Document:

EX-10.3

 Exhibit 10.3 

CABALETTA BIO, INC. 

2019 EMPLOYEE STOCK PURCHASE PLAN 

The purpose of the Cabaletta Bio, Inc. 2019 Employee Stock Purchase Plan (“the Plan”) is to provide eligible employees of Cabaletta
Bio, Inc. (the “Company”) and each Designated Subsidiary (as defined in Section 11) with opportunities to purchase shares of the Company’s common stock, par value $0.00001 per share (the “Common Stock”). 234,229 shares
of Common Stock in the aggregate have been approved and reserved for this purpose, plus on January 1, 2020, and each January 1 thereafter through January 1, 2029, the number of shares of Common Stock reserved and available for
issuance under the Plan shall be cumulatively increased by the least of (i) 234,229 shares of Common Stock, (ii) 1% of the number of shares of Common Stock issued and outstanding on the immediately preceding December 31st, or (iii) such lesser number of shares of Common Stock as determined by the Administrator. The Plan is intended to constitute an “employee stock purchase plan” within the meaning of
Section 423(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted in accordance with that intent. 

1.    Administration. The Plan will be administered by the person or persons (the “Administrator”)
appointed by the Company’s Board of Directors (the “Board”) for such purpose. The Administrator has authority at any time to: (i) adopt, alter and repeal such rules, guidelines and practices for the administration of the Plan and
for its own acts and proceedings as it shall deem advisable; (ii) interpret the terms and provisions of the Plan; (iii) make all determinations it deems advisable for the administration of the Plan; (iv) decide all disputes arising in
connection with the Plan; and (v) otherwise supervise the administration of the Plan. All interpretations and decisions of the Administrator shall be binding on all persons, including 

 
the Company and the Participants. No member of the Board or individual exercising administrative authority with respect to the Plan shall be liable for any action or determination made in good
faith with respect to the Plan or any option granted hereunder. 
 2.    Offerings. The Company will make one or
more offerings to eligible employees to purchase Common Stock under the Plan (“Offerings”). Unless otherwise determined by the Administrator, the initial Offering will begin on the Registration Date and will end on the date that is six
months following (the “Initial Offering”). Thereafter, unless otherwise determined by the Administrator, an Offering will begin on the first business day occurring on or after each June 1 and December 1 and will end on the last
business day occurring on or before the following November 30 and May 31, respectively. The Administrator may, in its discretion, designate a different period for any Offering, provided that no Offering shall exceed 27 months in duration
or overlap any other Offering. 
 3.    Eligibility. All individuals classified as employees on the payroll
records of the Company and each Designated Subsidiary are eligible to participate in any one or more of the Offerings under the Plan, provided that, except as otherwise determined by the Administrator in advance of an Offering, as of the first day
of the applicable Offering (the “Offering Date”) they are customarily employed by the Company or a Designated Subsidiary for more than 20 hours a week and have completed at least three months of employment. Notwithstanding any other
provision herein, individuals who are not contemporaneously classified as employees of the Company or a Designated Subsidiary for purposes of the Company’s or applicable Designated Subsidiary’s payroll system are not considered to be
eligible employees of the Company or any Designated Subsidiary and shall not be eligible to participate in the Plan. In the event any such individuals are reclassified as employees of the Company or a Designated Subsidiary for any

  
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purpose, including, without limitation, common law or statutory employees, by any action of any third party, including, without limitation, any government agency, or as a result of any private
lawsuit, action or administrative proceeding, such individuals shall, notwithstanding such reclassification, remain ineligible for participation. Notwithstanding the foregoing, the exclusive means for individuals who are not contemporaneously
classified as employees of the Company or a Designated Subsidiary on the Company’s or Designated Subsidiary’s payroll system to become eligible to participate in this Plan is through an amendment to this Plan, duly executed by the Company,
which specifically renders such individuals eligible to participate herein. 
 4.    Participation. 

