Document:

Exhibit 10.2

 Exhibit 10.2 
 SEVERANCE AGREEMENT 
 THIS AMENDED AND RESTATED AGREEMENT entered into this May 13, 2008
(the “Effective Date”) by and between The Patapsco Bank (the “Bank”), and William C. Wiedel, Jr. (the “Employee”). 
 WHEREAS, the Employee has been hired by the Bank as an executive officer; and 
 WHEREAS, the
Bank deems it to be in its best interest to enter into this Agreement as incentive to the Employee to continue as an executive employee of the Bank and to provide the Employee with a level of financial protection in the event of a Change in Control;
and 
 WHEREAS, the parties desire by this writing to set forth their understanding as to their respective rights and obligations in
the event of termination of Employee’s employment under the circumstances set forth in this Agreement. 
 NOW, THEREFORE, it is
AGREED as follows: 
 1. Change in Control. 
 (a) Payment in the Event of Change in Control. 
 (1) If the Employee’s employment is terminated by the Bank, without the
Employee’s prior written consent and for a reason other than Just Cause (as defined in Section 2(a) hereof), in connection with or within twenty-four (24) months after any Change in Control of the Bank or Patapsco Bancorp, Inc. (the
“Company”), the Employee shall, subject to paragraph (2) of this Section 1(a), be paid an amount equal to two (2) times the sum of her base salary and bonus paid in the prior calendar year, but in no event greater than the
difference between (i) the product of 2.99 times her “base amount” as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) and regulations promulgated thereunder (the “Maximum
Amount”), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the Change in Control. Subject to Sections 1(a)(2) and 1(a)(3) of this Agreement,
said sum shall be paid in one lump sum within ten (10) days of such termination. 
 (2) In the event that the Employee and the Bank
jointly determine and agree that the total parachute payments receivable under clauses (i) and (ii) of Section l(a)(1) hereof exceed the Maximum Amount, notwithstanding the payment procedure set forth in Section l(a)(1) hereof, the
Employee shall determine which and how much, if any, of the parachute payments to which she is entitled shall be eliminated or reduced so that the total parachute payments to be received by the Employee do not exceed the Maximum Amount. If the
Employee does not make her determination within ten (10) business days after receiving a written request from the Bank, the Bank may make such determination, and shall notify the Employee promptly thereof. Within five (5) business days of
the earlier of the Bank’s receipt of the Employee’s determination pursuant to this paragraph or the Bank’s determination in lieu of a determination by the Employee, the Bank shall pay to or distribute to or for the benefit of the
Employee such amounts as are then due the Employee under this Agreement. 
 (3) As a result of uncertainty in application of
Section 280G of the Code at the time of payment hereunder, it is possible that such payments will have been made by the Bank which should not have been made (“Overpayment”) or that additional payments will not have been made by the
Bank which should have been made (“Underpayment”), in each case, consistent with the calculations required to be made under Section 1(a)(1) hereof. In the event that the Employee, based upon the assertion by the 

