Document:

Form of Indenture

 Exhibit 4.1 
 VEOLIA ENVIRONNEMENT, 
 Company 
 and 
 Deutsche Bank Trust Company Americas, 
 Trustee 
  
  
 Indenture 
 Dated as of                     , 2008 

  
  
  
  

 Veolia Environnement and 
 Deutsche Bank Trust Company Americas 
 Indenture, dated as of
                    , 2008 
 Reference is made to the following provisions of the Trust Indenture Act of 1939, as amended, which establish certain duties and responsibilities of the Company and the Trustee which may not be set forth fully in this Indenture: 

 

			
	 Section
	  	 Subject

	 310(b)
	  	Disqualifications of Trustee for conflicting interest
		
	 311
	  	Preferential collection of claims of Trustee as creditor of Company
		
	 312(a)
	  	Periodic filing of information by Company with Trustee
		
	 312(b)
	  	Access of Securityholders to information
		
	 313(a)
	  	Annual report of Trustee to Securityholders
		
	 313(b)
	  	Additional reports of Trustee to Securityholders
		
	 313(c)
	  	Transmission of reports
		
	 314(a)
	  	Reports by Company, including annual compliance certificate
		
	 314(c)
	  	Evidence of compliance with conditions precedent
		
	 315(a)
	  	Duties of Trustee prior to default
		
	 315(b)
	  	Notice of default from Trustee to Securityholders
		
	 315(c)
	  	Duties of Trustee in case of default
		
	 315(d)
	  	Provisions relating to responsibility of Trustee
		
	 315(e)
	  	Assessment of costs against litigating Securityholders in certain circumstances
		
	 316(a)
	  	Directions and waivers by Securityholders in certain circumstances
		
	 316(b)
	  	Prohibition of impairment of right of Securityholders to payment
		
	 316(c)
	  	Right of Company to set record date for certain purposes
		
	 317(a)
	  	Special powers of Trustee
		
	 318(a)
	  	Provisions of Act to control in case of conflict

  

 ii 

 Veolia Environnement and 
 Deutsche Bank Trust Company Americas 
 Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of                     , 2008

  

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 §310(a)(1)
	  	609
	 (a)(2)
	  	609
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (a)(5)
	  	609
	 (b)
	  	608
		  	610
	 §311(a)
	  	613
	 (b)
	  	613
	 (c)
	  	Not Applicable
		
	 §312(a)
	  	701
		  	702(a)
	 (b)
	  	702(b)
	 (c)
	  	702(c)
	 §313(a)
	  	703(a)
	 (b)
	  	703(b)
	 (c)
	  	703(a)
		  	703(b)
	 (d)
	  	703(c)
	 §314(a)(1)(2) and (3)
	  	704
	 (a)(4)
	  	1005
	 (b)
	  	Not Applicable
	 (c)(1)
	  	102
	 (c)(2)
	  	102
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	102
	 (f)
	  	Not Applicable
		
	 §315(a)
	  	601(a)
	 (b)
	  	602
	 (c)
	  	601(b)
	 (d)
	  	601(c)
	 (e)
	  	514
		
	 §316(a)
	  	101
	 (a)(1)(A)
	  	502
		  	512
	 (a)(1)(B)
	  	513
	 (a)(2)
	  	Not Applicable
	 (b)
	  	507 and 508
	 (c)
	  	513
	 §317(a)(1)
	  	503
	 (a)(2)
	  	504
	 (b)
	  	1003
	 §318(a)
	  	107

  

	NOTE:	 	This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

  

 iii 

 TABLE OF CONTENTS 
  

			
	  	  	PAGE
	 
PARTIES
	  	1
	 
RECITALS
	  	1
		
	 
ARTICLE ONE. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	1
		
	 
SECTION 101. DEFINITIONS.
	  	1
	 
Act
	  	1
	 
Affiliate
	  	1
	 
Authenticating Agent
	  	1
	 
Authorized Agent
	  	2
	 
Business Day
	  	2
	 
Commission
	  	2
	 
Company
	  	2
	 
Company Request
	  	2
	 
Company Order
	  	2
	 
Corporate Trust Office
	  	2
	 
Corporation
	  	2
	 
Covenant Defeasance
	  	2
	 
Defaulted Interest
	  	2
	 
Depositary
	  	2
	 
Discharged
	  	2
	 
Event of Default
	  	2
	 
Exchange Act
	  	2
	 
Executive Officer’s Certificate
	  	2
	 
Global Security
	  	2
	 
Holder
	  	2
	 
Indenture
	  	2
	 
Interest
	  	3
	 
Interest Payment Date
	  	3
	 
Judgment Currency
	  	3
	 
Maturity
	  	3
	 
Notice of Default
	  	3
	 
Officer’s Certificate
	  	3
	 
Opinion of Counsel
	  	3
	 
Original Issue Discount Security
	  	3
	 
Outstanding
	  	3
	 
Paying Agent
	  	4
	 
Person
	  	4
	 
Place of Payment
	  	4
	 
Predecessor Security
	  	4
	 
Principal Subsidiary
	  	4
	 
Redemption Date
	  	4
	 
Redemption Price
	  	4
	 
Regular Record Date
	  	4
	 
Relevant Debt
	  	5
	 
Required Currency
	  	5
	 
Responsible Officer
	  	5
	 
Securities
	  	5

  

	NOTE:	 	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  

 iv 

			
	  	  	PAGE
	 
Security Register
	  	5
	 
Security Registrar
	  	5
	 
Special Record Date
	  	5
	 
Stated Maturity
	  	5
	 
Subsidiary
	  	5
	 
Trustee
	  	5
	 
Trust Indenture Act
	  	5
	 
U.S. Government Obligations
	  	5
	 
Vice President
	  	6
	 
SECTION 102. COMPLIANCE CERTIFICATES AND OPINIONS.
	  	6
	 
SECTION 103. FORM OF DOCUMENTS DELIVERED TO TRUSTEE.
	  	6
	 
SECTION 104. ACTS OF HOLDERS.
	  	6
	 
SECTION 105. NOTICES, ETC., TO TRUSTEE AND COMPANY.
	  	7
	 
SECTION 106. NOTICE TO HOLDERS; WAIVER.
	  	7
	 
SECTION 107. CONFLICT WITH TRUST INDENTURE ACT.
	  	8
	 
SECTION 108. EFFECT OF HEADINGS AND TABLE OF CONTENTS.
	  	8
	 
SECTION 109. SUCCESSORS AND ASSIGNS.
	  	8
	 
SECTION 110. SEPARABILITY CLAUSE.
	  	8
	 
SECTION 111. BENEFITS OF INDENTURE.
	  	8
	 
SECTION 112. GOVERNING LAW.
	  	8
	 
SECTION 113. LEGAL HOLIDAYS.
	  	9
	 
SECTION 114. SUBMISSION TO JURISDICTION.
	  	9
	 
SECTION 115. WAIVER OF JURY TRIAL.
	  	9
		
	 
ARTICLE TWO. SECURITY FORMS
	  	9
		
	 
SECTION 201. FORMS GENERALLY.
	  	9
	 
SECTION 202. FORM OF FACE OF SECURITY.
	  	10
	 
SECTION 203. FORM OF REVERSE OF SECURITY.
	  	12
	 
SECTION 204. FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.
	  	14
	 
SECTION 205. FORM OF LEGEND FOR GLOBAL SECURITIES.
	  	14
		
	 
ARTICLE THREE. THE SECURITIES
	  	15
		
	 
SECTION 301. AMOUNT UNLIMITED; ISSUABLE IN SERIES.
	  	15
	 
SECTION 302. DENOMINATIONS.
	  	16
	 
SECTION 303. EXECUTION, AUTHENTICATION, DELIVERY AND DATING.
	  	16
	 
SECTION 304. TEMPORARY SECURITIES.
	  	17
	 
SECTION 305. REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.
	  	18
	 
SECTION 306. MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.
	  	19
	 
SECTION 307. PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.
	  	20
	 
SECTION 308. PERSONS DEEMED OWNERS.
	  	21
	 
SECTION 309. CANCELLATION.
	  	21
	 
SECTION 310. COMPUTATION OF INTEREST.
	  	21
	 
SECTION 311. PAYMENT TO BE IN PROPER CURRENCY; 
CONVERSION OF JUDGMENT CURRENCY
	  	21
		
	 
ARTICLE FOUR. SATISFACTION AND DISCHARGE
	  	22
		
	 
SECTION 401. SATISFACTION AND DISCHARGE OF INDENTURE.
	  	22
	 
SECTION 402. APPLICATION OF TRUST MONEY.
	  	23
	 
SECTION 403. DEFEASANCE UPON DEPOSIT OF 
MONEYS OR U.S. GOVERNMENT OBLIGATIONS.
	  	23

  

 v 

			
	  	  	PAGE
	 
ARTICLE FIVE. REMEDIES
	  	24
		
	 
SECTION 501. EVENTS OF DEFAULT.
	  	24
	 
SECTION 502. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.
	  	26
	 
SECTION
 503. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.
	  	26
	 
SECTION 504. TRUSTEE MAY FILE PROOFS OF CLAIM.
	  	27
	 
SECTION 505. TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF
SECURITIES.
	  	27
	 
SECTION 506. APPLICATION OF MONEY COLLECTED.
	  	28
	 
SECTION 507. LIMITATION ON SUITS.
	  	28
	 
SECTION
 508. UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND
                        INTEREST.
	  	28
	 
SECTION 509. RESTORATION OF RIGHTS AND REMEDIES.
	  	28
	 
SECTION 510. RIGHTS AND REMEDIES CUMULATIVE.
	  	29
	 
SECTION 511. DELAY OR OMISSION NOT WAIVER.
	  	29
	 
SECTION 512. CONTROL BY HOLDERS.
	  	29
	 
SECTION 513. WAIVER OF PAST DEFAULTS.
	  	29
	 
SECTION 514. UNDERTAKING FOR COSTS.
	  	29
	 
SECTION 515. WAIVER OF STAY OR EXTENSION LAWS.
	  	30
		
	 
ARTICLE SIX. THE TRUSTEE
	  	30
		
	 
SECTION 601. CERTAIN DUTIES AND RESPONSIBILITIES.
	  	30
	 
SECTION 602. NOTICE OF DEFAULTS.
	  	31
	 
SECTION 603. CERTAIN RIGHTS OF TRUSTEE.
	  	31
	 
SECTION 604. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF
SECURITIES.
	  	32
	 
SECTION 605. MAY HOLD SECURITIES.
	  	32
	 
SECTION 606. MONEY HELD IN TRUST.
	  	32
	 
SECTION 607. COMPENSATION AND REIMBURSEMENT.
	  	32
	 
SECTION 608. DISQUALIFICATION; CONFLICTING INTERESTS.
	  	33
	 
SECTION 609. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.
	  	33
	 
SECTION 610. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.
	  	33
	 
SECTION 611. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.
	  	34
	 
SECTION 612. MERGER, CONSOLIDATION OR SUCCESSION TO BUSINESS.
	  	35
	 
SECTION 613. PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.
	  	35
	 
SECTION 614. CO-TRUSTEES AND SEPARATE TRUSTEES.
	  	35
	 
SECTION 615. APPOINTMENT OF AUTHENTICATING AGENT.
	  	36
	 
SECTION 616. USA PATRIOT ACT.
	  	37
		
	 
ARTICLE SEVEN. HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	38
		
	 
SECTION
 701. COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.
	  	38
	 
SECTION 702. PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.
	  	38
	 
SECTION 703. REPORTS BY TRUSTEE.
	  	38
	 
SECTION 704. REPORTS BY COMPANY.
	  	39
		
	 
ARTICLE EIGHT. CONSOLIDATION, AMALGAMATION, MERGER, CONVEYANCE, TRANSFER OR LEASE; SUBSTITUTION
	  	40
		
	 
SECTION 801. COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN
TERMS.
	  	40
	 
SECTION 802. SUBSTITUTION OF THE COMPANY ON CERTAIN TERMS.
	  	40
	 
SECTION 803. SUCCESSOR CORPORATION SUBSTITUTED.
	  	41
		
	 
ARTICLE NINE. SUPPLEMENTAL INDENTURES
	  	41
		
	 
SECTION 901. SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.
	  	41

  

 vi 

			
	  	  	PAGE
	 
SECTION 902. SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.
	  	42
	 
SECTION 903. EXECUTION OF SUPPLEMENTAL INDENTURES.
	  	43
	 
SECTION 904. EFFECT OF SUPPLEMENTAL INDENTURES.
	  	43
	 
SECTION 905. CONFORMITY WITH TRUST INDENTURE ACT.
	  	43
	 
SECTION 906. REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.
	  	43
		
	 
ARTICLE TEN. PARTICULAR COVENANTS OF COMPANY
	  	43
		
	 
SECTION 1001. PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST BY
COMPANY.
	  	43
	 
SECTION 1002. MAINTENANCE OF OFFICE OR AGENCY BY COMPANY.
	  	43
	 
SECTION 1003. MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

	  	44
	 
SECTION 1004. CORPORATE EXISTENCE.
	  	45
	 
SECTION 1005. STATEMENT BY EXECUTIVE OFFICER AS TO COMPLIANCE.
	  	45
	 
SECTION 1006. WAIVER OF CERTAIN COVENANTS.
	  	45
	 
SECTION 1007. ADDITIONAL AMOUNTS.
	  	45
	 
SECTION 1008. NEGATIVE PLEDGE.
	  	47
		
	 
ARTICLE ELEVEN. REDEMPTION OF SECURITIES
	  	47
		
	 
SECTION 1101. APPLICABILITY OF ARTICLE.
	  	47
	 
SECTION 1102. ELECTION TO REDEEM; NOTICE TO TRUSTEE.
	  	47
	 
SECTION 1103. SELECTION BY TRUSTEE OF SECURITIES TO BE
REDEEMED.
	  	47
	 
SECTION 1104. NOTICE OF REDEMPTION.
	  	48
	 
SECTION 1105. DEPOSIT OF REDEMPTION PRICE.
	  	48
	 
SECTION 1106. SECURITIES PAYABLE ON REDEMPTION DATE.
	  	48
	 
SECTION 1107. SECURITIES REDEEMED IN PART.
	  	49
	 
SECTION 1108. OPTIONAL REDEMPTION DUE TO CHANGES IN TAX
TREATMENT.
	  	49
	 SECTION 1109. OPEN MARKET PURCHASES
	  	50
		
	 
ARTICLE TWELVE. SINKING FUNDS
	  	50
		
	 
TESTIMONIUM
	  	
	 
SIGNATURES
	  	
	 
ACKNOWLEDGMENTS
	  	

  

 vii 

 THIS INDENTURE is dated as of
                    , 2008, between Veolia Environnement, a société anonyme duly organized and existing under the laws of the Republic
of France (herein called the “Company”), having its principal office at 36-38 avenue Kléber, 75116 Paris, France and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee”) having its Corporate Trust
Office at 60 Wall Street, 27th Floor, New York, New York 10005. 
 
