Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

DXC TECHNOLOGY COMPANY 

(F.K.A. EVERETT SPINCO, INC.), 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 and 

ELAVON FINANCIAL SERVICES DAC, UK BRANCH, 

as Paying Agent 
 SIXTH
SUPPLEMENTAL INDENTURE 
 Dated as of March 15, 2018 
  

 
  

 Sixth Supplemental Indenture dated as of March 15, 2018, by and among DXC TECHNOLOGY
COMPANY, a Nevada corporation (f.k.a. Everett SpinCo, Inc.) (the “Company”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”), and ELAVON FINANCIAL SERVICES DAC, UK BRANCH,
as paying agent (the “Paying Agent”). 
 Reconciliation and tie between Trust Indenture Act of 1939 (the “Trust
Indenture Act”) and the Indenture. 
  

			
	 § 310(a)
	  	5.10
	 (b)
	  	5.09
	 § 311(a)
	  	5.14
	 (b)
	  	5.14
	 § 312(a)
	  	2.08
	 (b)
	  	10.04
	 (c)
	  	10.04
	 § 313(a)
	  	5.04
	 (b)
	  	5.04
	 (c)
	  	5.04
	 (d)
	  	5.04
	 § 314(a)
	  	3.02
	 (b)
	  	Not Applicable
	 (c)
	  	10.05
	 (d)
	  	Not Applicable
	 (e)
	  	10.05
	 (f)
	  	Not Applicable
	 § 315(a)
	  	5.01
	 (b)
	  	4.12
	 (c)
	  	5.01
	 (d)
	  	5.05
	 (e)
	  	10.04
	 § 316(a)
	  	7.02, 7.07
	 (b)
	  	7.02
	 (c)
	  	6.02
	 § 317(a)
	  	4.03
	 (b)
	  	5.03
	 § 318(a)
	  	7.07

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

RECITALS 
 WHEREAS, the
Company and the Trustee executed and delivered an Indenture, dated as of March 27, 2017 (the “Base Indenture”), to provide for the issuance by the Company from time to time of debentures, notes or other debt instruments
evidencing its indebtedness. The Base Indenture, as supplemented and amended by this Sixth Supplemental Indenture, including the 

  
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 provisions of the Trust Indenture Act that are automatically deemed to be a part of this Indenture by operation
of the Trust Indenture Act, and as it may be further amended or supplemented from time to time with respect to the Notes, is herein referred to as the “Indenture.” 

WHEREAS, the Company has authorized the issuance of 2.750% Senior Notes due 2025 (the “Notes”). 

WHEREAS, the Company desires to enter into this Sixth Supplemental Indenture to establish the form and terms of the Notes in accordance with
Section 2.03 of the Base Indenture. 
 WHEREAS, all things necessary to make this Sixth Supplemental Indenture a valid and legally
binding agreement according to its terms have been done. 
 WHEREAS, the Indenture is subject to, and will be governed by, the provisions of
the Trust Indenture Act that are required to be a part of and govern indentures qualified under the Trust Indenture Act. 
 NOW, THEREFORE,
for and in consideration of the foregoing premises, the Company, the Trustee and the Paying Agent mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 

ARTICLE 1 
 Section 1.01
Terms of the Notes. The following terms relate to the Notes: 
 (a) The Notes shall constitute a separate series of Securities under
the Base Indenture having the title “2.750% Senior Notes due 2025.” 
 (b) The aggregate principal amount of the Notes (the
“Initial Notes”) that may be initially authenticated and delivered under the Indenture shall be £250,000,000. 
 (c)
The Company may from time to time, without the consent of the Holders of the Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms (except
for the issue date and, in some cases, the public offering price and the first interest payment date) as the Initial Notes. The aggregate principal amount of the Additional Notes shall be unlimited. 

(d) Any Additional Notes and the Initial Notes shall constitute a single series under the Indenture and all references to the Notes shall
include the Initial Notes and any Additional Notes unless the context otherwise requires. In the above case, if any such Additional Notes are not fungible with the previously issued Notes for U.S. federal income tax purposes, such Additional Notes
will be issued with a different ISIN number as the previously issued Notes, as applicable. 
 (e) The entire outstanding principal of the
Notes shall be payable on January 15, 2025. The rate at which the Notes shall bear interest shall be 2.750% per year. The date from which interest shall accrue on the Notes shall be March 15, 2018, or the most recent Interest Payment Date
to which interest has been paid or provided for. The Interest Payment Dates for the Notes shall be January 15 of each year, beginning January 15, 2019. 

  
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 (f) Interest shall be payable on each Interest Payment Date to the Holders of record of the Notes
at the close of business on the January 1 immediately preceding each Interest Payment Date (each, a “regular record date”). The basis upon which interest shall be calculated shall be that of the actual number of days in the
period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or March 15, 2018, if no interest has been paid on the Notes), to, but excluding. the next
scheduled Interest Payment Date. This payment convention is referred to as “ACTUAL/ACTUAL (ICMA),” as defined in the rulebook of the International Capital Market Association. 

(g) The Depositary for the Global Notes shall be the common depositary on behalf of Euroclear and Clearstream. 

(h) (i) The Company initially appoints Elavon Financial Services DAC, UK Branch as paying agent (the “Paying Agent”) with
respect to the Notes pursuant to Section 3.04 of the Base Indenture until such time as the Paying Agent has resigned or a successor has been appointed. The Paying Agent hereby accepts such initial appointment, and the Company confirms that such
initial appointment is acceptable to it. The Paying Agent shall have all of the rights, privileges, protections and immunities granted to the Trustee in the Indenture. Payment of the principal amount of the Notes, and any premium, interest or
Additional Amounts on the Notes, will be payable at the office of the Paying Agent at Fifth Floor, 125 Old Broad Street, London, EC2N 1AR, United Kingdom, until such time as the Company designates an alternate place of payment. 

(ii) The Paying Agent hereby agrees with the Trustee, subject to the provisions of Section 3.04 of the Base Indenture:

 (A) that it will hold all sums received by it as such Paying Agent for the payment of the principal of or interest on, or
Additional Amounts related to, the Notes (whether such sums have been paid to it by the Company or any other obligor on the Notes) in trust for the benefit of the Holders of the Notes or of the Trustee; 

(B) that it will give the Trustee notice of any failure by the Company (or by any other obligor on the Notes) to make any
payment of the principal of or interest on, or Additional Amounts related to, the Notes when the same shall be due and payable; 

(C) that it will pay any such sums so held in trust by it to the Trustee upon the Trustee’s written request at any time
during the continuance of the failure referred to in Section 1.01(h)(ii)(B) above; and 
 (D) that it will perform all
other duties of the Paying Agent as set forth in the Indenture. 

  
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 (i) The Notes that are issued in a registered offering pursuant to the Securities Act shall be
substantially in the form attached hereto as Exhibit A, the terms of which are herein incorporated by reference. Such Global Notes shall be referred to collectively herein as the “Global Notes,” and shall be deposited with the
Depositary or its nominee, for credit to an account of an Agent Member, and shall be duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of a Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as hereinafter provided. 
 (j) Each Global Note (and all Notes
issued in exchange therefor or substitution thereof) shall bear the applicable legends set forth in Exhibit A (the “Note Legends”) on the face thereof until the Note Legends are removed or not required. 

(k) The Notes shall be denominated in Pound Sterling and shall be issuable in minimum denominations of £100,000 or any integral
multiple of £1,000 in excess thereof. If Pound Sterling is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or for the settlement of transactions by public institutions of or
within the international banking community, then all payments in respect of the Notes will be made in Dollars until Pound Sterling is again available to the Company or so used. In such circumstances, the amount payable on any date in
Pound Sterling will be converted into Dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, if the Board of Governors
of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent Dollar/Pound Sterling exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date
or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Pound Sterling. For the
avoidance of doubt, any such payment in respect of the Notes so made in Dollars will not constitute an Event of Default. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the
foregoing. 
 (l) The Notes may be redeemed by the Company prior to the maturity date, as provided in Section 1.05. 

(m) The Notes will not have the benefit of any sinking fund. 

(n) Except as provided herein, the Holders of the Notes shall have no special rights in addition to those provided in the Base Indenture upon
the occurrence of any particular events. 
 (o) The Notes will be direct, unconditional, senior unsecured and unsubordinated obligations of
the Company, and will rank equal in right of payment to all of the Company’s other existing and future senior unsecured indebtedness and among themselves, and senior in right of payment to any subordinated indebtedness the Company may incur.

 (p) The Notes are not convertible into shares of common stock or other securities of the Company. 

  
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 (q) The restrictive covenants set forth in Section 1.06 shall be applicable to the Notes.

 Section 1.02 Additional Defined Terms. As used herein, the following defined terms shall have the following meanings with
respect to the Notes only: 
 “Additional Amounts” has the meaning set forth in Section 1.11. 

“Additional Notes” has the meaning set forth in Section 1.01(c). 

“Agent Members” has the meaning set forth in Section 1.08(b). 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange at the relevant time. 

“Attributable Debt” means, with respect to any sale and lease-back transaction, the present value of the minimum rental
payments called for during the term of the lease (including any period for which such lease has been extended), determined in accordance with GAAP, discounted at a rate that, at the inception of the lease, the lessee would have incurred to borrow
over a similar term the funds necessary to purchase the leased assets. 
 “Business Day” means each Monday, Tuesday,
Wednesday, Thursday and Friday (i) that is not a day on which banking institutions in the City of New York, London or another place of payment on the Notes are authorized or obligated by law, regulation or executive order to close and
(ii) that is also a London banking day and is a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates.  

“Capital Lease Obligations” means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP. 
 “Change
of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in a single transaction or a series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries, taken as a whole, to one
or more “persons” (as that term is defined in Section 13(d)(3) of the Exchange Act) (other than to the Company or one of its Subsidiaries); 

(2) the consummation of any transaction (including, without limitation, any merger or consolidation) as a result of which any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number of shares; 

  
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 (3) the Company consolidates with, or merges with or into any Person, or any
Person consolidates with, or merges with or into the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person
immediately after giving effect to such transaction; or 
 (4) the adoption of a plan relating to the liquidation or
dissolution of the Company. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (i) (A)
the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (B) the direct or indirect holders of the Company’s Voting Stock immediately prior to that transaction are the holders of more than 50% of the Voting
Stock of such holding company, or (ii) the Company consolidates with, or merges with or into, any person that results in the surviving person remaining a public company. 

“Change of Control Offer” has the meaning set forth in Section 1.06(d). 

“Change of Control Payment” has the meaning set forth in Section 1.06(d). 

“Change of Control Payment Date” has the meaning set forth in Section 1.06(d). 

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

“Clearstream” means Clearstream Banking, société anonyme, or its successors. 

“Code” has the meaning set forth in Section 1.11(a)(iv). 

“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Comparable Government Gilt” means, in relation to any Treasury Rate calculation, a United Kingdom government gilt whose
maturity is closest to the maturity of the Notes, or if the Company or the Independent Investment Banker considers that such similar gilt is not in issue, such other United Kingdom government gilt as the Company or the Independent Investment Banker,
with the advice of three brokers of, and/or market makers in, United Kingdom government gilts selected by the Company or the Independent Investment Banker, determine to be appropriate for determining the Treasury Rate. 

