Document:

First Supplemental Indenture

 Exhibit 4.2 
  

 
 FIRST SUPPLEMENTAL INDENTURE

 among 
 BBVA U.S. SENIOR, S.A. UNIPERSONAL, 
 as Issuer, 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A., 
 as Guarantor 
 and 

THE BANK OF NEW YORK MELLON, 
 as Trustee and Paying Agent 
 October 10, 2012 

$2,000,000,000 

FIXED RATE SENIOR NOTES DUE 2015 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	
	 ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION
	   
   

			
	 Section 1.01.
	  	Definitions	  	 	2	  
	 Section 1.02.
	  	Conflict with Trust Indenture Act	  	 	4	  
	 Section 1.03.
	  	Effect of Headings and Table of Contents	  	 	5	  
	 Section 1.04.
	  	Successors and Assigns	  	 	5	  
	 Section 1.05.
	  	Separability Clause	  	 	5	  
	 Section 1.06.
	  	Benefits of Supplemental Indenture	  	 	5	  
	 Section 1.07.
	  	Governing Law	  	 	5	  
	 Section 1.08.
	  	Execution in Counterparts	  	 	5	  
	 Section 1.09.
	  	Recitals by the Issuer and the Guarantor	  	 	5	  
	 Section 1.10.
	  	Ratification and Incorporation of Original Indenture	  	 	5	  
	
	 ARTICLE 2

SECURITIES
	   
   

			
	 Section 2.01.
	  	Creation of Securities	  	 	6	  
	 Section 2.02.
	  	Limitation on Aggregate Principal Amount of Securities	  	 	6	  
	 Section 2.03.
	  	Payment of Principal	  	 	6	  
	 Section 2.04.
	  	Interest and Interest Rate	  	 	6	  
	 Section 2.05.
	  	Denominations, Minimum Purchase Amount	  	 	7	  
	 Section 2.06.
	  	Security Certificates	  	 	7	  
	 Section 2.07.
	  	Additional Amounts	  	 	8	  
	 Section 2.08.
	  	Redemption	  	 	8	  
	 Section 2.09.
	  	Events of Default	  	 	9	  
	 Section 2.10.
	  	Certificated Securities	  	 	10	  
		
	 EXHIBIT A    Form of Security Certificate Representing
Securities 
	  	 	A-1	  

  
 i 

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of October 10, 2012, is among BBVA U.S.
Senior, S.A. Unipersonal, a sociedad anónima unipersonal incorporated under the laws of the Kingdom of Spain (the “Issuer”), Banco Bilbao Vizcaya Argentaria, S.A., a sociedad anónima incorporated under
the laws of the Kingdom of Spain (the “Guarantor”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”, which term includes any successor Trustee). 

WHEREAS, the Issuer has heretofore entered into an Indenture, dated as of June 28, 2010 (the “Original Indenture”),
with the Guarantor and the Trustee; 
 WHEREAS, the Original Indenture is incorporated by reference herein and shall, as
modified herein with respect to the Securities (as this term is defined in Section 2.01 below), apply to the Securities (as this term is defined in Section 2.01 below), and the Original Indenture, as supplemented by this Supplemental Indenture, is
herein called the “Indenture”; 
 WHEREAS, Section 3.01 of the Original Indenture provides that the Issuer
may establish a new series of Securities pursuant to a supplemental indenture; 
 WHEREAS, Section 9.01 of the Original
Indenture provides that the Issuer may establish the terms of a new series of Securities pursuant to a supplemental indenture, including, pursuant to Section 9.01(c) of the Original Indenture, by modifying certain provisions of the Original
Indenture with respect to such new series of Securities; 
 WHEREAS, the Issuer proposes to create a new series of Securities
under the Indenture; 
 WHEREAS, Juan Isusi Garteiz Gogeascoa, acting pursuant to resolutions duly adopted by the Board of
Directors of the Issuer on June 21, 2010, hereby resolves to issue the Securities (as this term is defined in Section 2.01 below) in an aggregate principal amount of $2,000,000,000 and with the terms and conditions referred to in this
Supplemental Indenture; 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Issuer and
the Guarantor, in accordance with its terms, have been done; and 
 WHEREAS, the Issuer, the Guarantor and The Bank of New York
Mellon, as initial paying agent with respect to the Securities (as this term is defined in Section 2.01 below), have entered into a paying agency agreement dated October 10, 2012 (the “Paying Agency Agreement”).

 NOW, THEREFORE, for and in consideration of the premises and the purchases of the Securities by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities, as follows: 

  
 1 

 ARTICLE 1 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01. Definitions. For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular; 
 (b) all other terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them therein; 
 (c) unless the context otherwise
requires, any reference to an “Article” or a “Section” means an Article or a Section, as the case may be, of this Supplemental Indenture; 
 (d) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any
particular Article, Section or other subdivision; and 
 (e) all terms used but not defined in this Supplemental Indenture,
which are defined in the Original Indenture, shall have the meanings assigned to them in the Original Indenture. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term (“Remaining Life”) of the Securities 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 comparable maturity to the remaining term of the Securities being redeemed. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(2) if the Independent Investment Banker obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations or, if only one such Quotation is obtained, such Quotation. 

“Depositary” means The Depository Trust Company and its successors. 

“Designated Guarantee” means that certain guarantee dated October 10, 2012, executed and delivered by the Guarantor
and endorsed on each Security Certificate representing Securities, pursuant to which, among other things, the Guarantor shall unconditionally and irrevocably guarantee to the Holders of the Securities the due and punctual payment of principal of,
premium, if any, and interest and all other amounts due under the Indenture and the Securities. 

  
 2 

 “Fixed Rate Business Day” means a day (other than a Saturday or a Sunday)
on which foreign exchange markets are open for business in New York City that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York City and on which the TARGET2
system is open. 
 “Guarantor” means the Person named as “Guarantor” in the first paragraph of this
Supplemental Indenture. 
 “Independent Investment Banker” means an independent investment banking institution
of national standing appointed by the Issuer and the Guarantor. 
 “Interest Payment Date” has the meaning
ascribed in Section 2.04(b). 
 “Issuer” means the Person named as “Issuer” in the first
paragraph of this Supplemental Indenture. 
 “Maturity Date” means October 9, 2015. 

“OECD Country” means any country that is a member of the Organization for Economic Cooperation and Development.

 “Paying Agent” means the agent appointed to serve as the paying agent for the Securities pursuant to the
Paying Agency Agreement and any successors. 
 “Prospectus Supplement” means the Final Prospectus Supplement
dated October 4, 2012 and filed with the SEC on October 9, 2012 relating to the offering of the Securities. 

“Redemption Date” has the meaning ascribed in Section 2.08. 

“Redemption Price” has the meaning ascribed in Section 2.08. 

“Reference Treasury Dealer” means (1) each of and Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC and their respective affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a
“Primary Treasury Dealer”), the Issuer and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Issuer and the Guarantor. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
the Reference Treasury Dealer at 5:00 p.m. on the third Fixed Rate Business Day preceding such Redemption Date. 

  
 3 

 “Regular Record Date” means the 15th calendar day before the applicable
Interest Payment Date. 
 “Relevant Date” means, in respect of any payment, the date on which such payment
first becomes due and payable, except that if the full amount of the moneys payable has not been received by the Paying Agent on or before such due date, it means the first date on which the full amount of such moneys having been so received and
made available for payment to Holders, notice to that effect is duly given to the Holders in accordance with the Indenture. 

“Securities” has the meaning ascribed in Section 2.01. 

“Supplemental Indenture” means this instrument as originally executed or as it may from time to time be supplemented or
amended in accordance with the terms of the Indenture. 
 “Treasury Rate” means, with respect to any Redemption
Date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H. 15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for
the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the Redemption Date to the maturity date of the Securities to be redeemed
is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year, or (3) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated by the Independent Investment Banker on the third Fixed Rate Business Day preceding the Redemption Date. 

“Trustee” means the Person named as “Trustee” in the first paragraph of this Supplemental Indenture.

 Section 1.02. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under such Act to be a part of and govern the Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Supplemental Indenture modifies or excludes any provision
of the Trust Indenture Act that may be so modified or excluded, the provision of the Trust Indenture Act shall be deemed to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be. 

  
 4 

 Section 1.03. Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 Section
1.04. Successors and Assigns. All covenants and agreements in this Supplemental Indenture by the Issuer or the Guarantor shall bind their respective successors and assigns, whether so expressed or not. 

Section 1.05. Separability Clause. In case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 1.06. Benefits of Supplemental Indenture. Nothing in the Indenture, the Securities or the Designated Guarantee, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under the Indenture. 
 Section 1.07. Governing Law. This Supplemental Indenture and the Securities, except as set forth therein, shall be governed by, and construed in accordance with, the laws of the State of New York
applicable to agreements made or instruments entered into and, in each case, performed in said state. 
 Section 1.08.
Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. 
 Section 1.09. Recitals by the Issuer and the Guarantor. The recitals in this Supplemental Indenture are
made by the Issuer and the Guarantor only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the
Securities, the Designated Guarantee and of this Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 Section 1.10. Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, including without limitation
Section 6.07, and the Original Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

  
 5 

 ARTICLE 2 
 SECURITIES 
 Section 2.01. Creation of Securities. There is
hereby created a new series of securities to be issued under the Indenture, to be designated as Fixed Rate Senior Notes due 2015 (the “Securities”). The Securities have been designated as series Senior Bonds October 2012-SEC 3 of
the Issuer in the public deed of issuance executed by one of the Directors of the Issuer on October 8, 2012 and registered with the Mercantile Registry of Vizcaya on October 8, 2012. 

Section 2.02. Limitation on Aggregate Principal Amount of Securities. The aggregate principal amount of the Securities shall
initially be limited to $2,000,000,000 (except for Securities authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections 3.05, 3.06, 3.07, 9.05 or 11.07 of
the Original Indenture or the terms of such Securities and except for any Securities that, pursuant to Section 3.03 of the Original Indenture, are deemed never to have been authenticated and delivered thereunder). The Issuer may from time to
time, without the consent of the Holders of Securities, create and issue further securities having the same terms and conditions as the previously issued Securities in all respects (or in all respects except for the issue date, the first payment of
interest thereon and/or the issue price), so that such further issue shall be consolidated and form a single series with the Outstanding Securities; provided, however, that any such further issuance will only be made if either such
additional securities are issued with no more than de minimis original issue discount for U.S. federal income tax purposes or any such further issuance is a “qualified reopening” as such term is defined under U.S. Treasury
Regulations Section 1.1275-2(k)(3) promulgated under the U.S. Internal Revenue Code of 1986, as amended. 
 Section 2.03.
Payment of Principal. The principal of the Outstanding Securities shall be due and payable on the Maturity Date. 

Section 2.04. Interest and Interest Rate. 
 (a) The Securities will bear interest from and including October 10, 2012 at an annual rate of 4.664%. 
 (b) The Issuer or the Guarantor, as the case may be, will pay interest in arrears on the Securities semi-annually on April 9 and October 9 of each year, beginning on April 9, 2013 up to,
and including, the Maturity Date (each an “Interest Payment Date”). 
 (c) Interest on the Securities will be
computed on the basis of a 360-day year of twelve 30-day months. Except as described below for the first Interest Payment Date, on each Interest Payment Date, the Issuer or the Guarantor, as the case may be, will pay interest on the Securities for
the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. 

  
 6 

 (d) On the first Interest Payment Date, the Issuer or the Guarantor, as the case may be,
will pay interest for the period beginning on and including October 10, 2012 to but excluding April 9, 2013. 
 (e) If
any Interest Payment Date falls on a day that is not a Fixed Rate Business Day, the related interest payment shall be postponed to the next day that is a Fixed Rate Business Day, and no interest on such payment shall accrue for the period from and
after such Interest Payment Date. 
 (f) If the Maturity Date of any Security is not a Fixed Rate Business Day, payment of
principal and interest on the applicable Security will be made on the next succeeding day that is a Fixed Rate Business Day, and no interest will accrue for the period from and after such Maturity Date. 

(g) Interest on each Security will be paid only to the Person in whose name such Security was registered at the close of business on the
Regular Record Date for the applicable Interest Payment Date. 
 Section 2.05. Denominations, Minimum Purchase Amount.
The Securities may be issued in minimum denominations of $1,000 with increments of $1,000 thereafter. The minimum purchase amount of the Securities is $200,000. 
 Section 2.06. Security Certificates 
 (a) The Securities shall initially be
represented by one or more Global Certificates substantially in the form of Exhibit A, which shall be deposited with a custodian for the Depositary and the Securities represented thereby will be registered in the name of a nominee of the Depositary,
for the accounts of participants in the Depositary. 
 (b) Securities represented by a Global Certificate may be transferred, in
whole and not in part, only: (i) by the Depositary to a nominee of the Depositary, (ii) by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or (iii) by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. 
 (c) Beneficial interests in any Securities represented by a
Global Certificate will be exchangeable for Securities represented by Definitive Certificates only if: (i) the Depositary notifies the Issuer that it is unwilling, unable or ineligible to continue to act as Depositary or that it is no longer a
clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 60 days after the date of such notice from the Depositary, (ii) the Issuer notifies the Trustee in writing that
it has reasonably elected to cause the issuance of Securities represented by Definitive Certificates or (iii) there shall have occurred and be continuing an Event of Default with respect to the Securities. 

  
 7 

 (d) Upon the occurrence of any of the events specified in Section 2.06(c)(i),
(ii) or (iii) above, Securities represented by Definitive Certificates shall be (i) delivered by the Trustee in exchange for beneficial interest in Securities represented by Global Certificates and (ii) registered in such names,
and issued in such authorized denominations, as shall be requested by or on behalf of the Depositary in accordance with its customary procedures. 
 Section 2.07. Additional Amounts 
 (a) Section 10.04(c) of the
Original Indenture shall be deleted with respect to the Securities and shall not apply to the Securities and shall, with respect to the Securities, be replaced by the following provision: 

“(c) in respect of any tax, assessment or other governmental charge that would not have been imposed but for the
failure by the Holder or beneficial owner of the Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of that Security, if compliance
is required by statute or by regulation of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to relief or exemption from the tax, assessment or other governmental charge;” 

(b) All other provisions of Section 10.04 of the Original Indenture (excluding Section 10.04(c) of the Original Indenture as
described in subsection (a) of this Section 2.07 above) shall continue to apply to the Securities. 
 Section 2.08.
Redemption. (a) The provisions of Article 11 of the Original Indenture will apply to the Securities. The “Redemption Price” means: (A) with respect to any Securities to be redeemed other than pursuant to
Section 11.08 of the Original Indenture, an amount equal to the greater of: (x) 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date (as defined
below) of such Securities and (y) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the
Redemption Date) discounted to the Redemption Date of the Securities being redeemed on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points for the Securities being redeemed, plus
accrued and unpaid interest on the principal amount of such Securities (or any portion thereof) being redeemed to, but excluding, the Redemption Date of the Securities (or any portion thereof) being redeemed; and (B) with respect to any
Securities to be redeemed pursuant to Section 11.08 of the Original Indenture or Section 2.08(b) of this Supplemental Indenture, an amount equal to their principal amount, together with accrued and unpaid interest, if any, thereon to the
Redemption Date. The “Redemption Date” of any Securities to be redeemed will be any Fixed Rate Business Day fixed by the Issuer for redemption of such Securities and specified in the applicable notice of redemption provided by the
Issuer to the Trustee pursuant to Section 11.02 of the Original Indenture. 

  
 8 

 (b) If the Securities are not listed on an organized market in an OECD Country no later than
45 days before the first Interest Payment Date, the Issuer or the Guarantor, as the case may be, may, at its election and having given no less than 15 days’ notice to the Holders, redeem all of the Outstanding Securities at their principal
amount, together with accrued interest, if any, thereon to but not including the redemption date (a “Redemption for Failure to List”); provided that from and including the issue date of such Securities to and including such Interest
Payment Date, the Issuer will use its reasonable efforts to obtain or maintain such listing, as applicable. In the event of a Redemption for Failure to List, the Issuer or the Guarantor, as the case may be, will be required to withhold tax and will
pay interest in respect of the principal amount of the Securities redeemed net of the Spanish withholding tax applicable to such payments. If this were to occur, Beneficial Owners would have to follow the direct refund from Spanish tax authorities
procedures set forth in Annex A to the Prospectus Supplement to apply directly to the Spanish authorities for any refund to which they may be entitled. 
 Section 2.09. Events of Default. (a) Except as otherwise provided in this Section 2.09, the provisions of Section 5.01 of the Original Indenture shall continue to apply to the
Securities; provided, however, that 
 (i) Section 5.01(e) of the Original Indenture shall be
deleted with respect to the Securities and shall not apply with respect to the Securities and shall, with respect to the Securities, be replaced by the following provision: 
 “(e) any capital markets indebtedness (as defined in the senior indenture) of either the Issuer or the Guarantor individually, or any guarantee by either the Issuer or the Guarantor of any capital
market indebtedness of any other person, in each case where the principal amount of such capital markets indebtedness is in any case in excess of $50,000,000 (or its equivalent in another currency or other currencies), is not (in the case of capital
markets indebtedness) paid when due (after the longer of 30 days after the due date and any applicable grace period therefor) or becomes prematurely due and payable following a default on the part of the Issuer or the Guarantor or otherwise in
respect of such capital markets indebtedness, or (in the case of a guarantee) honored when due (after the longer of 30 days after the due date and any applicable grace period therefor);” 

and, 
 (ii) Section 5.01(h) of the Original Indenture shall be deleted with respect to the Securities and shall not apply with respect to the Securities and shall, with respect to the Securities, be
replaced by the following provision: 
 “(h) the Issuer or the Guarantor is adjudicated or found bankrupt or insolvent by
any competent court, or any order of any competent court or administrative agency is made for, or any resolution is passed by the Issuer or the Guarantor 

  
 9 

 
to apply for, judicial composition proceedings with its creditors for the appointment of a receiver or trustee or other similar official in insolvency proceedings in relation to the Issuer or the
Guarantor or of a substantial part of the assets of either of them (unless in the case of an order for a temporary appointment, such appointment is discharged within 30 days); or 

Section 2.10. Certificated Securities. Any Certificated Securities issued in exchange for Beneficial Interests in the Securities
represented by Global Certificates pursuant to Section 2.03 of the Original Indenture shall be issued in the State of New York. 

