Document:

Cell Culture Automation Agreement dated May 13, 2010

 Exhibit 10.1 

CELL CULTURE AUTOMATION AGREEMENT 

THIS CELL CULTURE AUTOMATION AGREEMENT (“Agreement”) is made effective as of May 13 (“Effective Date”) by and between
International Stem Cell Corporation, 2595 Jason Ct, Oceanside, California 92056, USA (“ISCO”) and The Automation Partnership (Cambridge) Limited, York Way, Royston, Hertfordshire, SG8 5WY UK (“TAP”) (together the
“Parties”, each a “Party”). 
 1. Affiliation and Term. ISCO hereby retains TAP, and TAP
hereby accepts such retention, commencing as of the Effective Date and continuing for as long as there is an active project between the parties as described in a current exhibit (“Exhibit”) and unless terminated in accordance with Sections
5 or 10 of this Agreement (the “Term”). 
 2. Services. TAP shall serve as a cell culture automation
collaborator to ISCO and its subsidiaries and affiliates and perform services (“Services”) as set forth in an active Exhibit attached to this Agreement. TAP shall be available to perform the Services on normal commercial terms at all
reasonable times during the Term as may be requested by ISCO. Detailed contractual and technical terms covering the Services will be agreed by the Parties before each package of Services commences. 

3. Reporting and Ownership of Work Product. All work undertaken by TAP as part of the Services shall be ISCO’s
property to the extent it is specific to ISCO’s processes and is not TAP’s property prior to the Effective Date (“ISCO Work Product”). All work undertaken by TAP as part of the Services shall be TAP’s property to the extent
it is generally applicable for cell culture automation (“TAP Work Product”). “Work Product” shall mean any ideas, inventions, original works of authorship, developments, improvements, or processes, solely or jointly conceived,
developed or reduced to practice by TAP or TAP’s employees or agents, which arise out of, relate to or result from the Services. TAP hereby assigns to ISCO all of TAP’s right, title and interest in and to ISCO Work Product (including
without limitation all intellectual property rights associated therewith) and acknowledges and agrees that such Work Product is the sole and exclusive property of ISCO. TAP further acknowledges that all original works of authorship (also “Work
Product”), which are protectable by copyright are “works made for hire” within the meaning of Title 17 of the United States Code. TAP shall make prompt and full written disclosure to ISCO of any ISCO Work Product. TAP shall, at
ISCO’s request and expense, execute documents and perform such acts as ISCO may deem necessary to confirm all right, title and interest throughout the world, in and to any ISCO Work Product, and all patents, copyrights and other applicable
statutory protections thereon, and enable and assist ISCO in procuring, maintaining, enforcing and defending patents, copyrights and other statutory protections throughout the world on any such ISCO Work Product. TAP agrees to maintain adequate and
current written records (in such format as may be specified by ISCO) of any conception, development or reduction to practice of any ISCO Work Product. All such written records shall be available to and remain the sole property of ISCO at all times.

 4. Compensation. ISCO shall pay TAP for the Services in accordance with the terms set forth in each Exhibit
(“Fees”). Such Services and Fees will typically be subject to ISCO and TAP securing funded contracts with third parties, e.g. corporations, countries and regions. Each party will cover their own expenses in seeking to secure such funding.
Detailed contractual terms covering the Fees will be agreed by the Parties before each package of Services commences. 

 5. Other Engagements. During the term of this Agreement, TAP may be engaged by
one or more third parties where there is the potential to be in conflict with the interests of ISCO so long as TAP promptly notifies ISCO of the name of such third party and the nature of the services to be performed for them that have potential to
be in conflict with the interests of ISCO, and provided that TAP’s terms of business with such third party ensures that ISCO’s interests under the applicable provisions of this Agreement are protected, including, without limitation,
sections 3 and 6 hereof. TAP represents that TAP is not and shall not become a party to any agreement which conflicts with TAP’s duties hereunder. TAP shall use its best efforts to segregate work done under this Agreement from work performed
for any third party or done with government funding, so as to minimize any questions of disclosure or ownership of rights concerning any Work Product or Confidential Information. ISCO may terminate this Agreement immediately on payment of all sums
then due and owing to TAP if, in its sole opinion, TAP’s performance of such work or engagement by a third party may conflict with ISCO’s interests. 

