Document:

Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

As of December 31, 2021, byNordic
Acquisition Corporation (“we,” “our,” “us” or the “Company”) did not have any classes
of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Upon the
closing the Company’s initial public offering on February 11, 2022, the Company had the following three classes of securities registered
under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) its Units, consisting of one
share of Class A common stock (as defined below) and one-half of one redeemable warrant (as
defined below), with each whole warrant entitling the holder thereof to purchase one share of Class A common stock (the “Units”),
(ii) its Class A common stock, $0.0001 par value per share (“Class A common stock”), and (iii) its public warrants, with each
whole warrant exercisable for one share of Class A common stock for $11.50 per share (the “warrants”).

 

Pursuant
to our amended and restated certificate of incorporation, our authorized capital stock consists of 110,000,000 shares of common stock,
including 100,000,000 shares of Class A common stock, $0.0001 par value and 10,000,000 shares of Class B common stock, $0.0001
par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description summarizes the material
terms of our capital stock and does not purport to be complete. It is subject to, and qualified in its entirety by reference to,
our amended and restated certificate of incorporation, our bylaws and our warrant agreement, each of which is incorporated by reference
as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (the “Report”) of which this Exhibit
4.5 is a part.

 

Defined terms used herein
but not otherwise defined shall have the meaning ascribed to such terms in the Report.

 

Units

 

Each Unit consists of one
whole share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase
one share of our Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement, a warrantholder may exercise
its warrants only for a whole number of shares of Class A common stock.

 

Common Stock

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders
of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, except as required
by law. There is no cumulative voting with respect to the election of directors. Our stockholders are entitled to receive ratable dividends
when, as and if declared by the board of directors out of funds legally available therefor.

 

We will provide our stockholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation
of our initial business combination including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, divided by the number of then issued and outstanding public shares, subject to the limitations described herein. Our
sponsor, byNordic Holdings, byNordic Holdings II and our executive officers and directors (referred to herein as the insiders) have entered
into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares,
the private shares and any public shares they may acquire during or after our initial public offering in connection with the completion
of our initial business combination or otherwise. The anchor investors have agreed in the letter agreements entered into with us and our
sponsor and byNordic Holdings for the purchase of their founder shares that they have no rights to amounts on deposit in the trust account
with respect to the founder shares purchased by them. In addition, the insiders and the anchor investors have agreed to waive their rights
to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial
business combination within the prescribed time frame. However, if they acquire public shares in or after our initial public offering,
they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our
initial business combination within the prescribed time frame.

 

     

     

    

 

If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate
of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13
of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares of common
stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would not be restricting our stockholders’
ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Our stockholders’
inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such
stockholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally, such stockholders
will not receive redemption distributions with respect to the Excess Shares if we complete the initial business combination. And, as a
result, such stockholders will continue to hold that number of shares exceeding 15% and, in order to dispose of such shares would be required
to sell their stock in open market transactions, potentially at a loss.

 

In the event of a liquidation,
dissolution or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all
assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking
fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our
initial business combination, subject to the limitations described in the Report.

 

Redeemable Warrants

 

Each whole warrant entitles
the registered holder to purchase one whole share of our Class A common stock at a price of $11.50 per share, subject to adjustment as
discussed below, at any time commencing on the later of February 11, 2023 or 30 days after the completion of our initial business combination.
Pursuant to the warrant agreement, a warrantholder may exercise its warrants only for a whole number of shares of Class A common stock.

 

The warrants will expire five
years after the completion of our initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

We will not be obligated to
deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the warrants is
then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to
registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant
unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding
sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such
warrant may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration
statement is not effective for the exercised warrants, the purchaser of a Unit containing such warrant will have paid the full purchase
price for the Unit solely for the share of Class A common stock underlying such Unit.

 

We have agreed that as soon
as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best
efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants,
to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common
stock until the warrants expire or are redeemed, as specified in the warrant agreement. Notwithstanding the foregoing, if a registration
statement covering the Class A common stock issuable upon exercise of the warrants is not effective by the 60th business
day following the consummation of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless
basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided
that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their
warrants on a cashless basis.

