Document:

Exhibit 10.1

 

SEPARATION AND TRANSITION AGREEMENT AND
GENERAL RELEASE

 

This is a Separation
and Transition Agreement and General Release (hereinafter referred to as the "Agreement") between Timothy J. Wilmott
(hereinafter referred to as the "Employee") and Penn National Gaming, Inc. (hereinafter referred to as the "Employer").
In consideration of the mutual promises and commitments made in this Agreement, and intending to be legally bound, Employee, on
the one hand, and the Employer on the other hand, agree to the terms set forth in this Agreement.

 

1.       Employer
and Employee hereby acknowledge that Employee resigned as Chief Executive Officer and Board of Directors Member of Employer effective
as of December 31, 2019. Consistent with his Executive Agreement, effective as of June 13, 2018 (“2018 Agreement”),
Employee has elected to remain employed in an executive advisory position by Employer through February 29, 2020, at which time
his employment with Employer and all of its affiliates will end (the “Transition Date”). Upon the Transition Date,
Employee shall be entitled to the benefits described in Section 5(c) of the 2018 Agreement.

 

2.      (a)      In addition to the foregoing,
and as additional consideration to which Employee is not otherwise entitled and in exchange for the releases below, the amendments
to certain restrictive covenants in the 2018 Agreement (as further described in Section 2(b) below), the many achievements during
his tenure with the Employer, and the execution of the succession plan, Employer will accelerate to February 28, 2020 the vesting
of certain stock options described in Exhibit A.

 

(b)       Employee
and Employer expressly agree that Sections 8 and 9 of the 2018 Agreement are hereby deleted in their entirety and replaced with
the following (and subject to Employer’s satisfaction of the obligations in connection with Section 5(c) of the 2018 Agreement
and Section 7 of this Agreement):

 

“8.        Non-Competition.

 

(a)       As
used in this Section 8, the term “Restriction Period” shall mean a period equal to the three (3) year period following
the Transition Date.

 

(b)       For
the duration of the Restriction Period, Executive shall not, except with the prior written consent of the Company, directly or
indirectly, own, manage, operate, join, control, finance or participate in the ownership, management, operation, control or financing
of, or be connected as an officer, director, employee, partner, principal, agent, representative, consultant or otherwise with,
or use or permit Executive’s name to be used in connection with, any Competing Business. A “Competing Business”
includes any business enterprise which owns or operates, or is publicly seeking to own or operate, a gaming facility located within
150 miles of any facility in which Company or its affiliates owns or operates or is actively seeking to own or operate a facility
at such time (the “Restricted Area”). Executive acknowledges that any business which offers gaming, racing, sports
wagering or internet real money / social gaming, and which markets to any customers in the Restricted Area, is a Competing Business.

 

(c)       The
foregoing restrictions shall not be construed to prohibit Executive’s ownership of less than 5% of any class of securities
of any corporation which is engaged in any of the foregoing businesses and has a class of securities registered pursuant to the
Securities Exchange Act of 1934, provided that such ownership represents a passive investment and that neither Executive nor any
group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation,
guarantees any of its financial obligations, otherwise takes any part in its business, other than exercising Executive’s
rights as a shareholder, or seeks to do any of the foregoing.

 

     

     

    

 

(d)       Executive
acknowledges that the covenants contained in Sections 7 through 9 hereof are reasonable and necessary to protect the legitimate
interests of the Company and its affiliates and, in particular, that the duration and geographic scope of such covenants are reasonable
given the nature of this Agreement and the position that Executive will hold within the Company. Executive further agrees to disclose
the existence and terms of such covenants to any employer that Executive works for during the Restriction Period.

 

9.         Non-Solicitation. Executive will not, except with the prior written consent
of the Company, for a period of three years after the Transition Date, directly or indirectly, solicit or hire, or encourage the
solicitation or hiring of, any person who is, or was within a six month period prior to such solicitation or hiring, an executive
or management level employee of the Company or any of its affiliates for any position as an employee, independent contractor, consultant
or otherwise for the benefit of any entity not affiliated with the Company.”

 

3.      (a)      When used in this Agreement,
the word "Releasees" means the Employer and all or any of its past and present parent, subsidiary and affiliated corporations,
companies, partnerships, members, joint ventures and other entities and their groups, divisions, departments and units, and their
past and present directors, trustees, officers, managers, partners, supervisors, employees, attorneys, agents and consultants,
and their predecessors, successors and assigns.

