Document:

EX-10.3

 Exhibit 10.3 
 PERFORMANCE SHARE UNIT AGREEMENT 
 Pursuant to the 

CONSTELLATION BRANDS, INC. 
 LONG-TERM STOCK INCENTIVE PLAN 
 Name of Participant: 

Date of Grant: 
 Target Number of
Performance Share Units: 
 Value of Each Unit on Date of Grant: 
 Service Vesting
Date:                                  [Vesting Date] 

 
 Constellation Brands, Inc. (the “Company”) hereby awards
to the designated participant (“Participant”), the opportunity to receive the Performance Share Units described herein under the Company’s Long-Term Stock Incentive Plan (the “Plan”). Performance Share Units consist of the
right to receive shares of Class A Common Stock, par value $.01 per share, of the Company (“Shares”). Generally, the Participant will not receive any Performance Share Units unless specified service and performance requirements are
satisfied. This Performance Share Unit Agreement is subject to the attached Terms and Conditions of Performance Share Unit Agreement (collectively with this document, this “Agreement”) and terms of the Plan. 

PLEASE BE SURE TO READ ALL OF THE SPECIFIC TERMS AND CONDITIONS OF THIS AGREEMENT. FOR EXAMPLE, IMPORTANT ADDITIONAL INFORMATION ON
VESTING AND FORFEITURE OF THE PERFORMANCE SHARE UNITS COVERED BY THIS AWARD IS CONTAINED IN PARAGRAPH 2 OF THE TERMS AND CONDITIONS. TO THE EXTENT ANY CAPITALIZED TERMS USED IN THE TERMS AND CONDITIONS ARE NOT DEFINED HEREIN, THEY WILL HAVE THE
MEANING ASCRIBED TO THEM IN THE PLAN. 
 BY MY ELECTRONIC ELECTION TO ACCEPT THE TERMS AND CONDITIONS OF THIS GRANT OF
PERFORMANCE SHARE UNITS (WHICH SERVES AS MY ELECTRONIC SIGNATURE OF THIS AGREEMENT), I AGREE THAT MY PARTICIPATION IN THE PLAN IS GOVERNED BY THE PROVISIONS OF THE PLAN AND THIS AGREEMENT. IF I FAIL TO ACCEPT THE TERMS AND CONDITIONS OF THIS AWARD
WITHIN NINETY (90) DAYS OF THE DATE OF GRANT SET FORTH ABOVE, THE COMPANY MAY DETERMINE THAT THIS AWARD HAS BEEN FORFEITED. 

 TERMS AND CONDITIONS OF PERFORMANCE SHARE UNIT AGREEMENT 

1.        Summary. The Company hereby awards to the Participant under the Plan as a
separate incentive and not in lieu of any salary or other compensation for his or her services the opportunity to receive Performance Share Units, subject to all of the terms and conditions in this Agreement and the Plan. Generally, the Participant
will not receive any Performance Share Units unless the specified service and performance requirements set forth herein are satisfied. 
 2.        Vesting in Performance Share Units. 
    (a)      Performance and service vesting requirements. Except as otherwise provided in Section 2(b), both performance and service vesting
requirements must be satisfied before the Participant can earn Performance Share Units under this Agreement. With certain exceptions noted below, the Participant will vest in his/her right to receive Performance Share Units under this Agreement if
the Participant remains in continuous employment with the Company or its Subsidiaries until the Service Vesting Date (as set forth on the first page of this Agreement) and the Company achieves the “Relative Total Stockholder Return”
targets specified in Schedule A. If the Participant remains in continuous employment with the Company or its Subsidiaries until the Service Vesting Date, the Participant shall vest in his/her right to receive a number of Performance Share Units
based on the performance matrix set forth in Schedule A. Schedule A sets forth how the number of the Participant’s vested Performance Share Units is calculated. 
    (b)      Special Vesting Rules. 
       (i)      Death or PSU Disability. If the Participant dies or incurs a PSU Disability (as defined below) while employed by the
Company or its Subsidiaries prior to the Service Vesting Date, the Participant shall vest in a number of Performance Share Units equal to the number of the Participant’s Target Number of Performance Share Units. A “PSU Disability” is
a disability as defined under Treasury Regulation section 1.409A-3(i)(4)(i)(A) which generally means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Any Performance Share Units that do not vest under this provision shall be forfeited upon the Participant’s death or PSU
Disability. 
       (ii)     PSU Change in Control. The
Performance Share Units are subject to the following rules in the event the Participant remains in continuous employment with the Company or its Subsidiaries until the date of a change in control described in this subsection, which rules shall apply
in lieu of the default Change in Control provisions under the Plan. Upon the occurrence of an event that: (A) occurs before the Service Vesting Date; (B) is a Change in Control; and (C) constitutes a change in ownership or effective
control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the meaning of Code Section 409A (a “PSU Change in Control”), the Participant shall vest in a number of Performance Share
Units equal to the number of the Participant’s Target Number of Performance Share Units; provided that such Performance Share Units were not previously forfeited. Any 

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Performance Share Units that do not vest upon a PSU Change in Control shall be forfeited upon the PSU Change of Control. 
       (iii)    Other Termination. In the event that the Participant ceases to be employed by the Company or its Subsidiaries prior to the Service
Vesting Date or, if earlier, the date of a PSU Change in Control for any reason other than death or PSU Disability, the Participant shall forfeit his/her right to all unvested and unpaid Performance Share Units. The Participant will cease to be
employed by the Company or its Subsidiaries if the Participant is employed by an entity that ceases to be a Subsidiary. 

