having been a citizen or resident of the United States or the applicable political subdivision or authority or treated as being or having been a resident thereof;
 (ii)    any Tax that would not have been imposed, withheld or deducted but for the holder or beneficial owner of such Note being or having been for U.S. federal income tax purposes a personal holding company, a controlled foreign corporation, a passive foreign investment company, a foreign private foundation or other foreign tax-exempt organization, or a corporation that accumulates earnings to avoid U.S. federal income tax;
 (iii)    any Tax that is payable other than by withholding or deduction by us or a paying agent from payments in respect of such Note;
 (iv)    any gift, estate, inheritance, sales, transfer, value added, personal property, excise or similar Tax;
 (v)    any Tax that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever occurs later;
 (vi)    any Tax that would not have been imposed, withheld or deducted but for the presentation of such Note for payment more than 30 days after the applicable payment becomes due or is duly provided for, whichever occurs later, except to the extent that such holder would have been entitled to such additional amounts on presenting such Note for payment on the last date of such period of 30 days;
 (vii)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner of such Note to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the United States of such holder or beneficial owner;
(viii)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner (or any financial institution or other person through which the holder or beneficial owner holds any Notes) to comply with any certification, information, identification, documentation or other reporting requirements with respect to itself or any beneficial owner or account holders thereof;
 (ix)    any Tax that would not have been imposed, withheld or deducted but for the failure of the holder or beneficial owner of such Note to meet the requirements (including the statement requirements) of Section 871(h) or Section 881(c) of the Code;
 (x)    any Tax imposed by the Foreign Account Tax Compliance Act pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code and any intergovernmental agreements (and related legislation or official administrative guidance) implementing the foregoing; or
 (xi)    any combination of items (i)-(x).
Book-Entry Only Form
Each series of Notes was issued in book-entry only form, which means that it is represented by one or more permanent global securities registered in the name of The Depository Trust Company, New York, New York (“DTC”), or its nominee. We refer to this form as “book-entry only.”
For debt securities issued in book-entry only form, DTC keeps a computerized record of its participants (for example, a broker) whose clients have purchased the securities. Each participant then keeps a record of its clients who purchased the securities. A global security may not be transferred, except that DTC, its nominees and their successors may transfer an entire global security to one another.
10

For book-entry only debt securities, we wire principal and interest payments to DTC’s nominee. We and the trustee treat DTC’s nominee as the owner of the global securities for all purposes. Accordingly, neither we nor the trustee have any direct responsibility or liability to pay amounts due on the debt securities issued under the Indenture to owners of beneficial interests in the global securities.
Under book-entry only form, we have not issued physical certificates representing beneficial interests in the global securities to individual holders of the debt securities. Beneficial interests in global securities will be shown on, and transfers of global securities will be made only through, records maintained by DTC and its participants and will be exchangeable for debt securities in certificated form with the same terms in authorized denominations only if:
												
	 	•	 	DTC notifies us that it is unwilling or unable to continue as depository;

												
	 	•	 	DTC ceases to be a clearing agency registered under applicable law and a successor depository is not appointed by us within 90 days; or

												
	 	•	 	We instruct the trustee that the global security is exchangeable for debt securities in certificated form.

Liens on Assets
The Notes and other debt securities will not be secured. However, if at any time we mortgage, pledge or subject to any lien any of our property or assets, the Indenture requires us to secure the Notes and other debt securities issued under the Indenture equally and ratably with the debt or obligations secured by such mortgage, pledge or lien for as long as such debt or obligations remain secured. Exceptions to this requirement include the following:
 
												
	 	•	 	purchase-money mortgages or liens;

 
												
	 	•	 	liens on any property or asset that existed at the time when we acquired that property or asset;

 
												
	 	•	 	any deposit or pledge to secure public or statutory obligations;

 
												
	 	•	 	any deposit or pledge with any governmental agency required to qualify us to conduct any part of our business, to entitle us to maintain self-insurance or to obtain the benefits of any law relating to workmen’s compensation, unemployment insurance, old age pensions or other social security; or

 
												
	 	•	 	any deposit or pledge with any court, board, commission or governmental agency as security for the proper conduct of any proceeding before it.

The Indenture does not prevent any of our affiliates from mortgaging, pledging or subjecting to any lien, any property or asset, even if the affiliate acquired that property or asset from us.
We may issue or assume an unlimited amount of debt under the Indenture. 
Changes to the Indenture
The Indenture may be changed with the consent of holders owning more than 50% of the principal amount of the outstanding debt securities of each series affected by the change. However, we may not change principal or interest payment terms of the Notes or the percentage required to change other terms of the Indenture without consent of the holders of the Notes and the consent of others similarly affected. 
We may enter into supplemental indentures for other specified purposes, including the creation of any new series of debt securities, without the consent of any holder of debt securities issued under the Indenture. 
Events of Default
An event of default means, for any series of debt securities issued under the Indenture, any of the following:
												
	 	•	 	failure to pay interest on that series of debt securities for 90 days after payment is due;

 
												
	 	•	 	failure to pay principal or any premium on that series of debt securities when due;

 
												
	 	•	 	failure to perform any other covenant relating to that series of debt securities for 90 days after notice to us;

 
11

												
	 	•	 	certain events of bankruptcy, insolvency and reorganization; and

 
												
	 	•	 	any other event of default provided for in the supplement to the Indenture, board resolution or officers’ certificate designating the specific terms of such series of debt securities.

An event of default for a particular series of debt securities does not necessarily impact any other series of debt securities issued under the Indenture. 
If an event of default for any series of debt securities occurs and continues, the trustee or the holders of at least 25% of the outstanding principal amount of the debt securities of such series may declare the entire principal of all the debt securities of that series to be due and payable immediately. If this happens, subject to certain conditions, the holders of a majority of the outstanding principal amount of the debt securities of that series can rescind the declaration if there has been deposited with the trustee a sum sufficient to pay all matured installments of interest, principal and any premium.
The holders of more than 50% of the outstanding principal amount of any series of the debt securities, may, on behalf of the holders of all of the debt securities of that series, control any proceedings resulting from an event of default or waive any past default except a default in the payment of principal, interest or any premium. We are required to file an annual certificate with the trustee stating whether we are in compliance with all of the conditions and covenants under the Indenture. 
Concerning the Trustee
Within 90 days after a default occurs with respect to a particular series of Notes, the trustee must notify the holders of such series of Notes of all defaults known to the trustee if we have not remedied them (default is defined to mean any event which is, or after notice or lapse of time or both would become, an event of default with respect to such series of Notes as specified above under “—Events of Default”). If a default described in the third bullet point under “—Events of Default” occurs, the trustee will not give notice to the holders of the series until at least 60 days after the occurrence of that default. The trustee may withhold notice to the holders of the Notes of any default (except in the payment of principal, interest or any premium) if it in good faith believes that withholding this notice is in the interest of the holders. 
Prior to an event of default, the trustee is required to perform only the specific duties stated in the Indenture, and after an event of default, must exercise the same degree of care as a prudent individual would exercise in the conduct of his or her own affairs. The trustee is not required to take any action permitted by the Indenture at the request of holders of the debt securities, unless those holders protect the trustee against costs, expenses and liabilities. The trustee is not required to spend its own funds or become financially liable when performing its duties if it reasonably believes that it will not be adequately protected financially. 
U.S. Bank National Association, the trustee for the Notes, and its affiliates have commercial banking relationships with us and some of our affiliates and serves as trustee or paying agent under indentures relating to debt securities issued by us and some of our affiliates.