RECITALS 
 The Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time outside France of its unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as provided in this Indenture. 

All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal
and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 
ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS

 OF GENERAL APPLICATION 
 
SECTION 101. Definitions. 
 For all purposes of this Indenture, except as otherwise
expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings
assigned to them in this Article and include the plural as well as the singular; 
 (2) all other terms used herein which are
defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with International Financial Reporting Standards (IFRS) as applied in the audited financial statements of the Company; and 
 (4) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. 
 “
Act,” when used with respect to any Holder, has the meaning specified in Section 104. 
 “
Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “
Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities. 
  

 1 

 “
Authorized Agent” has the meaning set forth in Section 112(b). 
 “
Business Day,” when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking or trust institutions in that Place of Payment are
authorized generally or obligated by law, regulation or executive order to close. 
 “
Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing
and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “
Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor corporation shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter “Company” shall mean such successor corporation. 
 “Company Request” or “Company Order” means a
written request or order signed in the name of the Company by a legal representative thereof or any other Person, duly authorized by the Company in respect thereto, attested by its general counsel, a deputy general counsel, general secretary or an
assistant general secretary, and delivered to the Trustee. 
 “
Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered, which office at the date hereof is located at 60 Wall Street, 27
th Floor, Mail Stop NYC 60-2710, New York, New York 10005. 
 “
corporation” means a corporation, association, company, limited liability company, business trust or société anonyme. 
 “
Covenant Defeasance” has the meaning set forth in Section 403. 
 “
Defaulted Interest” has the meaning specified in Section 307. 
 “
Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, the clearing agency registered under the Exchange Act, as amended,
specified for that purpose as contemplated by Section 301. 
 “
Discharge” and “Discharged” has the meaning set forth in Section 403. 
 “
Event of Default” has the meaning specified in Section 501. 
 “
Exchange Act” means the Securities Exchange Act of 1934 and any successor statute, in each case as amended from time to time. 
 “
Executive Officer’s Certificate” means a certificate signed by the principal executive officer, principal financial officer or principal accounting officer of the Company. 
 “
Global Security” means a Security bearing the legend required by Section 205 evidencing all or part of a series of Securities, issued to the Depositary for such series or its nominee and registered in the name
of the Depositary or its nominee. 
 “
Holder” means a Person in whose name a Security is registered in the Security Register. 
 “
Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions
hereof 

  

 2 

 
including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively, and shall include the terms of particular series of Securities established as contemplated by Section 301. 
 “
interest,” when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “
Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security. 
 “
Judgment Currency” has the meaning specified in Section 311. 
 “
Maturity,” when used with respect to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise. 
 “
Notice of Default” means a written notice of the kind specified in Section 501(2). 
 “
Officer’s Certificate” means a certificate signed, in the case of the Company, by a legal representative thereof or any other Person, duly authorized by the Company in respect thereto, and delivered to the
Trustee. Each such Officer’s Certificate shall contain the statements required by Section 314(e) of the Trust Indenture Act if applicable. 
 “
Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel to the Company. Each such opinion shall include the statements required by Section 314(e) of the Trust Indenture Act,
if applicable. 
 “
Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 502. 
 “
Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Securities for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as Paying Agent) for the Holders of such Securities; provided, however, that, if such Securities are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 
 (iii) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such
Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be
due and payable as of the date of 

  

 3 

 
such determination upon acceleration of the Maturity thereof pursuant to Section 502, (B) if, as of such date, the principal amount payable at the
Stated Maturity of a Security is not determinable, the principal amount of such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 301, (C) the principal amount of a
Security denominated in one or more foreign currencies or currency units shall be the U.S. dollar equivalent, determined in the manner provided as contemplated by Section 301 on the date of original issuance of such Security of the principal
amount (or, in the case of a Security described in clause (A) or (B) above, the amount determined pursuant to such Clause) of such Security and (D) Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 “
Paying Agent” means any Person (which may include the Company) authorized by the Company to pay the principal of (and premium, if any) or interest on any Securities on behalf of the Company. 
 “
Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political
subdivision thereof. 
 “
Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of (and premium, if any) and interest on the Securities of that series are payable as specified
as contemplated by Section 301. 
 “
Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Principal Subsidiary” means at any relevant time a Subsidiary of the Company: 
 (i) whose total assets or operating income (or, where the Subsidiary in question prepares consolidated financial statements, whose total
consolidated assets or consolidated operating income, as the case may be) attributable to the Company represent not less than fifteen percent of the total consolidated assets or the consolidated operating income of the Company, all as calculated by
reference to the then latest audited financial statements (or consolidated financial statements, as the case may be) of such Subsidiary and the then latest audited consolidated financial statements of the Company and its consolidated subsidiaries,

 (ii) to which is transferred all or substantially all the assets and undertakings of a Subsidiary which immediately prior
to such transfer is a Principal Subsidiary. 
 “
Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “
Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “
Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 301. 
  

 4 

 “
Relevant Debt” means any present or future indebtedness in the form of, or represented by, bonds, notes, debentures, loan stock or other securities that, at the time of the issue, are capable of being, or are
intended to be, quoted, listed or ordinarily dealt in on any stock exchange, automated trading system, over-the-counter or other securities market. 
 “
Required Currency” has the meaning specified in Section 311. 
 “
Responsible Officer” means, when used with respect to the Trustee, any director, managing director, vice president, assistant vice president, assistant secretary, assistant treasurer, or associate located at the
Corporate Trust Office of the Trustee who has direct responsibility for the administration of this Indenture, and, for the purposes of Sections 512(3), 601(c)(2) and 602 hereof, shall also include any other officer of the Trustee to whom any
corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject. 
 “
Securities” has the meaning stated in the first recital of this Indenture and, more particularly, means any Securities that have been issued, authenticated and delivered under this Indenture. 
 “
Security Register” and “
Security Registrar” have the respective meanings specified in Section 305. 
 “
Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307. 
 “
Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such
Security or such installment of principal or interest is due and payable. 
 “
Subsidiary” means, in relation to any person or entity at any time, any other person or entity (whether or not now existing) meeting the definition of Article L. 233-1 of the French Commercial Code or any other
person or entity controlled directly or indirectly by such person or entity within the meaning of Article L. 233-3 of the French Commercial Code. 
 “
Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter “Trustee” shall mean or include each Person who is a Trustee hereunder, and if at any time there is more than one such Person, “Trustee,” as used with respect to the Securities of any series, shall mean the Trustee
with respect to Securities of that series, provided that the Trustee shall not be the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
 “
Trust Indenture Act” means the Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, and as in force at the date as of which this instrument was executed, and as amended thereafter from
time to time. 
 “
U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of an entity
controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America which, in either case
under clauses (i) or (ii) are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or
a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make
any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government
Obligation evidenced by such depository receipt. 
  

 5 

 “
Vice President,” when used with respect to the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
 
SECTION 102. Compliance Certificates and Opinions. 
 Upon any application or
request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or
opinion shall be given in the form of an Officer’s Certificate or an Opinion of Counsel and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. Such an Officer’s Certificate
shall state that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and such Opinion of Counsel shall state that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any other provision of this Indenture relating to such particular application or
request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than the certificate provided under Section 1005) hereof shall include: 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
 
SECTION 103. Form of Documents Delivered to Trustee. 
 In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion, or representations with respect to the matters upon which his certificate or
opinion is based, are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company, as the case may be,
stating that the information with respect to such factual matters is in the possession of the Company, as the case may be, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 
SECTION 104. Acts of Holders. 
 (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more 

  

 6 

 
instruments of substantially similar tenor signed by such Holders in person or by an agent or agents duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instrument. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized
by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which
the Trustee deems sufficient. 
 (c) The ownership of Securities shall be proved by the Security Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security. 
 (e) Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount. 
 
SECTION 105. Notices, Etc., to Trustee and Company. 
 Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to and upon receipt by the Trustee at its Corporate Trust Office, Attention: Trust & Securities Services, Fax: 732-578-4635; or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing, in the case of the Company,
to or with it, at the address of its principal office specified in the first paragraph of this instrument, Attention: Philippe Messager, Fax: +33-1-71-75-10-13, or at any other address previously furnished in writing to the Trustee by the
Company. 
 
SECTION 106. Notice to Holders; Waiver. 
 Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the Holder’s address as it appears in
the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice,
nor any defect in any notice so mailed, 

  

 7 

 
to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner,
such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. 
 
SECTION 107. Conflict with Trust Indenture Act. 
 If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 
SECTION 108. Effect of Headings and Table of Contents. 
 The Article and Section
headings herein, the Reconciliation and tie between the Trust Indenture Act and this Indenture and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 
SECTION 109. Successors and Assigns. 
 All covenants and agreements in this
Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 
SECTION 110. Separability Clause. 
 In case any provision in this Indenture or in
the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 
SECTION 111. Benefits of Indenture. 
 Nothing in this Indenture or in the
Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 
SECTION 112. Governing Law. 
 (a) This Indenture and the Securities shall be
governed by and construed in accordance with the laws of the State of New York, except that the authorization and execution of this Indenture and the Securities shall be governed by the laws of the jurisdiction of organization of the Company.

 (b) The Company has appointed CT Corporation System, 111 Eighth Avenue, New York, New York, 10011, as its authorized agent (the
“Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon this Indenture or the Securities which may be instituted in any state or federal court in The City
of New York, New York. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the
filing of any and all documents, that may be reasonably necessary to continue such appointment in full force and effect as aforesaid so long as the Securities remain Outstanding. The Company agrees that the appointment of the Authorized Agent shall
be irrevocable so long as any of the Securities remain Outstanding or until the irrevocable appointment by the Company of a successor agent in The City of New York, New York as the authorized agent of each of them for such purpose and the acceptance
of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. 
  

 8 

 
SECTION 113. Legal Holidays. 
 In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of the Securities of any series which
specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such
Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue on the amount so payable for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be, on account of such delay. 
 
SECTION 114. Submission to Jurisdiction. 
 The Company agrees that any legal suit,
action or proceeding arising out of or based upon the Indenture or the Securities may be instituted in any state or federal court in the Borough of Manhattan, The City of New York, New York, United States of America, and waives, to the extent it may
effectively do so, any objection which it may have now or hereafter to the laying of the venue of any such suit, action or proceeding and any claim of inconvenient forum, and irrevocably submits to the jurisdiction of any such court in any such
suit, action or proceeding. 
 
SECTION 115. Waiver of Jury Trial. 
 Each Party hereby irrevocably waives, to the
fullest extent permitted by applicable law, any and all right to a trial by jury (but no other judicial remedies) in any legal proceeding arising out of or relating to this Indenture or the transaction contemplated thereby. 
 
ARTICLE TWO 
 SECURITY FORMS 
 
SECTION 201. Forms Generally. 
 The Securities of each series shall be in
substantially the form set forth in this Article, or in such other form as shall be authorized by the Company or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture (including without limitation any legends required by French law), and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may
be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers of the Company duly authorized to execute such Securities, as evidenced by their execution of the Securities. If the form
of Securities of any series is authorized by the Company, a copy of an appropriate record of such authorization shall be certified on behalf of the Company by the general counsel, a deputy general counsel, the general secretary or an assistant
general secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
 The Trustee’s certificates of authentication shall be in substantially the form set forth in this Article. 
  

