Document:

EX-4.2

 Exhibit 4.2 

SUPPLEMENTAL INDENTURE NO. 3 

SUPPLEMENTAL INDENTURE NO. 3, dated as of February 26, 2021 (this “Supplemental Indenture”), between GLOBAL
PAYMENTS INC., a Georgia corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of August 14, 2019 (the “Base Indenture” and,
as supplemented by this Supplemental Indenture, the “Indenture”), relating to the issuance from time to time by the Company of its Securities on terms to be specified at the time of issuance; 

WHEREAS, Section 9.1(7) of the Base Indenture provides that the Company may enter into a supplemental indenture to provide for the
issuance of any additional Securities under the Base Indenture; 
 WHEREAS, the Company desires to issue a new series of Securities and has
duly authorized the creation and issuance of such Securities and the execution and delivery of this Supplemental Indenture to modify the Base Indenture and provide certain additional provisions as hereinafter described; 

WHEREAS, the parties hereto deem it advisable to enter into this Supplemental Indenture for the purpose of establishing the terms of such
Securities and providing for the rights, obligations and duties of the Trustee with respect to such Securities; and 
 WHEREAS, all
conditions and requirements of the Base Indenture necessary to make this Supplemental Indenture a valid, binding and legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto. 

NOW, THEREFORE, for and in consideration of the premises and other good and valuable consideration, receipt of which is hereby acknowledged by
the parties hereto, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions.  

(a) For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

“Consolidated Total Assets” means, as of any date of determination, the total assets as reflected on the Company’s most
recent consolidated balance sheet prepared in accordance with generally accepted accounting principles applied on a consistent basis (calculated on a pro forma basis to give effect to any acquisitions and dispositions made subsequent to the date of
such consolidated balance sheet and prior to or concurrent with the determination of Consolidated Total Assets). 
  

 “Definitive Note” means a certificated Senior Note. 

“Lien” means a mortgage, security interest, pledge or lien or other similar encumbrance. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository), or any successor Person
thereto and shall initially be the Trustee. 
 “Permitted Liens” means: 

(1) Liens on property to secure the payment of all or any part of the cost of acquisition, construction, development or
improvement of such property, or to secure indebtedness incurred to provide funds for any such purpose, provided that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than 365 days after
the later of (a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property; 

(2) Liens in favor of the Company or any of its Subsidiaries; 

(3) any Lien (x) existing on property of a Person at the time of its consolidation with or merger into the Company or a
Subsidiary or (y) existing on any property acquired by the Company or any Subsidiary at the time such property is so acquired (whether or not the indebtedness secured thereby shall have been assumed); provided that in each such case,
(A) such Lien was not created or assumed in contemplation of such consolidation or merger or such Person’s becoming a Subsidiary or such acquisition of property and (B) such Lien shall extend solely to the property so acquired and
improvements thereon or in the case of an acquisition of a Subsidiary, the assets of the Subsidiary, and in each case, proceeds thereof; 

(4) Liens on property in favor of the United States of America or any state thereof, or in favor of any other country, or any
department, agency, instrumentality or political subdivision thereof (including, without limitation, security interests to secure indebtedness of the pollution control or industrial revenue type) in order to permit the Company or any of the
Subsidiaries to perform a contract or to secure indebtedness incurred for the purpose of financing all or any part of the purchase price for the cost of constructing or improving the property subject to such security interests or which is required
by law or regulation as a condition to the transaction of any business or the exercise of any privilege, franchise or license; 

(5) Liens securing obligations arising under or related to (i) the transfer of cash or other property with respect to any
credit or debit card charge, check or other instrument, electronic funds transfer, or other type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor, remitter, funds recipient or funds
transmitter in the ordinary course of its business (each such transaction, a “Settlement”) and (ii) any payment or reimbursement obligation in respect of the transfer, or contractual undertaking (including by automated clearing
house transaction) to effect a transfer, of cash or other property to effect a Settlement (including, for the avoidance of doubt, any agreement with a bank or financial institution providing for short term financing for the purpose of funding any
Settlement); and 

  
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 (6) Liens securing Securitized Indebtedness and receivables factoring,
discounting, facilities or securitizations. 
 “Principal Property” means the real property, fixtures, machinery and
equipment relating to any facility that is real property located within the territorial limits of the United States of America (excluding its territories and possessions and Puerto Rico) owned by the Company or any of its Subsidiaries, except for
any facility that (i) has a net book value, on the date of determination as to whether a property is a principal property is being made, of less than 2% of Consolidated Total Assets or (ii) in the opinion of the board of directors of the
Company, is not of material importance to the business conducted by the Company and the Subsidiaries, taken as a whole. 

“Restricted Subsidiary” means (i) any Subsidiary that constitutes a “significant subsidiary” (as such term is
defined in Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date of this Supplemental Indenture), and (ii) any other Subsidiary that
holds any Principal Property, in each case excluding (A) any Subsidiary which is not organized under the laws of any state of the United States of America, (B) any Subsidiary which conducts the major portion of its business outside the
United States of America and (C) any Subsidiary of any of the foregoing. 
 “Securitized Indebtedness” means, with
respect to any Person as of any date, the reasonably expected liability of such Person for the repayment of, or otherwise relating to, all accounts receivable, general intangibles, chattel paper or other financial assets and related rights and
assets sold or otherwise transferred by such Person, or any Subsidiary or Affiliate thereof, on or prior to such date. 
 (b) The terms
defined in this Section have the meanings assigned to them in this Section and include the plural as well as the singular. 
 (c) Terms used
herein without definition shall have the meanings specified in the Base Indenture. 
 (d) All references to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture. 
 (e) The terms
“herein,” “hereof,” “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

  
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 Section 1.02 Index of Defined Terms. 

 

					
	 Term
	  	Section	 
	Additional Senior Notes	  	 	2.02(c)	 
	Agent Members	  	 	2.10(c)(ii)	 
	Base Indenture	  	 	Recitals	 
	Change of Control	  	 	2.13(h)	 
	Change of Control Offer	  	 	2.13(a)	 
	Change of Control Payment	  	 	2.13(a)	 
	Change of Control Payment Date	  	 	2.13(b)(ii)	 
	Change of Control Repurchase Event	  	 	2.13(h)	 
	Company	  	 	Preamble	 
	Comparable Treasury Issue	  	 	2.14(c)	 
	Comparable Treasury Price	  	 	2.14(c)	 
	Global Notes	  	 	2.10(b)	 
	Indenture	  	 	Recitals	 
	Independent Investment Banker	  	 	2.14(c)	 
	Interest Payment Date	  	 	2.04(b)	 
	Investment Grade	  	 	2.13(h)	 
	Moody’s	  	 	2.13(h)	 
	Par Call Date	  	 	2.14(c)	 
	Rating Agency	  	 	2.13(h)	 
	Rating Event	  	 	2.13(h)	 
	Record Date	  	 	2.04(b)	 
	Reference Treasury Dealer	  	 	2.14(c)	 
	Reference Treasury Dealer Quotations	  	 	2.14(c)	 
	Remaining Scheduled Payments	  	 	2.14(c)	 
	S&P	  	 	2.13(h)	 
	Senior Notes	  	 	2.01	 
	Stated Maturity	  	 	2.03	 
	Supplemental Indenture	  	 	Preamble	 
	Treasury Rate	  	 	2.14(c)	 
	Trustee	  	 	Preamble	 
	Voting Stock	  	 	2.13(h)	 

 ARTICLE II 

THE SENIOR NOTES 

Section 2.01 Title of Securities. There shall be one series of Securities designated the “1.200% Senior Notes due 2026”
of the Company (the “Senior Notes”). 
 Section 2.02 Limitation of Aggregate Principal Amount. 

(a) The Senior Notes will be initially issued in an aggregate principal amount of $1,100,000,000. 

  
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 (b) The aggregate principal amount specified in this Section shall be subject to the amount
of the Senior Notes that is authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, the Senior Notes pursuant to Section 3.4, 3.5, 3.6, 9.6, 11.6 or 13.3 of the
Base Indenture and the amount of the Senior Notes which, pursuant to Section 3.3 of the Base Indenture, is deemed never to have been authenticated and delivered thereunder. 

(c) The Company may from time to time, without notice to or the consent of the Holders of the Senior Notes, create and issue additional Senior
Notes of a series having the same terms as, and ranking equally and ratably with, the Senior Notes in all respects (except for the issue date, the public offering price and, if applicable, the payment of interest accruing prior to the issue date of
such additional senior notes and the first Interest Payment Date) (“Additional Senior Notes”); provided, however, that if such Additional Senior Notes are not fungible with the Senior Notes for U.S. federal income tax
purposes, such Additional Senior Notes will have a separate CUSIP number. Such Additional Senior Notes may be consolidated and form a single series with, and will have the same terms as to ranking, redemption, waivers, amendments or otherwise as,
the Senior Notes, and will vote together as one class on all matters with respect to the Senior Notes. 
 Section 2.03 Principal
Payment Date. The principal amount of the Senior Notes outstanding (together with any accrued and unpaid interest) shall be payable in a single installment on March 1, 2026 (the “Stated Maturity”). 

Section 2.04 Interest on the Senior Notes. 

(a) The Senior Notes will bear interest at the rate of 1.200% per annum, accruing from February 26, 2021, or from the most recent Interest
Payment Date through which interest has been paid or duly provided for. 
 (b) Interest on the Senior Notes will be payable semi-annually on
each March 1 and September 1 (each such date, an “Interest Payment Date”), beginning on September 1, 2021, until the principal amount has been paid or made available for payment, to Holders at the close of business on
February 15 or August 15 (whether or not a Business Day), as the case may be, immediately preceding the applicable Interest Payment Date (each such date, a “Regular Record Date”). 

(c) If any Interest Payment Date, Stated Maturity or Redemption Date falls on a day that is not a Business Day, the payment due on such date
will be made on the next Business Day, and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity or Redemption Date. 

(d) Interest on the Senior Notes will be calculated on the basis of a 360-day year consisting of twelve
30-day months. The amount of interest payable for any period shorter than a full monthly period shall be computed on the basis of the actual number of calendar days elapsed in such period. 

Section 2.05 Place of Payment. The place where the Senior Notes may be presented or surrendered for payment, where the Senior
Notes may be surrendered for registration of transfer or exchange and where notices and demand to or upon the Company in respect of the Senior Notes and the Indenture may be served, shall be the Corporate Trust Office of the Trustee or the Paying
Agent’s office maintained for that purpose in the Borough of Manhattan, City of New York. 

