Document:

EX-10.21

 Exhibit 10.21 

KINDERCARE LEARNING COMPANIES, INC. 

SENIOR EXECUTIVE SEVERANCE PLAN 

1. ESTABLISHMENT AND PURPOSE 

The KinderCare Learning Companies, Inc. Senior Executive Severance Plan (the “Plan”) was established by the Board of
Directors of KinderCare Learning Companies, Inc. (the “Board”), effective as of the date of closing of the initial public offering of KinderCare Learning Companies, Inc. (the “Company”). The purpose of
this Plan is to promote the interests of the Company and its stockholders by retaining certain executive-level employees through the provision of severance protections to such employees in the event their employment is terminated under the
circumstances described in this Plan. The Plan is intended to be, and shall be interpreted and construed as, an unfunded employee welfare benefit plan under Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) and Section 2520.104-24 of the regulations promulgated by the U.S. Department of Labor, maintained primarily for the benefit of a select group of management or highly
compensated employees (a “top-hat” plan). 
 2. DEFINITIONS
AND CONSTRUCTION 
 2.1 Definitions. Whenever used in
this Plan, capitalized terms shall have the same meaning as set forth herein or in Appendix A. 
 2.2 Construction. Captions
and titles contained in this Plan are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall
include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 
 3.
PARTICIPATION 
 The Participants are the executive-level employees of the Company Group who are designated by the
Company to participate in this Plan from time to time. The Company may designate such employees by name, title, position, function, salary band, any other category deemed appropriate by the Company, or any combination of the foregoing from time to
time. A list of Participants is set forth on Appendix B hereto (as such Appendix B may from time to time be amended by the Committee). In addition, as a condition to participation in this Plan, each individual agrees to be bound by the
terms and conditions of this Plan. 
 4. QUALIFYING TERMINATION OTHER THAN
DURING THE PROTECTION PERIOD 
 In the event of a Participant’s
Qualifying Termination at any time other than during the Protection Period, the Participant shall be entitled to receive the compensation and benefits described in this Section 4. 

  
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 4.1 Accrued Obligations. The Participant shall be entitled to receive any accrued but
unpaid annual base salary, unreimbursed business expenses incurred in accordance with the Company Group’s policies, or other amounts earned or accrued through the Participant’s Termination of Employment under the Company Group’s
applicable health, welfare, retirement, or other similar fringe benefit programs as required by their terms or by applicable law (the rights to such payments, the “Accrued Obligations”). For purposes of this Section 4.1,
a Participant shall have the right to receive an annual cash bonus with respect to the year prior to the year in which the Participant’s Termination of Employment occurs if such bonus has been “earned,” as determined by the Committee
in its sole discretion, and is as yet unpaid. The Accrued Obligations shall be payable on their respective scheduled payment dates in accordance with their terms. 

4.2 Severance Benefits. Provided that the Participant executes the Release prior to the applicable Release Deadline and such Release
then becomes effective and irrevocable in accordance with its terms, subject to Section 17, and subject to the Participant’s compliance with the restrictive covenants set forth in Section 10 herein, the Participant shall be entitled
to receive the following severance payments and benefits (the “Severance Benefits”): 
 (a) Cash Severance.
The Company shall pay the Participant an aggregate amount equal to the product of (i) the Participant’s Severance Multiplier and (ii) the Participant’s Severance Payment, payable in equal installments in accordance with the
Company’s regular pay practices during the applicable Severance Period (subject to Section 17.6). 
 (b) Prorated Bonus.
The Company shall pay the Participant an amount equal to the Prorated Bonus on the later of (i) the 61st day following the date of such Termination of Employment and (ii) the date payments under such plan are made with respect to such year
to participants who remain actively employed by the Company or any of its affiliates throughout the remainder of such year; provided that such Prorated Bonus shall be paid in the year following the year in which the Prorated Bonus was earned

 (c) COBRA Premiums. If the Participant timely and properly elects continuation coverage under the Company’s group health
plans (other than its health care flexible spending account) pursuant to COBRA, then the Company shall directly pay or, at its election, reimburse the Participant for the Company-paid portion of COBRA premiums for the Participant and the
Participant’s covered eligible dependents (at the same benefit levels in effect on the Participant’s Termination of Employment as if the Participant had remained an active employee) (the “Benefits Continuation”) for
the period commencing on such Termination of Employment and ending on the earliest of (i) the number of months thereafter equal to the Severance Period, (ii) the date such Participant is no longer eligible for COBRA continuation coverage,
and (iii) the date on which the Participant becomes eligible to receive group health plan coverage from another employer (such period, the “Benefits Continuation Period”). The Participant must notify the Company promptly
upon becoming eligible to receive group health plan coverage by means of subsequent employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period
of continuation coverage to be, exempt from the application of Section 409A of the Code (“Section 409A”) under Treasury Regulation
Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover the Participant under its group health plans without penalty under applicable law (including without limitation,
Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company reimbursement shall thereafter be paid to the Participant in substantially equal monthly installments over the Benefits Continuation
Period (or the remaining portion thereof). 

  
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 (d) Treatment of Equity Awards. Any Equity Awards that are outstanding as of the
Participant’s Termination of Employment shall be governed by the terms and conditions set forth in the applicable award agreements unless otherwise provided for in any other written agreement between the Participant and the Company Group or
otherwise determined by the Committee in its discretion in connection with such Termination of Employment. 
 5. QUALIFYING
TERMINATION DURING THE PROTECTION PERIOD 

In the event of a Participant’s Qualifying Termination during the Protection Period, the Participant shall be entitled to receive the compensation and
benefits described in this Section 5. 
 5.1 Accrued Obligations. The Participant shall be entitled to receive the Accrued
Obligations. 
 5.2 CIC Severance Benefits. Provided that the Participant executes the Release prior to the applicable Release
Deadline and such Release then becomes effective and irrevocable in accordance with its terms, subject to Section 17, and subject to the Participant’s compliance with the restrictive covenants set forth in Section 10 herein, the
Participant shall be entitled to receive the following severance payments and benefits (the “CIC Severance Benefits”): 

(a) Cash Severance. The Company shall pay to the Participant, in a lump sum cash payment, an amount equal to the product of
(i) the Participant’s CIC Severance Multiplier and (ii) the Participant’s Severance Payment within sixty (60) days after the date of the Participant’s Termination of Employment; provided, that, to the extent that
payment of the foregoing amount (or any portion thereof) in a lump sum would result in any additional taxes, penalties, or interest under Section 409A, such amount (or portion thereof) shall instead be payable in equal installments in
accordance with the Company’s regular pay practices during the applicable Severance Period, solely to the extent required to comply with Section 409A. 

