Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

WGL HOLDINGS, INC., 

Issuer 
 AND 

THE BANK OF NEW YORK MELLON, 

Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 dated as of October 24, 2014 

to 
 Indenture 

dated as of August 28, 2014 

relating to 
 4.60% Senior Notes
due 2044 
  
  

 SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE, dated as of October 24, 2014 (this “Supplemental Indenture”), between WGL Holdings, Inc.,
a corporation organized under the laws of the Commonwealth of Virginia, and The Bank of New York Mellon, as trustee, to the Base Indenture (as defined below). 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated as of August 28, 2014 (as amended by the
First Supplemental Indenture, dated as of October 24, 2014, the “Base Indenture”), providing for the issuance from time to time of its debt securities, to be issued in one or more series as therein provided; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of notes to be known as
its 4.60% Senior Notes due 2044 (the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture (together, the
“Indenture”); and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture
and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding
obligations of the Company, and all acts and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture has been duly
authorized in all respects. 
 NOW, THEREFORE, in consideration of the premises and the purchase of the Notes by the holders thereof, it is
mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Notes: 
 ARTICLE I 

DEFINITIONS, ETC. 

Section 1.1. Definitions of Terms. The terms defined in this Section 1.1 (except as herein otherwise expressly
provided or unless the context otherwise requires) for all purposes of this Supplemental Indenture shall have the respective meanings specified in this Section 1.1 and shall include the plural as well as the singular. All other terms
used in this Supplemental Indenture but not defined in this Supplemental Indenture are defined in the Base Indenture. 
 “Base
Indenture” has the meaning provided in the recitals. 
 “Comparable Treasury Issue” means the United States
Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes being 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 a comparable maturity to the remaining term of such Notes. 

 “Comparable Treasury Price” means, with respect to any redemption date,
(a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker is provided with fewer
than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Indenture” has the meaning
provided in the recitals. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company. 
 “Notes” has the meaning provided in the recitals. 

“Reference Treasury Dealer” means one Primary Treasury Dealer (defined herein) selected by Wells Fargo Securities, LLC and
three other primary U.S. government securities dealers in The City of New York, New York (a “Primary Treasury Dealer”) selected by the Company. If any Reference Treasury Dealer shall cease to be a Primary Treasury Dealer, the Company will
select another Primary Treasury Dealer which will be substituted for that dealer. 
 “Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Supplemental Indenture” has the meaning provided in the preamble. 

“Treasury Rate” means with respect to any redemption date, the rate per year equal to the semiannual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date;
provided that, if the Reference Treasury Dealers shall determine that there is no such Comparable Treasury Issue, such rate per year shall be equal to the estimated semiannual equivalent yield to maturity that a United States Treasury security
having a maturity comparable to the remaining term of the Notes to be redeemed would bear, if such security were available, such estimate to be made by the Reference Treasury Dealers on the basis of interpolation, extrapolation and other accepted
financial practices, taking into account (a) the yields to maturity of United States Treasury securities of other maturities, (b) yields to maturity of other Dollar denominated debt securities having a maturity comparable to the remaining
term of the Notes to be redeemed and (c) applicable interest rate spreads between United States Treasury securities and such other debt securities, all as of 5:00 p.m., New York City time, on the third Business Day preceding such redemption
date. 

  
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 Section 1.2. References. References in this Supplemental Indenture to article
numbers, section numbers and exhibits shall be deemed to be references to articles and section numbers of, and exhibits to, this Supplemental Indenture, unless otherwise specified. 

ARTICLE II 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 
 Section 2.1. Designation and Principal Amount. 

The Notes are hereby authorized and are designated the 4.60% Senior Notes due 2044, unlimited in aggregate principal amount. The Notes issued
on the date hereof pursuant to the terms of the Indenture shall be in an aggregate principal amount of $125,000,000, which amount shall be set forth in the written order of the Company for the authentication and delivery of the Notes pursuant to
Section 2.4 of the Base Indenture. 
 Section 2.2. Maturity. 

Unless an earlier redemption has occurred, the principal amount of the Notes shall mature and be due and payable on November 1, 2044,
together with any accrued interest thereon to, but not including, such date. 
 Section 2.3. Form and Payment. 

The Notes shall be issued as a Global Security and in the minimum denominations of one thousand Dollars ($1,000) and in integral multiples of
$1,000 in excess thereof. 
 The Notes and the Trustee’s certificate of authentication to be endorsed thereon are to be substantially
in the form of Exhibit A, which form is hereby incorporated in and made a part of this Supplemental Indenture. 
 The terms and
provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms
and provisions and to be bound thereby. 
 Payments of principal, premium, if any, and/or interest on the Notes shall initially be paid to
Cede & Co, as nominee of the Depositary. 
 The Global Security representing the Notes shall be deposited with, or on behalf of,
the Depositary and shall be registered in the name of the Depositary or a nominee of the Depositary. The Global Security representing the Notes may not be transferred except as a whole by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or such nominee to a successor of the Depositary or a nominee of such successor. 

Section 2.4. Interest. 

