Document:

Ninth Supplemental Indenture

 Exhibit 4.5 
 NINTH SUPPLEMENTAL INDENTURE 
 NINTH SUPPLEMENTAL
INDENTURE, effective as of December 9, 2011, by and among PETROBRAS INTERNATIONAL FINANCE COMPANY, an exempted company incorporated with limited liability under the laws of the Cayman Islands, having its principal office at 4th Floor, Harbour Place, 103 South Church Street, George Town, Grand
Cayman, Cayman Islands (the “Company”), PETRÓLEO BRASILEIRO S.A. – Petrobras, a mixed capital company (sociedade de economia mista) organized under the laws of Brazil, having its principal office at Avenida
República do Chile, 65, 20035-900 Rio de Janeiro – RJ, Brazil (“Petrobras”), THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee hereunder (the “Trustee”), THE BANK OF NEW YORK
MELLON, LONDON BRANCH, as principal paying agent hereunder (the “Principal Paying Agent”) and THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A., as Luxembourg Paying Agent (as defined below). 

W I T N E S S E T H: 

WHEREAS, the Company and the Trustee previously have entered into an indenture, dated as of December 15, 2006 (the
“Original Indenture”), as supplemented by this Ninth Supplemental Indenture, dated as of December 9, 2011 (the “Ninth Supplemental Indenture”, and together with the Original Indenture and any further
supplements thereto, the “Indenture”) providing for the issuance from time to time of debt securities and debt warrants of the Company to be issued in one or more series as provided in the Indenture; 

WHEREAS, Section 9.01 of the Original Indenture provides that, subsequent to the execution of the Original Indenture and
subject to satisfaction of certain conditions, the Company and the Trustee may enter into one or more indentures supplemental to the Original Indenture to add to, change or eliminate any of the provisions of the Original Indenture in respect of one
or more series of Securities (as defined in the Original Indenture); 
 WHEREAS, on the date hereof the Company intends
to issue pursuant to its Registration Statement on Form F-3 (File No. 333-163665-01) (the “Registration Statement”), dated December 11, 2009, the Prospectus Supplement dated December 1, 2011 and related Base
Prospectus dated December 11, 2009 (collectively, the “Offering Document”) and the Indenture, €600,000,000 of its 5.875% Global Notes due March 7, 2022, in the form attached as Exhibit A hereto (the
“Notes”), having the terms and conditions contemplated in the Offering Document as provided for in the Original Indenture, as supplemented by this Ninth Supplemental Indenture; 

WHEREAS, as contemplated in the Offering Document, Petrobras and the Trustee intend, in connection with the issuance of the Notes,
to enter into a guaranty, dated as of the date hereof in the form attached as Exhibit B hereto (the “Guaranty”), to provide for an unconditional and irrevocable guaranty of the Notes by Petrobras; 

WHEREAS, the Trustee has provided to the Company and Petrobras Statements of Eligibility under the Trust Indenture Act of 1939, as
amended, with respect to each of the Companies which have been filed as exhibits to the Registration Statement; 

  

 WHEREAS, the Company and Petrobras confirm that any and all conditions and
requirements necessary to make this Ninth Supplemental Indenture a valid, binding, and legal instrument in accordance with the terms of the Indenture have been performed and fulfilled and the execution and delivery of this Ninth Supplemental
Indenture has been in all respects duly authorized; 
 WHEREAS, pursuant to Section 9.01 of the Original Indenture,
the Trustee is authorized to execute and deliver this Ninth Supplemental Indenture; and 
 WHEREAS, the Company and
Petrobras have requested that the Trustee execute and deliver this Ninth Supplemental Indenture; 
 NOW, THEREFORE, for
and in consideration of the premises and the mutual covenants contained herein and in the Indenture and for other good and valuable consideration, the receipt and sufficiency of which are herein acknowledged, the Company, Petrobras, the Trustee, the
Principal Paying Agent and the Luxembourg Paying Agent hereby agree, for the equal and ratable benefit of all Holders, as follows: 
 ARTICLE 1 
 DEFINITIONS 

Section 1.01. Defined Terms. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms
in the Indenture, as supplemented and amended hereby. All definitions in the Original Indenture shall be read in a manner consistent with the terms of this Ninth Supplemental Indenture. 

Section 1.02. Additional Definitions. (a) For the benefit of the Holders of the Notes, Section 1.01 of the Original
Indenture shall be amended by adding the following new definitions: 
 “Bund Rate” means, as of any
Redemption Date, the rate per annum equal to the yield to maturity as of such Redemption Date of the Comparable German Bund Issue, assuming a price for the Comparable German Bund Issue (expressed as a percentage of its principal amount) equal to the
Comparable German Bund Price for such Redemption Date. 
 “Business Day” means each Target System Day.
With respect to notes in certificated form, the reference to Business Day will also mean a day on which banking institutions generally are open for business in the location of each office of a transfer agent, but only with respect to a payment or
other action to occur at that office. 
 “Closing Date” means December 9, 2011. 

“Comparable German Bund Issue” means the German Bundesanleihe security selected by the Independent German Bund
Investment Banker as having a fixed maturity most nearly equal to the remaining term of the series of Notes to be redeemed and that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues
of euro-denominated corporate debt securities in a principal amount approximately equal to the then outstanding principal amount of the Notes and of a maturity most nearly equal 

  
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to the remaining term of the Notes to be redeemed; provided, however, that, if the remaining term of the Notes to be redeemed is not equal to the fixed maturity of the German Bundesanleihe
security selected by such Reference German Bund Dealer, the Bund Rate shall be determined by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of German Bundesanleihe securities for which such yields are given,
except that if the remaining term of the Notes to be redeemed is less than one year, a fixed maturity of one year shall be used. 
 “Comparable German Bund Price” means, with respect to any Redemption Date, the average of all Reference German Bund Dealer Quotations for such date (which, in any event, must include at least
two such quotations), after excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Independent German Bund Investment Bank obtains fewer than four such Reference German Bund Dealer Quotations, the average of all
such quotations. 
 “Default Rate” has the meaning set forth in Section 2.01(f) herein.

 “Denomination Currency” has the meaning set forth in Section 2.03(c) herein. 

“euro” means the euro or such other lawful currency of the member states of the European Monetary Union that
have adopted or that will adopt the single currency in accordance with the Treaty Establishing the European Community, as amended by the Treaty on European Union, as at the time of payment shall be legal tender for the payment of public and private
debts. 
 “Euro Make Whole Amount” has the meaning set forth in Section 2.01(l) herein.

 “Independent German Bund Investment Banker” means one of the Reference German Bund Dealers appointed
by the Company. 
 “Interest Period” means the period beginning on an Interest Payment Date and ending
on the day before the next Interest Payment Date, except that the first Interest Period shall be the period beginning on the Closing Date and ending on the day before the next Interest Payment Date. 

“Judgment Currency” has the meaning set forth in Section 2.03(c) herein. 

“Lien” means any mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance on any
property or asset, including, without limitation, any equivalent created or arising under applicable law. 

“Luxembourg Paying Agent” means a paying agent with respect to the Notes located in Luxembourg that is selected
by the Company, which shall initially be The Bank of New York Mellon (Luxembourg) S.A.. 
 “Material
Subsidiary” means, as to any Person, any Subsidiary of such Person which, on any given date of determination, accounts for more than 10% of Petrobras’ total consolidated assets, as such total assets are set forth on the most recent
consolidated financial statements of Petrobras prepared in accordance with U.S. GAAP (or if Petrobras does not prepare financial statements in U.S. GAAP, consolidated financial statements prepared in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the International Accounting Standards Board (“IASB”)). 