(b) Prorated Bonus. The Company shall pay the Participant an amount equal to the Prorated Bonus in a
lump-sum payment in the calendar year following the calendar year of such Termination of Employment on the later of (i) the 61st day following the date of such Termination of Employment and (ii) the
date payments under such plan are made with respect to such year to participants who remain actively employed by the Company or any of its affiliates throughout the remainder of such year; provided that such Prorated Bonus shall be paid in
the year following the year in which the Prorated Bonus was earned. 
 (c) COBRA Premiums. If the Participant timely and properly
elects continuation coverage under the Company’s group health plans (other than its health care flexible spending account) pursuant to COBRA, the Participant will be entitled to the Benefits Continuation, as set forth in Section 4.2(c),
for the period commencing on such Termination of Employment and ending on the earliest of (i) the number of years (or partial years, if applicable) 

  
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thereafter equal to the CIC Severance Multiplier, (ii) the date such Participant is no longer eligible for COBRA continuation coverage, and (iii) the date on which the Participant
becomes eligible to receive group health plan coverage from another employer (such period, the “CIC Benefits Continuation Period”). The Participant shall notify the Company promptly upon becoming eligible to receive group
health plan coverage by means of subsequent employment. Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt
from the application of Code Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is otherwise unable to continue to cover the Participant under its group health
plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining Company reimbursement shall thereafter be paid to the Participant
in substantially equal monthly installments over the CIC Benefits Continuation Period (or the remaining portion thereof). 
 (d)
Treatment of Equity Awards. Any Equity Awards that are outstanding as of the Participant’s Termination of Employment shall be governed by the terms and conditions set forth in the applicable award agreements unless otherwise provided for
in any other written agreement between the Participant and the Company Group or otherwise determined by the Committee in its discretion in connection with such Termination of Employment. 

6. TERMINATION OF EMPLOYMENT UPON DEATH OR
DISABILITY 
 In the event of a Participant’s Termination of Employment as a result of termination by the Company due
to death or Disability, the Participant shall be entitled to receive the compensation and benefits described in this Section 6. 
 6.1
Accrued Obligations. The Participant shall be entitled to receive the Accrued Obligations. 
 6.2 Treatment of Equity Awards.
Any Equity Awards that are outstanding as of the Participant’s Termination of Employment shall be governed by the terms and conditions set forth in the applicable award agreements unless otherwise provided in any other written agreement
between the Participant and the Company Group or otherwise determined by the Committee in its discretion in connection with such Termination of Employment. 

7. TERMINATION OF EMPLOYMENT FOR CAUSE OR
WITHOUT GOOD REASON 
 In the event of a Participant’s Termination of Employment by the
Company for Cause or by the Participant without Good Reason, as applicable, the Participant shall be entitled to receive only the Accrued Obligations and shall not be entitled to any severance compensation or benefits hereunder or otherwise (other
than the continued vesting of Equity Awards in connection with a Qualifying Retirement to the extent provided in any written agreement between the Participant and the Company Group). 

8. FEDERAL EXCISE TAX UNDER
SECTION 4999 OF THE CODE 
 Unless a
written employment agreement between a Participant and a member of the Company Group in effect at the time of the Participant’s Termination of Employment provides otherwise for the treatment of excess parachute payments under Section 280G
of the Code: 

  
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 8.1 Excess Parachute Payment. In the event that any payment or benefit received or to
be received by the Participant pursuant to this Plan or otherwise (collectively, the “Payments”) would subject the Participant to any excise tax pursuant to Section 4999 of the Code (the
“Excise Tax”) due to the characterization of such Payments as an excess parachute payment under Section 280G of the Code, then, notwithstanding the other provisions of this Plan, the amount of such Payments
will not exceed the amount which produces the greatest after-tax benefit to the Participant. For purposes of this Section 8.1, if the Payments must be reduced, then such Payments shall be reduced in such
manner (and in such order) as determined by the Company in good faith based on determinations of the 280G Advisor (as defined below) and such determination by the Company shall be final, binding and conclusive on the applicable Participant. 

8.2 Determination by 280G Advisor. Upon the occurrence of any event that would give rise to any Payments pursuant to this Plan (an
“Event”), the Company shall request a determination to be made in connection with the Event by a nationally recognized independent public accounting firm or other third party advisor with experienced in
performing calculations regarding the applicability of Section 280G of the Code and the Excise Tax selected by the Company (the “280G Advisor”) of the amount and type of such Payments which would produce
the greatest after-tax benefit to the Participant. For the purposes of such determination, the 280G Advisor may rely on reasonable, good faith interpretations concerning the application of Sections 280G and
4999 of the Code. The Company and the Participant shall furnish to the 280G Advisor such information and documents as the 280G Advisor may reasonably request in order to make its required determination. The Company shall bear all fees and expenses
the 280G Advisor may reasonably charge in connection with their services contemplated by this Section. In the event that, following any payment of any Payments, it is determined that a greater reduction in the Payments than initially determined by
the 280G Advisor should have been made to implement the objectives and intent of this Section 8, the excess amount shall be returned immediately by the Participant to the Company. 

9. ENTIRE PLAN; RELATION TO OTHER AGREEMENTS. 

 Except as otherwise set forth herein (including, for the avoidance of doubt, Sections 4.2(d), 5.2(d) and 6.2) or otherwise agreed to in writing between
the Company Group and a Participant, the Plan contains the entire understanding of the parties relating to the subject matter hereof and supersedes any prior agreement, arrangement and understanding between any Participant and the Company Group
(including, without limitation, any prior employment or severance agreement or arrangement), with respect to the subject matter hereof. By participating in the Plan and accepting the Severance Benefits or CIC Severance Benefits, as applicable,
hereunder, the Participant acknowledges and agrees that any prior agreement, arrangement and understanding between any Participant, on the one hand, and the Company Group, on the other hand, with respect to the subject matter hereof is hereby
superseded and ineffective with respect to the Participant (including with respect to any severance arrangement contained in an employment agreement, employment letter agreement and/or similar agreement or arrangement by and between the Participant
and any member of the Company Group), except as otherwise agreed herein, including, for the avoidance of doubt, Sections 4.2(d), 5.2(d) and 6.2. 

  
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 10. RESTRICTIVE COVENANTS 

10.1 As an express condition to participation in this Plan, each Participant acknowledges and agrees that such Participant is bound by the
provisions of this Section 10. Notwithstanding any provision of this Plan to the contrary, if a Participant violates any of his or her obligations under this Section 10 (or any similar confidentiality, return of property, non-competition, non-solicitation, non-disparagement, or intellectual property covenant that runs in favor of any member of the Company
Group and by which such Participant is bound, the terms of which are incorporated herein by reference (collectively, “Similar Covenants”)), then the Company (and its applicable affiliates) shall be relieved of all obligations
to provide or make available any further payments or benefits to the Participant pursuant to this Plan, and the Company may require the Participant to repay or forfeit to the Company (on a pre-tax or after-tax basis) any such payments or benefits that the Participant was previously provided by the Company or any of its affiliates. For the avoidance of doubt, each Participant shall remain obligated to comply with
any Similar Covenants in addition to the provisions of this Section 10. 
 10.2 Each Participant agrees that the Participant shall not
use for the Participant’s own purpose or for the benefit of any person or entity (including, without limitation, a Competing Business (as defined below)) other than the Company Group or its respective shareholders or affiliates, nor shall the
Participant otherwise disclose to any individual or entity at any time while the Participant is employed by the Company Group or thereafter any Proprietary Information of the Company unless such disclosure (a) has been authorized by the Board;
(b) is reasonably required within the course and scope of the Participant’s employment with the Company; or (c) is required by law, a court of competent jurisdiction or a governmental or regulatory agency. “Proprietary
Information” shall mean (a) the name or address of any customer, supplier or parent or subsidiary entity of the Company Group or any information concerning the transactions or relations of any customer, supplier or parent or
subsidiary of the Company Group or any of its shareholders; (b) any information concerning any product, service, technology or procedure offered or used by the Company Group, or under development by or being considered for use by the Company
Group; (c) any information relating to marketing or pricing plans or methods, capital structure, or any business or strategic plans of the Company Group; (d) any inventions, innovations, trade secrets, patents and processes in any way
relating, directly or indirectly, to the Company Group’s business developed by the Participant alone or in conjunction with others; and (e) any other information which the Board has determined by resolution and communicated to the
Participant in writing to be proprietary information for purposes hereof; provided, however, that “Proprietary Information” shall not include any information that is or becomes generally known to the public other than through
actions of the Participant in violation of the restrictive covenants set forth in this Section 10 or any Similar Covenants. 
 10.3 The
Participant acknowledges that in the course of the Participant’s employment with the Company Group the Participant will become familiar with Proprietary Information and that the Participant’s services will be of special, unique and
extraordinary value to the Company Group. Therefore, the Participant agrees that, for a period of months following the Participant’s Termination of Employment equal to the applicable Severance Period (the