6. Confidentiality. TAP agrees that during the term of this Agreement and any subsequent extensions, and for a period of
five (5) years thereafter, TAP shall not disclose without the prior written consent of ISCO, any ISCO Confidential Information. “Confidential Information” shall mean all information and/or trade secrets relating to ISCO’s
management, business, operations, technology, products or business plans, which TAP knows or has reason to know is regarded as confidential by ISCO and includes without limitation ISCO Work Product and the terms of this Agreement. Confidential
Information shall not include information that TAP can demonstrate (i) has become part of the public domain other than through breach of this Agreement, (ii) TAP knew prior to its disclosure to TAP by ISCO, or (iii) TAP learned from a
third party source having no duty of confidentiality to ISCO. TAP may lecture upon, disseminate and publish under TAP’s name scientific papers arising from the work done in the course of performance of services for ISCO hereunder, but only upon
the prior written approval of ISCO, not to be unreasonably withheld. Appropriate credit will be given to ISCO in any publication. 

7. Warranty. Each Party represents and warrants to the other that they have full power and authority to enter into and
perform this Agreement without conflict with any other Agreement to which they are a party. Each Party also covenants that they shall not enter into any agreement, or engage in any conduct, which conflicts with, or prevents the performance of, their
duties and obligations hereunder. 
 8. Notice. Any notice to ISCO hereunder shall be made in writing at the
address set forth below: 
 INTERNATIONAL STEM CELL CORPORATION 

2595 Jason Court 

Oceanside, CA 92056 

Attn: Brian Lundstrom 

E-mail: bl@intlstemcell.com 

 Any notice to TAP hereunder shall be made in writing at the address set forth above. Notices hereunder shall
be mailed, postage and fees prepaid, registered or certified mail with a return receipt requested; delivered to a nationally recognized carrier for next business day delivery; or sent by telex facsimile transmission and shall be deemed effective
upon delivery. 
 9. Invoices. TAP shall submit invoices to ISCO at timings agreed prior to commencement of work
packages under this Agreement setting forth, in reasonable detail and with eligible receipts, qualified expenses incurred by TAP in the performance of Services under and Exhibit. 

10. Termination. This Agreement may be terminated by either Party upon thirty (30) days written notice to the other
subject to payment of any sumes then due and owing to the other; provided that, if TAP breaches any of the terms of this Agreement, ISCO may, in addition to any other remedy, terminate TAP’s services immediately upon written notice to TAP and
provided that termination by TAP is subject to the detailed terms agreed in relation to the package of Services then in progress. One copy of all written materials prepared by TAP in the course of TAP’s services hereunder shall be delivered to
ISCO by TAP promptly after termination of this Agreement or at such earlier time as ISCO may request, together with all written materials, if any, furnished by ISCO to TAP in connection with TAP’s services. The terms and obligations of
paragraphs 3 and 6 shall survive termination of this Agreement. 
 11. Miscellaneous. 

11.1 Not an Employee. TAP is an independent partner and is not an employee or agent of ISCO. TAP shall be entitled to no benefits
or compensation from ISCO except as set forth in this Agreement. TAP shall be solely responsible for any taxes or other similar charges relating to any compensation paid to TAP under this Agreement. 

11.2 Assignment. This Agreement shall not be assignable by TAP except with the prior written consent of the ISCO in its sole
discretion. Except as otherwise provided above, this Agreement shall inure to the benefit of and shall be binding upon the successors and the assigns of the parties. 

11.3 Severability. If any provision of this Agreement is deemed invalid, all other provisions shall remain in full force and
effect. 
 11.4 Waiver of Breach. The waiver by any party of the breach of any provision of this Agreement by the other
party or the failure of any party to exercise any right granted to it hereunder shall not operate or be construed as the waiver of any subsequent breach by such other party nor the waiver of the right to exercise any such right. 

