Document:

Form of Indenture

 Exhibit 4.2 
 PEPSICO, INC. 
 and 
 JPMORGAN CHASE BANK, N.A., as Trustee 
 Indenture 
 Dated as of [                    ], 2006

 Providing for Issuance of Debt Securities 

 TABLE OF CONTENTS 
  

  

			
	 	  	PAGE
		
	ARTICLE 1	  	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	
		
	 Section 1.01. Definitions
	  	1
	 Section 1.02. Officers’ Certificates and Opinions
	  	9
	 Section 1.03. Form of Documents Delivered to Trustee
	  	10
	 Section 1.04. Acts of Securityholders
	  	10
	 Section 1.05. Notices, etc., to Trustee and Company
	  	12
	 Section 1.06. Notice to Securityholders; Waiver
	  	12
	 Section 1.07. Conflict with Trust Indenture Act
	  	12
	 Section 1.08. Effect of Headings and Table of Contents
	  	13
	 Section 1.09. Successors and Assigns
	  	13
	 Section 1.10. Separability Clause
	  	13
	 Section 1.11. Benefits of Indenture
	  	13
	 Section 1.12. Governing Law
	  	13
	 Section 1.13. Counterparts
	  	13
	 Section 1.14. Judgment Currency
	  	13
	 Section 1.15. Legal Holidays
	  	14
		
	ARTICLE 2	  	
	SECURITY FORMS	  	
		
	 Section 2.01. Forms Generally
	  	14
	 Section 2.02. Forms of Securities
	  	15
	 Section 2.03. Securities in Global Form
	  	15
	 Section 2.04. Form of Trustee’s Certificate of Authentication
	  	15
		
	ARTICLE 3	  	
	THE SECURITIES	  	
		
	 Section 3.01. General Title; General Limitations; Issuable in Series; Terms of Particular Series
	  	16
	 Section 3.02. Denominations and Currency
	  	20
	 Section 3.03. Execution, Authentication and Delivery, and Dating
	  	20
	 Section 3.04. Temporary Securities
	  	22
	 Section 3.05. Registration, Transfer and Exchange
	  	23
	 Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities
	  	26
	 Section 3.07. Payment of Interest; Interest Rights Preserved
	  	27
	 Section 3.08. Persons Deemed Owners
	  	28
	 Section 3.09. Cancellation
	  	28
	 Section 3.10. Computation of Interest
	  	29

  

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	ARTICLE 4	  	
	SATISFACTION AND DISCHARGE	  	
		
	 Section 4.01. Satisfaction and Discharge of Indenture
	  	29
	 Section 4.02. Discharge and Defeasance
	  	30
	 Section 4.03. Covenant Defeasance
	  	31
	 Section 4.04. Conditions to Defeasance or Covenant Defeasance
	  	32
	 Section 4.05. Application of Trust Money; Excess Funds
	  	34
	 Section 4.06. Paying Agent to Repay Moneys Held
	  	34
	 Section 4.07. Return of Unclaimed Amounts
	  	35
		
	ARTICLE 5	  	
	REMEDIES	  	
		
	 Section 5.01. Events of Default
	  	35
	 Section 5.02. Acceleration of Maturity; Rescission, and Annulment
	  	37
	 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee
	  	38
	 Section 5.04. Trustee May File Proofs of Claim
	  	39
	 Section 5.05. Trustee May Enforce Claims Without Possession of Securities
	  	39
	 Section 5.06. Application of Money Collected
	  	40
	 Section 5.07. Limitation on Suits
	  	40
	 Section 5.08. Unconditional Right of Securityholders to Receive Principal, Premium, and Interest
	  	41
	 Section 5.09. Restoration of Rights and Remedies
	  	41
	 Section 5.10. Rights and Remedies Cumulative
	  	41
	 Section 5.11. Delay or Omission Not Waiver
	  	41
	 Section 5.12. Control by Securityholders
	  	42
	 Section 5.13. Waiver of Past Defaults
	  	42
	 Section 5.14. Undertaking for Costs
	  	42
	 Section 5.15. Waiver of Stay or Extension Laws
	  	43
		
	ARTICLE 6	  	
	THE TRUSTEE	  	
		
	 Section 6.01. Certain Duties and Responsibilities of Trustee
	  	43
	 Section 6.02. Notice of Defaults
	  	44
	 Section 6.03. Certain Rights of Trustee
	  	45
	 Section 6.04. Not Responsible for Recitals or Issuance of Securities
	  	46
	 Section 6.05. May Hold Securities
	  	46
	 Section 6.06. Money Held in Trust
	  	46
	 Section 6.07. Compensation and Reimbursement
	  	46
	 Section 6.08. Disqualification; Conflicting Interests
	  	47
	 Section 6.09. Corporate Trustee Required; Eligibility
	  	48
	 Section 6.10. Resignation and Removal; Appointment of Successor
	  	48

  

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	 Section 6.11. Acceptance of Appointment by Successor
	  	50
	 Section 6.12. Merger, Conversion, Consolidation or Succession to Business
	  	51
	 Section 6.13. Preferential Collection of Claims Against Company
	  	51
	 Section 6.14. Appointment of Authenticating Agent
	  	51
		
	ARTICLE 7	  	
	SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
COMPANY	  	
		
	 Section 7.01. Company to Furnish Trustee Names and Addresses of Securityholders
	  	53
	 Section 7.02. Preservation of Information; Communications to Securityholders
	  	53
	 Section 7.03. Reports by Trustee
	  	55
	 Section 7.04. Reports by Company
	  	55
		
	ARTICLE 8	  	
	CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER	  	
		
	 Section 8.01. Company May Consolidate, etc., Only on Certain Terms
	  	56
	 Section 8.02. Successor Corporation Substituted
	  	56
		
	ARTICLE 9	  	
	SUPPLEMENTAL INDENTURES	  	
		
	 Section 9.01. Supplemental Indentures Without Consent of Securityholders
	  	57
	 Section 9.02. Supplemental Indentures With Consent of Securityholders
	  	58
	 Section 9.03. Execution of Supplemental Indentures
	  	60
	 Section 9.04. Effect of Supplemental Indentures
	  	60
	 Section 9.05. Conformity With Trust Indenture Act
	  	60
	 Section 9.06. Reference in Securities to Supplemental Indentures
	  	61
		
	ARTICLE 10	  	
	COVENANTS	  	
		
	 Section 10.01. Payment of Principal, Premium and Interest
	  	61
	 Section 10.02. Maintenance of Office or Agency
	  	61
	 Section 10.03. Money or Security Payments to Be Held in Trust
	  	61
	 Section 10.04. Certificate to Trustee
	  	62
	 Section 10.05. Corporate Existence
	  	63
	 Section 10.06. Limitation on Secured Debt
	  	63
	 Section 10.07. Waiver of Certain Covenants
	  	64
		
	ARTICLE 11	  	
	REDEMPTION OF SECURITIES	  	
		
	 Section 11.01. Applicability of Article
	  	64

  

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	 Section 11.02. Election to Redeem; Notice to Trustee
	  	64
	 Section 11.03. Selection by Trustee of Securities to be Redeemed
	  	65
	 Section 11.04. Notice of Redemption
	  	65
	 Section 11.05. Deposit of Redemption Price
	  	66
	 Section 11.06. Securities Payable on Redemption Date
	  	66
	 Section 11.07. Securities Redeemed in Part
	  	66
	 Section 11.08. Provisions with Respect to any Sinking Funds
	  	67
		
	ARTICLE 12	  	
	REPAYMENT AT OPTION OF HOLDERS	  	
		
	 Section 12.01. Applicability of Article
	  	69
	 Section 12.02. Repayment of Securities
	  	69
	 Section 12.03. Exercise of Option
	  	69
	 Section 12.04. When Securities Presented for Repayment Become Due and Payable
	  	69
	 Section 12.05. Securities Repaid in Part
	  	70
		
	ARTICLE 13	  	
	SUBORDINATION OF SUBORDINATED SECURITIES	  	
		
	 Section 13.01. Agreement to Subordinate
	  	70
	 Section 13.02. Payment on Dissolution, Liquidation or Reorganization; Default on Senior Indebtedness
	  	70
	 Section 13.03. Payment Prior to Dissolution or Default
	  	73
	 Section 13.04. Securityholders Authorize Trustee to Effectuate Subordination of Securities
	  	74
	 Section 13.05. Right of Trustee to Hold Senior Indebtedness
	  	74
	 Section 13.06. Article 13 Not to Prevent Events Of Default
	  	74
	 Section 13.07. No Fiduciary Duty of Trustee to Holders of Senior Indebtedness
	  	74

  

			
	Exhibit A	  	Form of Note
	Exhibit B	  	Form of Fixed Rate Note
	Exhibit C	  	Form of Floating Rate Note

  

 iv 

 THIS INDENTURE, between PepsiCo, Inc., a North Carolina corporation (hereinafter called the
“Company”) having its principal office at 700 Anderson Hill Road, Purchase, N.Y. 10577, and JPMorgan Chase Bank, N.A., a national banking association, as trustee (hereinafter called the “Trustee”), is made and
entered into as of this [            ] day of [            ], 2006. 
 Recitals of the Company 
 The Company
has duly authorized the execution and delivery of this Indenture to provide for the issuance of its unsecured debentures, notes, bonds, and other evidences of indebtedness, to be issued in one or more fully registered series. 
 All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 Agreements of the Parties 
 To set
forth or to provide for the establishment of the terms and conditions upon which the Securities (as hereinafter defined) are and are to be authenticated, issued, and delivered, and in consideration of the premises thereof, and the purchase of
Securities by the Holders (as hereinafter defined) thereof, it is mutually covenanted and agreed as follows, for the equal and proportionate benefit of all Holders from time to time of the Securities or of any series thereof, as the case may be:

 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 1.01. Definitions. For all purposes of this Indenture and of any indenture supplemental hereto, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (b) all other terms used herein which are defined in the Trust Indenture Act (as hereinafter defined), either directly or by reference therein, have the
meanings assigned to them therein; 
 (c) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted 

 
hereunder shall mean such accounting principles as are generally accepted in the United States of America at the date of such computation; and 
 (d) all references in this instrument to designated “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this instrument as originally executed. 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 Securityholder (as hereinafter
defined), has the meaning specified in Section 1.04. 
 “Affiliate” of any specified Person (as hereinafter defined)
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 authenticate
Securities of one or more series under Section 6.14. 
 “Authentication Order” has the meaning specified in
Section 3.03. 
 “Board of Directors” means (i) the board of directors of the Company, (ii) any duly
authorized committee of that board, or (iii) any officer, director, or authorized representative of the Company, in each case duly authorized by such Board to act hereunder. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly
adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Chairman” means the Company’s Chairman of the Board and Chief Executive Officer. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Securities Exchange Act of 1934, 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 on such date. 
  

 2 

 “Company” means PepsiCo, Inc., unless and 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”, “Company Order”, and “Company Consent” mean, respectively, a written request, order, or consent signed in the name of the Company by its Chairman,
Vice Chairman, Chief Financial Officer, Senior Vice President, or any Vice President (as hereinafter defined), or by any other officer or officers of the Company pursuant to an applicable Board Resolution, and delivered to the Trustee. 

“Consolidated Net Tangible Assets” means the total amount of assets (less applicable depreciation, amortization, and other valuation
reserves) of the Company and its Restricted Subsidiaries, after deducting therefrom (i) all current liabilities of the Company and its Restricted Subsidiaries (excluding any such liabilities that are intercompany items) and (ii) all
goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, all as set forth on the latest consolidated balance sheet of the Company and its Restricted Subsidiaries prepared in accordance with
generally accepted accounting principles. 
 “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 4 New York Plaza, 15th Floor, New York, New York 10004. 
 “corporation” means a corporation, association, company, joint-stock company, limited liability company or business trust. 

“Covenant Defeasance” has the meaning specified in Section 4.03. 
 “Debt” has the meaning specified in Section 10.06. 
 “Defaulted Interest” has the meaning specified in Section 3.07. 
 “Defeasance” has the meaning specified in Section 4.02. 
 “Depositary” means with respect to
the Securities of any series issuable or issued in whole or in part in global form, the Person designated as Depositary by the Company pursuant to Section 3.01, unless and until a successor Depositary shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used
with respect to the Securities of any such series shall mean the “Depositary” with respect to the Securities of that series. 
  

 3 

 “Equivalent Government Securities” means, in relation to Securities denominated in a
currency other than U.S. dollars, securities of the government that issued the currency in which such Securities are denominated or securities of government agencies backed by the full faith and credit of such government. 
 “Event of Default” has the meaning specified in Article 5. 
 “Holder”, “Securityholder” and “Holder of Securities” means a Person in whose name a Security is
registered in the Security Register (as hereinafter defined). 
 “Indenture” or “this 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 and shall include the terms of any particular series
of Securities established as contemplated by Section 3.01. 
 “Interest Payment Date”, when used with respect to any
series of Securities, means any date on which an installment of interest on those Securities is scheduled to be paid. 
 “Maturity”, when used with respect to any Security, means the date on which the principal amount outstanding under such Security or an installment of principal amount outstanding under such Security becomes due and payable,
as therein or herein provided, whether on the Scheduled Maturity Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise. 
 “Mortgage” is defined in Section 10.06. 
 “New York Business Day”
means (except, with respect to any particular series of Securities, as may be otherwise provided in the form of such Securities) any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are
authorized or required by law, regulation, or executive order to be closed. 
 “Officers’ Certificate” means a
certificate signed by any two of the Chairman, Vice Chairman, Chief Financial Officer, Senior Vice President, any Vice President, the Treasurer, and any Assistant Treasurer of the Company, or by any other officer or officers of the Company pursuant
to an applicable Board Resolution, and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel
to the Company, which counsel may be an employee of the Company or other counsel who shall be reasonably acceptable to the Trustee. 
  

 4 

 “Original Issue Discount Security” means any Security which is initially sold at a
discount from the principal amount thereof and the terms of which provide that upon redemption or acceleration of the Maturity thereof, an amount less than the principal amount thereof would become due and payable. 
 “Outstanding”, when used with respect to any particular Securities or to the Securities of any particular series means, as of the date
of determination, all such Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) such Securities theretofore
canceled by the Trustee or delivered by the Company to the Trustee for cancellation; 
 (ii) such Securities, or portions thereof, for whose
payment or redemption money in the necessary amount has been theretofore deposited in trust with the Trustee or with any Paying Agent (as hereinafter defined) other than the Company, or, if the Company shall act as its own Paying Agent, has been set
aside and segregated in trust by the Company; provided, in any case, that if such Securities are to be redeemed prior to their Scheduled Maturity Date, notice of such redemption has been duly given pursuant to this Indenture or provision therefor
satisfactory to the Trustee has been made; and 
 (iii) such Securities in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, or which shall have been paid, in each case, pursuant to the terms of Section 3.06 (except with respect to any such Security as to which proof satisfactory to the Trustee is presented that
such Security is held by a Person in whose hands such Security is a legal, valid, and binding obligation of the Company). 
 In determining whether the
Holders of the requisite principal amount of such Securities Outstanding have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of any 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 such determination upon a declaration of acceleration of the Maturity thereof. In determining whether the Holders of the requisite
principal amount of such Securities Outstanding have given a direction concerning the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or concerning the exercise of any trust or power conferred upon the
Trustee under this Indenture, or concerning a consent on behalf of the Holders of any series of Securities to the waiver of any past default and its consequences, Securities owned by the Company, any other obligor upon the Securities, or any
Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, or

  

 5 

 
waiver, only Securities which a Responsible Officer assigned to the corporate trust department of the Trustee knows to be owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or such other obligor 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 to act as owner 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 such other obligor. 
 “Paying Agent” means, with respect to any Securities, any Person appointed by the Company to distribute amounts payable by the Company
on such Securities. If at any time there shall be more than one such Person, “Paying Agent” as used with respect to the Securities of any particular series shall mean the Paying Agent with respect to Securities of that series. As of the
date of this Indenture, the Company has appointed JPMorgan Chase Bank, N.A. as Paying Agent with respect to all Securities issuable hereunder. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or government, or any agency or political subdivision thereof. 
 “Place of Payment” means with respect to any series of Securities issued hereunder the city or political subdivision so designated with
respect to the series of Securities in question in accordance with the provisions of Section 3.01. 
 “Predecessor
Securities” 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 3.06 in lieu of a lost, destroyed, mutilated, or stolen Security shall be deemed to evidence the same debt as the lost, destroyed, mutilated, or stolen Security. 
 “Principal Property” means any single manufacturing or processing plant, office building, or warehouse owned or leased by the Company or
a Restricted Subsidiary other than a plant, warehouse, office building, or portion thereof which, in the opinion of the Company’s Board of Directors, is not of material importance to the business conducted by the Company and its Restricted
Subsidiaries as an entirety. 
 “Record Date” means any date as of which the Holder of a Security will be determined for any
purpose described herein, such determination to be made as of the close of business on such date by reference to the Security Register. 
  

 6 

 “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 specified in the Security at which it is to be redeemed pursuant to this Indenture. 
 “Repayment
Date”, when used with respect to any Security to be repaid, means the date fixed for such repayment pursuant to such Security. 
 “Repayment Price”, when used with respect to any Security to be repaid, means the price at which it is to be repaid pursuant to such Security. 
 “Responsible Officer”, when used with respect to the Trustee, shall mean an officer of the Trustee in the Corporate Trust Office, having direct responsibility for the administration of this Indenture,
and also, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Restricted Subsidiary” means at any time any Subsidiary of the Company except a Subsidiary which is at the time an Unrestricted
Subsidiary. 
 “Scheduled Maturity Date”, when used with respect to any Security, means the date specified in such Security
as the date on which all outstanding principal and interest will be due and payable. 
 “Security” or
“Securities” means any note or notes, bond or bonds, debenture or debentures, or any other evidences of indebtedness, as the case may be, of any series authenticated and delivered from time to time under this Indenture. 

“Security Register” shall have the meaning specified in Section 3.05. 
 “Security Registrar” means the Person who maintains the Security Register, which Person shall be the Trustee unless and until a
successor Security Registrar is appointed by the Company. 
 “Senior Indebtedness” means all obligations or indebtedness of,
or guaranteed or assumed by, the Company, whether or not represented by bonds, debentures notes or similar instruments, for borrowed money, and any amendments, renewals, extensions, modifications and refundings of any such obligations or
indebtedness, unless in the instrument creating or evidencing any such indebtedness or obligations or pursuant to which the same is outstanding it is specifically stated, at or prior to the time the Company becomes liable in respect 

  

 7 

 
thereof, that any such obligation or indebtedness or such amendment, renewal, extension, modification and refunding thereof is not Senior Indebtedness.

 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 3.07. 
 “Specified Currency” has the meaning specified in Section 3.01. 
 “Subordinated Security” means any security issued under this Indenture which is designated as a Subordinated Security. 
 “Subsidiary” of any specified corporation means any entity at least a majority of whose outstanding Voting Stock shall at the time be
owned, directly or indirectly, by the specified corporation or by one or more of its Subsidiaries, or both. 
 “Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as in force as of the date hereof, except as provided in Section 9.05. 
 “Trustee” means the party named as such above until a successor becomes such pursuant to this Indenture and thereafter means or includes each party who is then a trustee hereunder, and if at any time
there is more than one such party, “Trustee” as used with respect to the Securities of any series means the Trustee with respect to Securities of that series. If Trustees with respect to different series of Securities are trustees under
this Indenture, nothing herein shall constitute the Trustees co-trustees of the same trust, and each Trustee shall be the trustee of a trust separate and apart from any trust administered by any other Trustee with respect to a different series of
Securities. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company (not at the time designated a Restricted
Subsidiary) (i) the major part of whose business consists of finance, banking, credit, leasing, insurance, financial services, or other similar operations, or any combination thereof, (ii) substantially all the assets of which consist of
the capital stock of one or more such Subsidiaries, or (iii) designated as such by the Company’s Board of Directors; provided that such designation will not constitute a violation of the terms of the Securities. Any Subsidiary
designated as a Restricted Subsidiary may be designated as an Unrestricted Subsidiary unless such designation will constitute a violation of the terms of the Securities. 
 “U.S. Government Obligations” means (i) securities that are direct obligations of the United States of America, the payment of which is unconditionally guaranteed by the full faith and credit of
the United States of America and (ii) securities that are obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of 

  

 8 

 
America, the payment of which is unconditionally guaranteed by the full faith and credit of the United States of America, and also includes depository
receipts issued by a bank or trust company as custodian with respect to any of the securities described in the preceding clauses (i) and (ii), and any payment of interest or principal payable under any of the securities described in the
preceding clauses (i) and (ii) that is 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, or from any amount received by the custodian in respect of such securities, or from any specific payment of interest or principal payable under the securities evidenced by such depository receipt.

 “Vice President”, when used with respect to the Company or 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”. 
 “Voting Stock”, as
applied to the stock of any corporation, means stock of any class or classes (however designated), the outstanding shares of which have, by the terms thereof, ordinary voting power to elect a majority of the members of the board of directors (or
other governing body) of such corporation, other than stock having such power only by reason of the happening of a contingency. 
 Section
1.02. Officers’ Certificates and Opinions. Every Officers’ Certificate, Opinion of Counsel, and other certificate or opinion to be delivered to the Trustee under this Indenture with respect to any action to be taken by the Trustee
(except for the Officers’ Certificate required by Section 10.04) shall include the following: 
 (a) a statement that each
individual signing such certificate or opinion has read all covenants and conditions of this Indenture relating to such proposed action, including the definitions herein relating thereto; 
 (b) 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; 
 (c) a statement that, in the opinion of each such individual, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
  

 9 

 Section 1.03. 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 the 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, legal counsel, unless such officer knows that any such certificate, opinion, or representation is erroneous. Any opinion of counsel for the Company 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, unless such counsel knows that any such certificate, opinion, or representation is 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, such instruments may, but need not, be consolidated and form a single instrument. 
 Section 1.04. Acts
of Securityholders. (a) Any request, demand, authorization, direction, notice, consent, waiver, or other action provided by this Indenture to be given or taken by Securityholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Securityholders in person or by an agent 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 (if expressly required by the applicable terms of this Indenture) to the Company. If any Securities are denominated in coin or currency other than that of the United States, then for the purposes of determining whether the Holders
of the requisite principal amount of Securities have taken any action as herein described, the principal amount of such Securities shall be deemed to be that amount of United States dollars that could be obtained for such principal amount on the
basis of the spot rate of exchange into United States dollars for the currency in which such Securities are denominated (as evidenced to the Trustee by a certificate provided by a financial institution, selected by the Company, that maintains an
active trade in the currency in question, acting as conversion agent) as of the date the taking of such action by the Holders of such requisite principal amount is evidenced to the Trustee as provided in the immediately preceding sentence. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Securityholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing 

  

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appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) 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 to such execution or by the certificate of any 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 an officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, 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 for all purposes be determined by reference to the Security Register, as such register shall exist as of the
applicable date. 
 (d) If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver
or other action, the Company may, at its option, by Board Resolution, fix in advance a Record Date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the
Company shall have no obligation to do so. If such Record Date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after such Record Date, but only the Holders of record at the
close of business on such Record Date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Securities Outstanding have authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other action, and for that purpose the Securities Outstanding shall be computed as of such Record Date; provided that no such authorization, agreement or consent by the Holders on such Record Date shall
be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after such Record Date. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall bind each subsequent Holder of such Security, and each Holder of any Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof, with respect to anything done or suffered to be done by the Trustee or the Company in reliance upon such action, whether or not notation of such action is made upon such Security.