AUD NOTES
    The following description of the AUD Notes is a summary and does not purport to be complete. This description is qualified in its entirety by reference to our Note Deed Poll, dated July 28, 2017 (the “Deed Poll”) and the terms and conditions of the AUD Notes as set out in the section entitled “Conditions of the Notes” in the Information Memorandum dated July 28, 2017 for our A$ debt issuance program, as amended, supplemented, modified or replaced by the relevant pricing supplement for such series of AUD Notes
Principal Amount, Maturity, Interest, Form and Ranking and Listing 
The following table sets forth for the AUD Notes the applicable date of initial issuance, principal amount initially issued, principal amount outstanding as of December 31, 2021, maturity date, interest rate per annum, interest payment and record dates, and New York Stock Exchange listing symbol:
																											
	Notes	Date of Initial Issuance	Principal Amount Initially Issued	Principal Amount Outstanding as of 12/31/2021	Maturity Date	Interest Rate Per Annum	Interest Payment Dates	Record Dates	NYSE Listing Symbol
	2028 AUD Notes	March 23, 2021	A$600,000,000	A$600,000,000	March 23, 2028	2.350%	March 23/ September 23	March 15/ September 15	VZ28C
	2031 AUD Notes	March 23, 2021	A$500,000,000	A$500,000,000	March 23, 2031	3.000%	March 23/ September 23	March 15/ September 15	VZ31D
	2039 AUD Notes	November 6, 2019	A$500,000,000	A$500,000,000	November 4, 2039	3.50%	May 4/ November 4	April 26/ October 27	VZ39D
	2041 AUD Notes	March 23, 2021	A$150,000,000	A$150,000,000	March 23, 2041	3.850%	March 23/ September 23	March 15/ September 15	VZ41C

12

We will pay interest on each series of AUD Notes semiannually in arrears at the applicable interest rate per annum for such series specified in the table above on the applicable interest payment dates for such series each year following the applicable date of initial issuance for such series, up to, and including, the applicable maturity date for such series, to holders of record at 5:00 p.m. in the place where the register of noteholders is maintained on the applicable record date for such series immediately preceding such interest payment date. If interest or principal on the AUD Notes is payable on a day that is not a day other than (i) a Saturday or Sunday, (ii) any day on which commercial banks are not open for business in The City of New York or Sydney or (iii) if an AUD Note is to be held in a clearing system, any day on which any applicable clearing system in which the relevant AUD Note is lodged is not operating (a “Business Day”), then we will make the payment on the next Business Day in such locations, and no additional interest will accrue as a result of the delay in payment.
The AUD Notes are issued under our Deed Poll, in registered uncertificated form and shall be in denominations of A$10,000. 
The AUD Notes are direct, unconditional, unsubordinated, unsecured and rank equally among themselves and with all of our other present and future unsecured and unsubordinated obligations, save for such as may be preferred by mandatory provisions of applicable law. The Deed Poll does not limit the amount of debt securities that may be issued and we may issue additional AUD Notes in the future.
Optional Redemption of the Notes
We have the option to redeem all or some of the notes (in whole) of each series of the AUD Notes other than the 2039 AUD Notes before their maturity date (any such date of redemption, an “Early Redemption Date”), on not less than 10 nor more than 60 days’ notice,
 
(i)at any time prior to December 23, 2027 (3 months prior to maturity) (the “2028 AUD Notes par call date”) with respect to the 2028 AUD Notes, at any time prior to December 23, 2030 (3 months prior to maturity) (the “2031 AUD Notes par call date”) with respect to the 2031 AUD Notes and at any time prior to September 23, 2040 (6 months prior to maturity) (the “2041 AUD Notes par call date”) with respect to the 2041 AUD Notes, at a redemption price equal to the Make-Whole Amount specified below, together with interest (if any) accrued but unpaid on it to (but excluding) the Early Redemption Date; and
(ii)at any time on or after the 2028 AUD Notes par call date, the 2031 AUD Notes par call date and the 2041 AUD Notes par call date with respect to the 2028 AUD Notes, the 2031 AUD Notes and the 2041 AUD Notes, respectively, at a redemption price equal to each such series of AUD Notes’ outstanding principal amount together with interest (if any) accrued but unpaid on it to (but excluding) the Early Redemption Date.

“Make-Whole Amount” means, with respect to each of the 2028 AUD Notes, the 2031 AUD Notes and the 2041 AUD Notes, respectively, an amount equal to the greater of:
(a)    the outstanding principal amount of the AUD Note being redeemed at the Early Redemption Date; and
(b)    the present value at the Early Redemption Date of the AUD Note being redeemed, calculated in accordance with the Reserve Bank of Australia Bond Formula for the calculation of the settlement price of fixed income securities (as published on March 23, 2021), where the yield that applies is:
(i)    the mid-market swap rate (expressed as a semi-quarterly coupon matched asset swap rate, referencing the semi-annual rate adjusted for the 6 month-3 month rate as applicable) calculated by ICAP Australia Pty Ltd (determined using linear interpolation as necessary) to the 2028 AUD Notes par call date, the 2031 AUD Notes par call date and the 2041 AUD Notes par call date, as applicable, as displayed on Bloomberg page ICAP<GO>, IAUS<GO>, 31<GO> (or the page titled ‘AUD Interest Rates Swaps’) or other electronic media at or around 10.00 am (Sydney time) three Business Days prior to the Early Redemption Date (Call); and
(ii)    if ICAP Australia Pty Ltd no longer calculates those rates (or if those rates are not displayed by Bloomberg), the rate determined by the calculation agent to be appropriate having regard to market rates and sources then available,
and in the case of either sub-paragraph (i) or (ii), plus 0.200% with respect to the 2028 AUD Notes, plus 0.200% with respect to the 2031 AUD Notes and plus 0.250% with respect to the 2041 AUD Notes.
Clearing Systems and Settlement
The AUD Notes are traded through Austraclear Ltd (ABN 94 002 060 773) (“Austraclear”) in accordance with the rules and regulations of the clearing and settlement system operated by Austraclear in Australia (the “Austraclear System”). All AUD Notes held in the Austraclear System are registered in the name of Austraclear. If Austraclear is recorded in the register as the holder of the AUD Notes, each person in whose security record (as defined in the Austraclear Regulations) an AUD Note is recorded is taken to acknowledge in favor of us, the registrar and Austraclear that (a) the registrar’s decision to act as the registrar of that AUD Note is not a recommendation or endorsement by the registrar or Austraclear in relation to that AUD Note, but only indicates that the registrar considers that the holding of the AUD Note is compatible with the performance by it of its obligations as registrar and (b) the holder of the AUD Note does not rely on any fact, matter or circumstance contrary to this.
Transactions relating to interests in the AUD Notes may also be carried out through the clearing and settlement system operated by Euroclear Bank SA/NV (“Euroclear”) or the clearing and settlement system operated by Clearstream Banking S.A. (“Clearstream, Luxembourg”). Interests in the AUD Notes traded in the Austraclear System may be held for the benefit of Euroclear or Clearstream, Luxembourg. In these circumstances, entitlements in respect of holdings of interests in AUD Notes in Euroclear would be held in the Austraclear System by a nominee of Euroclear (currently HSBC Custody Nominees (Australia) Limited) and entitlements in respect of holdings of interests in AUD 
13