  
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 Section 2.06 Sinking Fund Obligations. The Company has no obligation to redeem
or purchase any Senior Notes pursuant to any sinking fund, amortization or analogous requirement. 
 Section 2.07 Denomination.
The Senior Notes will be issued in the form of one or more fully registered global securities, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 2.08 Currency. Principal and interest on the Senior Notes shall be payable in such coin or currency of the United States
of America that at the time of payment is legal tender for payment of public and private debts. 
 Section 2.09 Securities Registrar
and Paying Agent for the Senior Notes. The Trustee shall serve initially as the Securities Registrar and the Paying Agent for the Senior Notes. 

Section 2.10 Form of Senior Notes; Book Entry Provisions. 

(a) The Senior Notes shall be substantially in the form of Annex I attached hereto (other than, with respect to any Additional
Senior Notes of the Senior Notes, changes related to the issue date, the public offering price and, if applicable, the payment of interest accruing prior to the issue date of such Additional Senior Notes and the first Interest Payment Date). The
Senior Notes may have notations, legends or endorsements required by law, stock exchange or other rules or usage to which the Company is subject. Each Senior Note shall be dated the date of its authentication. 

(b) The Senior Notes designated herein shall be issued initially in the form of one or more global notes (the “Global
Notes”), which shall be held by the Trustee as Notes Custodian for the Depository, and registered in the name of Cede & Co., the Depository’s nominee, duly executed by the Company and authenticated by the Trustee as
hereinafter provided. The aggregate principal amount of outstanding Senior Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. 

(c) This Section 2.10(c) shall apply only to a Global Note deposited with or on behalf of the Depository. 

(i) The Company shall execute and the Trustee shall, in accordance with this Section 2.10(c), authenticate and
deliver initially one or more Global Notes that (A) shall be registered in the name of the Depository for such Global Note or the nominee of such Depository and (B) shall be delivered by the Trustee to such Depository or pursuant to such
Depository’s instructions or held by the Trustee as Notes Custodian for the Depository. 

  
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 (ii) Members of, or participants in, the Depository (“Agent
Members”) shall have no rights under the Indenture with respect to any Global Note held on their behalf by the Depository or by the Trustee as the Notes Custodian of the Depository or under such Global Note, and the Company, the Trustee and
any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any
agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such
Depository governing the exercise of the rights of a Holder of a beneficial interest in any Global Note. 
 (d) Except as provided in
Section 2.11 or 2.12, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 

(e) The terms and provisions contained in the Senior Notes shall constitute, and are expressly made, a part of this Supplemental Indenture and,
to the extent applicable, the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and agree to be bound thereby. If there is any conflict between the terms of the
Senior Notes and this Supplemental Indenture, the terms of this Supplemental Indenture shall govern. 
 (f) The Senior Notes may be presented
for registration of transfer and exchange at the offices of the Securities Registrar. 
 Section 2.11 Special Transfer
Provisions. 
 (a) Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the Securities Registrar with
a request: 
 (i) to register the transfer of such Definitive Notes; or 

(ii) to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations, the
Securities Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for transfer or exchange: 

(A) shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the
Securities Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 
 (B) are accompanied by the
following additional information and documents, as applicable: (x) if such Definitive Notes are being delivered to the Securities Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such
Holder to that effect; or (y) if such Definitive Notes are being transferred to the Company, a certification to that effect. 

  
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 (b) Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global
Note. A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a
written instrument of transfer in form reasonably satisfactory to the Company and the Securities Registrar, together with written instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and
records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Senior Notes represented by the Global Note, such instructions to contain information regarding the Depository account to be credited with such
increase, then the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository and the Notes Custodian, the aggregate
principal amount of Senior Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such
instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If no Global Notes are then outstanding and the Global Note has not been previously exchanged for certificated securities
pursuant to Section 2.12, the Company shall issue and the Trustee shall authenticate, upon receipt of a Company order, a new Global Note in the appropriate principal amount. 

(c) Transfer and Exchange of Global Notes. 

(i) The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in
accordance with this Supplemental Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Note shall deliver a written
order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in such Global Note or another Global Note and such account shall be
credited in accordance with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note being transferred.

 (ii) If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in
another Global Note, the Securities Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the
interest to be so transferred, and the Securities Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii) Notwithstanding any other provisions of this Supplemental Indenture (other than the provisions set forth in
Section 2.12), a Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any
such nominee to a successor Depository or a nominee of such successor Depository. 

  
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 (d) Cancellation or Adjustment of Global Note. At such time as all beneficial
interests in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased or canceled, such Global Note shall be returned by the Depository to the Trustee for cancellation or retained and canceled by the
Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal
amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the
Notes Custodian, to reflect such reduction. 
 (e) Obligations with Respect to Transfers and Exchanges of Notes. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate,
Definitive Notes and Global Notes at the Securities Registrar’s request. 
 (ii) No service charge shall be made for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or
similar governmental charge payable upon exchange or transfer pursuant to Section 9.6 or 11.6 of the Base Indenture). 

(f) Prior to the due presentation for registration of transfer of any Senior Note, the Company, the Trustee, the Paying Agent or the Securities
Registrar may deem and treat the person in whose name a Senior Note is registered as the absolute owner of such Senior Note for the purpose of receiving payment of principal of and interest on such Senior Note and for all other purposes whatsoever,
whether or not such Senior Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Securities Registrar shall be affected by notice to the contrary. 

(g) All Senior Notes issued upon any transfer or exchange pursuant to the terms of this Supplemental Indenture shall evidence the same debt and
shall be entitled to the same benefits under the Indenture as the Senior Notes surrendered upon such transfer or exchange. 
 (h) No
Obligation of the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Note, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the
Senior Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with
respect to such Senior Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Senior Notes shall be given or made only to the registered Holders (which shall be the Depository or its nominee
in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in
relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 

  
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 (ii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Senior Note (including any transfers between or among Depository
participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this
Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.12 Definitive Notes. 

(a) A Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.10
hereof shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with
Section 2.11 hereof and if (i) such Depository notifies the Company that it is unwilling or unable to continue as Depository for the Senior Notes or at any time ceases to be a clearing agency registered as such under the Exchange
Act and a successor depository is not appointed by the Company within 90 days, (ii) the Company executes and delivers to the Trustee a Company Order that this Global Security shall be so exchangeable or transferable or (iii) there shall
have occurred and be continuing an Event of Default with respect to the Senior Notes and the Depository notifies the Trustee of its decision to exchange any Global Securities of the Senior Notes for Securities registered in the names of Persons
other than the Depository. 
 (b) Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section shall be
surrendered by the Depository to the Trustee at the Corporate Trust Office of the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each
portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section shall be executed, authenticated and delivered only in denominations
of $2,000 principal amount or any integral multiple of $1,000 in excess thereof and registered in such names as the Depository shall direct. 

(c) Subject to the provisions of Section 2.12(b) hereof, the registered Holder of a Global Note shall be entitled to grant proxies
and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Senior Notes. 

  
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 (d) In the event of the occurrence of one of the events specified in
Section 2.12(a) hereof, the Company shall promptly make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In the event that the Definitive Notes are not issued
to each such beneficial owner promptly after the Securities Registrar has received a request from the Holder of a Global Note to issue such Definitive Note, the Company expressly acknowledges, with respect to the right of any Holder to pursue a
remedy pursuant to Article V of the Base Indenture (as modified herein), the right of any beneficial Holder of Senior Notes to pursue such remedy with respect to the portion of the Global Note that represents such beneficial Holder’s
Senior Notes as if such Definitive Notes had been issued. 
 (e) The Securities Registrar shall retain for a period of two years copies of
all letters, notices and other written communications received pursuant to Section 2.10 or this Section 2.12. The Company shall have the right to inspect and make copies of all such letters, notices or other written
communications at any reasonable time upon the giving of reasonable notice to the Securities Registrar. 
 Section 2.13 Change of
Control Offer. 
 (a) If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem all of the
Senior Notes on or prior to the date that is 30 days following such Change of Control Repurchase Event, each Holder will have the right to require the Company to repurchase all or any part (equal to $2,000 and integral multiples of $1,000 in excess
thereof) of such Holder’s Senior Notes (the “Change of Control Offer”) at a purchase price in cash equal to 101% of the principal amount of the Senior Notes plus accrued and unpaid interest, if any, to, but excluding, the date
of repurchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date) (the “Change of Control Payment”); provided that after giving
effect to the repurchase, any notes that remain outstanding shall have a denomination of $2,000 or integral multiples of $1,000 in excess thereof. 

(b) Within 30 days following any Change of Control Repurchase Event, or, at the Company’s option, prior to any Change of Control but
after any public announcement of the transaction that constitutes or may constitute the Change of Control, unless the Company has exercised its right to redeem all of the Senior Notes, the Company will mail with a copy to the Trustee or cause the
Trustee to mail a notice by first-class mail (or otherwise deliver in accordance with the applicable procedures of the Depository) to each Holder, stating: 

(i) that such Change of Control Repurchase Event has occurred (or, in the case of a notice provided prior to a Change of
Control but after a public announcement of the transaction that constitutes or may constitute a Change of Control, that such Change of Control Repurchase Event is expected to occur) and that such Holder has the right to require the Company to
repurchase such Holder’s Senior Notes at a purchase price in cash equal to 101% of the outstanding principal amount of the Senior Notes plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase (subject to the right of
Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); 
 (ii)
the date of repurchase (which shall be no earlier than 15 days nor (except to the extent that such notice is conditioned on the occurrence of the Change of Control Repurchase Event) later than 60 days from the date the Change of Control Offer is
mailed, other than as may be required by law), which date, in a notice conditioned on the occurrence of a Change of Control Event, may be designated by reference to the date that such condition is satisfied, rather than a specific date (the
“Change of Control Payment Date”); 

  
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 (iii) the procedures determined by the Company, consistent with the
Indenture, that a holder must follow in order to have its notes repurchased; and 
 the notice will, if mailed or otherwise delivered prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring. 