  
 10 

 IN WITNESS WHEREOF, each of the parties hereto has caused this First Supplemental Indenture
to be duly executed on its behalf as of the date first above written. 
  

			
	 BBVA U.S. SENIOR, S.A. UNIPERSONAL,
 as Issuer

		
	 By:
	 	/s/ Juan Isusi Garteiz Gogeascoa
		 	 Name: Juan Isusi Garteiz Gogeascoa

		 	 Title:   Director

  

			
	 BANCO BILBAO VIZCAYA ARGENTARIA, S.A.,
 as Guarantor

		
	 By:
	 	/s/ Erik Schotkamp
		 	 Name: Erik Schotkamp

		 	 Title:   Authorized Officer

  

			
	 THE BANK OF NEW YORK MELLON,
 as Trustee and Paying Agent

		
	 By:
	 	/s/ Beth Kleeh
		 	 Name: Beth Kleeh

		 	 Title:   Vice President

 EXHIBIT A 
 FORM OF SECURITY CERTIFICATE REPRESENTING SECURITIES 
 No. ___ 

CUSIP No. 055299 AL5 
 ISIN No. US055299AL58 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 This Security may not be offered or sold in the Kingdom of Spain by means of a public offer (as defined and construed by Spanish law) and may only be offered or sold in the Kingdom of Spain in compliance
with the requirements of Law 24/1988 of July 28, 1988 (as amended from time to time) on the Spanish Securities Market and Royal Decree 1310/2005 of November 4, 2005 on listing in secondary markets, public offers and the prospectus required
for those purposes. 
 BBVA U.S. SENIOR, S.A. UNIPERSONAL 
 GLOBAL SECURITY 
 representing up to $_______________ 

Fixed Rate Senior Notes due 2015 
 BBVA U.S. SENIOR, S.A. UNIPERSONAL, a sociedad anónima organized under the laws of the Kingdom of Spain and having its registered office in the Kingdom of Spain (together with its successors
and permitted assigns under the Indenture referred to on the reverse hereof, the “Company”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $_______________ on
October 9, 2015 or on such earlier date as the principal hereof may become due in accordance with the provisions hereof. 
 The Company further unconditionally promises, subject to paragraph 2(b) of the Terms and Conditions of the Securities referred to below, to pay interest in arrears on April 9 and October 9 of
each year (each an “Interest Payment Date”), commencing April 9, 2013, and at maturity or redemption, on said principal sum at the rate of 4.664% per annum. Interest shall accrue from and including the most recent date to
which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from and including October 10, 2012 until payment of said principal sum has been made or duly provided for. The interest payable on any
such April 9 and October 9 will, subject to certain conditions set forth in the Indenture referred to on the reverse hereof, be paid to Cede & Co., or registered assigns at the end of the close of business on the Regular Record
Date for such interest which shall be the 15th calendar
day next preceding the date on which interest is to be paid, whether or not such day is a Business Day. A “Business Day” is a day (other than a Saturday or a Sunday) on which foreign exchange markets are open for business in New
York City that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York City and on which the TARGET2 system is open. 

This being the Global Security of a series (as defined in the Indenture referred to on the reverse hereof) deposited with DTC acting as
depositary, and registered in the name of Cede & Co., a nominee of DTC, Cede & Co., as holder of record of this Global Security, shall be entitled to receive payments of principal and interest, other than principal and interest due
at the maturity date, by wire transfer of immediately available funds. 

 Payment of interest (including Additional Amounts) on Global Securities will be made by wire
transfer in immediately available funds to a U.S. dollar account maintained by the DTC with a bank in New York City. 
 Such
payment shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 
 The Company hereby irrevocably undertakes to the holder hereof to exchange this Global Security in accordance with the terms of the Indenture without charge upon request of such holder for Securities of
the same series upon delivery hereof to the Trustee together with any certificates, letters or writings required in Section 3.03 of the Indenture. 
 This Security is fully and unconditionally guaranteed by the Guarantor (as defined on the reverse hereof) as set forth in the Guarantee dated October 10, 2012, executed by the Guarantor to the
Trustee (as defined on the reverse hereof) for the benefit of the holders of the Securities. A counterpart of the Guarantee is endorsed on the reverse side hereof. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Security at the place, times, and rate, and in the currency, herein prescribed. 
 Reference is made to the
further provisions set forth under the Terms and Conditions of the Global Security endorsed on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Security shall not be valid or obligatory for any purpose until the certificate of authentication of this Security shall have been
manually executed by or on behalf of the Trustee under the Indenture. 

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

Dated: October 10, 2012 
  

			
	BBVA U.S. SENIOR, S.A. UNIPERSONAL
		
	By:	 	 
		 	Name: Juan Isusi Garteiz Gogeascoa
		 	Title: Director

 CERTIFICATE OF AUTHENTICATION 

This is the Global Security of a series designated herein referred to in the within-mentioned Indenture. 

Dated: October 10, 2012 
  

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

 TERMS AND CONDITIONS OF THE SECURITIES 

1. General. (a) This Security is one of a duly authorized issue of a series of debt securities of the Company, designated as
its Fixed Rate Senior Notes due 2015 (the “Securities”), limited to the aggregate principal amount of $2,000,000,000 (except as otherwise provided below) and issued or to be issued pursuant to an Indenture (as supplemented from time
to time, the “Base Indenture”) dated as of June 28, 2010 among the Company, Banco Bilbao Vizcaya Argentaria, S.A. (together with its successors and permitted assigns under the Indenture, the “Guarantor”) and
The Bank of New York Mellon, as trustee (together with any successor Trustee under the Indenture, the “Trustee”), as supplemented by a supplemental indenture dated October 10, 2012 among the Company, the Guarantor and the
Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The Bank of New York Mellon has also entered into a Paying Agency Agreement among the Company, the Guarantor and The
Bank of New York Mellon dated October 10, 2012. The terms and conditions of the Indenture shall have effect as if incorporated herein. Capitalized terms that are not defined herein shall have the meaning assigned to them in the Indenture. The
holders of the Securities (each a “Holder”) will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture and reference is 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 Securities are, and are to be, authenticated and delivered. A copy of the
Indenture is on file and may be inspected at the Corporate Trust Office of the Trustee in New York City. 
 (b)
The Securities are direct, unconditional and unsecured obligations of the Company. The Securities are fully and unconditionally guaranteed by the Guarantor pursuant to the terms of the guarantee (the “Guarantee”) dated
October 10, 2012 (a counterpart of which is endorsed hereon) as to the payment of principal (and premium, if any), interest, payments to sinking funds (if applicable), Additional Amounts and any other amounts of whatever nature which may become
payable under any of the foregoing or under the Indenture. 
 (c) The Securities will initially be sold in the
form of one or more global certificates representing the notes in fully registered form without interest coupons (each a “Global Security” and, together with any securities issued in definitive form pursuant to the Indenture (each a
“Security”), the “Securities”) deposited with The Bank of New York Mellon as custodian for The Depository Trust Company (“DTC”). The Securities will not be issued in bearer form. The Securities, and
transfers thereof, shall be registered as provided in Section 3.06 of the Indenture. Any person in whose name a Security shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, and for all purposes,
by the Company, Guarantor and the Trustee as the absolute owner of such Security, regardless of any notice of ownership, theft or loss or of any writing thereon. 
 2. Payments and Paying Agencies. (a) All payments on the Securities shall be made exclusively in such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts. 
 (b) (i) Principal of this Security and interest due
at maturity will be payable against surrender of such Security at the Corporate Trust Office of the Trustee in New York City in immediately available funds by a U.S. dollar check drawn on, or by transfer to a U.S. dollar account maintained by the
registered Holder with, a bank located in the United States. 
 (ii) Payment of interest
(including Additional Amounts) on this Security will be made to the persons in whose name such Security is registered at the end of the close of business on the Regular Record Date, which shall be the end of the 15th calendar day next preceding the date on which interest is to be paid
whether or not such day is a Business Day, notwithstanding the cancellation of such Security upon any transfer or exchange thereof subsequent to the Record Date and before such interest payment date. 

 Any interest on and any Additional Amounts with respect to the Securities which shall be
payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Securities (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (A) or (B) below: 

(A) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Security shall be
registered at the close of business on a “Special Record Date” for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit on or before the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in
this Clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten days before the date of the proposed payment and not less than ten
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to the Holders (or holders of a predecessor security of their Securities) at their addresses as they appear in the Security Register not less
than ten days before such Special Record Date. The Trustee shall, at the instruction of the Company, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper of general
circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Security (or Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (B). 
 (B) The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee. 
 (c) Interest shall be computed on the basis of a 360-day year of 12 30-day months. 

3. Additional Amounts; Redemption for Taxation or Listing Reasons; Optional Redemption. 

(a) Any amounts to be paid by the Company with respect to each Security shall be paid without deduction or withholding
for or on account of any and all present or future taxes or duties of whatever nature (“Taxes”) imposed or levied by or on behalf of the Kingdom of 

 Spain (the “Taxing Jurisdiction”) or any political subdivision or authority
thereof or therein having the power to tax unless such withholding or deduction is required by law. In that event, the Company will pay to the Holder such Additional Amounts in respect of principal, premium, if any, interest, if any, and sinking
fund payments, if any, as may be necessary in order that the net amount paid to the Holder of such Security or to the Trustee or any Paying Agent, as the case may be, under the Indenture, after such deduction or withholding, shall equal the
respective amounts of principal, premium, if any, interest, if any, and sinking fund payments, if any, as specified in the Security to which such Holder or the Trustee would be entitled if no such deduction or withholding had been made; provided,
however, that the foregoing obligation to pay Additional Amounts will not apply: 
 (i) to, or to a third
party on behalf of, a Holder who is liable for such Taxes by reason of such Holder (or the beneficial owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere
holding of the Security (or such beneficial interest) or the mere crediting of the Security to its securities account with the relevant depository; 
 (ii) in the case of a Security presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined below) except to the extent that the Holder would have been
entitled to Additional Amounts on presenting the same for payment on such thirtieth day assuming that day to have been a business day in such place of presentment; 

(iii) in respect of any tax, assessment or other governmental charge that would not have been imposed but for the failure
by the Holder or beneficial owner of that Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of that Security, if compliance is
required by statute or by regulation of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to relief or exemption from the tax, assessment or other governmental charge; 

(iv) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to
European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings or any law implementing or complying with, or introduced in order to
conform to, such Directive or law; or 
 (v) in respect of any Security presented for payment (where
presentation is required) by or on behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent. 
 Additional Amounts will also not be paid with respect to any payment on any Security to any Holder who is a fiduciary, partnership, limited liability company or other than the sole beneficial owner of
such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax purposes, of a beneficiary or settlor with respect to such fiduciary,
member of such partnership, interest holder in that limited liability company or beneficial owner who would not have been entitled to such Additional Amounts had it been a Holder of such Security. 

For the purposes of (ii) above, the “Relevant Date” means, in respect of any payment, the date on which any payment
first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or before such due date, it means the first date on which the full amount of such moneys having been so received and being
available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with the Indenture. 

 (b) All (but not less than all) of the Securities may be redeemed at their
principal amount, together with accrued interest, if any, thereon to the redemption date in accordance with the terms of Article 11 of the Indenture at the option of the Company if, as the result of any change in or any amendment to the laws or
regulations of the Kingdom of Spain (including any treaty to which Spain is a party) or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or
regulations, which change, amendment, application or interpretation becomes effective on or after the issue date of the Securities, either (i) it is determined by the Company or the Guarantor that in making payment under the Securities or the
Guarantee, the Company or the Guarantor, as the case may be, would become obligated to pay Additional Amounts with respect thereto as a result of any Taxes imposed (whether by way of withholding or deduction or otherwise) by or for the account of
the Kingdom of Spain and which obligation cannot be avoided by the Company or the Guarantor taking measures available to it without unreasonable cost or expense, or (ii) the Guarantor is or would be required to deduct or withhold tax on any
payment to the Company to enable the Company to make any payment of principal, premium or interest in respect of the Securities and the Guarantor cannot avoid this obligation without unreasonable cost or expense (excluding the assumption of the
Company’s obligations under the Securities by the Guarantor or a Subsidiary of the Guarantor); provided that no such notice to the Trustee of the redemption shall be given earlier than 60 days before the earliest date on which the Company or
the Guarantor, as the case may be, would be obligated to deduct or withhold tax or pay such Additional Amounts were a payment in respect of the Securities or the Guarantee then due. 

Before any notice of redemption of the Securities pursuant to this paragraph, the Company or the Guarantor shall provide the Trustee with
an Officer’s Certificate of the Guarantor stating that the Company or the Guarantor is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of
the Company or the Guarantor to redeem such Securities pursuant to this paragraph have been satisfied and an Opinion of Counsel to the effect that the Company or the Guarantor, as the case may be, has or will become obliged to make such withholding
or deduction or to pay such additional amounts as a result of such change or amendment. 
 (c) If the Securities
are not listed on an organized market in an OECD country no later than 45 days before the initial Interest Payment Date on such Securities, the Company or the Guarantor, as the case may be, may, at its election and having given no less than 15
days’ notice to the Holders, redeem all of the outstanding Securities at their principal amount, together with accrued interest, if any, thereon to but not including the redemption date; provided that from and including the issue date of such
Securities to and including such Interest Payment Date, the Company will use its reasonable efforts to obtain or maintain such listing, as applicable. In the event of an early redemption of the Securities for the reasons set forth in the preceding
sentence, the Company or the Guarantor, as the case may be, will be required to withhold tax and will pay interest in respect of the principal amount of the Securities redeemed net of the Spanish withholding tax applicable to such payments. If this
were to occur, beneficial owners would have to follow the direct refund from Spanish tax authorities procedures set forth in Annex A to the prospectus supplement dated October 4, 2012 relating to the Securities (the “Prospectus
Supplement”) to apply directly to the Spanish authorities for any refund to which they may be entitled. 

 (d) The Securities will be subject to redemption at any time, as a whole or
in part, at the election of the Company at a redemption price which is equal to the greater of: (i) 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date
of such Securities; and (ii) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the redemption
date) discounted to the redemption date of the Securities being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points for the Securities being redeemed, plus accrued
and unpaid interest on the principal amount of such Securities (or any portion thereof) being redeemed to, but excluding, the redemption date of the Securities (or any portion thereof) being redeemed. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term (“Remaining Life”) of the Securities 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 comparable maturity to the remaining term of the Securities being redeemed. 
 “Comparable
Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(2) if the Independent Investment Banker obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. 

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by
the Company and the Guarantor. 
 “Reference Treasury Dealer” means (1) each of Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC and their respective affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Company and the
Guarantor. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, (1) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H. 15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities”, for the maturity corresponding to the Comparable Treasury Issue (if no
maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the redemption date to the maturity date of such Securities to be redeemed is less than one year, the weekly average yield on actually traded
United States 

 
Treasury securities adjusted to a constant maturity of one year, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the Independent Investment Banker on the third Business Day preceding the redemption date. 

4. Certain Covenants of the Company and the Guarantor. The Indenture contains certain covenants of the Company and the Guarantor,
including covenants as to the payment of principal of and interest (including Additional Amounts) on the Securities, the maintenance of offices for payments and the appointment to fill a vacancy in the office of Trustee. 