Notes in Clearstream, Luxembourg would be held in the Austraclear System by a nominee of Clearstream, Luxembourg (currently J.P. Morgan Nominees Australia Pty Limited).
The rights of a holder of interests in an AUD Note held through Euroclear or Clearstream, Luxembourg are subject to the respective rules and regulations for accountholders of Euroclear and Clearstream, Luxembourg, the terms and conditions of agreements between Euroclear and Clearstream, Luxembourg and their respective nominee and the rules and regulations of the Austraclear System. In addition, any transfer of interests in an AUD Note, which is held through Euroclear or Clearstream, Luxembourg will, to the extent such transfer will be recorded on the Austraclear System, be subject to the Corporations Act 2001 of Australia (the “Corporations Act”) and the rules and regulations of the Austraclear System. Furthermore, for the issue and transfer of any AUD Note within Australia, the aggregate consideration payable must be at least A$500,000 (or its equivalent in an alternative currency and, in either case, disregarding moneys lent by the offeror or its associate) or such issue and transfer must not otherwise require disclosure to investors under Parts 6D.2 or 7.9 of the Corporations Act. For the issue and transfer of any AUD Note outside Australia, the aggregate consideration payable must be at least A$200,000.
Currency Conversion
Payments of principal, interest and additional amounts, if any, on the AUD Notes will be payable in Australian dollars (“AUD”). If a holder of an AUD Note receives an amount other than in AUD, then it may convert the amount received into AUD (even though it may be necessary to convert through a third currency to do so) on the day and at such rates (including spot rate, same day value rate or value tomorrow rate) as it reasonably considers appropriate. The holder of an AUD Note may deduct its usual costs in connection with the conversion. We satisfy our obligation to pay in AUD only to the extent of the amount of AUD obtained from the conversion after deducting the costs of the conversion.
Redemption for Taxation Reasons
The AUD Notes may be redeemed at our option, in whole but not in part, prior to their maturity date, at any time on giving not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable), at their outstanding principal amount as of the date of redemption, together with interest accrued to, but excluding, the date fixed for redemption, if:
 
(i)we have or will become obliged to pay additional amounts with respect to the AUD Notes as provided or referred to under “Withholding Taxes” below as a result of any change in or amendment to the laws (or any regulations or rulings promulgated thereunder) of the United States or of any political subdivision thereof or taxing authority therein or thereof affecting taxation, or any change in official position regarding application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction in the United States), or any other action taken by any taxing authority or a court of competent jurisdiction in the United States, whether or not such action was taken or made with respect to us, or any change, amendment, application or interpretation shall be officially proposed, which becomes effective on or after November 6, 2019, in the case of the 2039 AUD notes, and March 23, 2021, in the case of the 2028 AUD Notes, the 2031 AUD Notes and the 2041 AUD Notes, and we, in our business judgment, determine that such obligation cannot be avoided by us taking reasonable measures available to us;
provided that, we may only do so if:
(a)    prior to the publication of any notice of redemption for taxation reasons, we deliver to the registrar a certificate signed by two of our duly authorized officers stating that we are entitled to effect such redemption for taxation reasons and setting forth a statement of facts showing that the conditions precedent to our right to redeem have occurred and an opinion of independent legal advisers or tax consultants of recognized standing to the effect that we have or will, in all material probability, become obliged to pay such additional amounts as a result of such change or amendment; and
(b)    we have given not less than 30 days nor more than 60 days’ notice to the registrar, the holders of AUD Notes, each other Agent and any stock or securities exchange or other relevant authority on which the AUD Notes are listed, quoted and/or traded; and
(c)    no notice of redemption is given earlier than 90 days before the earliest date on which we would be obliged to pay additional amounts.
Withholding Taxes
If a law requires us to withhold or deduct an amount in respect of taxes from a payment in respect of the AUD Notes such that the holder would not actually receive on the due date the full amount provided for under the AUD Notes, then:
(i)     we agree to deduct the amount for the taxes (and any further withholding or deduction applicable to any further payment due under paragraph (ii) below); and

(ii)    if the amount deducted or withheld is in respect of taxes imposed by the United States or any political subdivision thereof or any authority therein or thereof having power to tax, we will pay such additional amounts so that, after making the deduction and further deductions applicable to additional amounts payable under the AUD Notes, each holder that is not a U.S. Person (as defined below) is entitled to receive (at the time a payment is due) the amount it would have received if no such deductions or withholdings had been required to be made.
For purposes of this section, the term “U.S. Person” means any individual who is a citizen or resident of the United States for United States federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.

14

No additional amounts shall be payable on any AUD Note with respect to:
 
 
(a)    any taxes that would not have been imposed but for the existence of any present or former connection between the holder of the AUD Note (or between a fiduciary, settlor, beneficiary of, or a person holding a power over, the holder, if the holder is an estate or trust, or a member or shareholder of the holder, if the holder is a partnership or corporation) and the United States, including, without limitation, that holder (or that fiduciary, settlor, beneficiary, person holding a power, member or shareholder) being or having been a citizen, resident or treated as a resident of the United States or being or having been engaged in trade or business or present in the United States or having or having had a permanent establishment in the United States;

(b)    any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar taxes;

(c)    any taxes imposed on foreign personal holding company income or by reason of the holder’s or beneficial owner’s past or present status as a personal holding company, controlled foreign corporation or passive foreign investment company with respect to the United States or as a corporation that accumulates earnings to avoid United States federal income tax;

(d)    any taxes which are payable otherwise than by withholding or deducting from a payment on such AUD Note;

(e)    any taxes required to be withheld or deducted by any paying agent from any payment on such AUD Note if that payment can be made without such withholding or deduction by any other paying agent;

(f)    any taxes which would not have been imposed, withheld or deducted but for the failure of a beneficial owner or any holder of such AUD Note or any other person to comply with any requirement or request to satisfy certification, identification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with Australia or the United States of the beneficial owner or any holder of the AUD Note that such beneficial owner or holder is legally able to deliver (including, but not limited to, the requirement to provide IRS Forms W-8BEN, W-8BEN-E, Forms W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty);

(g)    any taxes imposed on a holder who actually or constructively owns more than 10% or more of the total combined voting power of all classes of our stock entitled to vote within the meaning of section 871(h)(3) of the United States Internal Revenue Code of 1986 (as amended, the “Internal Revenue Code”) or that is a controlled foreign corporation that is related to us;

(h)    any taxes imposed as a result of the holder’s failure to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of an AUD Note, if such compliance is required by statute or regulation of the United States, as a precondition to relief or exemption from those taxes; or

(i)    any combination of the above.

In addition, we will not pay any additional amounts to any holder of AUD Notes who is a fiduciary, partnership, a limited liability company or a holder other than the sole beneficial owner of that payment to the extent that a beneficiary or settlor with respect to that fiduciary, a member of that partnership, an interest holder in such limited liability company or a beneficial owner of the payment would not have been entitled to the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the holder of those AUD Notes.
Notwithstanding any other provision of the AUD Notes, we shall be entitled to make such withholding or deduction and shall have no obligation to gross up any payment under the AUD Notes or to pay any additional amount referred to above or other amount for such withholding or deduction if we, or any other person through whom payments on the AUD Notes are made, are required to withhold or deduct amounts under or in connection with, or in order to ensure compliance with the Foreign Account Tax Compliance Act (“FATCA”).
Except as specifically provided in this section, we will not be required to make any payment with respect to any tax imposed by any government or any respective political subdivision or any taxing authority therein or thereof, as a consequence of the initial issuance of AUD Notes.

Liens on Assets
If, at any time, we mortgage, pledge or otherwise subject to any lien the whole or any part of any property or assets now owned or hereafter acquired by us, except as provided in this section, we will accord the same security to any outstanding AUD Notes, and any other of our obligations which may then be outstanding and entitled to the benefit of a covenant similar to this condition, equally and rateably with the indebtedness or obligations secured by such mortgage, pledge or lien, for as long as any such indebtedness or obligation is so secured.

