Document:

Hercules Technology Capital Growth, Inc. 2006 Non-Employee Director Plan

 Exhibit 4.1 
 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 
 2006 NON-EMPLOYEE DIRECTOR PLAN 
 (2007 AMENDMENT AND RESTATEMENT) 
 1. PURPOSE. 
 (A) General Purpose. The Plan has been established to advance the interests of the Company by providing for
the grant of Awards to Participants. At all times during such periods as the Company qualifies or is intended to qualify as a “business development company” under the 1940 Act, the terms of the Plan shall be construed so as to conform to
the stock-based compensation requirements applicable to “business development companies” under the 1940 Act. An Award or related transaction will be deemed to be permitted under the 1940 Act if permitted by any exemptive or
“no-action” relief granted by the Commission or its staff. 
 (B) Eligible Participants. All Non-employee Directors of the Company
are eligible to be granted Awards by the Board under the Plan. 
 2. DEFINITIONS. 
 (A) “1940 Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. 

(B) “Award” means an award of Options, Dividend Equivalent Rights or shares of Restricted Stock granted pursuant to the Plan.

 (C) “Board” means the Board of Directors of the Company. 
 (D) “Code” means the Internal Revenue Code of 1986, as amended and in effect, or any successor statute as from time to time in effect.
Any reference to a provision of the Code shall be deemed to include a reference to any applicable guidance (as determined by the Board) with respect to such provision. 
 (E) “Commission” means the Securities and Exchange Commission. 
 (F)
“Committee” means a committee of two or more members of the Board appointed by the Board in accordance with Section 3(C). 
 (G) “Company” means Hercules Technology Growth Capital, Inc., a Maryland corporation. 
  

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 (H) “Continuous Service” means the Participant’s uninterrupted service with the
Company as a Non-employee Director. 
 (I) “Covered Transaction” means any of (i) a consolidation, merger, stock sale
or similar transaction or series of related transactions in which the Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company’s then outstanding common stock by a single person or
entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company’s assets, (iii) a dissolution or liquidation of the Company or (iv) following such time as the
Company has a class of equity securities listed on a national securities exchange or quoted on an inter dealer quotation system, a change in the membership of the Board for any reason such that the individuals who, as of the Effective Date,
constitute the Board of Directors of the Company (the “Continuing Directors”) cease for any reason to constitute at least a majority of the Board (a “Board Change”); provided, however, that any individual becoming a director
after the Effective Date whose election or nomination for election by the Company’s shareholders was approved by a vote of at least a majority of the Continuing Directors will be considered as though such individual were a Continuing Director,
but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Securities
Exchange Act of 1934) or other actual or threatened solicitation of proxies or consents by or on behalf of any person or entity other than the Board. Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a
merger described in clause (i) (as determined by the Board), the Covered Transaction shall be deemed to have occurred upon consummation of the tender offer. 
 (J) “Dividend Equivalent Rights” has the meaning set forth in Section 10. 
 (K) “Effective Date” has the meaning set forth in Section 13. 
 (L) “Employee”
means any person employed by the Company. 
 (M) “Employee Plan” means the 2004 Equity Incentive Plan of the Company as
amended and restated from time to time. 
 (N) “Family Member” means any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother in law, father in law, son in law, daughter in law, brother in law, or sister in law, including adoptive relationships, any person sharing the Participant’s household (other
than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these
persons (or the Participant) own more than fifty percent of the voting interests. 
 (O) “Non-employee Director” means any
director of the Company who is not an Employee or officer of the Company. 
  

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 (P) “Non statutory Stock Option” means an option granted under the Plan that is not
intended to qualify under Section 422 of the Code. 
 (Q) “Option” means a Non statutory Stock Option granted pursuant
to the Plan. 
 (R) “Participant” means a person to whom an Award is granted pursuant to the Plan. 
 (S) “Permitted Transferee” means a Family Member of a Participant to whom an Award has been transferred by gift. 
 (T) “Plan” means this 2006 Non-employee Director Plan, as from time to time amended and in effect. 
 (U) “Restricted Stock” means an Award of Stock for so long as the Stock remains subject to restrictions requiring that it be forfeited
to the Company if specified conditions are not satisfied. 
 (V) “Securities Act” means the Securities Act of 1933, as
amended. 
 (W) “Stock” means the common stock of the Company, par value $.001 per share. 
 3. ADMINISTRATION. 
 (A)
Administration By Board. The Board shall administer the Plan unless and until it delegates administration to a Committee, as provided in Section 3(c). 
 (B) Powers of Board. The Board shall have the power, subject to the express provisions of the Plan and applicable law: 
 To determine from time to time which of the persons eligible under the Plan shall be granted Awards; when and how each Award shall be granted and documented; what type or combination of types of Awards shall be
granted; the provisions of each Award granted, including the time or times when a person shall be permitted to exercise an Award; and the number of shares of Stock with respect to which an Award shall be granted to each such person. 
 To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The
Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award documentation, in such manner and to such extent as it shall deem necessary or expedient to make the Plan fully effective.

 To amend the Plan or an Award as provided in Section 11. 
 To terminate or suspend the Plan as provided in Section 12. 
  