“Consolidated Net Tangible Assets” means, as of any particular time, the aggregate amount of the Company’s assets and
the assets of the Company’s Subsidiaries (in each case, less applicable reserves and other properly deductible items) after deducting from such amount: 

  
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 (1) all current liabilities other than (A) notes and loans payable,
(B) current maturities of long-term debt and (C) current maturities of Capital Lease Obligations, and 
 (2)
intangible assets, to the extent included in such aggregate assets, all as set forth on the Company’s then most recent consolidated balance sheet and computed in accordance with GAAP. 

“Definitive Security” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.01 of the Base Indenture. 
 “Depositary” means Elavon Financial Services DAC, or its successors. 

“Euroclear” means Euroclear Bank S.A./N.V., or its successors. 

“Event of Default” has the meaning set forth in Section 1.07(a). 

“Fitch” means Fitch Ratings, Inc., and its successors. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Public Company
Accounting Oversight Board (United States) and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of this Indenture. 
 “Global Note” means, individually and collectively, each of the
Notes in global form issued to the Depositary or its nominee. 
 “Indebtedness” means, with respect to any Person, and
without duplication, any indebtedness, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or obligations under capital leases, except any such balance that constitutes an accrued
expense or trade payable, if and to the extent any of the foregoing indebtedness would appear as a liability upon an unconsolidated balance sheet of such Person in accordance with GAAP (but does not include contingent liabilities which appear only
in a footnote to a balance sheet); provided that Indebtedness shall exclude (A) Indebtedness that is required to be converted at, or prior to, maturity into equity securities of the Company, and (B) advances and overdrafts in
respect of cash pooling and multi-currency notional pooling programs. 
 “Independent Investment Banker” means an
independent investment institution of national standing, which may be one of the Reference Treasury Dealers or their respective affiliates, selected by the Company. 

“Interest Payment Date” means the stated due date of an installment of interest on the Notes. 

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

  
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 “Lien” means any lien, security interest, charge, mortgage, pledge or other
encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, and any agreement to give any security interest). 

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

“Note Legends” has the meaning set forth in Section 1.01(j). 

“Notes” means the Initial Notes, any Additional Notes and any other notes issued in respect thereof. 

“Pound Sterling” or “£” means the lawful currency of the United Kingdom. 

“Rating Agencies” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act selected by the Company as a replacement agency for Moody’s, S&P or Fitch, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by at least two of the three Rating Agencies and the Notes are rated
below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which 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) commencing on the earlier of the date of the first public occurrence of a Change of Control or the date of public notice of an agreement that, if consummated, would result in a Change of Control and ending 60 days following
consummation of such Change of Control. 
 “Redemption Date” means, when used with respect to any Note to be redeemed, the
date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price” means, when used with respect to any
Note to be redeemed, the price at which it is to be redeemed pursuant to this Indenture. 
 “Reference Treasury Dealer”
means each of: (i) Merrill Lynch International and a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”) selected by Lloyds Bank plc and their respective successors; provided, however,
that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Company. 

“Restricted Subsidiary” means any Subsidiary (a) substantially all the property of which is located, or substantially
all the business of which is carried on, within the United States, or (b) which holds more than 5.0% of the Company’s Consolidated Net Tangible Assets; except for any Subsidiary primarily engaged in financing receivables or in the finance
business. 

  
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 “S&P” means S&P Global Ratings, a division of S&P Global, Inc., and
its successors. 
 “Subsidiary” of any specified Person means any corporation, association or other business entity of
which more than 50% of the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly
or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof. 
 “Tax”
has the meaning set forth in Section 1.11. 
 “Treasury Rate” means, the price, expressed as a percentage (rounded to
three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to any Redemption Date, would be equal to the gross
redemption yield on such Business Day of the Comparable Government Gilt on the basis of the middle market price of the Comparable Government Gilt prevailing at 11:00 a.m. (London time) on such Business Day as determined by the Company or the
Independent Investment Banker. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, and the rules
and regulations thereunder as in effect on the date of this Indenture, except to the extent that the Trust Indenture Act or any amendment thereto expressly provides for application of the Trust Indenture Act as in effect on another date. 

“United States” means the United States of America (including the states and the District of Columbia and any political
subdivision thereof). 
 “United States person” has the meaning set forth in Section 1.11. 

“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to
vote generally in the election of the board of directors of such Person. 
 Section 1.03 Trust Indenture Act Provisions.
Whenever this Indenture refers to a provision of the Trust Indenture Act, that provision is incorporated by reference in and made a part of this Indenture. This Indenture shall also include those provisions of the Trust Indenture Act required to be
included herein by the provisions of the Trust Indenture Reform Act of 1990. The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

“indenture security holder” means a Holder of a Note; 

“indenture to be qualified” means the Indenture; 

“indenture Trustee” or “institutional Trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company or any other obligor on the Notes. 

  
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 All other terms used in this Indenture that are defined in the Trust Indenture Act, defined by
Trust Indenture Act reference to another statute or defined by any Securities and Exchange Commission rule and not otherwise defined herein have the meanings assigned to them therein. 

Section 1.04 Payment, Transfer and Exchange. (a) Registration of Transfer and Exchange. To permit registrations
of transfers and exchanges, the Company shall execute a new Note or Notes of the same series as the Note presented for a like aggregate principal amount and in authorized denominations and the Trustee shall authenticate and deliver such Note or
Notes upon receipt of an Issuer Order for the authentication and delivery of such Notes. 
 All Notes issued upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Company, evidencing the same indebtedness, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. Prior to
such due presentment for the registration of a transfer of any Note, the Trustee, the Company, any paying agent and the Registrar may deem and treat the person in whose name any Note is registered as the absolute owner of such Note for the purpose
of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, the Company, the paying agent or the Registrar shall be affected by notice to the contrary. 

All certifications, certificates and opinions of counsel which may be required to be submitted to the Trustee to effect a registration of
transfer or exchange may be submitted by facsimile, to be followed by originals. 
 (a) Payment. The principal and interest, and any
Additional Amounts due, on Notes represented by Global Securities will be payable to the Depositary or its nominee, as the case may be, as the sole registered owner and the sole Holder of the Global Securities represented thereby. 

(b) Transfer and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests in the
Global Securities shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in any Global Note may be transferred to persons who take delivery thereof in the
form of a beneficial interest in a Global Note. 
 Section 1.05 (a) Optional Redemption. The provisions of Article 11 of the
Base Indenture, as amended by the provisions of this Sixth Supplemental Indenture, shall apply to the Notes. The Notes are redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, at a Redemption Price equal
to the greater of: 
 (i) 100% of the principal amount of such Notes to be redeemed; and 

(ii) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of
principal and interest thereon (not including any portion of such interest payments accrued as of the Redemption Date), discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Treasury Rate plus 30 basis points, plus, in
the case of either (i) or (ii), accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

  
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 (b) Redemption for Tax Reasons. If, as a result of any change in, or amendment to, the
laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws,
regulations or rulings, which change or amendment is announced or becomes effective on or after March 7, 2018, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay
Additional Amounts as described herein under Section 1.11 with respect to the Notes, then the Company may at any time at its option redeem, in whole but not in part, the Notes on not less than 10 nor more than 60 days prior notice, at a
Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on the Notes to, but not including, the Redemption Date. 

(c) Unless the Company defaults in payment of the Redemption Price, on and after any Redemption Date for the Notes, interest shall cease to
accrue on the Notes or portions thereof called for redemption. 
 (d) Notice of any redemption with respect to the Notes shall be given in
the manner provided for in Section 11.02 of the Base Indenture on at least 10 days’ but not more than 90 days’ prior notice to the Redemption Date, to each Holder of Notes to be redeemed, except that redemption notices may be
delivered more than 90 days prior to a Redemption Date if such notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture. 

(e) At any time, the Company may repurchase Notes in the open market and may hold such Notes or surrender such Notes to the Trustee for
cancellation pursuant to Section 2.10 of the Base Indenture. 
 (f) For the avoidance of doubt, the Trustee shall not be required to
calculate the Redemption Price or the Treasury Rate. 
 Section 1.06 Additional Covenants. The following additional covenants
shall apply with respect to the Notes so long as any of the Notes remain outstanding: 
 (a) Limitation on Liens. Other than as
provided in Section 1.06(c) below, neither the Company nor any of its Restricted Subsidiaries may create, incur, assume or suffer to exist any Lien upon any of the Company’s property, to secure any Indebtedness of the Issuer or a
Restricted Subsidiary, except for: 
 (i) Liens existing on the date hereof and any extension, renewal or replacement (or
successive extensions, renewals or replacements) of any such Lien; provided that no such extension, renewal or replacement will extend to or cover any property other than the property covered by such existing Lien; 

  
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 (ii) Liens on property existing at the time the Company or any of its Restricted
Subsidiaries acquires such property, provided that such Liens: 
 (A) are not incurred in connection with, or in
contemplation of the acquisition of the property acquired; and 
 (B) do not extend to or cover any of the Company’s
property or any of its Restricted Subsidiaries’ property other than the property so acquired; 
 (iii) Liens on any
property of a corporation or other entity existing at the time such corporation or entity becomes the Company’s Restricted Subsidiary or is merged into or consolidated with the Company or a Restricted Subsidiary or at the time of a sale, lease
or other disposition of the properties of such corporation or entity as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary, provided that such Liens: 

(A) are not incurred in connection with or in contemplation of such corporation or entity becoming a Restricted Subsidiary or
merging or consolidating with the Company or a Restricted Subsidiary or are not incurred in connection with or in contemplation of the sale, lease or other disposition of the properties of such corporation or other entity; and 

(B) do not extend to or cover any of the Company’s property or any of its Restricted Subsidiaries’ property other
than the property of such corporation or other entity; 
 (iv) purchase money Liens upon or in any real or personal property
(including fixtures and other equipment) that the Company or any of its Restricted Subsidiaries hold or have acquired to secure the purchase price of such property or to secure Indebtedness incurred solely to finance or refinance the acquisition or
improvement of such property and incurred within 270 days after completion of such acquisition or improvement; 
 (v) Liens
to secure Indebtedness owing to the Company or to a Restricted Subsidiary; 
 (vi) Liens for taxes, assessments or other
governmental charges not yet due or payable or not overdue for a period of more than 60 days or that are being contested by the Company or a Restricted Subsidiary, and for which the Company maintains adequate reserves in accordance with GAAP, and
attachment, judgment and other similar Liens arising in connection with legal proceedings; provided that any such judgment does not constitute an Event of Default; 

(vii) Liens in favor of the United States to secure amounts paid to the Company or any of its Restricted Subsidiaries as
advance or progress payments under government contracts entered into by it so long as such Liens cover only (x) special bank accounts into which only such advance or progress payments are deposited and (y) supplies covered by such
government contracts and material and other property acquired for or allocated to the performance of such government contracts; 

