Document:

Exhibit 10.1

 

TERMINATION AGREEMENT

 

This Termination Agreement (this “Agreement”), dated as of October 26, 2017, is by and among Clariant Ltd, a Swiss corporation (“Clariant”), HurricaneCyclone Corporation, a Delaware corporation and wholly owned Subsidiary of Clariant (“Merger Sub”), and Huntsman Corporation, a Delaware corporation (“Huntsman” and, together with Clariant and Merger Sub, each a “Party” and together the “Parties”). Capitalized terms used but not defined herein have the respective meanings given to them in the Merger Agreement (as defined below).

 

WHEREAS, the Parties entered into that certain Agreement and Plan of Merger, dated as of May 21, 2017 (the “Merger Agreement”);

 

WHEREAS, the Parties desire to terminate the Merger Agreement by mutual written agreement, and to release each other from certain claims, obligations and liabilities arising out of, in connection with or relating to the Merger Agreement, in each case, on the terms and subject to the conditions set forth herein;

 

WHEREAS, the respective boards of directors of Clariant, Merger Sub and Huntsman have approved the execution, delivery and performance of this Agreement and the transactions contemplated hereby.

 

NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements herein set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

1.                                      Termination. Pursuant to Section 8.1(a) of the Merger Agreement, the Parties hereby agree that the Merger Agreement (including the Hurricane Disclosure Letter and the Cyclone Disclosure Letter), and all annexes and exhibits thereto, and all ancillary agreements contemplated thereby (including the Voting and Support Agreements, but excluding the Confidentiality Agreement, which shall remain in full force and effect in accordance with its terms) or entered pursuant thereto (collectively, the “Transaction Documents”), are hereby terminated effective immediately as of 1:00 a.m., Eastern Time on the day immediately following the date hereof (such date, the “Termination Date” and such time, the “Termination Time”) and, notwithstanding anything to the contrary in the Transaction Documents, including Section 8.2(a) of the Merger Agreement, but subject to Section 2 hereof, the Transaction Documents are terminated in their entirety and shall be of no further force or effect whatsoever (the “Termination”).  In addition to the termination of, and release from, the obligations under Section 5.6 of the Merger Agreement, Clariant undertakes to waive, and hereby irrevocably waives, any of its rights as a third party beneficiary under the Cyclone Voting and Support Agreements, and Huntsman undertakes to waive, and hereby irrevocably waives, any of its rights as a third party beneficiary under the Hurricane Voting and Support Agreement, and each of the parties to the Voting and Support Agreements shall be free, with effect as of the Termination Time, to terminate the respective Voting and Support Agreement, and the Parties hereby consent to and approve any action that the parties to the Voting and Support Agreements deem necessary to terminate the respective Voting and Support Agreement or grant discharge or relief from any obligations thereunder.

 

 

2.                                      Costs and Expenses.

 

(a)                                 Notwithstanding anything to the contrary in Section 1, Section 9.3 of the Merger Agreement shall survive the Termination and remain in full force and effect.  In addition, Clariant and Huntsman shall bear and pay one-half the costs and expenses incurred by the Parties hereto prior to the Termination Time in connection with all trademark applications and registrations for the HC Trademark (as defined in Section 8(b)). No later than ten (10) days following the delivery of notice by one Party to the other Party informing the other Party of any such costs and expenses required to be borne and paid by the other Party, the other Party shall pay to the notifying Party, by wire transfer of immediately available funds to an account designated in writing by the notifying Party, the amount required to be borne and paid by such other Party pursuant to Section 9.3 of the Merger Agreement and this Section 2.

