Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

DUPONT DE NEMOURS, INC. 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of May 1, 2020 

to 
 INDENTURE 

Dated as of November 28, 2018 
  

 
 2.169% Notes due
2023 
  
  

 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	ARTICLE I	  

	
	Definitions	  

		
	 SECTION 1.01. Definition of Terms
	  	 	2	 
	
	ARTICLE II	  

	
	General Terms of the Notes	  

		
	 SECTION 2.01. Designation and Principal Amount
	  	 	7	 
	 SECTION 2.02. Further Issues
	  	 	8	 
	 SECTION 2.03. Maturity
	  	 	8	 
	 SECTION 2.04. Interest
	  	 	8	 
	 SECTION 2.05. Global Securities
	  	 	8	 
	 SECTION 2.06. Form of Notes; Denomination
	  	 	8	 
	 SECTION 2.07. Depositary
	  	 	8	 
	
	ARTICLE III	  

	
	Optional Redemption	  

		
	 SECTION 3.01. Optional Redemption
	  	 	9	 
	 SECTION 3.02. Applicability of Certain Redemption Provisions in Indenture
	  	 	9	 
	
	ARTICLE IV	  

	
	Special Mandatory Redemption	  

		
	 SECTION 4.01. Special Mandatory Redemption
	  	 	9	 
	
	ARTICLE V	  

	
	Change of Control	  

		
	 SECTION 5.01. Change of Control
	  	 	9	 
	
	ARTICLE VI	  

	
	Covenants	  

		
	 SECTION 6.01. Limitation on Liens
	  	 	11	 
	 SECTION 6.02. Sale and Leaseback Transactions
	  	 	12	 
	 SECTION 6.03. Merger, Consolidation or Sale of Assets
	  	 	13	 

					
	ARTICLE VII	  

	
	Events of Default	  

		
	 SECTION 7.01. Events of Default
	  	 	13	 
	
	ARTICLE VIII	  

	
	Amendment, Supplement and Waiver	  

		
	 SECTION 8.01. Without the Consent of Holders
	  	 	13	 
	 SECTION 8.02. With the Consent of Holders
	  	 	14	 
	
	ARTICLE IX	  

	
	Satisfaction and Discharge; Defeasance	  

		
	 SECTION 9.01. Satisfaction and Discharge of Indenture
	  	 	16	 
	 SECTION 9.02. Defeasance and Covenant Defeasance upon Deposit of Moneys or U.S. Government
Obligations
	  	 	16	 
	
	ARTICLE X	  

	
	Miscellaneous	  

		
	 SECTION 10.01. Ratification of Base Indenture
	  	 	17	 
	 SECTION 10.02. Trust Indenture Act Controls
	  	 	17	 
	 SECTION 10.03. Effects of Headings and Table of Contents
	  	 	17	 
	 SECTION 10.04. Successors and Assigns
	  	 	17	 
	 SECTION 10.05. Separability Clause
	  	 	17	 
	 SECTION 10.06. Benefits of the Second Supplemental Indenture
	  	 	17	 
	 SECTION 10.07. Counterpart Originals
	  	 	18	 
	 SECTION 10.08. Governing Law; Waiver of Jury Trial
	  	 	18	 
	 SECTION 10.09. Force Majeure
	  	 	18	 
	 SECTION 10.10. U.S.A. Patriot Act
	  	 	18	 
	 SECTION 10.11. Trustee
	  	 	18	 

 EXHIBIT A Form of 2023 Notes 

  
 ii 

 SECOND SUPPLEMENTAL INDENTURE, dated as of May 1, 2020 (this “Second Supplemental
Indenture”), between DUPONT DE NEMOURS, INC., a Delaware corporation (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”), under the Base Indenture (as defined
below). 
 RECITALS 
 WHEREAS
the Company (then named DowDuPont Inc.) executed and delivered the indenture, dated as of November 28, 2018, between the Company and the Trustee (the “Base Indenture” and, as supplemented by the Second Supplemental Indenture, the
“Indenture”) to provide for the issuance from time to time of its debt securities (the “Securities”), to be issued in one or more series; 

WHEREAS pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of new series of Securities under
the Base Indenture to be known as its “2.169% Notes due 2023” (the “Notes”), the form and substance of such series and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Second
Supplemental Indenture; 
 WHEREAS the Board of Directors of the Company, pursuant to the resolutions duly adopted on April 26, 2020,
has duly authorized the issuance of the Notes, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect such issuance; 

WHEREAS this Second Supplemental Indenture is being entered into pursuant to the provisions of Sections 3.01 and 14.01 of the Base
Indenture; 
 WHEREAS the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture; 

AND WHEREAS all acts and things necessary to make this Second Supplemental Indenture a valid agreement according to its terms, and to make the
Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been done and performed, and the execution of this Second Supplemental Indenture and the issue hereunder of the Notes has
been duly authorized in all respects; 
 NOW THEREFORE, in consideration of the premises and the purchase of the Notes by the Holders
thereof, and for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Notes, the Company covenants and agrees with the Trustee, as follows: 

 ARTICLE I 

Definitions 
 For all
purposes of this Second Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (a) the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 
 (b) each
term defined in the Base Indenture has the same meaning when used in this Second Supplemental Indenture; provided, however, that if a term is defined both herein and in the Base Indenture, the definition in the Second Supplemental Indenture shall
govern with respect the Notes; 
 (c) the words “herein”, “hereof” and “hereunder” and other words of similar
import refer to this Second Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (d)
references to “Article” or “Section” or other subdivisions herein are references to an Article, Section or other subdivisions of this Second Supplemental Indenture. 

SECTION 1.01. Definition of Terms. Unless the context otherwise requires, the terms defined in this Section 1.01 shall for all
purposes of this Second Supplemental Indenture have the meanings hereinafter set forth: 
 Attributable Debt: 

The term “Attributable Debt” means the present value (discounted at the rate of 1% per annum over the weighted average Yield to
Maturity of the Outstanding Notes hereunder, such average being weighted by the principal amount of the Notes) of the obligation of a lessee for rental payments (excluding from such rental payments, however, amounts payable with respect to income
and property taxes, insurance, maintenance, and other similar charges and contingent rents, such as those based on sales) during the remaining term of any lease (including any period for which such lease has been extended). 

Base Indenture: 
 The term “Base
Indenture” has the meaning specified in the recitals of this Second Supplemental Indenture. 

  
 2 

 Below Investment Grade Rating Event: 

The term “Below Investment Grade Rating Event” means, with respect to the Notes, that the Notes are rated below an Investment Grade
Rating by each 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);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred with respect to a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agency or Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Trustee in writing at its request 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 Below Investment Grade Rating Event). 
 Business Day: 

The term “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking institutions are
authorized or required by law or regulation to close in the City of New York. 
 Change of Control: 

The term “Change of Control” means the occurrence of any of the following: 

(i) 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 its subsidiaries taken as a whole to any Person or Group other than the Company or one of its subsidiaries; 

(ii) the approval by the holders of the Company’s voting stock of any plan or proposal for the liquidation or dissolution of the Company
(whether or not otherwise in compliance with the provisions of the Indenture); or 
 (iii) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any Person or Group becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding voting interests in the Company’s capital stock.

 For the avoidance of doubt, the transfers of assets and liabilities in connection with the N&B Merger will not constitute a Change of
Control. 
 Change of Control Offer: 

The term “Change of Control Offer” has the meaning specified in Section 5.01(a) of this Second Supplemental Indenture. 

  
 3 

 Change of Control Payment: 

The term “Change of Control Payment” has the meaning specified in Section 5.01(a) of this Second Supplemental Indenture. 

Change of Control Payment Date: 
 The term
“Change of Control Payment Date” has the meaning specified in Section 5.01(b) of this Second Supplemental Indenture. 
 Change of Control
Triggering Event: 
 The term “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event. 
 Consolidated Net Tangible Assets: 

The term “Consolidated Net Tangible Assets” means the total amount of assets less applicable reserves and other properly deductible
items after deducting (a) all current liabilities excluding any thereof which are by their terms extendible or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being
computed, and (b) all goodwill, trade names, trademarks, patents, purchased technology, unamortized debt discount and other intangible assets, all as set forth on the Company’s most recent quarterly balance sheet and computed in accordance
with GAAP. 
 Debt: 
 The term
“Debt” has the meaning specified in Section 6.01(a) of this Second Supplemental Indenture. 
 Discharged: 

The term “Discharged” has the meaning specified in Section 9.02 of this Second Supplemental Indenture. 

Event of Default: 
 The term “Event
of Default” has the meaning specified in Section 7.01 of this Second Supplemental Indenture. 
 Exchange Act: 

The term “Exchange Act” has the meaning specified in Section 5.01(e) of this Second Supplemental Indenture. 

  
 4 

 Fitch: 

The term “Fitch” means Fitch Ratings Ltd. and any successor to its rating agency business. 

Group: 
 The term “Group” means
a group of related persons for purposes of Section 13(d) of the Exchange Act. 
 IFF 

The term “IFF” means International Flavors & Fragrances Inc. 