  
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 (viii) Liens incurred in connection with an asset acquisition or a project
financed with a non-recourse obligation; 
 (ix) Liens in favor of suppliers,
producers, operators, workmen, materialmen, mechanics, workmen or repairmen, landlord’s Liens for rent or other similar Liens arising, in each case, in the ordinary course of business in respect of obligations which are not overdue or which are
being contested by the Company or any Restricted Subsidiary in good faith and by appropriate proceedings; 
 (x) Liens
consisting of zoning restrictions, licenses, easements, covenants, rights-of-way, utility easements, building restrictions and similar encumbrances and restrictions on
the use of real property and minor irregularities that do not materially impair the use of the real property; 
 (xi) Liens
arising under leases or subleases of real or personal property that do not, individually or in the aggregate, materially detract from the value of such real or personal property or materially interfere with the ordinary conduct of the business
conducted at such real property or with respect to such personal property; 
 (xii) Liens arising under licenses or
sublicenses of intellectual property granted in the ordinary course of business; 
 (xiii) Liens arising by reason of
deposits with, or giving any form of security to, any governmental agency or any body created or approved by law or government regulation; 

(xiv) Liens created by or resulting from any litigation or other proceeding that is being contested in good faith by
appropriate proceedings, including Liens arising out of judgments or awards against the Company or any Restricted Subsidiary with respect to which the Company or any of its Restricted Subsidiaries is in good faith prosecuting an appeal or
proceedings for review for which the time to make an appeal has not yet expired, and Liens relating to final unappealable judgments that are satisfied within 60 days of the date of judgment or Liens incurred by the Company or any Restricted
Subsidiary for the purposes of obtaining a stay or discharge in the course of any litigation proceeding to which the Company or any of its Restricted Subsidiaries is a party; 

(xv) Liens on deposits securing obligations under cash pooling and multi- currency notional pooling programs; 

(xvi) Liens relating to hedging and similar arrangements entered into in the ordinary course of business, including without
limitation interest rate or foreign currency hedging arrangements; 
 (xvii) Liens incurred or deposits made by the Company
or its Restricted Subsidiaries in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security benefits, taxes, assessments, statutory obligations or other similar charges,
or to secure the performance of tenders, statutory obligations, bids, leases, government contracts, performance and return-of-money bonds or other similar obligations
(exclusive of obligations for the payment of borrowed money); 

  
 13 

 (xviii) Liens on account receivables or related assets resulting from the sale of
such account receivables or such related assets, or Liens arising in connection with or related to any securitization financings, factoring arrangements or assignments thereof that may be entered into by the Company or any Restricted Subsidiary;

 (xix) Liens, pledges or deposits made in the ordinary course of banking arrangements in connection with any netting or set-off arrangements for the purpose of netting debit and credit balances; 
 (xx) Liens on
property incurred in sale and lease-back transactions permitted under Section 1.06(b); and 
 (xxi) Liens constituting
any extension, renewal or replacement of any Liens in provisions (i) to (xx) above to the extent the principal amount of the Indebtedness secured by such Lien is not increased (except to the extent of any premiums, fees or other costs
associated with any such extension, renewal or replacement) and the property encumbered by any such Lien is the same as or substantially similar in nature to the property encumbered by the Lien being extended, renewed or replaced. 

Notwithstanding the foregoing, the Company or any of its Restricted Subsidiaries may create, incur, assume or suffer to exist Indebtedness secured by Liens
not otherwise permitted by this Section 1.06(a) if the Company first makes effective provisions whereby the Notes (together with any other Indebtedness of the Company then existing or thereafter created ranking equally with such Notes and
similarly entitled to be equally and ratably secured) shall be secured equally and ratably with such Indebtedness for so long as such Indebtedness shall so be secured. 

(b) Limitation on Sale and Lease-back Transactions. Other than as provided in Section 1.06(c) below, neither the Company nor any
of its Restricted Subsidiaries may enter into any sale and lease-back transaction with a term longer than three years, unless: 

(i) such transaction was entered into prior to the date hereof; 

(ii) such transaction was for the sale and leasing back to the Company of any property by one of its Restricted Subsidiaries;

 (iii) the Company would be entitled to incur Indebtedness secured by a mortgage on the property to be leased in an amount
equal to the Attributable Debt with respect to such sale and lease-back transaction without equally and ratably securing the notes pursuant to Section 1.06(a) above; or 

(iv) the Company applies an amount equal to the fair value of the property sold to the purchase of property or to the
retirement of its long-term Indebtedness (including the Notes) within 365 days of the effective date of any such sale and lease-back transaction. 

  
 14 

 (c) Permitted Liens and Permitted Sale and Lease-back Transactions. Notwithstanding the
restrictions set forth under Section 1.06(a) and Section 1.06(b), the Company or any of its Restricted Subsidiaries may create, incur, assume or suffer to exist any Lien or enter into any sale and lease-back transaction not otherwise
permitted pursuant to Section 1.06(a) or Section 1.06(b); provided that, at the time of such event, and after giving effect to that event, the aggregate amount of all Indebtedness secured by Liens permitted by this Section 1.06(c)
(excluding the Liens permitted pursuant to Section 1.06(a)) and the aggregate amount of all Attributable Debt in respect of sale and lease-back transactions permitted by this Section 1.06(c) (excluding sale and lease-back transactions
permitted under Section 1.06(b)) measured, in each case, at the time any such Lien is incurred or any such sale and lease-back transaction is entered into, by the Company or any Restricted Subsidiary does not exceed 20% of the Company’s
Consolidated Net Tangible Assets. 
 (d) Purchase of Notes upon a Change of Control Triggering Event. (i) If a Change of Control
Triggering Event occurs with respect to the Notes, unless the Company has exercised its option to redeem such Notes as described in Section 1.05 hereof, the Company will make an offer (a “Change of Control Offer”) to each
Holder of such Notes to repurchase all or any part (equal to £100,000 or an integral multiple of £1,000 in excess thereof) of that Holder’s Notes at a repurchase price, payable in cash, equal to 101% of the aggregate principal
amount of Notes repurchased, plus accrued and unpaid interest, on the Notes repurchased to, but excluding, the date of repurchase (the “Change of Control Payment”). 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, a notice will be sent 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 offering to repurchase such Notes on the date specified in the notice, which date will be no earlier than 10 days and no later than 90 days from
the date such notice is delivered (the “Change of Control Payment Date”). The notice will, if delivered prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of
Control Triggering Event occurring on or prior to the Change of Control Payment Date and shall state the following: 
 (A)
that the Change of Control Offer is being made pursuant to this Section 1.06(d) and that all Notes tendered will be accepted for payment; 

(B) the purchase price and the purchase date, which shall be no earlier than 10 days and no later than 90 days from the date
such notice is mailed; 
 (C) that any Note not tendered will continue to accrue interest; 

(D) 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 after the Change of Control Payment Date; 

  
 15 

 (E) that Holders electing to have any Notes purchased pursuant to a Change of
Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the paying agent at the address specified in the
notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (F) that
Holders will be entitled to withdraw their election if the paying agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 

(G) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to £100,000 in principal amount or an integral multiple of £1,000 in excess thereof. 

The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section 1.06(d), the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this
Section 1.06(d) by virtue of such compliance. 
 (ii) On the Change of Control Payment Date, the Company will, to the
extent lawful: 
 (A) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control
Offer; 
 (B) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes properly tendered; and 
 (C) deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 
 The
Paying Agent will promptly deliver (but in any case not later than five days after the Change of Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate
and deliver (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. 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. 

  
 16 

 (iii) Notwithstanding anything to the contrary in this Section 1.06(d), the
Company will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if (a) a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements
set forth in this Section 1.06(d) and the third party repurchases all Notes properly tendered and not withdrawn under its offer, or (b) notice of redemption has been given pursuant to Section 1.05 hereof, unless and until there is a
default in payment of the applicable Redemption Price. 
 Section 1.07 Defaults and Remedies. (a) Events of
Default. This Section 1.07(a) shall replace Section 4.01 of the Base Indenture with respect to the Notes only. 

Each of the following is an “Event of Default” with respect to the Notes: 

(i) default in the payment of interest on the Notes when due, and such default has continued for a period of 90 days or more
and the time for such payment is due has not been extended or deferred; 
 (ii) default in the payment (at maturity, upon
redemption or otherwise) of the principal of the Notes when due; 
 (iii) failure by the Company for 90 days after notice to
the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding to perform or observe any of the other covenants or agreements in this Indenture (other than defaults specified in clauses
(i) or (ii) above); 
 (iv) any of the Company’s Indebtedness in the aggregate outstanding principal amount of
$250 million or more either: 
 (A) becomes due and payable prior to the due date for payment of such Indebtedness by
reason of acceleration of such Indebtedness following a default by the Company; or 
 (B) is not repaid at, and remains
unpaid after, maturity as extended by any applicable period of grace or any guarantee given by the Company in respect of Indebtedness of any other Person in the aggregate outstanding principal amount of $250 million or more is not honored when,
and remains dishonored after, becoming due; 
 (v) the Company pursuant to or within the meaning of any Bankruptcy Law (A)
commences a voluntary case, (B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a custodian of it or for all or substantially all of its property or (D) makes a
general assignment for the benefit of its creditors; or 

  
 17 

 (vi) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that (A) is for relief against the Company in an involuntary case, (B) appoints a custodian of the Company for all or substantially all of the Company’s properties, or (C) orders the liquidation of the Company, and, in
any of the above cases, the order or decree remains unstayed and in effect for 90 days. 
 (b) Acceleration of Maturity. In the case
of an Event of Default specified in clause (v) or (vi) of Section 1.07(a), all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee
or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all the Notes to be due and payable immediately by notice in writing to the Company (and to the Trustee if written notice is given by such
Holders). Upon any such declaration, the Notes shall become due and payable immediately. 
 The Holders of a majority in aggregate principal
amount of the then Outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its consequences with respect to such Notes, if the rescission would not conflict with any judgment or decree and
if all existing Events of Default with respect to such Notes (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 

Section 1.08 Book-Entry Provisions for Global Notes. (a) Each Global Note initially shall (i) be registered in the name
of the Depositary for such Global Note or the nominee of such Depositary, in each case for credit to the account of an Agent Member, and (ii) be delivered to the Depositary. None of the Company, any agent of the Company or the Trustee shall
have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note, or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests. 
 (b) Members of, or participants and account holders in, Euroclear and Clearstream (“Agent Members”)
shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, or its custodian, or under such Global Notes. The Depositary or its nominee, as the case may be, may be treated by the Company, any
other obligor upon the Notes, the Trustee and any agent of any of them as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, any other obligor upon the Notes,
the Trustee or any agent of any of them from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a beneficial owner of any Note. The Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any
action that a Holder is entitled to take under this Indenture or the Notes. 
 (c) Transfers of a Global Note shall be limited to transfers
of such Global Note in whole, but, subject to the immediately succeeding sentence, not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global Note may not be transferred or exchanged for
physical Notes unless (i) the Company has consented thereto in writing, or such transfer or exchange is made pursuant to the next sentence, and (ii) such transfer or exchange is in accordance with the Applicable Procedures. Subject to the
limitation on 

  
 18 

 
issuance of physical Notes, physical Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in the relevant Global Note, if (i) the Depositary
notifies the Company at any time that it is unwilling or unable to continue as Depositary for the Global Notes and a successor depositary is not appointed within 90 days; or (ii) the Company, at its option, notifies the Trustee that it elects
to cause the issuance of physical Notes. 
 (d) The transfer and exchange of a Global Note or beneficial interests therein shall be effected
through the Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth in Section 1.09) and the Applicable Procedures therefor of the Depositary. Any beneficial interest in one of the Global Notes that
is transferred to a Person who takes delivery in the form of an interest in a different Global Note will, upon transfer, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be
subject to all transfer restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. A transferor of a beneficial interest in a Global Note shall deliver to the
Registrar a written order given in accordance with the Depositary’s Applicable Procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the relevant Global Note. The
Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in such Global Note and to debit the account of the Person making the transfer
the beneficial interest in the Global Note being transferred. 
 Section 1.09 Satisfaction and Discharge of Indenture. This
Section 1.09 shall replace Section 9.01(a) of the Base Indenture with respect to the Notes only. 
 (a) either (i) all the
Notes that have been authenticated and delivered have been cancelled or delivered to the Trustee for cancellation (other than any Notes which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in
Section 2.09 of the Base Indenture); or (ii) all the Notes issued that have not been cancelled or delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable at their final
maturity within one year, or are to be called for redemption within one year, under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the Company’s name, and at the Company’s
expense and the Company shall have irrevocably deposited or caused to be deposited with the Trustee sufficient funds to pay and discharge the entire indebtedness on the Notes to pay principal, interest, if any, and any premium, which for purposes of
this provision shall be calculated without applying any “present value discount” and using a Treasury Rate of no less than zero. 