This condition does not apply to:

(a)the creation, extension, renewal or refunding of purchase-money mortgages or liens, or other liens to which any property or asset is subject at the time it is acquired by us; or

(b)the making of any deposit or pledge:
(i)to secure public or statutory obligations or with any governmental agency, at any time required by law, in order to:

(A)qualify us to conduct our business (or any part thereof); or

(B)entitle us to maintain self-insurance or to obtain the benefits of any law relating to workmen's compensation, unemployment insurance, old age pensions or other social security; or

15

(ii)with any court, board, commission or governmental agency as security incident to the proper conduct of any proceeding before it; or

(c)the mortgage, pledge, or subjecting to a lien of any property or assets by one of our affiliates whether or not such property or assets were acquired by such affiliate from us.

We may omit in any particular instance to comply with any covenant or condition set forth in the first paragraph of this section (“Negative pledge”) if, before or after the time for such compliance, the noteholders of more than 50% in principal amount of the outstanding notes of each applicable series of notes affected by the omission shall, in each case by notice of such noteholders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, our obligations with respect to any such covenant or condition shall remain in full force and effect.
Changes to the Terms of the AUD Notes
The Deed Poll provides that certain matters require the unanimous consent of all holders of the AUD Notes including (i) a reduction in the principal amount, (ii) a change in the maturity or (iii) reducing the interest rate. Any matter not requiring unanimous consent may be passed by more than 50% of the votes cast at a meeting at which the requisite quorum is present or without a meeting if holders of more than 50% of the outstanding principal amount of the AUD Notes agree in writing. We may also amend certain conditions of the AUD Notes without the consent of the holders, including if the amendment is administrative or technical, to comply with the law or to cure an ambiguity.
Events of Default
An event of default means, with respect to a series of the AUD Notes, any of the following:
 
    ●    failure to pay interest on such AUD Notes for 90 days after payment is due;
    ●    failure to pay principal or other redemption amount on such AUD Notes when due;
    ●    failure to perform any other covenant or warranty for 90 days after notice to us; and
    ●    certain events of bankruptcy, insolvency and reorganization.
If an event of default (other than an event of bankruptcy, insolvency or reorganization) occurs with respect to the AUD Notes of the relevant series and is continuing, any holder of the AUD Notes of that series may, by written notice to us, declare such AUD Notes held by that holder to be immediately due and payable. Any notice given by a holder declaring the AUD Notes due shall become effective, and all AUD Notes of such series then outstanding shall become immediately due and payable at their redemption amount, together with accrued interest (if any) to the date of repayment, when we have received such notices from holders holding not less than 25% in aggregate principal amount of the relevant series of AUD Notes then outstanding, unless, prior to the time we receive notice in respect of such aggregate amount, the situation giving rise to the notice has been cured.
At any time after a notice given by a holder as described above becomes effective and before the situation giving rise to the notice has been cured or a judgement or decree for payment of monies owing has been obtained, the notice may be rescinded and annulled by written notice to us from holders holding not less than 50% in aggregate principal amount of the relevant series of AUD Notes then outstanding, provided that:
 (i)    we have paid to the holders of such AUD Notes all overdue interest on the AUD Notes and any related coupons, together with accrued interest (if any) and the principal of the relevant series of AUD Notes that have become due otherwise than by such notice described above, together with accrued interest (if any); and
(ii)    the situation giving rise to any other events of default with respect to the relevant series of AUD Notes has been cured or waived by holders holding not less than 50% in aggregate principal amount of the relevant series of AUD Notes then outstanding.
If an event of default that is an event of bankruptcy, insolvency or reorganization occurs, all AUD Notes then outstanding shall automatically, and without any declaration or other action on the part of any holder or any other person, become immediately due and payable.

Notification
If an event of default (or, an event which, after notice and lapse of time, would become an event of default) occurs, we must within 90 days after becoming aware of it, unless such default has been cured, notify the registrar of the occurrence of the event (specifying details of it) and use its reasonable endeavors to ensure that the registrar promptly notifies, the relevant holders, each other agent and any stock or securities exchange or other relevant authority on which such AUD Notes are listed, quoted and/or traded, provided that;
(i)     in the case of an event of default due to our failure to pay interest on the AUD Notes for 90 days after payment is due or our failure to pay principal or other redemption amount on the AUD Notes when due, we are not required to give notice if and so long as we in good faith determine that the withholding of notice is in the interests of holders of the AUD Notes; and
(ii)in the case of an event of default due to our failure to perform any other covenant for 90 days after notice to us, we are not to give notice until at least 60 days after becoming aware of the event of default.
We must promptly notify the registrar once we have received notices from holders holding 25% or more in aggregate principal amount of the AUD Notes then outstanding and use our reasonable endeavors to ensure that the registrar promptly notifies the relevant holder, each other 
16

agent and any stock or securities exchange or other relevant authority on which the AUD Notes are listed, quoted and/or traded of the occurrence of the event.
Paying Agent, Calculation Agent and Registrar for the AUD Notes
BTA Institutional Services Australia Limited (ABN 48 002 916 396), a wholly-owned subsidiary of the Bank of New York Mellon (“BTA”), is acting as paying agent, calculation agent and registrar for the AUD Notes. We may appoint a successor agent if BTA is removed or resigns.

17Exhibit 4.3

 

Exhibit A

 

SOS LIMITED

2021 EQUITY INCENTIVE PLAN

 

1. Purposes of the Plan. The purposes
of this Plan are:

 

		●	to
attract and retain the best available personnel for positions of substantial responsibility,

 

		●	to
provide additional incentive to Employees, Directors and Consultants, and

 

		●	to
promote the success of the Company’s business.

 

The Plan permits the grant of Incentive Share
Options, Nonstatutory Share Options, Restricted Stock, Share Appreciation Rights, Restricted Share Units, Performance Units, Performance
Shares, and Other Share Based Awards.

 

2. Definitions. As used herein, the
following definitions will apply:

 

(a) “162(m) Award” means an
Award that is granted to a Covered Employee and is intended to qualify as “performance-based” under Section 162(m) of
the Code

 

(b) “Administrator” means
the Board or any of its Committees as will be administering the Plan, in accordance with Section 4 of the Plan.

 

(c) “Applicable Laws” means
the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws,
rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any jurisdiction
applicable to Awards granted to residents therein.

 

(d) “Award” means, individually
or collectively, a grant under the Plan of Options, SARs, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares
or Other Stock Based Awards.

 

(e) “Award Agreement” means
the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award
Agreement is subject to the terms and conditions of the Plan.

 

(f) “Awarded Stock” means
the Common Stock subject to an Award.

 

(g) “Board” means the Board
of Directors of the Company.

 

(h) “Change in Control” means
the occurrence of any of the following events:

 

(i) Any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange
Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented
by the Company’s then outstanding voting securities;

 

(ii) The consummation of the sale or disposition
by the Company of all or substantially all of the Company’s assets;

 

(iii) A change in the composition of the Board
occurring within a two-year period, as a result of which fewer than a majority of the directors are Incumbent Directors. “Incumbent
Directors” means directors who either (A) are Directors as of the effective date of the Plan, or (B) are elected, or nominated
for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or
nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest
relating to the election of directors to the Company); or

 

     

     

    

 

(iv) The consummation of a merger or consolidation
of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or its parent) more than fifty percent (50%) of the total voting power represented by the voting securities
of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 

(i) “Code” means the Internal
Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor or amended section
of the Code.

 

(j) “Committee” means a committee
of Directors or other individuals satisfying Applicable Laws appointed by the Board in accordance with Section 4 of the Plan

 

(k) “Common Stock” means the
Class A ordinary shares of the Company, par value $0.0001 per share, or in the case of Performance Units, Restricted Stock Units,
and certain Other Stock Based Awards, the cash equivalent thereof, as applicable.

 

(l) “Company” means SOS Limited.