 

Once the warrants become exercisable,
we may call the warrants for redemption:

 

		●	in whole and not in part;

 

		●	at a price of $0.01 per warrant;

 

		●	upon not less than 30 days’ prior written notice of
redemption (the “30-day redemption period”) to each warrantholder; and

 

    2

     

    

 

		●	if, and only if, the reported last sale price of the Class
A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like and for certain issuances of Class A common stock and equity-linked securities as described above) for any 20 trading
days within a 30-trading day period commencing once the warrants become exercisable and ending three business days before we send
the notice of redemption to the warrantholders.

 

If and when the warrants become
redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is
not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification.
If necessary, we will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of
residence in those states in which the warrants were offered by us in our initial public offering.

 

If we call the warrants for
redemption as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so
on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,”
our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect
on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. If our
management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that
number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A
common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market
value” (defined below) by (y) the fair market value. The “fair market value” shall mean the average reported last sale
price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including the “fair
market value” in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby
lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from
the exercise of the warrants after our initial business combination.

 

A holder of a warrant may
notify us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares of Class
A common stock issued and outstanding immediately after giving effect to such exercise.

 

The warrants have certain
anti-dilution and adjustments rights upon certain events.

 

The warrants were issued in
registered form under a warrant agreement between Continental, as warrant agent, and us. You should review a copy of the warrant agreement,
which was filed with the Registration Statement, for a complete description of the terms and conditions applicable to the warrants. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval by the holders of at least a majority of the then outstanding warrants to make any
change that adversely affects the interests of the registered holders of warrants.

 

The warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form
on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrantholders do not have the rights or privileges of holders of Class A common stock and any voting rights until they exercise their
warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants,
each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by stockholders.

 

In addition, if (x) we issue
additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price
or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor
or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such
issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of our initial business combination on the date of the consummation of our initial business combination (net
of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price
described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive
a fractional interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Class A common stock to
be issued to the warrantholder.

 

 

3Exhibit 4.1

 

YUM! BRANDS, INC.

 

AND

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
TRUSTEE

  

__________________________

 

5.375% Senior Notes due 2032

 

__________________________

 

THIRD SUPPLEMENTAL INDENTURE

 

__________________________

 

Dated as of April 1, 2022

 

to

 

Indenture Dated as of September 25, 2020

 

Debt Securities

 

 

     

     

    

  

THIRD SUPPLEMENTAL INDENTURE,
dated as of April 1, 2022, (this “Supplemental Indenture”), between YUM! Brands, Inc., a North Carolina corporation (the “Company”),
and U.S. Bank Trust Company, National Association, a national banking association, as successor to U.S. Bank National Association, a national
banking association, as trustee (the “Trustee”).

 

Recitals of The Company

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee an Indenture (the “Base Indenture”), dated as of September 25, 2020 (as heretofore supplemented
and as supplemented by this Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of one
or more series of Securities;

 

WHEREAS, Section 9.1(e) of
the Base Indenture provides that the Company and the Trustee may, without the consent of any Holders of Securities, enter into an indenture
supplemental to the Base Indenture to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1 of
the Base Indenture;

 

WHEREAS, the Company has duly
authorized the execution and delivery of this Supplemental Indenture to provide for the issuance of $1,000,000,000 aggregate principal
amount of its 5.375% Senior Notes due 2032 (the “Notes”); and

 

WHEREAS, the Company has requested
and hereby requests that the Trustee execute and deliver this Supplemental Indenture; all the conditions and requirements necessary to
make this Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for
the purposes herein expressed, have been performed and fulfilled; and the execution and delivery of this Supplemental Indenture have been
duly authorized in all respects.

 

NOW THEREFORE, THIS SUPPLEMENTAL
INDENTURE WITNESSETH: For and in consideration of the premises and the issuance of the series of Securities provided for herein, the Company
and the Trustee mutually covenant and agree as follows:

  

     

     

    

 

 

ARTICLE
1

 

RELATION TO THE BASE INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION

 

Section 1.1          
Relation to the Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture.