  
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 “Offering Document” shall have the meaning set forth in the
recitals to this Ninth Supplemental Indenture. 
 “Payment Account” has the meaning set forth in
Section 2.01(h) herein. 
 “Permitted Lien” means a: 

(a) Lien arising by operation of law, such as merchants’, maritime or other similar Liens arising in the
Company’s ordinary course of business or that of any Subsidiary or Lien in respect of taxes, assessments or other governmental charges that are not yet delinquent or that are being contested in good faith by appropriate proceedings; 

(b) Lien arising from the Company’s obligations under performance bonds or surety bonds and appeal bonds or
similar obligations incurred in the ordinary course of business and consistent with the Company’s past practice; 
 (c) Lien arising in the ordinary course of business in connection with Indebtedness maturing not more than one year after the date on which such Indebtedness was originally incurred and which is
related to the financing of export, import or other trade transactions; 
 (d) Lien granted upon or with
respect to any assets hereafter acquired by the Company or any Subsidiary to secure the acquisition costs of such assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such assets, including any Lien
existing at the time of the acquisition of such assets as long as the maximum amount so secured shall not exceed the aggregate acquisition costs of all such assets or the aggregate Indebtedness incurred solely for the acquisition of such assets, as
the case may be; 
 (e) Lien granted in connection with the Indebtedness of a Wholly-Owned Subsidiary owing
to the Company or another Wholly-Owned Subsidiary; 
 (f) Lien existing on any asset or on any stock of any
Subsidiary prior to the acquisition thereof by the Company or any Subsidiary as long as such Lien is not created in anticipation of such acquisition; 
 (g) Lien existing as of the date of this Ninth Supplemental Indenture; 
 (h) Lien resulting from the Indenture or the Guaranty; 

(i) Lien incurred in connection with the issuance of debt or similar securities of a type comparable to those already
issued by the Company, on amounts of cash or cash equivalents on deposit in any reserve or similar account to pay interest on such securities for a period of up to 24 months as required by any Rating Agency as a condition to such Rating Agency
rating such securities investment grade or as is otherwise consistent with market conditions at such time, as such conditions are satisfactorily demonstrated to the Trustee; 

  
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 (j) Lien granted or incurred to secure any extension, renewal,
refinancing, refunding or exchange (or successive extensions, renewals, refinancings, refundings or exchanges), in whole or in part, of or for any Indebtedness secured by Lien referred to in paragraphs (a) through (i) above (but not
paragraph (c)), provided that such Lien does not extend to any other property, the principal amount of the Indebtedness secured by such Lien is not increased, and in the case of paragraphs (a), (b) and (f) the obligees meet the
requirements of such paragraphs; and 
 (k) Lien in respect of Indebtedness the principal amount of which in
the aggregate, together with all Liens not otherwise qualifying as the Company’s Permitted Liens pursuant to clauses (a) through (j) of this definition, does not exceed 15% of the Company’s consolidated total assets (as
determined in accordance with Reporting GAAP) at any date as at which the Company’s balance sheet is prepared and published in accordance with applicable Law. 

“Principal Paying Agent” means a paying agent with respect to the Notes located in London, England, which shall
initially be The Bank of New York Mellon, London Branch. 
 “Reference German Bund Dealer” means each
of Banco Santander S.A. and Deutsche Bank AG, London branch, or their affiliates, which are dealers of German Bundesanleihe securities and two other leading dealers of German Bundesanleihe securities reasonably designated by the Company; provided,
however, that if any of the foregoing shall cease to be a dealer of German Bundesanleihe securities, the Company will substitute therefor another dealer of German Bundesanleihe securities. 

“Reference German Bund Dealer Quotations” means, with respect to each Reference German Bund Dealer and any
Redemption Date, the average as determined by the Independent German Bund Investment Banker of the bid and offered prices for the Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent German Bund Investment Bank by such Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany, time on the third Business Day preceding the Redemption Date. 

“Regular Record Date” means one Business Day prior to any Interest Payment Date. 

“Reporting GAAP” means (i) generally accepted accounting principles in effect in the United States of
America applied on a basis consistent with the principles, methods, procedures and practices in effect from time to time or (ii) IFRS as adopted by the IASB as from the date the Guarantor adopts IFRS as its primary reporting or accounting
standard in its reports filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. 

  
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 “Target System Day” is any day in which the Trans-European
Automated Real Time Gross Settlement Express Transfer (TARGET2) System (or any successor thereto) is open for business and a day on which commercial banks are open for dealings in euro deposits in the London interbank market. 

ARTICLE 2 

TERMS OF THE NOTES 
 Section 2.01. General. In accordance with Section 3.01 of the Original Indenture, the following terms relating to the Notes are hereby established: 

(a) Title: The Notes shall constitute a series of Securities having the title “5.875% Global Notes due
2022”. 
 (b) Aggregate Amount: The aggregate principal amount of the Notes that may be initially
authenticated and delivered under this Ninth Supplemental Indenture shall be €600,000,000. As provided in the Original Indenture, the Company may, from time to time, without the consent of the Holders of Notes, issue Add On Notes having
identical terms (including ISIN and other relevant identifying characteristics as the Notes), so long as, on the date of issuance of such Add On Notes: (i) no Default or Event of Default shall have occurred and then be continuing, or shall
occur as a result of the issuance of such Add On Notes, (ii) such Add On Notes shall rank pari passu with the Notes and shall have identical terms, conditions and benefits as the Notes and be part of the same series as the Notes,
(iii) the Company and the Trustee shall have executed and delivered a further supplemental indenture to the Indenture providing for the issuance of such Add On Notes and reflecting such amendments to the Indenture as may be required to reflect
the increase in the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes, (iv) Petrobras shall have executed and delivered and the Trustee shall have acknowledged an amended Guaranty reflecting the increase in
the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes and (v) the Trustee shall have received all such opinions and other documents as it shall have requested, including an Opinion of Counsel stating that
such Add On Notes are authorized and permitted by the Indenture and all conditions precedent to the issuance of such Add On Notes have been complied with by the Company and Petrobras. All Add On Notes issued hereunder will, when issued, be
considered Notes for all purposes hereunder and will be subject to and take the benefit of all of the terms, conditions and provisions of this Indenture. 
 (c) Ranking: The Notes (including any Add On Notes) shall be general senior unsecured and unsubordinated obligations of the Company and shall at all times rank pari passu among themselves
and at least equal in right of payment with all of the Company’s other present and future unsecured and unsubordinated obligations from time to time outstanding that are not, by their terms, expressly subordinated in right of payment to the
Notes (other than obligations preferred by statute or by operation of law). 
 (d) Maturity: The entire
outstanding principal of the Notes shall be payable in a single installment on March 7, 2022 (the “Stated Maturity”). No payments in respect of the principal of the Notes shall be paid prior to the Stated Maturity except in the
case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal amount of the Notes, upon redemption prior to the Stated Maturity pursuant to Section 11.08 of the Original Indenture or pursuant to 2.01(l)
and (m) hereof. 

  
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 (e) Interest: Interest shall accrue on the Notes at the rate of
5.875% per annum until all required amounts due in respect of the Notes have been paid. All interest shall be paid by the Company to the Principal Paying Agent and distributed by the Principal Paying Agent in accordance with this Indenture
annually in arrears on March 7 of each year during which any portion of the Notes shall be Outstanding (each, an “Interest Payment Date”), commencing on March 7, 2012, and will initially accrue from the date of issuance
and thereafter from the last Interest Payment Date to which interest has been paid. Interest shall be paid to the Person in whose name a Note is registered at the close of business on the preceding Regular Record Date (which shall mean, with respect
to any payment to be made on an Interest Payment Date, the Business Day preceding the relevant Interest Payment Date). Where interest is required to be calculated in respect of a period which is equal to or shorter than an Interest Period, it shall
be calculated on the basis of a 365-day year or a 366-day year, as applicable, and the actual number of days elapsed in the relevant period, from and including the date from which interest begins to accrue to but excluding the date on which it falls
due, divided by the actual number of calendar days in the Interest Period in which the relevant period falls (including the first such calendar day but excluding the last). As provided in the Original Indenture, (i) payment of principal and
interest and other amounts on the Notes will be made at the Corporate Trust Office of the Principal Paying Agent in London, or such other paying agent office in London as the Company appoints, in the form provided for in Section 10.08 of the
Original Indenture, (ii) all such payments to the Principal Paying Agent shall be made by the Company by depositing immediately available funds in euros by 12:00PM (London time) one Business Day prior to the relevant Interest Payment Date to
the Payment Account and (iii) so long as any of the Notes remain Outstanding, the Company shall maintain a paying agent in London. 
 (f) Default Rate: Upon the occurrence and during the continuation of an Event of Default, (i) interest on the outstanding principal amount of the Notes shall accrue on the Notes at a rate
equal to 0.5% per annum above the interest rate on the Notes at that time (the “Default Rate”) and (ii) to the fullest extent permitted by law, interest shall accrue on the amount of any interest, fee, Additional Amounts,
or other amount payable under the Indenture and the Notes that is not paid when due, from the date such amount was due until such amount shall be paid in full, excluding the date of such payment, at the Default Rate. 