3.        Time and Form of Payment. Payouts of vested Performance Share Units shall be
made in the form of shares of the Company’s Class A Stock. Each Performance Share Unit awarded under this Agreement consists of the right to receive one share of Class A Stock. Vested Performance Share Units shall be paid as follows:

    (a)      Payments for Reasons other than Death, PSU Disability or PSU
Change of Control. The Participant’s vested Performance Share Units under Section 2(a) shall be paid on or after May 1, 20     but no later than May 15, 20    , but
payment shall only be made after the Committee completes the written certification set forth in Section 6(d) below with respect to this Award. 
    (b)      Death or PSU Disability. If the Participant dies or incurs a PSU Disability while employed by the Company or its Subsidiaries prior to the
Service Vesting Date, the Participant’s vested Performance Share Units shall be paid within 60 days following the date of the Participant’s death or PSU Disability. 
    (c)      PSU Change in Control. Upon the occurrence of an event that is a PSU Change in Control, the Participant’s vested Performance Share
Units shall be paid on or within 60 days following the date of such PSU Change in Control. 

4.        Committee Discretion. The Committee has complete and full discretionary
authority to make all decisions and determinations under this Agreement, and all decisions and determinations by the Committee will be final and binding upon all persons, including, but not limited to, the Participant and his/her personal
representatives, heirs and assigns. 
 5.        Death of Participant. Any
distribution or delivery to be made to the Participant under this Agreement shall, if the Participant is then deceased, be made to the Participant’s designated beneficiary, or if no beneficiary survives the Participant, the Participant does not
designate any beneficiary or the Committee does not permit beneficiary designations, to the administrator or executor of the Participant’s estate. Any designation of a beneficiary by the Participant shall be effective only if such designation
is made in a form and manner acceptable to the Committee. Any such permitted transferee upon the Participant’s death must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to
the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 

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 6.        Code Section 162(m). This
Award is intended to comply with the requirements of Code Section 162(m) and the provisions of this Award shall be interpreted and administered consistently with that intent. In that light, the following rules shall apply to the award:

    (a)      The Committee shall establish the performance targets and terms of
this Agreement within 90 days of the commencement of the Company’s 20     fiscal year. The satisfaction of the performance targets for paying Performance Share Units shall be substantially uncertain at the time they
are established. 
    (b)      The amount of Performance Share Units that vest
shall be computed under an objective formula and the Committee shall have no discretionary authority to increase the amount of the Performance Share Units that vest or alter the methodology for calculating the Performance Share Units that vest,
except as permitted by Code Section 162(m) and the Plan. 
    (c)      The
maximum aggregate number of Shares underlying the Awards of Performance Share Units (together with any Restricted Stock Units) granted under the Plan to any one Participant during any fiscal year of the Company cannot exceed 2,000,000 Shares.

    (d)      Before any Performance Share Units are paid to the Participant, the
Committee will certify, in writing, the Company’s satisfaction of the pre-established performance target and the number of Performance Share Units payable to the Participant. 

7.        Code Section 409A. Performance Share Units are generally intended to be
exempt from Code Section 409A as short-term deferrals and, accordingly, the terms of this Agreement shall be construed to preserve such exemption. To the extent that this Agreement is subject to the requirements of Code Section 409A, this
Agreement shall be interpreted and administered in accordance with the intent that the Participant not be subject to tax under Code Section 409A. Neither the Company nor any of its Subsidiaries shall be liable to any Participant (or any other
individual claiming a benefit through the Participant) for any tax, interest, or penalties the Participant might owe as a result of participation in the Plan, and the Company and its Subsidiaries shall have no obligation to indemnify or otherwise
protect the Participant from the obligation to pay any taxes pursuant to Section 409A, unless otherwise specified. 

8.        Settlement of Performance Share Units. 

   (a)      Status as a Creditor. Unless and until Performance Share Units have
vested in accordance with Section 2 above and become payable under Section 3 above, the Participant will have no settlement right with respect to any Performance Share Units. Prior to settlement of any vested Performance Share Units, the
vested Performance Share Units will represent an unfunded and unsecured obligation of the Company, payable (if at all) only from the general assets of the Company. The Participant is an unsecured general creditor of the Company, and settlement of
Performance Share Units is subject to the claims of the Company’s creditors. 

   (b)      Form of Settlement. Performance Share Units will be settled in the form
of Shares of Class A Stock. Fractional Shares will not be issued upon the vesting of Performance Share Units. In the event that a fractional Share is owed to the Participant, instead of paying such fractional Share, the Company shall round up
the Shares that are payable to the 

