Document:

Exhibit 4.2

 

ARROW ELECTRONICS, INC.

 

as Issuer

 

and

 

U.S. BANK NATIONAL ASSOCIATION

 

as Trustee

 

 

 

2.950% Senior Notes due 2032

 

THIRD SUPPLEMENTAL INDENTURE

 

Dated as of December 1, 2021

 

to

 

INDENTURE

 

Dated as of June 1, 2017

 

 

 

    1

     

    

 

	Article One
	 
	DEFINITIONS
    AND OTHER PROVISIONS OF
	GENERAL
    APPLICATION
	 
	Section 1.1	 	Definitions	 	2
	 
	Article Two
	 
	SECURITIES
    FORMS
	 
	Section 2.1	 	Creation of the Notes; Designations	 	5
	Section 2.2	 	Forms Generally	 	5
	 
	Article Three
	 
	GENERAL
    TERMS AND CONDITIONS OF THE NOTES
	 
	Section 3.1	 	Title and Terms of Notes	 	6
	 
	Article Four
	 
	REDEMPTION
	 
	Section 4.1	 	Optional Redemption	 	7
	 
	Article Five
	 
	COVENANTS
	 
	Section 5.1	 	Limitations on Liens	 	9
	Section 5.2	 	Limitations on Sale and Lease-Back Transactions	 	10
	Section 5.3	 	Change of Control	 	11
	Section 5.4	 	Merger, Consolidation and Sale of Assets	 	12
	Section 5.5	 	Reports	 	14
	 
	Article Six
	 
	MISCELLANEOUS
	 
	Section 6.1	 	Effect of Third Supplemental Indenture	 	14
	Section 6.2	 	Effect of Headings	 	14
	Section 6.3	 	Successors and Assigns	 	14
	Section 6.4	 	Severability Clause	 	14
	Section 6.5	 	Benefits of Third Supplemental Indenture	 	14
	Section 6.6	 	Conflict	 	15
	Section 6.7	 	Governing Law	 	15
	Section 6.8	 	Trustee	 	15

 

    

     

    

 

THIRD SUPPLEMENTAL INDENTURE, dated as of December 1,
2021, between ARROW ELECTRONICS, INC., a New York corporation (hereinafter called the “Company”) and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as trustee (hereinafter called the “Trustee”).

 

RECITALS

 

WHEREAS, the Company and the Trustee entered into
an indenture, dated as of June 1, 2017 (the “Base Indenture”), pursuant to which notes of the Company may be
issued in one or more series from time to time;

 

WHEREAS, Section 801(7) of the Base Indenture
permits the forms and terms of the Securities of any series as permitted in Sections 201 and 301 to be established in an indenture supplemental
to the Base Indenture;

 

WHEREAS, Section 801 of the Base Indenture
provides that a supplemental indenture may be entered into by the Company and the Trustee without the consent of any Holders of the Securities,
for the purposes stated therein;

 

WHEREAS, the Company and the Trustee entered into
(i) the First Supplemental Indenture dated as of June 12, 2017 pursuant to which the Company issued its 3.875% Senior Notes
due 2028 and (ii) the Second Supplemental Indenture dated as of September 8, 2017 pursuant to which the Company issued its
3.250% Senior Notes due 2024.

 

WHEREAS, the Company has requested the Trustee to
join with it in the execution and delivery of this Third Supplemental Indenture dated as of December 1, 2021 (the “Third
Supplemental Indenture”), in order to supplement the Base Indenture by, among other things, establishing the forms and certain
terms of a series of Securities to be known as the Company’s “2.950% Senior Notes due 2032” (the “Notes”),
and adding certain provisions thereof for the benefit of the Holders of the Notes;

 

WHEREAS, the Company has furnished the Trustee with
a duly authorized and executed issuer order dated December 1, 2021 authorizing the issuance of the Notes, such issuer order sometimes
referred to herein as the “Authentication Order”;

 

WHEREAS, all things necessary to make this Third
Supplemental Indenture a valid, binding and enforceable agreement of the Company and the Trustee and a valid supplement to the Base Indenture
have been done; and

 

NOW, THEREFORE, BY THIS THIRD SUPPLEMENTAL INDENTURE,
WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Notes to be issued hereunder by Holders thereof, the Company and the Trustee mutually covenant and agree, for the equal
and proportionate benefit of the Holders from time to time of the Notes, as follows:

 

    

     

    

 

Article One

 

DEFINITIONS
AND OTHER PROVISIONS OF

GENERAL APPLICATION

 

Section 1.1        Definitions.

 

The Base Indenture together with this Third Supplemental
Indenture are hereinafter sometimes collectively referred to as the “Indenture.” For the avoidance of doubt, references
to any “Section” of the “Indenture” refer to such Section of the Base Indenture as supplemented and amended
by this Third Supplemental Indenture. All capitalized terms which are used herein and not otherwise defined herein are defined in the
Base Indenture and are used herein with the same meanings as in the Base Indenture. If a capitalized term is defined in the Base Indenture
and this Third Supplemental Indenture, the definition in this Third Supplemental Indenture shall apply to the Notes.

 

For all purposes of this Third Supplemental Indenture,
except as otherwise expressly provided or unless the context otherwise requires:

 

(1)            the
terms defined in this article have the meanings assigned to them in this article and include the plural as well as the singular;

 

(2)            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;

 

(3)            all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP in the United States, and, except
as otherwise herein expressly provided, the term “GAAP” with respect to any computation required or permitted hereunder
shall mean such accounting principles as are generally accepted at the date of such computation;

 

(4)            the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Third Supplemental
Indenture as a whole and not to any particular article, Section or other subdivision; and

 

(5)            all
references used herein to the male gender shall include the female gender.

 

“Attributable Debt” with respect
to any sale and lease-back transaction that is subject to Section 5.2, on any date as of which the amount thereof is to be determined,
the product of (a) the net proceeds from such sale and lease-back transaction multiplied by (b) a fraction, the numerator of
which is the number of full years of the term of the lease relating to the property involved in such sale and leaseback transaction (without
regard to any options to renew or extend such term) remaining on the date of the making of such computation and the denominator of which
is the number of full years of the term of such lease measured from the first day of such term.

 

“Base Indenture” has the meaning
set forth in the Recitals hereto.

 

    2

     

    

 

“Change of Control” means the
occurrence of any one of the following:

 

(a)            the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries taken as
a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company
or one of its Subsidiaries;

 

(b)            the
consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock, measured
by voting power rather than number of shares;

 

(c)            the
Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding Voting Stock
of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the
shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged
for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction; or

 

(d)            the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Ratings Event.