Indenture: 
 The term
“Indenture” has the meaning specified in the recitals of this Second Supplemental Indenture. 
 Investment Grade Rating: 

The term “Investment Grade Rating” means a rating equal to or higher than BBB- (or the
equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by S&P and an equivalent rating of any replacement agency, respectively. 

Issue Date: 
 The term “Issue
Date” means May 1, 2020. 
 Moody’s: 

The term “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

Mortgages: 
 The term
“Mortgages” has the meaning specified in Section 6.01(a) of this Second Supplemental Indenture. 
 N&B Inc. 

The term “N&B Inc.” means Nutrition & Biosciences, Inc., a wholly owned subsidiary of the Company as of the Issue Date.

  
 5 

 N&B Merger: 

The term “N&B Merger” means the merger of Neptune Merger Sub I Inc. (a wholly-owned subsidiary of IFF) with and into N&B
Inc., with N&B Inc. as the surviving corporation. 
 Notes: 

The term “Notes” has the meaning specified in the recitals of this Second Supplemental Indenture. 

Paying Agent: 
 The term “Paying
Agent” means Trustee or any other Person authorized by the Company to pay the principal of or interest on the Notes on behalf of the Company. 

Person: 
 The term “Person”
means any individual, corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization or government or agency or political subdivision thereof or other entity. 

Principal Property: 
 The term
“Principal Property” means any manufacturing plant or facility, distribution facility or any mineral producing property or any research facility located within the continental United States owned by the Company or any Restricted
Subsidiary, unless, in the opinion of the Board of Directors, such plant, facility, property or research facility is not of material importance to the total business conducted by the Company and its Restricted Subsidiaries. 

Rating Agencies: 
 The term “Rating
Agencies” means: 
 (i) each of Fitch, Moody’s and S&P; and 

(ii) if any of Fitch, Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons
outside of the Company’s control, a credit rating agency registered as a “nationally recognized statistical rating organization” with the SEC, selected by the Company (as certified by a resolution of the Board of Directors) as a
replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 
 Restricted Subsidiary: 

The term “Restricted Subsidiary” means any wholly-owned subsidiary (i) substantially all the property of which is located within
the continental United States of America; (ii) which owns a Principal Property; and (iii) in which the Company’s investment exceeds 1% of its total consolidated assets as of the end of the preceding year. The term “Restricted
Subsidiary” does not include any wholly-owned subsidiary which is principally engaged in leasing or in financing installment receivables or which is principally engaged in financing the Company’s operations outside the continental United
States. 

  
 6 

 S&P: 

The term “S&P” means S&P Global Ratings and any successor to its rating agency business. 

SEC: 
 The term “SEC” means the
U.S. Securities and Exchange Commission. 
 Securities: 

The term “Securities” has the meaning specified in the recitals of this Second Supplemental Indenture. 

Special Mandatory Redemption Date: 
 The
term “Special Mandatory Redemption Date” has the meaning specified in Section 4.01(a) of this Second Supplemental Indenture. 
 Special
Mandatory Redemption Price: 
 The term “Special Mandatory Redemption Price” has the meaning specified in Section 4.01(b)
of this Second Supplemental Indenture. 
 Yield to Maturity: 

The term “Yield to Maturity” means the yield to maturity, calculated at the time of issuance of the Notes, calculated in accordance
with accepted financial practice. 
 ARTICLE II 

General Terms of the Notes 

SECTION 2.01. Designation and Principal Amount. 

(a) There is hereby authorized and established one new series of Securities under the Base Indenture, designated as the “2.169% Notes due
2023”, which is not limited in aggregate principal amount. 
 (b) There is initially to be authenticated and delivered
(i) $2,000,000,000 aggregate principal amount of the Notes. 

  
 7 

 SECTION 2.02. Further Issues. Notwithstanding the initial aggregate principal amounts
set forth in Section 2.01(b) of this Second Supplemental Indenture, the Company may from time to time, without the consent of the Holders of the Notes, issue additional notes having the same ranking and the same interest rate, maturity and
other terms as the Notes, except for the issue date, issue price and initial Interest Payment Date. Any additional notes having such similar terms, together with the Notes, will constitute a single series of Securities under the Indenture;
provided, however, that, in the event that additional notes are not fungible with the Notes for U.S. federal income tax purposes, the Company shall cause such additional notes to be issued with a separate CUSIP number. No additional
notes may be issued if an Event of Default has occurred and is continuing with respect to the Notes. 
 SECTION 2.03. Maturity. The
Notes will mature on May 1, 2023. 
 SECTION 2.04. Interest. The Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from the Issue Date at the rate of 2.169% per annum, payable semiannually in arrears; interest payable on each Interest
Payment Date will include interest accrued from the Issue Date, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are May 1 and
November 1, commencing on November 1, 2020. The Record Date for the interest payable on any Interest Payment Date is the close of business on April 15 or October 15, as the case may be, immediately preceding the relevant Interest
Payment Date, whether or not that day is a Business Day. If any Interest Payment Date falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next succeeding Business Day, and no interest on such payment shall
accrue for the period from and after such Interest Payment Date. If the maturity date of the Notes falls on a date that is not a Business Day, the payment of interest and principal of the Notes may be made on the next succeeding Business Day, and no
interest on such payment shall accrue for the period from and after the maturity date. 
 SECTION 2.05. Global Securities. The Notes
will be issued in the form of one or more permanent Global Securities in definitive, fully registered form. 
 SECTION 2.06. Form of
Notes; Denomination. The Notes and the Trustee’s certificate of authentication to be endorsed thereon are to be substantially in the form set forth in Exhibit A hereto. The Notes shall be issued and may be transferred only in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 SECTION 2.07. Depositary. The Depository Trust
Company, a New York corporation, will initially act as Depositary with respect to the Notes. 

  
 8 

 ARTICLE III 

Optional Redemption 

SECTION 3.01. Optional Redemption. The Notes shall be redeemable at the option of the Company as set forth under the heading
“Optional Redemption” in the form of security set forth in Exhibit A hereto. 
 SECTION 3.02. Applicability of Certain
Redemption Provisions in Indenture. The provisions of Article IV of the Base Indenture shall be applicable to any redemption of Notes pursuant to this Article III. 

ARTICLE IV 
 Special Mandatory
Redemption 
 SECTION 4.01. Special Mandatory Redemption. (a) If the N&B Merger is consummated, on the date that is the
later of (i) three (3) Business Days after the consummation of the N&B Merger and (ii) one (1) year from the Issue Date, the Company shall cause a notice to be delivered electronically or mailed, with a copy to the Trustee, to each
Holder at its registered address, setting forth the date of redemption of all of the Notes (the “Special Mandatory Redemption Date”). 

(b) On the Special Mandatory Redemption Date, the Company shall redeem all of the Notes at a redemption price equal to 100% of the aggregate
principal amount of the Notes plus accrued and unpaid interest, if any, to but excluding the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”). 

(c) If funds sufficient to pay the Special Mandatory Redemption Price of all Notes to be redeemed on the Special Mandatory Redemption Date are
deposited with the Paying Agent on or before the Special Mandatory Redemption Date, the Notes will cease to bear interest on and after the Special Mandatory Redemption Date. 

ARTICLE V 
 Change of Control

 SECTION 5.01. Change of Control. (a) If a Change of Control Triggering Event occurs with respect to the Notes, unless the
Company has exercised its option to redeem the Notes in accordance with Section 3.01 of this Second Supplemental Indenture or has issued a Special Mandatory Redemption Notice in respect of the Notes in accordance with Section 4.01 of this
Second Supplemental Indenture, the Holders of the Notes will have the right to require the Company to repurchase all or any part (equal to $2,000 and additional multiples of $1,000) of their Notes pursuant to an offer described below (the
“Change of Control Offer”). In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes
repurchased to, but excluding, the date of purchase (the “Change of Control Payment”). 

  
 9 

 (b) Within 30 days following any Change of Control Triggering Event, the Company shall mail
a notice to the Holders of the Notes and the Trustee describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures required herein and described in such notice. 

(c) On the Change of Control Payment Date, the Company shall, to the extent lawful: (i) accept for payment all Notes or portions of Notes
properly tendered 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 Notes or portions of Notes properly tendered; and (iii) deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 

(d) The Paying Agent shall promptly pay to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee shall
promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note shall be in a principal
amount of $2,000 and additional multiples of $1,000. 
 (e) The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 5.01, the Company shall comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 5.01 by virtue of such conflicts. 