 

(b)                                 If any Party fails to pay any amount due pursuant to this Agreement, on or prior to the fifth (5th) business day following receipt of proper written notice (a “Demand”) (or, in the event the recipient of such Demand, within twenty (20) business days after its receipt of the Demand, gives notice of its intent to contest its obligation to make such payment and either commences litigation promptly thereafter or defends litigation brought by the Party that made the Demand, and the recipient of such Demand fails to pay such amount within five (5) business days after it is finally judicially determined (including the resolution of any appeal or the expiration of the time in which an appeal can be timely filed) that any amount contemplated by such Demand is due pursuant to this Agreement), then (i) such Party shall reimburse the other Party for all costs and expenses (including disbursements and fees of counsel) incurred in the collection of such overdue amount, including in connection with any related claims, actions or proceedings commenced and (ii) such Party shall pay to the other Party interest on the amount payable pursuant to this Agreement, from and including the date payment of such amount was due or, if earlier, would have been due had it not been contested, to but excluding the date of actual payment at the prime rate set forth in The Wall Street Journal in effect on the date such payment was required to be made plus 2%.

 

3.                                      Clariant Tail Fee.  In the event (i) a Cyclone Competing Proposal is consummated within eighteen (18) months of the Termination Date or (ii) Clariant enters into a definitive agreement providing for a Cyclone Competing Proposal within eighteen (18) months of the Termination Date and such Cyclone Competing Proposal (as it may be amended) is subsequently consummated, then concurrently with the consummation of any such Cyclone Competing Proposal, Clariant shall pay or cause to be paid to Huntsman (x) $60,000,000 (the “Basic Clariant Tail Fee”) and (y) if a Cyclone Pre-Termination Competing Proposal shall have been made and not publicly, irrevocably withdrawn, or a Cyclone Inquiry shall have been publicly made and not publicly, irrevocably withdrawn, in each case prior to the Termination Date, an additional $150,000,000 (the “Supplementary Clariant Tail Fee”), in each case by wire transfer of immediately available funds to an account designated in writing by Huntsman.  The payment of the Basic Clariant Tail Fee and the Supplementary Clariant Tail Fee under this Section 3 shall, if payable, be made by Clariant free and clear of any set-off, claim, counterclaim, withholding or deduction.  For the avoidance of doubt, the term “Cyclone Competing Proposal” shall, where used in (A) this Section 3, (B) the definition of Cyclone Pre-Termination Competing Proposal and (C) the definition of Cyclone Inquiry, have the meaning assigned to such term in Section 9.5 of the Merger Agreement, except that all references to “20%” therein shall be deemed to be

 

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“35%” and all references to “80%” shall be deemed to be “65%”.  Notwithstanding anything in this Agreement or the Merger Agreement to the contrary, any transaction, as a result of which a Person or Persons (whether or not related) acquires or will acquire ownership or beneficial ownership of (I) all or the majority of Clariant’s Masterbatches and Pigments businesses (taken together) (as such businesses are described on Clariant’s website as of the date hereof) or (II) at least thirty-five percent (35%) of the assets of Clariant, or at least thirty-five percent (35%) of the outstanding registered shares of Clariant, or businesses of Clariant representing at least thirty-five percent (35%) of Clariant’s net income or net revenues (calculated in accordance with the definition in the Merger Agreement of “Cyclone Competing Proposal”), in the case of (I) or (II), whether as a single or multi-step transaction or series of unrelated transactions (and whether pursuant to a merger, consolidation or other business combination, sale of shares of capital stock, sale of assets, tender offer or exchange offer or otherwise) shall, in the case of clause (I), solely for purposes of clause (x) of this Section 3 (and, for the avoidance of doubt, not for purposes of clause (y) of this Section 3) and, in the case of clause (II), solely for purposes of clauses (x) and (y) of this Section 3), be deemed to be a “Cyclone Competing Proposal”; provided, that for purposes of clause (II), in no event shall the acquisition by any Person of Cyclone Shares be aggregated with Cyclone Shares held or acquired by any other Person unless (a) such Persons are affiliates or  members of a group (within the meaning of Section 13(d) of the Exchange Act) or (b) such Persons acquire Cyclone Shares by means of an increase (or a series of related or unrelated increases) of the share capital of Clariant or by receiving Cyclone Shares held in treasury by Clariant in connection with (1) the contribution of businesses, assets or securities by such Persons to Clariant or any of its Subsidiaries or (2) any joint venture or business combination transactions, in the case of (1) or (2) irrespective of whether or not such transactions are related.  In no event shall Clariant be obligated to pay the Basic Clariant Tail Fee or the Supplementary Clariant Tail Fee on more than one occasion.