  

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 Section 1.05. Notices, etc., to Trustee and Company. Any request, order, authorization, direction,
consent, waiver, or other action to be taken by the Trustee, the Company, or the Securityholders hereunder (including any Authentication Order), and any notice to be given to the Trustee or the Company with respect to any action taken or to be taken
by the Trustee, the Company, or the Securityholders hereunder, shall be sufficient if made in writing and 
 (a) (if to be furnished or
delivered to or filed with the Trustee by the Company or any Securityholder) delivered to the Trustee at its Corporate Trust Office, Attention: Worldwide Securities Services, or 
 (b) (if to be furnished or delivered to the Company by the Trustee or any Securityholder, and except as otherwise provided in Section 5.01(d) and,
in the case of a request for repayment, except as specified in the Security carrying the right to repayment) mailed to the Company, first-class postage prepaid, at its principal office (as specified in the first paragraph of this instrument),
Attention: Treasurer, or at any other address hereafter furnished in writing by the Company to the Trustee. 
 Section 1.06. Notice To
Securityholders; Waiver. Where this Indenture or any Security provides for notice to Securityholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided herein or in such Security) if in writing and mailed,
first-class postage prepaid, to each Securityholder affected by such event, at his or her address as it appears in the Security Register as of the applicable Record Date, not later than the latest date or earlier than the earliest date prescribed by
this Indenture or such Security for the giving of such notice. In any case where notice to Securityholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Securityholder shall affect
the sufficiency of such notice with respect to other Securityholders. Where this Indenture or any Security 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 Securityholders 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 as a result of a strike, work stoppage or otherwise, it shall be
impractical to mail notice of any event to any Securityholder when such notice is required to be given pursuant to any provision of this Indenture or the applicable Security, then any method of notification as shall be satisfactory to the Trustee
and the Company shall be deemed to be sufficient for the giving of such notice. 
 Section 1.07. Conflict with Trust Indenture Act. If
any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be 

  

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included in this Indenture by any of the provisions of the TIA, such required provision shall control. 
 Section 1.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents hereof are for
convenience only and shall not affect the construction of any provision of this Indenture. 
 Section 1.09. 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 1.10. 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 1.11. Benefits Of Indenture. Nothing in this Indenture or in any Securities, express or
implied, shall give to any Person, other than the parties hereto, their successors hereunder, the Authenticating Agent, the Security Registrar, any Paying Agent, and the Holders of Securities (or such of them as may be affected thereby), any benefit
or any legal or equitable right, remedy or claim under this Indenture. 
 Section 1.12. Governing Law. This Indenture shall be
governed by and construed in accordance with the laws of the State of New York. 
 Section 1.13. Counterparts. This instrument may be
executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of which shall together constitute but one and the same instrument. 
 Section 1.14. Judgment Currency. The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court with respect to the Securities of any series it is necessary to convert the sum due in respect of the principal, premium, if any, or interest, if any, payable with respect to such Securities into a currency
in which a judgment can be rendered (the “Judgment Currency”), the rate of exchange from the currency in which payments under such Securities is payable (the “Required Currency”) into the Judgment Currency shall be
the highest bid quotation (assuming European-style quotation — i.e., Required Currency per Judgment Currency) received by the Company from three recognized foreign exchange dealers in the City of New York for the purchase of the
aggregate amount of the judgment (as denominated in the Judgment Currency) on the New York Business Day preceding the date on which a final unappealable judgment is rendered, for settlement on such payment date, and at which the applicable dealer

  

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timely commits to execute a contract, and (b) the Company’s obligations under this Indenture to make payments in the Required Currency (i) shall
not be discharged or satisfied by any tender, or by any recovery pursuant to any judgment (whether or not entered in accordance with the preceding clause (a)), 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 judgment creditor of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. 
 Section 1.15. Legal Holidays. 
 In any case where any Interest Payment Date, Redemption Date, Repayment Date or Maturity of any Security shall not be a New York Business Day at any
Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) 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, Redemption Date, Repayment Date or at Maturity, provided that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date, Repayment Date or Maturity, as the case may be. 
 ARTICLE 2 
 SECURITY FORMS 
 Section 2.01. Forms Generally. The Securities of each series shall have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture 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 executing such Securities, as
evidenced by their execution of the Securities. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security. 
 The definitive Securities, if any, shall be printed, lithographed or engraved or produced by any combination of these methods on steel engraved borders
or may be produced in any other manner permitted by the rules of any securities exchange, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  

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 Section 2.02. Forms of Securities. Each Security shall be in one of the forms approved from time
to time by or pursuant to any Board Resolution, or established in one or more indentures supplemental hereto. Prior to the delivery to the Trustee for authentication of any Security in any form approved by or pursuant to a Board Resolution, the
Company shall deliver to the Trustee a copy of such Board Resolution, together with a true and correct copy of the form of Security which has been approved thereby, or, if a Board Resolution authorizes a specific officer or officers to approve a
form of Security, together with a certificate of such officer or officers approving the form of Security attached thereto, provided, however, that with respect to all Securities issued pursuant to the same Board Resolution, the required copy
of such Board Resolution, together with the appropriate attachment, need be delivered only once. Any form of Security approved by or pursuant to a Board Resolution must be acceptable as to form to the Trustee, such acceptance to be evidenced by the
Trustee’s authentication of Securities in that form or by a certificate signed by a Responsible Officer of the Trustee and delivered to the Company. 
 Section 2.03. Securities in Global Form. If Securities of a series are issuable in whole or in part in global form, the global security representing such Securities may provide that it shall represent the
aggregate amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges or increased to reflect
the issuance of additional Securities. Any endorsement of a Security in global form to reflect the amount (or any increase or decrease in the amount) of Outstanding Securities represented thereby shall be made in such manner and by such Person or
Persons as shall be specified therein or in the Authentication Order delivered to the Trustee pursuant to Section 3.03 hereof. 
 Section 2.04. Form of Trustee’s Certificate of Authentication. The form of Trustee’s Certificate of Authentication for any Security issued pursuant to this Indenture shall be substantially as follows: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	JPMorgan Chase Bank, N.A., as Trustee,
		
	By:	 	  
		 	Authorized Officer:

  

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 ARTICLE 3 
 THE SECURITIES 
 Section 3.01. General Title; General Limitations; Issuable
in Series; Terms of Particular Series. The aggregate principal amount of Securities that may be authenticated, delivered, and Outstanding at any time under this Indenture is not limited. 
 The Securities may be issued in one or more series in such aggregate principal amount as may from time to time be authorized by the Board of Directors.
All Securities of a series issued under this Indenture shall in all respects be equally and ratably entitled to the benefits hereof, without preference, priority, or distinction on account of the actual time of the authentication and delivery or
Scheduled Maturity Date thereof. 
 Each series of Securities shall be created either by or pursuant to one or more Board Resolutions or by
one or more indentures supplemental hereto. Any such Board Resolution or supplemental indenture (or, in the case of a series of Securities created pursuant to a Board Resolution, any officer or officers authorized by such Board Resolution) shall
establish the terms of any such series of Securities, including the following (as and to such extent as may be applicable): 
 (1) the title
of such series; 
 (2) the limit, if any, upon the aggregate principal amount or issue price of the Securities of such series; 
 (3) the issue date or issue dates of the Securities of such series; 
 (4) the Scheduled Maturity Date of the Securities of such series; 
 (5) the place or places where the
principal, premium, if any, interest, if any, and additional amounts, if any, payable with respect to the Securities of such series shall be payable; 
 (6) whether the Securities of such series will be issued at par or at a premium over or a discount from their face amount; 
 (7) the rate or rates (which may be fixed or variable)at which the Securities of such series shall bear interest, if any, and, if applicable, the method by which such rate or rates may be determined; 
 (8) the date or dates (or the method by which such date or dates may be determined) from which interest, if any, shall accrue, and the Interest Payment
Dates on which such interest shall be payable; 
  

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 (9) the rights, if any, to defer payments of interest on the Securities by extending the interest payment
periods and the duration of such extension; 
 (10) the period or periods within which, the Redemption Price(s)or Repayment Price(s) at
which, and any other terms and conditions upon which the Securities of such series may be redeemed or repaid, in whole or in part, by the Company; 
 (11) the obligation, if any, of the Company to redeem, repay, or purchase any of the Securities of such series pursuant to any sinking fund, mandatory redemption, purchase obligation, or analogous provision at the option of a Holder
thereof, and the period or periods within which, the Redemption Price(s) or Repayment Price(s) or other price or prices at which, and any other terms and conditions upon which the Securities of such series shall be redeemed, repaid, or purchased, in
whole or in part, pursuant to such obligation; 
 (12) the issuance of the Securities of such series in whole or in part in global form and,
if so, the identity of the Depositary for such global security and the terms and conditions, if any, upon which interests in the Securities represented by such global security may be exchanged, in whole or in part, for the individual Securities
represented thereby (if other than as provided in Section 3.05); 
 (13) whether such securities are Subordinated Securities and if so,
the provisions for such subordination if other than the provisions set forth in Article 13; 
 (14) the denominations in which the Securities
of such series will be issued (which may be any denomination as set forth in the terms of such Securities) if other than U.S.$1,000 or an integral multiple thereof; 
 (15) whether and under what circumstances additional amounts on the Securities of such series shall be payable in respect of any taxes, assessments, or other governmental charges withheld or deducted and, if so,
whether the Company will have the option to redeem such Securities rather than pay such additional amounts; 
 (16) the basis upon which
interest shall be calculated; 
 (17) if the Securities of such series are to be issuable in definitive form (whether upon original issue or
upon exchange of a temporary Security for a definitive Security of such series) only upon receipt of certain certificates or other documents or upon satisfaction of other conditions, then the form and terms of such certificates, documents, and/or
conditions; 
  

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 (18) the exchange or conversion of the Securities of that series, whether or not at the option of the
Holders thereof, for or into new Securities of a different series or for or into any other securities which may include shares of Capital Stock of the Company or any Subsidiary of the Company or securities directly or indirectly convertible into or
exchangeable for any such shares or securities of entities unaffiliated with the Company or any Subsidiary of the Company; 
 (19) if other
than U.S. dollars, the foreign or composite currency or currencies (each such currency a “Specified Currency”) in which the Securities of such series shall be denominated and in which payments of principal, premium, if any,
interest, if any, or additional amounts, if any, payable with respect to such Securities shall or may be payable; 
 (20) if the principal,
premium, if any, interest, if any, or additional amounts, if any, payable with respect to the Securities of such series are to be payable in any currency other than that in which the Securities are stated to be payable, whether at the election of
the Company or of a Holder thereof, the period or periods within which, and the terms and conditions upon which, such election may be made; 
 (21) if the amount of any payment of principal, premium, if any, interest, if any, or other sum payable with respect to the Securities of such series may be determined by reference to the relative value of one or more Specified Currencies,
commodities, securities, or instruments, the level of one or more financial or non- financial indices, or any other designated factors or formulas, the manner in which such amounts shall be determined; 
 (22) the exchange of Securities of such series, at the option of the Holders thereof, for other Securities of the same series of the same aggregate
principal amount of a different authorized kind or different authorized denomination or denominations, or both; 
 (23) the appointment by
the Trustee of an Authenticating Agent in one or more places other than the Corporate Trust Office of the Trustee, with power to act on behalf of the Trustee, and subject to its direction, in the authentication and delivery of the Securities of such
series; 
 (24) any trustees, depositaries, paying agents, transfer agents, exchange agents, conversion agents, registrars, or other agents
with respect to the Securities of such series if other than the Trustee, Paying Agent and Security Registrar named herein; 
 (25) the
portion of the principal amount of Securities of such series, if other than the principal amount thereof, that shall be payable upon declaration of 

  

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acceleration of the Maturity thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 5.04; 
 (26) any Event of Default with respect to the Securities of such series, if not set forth herein, or any modification of any Event of Default set forth
herein with respect to such series; 
 (27) any covenant solely for the benefit of the Securities of such series; 
 (28) the inapplicability of Section 4.02 and Section 4.03 of this Indenture to the Securities of such series and if Section 4.03 is
applicable, the covenants subject to Covenant Defeasance under Section 4.03; and 
 (29) any other terms not inconsistent with the
provisions of this Indenture. 
 If all of the Securities issuable by or pursuant to any Board Resolution are not to be issued at one time,
it shall not be necessary to deliver the Officers’ Certificate and Opinion of Counsel required by Section 3.03 hereof at the time of issuance of each such Security, but such Officers’ Certificate and Opinion of Counsel shall be
delivered at or before the time of issuance of the first such Security. 
 If any series of Securities shall be established by action taken
pursuant to any Board Resolution, the execution by the officer or officers authorized by such Board Resolution of an Authentication Order (as defined in Section 3.03 below) with respect to the first Security of such series to be issued, and the
delivery of such Authentication Order to the Trustee at or before the time of issuance of the first Security of such series, shall constitute a sufficient record of such action. Except as otherwise permitted by Section 3.03, if all of the
Securities of any such series are not to be issued at one time, the Company shall deliver an Authentication Order with respect to each subsequent issuance of Securities of such series, but such Authentication Orders may be executed by any authorized
officer or officers of the Company, whether or not such officer or officers would have been authorized to establish such series pursuant to the aforementioned Board Resolution. 
 Unless otherwise provided by or pursuant to the Board Resolution or supplemental indenture creating such series (i) a series may be reopened for
issuances of additional Securities of such series, and (ii) all Securities of the same series shall be substantially identical, except for the initial Interest Payment Date, issue price, initial interest accrual date and the amount of the first
interest payment. 
  

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 The form of the Securities of each series shall be established in a supplemental indenture or by or
pursuant to the Board Resolution creating such series. The Securities of each series shall be distinguished from the Securities of each other series in such manner as the Board of Directors or its authorized representative or representatives may
determine. 
 Unless otherwise provided with respect to Securities of a particular series, the Securities of any series may only be issuable
in registered form, without coupons. 
 Section 3.02. Denominations and Currency. The Securities of each series shall be issuable in
such denominations and currency as shall be provided in the provisions of this Indenture or by or pursuant to the Board Resolution or supplemental indenture creating such series. In the absence of any such provisions with respect to the Securities
of any series, the Securities of that series shall be issuable only in fully registered form in denominations of U.S. $1,000 and any integral multiple thereof. 
 Section 3.03. Execution, Authentication and Delivery, and Dating. The Securities shall be executed on behalf of the Company by any two of the Chairman, Vice Chairman, Chief Financial Officer, Senior Vice
President and any Vice President of the Company under its corporate seal reproduced thereon and attested by its Secretary or any one of its Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.
The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted, or otherwise reproduced on the Securities. Typographical and other minor errors or defects in any such reproduction of the seal or any such
signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered by the Trustee. 
 Unless otherwise provided in the form of Security for any series, all Securities shall be dated the date of their authentication. 
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 
 At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Securities to the Trustee for authentication, together with a Company Order for authentication and delivery (such Order an “Authentication Order”)
with respect to such Securities, and the Trustee shall, upon receipt of such Authentication Order, in accordance with procedures acceptable to the Trustee set forth in the Authentication Order, and subject to the 

  

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provisions hereof, authenticate and deliver such Securities to such recipients as may be specified from time to time pursuant to such Authentication Order.
The material terms of such Securities shall be determinable by reference to such Authentication Order and procedures. If provided for in such procedures, such Authentication Order may authorize authentication and delivery of such Securities pursuant
to oral instructions from the Company or its duly authorized agent, which instructions shall be promptly confirmed in writing. 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 the provisions of Section 6.01 hereof) shall be fully protected in relying upon: 
 (1) an executed supplemental indenture, if any; 
 (2) an Officers’ Certificate, certifying as to the
authorized form or forms and terms of such Securities; and 
 (3) an Opinion of Counsel, stating that: 
 (a) the form or forms and terms of such Securities have been established by and in conformity with the provisions of this Indenture;
provided that if all such Securities are not to be issued at the same time, such Opinion of Counsel may state that such terms will be established in conformity with the provisions of this Indenture, subject to any conditions specified in such
Opinion of Counsel; and 
 (b) 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, moratorium,
reorganization, and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general principles of equity; 
 provided, however, that if all Securities issuable by or pursuant to a Board Resolution or supplemental indenture are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate or
Opinion of Counsel otherwise required pursuant to this paragraph at or prior to the time of authentication of each such Security if such documents are delivered at or prior to the time of authentication upon original issuance of the first such
Security to be issued. After the original issuance of the first such Security to be issued, any separate request by the Company that the Trustee authenticate such Securities for original issuance will be deemed to be a certification by the Company
that it is in compliance with all conditions precedent provided for in this Indenture relating to the authentication and delivery of such Securities. 
  

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 The Trustee shall not be required to authenticate such Securities if the issue thereof will adversely
affect the Trustee’s own rights, duties, or immunities under the Securities and this Indenture. 
 If the Company shall establish
pursuant to Section 3.01 that Securities of a series may be issued in whole or in part in global form, then the Company shall execute, and the Trustee shall (in accordance with this Section 3.03 and the Authentication Order with respect to
such series) authenticate and deliver, one or more Securities in global form that (i) shall represent and shall be denominated in an aggregate amount equal to the aggregate principal amount of the Outstanding Securities of such series to be
represented by such one or more Securities in global form, (ii) shall be registered, in the name of the Depositary for such Security or Securities in global form, or in the name of a nominee of such Depositary, (iii) shall be delivered to
such Depositary or pursuant to such Depositary’s instruction, and (iv) shall bear a legend substantially as follows: “Unless and until it is exchanged in whole or in part for Securities in certificated form, this Security may not be
transferred except as a whole by the Depositary to a nominee of the Depositary, or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary.” Each Depositary designated pursuant to Section 3.01 for a Security in global form must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the
Securities Exchange Act of 1934 and any other applicable statute or regulation. 
 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 officer, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
 Section 3.04. Temporary Securities. Pending the preparation of definitive Securities of any series, the Company may execute, and, upon receipt of the documents required by Sections 2.02, 3.01 and 3.03 hereof,
together with an Authentication Order, the Trustee shall authenticate and deliver, temporary Securities of such series that are printed, lithographed, typewritten, mimeographed, or otherwise produced, in any authorized denomination, substantially of
the tenor of the definitive Securities in lieu of which they are issued in registered form, without coupons, and with such appropriate insertions, omissions, substitutions, and other variations as the officers executing such Securities may
determine, as evidenced by their execution of such Securities. In the case of Securities of any series for which a temporary Security may be issued in global form, such temporary global security shall represent all of the Outstanding Securities of
such series and tenor. 
  

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 Except in the case of temporary Securities in global form, which shall be exchanged in accordance with
the provisions thereof, if temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities
of such series shall be exchangeable, at the Corporate Trust Office of the Trustee, or at such other office or agency as may be maintained by the Company in a Place of Payment pursuant to Section 10.02 hereof, for definitive Securities of such
series having identical terms and provisions, upon surrender of the temporary Securities of such series, at the Company’s own expense and without charge to the Holder; and 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 a like principal amount of definitive Securities of such series in authorized denominations containing identical terms and provisions.
Unless otherwise specified as contemplated by Section 3.01 with respect to a temporary Security in global form, until so exchanged, the temporary Securities of such series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series. 
 Section 3.05. Registration, Transfer and Exchange. With respect to the
Securities of each series, the Trustee shall keep a register (herein sometimes referred to as the “Security Register”) which shall provide for the registration of Securities of such series, and for transfers of Securities of such series,
in accordance with information to be provided to the Trustee by the Company, subject to such reasonable regulations as the Trustee may prescribe. Such register shall be in written form or in any other form capable of being converted into written
form within a reasonable time. At all reasonable times the information contained in such register or registers shall be available for inspection at the Corporate Trust Office of the Trustee or at such other office or agency to be maintained by the
Company pursuant to Section 10.02 hereof. 
 Upon due presentation for registration of transfer of any Security of any series at the
Corporate Trust Office of the Trustee or at any other office or agency maintained by the Company with respect to that series pursuant to Section 10.02 hereof, 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 such series of any authorized denominations, of like aggregate principal amount, tenor, terms and Scheduled Maturity Date. 
 Any other provision of this Section 3.05 notwithstanding, unless and until it is exchanged in whole or in part for the individual Securities represented
thereby, in definitive form, a Security in global form representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary, or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary, or by 

  

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such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 
 At the option of the Holder, Securities of any series may be exchanged for other Securities of such series of any authorized denominations, of like
aggregate principal amount, tenor, terms and Scheduled Maturity Date, 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 Securityholder making the exchange is entitled to receive. 
 If at any time the
Depositary for the Securities of a series represented by one or more Securities in global form notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series, or if at any time the Depositary for the
Securities of such series shall no longer be eligible under Section 3.03 hereof, the Company, by Company Order, shall appoint a successor Depositary with respect to the Securities of such series. If a successor Depositary for the Securities of
such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section 3.01 that such Securities be represented by one or more
Securities in global form shall no longer be effective with respect to the Securities of such series and the Company will execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive Securities
of such series, will authenticate and deliver Securities of such series in definitive form, in authorized denominations, in an aggregate principal amount, and of like terms and tenor, equal to the principal amount of the Security or Securities in
global form representing such series, in exchange for such Security or Securities in global form. 
 The Company may at any time and in its
sole discretion and subject to the procedures of the Depositary determine that individual Securities of any series issued in global form shall no longer be represented by such Security or Securities in global form. In such event the Company will
execute, and the Trustee, upon receipt of an Authentication Order for the authentication and delivery of definitive Securities of such series and of the same terms and tenor, will authenticate and deliver Securities of such series in definitive
form, in authorized denominations, and in aggregate principal amount equal to the principal amount of the Security or Securities in global form representing such series in exchange for such Security or Securities in global form. 
 If specified by the Company pursuant to Section 3.01 with respect to a series of Securities issued in global form, the Depositary for such series of
Securities may surrender a Security in global form for such series of Securities in exchange in whole or in part for Securities of such series in definitive form and of like terms and tenor on such terms as are acceptable to the Company and such

  

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Depositary. Thereupon, the Company shall execute, and the Trustee upon receipt of an Authentication Order for the authentication and delivery of definitive
Securities of such series, shall authenticate and deliver, without service charge: 
 (a) to each Person specified by such Depositary, a new
definitive Security or Securities of the same series and of the same tenor and terms, in authorized denominations, in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Security in global form; and

 (b) to such Depositary, a new Security in global form in a denomination equal to the difference, if any, between the principal amount of
the surrendered Security in global form and the aggregate principal amount of the definitive Securities delivered to Holders pursuant to clause (a) above. 
 Upon the exchange of a Security in global form for Securities in definitive form, such Security in global form shall be canceled by the Trustee or an agent of the Company or the Trustee. Securities issued in
definitive form in exchange for a Security in global form pursuant to this Section 3.05 shall be registered in such names and in such authorized denominations as the Depositary for such Security in global form, pursuant to instructions from its
direct or indirect participants or otherwise, shall instruct the Trustee or an agent of the Company or the Trustee in writing. The Trustee or such agent shall deliver such Securities to or as directed by the Persons in whose names such Securities
are so registered or to the Depositary. 
 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 transfer or
exchange. 
 Every Security presented or surrendered for registration of transfer, exchange, redemption or payment 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.