 9 

 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be
produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 
SECTION 202. Form of Face of Security. 
 VEOLIA
ENVIRONNEMENT 
 [Aggregate Principal Amount of the Issuance]
[            %] [Zero Coupon] [Note] [Debenture] Due                     

 

				
	 Cusip
	  	#	 
	 No.
	  	[currency            	]

 VEOLIA ENVIRONNEMENT, a société anonyme duly
organized and existing under the laws of the Republic of France, having its registered office at 36-38, avenue Kléber, 75116 Paris, existing for a term that will expire on December 18, 2094, registered with the Registry of Commerce and
Companies (Registre du commerce et des sociétés) of Paris under No. 403 210 03 (herein called the “Company,” which term includes any successor or substitute corporation under the Indenture hereinafter referred
to), for value received, hereby promises to pay to                    , or registered assigns, the principal sum
of                    [currency]
on                    [If the Security is to bear interest prior to Maturity, insert—, and to pay interest thereon
from                    or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually
on                    and                    in
each year, commencing                    , at the rate of         % per annum, until the principal hereof is
paid or made available for payment [If applicable insert—, and (to the extent that the payment of such interest shall be legally enforceable) at the rate of        % per annum on any overdue
principal and premium and on any overdue installment of interest]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the                    or                   
 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
 Should French law require that payments of principal or interest in respect of any Security be subject to deduction or withholding in respect of any present or future taxes or duties whatsoever levied by the Republic of France, the Company
will, to the fullest extent then permitted by law, pay such additional amounts as shall result in receipt by the Holders of such amounts as would have been received by them had no such withholding or deduction been required, except that no such
additional amounts shall be payable with respect to any Security: 
 (a) to, or to a third party on behalf of, a Holder, who
is liable to such taxes, duties, assessments or governmental charges in respect of such Security by reason of his having some connection with the Republic of France other than the mere holding of the Security; or 
 (b) where presentation of the Security is required for payment, more than 30 days after the Relevant Date except to the extent that the
Holder would have been entitled to such additional amounts on presenting it for payment on the thirtieth such day; or 
  

 10 

 (c) where such withholding or deduction is imposed on a payment to an individual and is
required to be made pursuant to European Council Directive 2003/48/EC of 3 June 2003 or any other Directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000 on the taxation of savings income, or any law
implementing or complying with, or introduced in order to conform to, such Directive; 
 (d) presented for payment by or on
behalf of a Holder of any Security, who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a Member State of the European Union; or 
 (e) where the Holder does not satisfy the requirements conditioning the exemptions of withholding tax provided for in article 125 A III of
the French Code Général des Impôts. 
 As used herein, “Relevant Date” in respect of any Security means
the date on which payment in respect of it first becomes due or, if any amount of the money payable is improperly withheld or refused, the date on which payment in full of the amount outstanding is made or where presentation for payment is required,
if earlier, the date seven days after that on which notice is duly given to the Holders that, upon further presentation of the Security being made in accordance with the terms and conditions of the Security, such payment will be made, provided that
payment is in fact made upon such presentation. 
 The foregoing provisions shall apply mutatis mutandis to any withholding or
deduction in respect of any amount to be paid by the Company of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any
jurisdiction in which any successor or substitute Person to the Company is organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Company pursuant to
Section 801, for or on account of any taxes, assessments or governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the
Company’s being treated as engaged in a trade or business, or having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent
establishment. 
 [If the Security is not to bear interest prior to Maturity, insert—The principal of this Security shall not
bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall bear interest at the rate of
        % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been
made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of         %
per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date payment of such interest has been made or duly provided for, and such interest shall
also be payable on demand.] 
 Payment of the principal of (and premium, if any) and [if applicable, insert—any such] interest on
this Security will be made at [the office or agency of the Company maintained for that purpose in                     ] [the office of the Paying
Agent], [in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts] [specify other currency] [if applicable, insert—; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto at such address as shall appear in the Security Register]. 
 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. 
  

 11 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 VEOLIA ENVIRONNEMENT 
  

			
	By	 	  

 Attest: 

			
	By	 	  

 Title: 
 [Form of French Legend] 
 As of [·], the Company’s outstanding
indebtedness for bonds (obligations) and other negotiable debt instruments (titres d’emprunt) amounted to approximately €[·], and such outstanding indebtedness of other issuers guaranteed by
the Company amounted to approximately €[·]. 
 
SECTION 203. Form of Reverse of Security. 
 This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued outside France in one or more series under an Indenture, dated as
of                    , 2008 (herein called the “Indenture”), between the Company, as issuer, and [Trustee], 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 statement of the respective rights, limitation of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof [, limited in aggregate principal amount to [currency]                    ]. 
 [If applicable, insert—The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, at any time
[on or after                         , 20        ], as a whole or in part, at the
election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): [If redeemed [on or before
                    ,         %, and if redeemed] during the 12-month period beginning
                     of the years indicated, 
  

							
	 Year
	 	 Redemption
Price
	 	 Year
	  	Redemption
Price
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	
		 		 		  	

 and thereafter at a Redemption Price equal to         % of the principal
amount, together in the case of any such redemption with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] [at a redemption price equal to the greater of (i) 100% of the principal amount of the
Securities to be redeemed and (ii) the sum of the present value of the remaining scheduled payments discounted to the date of redemption at [specify rate and margins if any].] 
  

 12 

 [Notwithstanding the foregoing, the Company may not, prior to
                    , redeem any Securities of this series as contemplated by [Clause (2) of] the preceding paragraph as a part of, or in
anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than
         % per annum.] 
 In the event of redemption of this Security in part only, a new Security or
Securities of this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 [If the Security is not subject to redemption, —This Security is not redeemable prior to Stated Maturity [except as permitted under Section 1108 (“Optional Redemption Due to Changes in Tax Treatment”)].]

 [If the Security is not an Original Issue Discount Security, —If an Event of Default with respect to Securities of this series
shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 
 [If the Security is an Original Issue Discount Security, —If an Event of Default with respect to Securities of this series shall occur and be
continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to—insert formula for determining the amount.
Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of
the Company’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of
this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have
failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed or provided for herein. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed. 
  

 13 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more
new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of [currency][                ]. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the
Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to
Section 308 of the Indenture), whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all obligations in respect of the
Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust and certain other obligations in respect of
the Trustee, the Paying Agent, Authenticating Agent and Securities Registrar) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits, in trust, with the Trustee money or U.S. Government
Obligations which, through the payment of interest thereon and principal thereof in accordance with their terms, will provide money, in an amount sufficient to pay all the principal (including any mandatory sinking fund payments) of, and premium, if
any, and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions are satisfied. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 
SECTION 204. Form of Trustee’s Certificate of Authentication. 
 This is one of
the Securities of the series designated herein referred to in the within-mentioned Indenture. 
 Dated: 
  

			
		 	 [Trustee],

		 	              as Trustee

	BY	 	  

		 	 Authorized Signatory

 
SECTION 205. Form of Legend for Global Securities. 
 Any Global Security
authenticated and delivered hereunder shall bear a legend in substantially the following form or such other form as may be determined pursuant to Section 201: 
 “This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of a Depositary or a nominee of a Depositary. This Global Security is exchangeable for

  

 14 

 
Securities registered in the name of a Person other than the Depositary or its nominee only in the limited circumstances described in the Indenture, and no
transfer of this Security (other than a transfer of this Security as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary) may be registered except in such
limited circumstances.” 
 
ARTICLE THREE 
 THE SECURITIES 
 
SECTION 301. Amount Unlimited; Issuable in Series. 
 The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued outside France in
one or more series. There shall be authorized by the Company and set forth in (or determined in the manner set forth in) an Officer’s Certificate of the Company, or established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series, 
 (1) the title of the Securities of the series (which shall distinguish the Securities
of the series from Securities of any other series); 
 (2) any limit upon the aggregate principal amount of the Securities of
the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Sections 304, 305, 306, 906 or 1107); 
 (3) the Person to whom any interest on a Security of the series shall be
payable, if other than the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 
 (4) the date or dates on which the principal of the Securities of the series is payable; 
 (5) the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall
accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on any Interest Payment Date; 
 (6) the place or places where the principal of (and premium, if any) and interest on Securities of the series shall be payable;

 (7) if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which
Securities of the series may be redeemed, in whole or in part, at the option of the Company, and any applicable make-whole provisions; 
 (8) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within
which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 (9) the denominations in which Securities of the series shall be issuable; 
 (10) if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 502; 
 (11) the coin or currency (including
any composite currency) in which payment of the principal of (and premium, if any) and interest on the Securities of the series shall be denominated or payable and the manner of determining the equivalent thereof in the currency of the United States
of America for the purposes of the definition of “Outstanding” in Section 101; 
  

 15 

 (12) if the principal of (and premium, if any) or interest on the Securities of the
series are to be payable, at the election of the Company or a Holder thereof, in a coin or currency (including any composite currency) other than that in which the Securities are stated to be payable, the period or periods within which, and the
terms and condition upon which, such election may be made; 
 (13) if the principal amount payable at the Stated Maturity of
any Securities of the series will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose thereunder or
hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the
manner in which such amount deemed to be the principal amount shall be determined); 
 (14) if the amounts of payments of
principal of (and premium, if any) or interest on the Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined; 
 (15) whether the Securities of the series shall be issued in whole or in part in the form of one or more Global Securities and, if so, the
Depositary for such Global Security or Securities; 
 (16) any addition to or change in the Events of Default which applies to
any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 502; 
 (17) with respect to such series of Securities, the “Stated Intervals” and the “Record Date” for purposes of Sections
312(a) and 316(c), respectively, of the Trust Indenture Act; 
 (18) if additional amounts pursuant to Section 1007 will
not be payable by the Company; and 
 (19) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture). 
 All Securities of any one series shall be substantially identical except as to denomination and number and
except as may otherwise be authorized by the Company and set forth (or determined in the manner provided) in such Officer’s Certificates or in any such indenture supplemental hereto. 
 If any of the terms of the series are authorized by the Company, a copy of an appropriate record of such authorization shall be certified by the general
counsel, a deputy general counsel, the general secretary or an assistant general secretary of the Company, and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series. 

Notwithstanding Section 301(2) herein and unless otherwise expressly provided with respect to a series of Securities, the aggregate principal
amount of a series of Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased. 
 
SECTION 302. Denominations. 
 The Securities of each series shall be issuable in
registered form without coupons in such denominations as shall be specified as contemplated by Section 301. 
 
SECTION 303. Execution, Authentication, Delivery and Dating. 
 The Securities shall
be executed on behalf of the Company by one or more of its legal representatives, or any Persons duly authorized to do so by the Company and attested by its general counsel, a deputy general counsel, its general secretary or one of its assistant
general secretaries. The signature of any of such legal representative or Person on the Securities may be manual or facsimile. 
  

 16 

 At any time and from time to time after the execution and delivery of this Indenture, the Company may
deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate
and deliver such Securities. If the form or terms of the Securities of the series have been authorized by the Company as permitted by Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 
 (a) if the form of such Securities has been duly authorized by the Company as permitted by Section 201, that such form has been
established in conformity with the provisions of this Indenture; 
 (b) if the terms of such Securities have been duly
authorized by the Company as permitted by Section 301, that such terms have been established in conformity with the provisions of this Indenture; 
 (c) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally
binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general equity principles. 
 If such form or terms have been so established, the Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities or this Indenture or otherwise in a manner which is not reasonably acceptable to the
Trustee. 
 Each Security shall be dated the date of its authentication. 
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder and that such Security is entitled to the benefits of this Indenture. 
 A
duplicate of each Security must be kept by the Company or the Security Registrar. 
 
SECTION 304. Temporary Securities. 
 Pending the preparation of definitive
Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities substantially of the tenor of the definitive Securities in lieu of which they are issued which Securities may
be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine,
all as evidenced by such execution. 
 If temporary Securities of any series are issued, the Company will cause definitive Securities of that
series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary
Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series of authorized denominations and of a like aggregate principal amount and tenor. Until so exchanged the temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 
  

 17 

 
SECTION 305. Registration, Registration of Transfer and Exchange. 
 The Company
shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office being herein sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations as the
Company may prescribe, the Company shall provide for the registration of Securities and of transfers of Securities. 
 The Trustee is hereby
appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. 
 Upon
surrender for registration of transfer of any Security of any series at the office or agency in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of the same series, of any authorized denominations and of a like aggregate principal amount and tenor. 
 At the option of the Holder, Securities of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and a like aggregate principal amount, upon surrender of the Securities to be
exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive.

 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 
 No
service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Securities, other than exchanges pursuant to Sections 304, 906 or 1107 not involving any transfer. 
 The
Company shall not be required (i) to issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities of that
series selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part. 
 Each Global Security authenticated under this Indenture shall be registered in
the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of
this Indenture. 
 Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301, any Global Security
shall be exchangeable pursuant to this Section 305 for Securities registered in the names of Persons other than the Depositary for such series or its nominee if, but only if, (i) such Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for such series or at any time ceases to be a clearing agency registered as such under the Exchange Act, as amended, and the Company notifies the Trustee that they are unable to locate a qualified successor
Depositary, (ii) the Company executes and delivers to the Trustee a Company Order that such Global Security shall be so exchangeable, or (iii) there shall have occurred and be 

  

 18 

 
continuing an Event of Default with respect to the Securities of such series. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in the names of each owner of a beneficial interest in a Global Security as such Depositary shall identify. In connection with the exchange of an entire Global Security for Securities registered in the
names of each owner of a beneficial interest in a Global Security pursuant to this paragraph, such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and upon Company Order the Trustee
shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of certificated Securities of authorized denominations.

