Document:

EX-4.2

 Exhibit 4.2 

UNITED TECHNOLOGIES CORPORATION 

Designated Officers’ Certificate 

November 13, 2017 
 We, David R. Whitehouse,
Corporate Vice President, Treasurer of United Technologies Corporation, a Delaware corporation (the “Company”), and Akhil Johri, Executive Vice President & Chief Financial Officer of the Company, pursuant to authority
granted by resolutions (the “Resolutions”) of the Board of Directors of the Company adopted December 14, 2016, approve the Underwriting Agreement, dated November 6, 2017 (the “Underwriting Agreement”), and
the Pricing Agreement, dated November 6, 2017 (the “Pricing Agreement”), each between the Company and Deutsche Bank AG, London Branch, Goldman, Sachs & Co. LLC, BNP Paribas and Mizuho International plc, as
Underwriters, attached hereto as Exhibits A and B, respectively; and authorize the issue and sale on or after the date hereof of the Company’s Securities pursuant to the Amended and Restated Indenture dated as of May 1, 2001, between
the Company and The Bank of New York Mellon Trust Company, N.A., successor to The Bank of New York, as Trustee (the “Indenture”), with the following terms: 

(a) The Securities hereby being authorized shall be known and designated as the Floating Rate Notes due 2019 (the
“Notes”). The Notes shall be issued only in minimum denominations of €100,000 and in integral multiples of €1,000 in excess thereof. 

(b) The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture shall be limited to
€750,000,000 (except as noted in Section 301(2) of the Indenture), subject to reopening pursuant to the last sentence of the penultimate paragraph of Section 301 of the Indenture. 

(c) The public offering price per Note shall be 100.400% of the principal amount of the Notes. The proceeds to the Company
(after deducting the underwriting discounts and commissions but before deducting certain expenses payable by the Company) shall be 100.20% of the aggregate principal amount of the Notes. 

(d) The Notes shall be issued as permanent global notes without coupons (each, a “Global Note”), registered in
the name of a nominee of, and deposited with, a common depositary for the accounts of Clearstream Banking, société anonyme (“Clearstream”) and Euroclear Bank S.A/N.V. (“Euroclear”). The Bank of New
York Mellon, London Branch, shall initially serve as the Common Depositary for such Global Notes. A Global Note shall be exchangeable for definitive Notes in registered form, bearing interest at the same rate, having the same date of issuance,
Stated Maturity and other terms and of differing denominations aggregating a like amount, only if (i) the depositary for any of the Global Notes (a) notifies the Company that it is unwilling or unable to continue as depositary or clearing
system for such Global Note or (b) ceases to be a “clearing agency” registered under the Securities Exchange Act of 1934, as 

 
amended, and in either event the Company is unable to find a qualified replacement within 90 days, (ii) the Company in its sole discretion determines that all such Global Notes shall be
exchangeable for definitive Notes in registered form or (iii) there has occurred and is continuing an Event of Default with respect to the Notes and the depositary notifies the Trustee of its decision to exchange such Global Notes for
definitive Notes in registered form. Such definitive Notes shall be registered in the names of the owners of the beneficial interests in such Global Note as provided by Euroclear and Clearstream’s relevant participants (as such participants are
identified by Euroclear and Clearstream). Subject to the foregoing, each Global Note shall not be exchangeable, except for a Global Note of like denomination to be registered in the name of the Common Depositary or its nominee. 

(e) The principal of the Notes shall be payable on November 13, 2019, subject to the provisions of the Indenture
respecting acceleration. 
 (f) Reserved. 

(g) The amount of interest for each day that the Notes are outstanding (the “Daily Interest Amount”) will be
calculated by dividing the floating interest rate in effect for such day by 360 and multiplying the result by the principal amount of the Notes (known as the “Actual/360” day count). The amount of interest to be paid on the Notes for any
interest period will be calculated by adding the Daily Interest Amounts for each day in such interest period. The interest rate on the Notes for each day of an interest period will be a rate equal to EURIBOR (as defined in the Notes) as determined
on the Interest Determination Date plus 0.15% per year, provided, however, that in no event shall the interest rate be less than zero, as more fully set forth in the Notes. Interest will be payable on the Notes quarterly in arrears on
February 13, May 13, August 13 and November 13 of each year, and on the Maturity Date, commencing on February 13, 2018 (each a “Floating Rate Interest Payment Date”), to the Person in whose name such Note is
registered on the Record Date; provided, however, that interest payable on the Maturity Date or any Redemption Date will be payable to the Person to whom the principal of such notes is payable. If a Floating Rate Interest Payment Date
(other than the Maturity Date or any earlier Redemption Date) is not a Business Day, then such Floating Rate Interest Payment Date shall be the next succeeding Business Day, unless the next succeeding Business Day is in the next succeeding calendar
month, in which case such Floating Rate Interest Payment Date shall be the immediately preceding Business Day. If the Maturity Date or any earlier Redemption Date of the Notes falls on a day that is not a Business Day, the payment of principal and
interest, if any, otherwise payable on such date will be postponed to the next succeeding Business Day, and no interest on such payment will accrue from and after the Maturity Date or earlier Redemption Date, as applicable. 

(h) The Notes shall be redeemable in whole, but not in part, at the option of the Company at any time in the event of certain
developments affecting U.S. taxation, as provided in the Notes. 
 (i) The Notes are not subject to any mandatory redemption
provision. 

  
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 (j) The Notes shall not be subject to any sinking fund or analogous provision and
shall not be repayable at the option of a Holder thereof prior to maturity. 
 (k) The provisions of Section 1402 and
Section 1403 of the Indenture relating to defeasance and covenant defeasance, respectively, shall apply to the Notes. Pursuant to Section 1404(5) and Section 1404(6) of the Indenture, any such defeasance or covenant defeasance shall
be conditioned on receipt of an Opinion of Counsel relating to the federal income tax consequences of such defeasance or covenant defeasance. 