 

Section 1.2          
Definitions. For all purposes of this Supplemental Indenture, the following terms shall have the respective meanings set
forth in this Section 1.2.

 

“Applicable
Premium” means on any Redemption Date, the excess (to the extent positive) of: (a) the present value at such Redemption Date
of (i) the Redemption Price of such Note on April 1, 2027 (such redemption price being set forth in the table in Section 2.3(e) hereof)
(excluding accrued but unpaid interest), plus (ii) all required interest payments due on such Note to and including April 1, 2027 (excluding
accrued but unpaid interest), computed upon the Redemption Date using a discount rate equal to the Applicable Treasury Rate at such Redemption
Date plus 50 basis points; over (b) the outstanding principal amount of such Note; in each case as calculated by the Company or on behalf
of the Company by such Person as the Company shall designate; provided that the Trustee cannot be designated without its consent.

 

“Applicable
Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least
two Business Days (but not more than five Business Days) prior to the Redemption Date (or, if such statistical release is not so published
or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly equal to the period
from the Redemption Date to April 1, 2027; provided, however, that if the period from the Redemption Date to April 1, 2027
is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Applicable Treasury
Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United
States Treasury securities for which such yields are given, except that if the period from the Redemption Date to such applicable date
is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of
one year shall be used.

 

“Base Indenture”
has the meaning set forth in the recitals hereto.

 

“Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York, United
States or the jurisdiction of the place of payment are authorized or required by law, regulation or executive order to close.

 

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“Certificated
Security” means a Security registered in the name of the Holder thereof and issued in accordance with Section 2.4 hereof, substantially
in the form of the Security attached hereto as Exhibit A and that does not bear the Global Security Legend.

 

“Change
of Control” means the occurrence of any of the following: (1) the consummation of any transaction (including, without limitation,
any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the
Exchange Act), other than the Company or one of its Subsidiaries becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into which
the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares;
or (2) 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 Company’s assets and the assets of the Company’s Subsidiaries,
taken as a whole, to one or more Persons, other than the Company or one of the Company’s Subsidiaries. Notwithstanding the foregoing,
a transaction shall not be deemed to be a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary of
a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction
are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately
following that transaction no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding
company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting
Stock of such holding company.

 

“Change
of Control Offer” has the meaning set forth in Section 2.5(a).

 

“Change
of Control Payment” has the meaning set forth in Section 2.5(a).

 

“Change
of Control Payment Date” has the meaning set forth in Section 2.5(a).

 

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

 

“Company”
has the meaning set forth in the introductory paragraph hereof.

 

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

 

“Global
Security” has the meaning set forth in Section 2.4(a).

 

“Global
Security Legend” means the legend set forth in Section 2.4(c), which is to be placed on all Global Securities issued under the
Indenture.

 

“Indenture”
has the meaning set forth in the recitals hereto.

 

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“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies.

 

“Moody’s”
means Moody’s Investors Service, Inc., or any of its successors or assigns.

 

“Notes”
has the meaning set forth in the recitals hereto, and means any Notes authenticated and delivered pursuant to the Indenture.

 

“Participant”
means a member of, or a participant in, the Depositary.

 

“Paying
Agent” means any Person (including the Company) authorized by the Company to pay the principal of, premium, if any, or interest
on, any Notes on behalf of the Company.

 

“Rating
Agencies” means (1) each of Moody’s and S&P, and (2) if either 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 “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified
by a Board Resolution) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“Rating
Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade
Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating
of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1)
the occurrence of a Change of Control and (2) public notice of the Company’s intention to effect a Change of Control; provided,
however, that a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect
of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering
Event) if the Rating 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 the Company’s 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 has occurred at the time of the Rating Event).

 

“S&P”
means Standard & Poor’s Ratings Services, a division of S&P Global Inc., or any of its successors or assigns.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Supplemental
Indenture” has the meaning set forth in the introductory paragraph hereof.

 

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“Trustee”
has the meaning set forth in the introductory paragraph hereof until a successor replaces it in accordance with the applicable provisions
of the Indenture and thereafter means the successor serving thereunder.