(g) Payment Account: On the Closing Date, the Trustee shall establish (and shall promptly notify the Company of the
establishment of such account, including the relevant account numbers and other relevant identifying details) and, until the Notes and all accounts due in respect thereof have been paid in full, the Trustee shall maintain the special purpose
non-interest bearing trust account established pursuant to this Ninth Supplemental Indenture (the “Payment Account”) into which all payments required to be made by the Company under or with respect to the Notes shall be deposited.
The Company agrees that the Payment Account shall be maintained in the name of the Trustee and under its sole dominion and control (acting on behalf of the Holders of the Notes) and used solely to make payments of principal, interest and other
amounts from time to time due and owing on, or with respect to, the Notes. No funds contained in the Payment Account shall be used for any other purpose or in any manner not expressly provided for herein nor shall the Company or any other Person
have an interest therein or 

  
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amounts on deposit therein. All amounts on deposit in the Payment Account on any Interest Payment Date after the Trustee has paid all amounts due and owing to the holders of the Notes as of such
Interest Payment Date shall be retained in the Payment Account and used by the Trustee to pay any amounts due and owing to the Holders of the Notes on the next succeeding Interest Payment Date. 

(h) Form and Denomination: The Notes shall be issuable in whole in the registered form of one or more Global Notes
(without coupons), in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof, and shall be transferable in integral multiples of €100,000 and integral multiples of €1,000 in excess thereof and the
Depository for such Global Notes shall be The Bank of New York Depositary (Nominees) Limited, as common depositary for Clearstream and Euroclear. 
 (i) Guaranty: The Notes shall have the benefit of the Guaranty in the manner provided in Article 3 of this Ninth Supplemental Indenture. 

(j) Rating: The Notes can be issued without the requirement that they have any rating from a nationally recognized
statistical rating organization. 
 (k) Optional Early Redemption. The Notes are subject to redemption at
the Company’s option before the Stated Maturity in whole or in part, upon not less than 30 but no more than 60 days’ notice, at a Redemption Price equal to the greater of (A) 100% of the principal amount of such Notes and (B) the
sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the date of redemption) discounted to the Redemption Date on an annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Bund Rate plus 55 basis points (the “Euro Make Whole Amount”), plus in each case, accrued interest on the principal amount of such Notes to (but not including) the date of redemption. 

(l) Early Redemption Solely for Tax Reasons. Pursuant to Section 11.08 of the Original Indenture, the Notes
may be redeemed at the option of the Company, in whole but not in part, at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if as a result of any change in or amendment to
the laws or regulations or ruling promulgated thereunder of the jurisdiction in which the Company is incorporated (or, in the case of a successor Person to the Company, of the jurisdiction in which such successor Person is organized or any political
subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such laws, regulations or rulings, or any change in the official application of or interpretation of, or any execution of or amendment
to, any treaty or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction or political subdivision or taxing authority) is a party, which change, execution or amendment
becomes effective on or after the date hereof (or in the case of a successor Person to the Company, the date on which such successor Person became such pursuant to Section 8.01 and 8.02 of the Original Indenture), the Company would be required
to pay Additional Amounts pursuant to Section 10.10 of the Original Indenture. For purposes of Section 11.08 of the Original Indenture, the reincorporation of the Company shall be treated as the adoption of a successor entity, provided,
however, that redemption under Section 11.08 of the Original Indenture shall not be available if the 

  
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reincorporation was performed in anticipation of a change in, execution of or amendment to any laws or treaties or the official application or interpretation of any laws or treaties of such new
jurisdiction of incorporation that would result in an obligation to pay Additional Amounts. 
 (m)
Conversion: The Notes will not be convertible into, or exchangeable for, any other securities. 
 (n)
Determination of Notes Outstanding. For the purposes of the definition of “Outstanding” in Section 1.01 of the Original Indenture only, the U.S. dollar equivalent of the principal amount of Notes issued on the Closing Date
shall be determined by converting such principal amount of Notes into U.S. dollars at the cross exchange rate of 0.7493, the cross exchange rate for the purchase of U.S. dollars on December 8, 2011 as published in Bloomberg in the
“Currency” section. 
 (o) Luxembourg Stock Exchange Listing. The Company shall maintain a
Luxembourg Paying Agent if and for so long as the Notes are admitted to listing on the Official List of the Luxembourg Stock Exchange and trading on the Euro MTF market of the Luxembourg Stock Exchange and for so long as the Luxembourg Stock
Exchange so requires. The Company may vary such appointment and will notify the Luxembourg Stock Exchange of such change of appointment. For so long as any Notes are represented by Global Notes, all notices to holders of the Notes will be delivered
to Euroclear and Clearstream in accordance with their applicable policies as in effect from time to time. In addition, if and for so long as the Notes are listed on the official list of the Luxembourg Stock Exchange and trading on the Euro MTF
market of the Luxembourg Stock Exchange, and the rules of the stock exchange so require, the Company shall publish notices with respect to the Notes on the website of the Luxembourg Stock Exchange. Such notices will be deemed to have been given on
the date of such publication. 
 Section 2.02. Amendments to Article Five Relating to Events of Default.
(a) Restated Events of Default: As it applies to the Notes, Section 5.01 of the Original Indenture shall be amended to read in its entirety as follows: 
 “Section 5.01 Events of Default 
 “Event of
Default,” wherever used herein with respect to the Notes, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 1. The Company shall fail to make any payment in respect of principal on any of the Notes whether on the Stated Maturity, upon redemption or prior to the Maturity or otherwise in accordance with the terms
of the Notes and this Indenture, non-payment of which shall continue for a period of three calendar days and the Trustee shall not have otherwise received such amounts from Petrobras under the Guaranty, or otherwise by the end of such three calendar
day period; 

  
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 2. The Company shall fail to make any payment in respect of any interest or
other amounts due on or with respect to the Notes (including Additional Amounts, if any) in accordance with the terms of the Notes and this Indenture, non-payment of which shall continue for a period of 30 calendar days and the Trustee shall not
have otherwise received such amounts from Petrobras under the Guaranty, or otherwise by the end of such 30 calendar day period; 
 3. The Company or Petrobras shall fail to perform, or breach, any term, covenant, agreement or obligation contained in this Indenture or the Guaranty and such failure (other than any failure to make any
payment under the Guaranty, for which there is no cure) is either incapable of remedy or continues for a period of 60 calendar days (inclusive of any time frame contained in any such term, covenant, agreement or obligation for compliance thereunder)
after there has been received by the Company or Petrobras from the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; 
 4. The maturity of any
Indebtedness of the Company, Petrobras or any Material Subsidiary in a total aggregate principal amount of U.S.$150,000,000 (or its equivalent in another currency), or more is accelerated in accordance with the terms of that Indebtedness, it being
understood that prepayment or redemption by the Company, Petrobras or the relevant Material Subsidiary of any Indebtedness is not acceleration for this purpose; 
 5. One or more final and non-appealable judgments or final decrees is entered against the Company, Petrobras or any Material Subsidiary thereof involving in the aggregate a liability (not theretofore paid
or covered by insurance) of U.S.$150,000,000 (or its equivalent in another currency) or more, and all such judgments or final decrees shall not have been vacated, discharged or stayed within 120 calendar days after the rendering thereof; 

6. The Company, Petrobras or any Material Subsidiary thereof stops payment of, or is generally unable to pay, its debts as
and when they become due except (i) as is otherwise expressly provided under this Indenture or the Guaranty, or (ii) in the case of a winding-up, dissolution or liquidation for the purpose of and followed by a consolidation, merger,
conveyance or transfer, the terms of which shall have been approved by a resolution of a meeting of the Holders; 

7. Proceedings are initiated against the Company, Petrobras or any Material Subsidiary thereof under any applicable
bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to, debtors, and any such proceeding is not dismissed or stayed within 90 days after the
entering of such proceeding, or an administrator, receiver, trustee, manager, fiduciary, statutory manager, intervener or assignee for the benefit of creditors (or other similar official) is appointed to take possession or control of, or a distress,
execution, attachment or sequestration or other process is levied, enforced upon, sued out or put in force against, all or any material part of the undertaking, property, assets or revenues of the Company, Petrobras or any Material Subsidiary
thereof and is not discharged or removed within 90 days; 

  
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 8. The Company, Petrobras or any Material Subsidiary thereof commences
voluntarily or consents to judicial, administrative or other proceedings relating to it under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of,
or relating to, debtors, or makes or enters into any composition, concordata or other similar arrangement with its creditors, or appoints or applies for the appointment of an administrator, receiver, trustee, manager, fiduciary, statutory
manager, intervener or assignee for the benefit of creditors (or other similar official) to take possession or control of the whole or any material part of its undertaking, property, assets or revenues, or takes any judicial, administrative or other
similar proceeding under any law for a readjustment or deferment of its Indebtedness or any part of it; 
 9. An
effective resolution is passed for, or any authorized action is taken by any court of competent jurisdiction, directing the winding-up, dissolution or liquidation of the Company, Petrobras or any Material Subsidiary thereof (other than in any of the
circumstances referred to as exceptions in paragraph (6) above); 
 10. Any event occurs that under the laws
of any relevant jurisdiction has substantially the same effect as any of the events referred to in any of paragraphs (6), (7), (8) or (9) of this Section 5.01; 

11. This Indenture, the Notes, the Guaranty or any part thereof shall cease to be in full force and effect or binding and
enforceable against the Company or Petrobras, it becomes unlawful for the Company or Petrobras to perform any material obligation under this Indenture, the Notes or the Guaranty, or the Company or Petrobras shall contest the enforceability of this
Indenture, the Notes or the Guaranty or deny that it has liability under this Indenture, the Notes or the Guaranty; 
 12. Petrobras fails to retain at least 51% direct or indirect ownership of the outstanding voting and economic interests (equity or otherwise) of and in the Company.” 