11.5 Entire Agreement. This Agreement contains the entire agreement of the parties concerning the subject matter hereof. This
Agreement supersedes all prior discussions, negotiations, promises, and agreements. This Agreement can be amended or modified only in a subsequent written document signed by the parties. 

11.6 Applicable Law. This Agreement is entered into and executed in the State of California and shall be governed by the laws of
such State. 
 11.7 Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of
which shall be deemed an original but all of which together shall constitute one and the same instrument. 

 11.8 Headings. The paragraph and subparagraph headings in this Agreement are for
convenience only and shall not affect the construction of this Agreement. 
 11.9 Further Assurances. Each party shall,
from time to time, and without charge to the other party, take such additional actions and execute, deliver and file such additional instruments as may be reasonably required to give effect to the transactions contemplated by this Agreement.

 11.10 Press Releases. ISCO shall have the right to prepare and distribute press releases or other communications
announcing the existence of this Agreement and the subject matter hereof and other relevant information subject to TAP’s prior agreement not to be unreasonably withheld or delayed. 

11.11 Compliance with Law. TAP shall, at all times during the Term, perform the Services hereunder in compliance with all
applicable federal, state and local laws and regulations. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the
Effective Date. 
  

					
	International Stem Cell Corporation, Inc.	 		  	The Automation Partnership (Cambridge) Limited
			
	  
	 		  	  

	Signature	 		  	Signature
			
	Andrey Semechkin, CEO	 		  	Nick Cooke, COO

 EXHIBIT “Cornea cell culture automation - Version 1” 

Background 
 ISCO uses stem cells
to culture live, standardized, human cornea-like tissue as a potential organ substitute for cornea transplantation (“Cornea Product”). This tissue may be produced in practically unlimited amounts and thus offset the substantial shortage of
human donor-based material in most countries outside the US today, including Asia and Europe. Besides such therapeutic use, the Cornea Product may also offer a replacement for the millions of animal eyes used worldwide in vitro and in vivo to test
chemicals and consumer products. 
 TAP is a leader in cell culture automation and is interested in being a strategic partner for ISCO on the
automation and scale-up of Cornea Product production. This Exhibit version 1 and various subsequent versions thereof from time to time, as mutually agreed by ISCO and TAP in writing, shall govern the relationship. 

Contingencies 
 The following
Services and Fees are entirely subject to ISCO and TAP securing funded contracts with third parties, e.g. EU grants and/or international corporations. 

Services and Fees, Phase 1: Design 

Phase I will last approximately one year and involve the following primary activities: 

 

	1.	Formalization of Cornea Product synthesis and characterization, including establishment of repeatable protocols by ISCO and joint determination by ISCO and TAP of which
protocol elements should be automated and which are best left as manual tasks (considering both technical challenges and value proposition for each element). 

 

	2.	Joint establishment of a User Requirements Specification (“URS”) with formalized automation requirements that meet ISCO’s needs and describe what outputs
are required from each element of automation and constraints around any solution. 

  

	3.	TAP establishment of hardware and software key technical challenges and solutions. ISCO contribution to ensure that the solutions being considered meet ISCO’s
objectives. 

  

	4.	TAP construction of a Functional Requirements Specification (“FRS”) that describes how automation will match the URS. TAP will outline how the IQ/OQ
documentation and risk assessments will be carried out to support ISCO’s validation requirements. 

 By the end of Phase 1,
TAP and ISCO will have agreed on exactly where automation needs to fit in the processes and how it will achieve its objectives. TAP will have investigated the technology sufficiently to remove or reduce risk for the remaining phases. Estimated cost:
$85,000. 