Section 1.10 Successors. Upon any consolidation or merger, or any sale, transfer, lease, conveyance or other disposition of the
assets of the Company substantially as an entirety in a transaction that is subject to, and that complies with the provisions of, Article 8 of the Base Indenture, the successor Person formed by such consolidation or into or with which the Company is
merged or to which such sale, lease, transfer, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, transfer, conveyance or other disposition,
the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with

  
 19 

 
the same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of
and interest on the Notes except in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, this Section 1.10. 

Section 1.11 Payment of Additional Amounts. The Company will, subject to the exceptions and limitations set forth below, pay as
additional interest on the Notes such additional amounts (“Additional Amounts”) as are necessary in order that the net payment by the Company or the Paying Agent of the principal of and interest on the Notes to a Holder who is not a
United States person, after withholding or deduction for any present or future tax, assessment or other governmental charge (“Tax”) imposed by the United States or a taxing authority in the United States, will not be less than the
amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply: 

(a) to any Tax that is imposed by reason of the Holder (or the beneficial owner for whose benefit such Holder holds the Notes), or a
fiduciary, settlor, beneficiary, member or shareholder of the Holder if the Holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: 

(i) being or having been engaged in a trade or business in the United States or having or having had a permanent establishment
in the United States; 
 (ii) having a current or former connection with the United States (other than a connection arising
solely as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen or resident of the United States; 

(iii) being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation
for U.S. federal income tax purposes or a corporation that has accumulated earnings to avoid U.S. federal income tax; 
 (iv)
being or having been a “10-percent shareholder” of us as defined in Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”); 

(v) being a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the
Code; or 
 (vi) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in
the ordinary course of its trade or business; 
 (b) to any Holder that is not the sole beneficial owner of the Notes, or a portion of the
Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the
partnership or limited liability company would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

  
 20 

 (c) to any Tax that would not have been imposed but for the failure of the Holder or any other
person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required
by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such Tax; 

(d) to any Tax that is imposed otherwise than by withholding by the Company or a paying agent from the payment; 

(e) to any Tax that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes
effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 
 (f) to any estate,
inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property or similar Tax; 
 (g) to any Tax required to be
withheld by any paying agent from any payment of principal of or interest on any Note, if such payment can be made without such withholding by at least one other paying agent; 

(h) to any Tax that would not have been imposed but for the presentation by the Holder of any Note, where presentation is required, for
payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(i) to any Tax imposed under Sections 1471 through 1474 of the Code (or any amended or successor provisions), any current or future
regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
connection with the implementation of such sections of the Code; or 
 (j) in the case of any combination of clauses (a) through (i)
above. 
 “United States person” as used in this Section means any individual who is a citizen or resident of the United
States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not
treated as a United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to U.S. federal income taxation regardless of its source. The Notes are subject in all cases to any tax, fiscal or
other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as specifically provided under this Section 1.11, the Company will not be required to make any payment for any Tax imposed by any government or
a political subdivision or taxing authority of or in any government or political subdivision. 

  
 21 

 If the Company is required to pay Additional Amounts with respect to the Notes, the Company will
notify the Trustee and Paying Agent pursuant to an Officers’ Certificate that specifies the Additional Amounts payable and when the Additional Amounts are payable. If the Trustee and the Paying Agent do not receive such an Officers’
Certificate from the Company, the Trustee and Paying Agent may rely on the absence of such an Officers’ Certificate in assuming that no such Additional Amounts are payable. 

ARTICLE 2 
 MISCELLANEOUS 

Section 2.01 Definitions. Capitalized terms used but not defined in this Sixth Supplemental Indenture shall have the meanings
ascribed thereto in the Base Indenture. 
 Section 2.02 Confirmation of Indenture. The Base Indenture, as supplemented and
amended by this Sixth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, this Sixth Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as one and the same
instrument. 
 Section 2.03 Governing Law. THIS INDENTURE AND THE NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR
RELATING TO THE INDENTURE OR THE NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

Section 2.04 Severability. In case any provision in this Sixth Supplemental Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 2.05 Counterparts. This Sixth Supplemental Indenture may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

Section 2.06 No Benefit. Nothing in this Sixth Supplemental Indenture, express or implied, shall give to any person other than the
parties hereto and their successors or assigns, and the Holders of the Notes, any benefit or legal or equitable rights, remedy or claim under this Sixth Supplemental Indenture or the Base Indenture. 

Section 2.07 Trustee. The Trustee makes no representations or warranties as to the validity or sufficiency of this Sixth
Supplemental Indenture. 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have caused the Indenture to be duly executed as of the
date set forth above. 
  

					
	DXC TECHNOLOGY COMPANY
		
	By:	 	 /s/ Paul Saleh

		 	Name:	 	Paul Saleh
		 	Title:	 	Executive Vice President,
		 		 	Chief Financial Officer
	
	
		
	By:	 	 /s/ Neil A. Manna

		 	Name:	 	Neil A. Manna
		 	Title:	 	Principal Accounting Officer,
		 		 	Senior Vice President and Controller

  
 [Signature Page to
Sixth Supplemental Indenture] 

 
					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Elizabeth A. Boyd
		 	Name: Elizabeth A. Boyd
		 	Title: Authorized Signatory

  
 [Signature Page to
Sixth Supplemental Indenture] 

 
					
	 ELAVON FINANCIAL SERVICES DAC, 

UK BRANCH, as Paying Agent

		
	By:	 	 /s/ Michael Leong

		 	Name: Michael Leong
		 	Title:   Authorised Signatory
		
	By:	 	 /s/ Chris Hobbs

		 	Name: Chris Hobbs
		 	Title:   Authorised Signatory

  
 [Signature Page to
Sixth Supplemental Indenture] 

 EXHIBIT A 

FORM OF GLOBAL NOTE 

[Global Notes Legend] 
 THIS
SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM
(“EUROCLEAR”) AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME, LUXEMBOURG (“CLEARSTREAM, LUXEMBOURG” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES
(UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
USB NOMINEES (UK) LIMITED, HAS AN INTEREST HEREIN. 

  
 A-1 

 FORM OF 2.750% SENIOR NOTES DUE 2025 

 

			
	No. [                ]	  	£[                ]

 ISIN No.: XS1791019638 
 Common
Code: 179101963 
 CUSIP No. 23355L AG1 
 DXC
TECHNOLOGY COMPANY 
 DXC TECHNOLOGY COMPANY (F.K.A. EVERETT SPINCO, INC.), a Nevada corporation (the “Company”),
promises to pay to USB Nominees (UK) Limited, or registered assigns, the principal sum of [                    ] Pounds Sterling (£[ ]) on
January 15, 2025. 
 Interest Payment Dates: January 15 (the “Interest Payment Dates”), commencing
January 15, 2019 
 Record Dates: January 1 (the “Record Dates”) 

Each holder of this Note (as defined below), by accepting the same, agrees to and shall be bound by the provisions hereof and of the Indenture
described herein, and authorizes and directs the Trustee described herein on such holder’s behalf to be bound by such provisions. Each holder of this Note hereby waives all notice of the acceptance of the provisions contained herein and in the
Indenture and waives reliance by such holder upon said provisions. 
 This Note shall not be entitled to any benefit under the Indenture, or
be valid or become obligatory for any purpose, until the Certificate of Authentication hereon shall have been manually signed by or on behalf of the Trustee. The provisions of this Note are continued on the reverse side hereof, and such continued
provisions shall for all purposes have the same effect as though fully set forth at this place. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed in accordance with the
Indenture. 
 Date: [                ],
[        ] 
  

					
	DXC TECHNOLOGY COMPANY
		
	By:	 	 
		 	Name:	 	Paul Saleh
		 	Title:	 	Executive Vice President,
		 	Chief Financial Officer
			
	By:	 	 	 	 
		 	Name:	 	Neil A. Manna
		 	Title:	 	Principal Accounting Officer,
		 	Senior Vice President and Controller

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the 2.750% Senior Notes due 2025 issued by DXC Technology Company of the series designated therein referred to in the
within-mentioned Indenture. 
 Date: [                ],
[        ] 
  

					
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 
		 	Name: Elizabeth A. Boyd
		 	Title: Authorized Signatory

  
 A-4 

 DXC Technology Company 

2.750% Senior Notes due 2025 

This note is one of a duly authorized series of debt securities of DXC Technology 

Company (f.k.a. Everett SpinCo, Inc.), a Nevada corporation (the “Company”), issued or to be issued in one or more series under and pursuant
to an Indenture for the Company’s debentures, notes or other debt instruments evidencing its Indebtedness, dated as of March 27, 2017 (the “Base Indenture”), duly executed and delivered by and between the Company and U.S.
Bank National Association, as trustee (the “Trustee”), as supplemented by the Sixth Supplemental Indenture, dated as of March 15, 2018 (the “Sixth Supplemental Indenture”), by and among the Company, the Trustee
and Elavon Financial Services DAC, UK Branch, as paying agent (the “Paying Agent”). The Base Indenture as supplemented and amended by the Sixth Supplemental Indenture is referred to herein as the “Indenture.” By the
terms of the Base Indenture, the debt securities issuable thereunder are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the Base Indenture. This note is one of the series
designated on the face hereof (individually, a “Note,” and collectively, the “Notes”), and reference is hereby made to the Indenture for a description of the rights, limitations of rights, obligations, duties and
immunities of the Trustee, the Company and the Holders of the Notes (the “Holders”). Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Base Indenture or the Sixth Supplemental
Indenture, as applicable. 
 1. Interest. The rate at which the Notes shall bear interest shall be 2.750% per year. [The date from
which interest shall accrue on the Notes shall be March 15, 2018 or the most recent Interest Payment Date to which interest has been paid or provided for.]1 [Interest on this Note will accrue (or will be deemed to have accrued) from the most recent date to which interest on this Note or any of its predecessor Notes has been paid or duly provided for
or, if no such interest has been paid, from
        ,                            .]2 The Interest Payment Dates for the Notes shall be January 15 of each year, beginning January 15, 2019. Interest shall be payable on each Interest Payment Date to the Holders of record at
the close of business on the January 1 prior to each Interest Payment Date. The basis upon which interest shall be calculated shall be that of ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Markets Association.