 Unless otherwise provided in the Security to be transferred or exchanged, no service charge shall be imposed for any registration of
transfer or exchange of Securities, but the Company may (unless otherwise provided in such Security) require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of
Securities, 

  

 25 

 
other than exchanges pursuant to Section 3.04, 3.06, 9.06 and 11.07 hereof not involving any transfer. 
 The Company shall not be required to (i) issue, register the transfer of, or exchange any Security 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 such series selected for redemption under Section 11.03 and ending at the close of business on the date of such mailing, or (ii) register
the transfer of or exchange any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the portion thereof not to be redeemed. 
 Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities. If (i) any mutilated Security is surrendered to the Trustee, or the Company and
the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and (ii) there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each 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 may in its discretion execute and upon request of the Company the Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of like tenor, terms, series, Scheduled Maturity Date, and principal amount, 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 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 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
the same 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. 
  

 26 

 Section 3.07 . Payment of Interest; Interest Rights Preserved. Interest on any Security which is
payable and is punctually paid or duly provided for on any Interest Payment Date shall, if so provided in such Security, 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 applicable Record Date, notwithstanding any transfer or exchange of such Security subsequent to such Record Date and prior to such Interest Payment Date. (unless such Interest Payment Date is also the date of Maturity of such Security).

 Any interest on any Security 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 registered Holder on the applicable Record Date by virtue of his having been such Holder; and, except as hereinafter provided, such Defaulted Interest may be paid by
the Company, at its election in each case, as provided in clause (a) or clause (b) below: 
 (a) The Company may elect to make
payment of any Defaulted Interest to the Persons in whose names any such Securities (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 such Security 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 nor 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 the Holder of each such Security at his 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 mailed as aforesaid, such Defaulted Interest
shall be paid to the Persons in whose names such Securities (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 (b).

 (b) The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any
securities 

  

 27 

 
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. 
 Interest on
Securities of any series that bear interest may be paid by mailing a check to the address of the Person entitled thereto at such address as shall appear in the Securities Register for such series or by such other means as may be specified in the
form of such Security. 
 Subject to the foregoing provisions of this Section 3.07 and the provisions of Section 3.05 hereof, 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. 

Section 3.08. 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 may treat the Person in whose name any Security is registered on the applicable Record Date(s) as the owner of such Security for the purpose of receiving payment of principal, premium, if any, interest, if any
(subject to Sections 3.05 and 3.07 hereof), and any additional amounts payable with respect to 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. 
 None of the Company, the Trustee, any Authenticating Agent, any Paying
Agent, the Security Registrar, or any Co-Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Security in global form or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests and each of them may act or refrain from acting without liability on any information relating to such records provided by the Depositary. 

Section 3.09. Cancellation. All Securities surrendered for payment, redemption, registration of transfer, exchange, or credit against a sinking
or analogous fund shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not already canceled, shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. Acquisition of such Securities by the Company shall
not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. No Security shall be authenticated in lieu of or in 

  

 28 

 
exchange for any Securities canceled as provided in this Section, except as expressly permitted by this Indenture. The Trustee shall dispose of all canceled
Securities in accordance with its customary procedures and deliver a certificate of such disposition to the Company. 
 Section 3.10.
Computation of Interest. Unless otherwise provided as contemplated in Section 3.01, interest on the Securities shall be calculated on the basis of a 360-day year of twelve 30-day months. 
 ARTICLE 4 
 SATISFACTION
AND DISCHARGE 
 Section 4.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be
of further effect with respect to any series of Securities (except as to any surviving rights of conversion or transfer or exchange of Securities of such series expressly provided for herein or in the form of Security for such series), and the
Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such series, when 
 (a) either 
 (i) all
Securities of that series theretofore authenticated and delivered (other than (A) Securities of such series which have been destroyed, lost, or stolen and which have been replaced or paid as provided in Section 3.06, and
(B) Securities of such series 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 4.07)
have been delivered to the Trustee canceled or for cancellation; or 
 (ii) all such Securities of that series not theretofore
delivered to the Trustee canceled or for cancellation 
 (A) have become due and payable, or 
 (B) will, in accordance with their Scheduled Maturity Date, become due and payable within one year, or 
 (C) 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, 
  

 29 

 
and, in any of the cases described in subparagraphs (A), (B), or(C) above, the Company has irrevocably deposited or caused to be deposited with the Trustee,
as trust funds in trust for the purpose, (x) an amount in money sufficient, (y) U.S. Government Obligations or Equivalent Government Securities which through the payment of interest and principal in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, money sufficient, or (z) a combination of (x) and (y) sufficient, in the opinion with respect to (y) and (z) of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on such Securities with respect to principal, premium, if any, and interest, if any, to the date of
such deposit (in the case of Securities which have become due and payable), or to the Scheduled Maturity Date or Redemption Date, as the case may be; provided, however, that if such U.S. Government Obligations or Equivalent Government
Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations, and Equivalent Government Securities deposited with the Trustee must be sufficient to pay and discharge the entire
indebtedness referred to above if such issuer elects to exercise such call or redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date, as the case may be. The Company, but not the Trustee, shall be responsible for
monitoring any such call or redemption provision; and 
 (b) the Company has paid or caused to be paid all other sums payable hereunder by
the Company with respect to the Securities of such series; and 
 (c) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to the Securities of such series have been complied with. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of Securities, the obligations of the Company under paragraph
(a) of this Section 4.01 and its obligations to the Trustee with respect to that series under Section 6.07 shall survive, and the obligations of the Trustee under Sections 4.05, 4.07 and 10.03 shall survive. 
 Section 4.02. Discharge and Defeasance.  
 The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided
pursuant to Section 3.01. In addition to discharge of this Indenture pursuant to Section 4.01, in the case of any series of Securities with respect to which the exact amount described in subparagraph (a) of Section 4.04 can be
determined at the time of making the deposit referred to in such subparagraph (a), the Company 

  

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shall be deemed to have paid and discharged the entire indebtedness on all the Securities of such a series as provided in this Section on and after the date
the conditions set forth in Section 4.04 are satisfied, and the provisions of this Indenture with respect to the Securities of such series shall no longer be in effect (except as to (i) rights of registration of transfer and exchange of
Securities of such series, (ii) substitution of mutilated, destroyed, lost or stolen Securities of such series, (iii) rights of Holders of Securities of such series to receive, solely from the trust fund described in subparagraph
(a) of Section 4.04, payments of principal thereof, premium, if any, and interest, if any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but not upon acceleration), and remaining rights of the Holders of
Securities of such series to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee hereunder, (v) this Section 4.02, Section 4.07, Section 10.02 and
Section 10.03 and (vi) the rights of the Holders of Securities of such series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them) (hereinafter called
“Defeasance”), and the Trustee at the cost and expense of the Company, shall execute proper instruments acknowledging the same. 
 Section 4.03. Covenant Defeasance. 
 The provisions of this Section and Section 4.04 (insofar as relating to this
Section) shall apply to the Securities of each series unless specifically otherwise provided in a Board Resolution or indenture supplemental hereto provided pursuant to Section 3.01. In the case of any series of Securities with respect to which
the exact amount described in subparagraph (a) of Section 4.04 can be determined at the time of making the deposit referred to in such subparagraph (a), (i) the Company shall be released from its obligations under any covenants
specified in or pursuant to Section 3.01 as being subject to Covenant Defeasance with respect to such series (except as to (a) rights of registration of transfer and exchange of Securities of such series and rights under Section 4.07,
Section 10.02 and Section 10.03, (b) substitution of mutilated, destroyed, lost or stolen Securities of such series, (c) rights of Holders of Securities of such series to receive, from the Company pursuant to Section 10.01,
payments of principal thereof and interest, if any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but not upon acceleration), and remaining rights of the Holders of Securities of such series to receive mandatory
sinking fund payments, if any, (d) the rights, obligations, duties and immunities of the Trustee hereunder and (e) the rights of the Holders of Securities of such series as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them), and (ii) the occurrence of any event specified in Section 5.01(d) (with respect to any of the covenants specified in or pursuant to Section 3.01 as being subject to Covenant Defeasance
with respect to such series) shall be deemed not to be or result in a default or an Event of Default, in each 

  

 31 

 
case with respect to the Outstanding Securities of such series as provided in this Section on and after the date the conditions set forth in
Section 4.04 are satisfied (hereinafter called “Covenant Defeasance”), and the Trustee at the cost and expense of the Company, shall execute proper instruments acknowledging the same. For this purpose, such Covenant Defeasance
means that the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant (to the extent so specified in the case of Section 5.01(d)), whether directly or
indirectly by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, but the remainder of this Indenture and the Securities of such
series shall be unaffected thereby. 
 Section 4.04. Conditions To Defeasance Or Covenant Defeasance. 
 The following shall be the conditions to application of either Section 4.02 or Section 4.03 to the Outstanding Securities: 
 (a) with reference to Section 4.02 or Section 4.03, the Company has irrevocably deposited or caused to be irrevocably deposited with the
Trustee as funds in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of Securities of such series (i) money in an amount, or (ii) U.S. Government Obligations or Equivalent Government
Securities which through the payment of interest and principal in respect thereof in accordance with their terms will provide, not later than one day before 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, premium, if any, and interest on, the Outstanding Securities of such series on the dates such installments of interest, premium or principal are due, including upon redemption; provided,
however, that if such U.S. Government Obligations and Equivalent Government Securities are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S. Government Obligations, and/or Equivalent Government Securities
deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness referred to above if the issuer of any such U.S. Government Obligations or Equivalent Government Securities elects to exercise such call or redemption
provisions at any time prior to the Scheduled Maturity Date or Redemption Date of such Securities, as the case may be. The Company, but not the Trustee, shall be responsible for monitoring any such call or redemption provision. 
 (b) in the case of Defeasance under Section 4.02, the Company has delivered to the Trustee an Opinion of Counsel based on the fact that (x) the

  

 32 

 
Company has received from, or there has been published by, the Internal Revenue Service a ruling or (y) since the date hereof, there has been a change
in the applicable United States federal income tax law, in either case to the effect that, and such opinion shall confirm that, the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a
result of such deposit, defeasance and discharge and will be subject to federal income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit, Defeasance and discharge had not occurred;

 (c) in the case of Covenant Defeasance under Section 4.03, the Company has delivered to the Trustee an Opinion of Counsel to the
effect that, and such opinion shall confirm that, the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and Covenant Defeasance and will be subject to federal
income tax on the same amount and in the same manner and at the same times, as would have been the case if such deposit and Covenant Defeasance had not occurred; 
 (d) no Event of Default or event which, with notice or lapse of time or both, 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, after giving effect to such deposit or, in the case of a Defeasance under Section 4.02, no Event of Default specified in Section 5.01(e) or Section 5.01(f) shall have occurred, at any time during the period ending on the 91st
day after the date of such deposit or, if longer, ending on the day following the expiration of the longest preference period applicable to the Company in respect of such deposit (it being understood that this condition shall not be deemed satisfied
until the expiration of such period); 
 (e) such Defeasance or Covenant Defeasance will not cause the Trustee to have a conflicting interest
within the meaning of the TIA, assuming all Securities of a series were in default within the meaning of the TIA; 
 (f) such Defeasance or
Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any agreement or instrument to which the Company is a party or by which it is bound; 
 (g) such Defeasance or Covenant Defeasance will not result in the trust arising from such deposit constituting an investment company within the meaning
of the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration; 
 (h) If the
Securities of such series are to be redeemed prior to their Stated Maturity Date (other than from mandatory sinking fund payments or analogous payments), notice of such redemption shall have been duly given 

  

 33 

 
pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; and 
 (i) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
provided for herein relating to such Defeasance or Covenant Defeasance, as the case may be, have been complied with. 
 Section 4.05.
Application of Trust Money; Excess Funds. All money and U.S. Government Obligations or Equivalent Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 4.01 or Section 4.04 hereof shall
be held in trust and applied by it, in accordance with the provisions of this Indenture and of the series of Securities in respect of which it was deposited, to the payment, either directly or through any Paying Agent (including the Company acting
as its own Paying Agent), as the Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or U.S. Government Obligations or Equivalent Government Securities deposited pursuant to Section 4.01 or Section 4.04 hereof 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 the Outstanding Securities. 
 Anything in this Article 4 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. Governmental Obligations or Equivalent Government Securities held by it as provided in Section 4.01 or
Section 4.04 which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
(which may be the opinion delivered under Section 4.01 or Section 4.04, as applicable), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent satisfaction and discharge, Covenant Defeasance
or Defeasance of the applicable series. 
 Section 4.06. Paying Agent to Repay Moneys Held. Upon the satisfaction and discharge of
this Indenture, all moneys then held by any Paying Agent of the Securities (other than the Trustee) shall, upon demand of the Company, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys. 
  

 34 

 Section 4.07. Return of Unclaimed Amounts. Any amounts deposited with or paid to the Trustee or
any Paying Agent or then held by the Company, in trust for payment of the principal of, premium, if any, or interest, if any, on the Securities and not applied but remaining unclaimed by the Holders of such Securities for two years after the date
upon which the principal of, premium, if any, or interest, if any, on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on Company Request or (if then held by the Company) shall be
discharged from such trust; and the Holder of any of such Securities shall thereafter look only to the Company for any payment which such Holder may be entitled to collect (until such time as such unclaimed amounts shall escheat, if at all, to the
State of New York) 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. Notwithstanding the foregoing, the Trustee or Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published once a week for two successive weeks (in each case on any day of the week) in a newspaper printed in the English language and customarily published at
least once a day at least five days in each calendar week and of general circulation in the Borough of Manhattan, in the City and State of New York, a notice that said amounts have not been so applied and that after a date named therein any
unclaimed balance of said amounts then remaining will be promptly returned to the Company. 
 ARTICLE 5 
 REMEDIES 
 Section 5.01.
Events of Default. “Event of Default”, wherever used herein, means with respect to any series of Securities any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or 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), unless such event is either inapplicable to a particular series or
it is specifically deleted or modified in the manner contemplated by Section 3.01: 
 (a) default in the payment of any interest on any
Security of such series when it becomes due and payable, and continuance of such default for a period of 30 days; or 
 (b) default in the
payment of the principal amount of (or premium, if any, on) any Security of such series as and when the same shall become due, either at Maturity, upon redemption, by declaration, or otherwise; or 
  

 35 

 (c) default in the payment of any sinking or purchase fund or analogous obligation when the same becomes
due by the terms of the Securities of such series and continuance of such default for a period of 30 days; or 
 (d) default in the
performance or breach of any covenant or warranty of the Company in this Indenture in respect of the Securities of such series (other than a covenant or warranty in respect of the Securities of such series a default in the performance of which or
the breach of which is elsewhere in this Section specifically dealt with), and continuance of such default or breach for a period of 90 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 51% in the principal amount of the Outstanding Securities of such 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 
 (e) the entry of an order for relief against the Company under the Federal Bankruptcy Act by a court having
jurisdiction in the premises or a decree or order by a court having jurisdiction in the premises adjudging the Company a bankrupt or insolvent under any other applicable Federal or State law, or the entry of a decree or order approving as properly
filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under the Federal Bankruptcy Code or any other applicable Federal or State law, or appointing a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90
consecutive days; or 
 (f) the consent by the Company to the institution of bankruptcy or insolvency proceedings against it, or the filing
by it of a petition or answer or consent seeking reorganization or relief under the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by it to the filing of any such petition or to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action; or 
 (g)
any other Event of Default provided for with respect to the Securities of such series in accordance with Section 3.01. 
 A default
under any indebtedness of the Company other than the Securities will not constitute an Event of Default under this Indenture, and a default under one series of Securities will not constitute a default under any other series of Securities.

  

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 Section 5.02. Acceleration of Maturity; Rescission, and Annulment. If any Event of Default
described in Section 5.01 above (other than Event of Default described in Section 5.01(e) and Section 5.01(f)) shall have occurred and be continuing with respect to any series, then and in each and every such case, unless the
principal of all the Securities of such series shall have already become due and payable, either the Trustee or the Holders of not less than 51% in aggregate principal amount of the Securities of such series then Outstanding hereunder, by notice in
writing to the Company (and to the Trustee if given by Holders), may declare the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of
that series) of all the Securities of such series and any and all accrued interest thereon to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable, any provision of this
Indenture or the Securities of such series to the contrary notwithstanding. If an Event of Default specified in Section 5.01(e) or Section 5.01(f) occurs, the principal amount of the Securities of such series and any and all accrued
interest thereon shall immediately become and be due and payable without any declaration or other act on the party of the Trustee or any Holder. No declaration of acceleration by the Trustee with respect to any series of Securities shall constitute
a declaration of acceleration by the Trustee with respect to any other series of Securities, and no declaration of acceleration by the Holders of at least 51% in aggregate principal amount of the Outstanding Securities of any series shall constitute
a declaration of acceleration or other action by any of the Holders of any other series of Securities, in each case whether or not the Event of Default on which such declaration is based shall have occurred and be continuing with respect to more
than one series of Securities, and whether or not any Holders of the Securities of any such affected series shall also be Holders of Securities of any other such affected series. 
 At any time after such a declaration of acceleration has been made with respect to the Securities of any series 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 not less than 51% in aggregate principal amount of the Outstanding Securities of such series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to such series of Securities, other than the nonpayment of the principal of the Securities of such series which have become due solely by such
acceleration, have been cured or waived as provided in Section 5.13, if such cure or waiver does not conflict with any judgment or decree set forth in Section 5.01(e) and Section 5.01(f) and if all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel have been paid. 
 No
such rescission shall affect any subsequent default or impair any right consequent thereon. 
  

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 Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that
if: 
 (a) default is made in the payment of any installment of interest on any Security of any series when such interest becomes due and
payable, or 
 (b) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, or

 (c) default is made in the payment of any sinking or purchase fund or analogous obligation when the same becomes due by the terms of the
Securities of any series, and 
 (d) any such default continues for any period of grace provided in relation to such default pursuant to
Section 5.01, 
 then, with respect to the Securities of such series, the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holder of any such Security (or the Holders of any such series in the case of clause (c) above), the whole amount then due and payable on any such Security (or on the Securities of any such series in the case of clause (c) above) for
principal (and premium, if any) and interest, if any, with interest (to the extent that payment of such interest shall be legally enforceable) upon the overdue principal (and premium, if any) and upon overdue installments of interest, if any, at
such rate or rates as may be prescribed therefor by the terms of any such Security (or of Securities of any such series in the case of clause (c) above); 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 and all other amounts due the Trustee under Section 6.07. 
 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, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon the Securities of such series and collect the
money 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. 
 If an Event of Default with respect to any series of Securities 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 

  

 38 

 
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 5.04. Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition, or other 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 proceedings or otherwise, 
 (a) to file and prove a claim for the whole amount of
principal (or, with respect to Original Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities), premium, if any, and interest, if any, owing and unpaid in respect of the Securities, and to file
such other papers or documents as may be necessary and 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 all
other amounts due the Trustee under Section 6.07) and of the Securityholders allowed in such judicial proceedings, and 
 (b) to collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby
authorized by each Securityholder 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 Securityholders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee and its agent and counsel, and any other amounts due the Trustee under Section 6.07 hereof. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder 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 Securityholder in any such proceeding. 
 Section 5.05. Trustee May Enforce Claims Without Possession of Securities. All rights of action and claims under this Indenture or the Securities of any series may be prosecuted and enforced by the Trustee
without the possession of any of the Securities of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be 

  

 39 

 
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 and its agents and counsel, be for the ratable benefit of the Holders of the Securities, of the series in respect of which such judgment has been recovered. 
 Section 5.06. Application of Money Collected. Any money collected by the Trustee with respect to a series of Securities pursuant to this Article
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, premium, if any, or interest, if any, upon presentation of the Securities of such series 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 under Section 6.07 hereof. 
 Second: To the payment of the amounts then due and unpaid upon the Securities of
that series for principal, premium, if any, interest, if any, and additional amounts, if any, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind. 
 Section 5.07. 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 
 (a)
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to Securities of such series; 
 (b) the Holders of not less than 51% in principal amount of the Outstanding Securities of such 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; 
 (c) 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; 
 (d) the Trustee for 60 days after its receipt of such notice, request, and offer of indemnity
has failed to institute any such proceeding; and 
 (e) 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 such series; it being understood and 

  

 40 

 
intended that no one or more Holders of Securities of such series 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 Holders of Securities of such series, or to obtain or to seek to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except
in the manner herein provided and for the equal and proportionate benefit of all the Holders of all Securities of such series. 
 Section
5.08. Unconditional Right of Securityholders 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, premium, if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if any) on such Security on or after the respective payment dates expressed in such Security (or, in the case of redemption or
repayment, on the Redemption Date or Repayment Date, as the case may be) and to institute suit for the enforcement of any such payment on or after such respective date, and such right shall not be impaired or affected without the consent of such
Holder. 
 Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Securityholder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, then and in every such case the Company, the Trustee and the Securityholders shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Securityholders shall continue as though no such proceeding had been instituted. 
 Section 5.10. Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Securityholders is
intended to be exclusive of any other right or remedy, and every right or 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 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security 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 Securityholders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Securityholders, as the case may be. 
  