Section 2.03. Amendments to Article 10 Relating to Covenants. 

(a) Statement of Officers as to Default and Notices of Events of Default: As it applies to the Notes,
Section 10.05 of the Original Indenture shall be amended by deleting the second sentence in its entirety and replacing it with the following: 
 “Within 30 calendar days (or promptly with respect to Events of Default pursuant to Sections 5.01(4), 5.01(5), 5.01(6), 5.01(7), 5.01(8), 5.01(9) and 5.01(10) hereunder and in any event no later than
30 calendar days) after the Company becomes aware or should reasonably become aware of the occurrence of an Event of Default pursuant to Section 5.01 hereunder, the Company shall provide notice to the Trustee of such occurrence, accompanied by
an Officer’s Certificate of the Company setting forth the details thereof.” 

  
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 (b) Maintenance of Corporate Existence: As it applies to the Notes,
Section 10.02 of the Original Indenture shall be replaced with the following: 
 “The Company will
(i) maintain in effect its corporate existence and all registrations necessary therefor except as otherwise permitted by Article VIII and (ii) take all reasonable actions to maintain all rights, privileges, titles to property, franchises,
concessions and the like necessary or desirable in the normal conduct of its business, activities or operations; provided, however, that this Section 10.02 shall not require the Company to maintain any such right, privilege, title to property
or franchise, if the Company’s Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company, and that the loss thereof is not disadvantageous in any material respect to
the Holders.” 
 (c) Additional Covenants Applicable to the Notes: As it applies to the Notes,
Article 10 of the Original Indenture shall be amended to include the following: 
 “Section 10.11 Use of Proceeds.

 The Company will use the proceeds from the offer and sale of the Notes after the deduction of any commissions principally for
general corporate purposes and to finance Petrobras’ planned capital expenditure under its 2011-2015 Business Plan while maintaining an adequate capital structure and staying within Petrobras’ targeted financial leverage ratios in
accordance with its 2011-2015 Business Plan. 
 Section 10.12 Negative Pledge 

So long as any Note remains Outstanding, the Company will not create or permit any Lien, other than a Permitted Lien, on any of the
Company’s assets to secure (a) any of the Company’s Indebtedness or (b) the Indebtedness of any other Person, unless the Company contemporaneously creates or permits such Lien to secure equally and ratably the Company’s
obligations under the Notes and this Indenture or the Company provides such other security for the Notes as is duly approved by a resolution of the Holders of the Notes in accordance with this Indenture. In addition, the Company will not allow any
of the Company’s Material Subsidiaries to create or permit any Lien, other than a Permitted Lien, on any of its assets to secure (a) any of the Company’s Indebtedness, (b) any of its own Indebtedness or (c) the Indebtedness
of any other Person, unless it contemporaneously creates or permits the Lien to secure equally and ratably the Company’s obligations under the Notes and this Indenture or the Company provides such other security for the Notes as is duly
approved by a resolution of the Holders of the Notes in accordance with the Indenture. 
 Section 10.13 Currency Rate
Indemnity. (a) The Company shall (to the extent lawful) indemnify the Trustee and the Holders of the Notes and keep them indemnified against: 
 (i) in the case of nonpayment by the Company of any amount due to the Trustee, on behalf of the Holders of the Notes, under the Indenture any loss or damage incurred by any of them arising by reason of
any variation between the rates of exchange used for the purposes of calculating the amount due under a judgment or order in respect thereof and those prevailing at the date of actual payment by the Company; and 

  
 12 

 (ii) any deficiency arising or resulting from any variation in rates of
exchange between (i) the date as of which the local currency equivalent of the amounts due or contingently due under the Indenture or in respect of the Notes is calculated for the purposes of any bankruptcy, insolvency or liquidation of the
Company, and (ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be increased or reduced by any variation in rates of exchange occurring
between the said final date and the date of any bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith. 
 (b) The Company agrees that, if a judgment or order given or made by any court for the payment of any amount in respect of its obligations hereunder is expressed in a currency (the “Judgment
Currency”) other than euros (the “Denomination Currency”), it will indemnify the relevant Holder and the Trustee against any deficiency arising or resulting from any variation in rates of exchange between the date at which
the amount in the Denomination Currency is notionally converted into the amount in the Judgment Currency for the purposes of such judgment or order and the date of actual payment thereof. 

(c) The above indemnities shall constitute separate and independent obligations of the Company from its obligations under
the Indenture, will give rise to separate and independent causes of action, will apply irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment or the filing of any proof or
proofs in any bankruptcy, insolvency or liquidation of the Company for a liquidated sum or sums in respect of amounts due under the Indenture or the Notes.” 
 Section 2.04. Application of the Article of the Indenture Regarding Defeasance and Covenant Defeasance. The provisions of Sections 14.01, 14.02 and 14.03 of the Original Indenture shall apply
to the Notes. 
 ARTICLE 3 
 GUARANTY 
 Section 3.01. Execution. The Trustee is hereby authorized
and directed to acknowledge the Guaranty and to perform all of its duties and obligations thereunder. 
 Section 3.02.
Enforcement. The Trustee shall enforce the provisions of the Guaranty against Petrobras in accordance with the terms thereof and the terms of the Indenture and Petrobras, by execution of this Ninth Supplemental Indenture, and by so agreeing
to become a party to the Indenture, agrees that each Holder of the Notes shall have direct rights under the Guaranty as if it were a party thereto. 

  
 13 

 Section 3.03. Petrobras hereby (i) acknowledges and agrees to be bound by the
provisions of Section 1.08 of the Original Indenture and (ii) confirms that (A) its obligations under the Guaranty shall be issued pursuant to the Indenture and (B) it intends for the Holders of the Notes, in addition to those
rights under the Guaranty as provided therein, to be entitled to the benefits of the Indenture with respect to their rights against Petrobras under the Guaranty. 
 Section 3.04. Definition of the Term “Securities.” For all purposes relating to the Notes, the term “Securities” in Section 1.01 of the Original Indenture shall be
amended by inserting the following at the end thereof: “All references herein to any Securities shall be deemed to include the rights of the Holder thereof under any guaranty arrangement entered into by Petrobras with the Trustee in connection
with the issuance of such Securities pursuant to Section 3.14 hereof, which are an integral part of such Securities.” 

Section 3.05. Taxes; Additional Amounts. For the avoidance of doubt, the Company’s obligations to pay any indemnity with
respect to taxes, including the obligation to pay Additional Amounts pursuant to Section 10.10 of the Original Indenture, shall extend to any payments made by Petrobras pursuant to the Guaranty. 

ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Effect of the Ninth Supplemental Indenture. This Ninth Supplemental Indenture supplements the Indenture and
shall be a part, and subject to all the terms, thereof. The Original Indenture, as supplemented and amended by this Ninth Supplemental Indenture, is in all respects ratified and confirmed, and the Original Indenture and this Ninth Supplemental
Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Ninth Supplemental Indenture supersede any conflicting provisions included in the Original Indenture unless not permitted by law. The
provisions of this Ninth Supplemental Indenture are intended to apply solely to the Notes and the Holders thereof and shall not apply to any future issuance of securities by the Company (other than any Add On Notes as provided herein) and all
references to provisions of the Original Indenture herein amended and restated or otherwise modified shall have effect solely with respect to the Notes contemplated in this Ninth Supplemental Indenture. The Trustee accepts the trusts created by the
Original Indenture, as supplemented by this Ninth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Original Indenture, as supplemented by this Ninth Supplemental Indenture. 