(c) If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued
and unpaid interest, if any, will be paid to the Person in whose name a note is registered at the close of business on such Regular Record Date, and no additional interest will be payable to Holders who tender pursuant to the Change of Control
Offer. 
 (d) The Company will not be required to make the Change of Control Offer upon a Change of Control Repurchase Event if a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the Company and repurchases all Senior Notes validly tendered
and not withdrawn under the Change of Control Offer. 
 (e) In connection with any Change of Control Offer for the Senior Notes, if Holders
of not less than 90% in aggregate principal amount of the outstanding Senior Notes validly tender and do not withdraw such Senior Notes in such tender offer and the Company, or any third party making such tender offer in lieu of the Company as
described above, purchases all such Senior Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon not less than 15 but not more than 60 days’ notice mailed, or delivered
electronically if such notes are held by DTC, by the Company to each holder of such Senior Notes (provided, that such notice is given not more than 30 days following the repurchase date pursuant to such Change of Control Offer), to redeem all the
Senior Notes that remain outstanding following such purchase at a price in cash equal to 101% of the outstanding principal amount of the Senior Notes plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date
(subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

(f) The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under
the Exchange Act in connection with the repurchase of Senior Notes pursuant to the Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict. 

(g) On the Change of Control Payment Date, the Company will, to the extent lawful: 

  
 -12- 

 (i) accept for payment all Senior Notes or portions of Senior Notes (equal
to $2,000 and integral multiples of $1,000 in excess thereof) properly tendered and not properly withdrawn pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Senior Notes or portions
of Senior Notes so tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Senior Notes so accepted
together with an Officer’s Certificate stating the aggregate principal amount of Senior Notes or portions of Senior Notes being repurchased by the Company. 

(h) For the purposes of this Section, the following terms have the following meanings: 

“Change of Control” means: 

(i) the consummation of any transaction (including any merger or consolidation) the result of which is that any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the Company’s Voting Stock;  

(ii) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or
into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding Voting Stock of such other Person is converted into or exchanged for cash, securities or other property,
other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person
immediately after giving effect to such transaction; 
 (iii) the direct or indirect sale, lease, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) other than to the Company or its Subsidiaries; or 
 (iv) the
adoption by the Company’s stockholders of a plan or proposal for the Company’s liquidation or dissolution. 
 Notwithstanding the
foregoing, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary of a Person and (b) immediately following that transaction, (1) the direct or indirect
holders of the Voting Stock of such Person are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (2) no “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act) is the beneficial owner, directly or indirectly, of more than a majority of the Voting Stock of such Person. 

  
 -13- 

 “Change of Control Repurchase Event” means the occurrence of both a
Change of Control and a Rating Event. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its
equivalent under any successor rating category of Moody’s); and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). 

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Rating Agency” means each of S&P and Moody’s or, to the extent S&P or Moody’s does not make a rating on
the Senior Notes publicly available, a “nationally recognized statistical rating organization” (as such term is defined in Section 3(a)(62) of the Exchange Act) or “organizations”, as the case may be, selected by the
Company, which shall be substituted for S&P or Moody’s, as the case may be. 
 “Rating Event” means the ratings of
the Senior Notes are decreased from Investment Grade by each of the Rating Agencies to below Investment Grade by each of the Rating Agencies on any date during the period commencing on the date of the first public notice by the Company of any
arrangement that could result in a Change of Control and ending 60 days following public notice by the Company of the consummation of such Change of Control (which period shall be extended so long as the rating of the notes is under publicly
announced consideration for a possible downgrade by either Rating Agency as a result of such Change of Control); provided that a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred
in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agency or Rating Agencies making the reduction in rating to which
this definition would otherwise apply do not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control shall have occurred at the time of the Rating Event). The Company shall promptly provide notice to the Trustee of the occurrence of a Rating Event, and the Trustee assumes no responsibility or
obligation to monitor the ratings of the Senior Notes by any of the Ratings Agencies. 
 “S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors. 
 “Voting Stock” of any specified Person as of any date
means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

Section 2.14 Optional Redemption. 

(a) At any time prior to the Par Call Date, the Senior Notes will be redeemable, at the Company’s option, in whole or in part, at any time
and from time to time, upon not less than 15 nor more than 60 days’ notice. Upon redemption of the Senior Notes, the Company will pay a redemption price equal to the greater of: 

  
 -14- 

 (i) 100% of the principal amount of the Senior Notes to be redeemed; and

 (ii) the sum of the present values of the Remaining Scheduled Payments of the Senior Notes to be redeemed, discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points, provided that the
principal amount of a Senior Note remaining outstanding after redemption in part will be $2,000 or an integral multiple of $1,000 in excess thereof; 
 in
each case, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. If the Redemption Date is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, will
be paid to the Person in whose name the Senior Note is registered at the close of business on such Regular Record Date, and no additional interest will be payable to Holders whose Senior Notes are subject to redemption by the Company. 

(b) On or after the Par Call Date, the Senior Notes will be redeemable, at the Company’s option, in whole or in part, at any time and from
time to time, at a redemption price equal to 100% of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

(c) For purposes of Section, the following terms have the following meanings: 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by an Independent Investment Banker as
having a maturity comparable to the remaining term of the Senior Notes to be redeemed (assuming that the Senior Notes matured on the Par Call Date) that would be used, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Senior Notes to be redeemed (assuming that the Senior Notes matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date for the Senior Notes, (i) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such Reference Treasury Dealer Quotations. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company from time to time. 
 “Par Call Date” means February 1, 2026. 

“Reference Treasury Dealer” means each of (i) each of BofA Securities, Inc. and J.P. Morgan Securities LLC and their
respective successors; provided, however, that if either of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City, the Company shall substitute therefor another primary U.S. Government securities dealer in New
York City and (ii) one or more other nationally recognized investment banking firms that are primary U.S. Government securities dealers specified from time to time by the Company so long as the entity is a primary U.S. Government securities
dealer in New York City. 

  
 -15- 

 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 

“Remaining Scheduled Payments” means, with respect the Senior Notes to be redeemed, the remaining scheduled payments of the
principal thereof and interest thereon that would be due after the related date of redemption thereof but for the redemption to the Par Call Date; provided, however, that, if that date of redemption is not an Interest Payment Date with respect to
such note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon from the preceding Interest Payment Date to that Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, (i) the arithmetic average of the yields in each statistical
release for the immediately preceding week designated “H.15” or any successor publication which is published by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury
securities adjusted to constant maturity under “U.S. government securities—Treasury constant maturities—nominal,” for the maturity corresponding to the Comparable Treasury Issue (or if no maturity is within three months before or
after the remaining term of the Senior Notes to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the
semiannual equivalent yield to maturity, computed as of the third Business Day immediately preceding that Redemption Date, of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for that Redemption Date. 
 ARTICLE III 

AMENDMENT TO BASE INDENTURE 

Section 3.01 Amendment to Article X of the Base Indenture. 

Solely as it relates to the Senior Notes, Article X of the Base Indenture is hereby amended by adding the following immediately after
Section 10.5 thereto: 

  
 -16- 

 Section 10.6 Limitation on Liens. 

(a) The Company will not (nor will it permit any of its Restricted Subsidiaries to) incur, issue, permit to exist, assume or guarantee any
indebtedness for borrowed money if such indebtedness (in the case of an incurrence, issuance, permission to exist or assumption thereof by the Company or any of the Restricted Subsidiaries) or any such guarantee (in the case of a guarantee by the
Company or any of its Restricted Subsidiaries) is or becomes secured by a Lien on any of the Company’s or the Restricted Subsidiaries’ Principal Properties or on any stock or indebtedness for borrowed money of any of the Company’s
Restricted Subsidiaries, whether now owned or hereafter acquired, without effectively providing that the Senior Notes (together with, if the Company shall so determine, any other indebtedness or obligations of the Company or any of the Restricted
Subsidiaries ranking equally with the Senior Notes and then existing or thereafter created) shall be secured equally and ratably with (or prior to) such indebtedness for borrowed money or guarantee (as applicable) until such time as such
indebtedness or guarantee (as applicable) is no longer secured by such Lien, except for any such indebtedness or guarantee to the extent secured by: 

(i) Liens existing as of the issue date of the Senior Notes or that the Company or any of the Restricted Subsidiaries have
agreed to pursuant to the terms of agreements existing as of the issue date of the Senior Notes; 
 (ii) Liens granted after
the issue date of the Senior Notes, created in favor of the Holders of the Senior Notes; 
 (iii) Liens which are incurred to
extend, renew or refinance (or in connection with any successive extension, renewal or refinancing of) indebtedness for borrowed money or a guarantee of indebtedness for borrowed money which is secured by Liens permitted to be incurred under clauses
(i), (ii) or (iv) of this Section or paragraphs (1), (3), (4) or (5) of the definition of “Permitted Liens,” in each case so long as (A) such Liens are limited to all or part of substantially the same property which secured
the Liens extended, renewed or replaced plus improvements on such property, and (B) the amount of such indebtedness secured is not increased (other than by the amount equal to any costs and expenses (including any premiums, fees or penalties)
incurred in connection with any extension, renewal or refinancing); 
 (iv) Liens created in substitution of any Liens
permitted by clauses (i) through (iii) of this Section or paragraphs (1), (3), (4) or (5) of the definition of “Permitted Liens,” provided that, (A) based on a good faith determination of a senior officer of the Company, the
assets encumbered by such substitute or replacement Lien are substantially similar in nature to the assets encumbered by the otherwise permitted Lien that is being replaced and (B) the amount of such indebtedness secured is not increased (other
than by the amount equal to any costs and expenses (including any premiums, fees or penalties) incurred in connection with any extension, renewal or refinancing); and 

(v) Permitted Liens. 

(b) Notwithstanding the foregoing, the Company and any of the Restricted Subsidiaries may incur, issue, permit to exist, assume or guarantee
any indebtedness for borrowed money without securing the Senior Notes equally and ratably with (or prior to) such indebtedness or guarantee if, at the time of such incurrence, issuance, permission to exist, assumption or guarantee, after giving
effect thereto and to the retirement of any indebtedness that is being retired substantially concurrently, the aggregate amount of all such outstanding indebtedness for borrowed money or guarantees thereof secured by Liens upon any Principal
Properties or stock or indebtedness for borrowed money of any of the Restricted Subsidiaries, other than Liens described in clauses (i) through (v) above, does not at such time exceed 10% of Consolidated Total Assets. 

  
 -17- 

 ARTICLE IV 

MISCELLANEOUS 

Section 4.01 Integral Part; Effect of Supplement on Indenture. This Supplemental Indenture constitutes an integral part of the
Base Indenture. Except for the amendments and supplements made by this Supplemental Indenture (which only apply to the Senior Notes), the Base Indenture shall remain in full force and effect as executed. 