 

(b)       When
used in this Agreement, the word "Claims" means each and every claim, complaint, cause of action, and grievance, whether
known or unknown and whether fixed or contingent, and each and every promise, assurance, contract, representation, guarantee, warranty,
right and commitment of any kind, whether known or unknown and whether fixed or contingent.

 

4.       In
consideration of the promises of the Employer set forth in this Agreement, and intending to be legally bound, Employee hereby irrevocably
releases and forever discharges all Releasees of and from any and all Claims that he (on behalf of either himself or any other
person or persons) ever had or now has against any and all of the Releasees, or which he (or his heirs, executors, administrators
or assigns or any of them) hereafter can, shall or may have against any and all of the Releasees, for or by reason of any cause,
matter, thing, occurrence or event whatsoever through the effective date of this Agreement. Employee acknowledges and agrees that
the Claims released in this paragraph include, but are not limited to, (a) any and all Claims based on any law, statute or constitution
or based on contract or in tort or common law, and (b) any and all Claims based on or arising under any civil rights laws, such
as any Pennsylvania or New Jersey employment laws, or Title VII of the Civil Rights Act of 1964 (42 U.S.C. § 2000e et seq.),
or the Federal Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.) (hereinafter referred to as the "ADEA"),
and (c) any and all Claims under any grievance or complaint procedure of any kind, and (d) any and all Claims based on or arising
out of or related to his recruitment by, employment with, the termination of his employment with, his performance of any services
in any capacity for, or any other arrangement or transaction with, each or any of the Releasees. This Agreement is not intended
to release any individual right to proceed or recover remedies under the Fair Labor Standards Act (“FLSA”). Employee
waives participation, to the extent permitted by federal or state law, in any class or collective action, as either a class or
collective action representative or participant. Employee also understands, that by signing this Agreement, he is waiving all Claims
against any and all of the Releasees released by this Agreement; provided, however, that as set forth in section 7 (f) (1)
(c) of the ADEA, as added by the Older Workers Benefit Protection Act of 1990, nothing in this Agreement constitutes or shall (i)
be construed to constitute a waiver by Employee of any rights or claims that may arise after this Agreement is executed by Employee,
or (ii) impair Employee’s right to file a charge with the Securities and Exchange Commission (“SEC”), the U.S.
Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations Board (“NLRB”) or any state
agency or to participate in an investigation or proceeding conducted by the SEC, EEOC, NLRB or any state agency or as otherwise
required by law. Notwithstanding the foregoing, Employee agrees to waive Employee’s right to recover individual relief in
any charge, complaint, or lawsuit filed by Employee or anyone on Employee’s behalf, except that this does not waive the Employee’s
ability to obtain monetary awards from the SEC’s whistleblower program. For clarity, this release does not relieve Employer
of those obligations under 5(c) of the 2018 Agreement and Section 7 of this Agreement.

 

    2

     

    

 

5.       Employee
covenants and agrees not to sue the Releasees and each or any of them for any Claims released by this Agreement and to waive any
recovery related to any Claims covered by this Agreement. Employee further certifies that he is not aware of any actual or attempted
regulatory, SEC, EEOC or other legal violations by Employer and that his separation is not a result of retaliation based on any
legal rights or opposition to an illegal practice.

 

6.       Employee
agrees to keep confidential and not disclose to any third party, nor use for any other purpose, any non-public Employer information,
including, without limitation, financial, customer or strategic data or trade secrets.

 

7.       Employee
agrees that, except for his 2019 bonus in the amount of $2,654,902.38 (to be paid in the first quarter of 2020) and as specifically
provided in this Agreement (Section 2(a)) and the 2018 Agreement (Section 5(c)), there is no other compensation, benefits, or other
payments due or owed to him by each or any of the Releasees, including, without limitation, the Employer, and there are no other
payments due or owed to him in connection with his employment with Employer.

 

8.       The
terms of this Agreement are not to be considered as an admission on behalf of either party. Neither this Agreement nor its terms
shall be admissible as evidence of any liability or wrongdoing by each or any of the Releasees in any judicial, administrative
or other proceeding now pending or hereafter instituted by any person or entity. The Employer is entering into this Agreement solely
for the purpose of effectuating a mutually satisfactory transition of Employee's employment.

 

9.       All
provisions of this Agreement are severable and if any of them is determined to be invalid or unenforceable for any reason, the
remaining provisions and portions of this Agreement shall be unaffected thereby and shall remain in full force to the fullest extent
permitted by law.