(l) The Bank of New York Mellon Trust Company, N.A. will serve as the Trustee and Security Registrar. 

(m) The Paying Agent and the Calculation Agent for the Notes will be The Bank of New York Mellon, London Branch.
Notwithstanding the foregoing, upon notice to the Trustee, the Company may change the Paying Agent, the Security Registrar and/or the Calculation Agent. 

(n) The Company will be obligated to pay additional amounts on the Notes as set forth in the Notes (such amounts, the
“Additional Amounts”). 
 (o) Payment of the principal of and premium, if any, and interest on the Notes
will be made at the office or agency of the Company maintained for that purpose in the City of London, England, which shall be initially the corporate trust office of The Bank of New York Mellon, London Branch, located at One Canada Square, London,
England E14 5AL; provided, however, that at the option of the Company payment of principal or interest may be made by wire transfer to an account designated by the Person entitled thereto or by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register, in either case in same-day funds. 

(p) Payments of principal, interest and Additional Amounts, if any, in respect of the Notes will be payable in euro. If the
euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control (including the dissolution of the euro) or if the euro is no longer being used by the then member states of the
European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the applicable Notes will be made in
U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second
Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate available on or prior to the second Business
Day prior to the relevant payment date as determined by the Company in the Company’s sole discretion. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default under the Notes or the Indenture. Neither
the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

  
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 (q) Solely with respect to the Notes: 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions are
authorized or obligated by law or executive order to be closed in New York City or London and which is a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2 system”), or any
successor thereto, operates. 
 “Interest Determination Date” means, for the initial interest period, November 9, 2017
and for any other interest period, the second TARGET2 system day preceding the relevant Interest Reset Date (as defined in the Notes). 

“Record Date” means the close of business on the date that is fifteen calendar days prior to the date on which interest is
scheduled to be paid, regardless of whether such date is a Business Day; provided that if any of the notes are held by a securities depositary in book-entry form, the Record Date for such Notes will be the close of business on the Business
Day (for this purpose a day on which Clearstream and Euroclear are open for business) immediately preceding the date on which interest is scheduled to be paid. 

“TARGET2 system day” is any day on which the TARGET2 system, or any successor thereto, operates. 

(r) A form of the Notes is attached hereto as Exhibit C, and are hereby approved. 

Capitalized terms used herein and not otherwise defined shall have the meanings assigned to them in the Indenture. 

  
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 IN WITNESS WHEREOF, we have signed our names to this Designated Officers’ Certificate as of
the first date written above. 
  

			
	 /s/ David R. Whitehouse

	Name:	 	David R. Whitehouse
	Title:	 	Corporate Vice President, Treasurer
	
	 /s/ Akhil Johri

	Name:	 	Akhil Johri
	Title:	 	Executive Vice President & Chief Financial Officer

 [Signature Page to Designated Officers’ Certificate] 

 Exhibit A 

Underwriting Agreement 
 [Exhibit
Omitted] 

 Exhibit B 

Pricing Agreement 
 [Exhibit
Omitted] 

 Exhibit C 

Form of Note 

 UNLESS THIS CERTIFICATE 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” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY (AS DEFINED BELOW) OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) 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, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN. 

THIS SECURITY IS A SECURITY IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON DEPOSITARY OR
A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH COMMON DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  

			
	No. 1	  	€750,000,000
	
	UNITED TECHNOLOGIES CORPORATION
FLOATING RATE NOTE DUE 2019
		
	 	  	CUSIP NO. 913017 CS6
	 	  	Common Code NO. 171532329
	 	  	ISIN NO. XS1715323298

 UNITED TECHNOLOGIES CORPORATION, a Delaware corporation (herein called the “Company”, which term includes any
successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, the registered Holder hereof, as nominee of The Bank of New York Mellon, London
Branch as common depositary for Euroclear Bank, S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”), the principal sum of SEVEN HUNDRED AND FIFTY MILLION EUROS
(€750,000,000), or such other principal sum as shall be specified in the Schedule of Increases or Decreases in Global Security attached hereto, on November 13, 2019 (the “Maturity Date”), and to pay interest thereon from
November 13, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on February 13, May 13, August 13 and November 13 of each year, and on the Maturity
Date, commencing on February 13, 2018 (each an “Interest Payment Date”), at the rate, reset quarterly, equal to EURIBOR plus 0.150% (as determined by The Bank of New York Mellon, London Branch (in such capacity, the
“Calculation Agent”), in accordance with the next succeeding paragraphs) to the Person in whose name this Security (or one or more Predecessor Securities) is registered on the Regular Record Date; provided, however, that
interest payable on the Maturity Date or any Redemption Date will be payable to 

 
the Person to whom the principal of this Security is payable. If an Interest Payment Date (other than the Maturity Date or any earlier Redemption Date) is not a Business Day, then such Interest
Payment Date shall be the next succeeding Business Day, unless the next succeeding Business Day is in the next succeeding calendar month, in which case such Interest Payment Date shall be the immediately preceding Business Day. If the Maturity Date
or any earlier Redemption Date falls on a day that is not a Business Day, the payment of principal and interest, if any, otherwise payable on such date will be postponed to the next succeeding Business Day, and no interest on such payment will
accrue from and after the Maturity Date or earlier Redemption Date, as applicable.    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 Securities of this series 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 such
Securities may be listed, all as more fully provided in said Indenture. This Security is a Security for purposes of the Indenture. 
 For purposes of this
Security: 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions are
authorized or obligated by law or executive order to be closed in New York City or London and which is a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the “TARGET2 system”), or any
successor thereto, operates. 
 “Regular Record Date” means the close of business on the date that is fifteen calendar days prior to the
date on which interest is scheduled to be paid, regardless of whether such date is a Business Day; provided that if this Security is held by a securities depositary in book-entry form, the Regular Record Date for this Security will be the
close of business on the Business Day (for this purpose a day on which Clearstream and Euroclear are open for business) immediately preceding the date on which interest is scheduled to be paid. 