Section 4.02. Governing Law. This Ninth Supplemental Indenture shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 Section 4.03. Trustee Makes No Representation. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Ninth Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and Petrobras. 

Section 4.04. Effect of Headings. The section headings herein are for convenience only and shall not affect the construction
of this Ninth Supplemental Indenture. 

  
 14 

 Section 4.05. Counterparts. The parties may sign any number of copies of this
Ninth Supplemental Indenture. Each signed copy shall be an original, but all of them shall represent the same agreement. 

Section 4.06. Additional Trustee Provisions. 

(a) The permissive rights of the Trustee enumerated herein shall not be construed as duties. 

(b) In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(c) Notwithstanding anything herein to the contrary neither the Trustee nor any of its the agents shall incur any
liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Trustee or its respective agent, as applicable, (including but not limited to any act or
provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, fire, riot, strikes or work stoppages for any reason, embargos,
government action or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 
 (d) The rights, privileges, immunities and benefits given to the Trustee, including without limitation, its right to be indemnified, are extended to and shall be enforceable by, the Trustee in each of its
capacities hereunder, and to each agent, custodian and other person employed by the Trustee to act hereunder. 

Section 4.07. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE NOTES. 
 [SIGNATURE PAGE TO FOLLOW IMMEDIATELY] 

  
 15 

 IN WITNESS WHEREOF, the parties have caused this Ninth Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	PETROBRAS INTERNATIONAL FINANCE COMPANY
		
	By:	 	/s/ Sérvio Túlio da R. Tinoco
		 	Name: Sérvio Túlio da R. Tinoco
		 	Title: Chief Financial Officer
	
	PETRÓLEO BRASILEIRO S.A. – PETROBRAS
		
	By:	 	/s/ Arthur Costa da Silva
		 	Name: Arthur Costa da Silva
		 	Title: International Capital Markets Coordinator
	
	WITNESSES:
		
	1.    	 	/s/ Mauricio Piragibe C. Faria
		
		 	Name: Mauricio Piragibe C. Faria
		
	2.	 	/s/ Gustavo Luchese Unfer
		
		 	Name: Gustavo Luchese Unfer

  
 Ninth
Supplemental Indenture 

 
			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	/s/ John T. Needham, Jr.
		 	Name: John T. Needham, Jr.
		 	Title:   Vice President
	
	WITNESSES:
		
	1.    	 	/s/ Teisha Wright
		 	Name: Teisha Wright
		
	2.	 	/s/ Erica Walker
		 	Name: Erica Walker

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss:
	COUNTY OF NEW YORK	  	)	  	

 On this 9th day of December 2011, before me, a notary public within and for said county, personally
appeared John T. Needham, Jr., to me personally known, who being duly sworn, did say that he is a Vice President of The Bank of New York Mellon, one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said entity. 
 On this 9th day of December 2011, before me personally came Teisha
Wright and Erica Walker to me personally known, who being duly sworn, did say that they signed their names to the foregoing instrument as witnesses. 
 [Notarial Seal] 

	
	
	/s/ Emily Fayan
	Notary Public
	COMMISSION EXPIRES

 
			
	THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Principal Paying Agent
		
	By:	 	/s/ John T. Needham, Jr.
		 	Name: John T. Needham, Jr.
		 	Title:   Vice President
	
	WITNESSES:
		
	1.    	 	/s/ Teisha Wright
		 	Name: Teisha Wright
		
	2.	 	/s/ Erica Walker
		 	Name: Erica Walker

  
 Eighth
Supplemental Indenture 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss:
	COUNTY OF NEW YORK	  	)	  	

 On this 9th day of December 2011, before me, a notary public within and for said county, personally
appeared John T. Needham, Jr., to me personally known, who being duly sworn, did say that he is a Vice President of The Bank of New York Mellon, London Branch, one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said entity. 
 On this 9th day of December 2011, before me
personally came Teisha Wright and Erica Walker to me personally known, who being duly sworn, did say that they signed their names to the foregoing instrument as witnesses. 
 [Notarial Seal] 

	
	
	/s/ Emily Fayan
	Notary Public
	COMMISSION EXPIRES

 
			
	THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A., as Luxembourg Paying Agent
		
	By:	 	/s/ John T. Needham, Jr.
		 	Name: John T. Needham, Jr.
		 	Title:   Attorney-in-Fact
	
	WITNESSES:
		
	1.    	 	/s/ Teisha Wright
		 	Name: Teisha Wright
		
	2.	 	/s/ Erica Walker
		 	Name: Erica Walker

  
 Eighth
Supplemental Indenture 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss:
	COUNTY OF NEW YORK	  	)	  	

 On this 9th day of December 2011, before me, a notary public within and for said county, personally
appeared John T. Needham, Jr., to me personally known, who being duly sworn, did say that he is an Attorney-in-Fact of The Bank of New York Mellon (Luxembourg) S.A., one of the persons described in and which executed the foregoing instrument, and
acknowledges said instrument to be the free act and deed of said entity. 
 On this 9th day of December 2011, before me
personally came Teisha Wright and Erica Walker to me personally known, who being duly sworn, did say that they signed their names to the foregoing instrument as witnesses. 
 [Notarial Seal] 

	
	
	/s/ Emily Fayan
	Notary Public
	COMMISSION EXPIRES

 Exhibit A 

Form of 5.875% Global Note due 2022 
 GLOBAL NOTE 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, AS THE COMMON DEPOSITORY (THE “COMMON DEPOSITORY”) FOR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME AND EUROCLEAR BANK S.A./N.V..
THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITORY, TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK AS COMMON DEPOSITARY, OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
DEPOSITARY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN INTEREST HEREIN. 

 PETROBRAS INTERNATIONAL FINANCE COMPANY 

5.875% GLOBAL NOTES DUE 2022 
 No. 
 ISIN No.: XS0716979595 
 Common Code: 071697959 
 Principal Amount: €600,000,000 

Initial Issuance Date: December 9, 2011 
 This Note is one of a duly authorized issue of notes of PETROBRAS INTERNATIONAL FINANCE COMPANY, an exempted company with limited liability organized under the laws of the Cayman Islands (the
“Issuer”), designated as its 5.875% Global Notes Due 2022 (the “Notes”), issued in an initial aggregate principal amount of SIX HUNDRED MILLION EUROS (€600,000,000) under the Ninth Supplemental Indenture
(the “Ninth Supplemental Indenture”), effective as of December 9, 2011, by and among the Issuer, Petróleo Brasileiro S.A. – Petrobras, a mixed capital company (sociedade de economia mista) organized under the
laws of Brazil (“Petrobras”), The Bank of New York Mellon, a New York banking corporation, as Trustee (the “Trustee”), The Bank of New York Mellon, London Branch, as principal paying agent and The Bank of New York
Mellon (Luxembourg) S.A., as Luxembourg Paying Agent, to the Indenture, dated as of December 15, 2006 (the “Original Indenture”, and as supplemented by the Ninth Supplemental Indenture and any further supplements thereto with
respect to the Notes, the “Indenture”), by and among the Issuer and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of interests, benefits, obligations and duties
thereunder of the Issuer, the Trustee and the Holders, and of the terms upon which the Notes are, and are to be, authenticated and delivered. All capitalized terms used in this Note which are defined in the Indenture and not otherwise defined herein
shall have the meanings assigned to them in the Indenture. 
 The Issuer, for value received, hereby promises to pay to The Bank
of New York Depositary (Nominee) Limited, or its registered assigns, as common depositary for Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”), and as the
Holder of record of this Note, the principal amount specified above in euros on March 7, 2022 (or earlier as provided for in the Indenture) upon presentation and surrender hereof, at the office or agency of the Trustee referred to below.

 As provided for in the Indenture, the Issuer promises to pay interest on the outstanding principal amount hereof, from the
Closing Date, annually on March 7 of each year, (each such date, an “Interest Payment Date”), commencing March 7, 2012, at a rate equal to 5.875% per annum, and will initially accrue from the date of issuance and
thereafter from the last Interest Payment Date to which interest has been paid. Interest payable, and punctually paid or duly provided for, on this Note on any Interest Payment Date will, as provided in the Indenture, be paid in euros to the Person
in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Business Day preceding such interest payment. 