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Participant to the nearest whole number. Upon issuance, Shares will be electronically transferred to an account in the Participant’s name at the provider then administering the Plan as it
relates to the Performance Share Units. 
    (c)      Clawback. If the
Company subsequently determines that it is required by law to include an additional “clawback” or “recoupment” provision to outstanding awards, under the Dodd-Frank Wall Street Reform and Consumer Protection Act or otherwise,
then such clawback or recoupment provision shall automatically apply to this Award, as applicable, as if it had been included on the Date of Grant. 
 9.        Tax Liability and Withholding. The Company or one of its Subsidiaries shall assess and withhold any federal, state or local income taxes, social
security taxes, or other employment withholding taxes that may arise or be applicable in connection with the Participant’s participation in the Plan, including, without limitation, any tax liability associated with the grant or vesting of the
Performance Share Units or sale of the underlying Shares (the “Tax Liability”). These requirements may change from time to time as laws or interpretations change. Regardless of the Company’s or the Subsidiary’s actions in this
regard, the Participant hereby acknowledges and agrees that the Tax Liability shall be the Participant’s sole responsibility and liability. 
    The Participant acknowledges that the Company’s obligation to issue or deliver Shares shall be subject to satisfaction of the Tax Liability. Unless otherwise determined by the
Company, withholding obligations shall be satisfied by having the Company or one of its Subsidiaries withhold all or a portion of any Shares that otherwise would be issued to the Participant upon settlement of the vested Performance Share Units;
provided that amounts withheld shall not exceed the amount necessary to satisfy the Company’s tax withholding obligations. Such withheld Shares shall be valued based on the Fair Market Value as of the date the withholding obligations are
satisfied. The Company or one of its Subsidiaries may also satisfy the Tax Liability by deduction from the Participant’s wages or other cash compensation paid to the Participant by the Company or the Subsidiary. If the Company or a Subsidiary
does not elect to have withholding obligations satisfied by either withholding Shares or by deduction from the Participant’s wages or other compensation paid to the Participant by the Company or the Subsidiary, the Participant agrees to pay the
Company or the Subsidiary the amount of the Tax Liability in cash (or by check) as directed by the Company or the Subsidiary. Notwithstanding anything to the contrary in the Plan, the Participant shall not be entitled to satisfy any Tax Liability or
withholding obligations that arise as a result of this Agreement by delivering to the Company any shares of capital stock of the Company. 
 10.      Rights as Stockholder. Neither the Participant nor any person claiming under or through the Participant shall have any of the rights or privileges of a
stockholder of the Company in respect of any Performance Share Units (whether vested or unvested) or underlying Shares unless and until such Performance Share Units vest and the corresponding Shares are issued. After such issuance, the Participant
shall have the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares, if any. 

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 11.      Acknowledgments. The Participant
acknowledges and agrees to the following: 
    (a)      The Plan is discretionary
in nature and the Committee may amend, suspend, or terminate it at any time. 

   (b)      The grant of the Performance Share Units is voluntary and occasional and does
not create any contractual or other right to receive future grants of Performance Share Units, or benefits in lieu of the Performance Share Units, even if the Performance Share Units have been granted repeatedly in the past. 

   (c)      All determinations with respect to future Performance Share Units, if any,
including, but not limited to, the times when Performance Share Units shall be granted or when Performance Share Units shall vest, will be at the sole discretion of the Committee. 

   (d)      The Participant’s participation in the Plan is voluntary. 

   (e)      The value of the Performance Share Units is an extraordinary item of
compensation, which is outside the scope of the Participant’s employment contract (if any), except as may otherwise be explicitly provided in the Participant’s employment contract (if any). 

   (f)      The Performance Share Units are not part of normal or expected compensation or
salary for any purpose, including, but not limited to, calculating termination, severance, resignation, redundancy, end of service, or similar payments, or bonuses, long-service awards, pension or retirement benefits. 

   (g)      The future value of the Shares is unknown and cannot be predicted with
certainty. 
    (h)      No claim or entitlement to compensation or damages
arises from the termination or forfeiture of the Award, termination of the Plan, or diminution in value of the Performance Share Units or Shares, and the Participant irrevocably releases the Company and its Subsidiaries from any such claim that may
arise. 
    (i)      Neither the Plan nor the Performance Share Units shall be
construed to create an employment relationship where any employment relationship did not otherwise already exist. 

   (j)      Nothing in this Agreement or the Plan shall confer upon the Participant any
right to continue to be employed by the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company or the Subsidiary, which are hereby expressly reserved, to terminate the employment of the Participant under
applicable law. 
    (k)      The transfer of the employment of the Participant
between the Company and any one of its Subsidiaries (or between Subsidiaries) shall not be deemed a termination of service. 

   (l)      Nothing in this Agreement shall affect the Participant’s right to
participate in and receive benefits under and in accordance with the then current provisions of any pension, insurance or other employee welfare plan or program of the Company or any Subsidiary in which the Participant is entitled to participate.

    (m)    The Company is not providing any tax, legal or financial advice, nor is the
Company making any recommendations regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying Shares. The Participant is hereby advised

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to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan. 

   (n)      The Company reserves the right to impose other requirements on participation in
the Plan, on the Performance Share Units and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local laws and Rules or facilitate the administration of the Plan, and to
require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

12.      Changes in Stock. In the event that as a result of a stock dividend, stock split,
reclassification, recapitalization, combination of Shares or the adjustment in capital stock of the Company or otherwise, or as a result of a merger, consolidation, spin-off or other reorganization, the Company’s Class A Stock shall be
increased, reduced or otherwise changed, the Performance Share Units shall be adjusted automatically consistent with such change to prevent substantial dilution or enlargement of the rights granted to, or available for, the Participant hereunder.

 13.      Address for Notices. All notices to the Company shall be in writing and sent to
the Company’s General Counsel at the Company’s corporate headquarters. Notices to the Participant shall be addressed to the Participant at the address as from time to time reflected in the Company’s employment records as the
Participant’s address. 
 14.      Transferability. The Participant shall have no
right to sell, assign, transfer, pledge or otherwise encumber the Performance Share Units in any manner. Shares may be sold, assigned, transferred or encumbered only after they are issued to the Participant upon settlement. Following the settlement
and issuance of Shares, in the event the Company permits the Participant to arrange for a sale of Shares through a broker or another designated agent of the Company, the Participant acknowledges and agrees that the Company may block any such sale
and/or cancel any order to sell placed by the Participant, in each case if the Participant is not then permitted under the Company’s insider trading policy to engage in transactions with respect to securities of the Company. If the Committee
determines that the ability of the Participant to sell or transfer Shares is restricted, then the Company may notify the Participant in accordance with Section 13 of this Agreement. The Participant may only sell such Shares in compliance with
such notification from the Company. 
 15.      Binding Agreement. Subject to the
limitation on the transferability of this Award contained herein, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 

16.      Plan Governs. This Agreement is subject to all terms and provisions of the Plan.
Capitalized terms not defined in this Agreement shall have the respective meanings given to such terms in the Plan. In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of
the Plan shall govern. 
 17.      Governing Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of Delaware, United States of America, regardless of the law that might be applied under principles of conflict of laws. 