 Upon receipt by the Security Registrar of instructions pursuant to the preceding paragraph from the Holder of a Global Security directing
the Security Registrar to (a) issue one or more certificated non-global Securities in the amounts specified to the owner of a beneficial interest in such Global Security and (b) debit or cause to be debited an equivalent amount of
beneficial interest in such Global Security, subject to the rules and procedures of the Depositary: 
 (a) the Security
Registrar shall notify the Company and the Trustee of such instructions, identifying the owner and amount of such beneficial interest in such Global Security; 
 (b) the Company shall promptly execute, and upon Company Order the Trustee shall authenticate and deliver, to such beneficial owner
certificated Securities in an equivalent amount to such beneficial interest in such Global Security; and 
 (c) the Registrar
shall decrease such Global Security by such amount in accordance with the foregoing. 
 In the event that certificated non-global Securities
are not issued to each such beneficial owner promptly after the Security Registrar has received a request from the Holder of a Global Security to issue such certificated non-global Securities, the Company expressly acknowledges, with respect to the
right of any Holder to pursue a remedy pursuant to Sections 507 and 508 hereof, the right of any beneficial holder of Securities to pursue such remedy with respect to the portion of the Global Security that represents such beneficial holder’s
Securities as if such certificated non-global Securities had been issued. 
 Notwithstanding any other provision of this Indenture (except
the immediately preceding paragraphs relating to the exchange of the Global Security for certificated non-global Securities), a Global Security may not be transferred except as a whole by the Depositary for such Global Security to a nominee of such
Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary. 
 
SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. 
 If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
Outstanding. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss
or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously Outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security upon compliance with the foregoing conditions. 
  

 19 

 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 
SECTION 307. Payment of Interest; Interest Rights Preserved. 
 Except as otherwise
provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on
the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security or such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to each Holder of Securities of such series at the Holder’s address as it appears in the Security
Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause,
such manner of payment shall be deemed practicable by the Trustee. 
 Subject to the foregoing provisions of this Section, each Security
delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 
  

 20 

 
SECTION 308. Persons Deemed Owners. 
 Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee or its nominee shall treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of (and premium, if any) and (subject to Section 307) interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the
Trustee shall be affected by notice to the contrary. 
 No holder of any beneficial interest in any Global Security held on its behalf by a
Depositary shall have any rights under this Indenture with respect to such Global Security, and such Depositary or its nominee shall be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global
Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the
Depositary as Holder of any Security. 
 None of the Company, the Trustee or any agent of the Company or the Trustee shall have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security, for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests, for any acts or omissions of a Depositary or for any transactions between a Depositary and beneficial owners. 
 
SECTION 309. Cancellation. 
 All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company must deliver to the
Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and must deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures or as directed by a
Company Order. No cancelled Securities may be reissued or resold. 
 
SECTION 310. Computation of Interest. 
 Except as otherwise specified as
contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 
 
SECTION 311. Payment to Be in Proper Currency; Conversion of Judgment Currency 
 (a) In the case of the Securities of any series denominated in any currency or in a composite currency (the “Required Currency”), except as otherwise specified with respect to such Securities as contemplated by Section 301,
the obligation of the Company to make any payment of the principal thereof, or the premium or interest thereon, shall not be discharged or satisfied by any tender by the Company, or recovery by the Trustee, in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the Trustee timely holding the full amount of the Required Currency then due and payable. If any such tender or recovery is in a currency other than the Required Currency,
the Trustee may take such actions as it considers appropriate to exchange such currency for the Required Currency. The costs and risks of any such exchange, including without limitation the risks of delay and exchange rate fluctuation, shall be
borne by the Company, the Company shall remain liable for any shortfall or delinquency in the full amount of Required Currency then due and payable, and in no circumstances shall the Trustee be liable therefor except in the case of its negligence or
willful misconduct. 
  

 21 

 (b) The Company agrees further that, to the fullest extent that it may effectively do so under applicable
law, (x) if for the purpose of obtaining judgment in any court it is necessary for the Trustee to convert the sum due in respect of the principal of, or premium or interest, if any, on the Securities of any series from the Required Currency
into a currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which, in accordance with normal banking procedures, the Trustee could purchase the Required Currency
with the Judgment Currency and (y) its obligations under this Indenture to make payments in the Required Currency shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance
with subsection (x)) in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect
of such payments. 
 
ARTICLE FOUR 
 SATISFACTION AND DISCHARGE 
 
SECTION 401. Satisfaction and Discharge of Indenture. 
 This Indenture shall upon
Company Request cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when 
 (1) either 
 (A) all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
 (B)
all such Securities not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, or

 (ii) will become due and payable at their Stated Maturity within one year, or 
 (iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, 
  

	 	    	 	and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount
sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

 (2) the Company has
paid or caused to be paid all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the obligations
of the Company to any Authenticating Agent under Section 615 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and
the last paragraph of Section 1003 shall survive. 
  

 22 

 
SECTION 402. Application of Trust Money. 
 Subject to the provisions of the last
paragraph of Section 1003, all money and the proceeds of any U.S. Government Obligations deposited with the Trustee pursuant to Sections 401 or 403 shall be held in trust and applied by it, in accordance with the provisions of the Securities
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, of the principal (and premium, if any) and interest to the Holders of the series of
Securities for the payment in respect of which such money has been deposited with the Trustee. 
 The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 403 or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 403 with respect to any Securities that, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Discharge or Covenant Defeasance, as the
case may be, with respect to such Securities. 
 
SECTION 403. Defeasance Upon Deposit of Moneys or U.S. Government Obligations. 
 At
the Company’s option, either (a) the Company shall be deemed to have been Discharged (as defined below) from its obligations with respect to any series of Securities on the 91st day after the applicable conditions set forth below have been
satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Sections 801 or 802 or any covenant set forth in any indenture supplemental to this Indenture or otherwise
established pursuant to Section 301, and noncompliance with such Sections or covenants shall not give rise to any Event of Default under Section 501(2) (“Covenant Defeasance”), with respect to any series of Securities at any time
after the applicable conditions set forth below have been satisfied: 
 (1) the Company shall have deposited or caused to be
deposited irrevocably with the Trustee or its agent as trust funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series (i) money in an amount, or (ii) U.S.
Government Obligations which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or (iii) a combination of (i) and
(ii), sufficient, in the opinion (with respect to (ii) and (iii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of
principal (including mandatory sinking fund payments) of and interest on, the outstanding Securities of such series on the dates such installments of interest or principal are due or to and including the Redemption Date irrevocably designated by the
Company pursuant to subparagraph (5) hereof; 
 (2) if the Securities of such series are then listed on the New York
Stock Exchange, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the exercise of the option under this Section 403 would not cause such Securities to be delisted; 
 (3) no Event of Default or event which with notice or lapse of time would become an Event of Default with respect to the Securities of
such series shall have occurred and be continuing on the date of such deposit; 
 (4) the Company shall have delivered to the
Trustee an Opinion of Counsel to the effect that holders of the Securities of such series will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of the exercise of the option under this Section 403 and will be
subject to U.S. Federal income tax 

  

 23 

 
on the same amount and in the same manner and at the same times as would have been the case if such option had not been exercised, and, in the case of
Securities being Discharged, such opinion shall be accompanied by a private letter ruling to that effect received from the United States Internal Revenue Service or a revenue ruling pertaining to a comparable form of transaction to that effect
published by the United States Internal Revenue Service; 
 (5) if the Company has deposited or caused to be deposited money
or U.S. Government Obligations to pay or discharge the principal of (and premium, if any) and interest on the Outstanding Securities of a series to and including a Redemption Date pursuant to subparagraph (1) hereof, such Redemption Date shall
be irrevocably designated by the Company, a copy of an appropriate record of such designation shall be certified on behalf of the Company by the general counsel, a deputy general counsel, the general secretary or an assistant general secretary of
the Company and delivered to the Trustee on or prior to the date of deposit of such money or U.S. Government Obligations and such Board Resolution shall be accompanied by an irrevocable Company Request that the Trustee give notice of such redemption
in the name and at the expense of the Company not less than 30 nor more than 60 days prior to such Redemption Date in accordance with Section 1104; and 
 (6) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent with respect to such Discharge or Covenant Defeasance have been complied with. 
 “Discharged” (or “Discharge”)
means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and obligations under, the Securities of such series and to have satisfied all the obligations under this Indenture relating to the Securities
of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except (A) the rights of Holders of Securities of such series to receive, from the trust fund described in clause (1)
above payment of the principal of and the interest on such Securities when such payments are due; (B) the Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003; and (C) the rights, powers,
trusts, duties and immunities of the Trustee hereunder. 
 Notwithstanding any Covenant Defeasance with respect to Sections 801 and 802,
any corporation or Person that would otherwise have been required to assume the obligations of the Company pursuant to said Sections shall be required, as a condition to any merger, consolidation, amalgamation, transfer, conveyance or lease
contemplated thereby, to assume the obligations of the Company to the Trustee under Sections 402 and 607. 
 In the event that
Securities in respect of which the Company has deposited or caused to be deposited money or U.S. Government Obligations to pay or discharge the principal (and premium, if any) and interest on the Outstanding Securities of a series do not mature and
are not redeemed within the 60-day period commencing with the date of such deposit of moneys or U.S. Government Obligations, as aforesaid, the Company shall, as promptly as practicable following the end of such 60-day period, give or cause to give a
notice, in the same manner as a notice of redemption with respect to such Securities, to the Holders of Securities to the effect that such deposit has been made and the effect thereof; provided, however, any failure to so give such
notice or any defect therein shall not affect the validity of the proceedings for any Discharge or Covenant Defeasance related to such deposit. 
 
ARTICLE FIVE 
 REMEDIES 
 
SECTION 501. Events of Default. 
 “Event of Default,” wherever used
herein with respect to Securities of a particular series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or 

  

 24 

 
be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (1) any amount of principal of, or interest on, or any premium on, a Security of that series is not
paid on the due date thereof and such default is not remedied within a period of 15 days from such due date; or 
 (2) any
other obligation of the Company under this Indenture is not complied with or performed within a period of 30 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 (3) as a result of the Company and/or any of its Principal Subsidiaries being in default in the due and punctual payment of
the principal of, or premium or interest on, any indebtedness for borrowed monies of or assumed or guaranteed by it when and as the same becomes due and payable and giving effect to any applicable grace periods, there is an acceleration of any such
indebtedness or guarantee, provided that the aggregate amount of the relevant indebtedness for borrowed money in respect of which any one or more of the events mentioned in this sub-paragraph (3) has or have occurred equals or exceeds
€50,000,000 (or its equivalent in any other currency); or 
 (4) the Company or any of its Principal Subsidiaries makes
any proposal for a general moratorium in relation to its debt or applies for the appointment of a mandataire ad hoc or enters into an amicable settlement (procédure de conciliation) with its creditors or a judgment is issued for
the judicial liquidation (liquidation judiciaire) or for a transfer of the whole of the business (cession totale de l’entreprise à la suite d’un plan de cession) of the Company or any of its Principal Subsidiaries or,
to the extent permitted by applicable law, the Company or any of its Principal Subsidiaries is subject to any other insolvency or bankruptcy proceedings or the Company or any of its Principal Subsidiaries makes any conveyance, assignment or other
arrangement for the benefit of its creditors or enters into a composition with its creditors or the Company or any of its Principal Subsidiaries is wound up or dissolved, or 
 (5) any Principal Subsidiary not established in France of the Company is adjudicated or found bankrupt or insolvent or stops or threatens
to stop payment or is found unable to pay its debts or any order is made by any competent court or administrative agency for, or a resolution is passed by it for, judicial composition proceedings with its creditors or for the appointment of a
receiver or trustee or other similar official in insolvency proceedings in relation to it or any event occurs which under the law of any relevant jurisdiction has an analogous or equivalent effect; or 
 (6) the Company and/or any of its Principal Subsidiaries sells or otherwise disposes of all or substantially all of its assets or ceases
or threatens to cease to carry on the whole of its business or substantially the whole of its business or an order is made or an effective resolution passed for its winding-up, dissolution or liquidation, unless such winding-up, dissolution,
liquidation, cessation or disposal is made in connection with a merger, consolidation, reconstruction, amalgamation or other form of combination (a “Restructuring”) with or to, any other corporation and (i) in the case of the Company,
the liabilities under the Securities are transferred to and assumed by such other corporation and the credit rating assigned by any of Standard & Poor’s Rating Services or Moody’s Investors Services Inc. (or other rating agency)
to the long-term, unsecured and unsubordinated indebtedness of the surviving entity of such Restructuring following such Restructuring is not less than the credit rating assigned by any such credit rating agency to the long-term, unsecured and
unsubordinated indebtedness of the Company immediately prior to the effective date of such Restructuring, or (ii) in the case of any Principal Subsidiary, the undertaking and assets of such Principal Subsidiary are vested in the Company or
another of its Principal Subsidiaries; or 
 (7) any other Event of Default provided with respect to Securities of that
series. 
  

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SECTION 502. Acceleration of Maturity; Rescission and Annulment. 
 If an Event of
Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare
the principal amount (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of all of the Securities of that series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if: 
 (1) the Company has paid or deposited with the Trustee a sum sufficient to
pay 
 (A) all overdue interest on all Securities of that series, 
 (B) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to the extent that
payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 
 and 
 (2) all Events of
Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513.

 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 
SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 
 The
Company covenants that if it defaults in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof or in the payment of any interest on any Security when such interest becomes due and payable and such default
continues for a period of 15 days, then the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal (and premium, if any) and
interest, and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 
  

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 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may
in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 
SECTION 504. Trustee May File Proofs of Claim. 
 In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any
demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of
the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized, 
 (i) to file and
prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the Securities in accordance with the terms thereof and to file such other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 
 Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 
SECTION 505. Trustee May Enforce Claims Without Possession of Securities. 
 All
rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

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SECTION 506. Application of Money Collected. 
 Any money or property collected by
the Trustee pursuant to this Article or otherwise distributable in respect of the Company’s obligations hereunder shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money
on account of principal (or premium, if any) or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee (including any predecessor Trustee) under Section 607; and

 SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and
interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if
any) and interest, respectively. 
 