 Payment of the principal of and interest on this Note will be payable by wire transfer to a
euros account maintained by the Holder of this Note as reflected in the Security Register of the Trustee. In the event the date for any payment of the principal of or interest on any Note is not a Business Day, then payment will be made on the next
Business Day with the same force and effect as if made on the nominal date of any such date for such payment and no additional interest will accrue on such payment as a result of such payment being made on the next succeeding Business Day. Interest
shall accrue on the Notes at the rate of 5.875% per annum until all required amounts due in respect of the Notes have been paid. Where interest is required to be calculated in respect of a period which is equal to or shorter than an Interest
Period, it shall be calculated on the basis of a 365-day year or a 366-day year, as applicable, and the actual number of days elapsed in the relevant period, from and including the date from which interest begins to accrue to but excluding the date
on which it falls due, divided by the actual number of calendar days in the Interest Period in which the relevant period falls (including the first such calendar day but excluding the last). 

The Notes are subject to redemption by the Issuer on the terms and conditions specified in the Indenture. 

This Note does not purport to summarize the Indenture, and reference is made to the Indenture for information with respect to the
respective rights, limitations of interests, benefits, obligations and duties thereunder of the Issuer, the Trustee and the Holders. 
 If an Event of Default shall occur and be continuing, the outstanding principal amount of all the Notes may become or may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 Modifications of the Indenture may be made by the Issuer and the Trustee only to the extent and in the
circumstances permitted by the Indenture. 
 The Notes shall be issued only in fully registered form, without coupons. Notes
shall be issued in the form of beneficial interests in one or more global securities in denominations of €100,000 and integral multiples of €1,000 in excess thereof. 
 Prior to and at the time of due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name this Note is
registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Issuer, the Trustee nor any agent thereof shall be affected by notice to the contrary. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 Unless the certificate of authentication hereon has been duly executed by the Trustee by
manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
 THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 
  

			
	PETROBRAS INTERNATIONAL FINANCE COMPANY
		
	By 	 	 
		 	Name:
		 	Title:

  

			
	WITNESSES:
		
	1.    	 	 
		 	Name:
		
	2.    	 	 
		 	Name:

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	ss:
	COUNTY OF NEW YORK	  	)	  	

 On this      day of December 2011, before me, a notary public within and for
said county, personally appeared                     , to me personally known, who being duly sworn, did say that
     is the Attorney-in-Fact of Petrobras International Finance Company, a corporation described in and which executed the foregoing instrument and acknowledges said instrument to be the free act and deed of said entity.

 On this      day of December 2011, before me personally came
                     and
                     to me personally known, who being duly sworn, did say that they signed their names to the foregoing instrument as
witnesses. 
 [Notarial Seal] 

	
	
	  
	Notary Public
	COMMISSION EXPIRES

 CERTIFICATE OF AUTHENTICATION 

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

Dated: December     , 2011 

 

			
	The Bank of New York Mellon As Trustee
		
	By:	 	 
		 	Name:
		 	Title: Authorized Officer

 ASSIGNMENT FORM 
 For value received 
 hereby sells, assigns and transfers unto 

(Please insert social security or 
 other
identifying number of assignee) 
 (Please print or type name and address, 
 including zip code, of assignee:) 
 the within Note and does hereby irrevocably constitute and
appoint Attorney to transfer the Note on the books of the Note Registrar with full power of substitution in the premises. 
  

							
	Date:	 		 	Your Signature:
				
		 		 		 	
		 		 		 	(Sign exactly as your name appears on the face of this Note)

 Exhibit B 

[Form of Guaranty]Amended and Restated Stock Purchase Agreement

 Exhibit 10.1 
 OPTIMUMBANK HOLDINGS, INC. 
 Amended and Restated Stock Purchase
Agreement 
 THIS AMENDED AND RESTATED STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into
as of December 5, 2011 by and between OPTIMUMBANK HOLDINGS, INC., a Florida corporation (the “Company”), and MOISHE GUBIN (the “Investor”). 

RECITALS 

A. The Company and the Investor have previously entered into a Stock Purchase Agreement dated as of October 25, 2011 (the
“Original Purchase Agreement”), pursuant to which the Company agreed to sell to the Investor, and the Investor agreed to purchase from the Company, 6,750,000 shares (the “Shares”) of the Company’s common stock, par
value $0.01 per share (the “Common Stock”), at a price of $0.40 per Share (the “Per Share Price”). 
 B. The Company and the Investor have agreed to amend and restate the terms of the Original Purchase Agreement in order to provide the parties additional time in which to obtain all necessary approvals for
the sale of the Shares, and to make certain other changes agreed by the parties. 
 C. The Board of Directors of the Company
(the “Company Board”) has deemed it in the best interests of the Company and its shareholders that the Company to amend and restate the terms of the Original Purchase Agreement on the terms set forth in this Agreement. 

NOW, THEREFORE, the parties hereby agree amend and restate the terms of the Original Purchase Agreement in its entirety as
follows: 
  

	1.	Sale and Purchase of Shares. 

 Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the respective parties contained herein, the Company agrees to sell to the Investor, and
the Investor irrevocably agrees to purchase from the Company, 6,750,000 shares of the common stock (the “Common Stock”) of the Company (the “Shares”) at the price of $0.40 per Share (the
“Transaction”). 
  

	2.	Closing. 

 2.1
Closing. 
 (a) The closing of the sale to the Investor, and the purchase by the Investor, of the Shares (the
“Closing”) shall occur on the second business day after the satisfaction or waiver (by the party entitled to grant such waiver) of the conditions to the Closing set forth in this Agreement (other than those conditions that by their
nature are to be satisfied at the Closing, but subject to fulfillment or waiver of those conditions), at the offices of the Company located at 2477 East Commercial Boulevard, Fort Lauderdale, FL 33308, or such other date or location as agreed by the
parties. The date of the Closing is referred to as the “Closing Date.” 
 (b) Subject to the satisfaction or
waiver on the Closing Date of the applicable conditions to the Closing, at the Closing, 
 (i) the Company will deliver to the
Investor a certificate representing the number of Shares to be issued; and 
 (ii) the Investor will pay $2,700,000 for the
Shares to the Company. 

	3.	Conditions Precedent to The Investor’s Obligations. 

 3.1 Conditions Precedent The Investor’s obligation to purchase the Shares is subject to the fulfillment (or waiver by the Investor), prior to or at the time of the Closing, of the following
conditions: 
 (a) Representations and Warranties. The representations and warranties of the Company contained in this
Agreement shall be true and correct in all material respects when made and at the time of the Closing, except as affected by the consummation of the transactions contemplated by this Agreement. 

(b) Performance. The Company shall have duly performed and complied in all material respects with all agreements and conditions
contained in this Agreement required to be performed or complied with by it prior to or at the Closing. 
 (c) Approvals.
The Investor shall have obtained all consents and approvals of all regulatory agencies, including the Federal Reserve Board and the Florida Office of Financial Regulation, and any other third parties required to effectuate the purchase of the
Shares, each of which shall have been obtained without the imposition of any terms or conditions deemed to be unacceptable to the Investor. 
  

	4.	Conditions Precedent to the Company’s Obligations. 

 4.1 Conditions Precedent. The obligations of the Company to issue the Shares to the Investor will be subject to the fulfillment (or waiver by the Company) prior to or at the time of the Closing, of
the following conditions: 
 (a) Representations and Warranties. The representations and warranties made by the Investor
in this Agreement shall be true and correct when made and at the time of the Closing. 
 (b) Performance. The Investor
shall have duly performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by the Investor prior to or at the time of the Closing. 

(c) Approvals . The Investor shall have obtained all consents and approvals of all regulatory agencies, including the Federal
Reserve Board and the Florida Office of Financial Regulation, and any other third parties required to effectuate the purchase of the Shares, and the Company shall have obtained all consents and approvals of its shareholders, all regulatory
agencies, including the Federal Reserve Board and the Florida Office of Financial Regulation, and any other third parties required to effectuate the sale of the Shares, each of which shall have been obtained without the imposition of any terms or
conditions deemed to be unacceptable to the Company. 
 4.2 Non-Fulfillment of Conditions. If any of the
conditions specified in Section 4.1 shall not have been fulfilled by the Expiration Date, the Company shall, at the Company’s election, be relieved of all further obligations under this Agreement, without thereby waiving any other rights
it may have by reason of such non-fulfillment. 
  