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 Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to
promote the best interests of the Company and that are not in conflict with the provisions of the Plan. 
 (C) Delegation to
Committee. The Board may delegate administration of the Plan to a Committee or Committees of two (2) or more members of the Board, and the term “Committee” shall apply to any persons to whom such authority has been delegated. If
administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative
powers the Committee is authorized to exercise (and references in this Plan to the Board, other than the Board reference at the end of this sentence and the Board references in the last sentence of this subsection (c), shall thereafter be to the
Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the
administration of the Plan. 
 (D) Effect of Board’s Decision. Determinations, interpretations and constructions made by the
Board in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons. 
 4. SHARES
SUBJECT TO THE PLAN; CERTAIN LIMITS. 
 (A) Share Reserve. The maximum aggregate number of shares of Stock that may be issued
under the Plan pursuant to any Awards is one million (1,000,000) shares. 
 (B) Reversion of Shares to the Share Reserve. If any
Award shall for any reason expire or otherwise terminate, in whole or in part, the shares of Stock not acquired under such Award shall revert to and again become available for issuance under the Plan. 
 (C) Source of Shares. The shares of Stock subject to the Plan may be unissued shares or reacquired shares bought on the market or otherwise.

 (D) Limits on Individual Grants. The maximum number of shares of Stock for which any Non-employee Director may be granted Awards in
any calendar year is forty thousand (40,000) shares. 
 (E) Limits on Grants of Restricted Stock. The combined maximum amount of
Restricted Stock that may be issued under the Plan and the Employee Plan will be 10% of the outstanding shares of Stock on the effective date of the plans plus 10% of the number of shares of Stock issued or delivered by the Company (other than
pursuant to compensation plans) during the term of the plans. No one person shall be granted Awards of Restricted Stock relating to more than 25% of the shares available for issuance under this Plan. 
 (F) No Grants in Contravention of 1940 Act. No Award may be granted under the Plan if the grant of such Award would cause the Company to violate
Section 61(a)(3) of the 1940 

  

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Act, and, if otherwise approved for grant, shall be void and of no effect. The grants of Awards under the Plan will be automatic and will not be changed
without Commission approval. 
 (G) Limits on Number of Awards. The amount of voting securities that would result from the exercise of
all of the Company’s outstanding warrants, options and rights, together with any Restricted Stock issued pursuant to this Plan and the Employee Plan, at the time of issuance shall not exceed 25% of the outstanding voting securities of the
Company, except that if the amount of voting securities that would result from the exercise of all of the Company’s outstanding warrants, options, and rights issued to the Company’s directors, officers, and employees, together with any
Restricted Stock issued pursuant to this Plan and the Employee Plan, would exceed 15% of the outstanding voting securities of the Company, then the total amount of voting securities that would result from the exercise of all outstanding warrants,
options, and rights, together with any Restricted Stock issued pursuant to this Plan and the Employee Plan, at the time of issuance shall not exceed 20% of the outstanding voting securities of the Company. 
 (H) Transferability. An Award shall not be transferable, except by will or by the laws of descent and distribution, or, to the extent provided by
the Board, by gift to a Permitted Transferee, and an Award that is nontransferable except at death shall be exercisable during the lifetime of the Participant only by the Participant. 
 5. ELIGIBILITY. 
 Awards may be
granted to the Non-employee Directors; provided, however, that grants of Awards to Non-employee Directors must be approved by order of the Commission under the 1940 Act. 
 6. OPTION PROVISIONS. 
 Each Option shall contain such terms and conditions as the Board shall deem
appropriate. All Options shall be separately designated by the Board as Non statutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates shall be issued for shares of Stock purchased on
exercise of each Option. Each Option granted under the Plan shall provide that such option will not be treated as an “incentive stock option,” as that term is defined in Section 422(b) of the Code. No Option may be exercised prior to
the date that stockholders of the Company approve the Plan. The provisions of separate Options need not be identical, but, to the extent relevant, each Option shall include (through incorporation by reference or otherwise) the substance of each of
the following provisions: 
 (A) Initial Grant. Each individual elected to the Board as a Non-employee Director after the Effective
Date shall automatically be granted Options to purchase 10,000 shares of Stock (as adjusted pursuant to Section 9 hereof) upon initial election to such position. The Options shall vest as to one-half (1/2) of the Stock on the first
anniversary of such grant and as to an additional one-half (1/2) of the Stock on the second anniversary of such grant so that vesting for one hundred percent (100%) of the Stock shall occur two (2) years after the date of grant;
provided, that the Participant remains in service on such dates. 
  

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 (B) Periodic Grants. Each Non-employee Director shall automatically be granted Options to purchase
15,000 shares of Stock (as adjusted pursuant to Section 9 hereof) on the date of such Non-employee Director’s re-election to the Board of Directors. Such Options will be granted to each Non-employee Director on the date of the
Company’s Annual Meeting of Stockholders (or such other date as determined by the Board in the event that an Annual Meeting of Stockholders is not held by the Company) and the Options shall vest as to one-third (1/3) of the Stock on the
anniversary of such grant over three years. Non-employee Directors who hold office on the Effective Date (as such term is defined in Section 13) will each receive a grant of Options for a number of shares of stock equal to the product of
(x) the number of years remaining in their then-current term divided by three (3), and (y) 15,000. The Options for such grant shall vest as to 5,000 shares on each anniversary of the grant over the remainder of such Non-employee
Director’s term in office. 
 (C) Term. No Option shall be exercisable after the expiration of ten (10) years from the date
on which it was granted. 
 (D) Exercise Price of an Option. The exercise price of each Option shall not be less than the closing
price of the Common Stock on the NASDAQ Global Market (or, if different, on the exchange where HTGC’s Common Stock is traded) on the date of grant (the “Current Market Value”), or if no Current Market Value exists, the current net
asset value of, the Stock subject to the Option as determined in good faith by the Board on the date the Option is granted. 
 (E)
Consideration. The purchase price for Stock acquired pursuant to an Option shall be paid in full at the time of exercise either (i) in cash, (ii) through a broker-assisted exercise program acceptable to the Board, (iii) by such
other means of payment as may be acceptable to the Board, or (iv) in any combination of the foregoing permitted forms of payment. 
 (F)
Termination of Continuous Service. Unless the Board expressly provides otherwise, immediately upon the cessation of a Participant’s Continuous Service that portion, if any, of any Option held by the Participant or the Participant’s
Permitted Transferee that is not then exercisable will terminate and the balance will remain exercisable for the lesser of (i) a period of three months or (ii) the period ending on the latest date on which such Option could have been
exercised without regard to this Section 6(g), and will thereupon terminate subject to the following provisions (which shall apply unless the Board expressly provides otherwise): 
 if a Participant’s Continuous Service ceases by reason of death, or if a Participant dies following the cessation of his or her Continuous Service
but while any portion of any Option then held by the Participant or the Participant’s Permitted Transferee is still exercisable, the then exercisable portion, if any, of all Options held by the Participant or the Participant’s Permitted
Transferee immediately prior to the Participant’s death will remain exercisable for the lesser of (A) the one year period ending with the first anniversary of the Participant’s death or (B) the period ending on the latest date on
which such Option could have been exercised without regard to this Section 6(g)(i), and will thereupon terminate; and 
 if the Board in
its sole discretion determines that the cessation of a Participant’s Continuous Service resulted for reasons that cast such discredit on the Participant as to justify immediate termination of his or her Options, all Options then held by the
Participant or the Participant’s Permitted Transferee will immediately terminate. 
  