Interest on the Notes shall accrue at the rate of 4.60% per annum. The Interest Payment Dates for the Notes shall be May 1 and
November 1 of each year, commencing May 1, 2015, and 

  
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the Regular Record Date for the Notes shall be April 15 and October 15, as the case may be, next preceding the applicable Interest Payment Date. Interest on the Notes shall be payable
semi-annually in arrears on each Interest Payment Date for the Notes. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. If any Interest Payment Date or maturity date for the Notes falls on a
day that is not a Business Day, the required payment of principal or interest will be made on the next Business Day as if made on the date that payment was due, and no interest will accrue on that payment for the period from and after the Interest
Payment Date or maturity date, as the case may be, to the date of the payment on the next Business Day. 
 Section 2.5. Optional
Redemption. 
 At any time prior to May 1, 2044, the Company may, at its option, redeem the Notes in whole or in part, from time to
time, at a redemption price equal to the greater of (a) 100% of the principal amount of the Notes being redeemed or (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of
interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points plus, in each case, accrued and unpaid
interest to, but not including, the redemption date. 
 At any time on and after May 1, 2044, the Company may, at its option, redeem
the Notes in whole or in part, from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the date of redemption. 

Section 2.6. Limitation on Liens. Section 4.7 of the Base Indenture shall be for the benefit of the Securityholders of the
Notes. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.1. Application of Supplemental Indenture. 

This Supplemental Indenture shall supplement the Base Indenture in the manner and to the extent herein and therein provided. 

Section 3.2. Trust Indenture Act Controls. 

If any provision hereof limits, qualifies or conflicts with the duties imposed by Sections 310 through 317 of the Trust Indenture Act, the
imposed duties shall control. 
 Section 3.3. Conflict with Base Indenture. 

To the extent not expressly amended or modified by this Supplemental Indenture, the Base Indenture shall remain in full force and effect. If
any provision of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Supplemental Indenture shall control. 

  
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 Section 3.4. Governing Law. 

THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

Section 3.5. Successors. 

All agreements of the Company in the Base Indenture, this Supplemental Indenture and the Notes shall bind its successors. All agreements of
the Trustee in the Base Indenture and this Supplemental Indenture shall bind its successors. 
 Section 3.6. Counterparts. 

This instrument 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 3.7. Trustee Disclaimer. 

The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture other than as to the validity of its
execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and not the Trustee. 

[Remainder of page intentionally left blank] 

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

			
	WGL HOLDINGS, INC.
		
	By:	 	 /s/ Anthony M. Nee

		 	Name: Anthony M. Nee
		 	Title: Vice President and Treasurer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	Name: Francine Kincaid
		 	Title: Vice President

 Exhibit A 

Form of Global Note representing the Notes 

WGL HOLDINGS, INC. 
 4.60% SENIOR
NOTE DUE 2044 
 THIS IS A SECURITY IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”), 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 THE DEPOSITARY (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS 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, TO NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF. 
  

					
	CUSIP No. 92924FAB2	  		  	
	ISIN No.    US92924FAB22	  		  	
	No. 1	  		  	Principal Amount $125,000,000

 WGL HOLDINGS, INC. 

4.60% SENIOR NOTES DUE 2044 
 WGL
Holdings, Inc., a corporation organized under the laws of the Commonwealth of Virginia (the “Company”), for value received, hereby promises to pay to Cede & Co. or registered assigns the principal sum of one hundred twenty-five
million United States Dollars ($125,000,000), at the Company’s office or agency for said purposes, on November 1, 2044 (the “Stated Maturity”) or upon earlier redemption. 

The Company promises to pay interest on the principal amount of this Security at the rate of 4.60% per annum. The Company will pay
interest semi-annually in arrears on May 1 and November 1 of each year (each, an “Interest Payment Date”), commencing on May 1, 2015. 

 Interest on this Security will accrue from October 24, 2014 or from the most recent Interest Payment Date to
which interest on the Notes has been paid or duly provided for, until payment of said principal sum has been made or duly provided for. The Company will pay interest to the Person in whose name this Security is registered at the close of business on
April 15 and October 15, as the case may be, next preceding the applicable Interest Payment Date, except that the Company will pay the interest payable at the Stated Maturity or any redemption date of this Security to the Person or Persons
to whom principal is payable. The Company will pay interest in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. The Company will make payments in
respect of Notes in global form (including principal and interest) to the Securityholder thereof or a nominee of the Securityholder, by wire transfer of immediately available funds as of the close of business on the date such payments are due. 