	5.	Representations and Warranties of the Company. 

 5.1 Representations and Warranties. The Company represents and warrants that: 
 (a) Formation and Standing. The Company is duly formed and validly existing as a corporation under the laws of the State of Florida and, subject to applicable law, has all requisite power and
authority to carry on its business as now conducted. 
 (b) Authorization of Agreement, etc. Subject to the receipt of
the approvals described in Section 4.1(c), the execution and delivery of this Agreement has been authorized by all necessary action on behalf of the Company and this Agreement is a legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms. 

 (c) Compliance with Laws and Other Instruments. The execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby will not conflict with or result in any violation of or default under any material agreement or other instrument to which the Company is a party or by which it or any of its
properties is bound, or any permit, franchise, judgment, decree, statute, order, rule or regulation applicable to the Company or its business or properties. 
 (d) Offer of Shares. Neither the Company nor anyone acting on its behalf has taken or will take any action that would subject the issuance and sale of the Shares to the registration requirements of
the Securities Act of 1933, as amended (the “Securities Act”). 
 5.2 Survival of Representations and
Warranties. All representations and warranties made by the Company in Section 5.1 shall survive the execution and delivery of this Agreement, any investigation at any time made by the Investor or on the Investor’s behalf and the issue
and sale of Shares. 
  

	6.	Representations and Warranties of the Purchaser. 

 6.1 Representations and Warranties. The Investor represents and warrants to the Company that each of the following statements is true and correct as of the Closing Date: 

(a) Accuracy of Information. All of the information provided by the Investor pursuant to this Agreement is true, correct and
complete in all respects. Any other information the Investor has provided to the Company about the Investor is correct and complete as of the date of this Agreement. 
 (b) Access to Information. The Investor acknowledges that he is a director of the Company and has had an opportunity to ask questions of, and receive answers from, the Company or any of its
management concerning the terms and conditions of the Company, and to obtain any other information which the Investor requested with respect to the Company and the Investor’s investment in the Company. 

(c) Investment Representation and Warranty. The Investor is acquiring the Shares for the Investor’s own account. The Investor
hereby agrees that the Investor will not, directly or indirectly, assign, transfer, offer, sell, pledge, hypothecate or otherwise dispose of all or any part of such Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge
of all or any part of the Shares) except in accordance with the registration provisions of the Securities Act or an exemption from such registration provisions, and any applicable state or other securities laws. 

(d) Representation of Investment Experience and Ability to Bear Risk. The Investor (i) is knowledgeable and experienced with
respect to the financial, tax and business aspects of the ownership of the Shares and of the business contemplated by the Company and is capable of evaluating the risks and merits of purchasing Shares and, in making a decision to proceed with this
investment, has not relied upon any representations, warranties or agreements, other than those set forth in this Agreement and the Offering Memorandum, and (ii) can bear the economic risk of an investment in the Company for an indefinite
period of time, and can afford to suffer the complete loss thereof. 
 (e) Accredited Investor. The Investor is an
accredited investor within the meaning of Rule 501(a) of Regulation D promulgated under the Securities Act by reason of the fact that the Investor is: (i) a director of the Company, and (ii) a natural person whose individual net worth
exceeds $1,000,000 (excluding the Investor’s primary residence). 
 (f) Suitability. The Investor has evaluated the
risks involved in investing in the Shares and has determined that the Shares are a suitable investment for the Investor. Specifically, the aggregate amount of the investments the Investor has in, and the Investor’s commitments to, all similar
investments that are illiquid is reasonable in relation to the Investor’s net worth, both before and after the purchase of the Shares pursuant to this Agreement. 
 (g) Transfers and Transferability. 

 (i) The Investor understands and acknowledges that the Shares have not been registered
under the Securities Act or any state securities laws and are being offered and sold in reliance upon exemptions provided in the Securities Act and state securities laws for transactions not involving any public offering and, therefore, cannot be
resold or transferred unless they are subsequently registered under the Securities Act and such applicable state securities laws or unless an exemption from such registration is available. The Investor also understands that, except as provided in
the Registration Rights Agreement between the Investor and the Company, the Company does not have any obligation or intention to register the Shares for sale under the Securities Act, any state securities laws or of supplying the information which
may be necessary to enable the Investor to sell Shares; and that the Investor has no right to require the registration of the Shares under the Securities Act, any state securities laws or other applicable securities regulations. 

(ii) The Investor has no contract, understanding, agreement or arrangement with any person to sell or transfer or pledge to such person
or anyone else any of the Shares for which the Investor hereby subscribes (in whole or in part); and the Investor has no present plans to enter into any such contract, undertaking, agreement or arrangement. 

(h) Residence. The Investor maintains the Investor’s domicile at the address shown in the signature page of this Agreement
and the Investor is not merely transient or temporarily resident there. 
 (i) Awareness of Risks. The Investor
represents and warrants that the Investor is aware that the shares involve a substantial degree of risk of loss. 
 (j)
Power, Authority; Valid Agreement. (i) The Investor has all requisite power and authority to execute, deliver and perform the Investor’s obligations under this Agreement and to purchase the Investor’s Shares; (ii) the
Investor’s execution of this Agreement has been authorized by all necessary corporate or other action on the Investor’s behalf; and (iii) this Agreement is valid, binding and enforceable against the Investor in accordance with its
terms. 
 (k) No Conflict; No Violation. The execution and delivery of this Agreement by the Investor and the performance
of the Investor’s duties and obligations hereunder and thereunder (i) do not and will not result in a breach of any of the terms, conditions or provisions of, or constitute a default under (A) (1) any indenture, mortgage, deed of
trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement or understanding, or (2) any license, permit, franchise or certificate, in either case to which the Investor or any of the Investor’s
affiliates is a party or by which the Investor or any of them is bound or to which the Investor’s or any of their properties are subject; (ii) do not require any authorization or approval under or pursuant to any of the foregoing; or
(iii) do not violate any statute, regulation, law, order, writ, injunction or decree to which the Investor or any of the Investor’s affiliates is subject. 
 (l) No Default. The Investor is not (i) in default (nor has any event occurred which with notice, lapse of time, or both, would constitute a default) in the performance of any obligation,
agreement or condition contained in (A) this Agreement, (B) any provision of any charter, by-laws, trust agreement, partnership agreement or other governing instrument applicable to the Investor, (C) (1) any indenture, mortgage,
deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement or understanding, or (2) any license, permit, franchise or certificate, in either case to which the Investor or any of the Investor’s
affiliates is a party or by which the Investor or any of them is bound or to which the Investor’s or any of their properties are subject, or (ii) in violation of any statute, regulation, law, order, writ, injunction, judgment or decree
applicable to the Investor or any of the Investor’s affiliates. 
 (m) No Litigation. There is no litigation,
investigation or other proceeding pending or, to the Investor’s knowledge, threatened against the Investor or any of the Investor’s affiliates which, if adversely determined, would adversely affect the Investor’s business or financial
condition or the Investor’s ability to perform the Investor’s obligations under this Agreement. 
 (n)
Consents. Except as provided in Section 4.1(c), no consent, approval or authorization of, or filing, registration or qualification with, any court or Governmental Authority on the Investor’s part is required for the execution and
delivery of this Agreement by the Investor or the performance of the Investor’s obligations and duties hereunder or thereunder. 
 (o) Representations and Warranties by Purchaser under USA PATRIOT Act. [Purchasers should check the OFAC website at <http://www.treas.gov/ofac> before making the following
representations]. 

 (i) The Investor represents that the amounts to be contributed by the
Investor to the Company were not and are not directly or indirectly derived from activities that may contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations. Federal regulations and
Executive Orders administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries,
territories, entities and individuals.1 The lists of OFAC
prohibited countries, territories, persons and entities can be found on the OFAC website at <http://www.treas.gov/ofac>. In addition, the programs administered by OFAC (“OFAC Programs”) prohibit dealing with individuals or entities
in certain countries regardless of whether such individuals or entities appear on the OFAC lists. 
 (ii) The Investor hereby
represents and warrants that, to the best of the Investor’s knowledge: (i) the Investor; (ii) any person controlling or controlled by the Investor; (iii) if the Investor is a privately held entity, any person having a beneficial
interest in the Investor; or (iv) any person for whom the Investor is acting as agent or nominee in connection with this investment is not a country, territory, individual or entity named on an OFAC list or a person or entity prohibited under
the OFAC Programs. 
 (iii) The Investor represents and warrants that, to the best of the Investor’s
knowledge, (i) the Investor; (ii) any person controlling or controlled by the Investor; (iii) if the Investor is a privately held entity, any person having a beneficial interest in the Investor; or (iv) any person for whom the
Investor is acting as agent or nominee in connection with this investment is not a senior foreign political
figure,2 any immediate family member3 or close associate4 of a senior foreign political figure as such terms are defined in the
footnotes below. 
 6.2 Survival of Representations and Warranties. All representations and warranties made by the
Investor in Section 6.1 of this Agreement shall survive the execution and delivery of this Agreement, as well as any investigation at any time made by or on behalf of the Company and the issue and sale of Shares. 