 41 

 Section 5.12. Control by Securityholders. 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 
 (a) the Trustee shall have the right to decline to follow any such direction if the
Trustee, being advised by counsel, determines that the action so directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed
would involve it in personal liability or be unjustly prejudicial to the Holders not taking part in such direction, and 
 (b) the Trustee
may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 Section 5.13. 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 not theretofore cured: 
 (a) in the payment of principal, premium, if any, or interest, if any, on
any Security of such series, or in the payment of any sinking or purchase fund or analogous obligation with respect to the Securities of such series, or 
 (b) in respect of a covenant or provision in this Indenture which, under Article Nine hereof, cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series. 
 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
5.14. 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 or omitted by it as 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, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by the Trustee, to 

  

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any suit instituted by any Securityholder or group of Securityholders holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series to which the suit relates, or to any suit instituted by any Securityholder for the enforcement of the payment of principal, premium, if any, or interest, if any, on any Security on or after the respective payment dates
expressed in such Security (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date). 
 Section
5.15. 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 (other than any bankruptcy 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 6 
 THE TRUSTEE 
 Section 6.01. Certain Duties and Responsibilities of Trustee. (a) Except during
the continuance of an Event of Default with respect to any series of Securities, 
 (i) the Trustee undertakes to perform such
duties and only such duties as are specifically set forth in this Indenture with respect to the Securities of such series, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may, with respect to Securities of such series, conclusively rely 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. 
 (b) In
case an Event of Default with respect to any series of Securities has occurred and is continuing, the Trustee shall exercise, with respect to the Securities of such series, 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 

  

 43 

 
man would exercise or use under the circumstances in the conduct of his 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 
 (i) this Subsection shall not be construed to limit the effect of
Subsection (a) of this Section; 
 (ii) 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; 
 (iii)
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 not less than a majority in principal amount of the Outstanding Securities of any series
relating to the time, method, and place of conducting any proceeding for any remedy available to the Trustee with respect to the Securities of such series, or exercising any trust or power conferred upon the Trustee, under this Indenture with
respect to the Securities of such series; and 
 (iv) 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 or liability is not reasonably assured to it. 
 (d) 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 6.02. Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to Securities of any series, the
Trustee shall transmit by mail to all Securityholders of such series, as their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee, 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, premium, if any, or interest, if any, on any Security of such series or in the payment of any sinking or purchase fund installment or analogous
obligation 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 and/or Responsible Officers of the
Trustee in good 

  

 44 

 
faith determine that the withholding of such notice is in the interests of the Securityholders of such series and; provided, further, that, in the
case of any default of the character specified in Section 5.01(d) with respect to Securities of such series, no such notice to Securityholders of such series shall be given until at least 60 days after the occurrence thereof. For the purpose of
this Section, the term “default”, with respect to Securities of any series, 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 6.03. Certain Rights of Trustee. Except as otherwise provided in Section 6.01 above: 
 (a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture 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, direction or order of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any
resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (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, in the absence of bad faith
on its part, rely upon an Officers’ Certificate; 
 (d) the Trustee may consult with counsel and 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 Securityholders pursuant to this Indenture, unless such
Securityholders 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 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

  

 45 

 
Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney; and 
 (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 and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 
 Section 6.04. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the certificates
of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The
Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 
 Section 6.05. May
Hold Securities. The Trustee or any Paying Agent, Security Registrar, or other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13 hereof, may
otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, or such other agent. 
 Section 6.06. 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 with the Company. 
 Section 6.07. Compensation and Reimbursement. The Company covenants
and agrees 
 (a) to pay the Trustee from time to time, and the Trustee shall be entitled to, 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); 
 (b) 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 reasonable 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

  

 46 

 (c) to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense
incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the reasonable 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. 
 Without prejudice to any other rights available to the Trustee
under applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable charges and expenses of its
counsel) and compensation for such services are intended to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency, reorganization, or other similar law. 
 The Trustee shall have a lien prior to the Securities upon all property and funds held or collected by it as such for any amount owing to it or any
predecessor Trustee pursuant to this Section 6.07, except with respect to funds held in trust for the benefit of the Holders of particular Securities. 
 The provisions of this Section shall survive the satisfaction and discharge of this Indenture. 
 Section
6.08. Disqualification; Conflicting Interests. If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate such interest or resign as Trustee with respect to one or
more series of Securities, 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 such 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: (i) the Indenture dated as of November 15, 2002, among Bottling Group, LLC, as issuer, the Company,
as guarantor, and the Trustee relating to certain debt securities, (ii) the Indenture dated as of February 8, 1999, among Pepsi Bottling Holdings, Inc., as obligor, the Company, as guarantor, and the Trustee relating to certain debt
securities, (iii) the Indenture dated as of December 14, 1994, between the Company and the Trustee relating to certain debt securities, (iv) the Indenture dated as of December 2, 1993, between the Company and the Trustee relating
to certain debt securities, (v) the Indenture dated as of September 28, 1990, between the Company and the Trustee relating to certain debt securities, (vi) the Indenture dated as of February 25, 1990, between the Company and the
Trustee relating to certain debt securities, (vii) the Indenture dated as of October 15, 1986, between the Company and the Trustee relating to certain debt securities, (viii) the Indenture dated as of October 1, 1986, between the
Company and the Trustee relating to the Company’s Euro-Medium-Term Notes, (ix) the Trust Agreement 

  

 47 

 
with Puerto Rico Industrial, Medical and Environmental Pollution Control Facilities Financing Authority (the “Authority”) dated as of
November 15, 1983, under which the Authority assigned certain rights under a Loan Agreement dated November 15, 1983, between the Authority and the Company, including the right to payment from the Company of amounts sufficient to enable the
Authority to pay principal and interest and redemption payments (including redemption premium, if any) on the bonds issued under said Trust Agreement, (x) the Indenture dated as of March 2, 1982, among PepsiCo Capital Corporation N.V., the
Company, as guarantor, and the Trustee relating to the PepsiCo Capital Corporation N.V. Zero Coupon Guaranteed Notes due 1994, and (xi) the Indenture dated as of April 1, 1982, among PepsiCo Capital Resources, Inc., the Company, as
guarantor, and the Trustee relating to the PepsiCo Capital Resources, Inc. Zero Coupon Serial Guaranteed Debentures Due 1988-2012. 
 Section
6.09. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder with respect to each series of Securities that shall be a corporation organized and doing business under the laws of the United States of America
or of any State or Territory thereof or of the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, and subject to supervision or examination by Federal
or State authority and having its principal office and place of business in the City of New York, if there be such a corporation having its principal office and place of business in said City and willing to act as Trustee on customary and usual
terms. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such
corporation 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 any series of Securities 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 6.10. 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 under Section 6.11. 
 (b) The Trustee may resign with respect to any one or more series of
Securities at any time by giving at least 60 days’ written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  

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 (c) The Trustee may be removed with respect to any series of Securities at any time by Act of the Holders
of 66 2/3% in principal amount of the Outstanding Securities of that series, delivered to the Trustee and to the Company. 
 (d) If at any
time: 
 (i) the Trustee shall fail to comply with Section 6.08 above with respect to any series of Securities after
written request therefor by the Company or by any Securityholder who has been a bona fide Holder of a Security of that series for at least 6 months, or 
 (ii) the Trustee shall cease to be eligible under Section 6.09 above with respect to any series of Securities and shall fail to resign after written request therefor by the Company or by any such Securityholder,
or 
 (iii) the Trustee shall become incapable of acting with respect to any series of Securities, or 
 (iv) the Trustee shall be adjudged a 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 (A) the Company may remove the Trustee, with respect to the series
or, in the case of clause (iv), with respect to all series, or (B) subject to Section 5.14, any Securityholder who has been a bona fide Holder of a Security of such series for at least 6 months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the series or, in the case of clause (iv), with respect to all series. 
 (e) If the Trustee shall resign, be removed or become incapable of acting with respect to any series of Securities, or if a vacancy shall occur in the
office of Trustee with respect to any series of Securities for any cause, the Company shall promptly appoint a successor Trustee for that series of Securities. If, within one year after such resignation, removal or incapacity, or the occurrence of
such vacancy, a successor Trustee with respect to such series of Securities shall be appointed by Act of the Holders of 66 2/3% 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, become the successor Trustee with respect to such series and supersede the successor Trustee appointed by the Company with respect to such series. If no
successor Trustee with respect to such series shall have been so appointed by the Company or the Securityholders of such series and accepted appointment in the manner hereinafter provided, any Securityholder who has been 

  

 49 

 
bona fide Holder of a Security of that series for at least 6 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 such series. 
 (f) The Company shall give notice of each
resignation and each removal of the Trustee with respect to any series and each appointment of a successor Trustee with respect to any series by mailing written notice of such event by first-class mail, postage prepaid, to the Holders of Securities
of that series as their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee and the address of its principal Corporate Trust Office. 
 Section 6.11. Acceptance of Appointment by Successor. Every successor Trustee appointed hereunder with respect to all series of Securities shall
execute, acknowledge and deliver to the Company and to the predecessor Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the predecessor 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 predecessor Trustee with respect to any such series; but, on request of the Company or the successor Trustee, such predecessor Trustee
shall, upon payment of its reasonable charges, if any, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the predecessor Trustee, and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such predecessor Trustee hereunder. 
 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 predecessor Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental
hereto which (1) shall contain such provisions as shall be deemed necessary or desirable to transfer and to conform to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the predecessor Trustee with respect to
the Securities of any series as to which the appointment of such successor Trustee relates and (2) if the predecessor 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 predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not being succeeded shall continue to be vested in the predecessor
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 

  

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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; and, 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. 
 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 the first or second preceding
paragraph, as the case may be. 
 No successor Trustee with respect to any series of Securities shall accept its appointment unless at the
time of such acceptance such successor Trustee shall be qualified and eligible with respect to that series under this Article. 
 Section
6.12. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation
shall be otherwise qualified 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 Trustee 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 6.13. Preferential Collection of Claims Against Company. If and when the Trustee
shall be or shall become a creditor, of the Company (or of 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 against any such
other obligor, as the case may be). 
 Section 6.14. Appointment of Authenticating Agent. At any time when any of the Securities
remain Outstanding the Trustee, with the approval of the Company, 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 

  

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transfer or partial redemption thereof or pursuant to Section 3.06, 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 an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Company itself, 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 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, if other than the Company, 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, if other than the Company, 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, with the approval of the Company, 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 

  

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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 therein referred to in the within-mentioned Indenture. 
  

			
	JPMorgan Chase Bank, N.A., as Trustee
		
	By:	 	
		 	As Authenticating Agent:
		
	By:	 	
		 	Authorized Officer:

 ARTICLE 7 
 SECURITYHOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 
 Section 7.01. Company to Furnish Trustee Names and Addresses of Securityholders. The Company will furnish or cause to be furnished to the Trustee:

 (a) semiannually, not more than 15 days after January 1 and July 1 in each year, in such form as the Trustee may reasonably
require, a list of the names and addresses of the Holders of Securities of each series as of such 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, provided that if the Trustee
shall be the Security Registrar for such series, such list shall not be required to be furnished. 
 Section 7.02. Preservation of
Information; Communications to Securityholders. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained in the most recent list furnished to the Trustee as
provided in Section 7.01 and the names and addresses of Holders of Securities received by the Trustee 

  

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in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so
furnished. 
 (b) If three or more Holders of Securities of any series (hereinafter referred to as “applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security of such series for a period of at least six months preceding the date of such application, and such application states that the
applicants desire to communicate with other Holders of Securities of such series or with the Holders of all Securities with respect to their rights under this Indenture or under such Securities and is accompanied by a copy of the form of proxy or
other communication which such applicants propose to transmit, then the Trustee shall, within five Business Days after the receipt of such application, at its election, either: 
 (i) afford such applicants access to the information preserved at the time by the Trustee in accordance with Section 7.02(a), or

 (ii) inform such applicants as to the approximate number of Holders of Securities of such series or all Securities, as the
case may be, whose names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 7.02(a), and as to the approximate cost of mailing to such Securityholders the form of proxy or other
communication, if any, specified in such application. 
 If the Trustee shall elect not to afford such applicants access to such information,
the Trustee shall, upon the written request of such applicants, mail to each Holder of a Security of such series or to all Securityholders, as the case may be, whose names and addresses appear in the information preserved at the time by the Trustee
in accordance with Section 7.02(a), a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for
the payment, of the reasonable expenses of mailing, unless within five days after such tender, the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the
effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders of Securities of such series or all Securityholders, as the case may be, or would be in violation of applicable law. Such written
statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the
entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies
of such material to all Securityholders of such series or all Securityholders, as the case may be, with reasonable promptness 

  

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after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting
their application. 
 (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 shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders of Securities in accordance with Section 7.02(b), regardless of the source from which such
information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 7.02(b). 
 Section 7.03. Reports by Trustee. (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver to each Holder, as provided in
Trust Indenture Act Section 313(c), a brief report dated as of such May 15, which complies with the provisions of such Section 313(a). 
 (b) 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 as
required by Trust Indenture Act Section 313(d). The Company will promptly notify the Trustee when any Securities are listed on any stock exchange. 
 Section 7.04. Reports by Company. The Company will: 
 (a) 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 Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or
reports pursuant to either of said Sections, then it will 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 which may be required pursuant to Section 13 of the Securities Exchange Act of 1934 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; 
  

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 (b) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

 (c) transmit by mail to all Securityholders, 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 (a) and (b) of this Section as may be required by rules and regulations prescribed from time to
time by the Commission. 
 ARTICLE 8 
 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER 
 Section
8.01. Company May Consolidate, etc., Only on Certain Terms. The Company shall not consolidate with or merge into any other corporation or convey or transfer all or substantially all of its properties and assets to any Person, unless;

 (a) either the Company shall be the continuing corporation, or the corporation formed by such consolidation or into which the Company is
merged or the Person which acquires by conveyance or transfer all or substantially all of the properties and assets of the Company shall be a corporation organized and existing under the laws of the United States of America or any State or the
District of Columbia, and 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, premium, if any, and interest, if any,
on all the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed; 
 (b)
immediately after giving effect to such transaction, no Event of Default, or event which, after notice or lapse of time, or both, would become an Event of Default, shall have happened and be continuing; and 
 (c) the Company has delivered to the Trustee an Opinion of Counsel as conclusive evidence that any such consolidation, merger, conveyance or transfer and
any assumption permitted or required by this Article complies with the provisions of this Article. 
 Section 8.02. Successor Corporation
Substituted. Upon any consolidation or merger, or any conveyance or transfer of all or substantially all of the properties and assets of the Company in accordance with Section 8.01, the 

  

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successor corporation formed by such consolidation or into which the Company is merged or the Person to which such conveyance or transfer 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 the Company shall thereupon be released
from all obligations hereunder and under the Securities. Such successor corporation thereupon may cause to be signed and may issue any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and
delivered to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities which such successor corporation thereafter shall cause to be signed and delivered to the Trustee
for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such
Securities had been issued at the date of the execution hereof. 
 In case of any such consolidation, merger, sale or conveyance such changes
in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 ARTICLE 9

 SUPPLEMENTAL INDENTURES 
 Section 9.01. Supplemental Indentures Without Consent of Securityholders. Without the consent of the Holders of any Securities, the Company and the Trustee, at any time and from time to time, may enter into one
or more indentures supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of execution thereof), in form satisfactory to the Trustee, for any of the following purposes: 
 (a) to evidence the succession of another corporation to the Company, or successive successions, and the assumption by any such successor of the
covenants, agreements and obligations of the Company pursuant to Article 8 hereof; or 
 (b) to add to the covenants of the Company such
further covenants, restrictions or conditions for the protection of the Holders of the Securities of any or all series as the Company and the Trustee shall consider to be for the protection of the Holders of the Securities of any or all series or to
surrender any right or power herein conferred upon the Company (and if such covenants or the surrender 
  

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of such right or power are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included or such
surrenders are expressly being made solely for the benefit of one or more specified series); or 
 (c) to cure any ambiguity, to correct or
supplement any provision herein which may be inconsistent with any other provision herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture that do not adversely
affect the interests of the Holders of Securities of any series in any material respect; or 
 (d) to add to this Indenture such provisions
as may be expressly permitted by the TIA, excluding, however, the provisions referred to in Section 316(a)(2) of the TIA as in effect at the date as of which this instrument is executed or any corresponding provision in any similar federal
statute hereafter enacted; or 
 (e) to add guarantors or co-obligors with respect to any series of Securities; or 
 (f) to secure any series of Securities; or 
 (g) to establish any form of Security, as provided in Article 2 hereof, and to provide for the issuance of any series of Securities, as provided in Article 3 hereof, and to set forth the terms thereof, and/or to add to the rights of the
Holders of the Securities of any series; or 
 (h) to evidence and provide for the acceptance of appointment by another corporation as a
successor Trustee hereunder with respect to one or more series of Securities 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 Section 6.11 hereof; or 
 (i) to add any additional Events of Default in respect of the Securities of any or
all series (and if such additional Events of Default are to be in respect of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of one or more specified series); or 

(j) to comply with the requirements of the Commission in connection with the qualification of this Indenture under the TIA; or 
 (k) to make any change in any series of Securities that does not adversely affect in any material respect the interests of the Holders of such
Securities. 
 Section 9.02. Supplemental Indentures With Consent of Securityholders. With the consent of the Holders of not less than
a majority in principal amount of 
  

 58 

 
the Outstanding Securities of each series affected by such supplemental indenture or indentures, by Act of said Holders delivered to the Company and the
Trustee, the Company and the Trustee may from time to time and at any time 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 any supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of each 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: 
 (a) change the Scheduled Maturity Date or the stated payment date of any
payment of premium or interest payable on any Security, or reduce the principal amount thereof, or any amount of interest or premium payable thereon, or 
 (b) change the method of computing the amount of principal of any Security or any interest payable thereon on any date, or change any Place of Payment where, or the coin or currency in which, any Security or any
payment of premium or interest thereon is payable, or 
 (c) impair the right to institute suit for the enforcement of any payment described
in clauses (a) or (b) on or after the same shall become due and payable, whether at Maturity or, in the case of redemption or repayment, on or after the Redemption Date or the Repayment Date, as the case may be; or 
 (d) change or waive the redemption or repayment provisions of any series; 
 (e) 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 
 (f) modify any of the provisions of this Section, Section 5.13 or Section 10.07, 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 10.07, or the deletion of this proviso, in accordance with the requirements of Sections 6.11 and 9.01(h); or 
 (g) adversely affect the ranking or priority of any series; 
  

 59 

 (h) release any guarantor or co-obligor from any of its obligations under its guarantee of the Securities
or this Indenture, except in compliance with the terms of this Indenture; or 
 (i) waive any Event of Default pursuant to
Section 5.01(a), Section 5.01(b) or Section 5.01(c) hereof with respect to such Security. 
 A supplemental indenture that
changes or eliminates any covenant or other provision of this Indenture that has expressly been included solely for the benefit of one or more particular series of Securities, or that 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. 
 It shall not be necessary for any Act of Securityholders under this Section 9.02 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the
substance thereof. 
 Section 9.03. Execution of Supplemental Indentures. Upon request of the Company and upon filing with the Trustee
of evidence of an Act of Securityholders as aforementioned, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, powers, trusts, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 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 6.01) 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. 
 Section 9.04. Effect of
Supplemental Indentures. Upon the execution of any supplemental indenture under this Article, this Indenture shall be and be deemed to be modified and amended in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and the respective rights, limitation of rights, duties, powers, trusts and immunities under this Indenture of the Trustee, the Company, and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be determined, exercised and enforced thereunder to the extent provided therein. 
 Section 9.05. Conformity With Trust
Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA as then in effect. 
  

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 Section 9.06. 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 so modified as to conform, in the opinion of the Trustee and the Company, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities. 
 ARTICLE 10 
 COVENANTS 
 Section 10.01.
Payment of Principal, Premium and Interest. With respect to each series of Securities, the Company will duly and punctually pay or cause to be paid the principal, premium, if any, and interest, if any, on such Securities in accordance with their
terms and this Indenture, and will duly comply with all the other terms, agreements and conditions contained in the Indenture for the benefit of the Securities of such series. 
 Section 10.02. Maintenance of Office or Agency. So long as any of the Securities remain outstanding, the Company will maintain an office or agency
in each Place of Payment where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of the Securities
and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and of any change in the location, of such office or agency. If at any time the Company shall fail to maintain such 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 its agent to receive all
such presentations, surrenders, notices and demands. 
 Section 10.03. Money or Security Payments to Be Held in Trust. If the Company
shall at any time act as its own Paying Agent for any series of Securities, it will, on or before each due date of the principal, premium, if any, or interest, if any, on any of the Securities of such series, segregate and hold in trust for the
benefit of the Holders of the Securities of such series a sum sufficient to pay such principal, premium, or interest so becoming due until such sums shall be paid to such Holders of such Securities or otherwise disposed of as herein provided, and
will promptly notify the Trustee of its action or failure so to act. 
  

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 Whenever the Company shall have one or more Paying Agents for any series of Securities, it will, on or
prior to each due date of the principal, premium, if any, or interest, if any, on any Securities of such series, deposit with a Paying Agent a sum sufficient to pay such principal, premium, or interest so becoming due, such sum to be held in trust
for the benefit of the Holders of the Securities entitled to the same 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 other than the Trustee for any series of Securities 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 
 (a) hold all sums
held by it for the payment of principal, premium, if any, or interest, if any, on Securities of such series in trust for the benefit of the Holders of the Securities entitled thereto until such sums shall be paid to such Holders of such Securities
or otherwise disposed of as herein provided; 
 (b) give the Trustee notice of any default by the Company (or any other obligor upon the
Securities of such series) in the making of any such payment of principal, premium, if any, or interest, if any, on the Securities of such series; and 
 (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may, at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture with respect to any series of Securities 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 in respect of each and every series of Securities as to which it seeks to discharge this
Indenture or, if for any other purpose, all sums so held in trust by the Company in respect of all Securities, 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. 
 Section 10.04. Certificate to Trustee. The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the Company (beginning in 2006), an Officers’ Certificate, one of whose signatories shall be
the Company’s principal executive, accounting or financial officer, stating that in the course of the performance by the signers of their duties as officers of the Company they would normally have knowledge of any default by the Company in the
performance of any of its covenants, conditions or agreements contained herein (without regard to any period of grace or requirement of notice provided 

  

 62 

 
hereunder), stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and
the nature thereof. 
 Section 10.05. Corporate Existence. Subject to Article 8 the Company will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence. 
 Section 10.06. Limitation on Secured Debt. 
 With respect to any series of Securities, other than Subordinated Securities: 
 Unless otherwise provided in such series of Securities, so long as any of such Securities shall be Outstanding, neither the Company nor any Restricted Subsidiary will incur, suffer to exist or guarantee any
indebtedness for borrowed money (“Debt”), secured by a mortgage, pledge, or lien (a “Mortgage”) on any Principal Property or on any shares of stock of (or other interests in) any Restricted Subsidiary unless the
Company or such Restricted Subsidiary secures or causes such Restricted Subsidiary to secure the Securities of such series (other than Subordinated Securities) and any other Debt of the Company or such Restricted Subsidiary, at the option of the
Company or such Restricted Subsidiary, not subordinate to the Securities, equally and ratably with (or prior to) such secured Debt, so long as such secured Debt shall be so secured, unless after giving effect thereto the aggregate amount of all such
Debt so secured does not exceed 15% of Consolidated Net Tangible Assets. This restriction will not, however, apply to Debt secured by: 
 (a)
Mortgages existing prior to the original issuance of such Securities; 
 (b) Mortgages on property of, or on shares of stock of (or other
interests in) or Debt of, any corporation existing at the time such corporation becomes a Restricted Subsidiary; 
 (c) Mortgages in favor of
the Company or any Restricted Subsidiary; 
 (d) Mortgages in favor of, or required by contracts with, any governmental bodies; 

(e) Mortgages on property, shares of stock (or other interests) or Debt existing at the time of acquisition thereof (including acquisition through
merger or consolidation) or to secure the payment of all or any part of the purchase price thereof or construction or improvement thereon or to secure any Debt incurred prior to, at the time of, or within 365 days after the later of the acquisition,
the completion of construction, or the commencement of full operation of such property or within 365 days after the acquisition of such shares or Debt for the 

  

 63 

 
purpose of financing all or any part of the purchase price thereof or construction thereon; and 
 (f) any extension, renewal or refunding referred to in the foregoing clauses (a) to (e), inclusive. 
 The transfer of a Principal Property to an Unrestricted Subsidiary or the change in designation from Restricted Subsidiary to Unrestricted Subsidiary
which owns a Principal Property shall not be restricted. 
 Section 10.07. Waiver of Certain Covenants. The Company may omit in
respect of any series of Securities, in any particular instance, to comply with any covenant or condition set forth in Section 10.06, if before or after the time for such compliance the Holders of at least a majority in principal amount of the
Securities at the time Outstanding of such series shall, by Act of such Securityholders, either waive such compliance in such instance or generally waive compliance with such covenant or condition, provided that no waiver by the Holders of
the Securities of such series shall extend to or affect such covenant 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 covenant or condition shall remain in full force and effect. 
 ARTICLE 11 
 REDEMPTION OF SECURITIES 
 Section
11.01. Applicability of Article. The Company may reserve the right to redeem and pay before the Scheduled Maturity Date all or any part of the Securities of any series, either by optional redemption, sinking or purchase fund or analogous
obligation or otherwise, by provision therefor in the form of Security for such series established and approved pursuant to Section 2.02 and 2.03 or as otherwise provided in Section 3.01, and on such terms as are specified in such form or
in the indenture supplemental hereto with respect to Securities of such series as provided in Section 3.01. Redemption of Securities of any series shall be made in accordance with the terms of such Securities and, to the extent that this
Article does not conflict with such terms, the succeeding Sections of this Article. 
 Section 11.02. Election to Redeem; Notice to
Trustee. In case of any redemption at the election of the Company, the Company shall, at least 60 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 

  

 64 

 
condition specified in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction or condition. 
 Section 11.03. Selection by Trustee of Securities to be Redeemed. If
fewer than all the Securities of any series are to be redeemed, 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, which may include provision for the selection for redemption of portions of the principal of Securities of such series of a denomination larger than the
minimum authorized denomination for Securities of that series. Unless otherwise provided in the terms of a particular series of Securities, the portions of the principal of Securities so selected for partial redemption shall be equal to the minimum
authorized denomination of the Securities of such series, or an integral multiple thereof, and the principal amount which remains outstanding shall not be less than the minimum authorized denomination for Securities of such series. 
 The Trustee shall promptly notify the Company in writing of the Securities selected for redemption and, in the case of any Security selected for partial
redemption, the principal amount thereof to be redeemed. 
 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 Security redeemed or to be redeemed only in part, to the portion of the principal of such Security which has been or is to be redeemed. 
 Section 11.04. Notice of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid, mailed not fewer than 30 nor more
than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his or her address appearing in the Security Register on the applicable Record Date. 
 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 fewer than all Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the respective
principal amounts) of the Securities to be redeemed, from the Holder to whom the notice is given and that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of the same series in the aggregate

  

 65 

 
principal amount equal to the unredeemed portion thereof will be issued in accordance with Section 11.07; 
 (4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security, and that interest, if any, thereon shall cease
to accrue from and after said date; 
 (5) the place where such Securities are to be surrendered for payment of the Redemption Price, which
shall be the office or agency maintained by the Company in the Place of Payment pursuant to Section 10.02 hereof; and 
 (6) that the
redemption is on account of a sinking or purchase fund, or other analogous obligation, if that be the case. 
 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 11.05. Deposit of Redemption Price. On or 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 10.03) an amount of money sufficient to pay the Redemption Price of all the Securities which are to be redeemed on that date. 