This Security will bear interest for each Interest Period at a rate determined by the Calculation Agent. The interest rate on this Security for each day of an
Interest Period will be a rate equal to EURIBOR as determined on the Interest Determination Date plus 0.15% per year, provided, however, that in no event shall the interest rate be less than zero. 

The interest rate for each Interest Period will be reset on February 13, May 13, August 13 and November 13 of each year (each such date,
an “Interest Reset Date”), and will be set for the initial Interest Period on November 13, 2017. If any Interest Reset Date would otherwise be a day that is not a Business Day, such Interest Reset Date shall be the next
succeeding Business Day, unless the next succeeding Business Day is in the next succeeding calendar month, in which case such Interest Reset Date shall be the immediately preceding Business Day. 

The initial Interest Period for this Security will be the period from and including November 13, 2017 to but excluding the first Interest Reset Date.
Thereafter, an “Interest Period” shall mean 

  
 2 

 
the period from and including an Interest Reset Date to but excluding the next succeeding Interest Reset Date and, in the case of the last such period, from and including the Interest Reset Date
immediately preceding the Maturity Date or any earlier Redemption Date, as the case may be, to but excluding such Maturity Date or earlier Redemption Date. 

The “Interest Determination Date” for the initial Interest Period is November 9, 2017 and for any other Interest Period will be the
second TARGET2 system day preceding the relevant Interest Reset Date. 
 A “TARGET2 system day” is any day on which the TARGET2 system, or
any successor thereto, operates. 
 Promptly upon determination, the Calculation Agent will inform the Company of the interest rate for the next Interest
Period. Absent manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on the holders of this Security, the Trustee and the Company. So long as EURIBOR is required to be determined with respect
to this Security, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish EURIBOR for any Interest Period,
or that the Company proposes to remove such Calculation Agent, the Company shall appoint another Person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent. 

On any Interest Determination Date, EURIBOR will be equal to the offered rate for deposits in euro having an index maturity of three months as such rate
appears on the Reuters screen EURIBOR01 page at approximately 11:00 a.m., Brussels time, on such Interest Determination Date. “Reuters screen EURIBOR01 page” means the display designated on page “EURIBOR01” on
Reuters (or such other page as may replace the EURIBOR01 page on that service or any successor service for the purpose of displaying euro-zone interbank offered rates for euro-denominated deposits of major banks). 

If no offered rate appears on the Reuters screen EURIBOR01 page on an interest determination date at approximately 11:00 a.m., Brussels time, then the Company
will select four major banks in the euro-zone interbank market and shall request each of their principal euro-zone offices to provide to the Calculation Agent a quotation of the rate at which three-month deposits in euros in amounts of at least
€1,000,000 are offered by it to prime banks in the euro-zone interbank market, on that date and at that time, that is representative of single transactions at that time. If at least two quotations are provided, EURIBOR will be the arithmetic
average of the quotations provided. Otherwise, the Company will select three major banks in the euro-zone and shall request each of them to provide to the Calculation Agent a quotation of the rate offered by them at approximately 11:00 a.m.,
Brussels time, on the Interest Determination Date for loans in euros to leading European banks having an index maturity of three months for the applicable Interest Period in an amount of at least €1,000,000 that is representative of single
transactions at that time. If three quotations are provided, EURIBOR will be the arithmetic average of the quotations provided. Otherwise, the rate of EURIBOR for the next Interest Period will be set equal to the rate of EURIBOR for the then current
Interest Period. 

  
 3 

 The amount of interest for each day that this Security is outstanding (the “Daily Interest
Amount”) will be calculated by dividing the interest rate in effect on this Security for such day by 360 and multiplying the result by the principal amount of this Security (known as the “Actual/360” day count). The amount of
interest to be paid on this Security for any Interest Period will be calculated by adding the Daily Interest Amounts for each day in such Interest Period. 

The interest rate on this Security will be limited to the maximum rate permitted by New York law, as the same may be modified by United States law of general
application. 
 All percentages resulting from any calculation of any interest rate for this Security will be rounded, if necessary, to the nearest one
hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all euro amounts will be
rounded to the nearest cent, with one-half cent being rounded upward. 
 Upon prior written request from any Holder,
the Calculation Agent will provide the interest rate in effect on this Security for the current Interest Period and, if it has been determined, the interest rate to be in effect for the next Interest Period. 

Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose
in the City of London, England, which shall be initially the corporate trust office of The Bank of New York Mellon,London Branch, located at One Canada Square, London, England E14 5AL; provided, however, that at the option of the
Company payment of principal or interest may be made by wire transfer to an account designated by the Person entitled thereto or by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, in
either case in same-day funds. 
 All payments on this Security will be payable in euro. If the euro is unavailable
to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control (including the dissolution of the euro) or if the euro is no longer being used by the then member states of the European Monetary
Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this Security will be made in U.S. dollars until the
euro is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the
relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the then most recent U.S. dollar/euro exchange rate available on or prior to the second Business Day prior to the relevant
payment date as determined by the Company in the Company’s sole discretion. Any payment in respect of this Security so made in U.S. dollars will not constitute an Event of Default with respect to the Securities of this series or under the
Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

  
 4 

 “euro” and “€” mean the lawful currency of the member states of the
European Monetary Union that have adopted or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 Unless the certificate of authentication hereon 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. 
 This
Security shall be governed by and construed in accordance with the law of the State of New York. 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated:                     

 [SEAL] 
  

			
	UNITED TECHNOLOGIES CORPORATION
		
	By:	 	  

		 	 Name:  David R. Whitehouse

Title:    Corporate Vice President, Treasurer

 Attested: 
  

			
	By:	 	  

	Name:	Ariel David 

	Title:	Vice President, Associate General Counsel 

 & Assistant Secretary 

  

 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 TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Name:                                      
                      
		 	Title:

 Dated:
                     

  

 [REVERSE OF SECURITY] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Amended and Restated Indenture, dated as of May 1, 2001, as it may be supplemented from time to time (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company,
N.A. (formerly The Bank of New York Trust Company, N.A.), as Trustee (successor to The Bank of New York) (herein called the “Trustee”, which term includes any successor trustee under the Indenture with respect to the series of which
this Security is a part), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof. The Indenture does not limit the aggregate principal amount of the Securities or the Securities of this
series that may be issued thereunder. Additional Securities of this series may be issued from time to time hereafter; provided that any such additional Securities that are not fungible with this Security for U.S. federal income tax purposes will
have a separate CUSIP, ISIN and other identifying number than this Security. 
 Notwithstanding Section 1104 of the Indenture, the notice of any
redemption referred to herein need not set forth the Redemption Price therefor but only the manner of calculation thereof. Promptly after the calculation of such Redemption Price, the Company shall give the Trustee notice thereof and the Trustee
shall not be responsible for such calculation. 
 All payments of principal and interest in respect of the Securities of this series by the Company or a
Paying Agent on the Company’s behalf will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other similar governmental charges imposed or levied by the
United States or any political subdivision or taxing authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction is required by law. In the event such withholding or deduction for Taxes is
required by law, subject to the limitations described below, the Company will pay to any Non-U.S. Holder (as defined below) or any foreign partnership such Additional Amounts as may be necessary to ensure that
the net amount received by such Person, after withholding or deduction for such Taxes, will be equal to the amount such Person would have received in the absence of such withholding or deduction. However, no Additional Amounts shall be payable with
respect to any Taxes if such Taxes are imposed, withheld, deducted or levied for reasons unrelated to the Holder’s or beneficial owner’s ownership or disposition of Securities of this series, nor shall Additional Amounts be payable for or
on account of: 
 (1) any Taxes which would not have been so imposed, withheld, deducted or levied but for: 

(i) the existence of any present or former connection between the Holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a Person having a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity)
and the United States, including, without limitation, such Holder or beneficial owner (or 

  
 6 

 
such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or Person having such a power) being or having been a citizen or resident or treated as a resident of the United
States, being or having been engaged in a trade or business in the United States, being or having been present in the United States, or having or having had a permanent establishment in the United States; 

(ii) the failure of the Holder or beneficial owner to comply with any applicable certification, information, documentation or other reporting
requirement, if compliance is required under the tax laws and regulations of the United States or any political subdivision or taxing authority of or in the United States to establish entitlement to a partial or complete exemption from such Taxes
(including, but not limited to, the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, Form W-8IMY (and related documentation) or any subsequent versions thereof or successor thereto); or 

(iii) the Holder’s or beneficial owner’s present or former status as a personal holding company or a foreign personal holding company
with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a foreign tax exempt organization with respect to the United
States or as a corporation that accumulates earnings to avoid United States federal income tax; 
 (2) any Taxes which would not have been
imposed, withheld, deducted or levied but for the failure of the Holder or beneficial owner to meet the requirements (including the certification requirements) of Section 871(h) or Section 881(c) of the Internal Revenue Code of 1986, as
amended (the “Code”); 
 (3) any Taxes which would not have been imposed, withheld, deducted or levied but for the
presentation by the Holder or beneficial owner of such Security for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment of the Security is duly provided for and notice is given
to Holders, whichever occurs later, except to the extent that the Holder or beneficial owner would have been entitled to such Additional Amounts on presenting such Security on any date during such 30-day
period; 
 (4) any estate, inheritance, gift, sales, excise, transfer, personal property, wealth or similar Taxes; 

(5) any Taxes which are payable otherwise than by withholding or deduction from a payment on such Security; 

(6) any Taxes which are imposed, withheld, deducted or levied with respect to, or payable by, a Holder that is not the beneficial owner of the
Security, or a portion of the Security, or that is a fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or 

  
 7 

 
settlor with respect to such fiduciary or member of such partnership, limited liability company or similar entity would not have been entitled to the payment of an Additional Amount had such
beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment; 
 (7) any Taxes
required to be withheld or deducted by any Paying Agent from any payment on any Security of this series, if such payment can be made without such withholding or deduction by at least one other Paying Agent; 

(8) any Taxes imposed, withheld, deducted or levied 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; 
 (9) any Taxes that would not have been imposed,
withheld or deducted but for a change in any law, treaty, regulation, or administrative or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever occurs later; or 

(10) any combination of items (1), (2), (3), (4), (5), (6), (7), (8), and (9). 

Any Additional Amounts paid on the Securities of this series will be paid in euro. For purposes of this paragraph and the immediately
preceding paragraph, the acquisition, ownership, enforcement, or holding of or the receipt of any payment with respect to a Security of this series alone will not constitute a connection (A) between the Holder or beneficial owner and the United
States or (B) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a Person having a power over, such Holder or beneficial owner if such Holder or beneficial owner is an estate, a trust, a limited
liability company, a partnership, a corporation or other entity and the United States. Except as specifically provided under this paragraph and the immediately preceding paragraph, the Company will not be required to make any payment with respect to
any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority. If the Company is required to pay Additional Amounts with respect to the Securities of this series, the Company will,
in accordance with the Indenture, 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. 