Section 4.02 Adoption, Ratification and Confirmation. The Indenture is in all respects hereby adopted, ratified and confirmed.

 Section 4.03 Trustee Not Responsible for Recitals. The recitals in this Supplemental Indenture are made by the Company, and
the Trustee assumes no responsibility for the correctness of such recitals. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 

Section 4.04 Counterparts. This Supplemental Indenture may be executed in several counterparts, each of which shall be an original
and all of which shall constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 Section 4.05 Governing Law. This Supplemental Indenture and the Senior Notes shall be governed by and construed in accordance
with the laws of the State of New York, without regard to conflicts of law principles thereof.  
 Section 4.06 Electronic
Signatures. All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a
digital signature provided by DocuSign (or such other digital signature provider as specified in writing to the Trustee by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of using digital
signatures and electronic methods to submit communications to the Trustee, including, without limitation and subject to the provisions of Section 6.3 of the Base Indenture, the risk of the Trustee acting on unauthorized instructions, and the
risk of interception and misuse by third parties. 
 [Signature page follows] 

  
 -18- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed and attested, all as of the day and year first above written. 
  

			
	GLOBAL PAYMENTS INC.
		
	By:	 	 /s/ Paul Todd

		 	Name: Paul Todd
		 	 Title:  Senior Executive Vice President and Chief Financial Officer

 Attest: 
  

			
	By:	 	 /s/ David L. Green

		 	Name: David L. Green
		 	 Title:  Senior Executive Vice President, General Counsel and Corporate
Secretary

  

  
 [Signature Page to
Supplemental Indenture No. 3] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ David Ferrell

		 	Name: David Ferrell
		 	Title: Vice President

  

			
	Attest:
		
	By:	 	 /s/ Jack Ellerin

		 	Name: Jack Ellerin
		 	Title: Vice President

 [Signature Page to Supplemental Indenture No. 3] 

 ANNEX I 

FORM OF SENIOR NOTES 
 FORM
OF FACE OF SECURITY 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 
  

  
 Annex I-1 

 GLOBAL PAYMENTS INC. 

(TITLE OF SECURITY) 
 No. $ 

GLOBAL PAYMENTS INC., a corporation organized and existing under the laws of Georgia (hereinafter called the “Company”, which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [•], or registered assigns, the principal sum of [•] Dollars, or such other principal amount as may be set
forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture, on March 1, 2026 (the “Stated Maturity”). The Company further promises to pay interest on said principal sum from
February 26, 2021, or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid or duly provided for, semiannually in arrears on March 1 and September 1 of
each year, commencing September 1, 2021, at the rate of 1.200% per annum, until the principal hereof is paid or duly provided for or made available for payment. In the event that any date on which interest is payable on this Security is not a
Business Day, then a payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on
the date the payment was originally payable. A “Business Day” shall mean any day that is not a Saturday, a Sunday or a day on which banking institutions are authorized or required to be closed in the State of New York. The interest
installment 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 Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest installment, which shall be the February 15 or August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest installment
not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture. 
 Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency
of the Company maintained for that purpose in the United States of America, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 Annex I-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	GLOBAL PAYMENTS INC.
		
	By:	 	      

		 	Name: Paul Todd
		 	 Title:  Senior Executive Vice President and Chief Financial Officer

 Attest: 
  

			
	By:	 	      

		 	Name: David L. Green
		 	 Title:  Senior Executive Vice President, General Counsel and Corporate
Secretary

  
 Annex I-3 

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

			
	 U.S. BANK NATIONAL ASSOCIATION
 Not
in its individual capacity but solely as Trustee

		
	By:	 	  

		 	AUTHORIZED SIGNATORY

 Date of Authentication: 

  
 Annex I-4 

 FORM OF REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under a Base Indenture, dated as of August 14, 2019 (the “Base Indenture”), as supplemented by a Supplemental Indenture No. 3, dated as of February 26, 2021 (the “Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, 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 thereunder of the Trustee, the Company and the Holders
of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
 All terms used in this
Security are defined in the Indenture. 
 Optional Redemption 

(a) At any time prior to February 1, 2026 (the “Par Call Date”), this Security will be redeemable, at the Company’s option,
in whole or in part, at any time and from time to time, upon not less than 15 nor more than 60 days’ notice. Upon redemption of this Security, the Company will pay a redemption price equal to the greater of: 

(i) 100% of the principal amount of this Security to be redeemed; and 

(ii) the sum of the present values of the Remaining Scheduled Payments of this Security to be redeemed, discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points, provided that the
principal amount of this Security remaining outstanding after redemption in part will be $2,000 or an integral multiple of $1,000 in excess thereof; 
 in
each case, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. If the Redemption Date is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, will
be paid to the Person in whose name this Security is registered at the close of business on such Regular Record Date, and no additional interest will be payable to Holders whose Securities are subject to redemption by the Company. 

(b) On or after the Par Call Date, this Security will be redeemable, at the Company’s option, in whole or in part, at any time and from
time to time, at a redemption price equal to 100% of the principal amount of this Security plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

(c) For purposes of Section, the following terms have the following meanings: 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by an Independent Investment Banker as
having a maturity comparable to the remaining term of this Security (assuming that this Security matured on the Par Call Date) that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of this Security (assuming that this Security matured on the Par Call Date). 

  
 Annex I-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date for
this Security, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (ii) if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company from time to time. 
 “Reference Treasury
Dealer” means each of (i) each of BofA Securities, Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if either of the foregoing shall cease to be a primary U.S. Government securities dealer in
New York City, the Company shall substitute therefor another primary U.S. Government securities dealer in New York City and (ii) one or more other nationally recognized investment banking firms that are primary U.S. Government securities
dealers specified from time to time by the Company so long as the entity is a primary U.S. Government securities dealer in New York City. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 
 “Remaining Scheduled
Payments” means, with respect to this Security, the remaining scheduled payments of the principal hereof and interest hereon that would be due after the related date of redemption hereof but for the redemption to the Par Call Date;
provided, however, that, if that date of redemption is not an Interest Payment Date with respect to this Security, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon from
the preceding Interest Payment Date to that Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption Date,
(1) the arithmetic average of the yields in each statistical release for the immediately preceding week designated “H.15” or any successor publication which is published by the Board of Governors of the Federal Reserve System and
which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under “U.S. government securities—Treasury constant maturities—nominal,” for the maturity corresponding to the Comparable
Treasury Issue (or if no maturity is within three months before or after the remaining term of this Security, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury
Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity, computed as of the third Business Day immediately preceding that Redemption Date, of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. 

  
 Annex I-6 

 In the event of redemption of this Security in part only, a new Security or Securities of
this series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Indenture
permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the
Holders of the Securities, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series to be affected by such supplemental indenture. The Indenture also contains provisions permitting
Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 As
provided in and subject to the provisions of the Indenture, if an Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, the principal amount of all the Securities of this series may be
declared due in the manner and with the effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture,
the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made a written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee security or indemnity satisfactory to the Trustee, and the Trustee shall not have received from the Holders of a majority in principal amount
of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment or delivery of principal, or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

  
 Annex I-7 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Base Indenture duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities of this
series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of Securities of such series of a different authorized denomination, as requested by the Holder surrendering the same. 

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

The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to
conflicts of law principles thereof. 

  
 Annex I-8Exhibit 10.1

 

TRANSCODE
therapeutics, inc.

 

2020
STOCK OPTION AND incentive PLAN

 

SECTION 1. GENERAL
PURPOSE OF THE PLAN; DEFINITIONS

 

The name of the plan is the Transcode Therapeutics, Inc.
2020 Stock Option and Incentive Plan (the “Plan”). The purpose of the Plan is to encourage and enable the officers,
employees, directors, Consultants and other key persons of Transcode Therapeutics, Inc., a Delaware corporation (including
any successor entity, the “Company”), and its Subsidiaries, upon whose judgment, initiative and efforts the Company
largely depends for the successful conduct of its business, to acquire a proprietary interest in the Company.

 

The following terms shall be defined as
set forth below:

 

“Affiliate”
of any Person means a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by
or is under common control with the first mentioned Person. A Person shall be deemed to control another Person if such first Person
possesses directly or indirectly the power to direct, or cause the direction of, the management and policies of the second Person,
whether through the ownership of voting securities, by contract or otherwise.

 

“Award” or “Awards,”
except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock
Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units or any combination of the foregoing.

 

“Award
Agreement” means a written or electronic agreement setting forth the terms
and provisions applicable to an Award granted under the Plan. Each Award Agreement may contain terms and conditions in addition
to those set forth in the Plan; provided, however, in the event of any conflict in the terms of the Plan and the
Award Agreement, the terms of the Plan shall govern.

 

“Board” means the Board
of Directors of the Company.

 

“Cause”
shall have the meaning as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain a definition
of “Cause,” it shall mean (i) the grantee’s dishonest statements or acts with respect to the Company or
any Affiliate of the Company, or any current or prospective customers, suppliers vendors or other third parties with which such
entity does business; (ii) the grantee’s commission of (A) a felony or (B) any misdemeanor involving moral
turpitude, deceit, dishonesty or fraud; (iii) the grantee’s failure to perform his assigned duties and responsibilities
to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of the Company, after written
notice given to the grantee by the Company; (iv) the grantee’s gross negligence, willful misconduct or insubordination
with respect to the Company or any Affiliate of the Company; or (v) the grantee’s material violation of any provision
of any agreement(s) between the grantee and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or
assignment of inventions.

 

    

     

    

 

“Code” means the Internal
Revenue Code of 1986, as amended, and any successor Code, and related rules, regulations and interpretations.

 

“Committee” means the
Committee of the Board referred to in Section 2.

 

“Consultant”
means any natural person that provides bona fide services to the Company (including a Subsidiary), and such services are not in
connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain
a market for the Company’s securities.

 

“Disability”
means “disability” as defined in Section 422(c) of the Code.

 

“Effective Date” means
the date on which the Plan is adopted as set forth on the final page of the Plan.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

“Fair
Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the
Committee based on the reasonable application of a reasonable valuation method not inconsistent with Section 409A of
the Code. If the Stock is admitted to trade on a national securities exchange, the determination shall be made by reference to
the closing price reported on such exchange. If there is no closing price for such date, the determination shall be made by reference
to the last date preceding such date for which there is a closing price. If the date for which Fair Market Value is determined
is the first day when trading prices for the Stock are reported on a national securities exchange, the Fair Market Value shall
be the “Price to the Public” (or equivalent) set forth on the cover page for the final prospectus relating to
the Company’s Initial Public Offering.