 

“Voting
Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
as of any date, the Capital Stock of such person that is at the time entitled to vote generally in the election of the board of directors
of such person.

 

Section 1.3          
Rules of Construction. For all purposes of this Supplemental Indenture, except as expressly provided or unless the context
otherwise requires:

 

(a)       
   capitalized terms used herein without definition shall have the meanings specified in the Base Indenture;

 

(b)      
    all references herein to Articles and Sections, unless otherwise specified, refer to the corresponding
Articles and Sections of this Supplemental Indenture;

 

(c)     
     the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision;
and

 

(d)    
      in the event of a conflict with the definition of terms in the Base Indenture, the definitions
in this Supplemental Indenture shall control.

 

ARTICLE
2

THE NOTES

 

Section 2.1          
Title of the Notes. There is hereby established by this Supplemental Indenture a separate series of Securities under the
Indenture, designated as the “5.375% Senior Notes due 2032.”

 

Section 2.2     
       Limitation on Aggregate Principal Amount.

 

(a)          The
Notes are initially limited in aggregate principal amount to $1,000,000,000, except for such Notes authorized and delivered upon
registration of transfer of, or in exchange for, or in lieu of other notes, pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the
Base Indenture or Section 2.5 hereof. The Company may, from time to time, without the consent of Holders of the Securities of any
series, issue Securities under the Indenture in addition, and with identical terms, to the $1,000,000,000 aggregate principal amount
of Notes (other than the issue date, the issue price and the amount of the first payment of interest). Any such additional
Securities and the Notes will be treated as a single series for purposes of the Indenture; provided that if the additional
Securities are not fungible with the Notes for United States federal income tax purposes, the additional Securities will have a
separate CUSIP number. Any such increase in the authorized aggregate principal amount of the Notes shall be evidenced by an
Officers’ Certificate delivered to the Trustee, without further action by the Company.

 

    5

     

    

 

 

Section 2.3          
Terms of the Notes.

 

(a)     
     The Depository Trust Company is hereby designated as the Depositary for the Notes, which shall be
issued in the form of Global Securities as further provided in Section 2.4.

 

(b)    
      The principal of the Notes is payable on April 1, 2032.

 

(c)      
    The Notes shall bear interest at an annual rate of 5.375%, from April 1, 2022, or from the most recent date on
which interest has been paid or provided for, payable semi-annually in arrears on April 1 and October 1 of each year commencing
October 1, 2022, until the principal of such Notes is paid or made available for payment. The interest so payable will be paid to
the persons in whose names the Notes are registered at the close of business on the preceding March 15 or September 15,
respectively. If the date on which interest is payable is not a Business Day, the interest will be paid on the next following
Business Day and no interest shall accrue for the intervening period.

 

(d)    
      Payment of the principal of (and premium, if any, on) and any such interest on the Notes will be
made at the office or agency of the Company maintained for that purpose, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option
of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register. U.S. Bank Trust Company, National Association is appointed as the Trustee and Paying Agent for the
Notes to perform the functions set forth in the Indenture to be performed by such offices.

 

(e)      
    At any time prior to April 1 , 2027, the Notes will be redeemable in whole at any time or in part from time to
time, at the Company’s option, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus
the Applicable Premium as of, and accrued and unpaid interest, if any, thereon to but excluding, the Redemption Date.

 

On or after April 1, 2027,
the Notes will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a Redemption Price equal
to the percentage of the principal amount of such Notes set forth below plus accrued and unpaid interest, if any, thereon to but excluding,
the Redemption Date if redeemed during the twelve-month period beginning on April 1 of the year indicated below:

 

	Year	 	Percentage	 
	2027	 	 	102.688	%
	2028	 	 	101.792	%
	2029	 	 	100.896	%
	2030 and thereafter	 	 	100.000	%

 

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If the Redemption Date is
on or after a Regular Record Date, and on or before the related Interest Payment Date, the accrued and unpaid interest will be paid to
the Person in whose name the Note is registered at the close of business on such Regular Record Date, and no additional interest will
be payable to Holders whose Notes will be subject to redemption by the Company.

 

(f)          
The Notes are not entitled to any mandatory redemption or sinking fund payments.