For purposes of this Security, (i) “Non-U.S. Holder” means a beneficial owner of a Security that is
neither a U.S. Holder (as defined below) nor a partnership for U.S. federal income tax purposes, and (ii) “U.S. Holder” means a beneficial owner of a Security that is, for U.S. federal income tax purposes: (A) an individual who
is a citizen or resident of the United States; (B) a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) 

  
 8 

 
created or organized in or under the laws of the United States, any state within the United States, or the District of Columbia; (C) an estate, the income of which is subject to U.S. federal
income tax regardless of its source; or (D) a trust (1) if a court within the United States is able to exercise primary supervision over the trust’s administration and one or more U.S. persons have the authority to control all
substantial decisions of the trust or (2) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person for U.S. federal income tax purposes. 

The Company may redeem the Securities of this series at its option, in whole but not in part, at a Redemption Price equal to 100% of the principal amount of
the Securities of this series to be redeemed, together with any accrued and unpaid interest on the Securities of this series to be redeemed to, but excluding, the Redemption Date, at any time, if: (1) the Company has or will become obliged to
pay Additional Amounts with respect to such Securities as a result of any change in, or amendment to, the laws, regulations, treaties, or rulings of the United States or any political subdivision of or in the United States or any taxing authority
thereof or therein affecting taxation, or any change in, or amendment to, the application, official interpretation, administration or enforcement of such laws, regulations, treaties or rulings (including a holding by a court of competent
jurisdiction in the United States), which change or amendment is enacted, adopted, announced or becomes effective on or after November 6, 2017; or (2) on or after November 6, 2017, any action is taken by a taxing authority of, or any
action has been brought in a court of competent jurisdiction in, the United States or any political subdivision of or in the United States or any taxing authority thereof or therein, including any of those actions specified in clause (1) above,
whether or not such action was taken or brought with respect to the Company, or there is any change, amendment, clarification, application or interpretation of such laws, regulations, treaties or rulings, which in any such case, will result in a
material probability that the Company will be required to pay Additional Amounts with respect to such Securities (it being understood that such material probability will be deemed to result if the written opinion of independent tax counsel described
in clause (B) of the second succeeding sentence below to such effect is delivered to the Trustee and the Paying Agent). Notice of any such redemption will be mailed, or delivered electronically if held by or on behalf of any depositary in
accordance with such depositary’s customary procedures, at least 30 days but not more than 60 days before the Redemption Date to each registered Holder of the Securities of this series to be redeemed; provided, however, that the
notice of redemption shall not be given earlier than 90 days before the earliest date on which the Company would be obligated to pay such Additional Amounts if a payment in respect of the Securities of this series was then due. Prior to the mailing
or delivery of any notice of redemption pursuant to this paragraph, the Company will deliver to the Trustee and the Paying Agent: (A) a certificate signed by one of the Company’s officers stating that the Company is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right to so redeem have occurred, and (B) a written opinion of independent tax counsel of nationally recognized standing to the effect
that the Company has or will become obligated to pay such Additional Amounts as a result of a change or amendment described in clause (1) above or that there is a material probability that the Company will be required to pay Additional Amounts
as a result of an action, change, amendment, clarification, application or interpretation described in clause (2) above, as the case may be. Such notice of redemption, once delivered by the Company will be irrevocable. 

  
 9 

 This Security is not repayable at the option of the Holder hereof and is not subject to the operation of any
sinking fund. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The provisions of Section 1402 and
Section 1403 of the Indenture relating to defeasance and covenant defeasance, respectively, shall apply to this Security. Pursuant to Section 1404(5) and Section 1404(6) of the Indenture, any such defeasance or covenant defeasance
shall be conditioned on receipt of an Opinion of Counsel relating to the federal income tax consequences of such defeasance or covenant defeasance. 
 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 a majority in principal amount of all Securities at the time Outstanding to be affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities at the time Outstanding, on behalf of the Holders of all Outstanding Securities, to waive compliance by the Company with certain provisions of the Indenture, and contains provisions
permitting the Holders of specified percentages in principal amount, in certain instances of the Outstanding Securities of individual series and in other instances of all Securities at the time Outstanding, to waive on behalf of all of the Holders
of Securities of such individual series or of the Holders of all Securities at the time Outstanding, as the case may be, 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. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount, in certain instances of the Securities of this series at the time Outstanding and in other instances of all Outstanding
Securities, shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance
with such request, and the Trustee shall not have received from the Holders of not less than a majority in principal amount of Securities of this series at the time Outstanding or of all Outstanding Securities, as the case may be, a direction
inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment of principal hereof (and premium, if any) or interest hereon on or after the respective due dates expressed herein. 

  
 10 

 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 or make provision as provided in Article Fourteen of the Indenture for the payment of the amount of principal of (and premium, if any) and interest on this Security herein
provided, and 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 and herein 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 any place where the principal of
(and premium, if any) and interest on this Security are payable, 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 this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in minimum denominations of €100,000 and any integral multiple of
€1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized
denomination, as requested by the Holder surrendering the same. 
 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 other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security
that are not otherwise defined herein and that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 11 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Security have been made: 
  

									
	 Date of exchange
	  	
Amount of decrease in
principal amount of
this Security
	  	
Amount of increase in
principal amount of this
Security
	  	 Principal amount of this
Security
following
such decrease or increase
	  	 Signature of authorized
signatory of Trustee
or
Security Custodian

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 

	
	PLEASE INSERT SOCIAL SECURITY OR OTHER 
IDENTIFYING NUMBER OF ASSIGNEE
	  

                   
                                         

  
  

(Please print or type name and address, including postal zip code of assignee)

	  
  

the within permanent global Security and all rights thereunder, irrevocably constituting and appointing

	  

                          
                                         
                                         
                                         
                            attorney to transfer said permanent global Security on the books of the Company,
with full power of substitution in the premises.