(a)    Participants on Effective Date. Each eligible employee as of the Registration Date shall be deemed to be a
Participant at such time. If an eligible employee is deemed to be a Participant pursuant to this Section 4(a), such individual shall be deemed not to have authorized payroll deductions and shall not purchase any Shares hereunder unless he or
she thereafter authorizes payroll deductions by submitting an enrollment form (in the manner described in Section 4(c)) within 60 days of the commencement of the Initial Offering. If such a Participant does not authorize payroll deductions by
submitting an enrollment form within 60 days of the commencement of the Initial Offering, that Participant will be deemed to have withdrawn from the Plan. 

(b)    Participants in Subsequent Offerings. An eligible employee who is not a Participant in any prior Offering
may participate in a subsequent Offering by submitting an enrollment form to his or her appropriate payroll location at least 15 business days before the Offering Date (or by such other deadline as shall be established by the Administrator for the
Offering). 

  
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 (c)    Enrollment. The enrollment form will (a) state a
whole percentage to be deducted from an eligible employee’s Compensation (as defined in Section 11) per pay period, (b) authorize the purchase of Common Stock in each Offering in accordance with the terms of the Plan and
(c) specify the exact name or names in which shares of Common Stock purchased for such individual are to be issued pursuant to Section 10. An employee who does not enroll in accordance with these procedures will be deemed to have waived
the right to participate. Unless a Participant files a new enrollment form or withdraws from the Plan, such Participant’s deductions and purchases will continue at the same percentage of Compensation for future Offerings, provided he or she
remains eligible. 
 (d)    Notwithstanding the foregoing, participation in the Plan will neither be permitted nor be
denied contrary to the requirements of the Code. 
 5.    Employee Contributions. Each eligible employee may
authorize payroll deductions at a minimum of one percent up to a maximum of 15 percent of such employee’s Compensation for each pay period. The Company will maintain book accounts showing the amount of payroll deductions made by each
Participant for each Offering. No interest will accrue or be paid on payroll deductions. 
 6.    Deduction
Changes. Except in the event of a Participant increasing his or her payroll deduction from 0 percent during the Initial Offering as specified in Section 4(a) or except as may be determined by the Administrator in advance of a
subsequent Offering, a Participant may not increase or decrease his or her payroll deduction during any Offering, but may increase or decrease his or her payroll deduction with respect to the next Offering (subject to the limitations of
Section 5) by filing a new enrollment form at least 15 business days before the next Offering Date (or by such other deadline as shall be established by the Administrator for the Offering). The Administrator may, in advance of any Offering,
establish rules permitting a Participant to increase, decrease or terminate his or her payroll deduction during an Offering. 

  
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 7.    Withdrawal. A Participant may withdraw from participation
in the Plan by delivering a written notice of withdrawal to his or her appropriate payroll location. The Participant’s withdrawal will be effective as of the next business day. Following a Participant’s withdrawal, the Company will
promptly refund such individual’s entire account balance under the Plan to him or her (after payment for any Common Stock purchased before the effective date of withdrawal). Partial withdrawals are not permitted. Such an employee may not begin
participation again during the remainder of the Offering, but may enroll in a subsequent Offering in accordance with Section 4. 

8.    Grant of Options. On each Offering Date, the Company will grant to each eligible employee who is then a
Participant in the Plan an option (“Option”) to purchase on the last day of such Offering (the “Exercise Date”), at the Option Price hereinafter provided for, the lowest of (a) a number of shares of Common Stock determined
by dividing such Participant’s accumulated payroll deductions on such Exercise Date by the lower of (i) 85 percent of the Fair Market Value of the Common Stock on the Offering Date, or (ii) 85 percent of the Fair Market
Value of the Common Stock on the Exercise Date, (b) a number of shares of Common Stock determined by dividing $25,000 by the Fair Market Value of the Common Stock on the Offering Date of such Offering ; or (c) such other lesser maximum
number of shares as shall have been established by the Administrator in advance of the Offering; provided, however, that such Option shall be subject to the limitations set forth below. Each Participant’s Option shall be exercisable only to the
extent of such Participant’s accumulated payroll deductions on the Exercise Date. The purchase price for each share purchased under each Option (the “Option Price”) will be 85 percent of the Fair Market Value of the Common Stock
on the Offering Date or the Exercise Date, whichever is less. 