 

10.       This
Agreement shall be governed by and interpreted under and in accordance with the laws of the Commonwealth of Pennsylvania. Any suit,
claim or cause of action arising under or related to this Agreement shall be submitted by the parties hereto to the exclusive jurisdiction
of the courts of Pennsylvania or to the federal courts located therein if they otherwise have jurisdiction.

 

11.       This
Agreement constitutes a complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous
agreements, offer letters, severance policies and plans, negotiations, or discussions relating to the subject matter of this Agreement
and no other agreement shall be binding upon each or any of the Releasees, including, but not limited to, any agreement made hereafter,
unless in writing and signed by an officer of the Employer, and only such agreement shall be binding against the Employer. This
Agreement and the 2018 Agreement shall be binding on any successors or assigns of both parties. Except as modified herein, all
other terms of the 2018 Agreement that are in effect shall remain in full force and effect.

 

12.       Employee
is advised, and acknowledges that he has been advised, to consult with an attorney before signing this Agreement.

 

    3

     

    

 

13.       Employee
acknowledges that he is signing this Agreement voluntarily, with full knowledge of the nature and consequences of its terms.

 

14.       All
executed copies of this Agreement and photocopies thereof shall have the same force and effect and shall be as legally binding
and enforceable as the original.

 

15.       Employee
acknowledges that he has been given up to twenty-one (21) days within which to consider this Agreement before signing it. Subject
to paragraph 16 below, this Agreement will become effective on the date of Employee's signature hereof.

 

16.       For
a period of seven (7) calendar days following his signature of this Agreement, Employee may revoke the Agreement, and the Agreement
shall not become effective or enforceable until the seven (7) day revocation period has expired. Employee may revoke this Agreement
at any time within that seven (7) day period, by sending a written notice of revocation to the General Counsel of Employer. Such
written notice must be actually received by the Employer within that seven (7) day period in order to be valid. If a valid revocation
is received within that seven (7) day period, this Agreement shall be null and void for all purposes and no additional benefits
shall be conferred. If Employee does not revoke this agreement, the benefits described in this Agreement shall become effective.

 

IN WITNESS WHEREOF,
the Parties have read, understand and do voluntarily execute this Separation and Transition Agreement and General Release.

 

	EMPLOYER	 	EMPLOYEE
	 	 	 
	By:	/s/ Jay A. Snowden	 	/s/ Timothy Wilmott 
	 	 	 
	 	 	 
	Date: February 27, 2020	 	Date: February 27, 2020

 

    4

     

    

 

Exhibit A

 

	Grant

 Date	 	Option 

Price	 	 	Options 

Granted	 	 	Options 

that vest 

on or 

prior to 

2/28/2020	 	 	Original 

Vesting 

Dates	 	New 

Vesting 

Date	 	Options 

Vesting	 	 	Original Termination 

Date	 	New 

Termination 

Date
	1/4/2017	 	$	14.10	 	 	 	487,162	 	 	 	365,372	 	 	1/4/2021	 	2/28/2020	 	 	121,790	 	 	1/04/2024	 	3/1/2023
	1/3/2018	 	$	30.74	 	 	 	241,602	 	 	 	120,801	 	 	1/3/2021	 	2/28/2020	 	 	60,401	 	 	1/03/2025	 	3/1/2023
	1/3/2019	 	$	19.45	 	 	 	356,805	 	 	 	89,202	 	 	1/3/2021	 	2/28/2020	 	 	89,201	 	 	1/3/2029	 	3/1/2023

 

    5Exhibit 4.1 

 

 

 

CARLISLE COMPANIES INCORPORATED

 

and

 

U.S.
BANK NATIONAL ASSOCIATION

as Trustee

 

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of February 28, 2020

 

 

 

 

 

     

     

    

 

FOURTH SUPPLEMENTAL
INDENTURE, dated as of February 28, 2020 (this “Supplemental Indenture”),
between CARLISLE COMPANIES INCORPORATED, a Delaware corporation (the “Company”),
and U.S. BANK NATIONAL ASSOCIATION (as successor to State Street Bank and Trust Company, as successor to Fleet National Bank),
a national banking association in its capacity as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company
and Fleet National Bank (with the Trustee as its successor) previously entered into an indenture, dated as of January 15, 1997
(as supplemented by the First Supplemental Indenture, dated as of August 18, 2006, the Second Supplemental Indenture, dated as
of December 9, 2010 and the Third Supplemental Indenture, dated as of November 20, 2012, the “Indenture”) providing
for the issuance from time to time of one or more series of senior debt securities of the Company;