 

4.                                      Huntsman Tail Fee.  In the event a Hurricane Pre-Termination Competing Proposal shall have been made and not publicly, irrevocably withdrawn, or a Hurricane Inquiry shall have been publicly made and not publicly, irrevocably withdrawn, in each case prior to the Termination Date, and either (i) a Hurricane Competing Proposal is consummated within eighteen (18) months of the Termination Date or (ii) Huntsman enters into a definitive agreement providing for a Hurricane Competing Proposal within eighteen (18) months of the Termination Date and such Hurricane Competing Proposal (as it may be amended) is subsequently consummated, then concurrently with the consummation of any such Hurricane Competing Proposal, Huntsman shall pay or cause to be paid to Clariant $210,000,000 (the “Huntsman Tail Fee”) by wire transfer of immediately available funds to an account designated in writing by Clariant.  The payment of the Huntsman Tail Fee under this Section 4 shall, if payable, be made by Huntsman free and clear of any set-off, claim, counterclaim, withholding or deduction.  For the avoidance of doubt, (i) the term “Hurricane Competing Proposal” shall, where used in (A) this Section 4, (B) the definition of Hurricane Pre-Termination Competing Proposal and (C) the definition of Hurricane Inquiry, have the meaning assigned to such term in Section 9.5 of the Merger Agreement, except that all references to “20%” therein shall be deemed to be “35%” and all references to “80%” shall be deemed to be “65%”, and (ii)  in no event shall Huntsman be obligated to pay the Huntsman Tail Fee on more than one occasion.

 

5.                                      Mutual Release; Disclaimer of Liability.  Each of Clariant, Merger Sub and Huntsman, each on behalf of itself and each of its respective successors and past and present

 

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Subsidiaries, affiliates, assignees, officers, directors, employees, controlling persons, Representatives, agents, attorneys, auditors, stockholders, equity holders and advisors, and any family member, spouse, heir, trust, trustee, executor, estate, administrator, beneficiary, foundation, fiduciary, predecessors, successors and assigns of each of them (the “Releasors”), does, to the fullest extent permitted by Law, hereby fully release, forever discharge and covenant not to sue any other Party, any Party’s respective successors and past and present Subsidiaries, affiliates, assignees, officers, directors, employees, controlling persons, Representatives, agents, attorneys, auditors, stockholders, equity holders and advisors, and any family member, spouse, heir, trust, trustee, executor, estate, administrator, beneficiary, foundation, fiduciary, predecessors, successors and assigns of each of them (collectively the “Releasees”), from and with respect to any and all past, present, direct, indirect, individual, class, representative and derivative liability, claims, rights, actions, causes of action, suits, liens, obligations, accounts, debts, losses, demands, judgments, remedies, agreements, promises, liabilities, covenants, controversies, costs, charges, damages, expenses and fees (including attorney’s, financial advisor’s or other fees) (“Claims”), howsoever arising, of every kind and nature, whether based on any Law or right of action (including any claims under federal, state or foreign securities or disclosure Laws or any claims that could be asserted derivatively on behalf of the Parties), known or unknown, asserted or that could have been asserted, matured or unmatured, contingent or fixed, liquidated or unliquidated, accrued or unaccrued, foreseen or unforeseen, apparent or not apparent, which Releasors ever had or now have or can have or shall or may hereafter have against the Releasees, or any of them, in connection with, arising out of, based upon or related to, directly or indirectly, the Transaction Documents (other than Section 6.1(b) and Section 9.3 of the Merger Agreement) or the transactions contemplated therein or thereby, including but not limited to any breach, non-performance, action or failure to act under the Transaction Documents, the proposed Merger, the events leading to the termination of the Merger Agreement or any other Transaction Documents, any deliberations or negotiations in connection with the proposed Merger or this Agreement, the consideration to be received by Huntsman’s stockholders in connection with the proposed Merger, the Cyclone No-Vote Fee, the Hurricane No-Vote Fee, the Cyclone Termination Fee, the Hurricane Termination Fee, and any SEC, NYSE or SIX filings, public filings, periodic reports, press releases, registration statements, proxy statements or other statements issued, made available or filed relating, directly or indirectly, to the proposed Merger (“Released Claims”).  As used in this Agreement, the term “affiliates” shall have the meaning set forth in Rule 12b-2 of the Exchange Act.