5. Events of Default. Each of the following events shall constitute an “Event of Default” under this Security
(whatever the reason for any such Event of Default and whether it shall be voluntary or be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (a) default by the Company, or the Guarantor pursuant to the Guarantee in the payment of the principal
of any Security when due and payable at its Maturity and such default is not remedied within 14 days; or 
 (b)
default by the Company, or the Guarantor pursuant to the Guarantee in the payment of any interest on or any Additional Amounts payable in respect of any Security when such interest becomes or such Additional Amounts become due and payable, and
continuance of such default for a period of 21 days; or 
 (c) default by the Company, or the Guarantor pursuant
to the Guarantee in the payment of any premium or deposit of any sinking fund payment, when and as due by the terms of a Security and such default is not remedied in 30 days; or 

(d) default in the performance, or breach, of any covenant or warranty of (i) the Company under the Indenture or the
Securities or (ii) the Guarantor in the Indenture or the Guarantee (other than a covenant or warranty default in the performance or breach of which is elsewhere in this paragraph 5 specifically dealt with or which has been expressly included in
the Indenture solely for the benefit of a series of notes other than the Securities), and continuance of such breach or default for a period of 30 days after there has been given, by registered or certified mail, to the Company and the Guarantor by
the Trustee or to the Company, the Guarantor and the Trustee by any Holder or the Holders of any Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” under the Indenture; or 
 (e) any Capital Markets Indebtedness (as defined below) of either
the Company or the Guarantor individually, or any guarantee by either the Company or the Guarantor of any Capital Markets Indebtedness of any other person, in each case where the principal amount of such Capital Markets Indebtedness is in any case
in excess of U.S.$50,000,000 (or its equivalent in another currency or other currencies), is not (in the case of Capital Markets Indebtedness) paid when due (after the longer of 30 days after the due date and any applicable grace period therefor) or
becomes prematurely due and payable following a default on the part of the Company or the Guarantor or otherwise in respect of such Capital Markets Indebtedness, or (in the case of a guarantee) is not honored when due (after the longer of 30 days
after the due date and any applicable grace period therefor); or 

 (f) an order of any competent court or administrative agency is made or any
resolution is passed by the Company for the winding-up or dissolution of the Company (other than for the purpose of an amalgamation, merger or reconstruction approved by Act (as defined in paragraph 7 herein) of the Holders); or 

(g) an order is made by any competent court commencing insolvency proceedings (procedimientos concursales) against
the Guarantor or an order is made or a resolution is passed for the dissolution or winding up of the Guarantor (except (i) in any such case for the purpose of a reconstruction or a merger or amalgamation which has been approved by Act (as
defined in paragraph 7 herein) of the Holders or (ii) where the entity resulting from any such reconstruction or merger or amalgamation is a Financial Institution (entidad de crédito according to article 1-2 of Real Decreto
Legislativo 1298/1986 dated 28 June 1986, as amended and restated) and will have a rating for long-term senior debt assigned by Standard & Poor’s Rating Services, Moody’s Investors Services or Fitch Ratings Ltd equivalent
to or higher than the rating for long-term senior debt of the Guarantor immediately before such reconstruction or merger or amalgamation); or 
 (h) the Company or the Guarantor is adjudicated or found bankrupt or insolvent by any competent court, or any order of any competent court or administrative agency is made for, or any resolution is passed
by the Company or the Guarantor to apply for, judicial composition proceedings with its creditors for the appointment of a receiver or trustee or other similar official in insolvency proceedings in relation to the Company or the Guarantor or of a
substantial part of the assets of either of them (unless in the case of an order for a temporary appointment, such appointment is discharged within 30 days); or 

(i) the Company or the Guarantor stops payment of its debts generally; or 

(j) the Company (except for the purpose of an amalgamation, merger or reconstruction approved by Act (as defined in
paragraph 7 herein) of the Holders) or the Guarantor (except (i) for the purpose of an amalgamation, merger or reconstruction approved as specified in the Indenture or (ii) where the entity resulting from any such amalgamation, merger or
reconstruction will have a rating for long-term senior debt assigned by Standard & Poor’s Rating Services, Moody’s Investor Services or Fitch Ratings Ltd. equivalent to or higher than the rating for long-term senior debt of the
Guarantor immediately before such amalgamation, merger or reconstruction) ceases or threatens to cease to carry on the whole or substantially the whole of its business; or 

(k) a holder of a security interest takes possession of the whole or any substantial part of the assets or business of
the Company or the Guarantor or an application is made for the appointment of an administrative or other receiver, manager, administrator or similar official in relation to the Company or the Guarantor or in relation to the whole or any substantial
part of the business or assets of the Company or the Guarantor, or a distress or execution is levied or enforced upon or sued out against any substantial part of the business or assets of the Company or the Guarantor and is not discharged within 30
days; or 
 (l) the Guarantee with respect to the Securities ceases to be, or is claimed by the Guarantor not to
be, in full force and effect. 
 For the purpose of Paragraphs (h), (j) and (k) a report by the external auditors from
time to time of the Company or the Guarantor, as the case may be, as to whether any part of the business or assets of the Company or the Guarantor is “substantial” shall, in the absence of manifest error, be conclusive. 

 “Capital Markets Indebtedness” means any borrowing or other Indebtedness of
any person (other than Project Finance Indebtedness) which is in the form of or represented by any bonds, notes, depositary receipts or other securities for the time being quoted or listed, with the agreement of the Company and/or the Guarantor, on
any stock exchange. 
 “Indebtedness”, with respect to any Person, means Indebtedness for Borrowed Money or for
the unpaid purchase price of real or personal property of, or guaranteed by, such Person. 
 “Indebtedness for Borrowed
Money” means any moneys borrowed, liabilities in respect of any acceptance credit, note or bill discounting facility, liabilities under any bonds, notes, debentures, loan stock, securities or other indebtedness by way of loan capital and
which have a stated maturity of or which by their terms are capable of being extended for a period of more than one year. 

“Project Finance Indebtedness” means any present or future Indebtedness incurred to finance the ownership, acquisition,
development and/or operation of an asset, whether or not an asset of the Company or the Guarantor, in respect of which the person or persons to whom any such Indebtedness is or may be owed by the relevant borrower (whether or not the Company or the
Guarantor) is entitled to have recourse solely to such asset and revenues generated by the operation of, or loss or damage to, such asset. 
 6. Modifications and Amendments. (a) With the consent, as evidenced in an Act (as defined in paragraph 7 herein) of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding, modifications and amendments to the Indenture and hereto may be made by execution of a supplemental indenture, as provided in the Indenture, and future compliance therewith and herewith or, before declaration of
maturity of the Securities, past default by the Company or the Guarantor may be waived, with the consent, as evidenced in an Act (as defined in paragraph 7 herein) of Holders representing at least a majority in aggregate principal amount of the
Securities at the time Outstanding; provided, however, that no such modification, amendment or waiver shall, without the consent of the Holder of each such Security affected thereby, 

(i) change the Stated Maturity of the principal of, or any premium or installment of interest on or any Additional
Amounts with respect to, any Security, or reduce the principal amount thereof, or the rate of interest thereon (except that Holders of not less than 75% in principal amount of Outstanding Securities of a series may consent by Act (as defined in
paragraph 7 herein), on behalf of the Holders of all of the Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a period not exceeding three years from the original Stated Maturity of
such installment (which original Stated Maturity shall have been fixed, for the avoidance of doubt, before to any previous postponements of such installment)) or any Additional Amounts with respect thereto, or any premium payable upon the redemption
thereof or otherwise, or change the obligation of the Company or the Guarantor to pay Additional Amounts pursuant to Section 10.04 of the Indenture (except as contemplated by Section 3.08 of the Indenture and permitted by Sections 8.03 and
9.01(a) of the Indenture), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02 of the Indenture or the
amount thereof provable in bankruptcy pursuant to Section 5.04 of the Indenture, or change the redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13 of the Indenture, or
change the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or with
respect to any Security on or after the Stated Maturity thereof (or, in the case of redemption, on or after the redemption date or, in the case of repayment at the option of the Holder, on or after the date for repayment), or 

 (ii) reduce the percentage in principal amount of the Outstanding Securities
of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their
consequences) provided for in the indenture, or reduce the requirements for a quorum or voting, or 
 (iii)
modify any of the provisions of Section 9.02 of the Indenture or any waiver of past default by the Holders, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby, or 
 (iv) change in any manner adverse
to the interests of the Holders, of Outstanding Securities of any series the terms and conditions of the obligations of the Company or the Guarantor in respect of the due and punctual payment of the principal thereof (and premium, if any) and
interest, if any, thereon or any sinking fund payments, if any, provided for in respect thereof (including in each case Additional Amounts payable under the Guarantee). 
 7. Syndicate of Holders, Meetings. (a) The Holders of Securities shall meet in accordance with the regulations governing the Syndicate of Holders of Securities (the
“Regulations”). The Regulations contain the rules governing the functioning of the Syndicate (as defined below) and the rules governing its relationship to the Company and are attached to the Spanish deed of issuance (escritura
de emisión) with respect to the Securities. By purchasing a Security, the Holder of that Security is deemed to agree to membership in the Syndicate in respect of the Securities and, if such Holder purchased the Security before the record
date for the first meeting of the Syndicate, to have granted full power and authority to the Trustee with respect to the Securities to act as its proxy to vote at the first meeting of the Syndicate of Holders of the Securities in favor of ratifying
the Regulations in respect of the Syndicate, the designation and appointment of the Trustee as Commissioner (as defined below) of the Syndicate and the actions of the Commissioner performed before such first meeting of the Syndicate. The
Commissioner is the chairperson and the legal representative of the Syndicate. 
 (b) Except as otherwise provided under the
Indenture, the Regulations or the Trust Indenture Act, any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to the Indenture to be given or taken by Holders of Securities shall be given or
taken only by resolution duly adopted in accordance with the Indenture and the Regulations governing the Syndicate of Holders of Securities at a meeting of such Syndicate duly called and held in accordance with the Regulations, which resolution as
so adopted is referred to as the “Act” of the Holders. 
 Nothing in the Regulations or duties of the
Commissioner will limit or restrict the ability of the Trustee to perform its duties as Trustee under the Indenture, and in the event of conflict, the Indenture and the obligations of the Trustee will control and prevail. 

“Syndicate” means the syndicate (sindicato) constituted of all Holders at any particular time, as provided in and
governed by the Regulations applicable to the Securities and Title XI, Chapter IV of the Spanish Companies Act (Ley de Sociedades de Capital). 
 “Commissioner” means the commissioner (comisario) of the Syndicate related to the Securities, as provided in the Regulations applicable to the Securities and Section 427 of
the Spanish Companies Act (Ley de Sociedades de Capital), and shall be The Bank of New York Mellon with respect to the Securities until a successor Trustee shall have become such with respect to the Securities pursuant to the Indenture
applicable to the Securities, and thereafter shall be each Person who is then Trustee with respect to the Securities. 

 8. Replacement; Exchange and Transfer of Securities. (a) In case any Security
shall become mutilated, defaced or be apparently destroyed, lost or stolen, upon the request of the registered Holder thereof and subject to Section 3.07 of the Indenture, the Company shall execute, the Guarantor shall endorse a Guarantee on
and the Trustee shall authenticate and deliver a new Security containing identical terms and of like principal and bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of
and in substitution for the apparently destroyed, lost or stolen Security. In every case, the applicant for a substitute Security shall furnish to the Company, the Guarantor and the Trustee such security or indemnity as may be required by each of
them to indemnify and defend and to save each of them and any agent of the Company, the Guarantor or the Trustee harmless and, in every case of destruction, loss or theft evidence to their satisfaction of the apparent destruction, loss or theft of
such Security and of the ownership thereof. Upon the issuance of any substitute Security, the Holder of such Security, if so requested by the Company, will pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Security. 

(b) The Securities are issuable only in registered form and without coupons. Upon the terms and subject to the conditions
set forth in the Indenture, and subject to paragraph 8(e) hereof, a Security or Securities may be exchanged for an equal aggregate principal amount of Securities in different authorized denominations by surrender of such Security or Securities at
the Corporate Trust Office of the Trustee in New York City or at the office of a transfer agent, together with a written request for the exchange. 
 (c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Security may be transferred in whole or in a smaller authorized denomination by the
Holder or Holders surrendering the Security for transfer at the Corporate Trust Office of the Trustee in New York City or at the office of a transfer agent accompanied by an executed instrument of assignment and transfer. The registration of
transfer of the Securities will be made by the Trustee in New York City. 
 (d) The costs and expenses of
effecting any exchange, transfer or registration of transfer pursuant to the foregoing provisions, except, if the Company shall so require, the payment of a sum sufficient to cover any tax or other governmental charge or other expenses that may be
imposed in relation thereto, will be borne by the Company. 
 (e) The Company may decline (i) to issue,
register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor and the same series under Section 11.03 of the Indenture
and ending at the close of business on the day of such selection, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the
portion thereof not to be redeemed, (iii) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid. 
 9. Trustee. For a description of the duties and the immunities and rights of the Trustee
under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights. 
 10. Paying Agent; Transfer Agent; Registrar. The Company hereby initially appoints the Paying Agent, transfer agent and Security Registrar listed at the foot of this Security. The Company may at
any time appoint additional or other paying agents, transfer agents and registrars 

 
and terminate the appointment thereof; provided that while the Securities are Outstanding the Company will maintain offices or agencies for the payment of principal of and interest
(including Additional Amounts) on this Security as herein provided in New York City. Notice of any such termination or appointment and of any change in the office through which any Paying Agent, transfer agent or Security Registrar will act will be
promptly given in the manner described in paragraph 12 hereof. 
 11. Enforcement. Except as provided in
Section 5.07 of the Indenture, no Holder of any Security shall have any right by virtue of or by availing itself of any provision of the Indenture or of these terms to institute any suit, action or proceeding in equity or at law upon or under
or with respect to the Indenture or of the Securities or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of
Default with respect to the Securities, (b) the Holders of not less than 25% in principal amount of the Securities then Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in
its own name as Trustee hereunder and such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, (c) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding, and (d) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by Holders of a majority in
principal amount of the Outstanding Securities. 
 12. Notices. Where the Indenture or the Regulations provides for
notice to Holders of any event, such notice shall be sufficiently given to Holders if in writing and mailed, first-class postage prepaid, to each Holder of a Security affected by such event, at his address as it appears in the Security Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In addition to the foregoing, notice of any meeting of Holders of Securities shall be given in accordance with Section 1.04(c) of the
Indenture and the Regulations of the Syndicate. 
 In addition, the Company shall cause any publications of such notices as may
be required from time to time by applicable Spanish law. 
 13. Prescription. All claims made against the Company or the
Guarantor for payment of principal of, or interest (including Additional Amounts) on, or in respect of, the Securities shall become void unless made within ten years (in the case of principal) and five years (in the case of interest (including
Additional Amounts)) from the later of (a) the date on which such payment first became due and (b) if the full amount payable has not been received by the Trustee in New York City on or before such due date, the date on which the full
amount is so received. 
 14. Authentication. This Security shall not become valid or obligatory for any purpose until
the certificate of authentication hereon shall have been executed by or on behalf of the Trustee by the manual signature of one of its authorized officers or by the Authenticating Agent. 

15. Governing Law; Jurisdiction; Service of Process. (a) This Security shall be governed by and construed under the laws of
the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by the Company of the Securities and paragraph 7(a) shall be governed by and
construed in accordance with Spanish law. The Regulations of each Syndicate and the duties of and all other matters relating to the Commissioner shall be governed by and construed in accordance with Spanish law. 

 (b) In the Indenture, each of the Company and the Guarantor has irrevocably
submitted to the non-exclusive jurisdiction of any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York over any suit or proceeding arising out of or relating to the Indenture, any Security or the Guarantee. In
addition, each of the Company and the Guarantor has irrevocably waived, to the extent it may effectively do so, any objection which it may have now or hereafter to the laying of the venue of any such suit or proceeding brought in such courts.
Notwithstanding the foregoing, any suit or proceeding arising out of or relating to the Guarantee may also be brought in the courts of Madrid, Spain. 
 (c) As long as any of the Securities remains outstanding, each of the Company and the Guarantor will at all times have an authorized agent in New York City upon which process may be served in any suit or
proceeding arising out of or relating to the Indenture, the Guarantee or any Security. Service of process upon such agent and written notice of such service mailed or delivered to the Company or the Guarantor shall to the extent permitted by law be
deemed in every respect effective service of process upon the Company or the Guarantor, as the case may be, in any such legal action or proceeding. Each of the Company and the Guarantor has appointed Banco Bilbao Vizcaya Argentaria, S.A., New York
Branch as its agent for such purpose, and has covenanted and agreed that service of process in any suit or proceeding may be made upon it at the office of such agent at Banco Bilbao Vizcaya Argentaria, S.A., 1345 Avenue of the Americas, 45th Floor,
New York, New York, 10105, U.S.A. (or at such other address or at the office of such other authorized agent as the Company or the Guarantor may designate in accordance with Section 1.16 of the Indenture). 

16. Defeasance. The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or
certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 17. Assumption of the Securities. The Guarantor or any controlled subsidiary of the Guarantor may assume the obligations of the Company under the Securities without the consent of the Holders of
the Securities. In the event of any such assumption, all obligations of the Company under the Securities shall immediately be discharged. Any Securities so assumed, except if assumed by the Guarantor, will have the benefit of the Guarantee. In the
event of such an assumption, Additional Amounts under the Securities will be payable in respect of taxes imposed by the assuming corporation’s jurisdiction of incorporation or tax residence (subject to exceptions equivalent to those that apply
to the obligation to pay Additional Amounts in respect of taxes imposed by the Taxing Jurisdiction or the Guarantee, as the case may be, in respect of taxes imposed by the laws of the Kingdom of Spain) on payments of interest or principal made on or
subsequent to the date of such assumption. Additional Amounts with respect to payments of interest or principal due before the date of such assumption will be payable only in respect of taxes imposed by the Kingdom of Spain. The Guarantor or the
Controlled Subsidiary thereof that assumes the obligations of the Company in such cases will also be entitled to redeem the Securities in the circumstances described in paragraph 3(b) hereof with respect to any change or amendment to, or change in
the application or official interpretation of the laws or regulations of such jurisdiction, which change or amendment must occur subsequent to the date of any such assumption if the assuming entity is not incorporated or tax resident in the Kingdom
of Spain. In the event of any such assumption, all obligations of the Company under the Securities shall immediately be discharged. 
 18. Descriptive Headings. The descriptive headings appearing in these terms are for convenience of reference only and shall not alter, limit or define the provisions hereof. 