 2. Method of Payment. The Company will pay interest on the Notes (except defaulted interest), if any, to the persons in whose name
such Notes are registered at the close of business on the regular record date referred to on the facing page of this Note for such interest installment. In the event that the Notes or a portion thereof are called for redemption and the Redemption
Date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Notes will be paid upon presentation and surrender of such Notes as provided in the Indenture. The
principal of and the interest on, and any Additional Amounts due on, the Notes shall be payable in Pound Sterling, at the office or agency of the 

 

	1 	Include for Initial Notes only. 

	2 	 Include for Additional Notes only. 

  
 A-5 

 
Paying Agent maintained for that purpose at 125 Old Broad Street, Fifth Floor, London, EC2N 1AR, United Kingdom. If Pound Sterling is unavailable to the Company due to the imposition of
exchange controls or other circumstances beyond its control or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in Dollars until
Pound Sterling is again available to the Company or so used. In such circumstances, the amount payable on any date in Pound Sterling will be converted into Dollars at the rate mandated by the Board of Governors of the Federal Reserve
System as of the close of business on the second Business Day prior to the relevant payment date or, if the Board of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis of the most recent Dollar/Pound
Sterling exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the
Company’s sole discretion on the basis of the most recently available market exchange rate for the Pound Sterling. For the avoidance of doubt, any such payment in respect of the Notes so made in Dollars will not constitute an Event of
Default. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

3. Paying Agent and Registrar. Initially, the Paying Agent will act as paying agent and the Trustee will act as transfer agent and
Registrar. The Company may change or appoint any paying agent, transfer agent or Registrar without notice to any Holder. 
 4.
Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (“Trust Indenture Act”) as in effect on the date the Indenture is
qualified. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. The Notes are senior unsecured obligations of the Company and constitute the series designated
on the face hereof as the “2.750% Senior Notes due 2025”, initially limited to £250,000,000 in aggregate principal amount. The Company will furnish to any Holders upon written request and without charge a copy of the Base Indenture
and the Sixth Supplemental Indenture. Requests may be made to: DXC Technology Company, 1775 Tysons Boulevard, Tysons, Virginia 22102, Attention: General Counsel. 

5. Redemption. The Notes shall be redeemable as a whole or in part, at the Company’s option, at any time or from time to time, as
provided in Section 1.05 of the Sixth Supplemental Indenture. Unless the Company defaults in payment of the Redemption Price, on and after any Redemption Date for the Notes, interest shall cease to accrue on the Notes or portions thereof called
for redemption. 
 The Notes shall be redeemable in whole but not in part, at the Company’s option, at any time if certain events occur
involving U.S. taxation, as provided in Section 1.05 of the Sixth Supplemental Indenture. 
 6. Additional Amounts. The Company
will pay Additional Amounts on the Notes under certain circumstances as provided in Section 1.11 of the Sixth Supplemental Indenture. 

7. Mandatory Redemption or Sinking Fund. The Company is not required to make mandatory redemption or sinking fund payments with respect
to the Notes. 

  
 A-6 

 8. Change of Control Triggering Event. If a Change of Control Triggering Event occurs with
respect to the Notes, unless the Company has redeemed such Notes as described in Section 1.05 of the Sixth Supplemental Indenture, the Company will make an offer to each Holder of such Notes to repurchase all or any part (equal to
£100,000 or an integral multiple of £1,000 in excess thereof) of that Holder’s Notes at a repurchase price, payable in cash, equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, on
the Notes repurchased to the date of repurchase. 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, a notice will be sent 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 offering to repurchase such
Notes on the date specified in the notice, which date will be no earlier than 10 days and no later than 90 days from the date such notice is mailed, in accordance with Section 1.06(d) of the Sixth Supplemental Indenture. 

9. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of £100,000 or an
integral multiple of £1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in Section 1.04 and Section 1.08 of the Sixth Supplemental Indenture and Section 2.08 and
Section 2.09 of the Base Indenture. The Notes may be presented for exchange or for registration of transfer at the office of the Company or its agency designated by the Company for such purpose. 

10. Persons Deemed Owners. The person in whose name this Note is registered may be treated as its owner for all purposes. 

11. Repayment to the Company. The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the
payment of principal and interest that remains unclaimed for two years. After that, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 

12. Amendments, Supplements and Waivers. Subject to certain exceptions, the Company and the Trustee may amend or supplement the
Indenture and the Notes with the written consent (including consents obtained in connection with a tender offer or exchange offer for Notes) of the Holders of a majority in principal amount of the then outstanding Notes, and compliance with any
provision of the Indenture and the Notes may be waived with the written consent (including consents obtained in connection with a tender offer or exchange offer for Notes) of the Holders of a majority in principal amount of the then outstanding
Notes. The Company and the Trustee may amend or supplement the Indenture and the Notes without notice to or consent of any Holder as provided in the Indenture, including, without limitation, to maintain the qualification of the Indenture under the
Trust Indenture Act or to cure any ambiguity, defect or inconsistency or make any change that would not adversely affect the legal rights under the Indenture of any Holder in any material respect. 

  
 A-7 

 13. Defaults and Remedies. If an Event of Default with respect to the Notes occurs and is
continuing (other than an Event of Default in Section 1.07(a)(v) or 1.07(a)(vi) of the Sixth Supplemental Indenture), then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may
declare the principal amount of and accrued and unpaid interest, if any, on all the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon such declaration such principal
amount and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Sections 1.07(a)(v) or 1.07(a)(vi) of the Sixth Supplemental Indenture shall occur, the principal of and accrued and unpaid
interest, if any, on all Outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of Outstanding Notes. Subject to the terms of the Indenture, if an
Event of Default under the Indenture shall occur and be continuing, the Trustee will be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the request or direction of any of the Holders unless such Holders
shall have offered the Trustee security or indemnity satisfactory to it. Upon satisfaction of certain conditions set forth in the Indenture, the Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Notes. 

14. Trustee May Hold Securities. The Trustee, subject to certain limitations imposed by the Trust Indenture Act, in its individual or
any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not Trustee, paying agent or Registrar. 

15. No Recourse Against Others. A director, officer, employee or stockholder (past or present), as such, of the Company shall not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issue of the Notes. 
 16. Discharge of Indenture. The Indenture
contains certain provisions pertaining to discharge and defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 

17. Authentication. This Note shall not be valid until the Trustee manually signs the certificate of authentication attached to the
other side of this Note. 
 18. Trust Indenture Act Controls. This Indenture incorporates and is governed by the provisions of the
Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by the Trust Indenture Act, the imposed
duties shall control. 
 19. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 A-8 

 20. Governing Law. THE INDENTURE AND THIS NOTE, INCLUDING ANY CLAIM OR CONTROVERSY ARISING
OUT OF OR RELATING TO THE INDENTURE OR THIS NOTE, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

  
 A-9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to: 

 

			
	(Insert assignee’s legal name)	  	
	
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	 
	
	 
	
	 
	
	(Print or type assignee’s name, address and zip code)

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

 

									
	Date:	 	                                	 		 	
		 		 		 	Your	 	 
		 		 		 	Signature:
		 		 		 	(Sign exactly as your name appears on the face of this Note)

  

			
		
	Signature	 	 
	Guarantee:	 	(Signature must be guaranteed by a participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee))

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 1.06(d) of the Sixth Supplemental Indenture, check
the box: 
 ☐ 1.06(d) Change of Control Triggering Event 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 1.06(d) of the Sixth Supplemental
Indenture, state the amount: £[    ]. 
  

							
	Date:	 		 	Your	 	 
		 		 	Signature:	 	(Sign exactly as your name appears on the other side of the Note)
				
		 		 	Tax I.D.	 	
		 		 	number:	 	 
				
	Signature	 		 		 	
	Guarantee:                                    
                                	 		 		 	
	(Signature must be guaranteed by a participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee))	 		 		 	

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTEREST IN THE GLOBAL NOTE 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Security, or exchanges of a
part of another Global Note or Definitive Security 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
officer of
Trustee or custodian
	  
	  	  
	  	  
	  	  
	  	  

  
 A-12Exhibit

Exhibit 10.8

EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT

This EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Agreement”), dated as of the 10th day of August, 2017, by and between Papa Murphy’s Holdings, Inc., a Delaware corporation (the “Company”), and Weldon Spangler, a resident of Newton, Massachusetts (“Executive”).
WHEREAS, the purpose and business of the Company is to operate a ‘take and bake’ pizza franchising business (the “Business”);
WHEREAS, the Company desires to be assured that the confidential information and goodwill of the Company will be preserved for the exclusive benefit of the Company;
WHEREAS, the Company desires to be assured that the unique and expert services of Executive will continue to be available to the Company, and that Executive is willing and able to continue to render such services on the terms and conditions hereinafter set forth; and
NOW, THEREFORE, in consideration of such employment and the mutual covenants and promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree as follows:
1.Employment.  The Company hereby agrees to employ Executive, and Executive hereby agrees to accept employment with the Company, upon the terms and conditions contained in this Agreement, to be effective on the date that Executive commences employment with the Company (the “Effective Date”).  Executive’s employment with the Company shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until April 1, 2019 after the Effective Date (the “Employment Period”).  Notwithstanding anything herein to the contrary, this Agreement shall be of no force or effect until the Effective Date.  On April 1, 2019 and on each anniversary thereof, the Employment Period shall be automatically extended for an additional twelve-month period.  The Company or Executive may elect to terminate the automatic extension of the Employment Period by giving written notice of such election not less than ninety (90) days prior to the end of the then current Employment Period.
2.Duties.  During the Employment Period, Executive shall serve on a full-time basis and perform services in a managerial capacity in a manner consistent with Executive’s position as Chief Executive Officer of the Company and President of the Company and Executive’s duties and responsibilities shall include those duties reasonably assigned to him from time to time by the Company’s Board of Directors (the “Board”).  During the Employment Term, the Board shall nominate Executive for re-election as a member of the Board at the expiration of each then-current term. Executive shall devote his entire business time, attention and energies (excepting vacation time, holidays, sick days and periods of disability) and use his best efforts in his employment with the Company; provided, however, that this Agreement shall not be interpreted as prohibiting Executive from managing his personal affairs, engaging in charitable or civic activities, or serving as a director of or providing services to another business or enterprise (whether engaged in for profit or not; provided, however, with respect to for profit businesses, Executive shall be limited to serving as a director to three for-profit business enterprises other than the Company), so long as such 