 

(g)         
The Notes shall be issued in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000.

 

(h)         
The entire principal amount of the Notes shall be payable upon the acceleration of the Maturity thereof pursuant to Section 5.2
of the Indenture.

 

(i)          
Additional Amounts will not be payable to the Holders of the Notes.

 

(j)           
The Notes shall have such other terms and provisions as are provided in the form thereof set forth in Exhibit A hereto, which terms
and provisions are hereby expressly made a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their
execution and delivery of this Supplemental Indenture expressly agree to such terms and provisions and to be bound thereby. Except as
otherwise expressly permitted by the Indenture, all Notes shall be identical in all respects. Notwithstanding any differences among them,
all Notes issued under the Indenture, including any Notes issued after the date hereof pursuant to and in accordance with the terms hereof,
shall vote and consent together on all matters as one class.

 

(k)         
The Company shall be required to offer to purchase the Notes, in accordance with Section 2.5 hereof, upon the occurrence of a Change
of Control Triggering Event.

 

Section 2.4    
        Book Entry Provisions; Transfer and Exchange.

 

(a)         
The Notes shall be issued initially in the form of one or more permanent global notes (“Global Securities”). Each Global
Security initially shall (i) be registered in the name of the Depositary for such Global Security or the nominee of such Depositary, (ii)
be deposited with, or on behalf of, the Depositary or with the Trustee as custodian for such Depositary, (iii) bear the Global Security
Legend and (iv) be dated the date of its authentication. Except as provided in Section 2.4(b), owners of beneficial interests in Global
Securities will not be entitled to receive physical delivery of certificated Notes.

 

Participants and other
owners of beneficial interests in Global Securities shall have no rights under the Indenture with respect to any Global Security
held on their behalf by the Depositary, or the Trustee as its custodian, or under such Global Security, and the Depositary or, if
applicable, the nominee of such Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as
the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent
the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or shall impair, as between the Depositary and its Participants, the operation of
customary practices governing the exercise of the rights of a Holder of any Security.

 

    7

     

    

  

(b)         
Notwithstanding any other provision in the Indenture, no Global Security may be exchanged in whole or in part for Securities registered,
and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (i) such Depositary (A) has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Security or (B) has ceased to be a clearing agency registered as such under the Exchange Act, and in either
case of (A) or (B) the Company fails to appoint a successor Depositary within 90 calendar days, (ii) the Company, at its option, executes
and delivers to the Trustee a Company Order stating that it elects to cause the issuance of the Securities in certificated form and that
all Global Securities shall be exchanged in whole for Securities that are not Global Securities (in which case, such exchange shall be
effected by the Trustee) or (iii) there shall have occurred and be continuing an Event of Default with respect to the Notes. In all cases,
Certificated Securities delivered in exchange for any Global Security or beneficial interests in Global Securities will be registered
in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary
procedures). Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 3.4 and 3.6 of the Base
Indenture. Every Security authenticated and delivered in exchange for, or in lieu of, a Global Security or any portion thereof, pursuant
to this Section 2.4 or Sections 3.4 and 3.6 of the Base Indenture, shall be authenticated and delivered in the form of, and shall be,
a Global Security. A Global Security may not be exchanged for another Note other than as provided in this Section 2.4(b).

 

(c)         
Legend. The following legend shall appear on the face of all Global Securities.

 

“THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY
OR A SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE
 & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

 

    8

     

    

  

Section 2.5          
Offer to Purchase Upon Change of Control Triggering Event.