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 7. RESTRICTED STOCK PROVISIONS. 
 Each grant of Restricted Stock shall contain such terms and conditions as the Board shall deem appropriate. No Restricted Stock shall be granted prior to
the date the stockholders of the Company approve the Plan. To the extent relevant, each grant of Restricted Stock includes (through incorporation by reference or otherwise) the substance of each of the following provisions: 
 (A) Initial Grant. Each individual elected to the Board as a Non-employee Director after the Effective Date shall automatically be granted 3,333
shares of Restricted Stock (as adjusted pursuant to Section 9 hereof) upon initial election to such position. The forfeiture restrictions for such initial shares of Restricted Stock shall lapse as to one-half (1/2) of the Restricted Stock
on the first anniversary of the date of grant and as to an additional one-half (1/2) of the Restricted Stock on the second anniversary of the date of grant so that the forfeiture restrictions for one hundred percent (100%) of the initial
grant of Restricted Stock shall lapse two (2) years after the date of grant. 
 (B) Periodic Grants. Each Non-employee Director
shall automatically be granted 5,000 shares of Restricted Stock (as adjusted pursuant to Section 9 hereof) on the date of such Non-employee Director’s re-election to the Board of Directors. Such shares of Restricted Stock will be granted
to each Non-employee Director on the date of the Company’s Annual Meeting of Stockholders at which such Non-employee Director is re-elected to the Board (or such other date as determined by the Board in the event that an Annual Meeting of
Stockholders is not held by the Company) and the forfeiture restrictions for such shares will lapse as to one-third (1/3) of such shares on the anniversary of such grant over three years. Non-employee Directors who hold office on the date that
the Company receives an order from the Commission under Sections 6(c), 57(a)(4) and 57(i) of the 1940 Act and under Rule 17d-1 under the Act permitting the issuance of a number of shares of Restricted Stock will receive on the Effective Date a grant
of Restricted Stock equal to the product of (x) the number of years remaining in their then-current term divided by three (3), and (y) 5,000. The forfeiture restrictions for such shares will lapse as to one-third (1/3) of such shares
on the anniversary of such grant over three years. 
 (C) Consideration. Awards of Restricted Stock may be made in exchange for past
services or other lawful consideration. 
 (D) Termination of Continuous Service. Unless the Board expressly provides otherwise,
immediately upon the cessation of a Participant’s Continuous Service that portion, if any, of any Restricted Stock held by the Participant that is not then vested will terminate, and the unvested shares will be returned to the Company and will
be available to be issued as Awards under this Plan. 
  

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 8. MISCELLANEOUS. 
 (A) Acceleration. The Board shall have the power to accelerate the time at which the forfeiture restrictions pertaining to an Award or any portion thereof may lapse, regardless of the tax or other consequences
to the Participant or the Participant’s Permitted Transferee resulting from such acceleration. 
 (B) Stockholder Rights. No
Participant or other person shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to an Option unless and until such Option has been delivered to the Participant or other person
upon exercise of the Option. Holders of Restricted Stock shall have all the rights of a holder upon issuance of the Restricted Stock Award. 
 (C) No Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve as a director of, the Company or shall affect the right of the
Company to terminate the service of a Non-employee Director pursuant to the Bylaws of the Company and any applicable provisions of the corporate law of the state in which the Company is incorporated. 
 (D) Legal Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any
restriction from shares of Stock previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii) if the
outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and
(iii) all conditions of the Award have been satisfied or waived. If the sale of Stock has not been registered under the Securities Act, the Company may require, as a condition to issuance of the Stock or to the exercise of the Award, such
representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act. The Company may require that certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any
restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. 
 (E) Withholding Obligations. Each issuance of Stock or exercise of an Award granted hereunder shall be subject to the Participant’s having made arrangements satisfactory to the Board for the full and timely satisfaction of all
federal, state, local and other tax withholding requirements applicable to such issuance, exercise or exchange. Without limiting the generality of the foregoing, the Participant may satisfy such withholding requirements by tendering a check
(acceptable to the Board) for the full amount of such withholding. In the event the Company becomes liable for tax withholding with respect to an Award prior to the date of exercise, the Company may require the Participant to remit the required tax
withholding by separate check acceptable to the Company or may make such other arrangements (including withholding from other payments to the Participant) for the satisfaction of such withholding as it determines. 
  