All capitalized terms used in this Security but not otherwise defined herein are used as defined in the Indenture and shall have the
meanings assigned to them in the Indenture. 

 TRUSTEE, PAYING AGENT, TRANSFER AGENT 

AND REGISTRAR 

Trustee 

The Bank of New York Mellon 
 101 Barclay Street 
 New York, New York 10286 

and 
 The Bank of
New York Mellon London Branch 
 One Canada Square, 
 London E14 5AL
 United Kingdom 

Paying Agent, Transfer Agent and Security Registrar 
 The Bank of New York Mellon 
 101 Barclay Street 

New York, New York 10286 
 and 
 The Bank of New York Mellon London Branch 

One Canada Square, 

London E14 5AL

United Kingdom 

 GUARANTEE 
 THIS GUARANTEE is made on October 10, 2012 by Banco Bilbao Vizcaya Argentaria, S.A. (the “Guarantor”, which term includes any successor corporation under the Indenture referred to in
the Security upon which this Guarantee is endorsed) in favor of the Holder of the Security upon which this Guarantee is endorsed (“this Security”). This Guarantee is issued subject to the provisions of the Indenture dated
June 28, 2010 among BBVA U.S. Senior, S.A. Unipersonal, the Guarantor and The Bank of New York Mellon, as trustee, as supplemented from time to time (the “Indenture”), and each Holder of this Security, by accepting the same,
agrees to and shall be bound by such provisions. Terms not otherwise defined herein shall have the meanings assigned to them in the Indenture. 
 (a) Guarantee. The Guarantor irrevocably and unconditionally guarantees to each Holder of this Security, and to the Trustee on behalf of each such Holder, that, if for any reason, the Company does
not pay any sum payable by it to such Holder in respect of this Security as specified in this Security (including any principal of (and premium, if any) and interest on this Security, payments to sinking funds (if applicable), Additional Amounts or
any other amounts of whatever nature which may become payable under any of the foregoing or under the Indenture) as and when the same shall become due under any of the foregoing, the Guarantor will pay to such Holder, or to the Trustee for the
account of such Holder, on demand the amount payable by the Company to such Holder. 
 (b) Guarantor as Principal Debtor.
Without affecting the Company’s obligations, the Guarantor will be liable under this Guarantee as if it were the sole principal debtor and not merely a surety. Accordingly, it will not be discharged, nor will its liability be affected, by
anything which would not discharge it or affect its liability if it were the sole principal debtor (including (i) any time, indulgence, waiver or consent at any time given to the Company or any other person, (ii) any amendment to any of
the Security, the Indenture or to any security or other guarantee or indemnity, (iii) the making or absence of any demand on the Company or any other person for payment, (iv) the enforcement or absence of enforcement of any of the
Security, the Indenture or of any security or other guarantee or indemnity, (v) the release of any such security, guarantee or indemnity, (vi) the dissolution, amalgamation, reconstruction, merger or reorganization of the Company or any
other Person, (vii) the sale or conveyance of the property of the Company or the Guarantor as an entirety or substantially as an entirety to any other Person or (viii) the illegality, invalidity or unenforceability of or any defect in any
provision of any of the Security or the Indenture or any of the Company’s obligations under any of them). 
 (c)
Guarantor’s Obligations Continuing. The Guarantor’s obligations under this Guarantee are and will remain in full force and effect by way of continuing security until no sum remains payable under any Security or the Indenture.
Furthermore, these obligations of the Guarantor are complementary to, and not instead of, any security or other guarantee or indemnity at any time existing in favor of a Holder, whether from the Guarantor or otherwise. The Guarantor irrevocably
waives all notices and demands whatsoever, as well as diligence, presentment, demand of payment, filing of claims with a court in the event of merger of bankruptcy of the Company, protest and any right to require a proceeding first against the
Company. 
 (d) Repayment to the Company. If any payment received by a Holder is, on the subsequent liquidation or
insolvency of the Company, avoided under any laws relating to liquidation or insolvency, such payment will not be considered as having discharged or diminished the liability of the Guarantor and this Guarantee will continue to apply as if such
payment had at all times remained owing by the Company. 

 (e) Indemnity. As a separate and alternative stipulation, the Guarantor
unconditionally and irrevocably agrees that any sum expressed to be payable by the Company under this Security or the Indenture but which is for any reason (whether or not now known or becoming known to the Company, the Guarantor or any Holder) not
recoverable from the Guarantor on the basis of a guarantee will nevertheless be recoverable from it as if it were the sole principal debtor and will be paid by it to the Holder on demand. This indemnity constitutes a separate and independent
obligation from the other obligations in this Guarantee, gives rise to a separate and independent cause of action and will apply irrespective of any indulgence granted by any Holder. 

(f) Status of Guarantee. The payment obligations of the Guarantor under this Guarantee constitute direct, unconditional and
unsecured obligations of the Guarantor and will at all times rank pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Guarantor. 

(g) Withholding or Deduction. All payments by the Guarantor under this Guarantee shall be made without withholding or deduction
for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed or levied by or on behalf of the Kingdom of Spain, or any political sub-division thereof or any
authority therein or thereof having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, the Guarantor will pay such Additional Amounts as may be necessary in order that the net amounts received by each
Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts shall be payable with respect to any Security:

 (i) to, or to a third party on behalf of, a Holder who is liable for such Taxes by reason of such Holder (or the beneficial
owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security or the mere crediting of the Security to its securities account with the relevant
depository; or 
 (ii) in the case of a Security presented for payment (where presentation is required) more than 30 days after
the Relevant Date (as defined below) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such thirtieth day assuming that day to have been a business day in such place of
presentment; or 
 (iii) in respect of any tax, assessment or other governmental charge that would not have been imposed but for
the failure of the Holder or the beneficial owner of that Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of that Security, if
compliance is required by statute or by regulation of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to relief or exemption from the tax, assessment or other governmental charge; or 

(iv) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council
Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings or any law implementing or complying with, or introduced in order to conform to, such
Directive or law; or 
 (v) in respect of any Security presented for payment (where presentation is required) by or on behalf of
a Holder who would have been able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a Member State of the European Union. 

 Additional amounts will also not be paid with respect to any payment to a Holder who is a fiduciary, a
partnership, a limited liability company or other than the sole beneficial owner of that payment, to the extent that payment would be required by the laws of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax
purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in that limited liability company or a beneficial owner who would not have been entitled to the additional amounts had it been the
Holder. 
 For the purposes of (ii) above, the “Relevant Date” means, in respect of any payment, the date on which such
payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or before such due date, it means the first date on which the full amount of such moneys having been so received and
being available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with this Indenture. 
 (h) Power to Execute. The Guarantor hereby warrants, represents and covenants with the Holder of this Security that it has all corporate power, and has taken all necessary corporate or other steps,
to enable it to execute, deliver and perform this Guarantee, and that this Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable in accordance with its terms. 

(i) Subrogation. The Guarantor shall be subrogated to all rights of the Holder of this Security against the Company in respect of
any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of
subrogation until the principal of, any premium and interest on (including Additional Amounts, if any, on) and all other amounts which may be payable under this Security shall have been paid in full. 

(j) Governing Law and Submission to Jurisdiction. This Guarantee is governed by, and shall be construed in accordance with,
Spanish law. 
 The Guarantor irrevocably agrees for the benefit of each Holder that the courts of Madrid, Spain, are to have
non-exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Guarantee and that accordingly any suit, action or proceedings arising out of or in connection with this Guarantee (together referred to as
“Proceedings”) may be brought in the courts of Madrid, Spain. Notwithstanding the foregoing, any Proceeding may also be brought in any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York.

 The Guarantor irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any
Proceedings in the courts of Madrid, Spain, and irrevocably agrees that a final judgment in any Proceedings brought in the courts of Madrid, Spain, shall be conclusive and binding upon the Guarantor and may be enforced in the courts of any other
jurisdiction. Nothing contained in this Clause shall limit any right to take Proceedings against the Guarantor in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of
Proceedings in any other jurisdiction, whether concurrently or not. 

 IN WITNESS WHEREOF, this Guarantee has been manually executed on behalf of the Guarantor.

  

			
	 BANCO BILBAO VIZCAYA

ARGENTARIA, S.A.

		
	 By:
	 	 
		 	Name: Erik Schotkamp
		 	 Address:

		 	 Date: October 10, 2012Beam Executive Deferred Compensation Plan

 Exhibit 10.1 

 
  
 Beam Executive Deferred 
 Compensation Plan 

January 1, 2013 
 March 2012 

 TABLE OF CONTENTS 

 

							
	 PREAMBLE
	  			
		
	ARTICLE 1 – GENERAL	  	 	1-1	  
	 1.1
	 	Plan	  	 	1-1	  
	 1.2
	 	Effective Dates	  	 	1-1	  
	 1.3
	 	Amounts Not Subject to Code Section 409A	  	 	1-1	  
		
	ARTICLE 2 – DEFINITIONS	  	 	2-1	  
	 2.1
	 	Account	  	 	2-1	  
	 2.2
	 	Administrator	  	 	2-1	  
	 2.3
	 	Adoption Agreement	  	 	2-1	  
	 2.4
	 	Beneficiary	  	 	2-1	  
	 2.5
	 	Board or Board of Directors	  	 	2-1	  
	 2.6
	 	Bonus	  	 	2-1	  
	 2.7
	 	Change in Control	  	 	2-1	  
	 2.8
	 	Code	  	 	2-1	  
	 2.9
	 	Compensation	  	 	2-1	  
	 2.10
	 	Director	  	 	2-1	  
	 2.11
	 	Disability	  	 	2-2	  
	 2.12
	 	Eligible Employee	  	 	2-2	  
	 2.13
	 	Employer	  	 	2-2	  
	 2.14
	 	ERISA	  	 	2-2	  
	 2.15
	 	Identification Date	  	 	2-2	  
	 2.16
	 	Key Employee	  	 	2-2	  
	 2.17
	 	Participant	  	 	2-2	  
	 2.18
	 	Plan	  	 	2-2	  
	 2.19
	 	Plan Sponsor	  	 	2-2	  
	 2.20
	 	Plan Year	  	 	2-2	  
	 2.21
	 	Related Employer	  	 	2-2	  
	 2.22
	 	Retirement	  	 	2-2	  
	 2.23
	 	Separation from Service	  	 	2-3	  
	 2.24
	 	Unforeseeable Emergency	  	 	2-4	  
	 2.25
	 	Valuation Date	  	 	2-4	  
	 2.26
	 	Years of Service	  	 	2-4	  
		
	ARTICLE 3 – PARTICIPATION	  	 	3-1	  
	 3.1
	 	Participation	  	 	3-1	  
	 3.2
	 	Termination of Participation	  	 	3-1	  

  
 i 

							
	ARTICLE 4 – PARTICIPANT ELECTIONS	  	 	4-1	  
	 4.1
	 	Deferral Agreement	  	 	4-1	  
	 4.2
	 	Amount of Deferral	  	 	4-1	  
	 4.3
	 	Timing of Election to Defer	  	 	4-1	  
	 4.4
	 	Election of Payment Schedule and Form of Payment	  	 	4-2	  
		
	ARTICLE 5 – EMPLOYER CONTRIBUTIONS	  	 	5-1	  
	 5.1
	 	Matching Contributions	  	 	5-1	  
	 5.2
	 	Other Contributions	  	 	5-1	  
		
	ARTICLE 6 – ACCOUNTS AND CREDITS	  	 	6-1	  
	 6.1
	 	Establishment of Account	  	 	6-1	  
	 6.2
	 	Credits to Account	  	 	6-1	  
		
	ARTICLE 7 – INVESTMENT OF CONTRIBUTIONS	  	 	7-1	  
	 7.1
	 	Investment Options	  	 	7-1	  
	 7.2
	 	Adjustment of Accounts	  	 	7-1	  
		
	ARTICLE 8 – RIGHT TO BENEFITS	  	 	8-1	  
	 8.1
	 	Vesting	  	 	8-1	  
	 8.2
	 	Death	  	 	8-1	  
	 8.3
	 	Disability	  	 	8-1	  
		
	ARTICLE 9 – DISTRIBUTION OF BENEFITS	  	 	9-1	  
	 9.1
	 	Amount of Benefits	  	 	9-1	  
	 9.2
	 	Method and Timing of Distributions	  	 	9-1	  
	 9.3
	 	Unforeseeable Emergency	  	 	9-1	  
	 9.4
	 	Payment Election Overrides	  	 	9-2	  
	 9.5
	 	Cashouts of Amounts Not Exceeding Stated Limit	  	 	9-2	  
	 9.6
	 	Required Delay in Payment to Key Employees	  	 	9-2	  
	 9.7
	 	Change in Control	  	 	9-4	  
	 9.8
	 	Permissible Delays in Payment	  	 	9-5	  
	 9.9
	 	Permitted Acceleration of Payment	  	 	9-6	  

  
 ii 

					
	ARTICLE 10 – AMENDMENT AND TERMINATION	  	10-1
	 10.1
	 	Amendment by Plan Sponsor	  	10-1
	 10.2
	 	Plan Termination Following Change in Control or Corporate Dissolution	  	10-1
	 10.3
	 	Other Plan Terminations	  	10-1
		
	ARTICLE 11 – THE TRUST	  	11-1
	 11.1
	 	Establishment of Trust	  	11-1
	 11.2
	 	Rabbi Trust	  	11-1
	 11.3
	 	Investment of Trust Funds	  	11-1
		
	ARTICLE 12 – PLAN ADMINISTRATION	  	12-1
	 12.1
	 	Powers and Responsibilities of the Administrator	  	12-1
	 12.2
	 	Claims and Review Procedures	  	12-2
	 12.3
	 	Plan Administrative Costs	  	12-3
		
	ARTICLE 13 – MISCELLANEOUS	  	13-1
	 13.1
	 	Unsecured General Creditor of the Employer	  	13-1
	 13.2
	 	Employer’s Liability	  	13-1
	 13.3
	 	Limitation of Rights	  	13-1
	 13.4
	 	Anti-Assignment	  	13-1
	 13.5
	 	Facility of Payment	  	13-1
	 13.6
	 	Notices	  	13-2
	 13.7
	 	Tax Withholding	  	13-2
	 13.8
	 	Indemnification	  	13-2
	 13.9
	 	Successors	  	13-3
	 13.10
	 	Disclaimer	  	13-3
	 13.11
	 	Governing Law	  	13-3

  
 iii

 PREAMBLE 
 The Plan is intended to be a “plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly
compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, or an “excess benefit plan” within the meaning of Section 3(36) of the
Employee Retirement Income Security Act of 1974, as amended, or a combination of both. The Plan is further intended to conform with the requirements of Internal Revenue Code Section 409A and the final regulations issued thereunder and shall be
interpreted, implemented and administered in a manner consistent therewith. 

 ARTICLE 1 – GENERAL 

 

	1.1	Plan. The Plan will be referred to by the name specified in the Adoption Agreement. 

 

	1.2	Effective Dates. 

  

	 	(a)	Original Effective Date. The Original Effective Date is the date as of which the Plan was initially adopted. 

 

	 	(b)	Amendment Effective Date. The Amendment Effective Date is the date specified in the Adoption Agreement as of which the Plan is amended and restated. Except to
the extent otherwise provided herein or in the Adoption Agreement, the Plan shall apply to amounts deferred and benefit payments made on or after the Amendment Effective Date. 

 

	 	(c)	Special Effective Date. A Special Effective Date may apply to any given provision if so specified in Appendix A of the Adoption Agreement. A Special Effective
Date will control over the Original Effective Date or Amendment Effective Date, whichever is applicable, with respect to such provision of the Plan. 

  

	1.3	Amounts Not Subject to Code Section 409A 

 Except as otherwise indicated by the Plan Sponsor in Section 1.01 of the Adoption Agreement, amounts deferred before January 1, 2005 that are earned and vested on December 31, 2004 will be
separately accounted for and administered in accordance with the terms of the Plan as in effect on December 31, 2004. 

  
 1-1

 ARTICLE 2 – DEFINITIONS 
 Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly indicates otherwise. Wherever used herein, the following terms have the meanings set forth
below, unless a different meaning is clearly required by the context: 
  

	2.1	“Account” means an account established for the purpose of recording amounts credited on behalf of a Participant and any income, expenses, gains, losses
or distributions included thereon. The Account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant or to the Participant’s Beneficiary
pursuant to the Plan. 

  

	2.2	“Administrator” means the person or persons designated by the Plan Sponsor in Section 1.05 of the Adoption Agreement to be responsible for the
administration of the Plan. If no Administrator is designated in the Adoption Agreement, the Administrator is the Plan Sponsor. 