Section 11.06. 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 date (unless the Company shall default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon
surrender of such Securities for redemption in accordance with the notice, such Securities shall be paid by the Company at the Redemption Price. Any installment of interest due and payable on or prior to the Redemption Date shall be payable to the
Holders of such Securities registered as such on the relevant Record Date according to the terms and the provisions of Section 3.07 above; unless, with respect to an Interest Payment Date that falls on a Redemption Date, such Securities provide
that interest due on such date is to be paid to the Person to whom principal is payable. 
 If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Security, or as otherwise provided in such Security. 
 Section 11.07. Securities Redeemed in Part. Any Security that is to be redeemed only in part shall be surrendered at the office or agency
maintained by 

  

 66 

 
the Company in the Place of Payment pursuant to Section 10.02 hereof with respect to that series (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 and at the expense of the Company, a new Security or Securities of the same series, tenor, terms and Scheduled Maturity Date, of any authorized denomination as requested by such
Holders in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 
 Section 11.08. Provisions with Respect to any Sinking Funds. Unless the form or terms of any series of Securities shall provide otherwise, in lieu of making all or any part of any mandatory sinking fund payment with respect to such
series of Securities in cash, the Company may at its option (a) deliver to the Trustee for cancellation any Securities of such series theretofore acquired by the Company, or (b) receive credit for any Securities of such series (not previously so
credited) acquired or redeemed by the Company (other than through operation of a mandatory sinking fund) and theretofore delivered to the Trustee for cancellation, and if it does so then (i) Securities so delivered or credited shall be credited
at the applicable sinking fund Redemption Price with respect to Securities of such series, and (ii) on or before the 60th day next preceding each sinking fund Redemption Date with respect to such series of Securities, the Company will deliver
to the Trustee (A) an Officers’ Certificate specifying the portions of such sinking fund payment to be satisfied by payment of cash and by the delivery or credit of Securities of such series acquired or redeemed by the Company, and
(B) such Securities, to the extent not previously surrendered. Such Officers’ Certificate shall also state the basis for any such credit and that the Securities for which the Company elects to receive credit have not been previously so
credited and were not acquired by the Company through operation of the mandatory sinking fund, if any, provided with respect to such Securities and shall also state that no Event of Default with respect to Securities of such series has occurred and
is continuing. All Securities so delivered to the Trustee shall be canceled by the Trustee and no Securities shall be authenticated in lieu thereof. 
 If the sinking fund payment or payments (mandatory or optional) with respect to any series of Securities made in cash plus any unused balance of any preceding sinking fund payments with respect to Securities of such
series made in cash shall exceed $50,000 (or a lesser sum if the Company shall so request), unless otherwise provided by the terms of such series of Securities, that cash shall be applied by the Trustee on the sinking fund Redemption Date with
respect to Securities of such series next following the date of such payment to the redemption of Securities of such series at the applicable sinking fund Redemption Price with respect to Securities of such series, together with accrued interest, if

  

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any, to the date fixed for redemption, with the effect provided in Section 11.06. The Trustee shall select, in the manner provided in
Section 11.03, for redemption on such sinking fund Redemption Date a sufficient principal amount of Securities of such series to utilize that cash and shall thereupon cause notice of redemption of the Securities of such series for the sinking
fund to be given in the manner provided in Section 11.04 (and with the effect provided in Section 11.06) for the redemption of Securities in part at the option of the Company. Any sinking fund moneys not so applied or allocated by the
Trustee to the redemption of Securities of such series shall be added to the next cash sinking fund payment with respect to Securities of such series received by the Trustee and, together with such payment, shall be applied in accordance with the
provisions of this Section 11.08. Any and all sinking fund moneys with respect to Securities of any series held by the Trustee at the Maturity of Securities of such series, and not held for the payment or redemption of particular Securities of
such series, shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal of the Securities of such series at Maturity. 
 On or before each sinking fund Redemption Date provided with respect to Securities of any series, the Company shall pay to the Trustee in cash a sum
equal to all accrued interest, if any, to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption Date pursuant to this Section 11.08. 
 The Trustee shall not redeem any Securities with sinking fund moneys or give any notice of redemption of Securities by operation of the applicable
sinking fund during the continuance of a default in payment of interest on Securities of such series or of any Event of Default with respect to such series, except that if the notice of redemption of any Securities shall theretofore have been mailed
in accordance with the provisions hereof, the Trustee shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee for that purpose in accordance with the terms of this Article 11. Except as aforesaid, any
moneys in the sinking fund with respect to Securities of any series at the time when any such default or Event of Default with respect to such series shall occur, and any moneys thereafter paid into such sinking fund shall, during the continuance of
such default or Event of Default with respect to such series, be held as security for the payment of all Securities of such series; provided, however, that in case such default or Event of Default with respect to such series shall have been
cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys may be applied pursuant to the provisions of this Section 11.08. 
  

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 ARTICLE 12 
 REPAYMENT AT OPTION OF HOLDERS 
 Section 12.01. Applicability of Article. Repayment of Securities of any series before their Scheduled Maturity Date at the option of Holders thereof shall be made in accordance with the terms of such Securities and (except as
otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 
 Section 12.02.
Repayment of Securities. Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount
thereof, together with interest thereon accrued to the Repayment Date specified in the terms of such Securities. On or before the Repayment Date, the Company will 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 10.03) an amount of money sufficient to pay the Repayment Price of all the Securities which are to be repaid on such date. 
 Section 12.03. Exercise of Option. Securities of any series subject to repayment at the option of the Holders thereof will contain an
“Option to Elect Repayment” form on the reverse of such Securities. To be repaid at the option of the Holder, any Security so providing for such repayment, with the “Option to Elect Repayment” form on the reverse of
such Security duly completed by the Holder, must be received by the Company at the Place of Payment therefor specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of
such Securities) not earlier than 30 days nor later than 15 days prior to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such
Security to be repaid, in increments of $1,000 unless otherwise specified in the terms of such Security, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such
Security surrendered that is not to be repaid must be specified. The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part, if, following such repayment, the unpaid principal amount of
such Security would be less than the minimum authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of
the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable unless waived by the Company. 
 Section 12.04.
When Securities Presented for Repayment Become Due and Payable. If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as 

  

 69 

 
provided by the terms of such Securities, such Securities or the portions thereof, as the case may be, to be repaid shall become due and payable and shall be
paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such Securities on such Repayment Date) interest on such Securities or the portions thereof, as the
case may be, shall cease to accrue. 
 Section 12.05. Securities Repaid in Part. Upon surrender of any Security which is to be repaid
in part only, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Security or Securities of the same series, tenor, terms and
Scheduled Maturity Date, of any authorized denomination specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid. 
 ARTICLE 13 
 SUBORDINATION
OF SUBORDINATED SECURITIES 
 Section 13.01. Agreement To Subordinate. The Company
covenants and agrees, and each Holder of any Subordinated Security issued hereunder by his acceptance thereof, whether upon original issue or upon transfer or assignment, likewise covenants and agrees, that the principal of (and premium, if any) and
interest on each and all of the Subordinated Securities issued hereunder are hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness.

 Section 13.02. Payment On Dissolution, Liquidation Or Reorganization; Default On Senior Indebtedness. 
 Upon any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities, upon any
dissolution or winding up or total or partial liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other similar proceedings, or upon any assignment for the benefit of creditors
or any other marshalling of the assets and liabilities of the Company or otherwise, all principal of (and premium, if any) and interest then due upon all Senior Indebtedness shall first be paid in full, or payment thereof provided for in money or
money’s worth, before the Holders of the Subordinated Securities or the Trustee on their behalf shall be entitled to receive any assets or securities (other than shares of stock of the Company as reorganized or readjusted or securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment, junior to, or the payment of which is subordinated at least to the extent provided in this Article to the payment of, all Senior Indebtedness which 

  

 70 

 
may at the time be outstanding or any securities issued in respect thereof under any such plan of reorganization or readjustment) in respect of the
Subordinated Securities (for principal, premium or interest). Upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets or securities of the Company of any kind or character, whether in cash,
property or securities (other than as aforesaid), to which the Holders of the Subordinated Securities or the Trustee on their behalf would be entitled, except for the provisions of this Article, shall be made by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, direct to the holders of Senior Indebtedness or their representatives to the extent necessary to pay all Senior Indebtedness in full, in money or
money’s worth, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. In the event that, notwithstanding the foregoing, the Trustee or the Holder of any Subordinated Security shall, under the
circumstances described in the two preceding sentences, have received any payment or distribution of assets or securities of the Company of any kind or character, whether in cash, property or securities (other than as aforesaid) before all Senior
Indebtedness is paid in full or payment thereof provided for in money or money’s worth, and if such fact shall then have been made known to the Trustee or, as the case may be, such Holder, then such payment or distribution of assets or
securities of the Company shall be paid over or delivered forthwith to the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making payment or distribution of assets or securities of the Company for application to the
payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the holders of Senior
Indebtedness. 
 Subject to the payment in full, in money or money’s worth, of all Senior Indebtedness, the Holders of the Subordinated
Securities (together with the holders of any indebtedness of the Company which is subordinate in right of payment to the payment in full of all Senior Indebtedness and which is not subordinate in right of payment to the Subordinated Securities)
shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or distribution of assets or securities of the Company applicable to Senior Indebtedness until the principal of (and premium, if any) and interest on the
Senior Indebtedness shall be paid in full. No such payments or distributions applicable to Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated
Securities, be deemed to be a payment by the Company to or on account of the Subordinated Securities, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders
of the Subordinated Securities, on the one hand, and the holders of Senior Indebtedness, on the other hand. Nothing contained in this 
  

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Article or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as between the Company and the Holders of
Subordinated Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Subordinated Securities the principal of (and premium, if any) and interest on the Subordinated Securities as and when the same
shall become due and payable in accordance with their terms, or to affect (except to the extent specifically provided above in this paragraph) the relative rights of the Holders of the Subordinated Securities and creditors of the Company other than
the holders of Senior Indebtedness. Nothing contained herein shall prevent the Trustee or the Holder of any Subordinated Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the
rights, if any, under this Article, of the holders of Senior Indebtedness in respect of assets or securities of the Company of any kind or character, whether cash, property or securities, received upon the exercise of any such remedy. 
 Upon any payment or distribution of assets or securities of the Company referred to in this Article, the Trustee and the Holders of the Subordinated
Securities shall be entitled to rely upon any order or decree of a court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending, and upon a certificate of the receiver, trustee in
bankruptcy, liquidating trustee, agent or other person making any such payment or distribution, delivered to the Trustee or to the Holders of the Subordinated Securities for the purpose of ascertaining the persons entitled to participate in such
distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article. 
 If: 
 (i) there shall have occurred a
default in the payment on account of the principal of (or premium, if any) or interest on or other monetary amounts due and payable on any Senior Indebtedness, or 
 (ii) any other default shall have occurred concerning any Senior Indebtedness which permits the holder or holders thereof to accelerate the maturity of such Senior Indebtedness following notice, the lapse of time, or
both, or 
 (iii) during any time Senior Indebtedness is outstanding, the principal of, and accrued interest on, any series of Subordinated
Securities shall have been declared due and payable upon an Event of Default pursuant to Section 5.02 hereof (and such declaration shall not have been rescinded or annulled pursuant to this Indenture); 

  

 72 

 
then, unless and until such default shall have been cured or waived or shall have ceased to exist, or such declaration shall have been waived, rescinded or
annulled, no payment shall be made by the Company on account of the principal (or premium, if any) or interest on the Subordinated Securities. 
 The Trustee shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a representative of such holder or a trustee under any indenture under which any
instruments evidencing any such Senior Indebtedness may have been issued) to establish that such notice has been given by a holder of such Senior Indebtedness or such representative or trustee on behalf of such holder. In the event that the Trustee
determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article 13, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to
the right of such Person under this Article 13, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment or distribution.

 Section 13.03. Payment Prior To Dissolution Or Default. Nothing contained in this Article or elsewhere in this Indenture, or in any
of the Subordinated Securities, shall prevent (a) the Company, at any time except under the conditions described in Section 13.02 or during the pendency of any dissolution or winding up or total or partial liquidation or reorganization
proceedings therein referred to, from making payments at any time of principal of (or premium, if any) or interest on Subordinated Securities or from depositing with the Trustee or any Paying Agent moneys for such payments, or (b) the
application by the Trustee or any Paying Agent of any moneys deposited with it under this Indenture to the payment of or on account of the principal of (or premium, if any) or interest on Subordinated Securities to the Holders entitled thereto if
such payment would not have been prohibited by the provisions of Section 13.02 on the day such moneys were so deposited. 
 Notwithstanding the provisions of Section 13.01 or any other provision of this Indenture, the Trustee and any Paying Agent shall not be charged with knowledge of the existence of any Senior Indebtedness, or of the occurrence of any
default with respect to Senior Indebtedness of the character described in Section 13.02, or of any other facts which would prohibit the making of any payment of moneys to or by the Trustee or such Paying Agent, unless and until the Trustee
shall have received, no later than three Business Days prior to such payment, written notice thereof from the Company or from a holder of such 

  

 73 

 
Senior Indebtedness and the Trustee shall not be affected by any such notice which may be received by it on or after such third Business Day. 
 Section 13.04. Securityholders Authorize Trustee To Effectuate Subordination of Securities. Each Holder of Subordinated Securities by his or her
acceptance thereof authorizes and expressly directs the Trustee on his or her behalf to take such action in accordance with the terms of this Indenture as may be necessary or appropriate to effectuate the subordination provisions contained in this
Article 13 and to protect the rights of the Holders of Subordinated Securities pursuant to this Indenture, and appoints the Trustee his or her attorney-in-fact for such purpose. 
 Section 13.05. Right Of Trustee To Hold Senior Indebtedness. The Trustee shall be entitled to all of the rights set forth in this Article 13 in
respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. 
 Section 13.06. Article 13 Not To Prevent Events Of Default. The failure to make a payment on account of principal of, premium, if any, or interest
on the Subordinated Securities by reason of any provision of this Article 13 shall not be construed as preventing the occurrence of an Event of Default under Section 6.01 or an event which with the giving of notice or lapse of time, or both,
would become an Event of Default or in any way prevent the Holders of Subordinated Securities from exercising any right hereunder other than the right to receive payment on the Subordinated Securities. 
 Section 13.07. No Fiduciary Duty Of Trustee To Holders Of Senior Indebtedness. The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness, and shall not be liable to any such holders (other than for its willful misconduct, bad faith or negligence) if it shall in good faith mistakenly pay over or distribute to the Holders of Subordinated Securities or the
Company or any other Person, cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this Article 13 or otherwise. Nothing in this Section 13.06 shall affect the obligation of any other such
Person to hold such payment for the benefit of, and to pay such payment over to, the holders of Senior Indebtedness or their representative. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and their respective corporate
seals to be hereunto affixed and attested; all as of the day and year first above written. 
  

			
	 PepsiCo, Inc.,

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

			
	 Attest:

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

			
	 JPMorgan Chase Bank, N.A., Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

			
	 Attest:

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 75 

			
	 State of New York
	  	
		  	ss.:
	 County of New York
	  	

 On the          day of
             before me personally came              to me known, who, being by me duly sworn, did depose and say
that he resides at                     ; that he is
                 of JPMorgan Chase Bank, N.A., one of the parties described in and which executed the above instrument; that he knows the corporate seal of said
corporation; that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of said corporation; and that he signed his name thereto by like authority. 
  

	
	 Name

	
	______________________
	 Notary Public, State of New York
 No.
                            
 Qualified in
                     County
 Commission Expires                     

 [Notarial Seal] 
  

 76 

			
	 State of New York
	  	
		  	ss.:
	 County of Westchester
	  	

 On the          day of
                    ,              before me personally came
                    , to me known, who, being by me duly sworn, did depose and say that he resides at 700 Anderson Hill Rd., Purchase, NY;
that he is the                      of PepsiCo, Inc., one of the parties described in and which executed the above instrument; that he knows
the corporate seal of said corporation; that the seal affixed to that instrument is such corporate seal; that it was affixed by authority of the board of directors of said corporation; and that he signed his name thereto by like authority.

  

	
	 Name

	
	______________________
	 Notary Public, State of New York
 No.
                            
 Qualified in
                     County
 My Commission Expires                     

 [Notarial Seal] 
  

 77 

 Exhibit A 
 [FORM OF FACE OF NOTE] 
 No. 
 PEPSICO, INC. 
 [SINKING FUND][NON-SINKING FUND] NOTE DUE 
 PEPSICO, INC., a corporation duly organized and existing under the laws of the State of North Carolina (herein called the “Company”,
which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to ____ or registered assigns, the principal sum of ___ on ____, 20__, and to pay interest on said
principal sum semi-annually on ___ and ___ of each year, commencing, ________ 20 __, at the rate of __% per annum from ____, 20__, or from the most recent date in respect of which interest has been paid or duly provided for, until payment of the
principal sum has been made or duly provided for. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Record Date for such Interest Payment Date, which shall be the fifteenth day (whether or not a New York Business Day) next preceding such Interest Payment Date. Any such interest
that is payable but is not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such Record Date and may either be paid to the Person in whose name this Note (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 Notes not earlier than 10 days prior to such Special Record Date, or
may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange, if such manner of payment shall be deemed
practical by the Trustee, all as more fully provided in the Indenture. 
 Payment of the principal of and interest on this Note will be made
at the Place of Payment in such coin or currency of _________ as at the time of payment is legal tender for payment of public and private debts; provided, however, that payments of interest may be made at the option of the Company by checks mailed
to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register. 
 Reference is made to the further
provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature,
this Note 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 by manual or facsimile
signature under its corporate seal or a facsimile thereof. 
  

									
	 Dated:
	 		 	 PEPSICO, INC.

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Authorized Officer

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Authorized Officer

 [seal] 
 Attest: 
 ________________________

  

 A-2 

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

									
		 		 	 JPMORGAN CHASE BANK, N.A., as
Trustee

					
		 		 		 	 By:
	 	  
		 		 		 		 	 Authorized Officer

  

 A-3 

 [FORM OF REVERSE OF NOTE] 
 PEPSICO, INC. 
 NOTE DUE 
 This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of
                        , 2006 (herein called the “Indenture”), between the Company and JPMorgan Chase
Bank, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon which the Securities are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise
defined herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at
different rates (which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of
Default, and may otherwise vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face hereof (herein called the “Notes”), limited in aggregate principal amount to
                    . 
 [The
Notes may not be redeemed by the Company prior to maturity except pursuant to the sinking fund.] 
 [The Notes are subject to redemption upon
not less than 30 nor more than 60 days’ notice by mail (1) on                      in any year commencing with the year
20     and ending with the year 20     through operation of the sinking fund for the series at a Redemption Price equal to 100% of the principal amount thereof, and (2) at any time, in whole
or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): 
 If redeemed during the
12-month period beginning each of the years indicated: 
  

							
	 Years
	    	 Price
	    	 Years
	    	 Redemption Price

 and thereafter at a Redemption Price equal to __ % of the principal amount, together in the case of any such
redemption (whether through operation of the 

  

 A-4 

 
sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments that are due on or prior to such Redemption Date will be
payable to the Holders of record of such Notes or one or more Predecessor Securities at the close of business on the applicable Record Dates referred to on the face hereof.] 
 [Notwithstanding the foregoing, the Company may not, prior to             ,
20    , redeem any Notes 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 accounting practices) of less than         % per annum.] 
 [The sinking fund provides for the redemption on                 
in each year beginning with the year                  and ending with the year
                 of not less than                  in principal amount of
Notes (“mandatory sinking fund”). At its option, the Company may make an additional sinking fund payment on or before the due date of any mandatory sinking fund payment to redeem up to an additional principal amount of Notes on any
such date. The option to make such sinking fund payments in addition to the mandatory sinking fund is not cumulative and to the extent not availed of in any year will terminate. 
 At its option, the Company may credit against any mandatory sinking fund payment the principal amount of Notes acquired or redeemed by it (other than
with mandatory sinking fund payments) and not previously credited.] 
 In the event of redemption of this Note in part only, a new Note or
Notes for the unredeemed portion hereof will be issued in the name of the Holder hereof upon cancellation hereof. 
 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 under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected by such amendment or modification. The Indenture also contains provisions permitting the
Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of 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 Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon
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 Note. 
  