  
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 Notwithstanding the foregoing, no Participant may be granted an option hereunder if such
Participant, immediately after the option was granted, would be treated as owning stock possessing 5 percent or more of the total combined voting power or value of all classes of stock of the Company or any Parent or Subsidiary (as defined in
Section 11). For purposes of the preceding sentence, the attribution rules of Section 424(d) of the Code shall apply in determining the stock ownership of a Participant, and all stock which the Participant has a contractual right to
purchase shall be treated as stock owned by the Participant. In addition, no Participant may be granted an Option which permits his or her rights to purchase stock under the Plan, and any other employee stock purchase plan of the Company and its
Parents and Subsidiaries, to accrue at a rate which exceeds $25,000 of the fair market value of such stock (determined on the option grant date or dates) for each calendar year in which the Option is outstanding at any time. The purpose of the
limitation in the preceding sentence is to comply with Section 423(b)(8) of the Code and shall be applied taking Options into account in the order in which they were granted. 

9.    Exercise of Option and Purchase of Shares. Each employee who continues to be a Participant in the Plan on the
Exercise Date shall be deemed to have exercised his or her Option on such date and shall acquire from the Company such number of whole shares of Common Stock reserved for the purpose of the Plan as his or her accumulated payroll deductions on such
date will purchase at the Option Price, subject to any other limitations contained in the Plan; provided that, with respect to the Initial Offering, the exercise of each Option shall be conditioned on the closing of the Company’s Initial Public
Offering on or before the Exercise Date. Any amount remaining in a Participant’s account at the end of an Offering solely by 

  
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reason of the inability to purchase a fractional share will be carried forward to the next Offering; any other balance remaining in a Participant’s account at the end of an Offering will be
refunded to the Participant promptly. 
 10.    Issuance of Certificates. Certificates representing shares of
Common Stock purchased under the Plan may be issued only in the name of the employee, in the name of the employee and another person of legal age as joint tenants with rights of survivorship, or in the name of a broker authorized by the employee to
be his, her or their, nominee for such purpose. 
 11.    Definitions. 

The term “Compensation” means the amount of base pay, prior to salary reduction pursuant to Sections 125, 132(f) or 401(k) of
the Code, but excluding overtime, commissions, incentive or bonus awards, allowances and reimbursements for expenses such as relocation allowances or travel expenses, income or gains on the exercise of Company stock options, and similar items. 

The term “Designated Subsidiary” means any present or future Subsidiary (as defined below) that has been designated by the Board to
participate in the Plan. The Board may so designate any Subsidiary, or revoke any such designation, at any time and from time to time, either before or after the Plan is approved by the stockholders. 

The term “Fair Market Value of the Common Stock” on any given date means the fair market value of the Common Stock determined in
good faith by the Administrator; provided, however, that if the Common Stock is admitted to quotation on the National Association of Securities Dealers Automated Quotation System (“Nasdaq”), Nasdaq Global Market or another national
securities exchange, the determination shall be made by reference to the closing 

  
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price on such date. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price.
Notwithstanding the foregoing, if the date for which the Fair Market Value of the Shares is determined is the Registration Date, the Fair Market Value of the Shares shall be determined based upon the “Price to the Public” (or equivalent)
set forth on the cover page for the final prospectus relating to the Company’s Initial Public Offering. 
 The term “Initial
Public Offering” means the first underwritten, firm commitment public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, covering the offer and sale by the Company of its Common Stock. 