  

	2.3	“Adoption Agreement” means the agreement adopted by the Plan Sponsor that establishes the Plan. 

 

	2.4	“Beneficiary” means the persons, trusts, estates or other entities entitled under Section 8.2 to receive benefits under the Plan upon the death of
a Participant. 

  

	2.5	“Board” or “Board of Directors” means the Board of Directors of the Plan Sponsor. 

 

	2.6	“Bonus” means an amount of incentive remuneration payable by the Employer to a Participant. 

 

	2.7	“Change in Control” means the occurrence of an event involving the Plan Sponsor that is described in Section 9.7. 

 

	2.8	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	2.9	“Compensation” has the meaning specified in Section 3.01 of the Adoption Agreement. 

 

	2.10	“Director” means a non-employee member of the Board who has been designated by the Employer as eligible to participate in the Plan.

  

	2.11	 “Disability” means disability as defined in an employment or change in control agreement applicable to the Participant, or if
no such document or 

  
 2-1

	 	
definition exists, “Disability” means a condition such that the Participant, 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 at least 12 months, is receiving long-term disability benefits for a period of at least three months under a Company-sponsored long-term disability plan. 

 

	2.12	“Eligible Employee” means an employee of the Employer who satisfies the requirements in Section 2.01 of the Adoption Agreement.

  

	2.13	“Employer” means the Plan Sponsor and any other entity which is authorized by the Plan Sponsor to participate in and, in fact, does adopt the Plan.

  

	2.14	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

 

	2.15	“Identification Date” means the date as of which Key Employees are determined which is specified in Section 1.06 of the Adoption Agreement.

  

	2.16	“Key Employee” means an employee who satisfies the conditions set forth in Section 9.6. 

 

	2.17	“Participant” means an Eligible Employee or Director who commences participation in the Plan in accordance with Article 3. 

 

	2.18	“Plan” means the unfunded plan of deferred compensation set forth herein, including the Adoption Agreement and any trust agreement, as adopted by the
Plan Sponsor and as amended from time to time. 

  

	2.19	“Plan Sponsor” means the entity identified in Section 1.03 of the Adoption Agreement or any successor by merger, consolidation or otherwise.

  

	2.20	“Plan Year” means the period identified in Section 1.02 of the Adoption Agreement. 

 

	2.21	“Related Employer” means the Employer and (a) any corporation that is a member of a controlled group of corporations as defined in Code
Section 414(b) that includes the Employer and (b) any trade or business that is under common control as defined in Code Section 414(c) that includes the Employer. 

 

	2.22	“Retirement” has the meaning specified in 6.01(f) of the Adoption Agreement. 

 

	2.23	 “Separation from Service” means the date that the Participant dies, retires or otherwise has a termination of employment with respect
to all 

  
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entities comprising the Related Employer. A Separation from Service does not occur if the Participant is on military leave, sick leave or other bona fide leave of absence if the period of leave
does not exceed six months or such longer period during which the Participant’s right to re-employment is provided by statute or contract. If the period of leave exceeds six months and the Participant’s right to re-employment is not
provided either by statute or contract, a Separation from Service will be deemed to have occurred on the first day following the six-month period. If the period of leave is due to 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 six months, where the impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially
similar position of employment, a 29 month period of absence may be substituted for the six month period. 

Whether a termination of employment has occurred is based on whether the facts and circumstances indicate that the Related Employer and
the Participant reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the Participant would perform after such date (whether as an employee or as an independent contractor)
would permanently decrease to no more than 20 percent of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36 month period (or the full period of services to the
Related Employer if the employee has been providing services to the Related Employer for less than 36 months). 
 An independent
contractor is considered to have experienced a Separation from Service with the Related Employer upon the expiration of the contract (or, in the case of more than one contract, all contracts) under which services are performed for the Related
Employer if the expiration constitutes a good-faith and complete termination of the contractual relationship. 
 If a Participant
provides services as both an employee and an independent contractor of the Related Employer, the Participant must separate from service both as an employee and as an independent contractor to be treated as having incurred a Separation from Service.
If a Participant ceases providing services as an independent contractor and begins providing services as an employee, or ceases providing services as an employee and begins providing services as an independent contractor, the Participant will not be
considered to have experienced a Separation from Service until the Participant has ceased providing services in both capacities. 

  
 2-3

 If a Participant provides services both as an employee and as a member of the board of
directors of a corporate Related Employer (or an analogous position with respect to a noncorporate Related Employer), the services provided as a director are not taken into account in determining whether the Participant has incurred a Separation
from Service as an employee for purposes of a nonqualified deferred compensation plan in which the Participant participates as an employee that is not aggregated under Code Section 409A with any plan in which the Participant participates as a
director. 
 If a Participant provides services both as an employee and as a member of the board of directors of a corporate
related Employer (or an analogous position with respect to a noncorporate Related Employer), the services provided as an employee are not taken into account in determining whether the Participant has experienced a Separation from Service as a
director for purposes of a nonqualified deferred compensation plan in which the Participant participates as a director that is not aggregated under Code Section 409A with any plan in which the Participant participates as an employee.

 All determinations of whether a Separation from Service has occurred will be made in a manner consistent with Code
Section 409A and the final regulations thereunder. 
  

	2.24	“Unforeseeable Emergency” means a severe financial hardship of the Participant resulting from an illness or accident of the Participant, the
Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code section 152(b)(1), (b)(2) and (d)(1)(B); loss of the Participant’s property due to
casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 

  

	2.25	“Valuation Date” means each business day of the Plan Year that the New York Stock Exchange is open. 

 

	2.26	“Years of Service” means each one year period for which the Participant receives service credit in accordance with the provisions of
Section 7.01(d) of the Adoption Agreement. 

  
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 ARTICLE 3 – PARTICIPATION 

 

	3.1	Participation. The Participants in the Plan shall be those Directors and employees of the Employer who satisfy the requirements of Section 2.01 of the
Adoption Agreement. 

  

	3.2	Termination of Participation. The Administrator may terminate a Participant’s participation in the Plan in a manner consistent with Code Section 409A.
If the Employer terminates a Participant’s participation before the Participant experiences a Separation from Service the Participant’s vested Accounts shall be paid in accordance with the provisions of Article 9. 

  
 3-1

 ARTICLE 4 – PARTICIPANT ELECTIONS 

 

	4.1	Deferral Agreement. If permitted by the Plan Sponsor in accordance with Section 4.01 of the Adoption Agreement, each Eligible Employee and Director may
elect to defer his Compensation within the meaning of Section 3.01 of the Adoption Agreement by executing in writing or electronically, a deferral agreement in accordance with rules and procedures established by the Administrator and the
provisions of this Article 4. 

 A new deferral agreement must be timely executed for each Plan Year during which
the Eligible Employee or Director desires to defer Compensation. An Eligible Employee or Director who does not timely execute a deferral agreement shall be deemed to have elected zero deferrals of Compensation for such Plan Year. 

A deferral agreement may be changed or revoked during the period specified by the Administrator. Except as provided in Section 9.3 or
in Section 4.01(c) of the Adoption Agreement, a deferral agreement becomes irrevocable at the close of the specified period. 
  

	4.2	Amount of Deferral. An Eligible Employee or Director may elect to defer Compensation in any amount permitted by Section 4.01(a) of the Adoption Agreement.

  

	4.3	 Timing of Election to Defer. Each Eligible Employee or Director who desires to defer Compensation otherwise payable during a Plan Year must
execute a deferral agreement within the period preceding the Plan Year specified by the Administrator. Each Eligible Employee who desires to defer Compensation that is a Bonus must execute a deferral agreement within the period preceding the Plan
Year during which the Bonus is earned that is specified by the Administrator, except that if the Bonus can be treated as performance based compensation as described in Code Section 409A(a)(4)(B)(iii), the deferral agreement may be executed
within the period specified by the Administrator, which period, in no event, shall end after the date which is six months prior to the end of the period during which the Bonus is earned, provided the Participant has performed services continuously
from the later of the beginning of the performance period or the date the performance criteria are established through the date the Participant executed the deferral agreement and provided further that the compensation has not yet become
‘readily ascertainable’ within the meaning of Reg. Sec 1.409A-2(a)(8). In addition, if the Compensation qualifies as ‘fiscal year compensation’ within the meaning of Reg. Sec. 1.409A-2(a)(6), the deferral agreement may be made
not later than the 

  
 4-1

	 	
end of the Employer’s taxable year immediately preceding the first taxable year of the Employer in which any services are performed for which such Compensation is payable.

 Except as otherwise provided below, an employee who is classified or designated as an Eligible Employee during a
Plan Year or a Director who is designated as eligible to participate during a Plan Year may elect to defer Compensation otherwise payable during the remainder of such Plan Year in accordance with the rules of this Section 4.3 by executing a
deferral agreement within the thirty (30) day period beginning on the date the employee is classified or designated as an Eligible Employee or the date the Director is designated as eligible, whichever is applicable, if permitted by
Section 4.01(b)(ii) of the Adoption Agreement. If Compensation is based on a specified performance period that begins before the Eligible Employee or Director executes his deferral agreement, the election will be deemed to apply to the portion
of such Compensation equal to the total amount of Compensation for the performance period multiplied by the ratio of the number of days remaining in the performance period after the election becomes irrevocable and effective over the total number of
days in the performance period. The rules of this paragraph shall not apply unless the Eligible Employee or Director can be treated as initially eligible in accordance with Reg. Sec. 1.409A-2(a)(7). 

 

	4.4	Election of Payment Schedule and Form of Payment. 

 All elections of a payment schedule and a form of payment will be made in accordance with rules and procedures established by the Administrator and the provisions of this Section 4.4. 

(a) If the Plan Sponsor has elected to permit annual distribution elections in accordance with Section 6.01(h) of the Adoption
Agreement the following rules apply. At the time an Eligible Employee or Director completes a deferral agreement, the Eligible Employee or Director must elect a distribution event (which includes a specified time) and a form of payment for the
Compensation subject to the deferral agreement from among the options the Plan Sponsor has made available for this purpose and which are specified in 6.01(b) of the Adoption Agreement. Prior to the time required by Reg. Sec. 1.409A-2, the Eligible
Employee or Director shall elect a distribution event (which includes a specified time) and a form of payment for any Employer contributions that may be credited to the Participant’s Account during the Plan Year. If an Eligible Employee or
Director fails to elect a distribution event, he shall be deemed to have elected Separation from Service as the distribution event. If he fails to elect a form of payment, he shall be deemed to have elected a lump sum form of payment. 

  
 4-2

 (b) If the Plan Sponsor has elected not to permit annual distribution elections in
accordance with Section 6.01(h) of the Adoption Agreement the following rules apply. At the time an Eligible Employee or Director first completes a deferral agreement but in no event later than the time required by Reg. Sec. 1.409A-2, the
Eligible Employee or Director must elect a distribution event (which includes a specified time) and a form of payment for amounts credited to his Account from among the options the Plan Sponsor has made available for this purpose and which are
specified in Section 6.01(b) of the Adoption Agreement. If an Eligible Employee or Director fails to elect a distribution event, he shall be deemed to have elected Separation from Service in the distribution event. If the fails to elect a form
of payment, he shall be deemed to have elected a lump sum form of payment. 

  
 4-3

 ARTICLE 5 – EMPLOYER CONTRIBUTIONS 

 

	5.1	Matching Contributions. If elected by the Plan Sponsor in Section 5.01(a) of the Adoption Agreement, the Employer will credit the Participant’s Account
with a matching contribution determined in accordance with the formula specified in Section 5.01(a) of the Adoption Agreement. The matching contribution will be treated as allocated to the Participant’s Account at the time specified in
Section 5.01(a)(iii) of the Adoption Agreement. 

  

	5.2	Other Contributions. If elected by the Plan Sponsor in Section 5.01(b) of the Adoption Agreement, the Employer will credit the Participant’s Account
with a contribution determined in accordance with the formula or method specified in Section 5.01(b) of the Adoption Agreement. The contribution will be treated as allocated to the Participant’s Account at the time specified in
Section 5.01(b)(iii) of the Adoption Agreement. 

  
 5-1

 ARTICLE 6 – ACCOUNTS AND CREDITS 

 

	6.1	Establishment of Account. For accounting and computational purposes only, the Administrator will establish and maintain an Account on behalf of each Participant
which will reflect the credits made pursuant to Section 6.2, distributions or withdrawals, along with the earnings, expenses, gains and losses allocated thereto, attributable to the hypothetical investments made with the amounts in the Account
as provided in Article 7. The Administrator will establish and maintain such other records and accounts, as it decides in its discretion to be reasonably required or appropriate to discharge its duties under the Plan. 

 

	6.2	Credits to Account. A Participant’s Account will be credited for each Plan Year with the amount of his elective deferrals under Section 4.1 at the time
the amount subject to the deferral election would otherwise have been payable to the Participant and the amount of Employer contributions treated as allocated on his behalf under Article 5. 

  
 6-1

 ARTICLE 7 – INVESTMENT OF CONTRIBUTIONS 

 

	7.1	Investment Options. The amount credited to each Account shall be treated as invested in the investment options designated for this purpose by the Administrator.

  

	7.2	Adjustment of Accounts. The amount credited to each Account shall be adjusted for hypothetical investment earnings, expenses, gains or losses in an amount equal
to the earnings, expenses, gains or losses attributable to the investment options selected by the party designated in Section 9.01 of the Adoption Agreement from among the investment options provided in Section 7.1. If permitted by
Section 9.01 of the Adoption Agreement, a Participant (or the Participant’s Beneficiary after the death of the Participant) may, in accordance with rules and procedures established by the Administrator, select the investments from among
the options provided in Section 7.1 to be used for the purpose of calculating future hypothetical investment adjustments to the Account or to future credits to the Account under Section 6.2 effective as of the Valuation Date coincident
with or next following notice to the Administrator. Each Account shall be adjusted as of each Valuation Date to reflect: (a) the hypothetical earnings, expenses, gains and losses described above; (b) amounts credited pursuant to
Section 6.2; and (c) distributions or withdrawals. In addition, each Account may be adjusted for its allocable share of the hypothetical costs and expenses associated with the maintenance of the hypothetical investments provided in
Section 7.1. 

  
 7-1

 ARTICLE 8 – RIGHT TO BENEFITS 

 

	8.1	Vesting. A Participant, at all times, has a 100% nonforfeitable interest in the amounts credited to his Account attributable to his elective deferrals made in
accordance with Section 4.1. 

 A Participant’s right to the amounts credited to his Account attributable
to Employer contributions made in accordance with Article 5 shall be determined in accordance with the relevant schedule and provisions in Section 7.01 of the Adoption Agreement. Upon a Separation from Service and after application of the
provisions of Section 7.01 of the Adoption Agreement, the Participant shall forfeit the nonvested portion of his Account. 
  

	8.2	Death. The Plan Sponsor may elect to accelerate vesting upon the death of the Participant in accordance with Section 7.01(c) of the Adoption Agreement
and/or to accelerate distributions upon Death in accordance with Section 6.01(b) or Section 6.01(d) of the Adoption Agreement. If the Plan Sponsor does not elect to accelerate distributions upon death in accordance with
Section 6.01(b) or Section 6.01(d) of the Adoption Agreement, the vested amount credited to the Participant’s Account will be paid in accordance with the provisions of Article 9. 

A Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries in accordance
with rules and procedures established by the Administrator. 
 A copy of the death notice or other sufficient documentation must
be filed with and approved by the Administrator. If upon the death of the Participant there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant’s vested Account, such amount will be paid to his
estate (such estate shall be deemed to be the Beneficiary for purposes of the Plan) in accordance with the provisions of Article 9. 
  

	8.3	Disability. If the Plan Sponsor has elected to accelerate vesting upon the occurrence of a Disability in accordance with Section 7.01(c) of the Adoption
Agreement and/or to permit distributions upon Disability in accordance with Section 6.01(b) or Section 6.01(d) of the Adoption Agreement, the determination of whether a Participant has incurred a Disability shall be made by the
Administrator in its sole discretion in a manner consistent with the requirements of Code Section 409A. 

  
 8-1

 ARTICLE 9 – DISTRIBUTION OF BENEFITS 

 

	9.1	Amount of Benefits. The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis
for the value of benefits payable to the Participant under the Plan. 

  

	9.2	Method and Timing of Distributions. Except as otherwise provided in this Article 9, distributions under the Plan shall be made in accordance with the elections
made or deemed made by the Participant under Article 4. Subject to the provisions of Section 9.6 requiring a six month delay for certain distributions to Key Employees, distributions following a payment event shall commence at the time
specified in Section 6.01(a) of the Adoption Agreement. If permitted by Section 6.01(g) of the Adoption Agreement, a Participant may elect, at least twelve months before a scheduled distribution event, to delay the payment date for a
minimum period of sixty months from the originally scheduled date of payment, provided the election does not take effect for at least twelve months from the date on which the election is made. The distribution election change must be made in
accordance with procedures and rules established by the Administrator. The Participant may, at the same time the date of payment is deferred, change the form of payment but such change in the form of payment may not effect an acceleration of payment
in violation of Code Section 409A or the provisions of Reg. Sec. 1.409A-2(b). For purposes of this Section 9.2, a series of installment payments is always treated as a single payment and not as a series of separate payments.