SECTION 507. Limitation on Suits. 
 No Holder of any Security of any series shall
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, has failed to institute any such
proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day
period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 
 
SECTION 508. Unconditional Right of Holders to Receive Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any) and (subject to Section 307)
interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder. 
 
SECTION 509. Restoration of Rights and Remedies. 
 If the Trustee or any Holder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
subject to any determination in such proceeding, the Company shall be restored to its former position hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

  

 28 

 
SECTION 510. Rights and Remedies Cumulative. 
 Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 
SECTION 511. Delay or Omission Not Waiver. 
 No delay or omission of the Trustee
or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given
by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 
SECTION 512. Control by Holders. 
 Subject to Section 603(e), the Holders of
a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Securities of such series, provided that: 
 (1) such direction shall not be in
conflict with any rule of law or with this Indenture; 
 (2) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction; and 
 (3) subject to the provisions of Section 601, the Trustee
shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability.

 
SECTION 513. Waiver of Past Defaults. 
 The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default: 
 (1) in the payment of the principal and (or premium, if any) or interest on any Security of such series; or 
 (2) in respect of covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of the Holder of
each Outstanding Security of such series affected. 
 Upon any such waiver, such default shall cease to exist and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 
SECTION 514. Undertaking for Costs. 
 All parties to this Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered or omitted by it as 

  

 29 

 
Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, in the manner and to the extent provided in the Trust Indenture Act; provided that this Section shall not be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the
Company or the Trustee. 
 
SECTION 515. Waiver of Stay or Extension Laws. 
 The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 
ARTICLE SIX 
 THE TRUSTEE 
 
SECTION 601. Certain Duties and Responsibilities. 
 (a) Except during the
continuance of an Event of Default, 
 (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this Subsection shall not be construed to limit the effect of Subsection (a) or (d) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided in Sections 101, 104 and 512, in relation
to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series. 
 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk of liability is not reasonably
assured to it. 
  

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 (e) Whether or not therein expressly so provided, every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 
SECTION 602. Notice of Defaults. 
 Within 90 days after the occurrence known
to a Responsible Officer of the Trustee of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as their names and addresses appear in the Security
Register, notice of all such defaults hereunder, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any
Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a
trust committee of directors or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of Securities of such series; and provided, further, that, in the case of
any default of the character specified in Section 501(2) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 
 
SECTION 603. Certain Rights of Trustee. 
 Subject to the provisions of
Section 601: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any authorization by the Company shall be sufficiently evidenced by a copy of an appropriate record of such authorization certified on behalf of the Company by the general counsel, a
deputy general counsel, the general secretary or assistant general secretary of the Company; 
 (c) whenever in the
administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may
require an Officer’s Certificate or an Opinion of Counsel and, in the absence of bad faith on its part, conclusively rely upon such Officer’s Certificate or Opinion of Counsel; 
 (d) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders
shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the relevant books, records and premises of the Company, personally or by agent or attorney at the
sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 
  

 31 

 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys; 
 (h) the Trustee shall not be liable for any action taken,
suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (i) the Trustee shall not be deemed to have notice or be charged with knowledge of any default (within the meaning of such term as defined
in Section 602) or Event of Default with respect to the Securities of any series unless a Responsible Officer of the Trustee receives at the Corporate Trust Office a written notice of such default or Event of Default, as the case may be, from
the Company or any Holder of such Securities and such notice references such Securities and this Indenture; and 
 (j) the
rights, privileges, protections, immunities and benefits herein given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder as
Trustee, Security Registrar and Authenticating Agent. 
 
SECTION 604. Not Responsible for Recitals or Issuance of Securities. 
 The
recitals contained herein and in the Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company and the Trustee assumes no responsibility for the correctness of same. The Trustee makes no
representations as to the validity or sufficiency of any offering materials, this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Company of any of the Securities or the proceeds of the
Securities. 
 
SECTION 605. May Hold Securities. 
 The Trustee, any Authenticating Agent,
any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the
same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
 
SECTION 606. Money Held in Trust. 
 Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed upon in writing with the Company. 
 
SECTION 607. Compensation and Reimbursement. 
 The Company agrees: 
 (1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as agreed separately by the Company and the Trustee; 
 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of
this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (3) to indemnify the Trustee (and each predecessor Trustee) for, and to hold it harmless against, any loss, liability or expense
(including reasonable attorney’s fees and expenses) incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the exercise or performance of
any of its rights, powers and duties hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
  

 32 

 As security for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Securities.

 The provisions of this Section shall survive the resignation or removal of the Trustee and the satisfaction and discharge
of this Indenture and the termination for any reason of the Indenture. 
 
SECTION 608. Disqualification; Conflicting Interests. 
 If the Trustee has or
shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall, as soon as practicable and in any event within 90 days after ascertaining that it has such conflicting interest, and if the Event of Default (as
defined in Section 501 hereof) to which such conflicting interest relates has not been cured or duly waived or otherwise eliminated before the end of such 90-day period, either eliminate such conflicting interest or resign to the extent and in
the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee
under this Indenture with respect to Securities of more than one series or by virtue of being a trustee under this Indenture. 
 
SECTION 609. Corporate Trustee Required; Eligibility. 
 There shall at all times
be one and only one Trustee hereunder with respect to the Securities of each series, which may be a Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to
act as such, and has a combined capital and surplus of at least $50,000,000, subject to supervision or examination by Federal or state authority. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the
manner and with the effect hereinafter specified in this Article. 
 
SECTION 610. Resignation and Removal; Appointment of Successor. 
 (a) No
resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of
Section 611. 
 (b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice
thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation or removal, the resigning or
removed Trustee or the Company may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (c) Subject to the requirements of Section 315(e) of the Trust Indenture Act, the Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
 (d) If at any time: 
 (1) the Trustee shall fail to comply with Section 608 after written request therefor by the Company or by any Holder who has been a
bona fide Holder of a Security for at least six months, or 
 (2) the Trustee shall cease to be eligible under
Section 609 and shall fail to resign after written request therefor by the Company or by any such Holder, or 
  

 33 

 (3) the Trustee shall become incapable of acting or shall be adjudged bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (i) the Company may remove the Trustee with respect to all Securities, or (ii) subject to Section 514, any Holder who has been
a bona fide Holder of a Security for at least six months may, subject to the requirements of the Trust Indenture Act on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (e) If the Trustee shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company shall promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of
any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the
Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder
of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.

 (f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event by first-class mail, postage prepaid, to all Holders of Securities of such series as their names and addresses appear in the
Security Register. Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 
SECTION 611. Acceptance of Appointment by Successor. 
 (a) In case of the
appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder, subject nevertheless to its lien provided for in Section 607. 
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which
the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the 

  

 34 

 
retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of
the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, subject nevertheless, to its lien provided for in Section 607. 
 (c) Upon
request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or
(b) of this Section, as the case may be. 
 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance
such successor Trustee shall be qualified and eligible under the requirements of the Trust Indenture Act. 
 
SECTION 612. Merger, Consolidation or Succession to Business. 
 Any corporation
into which the Trustee may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee (including this transaction), shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified under the requirements of the Trust Indenture Act and eligible under this Article,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 
 
SECTION 613. Preferential Collection of Claims Against Company. 
 If and when the
Trustee shall be or become a creditor of the Company or any other obligor upon the Securities, the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company or other such obligor.

 
SECTION 614. Co-trustees and Separate Trustees. 
 At any time or times, for the
purpose of meeting the legal requirements of any applicable jurisdiction, the Company and the Trustee shall have power to appoint, and, upon the written request of the Trustee or of the Holders of at least 33% in principal amount of the Securities
then Outstanding, the Company shall for such purpose join with the Trustee in the execution and delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either to act as co-trustee,
jointly with the Trustee, or to act as separate trustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons, in the capacity aforesaid, any property, title, right or power
deemed necessary or desirable, subject to the other provisions of this Section. If the Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or if an Event of Default shall have occurred and be
continuing, the Trustee alone shall have power to make such appointment. 
  

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 Should any written instrument or instruments from the Company reasonably be required by any co-trustee or
separate trustee so appointed to more fully confirm to such co-trustee or separate trustee such property, title, right or power, any and all such instruments shall, on written request, be executed, acknowledged and delivered by the Company.

 Every co-trustee or separate trustee shall, except as prohibited by applicable law, be appointed subject to the following conditions:

 (a) the Securities shall be authenticated and delivered, and all rights, powers, duties and obligations hereunder in
respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised solely, by the Trustee; 
 (b) the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by such
appointment shall be conferred or imposed upon and exercised or performed either by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee,
except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties and obligations shall be
exercised and performed by such co-trustee or separate trustee; 
 (c) the Trustee at any time, by an instrument in writing
executed by it, with the written concurrence of the Company, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, if an Event of Default shall have occurred and be continuing, the Trustee
shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Company. Upon the written request of the Trustee, the Company shall join with the Trustee in the execution and delivery
of all instruments and agreements necessary or proper to effectuate such resignation or removal, the Company’s joining not to be unreasonably withheld. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in
the manner provided in this Section; 
 (d) except as otherwise indicated in the instrument of appointment, no co-trustee or
separate trustee hereunder shall be personally liable by reason of any act or omission of the Trustee, or any other such trustee hereunder; and, except as otherwise indicated in the instrument of appointment and in any event subject to
Section 601 hereof, the Trustee shall not be personally liable by reason of any act or omission of any other such trustee hereunder that has been approved with due care by the Trustee; and 
 (e) any Act of Holders delivered to the Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee.

 
SECTION 615. Appointment of Authenticating Agent. 
 At any time when any of the
Securities remain Outstanding the Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon
exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall
at all times be a corporation organized and doing business under the laws of the United States of America, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and
surplus of not less than $50,000,000 and subject to supervision or examination by Federal or state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising
or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and 

  

 36 

 
surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such
Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the
Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve, as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section. 
 If an appointment with respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
 This is one
of the Securities of the series designated herein referred to in the within-mentioned Indenture. 
  

			
		 	 [Trustee],

		 	              As Trustee

		
	 By
	 	  

		 	 As Authenticating Agent

  

			
	 By
	 	  

		 	 Authorized Signatory

 
SECTION 616. USA Patriot Act. 
 Pursuant to Section 326 of the USA Patriot
Act, the Trustee, like all financial institutions, is required to obtain, verify and record information that identifies each person or legal entity that open an account with Deutsche Bank Trust Company Americas. The Company agrees that it will
provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA Patriot Act. 
  

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ARTICLE SEVEN 
 HOLDERS’ LISTS AND
REPORTS BY TRUSTEE AND COMPANY 
 
SECTION 701. Company to Furnish Trustee Names and Addresses of Holders. 
 The
Company will furnish or cause to be furnished to the Trustee 
 (a)
semi-annually, not more than 15 days after each Regular Record Date for any series of Securities at the time Outstanding (or after each of the dates to be specified for such purpose for non-interest bearing Securities as contemplated by
Section 301), a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date, and 
 (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 excluding from
any such list names and addresses received by the Trustee in its capacity as Security Registrar. 
 
SECTION 702. Preservation of Information; Communications to Holders. 
 (a) The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received
by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 
 (b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 (c) Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to the names and addresses of the
Holders made pursuant to the Trust Indenture Act. 
 
SECTION 703. Reports by Trustee. 
 If and to the extent required by
Section 313 of the Trust Indenture Act: 
 (a) The Trustee shall, within 60 days after each January 15 following the
date of this Indenture, transmit annually by mail to all Holders, as their names and addresses appear in the Security Register, a brief report with respect to any of the following events which may have occurred within the previous 12 months (but if
no such event has occurred within such period, no such report need be transmitted): 
 (1) any change to its eligibility under
Section 609 and its qualifications under Section 608; 
 (2) the creation of or any material change to a
relationship specified in Section 3l0(b)(l) through Section 3l0(b)(l0) of the Trust Indenture Act; 
 (3) the character and amount of any advances (and if the Trustee elects so to
state, the circumstances surrounding the making thereof) made by the Trustee (as such) which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Securities, on
any property or funds held or collected by it as Trustee, except that the Trustee shall not be required (but may elect) to report such advances to the Holders of Securities of any series if such advances so remaining unpaid aggregate not more than
 1/2 of 1% of the principal amount of the Securities of such series Outstanding on the date of such report; 
  

 38 

 (4) any change to the amount, interest rate and Maturity date of all other indebtedness
owing by the Company or by any other obligor on the Securities to the Trustee in its individual capacity, on the date of such report, with a brief description of any property held as collateral security therefor, except an indebtedness based upon a
creditor relationship arising in any manner described in Section 311(b) (2), (3), (4) or (6) of the Trust Indenture Act; 
 (5) any change to the property and funds, if any, physically in the possession of the Trustee as such on the date of such report; 
 (6) any additional issue of Securities which the Trustee has not previously reported; and 
 (7) any action taken by the Trustee in the performance of its duties hereunder which it has not previously reported and which in its
opinion materially affects the Securities, except action in respect of a default, notice of which has been or is to be withheld by the Trustee in accordance with Section 602. 
 (b) The Trustee shall transmit by mail to all Holders, as their names and addresses appear in the Security Register, a brief report with
respect to the character and amount of any advances (and if the Trustee elects so to state, the circumstances surrounding the making thereof) made by the Trustee (as such) since the date of the last report transmitted pursuant to Subsection
(a) of this Section (or if no such report has yet been so transmitted, since the date of execution of this instrument) for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Securities, on property or funds
held or collected by it as Trustee and which it has not previously reported pursuant to this Subsection, except that the Trustee shall not be required (but may elect) to report such advances to the Holders of Securities of any series if such
advances remaining unpaid at any time aggregate 10% or less of the principal amount of the Securities of such series Outstanding at such time, such report to be transmitted within 90 days after such time. 
 (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon
which any Securities are listed, with the Commission and with the Company. The Company will notify the Trustee in writing when any Securities are listed on any stock exchange. 
 