 

“Exempted Debt” means the sum,
without duplication, of the following items outstanding as of the date Exempted Debt is being determined: (i) indebtedness of the
Company and its Restricted Subsidiaries incurred after the Issue Date and secured by Liens created or assumed or permitted to exist pursuant
to Section 5.1(b) and (ii) Attributable Debt of the Company and its Restricted Subsidiaries in respect of all sale and
lease-back transactions with regard to any Principal Property entered into pursuant to Section 5.2(b).

 

“Funded Debt” means all indebtedness
for money borrowed, including purchase money indebtedness, having a maturity of more than one year from the date of its creation or having
a maturity of less than one year but by its terms being renewable or extendible, at the option of the obligor in respect thereof, beyond
one year from the date of its creation.

 

“Hedging Obligation” means, with
respect to any Person, the obligations of such Person under: (1) interest rate swap agreements (whether from fixed to floating or
from floating to fixed), interest rate cap agreements and interest rate collar agreements; (2) other agreements or arrangements
designed to manage interest rates or interest rate risk and (3) other agreements or arrangements designed to protect such person
against fluctuations in currency exchange rates or commodity prices, in each case, so long as such agreements or arrangements are of
the type customarily entered into in connection with and for the purpose of limiting risk.

 

    3

     

    

 

“Initial Notes” means the Company’s
2.950% Senior Notes due 2032 issued on the Issue Date.

 

“Interest Payment Date” with
respect to any Note means February 15 and August 15 of each year, commencing February 15, 2022, provided that if such
Interest Payment Date is not a Business Day, interest due on such Interest Payment Date shall be payable on the next succeeding Business
Day.

 

“Investment Grade” means a rating
of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); a rating of BBB- or better
by S&P (or its equivalent under any successor rating category of S&P); and the equivalent investment grade rating from any replacement
Rating Agency or Agencies appointed by the Company.

 

“Issue Date” means, in respect
of Initial Notes, December 1, 2021.

 

“Joint Venture” means any partnership,
corporation or other entity, in which up to and including 50% of the partnership interests, outstanding voting stock or other equity
interests is owned, directly or indirectly, by the Company and/or one or more of its Subsidiaries.

 

“Lien” means, with respect to
any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other type of preferential arrangement
that has the practical effect of creating a security interest, in respect of such asset. The Company or any Subsidiary shall be deemed
to own subject to a Lien any asset that it has acquired or holds subject to the interest of a vendor or lessor under any conditional
sale agreement, capital lease or other title retention agreement relating to such asset.

 

“Maturity Date” means February 15,
2032.

 

“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Notes” has the meaning set forth
in the Recitals hereto.

 

“Principal Property” means any
manufacturing or processing plant or warehouse owned at the Issue Date or hereafter acquired by the Company or any Subsidiary of the
Company which is located within the United States and the gross book value of which (including related land and improvements thereon
and all machinery and equipment without deduction of any depreciation reserves) on the date as of which the determination is being made
exceeds 2% of Consolidated Net Tangible Assets, other than (i) any such manufacturing or processing plant or warehouse or any portion
of the same (together with the land on which it is erected and fixtures that are a part of that land) which is financed by industrial
development bonds which are tax exempt pursuant to Section 103 of the Internal Revenue Code (or which receive similar tax treatment
under any subsequent amendments thereto or any successor laws thereof or under any other similar statute of the United States), (ii) any
property which in the opinion of the Company’s Board of Directors is not of material importance to the total business conducted
by the Company as an entirety, or (iii) any portion of a particular property which is similarly found not to be of material importance
to the use or operation of such property.

 

    4

     

    

 

“Rating Agency” means each of
Moody’s and S&P; provided, that if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of
the Notes publicly available, the Company shall appoint a replacement for such Rating Agency that is a “nationally recognized statistical
rating organization” within the meaning of Section 3(a)(62) of the Exchange Act.

 

“Ratings Event” means rating
of the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies
in any case on any day during the period (the “Trigger Period”) commencing on the earlier of (i) the consummation
of any Change of Control and (ii) the first public announcement by us of any Change of Control (or pending Change of Control) and
ending 60 days following consummation of such Change of Control (which Trigger Period shall be extended for so long as the rating of
the Notes is under publicly announced consideration for a possible downgrade by either of the Rating Agencies); provided that a Rating
Event shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event
for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly
announce or confirm or inform the Trustee in writing at our request that the reduction was the result, in whole or in part, of any event
or circumstance comprised of or arising as a result of, or in respect of, the Change of Control.

 

“S&P” means Standard &
Poor’s Financial Services, LLC, a subsidiary of S&P Global Inc., and its successors.

 

“Third Supplemental Indenture”
has the meaning set forth in the Recitals hereto.

 

Article Two

 

SECURITIES
FORMS

 

Section 2.1Creation
of the Notes; Designations.

 

In accordance with Section 301 of the Base
Indenture, the Company hereby creates the Notes as a series of its Notes issued pursuant to the Indenture. The Notes shall be known and
designated as the “2.950% Senior Notes due February 15, 2032” of the Company.

 

Section 2.2Forms
Generally.

 

The Notes and the Trustee’s certificate of
authentication shall be in the forms set forth in Exhibit I attached hereto, with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by the Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion
of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

 

The Notes shall be printed, lithographed or engraved
or produced by any combination of these methods or may be produced in any other manner, as determined by the officers of the Company
executing such Notes, as evidenced by their manual execution of such Notes.

 

    5

     

    

 

Article Three

 

GENERAL
TERMS AND CONDITIONS OF THE NOTES

 

Section 3.1Title
and Terms of Notes.

 

(a)            The
aggregate principal amount of Notes which shall be authenticated and delivered on the Issue Date under the Indenture shall be $500,000,000;
provided, however, that the Company from time to time, without giving notice to or seeking the consent of the Holders of the Notes, may
issue additional notes (the “Additional Notes”) in any amount having the same terms as the Notes in all respects,
except for the issue date, the issue price and the initial Interest Payment Date. Any such Additional Notes shall be authenticated by
the Trustee upon receipt of an Authentication Order to that effect, and when so authenticated, shall constitute “Notes”
for all purposes of the Indenture and shall (together with all other Notes issued under the Indenture) constitute a single series of
Notes under the Indenture; provided that if the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes,
as determined by the Company, the Additional Notes shall have a separate CUSIP number.

 

(b)            The
principal amount of the Notes is due and payable in full on February 15, 2032 unless earlier redeemed.

 

(c)            The
Notes shall bear interest at the rate of 2.950% per annum (computed on the basis of a 360-day year comprised of twelve 30-day months)
from the Issue Date or from the most recent Interest Payment Date on which interest has been paid or duly provided for to maturity or
early redemption; and interest shall be payable semi-annually in arrears on February 15 and August 15 of each year, commencing
February 15, 2022, to the Persons in whose name such Notes were registered at the close of business on the preceding February 1
or August 1, respectively.