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 9. ADJUSTMENTS UPON CHANGES IN STOCK. 
 (A) Capitalization Adjustments. In the event of a stock dividend, stock split or combination of shares (including a reverse stock split),
recapitalization or other change in the Company’s capital structure, the Board will make appropriate adjustments to the maximum number of shares specified in Section 4(a) that may be delivered under the Plan, to the maximum per-participant
share limit described in Section 4(d) and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any
other provision of Awards affected by such change. To the extent consistent with the performance-based compensation rules of Section 62(m) of the Code, where applicable, the Board may also make adjustments of the type described in the preceding
sentence to take into account distributions to stockholders other than those provided for in such sentence, or any other event, if the Board determines that adjustments are appropriate to avoid distortion in the operation of the Plan and to preserve
the value of Awards granted hereunder; provided, however, that the exercise price of Awards granted under the Plan will not be adjusted unless the Company receives an exemptive order from the Commission or written confirmation from the staff of the
Commission that the Company may do so. 
 (B) Covered Transaction. Except as otherwise provided in an Award, in the event of a Covered
Transaction in which there is an acquiring or surviving entity, the Board may provide for the assumption of some or all outstanding Awards, or for the grant of new awards in substitution therefor, by the acquiror or survivor or an affiliate of the
acquiror or survivor, in each case on such terms and subject to such conditions as the Board determines. In the absence of such an assumption or if there is no substitution, except as otherwise provided in the Award, each Award will become fully
vested or exercisable prior to the Covered Transaction on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Board, to participate as a stockholder in the Covered Transaction, and the Award will terminate upon
consummation of the Covered Transaction. 
 10. DIVIDEND EQUIVALENT RIGHTS. 
 The Board may provide for the payment of amounts in lieu of cash dividends or other cash distributions (“Dividend Equivalent Rights”) with
respect to Stock subject to an Award; provided, however, that grants of Dividend Equivalent Rights must be approved by order of the Commission. The Board may impose such terms, restrictions and conditions on Dividend Equivalent Rights, including the
date such rights will terminate, as it deems appropriate, and may terminate, amend or suspend such Dividend Equivalent Rights at any time without the consent of the Participant or Participants to whom such Dividend Equivalent Rights have been
granted, if any. 
 11. AMENDMENT OF THE PLAN AND AWARDS. 
 The Board may at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time
terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Board may not, without the Participant’s consent, alter the terms of an Award so as to affect adversely the
Participant’s rights under the Award, unless the Board expressly reserved the right to do so at the time of the grant of the Award. 
  

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 12. TERMINATION OR SUSPENSION OF THE PLAN. 
 (A) Plan Term. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day before the
tenth (10th) anniversary of the date the Plan is initially adopted by the Board or approved by the stockholders of the Company, whichever is earlier. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 (B) No Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Awards granted
while the Plan is in effect except with the written consent of the Participant. 
 13. EFFECTIVE DATE OF PLAN. 
 The Plan shall become effective when the Plan has been approved by the stockholders of the Company, which approval shall be within twelve
(12) months before or after the date the Plan is adopted by the Board; provided, however, that the Plan shall not be effective (i) with respect to awards of Options unless the Company has received an order of the Commission under
Section 61(a)(3)(B) of the Act permitting such grants; and (ii) with respect to awards of Restricted Stock unless the Company has received an order of the Commission under Sections 6(c), 57(a)(4), and 57(i) of the 1940 Act and Rule 17d-1
under the Act and (iii) the Plan shall not be effective with respect to awards of Dividend Equivalent Rights unless the Company has received an order of the Securities and Exchange Commission that permits such Award or grant (the
“Effective Date”). 
 14. 1940 ACT. 
 No provision of this Plan shall contravene any portion of the 1940 Act, and in the event of any conflict between the provisions of the Plan or any Award and the 1940 Act, the applicable Section of the 1940 Act shall
control and all Awards under the Plan shall be so modified. All Participants holding such modified Awards shall be notified of the change to their Awards and such change shall be binding on such Participants. 
 15. SEVERABILITY. 
 If any provision
of this Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Participant or Award, or would disqualify this Plan or any Award under any applicable law, such provision shall be
construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of this Plan or the Award, such provision shall be stricken as
to such jurisdiction, Participant or Award and the remainder of this Plan and any such Award shall remain in full force and effect. 
  

 10Form of senior debt security medium-term note (Basket of Asian Indices)

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 100% Principal Protection Enhanced Participation Notes Linked to a Basket of Asian Indices
Due September 28, 2012 
  

			
	Number R-1	 	$59,000
	ISIN US52517P3P49	 	CUSIP 52517P3P4

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, in such coin or currency of the United States of America at the time of payment shall be legal tender for the payment of public and private
debts, for each $1,000 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity. THE SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST. 
 Any amount payable on the Maturity Date hereon will be paid only upon presentation and surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH FURTHER 

 
PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Each Basket Index is a mark of the sponsor of such Basket Index and has been licensed for use by the Company. The Securities, linked to the performance
of the Basket Indices, are not sponsored, endorsed, sold or promoted by the sponsors of the Basket Indices and the sponsors of the Basket Indices make no representation regarding the advisability of investing in the Securities. 
 This Security shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the
Trustee under the Indenture referred to on the reverse hereof. 