 

WHEREAS, Section 901
of the Indenture provides that the Company and the Trustee may enter into a supplemental indenture to, among other things, establish
the form or terms of any series of Securities as permitted by Sections 201 and 301 of the Indenture;

 

WHEREAS, the Company
desires to issue $750,000,000 aggregate principal amount of 2.750% Senior Notes due 2030 (the “Notes”)
and to, among other things, establish the form and terms of the Notes; and

 

WHEREAS, all things
necessary to make this Supplemental Indenture a valid and legally binding agreement of the Company and the Trustee, in accordance
with its terms, and a valid and legally binding amendment of, and supplement to, the Indenture have been done.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

Article
One 

AMENDMENTS

 

Section
101          The changes, modifications and supplements to the Indenture effected
by this Supplemental Indenture shall be applicable only with respect to, and shall govern only the terms of (and only the rights
of the Holders and the obligations of the Company with respect to), the Notes, which may be issued from time to time, and shall
not apply to any other securities that may be issued under the Indenture (or govern the rights of the Holders or the obligations
of the Company with respect to any such other securities) unless a supplemental indenture with respect to such other securities
specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall, with
respect to the Notes, supersede any corresponding provisions in the Indenture. Subject to the preceding sentence, and except as
otherwise provided herein, the provisions of the Indenture shall apply to the Notes and govern the rights of the Holders of the
Securities and the obligations of the Company and the Trustee with respect thereto.

 

     

     

    

 

Section
102         The Company hereby makes the following amendments to the Indenture,
applicable only to the Notes:

 

(a)        
The definition of “Officers’ Certificate” in Section 101 is hereby deleted and replaced in its entirety
by the following: “Officer’s Certificate” means a certificate signed by the Chairman of the Board of Directors,
a Vice Chairman of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the President, a Vice President,
the Treasurer, an Assistant Treasurer, the Secretary, an Assistant Secretary, the Controller or any Assistant Controller, in each
case, of the Company and delivered to the Trustee. Each such Officer’s Certificate shall include the statements required
by Section 102 of the Indenture.” Any reference in the Indenture to an “Officers’ Certificate” shall refer
to an “Officer’s Certificate”.

 

(b)        
Section 501(5) of the Indenture is hereby amended by replacing the reference to “$20,000,000” with “75,000,000”.

 

(c)         Section
704 of the Indenture is hereby amended by adding the following provision immediately following subsection (3): “Notwithstanding
anything to the contrary herein, any requirement to file with the Trustee reports and the other information required by this Section
704 shall be deemed satisfied to the extent the Company has filed such reports and other information with the Commission.”

 

(d)         Section
1004 of the Indenture is hereby amended by deleting the two paragraphs therein in their entirety and replacing them with the following:

 

“The
Company agrees for the benefit of Holders of Senior Securities only, that unless otherwise provided herein, the Company will not
itself, and will not permit any Subsidiary to, create, incur, issue, assume or guarantee any Debt secured after the date of the
Indenture by pledge of, or mortgage or other lien (“Mortgage”) on, any Principal Property of the Company or any Significant
Subsidiary, or any shares of stock or Debt of any Significant Subsidiary without effectively providing that the Senior Securities
of all series issued pursuant to the Indenture (together with, if the Company shall so determine, any other Debt of the Company
or such Significant Subsidiary then existing or thereafter created which is not subordinate to the Senior Securities) shall be
secured equally and ratably with (or, at the option of the Company, prior to) such secured Debt, so long as such secured Debt shall
be so secured.

 