1

activities do not interfere in any material respect with the performance of Executive’s duties and responsibilities hereunder.
3.Compensation.
3.1Base Salary.
(a)In consideration of the services rendered by Executive under this Agreement, the Company shall pay Executive a base salary (the “Base Salary”) at the rate of $515,000 per calendar year during his employment.  
(b)The Base Salary shall be paid in such installments and at such times as the Company pays its regularly salaried executives and shall be subject to all necessary withholding taxes, FICA contributions and similar deductions in accordance with the Company’s customary payroll procedures.
(c)The Base Salary will be reviewed on an annual basis by the Board and may be increased based on individual performance and/or the performance of the Company; provided, however, that Executive’s Base Salary may not be decreased at any time (including after any increase) other than as part of an across-the-board salary reduction similarly affecting all or substantially all management employees.
3.2Bonus.  During the Employment Period, Executive shall be eligible to receive an annual bonus award (the “Annual Bonus”) with the target amount equal to at least 75% at the discretion of the Compensation Committee and the Board (subject to any required stockholder approval) of the Base Salary, payable in accordance with the Company’s incentive compensation policy; provided, that, such Annual Bonus shall in no event be paid later than March 15 of the calendar year immediately following the fiscal year to which such Annual Bonus relates.  The Annual Bonus shall be based upon the attainment of certain targets as agreed upon by Executive and the Board with respect to the Company’s financial performance for any fiscal year ending during the Employment Period.  The Annual Bonus shall be subject to all necessary withholding taxes, FICA contributions and similar deductions.
3.3Equity Incentive Awards.  The Compensation Committee shall determine the timing, amount and form of any grants equity-based incentive compensation awards to be made to Executive.
3.4Vacation.  Executive shall be entitled to take vacation consistent with Company policy, such vacation to extend for such periods and to be taken at such intervals as shall be appropriate and consistent with the proper performance of Executive’s duties hereunder.
3.5Benefits.  During the term of Executive’s employment under this Agreement, Executive shall be entitled to participate in any benefit plans (excluding any severance or bonus plans unless specifically referenced in this Agreement) offered by the Company as in effect from time to time (collectively, “Benefit Plans”), on the same basis as that generally made available to other senior executives of the Company, to the extent Executive may be eligible to do so under the terms of any such Benefit Plan.  Executive understands that any such Benefit Plans may be terminated or amended from time to time by the Company in its discretion.
4.Termination.  Executive’s employment hereunder may be terminated as follows:

2

4.1By the Company.  With or without Cause (as defined below), the Company may terminate the employment of Executive at any time during the term of employment upon giving Executive at least 90 days’ prior written notice thereof.  The effective date of the termination of Executive’s employment shall be the date on which such applicable 90-day period expires; provided, however, that the Company may, upon notice to Executive and without reducing Executive’s Base Salary during such 90-day period, excuse Executive from any or all of his duties during such period and request Executive to immediately resign as a director of the Company, if applicable, and officer of the Company, whereupon, if requested to so resign, Executive shall immediately resign.
4.2By Executive.  Executive may terminate his employment at any time upon giving the Company, in the case of termination by Executive (a) other than with Good Reason, at least 60 days’ prior written notice thereof and (b) with Good Reason, at least 31 days’ prior written notice thereof.  The effective date of the termination of Executive’s employment shall be the date on which such applicable 60- or 31-day period expires; provided, however, that the Company may, upon notice to Executive and without reducing Executive’s annual base salary during such 60- or 31-day period, excuse Executive from any or all of his duties during such period and request Executive to immediately resign as a Director, if applicable, and officer of the Company, whereupon, if requested to so resign, Executive shall immediately resign; and provided further, that in the case of termination with Good Reason, the Company has not cured the condition constituting Good Reason.  Any such resignation at the Company’s request following Executive’s notice of termination other than with Good Reason shall not be deemed to represent termination of Executive’s employment by the Company for purposes of this Agreement or otherwise, but shall be deemed voluntary termination by Executive of his employment without Good Reason.
4.3Total Disability of Executive.  This Agreement and Executive’s employment hereunder shall terminate automatically upon the death or Total Disability of Executive.  The term “Total Disability” as used herein shall mean a physical or mental incapacity or disability which renders Executive unable to render the services required hereunder (a), with or without reasonable accommodation, for a period or periods aggregating 180 days in any 12-month period or (b) for a period of 90 consecutive days.  Executive and Employer hereby acknowledge that Executive’s ability to perform the duties specified in Section 2 hereof is of the essence of this Agreement.  Termination hereunder shall be deemed to be effective immediately upon Executive’s death or a determination by the Board of Directors of Executive’s Total Disability.
5.Termination Payments.
5.1Death or Total Disability.  Subject to Section 5.7, upon the termination of Executive’s employment due to death or Total Disability, Executive or his legal representatives shall be entitled to receive (a) an amount equal to Base Salary payable through the date of termination and (b) a pro rata portion of Executive’s Annual Bonus, if any, for the applicable period of the calendar year for which Executive was employed (which portion of the Annual Bonus shall be reasonably determined by the Board at the end of the year in which termination occurs in accordance with the Board’s bonus determination policies then in effect), payable at the same time as such payment would have been made if not for Executive’s death or Total Disability.  Executive or his legal representatives shall also be entitled to any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company’s policies.

3

5.2Termination Without Cause or by Executive for Good Reason.  Subject to Section 5.7, if Executive’s employment is terminated by the Company at any time during the Employment Period without Cause or by Executive at any time during the Employment Period for Good Reason, Executive shall be entitled to receive (a) any accrued but unpaid Base Salary through the date of termination; (b) Base Salary through the one-year anniversary of such date of termination, payable at the time such payments would have otherwise been payable under this Agreement had the Executive not been terminated; provided, however, that no portion of such severance pay shall be paid to the Executive prior to the first regular payroll following the 60th day of the date of the Executive’s termination of employment with the Company (the “First Payroll Date”) and the portion of the severance pay that would have been paid to the Executive prior to the First Payroll Date shall be paid to the Executive on the First Payroll Date in a single lump sum; (c) a pro rata portion of Executive’s Annual Bonus, if any, for the applicable period of the calendar year for which Executive was employed (which portion of the Annual Bonus shall be reasonably determined by the Board at the end of the year in which termination occurs in accordance with the Board’s bonus determination policies then in effect), payable at the later of (i) same time as such payment would have been made if not for termination of Executive’s employment with the Company as set forth in Section 3.2 hereof and (ii) the First Payroll Date; (d) if Executive is entitled (and timely and properly elects) to continue his coverage under the Company’s group health plans pursuant to Section 4980B of the Internal Revenue Code of 1986, as amended (commonly known as (“COBRA”)), payment by (or reimbursement from) the Company of the same portion of the premium for such coverage as the Company was paying for Executive’s coverage under such plans as of Executive’s date of termination, for a period of one year after the date of termination or until Executive is no longer entitled to COBRA continuation coverage under the Company’s group health plans, whichever period is shorter; provided, however, that the Company may unilaterally amend clause (d) of this sentence or eliminate the benefit provided thereunder to the extent it deems necessary to avoid the imposition of excise taxes, penalties or similar charges on the Company or its affiliates (or successors), including, without limitation, under Section 4980D of Internal Revenue Code of 1986, as amended (the “Code”); (e) (1) outstanding stock options held by Executive with solely time-based vesting shall become immediately exercisable with respect to the portion that would have otherwise become exercisable on or before the one-year anniversary of Executive’s date of termination and shall remain exercisable until the earlier of (x) the 60th day after the one-year anniversary of Executive’s date of termination and (y) the stock option expiration date as set forth in the applicable stock option agreement; (2) for outstanding restricted stock awards held by Executive with solely time-based vesting, any vesting requirements shall be deemed satisfied, and any Company repurchase rights shall immediately terminate, with respect to the portion that would have otherwise become vested and no longer subject to forfeiture or repurchase on or before the one-year anniversary of Executive’s date of termination; and (3) with respect to any other outstanding equity compensation awards other than stock options and restricted stock awards (but including restricted stock units) with solely time-based vesting, Executive will immediately vest in and have the right to exercise or payment of such awards, restrictions on such awards will lapse, and all other terms and conditions of such awards will be deemed met, with respect to the portion that would have otherwise become vested and exercisable or payable and no longer subject to restriction on or before the one-year anniversary of Executive’s date of termination; and (f) (1) outstanding stock options held by Executive with performance-based vesting that are not vested and exercisable on Executive’s date of termination will not be forfeited when Executive’s employment terminates and shall instead remain outstanding until the earlier of (x) the fifth anniversary of the date on which such stock options become vested and exercisable and (y) the 

4

stock option expiration date as set forth in the applicable stock option agreement and (2) for outstanding restricted stock awards held by Executive with performance-based vesting, such restricted stock awards shall not cease to vest upon Executive’s date of termination and any Company repurchase right shall not become exercisable with respect to any such restricted stock awards.  Executive shall also be entitled to any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company’s policies.
5.3Termination for Cause, by Executive without Good Reason or by Nonrenewal.  Except for Base Salary through the day on which Executive’s employment was terminated and any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company’s policies or applicable law, Executive shall not be entitled to receive severance or any other compensation or benefits after the last date of employment with the Company upon the termination of Executive’s employment hereunder by the Company for Cause pursuant to Section 4.1, by Executive without Good Reason pursuant to Section 4.2 or as a result of non-renewal by the Company or Executive pursuant to Section 1.
5.4Cause Defined.  For purposes of this Agreement, the following shall constitute “Cause” for termination:
(a)dishonest statements or acts of Executive with respect to the Company or any affiliate of the Company;
(b)the commission by or indictment of Executive for (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud (“indictment,” for these purposes, meaning an indictment, probable cause hearing or any other procedure pursuant to which an initial determination of probable or reasonable cause with respect to such offense is made);
(c)gross negligence, willful misconduct or insubordination of Executive with respect to the Company or any affiliate of the Company; or
(d)material breach by Executive of any of Executive’s obligations to the Company;
(e)failure to relocate to the Portland, Oregon/Vancouver, Washington metropolitan area on or before February 28, 2018;
provided, that, in the case of clause (d), in the event that the Company provides written notice of termination for Cause in reliance upon this, Executive shall have the opportunity to cure such circumstances within 30 days of receipt of such notice.
5.5Good Reason Defined.  For purposes of this Agreement, the term “Good Reason” shall mean, without Executive’s verbal or written consent:
(a)the Company materially breached its obligations under this Agreement; 
(b)any material diminution of significant duties of Executive; 
(c)a reduction in Executive’s Base Salary of 10% or more, other than pursuant to a reduction applicable to all senior executives or employees generally; or