 Services and Fees, Phase 2: Process-specific automation 

The goal of Phase 2 will be to build a prototype of the specialized instrument meeting the URS and FRS resulting from Phase 1. Doing this before
delivering capability for scale-up of cell colony culture has two primary benefits: 
  

	1.	The novel elements are produced first, reducing overall program risk. 

  

	2.	Upstream scale-up is deferred until it is needed. 

It is anticipated that this instrument will be based on a TAP plate-based cell maintenance system currently in the concept phase, customized to
accommodate the cGMP, rolling culture and other aspects of the Cornea Product process. TAP will supply IQ/OQ documentation with the system as a part of the Agreement. Additional instruments of the same design would be available with IQ/OQ
documentation for subsequent purchase and installation. Estimated cost: $435,000 (plus any time and material fees required to support validation over and above the risk based IQ/OQ documentation). 

Services and Fees, Phase 3: Scale-up automation 

The goal of Phase 3 is to produce, operate and transfer to an alternate site and team the customized automation equipment (“Equipment”), likely
a cGMP version of CompacT CellBase. Estimated cost: $975,000. 
 The CompacT CellBase has been in use in laboratories since 2005 with more than
25 units now in operation. The standard instrument is 1996mm in length x 1118mm in width. The CompacT CellBase requires access at the front only, with clearance for opening the doors bringing the overall depth to 2033mm. The instrument requires
three-phase power and weighs 1150 kg empty in its standard configuration. Additional facility needs (temperature, ventilation, gas supply, etc.) are described in “TAP-9052-07-001 Building Services Specification Issue 2.15”. 

IN WITNESS WHEREOF, the parties have executed this Exhibit, “Cornea cell culture automation - Version 1”, effective on the latter of the
signature dates below. 
  

					
	International Stem Cell Corporation, Inc.	 		  	The Automation Partnership, LLC.
			
	  
	 		  	  

	Date	 		  	Date
			
	  
	 		  	  

	Signature	 		  	Signature
			
	Andrey Semechkin, CEO	 		  	Nick Cooke, COOForm of Senior Notes

 Exhibit 4.1 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

NEITHER THIS SECURITY NOR THE GUARANTEE INCLUDED HEREIN IS A BANK DEPOSIT OR INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR BY
ANY OTHER INSURER OR GOVERNMENTAL AGENCY. 
 THE INDENTURE, DATED AS OF DECEMBER 1, 1991, RELATING TO THIS SECURITY, HAS
BEEN AMENDED BY A SUPPLEMENTAL INDENTURE, DATED AS OF FEBRUARY 15, 1993, A SECOND SUPPLEMENTAL INDENTURE, DATED AS OF FEBRUARY 15, 2000, A THIRD SUPPLEMENTAL INDENTURE, DATED AS OF DECEMBER 19, 2008, A FOURTH SUPPLEMENTAL INDENTURE, DATED
AS OF DECEMBER 19, 2008 AND A FIFTH SUPPLEMENTAL INDENTURE, DATED AS OF MARCH 31, 2009. 

 PNC FUNDING CORP 

3.000% SENIOR NOTES DUE MAY 19, 2014 
  

			
	REGISTERED	  	CUSIP: 693476BK8
	No.	  	ISIN: US693476BK85
		  	$            

PNC FUNDING CORP, a corporation duly organized and existing under the laws of Pennsylvania (herein called the “Company,” which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of Five-Hundred Million Dollars on May 19, 2014,
and to pay interest thereon from, and including, May 19, 2010, or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually in arrears on May 19 and November 19 of
each year, commencing November 19, 2010 (each an “Interest Payment Date”), and at maturity, at the rate of 3.000% per annum, until the principal hereof is paid or made available for payment, and (to the extent that the payment of
such interest shall be legally enforceable) at the same rate per annum on any overdue principal and premium and on any overdue installment of interest. Interest shall accrue from, and including, May 19, 2010 to, but excluding, the first
Interest Payment Date and then from, and including, the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, to, but excluding, the next Interest Payment Date or the maturity date, as the case may be.
Each of these periods is referred to as an “interest period.” Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date, subject to certain exceptions, will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be May 1 or November 1 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. However, interest payable on the maturity date will be paid to the person to whom the
principal will be payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of the Securities not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner acceptable to the Trustee and not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 If an Interest Payment Date or the maturity date for
the Notes falls on a day that is not a Business Day, the Company will postpone the interest payment or the payment of principal and interest at maturity to the next succeeding Business Day, but the payments made on such dates will be treated as
being made on the date that the payment was first due and the Holder will not be entitled to any further interest or other payments with respect to such postponements. 