The term “Parent” means a “parent corporation” with respect to the Company, as defined in Section 424(e) of the Code.

 The term “Participant” means an individual who is eligible as determined in Section 3 and who has complied with the
provisions of Section 4. 
 The term “Registration Date” means the date the registration statement on Form S-1 that is filed by the Company with respect to the Initial Public Offering is declared effective by the Securities and Exchange Commission. 

The term “Subsidiary” means a “subsidiary corporation” with respect to the Company, as defined in Section 424(f) of
the Code. 
 12.    Rights on Termination of Employment. If a Participant’s employment terminates for any
reason before the Exercise Date for any Offering, no payroll deduction will be taken from any pay due and owing to the Participant and the balance in the Participant’s account will be paid to such Participant or, in the case of such
Participant’s death, to his or her designated beneficiary as if such Participant had withdrawn from the Plan under Section 7. An employee 

  
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will be deemed to have terminated employment, for this purpose, if the corporation that employs him or her, having been a Designated Subsidiary, ceases to be a Subsidiary, or if the employee is
transferred to any corporation other than the Company or a Designated Subsidiary. An employee will not be deemed to have terminated employment for this purpose, if the employee is on an approved leave of absence for military service or sickness or
for any other purpose approved by the Company, if the employee’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of absence was granted or if the Administrator otherwise
provides in writing. 
 13.    Special Rules. Notwithstanding anything herein to the contrary, the Administrator
may adopt special rules applicable to the employees of a particular Designated Subsidiary, whenever the Administrator determines that such rules are necessary or appropriate for the implementation of the Plan in a jurisdiction where such Designated
Subsidiary has employees; provided that such rules are consistent with the requirements of Section 423(b) of the Code. Any special rules established pursuant to this Section 13 shall, to the extent possible, result in the employees subject
to such rules having substantially the same rights as other Participants in the Plan. 
 14.    Optionees Not
Stockholders. Neither the granting of an Option to a Participant nor the deductions from his or her pay shall constitute such Participant a holder of the shares of Common Stock covered by an Option under the Plan until such shares have been
purchased by and issued to him or her. 
 15.    Rights Not Transferable. Rights under the Plan are not
transferable by a Participant other than by will or the laws of descent and distribution, and are exercisable during the Participant’s lifetime only by the Participant. 

  
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 16.    Application of Funds. All funds received or held by the
Company under the Plan may be combined with other corporate funds and may be used for any corporate purpose. 

17.    Adjustment in Case of Changes Affecting Common Stock. In the event of a subdivision of outstanding shares of
Common Stock, the payment of a dividend in Common Stock or any other change affecting the Common Stock, the number of shares approved for the Plan and the share limitation set forth in Section 8 shall be equitably or proportionately adjusted to
give proper effect to such event. 
 18.    Amendment of the Plan. The Board may at any time and from time to
time amend the Plan in any respect, except that without the approval within 12 months of such Board action by the stockholders, no amendment shall be made increasing the number of shares approved for the Plan or making any other change that would
require stockholder approval in order for the Plan, as amended, to qualify as an “employee stock purchase plan” under Section 423(b) of the Code. 

19.    Insufficient Shares. If the total number of shares of Common Stock that would otherwise be purchased on any
Exercise Date plus the number of shares purchased under previous Offerings under the Plan exceeds the maximum number of shares issuable under the Plan, the shares then available shall be apportioned among Participants in proportion to the amount of
payroll deductions accumulated on behalf of each Participant that would otherwise be used to purchase Common Stock on such Exercise Date. 

20.    Termination of the Plan. The Plan may be terminated at any time by the Board. Upon termination of the Plan,
all amounts in the accounts of Participants shall be promptly refunded. Unless terminated earlier, the Plan shall expire on the ten year anniversary of the Effective Date. 

  
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 21.    Governmental Regulations. The Company’s obligation to
sell and deliver Common Stock under the Plan is subject to obtaining all governmental approvals required in connection with the authorization, issuance, or sale of such stock. 