 

“Grant Date” means the
date that the Committee designates in its approval of an Award in accordance with applicable law as the date on which the Award
is granted, which date may not precede the date of such Committee approval.

 

“Holder”
means, with respect to an Award or any Shares, the Person holding such Award or Shares, including the initial recipient of the
Award or any Permitted Transferee.

 

“Incentive Stock Option”
means any Stock Option designated and qualified as an “incentive stock option” as defined in Section 422 of the
Code.

 

“Initial Public Offering”
means the consummation of the first firm commitment underwritten public offering pursuant to an effective registration statement
under the Securities Act covering the offer and sale by the Company of its equity securities, as a result of or following which
the Stock shall be publicly held.

 

“Non-Qualified Stock Option”
means any Stock Option that is not an Incentive Stock Option.

 

    2

     

    

 

“Option” or “Stock
Option” means any option to purchase shares of Stock granted pursuant to Section 5.

 

“Permitted Transferees”
shall mean any of the following to whom a Holder may transfer Shares hereunder (as set forth in Section 9(a)(ii)(A)): the
Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing
the Holder’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of
the beneficial interest, a foundation in which these persons control the management of assets, and any other entity in which these
persons own more than fifty percent of the voting interests; provided, however, that any such trust does not require
or permit distribution of any Shares during the term of the Award Agreement unless subject to its terms. Upon the death of the
Holder, the term Permitted Transferees shall also include such deceased Holder’s estate, executors, administrators, personal
representatives, heirs, legatees and distributees, as the case may be.

 

“Person” shall mean any
individual, corporation, partnership (limited or general), limited liability company, limited liability partnership, association,
trust, joint venture, unincorporated organization or any similar entity.

 

“Restricted
Stock Award” means Awards granted pursuant to Section 6 and “Restricted Stock” means Shares
issued pursuant to such Awards.

 

“Restricted
Stock Unit” means an Award of phantom stock units to a grantee, which may be settled in cash or Shares as determined
by the Committee, pursuant to Section 8.

 

“Sale Event” means the
consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets
of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or consolidation pursuant
to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority
of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if applicable), (iv) the acquisition
of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions
by a Person or group of Persons, or (v) any other acquisition of the business of the Company, as determined by the Board;
provided, however, that the Company’s Initial Public Offering, any subsequent public offering or another capital
raising event, or a merger effected solely to change the Company’s domicile shall not constitute a “Sale Event.”

 

“Section 409A”
means Section 409A of the Code and the regulations and other guidance promulgated thereunder.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

“Service
Relationship” means any relationship as a full-time employee, part-time employee, director or Consultants of the
Company or any Subsidiary or any successor entity (e.g., a Service Relationship shall be deemed to continue without interruption
in the event an individual’s status changes from full-time employee to part-time employee or Consultant).

 

    3

     

    

 

“Shares”
means shares of Stock.

 

“Stock” means the Common
Stock, par value $ 0.0001 per share, of the Company.

 

“Subsidiary” means any
corporation or other entity (other than the Company) in which the Company has more than a 50 percent interest, either directly
or indirectly.

 

“Ten
Percent Owner” means an employee who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of
the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent of the Company
or any Subsidiary.

 

“Termination
Event” means the termination of the Award recipient’s Service Relationship with the Company and its Subsidiaries
for any reason whatsoever, regardless of the circumstances thereof, and including, without limitation, upon death, disability,
retirement, discharge or resignation for any reason, whether voluntarily or involuntarily. The following shall not constitute a
Termination Event: (i) a transfer to the service of the Company from a Subsidiary or from the Company to a Subsidiary, or
from one Subsidiary to another Subsidiary or (ii) an approved leave of absence for military service or sickness, or for any
other purpose approved by the Committee, if the individual’s right to re-employment is guaranteed either by a statute or
by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in
writing.

 

“Unrestricted
Stock Award” means any Award granted pursuant to Section 7 and “Unrestricted Stock” means Shares
issued pursuant to such Awards.

 

SECTION 2. ADMINISTRATION
OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 

(a)           Administration
of Plan. The Plan shall be administered by the Board, or at the discretion of the Board, by a committee of the Board, comprised
of not less than two directors. All references herein to the “Committee” shall be deemed to refer to the group then
responsible for administration of the Plan at the relevant time (i.e., either the Board of Directors or a committee or committees
of the Board, as applicable).

 

(b)           Powers
of Committee. The Committee shall have the power and authority to grant Awards consistent with the terms of the Plan, including
the power and authority:

 

(i)             to
select the individuals to whom Awards may from time to time be granted;

 

(ii)            to
determine the time or times of grant, and the amount, if any, of Incentive Stock Options, Non-Qualified Stock Options, Restricted
Stock Awards, Unrestricted Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or more
grantees;

 

(iii)           to
determine the number of Shares to be covered by any Award and, subject to the provisions of the Plan, the price, exercise price,
conversion ratio or other price relating thereto;

 

    4

     

    

 

(iv)           to
determine and, subject to Section 12, to modify from time to time the terms and conditions, including restrictions, not inconsistent
with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve
the form of Award Agreements;

 

(v)            to
accelerate at any time the exercisability or vesting of all or any portion of any Award;

 

(vi)           to
impose any limitations on Awards, including limitations on transfers, repurchase provisions and the like, and to exercise repurchase
rights or obligations;

 

(vii)          subject
to Section 5(a)(ii) and any restrictions imposed by Section 409A, to extend at any time the period in which Stock
Options may be exercised; and

 

(viii)         at
any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and for its own acts and
proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including Award Agreements);
to make all determinations it deems advisable for the administration of the Plan; to decide all disputes arising in connection
with the Plan; and to otherwise supervise the administration of the Plan.

 

All decisions and interpretations of the Committee shall be
binding on all persons, including the Company and all Holders.

 

(c)            Delegation
of Authority to Grant Awards. Subject to applicable law, the Committee, in its discretion, may delegate to any one or more
members of the Board all or part of the Committee’s authority and duties with respect to the granting of Awards and may delegate
to an officer of the Company the power to designate non-officer employees to be recipients of Options, and to determine the number
of such Options to be received by such employees; provided, however, that the resolution so authorizing the officer shall specify
the total number of Options the officer may so award and may not delegate to the officer the authority to set the exercise price
or the vesting terms of such Options. Any such delegation by the Committee shall also provide that the officer may not grant Awards
to himself or herself (or other officers) without the approval of the Committee. The Committee may revoke or amend the terms of
a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate or delegates
that were consistent with the terms of the Plan.

 

(d)            Award
Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award.

 

(e)            Indemnification.
Neither the Board nor the Committee, nor any member of either or any delegate thereof, shall be liable for any act, omission, interpretation,
construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and
any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in respect of any claim,
loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the
fullest extent permitted by law and/or under the Company’s governing documents, including its certificate of incorporation
or bylaws, or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or
any indemnification agreement between such individual and the Company.

 

    5

     

    

 

(f)            Foreign
Award Recipients. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries
in which the Company and any Subsidiary operate or have employees or other individuals eligible for Awards, the Committee, in its
sole discretion, shall have the power and authority to: (i) determine which Subsidiaries, if any, shall be covered by the
Plan; (ii) determine which individuals, if any, outside the United States are eligible to participate in the Plan; (iii) modify
the terms and conditions of any Award granted to individuals outside the United States to comply with applicable foreign laws;
(iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines
such actions to be necessary or advisable (and such subplans and/or modifications shall be attached to the Plan as appendices);
provided, however, that no such subplans and/or modifications shall increase the share limitation contained in Section 3(a) hereof;
and (v) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain
approval or comply with any local governmental regulatory exemptions or approvals.

 

SECTION 3. STOCK
ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION

 

Stock
Issuable.

 

(a)            The
maximum number of Shares reserved and available for issuance under the Plan shall be 5,000,000 Shares, subject to adjustment as
provided in Section 3(b) (the “Pool Limit”). Subject to such overall limitations, Shares may be issued up
to such maximum number pursuant to any type or types of Award, and no more than the Pool Limit may be issued pursuant to Incentive
Stock Options. The Shares available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the
Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to
no more than 5,000,000 Shares shall be granted to any one individual in any calendar year period. For purposes of the Pool Limit
Shares underlying any awards under the Plan that are forfeited, canceled, held back upon exercise of an Option or settlement of
an Award to cover the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance
of Stock or otherwise terminated (other than by exercise) shall be added back to the shares of Stock available for issuance under
the Plan and, to the extent permitted under Section 422 of the Code and the regulations promulgated thereunder, the shares
of Stock that may be issued as Incentive Stock Options.

 

(b)           Changes
in Stock. Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification,
stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding
Shares are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company,
or additional Shares or new or different shares or other securities of the Company or other non-cash assets are distributed with
respect to such Shares or other securities, in each case, without the receipt of consideration by the Company, or, if, as a result
of any merger or consolidation, or sale of all or substantially all of the assets of the Company, the outstanding Shares are converted
into or exchanged for other securities of the Company or any successor entity (or a parent or subsidiary thereof), the Committee
shall make an appropriate and proportionate adjustment in (i) the maximum number of Shares reserved for issuance under the
Plan, (ii) the number and kind of Shares or other securities subject to any then outstanding Awards under the Plan, (iii) the
repurchase price, if any, per Share subject to each outstanding Award, and (iv) the exercise price for each Share subject
to any then outstanding Stock Options under the Plan, without changing the aggregate exercise price (i.e., the exercise price multiplied
by the number of Stock Options) as to which such Stock Options remain exercisable. The Committee shall in any event make such adjustments
as may be required by Section 25102(o) of the California Corporation Code and the rules and regulations promulgated
thereunder. The adjustment by the Committee shall be final, binding and conclusive. No fractional Shares shall be issued under
the Plan resulting from any such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional
shares.

 

    6

     

    

 

(c)           Sale
Events.

 

(i)            Options.
Subject to, in each case, the preferential rights of the holders of the Company’s Preferred Stock pursuant to the Company’s
restated certificate of incorporation.

 

(A)            In
the case of and subject to the consummation of a Sale Event, the Plan and all outstanding Options issued hereunder shall terminate
upon the effective time of any such Sale Event unless assumed or continued by the successor entity, or new stock options or other
awards of the successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to
the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into
account any acceleration hereunder and/or pursuant to the terms of any Award Agreement).