(f) The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Triggering Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by it, and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

  
 10 

 ARTICLE VI 

Covenants 
 SECTION 6.01.
Limitation on Liens. (a) The Company shall not, nor shall the Company permit any Restricted Subsidiary to, issue, assume or guarantee any debt for money borrowed (“Debt”) secured by a mortgage, security interest, pledge, lien
or other encumbrance (mortgages, security interests, pledges, liens and other encumbrances being hereinafter called “Mortgages”) on any Principal Property or on any shares of stock or indebtedness of any Restricted Subsidiary (whether such
Principal Property, shares of stock or indebtedness are now owned or hereafter acquired) without in any such case effectively providing concurrently with the issuance, assumption or guaranty of any such Debt that the Notes (together with, if the
Company shall so determine, any other indebtedness of or guaranty by the Company or such Restricted Subsidiary ranking equally with the Notes and then existing or thereafter created) shall be secured equally and ratably with such Debt;
provided, however, that the foregoing restrictions shall not apply to Debt secured by: 
 (i) Mortgages on
property, shares of stock or indebtedness of any Person existing at the time such Person becomes a Restricted Subsidiary; 

(ii) Mortgages on property existing at the time of acquisition of such property by the Company or a Restricted Subsidiary, or
Mortgages to secure the payment of all or any part of the purchase price of such property upon the acquisition of such property by the Company or a Restricted Subsidiary or to secure any Debt incurred by the Company or a Restricted Subsidiary prior
to, at the time of, or within one year after the later of the acquisition, the completion of construction (including any improvements on an existing property) or the commencement of commercial operation of such property, which Debt is incurred for
the purpose of financing all or any part of the purchase price thereof or construction or improvements thereon; provided, however, that in the case of any such acquisition, construction or improvement the Mortgage shall not apply to
any property theretofore owned by the Company or a Restricted Subsidiary, other than, in the case of any such construction or improvement, any theretofore unimproved real property on which the property so constructed, or the improvement, is located;

 (iii) Mortgages securing Debt owing by any Restricted Subsidiary to the Company or another Restricted Subsidiary; 

(iv) Mortgages on property of a Person existing at the time that Person is merged into or consolidated with the Company or a
Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary; 

(v) Mortgages on property of the Company or a Restricted Subsidiary 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 or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of construction of the property subject to such Mortgages (including without
limitation Mortgages incurred in connection with pollution control, industrial revenue or similar financings); 

  
 11 

 (vi) Mortgages existing on the date of the Base Indenture; or 

(vii) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any
Mortgage referred to in the foregoing clauses (i) to (vi); provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or
replacement, and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the Mortgage so extended, renewed or replaced (plus improvements on such property). 

(b) Notwithstanding Section 6.01(a) above, the Company and one or more of its Restricted Subsidiaries may, without securing the Notes,
issue, assume, or guarantee Debt secured by Mortgages which would otherwise be subject to the restrictions set forth in Section 6.01(a) above; provided that the aggregate amount of Debt incurred under this Section 6.01(b) that would
then be outstanding after giving pro forma effect to any such incurrence (including the pro forma application of the proceeds of such Debt incurred), together with the aggregate amount of the then outstanding Attributable Debt incurred under
Section 6.02(a) of this Second Supplemental Indenture, does not exceed 10% of the Consolidated Net Tangible Assets of the Company and its consolidated Subsidiaries. 

SECTION 6.02. Sale and Leaseback Transactions. The Company shall not, nor shall it permit any Restricted Subsidiary to, enter into any
arrangement with any person providing for the leasing by the Company or any Restricted Subsidiary of any Principal Property of the Company or any Restricted Subsidiary (whether such Principal Property is now owned or hereafter acquired) (except for
temporary leases for a term of not more than three years and except for leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries), which property has been or is to be sold or transferred by the Company or such
Restricted Subsidiary to such person, unless (a) the Company or such Restricted Subsidiary would be entitled, pursuant to Section 6.01 of this Second Supplemental Indenture, to issue, assume or guarantee Debt secured by a Mortgage upon the
property involved at least equal in amount to the Attributable Debt for that transaction without equally and ratably securing the Notes or (b) the Company shall apply an amount in cash equal to the Attributable Debt for that transaction to the
retirement (other than any mandatory retirement or by way of payment at maturity), within 90 days of the effective date of any such arrangement, of Debt of the Company or any Restricted Subsidiary (other than Debt owed by the Company or any
Restricted Subsidiary and other than Debt of the Company which is subordinated to the Notes), which by its terms matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of creation of
such Debt. 
 It is understood that transactions entered into pursuant to Section 168(f)(8) of the Internal Revenue Code of 1954, as amended, are not
Debt secured by a Mortgage within the meaning of Section 6.01 or sale and leaseback transactions prohibited by the first paragraph of this Section 6.02. 

  
 12 

 SECTION 6.03. Merger, Consolidation or Sale of Assets. Section 6.04 of the Base
Indenture shall be applicable to the Notes; provided, that, solely with respect to the Notes, Section 6.04(a) of the Base Indenture shall be amended to include the following proviso at the end of such provision: 

“provided, that this Section 6.04 shall not apply to transactions effected in connection with the N&B Merger” 

ARTICLE VII 
 Events of Default

 SECTION 7.01. Events of Default. Section 7.01 of the Base Indenture shall be applicable to the Notes. In addition, the
following shall be an “Event of Default” with respect to the Notes: 
 the failure of the Company to deliver a Special Mandatory
Redemption Notice with respect to the Notes in accordance with Section 4.01 of this Second Supplemental Indenture. 
 ARTICLE VIII 

Amendment, Supplement and Waiver 

SECTION 8.01. Without the Consent of Holders. This Section 8.01 supersedes and replaces Section 14.01 of the Base Indenture
with respect to the Notes, and references to “Section 14.01” of the Base Indenture shall instead refer to this “Section 8.01” of this Second Supplemental Indenture. The terms of the Notes or the terms of the Indenture
with respect to the Notes may be amended, supplemented or otherwise modified by the Company and the Trustee, at any time and from time to time, without the consent of any Holder of Outstanding Notes for any of the following purposes: 

(a) to add to the covenants and agreements of the Company and to add Events of Default, in each case for the protection or benefit of the
Holders of the Notes, or to surrender any right or power conferred upon the Company; 
 (b) to add to or change any of the provisions of the
Indenture to provide, change or eliminate any restrictions on the payment of principal of or premium, if any, on the Notes; provided that any such action shall not adversely affect the interests of the Holders of the Notes in any
material respect; 

  
 13 

 (c) to evidence the succession of another entity to the Company, or successive successions,
and the assumption by such successor of the covenants and obligations of the Company contained in the Notes and in the Indenture in accordance with Section 6.03 of this Second Supplemental Indenture; 

(d) to evidence and provide for the acceptance of appointment by a successor Trustee with respect to the Notes and to add to or change any of
the provisions of the Indenture as shall be necessary for or facilitate the administration of the trusts under the Indenture by more than one Trustee; 

(e) to secure the Notes; 
 (f) to
cure any ambiguity or inconsistency or to correct or supplement any provision in the Indenture or to conform the terms that are applicable to the Notes to the description of the terms of such Notes in the “Description of Notes” section of
the Company’s prospectus supplement dated April 28, 2020; 
 (g) to add to or change or eliminate any provision of the Indenture as
shall be necessary or desirable in accordance with the Trust Indenture Act; 
 (h) to add guarantors
or co-obligors with respect to the Notes or to release guarantors from their guarantees of the Notes, in accordance with the terms of the Notes; 

(i) to make any change in the Notes that does not adversely affect in any material respect the rights of the Holders of the Notes; 

(j) to provide for uncertificated securities in addition to certificated securities; or 

(k) to supplement any of the provisions of the Indenture to the extent as shall be necessary to permit or facilitate the defeasance or
discharge of the Notes; provided that any such action shall not adversely affect the interests of the Holders of the Notes in any material respect. 

SECTION 8.02. With the Consent of Holders. 

(a) This Section 8.02 supersedes and replaces Section 14.02 of the Base Indenture with respect to the Notes, and references to
“Section 14.02” of the Base Indenture shall instead refer to this “Section 8.02” of this Second Supplemental Indenture. The terms of the Notes or the terms of the Indenture with respect to the Notes may be amended,
supplemented or otherwise modified by the Company and the Trustee, at any time and from time to time, with the consent of Holders of a majority in aggregate principal amount of the Outstanding Notes (evidenced as provided in Article VIII of the Base
Indenture) for the purpose of adding any provisions to or changing in any manner or eliminating any provisions of the Indenture or of modifying in any manner the rights of the Holders of the Notes; provided that no such amendment,
supplement or modification shall, without the consent of the Holder of each Outstanding Note: 

  
 14 

 (i) extend the Stated Maturity of the principal of, or any installment of
interest on, the Notes, or reduce the principal amount or Redemption Price thereof or the interest thereon or any premium payable thereon, or extend the Stated Maturity of, or change the place of payment where, or the Currency in which the principal
of and premium, if any, or interest on the Notes is denominated or payable, change the ranking of such Notes or impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity thereof (or in the case of
redemption, on or after the Redemption Date); 
 (ii) modify any of the provisions of this Section 8.02,
Section 6.06 of the Base Indenture or Section 7.06 of the Base Indenture, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be amended, modified or waived without the consent of the
Holder of each Outstanding Note affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes
in this Section 8.02 and Section 6.06 of the Base Indenture, or the deletion of this proviso, in accordance with the requirements of Section 11.06 of the Base Indenture and Section 8.01(d) of this Second Supplemental Indenture.