 

(a)         
If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes pursuant to Section
2.3(e) hereof, the Company shall be required to make an offer to purchase all of the Notes pursuant to the offer described in this Section
2.5 (the “Change of Control Offer”) at a price 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 repurchase (the “Change of Control
Payment”), subject to the right of Holders of the Notes of record on the relevant Regular Record Date to receive interest due on
the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option,
prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control,
the Company shall mail notice to Holders of the Notes, with a copy to the Trustee, describing the transaction that constitutes or may
constitute the Change of Control Triggering Event and with the following information:

 

(i)           
that a Change of Control Offer is being made pursuant to this Section 2.5, and that all Notes properly tendered pursuant to such
Change of Control Offer will be accepted for payment by the Company;

 

(ii)          
the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date such notice
is mailed, except in the case of a conditional Change of Control Offer made in advance of a Change of Control as described in clause (viii)
below (the “Change of Control Payment Date”);

 

(iii)          
that any Note not properly tendered will remain outstanding and continue to accrue interest;

 

(iv)         
that unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the
Change of Control Offer will cease to accrue interest, on the Change of Control Payment Date;

 

(v)          
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified
in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of
Control Payment Date;

 

(vi)          that
Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes; provided
that the Paying Agent receives, not later than the close of business on the second Business Day prior to the expiration date of the
Change of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the
principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election
to have such Notes purchased;

 

    9

     

    

  

(vii)        
that Holders whose Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in principal
amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 or any
integral multiple of $1,000 in excess of $2,000;

 

(viii)      
if such notice is delivered prior to the consummation of a Change of Control, stating that the Change of Control Offer is conditioned
on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date; and

 

(ix)         
the other instructions, as determined by the Company, consistent with this Section 2.5, that a Holder must follow.

 

The Trustee shall not be responsible
for determining whether a Change of Control Triggering Event or any component thereof has occurred.

 

The Paying Agent will promptly
deliver to each Holder of the Notes tendered the Change of Control Payment for such Notes, and the Trustee will 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
the Notes surrendered, if any; provided that each such new Note will be in a principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable
after the Change of Control Payment Date.

 

If the Change of Control Payment
Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest will be
paid on the relevant Interest Payment Date to the Person in whose name a Note is registered at the close of business on such Regular Record
Date.

 

(b)         
On the Change of Control Payment Date, the Company shall, to the extent permitted by law:

 

(i)           
accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

 

(ii)          
deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof
so tendered; and

 

(iii)         
 deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted together with an Officers’ Certificate
stating that such Notes or portions thereof have been tendered to and purchased by the Company.

 

    10

     

    

 

 

(c)              
The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event
if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set
forth in this Supplemental Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer or (ii) a notice of redemption of all outstanding Notes has been given pursuant to
the Indenture, unless and until there is a default in the payment of the Redemption Price on the applicable Redemption Date or the redemption
is not consummated due to the failure of a condition precedent contained in the applicable redemption notice to be satisfied. In addition,
the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default
under the Indenture, other than a Default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. Notwithstanding
anything to the contrary in this Section 2.5, a Change of Control Offer may be made in advance of the consummation of a Change of Control,
conditional upon the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date, if a definitive agreement
is in place for the Change of Control at the time of making of the Change of Control Offer.

 

(d)              
The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations
applicable to the repurchase of the Notes pursuant to this Section 2.5. To the extent that the provisions of any such securities laws
or regulations conflict with the provisions of this Section 2.5, the Company shall comply with those securities laws and regulations and
shall not be deemed to have breached its obligations under this Section 2.5 by virtue of any such conflict.

 

(e)              
The provisions of this Section 2.5 may be waived (as provided in Section 10.8 of the Base Indenture) or modified with the written
consent of the Holders of a majority in principal amount of the Notes then Outstanding if the Change of Control Triggering Event has not
yet occurred.

 

Section 2.6           
Events of Default. In addition to the Events of Default specified in Section 5.1 of the Base Indenture, the following shall
constitute an “Event of Default” with respect to the Notes: any default in the payment of any Change of Control Payment in
respect of the Notes as when the same becomes due and payable in accordance with Section 2.5 hereof. Such additional Event of Default
is expressly included in this Supplemental Indenture for the benefit of, and shall be solely applicable to, the series of Securities established
as the Notes by this Supplemental Indenture.

 

    11

     

    

 

ARTICLE
3

MISCELLANEOUS PROVISIONS

 

Section 3.1           
Ratification. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects hereby adopted, ratified
and confirmed and the Base Indenture shall be modified in accordance therewith and this Supplemental Indenture shall form part of the
Base Indenture for all purposes as therein provided.