SECTION 704. Reports by Company. 
 The Company shall: 
 (1) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports (if any) which may be required pursuant to Section 13 of the Exchange Act in respect
of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations adopted pursuant to Section 314(a)(1) of the Trust Indenture Act; 
 (2) file with the Trustee and the Commission, such information, documents and other reports, and such summaries thereof, as may be
required pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture Act; and 
 (3)
cause the Trustee to transmit by mail to all Holders, as their names and addresses appear in the Security Register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be
filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. Delivery of such reports, information and documents to the Trustee is for
informational 

  

 39 

 
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 
ARTICLE EIGHT 
 CONSOLIDATION, AMALGAMATION, MERGER,
CONVEYANCE, TRANSFER OR LEASE; SUBSTITUTION 
 
SECTION 801. Company May Consolidate, Etc., Only on Certain Terms. 
 The Company
shall not consolidate with or amalgamate with or merge into any other corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, nor permit any Person to consolidate or amalgamate with or merge
into it nor shall the Company permit any Person to convey, transfer or lease its properties and assets substantially as an entirety to the Company, unless: 
 (1) in case the Company shall consolidate or amalgamate with or merge into another corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the corporation formed
by such consolidation or amalgamation or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation organized
and validly existing under the laws of the applicable jurisdiction, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, in the case of the Company, the due and
punctual payment of the principal of (and premium, if any) and interest on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 
 (2) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any of
its Subsidiaries as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of
Default, shall have happened and be continuing; and 
 (3) the Company has delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply
with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 
 
SECTION 802. Substitution of the Company on Certain Terms. 
 Any Subsidiary of the
Company may assume the obligations of the Company under any of the Securities, in whole or in part, and the Company shall, with respect to such Securities, be relieved of all its obligations and covenants under this Indenture and the Securities,
provided that: 
 (1) such Subsidiary shall expressly assume, by an indenture supplemental hereto, executed and delivered to
the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of (and premium, if any) and interest on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be
performed or observed; 
 (2) immediately after giving effect to such transaction and treating any indebtedness which becomes
an obligation of the Company or any of its Subsidiaries as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time
or both, would become an Event of Default, shall have happened and be continuing; 
 (3) the Company irrevocably and
unconditionally agrees, upon the failure of such Subsidiary to make any required payments under the Indenture, to make any such required payment; and 
  

 40 

 (4) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such substitution of the Company and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with this Article and that all conditions precedent herein
provided for relating to such transaction have been complied with. 
 
SECTION 803. Successor Corporation Substituted. 
 (a) Subject to the provisions of
Article L. 228-73 of the French Commercial Code, upon any consolidation or amalgamation by the Company with or merger by the Company into any other corporation or any conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 801, the successor corporation formed by such consolidation or amalgamation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed to, and
be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation had been named as the Company herein, and thereafter, except in the case of a lease, the
predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 (b) Upon any assumption
pursuant to Section 802 by any Subsidiary of the Company of obligations of the Company, such Subsidiary shall, to the extent of such assumption, succeed to, and be substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such Subsidiary had been named herein as the Company and thereafter the Company shall be relieved of all obligations and covenants under this Indenture and the Securities, in each case to the extent of such
assumption. 
 
ARTICLE NINE 
 SUPPLEMENTAL INDENTURES 
 
SECTION 901. Supplemental Indentures Without Consent of Holders. 
 Without the
consent of any Holders, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another corporation, including as substitute obligor, to the Company and the assumption by any such
successor of the covenants of the Company herein and in the Securities; or 
 (2) to add to the covenants of the Company for
the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or
to surrender any right or power herein conferred upon the Company; or 
 (3) to add any additional Events of Default for the
benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely
for the benefit of such series); or 
 (4) to add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or

 (5) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities,
provided, however, that any such addition, change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the
benefit of such provision; or 
  

 41 

 (6) to establish the form or terms of Securities of any series as permitted by Sections
201 and 301; or 
 (7) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect
to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 611(b); or 
 (8) to cure any ambiguity, to correct or supplement any provision herein which may
be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided, however, that such action shall not adversely affect the
interests of the Holders of Securities of any series in any material respect. 
 
SECTION 902. Supplemental Indentures with Consent of Holders. 
 With the consent
of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security or any other Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or the interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 
 (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for
any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

(3) modify any of the provisions of this Section, Section 513 or Section 1006, except to increase any such percentage or to
provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require
the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1006, or the deletion of this proviso, in accordance with the requirements of Sections 611(b) and
901(8). 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series. 
 With respect to any series of Securities, the Company may, but shall not
be obligated to, establish a record date for the purpose of determining the Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders remain Holders after such record date; provided, however, that unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and of no effect. 
  

 42 

 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 
SECTION 903. Execution of Supplemental Indentures. 
 In executing, or accepting
the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 
SECTION 904. Effect of Supplemental Indentures. 
 Upon the execution of any
supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. 
 
SECTION 905. Conformity with Trust Indenture Act. 
 Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
 
SECTION 906. Reference in Securities to Supplemental Indentures. 
 Securities of
any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee, the Company, to any such supplemental Indenture may be prepared and executed by the Company and such
Securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
 
ARTICLE TEN 
 PARTICULAR COVENANTS OF COMPANY

 
SECTION 1001. Payment of Principal, Premium and Interest by Company. 
 The Company
covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of (and premium, if any) and interest on the Securities of that series in accordance with the terms of the Securities and this
Indenture. 
 
SECTION 1002. Maintenance of Office or Agency by Company. 
 The Company will
maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  

 43 

 The Company may also from time to time designate one or more other offices or agencies where the
Securities of one or more series may be presented or surrendered for any or all such purposes or where such notices or demands may be served and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. 
 
SECTION 1003. Money for Securities Payments to Be Held in Trust. 
 If the Company
shall at any time act as Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be
held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 
 The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (i)
comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and 
 (ii) during the continuance of
any default by the Company (or any other obligor on the Securities of that series) in the making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust
by such Paying Agent for payment in respect of the Securities of such series. 
 The Company may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and
premium, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, New York, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

 44 

 
SECTION 1004. Corporate Existence. 
 Subject to Article Eight, the Company will
preserve and keep in full force and effect its corporate existence. 
 
SECTION 1005. Statement by Executive Officer as to Compliance. 
 The Company will
deliver to the Trustee, within 180 days after the end of each fiscal year of the Company ending after the date hereof, an Executive Officer’s Certificate (which need not comply with the requirements of Section 102), stating whether or not
to the best knowledge of the signers thereof the Company has complied with all conditions and covenants on its part contained in this Indenture, and if such signers have obtained knowledge of any default by the Company in the performance, observance
or fulfillment of any such condition or covenant, specifying all such defaults and the nature and status thereof of which they may have knowledge. For the purpose of this Section 1005, such compliance with the terms, conditions and covenants of
the Indenture shall be determined without regard to any period of grace or requirement of notice provided hereunder. 
 
SECTION 1006. Waiver of Certain Covenants. 
 The Company may omit in any
particular instance to comply with any term, provision or condition set forth in any covenant set forth in any indenture supplemental to this Indenture or otherwise established pursuant to Section 301 with respect to the Securities of any
series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive
compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 With respect to
any series of Securities, the Company may, but shall not be obligated to, establish a record date for the purpose of determining the Persons entitled to waive any such term, provision or condition. If a record date is fixed, the Holders on such
record date, or their duly designated proxies, and only such Persons, shall be entitled to waive any such term, provision or condition hereunder, whether or not such Holders remain Holders after such record date; provided, however, that
unless the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall have waived such term, provision or condition prior to the date which is 90 days after such record date, any such waiver previously
given shall automatically and without further action by any Holder be cancelled and of no effect. 
 
SECTION 1007. Additional Amounts. 
 Unless otherwise specified in any
Officer’s Certificate of the Company setting forth the terms of Securities of a series in accordance with Section 301, should French law require that payments of principal or interest in respect of any Security be subject to deduction or
withholding in respect of any present or future taxes or duties whatsoever levied by the Republic of France, the Company will, to the fullest extent then permitted by law, pay such additional amounts as shall result in receipt by the Holders of such
amounts as would have been received by them had no such withholding or deduction been required, except that no such additional amounts shall be payable with respect to any Security: 
 (a) to, or to a third party on behalf of, a Holder, who is liable to such taxes, duties, assessments or governmental charges in respect of such Security
by reason of his having some connection with the Republic of France other than the mere holding of the Security; or 
 (b) where presentation
of the Security is required for payment, more than 30 days after the Relevant Date except to the extent that the Holder would have been entitled to such additional amounts on presenting it for payment on the thirtieth such day; or 
  

 45 

 (c) where such withholding or deduction is imposed on a payment to an individual and is
required to be made pursuant to European Council Directive 2003/48/EC of 3 June 2003 or any other Directive implementing the conclusions of the ECOFIN Council Meeting of 26-27 November 2000 on the taxation of savings income, or any law
implementing or complying with, or introduced in order to conform to, such Directive; 
 (d) presented for payment by or on
behalf of a Holder of any Security, who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a Member State of the European Union; or 
 (e) where the Holder does not satisfy the requirements conditioning the exemptions of withholding tax provided for in article 125 A III of
the French Code Général des Impôts. 
 As used herein, “Relevant Date” in respect of any Security means
the date on which payment in respect of it first becomes due or, if any amount of the money payable is improperly withheld or refused, the date on which payment in full of the amount outstanding is made or where presentation for payment is required,
if earlier, the date seven days after that on which notice is duly given to the Holders that, upon further presentation of the Security being made in accordance with the terms and conditions of the Security, such payment will be made, provided that
payment is in fact made upon such presentation. 
 The foregoing provisions shall apply mutatis mutandis to any withholding or
deduction in respect of any amount to be paid by the Company of principal of or interest on a Security of any series (i) for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any
jurisdiction in which any successor or substitute Person to the Company is organized, or any political subdivision or taxing authority thereof or therein; or (ii) if another Person merges into or transfers its assets to the Company pursuant to
Section 801, for or on account of any taxes, assessments or governmental charges levied by the jurisdiction in which such other Person is organized, or by any political subdivision or taxing authority thereof, as a result of (x) the
Company’s being treated as engaged in a trade or business, or having a permanent establishment, in such jurisdiction and (y) the payment of principal or interest being allocable or attributable to such trade or business or permanent
establishment. 
 Subject to the foregoing provisions, whenever in this Indenture there is mentioned, in any context, the payment of the
principal of or any premium or interest on, or in respect of, any Security of any series or payment of any related coupon or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include
mention of the payment of additional amounts provided for in this Section to the extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the
payment of additional amounts (if applicable) in any provisions hereof shall not be construed as excluding additional amounts in those provisions hereof where such express mention is not made. 
 If the terms of the Securities of a series established as contemplated by Section 301 do not specify that additional amounts pursuant to the Section
will not be payable by the Company, at least 10 days prior to the first Interest Payment Date with respect to that series of Securities (or if the Securities of that series will not bear interest prior to Maturity, the first day on which a payment
of principal and any premium is made), and at least 10 days prior to each date of payment of principal and any premium or interest if there has been any change with respect to the matters set forth in the relevant Officer’s Certificate, the
Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officer’s Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of
principal of and any premium or interest on the Securities of that series shall be made to Holders of Securities of that series without withholding for or on account of any tax, assessment or other governmental charge described in the Securities of
that series. If any such withholding shall be required, then such Officer’s Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities and shall certify that the Company has
paid such withholding to the appropriate taxing authority and the Company will pay to the Trustee or such Paying Agent or Paying Agents the additional amounts required by this Section. 
  

 46 

 The Company shall, prior to the due date for the payment thereof, pay any such tax, duty, assessment or
governmental charge, together with any penalties or interest applicable thereto. Within 15 days after paying such tax, duty, assessment or governmental charge, or applicable penalties or interest, the Company shall deliver to the Trustee, the
evidence of such payment and of the remittance thereof to the relevant taxing or other authority. 
 The Company covenants to indemnify each
of the Trustee and any Paying Agent for, and to hold each of them harmless against, any loss, liability or expense arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished
pursuant to this Section, except to the extent that any such loss, liability or expense is due to its own negligence or bad faith. 
 
SECTION 1008. Negative Pledge. 
 As long as any Security is Outstanding, the
Company undertakes not to, and to ensure that none of its Principal Subsidiaries will, create or permit to subsist any mortgage, charge, pledge, lien (other than a lien arising by operation of law) or other form of encumbrance or security interest
upon any of their respective undertakings, assets or revenues, present or future, to secure any Relevant Debt or any guarantee or indemnity in respect of any Relevant Debt unless, at the same time or prior thereto, its obligations under the
Securities are (A) equally and ratably secured therewith or (B) have the benefit of other security or other arrangement as shall be approved by an Act of the Holders holding at least a majority of the principal amount of the Outstanding
Securities of a series. 
 