 
Internal Revenue Service against the Employee of a deficiency which the Employee believes has a high probability of success, determines that an Overpayment
has been made, any such Overpayment paid or distributed by the Bank to or for the benefit of Employee shall be treated for all purposes as a loan ab initio, which the Employee shall repay to the Bank together with interest at the
applicable federal rate provided for in Section 7872(f)(2)(B) of the Code; provided, however, that no such loan shall be deemed to have been made and no amount shall be payable by the Employee to the Bank if and to the extent such deemed loan
and payment would not either reduce the amount on which the Employee is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Employee and the Bank determine, based upon
controlling precedent or other substantial authority, that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Bank to or for the benefit of the Employee together with interest at the applicable federal rate provided
for in Section 7872(f)(2)(B) of the Code. 
 (4) “Change in Control” shall mean any one of the following events: (1) the
acquisition of ownership, holding or power to vote more than 25% of the Bank’s or Patapsco Bancorp, Inc.’s (the “Company”) voting stock, (2) the acquisition of the ability to control the election of a majority of the
Bank’s or the Company’s directors, (3) the acquisition of a controlling influence over the management or policies of the Bank or the Company by any person or by persons acting as a “group” (within the meaning of
Section 13(d) of the Securities Exchange Act of 1934) (provided that in the case of (1), (2) and (3) hereof, ownership or control of the Bank by the Company itself shall not constitute a “change in control”), or
(4) during any period of two consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board of Directors of the Company or the Bank (the “Existing Board”) cease for any
reason to constitute at least two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall
be considered a Continuing Director. For purposes of this subparagraph only, the term “person” refers to an individual or a corporation, partnership, trust, Bank, joint venture, pool, syndicate, sole proprietorship, unincorporated
organization or any other form of entity not specifically listed herein. The decision of the Bank’s non-employee directors as to whether a change in control has occurred shall be conclusive and binding. 
 (b) Change in Control; Voluntary Termination. Notwithstanding any other provision of this Agreement to the contrary, the Employee may voluntarily
terminate her employment under this Agreement within twenty-four (24) months following a Change in Control, as defined in paragraph (a)(4) of this Section 1, and the Employee shall thereupon be entitled to receive the payment described in
Section 1(a)(1) of this Agreement as a result of the occurrence of any of the following events, which has not been consented to in advance by the Employee in writing: (i) the requirement that the Employee move her personal residence, or
perform her principal executive functions, more than fifteen (15) linear miles from her primary office as of the date of the Change in Control; (ii) a material reduction in the Employee’s base compensation as in effect on the date of
the Change in Control or as the same may be increased from time to time; (iii) the failure by the Bank to continue to provide the Employee with compensation and benefits provided for under this Agreement, as the same may be increased from time
to time, or with benefits substantially similar to those provided to him under any of the employee benefit plans in which the Employee now or hereafter becomes a participant, or the taking of any action by the Bank which would directly or indirectly
reduce any of such benefits or deprive the Employee of any material fringe benefit enjoyed by him at the time of the Change in Control; (iv) the assignment to the Employee of duties and responsibilities materially different from those normally
associated with her position; (v) a failure to elect or reelect the Employee to the Board of Directors of the Bank, if the Employee is serving on the Board of Directors on the date of the Change in Control; or (vi) a material diminution or
reduction in the Employee’s responsibilities or authority (including reporting responsibilities) in connection with her employment with the Bank. Upon the occurrence of any event described in clauses (i) through (vi), above, the Employee
shall have the right to elect to terminate his 

  

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employment under this Agreement by resignation upon sixty (60) days prior written notice given within a reasonable period of time not to exceed ninety
(90) days after the initial event giving rise to said right to elect; provided, however that the Bank shall have at least thirty (30) days to cure such condition and provided that Employee actually terminates employment within two years
after the initial occurrence of such event. Notwithstanding the preceding sentence, in the event of a continuing breach of this Agreement by the Bank, the Employee, after giving due notice within the prescribed time frame of an initial event
specified above, shall not waive any of his rights solely under this Agreement by virtue of the fact that the Employee has submitted his resignation but has remained in the employment of the Bank and is engaged in good faith discussions to resolve
any occurrence of an event described in clauses (i) through (vi) above. 
 (c) Compliance with 12 U.S.C.
Section 1828(k). Any payments made to the Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder. 
 (d) Term. This Agreement shall remain in effect for the period commencing on the Effective Date and ending on the earlier of (i) the date
twenty-four (24) months after the Effective Date, and (ii) the date on which the Employee terminates employment with the Bank; provided that the Employee’s rights hereunder shall continue following the termination of this employment
with the Bank under any of the circumstances described in Section 1(a) or (b) hereof. Additionally, on each anniversary date from the Effective Date, the term of this Agreement shall be extended for an additional one-year period beyond the
then effective expiration date, provided that the Employee is elected an officer of the Bank at the meeting of the Bank’s Board of Directors held on the date of the Company’s annual meeting of stockholders called for the purpose of
electing the officer position which the Employee holds. 
 2. Termination for Just Cause or Suspension Under Federal Law. 
 (a) Termination for “Just Cause” shall mean termination because of, in the good faith determination of the Bank’s Board of Directors, the
Employee’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations
or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. The Employee shall have no right to receive compensation or other benefits for any period after termination for Just Cause. No act, or
failure to act, on the Employee’s part shall be considered “willful” unless she has acted, or failed to act, with an absence of good faith and without a reasonable belief that her action or failure to act was in the best interest of
the Bank. 
 (b) If the Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an
order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) or (g)(1)), all obligations of the Bank under this Agreement shall terminate, as of the effective date of the order, but the
vested rights of the parties shall not be affected. 
 (c) If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all
obligations under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the vested rights of the parties. 
 (d) All obligations under this Agreement shall terminate, except to the extent that continuation of this Agreement is necessary for the continued operation of the Bank as determined by: (i) the appropriate
federal banking agency at the time that the Federal Deposit Insurance Corporation enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in 