This restriction
does not apply to, and there shall be excluded in computing secured Debt for the purpose of such restriction, Debt secured by:
(i) Mortgages existing on the date of the first issuance of Securities under this Indenture; (ii) Mortgages on property of, or
on any shares of stock or Debt of, any corporation existing at the time such corporation becomes a Significant Subsidiary; (iii)
Mortgages in favor of the Company or any Significant Subsidiary; (iv) Mortgages in favor of the United States of America or any
State thereof, or any department, agency or instrumentality or political subdivision of the United States of America or any State
thereof, or in favor of any other country, or any political subdivision thereof, to secure partial, progress, advance or other
payments pursuant to any contract or statute; (v) Mortgages on any real or personal property existing at the time of acquisition
thereof or created within one year of such acquisition; (vi) Mortgages to secure Debt incurred for the purpose of financing all
or any part of the purchase price or the cost or construction or improvement of the property subject to such Mortgage, provided,
however, that (a) the principal amount of any Debt secured by such Mortgage does not exceed 100% of such purchase price
or cost and (b) such Mortgage does not extend to or cover any other property other than such item or property and any improvements
on such item; (vii) Mortgages securing industrial revenue, development or similar bonds; (viii) Mortgages created in connection
with a project financed, or assets acquired, with, and created to secure any Nonrecourse Obligations; (ix) Mortgages securing indebtedness,
the principal amount of which when aggregated with all Attributable Debt of the Company and its Significant Subsidiaries in respect
of sale and leaseback transactions (as defined in Section 1005) does not exceed 15% of Consolidated Net Tangible Assets; (x) any
extension, renewal, refunding or replacement (or successive extensions, renewals, refundings or replacements), as a whole or in
part, of any Mortgage referred to in the foregoing clauses (i) to (ix), inclusive; provided, however, that (a) such extension,
renewal, refunding or replacement Mortgage shall be limited to all or a part of the same property, shares of stock or Debt that
secured the Mortgage extended, renewed, refunded or replaced (plus improvements on such property) and (b) the Debt secured by such
Mortgage at such time is not increased.”

 

    2 

     

    

 

(e)        
Section 1005 of the Indenture is hereby amended by replacing the reference to “10% of Consolidated Net Tangible Assets”
with “15% of Consolidated Net Tangible Assets”.

 

(f)         The
first sentence of Section 1104 of the Indenture is hereby amended by replacing “not less than 30 nor more than 60 days prior
to the Redemption Date” with “not less than 15 days nor more than 60 days prior to the Redemption Date”.

 

(g)        Section
1104 of the Indenture is hereby amended by adding the following after the last sentence of Section 1104: “At the Company’s
option, a notice of redemption may be conditioned on the satisfaction of one or more conditions specified therein.”

 

Section
103        The Company hereby makes the following supplements to the Indenture,
applicable only to the Notes:

 

(a)       
Definitions.

 

(i)                
“Capital Stock” means (1) in the case of a corporation, corporate stock; (2) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited);
and (4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into
Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.

 

(ii)                
“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, 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 properties or assets of the Company and the Company’s subsidiaries taken as a whole to any
 “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) other than the Company or one of the Company’s subsidiaries; (2) the adoption of a plan relating to a liquidation
or dissolution of the Company; or (3) the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any Person (as defined below) becomes the beneficial owner, directly or indirectly, of more than 50%
of the then outstanding number of shares of the Company’s Voting Stock.

 

    3 

     

    

 

(iii)               
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

(iv)                “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and
BBB- (or the equivalent) by S&P.

 

(v)                
“Moody’s” means Moody’s Investors Service, Inc.

 

(vi)                “Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company, government or any agency or political subdivision thereof or any other entity.

 

(vii)              
“Rating Agency” means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make
a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected
by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for S&P or Moody’s,
or both, as the case may be.

 

(viii)              “Rating Event” means (1) to the extent the Notes were rated with an Investment Grade Rating by either of the
Rating Agencies at the commencement of the Relevant Period (as defined below) and the ratings of the Notes are downgraded by either
or both of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of
Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period
shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of
the Rating Agencies) (the “Relevant Period”) such that the rating of the Notes by each of the Rating Agencies at the
end of the Relevant Period is below an Investment Grade Rating, which downgrading is a result of the transactions constituting
or occurring simultaneously with the applicable Change of Control (as evidenced by a public statement by the Rating Agency or Rating
Agencies that downgraded the Notes) or (2) to the extent the Notes were not rated with an Investment Grade Rating by either of
the Rating Agencies at the commencement of the Relevant Period, the Notes continue to be rated at a level below an Investment Grade
Rating by each of the Rating Agencies at the end of the Relevant Period.

 

    4 

     

    

 

(ix)                
“S&P” means Standard & Poor’s Ratings Services, a division of S&P Global, Inc.

 

(x)                 
“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.

 

(b)         
Change of Control.