 

(m) “Consultant” means any
person, including an advisor, engaged by the Company or a Parent or Subsidiary to render services to such entity.

 

(n) “Covered Employees” means
those persons who the Committee determines are subject to the limitations of Section 162(m) of the Code.

 

(o) “Director” means a member
of the Board.

 

(p) “Disability” means total
and permanent disability as defined in Section 22(e)(3) of the Code, provided that in the case of Awards other than Incentive Stock
Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform
and non-discriminatory standards adopted by the Administrator from time to time.

 

(q) “Dividend Equivalent”
means a credit, made at the discretion of the Administrator, to the account of a Participant in an amount equal to the value of dividends
paid on one Share for each Share represented by an Award held by such Participant.

 

(r) “Employee” means any person,
including Officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a Director nor
payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.

 

(s) “Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

(t) “Exchange Program” means
a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may have
lower exercise prices and different terms), Awards of a different type, and/or cash, and/or (ii) the exercise price of an outstanding
Award is reduced. The terms and conditions of any Exchange Program will be determined by the Administrator in its sole discretion.

 

    2

     

    

 

(u) “Fair Market Value” means,
as of any date, the value of Common Stock determined as follows:

 

(i) If the Common Stock is listed on any established
stock exchange or a national market system, including without limitation the New York Stock Exchange, its Fair Market Value will be the
closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system for the last market
trading day on or prior to the date of determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable;

 

(ii) If the Common Stock is regularly quoted
by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share of Common Stock will be the mean
between the high bid and low asked prices for the Common Stock for the last market trading day on or prior to the date of determination,
as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or

 

(iii) In the absence of an established market
for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.

 

Notwithstanding the preceding, for federal, state,
and local income tax reporting purposes and for such other purposes as the Administrator deems appropriate, the Fair Market Value shall
be determined by the Administrator in accordance with uniform and nondiscriminatory standards adopted by it from time to time.

 

(v) “Fiscal Year” means the
fiscal year of the Company.

 

(w) “Incentive Stock Option”
means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations
promulgated thereunder.

 

(x) “Nonstatutory Stock Option”
means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

(y) “Officer” means a person
who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

 

(z) “Option” means a stock
option granted pursuant to the Plan.

 

(aa) “Other Stock Based Awards”
means any other awards not specifically described in the Plan that are valued in whole or in part by reference to, or are otherwise based
on, Shares and are created by the Administrator pursuant to Section 12.

 

(bb) “Outside Director” means
a Director who is not an Employee.

 

(cc) “Parent” means a “parent
corporation,” whether now or hereafter existing, as defined in Section 424(e) of the Code.

 

(dd) “Participant” means the
holder of an outstanding Award granted under the Plan.

 

(ee) “Performance Goals” means
one or more objective measurable performance goals established by the Committee with respect to a Performance Period based upon one or
more of the following criteria: (i) operating income; (ii) earnings before interest, taxes, depreciation and amortization; (iii) earnings;
(iv) cash flow; (v) market share; (vi) sales or revenue; (vii) expenses; (vii) profit/loss or profit margin;
(ix) working capital; (x) return on equity or assets; (xi) earnings per share; (xii) total shareholder return; (xiii) price/earnings
ratio; (xiv) debt or debt-to-equity; (xv) accounts receivable; (xvi) writeoffs; (xvii) cash; (xviii) assets;
(xix) liquidity; (xx) operations; (xxi) borrowers; (xxii) investors; (xxiii) strategic partners; (xxiv) mergers
or acquisitions; (xxv) loans facilitated; (xxvi) product offerings; and/or (xxvii) stock price. Any criteria used may be
measured, as applicable, (a) in absolute terms, (b) in relative terms (including but not limited to, the passage of time and/or
against other companies or financial metrics), (c) on a per share and/or share per capita basis, (d) against the performance
of the Company as a whole or against particular entities, segments, operating units or products of the Company and /or (e) on a pre-tax
or after tax basis. Awards issued to persons who are not Covered Employees may take into account any other factors deemed appropriate
by the Committee.

 

    3

     

    

 

(ff) “Performance Period”
means any period not exceeding 120 months as determined by the Committee, in its sole discretion. The Committee may establish different
Performance Periods for different Participants, and the Committee may establish concurrent or overlapping Performance Periods.

 

(gg) “Performance Share” means
an Award granted to a Service Provider pursuant to Section 10 of the Plan.

 

(hh) “Performance Unit” means
an Award granted to a Service Provider pursuant to Section 10 of the Plan.

 

(ii) “Period of Restriction”
means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore, the Shares are subject
to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance,
or the occurrence of other events as determined by the Administrator.

 

(jj) “Plan” means this 2021
Equity Incentive Plan.

 

(kk) “Restricted Stock” means
Shares issued pursuant to a Restricted Stock award under Section 8 or issued pursuant to the early exercise of an option.

 

(ll) “Restricted Stock Unit”
means an Award that the Administrator permits to be paid in installments or on a deferred basis pursuant to Sections 4 and 11 of the Plan.

 

(mm) “Rule 16b-3” means Rule
16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan.

 

(nn) “Section 16(b)” means
Section 16(b) of the Exchange Act.

 

(oo) “Service Provider” means
an Employee, Director or Consultant.

 

(pp) “Share” means a share
of the Common Stock, as adjusted in accordance with Section 15 of the Plan.

 

(qq) “Stock Appreciation Right”
or “SAR” means an Award that pursuant to Section 9 of the Plan is designated as a SAR.

 

(rr) “Subsidiary” means a
“subsidiary corporation”, whether now or hereafter existing, as defined in Section 424(f) of the Code.

 

3. Stock Subject to the Plan.

 

(a) Stock Subject to the Plan. Subject
to the provisions of Section 16 of the Plan, the maximum aggregate number of Shares that may be issued under the Plan is 280,000,000
Shares. The Shares may be authorized, but unissued, or reacquired Common Stock. Shares shall not be deemed to have been issued pursuant
to the Plan with respect to any portion of an Award that is settled in cash. Upon payment in Shares pursuant to the exercise of an Award,
the number of Shares available for issuance under the Plan shall be reduced only by the number of Shares actually issued in such payment.
If a Participant pays the exercise price (or purchase price, if applicable) of an Award through the tender of Shares, or if Shares are
tendered or withheld to satisfy any Company withholding obligations, the number of Shares so tendered or withheld shall again be available
for issuance pursuant to future Awards under the Plan. A total of 280,000,000 Shares, which such amount is included in the limit set forth
in the first sentence of this Section 3(a), may be issued under the Plan pursuant to the exercise of Incentive Stock Options.

 

    4

     

    

 

(b) Lapsed Awards. If any outstanding
Award expires or is terminated or canceled without having been exercised or settled in full, or if Shares acquired pursuant to an Award
subject to forfeiture or repurchase are forfeited or repurchased by the Company, the Shares allocable to the terminated portion of such
Award or such forfeited or repurchased Shares shall again be available for grant under the Plan.

 

(c) Share Reserve. The Company, during
the term of the Plan, shall at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements
of the Plan.

 

4. Administration of the Plan.

 

(a) Procedure.

 

(i) Multiple Administrative Bodies.
Different Committees with respect to different groups of Service Providers may administer the Plan.

 

(ii) Section 162(m). To the
extent that the Administrator determines it to be desirable and necessary to qualify Awards granted hereunder as “performance-based
compensation” within the meaning of Section 162(m) of the Code, the Plan will be administered by a Committee of two or more
“outside directors” within the meaning of Section 162(m) of the Code.

 

(iii) Rule 16b-3. To the extent desirable
to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated hereunder will be structured to satisfy the
requirements for exemption under Rule 16b-3.