 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  

							
	Dated: September 28, 2007	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	CITIBANK, N.A.
	as Trustee
		
	By:	 	  

		 	    Authorized Officer

 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as 100% Principal Protection Enhanced Participation Notes Linked to a Basket of Asian Indices Due September 28, 2012
(herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise similar in all respects so that such
additional securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with respect to the Securities. This series of Securities is one of an
indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly executed and delivered by the Company
and Citibank, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity, at the request of the Trustee, shall be determined by the Calculation Agent pursuant to the Calculation Agency Agreement. The Trustee shall fully rely on the determination by the Calculation Agent of the Payment at
Maturity and shall have no duty to make any such determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, of the Payment at Maturity on or prior to
11:00 a.m. on the Business Day preceding the Maturity Date. 
 All calculations with respect to the Basket Ending Level and the Basket
Return (including each Index Return) will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., .876545 would be rounded to .87655); all dollar amounts related to determination of the Additional
Amount payable at maturity, if any, per $1,000 principal amount Security will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid
on the aggregate principal amount of Securities per Holder will be rounded to the nearest cent, with one-half cent rounded upward. 
 This
Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the
amounts payable on all of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to $1,000
plus the Additional Amount. The Additional Amount will be calculated as though the date of acceleration were the Maturity Date and the third Business Day immediately preceding the date of acceleration were the Final Valuation Date. If the maturity
of the Securities is accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, and to The
Depository Trust Company of the cash amount due with respect to the Securities as promptly as possible and in no event later than two Business Days after the date of acceleration. 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
holders of not less than 66 2/3% in aggregate principal amount of each series of Securities at the time
Outstanding to be affected (each series voting as a class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to, or changing in any manner or eliminating any of the provisions of the Indenture or of
any supplemental indenture or modifying in any manner the rights of the holders of the Securities of all such series; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed
maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any, or reduce any premium payable on redemption, or make the principal thereof, or premium, if any, or
interest thereon, if any, payable in any coin or currency other than that hereinabove provided, without the consent of the holder of each Security so affected, or (ii) change the place of payment on any Security, or impair the right to
institute suit for payment on any Security, or reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of each Security so affected. It is
also provided in the Indenture that, prior to any declaration accelerating the maturity of any series of Securities, the holders of a majority in aggregate principal amount of the Securities of such series Outstanding may on behalf of the holders of
all the Securities of such series waive any past default or Event of Default under the Indenture with respect to such series and its consequences, except a default in the payment of interest, if any, or the principal of, or premium, if any, on any
of the Securities of such series, or in the payment of any sinking fund installment or analogous obligation with respect to Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future holders and owners of this Security and any Securities which may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Security or such other Securities.

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of
the Company, which is absolute and unconditional, to pay the Payment at Maturity with respect to this Security. 
 The Securities are
issuable in denominations of $1,000 and any whole multiples of $1,000. 
 The Company, the Trustee, and any agent of the Company or of the
Trustee may deem and treat the registered holder (the “Holder”) hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment hereof, or on account hereof, and for all other purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to
or upon the order of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
 No recourse for the payment of the principal of, premium, if any, or interest on this Security, or for any claim based hereon or otherwise in respect
hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Company agrees, and by acceptance of beneficial ownership interest in the Securities of this series, each Holder of such Securities will be deemed to have agreed, for United States federal income tax purposes, (i) to treat the Securities of
this series as indebtedness that is subject to Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment Regulations”) and (ii) to be bound by the Company’s determination of the “comparable yield” and “projected payment
schedule,” within the meaning of the Contingent Payment Regulations, with respect to the Securities of this series. The Company has determined that the comparable yield is an annual rate of 5.28%, compounded semiannually. Based on the
comparable yield, the projected payment schedule per $1,000 of such Securities is $1,297.68 due at maturity. 
 THE INDENTURE AND THIS
SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the terms used in this Security. 
 “Additional Amount”, as calculated by the Calculation Agent, per $1,000 principal amount Security paid at maturity shall equal the product of $1,000 × the Basket Return × the Participation
Rate; provided, however, that if the Basket Return is less than zero, then the Additional Amount shall equal $0. 
 “Basket” shall mean the basket consisting of three Basket Indices to which the Securities are linked. 
 “Basket Ending Level”, as calculated by the Calculation Agent on the Final Valuation Date, is equal to the following: 
 Basket Starting Level × [1 + (the sum of (Index Return × Index Weighting) for all 
 Basket Indices)] 
 “Basket Index” shall refer to each of the Nikkei 225SM Index, the MSCI Singapore Free IndexSM and the MSCI TaiwanSM Index (and, together, the “Basket Indices”) or any successor to any of the foregoing. 
 “Basket Return” as calculated by the Calculation Agent, is calculated as follows: 
 Basket Ending Level – Basket Starting Level 
 Basket Starting Level 
 “Basket Starting Level” equals 100. 

 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that
is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any
successor calculation agency agreement. 
 “Calculation Agent” shall mean the person that has entered into an agreement
with the Company providing for, among other things, the determination of the Payment at Maturity, which term shall, unless the context otherwise requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers
Inc. 
 “Closing Price” of a security, on any particular day, means the last reported sales price for that security on the
Relevant Exchange at the scheduled weekday closing time of the regular trading session of the Relevant Exchange. If, however, the security is not listed or traded on a bulletin board, then the Closing Price of the security will be determined using
the average execution price per share that an affiliate of the Company pays or receives upon the purchase or sale of the security used to hedge the Company’s obligations under the Securities. 
 “Company” shall have the meaning set forth on the face of this Security. 
 “Final Valuation Date” shall mean September 25, 2012; provided, however, that if the Final Valuation Date is not a
Trading Day or if there is a Market Disruption Event on such day, with respect to a Basket Index, the Calculation Agent will: 
 • with
respect to each Basket Index for which such day is a Trading Day and for which a Market Disruption Event has not occurred, determine the closing level of such Basket Index for use in calculating the Basket Index Ending Level by
reference to the closing level of such Basket Index on that Trading Day; and 
 • with respect to each Basket Index for which such day
is not a Trading Day or for which a Market Disruption Event has occurred, determine the closing level of such Basket Index for use in calculating the Basket Index Ending Level by reference to the closing level of such Basket Index on
the next Trading Day for such Basket Index on which there is not a Market Disruption Event; provided, however, if a Market Disruption Event with respect to such Basket Index occurs on each of the eight Trading Days following the originally
scheduled Final Valuation Date, then the Calculation Agent shall determine the Closing Level of such Basket Index for use in calculating the Basket Index Ending Level in accordance with the formula for and method of calculating the closing index
level of such Basket Index last in effect prior to commencement of the Market Disruption Event (or prior to the non-Trading Day), using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited,
its good faith estimate of the closing price that would have prevailed but for such suspension or limitation or non-Trading Day) on such eighth scheduled Trading Day of each security most recently included in the Basket Index. 
 “Holder” shall have the meaning set forth on the reverse of this Security. 
 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Index Closing Level”, as determined by the Calculation Agent, shall mean, with respect to any Trading Day, the closing level of any
Basket Index or any Successor Index, as the 