  

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Section 13(c) of the FDIA; or (ii) by the appropriate federal banking agency at the time it approves a supervisory merger to resolve problems
related to operation of the Bank or when the Bank is determined by the appropriate federal banking agency to be in an unsafe or unsound condition. Such action shall not affect any vested rights of the parties. 
 (e) If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)) suspends and/or temporarily prohibits the
Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed by appropriate proceedings. If the charges in the notice are
dismissed, the Bank shall (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 (f) The terms of this Section 2 shall prevail over any other provisions of this Agreement. 
 3. Expense Reimbursement. 
 In the event that any
dispute arises between the Employee and the Bank as to the terms or interpretation of this Agreement, whether instituted by formal legal proceedings or otherwise, including any action that the Employee takes to enforce the terms of this Agreement or
to defend against any action taken by the Bank or its affiliates, the Employee shall be reimbursed for all costs and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Employee
shall obtain a final judgment in favor of the Employee in a court of competent jurisdiction or in binding arbitration under the rules of the American Arbitration Association. Such reimbursement shall be paid within ten (10) days of
Employee’s furnishing to the Bank written evidence, which may be in the form, among other things, of a cancelled check or receipt, of any costs or expenses incurred by the Employee. 
 4. Successors and Assigns. 
 (a) This Agreement shall inure to the benefit of and be binding upon any
corporate or other successor of the Bank which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank or Company. 
 (b) Since the Bank is contracting for the unique and personal skills of the Employee, the Employee shall be precluded from assigning or delegating her
rights or duties hereunder without first obtaining the written consent of the Bank. 
 5. Amendments. No amendments or additions to this Agreement
shall be binding unless made in writing and signed by all of the parties, except as herein otherwise specifically provided. 
 6. Applicable Law.
Except to the extent preempted by Federal law, the laws of the State of Maryland shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 
 7. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity
or enforceability of the other provisions hereof. 
 8. Entire Agreement. This Agreement, together with any understanding or modifications thereof as
agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto. 
  

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 9. Compliance with Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement, in
the event the Employee is a “Specified Employee” (as defined herein) no payment subject to Section 409A of the Code shall be made to the Employee under this Agreement prior to the first day of the seventh month following the
Employee’s termination and employment in excess of the “permitted amount” under Section 409A of the Code. For these purposes the “permitted amount” shall be an amount that does not exceed two times the lesser of:
(A) the sum of the Employee’s annualized compensation based upon the annual rate of pay for services provided to the Bank for the calendar year preceding the year in which the Employee terminates employment, or (B) the maximum amount
that may be taken into account under a tax-qualified plan pursuant to Section 401(a)(17) of the Code for the calendar year in which occurs the Employee’s termination of employment. The payment of the “permitted amount” shall be
made within sixty (60) days of the occurrence of the Employee’s termination of employment. Any payment in excess of the permitted amount shall be made to the Employee on the first day of the seventh month following the Employee’s
termination of employment. “Specified Employee” shall be interpreted to comply with Section 409A of the Code and shall mean a key employee within the meaning of Section 416(i) of the Code (without regard to paragraph 5 thereof),
but an individual shall be a “Specified Employee” only if the Bank is a publicly-traded institution or the subsidiary of a publicly-traded holding company. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first hereinabove
written. 
  

							
	ATTEST:	 		 	THE PATAPSCO BANK
				
	 /s/ Douglas H. Ludwig
	 		 	By:	 	 /s/ Thomas P. O’Neill

	Secretary	 		 		 	Its Chairman of the Board
			
	WITNESS:	 		 	EMPLOYEE
			
	 /s/ Douglas H. Ludwig
	 		 	 /s/ William C. Wiedel, Jr.

		 		 	[Name]

  

 6Instruments defining the rights of security holders, including indentures.

 EXHIBIT 4(a) 
 FORM OF NOTE 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (THE “DEPOSITARY”), TO A 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 SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY TO MERRILL LYNCH & CO., INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 MERRILL LYNCH & CO., INC.