ARTICLE ELEVEN 
 REDEMPTION OF SECURITIES 
 
SECTION 1101. Applicability of Article. 
 Securities of any series which are
redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
 
SECTION 1102. Election to Redeem; Notice to Trustee. 
 The election of the Company
to redeem any Securities shall be evidenced by an appropriate record of authorization by the Company with respect to such election or in another manner specified as contemplated by Section 301 for such Securities. In case of any redemption at
the election of the Company, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount
of Securities of such series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or
(b) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance
with such restriction or condition. 
 
SECTION 1103. Selection by Trustee of Securities to Be Redeemed. 
 If less than
all the Securities of any series are to be redeemed (unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate or as required by the rules of the Depositary and which may provide for the selection for redemption of
portions (equal to any authorized denomination for Securities of that series) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 
  

 47 

 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and,
in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 
 The provisions of the two
preceding paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of the principal
amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination for such Security). 
 For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the
principal amount of such Securities which has been or is to be redeemed. 
 
SECTION 1104. Notice of Redemption. 
 Notice of redemption shall be given by
first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. 
 All notices of redemption shall state: 
 (1) the Redemption Date, 
 (2) the Redemption Price or, if not then ascertainable, the manner
of calculation thereof, 
 (3) if less than all the Outstanding Securities of any series consisting of more than a single
Security are to be redeemed, the identification (and, in the case of partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than all the Outstanding Securities of any series
consisting of a single Security are to be redeemed, the principal amount of the particular Security to be redeemed, 
 (4)
that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (5) the place or places where such Securities are to be surrendered for payment of the Redemption Price, 
 (6) the CUSIP or ISIN numbers, if any, assigned to such Securities; provided, however, that such notice may state that no
representation is made as to the correctness of CUSIP or ISIN numbers, in which case none of the Company, the Trustee or any agent of the Company or the Trustee shall have any liability in respect of the use of any CUSIP or ISIN number or numbers on
such notices, and the redemption of such Securities shall not be affected by any defect in or omission of such numbers, and 
 (7) such other matters as the Company shall deem desirable or appropriate. 
 Notice of redemption of Securities to be redeemed at
the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 
 
SECTION 1105. Deposit of Redemption Price. 
 Prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 
 
SECTION 1106. Securities Payable on Redemption Date. 
 Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such 

  

 48 

 
date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section 307. 
 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 
SECTION 1107. Securities Redeemed in Part. 
 Any Security which is to be redeemed
only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, of any
authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security surrendered; provided, that if a Global Security is so surrendered, such
new Security so issued shall be a new Global Security in a denomination equal to the unredeemed portion of the principal of the Global Security so surrendered. 
 
SECTION 1108. Optional Redemption Due to Changes in Tax Treatment. 
 With respect
to each series of Securities, if, by reason of any change in, or any change in the official application or interpretation of the laws or treaties (including any rulings or regulations thereunder) of the jurisdiction of incorporation of the Company
or any successor thereto or substitute obligor therefor or of which any successor thereto or substitute therefor is a resident for tax purposes, or any political subdivision or taxing authority thereof or therein, affecting taxation or any change in
an application or interpretation of such laws either generally or in relation to any particular series of Securities, which change to such laws or interpretation thereof becomes effective after the date of issuance of such series of Securities (or
in the case of a successor or substitute person of the Company, the date on which such person assumed its obligations under Article 8 hereof) or which change in application or interpretation is notified to the Company (or successor or substitute) on
or after such date, the Company (or successor or substitute) would on the occasion of the next payment of principal or interest due in respect of the Securities, not be able to make such payment without having to pay additional amounts as specified
under Section 1007 above, and such obligation cannot be avoided by the Company (or successor or substitute) taking reasonable measures available to it, the Company (or successor or substitute) may, at its option, on any Interest Payment Date or, if
so specified as contemplated by Section 301 for Securities of such series, at any time, subject to having given not more than 60 nor less than 30 days’ notice to the Holders (which notice shall be irrevocable), in accordance with Section 1104,
redeem all, but not some only, of the Securities at their Redemption Price together with, unless otherwise specified as contemplated by Section 301 for Securities of such series, any interest accrued to the Redemption Date (including, where
applicable, any Defaulted Interest) provided that the Redemption Date of which notice hereunder may be given shall be no earlier than 90 days before the latest practicable date on which the Company (or successor or substitute) could make payment of
principal and interest without withholding for such taxes in its jurisdiction of incorporation. 
 If the Company (or successor or
substitute) would, on the next payment of principal or interest in respect of the Securities, be prevented by the law of its jurisdiction of incorporation from making payment to the Holders of the full amounts then due and payable, notwithstanding
the undertaking to pay additional amounts contained in Section 1007 above, then the Company (or successor or substitute), shall forthwith give notice of such fact to the Trustee and the Company (or successor or substitute) shall redeem all, but not
some only, of the Securities then Outstanding at their Redemption Price together with, unless otherwise specified as contemplated by Section 301 

  

 49 

 
for Securities of such series, any interest accrued to the date set for redemption (including, where applicable, any Defaulted Interest) on (A) the latest
practicable Interest Payment Date on which the Company (or successor or substitute) could make payment of the full amount then due and payable in respect of the Securities, provided that if such notice would expire after such Interest Payment Date
the Redemption Date pursuant to such notice of Holders shall be the later of (i) the latest practicable date on which the Company (or successor or substitute) could make payment of the full amount then due and payable in respect of the Securities
and (ii) 14 days after giving notice to the Trustee as aforesaid or (B) if so specified as contemplated by Section 301 for Securities of such series, at any time, provided that the Redemption Date of which notice hereunder shall be given shall be
the latest practicable date at which the Company (or successor or substitute) could make payment of the full amount payable in respect of the Securities or, if that date is passed, as soon as practicable thereafter. 
 Before the publication of any notice of redemption pursuant to this Section 1108, the Company (or successor or substitute) shall deliver to the Trustee
an Officer’s Certificate stating that the Company (or successor or substitute) is entitled or required to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right, or the requirements, as
the case may be, of the Company (or successor or substitute) so to redeem have occurred, and an Opinion of Counsel to the effect that the Company (or successor or substitute) has or will become obliged to pay such additional amounts as a result of
such change or amendment in the official application or interpretation of the law of the jurisdiction of incorporation of the Company (or successor or substitute). 
 The Redemption Price payable in respect of any Security upon its redemption pursuant to this Section 1108 shall be equal to 100% of the principal amount thereof (except in the case of any series of Outstanding
Original Issue Discount Securities which may be redeemed at the Redemption Price specified by the terms of such series). 
 SECTION 1109. Open
Market Purchases. 
 Notwithstanding any other provision of this Indenture or the Securities, the Company or its Affiliates
may, from time to time, purchase any Securities either in the open market at prevailing prices for such Securities at such time or in private transactions at a negotiated price with the Holder or Holders thereof. Any Securities so acquired by the
Company or its Affiliates shall be canceled. 
 
ARTICLE TWELVE 
 SINKING FUNDS 
 The Company is not required to make sinking fund payments with respect to the Securities. 
 *    *    * 
 This instrument may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the Company and the Trustee hereto have caused this Indenture to be duly executed as of
the day and year first above written. 
  

			
	VEOLIA ENVIRONNEMENT
		
	By	 	  

  

			
	ATTEST:
		
	By	 	  

	Title:	 	

  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
AS TRUSTEE
		
	By	 	  

		
	By	 	  

  

 50Amended and Restated 2002 Stock Option Plan

 Exhibit 10.1 
 INFINITY PROPERTY AND CASUALTY CORPORATION 
 AMENDED AND RESTATED 
 2002 STOCK OPTION PLAN 
 ARTICLE 1

 OBJECTIVES 
 The
objectives of this Amended and Restated 2002 Stock Option Plan (the “Plan”) are to enable Infinity Property and Casualty Corporation (the “Company”) to compete successfully in retaining and attracting key employees of outstanding
ability, to stimulate the efforts of such employees toward the Company’s objectives and to encourage the identification of their interests with those of the Company’s shareholders. 
 ARTICLE 2 
 DEFINITIONS 
 For purposes of this Plan, the following terms shall have the following meanings: 
 2.1 “Board” means the Board of Directors of the Company. 
 2.2 “Code” means the Internal Revenue Code of 1986, as amended, or any successor legislation. 
 2.3 “Committee” means a committee designated by the Board of the Company. The Committee shall be comprised of three or more directors, each of whom shall be a “Non-Employee Director” as defined in Rule 16b-3 of the
Securities Exchange Act of 1934 (the “Act”) and an “outside director” under Section 162(m) of the Code (“Section 162(m)”), as such Rule and Section may be amended, superseded or interpreted hereafter. 

2.4 “Disability” means any medically determinable physical or mental impairment rendering an individual unable to engage in any substantial
gainful activity, which disability can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. 
 2.5 “Eligible Director” means a director of the Company who is also not an employee of the Company or a Subsidiary. Eligible Directors are not eligible to receive Options under this Plan except as set forth
in Article 7. 
 2.6 “Eligible Employee” means any individual who performs services for the Company or any Subsidiary and is
treated as an “employee” for federal income tax purposes. 
 2.7 “Exchange Act” means the Securities Exchange Act of
1934. 

 2.8 “Fair Market Value” means the average of the closing bid and asked prices for a Share
reported on any stock exchange or over-the-counter trading system on which Shares are trading on the last trading date prior to a specified date 
 2.9 “Grant Date” means the date designated by the Committee as the date upon which an Option is granted. 
 2.10
“Incentive Option” means any Stock Option intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code or any successor provision. Incentive Options may only be granted to
Eligible Employees. 
 2.11 “Non-Qualified Option” means any Stock Option that is not an Incentive Option. 
 2.12 “Option Agreement” means a written agreement setting forth the terms of an Option. 
 2.13 “Option Price” or “Exercise Price” means the price per Share at which Common Stock may be purchased upon the exercise of an
Option. 
 2.14 “Participant” means a person to whom an Option has been granted pursuant to this Plan. 
 2.15 “Retirement” means any termination of employment or service on the Board (other than by death or Disability) by an employee or a director
who is at least 65 years of age, or 55 years of age with at least ten years of employment with, or service on the Board of, the Company or a Subsidiary of the Company. 
 2.16 “Share” means one share of the Company’s common stock, no par value. 
 2.17 “Stock
Option” or “Option” means the right to purchase Shares granted pursuant to this Plan. 
 2.18 “Subsidiary” has the
meaning set forth in Section 424(f) of the Code. 
 2.19 “Term” means the period beginning on a Grant Date and ending on the
expiration date of such Option. 
 2.20 “Transfer” means sale, assignment, pledge, encumbrance, alienation, attachment, charge or
other disposition, whether or not for consideration; and the terms “Transferred” or “Transferable” have corresponding meanings. 
 ARTICLE 3 
 ADMINISTRATION 
 3.1 The Committee. This Plan shall be administered and interpreted by the Committee. 

 3.2 Awards. The Committee is authorized to grant Stock Options. In particular, the Committee shall have
the authority: 
 3.2.1 to select the Eligible Employees who shall be Participants under the Plan and to whom Options may be granted;

 3.2.2 to determine the types and combinations of Options to be granted; 
 3.2.3 to determine the number of Shares which may be subject to each Option; 
 3.2.4 to determine the terms and conditions, not inconsistent with the terms of this Plan, of any Option, including, but not limited to, the term, price,
exercisability, method of exercise, any restriction or limitation on transfer of Options or Shares issued or acquired upon exercise or vesting of Options, any vesting schedule or acceleration of any vesting schedule, or any forfeiture provisions or
waiver, regarding any Option, and the related Shares, based on such factors as the Committee shall determine; and 
 3.2.5 to modify or waive
any restrictions or limitations contained in, and grant extensions to the terms of or accelerate the vesting of, any outstanding Options as long as such modifications, waivers, extensions or accelerations are not inconsistent with the terms of this
Plan, but no such changes shall impair the rights of any Participant without his or her consent. 
 3.3 Guidelines. The Committee is
authorized to adopt, alter and repeal administrative rules, guidelines and practices governing this Plan and perform all acts, including the delegation of its administrative responsibilities, as it deems advisable, to construe and interpret the
terms and provisions of this Plan and any Option issued under this Plan and otherwise to supervise the administration of this Plan. The Committee may correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any
related Option Agreement in the manner and to the extent it deems necessary to carry this Plan into effect. 
 3.4 Delegation of
Administrative Duties. The Committee may delegate its administrative duties to employees of the Company. 
 3.5 Decisions Final. Any action,
decision, interpretation or determination by or at the direction of the Committee concerning the application or administration of this Plan shall be final and binding upon all persons and need not be uniform with respect to its determination of
recipients, amounts, timing, form, terms or provisions. 
 ARTICLE 4 
 SHARES SUBJECT TO PLAN 
 4.1 Shares. Subject to adjustment as provided in
Section 4.2, the number of Shares which may be issued under this Plan shall not exceed Ninety Eight and 29/100 (98.29) Shares. If any Option granted under this Plan shall expire, terminate or be canceled for any reason without having been
exercised in full, the number of unacquired Shares subject to such Option shall again be available for future grants. The Committee may make such other determinations 

 
regarding the counting of Shares issued pursuant to this Plan as it deems necessary or advisable, provided that such determinations shall be permitted by
law. Shares underlying a canceled Option shall be counted against the maximum number of Shares for which Options may be granted to an employee. The repricing of an Option shall be treated as a cancellation of the Option and the grant of a new
Option. 
 4.2 Adjustment Provisions. If the Company shall at any time change the number of issued Shares without new consideration to the
Company by stock dividend, split, combination, recapitalization, reorganization, exchange of shares, liquidation or other change in corporate structure affecting the Shares, the total number of Shares reserved for issuance under the Plan shall be
appropriately adjusted and the number of Shares covered by each outstanding Option and the reference price or fair market value for each outstanding Option shall be adjusted so that the aggregate consideration payable to the Company and the value of
each such Option shall not be changed. 
 ARTICLE 5 
 STOCK OPTIONS 
 5.1 Grants. Each Option granted shall be designated as either a Non-Qualified Option
or an Incentive Option. One or more Stock Options may be granted to any Eligible Employee. 
 5.2 Incentive Options. Any Option designated by
the Committee as an Incentive Option will be subject to the general provisions applicable to all Options granted under the Plan plus the following specific provisions: 
 5.2.1 If an Incentive Option is granted to a person who owns, directly or indirectly, stock representing more than 10% of (i) the total combined voting power of all classes of stock of the Company and its
Subsidiaries, or (ii) a corporation that owns 50% or more of the total combined voting power of all classes of stock of the Company, then 
 5.2.1.1 the Option Price must equal at least 110% of the Fair Market Value on the Grant Date; and 
 5.2.1.2 the term of the Option
shall not be greater than five years from the Grant Date. 
 5.2.2 The aggregate Fair Market Value of Shares, determined at the Grant Date,
with respect to which Incentive Options that may become exercisable for the first time during any calendar year under this Plan or any other plan maintained by the Company and its Subsidiaries shall not exceed $100,000 determined in accordance with
Section 422(d) of the Code. To the extent that the aggregate Fair Market Value of Shares with respect to which Incentive Options become exercisable for the first time by any individual during any calendar year, under all plans of the Company
and its Subsidiaries, exceeds $100,000, such Options shall be treated as Non-Qualified Options. 