 

The release contemplated by this Section 5 is intended to be as broad as permitted by Law and is intended to, and does, extinguish all Released Claims of any kind whatsoever, whether in Law or equity or otherwise, that are based on or relate to facts, conditions, actions or omissions (known or unknown) that have existed or occurred at any time to and including the Termination Time. Each of the Releasors hereby expressly waives to the fullest extent permitted by Law any rights each of the Releasors may have under any statute or common law principle under which a general release does not extend to claims which such Releasors does not know or suspect to exist in its favor at the time of executing the release, including the provisions, rights and benefits of California Civil Code section 1542 (or any similar Law), which provides:

 

“A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

 

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Nothing in this Section 5 shall (i) apply to any action by any Party to enforce the rights and obligations imposed pursuant to this Agreement or Section 6.1(b) or Section 9.3 of the Merger Agreement or (ii) constitute a release by any Party for any Claim arising under this Agreement or under Section 6.1(b) or Section 9.3 of the Merger Agreement.  Notwithstanding anything in this Section 5 to the contrary, with respect to Huntsman and each of its respective successors and past and present Subsidiaries, affiliates, assignees, officers, directors, employees, controlling persons, Representatives, agents, attorneys, auditors, stockholders, equity holders and advisors, and any family member, spouse, heir, trust, trustee, executor, estate, administrator, beneficiary, foundation, fiduciary, predecessors, successors and assigns of each of them as Releasors, any Person, or any such Person’s affiliates or associates, who, acting alone or in connection with any other Person, has disclosed an aggregate, beneficial ownership and/or voting position in Cyclone Shares in excess of 15% as of the date of this Agreement, shall not be considered a Releasee and be excluded from their release under this Section 5.

 

6.                                      Public Announcements.  Promptly (and in any event in compliance with any applicable Laws and stock exchange regulations) following the Termination Time, the Parties shall jointly issue an initial press release with respect to the Termination in the form attached hereto as Exhibit A. From and after the date hereof, each of the Parties shall consult with each other before issuing, and give each other the opportunity to review and comment upon, any press release or other public statements with respect to the transactions contemplated by this Agreement, including the Termination, and shall not issue any such press release or make any such public statement prior to such consultation, except as such Party may reasonably conclude, after consultation with legal counsel, is required by applicable Law, court process or by obligations pursuant to any listing agreement with any national securities exchange or national securities quotation system (in which case the disclosing Party shall endeavor, on a basis reasonable under the circumstances, to consult with the other Party in advance of such disclosure). Nothing in this Section 6 shall limit the ability of any Party to make additional disclosures that are consistent in all but de minimis respects with the prior permitted public disclosures regarding the transactions contemplated by this Agreement.

 

7.                                      Representations and Warranties. Each Party represents and warrants to the other that: (i) such Party has all requisite corporate power and authority to enter into this Agreement and to take the actions contemplated hereby; (ii) the execution and delivery of this Agreement and the actions contemplated hereby have been duly authorized by all necessary corporate or other action on the part of such Party; and (iii) this Agreement has been duly and validly executed and delivered by such Party and, assuming the due authorization, execution and delivery of this Agreement by the other Parties, constitutes a legal, valid and binding obligation of such Party enforceable against such Party in accordance with its terms, except as that enforceability may be (i) limited by any applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar Laws affecting the enforcement of creditors’ rights generally and (ii) subject to general principles of equity (regardless of whether that enforceability is considered in a proceeding in equity or at law).

 

8.                                      Further Assurances.

 

(a)                                 Each Party shall, and shall cause its Subsidiaries and affiliates to, cooperate with each other in the taking of all actions necessary, proper or advisable under this Agreement and

 

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applicable Laws to effectuate the Termination. Without limiting the generality of the foregoing, the Parties shall, and shall cause their respective Subsidiaries and affiliates to, cooperate with each other in connection with the withdrawal of any applications to or termination of proceedings before any Governmental Entity or under any Antitrust Law, in each case to the extent applicable, in connection with the transactions contemplated by the Transaction Documents.