  
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“Restricted Period”), the Participant shall not directly or indirectly own, manage, control, participate in, consult with, render services for, or in any manner engage in
any business competing with any business of the Company within the United States, Canada and any other geographical area in which the Company then engages in business or engaged in business at any time during the Participant’s employment with
the Company (such business, “Competing Business”). Nothing herein shall prohibit the Participant from being a passive owner of not more than two percent (2%) of the outstanding equity of any entity which is publicly
traded or a mutual investment fund so long as the Participant has no direct or indirect active participation in the business of such entity. 

10.4 During the Restricted Period, the Participant shall not directly or indirectly (a) induce or attempt to induce any employee of the
Company Group to terminate such employment, or in any way interfere with the employee relationship between the Company Group and any such employee; (b) hire any person who is, or, at any time during the twelve (12)-month period immediately
prior to the date of the Participant’s Termination of Employment, was, an employee of the Company Group; or (c) induce or attempt to induce any person having a business relationship with the Company Group to cease doing business with the
Company Group or interfere materially with the relationship between any such person and the Company Group. 
 10.5 The Participant agrees not
to disparage the Company Group, any of its products or practices, any of its directors, officers, agents, representatives, employees or its parent or subsidiary entities, either orally or in writing, at any time; provided that the Participant
shall not be required to make any untruthful statement or to violate any law. 
 10.6 The parties hereto agree that the time, duration and
area for which the covenants set forth in this Section 10 are to be effective are reasonable. In the event that any court or arbitrator determines that the time period or the area, or both of them, are unreasonable and that any of the covenants
are to that extent unenforceable, the parties hereto agree that such covenants will remain in full force and effect, first, for the greatest time period, and second, in the greatest geographical area that would not render them unenforceable. The
parties intend that this Section 10 will be deemed to be a series of separate covenants, one for each and every county, parish and similar subdivision of each and every state of the United States of America (and each and every subdivision of
each other geographical area in which the Company Group then engages in business or engaged in business at any time during the Participant’s employment with the Company Group). The Participant agrees that damages are an inadequate remedy for
any breach of the covenants in this Section 10 and that the Company will, whether or not it is pursuing any potential remedies at law, be entitled to equitable relief in the form of preliminary and permanent injunctions without bond or other
security upon any actual or threatened breach of this Section 10. The Participant acknowledges and agrees that this Section 10 (a) is ancillary to a valid employment relationship with the Company or any other member of the Company Group,
(b) is reasonably necessary to protect the Company Group’s legitimate business interest (including, without limitation, the Company Group’s customer relationships and Proprietary Information), and (c) does not unreasonably
restrict the Participant’s right to work in his or her chosen profession. Notwithstanding anything to the contrary, nothing herein is intended to or will prohibit the Participant from filing a charge with, reporting possible violations of law
or regulation to, participating in any investigation by, cooperating with, or communicating directly with, or providing information in confidence to, any governmental entity or making other disclosures that are protected under the whistleblower
provisions of applicable law or regulation. 

  
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 11. ADMINISTRATION 

11.1 This Plan is administered by the Committee. The Committee, from time to time, may also appoint such individuals to act as the
Committee’s representatives as the Committee considers necessary or desirable for the effective administration of the Plan. 
 11.2 If
the Committee is required to exercise its powers with respect to an issue that affects only one of the Committee members, then such member shall recuse themselves and be replaced by the Company’s Chief Executive Officer. 

11.3 The Committee, from time to time, may adopt such rules and regulations as may be necessary or desirable for the proper and efficient
administration of the Plan and as are consistent with the terms of the Plan. 
 11.4 In administering the Plan, the Committee (and its
appointed representative) shall have the sole and absolute discretionary authority to construe and interpret the provisions of the Plan (and any related or underlying documents or policies), to interpret applicable law, and make factual
determinations thereunder, including the authority to determine the eligibility of employees and the amount of benefits payable under the Plan. Any interpretation of this Plan and any decision on any matter within the discretion of the Committee
made by the Committee in good faith is binding on all persons. Notwithstanding the discretion granted to the Committee, if its decision is challenged in a legal proceeding, the Committee’s interpretations and determinations will be reviewed
under a preponderance of the evidence standard. 
 11.5 The Committee keeps records of this Plan and is responsible for the administration of
this Plan. 
 11.6 If, due to errors in drafting, any Plan provision does not accurately reflect its intended meaning, as demonstrated by
consistent interpretations or other evidence of intent, or as determined by the Committee in its sole and absolute discretion, the provision shall be considered ambiguous and shall be interpreted by the Committee in a fashion consistent with its
intent, as determined in the sole and absolute discretion of the Committee. 
 11.7 This Section may not be invoked by any employee, the
Participant or other person to require this Plan to be interpreted in a manner inconsistent with its interpretation by the Committee. 
 11.8
The Company will pay all costs of administration, except as provided with respect to disputes below. 

  
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 12. CLAIMS FOR BENEFITS

 12.1 ERISA Plan. This Plan is intended to be (a) an employee welfare plan as defined in Section 3(1) of ERISA and
(b) a “top-hat” plan maintained for the benefit of a select group of management or highly compensated employees of the Company Group. 

12.2 Application for Benefits. All applications for payments and/or benefits under the Plan
(“Benefits”) shall be submitted to the Committee with a copy to the Company’s General Counsel, at the addresses indicated in the “Contacts for Claims and Appeals” section of this Plan.
Applications for Benefits must be in writing on forms acceptable to the Committee and must be signed by the Participant, beneficiary or other person (the “Claimant”). A Claimant may authorize a representative to act on his or
her behalf with respect to any claim under the Plan. Claims for Benefits under the Plan shall be administered in accordance with Section 503 of ERISA and the Department of Labor regulations and guidance thereunder, subject to the temporary COVID-19 extension of deadlines described below. The Committee reserves the right to require the Claimant to furnish such other proof of the Claimant’s expenses, including without limitation, receipts, canceled
checks, bills, and invoices as may be required by the Committee. 
 12.3 Appeal of Denial of Claim. 

(a) If a Claimant’s claim for Benefits is denied, the Committee shall provide notice to the Claimant in writing of the denial within
ninety (90) days after its submission. The notice shall be written in a manner calculated to be understood by the Claimant and shall include: 

(1) The specific reason or reasons for the denial; 

(2) Specific references to the Plan provisions on which the denial is based; 

(3) A description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such
material or information is necessary; and 
 (4) An explanation of the Plan’s claims review procedures and a statement of
claimant’s right to bring a civil action under ERISA Section 502(a), subject to the Plan’s arbitration provisions, following a final adverse benefit determination. 