22.    Governing Law. This Plan and all Options and actions taken thereunder shall be governed by, and construed in
accordance with, the laws of the State of Delaware, applied without regard to conflict of law principles. 

23.    Issuance of Shares. Shares may be issued upon exercise of an Option from authorized but unissued Common
Stock, from shares held in the treasury of the Company, or from any other proper source. 
 24.    Tax
Withholding. Participation in the Plan is subject to any minimum required tax withholding on income of the Participant in connection with the Plan. Each Participant agrees, by entering the Plan, that the Company and its Subsidiaries shall have
the right to deduct any such taxes from any payment of any kind otherwise due to the Participant, including shares issuable under the Plan. 

25.    Notification Upon Sale of Shares. Each Participant agrees, by entering the Plan, to give the Company prompt
notice of any disposition of shares purchased under the Plan where such disposition occurs within two years after the date of grant of the Option pursuant to which such shares were purchased or within one year after the date such shares were
purchased. 
 26.    Effective Date and Approval of Shareholders. The Plan shall take effect on the date
immediately preceding the Registration Date (the “Effective Date”), subject to approval by the holders of a majority of the votes cast at a meeting of stockholders at which a quorum is present or by written consent of the stockholders.

 DATE APPROVED BY BOARD OF DIRECTORS: OCTOBER 14, 2019 
 DATE
APPROVED BY STOCKHOLDERS: OCTOBER 14, 2019 

  
 11Exhibit 4.1

 

[Form of 0.875% Senior Note due 2039]

 

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 (“CLEARSTREAM,” AND TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER 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 IN AS MUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.

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	No. R-	€                    
	 	CUSIP No. 713448 EN4
	 	ISIN No. XS2064302735
	 	Common Code 206430273

 

PEPSICO, INC.

 

0.875% SENIOR NOTE DUE 2039

 

PEPSICO, INC., a corporation in
existence under the laws of the State of North Carolina (herein called the “Company,” which term includes any
successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
The Bank of New York Depository (Nominees) Limited as nominee of The Bank of New York Mellon, London Branch, a common
depositary for Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, the principal sum of
 €               on October 16, 2039, and to pay interest on said
principal sum annually on October 16 of each year, commencing October 16, 2020, at the rate of 0.875% per annum from
October 16, 2019, or from the most recent date in respect of which interest has been paid or duly provided for, until payment
of the principal sum has been made or duly provided for. The interest so payable and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Record Date for such Interest Payment Date, which shall
be the October 1 (whether or not a Business Day) next preceding such Interest Payment Date. Any such interest that is payable
but is not so punctually paid or duly provided for shall forthwith cease to be payable to the registered Holder on such
Record Date and may either be paid to the Person in whose name this Note (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 Notes not earlier than 10 days prior to such Special Record Date, or may
be paid at any time in any other lawful manner not inconsistent with the requirements of the Nasdaq Bond Exchange
(“Nasdaq”) on which the Notes are expected to be listed and upon such notice as may be required by Nasdaq, if
such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture.

 

Interest will be computed on the basis of
the actual number of days in the period for which interest is being calculated and the actual number of days from and including
the date from which interest begins to accrue for the period (or from October 16, 2019 if no interest has been paid on the Notes)
to, but excluding, the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as
defined in the rulebook of the International Capital Markets Association.

 

“Business Day” means any day,
other than a Saturday or Sunday, (1) which is not a day on which banking institutions in the City of New York or the City of London
are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement
Express Transfer system (the TARGET2 system), or any successor thereto, operates. If any Interest Payment Date, the maturity date
or any Redemption Date is not a Business Day, then the related payment for such Interest Payment Date, maturity date or Redemption
Date shall be paid on the next succeeding Business Day with the same force and 

 

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effect as if made on such Interest Payment Date,
maturity date or Redemption Date, as the case may be, and no further interest shall accrue as a result of such delay.