 

(B)            In
the event of the termination of the Plan and all outstanding Options issued hereunder pursuant to Section 3(c), each Holder
of Options shall be permitted, within a period of time prior to the consummation of the Sale Event as specified by the Committee,
to exercise all such Options which are then exercisable or will become exercisable as of the effective time of the Sale Event;
provided, however, that the exercise of Options not exercisable prior to the Sale Event shall be subject to the consummation
of the Sale Event.

 

(C)            Notwithstanding
anything to the contrary in Section 3(c)(i)(A), in the event of a Sale Event, the Company shall have the right, but not the
obligation, to make or provide for a cash payment to the Holders of Options, without any consent of the Holders, in exchange for
the cancellation thereof, in an amount equal to the difference between (A) the value as determined by the Committee of the
consideration payable per share of Stock pursuant to the Sale Event (the “Sale Price”) times the number of Shares subject
to outstanding Options being cancelled (to the extent then vested and exercisable, including by reason of acceleration in connection
with such Sale Event, at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such outstanding
vested and exercisable Options.

 

    7

     

    

 

(ii)           Restricted
Stock and Restricted Stock Unit Awards. Subject to, in each case, the preferential rights of the holders of the Company’s
Preferred Stock pursuant to the Company’s restated certificate of incorporation.

 

(A)            In
the case of and subject to the consummation of a Sale Event, all unvested Restricted Stock and unvested Restricted Stock Unit Awards
(other than those becoming vested as a result of the Sale Event) issued hereunder shall be forfeited immediately prior to the effective
time of any such Sale Event unless assumed or continued by the successor entity, or awards of the successor entity or parent thereof
are substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares subject to such awards
as such parties shall agree (after taking into account any acceleration hereunder and/or pursuant to the terms of any Award Agreement).

 

(B)            In
the event of the forfeiture of Restricted Stock pursuant to Section 3(c)(ii)(A), such Restricted Stock shall be repurchased
from the Holder thereof at a price per share equal to the original per share purchase price paid by the Holder (subject to adjustment
as provided in Section 3(b)) for such Shares.

 

(C)            Notwithstanding
anything to the contrary in Section 3(c)(ii)(A), in the event of a Sale Event, the Company shall have the right, but not the
obligation, to make or provide for a cash payment to the Holders of Restricted Stock or Restricted Stock Unit Awards, without consent
of the Holders, in exchange for the cancellation thereof, in an amount equal to the Sale Price times the number of Shares subject
to such Awards, to be paid at the time of such Sale Event or upon the later vesting of such Awards.

 

SECTION 4. ELIGIBILITY

 

Grantees under the Plan will be such full
or part-time officers and other employees, directors and Consultants of the Company and any Subsidiary who are selected from time
to time by the Committee in its sole discretion; provided, however, that Awards shall be granted only to those individuals
described in Rule 701(c) of the Securities Act.

 

SECTION 5. STOCK
OPTIONS

 

Upon the grant of a Stock Option, the Company
and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined
by the Committee, and such terms and conditions may differ among individual Awards and grantees.

 

Stock Options granted under the Plan may
be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the
Company or any Subsidiary that is a “subsidiary corporation” within the meaning of Section 424(f) of the
Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock Option.

 

(a)            Terms
of Stock Options. The Committee in its discretion may grant Stock Options to those individuals who meet the eligibility requirements
of Section 4. Stock Options shall be subject to the following terms and conditions and shall contain such additional terms
and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem desirable.

 

    8

     

    

 

(i)            Exercise
Price. The exercise price per share for the Shares covered by a Stock Option shall be determined by the Committee at the time
of grant but shall not be less than 100 percent of the Fair Market Value on the Grant Date. In the case of an Incentive Stock Option
that is granted to a Ten Percent Owner, the exercise price per share for the Shares covered by such Incentive Stock Option shall
not be less than 110 percent of the Fair Market Value on the Grant Date.

 

(ii)           Option
Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be exercisable more than ten
years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock
Option shall be no more than five years from the Grant Date.

 

(iii)          Exercisability;
Rights of a Stockholder. Stock Options shall become exercisable and/or vested at such time or times, whether or not in installments,
as shall be determined by the Committee at or after the Grant Date. The Award Agreement may permit a grantee to exercise all or
a portion of a Stock Option immediately at grant; provided that the Shares issued upon such exercise shall be subject to
restrictions and a vesting schedule identical to the vesting schedule of the related Stock Option, such Shares shall be deemed
to be Restricted Stock for purposes of the Plan, and the optionee may be required to enter into an additional or new Award Agreement
as a condition to exercise of such Stock Option. An optionee shall have the rights of a stockholder only as to Shares acquired
upon the exercise of a Stock Option and not as to unexercised Stock Options. An optionee shall not be deemed to have acquired any
Shares unless and until a Stock Option shall have been exercised pursuant to the terms of the Award Agreement and this Plan and
the optionee’s name has been entered on the books of the Company as a stockholder.

 

(iv)         Method
of Exercise. Stock Options may be exercised by an optionee in whole or in part, by the optionee giving written or electronic
notice of exercise to the Company, specifying the number of Shares to be purchased. Payment of the purchase price may be made by
one or more of the following methods (or any combination thereof) to the extent provided in the Award Agreement:

 

(A)            In
cash, by certified or bank check, by wire transfer of immediately available funds, or other instrument acceptable to the Committee;

 

(B)            If
permitted by the Committee, by the optionee delivering to the Company a promissory note, if the Board has expressly authorized
the loan of funds to the optionee for the purpose of enabling or assisting the optionee to effect the exercise of his or her Stock
Option; provided, that at least so much of the exercise price as represents the par value of the Stock shall be paid in
cash if required by state law;

 

(C)            If
permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), through
the delivery (or attestation to the ownership) of Shares that have been purchased by the optionee on the open market or that are
beneficially owned by the optionee and are not then subject to restrictions under any Company plan. To the extent required to avoid
variable accounting treatment under ASC 718 or other applicable accounting rules, such surrendered Shares if originally purchased
from the Company shall have been owned by the optionee for at least six months. Such surrendered Shares shall be valued at Fair
Market Value on the exercise date;

 

    9

     

    

 

(D)            If
permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), by the
optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly
deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the
event the optionee chooses to pay the purchase price as so provided, the optionee and the broker shall comply with such procedures
and enter into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of such payment
procedure; or

 

(E)            If
permitted by the Committee, and only with respect to Stock Options that are not Incentive Stock Options, by a “net exercise”
arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest whole number of
Shares with a Fair Market Value that does not exceed the aggregate exercise price.

 

Payment instruments will be received subject
to collection. No certificates for Shares so purchased will be issued to the optionee or, with respect to uncertificated Stock,
no transfer to the optionee on the records of the Company will take place, until the Company has completed all steps it has deemed
necessary to satisfy legal requirements relating to the issuance and sale of the Shares, which steps may include, without limitation,
(i) receipt of a representation from the optionee at the time of exercise of the Option that the optionee is purchasing the
Shares for the optionee’s own account and not with a view to any sale or distribution of the Shares or other representations
relating to compliance with applicable law governing the issuance of securities, (ii) the legending of the certificate (or
notation on any book entry) representing the Shares to evidence the foregoing restrictions, and (iii) obtaining from optionee
payment or provision for all withholding taxes due as a result of the exercise of the Option. The delivery of certificates representing
the shares of Stock (or the transfer to the optionee on the records of the Company with respect to uncertificated Stock) to be
purchased pursuant to the exercise of a Stock Option will be contingent upon (A) receipt from the optionee (or a purchaser
acting in his or her stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for
such Shares and the fulfillment of any other requirements contained in the Award Agreement or applicable provisions of laws and
(B) if required by the Company, the optionee shall have entered into any stockholders agreements or other agreements with
the Company and/or certain other of the Company’s stockholders relating to the Stock. In the event an optionee chooses to
pay the purchase price by previously-owned Shares through the attestation method, the number of Shares transferred to the optionee
upon the exercise of the Stock Option shall be net of the number of Shares attested to.

 

(b)           Annual
Limit on Incentive Stock Options. To the extent required for “incentive stock option” treatment under Section 422
of the Code, the aggregate Fair Market Value (determined as of the Grant Date) of the Shares with respect to which Incentive Stock
Options granted under the Plan and any other plan of the Company or its parent and any Subsidiary that become exercisable for the
first time by an optionee during any calendar year shall not exceed $100,000 or such other limit as may be in effect from time
to time under Section 422 of the Code. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified
Stock Option.

    10

     

    

 

(c)            Termination.
Any portion of a Stock Option that is not vested and exercisable on the date of termination of an optionee’s Service Relationship
shall immediately expire and be null and void. Once any portion of the Stock Option becomes vested and exercisable, the optionee’s
right to exercise such portion of the Stock Option (or the optionee’s representatives and legatees as applicable) in the
event of a termination of the optionee’s Service Relationship shall continue until the earliest of: (i) the date which
is: (A) 12 months following the date on which the optionee’s Service Relationship terminates due to death or Disability
(or such longer period of time as determined by the Committee and set forth in the applicable Award Agreement), or (B) three
months following the date on which the optionee’s Service Relationship terminates if the termination is due to any reason
other than death or Disability (or such longer period of time as determined by the Committee and set forth in the applicable Award
Agreement), or (ii) the Expiration Date set forth in the Award Agreement; provided that notwithstanding the foregoing, an
Award Agreement may provide that if the optionee’s Service Relationship is terminated for Cause, the Stock Option shall terminate
immediately and be null and void upon the date of the optionee’s termination and shall not thereafter be exercisable.

 

SECTION 6. RESTRICTED
STOCK AWARDS

 

(a)            Nature
of Restricted Stock Awards. The Committee may, in its sole discretion, grant (or sell at par value or such other purchase price
determined by the Committee) to an eligible individual under Section 4 hereof a Restricted Stock Award under the Plan. The
Committee shall determine the restrictions and conditions applicable to each Restricted Stock Award at the time of grant. Conditions
may be based on continuing employment (or other Service Relationship), achievement of pre-established performance goals and objectives
and/or such other criteria as the Committee may determine. Upon the grant of a Restricted Stock Award, the Company and the grantee
shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee,
and such terms and conditions may differ among individual Awards and grantees.