6.3 Indemnification. The Investor hereby agrees to indemnify the Company and any affiliates and to hold each of them harmless from
and against any loss, damage, liability, cost or expense, including reasonable attorney’s fees (collectively, a “Loss”) due to or arising out of a breach or representation, warranty or agreement by the Investor, whether
contained in this Agreement or any other document provided by the Investor to the Company in connection with the Investor’s investment in the Shares. The Investor hereby agrees to indemnify the Company and any affiliates and to hold them
harmless against all Loss arising out of the sale or distribution of the Shares by the Investor in violation of the Securities Act or other applicable law or any misrepresentation or breach by the Investor with respect to the matters set forth in
this Agreement. In addition, the Investor agrees to indemnify the Company and any affiliates and to hold such Persons harmless from and against, any and all Loss, to which they may be put or which they may reasonably incur or sustain by reason of or
in connection with any misrepresentation made by the Investor with respect to the matters about which representations and warranties are required by the terms of this Agreement, or any breach of any such warranty or any failure to fulfill any
covenants or agreements set forth herein. Notwithstanding any provision of this Agreement, the Investor does not waive any right granted to the Investor under any applicable state securities law. 

 

	1 	 These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and
embargo programs. 

	2 	 A “senior foreign political figure” is defined as a senior official in the executive, legislative, administrative, military or judicial
branches of a non-U.S. government (whether elected or not), a senior official of a major non-U.S. political party, or a senior executive of a non-U.S. government-owned corporation. In addition, a “senior foreign political figure” includes
any corporation, business or other entity that has been formed by, or for the benefit of, a senior foreign political figure. 

	3 	 “Immediate family” of a senior foreign political figure typically includes the figure's parents, siblings, spouse, children and in-laws.

	4 	 A “close associate” of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close
relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial U.S. and non-U.S. financial transactions on behalf of the senior foreign political figure. 

	7.	Filings; Other Actions. 

(a) The Investor, on the one hand, and the Company, on the other hand, will cooperate and consult with the other and use reasonable best
efforts to prepare and file all necessary documentation, to effect all necessary applications, notices, petitions, filings and other documents, and to obtain all necessary permits, consents, orders, approvals and authorizations of, or any exemption
by, all third parties and Governmental Entities, and the expiration or termination of any applicable waiting period, necessary or advisable to consummate the Transaction contemplated by this Agreement, and to perform the covenants contemplated by
this Agreement. 
 (b) Each party shall execute and deliver both before and after the Closing such further certificates,
agreements and other documents and take such other actions as the other parties may reasonably request to consummate or implement such Transaction or to evidence such events or matters. In particular, the Investor will use the Investor’s
reasonable best efforts to promptly obtain or submit, and the Company will cooperate as may reasonably be requested by the Investor to help the Investor promptly obtain or submit, as the case may be, as promptly as practicable, the approvals and
authorizations of, filings with, the Federal Reserve Board and the Florida Office of Financial Regulation, all notices to and, to the extent required by applicable law or regulation, consents, approvals or exemptions from any other regulatory
authorities, for the Transaction contemplated by this Agreement. 
 (c) The Investor and the Company will have the right to
review in advance, and to the extent practicable each will consult with the other, in each case subject to applicable laws relating to the exchange of information, all the information relating to such other party, and any of their respective
Affiliates, which appears in any filing made with, or written materials submitted to, any third party or any Governmental Entity in connection with the Transaction to which it will be party contemplated by this Agreement. In exercising the foregoing
right, each of the parties agrees to act reasonably and as promptly as practicable. 
 (d) Each party agrees to keep the other
party apprised of the status of matters referred to in this Section 9. The Investor shall promptly furnish the Company, and the Company shall promptly furnish the Investor, to the extent permitted by applicable law, with copies of written
communications received by it or its subsidiaries from, or delivered by any of the foregoing to, any governmental entity in respect of the Transaction contemplated by this Agreement. 

 

	8.	Certain Agreements and Acknowledgments of the Purchaser. 

 8.1 Agreements. The Investor understand, agree and acknowledge that: 
 (a)
No Recommendation. No foreign, federal, or state authority has made a finding or determination as to the fairness for investment of the Shares and no foreign, federal or state authority has recommended or endorsed or will recommend or endorse
this offering. 
 (b) No Disposition. The Investor will not, directly or indirectly, assign, transfer, offer, sell,
pledge, hypothecate or otherwise dispose of all or any part of the Shares (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of all or any part of the Shares) except in accordance with the registration provisions of the
Securities Act or an exemption from such registration provisions and any applicable state or other securities laws. 
 (c)
Update Information. If there should be any change in the information provided by the Investor to the Company (whether pursuant to this Agreement or otherwise) prior to the Investor’s purchase of the Shares, the Investor will immediately
furnish such revised or corrected information to the Company. 
  

	9.	Registration Rights. After the Closing, the Company shall provide the Investor with the registration rights set forth in Exhibit A to this Agreement.

	10.	Termination. 

 10.1
Termination. Notwithstanding anything contained in this Agreement to the contrary, this Agreement may be terminated and the Transaction contemplated hereby may be abandoned prior to the Closing: 

(a) by mutual written consent of the Investor and the Company; or 

(b) by any party hereto, if the Closing shall not have occurred by June 30, 2012, provided, that the right to terminate this
Agreement pursuant to this Section shall not be available to any party whose failure to perform any of its obligations under this Agreement required to be performed by it at or prior to such date has been the cause of, or resulted in, the failure of
the Transaction to have become effective on or before such date. 
 10.2 Effect of Termination. In the event of
termination of this Agreement pursuant to Section 10.1, this Agreement shall terminate, without any liability on the part of any party or its shareholders, partners, members, affiliates, directors, officers or agents); provided that no party
shall be relieved or released from any liability or damages arising from any fraud or intentional breach of this Agreement. 
  

	11.	General Contractual Matters. 

 11.1 Amendments and Waivers. This Agreement may be amended and the observance of any provision hereof may be waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of the Investor and the Company. 
 11.2 Assignment. The Investor agrees
that neither this Agreement nor any rights which may accrue to the Investor hereunder may be transferred or assigned. 
 11.3
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given to any party when delivered by hand, when delivered by telecopier, or when mailed, first-class postage
prepaid, (a) if to the Investor, to the Investor at the address or telecopy number at 150 Fencl Lane, Hillside, IL 60162, or to such other address or telecopy number as the Investor shall have furnished to the Company in writing, and
(b) if to the Company, to 2477 East Commercial Boulevard, Fort Lauderdale, FL 33308, or to such other address or addresses, as the Company shall have furnished to the Investor in writing, provided that any notice to the Company shall be
effective only if and when received by the Company. 
 11.4 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS (EXCEPT INSOFAR AS AFFECTED BY THE SECURITIES OR “BLUE SKY” LAWS OF THE STATE OR SIMILAR JURISDICTION IN WHICH THE
OFFERING DESCRIBED HEREIN HAS BEEN MADE TO YOU). 
 11.5 Arbitration. Any dispute or controversy arising out of or in
relation to this Stock Purchase Agreement shall be determined by binding arbitration in Ft. Lauderdale, Florida, in accordance with the commercial rules of the American Arbitration Association then in effect, and judgment upon the award rendered by
the arbitrators may be entered in any court of competent jurisdiction. The expenses of the arbitration shall be borne equally by the parties to the arbitration, provided that each party shall pay for and bear the cost of its own experts, evidence,
legal counsel and travel expense. 
 11.6 Descriptive Headings. The descriptive headings in this Agreement are for
convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provision of this Agreement. 
 11.7 Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter of this Agreement, and there are no representations, covenants or other
agreements except as stated or referred to herein. 
 11.8 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized officers of the parties hereto as of the date first herein above written. 
  

			
	COMPANY:
	
	OPTIMUMBANK HOLDINGS, INC.
		
	By:	 	 /s/ Richard L. Browdy

	Name:	 	Richard L. Browdy
	Title:	 	President

  

	
	INVESTOR:
	
	 /s/ Moishe Gubin

	Name: Moishe Gubin

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