 

Payment of the principal of and interest
on this Note will be made at the Place of Payment; provided, however, that payments of interest may be made at the option of the
Company by funds transmitted to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register.

 

Principal and interest payments, including
payments made upon any redemption, in respect of this Note 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 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 Note
will be made in U.S. dollars until the euro is again available to the Company and so used. In such circumstances, the amount payable
on any date in euro will be converted into U.S. dollars on the basis of the then most recently available market exchange rate for
euro, as determined by the Company in its sole discretion. Any payment in respect of this Note so made in U.S. dollars will not
constitute an Event of Default under this Note or the Indenture. Neither the Trustee nor the Paying Agent shall be responsible
for any calculation or conversion in connection with the foregoing.

 

Initially, The Bank of New York Mellon,
London Branch will act as Paying Agent. The Company reserves the right at any time to vary or terminate the appointment of any
Paying Agent, to appoint additional or other Paying Agents and to approve any change in the office through which any Paying Agent
acts.

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. Unless
the certificate of authentication hereon has been executed by or on behalf of the Trustee by manual signature, this Note 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, the Company has caused
this instrument to be duly executed by manual or facsimile signature under its corporate seal or a facsimile thereof.

 

	Dated: _____________, 2019 	PEPSICO, INC.
	 	 
	 	By:   	 
			Name:   	Hugh F. Johnston
	 		Title:	Authorized Officer
	 	 	 
	 	By:	 
			Name:	Kenneth Smith
	 		Title:	Authorized Officer  
	 	 	 	 
	[seal]	 	 	 
	 	 	 	 
	Attest:	 	 	 
	 	 	 	 

 

 

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TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	The Bank of New York Mellon, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 	 
	 	Dated:  	 

 

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[REVERSE OF NOTE]

 

PEPSICO, INC.

 

0.875% SENIOR NOTE DUE 2039

 

This Note is one of a duly authorized issue
of debentures, notes or other evidences of indebtedness of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of May 21, 2007 (herein called the “Indenture”), between
the Company and The Bank of New York Mellon, 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 thereunder of the Company, the Trustee, and the Holders of the Securities, the terms upon which the Securities
are, and are to be, authenticated and delivered, and the definition of capitalized terms used herein and not otherwise defined
herein. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal
amounts, may be denominated in different currencies, may mature at different times, may bear interest (if any) at different rates
(which rates may be fixed or variable), may be subject to different redemption provisions (if any), may be subject to different
sinking, purchase, or analogous funds (if any), may be subject to different covenants and Events of Default, and may otherwise
vary as provided in the Indenture. This Note is one of a series of Securities of the Company designated as set forth on the face
hereof (herein called the “Notes”), initially limited in aggregate principal amount to €500,000,000.

 

The Company will have the right, at its
option, to redeem any of the Notes in whole or in part, at any time or from time to time prior to April 16, 2039 (six months prior
to the maturity date of the Notes) (the “Par Call Date”) at a Redemption Price (calculated by the Company) equal to
the greater of (i) 100% of the principal amount of such Notes being redeemed and (ii) the sum of the present values of the Remaining
Scheduled Payments (as defined below) of principal and interest thereon (exclusive of interest accrued to the date of redemption),
assuming for such purpose that the Notes matured on the Par Call Date, discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL
(ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 20 basis points, plus, in each case, accrued
and unpaid interest thereon to, but not including, the date of redemption. The Company shall make all calculations relating to
the Redemption Price.

 

The Company will have the right at its option
to redeem any of the Notes in whole or in part, at any time or from time to time on or after the Par Call Date, at a Redemption
Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but not including,
the date of redemption.

 

Except as otherwise provided herein, redemption
of the Notes shall be made in accordance with the terms of Article 11 of the Indenture.