	  

Dated:                     

	  
 NOTICE: The signature to this assignment must correspond with the
name as it appears upon the face of the within permanent global Security in every particular, without alteration or enlargement or any change whatever, and must be guaranteed by a commercial bank or trust company having its principal office or
correspondent in The City of New York or by a member of the New York Stock Exchange.Exhibit

Exhibit 10.2

CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

This Confidential Separation Agreement and Release of All Claims (“Agreement”) is made and entered into by and between DANNY J. HART, JR (hereinafter referred to as “Executive”) and PDL BIOPHARMA, INC., including any and all affiliates, parents, subsidiaries, representatives, agents, insurers, officers, directors, and employees (hereinafter “PDL” or “the Company”).

W I T N E S S E T H:

WHEREAS, the Parties entered into a Severance Agreement as of December 12, 2012 which, as pertinent, provided Executive with certain “Termination Benefits” in exchange for a Release in the event he resigned from the Company for “Good Reason” as defined in Article 2 of that agreement; and 

WHEREAS, Executive Claims that “Good Reason” exists for him to resign all of his affiliations including his employment with the Company;

WHEREAS, Executive has submitted his resignation to the Company effective October 20, 2017 (“the Termination Date”);

WHEREAS, the Parties have by this Agreement agreed to the terms applicable to Executive given his resignation from the Company; 

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, it is hereby agreed by and between the Parties as follows:

1.  No Admission:  This Agreement and compliance with this Agreement shall not be construed as an admission by  the Company of any liability whatsoever, or as an admission of any violation of Executive’s rights or the rights of any person, or the violation of any order, law, statute, duty, or contract whatsoever against Executive or any person.   The Company specifically disclaims any liability to Executive or to any other person for any alleged violation of the rights of Executive or any person, or for any alleged violation of any order, law, statute, duty, or contract on the part of the Company, its Executives or agents or related companies or their Executives or agents.  

		
	2.  
	Consideration:  In consideration for entering this Agreement, the Company agrees to provide to Executive:  a one-time payment of $2,305,438.00 USD.

The foregoing is hereinafter referred to as the “Severance Amount.”  Executive acknowledges and agrees that he is not entitled to any part of the Severance Amount but for his entering into this Agreement.  

		
	3.  
	Entire Consideration.  Executive agrees that the Severance Amount shall constitute the entire monetary consideration provided to Executive under this Agreement, and that  he will not seek any further remuneration from the Company for any other damage, penalty, expense, wage, bonus, compensation, incentive equity program, commission, benefit, action, attorney fee or cost either individually or as part of a class in connection with the matters encompassed or released by this Agreement and/or arising out of Executive’s employment with and/or termination from the 

Company or any conduct or omissions occurring prior to the time Executive signs this Agreement after the Termination Date.

4.  Accord and Satisfaction.  As a material condition to the receipt of any severance Executive receives under this Agreement, Executive represents and warrants that he does not claim entitlement to, and shall not receive, any further compensation and/or benefits under any current or former employment agreement with, and/or any policy and/or any stock option, incentive equity, long-term incentive plan, severance agreement, Executive stock purchase and/or other benefit plan of the Company other than that included in the Severance Amount.  In that regard, Executive further represents and warrants that he has been paid for all hours worked, that he has received all wages including accrued but unused vacation or PTO to which he was or is entitled, that he took all meal and rest periods to which he was entitled, that he has been reimbursed for all expenses to which he was or is entitled, and that he received all itemized wage statements to which Executive was entitled during his employment.  To the extent any other compensation, penalties, interest, and/or benefits be claimed to exist by the Executive, this Agreement and the consideration hereunder expressly are agreed to and shall constitute an accord and satisfaction of any and all such claims and/or obligations, and extinguishes them.

5.   No Pending Actions.  Executive represents that he has not filed any complaints, claims, or actions against the Company, its officers, agents, directors, supervisors, Executives, or representatives with any state, federal, or local agency or court as of the date of execution of this Agreement.

6.  Covenant Not to Sue and No Suits Filed.   A “covenant not to sue” is a legal term that means a person promises not to file a lawsuit or other legal proceeding.  It is different from the general release of claims contained above.  Besides waiving and releasing the claims above, Executive promises never to file or prosecute a lawsuit or claim, charge or complaint of any kind against any Releasee in any forum for any reason based on any act, omission, event, occurrence or nonoccurrence, covered by the General Release. Excluded from this covenant not to sue are suits to enforce the terms of this Agreement or to challenge its validity under the ADEA.  If Executive violates this covenant not to sue, Executive shall: (i) pay the Company’s reasonable attorney’s fees and other legal costs incurred in defending against Executive’s suit; or (ii) at the Company’s option, Executive shall be required to repay to the Company all but $200 of the Monetary Consideration Executive received under this Agreement.  Executive represents that, as of the date Executive executes this Agreement, he has not filed or caused to be filed any suits against any Releasee and that no such suits have been filed on his behalf.