 

(d)           Principal
of and interest on the Notes shall be payable in accordance with Sections 307 and 901 of the Base Indenture.

 

(e)           Other
than as provided in Article Four of this Third Supplemental Indenture, the Notes shall not be redeemable.

 

(f)           The
Notes shall not be entitled to the benefit of any mandatory redemption or sinking fund.

 

(g)           The
Notes shall not be convertible into any other securities.

 

(h)           The
Company initially appoints the Trustee as Security Registrar and Paying Agent with respect to the Notes until such time as the Trustee
has resigned or a successor has been appointed.

 

    6

     

    

 

(i)            The
Notes shall be issuable in the form of one or more Global Securities and the Depositary for such Global Security shall be the Depository
Trust Company.

 

(j)            The
Company shall pay principal of, premium, if any, and interest on the Notes in money of the United States of America that at the time
of payment is legal tender for payment of public and private debts.

 

(k)            A
Holder may transfer or exchange Notes only in accordance with the Indenture. Upon any transfer or exchange, the Security Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents. No service charge shall
be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection therewith.

 

Article Four

 

REDEMPTION

 

Section 4.1Optional
Redemption.

 

The Notes are redeemable in whole at any time or
in part from time to time, at the option of the Company, on any date prior to November 15, 2031 (the “Par Call Date”),
at a Redemption Price equal to the greater of:

 

		·	100% of the principal
                                            amount of the Notes to be redeemed; and

 

		·	the sum of the present
                                            values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
                                            that would have been payable in respect of such Notes, calculated as if the Stated Maturity
                                            of such Notes were the Par Call Date (not including any amount attributable to interest accrued
                                            as of the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming
                                            a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25
                                            basis points,

 

plus,
in each case, unpaid interest, if any, accrued thereon to, but not including, such Redemption Date. In addition, at any time on or after
the Par Call Date, the Notes are redeemable in whole at any time or in part from time to time, at the option of the Company, at a Redemption
Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued thereon to, but not including,
such Redemption Date.

 

For purposes of determining the Redemption Price,
the following definitions will apply:

 

“Comparable Treasury Issue” means
the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such
Notes (assuming, for this purpose, that the Notes matured on the Par Call Date).

 

    7

     

    

 

“Comparable Treasury Price” means,
with respect to any Redemption Date, (1) the average of five 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 five such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Independent Investment Banker”
means, with respect to any Redemption Date, one of the Reference Treasury Dealers appointed by the Company to act as “Independent
Investment Banker”; provided, however, that if such Reference Treasury Dealer ceases to be a Primary Treasury Dealer, the Company
shall substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer” means
each primary U.S. government securities dealer (a “Primary Treasury Dealer”) selected by the Company.

 

“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 at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption
Date.

 

“Treasury Rate” means, with respect
to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third Business Day
immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

The Company shall determine or cause to be determined
the Redemption Price of the Notes to be redeemed on any Redemption Date prior to the Par Call Date. The Company shall provide an Officer’s
Certificate to the Trustee at least two Business Days prior to the Redemption Date stating the Redemption Price applicable to the Notes
on the Redemption Date.

 

Article Five

 

COVENANTS

 

Holders of the Notes shall be entitled to the benefit
of all covenants in Article IX of the Base Indenture and the following additional covenants, which shall be deemed to be provisions
of the Base Indenture with respect to the Notes, provided that this Article Five shall not become a part of the terms of any other
series of Securities:

 

    8

     

    

 

Section 5.1Limitations
on Liens.

 

(a)            The
Company shall not, and shall not permit any Restricted Subsidiary to, create or incur any Lien that secures indebtedness for borrowed
money (including guarantees of indebtedness for borrowed money) on any shares of capital stock of a Restricted Subsidiary or any Principal
Property of the Company or a Restricted Subsidiary, whether such shares of capital stock of a Restricted Subsidiary or Principal Property
are owned at the Issue Date or acquired thereafter, unless the Company secures, or causes such Restricted Subsidiary to secure the Outstanding
Notes equally and ratably with (or at the Company’s option, prior to) all indebtedness secured by such Lien; provided, that any
Lien created for the benefit of the Holders of the Notes pursuant to this Section 5.1(a) shall be automatically and unconditionally
released and discharged upon release and discharge of such Lien securing indebtedness for borrowed money that resulted in the Lien on
the Outstanding Notes; provided, however, that this Section 5.1 shall not apply in the case of:

 

(i)            the
creation of any Lien on any shares of capital stock of a Subsidiary or any Principal Property acquired after the Issue Date (including
acquisitions by way of merger or consolidation) by the Company or a Restricted Subsidiary contemporaneously with such acquisition, or
within 180 days thereafter, to secure or provide for the payment or financing of any part of the purchase price thereof, or the assumption
of any Lien upon any shares of capital stock of a Subsidiary or any Principal Property acquired after the Issue Date existing at the
time of such acquisition, or the acquisition of any shares of capital stock of a Subsidiary or any Principal Property subject to any
Lien without the assumption thereof, provided that every such Lien referred to in this clause (i) shall attach only to the shares
of capital stock of a Subsidiary or any Principal Property so acquired and fixed improvements on that Principal Property;

 

(ii)            any
Lien on any shares of capital stock of a Subsidiary or any Principal Property existing on the Issue Date;

 

(iii)            any
Lien on any shares of capital stock of a Subsidiary or any Principal Property in favor of the Company or any Restricted Subsidiary;

 

(iv)            any
Lien on any Principal Property being constructed or improved securing indebtedness to finance the construction or improvements of that
property;

 

(v)            Liens
on current assets of the Company to secure indebtedness to the Company that mature within twelve months from the creation thereof and
that are made in the ordinary course of business;

 

(vi)            Liens
securing Hedging Obligations;

 

(vii)            Liens
resulting from the deposit of funds or evidences of indebtedness in trust for the purpose of defeasing indebtedness of the Company or
a Restricted Subsidiary; and

 

(viii)            any
renewal of, refinancing of or substitution for any Lien, permitted by any of the preceding clauses (i) through (vii), provided,
in the case of a Lien permitted under clause (i), (ii) or (iv), the indebtedness secured is not increased more than such amount
necessary to pay the fees and expenses, including premiums, related to such renewal, refinancing or substitution nor the Lien extended
to any additional assets.

 

    9

     

    

 

(b)            Notwithstanding
the provisions of paragraph (a) of this Section 5.1, the Company or any Restricted Subsidiary may create or assume Liens in
addition to those permitted by paragraph (a) of this Section, and renew, extend or replace such Liens, provided that at the time
of such creation, assumption, renewal, extension or replacement, and after giving effect thereto, Exempted Debt does not exceed 15% of
Consolidated Net Tangible Assets.