Payments of interest on this Security will include interest accrued to but excluding the respective Interest Payment Date. Interest on this
Security will be computed on the basis of a 360-day year consisting of twelve 30-day months. If any Interest Payment Date or maturity date for this Security falls on a day that is not a Business Day, the required payment of principal or interest
will be made on the next Business Day as if made on the date that payment was due, and no interest will accrue on that payment for the period from and after the Interest Payment Date or maturity date, as the case may be, to the date of the payment
on the next Business Day. A “Business Day” means any day other than a day on which Federal or State banking institutions in The City of New York or place of payment, are authorized or obligated by law, executive order or regulation to
close. 
 Payment of the principal and interest due at the Stated Maturity or earlier redemption of the Security shall be made upon the
surrender of the Security at the Corporate Trust Office of the Trustee (as defined below). Principal of and any premium and interest on the Security will, at the option of the Company, be paid either (i) by check mailed to the Person entitled
to such payment at its address set forth in the Security Register or (ii) wired to such account at a banking institution in the United States as may be designated in writing to the Trustee by the Person entitled to such payment at least 16 days
prior to the date of such payment. 
 Reference is made to the further provisions set forth on the reverse hereof, including the definitions
of certain capitalized terms. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Security shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by The Bank of New
York Mellon, as trustee (the “Trustee”) acting under the Indenture dated as of August 28, 2014 between the Company and the Trustee. 

  
 4 

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

 

					
	Dated: October 24, 2014	 		 	
		
		 	WGL HOLDINGS, INC.
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities issued under the within-mentioned Indenture. 

 

					
	Dated: October 24, 2014	 		 	
		
		 	THE BANK OF NEW YORK MELLON, as Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

 REVERSE OF SECURITY 

WGL HOLDINGS, INC. 
 4.60% Senior
Notes Due 2044 
 This Security is one of a duly authorized issue of debt securities of the Company, of the series hereinafter specified,
all issued or to be issued under a Supplemental Indenture, dated as of October 24, 2014 (the “Supplemental Indenture”), to an Indenture, dated as of August 28, 2014 (the “Base Indenture” and, together with the
Supplemental Indenture, the “Indenture”), and duly executed and delivered by the Company to The Bank of New York Mellon, as trustee (hereinafter, the “Trustee”). Reference to the Indenture is hereby made for a description of the
respective rights and duties thereunder of the Trustee, the Company and the Securityholders of the Securities. This Security is one of a series designated as the “4.60% Senior Notes Due 2044” of the Company (hereinafter called the
“Notes”), issued under the Indenture. Each Securityholder by accepting a Note, agrees to be bound by all terms and provisions of the Indenture, as amended from time to time, applicable to the Notes. 

The Notes issued under the Indenture are senior unsecured obligations of the Company and will mature on November 1, 2044. The Notes rank
on parity with all other existing and future senior unsecured obligations of the Company. 
 At any time prior to May 1, 2044, the
Company may, at its option, redeem the Notes in whole or in part, from time to time, at a redemption price equal to the greater of (a) 100% of the principal amount of the Notes being redeemed or (b) the sum of the present values of the
remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 25 basis points plus, in each case, accrued and unpaid interest to, but not including, the redemption date. For purposes of the Notes, the following terms have the following meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes being 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 a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury
Price” means, with respect to any redemption date, (a) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if
the Independent Investment Banker is provided with 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 one Primary Treasury Dealer (defined
herein) selected by Wells Fargo Securities, LLC and three other primary U.S. government securities dealers in The City of New York, New York (a “Primary Treasury Dealer”) selected by the Company. If any Reference Treasury Dealer shall
cease to be a Primary Treasury Dealer, the Company will select another Primary Treasury Dealer which will be substituted for that dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker by
such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Treasury Rate” means with respect to any redemption date, the rate per year equal to the semiannual equivalent yield
to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date; provided that, if the Reference Treasury Dealers shall determine that there is no such Comparable Treasury Issue, such rate per year shall be equal to the estimated semiannual equivalent yield to maturity that a United States Treasury security
having a maturity comparable to the remaining term of the Notes to be redeemed would bear, if such security were available, such estimate to be made by the Reference Treasury Dealers on the basis of interpolation, extrapolation and other accepted
financial practices, taking into account (a) the yields to maturity of United States Treasury securities of other maturities, (b) yields to maturity of other Dollar denominated debt securities having a maturity comparable to the remaining
term of the Notes to be redeemed and (c) applicable interest rate spreads between United States Treasury securities and such other debt securities, all as of 5:00 p.m., New York City time, on the third Business Day preceding such redemption
date. 
 At any time on and after May 1, 2044, the Company may, at its option, redeem the Notes in whole or in part, from time to time,
at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the date of redemption. 

Except in the case of a conditional redemption, once notice of redemption on the Notes is given, the Notes called for redemption become due
and payable on the redemption date at the redemption price stated in the notice. A notice of redemption of the Notes may be conditioned and provide that it is subject to the occurrence of any event described in the notice before the date fixed for
the redemption. A notice of conditional redemption will be of no effect unless all conditions to the redemption have occurred before the redemption date or have been waived by the Company. 

The Notes are not entitled to any sinking fund, and no Securityholder of the Notes may require the Company to make any mandatory redemption of
the Notes or purchase or make an offer to purchase the Notes. 

  
 2 

 The Notes are subject to satisfaction and discharge pursuant to Article XI of the Base Indenture.