 

(b)            Rights
as a Stockholder. Upon the grant of the Restricted Stock Award and payment of any applicable purchase price, a grantee of Restricted
Stock shall be considered the record owner of and shall be entitled to vote the Restricted Stock if, and to the extent, such Shares
are entitled to voting rights, subject to such conditions contained in the Award Agreement. The grantee shall be entitled to receive
all dividends and any other distributions declared on the Shares; provided, however, that the Company is under no
duty to declare any such dividends or to make any such distribution. Unless the Committee shall otherwise determine, certificates
evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as provided
in subsection (d) below of this Section, and the grantee shall be required, as a condition of the grant, to deliver to
the Company a stock power endorsed in blank and such other instruments of transfer as the Committee may prescribe.

 

    11

     

    

 

(c)            Restrictions.
Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically
provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement or,
subject to Section 12 below, in writing after the Award Agreement is issued, if a grantee’s Service Relationship with
the Company and any Subsidiary terminates, the Company or its assigns shall have the right, as may be specified in the relevant
instrument, to repurchase some or all of the Shares subject to the Award at such purchase price as is set forth in the Award Agreement.

 

(d)            Vesting
of Restricted Stock. The Committee at the time of grant shall specify in the Award Agreement the date or dates and/or the attainment
of pre-established performance goals, objectives and other conditions on which the substantial risk of forfeiture imposed shall
lapse and the Restricted Stock shall become vested, subject to such further rights of the Company or its assigns as may be specified
in the Award Agreement.

 

SECTION 7. UNRESTRICTED
STOCK AWARDS

 

The Committee may, in its sole discretion,
grant (or sell at par value or such other purchase price determined by the Committee) to an eligible person under Section 4
hereof an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other
valid consideration, or in lieu of cash compensation due to such grantee.

 

SECTION 8. RESTRICTED
STOCK UNITS

 

(a)            Nature
of Restricted Stock Units. The Committee may, in its sole discretion, grant to an eligible person under Section 4 hereof
Restricted Stock Units under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted
Stock Unit at the time of grant. Vesting conditions may be based on continuing employment (or other Service Relationship), achievement
of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. Upon the grant of
Restricted Stock Units, the grantee and the Company shall enter into an Award Agreement. The terms and conditions of each such
Award Agreement shall be determined by the Committee and may differ among individual Awards and grantees. On or promptly following
the vesting date or dates applicable to any Restricted Stock Unit, but in no event later than March 15 of the year following
the year in which such vesting occurs, such Restricted Stock Unit(s) shall be settled in the form of cash or shares of Stock,
as specified in the Award agreement. Restricted Stock Units may not be sold, assigned,
transferred, pledged, or otherwise encumbered or disposed of.

 

(b)            Rights
as a Stockholder. A grantee shall have the rights of a stockholder only as to Shares, if any, acquired upon settlement of Restricted
Stock Units. A grantee shall not be deemed to have acquired any such Shares unless and until the Restricted Stock Units shall have
been settled in Shares pursuant to the terms of the Plan and the Award Agreement, the Company shall have issued and delivered a
certificate representing the Shares to the grantee (or transferred on the records of the Company with respect to uncertificated
stock), and the grantee’s name has been entered in the books of the Company as a stockholder.

 

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(c)           Termination.
Except as may otherwise be provided by the Committee either in the Award Agreement or in writing after the Award Agreement is issued,
a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate upon the grantee’s
cessation of Service Relationship with the Company and any Subsidiary for any reason.

 

SECTION 9. transfer
restrictions; company RIGHT OF FIRST REFUSAL; COMPANY repurchase rights

 

(a)           Restrictions
on Transfer.

 

(i)             Non-Transferability
of Stock Options. Stock Options and, prior to exercise, the Shares issuable upon exercise of such Stock Option, shall not be
transferable by the optionee otherwise than by will, or by the laws of descent and distribution, and all Stock Options shall be
exercisable, during the optionee’s lifetime, only by the optionee, or by the optionee’s legal representative or guardian
in the event of the optionee’s incapacity. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide
in the Award Agreement regarding a given Stock Option that the optionee may transfer by gift, without consideration for the transfer,
his or her Non-Qualified Stock Options to his or her family members (as defined in Rule 701 of the Securities Act), to trusts
for the benefit of such family members, or to partnerships in which such family members are the only partners (to the extent such
trusts or partnerships are considered “family members” for purposes of Rule 701 of the Securities Act), provided
that the transferee agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable
Award Agreement, including the execution of a stock power upon the issuance of Shares. Stock Options, and the Shares issuable upon
exercise of such Stock Options, shall be restricted as to any pledge, hypothecation, or other transfer, including any short position,
any “put equivalent position” (as defined in the Exchange Act) or any “call equivalent position” (as defined
in the Exchange Act) prior to exercise.

 

(ii)            Shares.
No Shares shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered,
whether voluntarily or by operation of law, unless (i) the transfer is in compliance with the terms of the applicable Award
Agreement, all applicable securities laws (including, without limitation, the Securities Act), and with the terms and conditions
of this Section 9, (ii) the transfer does not cause the Company to become subject to the reporting requirements of the
Exchange Act, and (iii) the transferee consents in writing to be bound by the provisions of the Plan and the Award Agreement,
including this Section 9. In connection with any proposed transfer, the Committee may require the transferor to provide at
the transferor’s own expense an opinion of counsel to the transferor, satisfactory to the Committee, that such transfer is
in compliance with all foreign, federal and state securities laws (including, without limitation, the Securities Act). Any attempted
transfer of Shares not in accordance with the terms and conditions of this Section 9 shall be null and void, and the Company
shall not reflect on its records any change in record ownership of any Shares as a result of any such transfer, shall otherwise
refuse to recognize any such transfer and shall not in any way give effect to any such transfer of Shares. The Company shall be
entitled to seek protective orders, injunctive relief and other remedies available at law or in equity including, without limitation,
seeking specific performance or the rescission of any transfer not made in strict compliance with the provisions of this Section 9.
Subject to the foregoing general provisions, and unless otherwise provided in the applicable Award Agreement, Shares may be transferred
pursuant to the following specific terms and conditions (provided that with respect to any transfer of Restricted Stock, all vesting
and forfeiture provisions shall continue to apply with respect to the original recipient):

 

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(A)            Transfers
to Permitted Transferees. The Holder may transfer any or all of the Shares to one or more Permitted Transferees; provided,
however, that following such transfer, such Shares shall continue to be subject to the terms of this Plan (including this
Section 9) and such Permitted Transferee(s) shall, as a condition to any such transfer, deliver a written acknowledgment
to that effect to the Company and shall deliver a stock power to the Company with respect to the Shares. Notwithstanding the foregoing,
the Holder may not transfer any of the Shares to a Person whom the Company reasonably determines is a direct competitor or a potential
competitor of the Company or any of its Subsidiaries.

 

(B)            Transfers
Upon Death. Upon the death of the Holder, any Shares then held by the Holder at the time of such death and any Shares acquired
after the Holder’s death by the Holder’s legal representative shall be subject to the provisions of this Plan, and
the Holder’s estate, executors, administrators, personal representatives, heirs, legatees and distributees shall be obligated
to convey such Shares to the Company or its assigns under the terms contemplated by the Plan and the Award Agreement.

 

(b)            Right
of First Refusal. In the event that a Holder desires at any time to sell or otherwise transfer all or any part of his or her
Shares (other than shares of Restricted Stock which by their terms are not transferrable), the Holder first shall give written
notice to the Company of the Holder’s intention to make such transfer. Such notice shall state the number of Shares that
the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the proposed sale is to be made
and the name and address of the proposed transferee. At any time within 30 days after the receipt of such notice by the Company,
the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the terms offered
by the proposed transferee and specified in the notice. The Company or its assigns shall exercise this right by mailing or delivering
written notice to the Holder within the foregoing 30-day period. If the Company or its assigns elect to exercise its purchase rights
under this Section 9(b), the closing for such purchase shall, in any event, take place within 45 days after the receipt by
the Company of the initial notice from the Holder. In the event that the Company or its assigns do not elect to exercise such purchase
right, or in the event that the Company or its assigns do not pay the full purchase price within such 45-day period, the Holder
shall be required to pay a transaction processing fee of $10,000 to the Company (unless waived by the Committee) and then may,
within 60 days thereafter, sell the Offered Shares to the proposed transferee and at the same price and on the same terms as specified
in the Holder’s notice. Any Shares not sold to the proposed transferee shall remain subject to the Plan. If the Holder is
a party to any stockholders agreements or other agreements with the Company and/or certain other of the Company’s stockholders
relating to the Shares, (i) the transferring Holder shall comply with the requirements of such stockholders agreements or
other agreements relating to any proposed transfer of the Offered Shares, and (ii) any proposed transferee that purchases
Offered Shares shall enter into such stockholders agreements or other agreements with the Company and/or certain of the Company’s
stockholders relating to the Offered Shares on the same terms and in the same capacity as the transferring Holder.

 

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(c)           Company’s
Right of Repurchase.

 

(i)             Right
of Repurchase for Shares Issued Upon the Exercise of an Option. Upon a Termination Event, the Company or its assigns shall
have the right and option to repurchase from a Holder of Shares acquired upon exercise of a Stock Option. Such repurchase rights
may be exercised by the Company within the later of (A) six months following the date of such Termination Event or (B) seven
months after the acquisition of Shares upon exercise of a Stock Option. The repurchase price for unvested Shares shall be equal
to the lower of the original per share price paid by the Holder, subject to adjustment as provided in Section 3(b) of
the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights.
The repurchase price for vested Shares shall be equal to (X) if the Holder’s Service Relationship is terminated for
Cause, the lower of the original per share price paid by the Holder, subject to adjustment as provided in Section 3(b) of
the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights,
or (Y) in the case of any other Termination Event, the current Fair Market Value of such Shares as of the date the Company
elects to exercise its repurchase rights.

 

(ii)            Right
of Repurchase With Respect to Shares Granted as Restricted Stock Awards. Upon a Termination Event, the Company or its assigns
shall have the right and option to repurchase from a Holder of Shares received pursuant to a Restricted Stock Award any Shares.
Such repurchase right may be exercised by the Company within six months following the date of such Termination Event. The repurchase
price for unvested Shares shall be the lower of the original per share purchase price paid by the Holder, subject to adjustment
as provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects
to exercise its repurchase rights. The repurchase price for vested Shares shall be equal to (X) if the Holder’s Service
Relationship is terminated for Cause, the lower of the original per share price paid by the Holder, subject to adjustment as provided
in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise
its repurchase rights, or (Y) in the case of any other Termination Event, the current Fair Market Value of such Shares as
of the date the Company elects to exercise its repurchase rights.