 

(iv) Other Administration. Other
than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which committee will be constituted
to satisfy Applicable Laws.

 

(v) Delegation of Authority for Day-to-Day
Administration. Except to the extent prohibited by Applicable Law, the Administrator may delegate to one or more individuals the day-to-day
administration of the Plan and any of the functions assigned to it in this Plan. Such delegation may be revoked at any time.

 

(b) Powers of
the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

(i) to determine the Fair Market Value;

 

(ii) to select the Service Providers to whom
Awards may be granted hereunder;

 

(iii) to determine the number of Shares to be
covered by each Award granted hereunder;

 

(iv) to approve forms of agreement for use under
the Plan;

 

(v) to determine the terms and conditions, not
inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the
exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration
or waiver of forfeiture or repurchase restrictions, and any restriction or limitation regarding any Award or the Shares relating thereto,
based in each case on such factors as the Administrator, in its sole discretion, will determine;

 

(vi) to institute an Exchange Program;

 

(vii) to construe and interpret the terms of
the Plan and Awards granted pursuant to the Plan;

 

(viii) to prescribe, amend and rescind rules
and regulations relating to the Plan, including rules and regulations relating to sub-plans established for the purpose of satisfying
applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws;

 

    5

     

    

 

(ix) to modify or amend each Award (subject to
Section 19(c) of the Plan), including (A) the discretionary authority to extend the post-termination exercisability period of
Awards longer than is otherwise provided for in the Plan and (B) accelerate the satisfaction of any vesting criteria or waiver of
forfeiture or repurchase restrictions;

 

(x) to allow Participants to satisfy withholding
tax obligations by electing to have the Company withhold from the Shares or cash to be issued upon exercise or vesting of an Award that
number of Shares or cash having a Fair Market Value equal to the minimum amount required to be withheld. The Fair Market Value of any
Shares to be withheld will be determined on the date that the amount of tax to be withheld is to be determined. All elections by a Participant
to have Shares or cash withheld for this purpose will be made in such form and under such conditions as the Administrator may deem necessary
or advisable;

 

(xi) to authorize any person to execute on behalf
of the Company any instrument required to effect the grant of an Award previously granted by the Administrator,

 

(xii) to allow a Participant to defer the receipt
of the payment of cash or the delivery of Shares that would otherwise be due to such Participant under an Award;

 

(xiii) to determine whether Awards will be settled
in Shares, cash or in any combination thereof;

 

(xiv) to determine whether Awards will be adjusted
for Dividend Equivalents;

 

(xv) to create Other Stock Based Awards for issuance
under the Plan;

 

(xvi) to establish a program whereby Service
Providers designated by the Administrator can reduce compensation otherwise payable in cash in exchange for Awards under the Plan;

 

(xvii) to impose such restrictions, conditions
or limitations as it determines appropriate as to the timing and manner of any resales by a Participant or other subsequent transfers
by the Participant of any Shares issued as a result of or under an Award, including without limitation, (A) restrictions under an
insider trading policy, and (B) restrictions as to the use of a specified brokerage firm for such resales or other transfers; and

 

(xviii) to make all other determinations deemed
necessary or advisable for administering the Plan.

 

(c) Effect of Administrator’s Decision.
The Administrator’s decisions, determinations, and interpretations will be final and binding on all Participants and any other holders
of Awards.

 

5. Eligibility. Nonstatutory Stock
Options, Restricted Stock, Stock Appreciation Rights, Performance Units, Performance Shares, Restricted Stock Units and Other Stock Based
Awards may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.

 

6. Limitations.

 

(a) ISO $100,000 Rule. Each Option
will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. However, notwithstanding
such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable
for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds $100,000,
such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(a), Incentive Stock Options will be taken
into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option
with respect to such Shares is granted.

 

    6

     

    

 

(b) Special Limits for Grants of Options
and Stock Appreciation Rights. Subject to Section 16 of the Plan, the following special limits shall apply to Shares available
for Awards under the Plan:

 

(i) the maximum number of Shares that may be
subject to Options granted to any Service Provider in any calendar year shall equal 3,000,000 Shares; and

 

(ii) the maximum number of Shares that may be
subject to Stock Appreciation Rights granted to any Service Provider in any calendar year shall equal 3,000,000 Shares.

 

(c) No Rights as a Service Provider.
Neither the Plan nor any Award shall confer upon a Participant any right with respect to continuing his or her relationship as a Service
Provider, nor shall they interfere in any way with the right of the Participant or the right of the Company or its Parent or Subsidiaries
to terminate such relationship at any time, with or without cause.

 

7. Stock Options.

 

(a) Term of Option. The term of each
Option will be stated in the Award Agreement and will not exceed ten (10) years from the date of grant. Moreover, in the case of
an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more
than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the
term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award
Agreement.

 

(b) Option Exercise Price and Consideration.

 

(i) Exercise Price. The per Share
exercise price for the Shares to be issued pursuant to exercise of an Option will be determined by the Administrator, subject to the following:

 

(1) In the case of an Incentive Stock Option

 

(A) granted to an Employee who, at the time the
Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power of all
classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market
Value per Share on the date of grant.

 

(B) granted to any Employee other than an Employee
described in paragraph (A) immediately above, the per Share exercise price will be no less than 100% of the Fair Market Value per
Share on the date of grant.

 

(2) In the case of a Nonstatutory Stock Option,
the per Share exercise price will be determined by the Administrator. In the case of a Nonstatutory Stock Option intended to qualify as
“performance-based compensation” within the meaning of Section 162 (m) of the Code, or in the event of the grant
of a Nonstatutory Stock Option to an Employee, Director, or Consultant who is a U.S. taxpayer, the per Share exercise price will be no
less than 100% of the Fair Market Value per Share on the date of grant.

 

(3) Notwithstanding the foregoing, Incentive
Stock Options may be granted with a per Share exercise price of less than 100% of the Fair Market Value per Share on the date of grant
pursuant to a transaction described in, and in a manner consistent with, Section 424(a) of the Code.

 

(ii) Waiting Period and Exercise Dates.
At the time an Option is granted, the Administrator will fix the period within which the Option may be exercised and will determine any
conditions that must be satisfied before the Option may be exercised. The Administrator, in its sole discretion, may accelerate the satisfaction
of such conditions at any time.

 

    7

     

    

 

(c) Form of Consideration. The Administrator
will determine the acceptable form of consideration for exercising an Option, including the method of payment. In the case of an Incentive
Stock Option, the Administrator shall determine the acceptable form of consideration at the time of grant. Such consideration, to the
extent permitted by Applicable Laws, may consist entirely of:

 

(i) cash;

 

(ii) check;

 

(iii) promissory note;

 

(iv) other Shares which meet conditions established
by the Administrator;

 

(v) consideration received by the Company under
a cashless exercise program implemented by the Company in connection with the Plan;

 

(vi) a reduction in the amount of any Company
liability to the Participant, including any liability attributable to the Participant’s participation in any Company-sponsored deferred
compensation program or arrangement;

 

(vii) any combination of the foregoing methods
of payment; or

 

(viii) such other consideration and method of
payment for the issuance of Shares to the extent permitted by Applicable Laws.

 

(d) Exercise of Option.

 

(i) Procedure for Exercise; Rights as
a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan and at such times and under such
conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a
Share.

 

An Option will be deemed exercised when the Company
receives: (x) written or electronic notice of exercise (in accordance with the Award Agreement) from the person entitled to exercise
the Option, and (y) full payment for the Shares with respect to which the Option is exercised (including provision for any applicable
tax withholding). Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by
the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested
by the Participant, in the name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any
other rights as a stockholder will exist with respect to the Awarded Stock, notwithstanding the exercise of the Option. The Company will
issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right
for which the record date is prior to the date the Shares are issued, except as provided in Section 16 of the Plan or the applicable
Award Agreement.