 7.75% Subordinated Notes Due May 14, 2038 
  

			
	No. R-1	 	Aggregate Principal Amount:
	CUSIP: 59023VAA8	 	$500,000,000

 MERRILL LYNCH & CO., INC., a corporation duly organized and existing under the laws of
the State of Delaware (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 ($500,000,000) on May 14, 2038 (the “Stated Maturity”) and to pay interest on said principal sum semi-annually in arrears on May 14 and November 14 of each year, commencing
November 14, 2008 (each such date, an “Interest Payment Date”) to and including the Stated Maturity or earlier date of redemption. Interest will accrue at the rate of 7.75% per annum from and including the most recent Interest
Payment Date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from and including May 14, 2008, to but excluding the next Interest Payment Date or the date on which the principal is
paid or duly made available for payment. Interest payments will include accrued interest from and including the date of issue or the last date in respect of which interest has been paid, as the case may be, to but excluding the relevant Interest
Payment Date, date of redemption or Stated Maturity. The amount of interest paid for any period will be computed on the basis of a 360-day year of twelve 30-day months. If an Interest Payment Date falls on a day that is not a 

 
New York Business Day (as defined below), the payment due on such Interest Payment Date shall be paid on the next succeeding New York Business Day as if paid
on the scheduled payment date, and no interest shall accrue on the amount payable from such scheduled payment date to the next succeeding New York Business Day. A “New York Business Day” shall mean any day other than a Saturday or Sunday
that is neither a legal holiday nor a day on which banking institutions in The City of New York are authorized or required by law, regulation or executive order to close. The interest installment so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture (as defined below), be paid to the Person in whose name this Security (or one or more Predecessor Securities, as defined in the Indenture) is registered at the close of business on the
Regular Record Date for such interest installment, which shall be the close of business on the fifteenth calendar day immediately preceding such Interest Payment Date. Any such interest installment not so punctually paid or duly provided for shall
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 (as defined below), notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner 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. 
 Payment of the principal of and interest on this Security will be made at the office or agency of the Company maintained for that purpose in New York,
New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, and this Security is issued
subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance hereof, waives all notice of the
acceptance of the subordination provisions contained herein and in the indenture of each holder of Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each such holder upon said provisions. 
 Reference is hereby made to the further provisions of the Indenture summarized on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

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 IN WITNESS WHEREOF, Merrill Lynch & Co., Inc. has caused this instrument to be duly executed
under its corporate seal. 
 Dated: May 14, 2008 
  

											
	 CERTIFICATE OF AUTHENTICATION
 This is one of
the Securities of the series
 designated therein referred to in the
 within-mentioned Indenture.
	 		 	Merrill Lynch & Co., Inc.
				
	[Copy of Seal]        	 		 		 	
					
	 The Bank of New York, as Trustee
	 		 	By:	 	 	 	 
		 		 		 		 		 	Treasurer
					
	By: 	 	 	 		 	Attest: 	 	 
		 	Authorized Officer	 		 		 		 	Secretary

  

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 Reverse of Security 
 This Security is one of a duly authorized issue of Securities of the Company, designated as its 7.75% Subordinated Notes Due May 14, 2038 (herein called the “Securities”), initially limited in aggregate
principal amount to $1,750,000,000 issued under an indenture, dated as of December 17, 1996 (the “Principal Indenture”), as amended by a supplemental indenture, dated as of May 16, 2006, (the “Supplemental Indenture”
and, together with the Principal Indenture, the “Indenture”), between the Company and The Bank of New York (as successor to JPMorgan Chase Bank, N.A., successor to The Chase Manhattan Bank), as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
 All terms used in this Security which are defined in the Indenture but not in this Security shall have the meanings assigned to them in the Indenture.

 Redemption 
 Optional Redemption

 The Company may elect to redeem the outstanding Securities, in whole or in part, at any time, upon not less than 30 or more than
60 days’ notice, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed or (2) as determined by the Quotation Agent (as defined below), the sum of the present values of the
remaining scheduled payments of principal and interest on the Securities to be redeemed, not including any portion of these payments of interest accrued as of the applicable Redemption Date, discounted to the applicable Redemption Date on a
semi-annual basis assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate (as defined below) plus 50 basis points, plus, in either case, accrued interest on the Securities to be redeemed to the applicable Redemption
Date. 
 “Adjusted Treasury Rate” means the semi-annual equivalent yield to maturity of a Reference Security whose price, expressed
as a percentage of its principal amount, is equal to the Comparable Treasury Price. 
 “Reference Security” means a United States
Treasury security which has a maturity comparable to the remaining maturity of the Securities at the applicable Redemption Date which would be used in accordance with customary financial practice to price new issues of corporate debt securities with
a maturity comparable to the remaining maturity of the Securities at the applicable Redemption Date, all as determined in the sole discretion of the Quotation Agent. 
 “Comparable Treasury Price” means the average of the bid and asked prices for the Reference Security as of 5:00 p.m. on the third New York Business Day before the applicable Redemption Date, as provided
by the Reference Dealers. If the Company obtains more than 