		
	7.
	Confidentiality; Confidential Information; Non-Disparagement; Return of PDL Property.

		
	a.
	Executive agrees that he will keep the facts and terms of this Agreement completely confidential and that he will not hereafter disclose any information concerning this Agreement to anyone other than his spouse, lawyers and/or accountants, provided that any party hereto may make such disclosures as are required by law and as are necessary for legitimate law.  

		
	b.
	Executive acknowledges that during the course of his employment with PDL, he had access to and was entrusted with confidential personnel and business information (the “Confidential Information”).  Executive agrees that he was obligated during employment with the Company

2

not to disclose at any time any Confidential Information to any person or entity without prior written permission from the President/CEO of the Company and understands that he will continue to be so obligated forever.

		
	c.
	Executive agrees that he does not have any of PDL’s property in his possession, custody and control, including, but not limited to, all equipment (including electronic equipment such as hard drives), files, documents and data of any kind, whether stored in paper, disk, tape, or any other electronic form containing any information of PDL, all keys, cards, badges or other access devices.  Executive agrees that to the extent that he has any PDL property in his possession, custody or control, he will immediately return all PDL property in both hard and soft form and will delete any such information for any computer or other device he has in his possession, custody or control.

		
	8.
	Non-Disparagement.  Executive agrees not to make any disparaging or defamatory comments to any third party concerning any Releasee or the Company’s clients, Executives, products, services, methods of doing business or employment practices.  Executive further agrees not to encourage or assist in any litigation against any Releasee, except insofar as Executive’s testimony is required by law.  Executive agrees further not to testify in any matter in which the Company has an interest unless he is under compulsory process or is asked to testify by the Company.  If Executive is served with process concerning any matter in which the Employer has an interest, then Executive will immediately notify the President of the Company of such in writing and provide the President of the Company a copy of the process received by the Executive or Executive’s representative.

		
	9.
	Non-Disparagement of Clients/Prospects.  Executive also agrees, on behalf of himself and his spouse, attorneys, representatives and agents, that neither he nor any of them will make any disparaging or defamatory comments to any third party concerning the Company’s prospects and/or clients, their respective Executives, products, services, methods of doing business and/or employment practices.

		
	10.
	Breach.  If Executive breaches Paragraphs 8 or 9, then the Company shall have, in addition to and without limiting any other remedy or right it may have at law or in equity, the right to a temporary and permanent injunction restraining any such breach, without any bond or security being required.  In any such proceeding, Executive waives any defense that the Company has an adequate remedy at law or that the injury suffered as a consequence of such breach is not irreparable.

		
	11.
	Non-Disclosure of Confidential or Proprietary Information.  Executive further understands and agrees that Executive shall not disclose to any third party any confidential or proprietary information of the Company and/or its clients regardless of how acquired or learned.  By way of example and not limitation, such information includes client lists and/or related information, product plans and design, pricing, management organization or other organization charts, sales or marketing plans, compensation structures and data, product quality, research and development plans, and other business activities and plans.  This Paragraph shall not restrict Executive’s obligation to disclose such information pursuant to legal requirements, provided Executive first gives the Company prompt notice of such legal process and a copy of same in order that it shall have the opportunity to object to the disclosure of such information.  Executive reaffirms the obligations Executive undertook when Executive signed the Proprietary Information And Invention Assignment (For Employees), attached

3

hereto as Attachment A and made a part of this Agreement as if fully set forth herein.

		
	12.
	Enforcement of Agreement.  Should any party to this Agreement seek intervention of a court to resolve a dispute under this Agreement the prevailing party shall be entitled to recover costs and expenses, including reasonable attorney fees incurred.

13. Release.  
    
		
	a.
	In consideration of the benefits provided to Executive described in this Agreement, Executive, for himself, his spouse, and his successors and assigns, hereby irrevocably and unconditionally releases and forever discharges the Company and each and all of its owners, parents, subsidiaries, representatives, agents, insurers, directors, officers, agents, supervisors, Executives, attorneys, and their successors and assigns and all persons acting by, through, under, or in concert with any of them, from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (“claim” or “claims”) which Executive at any time heretofore had or claimed to have, including, without limitation, any and all claims related or in any manner incidental to Executive’s employment with PDL or the ending of that relationship.

		
	b.
	The parties understand the word “claims” to include all actions, complaints, claims, and grievances, whether actual or potential, known or unknown, and specifically but not exclusively, all claims arising out of Executive’s employment with THE COMPANY and the termination thereof.  All such claims (including related attorneys’ fees and costs) as may exist as of the date of this Agreement are forever barred, including but not limited to any and all tort claims, contract claims, wrongful termination claims, public policy claims, retaliation claims, statutory claims, personal injury claims, emotional distress claims, privacy claims, defamation claims, fraud claims, and any and all claims arising under any federal, state or other governmental statute, law, regulation or ordinance relating to employment, including but not limited to Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Family and Medical Leave Act, the Executive Retirement Income Security Act, the Fair Labor Standards Act, the Nevada Fair Employment Practices Act (codified in Nevada Revised Statutes Chapter 613.310, et. seq.), and any federal, state or local laws covering discrimination in employment, including race, color, religious creed, national origin, ancestry, physical or mental disability, medical condition, marital status, military status, family care leave, pregnancy, sex, sexual orientation and harassment or retaliation.  The only claims that are not released by this Agreement are claims that controlling law clearly states may not be released by settlement and claims that may arise after the execution of this Agreement.

		
	c.
	Release of Age Discrimination Claims.  In accordance with the Older Workers             Benefit Protection Act of 1990, Executive acknowledges that he agrees to the release         of all known and unknown claims as of the date of this Agreement, including expressly         the waiver of any rights or claims arising out of the Age Discrimination in Employment         Act (“ADEA”) 29 U.S.C. § 621, et seq., and in connection with such waiver:

		
	(i)
	Executive is hereby advised to consult with an attorney prior to signing this Agreement.