 
case may be, at the regular official weekday close of the principal trading session of the Relevant Exchange or market for the Index or the Successor Index,
as the case may be, on such day, or as determined by the Calculation Agent pursuant to the Calculation Agency Agreement as described below under “Discontinuation of a Basket Index; Alteration of Method of Calculation.” 
 “Index Return”, as calculated by the Calculation Agent, is calculated as follows for each Basket Index: 
 Index Ending Level –Index Starting Level 
 Index Starting Level 
 The “Index Starting Level” for each of the three Basket Indices is as follows: 

 

			
	Nikkei 225SM Index	  	16,401.73
		
	MSCI Singapore Free IndexSM	  	     444.35
		
	MSCI TaiwanSM Index	  	     357.54

 “Index Ending Level” shall equal the Index Closing Level of the relevant Basket
Index on the Final Valuation Date. 
 “Index Weightings” shall mean the weighting for the Basket Indices (each an
“Index Weighting”). The Index Weightings of the three Basket Indices are as follows: 
  

			
	Nikkei 225SM Index	  	33.34%
		
	MSCI Singapore Free IndexSM	  	33.33%
		
	MSCI TaiwanSM Index	  	33.33%

 “Market Disruption Event”, with respect to any of the Basket Indices (or any
Successor Index) shall mean any of the following events has occurred on any day as determined by the Calculation Agent: 
 (1)    a suspension, absence or material limitation of trading of stocks then constituting 20% or more of the level of such Basket Index (or the relevant Successor Index) on the Relevant Exchanges for such securities at
any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange; 
 (2)    a breakdown or failure in the price and trade reporting systems of the primary market of any Relevant Exchange as a result of which the reported trading prices for stocks then constituting 20% or more of the level
of such Basket Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate; 
 (3)    a suspension, absence or material limitation of trading on any major securities exchange for trading in futures or options
contracts or exchange traded funds related to such Basket Index (or the relevant Successor Index) at any time during the one hour period preceding the close of, the principal trading session on such exchange; or 
 (4)    a decision to permanently discontinue trading in the relevant futures or options contracts or exchange traded funds;

 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a
security included in a Basket Index is materially suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of such Basket Index shall be based on a comparison of: 
 (1)    the portion of the level of such Basket Index attributable to that security relative to 
 (2)    the overall level of such Basket Index, 
 in each case immediately before that suspension or limitation. 
 For purposes of determining whether a Market Disruption Event has
occurred: 
 (1)    a limitation on the hours or number of days of trading will not constitute a Market Disruption Event
if it results from an announced change in the regular business hours of the Relevant Exchange or market; 
 (2)    limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by any other self-regulatory organization or any government agency
of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will constitute a suspension, absence or material limitation of trading; 
 (3)    a suspension of trading in futures or options contracts on the Basket Index by the primary securities market trading in such
contracts by reason of (i) a price change exceeding limits set by such exchange or market, (ii) an imbalance of orders relating to such contracts, or (iii) a disparity in bid and ask quotes relating to such contracts, will, in each
such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to the Basket Index; and 
 (4)    a suspension, absence or material limitation of trading on any Relevant Exchange or on the primary market on which futures or options contracts related to the Basket Index are traded will not include any time when
such market is itself closed for trading under ordinary circumstances. 
 “Maturity Date” shall mean September 28,
2012, unless that day is not a Business Day, in which case the amount equal to the Payment at Maturity that would otherwise be made on the scheduled Maturity Date will instead be due on the next succeeding Business Day following such scheduled
Maturity Date, with the same effect as if paid on the scheduled Maturity Date; provided, that if due to a non-Trading Day or a Market Disruption Event, the Final Valuation Date is postponed so that it falls less than three Business Days prior to the
scheduled Maturity Date, the Maturity Date will be the third Business Day following the Final Valuation Date, as postponed. 
 “NYSE” shall mean The New York Stock Exchange, Inc. 
 “Participation Rate” shall be equal to
115%. 