 

(b)                                 Additionally, each Party shall, and shall cause its Subsidiaries and affiliates to: (i) affirmatively terminate, abandon and withdraw any and all trademark applications and registrations, regardless of when such applications or registrations were filed, for the trademark “HUNTSMANCLARIANT” and all related marks, logos, taglines and domain names (collectively the “HC Trademark”), which process shall be commenced within thirty (30) days following the Termination Date and completed as promptly as reasonably practicable thereafter; (ii) cease any and all use of the HC Trademark and the other Party’s trade name; (iii) not acquire or seek to acquire any registration or other ownership rights in or to the HC Trademark or any other Party’s trade name; and (iv) not take any action, directly or indirectly, that challenges, damages, impairs, or dilutes the goodwill or trademark rights of any other Party in or to such Party’s trade name insofar as such action is based, in whole or in part, on the Transaction Documents, the proposed Merger, or the events leading to the termination of the Merger Agreement or any other Transaction Documents.

 

(c)                                  Each of Clariant and Huntsman shall bear and pay one-half of the costs and expenses incurred by the Parties in connection with the matters set forth in this Section 8.  No later than ten (10) days following the delivery of notice by one Party to the other Party informing the other Party of any such costs and expenses required to be borne and paid by the other Party, the other Party shall pay to the notifying Party, by wire transfer of immediately available funds to an account designated in writing by the notifying Party, the amount required to be borne and paid by such other Party pursuant to this Section 8(c).

 

9.                                      Third-Party Beneficiaries. Except for the provisions of Section 5, with respect to which each Releasee is an expressly intended third-party beneficiary thereof, this Agreement is not intended to (and does not) confer on any Person other than the Parties any rights or remedies or impose on any Person other than the Parties any obligations.

 

10.                               Entire Agreement. This Agreement, together with the Confidentiality Agreement and Section 6.1(b) and Section 9.3 of the Merger Agreement, constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, among the Parties or any of them with respect to the subject matter hereof.

 

11.                               Counterparts. This Agreement may be executed manually or by facsimile by the Parties, in any number of counterparts, each of which shall be considered one and the same agreement and shall become effective when a counterpart hereof shall have been signed by each of the Parties and delivered to the other Parties.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or by e-mail of a .pdf attachment shall be effective as delivery of a manually executed counterpart of this Agreement.

 

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12.                               Amendments. Any amendment, modification or waiver of any provision of this Agreement, or any consent to departure from the terms of this Agreement, shall not be binding unless in writing and signed by the Party or Parties against whom such amendment, modification, waiver or consent is sought to be enforced.

 

13.                               Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

14.                               Notices.  All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally (notice deemed given upon receipt), by facsimile (notice deemed given upon confirmation of receipt), email (followed by overnight courier service) or sent by a nationally recognized overnight courier service, such as Federal Express (notice deemed given upon receipt of proof of delivery), to the Parties at the addresses (or at such other address for a Party as shall be specified by like notice) provided for in Section 9.4 of the Merger Agreement.

 

15.                               Governing Law. This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving effect to conflicts of laws principles that would result in the application of the Law of any other state.

 

16.                               Jurisdiction. Each of the Parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or, if (and only if) such court finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction over the matter that is the subject of the action or proceeding is vested exclusively in the federal courts of the United States of America, the federal court of the United States of America sitting in the District of Delaware, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the agreements delivered in connection herewith or the transactions contemplated hereby or thereby or for recognition or enforcement of any judgment relating thereto, and each of the Parties hereby irrevocably and unconditionally (i) agrees not to commence any such action or proceeding except in the Court of Chancery of the State of Delaware, or, if (and only if) such court finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction over the matter that is the subject of the action or proceeding is vested exclusively in the federal courts of the United States of America, the federal court of the United States of America sitting in the District of Delaware, as applicable, and any appellate court from any thereof, (ii) agrees that any claim in respect of any such action or proceeding may be heard and determined in the Court of Chancery of the State of Delaware, or, if (and only if) such court finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction over the matter that is the subject of the