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 18.      Captions. Captions provided herein are for
convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 

19.      Severability. In the event that any provision in this Agreement shall be held invalid or
unenforceable, such provision shall be severable from, and such invalidity or unenforceability shall not be construed to have any effect on, the remaining provisions of this Agreement. 

20.      Modifications to this Agreement. This Agreement constitutes the entire understanding of the
parties on the subjects covered. The Participant expressly warrants that he or she is not executing this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement can be
made only in an express written contract executed by a duly authorized officer of the Company. 

21.      Amendment, Suspension or Termination of the Plan. By accepting this Award, the Participant
expressly warrants that he or she has received a right to a Performance Share Unit under the Plan, and has received, read, and understood a description of the Plan. The Participant understands that the Plan is discretionary in nature and may be
modified, suspended, or terminated by the Company at any time. 
 22.      Compliance with Laws
and Regulations; General Restrictions on Delivery of Shares. The Participant understands that the vesting of the Performance Share Units under the Plan and the issuance, transfer, assignment, sale, or other dealings of the Shares shall be
subject to compliance by the Company (or any Subsidiary) and the Participant with all applicable requirements under the laws and Rules of the country of which the Participant is a resident. Furthermore, the Participant agrees that he or she will not
acquire Shares pursuant to the Plan except in compliance with the laws and Rules of the country of which the Participant is a resident. 
    The Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such Shares until it has been furnished with such opinions, representations
or other documents as it may deem necessary or desirable, in its discretion, to ensure compliance with any law or Rules of the Securities and Exchange Commission or any other governmental authority having jurisdiction under the Plan or over the
Company, the Participant, or the Shares or any interests therein. The award of Performance Share Units evidenced by this Agreement is also subject to the condition that, if at any time the Committee administering the Plan shall determine, in its
discretion, that the listing, registration or qualification of the Shares (or any capital stock distributed with respect thereto) upon the New York Stock Exchange (or any other securities exchange or trading market) or under any United States state
or Federal law or other applicable Rule, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of the Performance Share Units evidenced by this Agreement or
the issuance, transfer or delivery of the Shares (or the payment of any dividends or other distributions related to the Shares), the Company shall not be required to transfer or deliver any Shares or dividends or distributions relating to such
Shares unless such listing, registration, qualification, consent or approval shall have been effected or obtained to the complete satisfaction of the Committee and free of any conditions not acceptable to the Committee. 

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 23.      Electronic Delivery and Execution. The
Participant hereby consents and agrees to electronic delivery of any documents that the Company may elect to deliver (including, but not limited to, plan documents, prospectus and prospectus supplements, grant or award notifications and agreements,
account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other Award made or offered under the Plan. The Participant understands that, unless revoked by the Participant by giving
written notice to the Company pursuant to the Plan, this consent will be effective for the duration of this Agreement. The Participant also understands that he or she will have the right at any time to request that the Company deliver written copies
of any and all materials referred to above. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company
may elect to deliver, and agrees that his or her electronic signature is the same as, and will have the same force and effect as, his or her manual signature. The Participant consents and agrees that any such procedures and delivery may be effected
by a third party engaged by the Company to provide administrative services related to the Plan. 

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 SCHEDULE A 

The number of Performance Share Units to which the Participant will be entitled if the Participant satisfies the applicable service
requirements will be calculated by the Committee based on the Company’s “Relative Total Stockholder Return” (as defined below). Specifically, the Committee shall calculate the number of vested Performance Share Units for the
Participant if the Participant satisfies the applicable service requirements by multiplying the Participant’s Target Number of Performance Share Units by the applicable percentage determined as set forth below based on the Company’s
Relative Total Stockholder Return results for the specified period. As noted in the Terms and Conditions to this Agreement, special rules apply under certain circumstances, such as death, PSU Disability and PSU Change in Control. 

The following table shall apply for calculating this Award: 
 Relative Total Stockholder Return Over the Company’s 20 -20 Fiscal Years 
  

									
	 25th Percentile
	  	 33.3ths 
Percentile
	  	 50th 
Percentile
	  	 62.5ths 
Percentile
	  	 75th 
Percentile

	25%	  	50%	  	100%	  	150%	  	200%

 The maximum percentage by which the Participant’s Target Number of Performance Share Units is
multiplied cannot exceed 200%, and no Performance Share Units shall vest unless the Company’s Relative Total Stockholder Return performance for the specified period is equal to or greater than the level required to earn an award of 25% of the
Participant’s Target Number of Performance Share Units. 
 If the Company’s Relative Total Stockholder Return
performance falls between designated levels of performance set forth in the above table, the percentage by which the Participant’s Target Number of Performance Share Units is multiplied will be calculated by linear interpolation. 