 In case an Event of Default shall have occurred and is continuing with respect to the Notes, the principal hereof may be declared, and
upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. The Indenture provides that in certain circumstances such declaration and its consequences may be waived by
the Securityholders of not less than a majority in aggregate principal amount of the Notes then Outstanding. However, any such consent or waiver by the Securityholder shall not affect any subsequent default or impair any right consequent thereon.

 The Base Indenture permits the Company and the Trustee, without the consent of the Securityholders of the Notes for certain situations
and with the consent of not less than a majority of the Securityholders in aggregate principal amount of the Outstanding Notes of each series affected by such supplemental indenture in other situations, to execute supplemental indentures adding to,
modifying, or changing various provisions of, the Base Indenture; provided that no such supplemental indenture, without the consent of the Securityholder of each Outstanding Note affected thereby, shall (i) change the maturity date of any
Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, (ii) reduce the amount of principal of an
Original Issue Discount Security or any other Security payable upon acceleration of maturity, (iii) change the currency in which any Security or any premium or interest is payable, (iv) impair the right to receive payment of principal of
and interest on any Security (whether upon redemption, repurchase, maturity, or otherwise) or payment or delivery of any amounts due upon conversion of Securities of any series that are convertible into shares of common stock or other securities on
or after the due dates or to institute suit for the enforcement of any payment on or with respect to any Security, (v) adversely change the right to convert or exchange, including decreasing the conversion rate or increasing the conversion
price of, that Security (if applicable), (vi) if the Securities are secured, change the terms and conditions pursuant to which the Securities are secured in a manner adverse to the holders of the Securities, (vii) reduce the percentage in
principal amount of outstanding Securities of any series, the consent of whose holders is required for modification or amendment of the Indenture or for waiver of compliance with any provision of the Indenture, (viii) reduce the requirements
contained in the Indenture for a quorum for a meeting or for voting, (ix) change any obligations of the Company to maintain an office or agency in the places and for the purposes required by the Indenture, (x) in the case such series of
Securities is subordinated to other indebtedness of the Company pursuant to a supplement indenture, modify the subordination provisions in such supplemental indenture in a manner adverse to the holders of such Securities, or (xi) modify
Sections 9.1 or 9.2 of the Base Indenture. 
 No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the principal of or interest on this Security at the respective times and at the rate herein prescribed. 

The Notes are issuable in registered form without coupons in minimum denominations of $1,000 and in integral multiples of $1,000 in excess
thereof. A Securityholder may exchange the Notes for a like aggregate principal amount of Notes of other authorized denominations in the manner and subject to the limitations provided in the Indenture. 

  
 3 

 Upon due presentment for registration of transfer of the Notes at the office or agency for said
purpose of the Company, a new Note or Notes of authorized denominations, for a like aggregate principal amount, will be issued to the transferee as provided in the Indenture. No service charge shall be made for any such transfer, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 
 Prior to due
presentation of this Security for registration of transfer, the Company, the Trustee, and any agent of the Company or the Trustee, may deem and treat the Securityholder hereof as the owner of this Security (whether or not any payment with respect to
this Security shall be overdue), for the purpose of receiving payment of principal of and (subject to the provisions of the Indenture) interest hereon and for all other purposes whatsoever, whether or not any payment with respect to this Security
shall be overdue, and neither the Company, nor the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

No recourse shall be had for the payment of the principal of or interest on this Security, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, or because of the creation of any indebtedness represented thereby, against any incorporator, shareholder, officer or director, as such, past, present or
future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAW OF THE STATE OF NEW YORK. 

All terms used in this Security (and not otherwise defined in this Security) that are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
 4 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 
 (Name and address of Assignee,
including zip code, must be printed or typewritten) 
  
  

 
  

the within Note, and all rights thereunder, hereby irrevocably, constituting and appointing 

 
  
  

 
 to transfer the said Note on the books of WGL
Holdings, Inc. with full power of substitution in the premises. 
  

					
	Dated:                     	 		 	  

		 		 	 NOTICE: The signature to this assignment must

correspond with the name as it appears upon the
 face of the
within Note in every particular, without
 alteration or enlargement or any change whatever.

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The initial outstanding principal amount of this Global Note is $125,000,000. The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount of
this Global Note	  	Amount of
increase
in Principal
Amount of
this
Global Note	  	Principal
Amount of
this Global
Note
following
such
decrease or
increase	  	Signature of
authorized
signatory of
Trustee, Depositary
or CustodianExhibit 10.1

 

CONFIDENTIAL SEPARATION AND RELEASE AGREEMENT

This Confidential Separation and Release Agreement (“Agreement”) is made by and between Susan H. Holman (“Holman”) and Uroplasty, Inc., a Minnesota corporation (the “Company”) (together the “Parties”).

RECITALS

WHEREAS, Holman was employed by the Company until June 21, 2014, pursuant to an Employment Agreement effective as of December 7, 1999 (the “Employment Agreement”); and

WHEREAS, Section 10 of the Employment Agreement provides that the Company will make certain severance payments to Holman in the event that Holman’s employment is terminated without “cause” as defined therein; and

WHEREAS, the Parties are in agreement that the Company will pay Holman enhanced severance benefits in addition to those provided in Section 10 of the Employment Agreement in exchange for Holman’s execution of this Agreement.