 

Section 3.2           
Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed
shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Signatures of
the parties hereto transmitted by facsimile or PDF may be used in lieu of the originals and shall be deemed to be their original signatures
for all purposes.

 

Section 3.3           
Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK.

 

Section
3.4            Trustee.
The Trustee makes no representations as to, and shall not be responsible for, the validity, sufficiency or adequacy of this Supplemental
Indenture or the Notes. The recitals and statements herein are deemed to be those of the Company and not of the Trustee. The Trustee
shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. Neither the Trustee nor any
Paying Agent shall be responsible for monitoring the Company’s ratings or determining whether a Rating Event has occurred.

 

    12

     

    

 

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

 

	 	YUM! BRANDS,
    INC.
	 	 
	 	By: 	/s/ John Lane
	 	 	Name: 	John Lane
	 	 	Title: 	Treasurer
	 	 
	 	U.S. BANK TRUST COMPANY,
	 	NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By: 	/s/ Amy E. Anders
	 	 	Name:	 Amy E. Anders
	 	 	Title:	 Vice President

 

[Signature page to Third Supplemental Indenture]

     

     

    

 

EXHIBIT A

 

Form of Notes

 

    A-1

     

    

 

YUM! BRANDS, INC.

5.375% SENIOR NOTE DUE 2032

 

[Insert the Global Security Legend, if applicable,
pursuant to the provisions of the Third Supplemental Indenture]

 

	No. ______	$__________________

 

CUSIP ________________

 

ISIN ________________

 

YUM! Brands, Inc., a North
Carolina corporation (herein called the “Company,” which term includes any successor corporation under the Indenture referred
to on the reverse hereof), for value received, hereby promises to pay to ______________, the principal sum of _______________________
Dollars ($____________) on April 1, 2032, and to pay interest thereon from April 1, 2022 or from the most recent Interest Payment Date
to which interest has been paid or duly provided for semi-annually in arrears on April 1 and October 1 in each year commencing October
1, 2022, at the rate of 5.375% per annum until the principal hereof is paid or made available for payment.

 

The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture referred to on the reverse hereof,
be paid to the Person in whose name this Security is registered at the close of business on March 15 or September 15 (whether or not a
Business Day), as the case may be, preceding such Interest Payment Date (each such date, a “Regular Record Date”); provided,
however, that, if such Interest Payment Date would fall on a day that is not a Business Day, such Interest Payment Date shall be
the following day that is a Business Day and no interest shall accrue for the intervening period.

 

Payment of the principal of
(and premium, if any, on) and any such interest on this Security will be made at the office or agency of the Company maintained for that
purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made
by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon referred to on the reverse hereof, has been executed by or on behalf of the Trustee by manual or PDF or other electronically-imaged
(including, without limitation DocuSign or Adobe Sign) signature, this Security shall not be entitled to any benefit under the Indenture
or be valid or obligatory for any purpose.

 

* * * * *

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed by the manual or facsimile signature of one of its authorized officers.

 

	 	YUM! BRANDS, 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.

 

	Dated: 	 	 	U.S. BANK TRUST COMPANY, NATIONAL
    ASSOCIATION,
	 	 	 	as Trustee
	 	 	 	 
	 	 	 	By:	
	 	 	 	 	             Authorized Signatory

 

    A-3

     

    

 

YUM! BRANDS,
INC.

 

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 September 25, 2020, between the Company and U.S. Bank Trust Company, National Association, as successor
to U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under
the Indenture), as heretofore supplemented and as supplemented by a third supplemental indenture, dated as of April 1, 2022, between the
Company and the Trustee (collectively, the “Indenture,” which term shall have the meaning assigned to it in such instrument),
to which Indenture 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 and of the terms upon which the Securities 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 $1,000,000,000.

 

At any time prior to April
1, 2027, the Securities will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a Redemption
Price equal to 100% of the principal amount of the Securities to be redeemed plus the Applicable Premium as of, and accrued and unpaid
interest, if any, thereon to but excluding, the Redemption Date.