(b) If special circumstances require an extension of time for processing the initial claim, a written notice of the extension, the reason
therefor, and the date by which the Committee expects to render a decision shall be furnished to the Claimant before the end of the initial ninety (90) day period. In no event shall such extension exceed ninety (90) days. 

(c) If a claim for Benefits is denied, the Claimant, at the Claimant’s sole expense, may submit a written appeal of the denial to the
Committee within sixty (60) days of the receipt of written notice of the denial, subject to the temporary COVID-19 extension of deadlines described below, at the address indicated in the “Contacts
for Claims and Appeals” section of the Plan. In pursuing such appeal the Claimant: 

  
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 (1) will be provided, upon request and without charge, reasonable access to and copies of
all documents, records and other information relevant to the Claimant’s claim for benefits; 
 (2) may submit written comments,
documents, records and other information relating to the claim; and 
 (3) will receive a review that takes into account all comments,
documents, records and other information submitted by the Claimant relating to the appeal, without regard to whether such information was submitted or considered in the initial benefit determination. 

(d) The Committee will conduct a full and fair review of the claim and the initial claim denial. The decision on review shall be made within
sixty (60) days of receipt of the request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one hundred twenty
(120) days after receipt of the request for review. If such an extension of time is required, written notice of the extension shall be furnished to the Claimant before the end of the original sixty (60) day period and shall indicate the
special circumstances requiring such extension of time and the date by which the Committee expects to render the decision on review. The decision on review shall be made in writing, shall be written in a manner calculated to be understood by the
Claimant, and, if the decision on review is a denial of the appealed claim for Benefits, shall include: 
 (1) The specific reason or
reasons for the denial; 
 (2) Specific references to the Plan provisions on which the denial is based; 

(3) A statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all documents,
records and other information relevant to the claim for Benefits; and 
 (4) A statement of claimant’s right to bring a civil action
under ERISA Section 502(a), subject to the Plan’s arbitration provisions. 
 12.4 Temporary
COVID-19 Extension of Deadlines. The Employee Benefits Security Administration, Department of Labor, Internal Revenue Service and Department of the Treasury (the “Agencies”) issued COVID-19-related relief to temporarily extend the deadlines to file ERISA claims and appeals. Under this relief, the period from March 1, 2020 until sixty
(60) days after the announced end of the national emergency (or such other date announced by the Agencies) will be disregarded in determining the deadlines for a Claimant to file claims and appeals under this Plan; provided,
however, that no more than one year will be disregarded in determining a given deadline.  

  
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 12.5 Disputes Subject to Arbitration. Any claim, dispute or controversy arising out
of this Plan, the interpretation, validity or enforceability of this Plan or the alleged breach thereof shall be submitted by the parties to binding arbitration by the American Arbitration Association (“AAA”) or as otherwise
required by ERISA; provided, however, that (a) the arbitrator shall have no authority to make any ruling or judgment that would confer any rights with respect to trade secrets, confidential and proprietary information or other
intellectual property; and (b) this arbitration provision shall not preclude the parties from seeking legal and equitable relief from any court having jurisdiction with respect to any disputes or claims relating to or arising out of the misuse
or misappropriation of intellectual property. Such arbitration shall be conducted in accordance with the then-existing AAA Employment Arbitration Rules and Mediation Procedures. The rules can be found at https://www.adr.org/employment, or a
copy will be provided upon request. Judgment may be entered on the award of the arbitrator in any court having jurisdiction. 
 (a) Site
of Arbitration. The site of the arbitration proceeding shall be in Portland, Oregon or any other site mutually agreed to by the Company and the Participant. 

(b) Costs and Expenses Borne by Company. All costs and expenses of arbitration shall be paid by the Company. Notwithstanding the
foregoing, if the Participant initiates the arbitration, and the arbitrator finds that the Participant’s claims were totally without merit or frivolous, then the Participant shall be responsible for the Participant’s own attorneys’
fees and costs. 
 12.6 If any judicial proceeding is undertaken to appeal or arbitrate the denial of a claim or bring any other action under
ERISA other than a breach of fiduciary duty claim, the evidence presented may be strictly limited to the evidence timely presented to the Committee. In addition, any such judicial proceeding must be filed no later than two (2) years from the
date of the final adverse benefit determination of an applicant’s appeal of the denial of his or her claim for benefits. Notwithstanding the foregoing, if the applicable, analogous state statute of limitations has run or will run before the
aforementioned two (2)-year period, the state’s statute of limitations shall be controlling. 
 13. NO
CONTRACT OF EMPLOYMENT 
 Neither the establishment of the Plan, nor any amendment thereto,
nor the payment of any benefits shall be construed as giving any person the right to be retained by the Company, a Successor or any other member of the Company Group. Except as otherwise established in an employment agreement between the Company
Group and a Participant, the employment relationship between the Participant and the Company is an “at-will” relationship. Accordingly, either the Participant or the Company may terminate the
relationship at any time, with or without Cause, and with or without notice except as otherwise provided by Section 15. In addition, nothing in this Plan shall in any manner obligate any Successor or other member of the Company Group to offer
employment to any Participant or to continue the employment of any Participant whom it does hire for any specific duration of time. 

  
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 14. SUCCESSORS AND
ASSIGNS 
 14.1 Successors of the Company. The Company shall require any Successor, expressly,
absolutely and unconditionally to assume and agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession or assignment had taken place. Failure of the Company to obtain
such agreement shall be a material breach of this Plan and shall entitle the Participant to resign for Good Reason and to receive the benefits provided under this Plan in the event of a Qualifying Termination during the Protection Period. 

14.2 Acknowledgment by Company. If, after a Change in Control, the Company fails to reasonably confirm that it has performed the
obligation described in Section 14.1 within thirty (30) days after written notice from the Participant, such failure shall be a material breach of this Plan and shall entitle the Participant to resign for Good Reason and to receive the
benefits provided under this Plan in the event of a Qualifying Termination during the Protection Period. 
 14.3 Heirs and Representatives
of Participant. This Plan shall inure to the benefit of and be enforceable by the Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devises, legatees or other beneficiaries. If the
Participant should die while any amount would still be payable to the Participant hereunder (other than amounts which, by their terms, terminate upon the death of the Participant) if the Participant had continued to live, then all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to the executors, personal representatives or administrators of the Participant’s estate. 

15. NOTICES 

15.1 General. For purposes of this Plan, notices and all other communications shall be in writing and shall be deemed to have been duly
given when personally delivered or when mailed by United States certified mail, return receipt requested, or by overnight courier, postage prepaid, as follows: 

(a) if to the Company: 

KinderCare Learning Companies, Inc. 

650 NE Holladay, Suite 1400 

Portland, Oregon 97232 

Attention: Chief People Officer 

(b) if to the Participant, at the home address which the Company has in its personnel records. 

Either party may provide the other with notices of change of address, which shall be effective upon receipt. 

15.2 Notice of Termination. Any termination by the Company of the Participant’s employment or any resignation by the Participant
shall be communicated by a notice of termination or resignation to the other party hereto given in accordance with Section 15.1. Such notice shall indicate the specific termination provision in this Plan relied upon, shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and shall specify the termination date. 