 A-5 

 The Indenture contains provisions setting forth certain conditions to the institution of proceedings by
Holders of Securities with respect to the Indenture or for any remedy under the Indenture. 
 If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner and with the effect provided in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registerable in the Security Register, upon surrender of this Note for registration of transfer at the
office or agency of the Company in any Place of Payment duly endorsed, 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 Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes are issuable only in registered form without coupons in denominations of
                 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable
for a like aggregate principal amount of Notes of different authorized denominations as requested by the Holder surrendering the same. 
 No
service charge shall be made for any such registration or 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 the presentment of this Note for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall
be affected by notice to the contrary. 
 All terms used in this Note which are defined in the Indenture and are not otherwise defined herein
shall have the meanings assigned to them in the Indenture. 
  

 A-6 

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

	
	  
	 [PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE]

  

  

  

  

  

 

 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE] 
 the within Note and all rights thereunder, hereby irrevocably
constituting and appointing                                  attorney to transfer
such Note on the books of the Issuer, with full power of substitution in the premises. 
 Dated:
                                        
         
 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within Note in every particular without alteration or enlargement or any change whatsoever. 
  

 A-7 

 Exhibit B 
 Fixed Rate Note 
 NOTE DUE 
  

			
	No.	  	$
		  	 CUSIP:

 Unless this certificate is presented by an authorized representative of The Depository Trust
Company (55 Water Street, New York, New York) to the Issuer or its agent for registration of transfer or exchange or for payment, then this certificate shall be registered in the name of Cede & Co. (or such other name as may be requested by
an authorized representative of The Depository Trust Company), and ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL. 
 Unless and until this certificate is exchanged in whole or in part for Notes in certificated form, this certificate may not be transferred except as a whole by The Depository Trust Company to a nominee thereof or by a
nominee thereof to The Depository Trust Company or another nominee of The Depository Trust Company or by The Depository Trust Company or any nominee to a successor depository or nominee of such successor depository. 

 PEPSICO, INC. FIXED RATE NOTE 
  

			
	ORIGINAL ISSUE DATE:	    	
		
	ISSUE PRICE:	    	
		
	INTEREST RATE:	    	SCHEDULED MATURITY DATE:
		
	INTEREST ACCRUAL DATE:	    	INTEREST PAYMENT DATES:
		
	 REDEEMABLE:
 Yes
(    )             No (    )
	    	SPECIFIED CURRENCY:
		
	INITIAL REDEMPTION DATE:	    	APPLICABILITY OF MODIFIED PAYMENT UPON ACCELERATION:
		
	INITIAL REDEMPTION PERCENTAGE:	    	If yes, state Issue Price:
		
	ANNUAL REDEMPTION PERCENTAGE REDUCTION:	    	SINKING FUND:
		
	OPTION TO ELECT REPAYMENT: Yes (    )             No (    )	    	APPLICABILITY OF ANNUAL INTEREST PAYMENTS:
		
	OPTIONAL REPAYMENT DATE(S):	    	
		
	OPTIONAL REPAYMENT PRICE(S):	    	
		
	DENOMINATIONS:	    	

 PepsiCo, Inc., a North Carolina corporation (together with its successors and assigns, the
“Issuer”), for value received, hereby promises to pay to Cede & Co., or the registered assignees thereof, the principal sum of
                             dollars on the Scheduled Maturity Date specified above (except to the
extent redeemed or repaid prior to such Scheduled Maturity Date) and to pay interest thereon at the Interest Rate per annum specified above from the Interest Accrual Date specified above until the principal hereof is paid or duly made available for
payment (except as provided below) on the Scheduled Maturity Date, such interest payments to be payable on each Interest Payment Date specified above, commencing on the Interest Payment Date next succeeding the Interest Accrual Date specified above,
and on the Scheduled Maturity Date (or any redemption or repayment date); provided, however, that if the Interest Accrual Date occurs between a Record Date, as defined below, and the next succeeding Interest Payment Date, interest payments will
commence on the second Interest Payment 

  

 B-2 

 
Date succeeding the Interest Accrual Date and shall be payable to the registered holder of this Note on the Record Date with respect to such second Interest
Payment Date; and provided, further, that if this Note is subject to “Annual Interest Payments”, interest payments shall be made annually in arrears. 
 Interest on this Note will accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from the Interest Accrual Date,
until the principal hereof has been paid or duly made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, subject to certain exceptions described herein, be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the date 15 calendar days prior to an Interest Payment Date (whether or not a New York Business Day) (each such date a “Record
Date”); provided, however, that interest payable on the Scheduled Maturity Date (or any redemption or repayment date) will be payable to the Person in whose name this Note is registered on such date. 
 Payment of the principal and any premium and interest due on this Note at the Scheduled Maturity Date (or any redemption or repayment date) will be made
in immediately available funds upon surrender of this Note at the Corporate Trust Office of the Trustee, as defined on the reverse hereof, in The City of New York, or at such other paying agency as the Issuer may determine. Payment of the principal
of and premium, if any, and interest on this Note will be made in the currency indicated above; provided, however, that U.S. dollar payments of interest, other than interest due at maturity or any date of redemption or repayment, will be made by
U.S. dollar check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register on the applicable Record Date. A Holder of U.S. $10,000,000 or more in aggregate principal amount of Notes having the same
Interest Payment Date will be entitled to receive payments of interest, other than interest due at maturity or any date of redemption or repayment, by wire transfer of immediately available funds if appropriate wire transfer instructions have been
received by the Trustee in writing not less than 15 calendar days prior to the applicable Interest Payment Date. If this Note is denominated in a Specified currency, payments of interest hereon will be made by wire transfer of immediately available
funds to an account maintained by the Holder hereof with a bank located outside the United States, if appropriate wire transfer instructions have been received by the Trustee in writing not less than 15 calendar days prior to the applicable Interest
Payment Date. If such wire transfer instructions are not so received, such interest payments will be made by check payable in such Specified Currency mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register on the applicable Record Date. 
  

 B-3 

 Reference is hereby made to the further provisions of this Note set forth after the caption reading
“Further Provisions of Note”, which further provisions shall for all purposes have the same effect as if set forth at this place. In the event of an inconsistency between any provision set forth above and any provision set forth in
“Further Provisions of Note”, the description above shall govern. 
 Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture, as defined in Further Provisions of Note, or be valid or obligatory for any purpose. 

 

 B-4 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed under its corporate seal.

 Dated: 
  

			
	PEPSICO, INC.
		
	By:	 	  
		 	 Authorized Officer

		
	By:	 	  
		 	 Authorized Officer

  

	
	 [seal]

	
	 Attest:

	
	   
	

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

			
	 JPMORGAN CHASE BANK, N.A.,

	 as Trustee

		
	By:	 	  
		 	 Authorized Officer

 [FURTHER PROVISIONS OF NOTE] 
 This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Issuer (herein called the
“Securities”) issued and to be issued in one or more series under an Indenture, dated as of                     , 2006
(herein called the “Indenture”), between the Issuer and JPMorgan Chase Bank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, and immunities of the Issuer, the Trustee, and Holders of the Securities, the terms upon which the Securities are, and
are to be, 

  

 B-5 

 
authenticated and delivered, and the definitions of capitalized terms used herein and not otherwise defined herein. This Note is one of a series of
Securities of the Issuer designated above having maturities not less than nine months from the date of issue (the “Notes”). The terms of individual Notes may vary with respect to interest rates, interest rate formulas, issue dates,
maturity dates, or otherwise, all as provided in the Indenture. To the extent not inconsistent herewith, the terms of the Indenture are hereby incorporated by reference herein. 
 The Notes will not be subject to any sinking fund and, unless otherwise provided on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or subject to repayment at the option of the Holder prior to maturity. 
 Unless otherwise indicated
on the face of this Note, this Note may not be redeemed prior to the Scheduled Maturity Date. If so indicated on the face of this Note, this Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof on the terms set forth on the face hereof, together with interest accrued and unpaid hereon to the date of redemption (except as provided below). If this Note is subject to “Annual Redemption Percentage
Reduction,” the Initial Redemption Percentage indicated on the face hereof will be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction specified on the face hereof until the redemption
price of this Note is 100% of the principal amount hereof, together with interest accrued and unpaid hereon to the date of redemption (except as provided below). Notice of redemption shall be mailed to the registered Holders of the Notes designated
for redemption at their addresses as the same shall appear on the Security Register not less than 30 nor more than 60 days prior to the date fixed for redemption, subject to all the conditions and provisions of the Indenture. In the event of
redemption of this Note in part only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof. 
 Unless otherwise indicated on the face of this Note, this Note shall not be subject to repayment at the option of the Holder prior to the Scheduled
Maturity Date. If so indicated on the face of this Note, this Note will be subject to repayment at the option of the Holder on the Optional Repayment Date or Dates specified on the face hereof on the terms set forth herein. On any Optional Repayment
Date, this Note will be repayable in whole or in part in increments of the denomination indicated on the face of this Note (provided that any remaining principal amount hereof shall not be less than the minimum authorized denomination hereof) at the
option of the Holder hereof at a price equal to the Optional Repayment Price indicated on the face of this Note of the principal amount to be repaid, together with interest accrued and unpaid hereon to the date of repayment (except as provided
below). For this Note to be repaid at the option of the Holder hereof, the Trustee must receive at its Corporate Trust Office in the 

  

 B-6 

 
Borough of Manhattan, The City of New York, at least 15 but not more than 30 days prior to the date of repayment, (i) this Note with the form entitled
“Option to Elect Repayment” below duly completed or (ii) a telegram, telex, facsimile transmission, or a letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a
commercial bank or a trust company in the United States setting forth the name of the Holder of this Note, the principal amount hereof, the certificate number of this Note or a description of this Note’s tenor and terms, the principal amount
hereof to be repaid, a statement that the option to elect repayment is being exercised thereby, and a guarantee that this Note, together with the form entitled “Option to Elect Repayment” duly completed, will be received by the
Trustee not later than the fifth New York Business Day after the date of such telegram, telex, facsimile transmission, or letter; provided, that such telegram, telex, facsimile transmission, or letter shall only be effective if this Note and form
duly completed are received by the Trustee by such fifth New York Business Day. Exercise of such repayment option by the holder hereof shall be irrevocable. In the event of repayment of this Note in part only, a new Note or Notes for the amount of
the unpaid portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof. 
 Interest payments on this Note
will include interest accrued to but excluding the Interest Payment Dates or the Scheduled Maturity Date (or any earlier redemption or repayment date), as the case may be. Interest payments for this Note will be computed and paid on the basis of a
360-day year of twelve 30-day months and the amount of interest payable for any partial period shall be computed on the basis of the actual number of days elapsed in a 360-day year of twelve 30-day months. 
 In the case where the Interest Payment Date or the Scheduled Maturity Date (or any redemption or repayment date) does not fall on a New York Business
Day, payment of interest, premium, if any, or principal otherwise payable on such date need not be made on such date, but may be made on the next succeeding New York Business Day with the same force and effect as if made on such Interest Payment
Date or on the Scheduled Maturity Date (or any redemption or repayment date), and no interest shall accrue for the period from and after such Interest Payment Date or the Scheduled Maturity Date (or any redemption or repayment date) to such next
succeeding New York Business Day. 
 This Note and all the obligations of the Issuer hereunder are direct, unsecured obligations of the
Issuer and rank without preference or priority among themselves and pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory exceptions in the event of liquidation upon
insolvency. 
 This Note, and any Note or Notes issued upon registration of transfer or exchange hereof, is issuable only in fully registered
form, without coupons, and, if 

  

 B-7 

 
denominated in U.S. dollars, is issuable only in denominations indicated on the face of this Note. If this Note is denominated in a Specified Currency, then,
unless a higher minimum denomination is required by applicable law, it is issuable only in denominations of the equivalent of U.S.
$                     (rounded down to an integral multiple of 1,000 units of such Specified Currency), or any amount in excess thereof which
is an integral multiple of 1,000 units of such Specified Currency, as determined by reference to the noon dollar buying rate in New York City for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York on the New
York Business Day immediately preceding the date of issuance. 
 Except as set forth below, if the principal of, premium, if any, or interest
on, this Note is payable in a Specified Currency and such Specified Currency is not available to the Issuer for making payments hereon due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or is no longer
used by the government of the country issuing such currency or for the settlement of transactions by public institutions within the international banking community, then the Issuer will be entitled to satisfy its obligations to the Holder of this
Note by making such payments in U.S. dollars on the basis of the noon buying rate in the City of New York for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York (the “Market Exchange Rate”)
on the second New York Business Day prior to the applicable payment date or, if the Market Exchange Rate in effect on such date cannot be readily determined, then on the basis of the highest bid quotation (assuming European-style quotation —
i.e., Specified Currency per U.S. dollar) on the second New York Business Day prior to the applicable payment date from three recognized foreign exchange dealers in the City of New York (one of which may be the Issuer) for the purchase of the
aggregate amount of the Specified Currency payable on such payment date, for settlement on such payment date, and at which the applicable dealer timely commits to execute a contract, or if the Issuer retains an exchange rate agent for this purpose,
then on the basis of a bid quotation from a recognized foreign exchange dealer selected by the exchange rate agent (which may be the exchange rate agent itself). Any payment made under such circumstances in U.S. dollars where the required payment is
in a Specified Currency other than U.S. dollars will not constitute an Event of Default. 
 If payments of principal, premium, if any, or
interest, if any, with respect to this Note are required to be made in a composite currency and the composition of such composite currency is at any time altered (whether by the addition, elimination, combination, or subdivision of one or more
components, by adjustment of the ratio of any component to the composite unit, or by any combination of such events), then the Issuer will be entitled to satisfy its payment obligations hereunder by making such payments in such composite currency as
altered. 
  

 B-8 

 All determinations referred to above made by the Issuer or its agent shall be at its sole discretion and
shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and binding on the Trustee and the Holder of this Note. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securities of each series
under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected by such amendment or modification. The
Indenture also contains provisions permitting the Holders of a majority in aggregate 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
Issuer 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 Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note 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 Note. 
 The Indenture contains provisions setting forth certain conditions to the institution of proceedings by Holders of Notes with respect to the Indenture or
for any remedy under the Indenture. 
 If an Event of Default with respect to the Notes shall occur and be continuing, the principal amount
hereof may be declared due and payable or may be otherwise accelerated in the manner and with the effect provided in the Indenture. 
 If the
face hereof indicates that this Note is subject to “Modified Payment upon Acceleration,” then (i) if the principal hereof is declared to be due and payable or is otherwise accelerated as referred to in the preceding paragraph,
the amount of principal due and payable with respect to this Note shall be limited to the aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a percentage of the aggregate principal
amount) plus the original issue discount amortized from the Original Issue Date to the date of declaration or acceleration, which amortization shall be calculated using the “interest method” (computed in accordance with generally
accepted accounting principles in effect on the date of declaration or acceleration), (ii) for the purpose of any Act of Securityholders taken pursuant to the Indenture prior to the acceleration of payment of this Note, the principal amount
hereof shall equal the amount that would be due and payable hereon, calculated as set forth in clause (i) above, if this Note were declared to be due and payable or otherwise accelerated on the date of any such Act and (iii) for the
purpose of any Act of 

  

 B-9 

 
Securityholders taken pursuant to the Indenture following the acceleration of payment of this Note, the principal amount hereof shall equal the amount of
principal due and payable with respect to this Note, calculated as set forth in clause (i) above. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or
currency, herein prescribed. 
 So long as this Note shall be Outstanding, the Issuer will cause to be maintained an office or agency for the
payment of the principal of and premium, if any, and interest on this Note as herein provided in the City of New York, and an office or agency in said City of New York for the registration of transfer or exchange of the Notes. The Issuer may
designate other agencies for the payment of said principal, premium, if any, and interest at such place or places (subject to applicable laws and regulations) as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep
the Trustee advised of the names and locations of such agencies, if any are so designated. 
 As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the Corporate Trust Office or any other applicable Place of Payment, duly endorsed,
or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed, by the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 No
service charge shall be made for any such registration or transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee, and any agent of the Issuer or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for the purpose of receiving payments as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Issuer, the Trustee, nor any such agent shall
be affected by notice to the contrary. 
 This Note shall for all purposes be governed by, and construed in accordance with, the laws of the
State of New York. 
  

 B-10 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM – as tenants in common 
 TEN ENT – as tenants by the entireties 
 JT TEN – as joint tenants with right of
survivorship and not as tenants in common 
 UNIF GIFT MIN ACT 
 Custodian 

 (Cust)                                (Minor) 
 Under Uniform Gifts to Minors Act 

 (State) 
 Additional abbreviations may also be used though not in the above list.

  

 FOR VALUE RECEIVED,
the undersigned hereby sell(s), assign(s) and transfer(s) unto [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE] 
  

 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE] 
  

 B-11 

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

Dated: 
 NOTE: The signature to this
assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever. 
 OPTION TO ELECT REPAYMENT 
 The undersigned hereby irrevocably requests and instructs the Issuer to repay
the within Note (or portion thereof specified below) pursuant to its terms at a price equal to the principal amount thereof, together with interest to the Optional Repayment Date, to the undersigned at 
  

 (Please print or typewrite name and address of the undersigned) 
 If less than the entire principal amount of the within Note is to be repaid, specify the portion thereof which the holder elects to have repaid:
                    ; and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the
Notes to be issued to the Holder for the portion of the within Note not being repaid (in the absence of any such specification, one such Note will be issued for the portion not being repaid):
                                        .

 Dated:                                     
             
 _________________________________ 

The signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular
without alteration or enlargement or any change whatsoever. 
  

 B-12 

 Exhibit C 
 Floating Rate Note 
 NOTE DUE 
  

				
	 No.
	  	$	 
		  	 	CUSIP:

 Unless this certificate is presented by an authorized representative of The Depository Trust
Company (55 Water Street, New York, New York) to the Issuer or its agent for registration of transfer or exchange or for payment, then this certificate shall be registered in the name of Cede & Co. (or such other name as may be requested by
an authorized representative of The Depository Trust Company), and ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.

 Unless and until this certificate is exchanged in whole or in part for Notes in certificated form, this certificate may not be transferred
except as a whole by The Depository Trust Company to a nominee thereof or by a nominee thereof to The Depository Trust Company or another nominee of The Depository Trust Company or by The Depository Trust Company or any nominee to a successor
depository or nominee of such successor depository. 

 PEPSICO, INC. 
 FLOATING RATE NOTE 
  

					
			
	ISSUE PRICE:	  	ORIGINAL ISSUE DATE:	  	SCHEDULED MATURITY DATE:
			
	BASE RATE:	  	SPREAD (PLUS OR MINUS):	  	SPREAD MULTIPLIER:
			
	INTEREST ACCRUAL DATE:	  	INTEREST PAYMENT PERIOD:	  	INTEREST RESET PERIOD:
			
	INDEX CURRENCY:	  	REPORTING SERVICE:	  	
			
	INDEX MATURITY:	  	INITIAL INTEREST RESET DATE:	  	INITIAL INTEREST RATE:
			
	INTEREST PAYMENT DATES:	  	INTEREST DETERMINATION DATES:	  	INTEREST RESET DATES:
			
	MINIMUM INTEREST RATE:	  	MAXIMUM INTEREST RATE:	  	SPECIFIED CURRENCY:
			
	 REDEEMABLE:
 YES ____ NO____
	  	 OPTION TO ELECT REPAYMENT:
 YES____
NO____
	  	CALCULATION AGENT:
			
	INITIAL REDEMPTION DATE:	  	OPTIONAL REPAYMENT DATE(S):	  	ALTERNATIVE RATE EVENT SPREAD:
			
	INITIAL REDEMPTION PERCENTAGE:	  	OPTIONAL REPAYMENT PRICE(S):	  	
			
	ANNUAL REDEMPTION PERCENTAGE REDUCTION:	  	SINKING FUND:	  	ORIGINAL YIELD TO MATURITY:
			
	DENOMINATIONS:	  		  	

 PepsiCo, Inc., a North Carolina corporation (together with its successors and assigns, the
“Issuer”), for value received, hereby promises to pay to Cede & 

  

 C-2 

 
Co., or the registered assignees thereof, the principal sum of
                     dollars on the Scheduled Maturity Date specified above (except to the extent redeemed or repaid prior to such Scheduled
Maturity Date) and to pay interest thereon, from the Interest Accrual Date specified above, at a rate per annum equal to the Initial Interest Rate specified above until the Initial Interest Reset Date specified above, and thereafter at a rate per
annum determined in accordance with the Base Rate set forth above, or to the extent not specified above, as determined in accordance with the provisions set forth under the Further Provisions of Note hereof until the principal hereof is paid or duly
made available for payment. The Issuer will pay interest in arrears monthly, quarterly, semiannually, or annually as specified above on each Interest Payment Date (as specified above), such interest payments to commence on the first Interest Payment
Date next succeeding the Interest Accrual Date specified above, and on the Scheduled Maturity Date (or any redemption or repayment date); provided, however, that if the Interest Accrual Date occurs between a Record Date, as defined below, and the
next succeeding Interest Payment Date, interest payments will commence on the second Interest Payment Date succeeding the Interest Accrual Date and shall be payable to the registered Holder of this Note on the Record Date with respect to such second
Interest Payment Date; and provided, further, that if an Interest Payment Date (other than the Scheduled Maturity Date or a redemption or repayment date) would fall on a day that is not a New York Business Day, as defined under the Further
Provisions of Note hereof, such Interest Payment Date shall be the following day that is a New York Business Day; provided, however, that if the interest rate is determined by reference to LIBOR and such next succeeding New York Business Day falls
in the next succeeding calendar month, such Interest Payment Date will be the immediately preceding New York Business Day; provided, further, that if the Scheduled Maturity Date or a redemption or repayment date falls on a day that not a New York
Business Day, the payment of principal, premium, if any, and interest due on that date will be postponed to the next following New York Business Day and no additional interest on that payment will accrue as a result of such postponement. 

Interest on this Note will accrue from the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or
duly provided for, from the Interest Accrual Date, until the principal hereof has been paid or duly made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will, subject to certain
exceptions described herein, be paid to the person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the date 15 calendar days prior to an Interest Payment Date (whether or not a New York
Business Day) (each such date a “Record Date”); provided, however, that interest payable on the Scheduled Maturity Date (or any redemption or repayment date) will be payable to the Person in whose name this Note is registered on
such date. 
  