 (iii) amend, waive or otherwise modify the provisions of Article IV with respect to the Notes; or 

(iv) modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee. 

(b) Any amendment, supplement or waiver that changes or eliminates any provision of the Indenture which has expressly been included solely for
the benefit of one or more particular series of Notes or which modifies the rights of the Holders of the Notes with respect to such covenant or other provision, shall be deemed to not affect the rights under the Indenture of the Holders of the Notes
of any other series. 
 (c) It shall not be necessary for the consent of the Holders of the Notes under this Section 8.02 to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. 
 (d) The Company
may set a record date for purposes of determining the identity of the Holders of the Notes entitled to give a written consent or waive compliance by the Company as authorized or permitted by this Section 8.02. Such record date shall not be more
than 30 days prior to the first solicitation of such consent or waiver or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation pursuant to Section 312 of the Trust Indenture Act. 

(e) Promptly after the execution by the Company and the Trustee of any amendment, supplement or modification pursuant to the provisions of this
Section 8.02, the Company shall mail a notice, setting forth in general terms the substance of such amendment, supplement or modification, to the Holders of the Notes at their addresses as the same shall then appear in the Register of the
Company. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or modification. 

  
 15 

 ARTICLE IX 

Satisfaction and Discharge; Defeasance 

SECTION 9.01. Satisfaction and Discharge of Indenture. Section 12.02 of the Base Indenture shall be applicable to the Notes;
provided, that, solely with respect to the Notes, the last paragraph of Section of 12.02 of the Base Indenture shall be superseded and replaced by the following: 

“Notwithstanding the satisfaction and discharge of the Indenture with respect to the Notes, the obligations of the Company to the Trustee
under Section 11.01 of the Base Indenture, the provisions of Sections 3.04, 3.05, 3.06, 3.07, 3.10, 6.02 and 6.03 of the Base Indenture, Article XII of the Base Indenture (as amended by Article IX of this Second Supplemental Indenture), and, if
the Notes are to be redeemed prior to their Stated Maturity, the provisions of Article IV of the Base Indenture, the provisions of Article III of the Second Supplemental Indenture, and, if money shall have been deposited with the Trustee pursuant
Section 12.02(a) of the Base Indenture, the obligations of the Trustee under Section 12.07 of the Base Indenture and Section 6.03(e) of the Base Indenture shall survive such satisfaction and discharge.” 

SECTION 9.02. Defeasance and Covenant Defeasance upon Deposit of Moneys or U.S. Government Obligations. Section 12.03 of the Base
Indenture shall be applicable to the Notes. If the Company exercises its “covenant defeasance” option in accordance with Section 12.03 of the Base Indenture, in addition to any covenants specified therein, the Company shall cease to
be under any obligation to comply with the covenants set forth in Section 6.01, Section 6.02 and Section 6.03 of this Second Supplemental Indenture. Solely with respect to the Notes, the definition of “Discharged” set forth
in Section 12.03 of the Base Indenture shall be superseded and replaced by the following: 
 “‘Discharged’ means, with
respect to the Notes, that the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and obligations under, the Notes and to have satisfied all the obligations under the Indenture relating to the Notes (and the
Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following, all of which shall survive such Discharge and remain in full force and effect with respect to the Notes: (A) the rights
of the Holders of the Notes to receive, from the trust fund described in clause (a) above, payment of the principal of and premium, if any, and interest on such Notes when such payments are due, (B) Sections 3.04, 3.05, 3.06, 3.07, 3.10,
6.02 and 6.03 of the Base 

  
 16 

 
Indenture, (C) if the Notes are to be redeemed prior to their Stated Maturity, the provisions of Article III of this Second Supplemental Indenture, (D) the provisions of Article XII of
the Base Indenture (as amended by Article IX of this Second Supplemental Indenture) and (E) the rights, powers, trusts, duties and immunities of the Trustee hereunder.” 

ARTICLE X 
 Miscellaneous

 SECTION 10.01. Ratification of Base Indenture. The Indenture, as supplemented by this Second Supplemental Indenture, is in all
respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided that the provisions of this Second Supplemental Indenture
apply solely with respect to the Notes. The rights, privileges, immunities, benefits, protections and indemnities provided to the Trustee under the Base Indenture shall apply to any action or inaction of the Trustee (acting in any capacity
hereunder) in connection herewith, including in connection with the execution and delivery of this Second Supplemental Indenture. 
 SECTION
10.02. Trust Indenture Act Controls. If and to the extent that any provision of this Second Supplemental Indenture limits, qualifies or conflicts with the duties imposed by, or another provision included in the Indenture which is required to
be included in the Indenture by any of the provisions of Sections 310 to 318, inclusive, of the Trust Indenture Act, such imposed duties or incorporated provision shall control. 

SECTION 10.03. Effects of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 10.04. Successors and Assigns. All covenants and agreements
in this Second Supplemental Indenture by the parties hereto shall bind their respective successors and assigns and inure to the benefit of their permitted successors and assigns, whether so expressed or not. 

SECTION 10.05. Separability Clause. In case any provision in this Second Supplemental Indenture or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 10.06. Benefits of the Second Supplemental Indenture. Nothing in this Second Supplemental Indenture expressed and nothing that
may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or to give to, any Person or corporation other than the parties hereto and their successors and the Holders of the Notes any benefit or any right,
remedy or claim under or by reason of this Second Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Second Supplemental Indenture
contained shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of the Notes. 

  
 17 

 SECTION 10.07. Counterpart Originals. This Second Supplemental Indenture may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 10.08. Governing Law; Waiver of Jury Trial. This Second Supplemental Indenture and the Notes shall be deemed to be contracts
made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

EACH PARTY HERETO, AND EACH HOLDER OF A NOTE BY ACCEPTANCE THEREOF, HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS SECOND SUPPLEMENTAL INDENTURE. 

SECTION 10.09. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 10.10. U.S.A. Patriot
Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Second Supplemental Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 
 SECTION 10.11.
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are
made solely by the Company and the rights, protections and indemnities afforded the Trustee (acting in any capacity thereunder or hereunder) shall apply to any action or inaction of the Trustee hereunder or in connection with the transactions
contemplated hereunder. 

  
 18 

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

			
	DUPONT DE NEMOURS, INC.
		
	        By:	 	 /s/ Lori Koch

		 	 Name: Lori Koch
 Title:   Chief
Financial Officer

	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	        By:	 	 /s/ Annette M. Marsula

		 	 Name: Annette M. Marsula
 Title:
  Vice President

  

  
 [Signature Page
to Second Supplemental Indenture] 

 EXHIBIT A 

[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 THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER
AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF 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 HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

 CUSIP No. 26614N AA0 

ISIN No. US26614NAA00 
 DUPONT DE
NEMOURS, INC. 
 2.169% NOTES DUE 2023 
  

			
	 No.________
	 	$__________
		
		 	 As revised by the Schedule of Increases or Decreases in Global Security attached hereto

 Interest. DuPont de Nemours, Inc., a Delaware corporation (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of ___ million dollars
($________), as revised by the Schedule of Increases or Decreases in Global Security attached hereto, on May 1, 2023 and to pay interest thereon from May 1, 2020 or from the most recent Interest Payment Date to which interest has been paid
or duly provided for, semi-annually in arrears on May 1 and November 1 in each year, commencing November 1, 2020 at the rate of 2.169% per annum, until the principal hereof is paid or made available for payment. If any Interest
Payment Date falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such Interest Payment Date. If the
maturity date of the Notes falls on a date that is not a Business Day, the payment of interest and principal of the Notes may be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after the
maturity date. 
 Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be April 15 or
October 15, as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to
Holders of Securities not less than 10 days prior to such Special Record Date, all as more fully provided in said Indenture. Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust
Office in U.S. Dollars. 
 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. 

  
 A-2 

 Authentication. 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. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: 
  

			
	DuPont de Nemours, Inc.
		
	By:	 	          

		 	Name: _______
		 	Title: _______

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:	 		 	 U.S. Bank National Association,
 as
Trustee

				
		 		 	By:	 	            

		 		 		 	Authorized Signatory

  
 A-4 

 [FORM OF REVERSE OF SECURITY] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of November 28, 2018 (the “Base Indenture”), as supplemented by the Second Supplemental Indenture dated May 1, 2020
(as so supplemented, herein called 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 Company, the Trustee and the Holders of the Securities of
this series and of the terms upon which the Securities of this series are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$2,000,000,000. 
 Optional Redemption. The Securities of this series are subject to redemption at the Company’s option, at any
time and from time to time, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed or (ii) as determined by the Company, the sum of the present values
of the remaining scheduled payments of principal and interest hereon from the Redemption Date to the maturity date (exclusive of any accrued interest) discounted to the Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus, in each case, any interest accrued but not paid to, but excluding, the
Redemption Date. 
 For purposes of determining the optional redemption price, the following definitions are applicable: 

“Treasury Rate” means, with respect to any Redemption Date for the Securities of this series, (1) the yield, which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated ‘‘H.15’’ or any successor publication which is published weekly 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, for the maturity corresponding to the Comparable Treasury Issue (or if no maturity is within three months before
or after the maturity date, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line
basis, rounded 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 of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be
calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, 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 Securities of this series. 