  
 12 

 16. TERMINATION AND AMENDMENT
OF PLAN 
 The Plan may be terminated or amended by the Board or the Committee, in its sole discretion;
provided, however, that, notwithstanding the foregoing, the Plan may not be terminated or amended during the Protection Period without the consent of each Participant, and no termination or amendment of the Plan will affect any rights
or obligations to provide payments or benefits due or payable hereunder prior to such termination or amendment; provided, further, that the Plan may not be amended at any time to substantially reduce payments or benefits due or payable
hereunder to a Participant without such Participant’s prior consent; and provided, further, that, notwithstanding the foregoing, any termination of the Plan or any amendment that reduces the payments or benefits due or payable
under the Plan shall become effective upon the first anniversary of the date of the approval or adoption by the Board or Committee (as applicable) of such termination or amendment of the Plan. 

17. SECTION 409A 

17.1 General. The payments and benefits under the Plan are intended to comply with or be exempt from Section 409A and, accordingly,
to the maximum extent permitted, the Plan shall be interpreted to be in compliance with or exempt from Section 409A. If the Company determines that any particular provision of the Plan would cause a Participant to incur any tax or interest
under Section 409A, the Company may, but is not obligated to, take commercially reasonable efforts to reform such provision to the minimum extent reasonably appropriate to comply with or be exempt from Section 409A; provided that
any such modifications shall not increase the cost or liability to the Company. To the extent that any provision of the Plan is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and
shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Participants and the Company of the applicable provision without resulting in the imposition of a tax under Section 409A. Notwithstanding
the foregoing, this Section 17.1 does not create an obligation on the part of the Company to make any such modification or take any other action, and the Company does not guarantee or accept any liability for any tax consequences to the
Participants under the Plan. 
 17.2 Specified Employee. Notwithstanding anything to the contrary in the Plan, if the Company
determines at the time of a Participant’s Separation from Service that the Participant is a “specified employee” for purposes of Section 409A, then, to the extent delayed commencement of any portion of the benefits to which a
Participant is entitled under the Plan is required to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Participant’s benefits shall not be provided to the Participant before the earlier of
(i) the expiration of the six (6)-month period measured from the date of the Participant’s Separation from Service with the Company or (ii) the date of the Participant’s death. On the first business day following the expiration
of the applicable delay, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to the Participant (or the Participant’s estate or beneficiaries), and any remaining payments due to the Participant under the Plan
shall be paid as otherwise provided herein. 

  
 13 

 17.3 Separation from Service. Notwithstanding anything to the contrary in the Plan,
any compensation or benefit payable under the Plan that constitutes “nonqualified deferred compensation” under Section 409A and is designated under the Plan as payable upon a Participant’s termination of employment with the
Company shall be payable only upon the Participant’s Separation from Service with the Company. 
 17.4 Expense Reimbursements. To
the extent that any reimbursements payable under the Plan are subject to Section 409A, any such reimbursements shall be paid to the Participant no later than December 31 of the year following the year in which the expense was incurred. The
amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and a Participant’s right to reimbursement under the Plan will not be subject to liquidation or exchange for another
benefit. 
 17.5 Installments. For purposes of applying the provisions of Section 409A to the Plan, each separately identified
amount to which a Participant is entitled under the Plan shall be treated as a separate payment. In addition, to the extent permissible under Section 409A, the right to receive any installment payments under the Plan shall be treated as a right
to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted under Treasury Regulation
Section 1.409A-2(b)(2)(iii). Whenever a payment under the Plan specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the
sole discretion of the Company. 
 17.6 Release. Notwithstanding anything to the contrary in the Plan, to the extent that any payments
due under the Plan as a result of a Participant’s Termination of Employment are subject to the Participant’s execution of a Release, (a) no such payments shall be made unless and until such Release has been so executed and has become
effective and irrevocable, and (b) any payments delayed pursuant to Section 17.6(a) shall be paid in lump sum on the first payroll date following the Release becoming effective and irrevocable; provided that, in any case where the
Participant’s Termination of Employment and the Release Deadline fall in two (2) separate taxable years, any payments required to be made to the Participant that are conditioned on the Release and are treated as nonqualified deferred
compensation for purposes of Section 409A shall be made in the later taxable year. 
 18. MISCELLANEOUS
PROVISIONS 
 18.1 Unfunded Obligation. Any amounts payable to Participants pursuant to the Plan are
unfunded obligations. The Company shall not be required to segregate any monies from its general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial
ownership of any investments, including trust investments, which the Company may make to fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute
a trust or fiduciary relationship between the Board or the Company and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company. 

  
 14 

 18.2 No Duty to Mitigate; Obligations of Company. A Participant shall not be required
to mitigate the amount of any payment or benefit contemplated by this Plan by seeking employment with a new employer or otherwise, nor shall any such payment or benefit (except for benefits to the extent described in Sections 4.2(c), 5.2(c) and 8.2)
be reduced by any compensation or benefits that the Participant may receive from employment by another employer. Except as otherwise provided by this Plan, the obligations of the Company to make payments to the Participant and to make the
arrangements provided for herein are absolute and unconditional and may not be reduced by any circumstances, including without limitation any set-off, counterclaim, recoupment, defense or other right which the
Company may have against the Participant or any third party at any time. 
 18.3 No Representations. The Participant acknowledges
that, in becoming a Participant in the Plan, the Participant is not relying on and has not relied on any promise, representation or statement made by or on behalf of the Company which is not set forth in this Plan. 

18.4 Waiver. No waiver by the Participant or the Company of any breach of, or of any lack of compliance with, any condition or provision
of this Plan by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

18.5 Choice of Law. The Plan is a welfare plan subject to ERISA and it shall be interpreted, administered, and enforced in accordance
with that law. To the extent that state law is applicable, the internal laws of the state of Delaware without regard to any conflict of laws provisions shall be controlling in all matters relating to this Plan. 

18.6 Validity. The invalidity or unenforceability of any provision of this Plan shall not affect the validity or enforceability of any
other provision of this Plan, which shall remain in full force and effect. 
 18.7 Benefits Not Assignable. Except as otherwise
provided herein or by law, no right or interest of any Participant under the Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including, without limitation, by execution, levy,
garnishment, attachment, pledge or in any other manner, and no attempted transfer or assignment thereof shall be effective. No right or interest of any Participant under the Plan shall be liable for, or subject to, any obligation or liability of
such Participant. 
 18.8 Tax Withholding. All payments made pursuant to this Plan will be subject to withholding of applicable income
and employment taxes. However, whether cash severance amounts are eligible compensation under the Company’s benefit plans will be determined by the terms of such plans. 

  
 15 

 18.9 Information to be Furnished by Participants. Each Participant must furnish to
the Company such documents, evidence, data or other information as the Company considers necessary or desirable for the purpose of administering this Plan. Benefits under this Plan for each Participant are provided on the condition that the
Participant furnishes full, true and complete data, evidence or other information, and that the Participant will promptly sign any document related to the Plan, requested by the Company. 

18.10 Consultation with Legal and Financial Advisors. The Participant acknowledges that this Plan confers significant legal rights, and
may also involve the waiver of rights under other agreements; that the Company has encouraged the Participant to consult with the Participant’s personal legal and financial advisors; and that the Participant has had adequate time to consult
with the Participant’s advisors. 

  
 16 

 CONTACTS FOR CLAIMS AND APPEALS 

 

			
	COMMITTEE:	  	 Committee
 KinderCare Learning Companies,
Inc.
 c/o Chief People Officer
 650 NE Holladay, Suite 1400

Portland, Oregon 97232
 (503)
872-1200

		
	LEGAL PROCESS:	  	Legal process with respect to the Plan may be served upon the Committee (in its capacity as Plan administrator).
		