 

(i)                
Upon the occurrence of a Change of Control Triggering Event, the Company shall notify the Trustee, and make an offer (a
 “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 in excess thereof) of each Holder’s Securities of such series at a purchase price equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”).
Within 30 days following any Change of Control Triggering Event, the Company shall, or shall cause the Trustee to, mail a notice
to each Holder describing the transaction or transactions that constitute the Change of Control Triggering Event and stating: (1)
that the Change of Control Offer is being made pursuant to the terms of this Supplemental Indenture and that all Securities of
such series properly tendered will be accepted for payment; (2) the purchase price and the purchase date, which shall be no earlier
than 15 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”);
(3) that any Security of such series not tendered will continue to accrue interest; (4) that, unless the Company defaults in the
payment of the Change of Control Payment, all Securities of such series accepted for payment pursuant to the Change of Control
Offer shall cease to accrue interest after the Change of Control Payment Date; (5) that Holders electing to have any Securities
of such series, with the form entitled “Option of Holder to Elect Purchase” attached as Exhibit 1 to the Security completed,
purchased pursuant to a Change of Control Offer will be required to surrender such Securities to the Trustee or paying agent at
the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment
Date; (6) that Holders will be entitled to withdraw their election if the Trustee or paying agent receives, not later than the
close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission
or letter setting forth the name of the Holder, the principal amount of Securities of such series delivered for purchase, and a
statement that such Holder is withdrawing his election to have such Securities purchased; and (7) that Holders whose Securities
of such series are being purchased only in part will be issued new Securities equal in principal amount to the unpurchased portion
of the Securities surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of
$1,000 thereof. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Securities
of such series in connection with a Change of Control Triggering Event. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of this paragraph or the Indenture, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under this paragraph or the Indenture by virtue of
such conflict. On the Change of Control Payment Date, the Company shall, to the extent lawful: (1) accept for payment all Securities
of such series or portions thereof properly tendered pursuant to the Change of Control Offer, (2) deposit with the Trustee or paying
agent an amount equal to the Change of Control Payment in respect of all Securities of such series or portions thereof properly
tendered and (3) deliver or cause to be delivered to the Trustee the Securities of such series properly accepted together with
an Officer’s Certificate stating the aggregate principal amount of such Securities or portions thereof being purchased by
the Company. The paying agent shall promptly mail to each Holder of Securities of such series properly tendered the Change of Control
Payment for such Securities, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to
each Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered by such Holder, if
any; provided, that each such new Security shall be in a principal amount of $2,000 or an integral multiple of $1,000 thereof.
The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of
Control Payment Date. The Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event
if a third Person makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements
set forth in this paragraph and all other provisions of the Indenture applicable to a Change of Control Offer made by the Company
and purchases all Securities of this series properly tendered and not withdrawn under such Change of Control Offer.

 

    5 

     

    

 

 

Article
Two 

MISCELLANEOUS PROVISIONS

 

Section
201          All capitalized terms used herein which are not defined herein
shall have the meanings assigned to them in the Indenture.

 

Section
202          This Supplemental Indenture shall be effective as of the date
first above written.

 

Section
203          This Supplemental Indenture shall be governed by and construed
in accordance with the laws of the State of New York.

 

Section
204          This Supplemental Indenture may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute but one and the same Supplemental Indenture.

 

Section
205          The Trustee makes no representations as to the validity or sufficiency
of this Supplemental Indenture. The recitals and statements herein (other than those made expressly by the Trustee) are deemed
to be those of the Company and not of the Trustee.

 

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Section
206          Any request, demand, authorization, direction, notice, consent,
waiver or other document provided or permitted by this Supplemental Indenture to be made upon, given or furnished to, or filed
with:

 

(a)         
the Trustee by the Company shall be sufficient for every purpose herein if made, given, furnished or filed in writing to
or with the Trustee at US Bank Corporate Trust Services, 225 Asylum Street, 23rd Floor, Hartford, CT 06103, or at any other address
subsequently furnished in writing to the Company by the Trustee; or

 

(b)         
the Company by the Trustee shall be sufficient for every purpose herein if in writing and mailed, first-class postage prepaid,
to the Company addressed to it at Carlisle Companies Incorporated, 16430 North Scottsdale Road, Suite 400, Scottsdale, AZ 85254,
Attention: Treasurer, or at any other address subsequently furnished in writing to the Trustee by the Company.

 

    7 

     

    

 

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

 

		CARLISLE COMPANIES INCORPORATED 
	 	 
	 	 
	 	By:	/s/ Robert M. Roche
	 	Name:	Robert M. Roche
	 	Title:	Vice President and Chief Financial Officer

 

    

     

    

 

	U.S. BANK NATIONAL ASSOCIATION, as
 Trustee
	 
	By: 	/s/ Keith Henselen	 
	Name: 	Keith Henselen	 
	Title: 	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]