The term “Business Day” means any day except a Saturday, a Sunday or a legal holiday in the City of New York or the City of
Pittsburgh on which banking institutions are authorized or obligated by law, regulation or executive order to close. 
 This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” or “Notes”), issued and to be issued in one or more series under an Indenture, dated as of December 1, 1991, among the
Company, PNC Financial Corp (also known 

 
as “PNC Bank Corp.” and now known as “The PNC Financial Services Group, Inc.”) (the “Guarantor”) and The Bank of New York Mellon (formerly known as The Bank of New
York), as successor in interest to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture) as amended by a Supplemental
Indenture dated as of February 15, 1993 by and among the Company, the Guarantor and the Trustee, as further amended by a Second Supplemental Indenture dated as of February 15, 2000 by and among the Company, the Guarantor and the Trustee,
as further amended by a Third Supplemental Indenture dated as of December 19, 2008 by and among the Company, the Guarantor and the Trustee, as further amended by a Fourth Supplemental Indenture dated as of December 19, 2008 by and among
the Company, the Guarantor and the Trustee and as further amended by a Fifth Supplemental Indenture dated as of March 31, 2009 by and among the Company, the Guarantor and the Trustee (such Indenture as amended being herein called the
“Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated above, initially issued in the aggregate principal amount of $500,000,000, and is subject to
additional issuances as the Company may determine or as provided for in the Indenture. 
 This Security is not redeemable at
either the option of the Holder or by the Company prior to the Stated Maturity thereof and is not subject to any sinking fund. 

This Security is not convertible into, or exchangeable for, equity securities of the Company or the Guarantor. If an Event of Default (as
defined in the Indenture) with respect to the Securities shall occur and be continuing, the principal of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 

Unless the certificate of authentication hereon has been executed by the Trustee hereinafter referred to, by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 The indebtedness
of the Company evidenced by this Security, including the principal thereof and interest thereon, is, to the extent and in the manner set forth in the Indenture, senior in right of payment to its obligations to Holders of Subordinated Debt Securities
and Existing Company Subordinated Indebtedness (each as defined in the Indenture) and shall rank pari passu in right of payment with each other and with Senior Company Indebtedness (as defined in the Indenture), as provided in the
Indenture, and each Holder of Securities, by the acceptance hereof, agrees to and shall be bound by such provisions of the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the Guarantor and the rights of the Holders of the Securities of any series under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal
amount of the outstanding Securities of all series (voting as one class) to be affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Outstanding
Securities of any series, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange

 
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

The Securities are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000
thereof. This Security is a global security, represented by one or more permanent global certificates registered in the name of the nominee of The Depository Trust Company (each a “Global Note” and collectively, the “Global
Notes”). Accordingly, unless and until it is exchanged in whole or in part for individual certificates evidencing the Securities represented hereby, this Security may not be transferred except as a whole by The Depositary Trust Company (the
“Depositary”) to a nominee of such Depositary or by a nominee of such Depositary or by the Depositary or any nominee to a successor Depositary or any nominee of such successor. Ownership of beneficial interests in this Security will be
shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable Depositary or its nominee (with respect to interest of persons that have accounts with the Depositary (“Participants”) and the
records of Participants (with respect to interests of persons other than Participants)). Beneficial interests in Securities by persons that hold through Participants will be evidenced only by, and transfers of such beneficial interests with such
Participants will be effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests in this Security will not be entitled to have any individual certificates and will not be considered the
owners or Holders thereof under the Indenture. 
 Except in the limited circumstances set forth herein, Participants and owners
of beneficial interests in the Global Notes will not be entitled to receive Securities in definitive form and will not be considered Holders of Securities. If the Depositary is at any time unwilling, unable or ineligible to continue as Depositary
and a successor Depositary is not appointed by the Company within 90 days, or an Event of Default has occurred and is continuing, and the Depositary requests the issuance of certificated notes, the Company will issue individual certificates
evidencing the Securities represented hereby in definitive form in exchange for this Security in registered form to each person that the Depositary identifies as the beneficial owner of the Securities represented by the Global Notes upon surrender
by the Depositary of the Global Notes. In addition, the Company may at any time and in its sole discretion determine not to have any Securities represented by one or more global securities and, in such event, will issue individual certificates
evidencing Securities in definitive form in exchange for this Security. In any such instance, an owner of a beneficial interest in a Security will be entitled to physical delivery in certificated form of Securities equal in principal amount to such
beneficial interest and to have such Securities registered in its name. Securities so issued in certificated form will be issued in denominations of $2,000 and any integral multiples of $1,000 thereof and will be issued in registered form only,
without coupons. Neither the Company nor the principal paying agent will be liable for any delay by the Depositary, its nominee or any direct or indirect participant in identifying the beneficial owners of the related Securities. The Company and the
principal payment agent may conclusively rely on, and will be protected in relying on, instructions from the Depositary or its nominee for all purposes, including with respect to the registration and delivery, and the respective principal amounts,
of the Securities to be issued. 
 Except as provided herein, beneficial owners of Global Notes will not be entitled to receive
physical delivery of Securities in definitive form and no Global Note will be exchangeable except for another Global Note of like denomination and tenor to be registered in the name of the Depositary or its nominee. Accordingly, each person owning a
beneficial 

 
interest in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant, on the procedures of the Participant through which such person owns its interest,
to exercise any rights of a Holder under the Securities. 
 Beneficial interests in the Global Notes will be represented through
book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in the Depositary. Investors may elect to hold interests in the Global Notes through the Depositary, either directly if they are
Participants of such system or indirectly through organizations that are Participants in such system. 
 The laws of some
jurisdictions may require that purchasers of securities take physical delivery of those securities in definitive form. Accordingly, the ability to transfer interests in the Securities represented by a Global Note to those persons may be limited. In
addition, because the Depositary can act only on behalf of its Participants, who in turn act on behalf of persons who hold interests through Participants, the ability of a person having an interest in Securities represented by a Global Note to
pledge or transfer such interest to persons or entities that do not participate in the Depositary’s system, or otherwise to take actions in respect of such interest, may be affected by the lack of a physical definitive security in respect of
such interest. 
 Neither the Company, the Trustee, the principal paying agent nor any Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account of Securities by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to the Securities. 

The Bank of New York Mellon will act as the Company’s principal paying agent with respect to the Securities through its offices
presently located at 101 Barclay Street-8W, New York, New York 10286. The Company may at any time rescind the designation of a paying agent, appoint a successor paying agent, or approve a change in the office through which any paying agent acts.
Payments of interest and principal may be made by wire-transfer in immediately available funds for Securities held in book-entry form or, at the Company’s option in the event the Securities are not represented by Global Notes, by check mailed
to the address of the person entitled to the payment as it appears in the Security register. Payment of principal will be made upon the surrender of the relevant Securities at the offices of the principal paying agent. 

Notices to the Holders of registered Securities will be mailed to them at their respective addresses in the register of the Securities
and will be deemed to have been given on the fourth weekday (being a day other than Saturday or Sunday) after the date of mailing. The Indenture contains provisions setting forth certain conditions to the institution of proceedings by the Holders of
Securities with respect to the Indenture or for any remedy under the Indenture. 
 All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 — end of page —

 [signatures appear on following page] 

 IN WITNESS WHEREOF, PNC Funding Corp has caused this Note to be signed in its name by its
Chairman of the Board, President or any Executive or Senior Vice President, and by its Secretary or an Assistant Secretary, or by facsimiles of any of their signatures, and its corporate seal, or a facsimile thereof, to be hereto affixed.

 Dated: May 19, 2010 
  

					
	PNC FUNDING CORP
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  

			
	Attest:
	
	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 THE BANK OF NEW YORK MELLON
as Trustee

		
	By	 	  

		 	Authorized officer

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