 5.2.3 Notwithstanding anything in this Plan to the contrary, no term of this Plan relating to Incentive
Options shall be interpreted, amended or altered, nor shall any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code, or, without the consent of the Participants affected, to
disqualify any Incentive Option under Section 422 of the Code. 
 5.3 Terms of Options. Except as otherwise required by Sections 5.2 and
Article 7 and subject to Article 9, Options granted under this Plan shall be subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions, not inconsistent with the terms of this Plan, as
the Committee shall deem desirable: 
 5.3.1 The Option Price shall be determined by the Committee at the Grant Date, except that no Incentive
Option may be granted for an Option Price less than 100% of Fair Market Value on the Grant Date. 
 5.3.2 The Option Term shall be fixed by
the Committee, but no Option shall be exercisable more than ten years after its Grant Date. 
 5.3.3 Commencing on the first anniversary of
the Date of Grant of an Option, the Option may be exercised for 20% of the total Shares covered by the Option with an additional 20% of the total Shares covered by the Option becoming exercisable on each succeeding anniversary until the Option is
exercisable to its full extent. This right of exercise shall be cumulative and shall be exercisable in whole or in part. The Committee may establish a different exercise schedule and impose other conditions upon exercise for any particular Option or
groups of Options. The Committee in its sole discretion may permit particular holders of Options to exercise an Option to a greater extent than provided in such Option. 
 5.3.4 An Option shall be exercisable at such time or times and subject to such terms and conditions as shall be specified in the Option Agreement, provided, however, that an Option may not be exercised as to the
lesser of 100 Shares at any one time or the total number available for exercise at that time. 
 5.3.5 Stock Options shall be
non-transferable except as provided in Article 8. 
 5.3.6 Stock Options shall terminate in accordance with Article 9. 
 5.4 Exercise of Options. Any Participant entitled to exercise an Option in whole or in part, may do so by delivering a written notice of exercise to the
Company, Attention Corporate Secretary, at its principal office. The written notice shall specify the number of Shares for which an Option is being exercised and the grant date of the option being exercised and shall be accompanied by full payment
of the Option Price for the Shares being purchased and any withholding taxes in cash. In addition, at the discretion of the Committee, either as set forth in an Option Agreement or determined at the time of exercise, the exercise price and
withholding taxes may be paid: 
 5.4.1 By tender to the Company of Shares owned by the Participant having a Fair Market Value not less than
the exercise price; 

 5.4.2 By the assignment of the proceeds of a sale or loan with respect to some or all of the shares being
acquired upon the exercise of the Option; 
 5.4.3 By such other consideration as may be approved by the Committee from time to time to the
extent permitted by applicable law; or 
 5.4.4 By any combination of the methods described above in Sections 5.4.1 to 5.4.3. 
 ARTICLE 6 
 EXTRAORDINARY EVENTS 

 6.1 In the event of the dissolution or liquidation of the Company or any merger, other than a merger for the purpose of the
redomestication of the Company not involving a change in control, consolidation, exchange or other transaction in which the Company is not the surviving corporation or in which the outstanding Shares of the Company are converted into cash, other
securities or other property, each outstanding Option shall automatically become fully vested and fully exercisable immediately prior to such event. Thereafter the holder of each such Option shall, upon exercise of the Option, receive, in lieu of
the stock or other securities and property receivable upon exercise of the Option prior to such transaction, the stock or other securities or property to which such holder would have been entitled upon consummation of such transaction if such holder
had exercised such Option immediately prior to such transaction. 
 6.2 All outstanding Options shall become fully vested and immediately
exercisable in full if a change in control of the Company occurs. For purposes of this Agreement, a “change in control of the Company” shall be deemed to have occurred if any “person”, as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, other than (i) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or (ii) American Financial Group, Inc., becomes the “beneficial owner,” as
defined in Rule 13d-3 under such Act, directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities; or during any period of one year after
January 1, 2003, individuals who at the beginning of such period constitute the Board and any new director whose election by the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof. 
 ARTICLE 7 
 AWARD OF OPTIONS TO
ELIGIBLE DIRECTORS 
 7.1 Grant Upon Initial Election or Appointment of Eligible Directors. Each Eligible Director shall be granted an
Option to purchase 2,500 Shares at the time such person first becomes a Director of the Company. 

 7.2 Annual Grant. Each Eligible Director serving at the conclusion of each Annual Meeting of Shareholders
shall be granted an option for 2,500 shares. 
 7.3 Terms of Options Granted to Eligible Directors. All Options granted under this Article 7
shall have the following terms: 
 7.3.1 The Term shall be 10 years from the Grant Date. 
 7.3.2 The Option Price shall be the Fair Market Value of a Share on the Grant Date. 
 7.3.3 All Options shall be fully vested upon grant. 
 7.3.4 All Options shall be exercisable in the manner provided in 5.4 except that, without further action by the Committee, Eligible Directors may make payment of the Option Price by the delivery of Shares owned by the director or by a
reduction in the number of Shares issuable upon such exercise. 
 7.3.5 All Options shall be non-transferable except as provided in Article 8
and shall terminate in accordance with Article 9, except that the timing provisions of Sections 9.1.3 and 9.1.4 may not be varied by Committee determination. 
 ARTICLE 8 
 TRANSFERABILITY OF OPTIONS 
 During the lifetime of an Eligible Employee to whom an Option has been granted, such Option is not transferable voluntarily or by operation of law and
may be exercised only by such individual. Upon the death of an Eligible Employee to whom an Option has been granted, the Option may be transferred to the beneficiaries or heirs of the holder of the Option by will or by the laws of descent and
distribution. 
 Notwithstanding the above, the Committee may, with respect to particular Nonqualified Options, establish or modify the terms
of the Option to allow the Option to be transferred at the request of the grantee of the Option to trusts established by the grantee or as to which the grantee is a grantor or to family members of the grantee or otherwise for personal and tax
planning purposes of the grantee. If the Committee allows such transfer, such Options shall not be exercisable for a period of six months following the action of the Committee. 
 ARTICLE 9 
 TERMINATION OF AWARDS 
 9.1 Termination of Options. All Options issued under this Plan shall terminate as follows: 
 9.1.1 During any period of continuous employment or business relationship with the Company or any Subsidiary of the Company, an Option will be terminated
only if it is fully exercised or if it has expired by its terms or by the terms of this Plan, including this Article 9. For purposes of this Plan, any leave of absence approved by the Company or the Subsidiary of the Company shall not be deemed to
be a termination of employment. 

 9.1.2 If a Participant violates any terms of any written employment, confidentiality or noncompetition
agreement between the Company or any Subsidiary of the Company and the Participant, all existing Options granted to such Participant will terminate. In addition, if at the time of such violation such Participant has exercised Options but has not
received certificates for the shares to be issued, the Company may void the Option and its exercise. Any such actions by the Company shall be in addition to any other rights or remedies available to the Company or the Subsidiaries of the Company in
such circumstances. In the event Section 9.1.2 and 9.1.4 both apply to a situation, the provisions of Section 9.1.2 shall take precedence over the provisions of Section 9.1.4 and govern the situation. 
 9.1.3 If a Participant’s employment by the Company or any Subsidiary terminates by reason of death, Disability or Retirement, unless otherwise
determined by the Committee at grant, shall be fully vested and may thereafter be exercised by the Participant or by the Participant’s beneficiary or legal representative, for a period of one year following termination of employment, in the
case of death or Disability, and 90 days in the case of Retirement, or such longer period as the Committee may specify at or after grant in all cases other than Incentive Options, or until the expiration of the stated term of such Option, whichever
period is shorter. 
 9.1.4 Unless otherwise determined by the Committee at or after grant, if a Participant’s employment by the Company
or any Subsidiary of the Company terminates for any reason other than death, Disability or Retirement, the Option will terminate on the earlier to occur of the stated expiration date or 90 days after termination of the employment or business
relationship. If a Participant dies during the 90 day period following the termination of the employment or business relationship, any unexercised Option held by the Participant, or Transferred by the Participant in accordance with Article 8, shall
be exercisable, to the full extent that such Option was exercisable at the time of death, for a period of one year after the date of death of the Participant or until the expiration of the stated term of the Option, whichever occurs first.

 ARTICLE 10 
 TERMINATION OR AMENDMENT OF THIS PLAN 
 10.1 The Board may at any time amend, suspend, or terminate the Plan; provided,
however, that no amendments by the Board shall, without further approval of the shareholders of the Company: 
 10.1.1 Change the definition
of Eligible Employees or Eligible Directors; 
 10.1.2 Except as provided in Article 4 hereof, increase the number of Shares which may be
subject to Options granted under the Plan; or increase the maximum number of Shares with respect to which Options may be granted to any Participant during any fiscal year; 

 10.1.3 Cause the Plan or any Option granted under the Plan to fail to meet the conditions for exclusion
of application of the $1 million deduction limitation imposed by Section 162(m) of the Code; or 
 10.1.4 Cause any Option granted as an
Incentive Stock Option to fail to qualify as an “Incentive Stock Option” as defined by Section 422 of the Code. 
 10.2 No
amendment or termination of the Plan shall impair any Option granted under the Plan without the consent of the holder thereof. 
 10.3 This
Plan shall continue in effect until the expiration of all Options granted under the Plan unless terminated earlier in accordance with this Article 10; provided, however, that no options shall be granted after May 20, 2008. 
 ARTICLE 11 
 GENERAL PROVISIONS 

 11.1 Shareholder Approval. This Plan shall become effective as of December 16, 2002, having been adopted by the Board of Directors
and shareholders of the Company as of such date. 
 11.2 Securities Laws. Notwithstanding anything to the contrary contained in the Plan, the
Company shall not be obligated to issue Shares to a Participant pursuant to any Option under the Plan, unless at the time of such issuance the Shares are registered, exempt or the subject matter of an exempt transaction under both federal and
applicable state securities laws. If requested to do so by the Board, as a condition to the exercise of an Option or the receipt of Shares, each Participant shall execute a certificate indicating that he or she is purchasing the Common Stock for
investment and not with any present intention to sell or distribute the same. 
 11.3 No Right to Continued Employment. Neither the
establishment of the Plan nor the granting of any Option hereunder shall confer upon any Eligible Employee any right to continue in the employ of the Company or any Subsidiary of the Company, or interfere in any way with the right of the Company or
any Subsidiary of the Company to terminate such employment at any time. 
 11.4 Other Plans. The value of, or income arising from, any
Options issued under this Plan shall not be treated as compensation for purposes of any pension, profit sharing, life insurance, disability or other retirement or welfare benefit plan now maintained or hereafter adopted by the Company or any
Subsidiary of the Company, unless such plan specifically provides to the contrary. 
 11.5 Withholding of Taxes. The Company may deduct from
any payment to be made pursuant to this Plan, or to otherwise require, prior to the issuance or delivery of any Shares to a Participant, payment by the Participant of any Federal, state, local or foreign taxes required by law to be withheld. The
Committee may permit any such withholding obligation to be satisfied by reducing the number of Shares otherwise deliverable or by accepting the delivery of previously owned Shares. Any fraction of a Share required to satisfy such tax obligations
shall be disregarded and the amount due shall be paid instead in cash by the Participant. 

 11.6 Reimbursement of Taxes. The Committee may provide in its discretion that the Company may reimburse a
Participant for federal, state, local and foreign tax obligations incurred as a result of the grant or exercise of an Option issued under this Plan. 
 11.7 Governing Law. This Plan and actions taken in connection with it shall be governed by the laws of Ohio, without regard to the principles of conflict of laws. 
 11.8 Liability. No employee of the Company and no member of the Committee or the Board shall be liable for any action or determination taken or made in
good faith with respect to the Plan or any Option granted hereunder and, to the fullest extent permitted by law, all employees and members of the Committee or the Board shall be indemnified by the Company for any liability and expenses which may
occur through any claim or cause of action arising under or in connection with this Plan or any Options granted under this Plan.

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