 

Section 5.2Limitations
on Sale and Lease-Back Transactions.

 

(a)            The
Company shall not and shall not permit any Restricted Subsidiary to, sell or transfer, directly or indirectly, except to the Company
or a Restricted Subsidiary, any Principal Property as an entirety, or any substantial portion thereof, with the intention of taking back
a lease of such property, except a lease for a period of three years or less at the end of which it is intended that the use of such
Principal Property by the lessee shall be discontinued; provided that, notwithstanding the foregoing, the Company or any Restricted Subsidiary
may sell any such Principal Property and lease it back for a longer period, if either:

 

(i)            the
Company or such applicable Restricted Subsidiary would be entitled, pursuant to the provisions of Section 5.1(a), to create a Lien
on the Principal Property to be leased securing Funded Debt in an amount equal to the Attributable Debt with respect to such sale and
lease-back transaction without equally and ratably securing the Outstanding Notes; or

 

(ii)            the
Company causes an amount equal to the fair value (as determined by Board Resolution of the Company) of such Principal Property to be
applied (1) to the purchase of other property that shall constitute Principal Property or (2) to the retirement, within 120
days after receipt of such proceeds of Funded Debt incurred or assumed by the Company or a Restricted Subsidiary (including the Notes);
provided, further, that, in lieu of applying all of or any part of such net proceeds to such retirement, the Company may, within 75 days
after such sale, deliver or cause to be delivered to the applicable trustee for cancellation either debentures or debt securities evidencing
Funded Debt of the Company (which may include the Notes) or of a Restricted Subsidiary previously authenticated and delivered by the
applicable trustee, and not yet tendered for sinking fund purposes or called for a sinking fund or otherwise applied as a credit against
an obligation to redeem or retire such debentures or debt securities, and an Officer’s Certificate (which shall be delivered to
the Trustee) stating that the Company elects to deliver or cause to be delivered such debentures or debt securities in lieu of retiring
Funded Debt of the Company or a Restricted Subsidiary. If the Company delivers debentures or debt securities to the applicable trustee
and the Company shall duly deliver such Officer’s Certificate, the amount of cash that the Company shall be required to apply to
the retirement of Funded Debt under this Section 5.2(a) shall be reduced by an amount equal to the aggregate of the then applicable
optional redemption prices (not including any optional sinking fund redemption prices) of such debentures or debt securities so delivered,
or, if there are no such redemption prices, the principal amount of such debentures or debt securities. If the applicable debentures
or debt securities provide for an amount less than the principal amount thereof to be due and payable upon a declaration of the maturity
thereof, such amount of cash shall be reduced by the amount of principal of such debentures or debt securities that would be due and
payable as of the date of such application upon a declaration of acceleration of the maturity thereof pursuant to the terms of the indenture
pursuant to which such debentures or debt securities were issued.

 

    10

     

    

 

(b)            Notwithstanding
the provisions of paragraph (a) of this Section 5.2, the Company or any Restricted Subsidiary may enter into sale and lease-back
transactions in addition to those permitted by paragraph (a) of this Section 5.2 without any obligation to retire any outstanding
debt securities or other Funded Debt, provided that at the time of entering into such sale and lease-back transactions and after giving
effect thereto, Exempted Debt does not exceed 15% of Consolidated Net Tangible Assets.

 

Section 5.3Change
of Control.

 

(a)            If
a Change of Control Triggering Event occurs, then, unless the Company has exercised its right to redeem the Notes pursuant to Sections
4.1 and 5.3(b), the Company shall be required to make an offer to each Holder of Notes to purchase (at the Holder’s option) all
or any part (equal to a minimum amount of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at
a purchase price in cash equal to 101% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the date
of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date); provided that after giving effect to the purchase, any Notes that remain outstanding shall have a minimum denomination of $2,000
and integral multiples of $1,000 in excess thereof.

 

(b)            Within
30 days following the date upon which the Change of Control Triggering Event has occurred or, at the Company’s option, prior to
any Change of Control (as defined below), but after the public announcement of the transaction that constitutes or may constitute the
Change of Control, except to the extent that the Company has exercised its right to redeem the Notes pursuant to Section 4.1, the
Company shall mail a notice (a “Change of Control Offer”) to each Holder of the Notes with a copy to the Trustee describing
the transaction or transactions that constitute or may constitute a Change of Control Triggering Event and offering to purchase Notes
on the date specified in the notice, which date shall be no earlier than 10 days nor later than 60 days from the date such notice is
delivered (other than as may be required by law) (such date, the “Change of Control Payment Date”). The notice shall,
if delivered prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the
Change of Control being consummated on or prior to the Change of Control Payment Date specified in the notice.

 

(c)            On
each Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)            accept
for payment all Notes or portions of the Notes properly tendered pursuant to the applicable Change of Control Offer;

 

(ii)            deposit
with the Paying Agent an amount equal to the change of control payment in respect of all Notes or portions of Notes properly tendered
pursuant to the applicable Change of Control Offer; and

 

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(iii)            deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased.

 

(d)            The
Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 of the Exchange Act and any other securities
laws or regulations in connection with the purchase of Notes pursuant to a Change of Control Triggering Event. To the extent that the
provisions of any securities laws or regulations conflict with the terms in this Section 5.3, the Company shall comply with the
applicable securities laws and regulations and shall not be deemed to have breached the Company’s obligations by virtue thereof.

 

(e)            Holders
of Notes electing to have Notes purchased pursuant to a Change of Control Offer shall be required to surrender their Notes, with the
form entitled “Option of Holder to Elect Purchase” attached hereto completed, to the Paying Agent at the address specified
in the notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying
Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date.

 

(f)            The
Company shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered
and not withdrawn under its offer. In addition, the Company shall not purchase any Notes if there has occurred and is continuing on the
Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the change of control
payment upon a Change of Control Triggering Event.

 

(g)            If
Holders of not less than 90% in aggregate principal amount of the Outstanding Notes validly tender and do not withdraw such Notes in
a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, as described in
this Section 5.3, purchases all of the Notes validly tendered and not withdrawn by such holders, all of the holders of the Notes
will be deemed to have consented to such offer and accordingly, the Company shall have the right, upon not less than 10 nor more than
60 days’ prior notice, given not more than 15 days following such purchase pursuant to the Change of Control Offer described in
this Section 5.3, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to 101%
of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption (subject to the right of Holders
of record on a record date to receive interest on the relevant Interest Payment Date).

 

Section 5.4Merger,
Consolidation and Sale of Assets.