 

On or after April 1, 2027,
the Securities will be redeemable in whole at any time or in part from time to time, at the Company’s option, at a Redemption Price
equal to the percentage of the principal amount of such Securities set forth below plus accrued and unpaid interest, if any, thereon to
but excluding the Redemption Date if redeemed during the twelve-month period beginning on April 1 of the year indicated below:

 

	Year	 	Percentage	 
	2027	 	 	102.688	%
	2028	 	 	101.792	%
	2029	 	 	100.896	%
	2030 and thereafter	 	 	100.000	%

 

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.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series under the Indenture to be affected at any time by the Company and the
Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of all the Holders of all Securities
of such series, to waive 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.

 

    A-4

     

    

 

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

 

“Global Security”
and “Global Securities” means a Security or Securities evidencing all or part of a series of Securities, issued to the Depositary
(as hereinafter defined) for such series or its nominee, registered in the name of such Depositary or its nominee, bearing the Global
Securities Legend and dated the date of its authentication. “Depositary” means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as the Depositary by the Company.

 

No holder of any beneficial
interest in this Security held on its behalf by a Depositary or a nominee of such Depositary shall have any rights under the Indenture
with respect to such Global Security, and such Depositary or nominee may be treated by the Company, the Trustee, and any agent of the
Company or the Trustee as the owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise
of the rights of the Depositary, or its nominee, as Holder of any Security.

 

This Security is exchangeable,
in whole but not in part, for Securities registered in the names of Persons other than the Depositary or its nominee or in the name of
a successor to the Depositary or a nominee of such successor depositary only if (i) the Depositary (a) notifies the Company that
it is unwilling or unable to continue as depositary for the Global Securities and the Company fails to appoint a successor depositary
within 90 calendar days or (b) has ceased to be a clearing agency registered under the Exchange Act and the Company fails to appoint
a successor depositary within 90 calendar days, (ii) at any time the Company in its sole discretion determines to issue Certificated Securities
or (iii) there shall have occurred and be continuing an Event of Default with respect to the Securities. If this Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for Securities issuable in minimum denominations of $2,000 and in integral
multiples of $1,000 in excess thereof and registered in such names as the Depositary holding this Security shall direct. Subject to the
foregoing, this Security is not exchangeable, except for a Security or Securities of the same aggregate denominations to be registered
in the name of such Depositary or its nominee or in the name of a successor to the Depositary or a nominee of such successor depositary.

 

No recourse shall be had
for the payment of the principal of (and premium, if any, on) or interest on this Security, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any
incorporator, stockholder, officer or director, as such, past, present or future, of 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.

 

All capitalized terms used
in this Security and not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 

This Security, including without
limitation the obligation of the Company contained herein to pay the principal of (and premium, if any, on) and interest on this Security
in accordance with the terms hereof and of the Indenture, shall be construed in accordance with and governed by the laws of the State
of New York.

 

    A-5

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

(I) or (we) assign and transfer this Security to

 

	 
	(Insert assignee’s social security or tax I.D. no.)
	 
	 
	 
	 

(Print or type assignee’s name, address and
zip code)

 

and irrevocably appoint ____________________________________ agent
to transfer this Security on the books of the Company. The agent may substitute another to act for him.

 

	 	Your Signature:	____________________________________________

(Sign exactly as your name appears
on the other side of 

this Security)

 

Date: ________________________________

 

Medallion Signature Guarantee: _____________________________________

 

    A-6

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you elect to have this
Security purchased by the Company pursuant to Section 2.5 of the Third Supplemental Indenture, check box:

 

Section 2.5  ̈

 

If you want to elect to have
only part of this Security purchased by the Company pursuant to Section 2.5 of the Third Supplemental Indenture, state the amount in principal
amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):

$_____ and specify the denomination
or denominations (which shall not be less than the minimum authorized denomination) of the Securities to be issued to the Holder for the
portion of the within Security not being repurchased (in the absence of any such specification, one such Security will be issued for the
portion not being repurchased):

 

	Date:	 	Your	 

	 	Signature

(Sign exactly as
your name appears on the other side of the Security)

 

Signature

	Guarantee:	 

(Signature must be
guaranteed)

 

The signature(s) should be guaranteed
by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.

 

    A-7

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