AGREEMENT

NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED IN THIS AGREEMENT, THE PARTIES HEREBY AGREE AS FOLLOWS:

1.                    Definitions. All words used in this Agreement are intended to have their plain meanings in ordinary English. The following terms are defined as follows:

		a)	“Released Parties” as used in this Agreement means the Company and any parent companies, subsidiaries, affiliates, predecessors, successors, joint venture partners and divisions as well as their present and past officers, directors, committees, shareholders, insurers, employees (whether in their individual or official capacities), agents, attorneys, fiduciaries of any employee benefit plan sponsored or maintained by the Company, and anyone who acted on the Company’s behalf.

		b)	“Claims” means any and all actual, suspected or potential claims, suits, controversies, actions, causes of action, cross-claims, counterclaims, demands, debts or liabilities of any nature whatsoever in law and in equity, whether known or unknown, suspected, or claimed, both past and present through the date the release provided in this Agreement becomes effective, against any of the Released Parties, seeking any form of relief, whether for compensatory damages, liquidated damages, punitive or exemplary damages, other damages, penalties, fines, assessments, reinstatement, back pay, front pay, attorney’s fees, specific performance, injunctive relief, reinstatement, other equitable relief, costs, disbursements and interest arising out of or connected to Holman’s employment with, relationship with, or separation or termination from the Company, including without limitation:

		i.	Claims arising under any local, state or federal statute, ordinance, rule or regulation, including without limitation, claims under the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), Title VII of the Civil Rights Act of 1964 (“Title VII”), the Americans with Disabilities Act (“ADA”), the Genetic Information Nondiscrimination Act of 2008 (“GINA”), the Civil Rights Act (42 U.S.C. § 1981), the Family Medical Leave Act (“FMLA”), the Employee Retirement Income Security Act (“ERISA”), the Equal Pay Act (“EPA”), the Worker Adjustment and Retraining Notification Act (“WARN”), the Sarbannes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Minnesota Human Rights Act (“MHRA”), other non-interference or non-retaliation statutes and any other federal, state, or local statute, law, rule, regulation, ordinance or order;

		ii.	Claims arising out of state or federal common law for any intentional or negligent act, or any act for which any Released Party might be strictly or vicariously liable; and

		iii.	Claims for earned or unearned compensation of any kind (except those expressly provided in or excepted from this Agreement), including wages, bonuses, commissions, expense reimbursements, stock options or other equity-based compensation, used or accrued vacation pay, personal time off pay, severance payments or non-vested employee benefits, or contributions to such benefits.

		iv.	The term “claims” does not include any applicable claims for: (a) unemployment insurance benefits; (b) workers’ compensation benefits to the extent that such benefits are awarded by a state agency or agreed upon consistent with applicable state law; (c) vested post-termination benefits under any employee benefit plan; (d) rights Holman has under any employee-benefit or employee-welfare plan, or under any stock option, restricted stock, restricted stock unit, or stock appreciation rights plan or award agreement; (e) rights and benefits under the Consolidated Omnibus Reconciliation Act of 1985, as amended, (“COBRA”); (f) the right to enforce the terms of this Agreement; (g) any right to defense, indemnification or contribution, whether pursuant to the Company’s charter, bylaws, contract, applicable law or otherwise for claims brought against Holman in her capacity as an employee or agent of the Company; (h) rights as a shareholder of the Company; (i) rights under the Uniformed Services Employment and Reemployment Rights Act (“USERRA”) 38 U.S.C. § 4301, et seq.; (j) events occurring after the release provided in this Agreement becomes effective; and (k) any other rights which cannot be waived or released under applicable law.

2.                   Separation of Employment. Holman’s employment with the Company terminated without cause effective June 21, 2014 (“Employment Separation Date”).

3.                   Separation Payments. As provided in Section 10 of the Employment Agreement, the Company will continue to pay Employee severance pay equal to twelve months of continuation of salary at Employee’s base salary in effect on the Employment Separation Date, less payroll withholdings that the Company reasonably believes are required by law or elected or authorized by Holman for state and federal income taxes, Social Security, Medicare and other applicable payroll deductions, in accordance with the Company’s normal payroll practices.

4.                  Consideration for this Agreement and the Release of Claims. After Holman’s execution of this Agreement and the expiration of the applicable revocation periods, described in Section 7 of this Agreement, and provided Holman does not exercise her rights to revoke the Release of Claims provided in Section 5 of this Agreement, the Company will provide her with the following:

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		a)	In accordance with ordinary plan practices, for the months of July 2014 through June 2015, the Company will reimburse Holman in an amount equal to the difference between the amount Holman pays for continued coverage under the Company’s group medical plan or group dental plan pursuant to section 4980B of the Internal Revenue Code of 1986, as amended (“COBRA”) in each month and the amount paid by a full-time active Company employee each month for the same level of coverage elected by Holman;

		b)	The Company will pay Holman an additional sum of Twenty-Five Thousand Dollars and no/cents ($25,000.00) as additional assistance to Holman in paying for healthcare coverage after July 1, 2015, which amount will be paid to Holman on or before June 30, 2015;

		c)	The Company will pay Holman the sum of Ten Thousand Dollars and no/cents ($10,000.00) for career transition and associated outplacement services within twenty (20) days of her execution of this Agreement provided she has not rescinded her acceptance ; and

		d)	To the extent consistent with applicable import/export laws and regulations, the Company will arrange for and pay the costs associated with the shipment of antiques owned by Holman which are currently stored at Company’s facility in Geleen, The Netherlands; however, the Company does not assume any risk of damage in transit.

		e)	Holman will coordinate the return of her conference room table directly with the Company.