 

(a)            The
Company shall not consolidate with, merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially
all of its property and assets (in one transaction or a series of related transactions) to, any Person (other than a consolidation with
or merger with or into a Subsidiary or a sale, conveyance, transfer, lease or other disposition to a Subsidiary) or permit any Person
to merge with or into the Company unless:

 

    12

     

    

 

(i)            either
(A) the Company shall be the continuing Person or (B) the Person formed by such consolidation or into which the Company is
merged or that acquired or leased such property and assets of the Company shall be a corporation organized and validly existing under
the laws of the United States of America or any jurisdiction thereof (or, any entity not organized under such laws which agrees (I) to
subject itself to the jurisdiction of the United States district court for the Southern District of New York, and (II) to indemnify
and hold harmless the Holders of all Notes against (y) any tax, assessment or governmental charge imposed on such Holders by a jurisdiction
other than the United States or any political subdivision or taxing authority thereof or therein with respect to, and withheld on the
making of, any payment of principal of or interest on such Notes and which would not have been so imposed and withheld had such consolidation,
merger, sale or conveyance not been made and (z) any tax, assessment or governmental charge imposed on or relating to, and any costs
or expenses involved in, such consolidation, merger, sale or conveyance) and shall expressly assume, by a supplemental indenture, executed
and delivered to the Trustee, all of the obligations of the Company under this Indenture and the Notes;

 

(ii)            immediately
after giving effect to such transaction, no Default or Event of Default under the Indenture shall have occurred and be continuing; and

 

(iii)            an
Officer’s Certificate and an Opinion of Counsel as to the matters set forth in the preceding clauses (i) and (ii) shall
have been delivered to the Trustee.

 

(b)            The
preceding paragraph (a) of this Section 5.4 shall not apply to:

 

(i)            the
merger or consolidation of the Company with an Affiliate, if the Board of Directors determines in good faith that the purpose of such
transaction is principally to change the Company’s state of incorporation or to convert the Company’s form of organization
to another form of organization; or

 

(ii)            the
merger or consolidation of the Company with or into a single direct or indirect wholly-owned Subsidiary pursuant to Section 905
(or any successor provision) of the Business Corporation Law of the State of New York.

 

(c)            Upon
any consolidation or merger, or any sale, conveyance, transfer, lease or other disposition of all or substantially all of the property
and assets of the Company in accordance with this Section 5.4, if there is a successor, such successor shall succeed to, and be
substituted for the Company and may exercise every right and power under the Indenture with the same effect as if such successor had
been named in place of the Company in the Indenture, and the Company shall (except in the case of a lease of all or substantially all
of property and assets of the Company) be discharged from all obligations and covenants under the Indenture and the Notes.

 

    13

     

    

 

Section 5.5Reports.

 

The Company covenants to file with the Trustee,
within 15 days after the Company is required to file the same with the Commission, copies of the annual reports and of the information,
documents, and other reports which the Company may he required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act. Delivery of such reports, information and documents to the Trustee is for informational purposes only, with the Trustee
having no duty or obligation to review such reports, information and documents, and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

Article Six

 

MISCELLANEOUS

 

Section 6.1Effect
of Third Supplemental Indenture.

 

(a)            This
Third Supplemental Indenture is a supplemental indenture within the meaning of Section 801 of the Base Indenture, and the Base Indenture
shall be read together with this Third Supplemental Indenture and shall have the same effect over the Notes, in the same manner as if
the provisions of the Base Indenture and this Third Supplemental Indenture were contained in the same instrument.

 

(b)            In
all other respects, the Base Indenture is confirmed by the parties hereto as supplemented by the terms of this Third Supplemental Indenture.

 

Section 6.2Effect
of Headings.

 

The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.

 

Section 6.3Successors
and Assigns.

 

All covenants and agreements in this Third Supplemental
Indenture by the Company, the Trustee and the Holders shall bind their successors and assigns, whether so expressed or not.

 

Section 6.4Severability
Clause.

 

In case any provision in this Third Supplemental
Indenture or in the Notes 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 6.5Benefits
of Third Supplemental Indenture.

 

Nothing in this Third Supplemental Indenture or
in the Notes, express or implied, shall give to any Person, other than the parties hereto, any benefit or any legal or equitable right,
remedy or claim under this Third Supplemental Indenture.

 

    14

     

    

 

Section 6.6Conflict.

 

In the event that there is a conflict or inconsistency
between the Base Indenture and this Third Supplemental Indenture, the provisions of this Third Supplemental Indenture shall control;
provided, however, if any provision hereof limits, qualifies or conflicts with another provision herein or in the Base Indenture, in
either case, which is required or deemed to be included in this Third Supplemental Indenture by any of the provisions of the Trust Indenture
Act, such required or deemed provision shall control.

 

Section 6.7Governing
Law.

 

THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS
OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AGREES
TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS THIRD
SUPPLEMENTAL INDENTURE OR THE NOTES.

 

Section 6.8Trustee.

 

The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals
contained herein, all of which are made solely by the Company.

 

This Third Supplemental Indenture may be executed
in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Third Supplemental
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third
Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes.
The words “execution,” “signed,” “signature,” and words of like import in this Third Supplemental
Indenture shall include images of manually executed signatures transmitted by facsimile, email or other electronic format (including,
without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation,
DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other
record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and
enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the
Uniform Commercial Code. Without limitation to the foregoing, and anything in this Third Supplemental Indenture to the contrary notwithstanding,
(a) any Officer’s Certificate, Authentication Order, Opinion of Counsel, Note, opinion of counsel, instrument, agreement or
other document delivered pursuant to this Third Supplemental Indenture may be executed, attested and transmitted by any of the foregoing
electronic means and formats, (b) all references in Section 303 of the Base Indenture, Section 2.2 of this Third Supplemental
Indenture or elsewhere in the Indenture to the execution, attestation or authentication of any Note or any certificate of authentication
appearing on or attached to any Note by means of a manual or facsimile signature shall be deemed to include signatures that are made
or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in this Indenture that any signature
be made under a corporate seal (or facsimile thereof) shall not be applicable to the Notes.

 

[Signature pages to follow]

 

    15

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Third Supplemental Indenture to be duly executed on the date and year first written above.

 

	 	ARROW ELECTRONICS, INC.
	 	 
	 	By:	/s/
    William Dakin
	 	 	Name:  William Dakin
	 	 	Title:  Vice President and Treasurer

 

[Signature page to
Third Supplemental Indenture]

 

    

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	By:	/s/ Michael W. McGuire
	 	 	Name: Michael W. McGuire
	 	 	Title: Vice President

 

[Signature page to Third Supplemental
Indenture]

 

    

     

    

 

Exhibit I

 

FORM OF GLOBAL NOTE

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF.

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
REFERRED TO HEREIN 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.