 C-3 

 Payment of the principal and any premium and interest due on this Note at the Scheduled Maturity Date (or
any redemption or repayment date) will be made in immediately available funds upon surrender of this Note at the Corporate Trust Office of the Trustee, as defined on the reverse hereof, in The City of New York, or at such other paying agency as the
Issuer may determine. Payment of the principal of and premium, if any, and interest on this Note will be made in the currency indicated above; provided, however, that U.S. dollar payments of interest, other than interest due at maturity or
any date of redemption or repayment, will be made by U.S. dollar check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register on the applicable Record Date. A Holder of U.S. $10,000,000 or more in
aggregate principal amount of Notes having the same Interest Payment Date will be entitled to receive payments of interest, other than interest due at maturity or any date of redemption or repayment, by wire transfer of immediately available funds
if wire transfer instructions have been received by the Trustee in writing not less than 15 calendar days prior to the applicable Interest Payment Date. If this Note is denominated in a currency other than U.S. dollars, payments of interest hereon
will be made by wire transfer of immediately available funds to an account maintained by the Holder hereof with a bank located outside the United States, if appropriate wire transfer instructions have been received by the Trustee in writing not less
than 15 calendar days prior to the applicable Interest Payment Date. If such wire transfer instructions are not so received, such interest payments will be made by check payable in such Specified Currency mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register on the applicable Record Date. 
 Reference is hereby made to the further
provisions of this Note set forth after the caption reading “Further Provisions of Note”, which further provisions shall for all purposes have the same effect as if set forth at this place. In the event of an inconsistency between
any provision set forth above and any provision set forth in “Further Provisions of Note”, the description above shall govern. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to under the Further Provisions of Note hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture, as defined
under the Further Provisions of Note hereof, or be valid or obligatory for any purpose. 
  

 C-4 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed under its corporate seal.

 Dated: 
  

			
	PEPSICO, INC.
		
	By:	 	  
		 	 Authorized Officer

		
	By:	 	  
		 	 Authorized Officer

  

	
	 [seal]

	
	 Attest:

	
	   

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  

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

  

			
	 JPMORGAN CHASE BANK, N.A.,

	 as Trustee

		
	By:	 	  
		 	 Authorized Officer

 [FURTHER PROVISIONS OF NOTE] 
 This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Issuer (herein called the
“Securities”) issued and to be issued in one or more series under an Indenture, dated as of _________, (herein called the “Indenture”), between the Issuer and JPMorgan Chase Bank, N.A., as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities of the Issuer, the Trustee and the Holders of the Securities, the terms upon which the Securities are, and are to be, 

  

 C-5 

 
authenticated and delivered, and the definitions of capitalized terms used herein and not otherwise defined herein. This Note is one of a series of
Securities of the Issuer designated above having maturities not less than nine months from the date of issue (the “Notes”). The terms of individual Notes may vary with respect to interest rates, interest rate formulas, issue dates,
maturity dates, or otherwise, all as provided in the Indenture. To the extent not inconsistent herewith, the terms of the Indenture are hereby incorporated by reference herein. 
 The Notes will not be subject to any sinking fund and, unless otherwise provided on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or subject to repayment at the option of the Holder prior to maturity. 
 Unless otherwise indicated
on the face of this Note, this Note may not be redeemed prior to the Scheduled Maturity Date. If so indicated on the face of this Note, this Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial Redemption Date
specified on the face hereof on the terms set forth on the face hereof, together with interest accrued and unpaid hereon to the date of redemption. If this Note is subject to “Annual Redemption Percentage Reduction,” the Initial
Redemption Percentage indicated on the face hereof will be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction specified on the face hereof until the redemption price of this Note is 100% of the
principal amount hereof, together with interest accrued and unpaid hereon to the date of redemption. Notice of redemption shall be mailed to the registered Holders of the Notes designated for redemption at their addresses as the same shall appear on
the Security Register not less than 30 nor more than 60 days prior to the date fixed for redemption, subject to all the conditions and provisions of the Indenture. In the event of redemption of this Note in part only, a new Note or Notes for the
amount of the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 Unless otherwise
indicated on the face of this Note, this Note shall not be subject to repayment at the option of the Holder prior to the Scheduled Maturity Date. If so indicated on the face of this Note, this Note will be subject to repayment at the option of the
Holder on the Optional Repayment Date or Dates specified on the face hereof on the terms set forth herein. On any Optional Repayment Date, this Note will be repayable in whole or in part in increments of the denomination indicated on the face of
this Note (provided that any remaining principal amount hereof shall not be less than the minimum authorized denomination hereof) at the option of the holder hereof at a price equal to the Optional Repayment Price indicated on the face of this Note
of the principal amount to be repaid, together with interest accrued and unpaid hereon to the date of repayment. For this Note to be repaid at the option of the Holder hereof, the Trustee must receive at its Corporate Trust Office in the Borough of
Manhattan, 

  

 C-6 

 
the City of New York, at least 15 but not more than 30 days prior to the date of repayment, (i) this Note with the form entitled “Option to
Elect Repayment” below duly completed or (ii) a telegram, telex, facsimile transmission, or a letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a commercial bank or a
trust company in the United States setting forth the name of the Holder of this Note, the principal amount hereof, the certificate number of this Note or a description of this Note’s tenor and terms, the principal amount hereof to be repaid, a
statement that the option to elect repayment is being exercised thereby and a guarantee that this Note, together with the form entitled “Option to Elect Repayment” duly completed, will be received by the Trustee not later than the
fifth New York Business Day after the date of such telegram, telex, facsimile transmission, or letter; provided, that such telegram, telex, facsimile transmission, or letter shall only be effective if this Note and form duly completed are received
by the Trustee by such fifth New York Business Day. Exercise of such repayment option by the Holder hereof shall be irrevocable. In the event of repayment of this Note in part only, a new Note or Notes for the amount of the unpaid portion hereof
shall be issued in the name of the holder hereof upon the cancellation hereof. 
 This Note will bear interest at the rate determined in
accordance with the applicable provisions below by reference to the Base Rate shown on the face hereof based on the Index Maturity, if any, shown on the face hereof (i) plus or minus the Spread, if any, or (ii) multiplied by the Spread
Multiplier, if any, specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the face hereof, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date (as used herein, the
term “Interest Reset Date” shall include the Initial Interest Reset Date). The Interest Reset Dates will be the Interest Reset Dates specified on the face hereof; provided, however, that (i) the interest rate in effect for the
period from the Interest Accrual Date to the Initial Interest Reset Date will be the Initial Interest Rate, (ii) the interest rate in effect hereon for the 15 days immediately prior to any Maturity Date (or, with respect to any principal amount
to be redeemed or repaid, any redemption or repayment date) will be that in effect on the fifteenth calendar day preceding such Maturity Date or such date of redemption or repayment, as the case may be, and (iii) if interest is reset daily or
weekly, the interest rate in effect for the two-day period immediately preceding any Interest Payment Date will be the interest rate that was in effect on the first day of such two-day period. If any Interest Reset Date would otherwise be a day that
is not a New York Business Day, such Interest Reset Date shall be postponed to the next succeeding day that is a New York Business Day, except that if the Base Rate specified on the face hereof is LIBOR and such New York Business Day is in the next
succeeding calendar month, such Interest Reset Date shall be the next preceding New York Business Day. 
 “CD Rate” with
respect to any Interest Determination Date means the rate on that date for negotiable U.S. dollar certificates of deposit having the Index 

  

 C-7 

 
Maturity specified on the face hereof as published by the Board of Governors of the Federal Reserve System in “Statistical Release H.15(519), Selected
Interest Rates,” or any successor publication of the Board of Governors of the Federal Reserve System (“H.15(519)”) under the heading “CDs (Secondary Market).” 
 The following procedures shall be followed if the CD Rate cannot be determined as described above: 
 (i) If the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date, the CD Rate shall be the rate on that
Interest Determination Date set forth in the daily update of H.15(519), available through the world wide website of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update, or any successor site or
publication (“H.15 Daily Update”) for the Interest Determination Date for certificates of deposit having the Index Maturity specified on the face hereof, under the caption “CDs (Secondary Market).” 
 (ii) If the above rate is not yet published in either H.15(519) or the H.15 Daily Update by 9:00 a.m., New York City time, on the Calculation Date, the
CD Rate shall be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on that Interest Determination Date of three leading nonbank dealers in negotiable U.S. dollar certificates of deposit in The City of
New York, for negotiable U.S. dollar certificates of deposit of major U.S. money center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity specified on
the face hereof in an amount that is representative for a single transaction in that market at that time. 
 (iii) If the dealers selected
are not quoting as set forth above, the CD Rate for that Interest Determination Date shall remain the CD Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the
Initial Interest Rate. 
 “Calculation Date” when used with respect to any Interest Determination Date means the date by
which the applicable interest rate must be determined, which date will be the earlier of (i) the tenth calendar day following such Interest Determination Date or, if such date is not a New York Business Day, the first New York Business Day
occurring after such 10-day period, or (ii) the New York Business Day immediately preceding the applicable Interest Payment Date or Scheduled Maturity Date (or redemption date or repayment date), as the case may be. 
 “Commercial Paper Rate” with respect to any Interest Determination Date shall be the Money Market Yield (as defined herein), calculated
as described below, of the rate on that date for U.S. dollar commercial paper having the Index 

  

 C-8 

 
Maturity specified on the face hereof, as that rate is published in H.15(519), under the heading “Commercial Paper — Nonfinancial.”

 The following procedures shall be followed if the Commercial Paper Rate cannot be determined as described above: 
 (i) If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate shall be the Money
Market Yield of the rate on that Interest Determination Date for commercial paper of the Index Maturity specified on the face hereof as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the
applicable rate, under the heading “Commercial Paper — Nonfinancial.” 
 (ii) If by 3:00 p.m., New York City time, on that
Calculation Date the rate is not yet published in either H.15(519) or the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, then the Commercial Paper Rate shall be the Money Market Yield
of the arithmetic mean of the offered rates as of 11:00 a.m., New York City time, on that Interest Determination Date of three leading dealers of U.S. dollar commercial paper in The City of New York, for commercial paper of the Index Maturity
specified on the face hereof, placed for an industrial issuer whose bond rating is “Aa,” or the equivalent, from a nationally recognized statistical rating agency. 
 (iii) If the dealers selected are not quoting as set forth in (ii) above, the Commercial Paper Rate for that Interest Determination Date shall
remain the Commercial Paper Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate. 
 “Designated LIBOR Page” means either: (a) if LIBOR Reuters is designated as the Reporting Service on the face hereof, the display
on the Reuters Monitor Money Rates Service for the purpose of displaying the London interbank rates of major banks for the applicable Index Currency or its designated successor, or (b) if LIBOR Telerate is designated as the Reporting Service on
the face hereof, the display on Moneyline Telerate Inc., or any successor service, on the page specified on the face hereof, or any other page as may replace that page on that service, for the purpose of displaying the London interbank rates of
major banks for the applicable Index Currency. 
 If neither LIBOR Reuters nor LIBOR Telerate is specified on the face hereof, LIBOR for the
applicable Index Currency shall be determined as if LIBOR Telerate were specified, and, if the U.S. dollar is the Index Currency, as if Page 3750 had been specified. 
 “Federal Funds Rate” with respect to any Interest Determination Date means the rate on that date for U.S. dollar federal funds as published in H.15(519) under 

  

 C-9 

 
the heading “Federal Funds (Effective)” as displayed on Moneyline Telerate, or any successor service, on page 120 or any other page as may
replace page 120 on that service (“Telerate Page 120”). 
 The following procedures shall be followed if the Federal
Funds Rate cannot be determined as described above: 
 (i) If the above rate is not published by 3:00 p.m., New York City time, on the
Calculation Date, the Federal Funds Rate shall be the rate on that Interest Determination Date as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the heading
“Federal Funds (Effective).” 
 (ii) If the above rate is not yet published in either H.15(519) or the H.15 Daily Update, or other
recognized electronic source used for the purpose of displaying the applicable rate, by 3:00 p.m., New York City time, on the Calculation Date, the Federal Funds Rate shall be the arithmetic mean of the rates for the last transaction in overnight
U.S. dollar federal funds prior to 9:00 a.m., New York City time, on that Interest Determination Date, quoted by each of three leading brokers of U.S. dollar federal funds transactions in The City of New York. 
 (iii) If the brokers selected are not quoting as set forth in (ii) above, the Federal Funds Rate for that Interest Determination Date shall remain
the Federal Funds Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate. 
 “H.15(519)” means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors
of the Federal Reserve System. 
 “Index Currency” means the currency specified on the face hereof as the currency for which
LIBOR shall be calculated, or, if the euro is substituted for that currency, the Index Currency shall be the euro. If that currency is not specified on the face hereof, the Index Currency shall be U.S. dollars. 
 “Index Maturity” means the period of maturity of the applicable instrument or obligation. 
 “Interest Determination Date” with respect to any Interest Reset Date means the date two New York Business Days prior to such Interest
Reset Date. The Interest Determination Date pertaining to an Interest Reset Date for Notes bearing interest calculated by reference to the Treasury Rate shall be the day of the week in which such Interest Reset Date falls on which Treasury bills
normally would be auctioned. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is 

  

 C-10 

 
normally held on the following Tuesday, except that the auction may be held on the preceding Friday; provided, however, that if an auction is
held on the Friday of the week preceding such Interest Reset Date, the Interest Determination Date shall be such preceding Friday; and provided, further, that if an auction shall fall on any Interest Reset Date, then the Interest Reset
Date shall instead be the first New York Business Day following the date of such auction. 
 “Interest Reset Period” means
the period from an Interest Reset Date to the next succeeding Interest Reset Date. 
 “London Banking Day” means any day on
which dealings in deposits in the Index Currency (as defined herein) are transacted in the London interbank market. 
 “LIBOR” with respect to any Interest Determination Date will be based on London Interbank Offered Rate. The Calculation Agent shall determine LIBOR for each Interest Determination Date as follows: 
 (i) As of the Interest Determination Date, LIBOR shall be either (a) if “LIBOR Reuters” is specified as the Reporting Service on
the face hereof, the arithmetic mean of the offered rates for deposits in the Index Currency having the Index Maturity designated on the face hereof, commencing on the second London Banking Day immediately following that Interest Determination Date,
that appear on the Designated LIBOR Page, as defined above, as of 11:00 a.m., London time, on that Interest Determination Date, if at least two offered rates appear on the Designated LIBOR Page; except that if the specified Designated LIBOR Page, by
its terms provides only for a single rate, that single rate shall be used; or (b) if “LIBOR Telerate” is specified as the Reporting Service on the face hereof, the rate for deposits in the Index Currency having the Index
Maturity designated on the face hereof, commencing on the second London Banking Day immediately following that Interest Determination Date or, if pounds sterling is the Index Currency, commencing on that Interest Determination Date, that appears on
the Designated LIBOR Page at approximately 11:00 a.m., London time, on that Interest Determination Date. 
 (ii) If fewer than two offered
rates appear, or no rate appears, then the Calculation Agent shall request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Calculation Agent (after consultation with the Issuer),
to provide the Calculation Agent with its offered quotation for deposits in the Index Currency for the period of the Index Maturity specified on the face hereof commencing on the second London Banking Day immediately following the Interest
Determination Date or, if pounds sterling is the Index Currency, commencing on that Interest Determination Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a
principal amount that is representative of a single transaction in that Index Currency in that market at that time. 
  

 C-11 

 (iii) If at least two quotations are provided, LIBOR determined on that Interest Determination Date shall
be the arithmetic mean of those quotations. If fewer than two quotations are provided, LIBOR shall be determined for the applicable Interest Reset Date as the arithmetic mean of the rates quoted at approximately 11:00 a.m., London time, or some
other time specified on the face hereof, in the applicable principal financial center for the country of the Index Currency on that Interest Reset Date, by three major banks in that principal financial center selected by the Calculation Agent (after
consultation with the Issuer) for loans in the Index Currency to leading European banks, having the Index Maturity specified on the face hereof and in a principal amount that is representative of a single transaction in that Index Currency in that
market at that time. 
 (iv) If the banks so selected by the Calculation Agent are not quoting as set forth above, the LIBOR rate for that
Interest Determination Date shall remain the LIBOR for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate. 
 “Maturity Date” means the date on which the entire principal amount outstanding under a Debt Security becomes due and payable, whether
on the Scheduled Maturity Date or by declaration of acceleration, call for redemption, or otherwise. 
 “Money Market Yield”
shall be a yield calculated in accordance with the following formula: 
  

					
	 Money Market Yield =  
	  	D x 360	  	x 100
	  	360 – (D x M)	  

 where “D” refers to the applicable per year rate for commercial paper quoted on a bank discount basis
and expressed as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated. 
 “New York Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, regulation, or executive order, to be closed
in the City of New York and: (i) with respect to any Debt Security denominated or payable in a Specified Currency other than U.S. dollars, euro or Australian dollars, in the principal financial center of the country of the Specified Currency,
or (z) if this Note is denominated in Australian dollars, in Sydney and (b) if this Note is denominated in euro, that is also a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System is operating.

  

 C-12 

 “Prime Rate” with respect to any Interest Determination Date means the rate set forth in
H.15(519) for that day opposite the caption “Bank Prime Loan”. If such rate does not appear in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date relating to such Interest Determination Date, the rate for such
Interest Determination Date will be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen USPRIME 1 Page as such bank’s prime rate or base lending rate as in effect for that Interest
Determination Date as quoted on the Reuters Screen USPRIME 1 Page for such Interest Determination Date or, if fewer than four rates appear on the Reuters Screen USPRIME 1 Page for such Interest Determination Date, the rate will be the arithmetic
mean of the rates of interest publicly announced by three major banks in New York City, selected by the Calculation Agent, as its U.S. dollar prime rate or base lending rate as in effect for such Interest Determination Date. Each change in the prime
rate or base lending rate of any bank so announced by such bank will be effective as of the effective date of the announcement or, if no effective date is specified, as of the date of the announcement. If the banks selected by the Calculation Agent
are not quoting as set forth above, the Prime Rate for that Interest Determination Date shall remain the Prime Rate for the immediately preceding Interest Reset Period or, if there was no Interest Reset Period, the rate of interest payable shall be
the Initial Interest Rate. 
 “Reuters Screen USPRIME 1 Page” means the display designated as page
“USPRIME 1” on the Reuters Money 3000 Service, or any successor service, or any other page as may replace the USPRIME 1 Page on that service for the purpose of displaying prime rates or base lending rates of major U.S. banks.

 “US Treasury Bill Rate” with respect to any Interest Determination Date means: 
 (i) the rate from the Auction held on the applicable Interest Determination Date (the “Auction”) of direct obligations of the United
States (“Treasury Bills”) having the Index Maturity specified on the face hereof as that rate appears under the caption “INVESTMENT RATE” on the display on Moneyline Telerate, or any successor service, on page 56 or
any other page as may replace page 56 on that service (“Telerate Page 56”) or page 57 or any other page as may replace page 57 on that service (“Telerate Page 57”); or 
 (ii) if the rate described in (i) above is not published by 3:00 p.m., New York City time, on the Calculation Date, the Bond Equivalent Yield of the
rate for the applicable Treasury Bills as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government Securities/Treasury Bills/Auction
High”; or 
  

 C-13 

 (iii) if the rate described in (ii) above is not published by 3:00 p.m., New York City time, on the
related Calculation Date, the Bond Equivalent Yield of the Auction rate of the applicable Treasury Bills, announced by the United States Department of the Treasury; or 
 (iv) if the rate described in (iii) above is not announced by the United States Department of the Treasury, or if the Auction is not held, the Bond Equivalent Yield of the rate on the applicable Interest
Determination Date of Treasury Bills having the Index Maturity specified on the face hereof published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”; or 
 (v) if the rate described in (iv) above is not so published by 3:00 p.m., New York City time, on the related Calculation Date, the rate on the
applicable Interest Determination Date of the applicable Treasury Bills as published in the H.15 Daily Update, or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”; or 
 (vi) if the rate described in (v) above is not so published by 3:00 p.m., New
York City time, on the related Calculation Date, the rate on the applicable Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately
3:30 p.m., New York City time, on the applicable Interest Determination Date, of three primary U.S. government securities dealers, selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index
Maturity specified on the face hereof; or 
 (vii) if the dealers selected by the Calculation Agent are not quoting as described in (vi), the
Treasury Rate for the immediately preceding Interest Reset Period, or, if there was no Interest Reset Period, the rate of interest payable shall be the Initial Interest Rate. 
 For the purposes of this definition, the term “Bond Equivalent Yield” is to be calculated in accordance with the following formula:

  

					
	 Bond Equivalent Yield =  
	  	D X N	  	X 100
	  	360 – (D X M)	  

 where “D” refers to the per annum rate for Treasury Bills quoted on a bank discount basis,
“N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the interest period for which interest is being calculated. 
 Notwithstanding the foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest
Rate, if 

  

 C-14 

 
any, specified on the face hereof. The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each
Calculation Date, which interest rate shall be conclusive and binding on the Issuer, the Holders of the Notes and the Trustee absent manifest error. The Trustee shall have no responsibility for determinations made by the Calculation Agent of the
interest rates hereon. The interest rate on this Note will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States Federal law of general application. 
 At the request of the Holder hereof, the Calculation Agent will provide to the Holder hereof the interest rate hereon then in effect and, if determined,
the interest rate that will become effective as of the next Interest Reset Date. 
 Interest payments on this Note will be equal to the
amount of interest accrued from (and including) the Interest Accrual Date or from (and including) the last date to which interest has been paid, as the case may be, to (but excluding) the applicable Interest Payment Date, except that interest
payable on the Maturity Date will include interest accrued to (but excluding) the Maturity Date. If any Interest Payment Date (other than the Maturity Date) for any Floating Rate Debt Security would otherwise be a day that is not a New York Business
Day, the payment of interest that would otherwise be payable on such date will be postponed to the next succeeding New York Business Day provided, however, that if the interest rate is determined by reference to LIBOR and such next succeeding New
York Business Day falls in the next succeeding calendar month, such Interest Payment Date will be the immediately preceding New York Business Day. If the Maturity Date falls on this Note on a day that is not a New York Business Day, the payment of
principal, premium, if any, and interest, if any, otherwise payable on such date will be postponed to the next succeeding New York Business Day, and no interest on such payment will accrue as a result of such postponement. 
 This Note will bear interest at the rate by reference to the Base Rate shown on the face hereof (i) plus or minus the Spread, if any, and/or
(ii) multiplied by the Spread Multiplier, if any, specified on the face hereof. Commencing with the Initial Interest Reset Date specified on the face hereof, the rate at which interest on this Note is payable shall be reset as of each Interest
Reset Date specified on the face hereof (as used herein, the term “Interest Reset Date” shall include the Initial Interest Reset Date). 
 Unless otherwise indicated on the face hereof, interest payments on this Note shall be the amount of interest accrued from and including the Interest Accrual Date or from and including the last date to which interest
has been paid or duly provided for to but excluding the Interest Payment Dates or the Scheduled Maturity Date (or any earlier redemption or repayment date), as the case may be. Accrued interest hereon shall be an amount calculated by multiplying the
face 

  

 C-15 

 
amount hereof by an accrued interest factor. Such accrued interest factor shall be computed by adding the interest factor calculated for each day in the
period for which interest is being paid. The interest factor for each such date shall be computed by dividing the interest rate applicable to such day (i) by 360 if the Base Rate is CD Rate, Commercial Paper Rate, Federal Funds Rate, Prime Rate
or LIBOR (except if the Index Currency is pounds sterling); (ii) by 365 if the Base Rate is LIBOR and the Index Currency is pounds sterling; or (iii) by the actual number of days in the year if the Base Rate is the Treasury Rate.