(Sections 4.a – 4.d hereafter referred to as the “Consideration”). The in-kind or reimbursement benefits provided under this Section 4 are intended to comply with the requirements of Treasury Regulation Section 1.409A-3(i)(1)(iv) and (v), and this Section 4 shall be construed and administered to give effect to such intention.

The Parties agree that this Consideration is more than what is owed by the Company to Holman by law or contract or under the policies of the Company and it is provided to Holman in exchange for, and is specifically contingent upon, the Release of Claims provided in Section 5 of this Agreement. Other than the severance payment provided in Section 10 of the Employment Agreement and Section 3 of this Agreement, Holman has no rights under any other employment, severance, separation, retention, exit incentive, employment termination, or similar plan, policy, program or practice with the Company and the Consideration described above has been negotiated and agreed upon between the Company and Holman.

5.                   Release of Claims. In exchange for the Consideration paid by and the other undertakings of the Company as stated in this Agreement, Holman knowingly and willingly releases, waives and forever discharges all Released Parties from any and all Claims and all rights to any legal or equitable relief under any such Claims. In exchange for Holman’s agreement to release these Claims, Holman is receiving the Consideration referenced in Section 4 of this Agreement which Holman agrees is full compensation for this Release of all Claims. The Released Parties do not owe Holman anything in addition to what Holman is entitled to receive under this Agreement and Section 10 of the Employment Agreement.

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6.                   OWBPA Disclosures. The Release of Claims referenced in the preceding section is subject to the terms of the ADEA, as amended by the OWBPA. The OWBPA provides that an individual cannot waive a right or claim under the ADEA unless the waiver is knowing and voluntary. Nothing in this Agreement interferes with Holman’s right to challenge the knowing and voluntary nature of the Release of Claims or the Company’s compliance with the waiver requirements of the ADEA or OWBPA. Holman understands that the Company is giving Holman up to 21 days from the date Holman receives a copy of this Agreement to sign the Agreement and return it to the Company. Holman acknowledges that the Company has advised Holman to use this time to consult with an attorney about the effect of the Release of Claims. If Holman signs this Agreement before the end of the 21-day period, it is Holman’s personal, voluntary decision to do so. Any changes made to this Agreement before it is signed do not restart the running of this consideration period.

7.                   Revocation Rights. Holman has the right to revoke the Holman’s Release of Claims under the ADEA by written notice of such to the Company within seven calendar days following Holman’s signing of this Agreement. This Agreement will not become effective or enforceable as to those ADEA claims until that seven-day period has expired. Holman has the right to revoke (rescind) the Holman’s release of claims under the MHRA by written notice of such to the Company within 15 calendar days following Holman’s signing of this Agreement. This Agreement will not become effective or enforceable as to those MHRA claims until that 15-day period has expired. Any such notice of revocation must be in writing, must identify whether the revocation is applicable to Holman’s ADEA claims, MHRA claims, or both, and must be either hand-delivered to the Company or, if sent by mail, postmarked within the applicable revocation period, sent by certified mail, return receipt requested, and addressed to Brett Reynolds, Chief Financial Officer, Uroplasty, Inc., 5420 Feltl Road, Minnetonka, MN 55343. Holman does not have the right to revoke the Release of Claims as to any other Claims. Holman understands that her receipt of Consideration under this Agreement is contingent upon her agreement to be bound by all the terms of this Agreement. Accordingly, if Holman revokes the Release of Claims as provided herein, Holman is not entitled to the Consideration offered by the Company. If Holman attempts to revoke her release of either the ADEA or MHRA claims, she will immediately return to the Company any Consideration that she may have received under this Agreement; provided however, that if Holman challenges the knowing and voluntary nature of the Release of her ADEA Claims, she is not required to return the Consideration.

8.                   Waiver of Rights to Additional Recovery. Nothing in this Agreement interferes with Holman’s right to participate in any manner in an investigation or proceeding before the Equal Employment Opportunity Commission (“EEOC”), the SEC or any other fair employment practices, securities or other regulatory body. Holman understands and agrees, however, that she waives the right to recover any individual relief in any administrative or legal action, including without limitation any whistleblower award under Section 21F of the Securities Exchange Act of 1934, whether such action is brought by the EEOC, the SEC, any other law enforcement agency, Holman or any other party, unless and to the extent that such waiver is contrary to law. Holman agrees that Company reserves any and all defenses which it has or might have against any such claims brought by Holman or on Holman’s behalf.