 

    		I-1	

     

    

 

ARROW ELECTRONICS, INC.

 

2.950% Senior Note Due February 15, 2032

 

		No.	__  	$[__________]

 

ARROW ELECTRONICS, INC., a New York corporation
(the “Company”), promises to pay to Cede & Co. or its registered assigns, the principal sum of [__________]
in U.S. Dollars on February 15, 2032.

	 	 	 	 	 
	Interest Payment Dates:	 	 	February 15 and August 15	 
	 	 	 	 	 
	Record Dates:	 	 	February 1 and August 1	 
	 	 	 	 	 

Additional provisions of this Note are set forth
on the other side of this Note.

 

    		I-2	

     

    

 

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

 

	 	ARROW ELECTRONICS, INC.
	 	 
	 	By	                            
	 	 	Name: [ ● ]
	 	 	Title: [ ● ]

 

[Authentication Page to Follow]

 

    		I-3	

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

Dated:

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	As Trustee
	 	 
	 	By	                        
	 	Authorized Signatory

 

    		I-4	

     

    

 

FORM OF REVERSE SIDE OF NOTE

 

2.950% Senior Note Due February 15, 2032

 

		1.	INTEREST

 

ARROW ELECTRONICS, INC., a Delaware corporation
(the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above.

 

The Company shall pay interest semi-annually in
arrears on February 15 and August 15 of each year commencing on February 15, 2022. Interest on the Notes shall accrue
from the most recent date to which interest has been paid or, if no interest has been paid, from December 1, 20211
with respect to this Note. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

		2.	METHOD OF PAYMENT

 

The Company shall pay interest (except defaulted
interest) on the Notes to the Persons who are registered Holders of Notes at the close of business on the February 1 and August 1
immediately preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment
date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal and interest in money
of the United States that at the time of payment is legal tender for payment of public and private debts. However, all payments in respect
of this Note (including principal, premium, if any, and interest) must be made by wire transfer of immediately available funds to the
accounts specified by the Holder hereof.

 

		3.	PAYING AGENT AND SECURITY REGISTRAR

 

Initially, U.S. BANK NATIONAL ASSOCIATION (the “Trustee”)
shall act as Paying Agent and Security Registrar. The Company may appoint and change any Paying Agent or Security Registrar without notice
to the Holders. The Company or any domestically organized Subsidiary may act as Paying Agent or Security Registrar.

 

		4.	INDENTURE

 

The Company issued the Notes under an indenture
dated as of June 1, 2017 (the “Base Indenture”), as amended by the Third Supplemental Indenture dated as of December 1,
2021 (the “Third Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in
the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement
of those terms.

 

 

 

		1	With respect
                                            to Initial Notes issued on the Closing Date.

 

    		I-5	

     

    

 

The Notes are unsecured senior obligations of the
Company. Subject to the conditions set forth in the Indenture, the Company may issue Additional Notes in an unlimited principal amount.
This Note is one of the Notes referred to in the Indenture. The Notes include the Initial Notes and the Additional Notes. The Initial
Notes and the Additional Notes are treated as a single class of Notes under the Indenture.

 

		5.	OPTIONAL REDEMPTION

 

The Notes are redeemable in whole at any time or
in part from time to time, at the option of the Company, on any date prior to November 15, 2031 (the “Par Call Date”),
at a Redemption Price equal to the greater of:

 

		·	100% of the principal
                                            amount of the Notes to be redeemed; and

 

		·	the sum of the present
                                            values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
                                            that would have been payable in respect of such Notes, calculated as if the stated maturity
                                            of such Notes were the Par Call Date (not including any amount attributable to interest accrued
                                            as of the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming
                                            a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25
                                            basis points,

 

plus,
in each case, unpaid interest, if any, accrued thereon to, but not including, such Redemption Date. In addition, at any time on or after
the Par Call Date, the Notes are redeemable in whole at any time or in part from time to time, at the option of the Company, at a Redemption
Price of 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued thereon to, but not including,
such Redemption Date.

 

		6.	NOTICES OF REDEMPTION

 

Notices of redemption shall be delivered at least
10 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address all in
accordance with the Indenture. Any notice to Holders of Notes of a redemption shall state, among other things, the redemption price (or
how the redemption price shall be calculated if not a fixed amount or subject to change) and date.

 

Notice of any redemption of Notes may, at the Company’s
discretion, be given subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction
that is pending (such as an equity or equity-linked offering, an incurrence of indebtedness or an acquisition or other strategic transaction
involving a change of control in us or another entity). If such redemption is so subject to satisfaction of one or more conditions precedent,
such notice shall describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall not
have been satisfied or otherwise waived on or prior to the business day immediately preceding the relevant redemption date.

 

The Company shall notify holders of any such rescission
as soon as practicable after it determines that such conditions precedent will not be able to be satisfied or it is not able or willing
to waive such conditions precedent, in each case subject to applicable procedures of DTC. Once notice of redemption is mailed or sent,
subject to the satisfaction of any conditions precedent provided in the notice of redemption, the Notes called for redemption will become
due and payable on the redemption date and at the applicable redemption price as set forth above.

 

    		I-6	

     

    

 

If any of such events fail to occur and are not
waived by the Company, the Company shall be under no obligation to redeem the Notes or pay the Holders any redemption proceeds and the
Company’s failure to redeem the Notes shall not be considered a default or an Event of Default. If less than all of the Notes are
to be redeemed at any time (other than pursuant to paragraph 5 above) the particular Notes to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Notes not previously called for redemption, consistent
with the procedures of DTC. On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption.

 

		7.	CHANGE OF CONTROL

 

If a Change of Control Triggering Event occurs,
then, unless the Company has exercised its right to redeem the Notes as described in paragraph 5 above, the Company shall be required
to make an offer to each Holder of Notes to purchase (at the Holder’s option) all or any part (equal to a minimum amount of $2,000
and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate
principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date); provided that after giving effect to the
purchase, any Notes that remain outstanding shall have a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof.

 

Any Change of Control Offer shall be made in accordance
with the terms specified in the Indenture.

 

		8.	DENOMINATIONS; TRANSFER; EXCHANGE

 

The Notes are in registered form without coupons
in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance
with the Indenture. Upon any transfer or exchange, the Security Registrar and the Trustee may require a Holder, among other things, to
furnish appropriate transfer documents and to pay any taxes required by law or permitted by the Indenture. The Security Registrar shall
not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business
15 calendar days before the day of any selection of Notes for redemption and ending at the close of business on the day of selection,
(B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a record date and the next succeeding
interest payment date.

 

		9.	PERSONS DEEMED OWNERS

 

The registered Holder of this Note may be treated
as the owner of it for all purposes.