  

	9.3	 Unforeseeable Emergency. A Participant may request a distribution due to an Unforeseeable Emergency if the Plan Sponsor has elected to permit
Unforeseeable Emergency withdrawals under Section 8.01(a) of the Adoption Agreement. The request must be in writing and must be submitted to the Administrator along with evidence that the circumstances constitute an Unforeseeable Emergency. The
Administrator has the discretion to require whatever evidence it deems necessary to determine whether a distribution is warranted, and may require the Participant to certify that the need cannot be met from other sources reasonably available to the
Participant. Whether a Participant has incurred an Unforeseeable Emergency will be determined by the Administrator on the basis of the relevant facts and circumstances in its sole discretion, but, in no event, will an Unforeseeable Emergency be
deemed to exist if the hardship can be relieved: (a) through reimbursement or compensation by insurance or otherwise, (b) by liquidation of the Participant’s assets to the

  
 9-1

 
extent such liquidation would not itself cause severe financial hardship, or (c) by cessation of deferrals under the Plan. A distribution due to an Unforeseeable Emergency must be limited to
the amount reasonably necessary to satisfy the emergency need and may include any amounts necessary to pay any federal, state, foreign or local income taxes and penalties reasonably anticipated to result from the distribution. The distribution will
be made in the form of a single lump sum cash payment. If permitted by Section 8.01(b) of the Adoption Agreement, a Participant’s deferral elections for the remainder of the Plan Year will be cancelled upon a withdrawal due to an
Unforeseeable Emergency. If the payment of all or any portion of the Participant’s vested Account is being delayed in accordance with Section 9.6 at the time he experiences an Unforeseeable Emergency, the amount being delayed shall not be
subject to the provisions of this Section 9.3 until the expiration of the six month period of delay required by section 9.6. 
  

	9.4	Payment Election Overrides. If the Plan Sponsor has elected one or more payment election overrides in accordance with Section 6.01(d) of the Adoption
Agreement, the following provisions apply. Upon the occurrence of the first event selected by the Plan Sponsor, the remaining vested amount credited to the Participant’s Account shall be paid in the form designated to the Participant or his
Beneficiary regardless of whether the Participant had made different elections of time and /or form of payment or whether the Participant was receiving installment payments at the time of the event. 

 

	9.5	Cashouts Of Amounts Not Exceeding Stated Limit. If the vested amount credited to the Participant’s Account does not exceed the limit established for this
purpose by the Plan Sponsor in Section 6.01(e) of the Adoption Agreement at the time he incurs a Separation from Service for any reason, the Employer shall distribute such amount to the Participant at the time specified in Section 6.01(a)
of the Adoption Agreement in a single lump sum cash payment following such Separation from Service regardless of whether the Participant had made different elections of time or form of payment as to the vested amount credited to his Account or
whether the Participant was receiving installments at the time of such termination. A Participant’s Account, for purposes of this Section 9.5, shall include any amounts described in Section 1.3. 

 

	9.6	 Required Delay in Payment to Key Employees. Except as otherwise provided in this Section 9.6, a distribution made on account of Separation
from Service (or Retirement, if applicable) to a Participant who is a Key Employee as of the date of his Separation from Service (or Retirement, if applicable) shall not be made before the date which is six months after the Separation from Service
(or Retirement, if applicable). If payments to a 

  
 9-2

 
Key Employee are delayed in accordance with this Section 9.6, the payments to which the Key Employee would otherwise have been entitled during the six month period shall be accumulated and
paid in a single lump sum at the time specified in Section 6.01(a) of the Adoption Agreement after the six month period elapses. 
 (a) A Participant is treated as a Key Employee if (i) he is employed by a Related Employer any of whose stock is publicly traded on an established securities market, and (ii) he satisfies the
requirements of Code Section 416(i)(1)(A)(i), (ii) or (iii), determined without regard to Code Section 416(i)(5), at any time during the twelve month period ending on the Identification Date. 

(b) A Participant who is a Key Employee on an Identification Date shall be treated as a Key Employee for purposes of the six month delay
in distributions for the twelve month period beginning on the first day of a month no later than the fourth month following the Identification Date. The Identification Date and the effective date of the delay in distributions shall be determined in
accordance with Section 1.06 of the Adoption Agreement. 
 (c) The Plan Sponsor may elect to apply an alternative method to
identify Participants who will be treated as Key Employees for purposes of the six month delay in distributions if the method satisfies each of the following requirements. The alternative method is reasonably designed to include all Key Employees,
is an objectively determinable standard providing no direct or indirect election to any Participant regarding its application, and results in either all Key Employees or no more than 200 Key Employees being identified in the class as of any date.
Use of an alternative method that satisfies the requirements of this Section 9.6(c ) will not be treated as a change in the time and form of payment for purposes of Reg. Sec. 1.409A-2(b). 

(d) The six month delay does not apply to payments described in Section 9.9(a),(b) or (d) or to payments that occur after the
death of the Participant. If the payment of all or any portion of the Participant’s vested Account is being delayed in accordance with this Section 9.6 at the time he incurs a Disability which would otherwise require a distribution under
the terms of the Plan, no amount shall be paid until the expiration of the six month period of delay required by this Section 9.6. 
  

	9.7	 Change in Control. If the Plan Sponsor has elected to permit distributions upon a Change in Control, the following provisions shall

  
 9-3

	 	
apply. A distribution made upon a Change in Control will be made at the time specified in Section 6.01(a) of the Adoption Agreement in the form elected by the Participant in accordance with
the procedures described in Article 4. Alternatively, if the Plan Sponsor has elected in accordance with Section 11.02 of the Adoption Agreement to require distributions upon a Change in Control, the Participant’s remaining vested Account
shall be paid to the Participant or the Participant’s Beneficiary at the time specified in Section 6.01(a) of the Adoption Agreement as a single lump sum payment. 

(a) “Change in Control” means “change in control” as defined in an employment or change in control
agreement applicable to the Participant, or if no such document or definition exists, a “Change in Control” shall be deemed to have occurred if prior to the Participant’s termination of employment: 

(i) any person (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) as in effect on the date of this Plan) (1) is or becomes the beneficial owner (as that term is used in Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder, as in effect on the
date of this Agreement) of 50% or more of the total fair market value or total voting power of the Company (“Voting Securities”); or (2) acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person) ownership of the stock of the Company possessing 30% or more of the Voting Securities, excluding, in, in each case, however the following: (A) any acquisition directly from the Company, other than an acquisition by
virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by an employee benefit plan (or related trust)
sponsored or maintained by the Company or any entity controlled by the Company; (D) the acquisition of additional stock or voting power by a person considered to own more than 50% of the total fair market value or Voting Securities in the case
of clause (1) of this clause (i) or by a person considered to own more than 30% of the Voting Securities in the case of clause (2) of this clause (i); or (E) any acquisition pursuant to a transaction that complies with clauses
(A), (B), and (C) of clause (iii) below; 
 (ii) more than 50% of the members of the Board of Directors
of the Company shall, during a 12-month period, cease to be Continuing Directors (which term, as used herein, means the directors of the Company: (A) who were members of the Board on the date hereof; or (B) who subsequently became
directors of the Company and who were elected or designated to be candidates for election as nominees of the Board, or whose election or nomination for election by the Company’s stockholders was otherwise approved, by a vote of a majority of
the 

  
 9-4

 
Continuing Directors then on the Board but shall not include, in any event, any individual whose initial assumption of office occurs as a result of either an actual or threatened election contest
(as such terms are used in Rule 14(a)-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board); or 

(iii) the Company shall be merged or consolidated with, or, in any transaction or series of transactions, substantially
all of the business or assets of the Company shall be sold or otherwise acquired by, another corporation or entity unless, as a result of: (A) the stockholders of the Company immediately prior thereto shall beneficially own, directly or
indirectly, at least 60% of the combined Voting Securities of the surviving, resulting or transferee corporation or entity (including, without limitation, a corporation that as a result of such transaction own the Company or all or substantially all
of the assets of the Company, either directly or through one or more subsidiaries) (“Newco”) immediately thereafter in substantially the same proportions as their ownership immediately prior to such corporate transaction; (B) no
person beneficially owns (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, and the rules and regulations promulgated thereunder (as in effect on the date hereof)), directly or indirectly, 30% or more of the combined Voting
Securities of Newco immediately after such corporate transaction except to the extent that such ownership of the Company existed prior to such corporate transaction; and (C) more than 50% of the members of the Board of Directors of Newco shall
be Continuing Directors. 
  

	9.8	Permissible Delays in Payment. Distributions may be delayed beyond the date payment would otherwise occur in accordance with the provisions of Articles 8 and 9
in any of the following circumstances as long as the Employer treats all payments to similarly situated Participants on a reasonably consistent basis. 

  

	 	(a)	 The Employer may delay payment if it reasonably anticipates that its deduction with respect to such payment would be limited or eliminated by the
application of Code Section 162(m). Payment must be made during the Participant’s first taxable year in which the Employer reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year the deduction
of such payment will not be barred by the application of Code Section 162(m) or during the period beginning with the Participant’s Separation from Service and ending on the later of the last day of the Employer’s taxable year in which
the Participant separates from service or the 15th day of the third month following the Participant’s Separation from Service. If a scheduled payment to a Participant is

  
 9-5

	 	
delayed in accordance with this Section 9.8(a), all scheduled payments to the Participant that could be delayed in accordance with this Section 9.8(a) will also be delayed.

  

	 	(b)	The Employer may also delay payment if it reasonably anticipates that the making of the payment will violate federal securities laws or other applicable laws provided
payment is made at the earliest date on which the Employer reasonably anticipates that the making of the payment will not cause such violation. 

  

	 	(c)	The Employer reserves the right to amend the Plan to provide for a delay in payment upon such other events and conditions as the Secretary of the Treasury may prescribe
in generally applicable guidance published in the Internal Revenue Bulletin. 

  

	9.9	Permitted Acceleration of Payment. The Employer may permit acceleration of the time or schedule of any payment or amount scheduled to be
paid pursuant to a payment under the Plan provided such acceleration would be permitted by the provisions of Reg. Sec. 1.409A-3(j)(4), including the following events: 

 

	 	(a)	Domestic Relations Order. A payment may be accelerated if such payment is made to an alternate payee pursuant to and following the receipt and qualification of a
domestic relations order as defined in Code Section 414(p). 

  

	 	(b)	Compliance with Ethics Agreements and Legal Requirements. A payment may be accelerated as may be necessary to comply with ethics agreements with the Federal
government or as may be reasonably necessary to avoid the violation of Federal, state, local or foreign ethics law or conflicts of laws, in accordance with the requirements of Code Section 409A. 

 

	 	(c)	De Minimis Amounts. A payment will be accelerated if (i) the amount of the payment is not greater than the applicable dollar amount under Code
Section 402(g)(1)(B), (ii) at the time the payment is made the amount constitutes the Participant’s entire interest under the Plan and all other plans that are aggregated with the Plan under Reg. Sec. 1.409A-1(c)(2).

  

	 	(d)	 FICA Tax. A payment may be accelerated to the extent required to pay the Federal Insurance Contributions Act tax imposed under Code Sections
3101, 3121(a) and 3121(v)(2) of the Code with respect to compensation deferred under the Plan (the “FICA Amount”). Additionally, a payment may be accelerated to pay the income tax on wages imposed under Code Section 3401 of the Code
on the FICA Amount and to pay the additional income tax at 

  
 9-6

	 	
source on wages attributable to the pyramiding Code Section 3401 wages and taxes. The total payment under this subsection (d) may not exceed the aggregate of the FICA Amount and the
income tax withholding related to the FICA Amount. 

  

	 	(e)	Section 409A Additional Tax. A payment may be accelerated if the Plan fails to meet the requirements of Code Section 409A; provided that such payment
may not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Code Section 409A. 

  

	 	(f)	Offset. A payment may be accelerated in the Employer’s discretion as satisfaction of a debt of the Participant to the Employer, where such debt is incurred
in the ordinary course of the service relationship between the Participant and the Employer, the entire amount of the reduction in any of the Employer’s taxable years does not exceed $5,000, and the reduction is made at the same time and in the
same amount as the debt otherwise would have been due and collected from the Participant. 

  

	 	(g)	Other Events. A payment may be accelerated in the Administrator’s discretion in connection with such other events and conditions as permitted by Code
Section 409A. 

  
 9-7

 ARTICLE 10 – AMENDMENT AND TERMINATION 

 

	10.1	Amendment by Plan Sponsor. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer) through action of its Board of Directors or a
Committee of the Board approved to act on behalf of the Board. No amendment can directly or indirectly deprive any current or former Participant or Beneficiary of all or any portion of his Account which had accrued and vested prior to the amendment.

  

	10.2	Plan Termination Following Change in Control or Corporate Dissolution. If so elected by the Plan Sponsor in 11.01 of the Adoption Agreement, the Plan
Sponsor reserves the right to terminate the Plan and distribute all amounts credited to all Participant Accounts within the 30 days preceding or the twelve months following a Change in Control as determined in accordance with the rules set forth in
Section 9.7. For this purpose, the Plan will be treated as terminated only if all agreements, methods, programs and other arrangements sponsored by the Related Employer immediately after the Change in Control which are treated as a single plan
under Reg. Sec. 1.409A-1(c)(2) are also terminated so that all participants under the Plan and all similar arrangements are required to receive all amounts deferred under the terminated arrangements within twelve months of the date the Plan Sponsor
irrevocably takes all necessary action to terminate the arrangements. In addition, the Plan Sponsor reserves the right to terminate the Plan within twelve months of a corporate dissolution taxed under Code Section 331 or with the approval of a
bankruptcy court pursuant to 11 U. S. C. Section 503(b)(1)(A) provided that amounts deferred under the Plan are included in the gross incomes of Participants in the latest of (a) the calendar year in which the termination and liquidation
occurs, (b) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or (c) the first calendar year in which payment is administratively practicable. 

 

	10.3	 Other Plan Terminations. The Plan Sponsor retains the discretion to terminate the Plan if (a) all arrangements sponsored by the Plan
Sponsor that would be aggregated with any terminated arrangement under Code Section 409A and Reg. Sec. 1.409A-1(c)(2) are terminated, (b) no payments other than payments that would be payable under the terms of the arrangements if the
termination had not occurred are made within twelve months of the termination of the arrangements, (c) all payments are made within twenty-four months of the date the Plan Sponsor takes all necessary action to irrevocably terminate and
liquidate the arrangements, (d) the Plan Sponsor does not adopt a new arrangement that would be aggregated with any terminated arrangement under Code Section 409A and the regulations thereunder at any time within the three year period
following the date of termination of the arrangement, and (e) the 

  
 10-1

 
termination does not occur proximate to a downturn in the financial health of the Plan sponsor. The Plan Sponsor also reserves the right to amend the Plan to provide that termination of the Plan
will occur under such conditions and events as may be prescribed by the Secretary of the Treasury in generally applicable guidance published in the Internal Revenue Bulletin. 

  
 10-2

 ARTICLE 11 – THE TRUST 

 

	 	11.1	Establishment of Trust. The Plan Sponsor may but is not required to establish a trust to hold amounts which the Plan Sponsor may contribute from time to
time to correspond to some or all amounts credited to Participants under Section 6.2. In the event that the Plan Sponsor wishes to establish a trust to provide a source of funds for the payment of Plan benefits, any such trust shall be
constructed to constitute an unfunded arrangement that does not affect the status of the Plan as an unfunded plan for purposes of Title I of ERISA and the Code. If the Plan Sponsor elects to establish a trust in accordance with Section 10.01 of
the Adoption Agreement, the provisions of Sections 11.2 and 11.3 shall become operative. 

  

	 	11.2	Rabbi Trust. Any trust established by the Plan Sponsor shall be between the Plan Sponsor and a trustee pursuant to a separate written agreement under which
assets are held, administered and managed, subject to the claims of the Plan Sponsor’s creditors in the event of the Plan Sponsor’s insolvency. The trust is intended to be treated as a rabbi trust in accordance with existing
guidance of the Internal Revenue Service, and the establishment of the trust shall not cause the Participant to realize current income on amounts contributed thereto. The Plan Sponsor must notify the trustee in the event of a bankruptcy or
insolvency. 

  

	 	11.3	Investment of Trust Funds. Any amounts contributed to the trust by the Plan Sponsor shall be invested by the trustee in accordance with the provisions of the
trust and the instructions of the Administrator. Trust investments need not reflect the hypothetical investments selected by Participants under Section 7.1 for the purpose of adjusting Accounts and the earnings or investment results of the
trust need not affect the hypothetical investment adjustments to Participant Accounts under the Plan. 

  
 11-1

 ARTICLE 12 – PLAN ADMINISTRATION 

 

	12.1	Powers and Responsibilities of the Administrator. The Administrator has the full power and the full responsibility to administer the Plan in all of its details,
subject, however, to the applicable requirements of ERISA. The Administrator’s powers and responsibilities include, but are not limited to, the following: 

 

	 	(a)	To make and enforce such rules and procedures as it deems necessary or proper for the efficient administration of the Plan; 

 

	 	(b)	To interpret the Plan, its interpretation thereof to be final, except as provided in Section 12.2, on all persons claiming benefits under the Plan;

  

	 	(c)	To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; 

 

	 	(d)	To administer the claims and review procedures specified in Section 12.2; 

 

	 	(e)	To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan;

  

	 	(f)	To determine the person or persons to whom such benefits will be paid; 

  

	 	(g)	To authorize the payment of benefits; 

  

	 	(h)	To comply with the reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA; 

 

	 	(i)	To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan; 

 

	 	(j)	By written instrument, to allocate and delegate its responsibilities, including the formation of an Administrative Committee to administer the Plan.