  

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three Reference Dealer quotations, the Company will eliminate the highest and the lowest Reference Dealer quotations and then calculate the average of the
remaining Reference Dealer quotations. If the Company obtains three or fewer Reference Dealer quotations, the Company will calculate the average of all the Reference Dealer quotations and not eliminate any quotations. 
 “Reference Dealers” means the Quotation Agent and two or more other primary U.S. Government securities dealers in New York City appointed by
the Company. If the Quotation Agent is no longer a primary U.S. Government securities dealer, the Company shall substitute another primary U.S. Government securities dealer in its place as a Reference Dealer. 
 “Quotation Agent” means Merrill Lynch Government Securities Inc. or its successor. 
 All determinations made by the Quotation Agent shall be made in good faith and in a commercially reasonable manner by the Quotation Agent and, absent a
determination of a manifest error, shall be conclusive for all purposes and binding on the Company, the Holders and beneficial owners of the Securities. 
 Tax Redemption 
 The Company may elect to redeem the outstanding Securities, in whole and not in part, upon not less
than 30 or more than 60 days’ notice and not more than 90 days before the next Interest Payment Date on which the Company would be obligated to pay Additional Amounts (as defined below), at any time following the date on which the Company
becomes obligated to pay Additional Amounts on any of those Securities on the next Interest Payment Date (a “Tax Redemption Event”), but only if the Tax Redemption Event results from a change in the laws or regulations of any U.S. Taxing
Authority (as defined below), or from a change in any official interpretation or application of those laws or regulations, that becomes effective or is announced on or after May 7, 2008. If the Company redeems any Securities pursuant to a Tax
Redemption Event, it shall do so at a Redemption Price equal to 100% of the principal amount of the Securities redeemed, plus accrued interest to the Redemption Date. 
 Payment of Additional Amounts 
 If the beneficial owner of a Security is a United States Alien (as
defined below), the Company shall pay all Additional Amounts that may be necessary so that every Net Payment (as defined below) of interest or principal on such Securities will not be less than the amount provided for in the Securities (the
“Additional Amounts”); provided, however, that the Company shall not pay Additional Amounts for or on account of any of the following: 
 (a)     any tax, assessment or other governmental charge imposed solely because at any time there is or was a connection between the beneficial owner (or between a fiduciary, settlor,
beneficiary or member of the beneficial owner, if the beneficial owner is an estate, trust or partnership) and the United States (as defined below) (other than the mere receipt of a payment or the ownership or holding of a Security), including
because the 

  

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beneficial owner (the fiduciary, settlor, beneficiary or member) at any time, for U.S. federal income tax purposes: 
 (i)     is or was a citizen or resident or is or was treated as a resident of the United States; 
 (ii)     is or was present in the United States; 
 (iii)     is or was engaged in a trade or business in the United States; 
 (iv)     has or had a permanent establishment in the United States; 
 (v)     is or was a domestic personal holding company, a passive foreign investment company or a controlled foreign
corporation; 
 (vi)     is or was a corporation that accumulates earnings to avoid U.S. federal income
tax; or 
 (vii)     is or was a “ten percent shareholder” of the Company; 
 (b)     any tax, assessment or other governmental charge imposed solely because of a change in applicable law or regulation, or in any
official interpretation or application of applicable law or regulation, that becomes effective more than 15 days after the day on which the payment becomes due or is duly provided for, whichever occurs later; 
 (c)     any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax, or any similar tax, assessment or
other governmental charge; 
 (d)     any tax, assessment or other governmental charge imposed solely because the
beneficial owner or any other person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the United States of the holder or any beneficial owner of
the Security, if compliance is required by statute, by regulation of the U.S. Treasury department or by an applicable income tax treaty to which the United States is a party, as a precondition to exemption from the tax, assessment or other
governmental charge; 
 (e)     any tax, assessment or other governmental charge that can be paid other than by deduction
or withholding from a payment on the Securities; 
 (f)     any tax, assessment or other governmental charge imposed
solely because the payment is to be made by a particular paying agent (which term may include the Company) and would not be imposed if made by another paying agent; 
 (g)     where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any European Union Directive on the taxation of 