  
 A-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date for
the Securities of this series, (i) the average of four Reference Treasury Dealer Quotations for that 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 quotations. 
 “Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means each of BofA
Securities, Inc. and Citigroup Global Markets Inc. or their respective affiliates, and two other primary U.S. Government securities dealers in New York City appointed by the Company (each, a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

“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 that Reference Treasury Dealer at 5:00 p.m.
(New York City time) on the third Business Day preceding that Redemption Date. 
 Notice of any optional redemption will be mailed at least
10 days but not more than 60 days before the Redemption Date (unless a shorter period shall be satisfactory to the Trustee) to each registered Holder of the Securities of this series to be redeemed. Unless the Company defaults in payment of the
redemption price, on and after the Redemption Date, interest will cease to accrue on the Securities of this series or portions of the Securities of this series called for redemption, unless subject to a condition precedent that has not been
satisfied. If fewer than all of the Securities of this series are to be redeemed, the Trustee will select the particular Securities or portions thereof for redemption from the Outstanding Securities of this series not previously called by such
method as the Trustee deems fair and appropriate. If such redemption is subject to a condition precedent that has not been satisfied, the Company shall provide written notice to the Trustee prior to the close of business at least two Business Days
prior to the Redemption Date (unless a shorter period shall be satisfactory to the Trustee). Upon receipt of such notice, the notice of redemption shall be rescinded and the redemption of the Securities shall not occur. 

Except as set forth herein, the Securities will not be redeemable by the Company prior to maturity and will not be entitled to the benefit of
any sinking fund. 
 Special Mandatory Redemption. If a Special Mandatory Redemption Event occurs, the Company shall redeem all of
the Securities of this series in accordance with the provisions of Article IV of the Second Supplemental Indenture. 
 Defaults and
Remedies. If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. 

  
 A-6 

 Change of Control. If a Change of Control Triggering Event occurs with respect to the
Securities of this series, unless the Company has exercised its option to redeem the Securities of this series in accordance with the provisions set forth in this Security under the heading “Optional Redemption” or has issued a Special
Mandatory Redemption Notice in respect of the Securities of this series in accordance with Section 4.01 of the Second Supplemental Indenture, Holders of the Securities of this series will have the right to require the Company to repurchase all
or any part (equal to $2,000 and additional multiples of $1,000) of their Securities as set forth in Article V of the Second Supplemental Indenture. 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Securities at the time Outstanding to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Securities 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. 
 Restrictive Covenants. The restrictive covenants for this Security are as specified in the Indenture. The
Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. Section 5.01 (Change of Control) of the Second Supplemental Indenture and Section 6.04 (Merger, Consolidation and Sale of Assets) of the Base Indenture (as
amended by Section 6.03 of the Second Supplemental Indenture) shall not apply to transactions effected in connection with the N&B Merger. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in 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 like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request
for transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 A-7 

 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. 
 Persons
Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Miscellaneous. 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 the conflicts of law rules of said State. 
 All terms used in this Security and not defined herein shall have the
meanings assigned to them in the Indenture. 

  
 A-8 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of Exchange
	  	 Amount of increase in
Principal Amount of this
Global
Security
	  	 Amount of decrease in
Principal Amount of this
Global
Security
	  	 Principal Amount of this
Global Security following
each
decrease or increase
	  	 Signature of authorized
signatory of
Trustee

  
 A-9vray-ex103_287.htm

Exhibit 10.3

 

CONFIDENTIAL SEVERANCE AGREEMENT

 

This Confidential Severance Agreement (“Agreement”), dated as of January 22, 2020, is entered into between ViewRay, Inc., a Delaware Corporation., together with its existing and future subsidiaries and controlled affiliates (“ViewRay”), and Richard “Brian” Knaley (“Employee”) (collectively, the “Parties”).  Unless otherwise defined herein, any capitalized terms used in this Agreement shall have the meaning set forth in Annex A attached hereto.

 

The Parties agree as follows:

 

	
1.
	
Severance Payments and other Benefits to Employee.  Pursuant to the terms of this Agreement, Employee is being provided with certain severance and other benefits to which the employee would not otherwise be entitled.  In consideration of the promises by Employee stated in this Agreement, which include but are not limited to the Employee agreeing to enter into certain restrictive covenants, a general release of claims after Employee’s effective termination date in the form attached hereto as Exhibit A (hereafter, the “Release”), and promise of confidentiality, ViewRay shall provide to Employee the following payments and benefits (collectively the “Severance Package”): 

	
2.
	
a.Change in Control Severance Payment.  In the event your employment is terminated due to a Qualifying Termination within the Covered Period related to a Change in Control (“Change in Control Event”), ViewRay agrees to make a lump sum severance payment to Employee in an amount equal to the sum of: (a) 100% of Employee’s base salary; (b) Employee’s then-current target annual bonus; and (c) the pro-rata portion of Employee’s target annual bonus for the current fiscal year of the Separation Date, based on the date of separation during such fiscal year (the “Change in Control Severance Payment”).   The Change in Control Severance Payment shall be paid in lump sum on ViewRay’s first payroll period beginning after the Effective Date. 

b.Non-Change in Control Severance Payment.  In the event your employment is terminated and such termination is not due to a Qualifying Termination within the Covered Period related to a Change in Control (“Non-Change in Control Event”) and either by ViewRay without Cause or by Employee with Good Reason, ViewRay agrees to make a lump sum severance payment to Employee in an amount equal to 100% of Employee’s base salary (the “Non-Change in Control Severance Payment”).   The Non-Change in Control Severance Payment shall be paid in lump sum on ViewRay’s first payroll period beginning after the Effective Date.

c.COBRA Payment. To the extent the Employee timely and properly elects health insurance continuation coverage under ViewRay’s group health insurance plan under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), ViewRay shall pay for the cost of the monthly COBRA premium for continuing health insurance coverage as elected by Employee (the “COBRA Payment”) until the earliest of: (i) if a Change in Control Event, 18 months, and if a Non-Change in Control Event, 12 months from the Separation Date; (ii) the date Employee is no longer eligible to receive COBRA continuation coverage under ViewRay’s group health insurance plan; and (iii) the date on which Employee secures other employment. If ViewRay’s making the COBRA Payment under this paragraph 2.c would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the Parties agree to reform this paragraph 2.c in a manner as is necessary to comply with the ACA.   

d.Outplacement.  In ViewRay’s sole discretion based on the circumstances of Employee’s termination, Employee may be eligible for up to maximum of $10,000 in outplacement related 

 

 

services.  In the event any amount of outplacement services are authorized, ViewRay will select the applicable outplacement service provider in its sole discretion.

e.Accelerated Vesting of Equity Awards.  In the event that (i) a Change of Control occurs during your employment hereunder and (ii) your employment with ViewRay is terminated by ViewRay (or its successor) without Cause or you resign for Good Reason at any time during the twelve-month period following such Change of Control, then (x) without further action by ViewRay (or its successor) or ViewRay’s board (or its successor’s board), all unvested units or shares issued under ViewRay’s Equity Incentive Program shall accelerate and become vested and exercisable as of the date of such termination.

Employee hereby acknowledges and agrees that his or her entitlement to the payments and benefits set forth in this paragraph 2 are fully contingent upon Employee’s execution and subsequent non-revocation of the RELEASE (THE “General Release OF CLAIMS”), a form of which is attached as Exhibit A hereto, after Employee’s effective termination date.

Except as expressly provided in this Agreement, or an accrued benefit to which Employee is already entitled, Employee will not receive any additional compensation, bonus, severance, commissions, or other benefits after the Separation Date.  Notwithstanding the foregoing, ViewRay will not oppose any application for unemployment insurance, although ViewRay will respond truthfully to any inquiries relating to such application. Further, nothing in this Agreement shall impact Employee’s rights to any vested retirement benefits. Employee acknowledges that payment of any amounts to, or on behalf of, Employee under this Agreement does not, in any way, extend the period of employment or continuous service beyond the last day of employment or confer any other rights or benefits other than what may be set forth expressly herein.

	
3.
	
Taxes and Indemnification.  Employee agrees to pay any and all taxes (other than payroll taxes) found to be owed from the Severance Package or other payments made pursuant to this Agreement and to indemnify and hold ViewRay harmless for any federal, state and local tax liability, including taxes, interest, penalties or the like, and required withholdings, which may be or is asserted against or imposed upon the Released Parties by any taxing authority based upon any amounts paid to Employee as a result of Employee's non-payment of taxes of such amounts for which Employee is legally responsible.  Employee understands and agrees that any necessary tax documentation may be filed by ViewRay with regard to any payments made pursuant to this Agreement.  Employee and ViewRay acknowledge that nothing herein shall constitute tax advice to the other Party.

	
4.
	