 

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action or proceeding is vested exclusively in the federal courts of the United States of America, the federal court of the United States of America sitting in the District of Delaware, as applicable, and any appellate court from any thereof, (iii) waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the jurisdiction or laying of venue of any such action or proceeding in such courts and (iv) waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in such courts.  Each of the Parties agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.  Each Party to this Agreement irrevocably consents to service of process inside or outside the territorial jurisdiction of the courts referred to in this Section 16 in the manner provided for notices in Section 14 hereof.  Nothing in this Agreement will affect the right of any Party to this Agreement to serve process in any other manner permitted by Law.

 

17.                               Waiver of Jury Trial.  EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TERMINATION, THE TRANSACTION DOCUMENTS AND OTHER TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (C) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 17.

 

18.                               Assignment.  This Agreement shall not be assigned by any of the Parties (whether by operation of Law or otherwise) without the prior written consent of the other Parties.  Subject to the preceding sentence, but without relieving any Party of any obligation hereunder, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and assigns.

 

19.                               Specific Performance. Each Party agrees that irreparable injury will occur in the event that any of the provisions of this Agreement is not performed in accordance with its specific terms or is otherwise breached. Each Party agrees that, in the event of any breach or threatened breach by any other Party of any covenant or obligation contained in this Agreement, the non-breaching Party shall be entitled to an injunction or injunctions to prevent or remedy any such breaches or threatened breaches by any other Party, to a decree or order of specific performance to specifically enforce the terms and provisions of this Agreement and to any further equitable relief.  The Parties’ rights in this Section 19 are an integral part of the transactions contemplated by this Agreement and each Party hereby waives any objections to any remedy referred to in this Section 19 (including any objection on the basis that there is an adequate remedy at Law or that an award of such remedy is not an appropriate remedy for any reason at Law or equity).  In the event any Party seeks any remedy referred to in this Section 19,

 

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such Party shall not be required to obtain, furnish, post or provide any bond or other security in connection with or as a condition to obtaining any such remedy.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, Clariant, Merger Sub and Huntsman have caused this Agreement to be executed as of the date first written above.

 

	
 
    	
CLARIANT LTD
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ PATRICK JANY
    
	
 
    	
Name:
    	
Patrick Jany
    
	
 
    	
Title:
    	
CFO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ ALFRED MÜNCH
    
	
 
    	
Name:
    	
Alfred Münch
    
	
 
    	
Title:
    	
General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
HURRICANECYCLONE CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ ALEXANDER GEHRT
    
	
 
    	
Name: 
    	
ALEXANDER GEHRT
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
HUNTSMAN CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ PETER R. HUNTSMAN
    
	
 
    	
Name: 
    	
Peter R. Huntsman
    
	
 
    	
Title:
    	
President and Chief Executive Officer
    

 

[Signature Page to Termination Agreement]

 

 

EXHIBIT A

 

[JOINT PRESS RELEASE]

 

Huntsman Corporation (NYSE: HUN) and Clariant (SIX: CLN) today jointly announced that they have terminated their proposed merger of equals by mutual agreement. The decision was unanimously approved by the Boards of Directors of Huntsman and Clariant.

 

In a joint statement, Peter R. Huntsman, President and CEO of Huntsman, and Hariolf Kottmann, CEO of Clariant, stated:

 

“While we remain convinced that the proposed merger of equals as agreed to on May 21, 2017, is in the long term best interests of all of our shareholders, given the continued accumulation of shares by activist investor White Tale Holdings and their opposition to the transaction, now supported by some other shareholders, we believe that there is simply too much uncertainty as to whether Clariant will be able to secure the two-thirds shareholder approval that is required to approve the transaction under Swiss law. Under these circumstances and in light of the high level of disruption and uncertainty that has been created for both companies, we have decided jointly to terminate the merger agreement, stop the substantial expenditure of funds associated with integration planning, and proceed along our independent paths in the best interests of both companies and their shareholders, associates, and other stakeholders. We, of course, remain competitors but maintain a great respect for one another, and we want to recognize and express our mutual and deep appreciation for the efforts and incredible commitment demonstrated by the associates of each company over the past several months.”Form of Note for the Company's 3.520% Fixed Rate / Floating Rate

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and in the Indenture, and no
transfer of this Note (other than a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited
circumstances described herein. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (the “Depository”), 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 the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), 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. 