 

“Comparable Government Bond Rate”
means, with respect to any Redemption Date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005
being rounded upwards), at which the gross redemption yield on the Notes, if they were to be purchased at such 

 

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price on the third
Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable
Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00
a.m. (London time) on such Business Day as determined by an independent investment bank selected by the Company.

 

“Comparable Government Bond”
means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected
by the Company, a German government bond whose maturity is closest to the maturity of the Notes, assuming for such purpose that
the Notes matured on the Par Call Date, or if such independent investment bank in its discretion considers that such similar bond
is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of,
and/or market makers in, German government bonds selected by the Company, determine to be appropriate for determining the Comparable
Government Bond Rate.

 

“Remaining Scheduled Payments”
means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon
that would be due after the related Redemption Date but for such redemption, assuming for such purpose that such Note matured on
the Par Call Date; provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note,
the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued
thereon to such Redemption Date.

 

On and after the Redemption Date, interest
will cease to accrue on the Notes or any portion thereof called for redemption (unless the Company defaults in the payment of the
Redemption Price and accrued interest). On or before the Redemption Date, the Company will deposit with the Trustee or its agent
money sufficient to pay the Redemption Price of and (unless the redemption date shall be an Interest Payment Date) accrued and
unpaid interest to the Redemption Date on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed,
the Notes to be redeemed shall be selected in accordance with applicable Depositary procedures. Additionally, the Company may at
any time repurchase Notes in the open market and may hold or surrender such Notes to the Trustee for cancellation.

 

If, as a result of any change in, or amendment
to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United
States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations
or rulings, which change or amendment is announced or becomes effective on or after October 8, 2019, the Company becomes or, based
upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described
below with respect to the Notes, then the Company may at any time at its option redeem, in whole, but not in part, the Notes at
a Redemption Price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not
including, the date fixed for redemption.

 

The Company will, subject to the exceptions
and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary in order that
the net payment by the Company of the principal of and interest on the Notes to a Holder who is not a 

 

    7

     

    

 

United States person (as
defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by
the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then
due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:

 

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

 

		(a)	being or having been engaged in a trade or business in the United States or having or having had a permanent establishment
in the United States;

 

		(b)	having a current or former connection with the United States (other than a connection arising solely as a result of the ownership
of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen
or resident of the United States;
	 	 	 
	 	(c)	being or having been a
personal holding company, a passive foreign investment company or a controlled foreign corporation for United States federal income
tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax;
	 	 	 
	 	(d)	being or having been a
 “10-percent shareholder” of the Company as defined in Section 871(h)(3) of the United States Internal Revenue Code
of 1986, as amended (the “Code”) or any successor provision; or
	 	 	 
	 	(e)	being a bank receiving
payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

 

	 	(2)	to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary, partnership
or limited liability company, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor
with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have
been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly
its beneficial or distributive share of the payment;
	 	 	 
	 	(3)	to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or any
other person to comply with certification, identification or information reporting requirements concerning the nationality, residence,
identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required by statute,
by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States
is a party as a precondition to exemption from such tax, assessment or other governmental charge;

 

    8

     

    

	 	 	 
	 	(4)	to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a Paying Agent
from the payment;
	 	 	 
	 	(5)	to any tax, assessment or other governmental charge that would not have been imposed but for a change in law, regulation, or administrative
or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever
occurs later;
	 	 	 
	 	(6)	to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment
or other governmental charge;
	 	 	 
	 	(7)	to any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of principal
of or interest on any Note, if such payment can be made without such withholding by at least one other Paying Agent;
	 	 	 
	 	(8)	to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder of
any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and
payable or the date on which payment thereof is duly provided for, whichever occurs later;
	 	 	 
	 	(9)	to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner being
a bank (i) purchasing the Notes in the ordinary course of its lending business or (ii) that is neither (A) buying the Notes for
investment purposes only nor (B) buying the Notes for resale to a third-party that either is not a bank or holding the Notes for
investment purposes only;
	 	 	 
	 	(10)	to any tax, assessment or other governmental charge imposed under Sections 1471 through 1474 of the Internal Revenue 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 Internal Revenue 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 Internal
Revenue Code; or
	 	 	 
	 	(11)	in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10).