Confidentiality.

a.Protection of Confidential and Proprietary Information.  The Employee agrees not to disclose, sell or transfer to any person, firm, corporation, association or other entity, at any time in the future, any confidential and/or proprietary information concerning ViewRay or its affiliates, including, but not limited to any and all information regarding: (i) business plans and strategies; (ii) business contacts; (iii) research and development; (iv) computer programs, software, applications, directories, databases, passwords and access codes; (v) confidential personnel matters unrelated to wages, hours, or other terms and conditions of employment; (vi) operation methods and information, and accounting, financial and planning techniques; (vii) operating, administrative and training materials; (viii) marketing and sales strategies, materials and information; and (ix) any other trade secret or non-public financial, licensing, or marketing information relating to ViewRay or its affiliates (collectively, “confidential and/or proprietary information”).  The Employee also 

2 

 

agrees not to use, at any time in the future, any confidential and/or proprietary information of ViewRay or its affiliates for her own purposes and/or benefit, whether for personal or business reasons.  Further, whether or not the Employee signs this Agreement, and notwithstanding the Employee’s separation from employment, the Employee agrees to abide by all of ViewRay’s policies, rules and procedures that relate to the protection of confidential and/or proprietary information.  The Employee agrees that ViewRay’s confidential and/or proprietary information is: (a) is valuable, special and a unique asset of ViewRay; (b) provides ViewRay with a substantial competitive advantage; and (c) is a legitimate business interest justifying the need for the restrictions in this paragraph.

b.           Federal Defend Trade Secrets Act Notice. The Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Should the Employee file a lawsuit against the Company for retaliation for reporting a suspected violation of law, the Employee may disclose the trade secret to the Employee’s attorney and use the trade secret information in the court proceeding, if the Employee: (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

c.        Return of Confidential and/or Proprietary Information.  On or immediately following the Separation Date, the Employee shall return to ViewRay all documents reflecting confidential and/or proprietary information belonging to ViewRay which are in the Employee’s possession or under the Employee’s control and shall not retain any copies or other reproductions, or extracts thereof, whether paper or electronic, thereafter.  

d.         Confidentiality of Agreement.  The Employee agrees not to disclose at any time in the future any of the terms of this Agreement, except that the Employee may disclose the terms of this Agreement: (i) as may be required by law; (ii) to any taxing authority, such as the IRS; (iii) to a court of competent jurisdiction for purposes of enforcement of, or for demonstrating a breach of this Agreement; and, (iv) to the Employee’s spouse, attorney and/or tax and financial advisors, provided that the individual first agrees to keep this information confidential.  The Employee acknowledges and agrees that any other disclosure regarding the terms of this Agreement would constitute a material breach of the Agreement.  

e.       Response to Subpoenas.  If the Employee is compelled by legal subpoena or court order to provide information covered by this paragraph 4, prior to such disclosure, the Employee will immediately provide a copy of such judicial order or subpoena, by delivery to ViewRay.  The Employee agrees to provide ViewRay with a reasonable opportunity to intervene to assert what rights it may have to non-disclosure, prior to any response to the order or subpoena.  However, nothing in this paragraph is intended to, nor should be construed to limit the Employee’s rights as outlined in paragraph 7 below.

	
5.
	
Non-Disparagement.  The Employee agrees and warrants that at no time in the future will the Employee make any statements (orally or in writing, including, without limitation, whether in fiction or nonfiction) or take any actions which in any way disparage or defame ViewRay or any of the Released Parties (as defined in the Release), or in any way, directly or indirectly, cause or encourage the making of such statements, or the taking of such actions by anyone else, including but not limited to other current or former employees of ViewRay (except as outlined in paragraph 7 below). 

3 

 

 

	
6.
	
Incitement of Claims.  The Employee also agrees that the Employee will not encourage or incite any person including, but not limited to, other current or former employees of ViewRay, to assert any complaint or claim in federal or state court against ViewRay or any of the Released Parties (except as outlined in paragraph 7 below).  

	
7.
	
Non-Interference.  Notwithstanding paragraphs 4, 5, and 6 above, nothing in this Agreement shall be construed to prohibit the Employee from: (i) filing a charge or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission or other federal, state or local government agency charged with enforcement of any law; (ii)  reporting possible violations of any law, rule or regulation to any governmental agency or entity charged with enforcement of any law, rule or regulation; or (iii) making other disclosures that are protected under whistleblower provisions of any law, rule or regulation.  Notwithstanding the foregoing, by signing this Agreement and subsequently signing the Release, a form of which is attached as Exhibit A, the Employee acknowledges and agrees that the Employee waives not only the Employee’s right to recover money or any other relief in any action the Employee might commence against ViewRay or any of the Released Parties with respect to the claims released in paragraph 2 of the Release, but also the Employee’s right to recovery in any such action brought against ViewRay or any of the Released Parties by any government agency or other party, whether brought on the Employee’s behalf or otherwise. 

	
8.
	
Breach.  The Employee acknowledges that if the Employee materially breaches or threatens to materially breach any provision of this Agreement or the Release and/or commences a suit or action in contravention of this Agreement (except as outlined in paragraph 7 above) or the Release, ViewRay’s obligations to pay the Severance Package shall immediately cease and ViewRay shall be entitled to all other remedies allowed in law or equity, including but not limited to the return of any payments made to the Employee under this Agreement.  Further, nothing in this Agreement shall prevent ViewRay from pursuing an injunction to enforce the provisions of paragraphs 4, 5, and 6 above.  However, nothing in this paragraph regarding the return of monies is intended to, nor shall be construed to abrogate any contrary rights under the ADEA.

 

	
9.
	
Non-Admission.  The Parties understand that the Severance Package and other matters agreed to herein are not to be construed as an admission of or evidence of liability for any violation of the law, willful or otherwise, by any entity or any person.

 

	
10.
	
Severability.  If any provisions in this Agreement are held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way.  

 

	
11.
	
Complete Agreement.  Any agreement to amend or modify the terms and conditions of this Agreement must be in writing and executed by the Parties.  The Parties agree that this Agreement sets forth all of the promises and agreements between them concerning the subject matter and that this Agreement supersedes all prior and contemporaneous agreements, understandings, inducements or conditions, express or implied, oral or written, regarding the subject matter.  

 

	
12.
	
Sufficiency of Consideration.  Employee agrees that Severance Package is made in exchange for, and constitutes good and valuable consideration for Employee's execution of this Agreement.  

	
13.
	
Section 409A. This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), including the exceptions thereto, and shall be construed and administered in accordance with such intent. Notwithstanding any other provision 

4 

 

		
of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service, as a short-term deferral, or as a settlement payment pursuant to a bona fide legal dispute shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, any installment payments provided under this Agreement shall each be treated as a separate payment. To the extent required under Section 409A, any payments to be made under this Agreement in connection with a termination of employment shall only be made if such termination constitutes a “separation from service” under Section 409A. Notwithstanding the foregoing, ViewRay makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall ViewRay be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.

	
14.
	
Excess Parachute Payments.  In the event that: (i) any amount or benefit paid or distributed to you pursuant to this Agreement, taken together with any amounts or benefits otherwise paid or distributed to you (collectively, the “Covered Payments”), are or become subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended, or any similar tax that may hereafter be imposed (the “Excise Tax”), and (ii) it would be economically advantageous to you to reduce such Covered Payments to avoid imposition of the Excise Tax, the Covered Payments shall be reduced to an amount which maximizes the aggregate present value (as determined in accordance with Section 280G(d)(4) of the Code or any successor provision of the Code) of the Covered Payments without causing the Covered Payments to be subject to the Excise Tax. The reduction described herein shall only be made if the net after-tax amount to be received by you after giving effect to the reduction will be greater than the net after-tax amount that would be received by you without the reduction. You shall in your sole discretion determine which and how much of the Covered Payments shall be eliminated or reduced consistent with the requirements of this paragraph.

	
15.
	
Binding Effect.  This Agreement shall be binding upon and shall inure to the benefit of the Parties’ representatives, agents, successors, assigns, heirs, attorneys, affiliates, and predecessors.

	
16.
	
Enforcement.  This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to its choice of law principles.  If either party breaches this Agreement or any dispute arises out of or relating to this Agreement, the prevailing party shall be entitled to its reasonable attorneys’ fees, paralegals’ fees and costs, at all levels.  THE PARTIES SPECIFICALLY WAIVE THEIR RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY SUCH ACTION.  However, nothing in this paragraph is intended to, nor shall be construed to abrogate any contrary rights under the ADEA.

 

	
17.
	
Interpretation.  This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any Party.  By way of example and not in limitation, this Agreement shall not be construed in favor of the Party receiving a benefit nor against the Party responsible for any particular language in this Agreement.

	
18.
	
Integration.  Employee hereby acknowledges that this Agreement, constitutes the entire agreement between the Parties pertaining to the subject matter hereof, and supersede all prior or contemporaneous agreements and understandings among Employee, ViewRay and any other Released Party, whether written or oral, express or implied, with respect to the employment, termination and benefits of Employee.  

5 

 

	
19.
	