9.                   Return of Property. If Holman finds any Company documents, data, and other property that she has not already returned, she will promptly return such materials to the Company. Company “documents, data, and other property” includes without limitation computers, fax machines, mobile phones, smartphones, access cards, keys, reports, manuals, records, product samples, correspondence and/or other documents or materials related to the Company’s business that Holman has compiled, generated or received while working for the Company, including all copies, samples, computer data, disks, or records of such material. After returning these documents, data, and other property, to the extent she has not already done so, Holman will permanently delete from any electronic media in Holman’s possession, custody, or control (such as computers, mobile phones, smartphones, personal digital assistants, other hand-held devices, mp3 players, iPads, back-up devices, zip drives, etc.) or to which Holman has access (such as remote e-mail exchange servers, back-up servers, off-site storage, the cloud, etc.), all documents or electronically stored images of the Company, including writings, drawings, graphs, charts, sound recordings, images, and other data or data compilations stored in any medium from which such information can be obtained.

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10.                 Compliance with Prior Agreements and Confidentiality. Holman remains bound by the terms of any prior agreement which Holman previously entered into with the Company relating to any inventions assignment, confidentiality, conflicting interest, non-disclosure or non-compete obligations, including without limitation an Employee Confidentiality, Inventions, Non-Compete and Non-Solicitation Agreement.

11.                 Commitment to Cooperate in Transition, Investigations and Litigation. Holman agrees, for the duration of the period of her Separation Payments as identified in Paragraph 3, to cooperate with the Company and to be available, on a reasonable basis, to answer questions that may arise to permit the Company to achieve a smooth transition of Holman’s former duties to the Company. Holman agrees that she will be available upon reasonable notice from the Company, with or without a subpoena, to be interviewed, review documents or things, testify or engage in other reasonable activities with respect to matters concerning which Holman has or may have knowledge. The Company’s obligations under this Agreement, including its payment of Consideration to Holman, are contingent upon Holman cooperating with the Company.

12.                 Holman Representations and Warranties. Holman warrants and represents that:

		a)	Holman has not engaged in any misdeeds in the exercise of Holman’s duties for the Company, including but not limited to fraud, misappropriation of Company funds, usurpation of corporate opportunity, breach of fiduciary duty, and like misconduct;

		b)	Holman has not suffered any discrimination or harassment by any of the Released Parties on account of race, color, creed, religion, national origin, citizenship status, sex, marital or registered domestic partner status, pregnancy, sexual orientation, age, disability, medical condition, current or former membership in any U.S. uniformed services, or any other characteristic protected by law;

		c)	Holman has not been denied any leave, benefit or right to which Holman was entitled under the FMLA or any other federal or state leave law; and

		d)	Holman is aware of no facts, evidence, allegations, claims, liabilities or demands relating to alleged or potential violations of law that may give rise to any claim or liability on the part of any Released Party under the Securities Exchange Act of 1934, the Sarbanes–Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other federal, state, local or international law, statute or regulation providing for protection of and/or recovery to whistleblowers.

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Holman understands that the Company is relying on these representations in entering into this Agreement.

13.                Reemployment. Holman understands and agrees that Holman’s employment with the Company was terminated effective on the Employment Separation Date and the Company has no obligation to reinstate or reemploy Holman with the Company following the Employment Separation Date.

14.                Reference Inquiries. The Company’s Human Resources Department will respond to inquiries from individuals identifying themselves as a prospective employer or lender seeking reference information from the Company solely by: (i) confirming the dates of Holman’s employment; (ii) confirming the title and nature of the last position held by Holman; (iii) advising that Holman’s employment ended; and (iv) stating that it is the policy of the Company to provide no other information respecting its employees or former employees.

15.                Mutual Non-Disparagement. Holman agrees that Holman will refrain from making any comments or statements concerning the Company, either in writing, electronically, orally, or otherwise that (a) are disparaging or defamatory or portray the Company in a negative light, (b) in any way impair the reputation, goodwill, or legitimate business interest of the Company; or (c) disparage the employees, agents, officers, directors, pricing, products, policies, or services of the Company. The Company agrees that its directors and officers will refrain, and will use reasonable efforts to cause its employees and agents to refrain, from making any statements, whether in writing, electronically, orally, or otherwise, that are disparaging or defamatory or portray Holman in a negative light, or impair the reputation of Holman. Notwithstanding the above, nothing herein shall preclude the parties from testifying under oath pursuant to validly issued legal process, making any truthful statement to law enforcement or other governmental authority in response to a lawful and formal request by such agency or pursuant to court order, or making any public disclosure that the party reasonably believes is required by law or by rule of the Securities Exchange Commission, NASDAQ, or any other governmental entity, provided that the party that believes such statement is required provides the other party with notice of the request, order or other need for disclosure in a timely manner prior to divulging the information.