	 SR DIRECTOR OF
 HR AND
LEGAL:
	  	 Chief People Officer
 KinderCare Learning
Companies, Inc.
 650 NE Holladay, Suite 1400
 Portland, Oregon
97232
 (503) 872-1200

  
 17 

 APPENDIX A 

Definitions 
 Whenever used in this Plan,
the following terms shall have the meanings set forth below: 
 (a) “Base Salary” means the
Participant’s annual base salary rate in effect immediately prior to the Participant’s Termination of Employment (or, to the extent applicable, immediately prior to the decrease in annual base salary that gave rise to Good Reason with
respect to such Participant). 
 (b) “Cause” has the meaning provided therefor in a written employment
agreement between the Participant and any member of the Company Group in effect at the applicable time, if any, or, if the Participant is not at the time party to an effective employment agreement with a “Cause” definition, then
“Cause” means any of the following: (i) the Participant’s repeated and willful failure to perform the Participant’s material duties, after written notice of such performance has been given to the Participant with 30 days to
cure such nonperformance (other than due to the Participant’s Disability); (ii) the Participant’s willful failure to comply with any valid and legal directive of his or her supervisor or the Board; (iii) use of illegal drugs by the
Participant; (iv) the Participant’s commission of, conviction of, or entry of a plea by the Participant of guilty or nolo contendere to a felony, a crime of moral turpitude or a misdemeanor involving fraud or dishonesty (for
avoidance of doubt, a single driving while intoxicated (or other similar) charge shall not be considered a felony or crime of moral turpitude); (v) the Participant’s perpetration of any act of fraud or material dishonesty against or affecting
any member of the Company Group, or any customer, agent or employee thereof; (vi) the Participant’s material breach of fiduciary duty or material breach of any written agreement between the Participant and any member of the Company Group,
after written notice of such breach has been given to the Participant and, to the extent such breach is curable, the Participant has had 30 days to cure such breach; (vii) the Participant’s repeated insolent or abusive conduct in the
workplace, including but not limited to, harassment of others of a racial or sexual nature after notice of such behavior, or if the Participant has engaged in behavior that is in material violation of the Company’s code of conduct or other
Company policy as determined by the Company in good faith based on the Company’s internal process for receiving and reviewing allegations of misconduct (including, where appropriate, through an outside investigator); (viii) the
Participant’s taking of any action which is intended to harm or disparage any member of the Company Group, or their reputations, or which would reasonably be expected to lead to unwanted or unfavorable publicity to any member of the Company
Group; or (ix) the Participant’s engagement in any act of material self-dealing without prior notice to and consent by the Board. 

(c) “Change in Control” has the meaning given in the Company’s 2021 Incentive Award Plan, as may be
amended from time to time, or any successor plan thereto. 
 (d) “CIC Severance
Multiplier” means, with respect to any Participant, the applicable CIC Severance Multiplier set forth on Appendix B. 

  
 18 

 (e) “COBRA” means the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, and the regulations promulgated thereunder.  
 (f)
“Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto and any applicable regulations (including proposed or temporary regulations) and other Internal Revenue Service guidance
promulgated thereunder. 
 (g) “Committee” means the committee whose members are the Company’s
Chief People Officer and the Vice President of Total Rewards; provided that, if any Committee member must recuse himself or herself with respect to a claim, the Company’s Chief Executive Officer shall serve as the alternate member. 

(h) “Company” means KinderCare Learning Companies, Inc., and, following a Change in Control, a Successor
that agrees to assume all of the terms and provisions of this Plan or a Successor which otherwise becomes bound by operation of law to this Plan. 

(i) “Company Group” means the group consisting of the Company and each present or future parent and
subsidiary corporation or other business entity thereof. 
 (j) “Disability” means that the Participant
has become entitled to receive benefits under an applicable Company long-term disability plan or, if no such plan covers the Participant, that the Committee has made a good faith determination that the Participant has become physically or mentally
incapacitated or disabled such that the Participant is unable to perform for the Company substantially the same services as the Participant performed prior to incurring such incapacity or disability, and such incapacity or disability exists for an
aggregate of four (4) calendar months in any twelve (12) month period. In connection with making such determination, the Company, at its option and expense, shall be entitled to select and retain a physician to confirm the existence of
such incapacity or disability, and the determination made by such physician shall be binding on the parties for the purposes of this Plan. 

(k) “Equity Award” means a Company equity-based award granted under any equity-based incentive plan of
the Company, including, but not limited to, the Company’s 2021 Incentive Award Plan, as may be amended from time to time. 
 (l)
“Good Reason” means the occurrence, during the Protection Period (or for the then-current Chief Executive Officer, at any time), of any of the following conditions without the Participant’s consent unless
the Company fully corrects the circumstances constituting Good Reason on or prior to the applicable cure period noted below: 
 (1) a
material diminution in the Participant’s position, authority, duties or responsibilities, excluding for this purpose any isolated, insubstantial or inadvertent actions not taken in bad faith and which are remedied by the Company promptly after
receipt of notice thereof given by the Participant; or 
 (2) a material reduction in the Participant’s base salary, as the same may be
increased from time to time (other than in connection with across-the-board base salary reductions of all or substantially all similarly situated employees of the
Company); 

  
 19 

 (3) a material reduction in the Participant’s Target Bonus; or 

(4) a material change in the geographic location of the Participant’s principal location as of the date hereof, which shall, in any event,
include only a relocation of more than fifty (50) miles from such principal location. 
 Notwithstanding the foregoing, the Participant will not be
deemed to have resigned for Good Reason unless (i) the Participant provides the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Participant to constitute Good Reason within thirty
(30) days after the date of the occurrence of any event that the Participant knows or should reasonably have known to constitute Good Reason, (ii) the Company fails to cure such acts or omissions within thirty (30) days following its
receipt of such notice, and (iii) the effective date of the Participant’s termination for Good Reason occurs no later than thirty (30) days after the expiration of the Company’s cure period. 

(m) “Participant” means each individual who is listed on Appendix B. 

(n) “Prorated Bonus” means, with respect to any Participant, an amount equal to the product of (i) the cash bonus
with respect to the Company’s year in which the Participant’s Termination of Employment occurs, calculated based on actual achievement of any applicable company performance goals or objectives and any applicable individual performance
goals or objectives at the end of the applicable bonus measurement period, and (ii) a fraction, the numerator of which is (x) the number of days that the Participant was actively employed by the Company in such year, and (y) the
denominator of which is 365, in a lump-sum payment in the calendar year following the calendar year of such Termination of Employment. 

(o) “Protection Period” means the period beginning three (3) months prior to the date of the consummation of a
Change in Control and ending on the two (2) year anniversary of such Change in Control.  
 (p) “Qualifying
Retirement” has the meaning given in the Company’s 2021 Incentive Award Plan, as may be amended from time to time, or any successor plan thereto. 

(q) “Qualifying Termination” means a Termination of Employment by the Company without Cause or by the Participant for
Good Reason. 
 (r) “Release” means a general release of all known and unknown claims against the
Company and its affiliates and their stockholders, directors, officers, employees, agents, successors and assigns in the Company’s then-applicable form (which, for the avoidance of doubt, will not contain any restrictive covenants that are in
excess of those to which the applicable Participant was subject as of his or her Termination of Employment). 
 (s) “Release
Deadline” means the date which is twenty-one (21) days following the Participant’s Termination of Employment (or forty-five (45) days if necessary to comply with applicable law).