5

(d)the company’s corporate headquarters is moved a distance of at least 50 miles from its current corporate headquarters in Vancouver, Washington.
Notwithstanding the foregoing subsections (a) through (d), Good Reason for termination shall not exist unless (i) Executive notifies Employer in writing of the occurrence or existence of the event or condition which Executive believes constitutes Good Reason within 90 days of the occurrence or initial existence of such event or condition (which notice specifically identifies such event or condition), (ii) the Company fails to cure or remedy such event or condition within 30 days after the date on which it receives such notice (the “Remedial Period”), and (iii) Executive actually terminates employment within 90 days after the expiration of the Remedial Period.
5.6Termination for Good Reason or Without Cause Following a Change in Control.
(a)Payment.  Notwithstanding anything to the contrary in the Company’s 2010 Management Incentive Plan, if Executive’s employment is terminated (i) in connection with a Change in Control or (ii) within one year after a Change in Control (A) by Executive for Good Reason, or (B) by the Company without Cause, then Executive’s compensation and benefits upon termination shall be governed by this Section 5.6 and Section 5.7 instead of the provisions of Section 5.2 above.  In such event, Executive shall be entitled solely to the following: (1) Base Salary through the date of termination, paid on the Company’s’ normal payroll payment date; (2) an amount equal to the sum of his Base Salary and his target annual bonus for the year of termination, payable in a lump sum on the First Payroll Date; (3) an additional amount equal to Executive’s target annual bonus for such year pro rated for the number of full months during the bonus year prior to such termination of employment, payable in a lump sum on the First Payroll Date; (4) if Executive is entitled (and timely and properly elects) to continue his coverage under the Company’s group health plans pursuant to COBRA, payment by (or reimbursement from) the Company of the same portion of the premium for such coverage as the Company was paying for Executive’s coverage under such plans as of Executive’s date of termination for a period of one year after the date of termination or until Executive is no longer entitled to COBRA continuation coverage under the Company’s group health plans, whichever period is shorter; provided, however, that the Company may unilaterally amend clause (4) of this sentence or eliminate the benefit provided thereunder to the extent it deems necessary to avoid the imposition of excise taxes, penalties or similar charges on the Company or its affiliates (or successors), including, without limitation, under Section 4980D of the Code; and (5) any accrued and unpaid vacation pay or other benefits which may be owing to Executive in accordance with the Company’s policies.
(b)Equity Compensation.  If Executive’s employment is terminated (i) in connection with a Change in Control or (ii) within one year after a Change in Control (A) by Executive for Good Reason, or (B) by the Company without Cause, then:  (1) outstanding stock options held by Executive with solely time-based vesting shall become immediately fully exercisable and shall remain exercisable until the earlier of (x) the 60th day after the one-year anniversary of Executive’s date of termination and (y) the stock option expiration date as set forth in the applicable stock option agreement; (2) for outstanding restricted stock awards held by Executive with solely time-based vesting, any vesting or performance requirements shall be deemed satisfied, and any Company repurchase rights shall immediately terminate; (3) with respect to any outstanding equity compensation awards other than stock options and restricted stock awards (but including restricted stock units) with solely time-based vesting, Executive will immediately vest in and have the right to exercise or payment of such awards, all restrictions on such awards will lapse, and all other terms 

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and conditions of such awards will be deemed met; (4) outstanding stock options held by Executive with performance-based vesting that are not vested and exercisable on Executive’s date of termination will not be forfeited when Executive’s employment terminates and shall instead remain outstanding until the stock option expiration date as set forth in the applicable stock option agreement; and (5) for outstanding restricted stock awards held by Executive with performance-based vesting, such restricted stock awards shall not cease to vest upon Executive’s date of termination and any Company repurchase right shall not become exercisable with respect to any such restricted stock awards.
(c)Change in Control Defined.  A “Change in Control” shall mean:  (i) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which shares of Company’s Common Stock would be converted into the right to receive cash, securities or other property, other than a merger of the Company in which the holders of Common Stock immediately prior to the merger have the same proportionate ownership of common stock of the surviving corporation immediately after the merger; (ii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of the Company; (iii) the acquisition by any person (as such term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), excluding, for this purpose, the Company) of any shares of Common Stock (or securities convertible into Common Stock), if after making such acquisition, such person is the beneficial owner (as such term is defined in Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of 40% or more of the outstanding Common Stock (calculated as provided in paragraph (d) of such Rule 13d-3 in the case of rights to acquire common stock); or (iv) the failure, for any reason, of the persons comprising the Board of Directors as of the date hereof (the “Incumbent Board”) to constitute at least a majority of the Board of Directors; provided, however, that any person whose election or nomination for election was approved by a majority of the persons then comprising the Incumbent Board (other than an election or nomination of a person whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of directors) shall be, for purposes of this Agreement, deemed to be a member of the Incumbent Board.
5.7Condition to Payment.  All payments and benefits due to Executive under this Section 5 which are not otherwise required by law shall be contingent upon (a) execution by Executive (or Executive’s beneficiary or estate) of a fully effective and non-revocable general release of all claims to the maximum extent permitted by law against the Company, its affiliates and its current and former stockholders, directors, members, managers, employees and agents, in such form as determined by the Company in its sole discretion within 60 days of Executive’s termination of employment and (b) compliance by Executive with his obligations under this Agreement, including, without limitation, the restrictions on activities of Executive set forth in Section 7 and under any stockholders or other agreement to which the Company and Executive are a party.  No payments (or reimbursements) that are subject to this Section 5.7 shall be made prior to the First Payroll Date.  Any payments that would have been made to (or on behalf of) Executive under Section 5.2 during the period between the date of termination of Executive’s employment with the Company and the First Payroll Date, but for the requirements of this Section 5.7, shall be paid to Executive in a lump sum on the First Payroll Date and, thereafter, the remaining portion of such benefits shall be paid over the remainder of the time period originally scheduled for such payments.

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5.8Section 280G.
(a)Amount of Payments and Benefits.  Notwithstanding anything to the contrary herein, in the event that the Executive becomes entitled to receive or receives any payments, options, awards or benefits (including, without limitation, the monetary value of any noncash benefits and the accelerated vesting of equity-based awards) under this Agreement or under any other plan, agreement or arrangement with the Company or any person affiliated with the Company (collectively, the “Payments”), that may separately or in the aggregate constitute “parachute payments” within the meaning of Section 280G of the Code and the Treasury Regulations promulgated thereunder (or any similar or successor provision) (collectively, “Section 280G”) and it is determined that, but for this Section 5.8 any of the Payments will be subject to any excise tax pursuant to Section 4999 of the Code or any similar or successor provision (the “Excise Tax”), the Company shall pay to the Executive either (i) the full amount of the Payments or (ii) an amount equal to the Payments, reduced by the minimum amount necessary to prevent any portion of the Payments from being an “excess parachute payment” (within the meaning of Section 280G) (the “Capped Payments”), whichever of the foregoing amounts results in the receipt by the Executive, on an after-tax basis, of the greatest amount of Payments notwithstanding that all or some portion of the Payments may be subject to the Excise Tax.  For purposes of determining whether the Executive would receive a greater after-tax benefit from the Capped Payments than from receipt of the full amount of the Payments, (i) there shall be taken into account any Excise Tax and all applicable federal, state and local taxes required to be paid by the Executive in respect of the receipt of such payments and (ii) such payments shall be deemed to be subject to federal income taxes at the highest rate of federal income taxation applicable to individuals that is in effect for the calendar year in which the payments and benefits are to be paid, and state and local income taxes at the highest rate of taxation applicable to individuals in the state and locality of the Executive’s residence on the effective date of the relevant transaction described under Section 280G(b)(2)(A)(i) of the Code, net of the maximum reduction in federal income taxes that could be obtained from deduction of such state and local taxes (as determined by assuming that such deduction is subject to the maximum limitation applicable to itemized deductions under Section 68 of the Code and any other limitations applicable to the deduction of state and local income taxes under the Code).  In the event that Executive will receive Capped Payments and to the extent that an ordering of the reduction other than by the Executive is required by Section 11.7 or other tax requirements, the Payments shall be reduced by the Company in a manner and order of priority that provides the Executive with the largest net after-tax value; provided that payments of equal after-tax present value shall be reduced in the reverse order of payment.  Notwithstanding anything to the contrary herein, any such reduction shall be structured in a manner intended to comply with Section 409A of the Code.
(b)Computations and Determinations. All computations and determinations called for by this Section 5.8 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the “Tax Counsel”), and all such computations and determinations shall be conclusive and binding on the Company and the Executive.  For purposes of such calculations and determinations, the Tax Counsel may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The Tax Counsel shall submit its determination and detailed supporting calculations to both the Executive and the Company within 15 days after receipt of a notice from either the Company or the Executive that the Executive may receive payments which may be considered “parachute payments.” The Company and the Executive shall furnish to the Tax Counsel such information and documents as the Tax Counsel may reasonably request in order to make the computations and determinations called for 

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by this Section 5.8. The Company shall bear all costs that the Tax Counsel may reasonably incur in connection with the computations and determinations called for by this Section 5.8.
5.9No Other Severance.  Executive hereby acknowledges and agrees that, other than the severance payment described in Sections 5.2 and 5.6 hereof, upon termination, Executive shall not be entitled to any other severance under any Company benefit plan or severance policy generally available to the Company’s employees or otherwise.
5.10Board Resignation.  Upon termination of Executive’s employment for any reason, Executive agrees to resign, as of the date of such termination and to the extent applicable, as an officer and director of the Company and all of its subsidiaries and affiliates.
5.11Survival.  This Section 5 shall survive any termination or expiration of this Agreement.
6.Reimbursement of Expenses.  The Company shall reimburse Executive for all reasonable and necessary expenses actually incurred by Executive directly in connection with the business and affairs of the Company and the performance of his duties hereunder, upon presentation of proper receipts or other proof of expenditure and in accordance with such reasonable guidelines or limitations established by the Board from time to time.  
7.Non-Competition; Non-Solicitation; Confidentiality; Proprietary Rights.
7.1Executive hereby agrees that during the period commencing on the date hereof and ending on the date that is one year following the date of the termination of Executive’s employment with the Company (the “Noncompetition Period”), Executive will not, without the express written consent of the Company, directly or indirectly, anywhere in the United States or in any foreign country in which the Company has conducted business, is conducting business or is then contemplating conducting business, engage in any activity which is, or participate or invest in, or provide or facilitate the provision of financing to, or assist (whether as owner, part-owner, shareholder, member, partner, director, officer, trustee, employee, agent or consultant, or in any other capacity), any business, organization or person other than the Company (or any subsidiary or affiliate of the Company), and including any such business, organization or person involving, or which is, a family member of Executive, whose business, activities, products or services are competitive with any of the business, activities, products or services conducted, offered or then contemplated to be conducted or offered by the Company or its subsidiaries or affiliates; provided, however, nothing herein shall prohibit Executive from being employed by any business, organization or person that operates in the quick service restaurant industry and derives less than 10% of its total revenue from the sale of pizza.  Without implied limitation, the foregoing covenant shall be deemed to prohibit (a) hiring or engaging or attempting to hire or engage for or on behalf of Executive or any such competitor any officer or employee of the Company or any of its direct and/or indirect subsidiaries and affiliates, or any former employee of the Company and any of its direct and/or indirect subsidiaries and affiliates who was employed during the 6-month period immediately preceding the date of such attempt to hire or engage, (b) encouraging for or on behalf of Executive or any such competitor any such officer or employee to terminate his or his relationship or employment with the Company or any of its direct or indirect subsidiaries and affiliates, (c) soliciting for or on behalf of Executive or any such competitor any client (including all franchisees) of the Company or any of its direct or indirect subsidiaries and affiliates, or any former client (including 