Relative Total Stockholder Return shall mean the percentile ranking of the Company’s Total Stockholder Return (as defined below)
measured relative to each company in the Comparator Group’s Comparator Total Stockholder Return (as defined below) during the period from March 1, 20    
through February     , 20     (the “Valuation Period”). The Comparator Group shall consist of those companies that are included in the S&P 500 Index during both the last
ten (10) trading days of the Company’s 20     fiscal year (February     , 20    ) and the last ten (10) trading days of the Company’s
20     fiscal year (February     , 20    ) and only relates to the class of stock included in that index. The following rule shall apply with respect to the
Comparator Group: 
  

	 	•	 	 Consistent with the purposes of this Award, the Fair Market Value of stock of a company included in the Comparator Group shall be adjusted in an
equitable manner for any material stock splits, reverse stock splits or similar transactions. 

 The
percentile ranking of the Company’s Relative Total Stockholder Return shall be that fraction which is calculated by dividing the number of companies in the Comparator Group 

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whose Comparator Total Stockholder Return performance is exceeded by the Company (based on the Total Shareholder Return) by the total number of companies in the Comparator Group. 

Except as noted in this Schedule A, no adjustments for Extraordinary Items shall be made when calculating Relative Total Stockholder
Return 
 Total Stockholder Return shall mean the percentage rate of growth during the Valuation Period of an investment of
$1,000 in shares of Class A Common Stock on the first day of the Valuation Period, assuming reinvestment of all dividends paid during the Valuation Period. 
 Comparator Total Stockholder Return for an applicable company in the Comparator Group shall mean the percentage rate of growth during the Valuation Period of an investment of $1,000 in shares of the
common stock of the applicable company in the Comparator Group on the first day of the Valuation Period, assuming reinvestment of all dividends paid during the Valuation Period. 

The Fair Market Value of the Company’s Class A Common Stock or of a share of the common stock of a company in the Comparator
Group shall mean the closing price of a share of that stock on the New York Stock Exchange or other national stock exchange on which that stock is actively traded for that date as reported in the Wall Street Journal, Eastern Edition or such other
standard reference service as the Committee may select.EX-4.1

 Exhibit 4.1 
 EXECUTION COPY 
 FIFTH SUPPLEMENTAL INDENTURE 

Dated as of May 2, 2013 
 to 
 INDENTURE 

Dated as of May 18, 2009 
 Among 
 MICROSOFT CORPORATION, 

as Issuer 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 
 and 

THE BANK OF NEW YORK MELLON, LONDON BRANCH, 
 as London Paying Agent 
  

 
 2.625% Notes
due 2033 
  
  

 TABLE OF CONTENTS 

 

									
	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS
	  	 	2	  
				
		 	 Section 1.1.
	 	Definition of Terms	  	 	2	  
		
	 ARTICLE 2. TERMS AND CONDITIONS OF NOTES
	  	 	3	  
				
		 	 Section 2.1.
	 	Designation and Principal Amount	  	 	3	  
				
		 	 Section 2.2.
	 	Maturity	  	 	3	  
				
		 	 Section 2.3.
	 	Further Issues	  	 	3	  
				
		 	 Section 2.4.
	 	Payment	  	 	3	  
				
		 	 Section 2.5.
	 	Global Securities; Certificated Notes	  	 	3	  
				
		 	 Section 2.6.
	 	Interest	  	 	4	  
				
		 	 Section 2.7.
	 	Authorized Denominations	  	 	4	  
				
		 	 Section 2.8.
	 	Redemption and Sinking Fund	  	 	4	  
				
		 	 Section 2.9.
	 	Ranking	  	 	4	  
				
		 	 Section 2.10.
	 	Appointments	  	 	4	  
				
		 	 Section 2.11.
	 	Defeasance	  	 	4	  
		
	 ARTICLE 3. FORM OF NOTES
	  	 	4	  
				
		 	 Section 3.1.
	 	Form of Notes	  	 	4	  
		
	 ARTICLE 4. ORIGINAL ISSUE OF NOTES
	  	 	5	  
				
		 	 Section 4.1.
	 	Original Issue of Notes	  	 	5	  
		
	 ARTICLE 5. MISCELLANEOUS
	  	 	5	  
				
		 	 Section 5.1.
	 	Ratification of Indenture	  	 	5	  
				
		 	 Section 5.2.
	 	Trustee Not Responsible for Recitals	  	 	5	  
				
		 	 Section 5.3.
	 	Governing Law	  	 	5	  
				
		 	 Section 5.4.
	 	Separability	  	 	5	  
				
		 	 Section 5.5.
	 	Counterparts	  	 	5	  
		
	 EXHIBIT A – Form of Notes
	  	 	A-1	  

 FIFTH SUPPLEMENTAL INDENTURE, dated as of May 2, 2013 (this “Supplemental
Indenture”), among MICROSOFT CORPORATION, a corporation duly organized and existing under the laws of the State of Washington (the “Company”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association
duly organized and existing under the laws of the United States, as Trustee (the “Trustee”), and THE BANK OF NEW YORK MELLON, LONDON BRANCH, as London Paying Agent (the “London Paying Agent”). 

RECITALS OF THE COMPANY 
 WHEREAS, the Company executed and delivered to the Trustee the Indenture, dated as of May 18, 2009 (the “Indenture”), to provide for the issuance of the Company’s debt
securities (the “Securities”), to be issued in one or more series, a First Supplemental Indenture, dated as of May 18, 2009, a Second Supplemental Indenture, dated as of September 27, 2010, a Third Supplemental Indenture,
dated as of February 9, 2011, and a Fourth Supplemental Indenture, dated as of November 7, 2012; 
 WHEREAS, pursuant
to the terms of the Indenture, the Company desires to provide for the establishment of a new series of its Securities under the Indenture to be known as its “2.625% Notes due 2033” (the “Notes”), the form and substance and
the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 

WHEREAS, the Board of Directors of the Company by duly adopted resolutions has authorized the proper officers of the Company to, among
other things, determine the terms of the Securities to be issued under the Indenture and execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 901(7) of the Indenture;

 WHEREAS, the Company has requested that the Trustee and the London Paying Agent execute and deliver this Supplemental
Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in
accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture
has been duly authorized in all respects. 