  
 20 

 (t) “Section 409A” means
Section 409A of the Code and the Treasury Regulations promulgated thereunder. 
 (u) “Separation from
Service” means a “separation from service” as defined in Section 409A. 
 (v) “Severance
Multiplier” means, with respect to any Participant, the applicable Severance Multiplier set forth on Appendix B. 

(w) “Severance Payment” means, with respect to any Participant, the sum of (x) the Participant’s Base Salary
and (y) the Participant’s Target Bonus for the year in which such Participant’s Termination of Employment occurs. 
 (x)
“Severance Period” means, with respect to any Participant, the period beginning on the date of the Termination of Employment and extending for the number of months set forth on Appendix B. 

(y) “Specified Employee” means a specified employee of the Company as defined in Section 409A. 

(z) “Successor” means any successor in interest to substantially all of the business and/or assets of the
Company. 
 (aa) “Target Bonus” means, with respect to any Participant, the Participant’s annual target bonus as
in effect immediately prior to the date of the Participant’s Termination of Employment (without giving effect to any decrease that would give rise to Good Reason with respect to such Participant). 

(bb) “Termination of Employment” means the termination of the applicable Participant’s employment with, or
performance of services for, the Company Group. 

  
 21EX-4.1

 Exhibit 4.1 

FORM OF GLOBAL NOTE 
 This
Security is a Book-Entry Security within the meaning of the Indenture hereinafter referred to and is registered in the name of BT Globenet Nominees Limited as nominee for the common depositary for Euroclear and Clearstream. This Security is not
exchangeable for Securities registered in the name of a Person other than the Depository or its nominee except 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 Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited circumstances described in the Indenture. 

Unless this certificate is presented by an authorized representative of Deutsche Bank AG, London Branch, as common depositary for Clearstream
Banking, société anonyme, Luxembourg and Euroclear Bank SA/NV, as operator of the Euroclear System (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued
is registered in the name of BT Globenet Nominees Limited or in such other name as is requested by an authorized representative of the Depository (and any payment is made to BT Globenet Nominees Limited or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, BT Globenet Nominees Limited, has an interest herein. 

THE PROCTER & GAMBLE COMPANY 

ISIN: XS2404272572 
 Euroclear and
Clearstream Common Code No.: 240427257 
 CUSIP: 742718 FU8 
  

			
	 No. [            ]
	  	¥[                ]

 The Procter & Gamble Company, a corporation duly organized and existing under the laws of Ohio
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to BT Globenet Nominees Limited as nominee for the common depositary for
Clearstream Banking, société anonyme, Luxembourg, and Euroclear Bank SA/NV, as operator of the Euroclear System, or registered assigns, the principal sum of
[                ] (¥[                ]) (JPY) on November 6, 2026 (the
“Stated Maturity”) and to pay interest thereon from and including November 8, 2021 or from and including the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on May 6 and
November 6 of each year, commencing May 6, 2022, at the per annum rate of 0.110%, until the principal hereof is paid or made available for payment. 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 May 1 or
November 1, as applicable (in each case, whether or not a Business Day), immediately preceding the related Interest Payment Date; provided, however, that interest payable on any Maturity date shall be payable to the person to whom the
principal of the Securities shall be payable. 

 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. 

Payment of the principal of (and premium, if any) and interest on this Security will be made in Japanese Yen at the office or agency of the
Company maintained for that purpose in London; 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 in whose name this Security (or one or
more Predecessor Securities) are registered at the close of business on the Regular Record Date at such address as shall appear in the Security Register or by wire transfer of immediately available funds to an account specified in writing by such
holder to the Company and the Trustee prior to the relevant record date. 
 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. 

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. 

Dated: [                ] 

 

			
	THE PROCTER & GAMBLE COMPANY
		
	By:	 	
                     
   

		 	Tadd A. Fowler
		 	Senior Vice President –Treasurer and Global Tax Operations

  

			
	ATTEST:
		
	By:	 	
                    

		 	Valerie L. Obermeyer
		 	Assistant Secretary

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	
                    

		 	Authorized Officer

 This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 3, 2009 (herein called the “Indenture”), between the Company and Deutsche Bank Trust Company Americas, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations 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, which series is initially limited in aggregate principal amount to ¥50,000,000,000 subject to the provisions described herein under “Further Issues.” 

Interest 
 This Security will bear
interest at the rate of 0.110% per year. Interest on this Security is payable semi-annually on May 6 and November 6 of each year, as applicable, and on any Maturity date (each, an “Interest Payment Date”), commencing May 6,
2022 and ending on any Maturity date, to the persons in whose names this Security is registered at the close of business on the May 1 or November 1, as applicable (in each case, whether or not a Business Day), immediately preceding the
related Interest Payment Date; provided, however, that interest payable on any Maturity date shall be payable to the person to whom the principal of this Security shall be payable. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 Interest payable on any
Interest Payment Date or Maturity date shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original
issue date, if no interest has been paid or duly provided for with respect to this Security) to, but excluding, such Interest Payment Date or Maturity date, as the case may be. If any Interest Payment Date is not a Business Day at the relevant place
of payment, the related payment of interest will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period
from and after such date to the immediately succeeding Business Day. If the Maturity date or redemption date of this Security falls on a day that is not a Business Day at the relevant place of payment, the related payment of interest, if any, and
principal and premium, if any, will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after
such date to the immediately succeeding Business Day. 
 “Business Day” shall mean any day which is a day on which commercial
banks settle payments and are open for general business in: (a) the relevant place of payment, and (b) The City of New York, Tokyo and London. 

The term “Maturity,” when used with respect to this Security, shall mean the date on which the principal of this Security or an
installment of principal becomes due and payable as herein provided or as provided in the Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment or otherwise. 

 Additional Amounts 

All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or
on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the
United States (collectively, “Taxes”), unless such withholding or deduction is required by law. 
 In the event such withholding
or deduction of Taxes is required by law, subject to the limitations described below, the Company will pay to the holder or beneficial owner of this Security that is not a U.S. Holder (as defined below) such additional amounts (“Additional
Amounts”) as may be necessary in order that every net payment by the Company or any paying agent of principal of or interest on this Security (including upon redemption), after deduction or withholding for or on account of such Taxes, will not
be less than the amount provided for in such Security to be then due and payable before deduction or withholding for or on account of such Taxes. 