16.                 Non-Admissions. The Parties expressly deny any and all liability or wrongdoing and agree that nothing in this Agreement will be deemed to represent any concession or admission of such liability or wrongdoing or any waiver of any defense.

17.                 Non-Assignment. Holman warrants and represents that she has not assigned or transferred in any manner, or purported to assign or transfer in any manner, to any person or entity, any claim or interest that is the subject of this Agreement.

18.                 Legal Counsel and Fees. The Parties will bear their own costs and attorney’s fees, if any.

19.                 Beneficiaries, Successors and Assigns. The Parties agree that any Company successor or assignee is a beneficiary of this Agreement and may rely on and enforce this Agreement to secure or defend its rights hereunder. The Company agrees that its promises in this Agreement will be binding on any successor or assignee of the Company’s business or operations.

20.            Survivability. This Agreement shall survive Holman’s death relative to her heirs, executors, administrators, and agents for all benefits and timelines identified in this Agreement.

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21.                 Taxation Issues. The Company makes no representations or warranties to Holman regarding the tax treatment to Holman of the payments provided under this Agreement. Holman is solely responsible for all federal, state, and local income and any other taxes that may be due on account of these payments.

22.                 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original. The counterparts may be evidenced by facsimile or portable document format (“PDF”) and each such facsimile or PDF will be deemed an original, will be binding upon the Parties for all purposes herein and, together with any other counterpart, will constitute one and the same instrument.

23.                Governing Law and Forum. This Agreement is to be construed and interpreted in accordance with applicable federal laws and the laws of the State of Minnesota, without regard to conflict of law principles of any jurisdiction. Any dispute, controversy, claim or litigation arising out of or related to this Agreement, directly or indirectly, must be resolved in accordance with applicable federal laws and the laws of the State of Minnesota. In the event of a controversy, claim or dispute between the Parties arising out of or relating to this Agreement, the controversy, claim or dispute must be filed exclusively in state or federal court in Hennepin County, Minnesota.

24.                 Construction, Invalidity and Severability. Whenever possible, each provision of this Agreement will be interpreted so that it is valid under the applicable law. If any provision of this Agreement is to any extent deemed invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Agreement will not be affected or impaired. To the extent permitted and possible, the invalid or unenforceable term will be deemed to be replaced by a term that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term. An adjudication of full or partial invalidity, illegality or unenforceability in one jurisdiction is not binding in other jurisdictions. If application of this severability provision should materially and adversely affect the economic substance of the transactions contemplated in this Agreement, the Party adversely impacted will be entitled to compensation for the adverse impact, provided that the reason for the invalidity or unenforceability of a term is not due to serious misconduct by the Party seeking such compensation.

25.                 Entire Agreement/Modifications. Except for any continuing obligations of Holman under an employment, confidentiality, or competition agreement or related Company policy, and in particular those confirmed in Section 10 of this Agreement, this Agreement constitutes the entire agreement between the Company and Holman relating to Holman’s employment and termination of employment. This Agreement supersedes all prior oral and written agreements and communications between the Parties. Holman understands that this Agreement cannot be changed unless done in writing and manually signed by both the Company and Holman.

26.                Reservation of Defenses and Company Remedies. This Agreement will serve and operate as a full and complete defense to any action against the Company concerning any Claim released herein. The Company reserves any and all defenses that the Company has or might have against any claims that may be brought by Holman. In the event that Holman breaches her obligations under this Agreement or the Company learns that Holman’s representations and warranties contained in this Agreement are false, the Company will have the right to bring a legal action for any and all appropriate relief, including without limitation, injunctive relief, specific performance, damages, reasonable attorneys’ fees, costs and disbursements. The Company will also have the right to suspend payment of the consideration set forth in Section 4 of this Agreement, to have any monetary award granted to Holman reduced by the amount of money that Holman receives under this Agreement, and/or to recover, in addition to any equitable relief and damages allowed by law, the consideration Holman has received under this Agreement.

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27.                Holman Acknowledgments. Holman states that she has read this entire Agreement and understands all of its terms, has been advised to consult with an attorney, has had a sufficient opportunity to review this Agreement with Holman’s attorney, and is voluntarily and knowingly entering into this Agreement with full knowledge and understanding of Holman’s legal rights and obligations. Holman further agrees that no promise or inducement has been offered except as set forth in this Agreement and that Holman is signing this Agreement without reliance upon any statement or representation by the Company or any representative or agent of the Company. Holman warrants that she has full legal authority to release any and all Claims as specified in this Agreement and to perform all other obligations as specified herein. Holman understands that this Agreement will have a final and binding effect and that by executing this Agreement, Holman may be giving up legal rights.

28.                 Effective Date. This Agreement will become effective as of the date last signed by both Parties.

	 	
UROPLASTY, INC.

	 	 	 
	
Dated: October 22, 2014

	
By:

	
/s/ Brett Reynolds

	 	 	
Brett Reynolds

	 	 	
SVP & Chief Financial Officer

	 	 	 
	 	
EMPLOYEE

	 	 	 
	
Dated: October 14, 2014

	
/s/ Susan H. Holman

	 	
Susan H. Holman

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