 “Payment at Maturity”, as calculated by the Calculation Agent, shall equal a cash
payment per $1,000 principal amount Security of $1,000 plus the Additional Amount (which may be zero). 
 “Place of
Payment” shall mean the place or places where the Payment at Maturity on the Securities is payable. 
 “Relevant
Exchange” shall mean, for any security then included in any Basket Index or any Successor Index, the primary exchange, quotation system (which includes bulletin board services) or other market of trading for such security. 
 “Securities” shall have the meaning set forth on the reverse of this Security. 
 “Successor Basket Index” shall have the meaning specified under “Discontinuation of a Basket Index; Alteration of Method of
Calculation” with respect to each Basket Index. 
 “Trade Date” shall mean September 25, 2007. 
 “Trading Day” means a day, as determined by the Calculation Agent, on which trading is generally conducted on (i) the Relevant
Exchanges for securities included in the Basket Indices (or the relevant Successor Indices) and (ii) the exchanges on which futures or options contracts related to the Basket Indices are traded, other than a day on which trading is scheduled to
close prior to its regular weekday closing time. 
 “Trustee” shall have the meaning set forth on the reverse of this
Security. 
 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the
Indenture. 
 Calculation Agent 
 The
Calculation Agent will determine, among other things, the Basket Ending Level, the Basket Return, the Index Return for each Basket Index, the Additional Amount, if any, the amount that we will pay you at maturity, as well as whether the Basket
Ending Level is equal to or greater than the Basket Starting Level. The Calculation Agent will also be responsible for determining whether a Market Disruption Event has occurred, whether any of the Basket Indices has been discontinued, whether there
has been a material change in the method of calculation of any of the Basket Indices. All calculations, determinations and adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in the absence of
manifest error, be conclusive for all purposes and binding on Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the original issue of the Securities without the Holders’
consent and without notifying Holders. 
 Discontinuation of a Basket Index; Alteration of Method of Calculation 
 Nikkei 225SM Index 
 If Nikkei Inc. discontinues publication of the Nikkei 225SM Index and Nikkei Inc. or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued
Nikkei 225SM Index (such index being referred to herein as a “Successor Basket Index”), then any Basket Index Closing Level for such Basket Index
will be determined by reference to the level of such Successor Basket Index at the close of trading on the Tokyo Stock Exchange (2nd session) or the Relevant Exchange or market 

 
for the Successor Basket Index on the Final Valuation Date. Upon any selection by the Calculation Agent of a Successor Basket Index, the Calculation Agent
will cause written notice thereof to be promptly furnished to the Trustee, to the Company and to the Holders. 
 If Nikkei Inc. discontinues
publication of the Nikkei 225SM Index prior to, and such discontinuation is continuing on, the Final Valuation Date and the Calculation Agent determines,
in its sole discretion, that no Successor Basket Index is available at such time, or the Calculation Agent has previously selected a Successor Basket Index and publication of such Successor Basket Index is discontinued prior to, and such
discontinuation is continuing on the Final Valuation Date, or if Nikkei Inc. (or the publisher of any Successor Basket Index) fails to calculate and publish a Closing Level for the Nikkei 225SM Index (or any Successor Basket Index) on any date when it would ordinarily do so in accordance with its customary practice, then the Calculation Agent will determine the Closing
Level for such date. The Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the Nikkei 225SM Index or Successor Basket Index, as applicable, last in effect prior to such discontinuation or failure to calculate or publish a Closing Level for the Nikkei 225SM Index or Successor Basket Index, as applicable, using the Closing Price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the Closing Price
that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of each security most recently included in the Nikkei 225SM Index or Successor Basket Index, as applicable. 
 If at any time the
method of calculating the Nikkei 225SM Index or a Successor Basket Index, or the level thereof, is changed in a material respect, or if the Nikkei 225SM Index or a Successor Basket Index is in any other way modified so that the Nikkei 225SM Index or such Successor Basket Index does not, in the opinion of the Calculation Agent, fairly represent the level of the Nikkei 225SM Index or such Successor Basket Index had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on each date on which the Nikkei 225SM Index Closing Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in
order to arrive at a level of a stock index comparable to Nikkei 225SM Index or such Successor Basket Index, as the case may be, as if such changes or
modifications had not been made, and the Calculation Agent will calculate the Closing Level with reference to the Nikkei 225SM Index or such Successor
Basket Index, as adjusted. Accordingly, if the method of calculating the Nikkei 225SM Index or a Successor Basket Index is modified so that the level of
Nikkei 225SM Index or such Successor Basket Index is a fraction of what it would have been if there had been no such modification (e.g., due to a split in
the Nikkei 225SM Index), then the Calculation Agent will adjust its calculation of the Nikkei 225SM Index or such Successor Basket Index in order to arrive at a level of Nikkei 225SM
Index or such Successor Basket Index as if there had been no such modification (e.g., as if such split had not occurred). 
 MSCI Singapore Free IndexSM 
 If Morgan Stanley Capital International Inc. (“MSCI”) discontinues publication of the
MSCI Singapore Free IndexSM and MSCI or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole
discretion, to be comparable to the discontinued MSCI Singapore Free IndexSM (such index being referred to herein as a “Successor Basket Index”),
then any Basket Index Closing Level for such Basket Index will be determined by reference to the level of such Successor Basket Index at the close of trading on the Relevant Exchange or market for the Successor Basket Index on the Final Valuation
Date. Upon any selection by the Calculation Agent of a Successor Basket Index, the Calculation Agent will cause written notice thereof to be promptly furnished to the Trustee, to the Company and to the Holders. 

 If MSCI discontinues publication of the MSCI Singapore Free IndexSM prior to, and such discontinuation is continuing on, the Final Valuation Date and the Calculation Agent determines, in its sole discretion, that no Successor Basket Index is
available at such time or the Calculation Agent has previously selected a Successor Basket Index and publication of such Successor Basket Index is discontinued prior to, and such discontinuation is continuing on the Final Valuation Date, or if MSCI
(or the publisher of any Successor Basket Index) fails to calculate and publish a Closing Level for the MSCI Singapore Free IndexSM (or any Successor
Basket Index) on any date when it would ordinarily do so in accordance with its customary practice, then the Calculation Agent will determine the Closing Level on such date. The Closing Level will be computed by the Calculation Agent in accordance
with the formula for and method of calculating the MSCI Singapore Free IndexSM or Successor Basket Index, as applicable, last in effect prior to such
discontinuation or failure to calculate or publish a Closing Level for the MSCI Singapore Free IndexSM Index or Successor Basket Index, as applicable,
using the Closing Price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation) at the close of the
principal trading session on such date of each security most recently included in the MSCI Singapore Free IndexSM or Successor Basket Index, as applicable.