A “U.S. Holder” is defined as any beneficial owner of this Security that is for U.S. federal income tax purposes: (i) an
individual who is a citizen or resident of the United States; (ii) a corporation created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia; (iii) an estate, the income of which is
subject to U.S. federal income taxation regardless of the source of that income; or (iv) a trust, if (1) a U.S. court is able to exercise primary supervision over the trust’s administration and one or more “United States
persons” (within the meaning of the Internal Revenue Code) has the authority to control all of the trust’s substantial decisions, or (2) the trust has a valid election in effect under applicable Treasury regulations to be treated as a
“United States person.” 
 However, the Company’s obligation to pay Additional Amounts shall not apply to: 

(1) any Taxes which would not have been so imposed but for: 

a. the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity)
and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or
treated as a resident of the United States or being or having been engaged in a trade or business in the United States or being or having been present in the United States or having had a permanent establishment in the United States, 

 b. the failure of such holder or beneficial owner to comply with any requirement under
United States tax laws and regulations to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the requirement to provide Internal Revenue Service Form
W-8BEN, Form W-8BEN-E, Form W-8ECI, or any subsequent versions thereof or successor
thereto), or 
 c. such holder’s or beneficial owner’s present or former status as a personal holding company or a foreign
personal holding company with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a foreign tax exempt organization with
respect to the United States or as a corporation which accumulates earnings to avoid U.S. federal income tax; 
 (2) any Taxes imposed by
reason of the holder or beneficial owner: 
 a. owning or having owned, directly or indirectly, actually or constructively, 10% or more of
the total combined voting power of all classes of the Company’s stock, 
 b. being a bank receiving interest described in section
881(c)(3)(A) of the Internal Revenue Code or 
 c. being a controlled foreign corporation with respect to the United States that is related
to the Company by stock ownership; 
 (3) any Taxes which would not have been so imposed but for the presentation by the holder or
beneficial owner of such Security for payment on a date more than 10 days after the date on which such payment became due and payable or the date on which payment of this Security is duly provided for and notice is given to holders, whichever occurs
later, except to the extent that the holder or beneficial owner would have been entitled to such additional amounts on presenting such Security on any date during such 10-day period; 

(4) any estate, inheritance, gift, sales, transfer, personal property, wealth, interest equalization or similar Taxes; 

(5) any Taxes which are payable otherwise than by withholding from payment of principal of or interest on such Security; 

(6) any Taxes which are payable by a holder that is not the beneficial owner of this Security, or a portion of this Security, or that is a
fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar
entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment; 

 (7) any Taxes required to be withheld by any paying agent from any payment of principal of
or interest on any Security, if such payment can be made without such withholding by any other paying agent; 
 (8) any Taxes imposed under
Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof; or 

(9) any combination of items (1), (2), (3), (4), (5), (6), (7) and (8). 

For purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to this
Security will not constitute a connection (i) between the holder or beneficial owner and the United States or (ii) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over,
such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States. 

Any reference in this Security or the Indenture to principal or interest shall be deemed to refer also to Additional Amounts which may be
payable under the provisions of this section. 
 The Company will pay all stamp and other duties, if any, which may be imposed by the United
States or any political subdivision thereof or taxing authority therein with respect to the issuance of this Security. 
 Except as
specifically provided in this Security, the Company will not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in
the United States. 
 Tax Redemption 

Except as provided below, this Security may not be redeemed prior to maturity. Unless previously redeemed or repurchased and canceled, this
Security will be repayable at par, including Additional Amounts, if any, on November 6, 2026 or such earlier date on which this Security shall be due and payable in accordance with the terms and conditions of this Security. However, if the
maturity date of this Security is not a Business Day, this Security will be payable on the next succeeding Business Day and no interest shall accrue for the period from November 6, 2026 to such payment date. 

 This Security may be redeemed at the Company’s option, in whole but not in part, at a
redemption price equal to 100% of the principal amount of this Security to be redeemed, together with interest accrued and unpaid to the date fixed for redemption, at any time, on giving not less than 15 nor more than 45 days’ notice, if 

(1) the Company has or will become obligated to pay Additional Amounts as a result of any change in or amendment to the laws, regulations or
rulings of the United States or any political subdivision or any taxing authority of or in the United States affecting taxation, or any change in or amendment to an official application, interpretation, administration or enforcement of such laws,
regulations or rulings, which change or amendment is announced or becomes effective on or after October 29, 2021, or 
 (2) any action
shall have been taken by a taxing authority, or any action has been brought in a court of competent jurisdiction, in the United States or any political subdivision or taxing authority of or in the United States, including any of those actions
specified in (1) above, whether or not such action was taken or brought with respect to the Company, or any change, clarification, amendment, application or interpretation of such laws, regulations or rulings shall be officially proposed, in
any such case on or after October 29, 2021, which results in a substantial likelihood that the Company will be required to pay Additional Amounts on the next Interest Payment Date. 

However, no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be, in the
case of a redemption for the reasons specified in (1) above, or there would be a substantial likelihood that the Company would be, in the case of a redemption for the reasons specified in (2) above, obligated to pay such Additional Amounts
if a payment in respect of this Security were then due and at the time such notification of redemption is given such circumstances remain in effect. 

Prior to the publication of any notice of redemption pursuant to this section, the Company will deliver to the Trustee under the Indenture:

 (i) a certificate signed by one of the Company’s duly authorized officers stating that the Company is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right so to redeem have occurred, and 

(ii) in the case of a redemption for the reasons specified in (1) or (2) above, a written opinion of independent legal counsel of
recognized standing to the effect that the Company has or will become obligated to pay such Additional Amounts as a result of such change or amendment or that there is a substantial likelihood that the Company will be required to pay such Additional
Amounts as a result of such action or proposed change, clarification, amendment, application or interpretation, as the case may be. 
 Such
notice, once delivered by the Company to the Trustee, will be irrevocable. 

 Events of Default 

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. 
 Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this Security and (b) certain
restrictive covenants and certain Events of Default upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

Amendments 
 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 at least 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 at least a
majority 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. 

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 any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

Book Entry Security 
 This Security is a
Book-Entry Security registered in the name of a nominee of a common depositary of the Depository. This Book-Entry Security is exchangeable for Securities registered in the name of a person other than the Depository or the nominee of its common
depositary only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Securities in certificated form, this Book-Entry Security may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

 The Securities represented by this Book-Entry Security are exchangeable for definitive
Securities in certificated form of like tenor as such Securities in denominations of ¥100,000,000 and integral multiples of ¥10,000,000 in excess thereof only if (i) the Company advises the Trustee in writing that the Depository is no
longer willing or able to discharge its responsibilities properly and the Company is unable to locate a qualified successor within 90 days; (ii) an Event of Default has occurred and is continuing under the Indenture; or (iii) the Company,
at its option, elects to terminate the book-entry system through the Depository. Any Securities that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Securities issuable in authorized denominations and registered
in such names as the Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Securities in certificated form is registrable in the Security Register, upon surrender of
the definitive Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on the definitive 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 thereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. Subject to the foregoing, this Book-Entry Security is not exchangeable, except for a Book-Entry Security or Book-Entry
Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 
 Notices 

So long as this Security is represented by this certificate and this certificate is held on behalf of Euroclear and Clearstream, Luxembourg,
notices to Holders may be given by delivery of the relevant notice to Euroclear and Clearstream, Luxembourg, for communication by it to entitled accountholders in substitution for notification as required by the terms and conditions of this
Security. 
 The Trustee will mail notices by first class mail, postage prepaid, to each registered holder’s last known address as it
appears in the Security Register. The Trustee will only mail these notices to BT Globenet Nominees Limited, as the registered holder of the Securities, unless the Company reissues the Securities to holders or their nominees in fully certificated
form. 
 Further Issues 
 The Company
may from time to time, without notice to or the consent of the registered holders of the Securities, create and issue further notes ranking equally with the Securities in all respects. Such further notes may be consolidated and form a single series
with the Securities and have the same terms as to status, redemption or otherwise as the Securities (other than the issue date of such further notes and first payment of interest following the issue date of such further notes). 

Governing Law 
 The Indenture and
Securities for all purposes shall be governed by and construed in accordance with the laws of the State of New York. 

 Miscellaneous 

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, 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. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

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