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, and for the purpose of setting forth, as
provided in the Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee and the London Paying Agent, as follows: 
 ARTICLE 1. 
 DEFINITIONS 

Section 1.1. Definition of Terms. Unless the context otherwise requires: 

(a) each term defined in the Indenture has the same meaning when used in this Supplemental Indenture; 

(b) the singular includes the plural, and vice versa; 
 (c) headings are for convenience of reference only and do not affect interpretation; and 
 (d) for purposes of the Notes and this Supplemental Indenture only, the following terms have the meanings given to them in this Section 1.1(d): 

“Additional Amounts” has the meaning specified in Exhibit A. 

“Business Day” means any day, other than a Saturday or a Sunday, (1) which is not a day on which
banking institutions are authorized or obliged by law or executive order to close in New York City or London and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (the TARGET2 system), or any successor
thereto, is open. 
 “Common Depositary” means The Bank of New York Mellon, as common depositary
for the Depositary. 
 “Depositary” means Clearstream Banking, société
anonyme, and Euroclear Bank SA/NV. 
 “Specified Office of the London Paying Agent” means,
initially, the London Branch of The Bank of New York Mellon, located at One Canada Square, London E14 5AL, England. 

  
 2 

 ARTICLE 2. 
 TERMS AND CONDITIONS OF NOTES 
 Section 2.1. Designation and
Principal Amount. There is hereby authorized and established a series of Securities under the Indenture, designated as the “2.625% Notes due 2033,” which is initially limited in aggregate principal amount to €550,000,000 (except
upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed
never to have been authenticated and delivered). 
 Section 2.2. Maturity. The Stated Maturity of principal of the
Notes shall be May 2, 2033. 
 Section 2.3. Further Issues. The Company may at any time and from time to time,
without the consent of the Holders of the Notes, issue additional notes of the same series of the Notes; provided that such additional notes are fungible for U.S. federal income tax purposes with the Notes. Any such additional notes shall
have the same ranking, interest rate, maturity date and other terms as the Notes. Any such additional notes, together with the Notes, shall constitute a single series of Securities under the Indenture. 

Section 2.4. Payment. Principal of (and the applicable redemption price, if any) and interest (including Additional Amounts,
if any) on the Notes shall be payable in euro (or such other lawful currency of the member states of the European Monetary Union that have adopted or that will adopt the single currency in accordance with the Treaty establishing the European
Community, as amended, as at the time of payment shall be legal tender for the payment of public and private debts) in immediately available funds at the Corporate Trust Office of the Trustee, the Specified Office of the London Paying Agent or the
agency of the Company; provided, however, that at the option of the Company, the Company may pay interest by check mailed to the Holder entitled thereto at such Holder’s address as it appears on the Security Register. 

Notwithstanding the foregoing, (1) the Common Depositary, as Holder of the Notes, or (2) a Holder of more than €5,000,000
in aggregate principal amount of Outstanding Notes in definitive form may require the London Paying Agent to make payments of interest, other than interest due at maturity or upon redemption, by wire transfer of immediately available funds into an
account maintained by such Holder, by sending appropriate written wire transfer instructions to the London Paying Agent as long as the London Paying Agent receives such instructions not less than 10 days prior to the applicable Interest Payment
Date and against presentation of such Holder’s Note at the Specified Office of the London Paying Agent. 
 For purposes of
the Notes and this Supplemental Indenture, the references in Sections 1001, 1003 and 1105 of the Indenture to “11:00 a.m. (New York City time)” shall be replaced with “11:00 a.m. (London time)”. 

Section 2.5. Global Securities; Certificated Notes. Upon the original issuance, the Notes will be represented by Global
Securities registered in the name of the nominee of the Common Depositary. The Company will deposit the Global Securities with the Common Depositary. 

  
 3 

 Section 2.6. Interest. The Notes will bear interest from May 2, 2013 at the
rate of 2.625% per annum, payable annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from May 2, 2013, or from the most recent Interest Payment Date to which interest has been paid or duly
provided for. The Interest Payment Date on which such interest shall be payable is May 2, commencing on May 2, 2014; and the Record Date for the interest payable on any Interest Payment Date is the close of business on May 1, next
preceding the relevant Interest Payment Date. Interest on the Notes shall 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 last date on
which interest was paid on the Notes or duly provided for (or the original issue date if no interest has been paid or duly provided for on the Notes), to but excluding the date on which interest is paid or duly provided for. 

Section 2.7. Authorized Denominations. The Notes shall be issuable in denominations of €100,000 and integral multiples
of €1,000 in excess thereof. 
 Section 2.8. Redemption and Sinking Fund. The Notes shall not be redeemable at
the option of the Company or at the option of the Holders except as set forth in the Notes. The Notes shall not be entitled to the benefit of any sinking fund. 
 Section 2.9. Ranking. The Notes shall be senior unsecured debt securities of the Company, ranking equally with the Company’s other unsecured and unsubordinated debt. 

Section 2.10. Appointments. The Trustee will be the initial Security Registrar and the London Paying Agent will be the
initial Paying Agent for the Notes. The Bank of New York Mellon, London Branch, as London Paying Agent hereunder, shall have all of the rights, privileges, protections and immunities granted to the Trustee in the Indenture mutatis mutandis.