 

The Notes are subject in all cases to any
tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes. Except as noted above,
the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government
or a political subdivision or taxing authority of or in any government or political subdivision.

 

As used above, the term “United States”
means the United States of America (including the states of the United States and the District of Columbia and any political subdivision
thereof) and the term “United States person” means any individual who is a citizen or resident of the United States
for U.S. federal income tax purposes, a corporation, partnership or other entity 

 

    9

     

    

 

created or organized in or under the laws of the
United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United
States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States
federal income taxation regardless of its source.

 

Notice of any redemption will be transmitted
at least 15 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed (or delivered electronically
in accordance with the procedures of the common depositary). If fewer than all of the Notes are to be redeemed, the particular
Notes to be redeemed, in the case of Notes in global form, shall be selected in accordance with the procedures of the Depositary.
In the case of physical Notes in definitive form, such selection shall be done by the Trustee by lot. If any Note is to be redeemed
only in part, the notice of redemption that relates to such Note shall state the principal amount thereof to be redeemed. A new
Note in principal amount equal to and in exchange for the unredeemed portion of the principal of the Note surrendered may be issued
in the name of the Holder of the Note upon surrender of the original Note.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series under the Indenture at any time by the Company and the Trustee with the consent of
the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected
by such amendment or modification. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of Securities of such series, 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 Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon 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 Note.

 

The Indenture contains provisions setting
forth certain conditions to the institution of proceedings by Holders of Securities with respect to the Indenture or for any remedy
under the Indenture.

 

If an Event of Default with respect to the
Notes shall occur and be continuing, the principal amount hereof may be declared due and payable or may be otherwise accelerated
in the manner and with the effect provided in the Indenture.

 

No reference herein to the Indenture and
no provision of this Note 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 Note 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 Note is registerable in the Security Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any Place of Payment duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the 

 

    10

     

    

 

Company and the Security Registrar duly executed, by the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are issuable only in registered
form without coupons in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for certificated notes in definitive
form of like tenor in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof
if (i) the Depositary provides notification that it is unwilling, unable or no longer qualified to continue as depositary for the
global notes and a successor is not appointed within 90 days; (ii) the Company in its discretion at any time determines not to
have all the Notes represented by the global note; or (iii) default entitling the Holders of Notes to accelerate the maturity thereof
has occurred and is continuing. Any Note that is exchangeable as above is exchangeable for certificated notes issuable in authorized
denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a global note is not
exchangeable, except for a global note of the same aggregate denomination to be registered in the name of the common depositary
(or its nominee).

 

Payments (including principal, interest
and any additional amounts) and transfers with respect to the Notes in certificated form may be executed at the office or agency
maintained for such purpose within the City of London (initially the office of the Paying Agent maintained for such purpose) or,
at the Company’s option, by check mailed to the Holders thereof at the respective addresses set forth in the register of
Holders of the Notes, provided that all payments (including principal, interest and any additional amounts) on certificated notes,
for which the Holders thereof have given wire transfer instructions, will be required to be made by wire transfer of immediately
available funds to the accounts specified by the Holders thereof.

 

No service charge shall be made for any
such registration or 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 the presentment of this Note 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 Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes,
whether or not this Note is overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the
contrary.

 

All terms used in this Note which are defined
in the Indenture and are not otherwise defined herein shall have the meanings assigned to them in the Indenture.

 

    11

     

    

 

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 ZIP CODE, OF ASSIGNEE]
	 

the within Note and all rights thereunder,
hereby irrevocably constituting and appointing _________________________ attorney to transfer such Note on the books of the Issuer,
with full power of substitution in the premises.

 

	Dated:   	 	 

 

NOTICE:        The signature to this assignment must correspond
with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

 

    12

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