  
 12-1

	12.2	Claims and Review Procedures. 

  

	 	(a)	Claims Procedure. 

 If any person
believes he is being denied any rights or benefits under the Plan, such person may file a claim in writing with the Administrator. If any such claim is wholly or partially denied, the Administrator will notify such person of its decision in writing.
Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim
and an explanation of why such material or information is necessary, and (iv) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the person’s right to bring a
civil action following an adverse decision on review. Such notification will be given within 90 days (45 days in the case of a claim regarding Disability) after the claim is received by the Administrator. The Administrator may extend the period for
providing the notification by 90 days (30 days in the case of a claim regarding Disability) if special circumstances require an extension of time for processing the claim and if written notice of such extension and circumstance is given to such
person within the initial 90 day period (45 day period in the case of a claim regarding Disability). If such notification is not given within such period, the claim will be considered denied as of the last day of such period and such person may
request a review of his claim. 
  

	 	(b)	Review Procedure. 

 Within 60
days (180 days in the case of a claim regarding Disability) after the date on which a person receives a written notification of denial of claim (or, if written notification is not provided, within 60 days (180 days in the case of a claim regarding
Disability) of the date denial is considered to have occurred), such person (or his duly authorized representative) may (i) file a written request with the Administrator for a review of his denied claim and of pertinent documents and
(ii) submit written issues and comments to the Administrator. The Administrator will notify such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain
specific reasons for the decision as well as specific references to pertinent Plan provisions. The notification will explain that the person is entitled to receive, upon request and free of charge,

  
 12-2

 
reasonable access to and copies of all pertinent documents and has the right to bring a civil action following an adverse decision on review. The decision on review will be made within 60 days
(45 days in the case of a claim regarding Disability). The Administrator may extend the period for making the decision on review by 60 days (45 days in the case of a claim regarding Disability) if special circumstances require an extension of time
for processing the request such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given to such person within the initial 60-day period (45 days in the case of a claim regarding
Disability). If the decision on review is not made within such period, the claim will be considered denied. 
  

	 	(c)	Exhaustion of Claims Procedures and Right to Bring Legal Claim 

 No action at law or equity shall be brought more than one (1) year after the Administrator’s affirmation of a denial of a claim, or, if earlier, more than four (4) years after the facts or
events giving rising to the claimant’s allegation(s) or claim(s) first occurred. 
  

	12.3	Plan Administrative Costs. All reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Administrator in
administering the Plan shall be paid by the Plan to the extent not paid by the Employer. 

  
 12-3

 ARTICLE 13 – MISCELLANEOUS 

 

	13.1	Unsecured General Creditor of the Employer. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights,
interests or claims in any property or assets of the Employer. For purposes of the payment of benefits under the Plan, any and all of the Employer’s assets shall be, and shall remain, the general, unpledged, unrestricted assets of the Employer.
Each Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

  

	13.2	Employer’s Liability. Each Employer’s liability for the payment of benefits under the Plan shall be defined only by the
Plan and by the deferral agreements entered into between a Participant and the Employer. An Employer shall have no obligation or liability to a Participant under the Plan except as provided by the Plan and a deferral agreement or agreements. An
Employer shall have no liability to Participants employed by other Employers. 

  

	13.3	Limitation of Rights. Neither the establishment of the Plan, nor any amendment thereof, nor the creation of any fund or account, nor the
payment of any benefits, will be construed as giving to the Participant or any other person any legal or equitable right against the Employer, the Plan or the Administrator, except as provided herein; and in no event will the terms of employment or
service of the Participant be modified or in any way affected hereby. 

  

	13.4	Anti-Assignment. Except as may be necessary to fulfill a domestic relations order within the meaning of Code Section 414(p), none of
the benefits or rights of a Participant or any Beneficiary of a Participant shall be subject to the claim of any creditor. In particular, to the fullest extent permitted by law, all such benefits and rights shall be free from attachment,
garnishment, or any other legal or equitable process available to any creditor of the Participant and his or her Beneficiary. Neither the Participant nor his or her Beneficiary shall have the right to alienate, anticipate, commute, pledge, encumber,
or assign any of the payments which he or she may expect to receive, contingently or otherwise, under the Plan, except the right to designate a Beneficiary to receive death benefits provided hereunder. Notwithstanding the preceding, the benefit
payable from a Participant’s Account may be reduced, at the discretion of the administrator, to satisfy any debt or liability to the Employer. 

  

	13.5	 Facility of Payment. If the Administrator determines, on the basis of medical reports or other evidence satisfactory to the
Administrator, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by reason of minority, illness, infirmity or other incapacity, the Administrator may

  
 13-1

 
direct the Employer to disburse such payments to a person or institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal
authority under State law for the care and control of such recipient. The receipt by such person or institution of any such payments therefore, and any such payment to the extent thereof, shall discharge the liability of the Employer, the Plan and
the Administrator for the payment of benefits hereunder to such recipient. 
  

	13.6	Notices. Any notice or other communication to the Employer or Administrator in connection with the Plan shall be deemed delivered in writing if addressed to the
Plan Sponsor at the address specified in Section 1.03 of the Adoption Agreement and if either actually delivered at said address or, in the case or a letter, 5 business days shall have elapsed after the same shall have been deposited in the
United States mails, first-class postage prepaid and registered or certified. 

  

	13.7	Tax Withholding. If the Employer concludes that tax is owing with respect to any deferral or payment hereunder, the Employer shall withhold
such amounts from any payments due the Participant or from amounts deferred, as permitted by law, or otherwise make appropriate arrangements with the Participant or his Beneficiary for satisfaction of such obligation. Tax, for purposes of this
Section 13.7 means any federal, state, local or any other governmental income tax, employment or payroll tax, excise tax, or any other tax or assessment owing with respect to amounts deferred, any earnings thereon, and any payments made to
Participants under the Plan. 

  

	13.8	Indemnification. (a) Each Indemnitee (as defined in Section 13.8(e)) shall be indemnified and held harmless by the Employer for all actions
taken by him and for all failures to take action (regardless of the date of any such action or failure to take action), to the fullest extent permitted by the law of the jurisdiction in which the Employer is incorporated, against all expense,
liability, and loss (including, without limitation, attorneys’ fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Indemnitee in connection with any Proceeding (as
defined in Subsection (e)). No indemnification pursuant to this Section shall be made, however, in any case where (1) the act or failure to act giving rise to the claim for indemnification is determined by a court to have constituted willful
misconduct or recklessness or (2) there is a settlement to which the Employer does not consent. 

 (b) The
right to indemnification provided in this Section shall include the right to have the expenses incurred by the Indemnitee in defending any Proceeding paid by the Employer in advance of the final disposition of the Proceeding, to the fullest extent
permitted by the law of the jurisdiction in which the Employer is incorporated; provided that, if such law requires, the payment of such expenses incurred by the Indemnitee in advance of the final disposition of a Proceeding shall be made only
on delivery to the Employer of 

  
 13-2

 
an undertaking, by or on behalf of the Indemnitee, to repay all amounts so advanced without interest if it shall ultimately be determined that the Indemnitee is not entitled to be indemnified
under this Section or otherwise. 
 (c) Indemnification pursuant to this Section shall continue as to an Indemnitee who has
ceased to be such and shall inure to the benefit of his heirs, executors, and administrators. The Employer agrees that the undertakings made in this Section shall be binding on its successors or assigns and shall survive the termination, amendment
or restatement of the Plan. 
 (d) The foregoing right to indemnification shall be in addition to such other rights as the
Indemnitee may enjoy as a matter of law or by reason of insurance coverage of any kind and is in addition to and not in lieu of any rights to indemnification to which the Indemnitee may be entitled pursuant to the by-laws of the Employer.

 (e) For the purposes of this Section, the following definitions shall apply: 

(1) “Indemnitee” shall mean each person serving as an Administrator (or any other person who is an employee, director, or
officer of the Employer) who was or is a party to, or is threatened to be made a party to, or is otherwise involved in, any Proceeding, by reason of the fact that he is or was performing administrative functions under the Plan. 

(2) “Proceeding” shall mean any threatened, pending, or completed action, suit, or proceeding (including, without
limitation, an action, suit, or proceeding by or in the right of the Employer), whether civil, criminal, administrative, investigative, or through arbitration. 
  

	13.9	Successors. The provisions of the Plan shall bind and inure to the benefit of the Plan Sponsor, the Employer and their successors and assigns and
the Participant and the Participant’s designated Beneficiaries. 

  

	13.10	Disclaimer. It is the Plan Sponsor’s intention that the Plan comply with the requirements of Code Section 409A. Neither the Plan Sponsor nor the
Employer shall have any liability to any Participant should any provision of the Plan fail to satisfy the requirements of Code Section 409A. 

  

	13.11	Governing Law. The Plan will be construed, administered and enforced according to the laws of the State specified by the Plan
Sponsor in Section 12.01 of the Adoption Agreement. 

  
 13-3

 ADOPTION AGREEMENT 

 

	1.01	PREAMBLE 

By the execution of this Adoption Agreement the Plan Sponsor 
 hereby [complete (a) or (b)] 
  

					
			
	(a)	  	x	  	adopts a new plan as of January 1, 2013
			
	(b)	  	 ̈	  	amends and restates its existing plan as of                      [month,
day, year] which is the Amendment Restatement Date. Except as otherwise provided in Appendix A, all amounts deferred under the Plan prior to the Amendment Restatement Date shall be governed by the terms of the Plan as in effect on the day before the
Amendment Restatement Date.
			
		  		  	Original Effective Date:                      [month, day,
year]
			
		  		  	Pre-409A
Grandfathering:     ̈  Yes     ̈  No

  

	1.02	PLAN 

 Plan Name:
Beam Executive Deferred Compensation Plan 
 Plan Year: December 31 

 

	1.03	PLAN SPONSOR 

  

			
	Name:	  	 Beam Inc.

	Address:	  	 510 Lake Cook Road, Deerfield IL, 60015

	Phone # :	  	 847-948-8888

	EIN:	  	 13-3295276

	Fiscal Yr:	  	 December 31

 Is stock of the Plan Sponsor, any Employer or any Related Employer publicly traded on an established
securities market? 
  

			
	x Yes	  	 ̈ No

  

					
		  	- 1 -	  	August 2007

	1.04	EMPLOYER 

 The
following entities have been authorized by the Plan Sponsor to participate in and have adopted the Plan (insert “Not Applicable” if none have been authorized): 

 

					
	 Entity
	 	
Publicly Traded on Est. Securities Market

	 	 	Yes	 	No
	 Beam Inc.
	 	x	 	 ̈
	 Beam Global Spirits & Wine Inc.
	 	 ̈	 	x
	 Jim Beam Brands Co.
	 	 ̈	 	x
	 Makers Mark Distillery, Inc.
	 	 ̈	 	x
	 Cruzan Viril LTD.
	 	 ̈	 	x
	  
	 	 ̈	 	 ̈

  

	1.05	ADMINISTRATOR 

 The
Plan Sponsor has designated the following party or parties to be responsible for the administration of the Plan: 
  

			
	Name:	  	 Beam Inc.

	Address:	  	 510 Lake Cook Road, Deerfield IL 60015

  

	 	Note:	The Administrator is the person or persons designated by the Plan Sponsor to be responsible for the administration of the Plan. Neither Fidelity Employer Services
Company nor any other Fidelity affiliate can be the Administrator. 

  

	1.06	KEY EMPLOYEE DETERMINATION DATES 

 The Employer has designated April 1st as the Identification Date for purposes of determining Key Employees. 

In the absence of a designation, the Identification Date is December 31. 

The Employer has designated
                     as the effective date for purposes of applying the six month delay in distributions to Key Employees. 

In the absence of a designation, the effective date is the first day of the fourth month following the Identification Date. 

  

					
		  	- 2 -	  	August, 2007

	2.01	PARTICIPATION 

  

							
	(a)	  	x	  	Employees [complete (i), (ii) or (iii)]
				
		  	(i)	  	 ̈	  	Eligible Employees are selected by the Employer.
				
		  	(ii)	  	x	  	Eligible Employees are those employees of the Employer who satisfy the following criteria:
				
		  		  		  	 U.S. GLT level and above

		  		  		  	            

		  		  		  	            

		  		  		  	            

		  		  		  	            

				
		  	(iii)	  	 ̈	  	Employees are not eligible to participate.
			
	(b)	  	 ̈	  	Directors [complete (i), (ii) or (iii)]
				
		  	(i)	  	 ̈	  	All Directors are eligible to participate.
				
		  	(ii)	  	 ̈	  	Only Directors selected by the Employer are eligible to participate.
				
		  	(iii)	  	x	  	Directors are not eligible to participate.

  

					
		  	- 3 -	  	August, 2007

	3.01	COMPENSATION 

 For
purposes of determining Participant contributions under Article 4 and Employer contributions under Article 5, Compensation shall be defined in the following manner [complete (a) or (b) and select (c) and/or (d), if applicable]:

  

					
	(a)	  	x	  	Compensation is defined as:
		  		  	 Base Salary

		  		  	 Annual Bonus

		  		  	  

		  		  	  

		  		  	  

		  		  	  

			
	(b)	  	 ̈	  	Compensation as defined in              [insert name of qualified plan] without regard to the limitation in
Section 401(a)(17) of the Code for such Plan Year.
			
	(c)	  	 ̈	  	Director Compensation is defined as:
		  		  	  

		  		  	  

		  		  	  

			
	(d)	  	 ̈	  	Compensation shall, for all Plan purposes, be limited to $            .
			
	(e)	  	 ̈	  	Not Applicable.

  

	3.02	BONUSES 

Compensation, as defined in Section 3.01 of the Adoption Agreement, includes the following type of bonuses that will be the subject
of a separate deferral election: 
  

					
	 Type
	 	 Will be treated as Performance

Based Compensation

	 	 	Yes	 	No
	 Annual Bonus
	 	 ̈	 	x
	  
	 	 ̈	 	 ̈
	  
	 	 ̈	 	 ̈
	  
	 	 ̈	 	 ̈
	  
	 	 ̈	 	 ̈

  

			
	 ̈	  	Not Applicable.

  

					
		  	- 4 -	  	August, 2007

	4.01	PARTICIPANT CONTRIBUTIONS 

 If Participant contributions are permitted, complete (a), (b), and (c). Otherwise complete (d). 
  

	 	(a)	Amount of Deferrals 

A Participant may elect within the period specified in Section 4.01(b) of the Adoption Agreement to defer the following amounts of
remuneration. For each type of remuneration listed, complete “dollar amount” and / or “percentage amount”. 
  

	 	(i)	Compensation Other than Bonuses [do not complete if you complete (iii)] 

  

																	
	 Type of Remuneration
	  	Dollar Amount	  	% Amount	 	 	Increment	 
	  	Min	  	Max	  	Min	 	 	Max	 	 
	 (a)    Base Salary
	  		  		  	 	1	% 	 	 	50	% 	 	 	1	% 
	 (b)
	  		  		  				 				 			
	 (c)
	  		  		  				 				 			

 Note: The increment is required to determine the permissible deferral amounts. For example, a minimum of
0% and maximum of 20% with a 5% increment would allow an individual to defer 0%, 5%, 10%, 15% or 20%. 
 (ii) Bonuses [do not
complete if you complete (iii)] 
  

																	
	 Type of Bonus
	  	Dollar Amount	  	% Amount	 	 	Increment	 
	  	Min	  	Max	  	Min	 	 	Max	 	 
	 (a)    Annual Bonus
	  		  		  	 	1	% 	 	 	80	% 	 	 	1	% 
	 (b)
	  		  		  				 				 			
	 (c)
	  		  		  				 				 			

  

	 	(iii)	Compensation [do not complete if you completed (i) and (ii)] 

  

									
	 Dollar Amount
	  	 % Amount
	  	 Increment

	 Min
	  	 Max
	  	 Min
	  	 Max
	  

  

	 	(iv)	Director Compensation 

  

											
	 Type of Compensation
	  	Dollar Amount	  	% Amount	  	Increment
	  	Min	  	Max	  	Min	  	Max	  
	 Annual Retainer
	  		  		  		  		  	
	 Meeting Fees
	  		  		  		  		  	
	 Other:
	  		  		  		  		  	
	 Other:
	  		  		  		  		  	

  

					
		  	- 5 -	  	August, 2007

	 	(b)	Election Period 

  

	 	(i)	Performance Based Compensation 

A special election period 
  

							
	   ̈	 	Does	    	x	 	Does Not

 apply to each eligible type of performance based compensation referenced in Section 3.02 of the
Adoption Agreement. 
 The special election period, if applicable, will be determined by the Employer. 