Construction.  The Parties expressly acknowledge that they have had equal opportunity to negotiate the terms of this Agreement and that this Agreement shall not be construed against the drafter.

 

	
20.
	
Headings.  The headings contained in the Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

	
21.
	
Electronic Transmissions and Counterparts.  This Agreement may be executed in several counterparts and by electronic transmissions (e-mail, facsimile and/or scanner) and all so executed shall constitute one Agreement, binding on all the Parties hereto, notwithstanding that the Parties are not signatories to the original or same counterpart. 

Employee acknowledges that he/she has read and understands the contents of this Agreement, that he/she has received a copy of it and agrees to be bound by it.

 

 

EMPLOYEE:

 

 

/s/ Brian Knaley___________________

 

Date:  ___________________________ 

 

 

VIEWRAY, INC.

 

By:  Rob Fuchs

Its:   Chief Human Resources Officer

 

/s/ Rob Fuchs    ___________________

 

Date:  ___________________________ 

 

 

6 

 

Annex A

“Cause” means:

 

(a)Employee’s willful failure to perform your duties (other than any such failure resulting from incapacity due to physical or mental illness);

 

(b)Employee’s willful failure to comply with any valid and legal directive of the person or entity to whom you report;

 

(c)Employee’s willful engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, materially injurious to ViewRay or its affiliates;

 

(d)Employee’s embezzlement, misappropriation or fraud, related to Employee’s employment with ViewRay;

 

(e)Employee’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude, if such felony or other crime is work-related, materially impairs Employee’s ability to perform services for ViewRay or results in material reputational or financial harm to ViewRay or its affiliates; or

 

(f)Employee’s violation of a material policy of ViewRay.

 

For purposes of this definition, no act or failure to act on Employee’s part shall be considered “willful” unless it is done, or omitted to be done, by you in bad faith or without reasonable belief that Employee’s action or omission was in the best interests of ViewRay.

 

“Change in Control” shall mean: (i) a sale of all or substantially all of the assets of ViewRay and its subsidiaries taken as a whole or (ii) a merger, consolidation or other similar business combination involving ViewRay, if, upon completion of such transaction the beneficial owners of voting equity securities of ViewRay immediately prior to the transaction beneficially own less than fifty percent of the successor entity’s voting equity securities; provided, that “Change of Control” shall not include a transaction where the consideration received or retained by the holders of the then outstanding capital stock of ViewRay does not consist primarily of (i) cash or cash equivalent consideration, (ii) securities which are registered under the Securities Act of 1933, as amended (the “Securities Act”), or any successor statute and/or (iii) securities for which ViewRay or any other issuer thereof has agreed, including pursuant to a demand, to file a registration statement within ninety days of completion of the transaction for resale to the public pursuant to the Securities Act. 

 

“Covered Period” means the period of time beginning on the first occurrence of a Change in Control and lasting through the eighteen (18) month anniversary of the occurrence of the Change in Control. The Covered Period shall also include the ninety (90) day period before the occurrence of the Change in Control.

 

“Good Reason” means:

 

(a)a reduction in Employee’s base salary;

 

(b)a reduction in Employee’s target annual bonus opportunity;

 

(c)a relocation of Employee’s principal place of employment by more than fifty (50) miles;

 

7 

 

(d)ViewRay’s failure to obtain an agreement from any successor to assume and agree to perform the obligations in the same manner and to the same extent that ViewRay would be required to perform, except where such assumption occurs by operation of law; or

 

(e)a material, adverse change in Employee’s title, reporting relationship, authority, duties or responsibilities (other than temporarily while Employee is physically or mentally incapacitated or as required by applicable law).

 

“Qualifying Termination” means the termination of Employee’s employment during the Covered Period either:

 

(a)by ViewRay without Cause; or

 

(b)by Employee for Good Reason.

 

A Qualifying Termination that occurs during the ninety (90) day period before the first occurrence of a Change in Control will be deemed to occur upon the occurrence of the Change in Control for purposes of this Agreement.

 

8 

 

Exhibit A

 

 

GENERAL RELEASE OF CLAIMS

 

This General Release of Claims (“Release”), dated as of _________ __,  20__, is entered into between ViewRay, Inc., a Delaware Corporation., together with its existing and future subsidiaries and controlled affiliates (“ViewRay”), and ________________ (“Employee”) (collectively, the “Parties”).  Unless otherwise defined herein, any capitalized terms used in this Release shall have the meaning set forth in the Confidential Severance Agreement.

 

The Parties agree as follows:

 

	
1.
	
Separation of Employment.  Employee hereby acknowledges that Employee’s employment with ViewRay is terminated effective _______ ___, 20__ (the “Separation Date”).  Regardless of whether Employee enters into this Release, ViewRay will pay Employee all accrued wages, earned and current-year accrued but unused paid time off, through and including the Separation Date, less applicable holdings, in accordance with ViewRay’s regular payroll practices or earlier when required by applicable state law.  

	
2.
	
Release.  In exchange for the Severance Package (as defined in the Confidential Severance Agreement), Employee and Employee’s representatives, heirs, successors and assigns do hereby completely release and forever discharge ViewRay and any present or past affiliates of ViewRay, and its and their present and former shareholders, officers, directors, members, agents, employees, attorneys, insurers, successors, and assigns (collectively, “Released Parties”) from all claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character, known or unknown, mature or unmatured, which Employee may now have or has ever had.  This release of claims includes, but is not limited to, all claims arising out of Employee’s employment at ViewRay and the termination of that employment, or the failure/refusal of any Released Party hiring Employee, whether based on tort, contract (expressed or implied), or any federal, state, or local law, statute, or regulation (collectively, Released Claims”).  By way of example and not in limitation of the foregoing, Released Claims shall include any claims arising under Title VII of the Civil Rights Act of 1964; the Family and Medical Leave Act; the Post Civil War Civil Rights Acts (42 USC §§ 1981-1988); the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967 (the “ADEA”) (this release is meant to comply with the Older Workers Benefit Protection Act ("OWBPA"), 29 U.S.C. § 621 et seq., which statute was enacted to, among other things, ensure that individuals forty (40) years of age or older who waive their rights under the ADEA do so knowingly and voluntarily); the Equal Pay Act; the Occupational Safety and Health Act; the Americans with Disabilities Act; the Americans with Disabilities Act Amendments Act of 2008; the Uniform Services Employment and Reemployment Rights Act; the Davis-Bacon Act; the Walsh-Healey Act; the Employee Retirement Income Security Act (other than claims with regard to vested benefits); the Contract Work Hours and Safety Standards Act; Executive Order 11246; the Worker Adjustment and Retraining Notification Act; 42 U.S.C. section 1981; and any state or local statute, rule or regulation governing the employment relationship.  This release further includes, any claims asserting breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, fraud or other tort claims, defamation, invasion of privacy, claims related to disability, any and all claims for wages, commissions, compensation, reimbursement, disbursements, bonuses, benefits, vacation, penalties and any other claims arising under or related to laws or regulations relating to employment.  Employee likewise releases the Released Parties for any and all 

9 

 

		
obligations for attorneys' fees, paralegals’ fees, and costs incurred in regard to the above claims, or otherwise.  Employee further agrees that if any such claim is prosecuted in Employee’s name before any court or administrative agency, Employee waives and agrees not to take any award of money or other damages from such suit.  Notwithstanding the foregoing, Released Claims shall not include any workers’ compensation benefits or other claims which cannot be waived as a matter of law.  This releases all waivable claims, including those of which Employee is not aware and those not specifically mentioned in this Release.  This Release applies to all claims resulting from anything that has happened up through the date Employee signs this Release.  Employee understands that this Release does not waive rights or claims that may arise after the date that this Release is executed.  

	
3.
	
Waiver of Age Discrimination Claims.  Employee understands and agrees that, by entering into this Release, (i) Employee is waiving any rights or claims Employee might have under the ADEA; (ii) Employee has received consideration beyond that to which Employee was previously entitled; (iii) Employee has been and hereby is advised in writing to consult with an attorney before signing this Release; (iv) Employee has not relied on any statement or promises by anyone other than those contained in the written terms of this Release, and that Employee has entered into this Release knowingly without reliance upon any other representation, promise, or inducement that is not set forth herein; (v) Employee has been offered the opportunity to evaluate the terms of this Release for not less than twenty-one (21) days prior to Employee’s execution of the Release, although Employee may choose to execute this Release sooner; and (vi) Employee has a period of seven (7) days following Employee’s execution of this Release in which Employee may revoke this Release (the “Revocation Period”).  The Parties agree that any material or non-material changes made to this Release after Employee receives this Release do not restart the running of the 21-day period in which Employee may review this Release prior to signing this Release.  Employee may revoke this Release by notifying ViewRay in writing of Employee’s decision to revoke to _______________ via email at ____________ prior to the expiration of the Revocation Period, with the original of the revocation sent via U.S. Mail to ______________________________.  This Release shall become enforceable on the eighth day after the employee signs and delivers this Release to ViewRay, provided Employee does not revoke or otherwise breach Employee’s obligations hereunder prior to such time (the “Effective Date”).  