 The interest rate on this Note in effect on an Interest Reset Date is the interest rate determined as of the prior Interest Determination
Date and the interest rate in effect on any other day is the interest rate in effect as of the preceding Interest Reset Date or (for the period from the Original Issue Date to the Initial Interest Reset Date) the Initial Interest Rate. 

This Note and all the obligations of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority
among themselves and pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory exceptions in the event of liquidation upon insolvency. 
 This Note, and Note or Notes issued upon registration of transfer or exchange hereof, is issuable only in fully registered form, without coupons, and, if
denominated in U.S. dollars, is issuable only in denominations indicated on the face of this Note. If this Note is denominated in a Specified Currency, then, unless a higher minimum denomination is required by applicable law, it is issuable only in
denominations of the equivalent of U.S. $_______ (rounded down to an integral multiple of 1,000 units of such Specified Currency), or any amount in excess thereof which is an integral multiple of 1,000 units of such Specified Currency, as determined
by reference to the noon dollar buying rate in New York City for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York (the “Market Exchange Rate”) on the New York Business Day immediately
preceding the date of issuance. 
 Except as set forth below, if the principal of, premium, if any, or interest on, this Note is payable in a
Specified Currency and such Specified Currency is not available to the Issuer for making payments hereon due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or is no longer used by the government of the
country issuing such currency or for the settlement of transactions by public institutions within the international banking community, then the Issuer will be entitled to satisfy its obligations to the Holder of this Note by making such payments in
U.S. dollars on the basis of the highest bid quotation (assuming European-style quotation — i.e., Specified Currency per U.S. dollar) on the second New York Business Day prior to the applicable payment date from the recognized foreign exchange
dealers in the City of New 

  

 C-16 

 
York (one of which may be the Issuer) for the purchase of the aggregate amount of the Specified Currency payable on such payment date, for settlement on such
payment date, and at which the applicable dealer timely commits to execute a contract, or if the Issuer retains an exchange rate agent for this purpose, then on the basis of a bid quotation from a recognized foreign exchange dealer selected by the
exchange rate agent (which may be the exchange rate agent itself). Any payment made under such circumstances in U.S. dollars where the required payment is in a Specified Currency other than U.S. dollars will not constitute an Event of Default. If
payments of principal, premium, if any, or interest, if any, with respect to this Note are required to be made in a composite currency and the composition of such composite currency is at any time altered (whether by the addition, elimination,
combination, or subdivision of one or more components, by adjustment of the ratio of any component to the composite unit, or by any combination of such events), then the Issuer will be entitled to satisfy its payment obligations hereunder by making
such payments in such composite currency as altered. 
 All determinations referred to above made by the Issuer or its agent shall be at its
sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and binding on the Trustee and the Holder of this Note. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Securities of each series under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding
of each series to be affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate 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 Issuer 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 Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note 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 Note. 
 The Indenture contains provisions setting forth certain conditions to the institution of proceedings by Holders of Notes with
respect to the Indenture or for any remedy under the Indenture. 
 If an Event of Default with respect to the Notes shall occur and be
continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated in the manner and with the effect provided in the Indenture. 
  

 C-17 

 No reference herein to the Indenture and no provisions of this Note or of the Indenture shall alter or
impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed. 
 So long as this Note shall be Outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal of and premium, if
any, and interest on this Note as herein provided in the City of New York, and an office or agency in said City of New York for the registration, transfer, or exchange of the Notes. The Issuer may designate other agencies for the payment of said
principal, premium, if any, and interest at such place or places (subject to applicable laws and regulations) as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of the names and locations of
such agencies, if any are so designated. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the Corporate Trust Office of the Trustee or any other applicable Place of Payment, duly endorsed, or accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed, by the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made for any such
registration or transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee, and any agent of the Issuer or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither the Issuer, the Trustee, nor any such agent shall
be affected by notice to the contrary. 
  

 C-18 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM – as tenants in common 
 TEN ENT
– as tenants by the entireties 
 JT TEN – as joint tenants with right of survivorship and not as tenants in common 
  

			
	UNIF GIFT MIN ACT
	                                      
                      Custodian                 
                                        
   
	 (Cust)                        
	  	                    (Minor)
	
	                                      
  Under Uniform Gifts to Minors
Act                                       
 
	 (State)

 Additional abbreviations may also be used though not in the above list. 
  

 FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto 
 [PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE] 
  

	
	 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE OF ASSIGNEE]

 the within Note and all rights thereunder, hereby irrevocably constituting and appointing _____________ attorney
to transfer such Note on the books of the Issuer, with full power of substitution in the premises. 
 Dated: 
 NOTE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or
any change whatsoever. 
 OPTION TO ELECT REPAYMENT 
 The undersigned hereby irrevocably requests and instructs the Issuer to repay the within Note (or portion thereof specified below) pursuant to its terms at a price equal to the principal amount thereof, together with
interest to the Optional Repayment Date, to the undersigned at 
  

  

  

 C-19 

  

  

 (Please print or typewrite name and address of the undersigned) 
 If less than the entire principal amount of the within Note is to be repaid, specify the portion thereof which the holder elects to have repaid:
___________________; and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being repaid (in the absence of any
such specification, one such Note will be issued for the portion not being repaid): ____________________________. 
 Dated:
____________________ 
      ____________________ 
 The signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular
without alteration or enlargement or any change whatsoever. 
  

 C-20CarrAmerica Realty Corporation

 Exhibit 10.2 
 CARRAMERICA REALTY CORPORATION 
 CHANGE IN CONTROL 
 SEVERANCE PAY PLAN 
 CarrAmerica Realty
Corporation (the “Company”), sets forth herein the terms of its Change in Control Severance Pay Plan (the “Plan”) as follows: 
 SECTION 1. PURPOSE. 
 The Board of Directors of the Company (the “Board”) believes that it is in the best interests
of the Company to encourage the continued employment with and dedication to the Company of certain of the Company’s and its Affiliate’s officers and employees in the face of potentially distracting circumstances arising from the
possibility of a change in control of the Company, and the Board has established the Plan for this purpose. 
 SECTION 2. DEFINITIONS. 
 (a) “Accrued Obligations” means, with respect to an Employee, the sum of (1) the Employee’s Annual Base Salary through the Date of
Termination to the extent not theretofore paid, (2) the product of (x) the Employee’s Annual Bonus and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination, and
the denominator of which is 365, and (3) any compensation previously deferred by the Employee (together with any accrued interest or earnings thereon) and any accrued vacation pay, in each case, to the extent not theretofore paid. 

(b) “Affiliate” means, with respect to the Company, any company or other trade or business that controls, is controlled by or is under
common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act of 1933, as now in effect or as hereafter amended, including, without limitation, any subsidiary. 
 (c) “Annual Base Salary” means, with respect to an Employee, the greater of (a) the annual base salary payable to the Employee by the
Company and its Affiliates as of the Date of Termination or (b) the amount equal to twelve times the highest monthly base salary paid or payable, including any base salary which has been earned but deferred, to the Employee by the Company and
its Affiliate in respect of the twelve-month period immediately preceding the month in which the Date of Termination occurs. 

 (d) “Annual Bonus” means, with respect to an Employee, the amount that would be paid to the
Employee as bonus payments if the Employee achieved all performance targets for the year. 
 (e) “Board” means the Board of
Directors of the Company. 
 (f) “CarrAmerica Service Provider” means any employee or independent contractor of the Company or any
of its Affiliates. 
 (g) “Cause” for termination of an Employee’s employment by the Company shall be deemed to exist if:
(a) the Employee is found guilty by a court of having committed fraud or theft against the Company and such conviction is affirmed on appeal or the time for appeal has expired; (b) the Employee is found guilty by a court of having
committed a crime involving moral turpitude and such conviction is affirmed on appeal or the time for appeal has expired; (c) in the reasonable judgment of the Board, the Employee has compromised trade secrets or other similarly valuable
proprietary information of the Company; or (d) in the reasonable judgment of the Board, the Employee has engaged in gross or willful misconduct that causes substantial and material harm to the business and operations of the Company or any of
its Affiliates, the continuation of which will continue to substantially and materially harm the business and operations of the Company or any of its Affiliates in the future. 
 (h) “Change in Control” means any of the following to occur, provided that only the first such event to occur shall be a Change in Control for
purposes of this Plan: 
 (1) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of either (i) the then
outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (h), the following acquisitions shall not constitute a Change in Control: (i) any acquisition by the Company;
(ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; and (iii) any acquisition by any entity pursuant to a transaction which complies with
clauses (i), (ii) and (iii) of subsection (3) of this Section 2(h); or 
 (2) Individuals who, as of the date hereof,
constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director 

  

 2 

 
subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
 (3) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a
“Business Combination”), in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction
owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the
Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, and (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the
Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or
the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of
the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (4) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 
 (i) “Change in Control Date” means, with respect to a Change in Control Event, the date of consummation of the Change in Control relating to
such Change in Control Event. 
  

 3 

 (j) “Change in Control Event” means the earlier to occur of (i) a Change in Control or
(ii) the execution and delivery by the Company of an agreement providing for a Change in Control. 
 (k) “Change in Control
Period” means the period commencing upon a Change in Control Event and ending two years after the Change in Control Date. 
 (l)
“Company” means CarrAmerica Realty Corporation or, from and after a Change in Control of the Company, the successor to the Company in any such Change in Control. 
 (m) “Comparable Position” means a job of similar duties as with the Company, and such pay and benefits at a level that would not give rise to
Good Reason under this Plan. 
 (n) “Date of Termination” means, with respect to an Employee, the effective date of termination of
the Employee’s employment with the Company or any of its Affiliates. 
 (o) “Employee” means an employee of the Company or an
Affiliate of the Company, who was an employee of CarrAmerica Realty Corporation or its Affiliate immediately prior to the Change in Control Event and who is not a party to an individual change in control agreement that provides for the same or
better benefits than are provided by this Plan. In addition, any person who would be treated as an Employee, and is eligible for retention/severance payments in connection with the disposition of portfolio properties (hereafter, “retention
payments”), shall not be treated as an Employee and thus shall not be covered by this Plan in connection with such a portfolio asset sale, unless he or she waives such retention payments. 
 (p) “Good Reason” means, with respect to an Employee: (i) any reduction in the Employee’s base salary, (ii) any reduction in the
Employee’s incentive compensation (including the value of any equity based incentive), (iii) any reduction in the aggregate employee benefits provided to such Employee, (iv) that the Employee has his responsibilities or areas of
supervision with the Company substantially reduced, or (v) that the Employee is required to move his employment location to a location 35 miles or more from his job-site immediately prior to the Effective Date. 
 (q) “Other Benefits” means, with respect to an Employee, any other amounts or benefits required to be paid or provided or which the Employee is
eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its Affiliates. 
  

 4 

 (r) “Severance Period” means the number of months equivalent to the period on which the
severance benefits payable pursuant to Section 4(a)(i)(B) are determined. 
 SECTION 3. TERM. 
 This Plan shall be effective for a period commencing on January     , 2006 and ending on
                    , 2008; provided, however, that, in the event of a Change in Control Event during the term of this Plan, the term of this
Plan shall be automatically extended, if necessary, so that this Plan remains in full force and effect for the Change in Control Period relating to such Change in Control Event and until all payments required to be made hereunder have been made.
References herein to the term of this Plan shall include the initial term and any additional period for which this Plan is extended or renewed. 
 SECTION
4. SEVERANCE BENEFITS FOLLOWING A CHANGE IN CONTROL. 
 (a) Good Reason; Other Than for Cause. If a Change in Control Event occurs during
the term of this Plan and the Company terminates an Employee’s employment other than for Cause or the Employee terminates employment for Good Reason during the Change in Control Period: 
 (i) The Company shall pay to the Employee the following amounts: 
 A. the Accrued Obligations in a lump sum in cash within 10 days of the Date of Termination; 
 B. the
severance benefits provided in Schedules A, B or C, as applicable; provided further, that the Employee has executed a Waiver and Release substantially in the form set forth in Schedule D, and the revocation period for such Waiver and Release has
passed. 
 The Company shall pay the amounts provided in subparagraph (B) in a lump sum in cash within 10 days of the Employee’s
Date of Termination; provided further, that the Company shall provide the Employee with notice of employment termination and with a copy of the Waiver and Release sufficiently in advance of the Date of Termination to satisfy the 21 or 45 day
consideration period, as applicable, under the Waiver and Release. All severance benefits provided to an Employee pursuant to subparagraph (B) of this Section 4(a)(i) shall be reduced and/or offset by any notice, payments or benefits to
which the Employee may be entitled under the federal Worker Adjustment and Retraining Notification (WARN) Act, 29 U.S.C. § 2101 et seq., as amended, and any applicable state plant or facility closing or mass layoff law. 
  

 5 

 The mere occurrence of a Change in Control shall not be treated as a termination of an Employee’s
employment under this Plan, nor shall the mere transfer of an Employee’s employment to an Affiliate of the Company be treated as a termination under this Plan. Further, an Employee shall not be eligible for any severance benefits provided in
subparagraph (B) of this Section 4(a)(i) if, after the Change in Control, the Employee is terminated as a result of an acquisition, sale, spin-off, outsourcing or other business transaction of the Company or its Affiliate in connection
with which (1) the successor party agrees for the remaining duration of the Change in Control Period, and agrees to cause its applicable affiliate, to provide severance benefits at least equal to those provided under this Plan, and (2) the
Employee either is offered continued employment with the successor party or its affiliate in a Comparable Position to the one held by the Employee immediately prior to his or her Date of Termination or declines an interview for such a Comparable
Position. 
 Anything in this Plan to the contrary notwithstanding, if, as a result of termination of an Employee’s employment with the
Company, the Employee would receive any payment that, absent the application of this paragraph of Section 4(a)(i), would be subject to interest and additional tax imposed pursuant to Section 409A(a) of the Code as a result of the
application of Section 409A(2)(B)(i) of the Code, then no such payment shall be payable prior to the date that is the earliest of (1) 6 months after the Employee’s Date of Termination, (2) the Employee’s death or
(3) such other date as will cause such payment not to be subject to such interest and additional tax. 
 (ii) For the Severance Period
after the Date of Termination, or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Company shall continue benefits to the Employee and/or the Employee’s family at least equal to those
which would have been provided to them in accordance with the welfare benefit plans, practices, policies and programs provided by the Company and its Affiliates for medical, prescription, and dental benefits to the extent applicable generally to
other peer employees of the Company and its Affiliates, as if the Employee’s employment had not been terminated and with the same the level of monthly Employee contribution as applicable prior to termination of employment; provided, however,
that if the Employee becomes reemployed with another employer and is eligible to receive medical or other welfare benefits under another employer provided plan, the medical and other welfare benefits described herein shall be secondary to those
provided under such other plan during such applicable period of eligibility. 
 (iii) To the extent not theretofore paid or provided, the
Company shall timely pay or provide to the Employee all Other Benefits. 
 (b) Cause; Other Than for Good Reason. If the Employee’s
employment is terminated for Cause during the Change in Control Period, this Plan 

  

 6 

 
shall terminate without further obligations to the Employee, other than the obligation to pay to the Employee (x) his Annual Base Salary through the
Date of Termination, (y) the amount of any compensation previously deferred by the Employee and (z) Other Benefits through the Date of Termination, in each case to the extent theretofore unpaid. If the Employee voluntarily terminates
employment during the Change in Control Period, excluding a termination for Good Reason, this Plan shall terminate without further obligations to the Employee, other than for Accrued Obligations and the timely payment or provision of Other Benefits
through the Date of Termination. In such case, all Accrued Obligations shall be paid to the Employee in a lump sum in cash within 30 days of the Date of Termination. 
 SECTION 5. EFFECT ON EQUITY COMPENSATION. 
 Immediately prior to a Change in Control, all equity
compensation grants made to an Employee by the Company that are outstanding at the time of such Change in Control shall be accelerated and shall fully vest. This Plan is intended to amend all equity compensation grants previously awarded to
Employees to accelerate vesting as described above to the extent vesting would not otherwise be accelerated under the terms of such equity compensation grants. 
 SECTION 6. CONFIDENTIALITY. 
 An Employee shall hold in a fiduciary capacity for the benefit of the Company all secret or
confidential information, knowledge or data relating to the Company or any of its Affiliates, and their respective businesses, which shall have been obtained by the Employee during the Employee’s employment by the Company or any of its
Affiliates and which shall not be or become public knowledge (other than by acts by the Employee or representatives of the Employee in violation of this Plan). After the Employee’s Date of Termination, the Employee shall not, without the prior
written consent of the Company or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. 
 SECTION 7. EXPENSES. 
 The Company shall pay any and
all reasonable legal fees and expenses incurred by an Employee in seeking to obtain or enforce, by bringing an action against the Company, any right or benefit provided in this Plan if the Employee is successful in whole or in part in such action.

 SECTION 8. WITHHOLDING. 
 Notwithstanding anything in this Plan to the contrary, all payments required to be made by the Company hereunder to an Employee or his estate or beneficiaries shall be subject to the withholding of such amounts relating to taxes as the
Company reasonably may determine it should withhold pursuant to any 

  

 7 

 
applicable law or regulation. In lieu of withholding such amounts, in whole or in part, the Company may, in its sole discretion, accept other provisions for
the payment of taxes and any withholdings as required by law, provided that the Company is satisfied that all requirements of law affecting its responsibilities to withhold compensation have been satisfied. 
 SECTION 9. NO DUTY TO MITIGATE. 
 An Employee’s
payments received hereunder shall be considered severance pay in consideration of past service, and pay in consideration of continued service from the date hereof and entitlement thereto shall not be governed by any duty to mitigate damages by
seeking further employment. 
 SECTION 10. AMENDMENT, SUSPENSION OR TERMINATION. 
 This Plan may be amended, suspended or terminated at any time by the Board; provided, however, that, following a Change in Control Event and during the
Change in Control Period relating to such Change in Control Event, the Board may not amend, suspend or terminate this Plan without the consent of all Employees then subject to the Plan. 
 SECTION 11. GOVERNING LAW. 
 This Plan shall be governed by the laws of the United States to the
extent applicable and otherwise by the laws of the District of Columbia, excluding the choice of law rules thereof. 
 SECTION 12. SEVERABILITY.

 If any part of any provision of this Plan shall be invalid or unenforceable under applicable law, such part shall be ineffective to the
extent of such invalidity or unenforceability only, without in any way affecting the remaining parts of such provision or the remaining provisions of this Plan. 
 SECTION 13. DISCLAIMER OF RIGHTS. 
 No provision in this Plan shall be construed to confer upon any individual the right to
remain in the employ or service of the Company or any Affiliate, or to interfere in any way with any contractual or other right or authority of the Company either to increase or decrease the compensation or other payments to any individual at any
time, or to terminate any employment or other relationship between any individual and the Company. The obligation of the Company to pay any benefits pursuant to this Plan shall be interpreted as a contractual obligation to pay only those amounts
described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for payment
to any participant or beneficiary under the terms of the Plan. 

 SECTION 14. CAPTIONS. 
 The use of captions in this Plan is for the convenience of reference only and shall not affect the meaning of any provision of this Plan. 
 SECTION 15. NUMBER AND GENDER. 
 With respect to words used in this Plan, the singular form shall
include the plural form, the masculine gender shall include the feminine gender, etc., as the context requires. 
 SECTION 16. SECTION 409A.

 It is the intention of the parties that payments or benefits payable under this Plan not be subject to the additional tax imposed
pursuant to Section 409A of the Code. To the extent such potential payments or benefits could become subject to such Section, the parties shall cooperate to amend this Plan with the goal of giving the Employees the economic benefits described
herein in a manner that does not result in such tax being imposed. 
 * * * * * 
 This Plan was duly adopted and approved by the Board of Directors as of the 5th day of March, 2006. 
  

	
	 /s/ Linda A. Madrid
  

	Secretary of the Meeting

  

 9 

 Schedule A 
 Operating Committee and Pay Level Y or Higher 
 If the Employee is a member of the Operating
Committee or is at Pay Level Y or higher, the amount equal to the product (1) the number of complete and partial years of service with the Company (rounded to the nearest month) and (2) one-twelfth of the sum of (x) the
Employee’s Annual Base Salary and (y) the Annual Bonus, but in no event shall the number of years of service be less than 12 or greater than 24. 
 If the Employee’s termination of employment occurs more than 12 months after the Change in Control Date, the amount of the payments is reduced by one-twelfth of the sum of (x) the Employee’s Annual Base
Salary and (y) the Annual Bonus for each complete month that the termination occurs after the anniversary of the Change in Control Date. Notwithstanding the preceding sentence, if the Employee’s termination of employment occurs more than
12 months after the Change in Control Date, the amount shall not be less than the amount to which the Employee would be entitled under the Company’s standard separation pay plan, if any, in effect at the time of the Employee’s Date of
Termination. 

 Schedule B 
 Pay Levels S through X 
 If the Employee is at Pay Level S through X, the product (1) the number
of complete and partial years of service with the Company (rounded to the nearest month) and (2) one-twelfth of the sum of (x) the Employee’s Annual Base Salary and (y) the Annual Bonus, but in no event shall the number of years
of service be less than six or greater than 24. 
 If the Employee’s termination of employment occurs more than 12 months after the
Change in Control Date, the amount of the payments is reduced by one-twelfth of the sum of (x) the Employee’s Annual Base Salary and (y) the Annual Bonus for each complete month that the termination occurs after the anniversary of the
Change in Control Date. Notwithstanding the preceding sentence, if the Employee’s termination of employment occurs more than 12 months after the Change in Control Date, the amount shall not be less than the amount to which the Employee would be
entitled under the Company’s standard separation pay plan, if any, in effect at the time of the Employee’s Date of Termination. 

 Schedule C 
 Pay Levels below S 
 If the Employee is at a Pay Level below S, the product (1) the number of
complete and partial years of service with the Company (rounded to the nearest month) and (2) one-twelfth of the sum of (x) the Employee’s Annual Base Salary and (y) the Annual Bonus, but in no event shall the number of years of
service be less than four or greater than 24. 
 If the Employee’s termination of employment occurs more than 12 months after the Change
in Control Date, the amount of the payments is reduced by one-twelfth of the sum of (x) the Employee’s Annual Base Salary and (y) the Annual Bonus for each complete month that the termination occurs after the anniversary of the Change
in Control Date. Notwithstanding the preceding sentence, if the Employee’s termination of employment occurs more than 12 months after the Change in Control Date, the amount shall not be less than the amount to which the Employee would be
entitled under the Company’s standard separation pay plan, if any, in effect at the time of the Employee’s Date of Termination.

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