4

		
	(ii)
	Executive shall have a period of twenty-one (21) days from the date of receipt of this Agreement in which to consider the terms of the Agreement.  Executive may at his option execute this Agreement at any time during the 21- day period.  Executive acknowledges receipt of this Agreement as of October 20, 2017. 

		
	(iii)
	Executive may revoke this Agreement at any time during the first seven (7) days following the execution of this Agreement, and this Agreement shall not be effective or enforceable until the seven-day period has expired.  Executive may revoke this Agreement by notifying Chris Stone of the Company at Chris.Stone@pdl.com prior to the expiration of the 7-day period.  This Agreement shall not become valid, effective or enforceable until the seven day period has expired, assuming that Executive has not previously revoked his assent to this Agreement (the “Effective Date”).

		
	(iv)
	Executive acknowledges and agrees that the consideration provided in this Agreement is in addition to anything of value that Executive would otherwise be entitled to receive from the Company and constitutes valid consideration in exchange for the releases set forth in this Agreement.

Executive understands that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621 et seq.) that may arise after the date of this Agreement is executed are not waived.

		
	d.
	Nothing in this Release prevents Executive from filing a charge or complaint with, or from participating in, an investigation or proceeding conducted by the EEOC, the National Labor Relations Board, the Securities and Exchange Commission, or any other federal, state or local agency charged with the enforcement of any laws, including providing documents or other information, or prevents Executive from exercising rights under Section 7 of the NLRA to engage in protected, concerted activity with other Executives, although by signing this Release, Executive is waiving the right to recover any individual relief (including  back pay, front pay, reinstatement or other legal or equitable relief) in any charge, complaint, or lawsuit or other proceeding brought by Executive or on his behalf by any third party, except for any right Executive may have to receive a payment from a government agency (and not the Company) for information provided to the government agency.  

		
	14.
	Miscellaneous Acknowledgments by Executive.  Executive understands and agrees that he:

		
	a.
	Has had a reasonable opportunity to consider this Agreement before executing it.

		
	b.
	Has carefully read and fully understands all of the provisions of this Agreement.

		
	c.
	Is, through this Agreement, releasing the Company from any and all claims Executive may have against the Company.

		
	d.
	Knowingly and voluntarily agrees to all of the terms set forth in this Agreement.

		
	e.
	Knowingly and voluntarily intends to be legally bound by the same.

5

		
	f.
	Was advised and hereby is advised in writing to consider the terms of this Agreement and consult with an attorney of his choice prior to executing this Agreement.

    
15. Assignment.  This Agreement shall be binding upon the parties hereto and upon their heirs, administrators, representa-tives, executors, successors, and assigns, and shall inure to the benefit of said parties and each of them and to their heirs, administrators, representatives, executors, successors, and assigns.  Executive expressly warrants that he has not transferred to any person or entity any rights, causes of action, or claims released in this Agreement.

		
	16. 
	General Provisions.  This Agreement shall be interpreted in accordance with the plain meaning of its terms and not strictly for or against any of the parties hereto.  Additionally, this Agreement shall be governed by the laws of the State of Nevada.  This Agreement shall constitute the complete and total agreement between the Company and Executive.  Executive represents that he is not relying on any other agreements or oral representations not fully expressed in this Agreement.  Executive agrees that this Agreement shall not be modified, altered, or discharged except by written instrument signed by an authorized Company representative and Executive.  The headings in this Agreement are for reference only, and shall not in any way affect the meaning or interpretation of this Agreement.  Executive further agrees that this Agreement may be used as evidence in a subsequent proceeding in which the Company or Executive alleges a breach of this Agreement or as a complete defense to any lawsuit.  Other than this exception, Executive agrees that this Agreement will not be introduced as evidence in any legal or administrative proceeding or in any lawsuit.  

		
	17.
	Enforceability.  Should any provision of this Agreement be declared or be determined by any court of competent jurisdic-tion to be wholly or partially illegal, invalid, or unenforceable, the legality, validity, and enforceability of the remaining parts, terms, or provisions shall not be affected thereby, and said illegal, unenforceable, or invalid part, term, or provision shall be deemed not to be a part of this Agreement.

18.  Complete Agreement. This Agreement supersedes all prior agreements entered into between the Parties. The Parties represent that they are not relying on anything not contained in this Agreement.

19. Execution.  To be valid, effective and enforceable, within 21 days of Executive’s receipt of this Agreement, and no earlier than after the Termination Date, he must place his initials in the lower-right hand corner of each page, sign and date it at its end, then send an executed copy to Chris Stone at  Chris.Stone@pdl.com.

		
	20.
	Agreement Is Knowing and Voluntary.  Executive understands and agrees that Executive:

		
	a.
	has had a reasonable time within which to consider this Agreement before executing it;

		
	b.
	has carefully read and fully understands all of the provisions of this Agreement;

		
	c.
	knowingly and voluntarily agrees to all of the terms set forth in this Agreement; and

6

		
	d.
	knowingly and voluntarily intends to be legally bound by the same.

THE UNDERSIGNED STATE THAT THEY HAVE CAREFULLY READ THE
 AGREEMENT, KNOW, UNDERSTAND, ACCEPT AND AGREE TO ITS CONTENTS.

WHEREFORE, the Parties have read all of the foregoing, understand the same and agree to all of the provisions contained herein.

Dated:  October 22, 2017        /s/ Danny J. Hart, Jr._____________________
Danny J. Hart, Jr.

PDL BIOPHARMA, INC.

Dated: October 23, 2017   By:    /s/ John McLaughlin_____________________
John McLaughlin, Chief Executive Officer

7

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