 Section 2.11. Defeasance. The Company may elect, at its option at any time, pursuant to Section 1301 of the
Indenture, to have Section 1302 or Section 1303 of the Indenture, or both, apply to the Notes, or all, or any principal amount thereof. 
 ARTICLE 3. 
 FORM OF NOTES 

Section 3.1. Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the form set forth in Exhibit A hereto. 

  
 4 

 ARTICLE 4. 
 ORIGINAL ISSUE OF NOTES 
 Section 4.1. Original Issue of Notes.
The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Notes as in such Company Order
provided. 
 ARTICLE 5. 
 MISCELLANEOUS 
 Section 5.1. Ratification of Indenture. The
Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided,
however, that the provisions of this Supplemental Indenture shall apply solely with respect to the Notes. 

Section 5.2. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 5.3. Governing Law. This Supplemental Indenture and each Note shall be governed by, and construed in accordance with,
the laws of the State of New York. 
 Section 5.4. Separability. In case any one or more of the provisions contained
in the Indenture, this Supplemental Indenture or the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of the Indenture,
this Supplemental Indenture or the Notes, but the Indenture, this Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 5.5. Counterparts. This Supplemental Indenture may be executed in any number of counterparts each of which shall be
an original; but such counterparts shall together constitute but one and the same instrument. 
 [Signature page follows]

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed, all as of the day and year first above written. 
  

					
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name:	 	George H. Zinn
		 	Title:	 	Corporate Vice President, Treasurer
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 THE BANK OF NEW YORK MELLON, LONDON BRANCH,
 as London Paying Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Signature Page to Fifth Supplemental Indenture] 

 EXHIBIT A 
 [FORM OF NOTE] 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, AS NOMINEE OF THE BANK OF NEW YORK MELLON, AS COMMON DEPOSITARY (THE “COMMON DEPOSITARY”) FOR CLEARSTREAM BANKING,
SOCIÉTÉ ANONYME AND EUROCLEAR BANK SA/NV. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, EXCEPT AS A WHOLE BY THE COMMON DEPOSITARY OR
ANOTHER DEPOSITARY OR BY THE COMMON DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY OR IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 2.625% Notes due 2033 
  

			
	ISIN: XS0922885362	  	Common Code: 092288536
		
	No. A-1	  	€550,000,000

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein
called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or registered assigns,
the principal sum of €550,000,000 (FIVE-HUNDRED FIFTY MILLION EURO) on May 2, 2033, and to pay interest thereon from May 2, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
annually on May 2 of each year, commencing on May 2, 2014, at the rate of 2.625% per annum, until the principal hereof is paid or made available for payment; provided that any principal, premium and Additional Amounts, if any,
and any such installment of interest, which is overdue shall bear interest at the rate of 2.625% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and
such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such 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 Regular Record Date for such interest, which shall be the May 1 (whether or not a Business Day) next preceding such Interest Payment Date. 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 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 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 

  
 A-1

 
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 Reference is hereby made to the further provisions of this Note 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 Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: May 2, 2013 
  

					
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name:	 	George H. Zinn
		 	Title:	 	Corporate Vice President, Treasurer

  
 A-3

 This Note is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: May 2, 2013 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-4

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an
Indenture, dated as of May 18, 2009, and a fifth supplemental indenture relating to such series dated as of May 2, 2013 (herein, collectively called the “Indenture,” which term shall have the meaning assigned to it in such
instrument), among the Company, The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and The Bank of New York Mellon, London
Branch, as London Paying Agent, and reference is hereby made to the Indenture 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 Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to €550,000,000; provided that the
Company may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The
Notes of this series are not redeemable at the option of the Holders. 
 At any time prior to February 2, 2033, the Notes
shall be redeemable in whole or in part, at any time or from time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed,
at a redemption price (the “Make-Whole Redemption Price”) equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of
principal and interest on the Notes to be redeemed (exclusive of interest accrued with the Redemption Date) discounted to the Redemption Date on an annual basis (Actual/Actual (ICMA)) at the applicable Bond Rate plus 12.5 basis points. 

At any time on or after February 2, 2033, the Notes shall be redeemable in whole or in part, at any time, at the Company’s
option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the
Make-Whole Redemption Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any Notes redeemed pursuant to the preceding two paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of the calculation of the Make-Whole Redemption Price, the following terms shall have the following specified meanings:

 “Bond Rate” means, with respect to any redemption date, the rate per annum equal to the annual equivalent
yield to maturity or interpolated maturity (on a day count basis) of the applicable Comparable Government Issue (computed as of the third business day immediately preceding the Redemption Date), assuming a price for such Comparable Government Issue
(expressed as a percentage of its principal amount); equal to the applicable Comparable Price for such Redemption Date. 

  
 A-5

 “Comparable Government Issue” means the euro-denominated security issued by
the German government selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes. 
 “Comparable Price” means, with respect to any redemption date (1) the arithmetic average of the Reference Dealer Quotations for such redemption date, after excluding the highest and
lowest such Reference Dealer Quotations or (2) if we obtain fewer than four such Reference Dealer Quotations, the arithmetic average of all such quotations for such redemption date. 

“Independent Investment Banker” means an investment bank of international standing appointed by the Company. 