9

all franchisees) of the Company or any of its direct or indirect subsidiaries and affiliates who was a client (including all franchisees) during the 6-month period immediately preceding the date of such solicitation and (d) diverting to any person (as hereinafter defined) any client (including all franchisees) or business opportunity of the Company or any of its direct or indirect subsidiaries and affiliates.
Notwithstanding anything herein to the contrary, Executive may make passive investments in any enterprise the shares of which are publicly traded if such investment constitutes less than 2% of the equity of such enterprise.  Neither Executive nor any business entity controlled by Executive is a party to any contract, commitment, arrangement or agreement which could, following the date hereof, restrain or restrict the Company or any subsidiary or affiliate of the Company from carrying on its business or restrain or restrict Executive from performing his employment obligations, and as of the date of this Agreement Executive has no business interests whatsoever in or relating to the industries in which the Company or its subsidiaries or affiliates currently engage, and other than passive investments in the shares of public companies of less than 2%.
7.2In the course of performing services hereunder, on behalf of the Company (for purposes of this Section 7 including all predecessors of the Company) and its affiliates, Executive has had and from time to time will have access to Confidential Information (as defined below).  Executive agrees (a) to hold the Confidential Information in strict confidence, (b) not to disclose the Confidential Information to any person (other than in the regular business of the Company or its affiliates), and (c) not to use, directly or indirectly, any of the Confidential Information for any purpose other than on behalf of the Company and its affiliates.  All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information, that are furnished to Executive by the Company or are produced by Executive in connection with Executive’s employment will be and remain the sole property of the Company.  Upon the termination of Executive’s employment with the Company for any reason and as and when otherwise requested by the Company, all Confidential Information (including, without limitation, all data, memoranda, customer lists, notes, programs and other papers and items, and reproductions thereof relating to the foregoing matters) in Executive’s possession or control, shall be immediately returned to the Company.  Executive recognizes that the Company and its affiliates possess a proprietary interest in all of the Confidential Information and have the exclusive right and privilege to use, protect by copyright, patent or trademark, or otherwise exploit the processes, ideas and concepts described therein to the exclusion of Executive, except as otherwise agreed between the Company and Executive in writing.  Executive expressly agrees that any products, inventions, discoveries or improvements made by Executive or Executive’s agents or affiliates in the course of Executive’s employment shall be the property of and inure to the exclusive benefit of the Company.  Executive further agrees that any and all products, inventions, discoveries or improvements developed by Executive (whether or not able to be protected by copyright, patent or trademark) during the course of his employment, or involving the use of the time, materials or other resources of the Company or any of its affiliates, shall be promptly disclosed to the Company and shall become the exclusive property of the Company, and Executive shall execute and deliver any and all documents necessary or appropriate to implement the foregoing.  Nothing in this Agreement is intended to or will be used in any way to limit Executive’s rights to communicate with a government agency, as provided for, protected under or warranted by applicable law.
7.3During and after Executive’s employment, Executive shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be 

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brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while Executive was employed by the Company.  The Company shall reimburse Executive for any reasonable out-of-pocket expenses incurred in connection with Executive’s performance of obligations pursuant to this Section 7.3.
7.4The term “Confidential Information” shall mean information belonging to the Company which is of value to the Company or with respect to which Company has right in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the Company.  Confidential Information includes information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible forms, stored in any medium, including, by way of example and without limitation, trade secrets, ideas, concepts, designs, configurations, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts processes, techniques, formulas, software, improvements, inventions, data, know-how, discoveries, copyrightable materials, marketing plans and strategies, sales and financial reports and forecasts, customer lists, studies, reports, records, books, contracts, instruments, surveys, computer disks, diskettes, tapes, computer programs and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or considered by the management of the Company.  Confidential Information includes information developed by Executive in the course of Executive’s employment by the Company, as well as other information to which Executive may have access in connection with Executive’s employment.  Confidential Information also includes the confidential information of others with which the Company has a business relationship.  Notwithstanding the foregoing, Confidential Information does not include information in the public domain, unless due to breach of Executive’s duties under Section 7.2.
8.Remedies.  It is specifically understood and agreed that any breach of the provisions of Section 7 of this Agreement is likely to result in irreparable injury to the Company and that the remedy at law alone will be an inadequate remedy for such breach, and that in addition to any other remedy it may have, the Company shall be entitled (a) to enforce the specific performance of this Agreement by Executive and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without bond and without liability should such relief be denied, modified or violated and (b) to cease making any payments or providing any benefit otherwise required by this Agreement, including, without limitation, any severance payment required under Section 5.2, in each case in addition to any other remedy to which the Company may be entitled at law or in equity.
9.Severable Provisions.  The provisions of this Agreement are severable and the invalidity of any one or more provisions shall not affect the validity of any other provision.  In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in part because of the duration or scope thereof, the parties hereto agree that said court in making such determination shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable, and that the Agreement in its reduced form shall be valid and enforceable to the full extent permitted by law.
10.Notices.  All notices hereunder, to be effective, shall be in writing and shall be deemed effective when delivered by hand or mailed by (a) certified mail, postage and fees prepaid, or (b) nationally recognized overnight express mail service, as follows:

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If to the Company:

Papa Murphy’s Holdings, Inc.
8000 N.E. Parkway Drive, Suite 350
Vancouver, WA 98662
Attn: Legal Department

If to the Executive:

Weldon Spangler
18 Norumbega Court
Newton, MA 02466

or to such other address as a party may notify the other pursuant to a notice given in accordance with this Section 10.
		
	11.
	Miscellaneous.

11.1Executive Representation.  Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, or be prevented, interfered with or hindered by, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound.
11.2Entire Agreement; Amendment.  This Agreement constitutes the entire Agreement between the parties hereto with regard to the subject matter hereof, superseding all prior understandings and agreements, whether written or oral.  This Agreement may not be amended or revised except by a writing signed by the parties.
11.3Assignment and Transfer.  The provisions of this Agreement shall be binding on and shall inure to the benefit of the Company and any successor in interest to the Company.  Neither this Agreement nor any of the rights, duties or obligations of Executive shall be assignable by Executive, nor shall any of the payments required or permitted to be made to the Executive by this Agreement be encumbered, transferred or in any way anticipated, except as required by applicable laws.  All rights of Executive under this Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, estates, executors, administrators, heirs and beneficiaries.  All amounts payable to Executive hereunder shall be paid, in the event of Executive’s death, to the Executive’s estate, heirs or representatives.
11.4Waiver of Breach.  A waiver by either party of any breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by the other party.
11.5Withholding.  The Company shall be entitled to withhold from any amounts to be paid or benefits provided to Executive hereunder any federal, state, local or foreign withholding, FICA contributions, or other taxes, charges or deductions which it is from time to time required to withhold.  The Company shall be entitled to rely on advice of counsel if any question as to the amount or requirement of any such withholding shall arise.

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11.6Set Off.  The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided hereunder shall be subject to set‐off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates; provided, however, this set-off right is limited to actual amounts owed by Executive to the Company (which, for the avoidance of doubt, shall exclude any consequential or indirect damages).
11.7Section 409A.  The parties intend that this Agreement and the payments and benefits provided hereunder be exempt from the requirements of Section 409A of the Code to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treas. Reg. Section 1.409A-1(b)(4), the involuntary separation pay plan exception described in Treas. Reg. Section 1.409A-1(b)(9)(iii), or otherwise.  To the extent Section 409A of the Code is applicable to this Agreement, the parties intend that this Agreement and any payments and benefits thereunder comply with the deferral, payout and other limitations and restrictions imposed under Section 409A of the Code.  Notwithstanding anything herein to the contrary, this Agreement shall be interpreted, operated and administered in a manner consistent with such intentions; provided, however that in no event shall the Company (or any of its affiliates or successors) be liable for any additional tax, interest or penalty that may be imposed on Executive pursuant to Section 409A of the Code or for any damages incurred by Executive as a result of this Agreement (or the payments or benefits hereunder) failing to comply with, or be exempt from, Section 409A of the Code. Without limiting the generality of the foregoing and notwithstanding any other provision of this Agreement to the contrary:
(a)If any payment, compensation or other benefit provided to Executive in connection with his employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and Executive is a specified employee as defined in Section 409A(a)(2)(B)(i) of the Code, then no portion of such “nonqualified deferred compensation” shall be paid before the day that is 6 months plus one (1) day after the date of termination (the “New Payment Date”).  The aggregate of any payments that otherwise would have been paid to Executive during the period between the date of termination and the New Payment Date shall be paid to Executive in a lump sum on such New Payment Date.  Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement.  Notwithstanding the foregoing, to the extent that the foregoing applies to the provision of any ongoing welfare benefits to Executive that would not be required to be delayed if the premiums therefor were paid by Executive, Executive shall pay the full cost of premiums for such welfare benefits during the six-month period and the Company shall pay Executive an amount equal to the amount of such premiums paid by Executive during such six-month period promptly after its conclusion. 
(b)The parties hereto acknowledge and agree that the interpretation of Section 409A of the Code and its application to the terms of this Agreement is uncertain and may be subject to change as additional guidance and interpretations become available.  Anything to the contrary herein notwithstanding, all benefits or payments provided by the Company to Executive that would be deemed to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code are intended to comply with Section 409A of the Code.  If, however, any such benefit or payment is deemed to not comply with Section 409A of the Code, the Company and Executive agree to renegotiate in good faith any such benefit or payment (including, without limitation, as to the timing of any severance payments payable hereof) so that either (i) Section 409A 

13

of the Code will not apply or (ii) compliance with Section 409A of the Code will be achieved; provided, that, neither the Company nor its employees or representatives shall have liability to Executive with respect hereto.
(c)Notwithstanding anything to the contrary contained in this Agreement, all reimbursements for costs and expenses under this Agreement shall be paid in no event later than the end of the taxable year following the taxable year in which Executive incurs such expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year.
(d)If under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A of the Code, each installment shall be treated as a separate payment.
(e)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A of the Code upon or following a termination of employment unless such termination is also a “separation from service” as defined in Section 1.409A-1(h) of the Department of Treasury final regulations, including the default presumptions, and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of employment” or like terms shall mean separation from service.
11.8Governing Law.  This Agreement shall be construed under and enforced in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions thereof.
11.9 Arbitration of Disputes.  Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the termination of Executive’s employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in Vancouver, Washington in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators.  In the event that any person or entity other than Executive or the Company may be a party with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  This Section 11.9 shall be specifically enforceable.  Notwithstanding the foregoing, this Section 11.9 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided that any other relief shall be pursued through an arbitration proceeding pursuant to this Section 11.9.

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11.10Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and shall have the same effect as if the signatures hereto and thereto were on the same instrument.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
COMPANY:

PAPA MURPHY’S HOLDINGS, INC.

By:  /s/ Jean M. Birch                
      Jean M. Birch
      Chair of the Board    

EXECUTIVE:

  /s/ Weldon Spangler                
Weldon Spangler

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