 

    		I-7	

     

    

 

		10.	UNCLAIMED MONEY

 

If money for the payment of principal or interest
remains unclaimed for two years, the Paying Agent shall pay the money back to the Company at its request, or if then held by the Company
or a domestic Subsidiary, shall be discharged from such trust (unless an abandoned property law designates another Person for payment
thereof). After any such payment, Holders entitled to the money must look only to the Company for payment thereof, and all liability
of the Paying Agent with respect to such money, and all liability of the Company or such permitted Subsidiary as trustee thereof, shall
thereupon cease.

 

		11.	DISCHARGE AND DEFEASANCE

 

Subject to certain conditions set forth in the Indenture,
the Company at any time may terminate some or all of its obligations under the Indenture with respect to the Notes if, among other things,
the Company deposits with the Trustee funds for the payment of principal and interest on the Notes to redemption or maturity, as the
case may be.

 

		12.	AMENDMENT; WAIVER

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal
amount of the Notes at the time outstanding. The Indenture also contains provisions, with certain exceptions as therein provided, permitting
the Holders of a majority in principal amount of the Notes at the time outstanding, on behalf of the Holders of all such Notes, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences,
provided that all amounts owing to the Trustee have been paid. The Indenture also permits certain other amendments, modifications or
waivers thereof only with the consent of all affected Holders of the Notes, while certain other amendments or modifications may be made
without the consent of any Holders of Notes. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon
such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note. The right of any Holder of a Note (or such Holder’s
duly designated proxy) to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation
of the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall
have been the Holder of record of Notes as of a date set by the Company and identified by the Trustee in a notice furnished to Holders
of the Notes in accordance with the terms of the Indenture.

 

		13.	DEFAULTS AND REMEDIES

 

Events of Default are set forth in the Indenture.
If an Event of Default shall have occurred and be continuing, the Trustee or the Holders of at least 25% in principal amount of Outstanding
Notes may declare the principal of, premium, if any, and accrued interest on all the Notes to be due and payable by notice in writing
to the Company and, if given by the Holders, to the Trustee, specifying the respective Events of Default, and the same shall become immediately
due and payable.

 

    		I-8	

     

    

 

Holders may not enforce the Indenture or the Notes
except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security
reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default
in payment of principal, premium, if any, or interest) if and so long as a committee of its Trust Officers in good faith determines that
withholding notice is in the interest of the Holders.

 

		14.	TRUSTEE DEALINGS WITH THE COMPANY

 

Subject to certain limitations imposed by the Trust
Indenture Act, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and
may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or
its Affiliates with the same rights it would have if it were not Trustee.

 

		15.	NO
                                            PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS

 

No past, present or future director, officer, employee,
stockholder or incorporator, as such, of the Company or any successor corporation or any of the Company’s affiliates shall have
any personal liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of his, her or its status as such director, officer, employee, stockholder or incorporator. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes.

 

		16.	GOVERNING LAW

 

THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

		17.	AUTHENTICATION

 

This Note endorsed hereon shall not be valid until
an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side
of this Note.

 

		18.	ABBREVIATIONS

 

Customary abbreviations may be used in the name
of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights
of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

    		I-9	

     

    

 

		19.	CUSIP NUMBERS

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed
the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

 

The Company shall furnish to any Holder upon written
request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be
made to:

 

ARROW ELECTRONICS, INC.

9201 East Dry Creek Road, Centennial, Colorado
80112

Attention of Secretary

 

    		I-10	

     

    

 

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Print or type assignee’s name, address
and zip code)

 

(Insert assignee’s soc. sec. or tax I.D.
No.)

 

and
irrevocably appoint___________________agent to transfer this Note on the books of the Company. The
agent may substitute another to act for him.

 

	Date:	 	Your
                                            Signature:	 	 

 

	Signature Guarantee:	 
		(Signature must be guaranteed by a participant
    in a recognized signature guarantee medallion program)

 

Sign exactly as your name appears on the other side of this Note.

 

    		I-11	

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The following increases or decreases in this Global
Note have been made:

 

	Date of
    Exchange
	 	Amount of
    decrease in

    Principal Amount of

    this Global Note
	 	Amount of
    increase in

    Principal Amount of

    this Global Note
	 	Principal
    amount of this Global Note following such decrease or increase
	 	Signature
    of authorized signatory of Trustee or Notes Custodian

	 	 	 	 	 	 	 	 	 

 

    		I-12EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDED AND
RESTATED 
 ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT 

between 
 BRIDGETOWN 2
HOLDINGS LIMITED 
 PROPERTYGURU GROUP LIMITED 

BRIDGETOWN 2 LLC 
 and

 CONTINENTAL STOCK TRANSFER & TRUST COMPANY 

Dated December 1, 2021 

THIS AMENDED AND RESTATED ASSIGNMENT, ASSUMPTION AND AMENDMENT AGREEMENT (this “Agreement”), dated December 1,
2021, is made by and among Bridgetown 2 Holdings Limited, a Cayman Islands exempted company (the “Company”), PropertyGuru Group Limited, a Cayman Islands exempted company (“PubCo”), Bridgetown 2 LLC, a Cayman
Islands limited liability company (the “Sponsor”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”). Capitalized terms used but not defined herein
shall have the meanings ascribed to such terms in the Existing Warrant Agreement (as defined below). 
 WHEREAS, pursuant to the Warrant
Agreement (the “Existing Warrant Agreement”), dated January 25, 2021, entered into by and between the Company and the Sponsor, the Company issued 12,960,000 Private Placement Warrants to the Sponsor; 

WHEREAS, the Company, PubCo, the Sponsor and the Warrant Agent entered into an Assignment, Assumption and Amendment Agreement, dated
July 23, 2021 (the “Existing Warrant Amendment Agreement”); 
 WHEREAS, on July 23, 2021, the Company, PubCo,
PropertyGuru Pte. Ltd. (“PG”) and B2 PubCo Amalgamation Sub Pte. Ltd. (“Amalgamation Sub”) entered into a business combination agreement (as amended, modified or supplemented, from time to time, the
“Business Combination Agreement”); 
 WHEREAS, all of the Warrants are governed by the Existing Warrant Agreement; 

WHEREAS, pursuant to the Business Combination Agreement, (i) the Company will merge with and into PubCo, with PubCo surviving such merger
(the “Merger”), and as a result of the Merger, the holders of Ordinary Shares of the Company shall become holders of ordinary shares of PubCo (the “PubCo Ordinary Shares”) and (ii) Amalgamation Sub and PG will
amalgamate and continue as one company (the “Amalgamation”), with the Company being the surviving entity and becoming a wholly-owned Subsidiary of PubCo; 