 

Exercising an Option in any manner will decrease
the number of Shares thereafter available for sale under the Option, by the number of Shares as to which the Option is exercised.

 

(ii) Termination of Relationship as a
Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s death or Disability, the
Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Option
is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement).
In the absence of a specified time in the Award Agreement, the Option will remain exercisable for three (3) months following the
Participant’s termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not
vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination
the Participant does not exercise his or her Option as to all of the vested Shares within the time specified by the Administrator, the
Option will terminate, and the remaining Shares covered by such Option will revert to the Plan.

 

    8

     

    

 

(iii) Disability of Participant.
If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or
her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination
(but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified
time in the Award Agreement, the Option will remain exercisable for twelve (12) months following the Participant’s termination.
Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option,
the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise
his or her Option as to all of the vested Shares within the time specified by the Administrator, the Option will terminate, and the remaining
Shares covered by such Option will revert to the Plan.

 

(iv) Death of Participant. If a Participant
dies while a Service Provider, the Option may be exercised following the Participant’s death within such period of time as is specified
in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the Option be exercised later
than the expiration of the term of such Option as set forth in the Award Agreement), by the Participant’s designated beneficiary,
provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator. If no
such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s
estate or by the persons) to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of
descent and distribution. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months
following the Participant’s death. Unless otherwise provided by the Administrator, if at the time of death the Participant is not
vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If
the Option is not exercised as to all of the vested Shares within the time specified by the Administrator, the Option will terminate,
and the remaining Shares covered by such Option will revert to the Plan.

 

8. Restricted Stock.

 

(a) Grant of Restricted Stock. Subject
to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Shares of Restricted Stock to
Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

(b) Restricted Stock Agreement. Each
Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction, the number of Shares granted,
and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines
otherwise, Shares of Restricted Stock will be held by the Company as escrow agent until the restrictions on such Shares have lapsed.

 

(c) Transferability. Except as provided
in this Section 8, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated
until the end of the applicable Period of Restriction.

 

(d) Other Restrictions. The Administrator,
in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it may deem advisable or appropriate.

 

(e) Removal of Restrictions. Except
as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will
be released from escrow as soon as practicable after the last day of the Period of Restriction. The Administrator, in its discretion,
may accelerate the time at which any restrictions will lapse or be removed.

 

(f) Voting Rights. During the Period
of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may exercise full voting rights with respect to
those Shares, unless the Administrator determines otherwise.

 

    9

     

    

 

(g) Dividends and Other Distributions.
During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other
distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If any such dividends or distributions
are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted
Stock with respect to which they were paid.

 

(h) Return of Restricted Stock to Company.
On the date set forth in the Award Agreement, the Restricted Stock for which restrictions have not lapsed will revert to the Company and
again will become available for grant under the Plan.

 

9. Stock Appreciation Rights.

 

(a) Grant of SARs. Subject to the
terms and conditions of the Plan, a SAR may be granted to Service Providers at any time and from time to time as will be determined by
the Administrator, in its sole discretion.

 

(b) Number of Shares. The Administrator
will have complete discretion to determine the number of SARs granted to any Service Provider.

 

(c) Exercise Price and Other Terms.
The Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of SARs
granted under the Plan.

 

(d) Exercise of SARs. SARs will be
exercisable on such terms and conditions as the Administrator, in its sole discretion, will determine. The Administrator, in its sole
discretion, may accelerate exercisability at any time.

 

(e) SAR Agreement. Each SAR grant
will be evidenced by an Award Agreement that will specify the exercise price, the term of the SAR, the conditions of exercise, and such
other terms and conditions as the Administrator, in its sole discretion, will determine.

 

(f) Expiration of SARs. An SAR granted
under the Plan will expire upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement.
Notwithstanding the foregoing, the rules of Sections 7(d)(ii), 7(d)(iii) and 7(d)(iv) also will apply to SARs.

 

(g) Payment of SAR Amount. Upon exercise
of an SAR, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying:

 

(i) The difference between the Fair Market Value
of a Share on the date of exercise over the exercise price; times

 

(ii) The number of Shares with respect to which
the SAR is exercised.

 

At the discretion of the Administrator, the payment
upon SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

 

10. Performance Units and Performance
Shares.

 

(a) Grant of Performance Units/Shares.
Subject to the terms and conditions of the Plan, Performance Units and Performance Shares may be granted to Service Providers at any time
and from time to time, as will be determined by the Administrator, in its sole discretion. The Administrator will have complete discretion
in determining the number of Performance Units and Performance Shares granted to each Participant.

 

(b) Value of Performance Units/Shares.
Each Performance Unit will have an initial value that is established by the Administrator on or before the date of grant. Each Performance
Share will have an initial value equal to the Fair Market Value of a Share on the date of grant.

 

    10

     

    

 

(c) Performance Objectives and Other
Terms. The Administrator will set performance objectives in its discretion which, depending on the extent to which they are met, will
determine the number or value of Performance Units/Shares that will be paid out to the Participant. Each Award of Performance Units/Shares
will be evidenced by an Award Agreement that will specify the Performance Period, and such other terms and conditions as the Administrator,
in its sole discretion, will determine. The Administrator may set performance objectives based upon the achievement of Company-wide, divisional,
or individual goals (including solely continued service), applicable federal or state securities laws, or any other basis determined by
the Administrator in its discretion; provided, however, that if the Award is a 162(m) Award, then the Award will be subject to achievement
of Performance Goals with respect to a Performance Period established by the Committee and the Award shall be granted and administered
in accordance with the requirements of Section 162(m) of the Code.

 

(d) Earning of Performance Units/Shares.
After the applicable Performance Period has ended, the holder of Performance Units/Shares will be entitled to receive a payout of the
number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent
to which the corresponding performance objectives have been achieved. After the grant of a Performance Unit/Share, the Administrator,
in its sole discretion, may reduce or waive any performance objectives for such Performance Unit/Share unless such Award is a 162(m) Award.

 

(e) Form and Timing of Payment of Performance
Units/Shares. Payment of earned Performance Units/Shares will be made after the expiration of the applicable Performance Period at
the time determined by the Administrator. The Administrator, in its sole discretion, may pay earned Performance Units/Shares in the form
of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of
the applicable Performance Period) or in a combination of cash and Shares.

 

(f) Cancellation of Performance Units/Shares.
On the date set forth in the Award Agreement, all unearned or unvested Performance Units/Shares will be forfeited to the Company, and
again will be available for grant under the Plan.

 

11. Restricted Stock Units. Restricted
Stock Units shall consist of a Restricted Stock, Performance Share or Performance Unit Award that the Administrator, in its sole discretion
permits to be paid out in installments or on a deferred basis, in accordance with rules and procedures established by the Administrator

 

12. Other Stock Based Awards. Other
Stock Based Awards may be granted either alone, in addition to, or in tandem with, other Awards granted under the Plan and/or cash awards
made outside of the Plan. The Administrator shall have authority to determine the Service Providers to whom and the time or times at which
Other Stock Based Awards shall be made, the amount of such Other Stock Based Awards, and all other conditions of the Other Stock Based
Awards including any dividend and/or voting rights.

 

13. Leaves of Absence. Unless the
Administrator provides otherwise, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence and will resume
on the date the Participant returns to work on a regular schedule as determined by the Company; provided, however,
that no vesting credit will be awarded for the time vesting has been suspended during such leave of absence. A Service Provider will not
cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations
of the Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no leave of absence may
exceed ninety (90) days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment
upon expiration of a leave of absence approved by the Company is not so guaranteed, then three months following the 91st day of such leave
any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes
as a Nonstatutory Stock Option.