	
4.
	
Employee Representations.  Employee represents and warrants that Employee (i) has been paid all compensation owed (including, but not limited to, overtime and bonus compensation) and for all hours worked; (ii) has received all the leave and leave benefits and protections for which Employee was eligible, pursuant to the Family and Medical Leave Act or otherwise, and (iii) has not suffered any on-the-job injury for which Employee has not already filed a claim.

	
5.
	
General Releases Extend to Both Known and Unknown, Suspected and Unsuspected Claims (Applicable to California Employees Only).  Employee acknowledges that he or she has read and fully understands the provisions of Section 1542 of the California Civil Code, which provides:

	
 
	

	
A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.
	
 

 

Employee intends the releases set forth in this Release to include all claims encompassed by paragraph 2, whether known and/or unknown, to waive and relinquish every right or benefit he or she has, had, or may have under California Civil Code section 1542, and intend his or her release 

10 

 

to extend to, and include without limitation all claims which are presently unknown, unanticipated and/or unsuspected.  

 

Employee further acknowledges and agrees that California Labor Code section 206.5 is not applicable to the resolution of this matter.  That section provides in pertinent part as follows:

 

	
 
	

	
No employer shall require the execution of any release of any claim or right on account of wages due, or to become due, or made as an advance on wages to be earned, unless payment of such wage has been made.
	
 

 

In connection with the foregoing, Employee acknowledges, agrees, represents and warrants that, at all times relevant to Employee's employment with ViewRay, Employee has been fully and properly paid for all time worked, or there is otherwise a genuine, reasonable, and good faith dispute between the parties with respect to same, and that, by this Release, Employee is releasing any claim to entitlement for any recovery of any nature whatsoever arising out of any such claim.

 

	
6.
	
Non-Interference.  Nothing in this Release shall be construed to prohibit the Employee from: (i) filing a charge or participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission or other federal, state or local government agency charged with enforcement of any law; (ii)  reporting possible violations of any law, rule or regulation to any governmental agency or entity charged with enforcement of any law, rule or regulation; or (iii) making other disclosures that are protected under whistleblower provisions of any law, rule or regulation. Notwithstanding the foregoing, by signing this Release, the Employee acknowledges and agrees that the Employee waives not only the Employee’s right to recover money or any other relief in any action the Employee might commence against ViewRay or any of the Released Parties with respect to the claims released in paragraph 2 above, but also the Employee’s right to recovery in any such action brought against ViewRay or any of the Released Parties by any government agency or other party, whether brought on the Employee’s behalf or otherwise. 

	
7.
	
No Claims Filed.  Employee affirms that Employee has not filed, has not caused to be filed, and is not presently party to, any claims, causes of action, lawsuits or arbitrations against any of the Released Parties in any forum. Employee’s representation to same constitutes a material inducement for ViewRay entering into this Release.  In the event that Employee has filed such a claim or cause of action, it will be considered a material breach of the terms of this Release. 

	
8.
	
Acknowledgment.  The Employee acknowledges that the Employee has been advised in writing to consult with an attorney before signing this Release and that the Employee has been afforded the opportunity to consider the terms of this Release and incorporated waiver of claims for a period of twenty-one (21) days prior to its execution.  The Employee acknowledges that no representation, promise or inducement has been made other than as set forth in this Release, and that the Employee enters into this Release without reliance upon any representation, promise or inducement not set forth herein.  The Employee acknowledges and represents that the Employee assumes the risk for any mistake of fact now known or unknown, and that the Employee understands and acknowledges the significance and consequences of this Release.  The Employee further acknowledges that the Employee has read this Release in its entirety; that the Employee fully understands all of the terms of the Release and their significance; and that the Employee has signed the Release voluntarily and of the Employee’s own free will.  The Employee further affirms that, upon receipt of her final paycheck on _____________, the Employee will have been paid and/or have received all leave (paid or unpaid), base salary, bonuses, and all other compensation and benefits to which the Employee may have been entitled from ViewRay through the Separation Date.  The Employee 

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further and specifically affirms that the Employee has been provided and/or has not been denied any leave requested under the Family and Medical Leave Act and has not suffered any workplace injuries.

 

	
9.
	
Fiduciary Obligations/Cooperation:  This Release in no way relieves the Employee of any fiduciary obligations the Employee may owe to ViewRay.  The Employee agrees to cooperate with ViewRay in any investigations, defenses to claims, prosecution of claims, depositions, court appearances and all other inquiries of the Employee which relate to services that the Employee performed for ViewRay.

 

	
10.
	
Breach.  The Employee acknowledges that if the Employee materially breaches or threatens to materially breach any provision of this Release and/or commences a suit or action in contravention of this Release (except as outlined in paragraph 6 above), ViewRay’s obligations to pay the Severance Package pursuant to the Confidential Severance Agreement shall immediately cease and ViewRay shall be entitled to all other remedies allowed in law or equity, including but not limited to the return of any payments made to the Employee under the Confidential Severance Agreement.  Nothing in this paragraph regarding the return of monies is intended to, nor shall be construed to abrogate any contrary rights under the ADEA.

 

	
11.
	
Non-Admission.  The Parties understand that the entering into this Release, the Severance Package provided under the Confidential Severance Agreement and other matters agreed to herein are not to be construed as an admission of or evidence of liability for any violation of the law, willful or otherwise, by any entity or any person.

 

	
12.
	
Severability.  If any provisions in this Release, other than the waiver and release provisions in paragraph 2, are held by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way.  

 

	
13.
	
Transfer of Claims.  Employee represents and warrants that Employee has not assigned, transferred, or purported to assign or transfer, to any person, firm, corporation, association or entity whatsoever, any claims released herein.  Employee agrees to indemnify and hold the Released Parties harmless against, without any limitation, any and all rights, claims, warranties, demands, debts, obligations, liabilities, costs, court costs, expenses (including attorneys' fees, paralegals' fees and costs, at all levels), causes of action or judgments based on or arising out of any such assignment or transfer.  Employee further warrants that there is nothing that would prohibit Employee from entering into this Release.

	
14.
	
Binding Effect.  This Release shall be binding upon and shall inure to the benefit of the Parties’ representatives, agents, successors, assigns, heirs, attorneys, affiliates, and predecessors.

	
15.
	
Enforcement.  This Release shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to its choice of law principles.  If either party breaches this Release or any dispute arises out of or relating to this Release, the prevailing party shall be entitled to its reasonable attorneys’ fees, paralegals’ fees and costs, at all levels.  THE PARTIES SPECIFICALLY WAIVE THEIR RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY SUCH ACTION.  However, nothing in this paragraph is intended to, nor shall be construed to abrogate any contrary rights under the ADEA.

 

	
16.
	
Interpretation.  This Release shall be construed as a whole, according to its fair meaning, and not in favor of or against any Party.  By way of example and not in limitation, this Release shall not be 

12 

 

		
construed in favor of the Party receiving a benefit nor against the Party responsible for any particular language in this Release.

	
17.
	
Construction.  The Parties expressly acknowledge that they have had equal opportunity to negotiate the terms of this Release and that this Release shall not be construed against the drafter.

 

	
18.
	
Headings.  The headings contained in the Release are for reference purposes only and shall not in any way affect the meaning or interpretation of this Release.

	
19.
	
Electronic Transmissions and Counterparts.  This Release may be executed in several counterparts and by electronic transmissions (e-mail, facsimile and/or scanner) and all so executed shall constitute one Release, binding on all the Parties hereto, notwithstanding that the Parties are not signatories to the original or same counterpart. 

	
20.
	
Representation by Counsel.  The Parties acknowledge that (i) they have had the opportunity to consult counsel in regard to this Release, (ii) they have read and understand the Release and they are fully aware of its legal effect; and (iii) they are entering into this Release freely and voluntarily, and based on each Party's own judgment and not on any representations or promises made by the other Party, other than those contained in this Release.

	
21.
	
Acceptance.   To accept this Release, Employee must sign and date below and return an original copy to ViewRay within 21 days at the following address_________________________

	
22.
	
Right of Revocation/Effective Date:  The Employee has the right to revoke this Release within seven (7) days after the Employee’s execution of this Release by giving notice in writing of such revocation to ViewRay, Attention: ____________, Email: __________.  As such, the Release shall not become effective until the Effective Date.  In the event that the Employee revokes this Release prior to the Effective Date, this Release, and the promises contained therein, shall automatically be deemed null and void.

 

The Employee represents and warrants that the Employee has read this Release in its entirety, has been offered a period of twenty-one (21) days to review this Release and incorporated release prior to its execution, and has been advised in writing herein to consult with counsel.  The Employee further represents and warrants that the Employee is of sound mind and fully understands and voluntarily assents to all of the terms of the Release.

 

 

EMPLOYEE:

 

________________________________

 

Date:  ___________________________ 

 

 

VIEWRAY, INC.

 

By:  ____________________________

Its:   ____________________________

 

Date:  __________________________

 

13

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