  

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savings or any law implementing or complying with, or introduced in order to conform to, such Directive; 
 (h)     by or on behalf of a holder who would be able to avoid withholding or deduction by presenting the Security to another paying
agent in a Member State of the European Union; or 
 (i)     any combination of the taxes, assessments or other
governmental charges described above. 
 In addition, the Company will not pay Additional Amounts with respect to any payment of principal or
interest to any United States Alien who is a fiduciary or a partnership, or who is not the sole beneficial owner of the payment, to the extent that the Company would not have to pay additional amounts to any beneficiary or settlor of the fiduciary
or any member of the partnership, or to any beneficial owner of the payment, if that person or entity were treated as the beneficial owner of the Security for this purpose. 
 References to any payment of interest or principal on a Security includes any Additional Amount that may be payable as described above in respect of that
payment. 
 “United States Alien” means any person who, for U.S. federal income tax purposes, is: 
 (a)     a nonresident alien individual; 
 (b)     a foreign corporation; 
 (c)     a foreign partnership one or
more of the members of which is, for U.S. federal income tax purposes, a foreign corporation, a nonresident alien individual or a nonresident alien fiduciary of a foreign estate or trust; or 
 (d)     a nonresident alien fiduciary of an estate or trust that is not subject to U.S. federal income tax on a net income basis on
income or gain from the Security. 
 “Net Payment” means the amount the Company or the Company’s paying agent pays after
deducting or withholding an amount for or on account of any present or future tax, assessment or other governmental charge imposed with respect to that payment by a U.S. Taxing Authority. 
 “U.S. Taxing Authority” means the United States of America or any state, other jurisdiction or taxing authority in the United States.

 “United States” means the United States of America, including the states and the District of Columbia, together with the
territories, possessions and all other areas subject to the jurisdiction of the United States of America. 
  

 7 

 Events of Default; Acceleration 
 If an Event of Default with respect to the Securities shall occur and be continuing, the principal of the Securities may be declared due and payable in the manner, with the effect and subject to the conditions
provided in the Indenture. 
 None of the Events of Default specified in Sections 501(1), (2), (3), (4), (5) or (6) of the
Principal Indenture shall constitute “Events of Default” for the purposes of the Securities. The following shall be the only Events of Default for the purposes of the Securities: 
 (a)    the entry of a decree or order by a court having jurisdiction in the premises for relief in respect of the
Company under the United States federal bankruptcy laws, as now constituted or as hereafter amended, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (b)    the filing by the Company of a petition or answer or consent seeking relief under the United States federal
bankruptcy laws, as now constituted or hereafter amended, or the consent by it to the institution of proceedings thereunder or to the filing of any such petition. 
 General 
 In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed portion
hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 Notices to Holders of the Securities shall be given
by mailing the notices to each Holder by first class mail, postage prepaid, at the respective address of each Holder as that address appears upon the Company’s books. 
 The Indenture contains provisions for satisfaction and discharge at any time of the entire indebtedness of this Security upon compliance by the Company
with certain conditions set forth in the Indenture. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of not less than 66 2/3% in aggregate issue price of the securities at
the time Outstanding of each series affected thereby. Holders of specified percentages in aggregate issue price of the securities of each series at the time Outstanding, on behalf of the Holders of all securities of each series, are permitted to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Securities 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.

  

 8 

 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 on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in New York, New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees. 
 The Securities are issuable only in registered form without coupons in minimum denominations of $100,000.00 and integral
multiples of $1,000.00 in excess thereof. This Security shall remain in the form of a global security held by the Depositary. Notwithstanding the foregoing, if (x) any depositary is at any time unwilling or unable to continue as depositary and
a successor depositary is not appointed by the Company within 60 days, (y) the Company executes and delivers to the Trustee a Company Order to the effect that this Security shall be exchangeable or (z) an Event of Default has occurred and
is continuing with respect to this Security, this Security shall be exchangeable for Securities in definitive form of like tenor and of an equal aggregate principal amount, in minimum denominations of $100,000.00 and integral multiples of $1,000.00
in excess thereof. Such definitive Securities shall be registered in such name or names as the Depositary shall instruct the Trustee. If definitive Securities are so delivered, the Company may make such changes to the form of this Security as are
necessary or appropriate to allow for the issuance of such definitive Securities. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any of their respective agents may treat the Person in whose name this Security is registered as the owner hereof
for all purposes, whether or not this Security shall be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

 9

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