 

14. Non-Transferability of Awards.
Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed
of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant,
only by the Participant. If the Administrator makes an Award transferable, such Award will contain such additional terms and conditions
as the Administrator deems appropriate.

 

    11

     

    

 

15. Adjustments; Dissolution or Liquidation;
Change in Control.

 

(a) Adjustments. In the event that
any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock
split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs such that an
adjustment is determined by the Administrator (in its sole discretion) to be appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the Plan, then the Administrator shall, in such manner as it may
deem equitable, adjust the number and class of Shares which may be delivered under the Plan, the number, class and price of Shares subject
to outstanding awards, and the numerical limits in Section 6. Notwithstanding the preceding, the number of Shares subject to any
Award always shall be a whole number.

 

(b) Dissolution or Liquidation. In
the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant as soon as practicable
prior to the effective date of such proposed transaction. The Administrator in its discretion may provide for a Participant to have the
right to exercise his or her Award, to the extent applicable, until ten (10) days prior to such transaction as to all of the Awarded
Stock covered thereby, including Shares as to which the Award would not otherwise be exercisable. In addition, the Administrator may provide
that any Company repurchase option or forfeiture rights applicable to any Award shall lapse 100%, and that any Award vesting shall accelerate
100%, provided the proposed dissolution or liquidation takes place at the time and in the manner contemplated. To the extent it has not
been previously exercised or vested, an Award will terminate immediately prior to the consummation of such proposed action.

 

(c) Change in Control.

 

(i) Stock Options and SARs. In the
event of a Change in Control, each outstanding Option and SAR shall be assumed or an equivalent option or SAR substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation. Unless determined otherwise by the Administrator, in the event that
the successor corporation refuses to assume or substitute for the Option or SAR, the Participant shall fully vest in and have the right
to exercise the Option or SAR as to all of the Awarded Stock, including Shares as to which it would not otherwise be vested or exercisable.
If an Option or SAR is not assumed or substituted in the event of a Change in Control, the Administrator shall notify the Participant
in writing or electronically that the Option or SAR shall be exercisable, to the extent vested, for a period of up to fifteen (15) days
from the date of such notice, and the Option or SAR shall terminate upon the expiration of such period. For the purposes of this paragraph,
the Option or SAR shall be considered assumed if, following the Change in Control, the option or SAR confers the right to purchase or
receive, for each Share of Awarded Stock subject to the Option or SAR immediately prior to the Change in Control, the consideration (whether
stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held on the
effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders
of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely
common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide
for the consideration to be received upon the exercise of the Option or SAR, for each share of Awarded Stock subject to the Option or
SAR, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received
by holders of Common Stock in the Change in Control. Notwithstanding anything herein to the contrary, an Award that vests, is earned,
or is paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies
any of such performance goals without the Participant’s consent; provided, however, a modification to such performance goals only
to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed to invalidate an otherwise
valid Award assumption.

 

    12

     

    

 

(ii) Restricted Stock, Performance Shares,
Performance Units, Restricted Stock Units and Other Stock Based Awards. In the event of a Change in Control, each outstanding Award
of Restricted Stock, Performance Share, Performance Unit, Other Stock Based Award and Restricted Stock Unit shall be assumed or an equivalent
Restricted Stock, Performance Share, Performance Unit, Other Stock Based Award and Restricted Stock Unit award substituted by the successor
corporation or a Parent or Subsidiary of the successor corporation. Unless determined otherwise by the Administrator, in the event that
the successor corporation refuses to assume or substitute for the Award, the Participant shall fully vest in the Award, including as to
Shares/Units that would not otherwise be vested, all applicable restrictions will lapse, and all performance objectives and other vesting
criteria will be deemed achieved at targeted levels. For the purposes of this paragraph, an Award of Restricted Stock, Performance Shares,
Performance Units, Other Stock Based Awards and Restricted Stock Units shall be considered assumed if, following the Change in Control,
the award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control (and
if a Restricted Stock Unit or Performance Unit, for each Share as determined based on the then current value of the unit), the consideration
(whether stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held
on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not
solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor corporation,
provide that the consideration to be received for each Share (and if a Restricted Stock Unit or Performance Unit, for each Share as determined
based on the then current value of the unit) be solely common stock of the successor corporation or its Parent equal in fair market value
to the per share consideration received by holders of Common Stock in the Change in Control. Notwithstanding anything herein to the contrary,
an Award that vests, is earned, or is paid-out upon the satisfaction of one or more performance goals will not be considered assumed if
the Company or its successor modifies any of the performance goals without the Participant’s consent; provided, however, a modification
to the performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be deemed
to invalidate an otherwise valid Award assumption.

 

(iii) Outside Director Awards. Notwithstanding
any provision of Section 15(c)(i) or 15(c)(ii) to the contrary, with respect to Awards granted to an Outside Director that are assumed
or substituted for, if on the date of or following the assumption or substitution the Participant’s status as a Director or a director
of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant, then the Participant
shall fully vest in and have the right to exercise his or her Options and Stock Appreciation Rights as to all of the Awarded Stock, including
Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock
Units, as applicable, will lapse, and, with respect to Performance Shares, Performance Units, and Other Stock Based Awards, all performance
goals and other vesting criteria will be deemed achieved at target levels and all other terms and conditions met.

 

(iv) Administrator Discretion. Notwithstanding
any provision of Section 15(c)(i), 15(c)(ii), or 15(c)(iii) to the contrary, the Administrator (or in the case of 162(m) Awards,
the Committee) may determine alternative treatment that shall apply to the Award in the event of a Change in Control by specifying such
alternative treatment in the Award Agreement. In the event of such alternative treatment, the treatment specified in Sections 15(c)(i),
15(c)(ii), and 15(c)(iii), as applicable, shall not apply.

 

16. Date of Grant. The date of grant
of an Award will be, for all purposes, the date on which the Administrator makes the determination granting such Award, or such other
later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable
time after the date of such grant.

 

17. Term of Plan. Subject to Section 22
of the Plan, the Plan will become effective upon its adoption by the Board. It will continue in effect for a term of ten (10) years
unless terminated earlier under Section 18 of the Plan.

 

18. Amendment and Termination of the Plan.

 

(a) Amendment and Termination. The
Board may at any time amend, alter, suspend, or terminate the Plan.

 

(b) Stockholder Approval. The Company
will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with Applicable Laws.

 

(c) Effect of Amendment or Termination.
No amendment, alteration, suspension, or termination of the Plan will impair the rights of any Participant, unless mutually agreed otherwise
between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination
of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted
under the Plan prior to the date of such termination.

 

    13

     

    

 

19. Conditions Upon Issuance of Shares.

 

(a) Legal Compliance. Shares will
not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares will
comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.

 

(b) Investment Representations. As
a condition to the exercise or receipt of an Award, the Company may require the person exercising or receiving such Award to represent
and warrant at the time of any such exercise or receipt that the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

20. Severability. Notwithstanding
any contrary provision of the Plan or an Award to the contrary, if any one or more of the provisions (or any part thereof) of this Plan
or the Awards shall be held invalid, illegal, or unenforceable in any respect, such provision shall be modified so as to make it valid,
legal, and enforceable, and the validity, legality, and enforceability of the remaining provisions (or any part thereof) of the Plan or
Award, as applicable, shall not in any way be affected or impaired thereby.

 

21. Inability to Obtain Authority.
The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s
counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect
of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.

 

22. Stockholder Approval. The Plan
will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted. Such
stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

 

 

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]