“Reference Dealer” means a broker of, or a market maker in, the Comparable Government Issue selected by the Independent
Investment Banker. 
 “Reference Dealer Quotation” means, with respect to each Reference Dealer and any
redemption date, the arithmetic average, as determined by us, of the bid and asked prices for the applicable Comparable Government Issue (expressed in each case as a percentage of its principal amount) quoted in writing to us by such Reference
Dealer at 11:00 a.m. (London time) on the third business day preceding such redemption date. 
 The Company shall pay to the
Holder (including, for purposes of this section, each beneficial owner) of this Note who is a Non-U.S. Person (as defined below) additional amounts as may be necessary so that every net payment of principal of and premium, if any, and interest on
this Note to such Holder, after deduction or withholding for or on account of any present or future tax, assessment or other governmental charge imposed upon such Holder by the United States of America or any taxing authority thereof or therein,
will not be less than the amount provided in this Note to be then due and payable (such amounts, the “Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional
Amounts for or on account of: 
 (i) any tax, assessment or other governmental charge that would not have been imposed but for
(A) the existence of any present or former connection (other than a connection arising solely from the ownership of those Notes or the receipt of payments in respect of those Notes) between that Holder, or between a fiduciary, settlor,
beneficiary of, member or shareholder of, or possessor of a power over, that Holder, if that Holder is an estate, trust, partnership or corporation, and the United States, including that Holder, or that fiduciary, settlor, beneficiary, member,
shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or being or having been engaged in trade or business or present in the United States or having had a permanent establishment in the
United States or (B) the presentation of a debt security for payment on a date more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for; 

  
 A-6

 (ii) any estate, inheritance, gift, sales, transfer, excise, personal property, wealth,
interest equalization or similar tax, assessment or other governmental charge; 
 (iii) any tax, assessment or other governmental
charge imposed on foreign personal holding company income or by reason of that Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding
company with respect to the United States or as a corporation that accumulates earnings to avoid U.S. federal income tax; 
 (iv)
any tax, assessment or other governmental charge which is payable otherwise than by withholding from payment of principal of or premium, if any, on interest on this Note; 
 (v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on this Note if such payment can be made without withholding
by any other paying agent; 
 (vi) any tax, assessment or other governmental charge which would not have been imposed but for the
failure to comply with certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of America of the Holder of this Note (including, but not limited
to, the requirement to provide Internal Revenue Service Forms W-8BEN, Forms W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty), if
such compliance is required by statute or by regulation of the United States Treasury Department as a precondition to relief or exemption from such tax, assessment or other governmental charge; 

(vii) any tax, assessment or other governmental charge imposed on interest received by (A) a 10% shareholder (as defined in
Section 871(h)(3)(B) of the Internal Revenue Code, and the regulations that may be promulgated thereunder) of the Company or (B) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4)
of the Internal Revenue Code, or (C) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code; 
 (viii) any withholding or deduction that is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC relating to the taxation of savings, or any
law implementing or complying with, or introduced in order to conform to, such Directive; or 
 (ix) any combination of items
(i), (ii), (iii), (iv), (v), (vi), (vii) and (viii) above; 
 nor shall any Additional Amounts be paid to any Holder who is a
fiduciary or partnership to the extent that a beneficiary or settlor with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof, would not have been entitled to the payment of such Additional Amounts had such
beneficiary, settlor, member or beneficial owner been the Holder. 

  
 A-7

 For purposes of the foregoing paragraph, the following term shall have the following
specified meaning: 
 “Non-U.S. Person” means any corporation, partnership, individual or fiduciary that is,
for United States federal income tax purposes, a foreign corporation, a non-resident alien individual who has not made a valid election to be treated as a United States resident, a non-resident fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, as to the United States of America, a foreign corporation, a non-resident alien individual or a non-resident fiduciary of a foreign estate or trust. 

The Notes may be redeemed at the option of the Company in whole, but not in part, on a date to be fixed by the Company on at least 30
days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder, at a redemption price equal to 100% of the principal amount of the Notes plus accrued but unpaid interest, if any, and any Additional Amounts
thereon, if the Company determines that (A) as a result of any change in or amendment to the laws, treaties, regulations or rulings of the United States of America or any political subdivision or taxing authority thereof, which change or
amendment is announced and becomes effective after April 25, 2013, the Company has or will become obligated to pay Additional Amounts or (B) after April 25, 2013, any change in the official application, enforcement or interpretation
of those laws, treaties, regulations or rulings, including a holding by a court of competent jurisdiction in the United States or any other action, taken by any taxing authority or a court of competent jurisdiction in the United States, whether or
not such action was taken or made with respect to the Company, results in a material probability that the Company has or will become obligated to pay Additional Amounts on any Notes; provided that the Company determines, in its business
judgment, that the obligation to pay such Additional Amounts cannot be avoided by use of reasonable measures available to the Company, not including substitution of the obligor under the Notes. Prior to the mailing of any notice of redemption, the
Company shall deliver to the Trustee (1) an Officer’s Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the rights of the Company to
so redeem have occurred and (2) an Opinion of Counsel to such effect based on such statement of facts. 
 Any notice of
redemption regarding the Notes shall be, at the election of the Company, given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain
restrictive covenants and Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with
the effect provided in the Indenture. 

  
 A-8

 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 Notes 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 a majority
in aggregate principal amount of the Notes at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the
time Outstanding, on behalf of the Holders of all Notes 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 Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note 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 Note. 
 As provided in and subject to the provisions of the Indenture, the
Holders of the Notes of this series shall not have the right to institute any proceeding 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 Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding 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, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes
at the time Outstanding 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 Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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 any premium 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 registrable in the
Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note 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 Notes of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only in registered form without coupons in 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, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

  
 A-9

 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 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 all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations
in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed
by, and construed in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-10

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