 

(iii)           Procedure.
Any repurchase right of the Company shall be exercised by the Company or its assigns by giving the Holder written notice on or
before the last day of the repurchase period of its intention to exercise such repurchase right. Upon such notification, the Holder
shall promptly surrender to the Company, free and clear of any liens or encumbrances, any certificates representing the Shares
being purchased, together with a duly executed stock power for the transfer of such Shares to the Company or the Company’s
assignee or assignees. Upon the Company’s or its assignee’s receipt of the certificates from the Holder, the Company
or its assignee or assignees shall deliver to him, her or them a check for the applicable repurchase price; provided, however,
that the Company may pay the repurchase price by offsetting and canceling any indebtedness then owed by the Holder to the Company.

 

(d)           Reserved.

 

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(e)           Escrow
Arrangement.

 

(i)             Escrow.
In order to carry out the provisions of this Section 9 of this Plan more effectively, the Company shall hold any Shares issued
pursuant to Awards granted under the Plan in escrow together with separate stock powers executed by the Holder in blank for transfer.
The Company shall not dispose of the Shares except as otherwise provided in this Plan. In the event of any repurchase by the Company
(or any of its assigns), the Company is hereby authorized by the Holder, as the Holder’s attorney-in-fact, to date and complete
the stock powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms
hereof. At such time as any Shares are no longer subject to the Company’s repurchase and first refusal rights, the Company
shall, at the written request of the Holder, deliver to the Holder a certificate representing such Shares with the balance of the
Shares to be held in escrow pursuant to this Section.

 

(ii)            Remedy.
Without limitation of any other provision of this Plan or other rights, in the event that a Holder or any other Person is required
to sell a Holder’s Shares pursuant to the provisions of Sections 9(b) or (c) hereof and in the further event that
he or she refuses or for any reason fails to deliver to the Company or its designated purchaser of such Shares the certificate
or certificates evidencing such Shares together with a related stock power, the Company or such designated purchaser may deposit
the applicable purchase price for such Shares with a bank designated by the Company, or with the Company’s independent public
accounting firm, as agent or trustee, or in escrow, for such Holder or other Person, to be held by such bank or accounting firm
for the benefit of and for delivery to him, her, them or it, and/or, in its discretion, pay such purchase price by offsetting any
indebtedness then owed by such Holder as provided above. Upon any such deposit and/or offset by the Company or its designated purchaser
of such amount and upon notice to the Person who was required to sell the Shares to be sold pursuant to the provisions of Sections
9(b) or (c), such Shares shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser,
such Holder shall have no further rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable),
and the Company shall record such transfer in its stock transfer book or in any appropriate manner.

 

(f)           Lockup
Provision. If requested by the Company, a Holder shall not sell or otherwise transfer or dispose of any Shares (including,
without limitation, pursuant to Rule 144 under the Securities Act) held by him or her for such period following the effective
date of a public offering by the Company of Shares as the Company shall specify reasonably and in good faith. If requested by the
underwriter engaged by the Company, each Holder shall execute a separate letter confirming his or her agreement to comply with
this Section.

 

(g)          Adjustments
for Changes in Capital Structure. If, as a result of any reorganization, recapitalization, reclassification, stock dividend,
stock split, reverse stock split or other similar change in the Common Stock, the outstanding Shares are increased or decreased
or are exchanged for a different number or kind of securities of the Company, the restrictions contained in this Section 9
shall apply with equal force to additional and/or substitute securities, if any, received by Holder in exchange for, or by virtue
of his or her ownership of, Shares.

 

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(h)           Termination.
The terms and provisions of Section 9(b) and Section 9(c) (except for the Company’s right to repurchase
Shares still subject to a risk of forfeiture upon a Termination Event) shall terminate upon the closing of the Company’s
Initial Public Offering or upon consummation of any Sale Event, in either case as a result of which Shares are registered under
Section 12 of the Exchange Act and publicly-traded on any national security exchange.

 

SECTION 10. TAX
WITHHOLDING

 

(a)            Payment
by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any Shares or other amounts
received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company, or
make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or local taxes of any kind required by
law to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to the extent permitted by
law, have the right to deduct any such taxes from any payment of any kind otherwise due to the grantee. The Company’s obligation
to deliver stock certificates (or evidence of book entry) to any grantee is subject to and conditioned on any such tax withholding
obligations being satisfied by the grantee.

 

(b)            Payment
in Stock. The Company’s minimum required tax withholding obligation may be satisfied, in whole or in part, by the Company
withholding from Shares to be issued pursuant to an Award a number of Shares having an aggregate Fair Market Value (as of the date
the withholding is effected) that would satisfy the minimum withholding amount due.

 

SECTION 11. Section 409A
AWARDS.

 

To the extent that any Award is determined
to constitute “nonqualified deferred compensation” within the meaning of Section 409A (a “409A Award”),
the Award shall be subject to such additional rules and requirements as may be specified by the Committee from time to time.
In this regard, if any amount under a 409A Award is payable upon a “separation from service” (within the meaning of
Section 409A) to a grantee who is considered a “specified employee” (within the meaning of Section 409A),
then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after the grantee’s
separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such
payment from being subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. The Company makes
no representation or warranty and shall have no liability to any grantee under the Plan or any other Person with respect to any
penalties or taxes under Section 409A that are, or may be, imposed with respect to any Award.

 

SECTION 12. AMENDMENTS
AND TERMINATION

 

The Board may, at any time, amend or discontinue
the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the purpose of satisfying changes in law
or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the consent
of the holder of the Award. The Committee may exercise its discretion to reduce the exercise price of outstanding Stock Options
or effect repricing through cancellation of outstanding Stock Options and by granting such holders new Awards in replacement of
the cancelled Stock Options. To the extent determined by the Committee to be required either by the Code to ensure that Incentive
Stock Options granted under the Plan are qualified under Section 422 of the Code or otherwise, Plan amendments shall be subject
to approval by the Company stockholders entitled to vote at a meeting of stockholders. Nothing in this Section 12 shall limit
the Board’s or Committee’s authority to take any action permitted pursuant to Section 3(c). The Board reserves
the right to amend the Plan and/or the terms of any outstanding Stock Options to the extent reasonably necessary to comply with
the requirements of the exemption pursuant to paragraph (f)(4) of Rule 12h-1 of the Exchange Act.

 

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SECTION 13. STATUS
OF PLAN

 

With respect to the portion of any Award
that has not been exercised and any payments in cash, Stock or other consideration not received by a grantee, a grantee shall have
no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly so determine in
connection with any Award.

 

SECTION 14. GENERAL
PROVISIONS

 

(a)            No
Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring Shares pursuant to an Award
to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof.
No Shares shall be issued pursuant to an Award until all applicable securities law and other legal and stock exchange or similar
requirements have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates
for Stock and Awards as it deems appropriate.

 

(b)            Delivery
of Stock Certificates. Stock certificates to grantees under the Plan shall be deemed delivered for all purposes when the Company
or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee,
at the grantee’s last known address on file with the Company; provided that stock certificates to be held in escrow pursuant
to Section 9 of the Plan shall be deemed delivered when the Company shall have recorded the issuance in its records. Uncertificated
Stock shall be deemed delivered for all purposes when the Company or a stock transfer agent of the Company shall have given to
the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s
last known address on file with the Company, notice of issuance and recorded the issuance in its records (which may include electronic
 “book entry” records).

 

(c)            No
Employment Rights. The adoption of the Plan and the grant of Awards do not confer upon any Person any right to continued
employment or Service Relationship with the Company or any Subsidiary.

 

(d)            Trading
Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the Company’s insider trading
policy-related restrictions, terms and conditions as may be established by the Committee, or in accordance with policies set by
the Committee, from time to time.

 

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(e)           Legend.
Any certificate(s) representing the Shares shall carry substantially the following legend (and with respect to uncertificated
Stock, the book entries evidencing such shares shall contain the following notation):

 

The transferability of this certificate and the shares
of stock represented hereby are subject to the restrictions, terms and conditions (including repurchase and restrictions against
transfers) contained in the Transcode Therapeutics, Inc. 2020 Stock Option and Incentive Plan and any agreements entered into
thereunder by and between the company and the holder of this certificate (a copy of which is available at the offices of the company
for examination).

 

(f)           Information
to Holders of Options. In the event the Company is relying on the exemption from the registration requirements of Section 12(g) of
the Exchange Act contained in paragraph (f)(1) of Rule 12h-1 of the Exchange Act, the Company shall provide the information
described in Rule 701(e)(3), (4) and (5) of the Securities Act to all holders of Options in accordance with the
requirements thereunder. The foregoing notwithstanding, the Company shall not be required to provide such information unless the
optionholder has agreed in writing, on a form prescribed by the Company, to keep such information confidential.

 

SECTION 15. EFFECTIVE
DATE OF PLAN

 

The
Plan shall become effective upon adoption by the Board and shall be approved by stockholders in accordance with applicable state
law and the Company’s articles of incorporation and bylaws within 12 months thereafter. If the stockholders fail to approve
the Plan within 12 months after its adoption by the Board of Directors, then any Awards granted or sold under the Plan shall be
rescinded and no additional grants or sales shall thereafter be made under the Plan. Subject to such approval by stockholders
and to the requirement that no Shares may be issued hereunder prior to such approval, Stock Options and other Awards may be granted
hereunder on and after adoption of the Plan by the Board. No grants of Stock Options and other Awards may be made hereunder after
the tenth anniversary of the date the Plan is adopted by the Board or the date the Plan is approved by the Company’s stockholders,
whichever is earlier.

 

SECTION 16. GOVERNING
LAW

 

This Plan, all Awards and any controversy
arising out of or relating to this Plan and all Awards shall be governed by and construed in accordance with the General Corporation
Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed
in accordance with the internal laws of the State of Delaware, without regard to conflict of law principles that would result in
the application of any law other than the law of the State of Delaware.

 

	DATE
    ADOPTED BY THE BOARD OF DIRECTORS:	April 15,
2020
	 	 
	DATE
    APPROVED BY THE STOCKHOLDERS:	April 15,
2020

 

    19

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