 If at any time the method of calculating the MSCI Singapore Free IndexSM or a Successor Basket Index, or the level thereof, is changed in a material respect, or if the MSCI Singapore Free IndexSM or a Successor Basket Index is in any other way modified so that the MSCI Singapore Free IndexSM or such Successor Basket Index does not, in the opinion of the Calculation Agent, fairly represent the level of the MSCI Singapore Free IndexSM
or such Successor Basket Index had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on each date on which the MSCI Singapore Free IndexSM Closing Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of
a stock index comparable to the MSCI Singapore Free IndexSM or such Successor Basket Index, as the case may be, as if such changes or modifications had not
been made, and the Calculation Agent will calculate the Closing Level with reference to the MSCI Singapore Free IndexSM or such Successor Basket Index, as
adjusted. Accordingly, if the method of calculating the MSCI Singapore Free IndexSM or a Successor Basket Index is modified so that the level of the MSCI
Singapore Free IndexSM or such Successor Basket Index is a fraction of what it would have been if there had been no such modification (e.g., due to
a split in the MSCI Singapore Free IndexSM), then the Calculation Agent will adjust its calculation of the MSCI Singapore Free IndexSM or such Successor Basket Index in order to arrive at a level of the MSCI Singapore Free IndexSM or such Successor Basket Index as if there had been no such modification (e.g., as if such split had not occurred).

 MSCI TaiwanSM Index 
 If
MSCI discontinues publication of the MSCI TaiwanSM Index and MSCI or another entity publishes a successor or substitute index that the Calculation Agent
determines, in its sole discretion, to be comparable to the discontinued MSCI TaiwanSM Index (such index being referred to herein as a “Successor
Basket Index”), then any Basket Index Closing Level for such Basket Index will be determined by reference to the level of such Successor Basket Index at the close of trading on the Relevant Exchange or market for the Successor Basket Index on
the Final Valuation Date. Upon any selection by the Calculation Agent of a Successor Basket Index, the Calculation Agent will cause written notice thereof to be promptly furnished to the Trustee, to the Company and to the Holders. 

 If MSCI discontinues publication of the MSCI TaiwanSM
 Index prior to, and such discontinuation is continuing on, the Final Valuation Date and the Calculation Agent determines, in its sole discretion, that no Successor Basket Index is available at such time
or the Calculation Agent has previously selected a Successor Basket Index and publication of such Successor Basket Index is discontinued prior to, and such discontinuation is continuing on the Final Valuation Date, or if MSCI (or the publisher of
any Successor Basket Index) fails to calculate and publish a Closing Level for the MSCI TaiwanSM Index (or any Successor Basket Index) on any date when it
would ordinarily do so in accordance with its customary practice, then the Calculation Agent will determine the Closing Level on such date. The Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of
calculating the MSCI TaiwanSM Index or Successor Basket Index, as applicable, last in effect prior to such discontinuation or failure to calculate or
publish a Closing Level for the MSCI TaiwanSM Index or Successor Basket Index, as applicable, using the Closing Price (or, if trading in the relevant
securities has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of each security
most recently included in the MSCI TaiwanSM Index or Successor Basket Index, as applicable. 
 If at any time the method of calculating the MSCI TaiwanSM
Index or a Successor Basket Index, or the level thereof, is changed in a material respect, or if the MSCI TaiwanSM Index or a Successor Basket Index is in
any other way modified so that the MSCI TaiwanSM Index or such Successor Basket Index does not, in the opinion of the Calculation Agent, fairly represent
the level of the MSCI TaiwanSM Index or such Successor Basket Index had such changes or modifications not been made, then the Calculation Agent will, at
the close of business in New York City on each date on which the MSCI TaiwanSM Index Closing Level is to be determined, make such calculations and
adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of a stock index comparable to the MSCI TaiwanSM Index or such Successor Basket Index, as the case may be, as if such changes or modifications had not been made, and the Calculation Agent will calculate the Closing Level with reference to the MSCI TaiwanSM Index or such Successor Basket Index, as adjusted. Accordingly, if the method of calculating the MSCI TaiwanSM Index or any Successor Basket Index is modified so that the level of the MSCI TaiwanSM Index or such Successor Basket
Index is a fraction of what it would have been if there had been no such modification (e.g., due to a split in the MSCI TaiwanSM Index), then the
Calculation Agent will adjust its calculation of the MSCI TaiwanSM Index or such Successor Basket Index in order to arrive at a level of the MSCI
TaiwanSM Index or such Successor Basket Index as if there had been no such modification (e.g., as if such split had not occurred). 

  

 The following abbreviations, when used in the inscription on the face of the within Security, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

							
	TEN COM -	    	as tenants in common	    	UNIF GIFT MIN ACT - _________ Custodian  _________
		    		    	                          (Cust)             
     (Minor)

	TEN ENT -	    	as tenants by the entireties	    	under Uniform Gifts to Minors
	JT TEN -	    	as joint tenants with right of	    	Act	  	  

		    	Survivorship and not as tenants in common	    		  	( State)

 Additional abbreviations may also be used though not in the above list. 
                                       
                   
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	 	
	 	 	

  
  
  

	
	 

 (Name and Address of Assignee, including zip code, must be printed or typewritten.) 
  

	
	 

 the within Security, and all rights thereunder, hereby irrevocably constituting and appointing 
  

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 __________________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

__________________________ 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

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