 

	 	(ii)	Newly Eligible Participants 

 An
employee who is classified or designated as an Eligible Employee during a Plan Year 
  

							
	   ̈	 	May	    	x	 	May Not

 elect to defer Compensation earned during the remainder of the Plan Year by completing a deferral
agreement within the 30 day period beginning on the date he is eligible to participate in the Plan. 
  

	 	(c)	Revocation of Deferral Agreement 

 A Participant’s deferral agreement 
  

	 	x	Will 

	 	 ̈	Will Not 

 be cancelled for the
remainder of any Plan Year during which he receives a hardship distribution of elective deferrals from a qualified cash or deferred arrangement maintained by the Employer to the extent necessary to satisfy the requirements of Reg. Sec.
1.401(k)-1(d)(3). If cancellation occurs, the Participant may resume participation in accordance with Article 4 of the Plan. 
  

	 	(d)	No Participant Contributions 

  

	 	 ̈	Participant contributions are not permitted under the Plan. 

  

					
		  	- 6 -	  	August, 2007

	5.01	EMPLOYER CONTRIBUTIONS 

 If Employer contributions are permitted, complete (a) and/or (b). Otherwise complete (c). 
  

	 	(a)	Matching Contributions 

  

	 	(i)	Amount 

 For each Plan Year, the
Employer shall make a Matching Contribution on behalf of each Participant who defers Compensation for the Plan Year and satisfies the requirements of Section 5.01(a)(ii) of the Adoption Agreement equal to [complete the ones that are
applicable]: 
  

									
	(A)	 	 ̈	 	             [insert percentage] of the Compensation the Participant has elected to defer for the Plan
Year
			
	(B)	 	 ̈	 	An amount determined by the Employer in its sole discretion
			
	(C)	 	 ̈	 	Matching Contributions for each Participant shall be limited to $             and/or
            % of Compensation.
					
	(D)	 	 ̈	 	Other:	 		 	
		 		 		 	  
	 	
		 		 		 	  
	 	
			
	(E)	 	x	 	Not Applicable [Proceed to Section 5.01(b)]

  

	 	(ii)	Eligibility for Matching Contribution 

 A Participant who defers Compensation for the Plan Year shall receive an allocation of Matching Contributions determined in accordance with Section 5.01(a)(i) provided he satisfies the following
requirements [complete the ones that are applicable]: 
  

									
	(A)	 	 ̈	 	Describe requirements:
		 		 	  
	 	
		 		 	  
	 	
			
	(B)	 	 ̈	 	Is selected by the Employer in its sole discretion to receive an allocation of Matching Contributions
			
	(C)	 	 ̈	 	No requirements

  

					
		  	- 7 -	  	August, 2007

	 	(iii)	Time of Allocation 

 Matching
Contributions, if made, shall be treated as allocated [select one]: 
  

									
	(A)	 	 ̈	  	As of the last day of the Plan Year
			
	(B)	 	 ̈	  	At such times as the Employer shall determine in it sole discretion
			
	(C)	 	 ̈	  	At the time the Compensation on account of which the Matching Contribution is being made would otherwise have been paid to the Participant
					
	(D)	 	 ̈	  	Other:	 		 	
		 		  	  
	 	
		 		  	  
	 	

  

	 	(b)	Other Contributions 

  

	 	(i)	Amount 

 The Employer shall make
a contribution on behalf of each Participant who satisfies the requirements of Section 5.01(b)(ii) equal to [complete the ones that are applicable]: 

 

									
	(A)	 	 ̈	  	An amount equal to            [insert number] % of the Participant’s Compensation
			
	(B)	 	x	  	An amount determined by the Employer in its sole discretion
			
	(C)	 	 ̈	  	Contributions for each Participant shall be limited to
$                    
					
	(D)	 	 ̈	  	Other:	 		 	
		 		  	  
	 	
		 		  	  
	 	
		 		  	  
	 	
			
	(E)	 	 ̈	  	Not Applicable [Proceed to Section 6.01]

  

					
		  	- 8 -	  	August, 2007

	 	(ii)	Eligibility for Other Contributions 

 A Participant shall receive an allocation of other Employer contributions determined in accordance with Section 5.01(b)(i) for the Plan Year if he satisfies the following requirements [complete the
one that is applicable]: 
  

									
	(A)	  	 ̈	 	Describe requirements:
		  		 	  
	 	
		  		 	  
	 	
			
	(B)	  	x	 	Is selected by the Employer in its sole discretion to receive an allocation of other Employer contributions
			
	(C)	  	 ̈	 	No requirements

  

	 	(iii)	Time of Allocation 

 Employer
contributions, if made, shall be treated as allocated [select one]: 
  

									
	(A)	  	 ̈	 	As of the last day of the Plan Year
			
	(B)	  	x	 	At such time or times as the Employer shall determine in its sole discretion
			
	(C)	  	 ̈	 	Other:
		  		 	  
	 	
		  		 	  
	 	
		  		 	  
	 	

  

	 	(c)	No Employer Contributions 

  

	 	 ̈	Employer contributions are not permitted under the Plan. 

  

					
		  	- 9 -	  	August, 2007

	6.01	DISTRIBUTIONS 

 The
timing and form of payment of distributions made from the Participant’s vested Account shall be made in accordance with the elections made in this Section 6.01 of the Adoption Agreement except when Section 9.6 of the Plan requires a
six month delay for certain distributions to Key Employees of publicly traded companies. 
  

	 	(a)	Timing of Distributions 

  

					
	(i)	  	All distributions shall commence in accordance with the following [choose one]:
			
		  	(A)    ̈	  	As soon as administratively feasible following the distribution event but in no event later than the time prescribed by Treas. Reg. Sec. 1.409A-3(d).
			
		  	(B)   x	  	Monthly on the fifteenth day of the month
			
		  	(C)    ̈	  	Annually on specified month and day            [insert month and day]
			
		  	(D)    ̈	  	Calendar quarter on specified month and day [          month of quarter (insert 1,2 or 3);
         day (insert day)]

  

							
	(ii)	  	The timing of distributions as determined in Section 6.01(a)(i) shall be modified by the adoption of:
			
		  	(A)    ̈	  	Event Delay – Distribution events other than those based on Specified Date or Specified Age will be treated as not having occurred for
           months [insert number of months].
			
		  	(B)    ̈	  	Hold Until Next Year – Distribution events other than those based on Specified Date or Specified Age will be treated as not having occurred for twelve months from
the date of the event if payment pursuant to Section 6.01(a)(i) will thereby occur in the next calendar year or on the first payment date in the next calendar year in all other cases.
			
		  	(C)    ̈	  	Immediate Processing – The timing method selected by the Plan Sponsor under Section 6.01(a)(i) shall be overridden for the following distribution events [insert
events]:
			
		  	  
	  	
		  		  	  
	  	
			
		  	(D)   x	  	Not applicable.

  

					
		  	- 10 -	  	August, 2007

	 	(b)	Distribution Events 

Participants may elect the following payment events and the associated form or forms of payment. If multiple events are selected, the
earliest to occur will trigger payment. For installments, insert the range of available periods (e.g., 5-15) or insert the periods available (e.g., 5,7,9). 
  

													
	 	  	 	  	 	  	 	  	Lump
Sum	  	Installments	 
						
		  	(i)	  	x	  	Specified Date	  	X	  	 	5 years	  
						
		  	(ii)	  	 ̈	  	Specified Age	  	 	  	 	           years	  
						
		  	(iii)	  	 ̈	  	Separation from Service	  	 	  	 	           years	  
						
		  	(iv)	  	 ̈	  	Separation from Service plus 6 months	  	 	  	 	           years	  
						
		  	(v)	  	 ̈	  	 Separation from Service plus             

months [not to exceed              months]
	  	 	  	 	           years	  
						
		  	(vi)	  	x	  	Retirement	  	X	  	 	5 years	  
						
		  	(vii)	  	 ̈	  	Retirement plus 6 months	  	 	  	 	           years	  
						
		  	(viii)	  	 ̈	  	 Retirement plus              months [not to

exceed              months]
	  	 	  	 	           years	  
						
		  	(ix)	  	 ̈	  	Disability	  	 	  	 	           years	  
						
		  	(x)	  	 ̈	  	Death	  	 	  	 	           years	  
						
		  	(xi)	  	 ̈	  	Change in Control	  	 	  	 	           years	  

 The minimum deferral period for Specified Date or Specified Age event shall be two years.

 Installments may be paid [select each that applies] 

 

					
		 	 ̈	  	Monthly
		 	 ̈	  	Quarterly
		 	x	  	Annually

 (c) Specified Date and Specified Age elections may not extend beyond age Not Applicable [insert age
or “Not Applicable” if no maximum age applies]. 

  

					
		  	- 11 -	  	August, 2007

	 	(d)	Payment Election Override 

Payment of the remaining vested balance of the Participant’s Account will automatically occur at the time specified in
Section 6.01(a) of the Adoption Agreement in the form indicated upon the earliest to occur of the following events [check each event that applies and for each event include only a single form of payment]: 

 

													
	 	 	 	  	 EVENTS
	  	 FORM OF PAYMENT

		 	 ̈	  	Separation from Service	  		  	Lump sum	  		  	Installments
		 	x	  	Separation from Service before Retirement	  	X            	  	Lump sum	  		  	Installments
		 	x	  	Death	  	X            	  	Lump sum	  		  	Installments
		 	x	  	Disability	  	X            	  	Lump sum	  		  	Installments
		 	 ̈	  	Not Applicable	  		  		  		  	

  

	 	(e)	Involuntary Cashouts 

  

					
		 	x	  	If the Participant’s vested Account at the time of his Separation from Service does not exceed $20,000 distribution of the vested Account shall automatically be made in the
form of a single lump sum in accordance with Section 9.5 of the Plan.
			
		 	 ̈	  	There are no involuntary cashouts.

  

	 	(f)	Retirement 

  

					
		 	x	  	Retirement shall be defined as a Separation from Service that occurs on or after the Participant [insert description of requirements]:
			
		 		  	 Attains age 55 with 5 years of service

		 		  	  

			
		 	 ̈	  	No special definition of Retirement applies.

  

					
		  	- 12 -	  	August, 2007

	 	(g)	Distribution Election Change 

 A
Participant 
  

					
		 	 ̈	  	Shall
		 	x	  	Shall Not

 be permitted to modify a scheduled distribution date and/or payment option in accordance with
Section 9.2 of the Plan. 
 A Participant shall generally be permitted to elect such modification
           number of times. 
 Administratively, allowable distribution
events will be modified to reflect all options necessary to fulfill the distribution change election provision. 
  

	 	(h)	Frequency of Elections 

 The Plan
Sponsor 
  

					
		 	x	  	Has
		 	 ̈	  	Has Not

 Elected to permit annual elections of a time and form of payment for amounts deferred under the Plan. If a
single election of a time and/or form of payment is required, the Participant will make such election at the time he first completes a deferral agreement which, in all cases, will be no later than the time required by Reg. Sec. 1.409A-2. 

  

					
		  	- 13 -	  	August, 2007

	 	7.01	VESTING 

  

	 	(a)	Matching Contributions 

The Participant’s vested interest in the amount credited to his Account attributable to Matching Contributions shall be based on the
following schedule: 
  

													
		 	 ̈	 	  	  	Years of Service	  	Vesting %	  		  	
		 				  	0	  		  	(insert ‘100’ if there is immediate vesting)
		 				  	1	  		  		  	
		 				  	2	  		  		  	
		 				  	3	  		  		  	
		 				  	4	  		  		  	
		 				  	5	  		  		  	
		 				  	6	  		  		  	
		 				  	7	  		  		  	
		 				  	8	  		  		  	
		 				  	9	  		  		  	
		 	 ̈	 	  	  	Other:	  	
		 				  	  
	  	
		 				  	  
	  	
				
		 	 ̈	 	  	  	Class year vesting applies.	  	
		 				  	  
	  	
					
		 	x	 	  	  	Not applicable.	  		  	

  

	 	(b)	Other Employer Contributions 

 The Participant’s vested interest in the amount credited to his Account attributable to Employer contributions other than Matching Contributions shall be based on the following schedule: 

 

											
		 	x	  	Years of Service	  	Vesting %	  		  	
		 		  	0	  	0	  	(insert ‘100’ if there is immediate vesting)
		 		  	1	  	0	  		  	
		 		  	2	  	0	  		  	
		 		  	3	  	100	  		  	
		 		  	4	  		  		  	
		 		  	5	  		  		  	
		 		  	6	  		  		  	
		 		  	7	  		  		  	
		 		  	8	  		  		  	
		 		  	9	  		  		  	
		 	 ̈	  	Other:	  	
				
		 		  	  
	  	
		 		  	  
	  	
				
		 	 ̈	  	Class year vesting applies.	  	
		 		  	  
	  	
				
		 	 ̈	  	Not applicable.	  	

  

					
		  	- 14 -	  	August, 2007

	 	(c)	Acceleration of Vesting 

A Participant’s vested interest in his Account will automatically be 100% upon the occurrence of the following events: [select the
ones that are applicable]: 
  

											
		  	(i)	  	x	  	Death
				
		  	(ii)	  	x	  	Disability
				
		  	(iii)	  	x	  	Change in Control
				
		  	(iv)	  	 ̈	  	Eligibility for Retirement
						
		  	(v)	  	 ̈	  	Other:	 	  
	  	
						
		  		  		  		 	  
	  	
					
		  	 (vi)
	  	 ̈	  	Not applicable.	  	

  

	 	(d)	Years of Service 

  

	 	(i)	A Participant’s Years of Service shall include all service performed for the Employer and 

 

					
		 	x	  	Shall
		 	 ̈	  	Shall Not

 include service performed for the Related Employer. 

 

	 	(ii)	Years of Service shall also include service performed for the following entities: 

 

			
		 	  

		 	  

		 	  

  

	 	(iii)	Years of Service shall be determined in accordance with (select one) 

  

							
		 	(A)	 	 ̈	  	The elapsed time method in Treas. Reg. Sec. 1.410(a)-7
				
		 	(B)	 	 ̈	  	The general method in DOL Reg. Sec. 2530.200b-1 through b-4
				
		 	(C)	 	 ̈	  	The Participant’s Years of Service credited under [insert name of
plan]                                        
                
				
		 	(D)	 	x	  	Other: Elapsed Time. Elapsed Time determined as all time with the Sponsor and its subsidiaries and affiliates, including any imputed service with an acquired entity,
measured from the employee’s date of hire until their termination of employment.

  

	 	(iv)	 ̈ Not applicable. 

  

					
		  	- 15 -	  	August, 2007

	8.01	UNFORESEEABLE EMERGENCY 

  

	 	(a)	A withdrawal due to an Unforeseeable Emergency as defined in Section 2.24: 

 

					
		 	 ̈	  	Will
		 	x	  	Will Not [if Unforeseeable Emergency withdrawals are not permitted, proceed to Section 9.01]

 be allowed. 
  

	 	(b)	Upon a withdrawal due to an Unforeseeable Emergency, a Participant’s deferral election for the remainder of the Plan Year: 

 

					
		 	 ̈	  	Will
		 	 ̈	  	Will Not

 be cancelled. If cancellation occurs, the Participant may resume participation in accordance with Article
4 of the Plan. 

  

					
		  	- 16 -	  	August, 2007

	9.01	INVESTMENT DECISIONS 

 Investment decisions regarding the hypothetical amounts credited to a Participant’s Account shall be made by [select one]: 

 

					
	(a)	 	x	  	The Participant or his Beneficiary
			
	(b)	 	 ̈	  	The Employer

  

					
		  	- 17 -	  	August, 2007

	10.01	TRUST  

 The
Employer [select one]: 
  

			
	x	  	Does
	 ̈	  	Does Not

 intend to establish a rabbi trust as provided in Article 11 of the Plan. 

  

					
		  	- 18 -	  	August, 2007

	11.01	TERMINATION UPON CHANGE IN CONTROL 

 The Plan Sponsor 
  

			
	x	  	Reserves
	 ̈	  	Does Not Reserve

 the right to terminate the Plan and distribute all vested amounts credited to Participant Accounts upon a
Change in Control as described in Section 9.7. 
  

	11.02	AUTOMATIC DISTRIBUTION UPON CHANGE IN CONTROL 

 Distribution of the remaining vested balance of each Participant’s Account 
  

			
	x	  	Shall
	 ̈	  	Shall Not

 automatically be paid as a lump sum payment upon the occurrence of a Change in Control as provided in
Section 9.7. 
  

	11.03	CHANGE IN CONTROL 

A Change in Control for Plan purposes includes the following [select each definition that applies]: 

(a)     ̈     Not Applicable. 

(b)    x     See Definition in Plan Document

  

					
		  	- 19 -	  	August, 2007

	12.01	GOVERNING STATE LAW 

The laws of Illinois shall apply in the administration of the Plan to the extent not preempted by ERISA. 

  

					
		  	- 20 -	  	August, 2007

 EXECUTION PAGE 
 The Plan Sponsor has caused this Adoption Agreement to be executed this                      day
of                     , 20            . 

 

			
	PLAN SPONSOR:	 	  

	By:	 	  

	Title:	 	  

  

					
		  	- 21 -	  	August 2007

 APPENDIX A 
 SPECIAL EFFECTIVE DATES 
 Not Applicable 

  

					
		  	- 22 -	  	August 2007

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