WHEREAS, upon consummation of the Merger, as provided in Section 4.4 of the Existing Warrant Agreement, the Warrants
will no longer be exercisable for Ordinary Shares of the Company but instead will be exercisable (subject to the terms of the Existing Warrant Agreement as amended hereby) for PubCo Ordinary Shares; 

WHEREAS, the Board of the Company has determined that the consummation of the transactions contemplated by the Business Combination Agreement
will constitute a Business Combination (as defined in the Existing Warrant Agreement); 

 WHEREAS, in connection with the Merger, the Company desires to assign all of its right,
title and interest in the Existing Warrant Agreement to PubCo and PubCo wishes to accept such assignment; 
 WHEREAS,
Section 7.8 of the Existing Warrant Agreement provides that the holders of a majority of the then outstanding Private Placement Warrants and Working Capital Warrants may amend the Existing Warrant Agreement; 

WHEREAS, Sponsor is the holder of a majority of the outstanding Private Placement Warrants and no Working Capital Warrants are outstanding;
and 
 WHEREAS, the Parties wish to amend and restate the Existing Warrant Amendment Agreement in its entirety. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

 

	1.	 Assignment and Assumption; Consent. 

 

	1.1	 Assignment and Assumption. As of and with effect on and from the Merger Closing (as defined in the
Business Combination Agreement, the “Closing”): the Company hereby assigns to PubCo all of the Company’s right, title and interest in and to the Existing Warrant Agreement (as amended hereby); PubCo hereby assumes, and agrees
to pay, perform, satisfy and discharge in full, as the same become due, all of the Company’s liabilities and obligations under the Existing Warrant Agreement (as amended hereby) arising on, from and after the Closing. 

 

	1.2	 Consent. The Sponsor hereby consents to (i) the assignment of the Existing Warrant Agreement by the
Company to PubCo pursuant to Section 1.1 and the assumption of the Existing Warrant Agreement by PubCo from the Company pursuant to Section 1.1, in each case effective as of the Closing, and
(ii) the continuation of the Existing Warrant Agreement (as amended by this Agreement), in full force and effect from and after the Closing. 

  

	2.	 Amendment of Existing Warrant Agreement. 

Effective as of the Closing, the Company and the Sponsor hereby amend the Existing Warrant Agreement as provided in this
Section 2, and acknowledge and agree that the amendments to the Existing Warrant Agreement set forth in this Section 2 are to provide for the delivery of Alternative Issuance pursuant to
Section 4.4 of the Existing Warrant Agreement (in connection with the Merger and the transactions contemplated by the Business Combination Agreement). 

 

	2.1	 References to the “Company”. All references to the “Company” in the Existing Warrant
Agreement (including all Exhibits thereto) shall be references to PubCo. 

  

	2.2	 References to Ordinary Shares. All references to “Ordinary Shares” in the Existing Warrant
Agreement (including all Exhibits thereto) shall be references to PubCo Ordinary Shares. 

  

	2.3	 References to Business Combination. All references to “Business Combination” in the Existing
Warrant Agreement (including all Exhibits thereto) shall be references to the transactions contemplated by the Business Combination Agreement, and references to “the completion of the Business Combination” and all variations thereof in the
Existing Warrant Agreement (including all Exhibits thereto) shall be references to the Closing. 

  
 2 

	2.4	 Notice Clause. Section 7.2 of the Existing Warrant Agreement is hereby deleted
and replaced with the following: 

 “Notices. Any notice, statement or demand authorized by this Agreement to
be given or made by the Sponsor or by the holder of any Warrant to or on PubCo shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after
deposit of such notice, postage prepaid, addressed (until another address is filed in writing by PubCo with the Sponsor), as follows: 

PropertyGuru Group Limited 
 c/o
38/F Champion Tower 
 3 Garden Road, Central 

Hong Kong 
 Attention: Steve
Teichman; Derek Fong 
 Email: Steve.Teichman@pcg-group.com;
Derek.Fong@pcg-group.com with a copy 
 (which shall not constitute notice) to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

42/F, Edinburgh Tower, The Landmark 

15 Queen’s Road Central, Hong Kong 

	 	Attention:	 Jonathan B. Stone 

Rajeev P. Duggal 

	 	Email:	 jonathan.stone@skadden.com 

rajeev.duggal@skadden.com 
  

	3.	 Miscellaneous Provisions. 

 

	3.1	 Effectiveness of the Amended and Restated Amendment. Each of the parties hereto acknowledges and agrees
that the effectiveness of this Agreement shall be expressly subject to the occurrence of the Merger and substantially contemporaneous occurrence of the Merger Closing and shall automatically be terminated and shall be null and void if the Business
Combination Agreement shall be terminated for any reason. 

  

	3.2	 Amendment and Restatement of the Existing Warrant Amendment Agreement. Each of the parties hereto
acknowledges and agrees that the Existing Warrant Amendment Agreement shall be amended and restated in its entirety as set forth in this Agreement and shall be of no further force and effect. The Warrant Agent acknowledges and agrees that
(i) it has no rights or obligations with respect to the Existing Warrant Amendment Agreement and the subject matter thereof, (ii) it is party to this Agreement for the sole purpose of making such acknowledgment and agreement, and
(iii) it has no other rights under this Agreement. 

  

	3.3	 Successors. All the covenants and provisions of this Agreement by or for the benefit of PubCo, the
Company or the Sponsor shall bind and inure to the benefit of their respective successors and assigns. 

  

	3.4	 Applicable Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement
shall be governed in all respects by the laws of the State of New York. Subject to applicable law, each of PubCo and the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such
action, proceeding or claim. Each of PubCo and the Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not
apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. 

  
 3 

 Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be
deemed to have notice of and to have consented to the forum provisions in this Section 3.4. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court
located within the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to:
(x) the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the
forum provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such
warrant holder. 
  

	3.5	 Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by facsimile,
e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 

 

	3.6	 Effect of Headings. The section headings herein are for convenience only and are not part of this
Agreement and shall not affect the interpretation thereof. 

  

	3.7	 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any
term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there
shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written. 
  

			
	BRIDGETOWN 2 HOLDINGS LIMITED
		
	By:	 	/s/ Daniel Wong
		 	 Name: Daniel Wong
 Title:
Director

  

			
	PROPERTYGURU GROUP LIMITED
		
	By:	 	/s/ Daniel Wong
		 	 Name: Daniel Wong
 Title:
Director

  

			
	BRIDGETOWN 2 LLC
		
	By:	 	/s/ Daniel Wong
		 	 Name: Daniel Wong
 Title:
Manager

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	/s/ Stacy Aqui
		 	 Name: Stacy Aqui
 Title: Vice
President

  
 [Signature Page to
Amended and Restated Assignment, Assumption and Amendment Agreement]

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