CITIGROUP INC. 
 3.520%
Fixed Rate / Floating Rate Callable Senior Notes due October 27, 2028 
  

			
	REGISTERED	 	REGISTERED

 CUSIP: 172967 LS8 

ISIN: US172967LS86 
 Common
Code: 170929233 
  

			
	No. R-001*	  	[$500,000,000]

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $500,000,000 on October 27, 2028 and to pay interest thereon from and including October 27, 2017 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for. The Company shall pay interest (i) from October 27, 2017 to, but excluding, October 27, 2027 (the “Fixed Rate Period”) at a fixed
rate of 3.520% per annum semi-annually, on April 27th and October 27th of each year, commencing April 27, 2018 and (ii) from, and including, October 27, 2027 (the “Floating Rate Period”), at an annual rate equal to
three-month LIBOR plus 1.151% on January 27, 2028, April 27, 2028, July 27, 2028, and October 27, 2028, commencing January 27, 2028, until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Record Date for such interest, which shall be the
Business Day immediately preceding such Interest Payment Date. 

 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the holder on such Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than ten days prior to the date of payment
of such defaulted interest, notice whereof shall be given to holders of Notes of this series not less than ten days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

During the Fixed Rate Period, interest hereon will be calculated on the basis of a 360-day year
comprised of twelve 30-day months. During the Floating Rate Period, interest hereon will be calculated on the basis of the actual number of days elapsed in an interest period and a 360-day year. Dollar amounts resulting from such calculation will be rounded to the nearest cent, with one-half cent being rounded upward. An “Interest Period” shall
be the period from and including an Interest Payment Date (or from October 27, 2017 in the case of the first Interest Payment Date) to and including the day immediately preceding the next Interest Payment Date. 

During the Fixed Rate Period, if an Interest Payment Date falls on a day that is not a Business Day, such Interest Payment Date will be the
next succeeding Business Day, and no further interest will accrue in respect of such postponement. During the Floating Rate Period, if an Interest Payment date falls on a day that is not a Business Day, such Interest Payment date will be the next
succeeding Business Day. If the Maturity of the Notes falls on a day that is not a Business Day, the payment due at Maturity will be postponed to the next succeeding Business Day, and no further interest will accrue in respect of such postponement.
If a date for payment of interest or principal on the Notes falls on a day that is not a business day in the place of payment, such payment will be made on the next succeeding business day in such place of payment as if made on the date the payment
was due. No interest will accrue on any amounts payable for the period from and after the due date for payment of such principal or interest. For these purposes, “Business Day” means any day which is a day on which commercial banks settle
payments and are open for general business in The City of New York. 
 Payment of the principal of and interest on this Note will be made at
the office or agency of the Trustee maintained for that purpose in The City of New York. 
 Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

 Unless the certificate of authentication hereon has been executed by the Trustee or by an
authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: October 27, 2017 
  

			
	CITIGROUP INC.
		
	By:	 	 
		 	Name: Joseph Bonocore
		 	Title: Deputy Treasurer

  

			
	ATTEST:
		
		 	 
	By:	 	Name: Karen Wang
		 	Title: Assistant Secretary

 This is one of the Notes of the series issued under the within-mentioned Indenture. 

Dated: October 27, 2017 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	 
		 	Name:
		 	Title:
	
	-or-

  

			
	 CITIBANK, N.A.,
 as Authenticating
Agent

		
	By:	 	 
		 	Name:
		 	Title:

 This Note is one of a duly authorized issue of Securities of the Company (the “Notes”),
issued and to be issued in one or more series under the Indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in
aggregate principal to $2,250,000,000. 
 During the Floating Rate Period, this Note will bear interest for each Interest Period at a rate
determined by Citibank, N.A., acting as Calculation Agent. The interest rate on this Note for a particular Interest Period during the Floating Rate Period will be a per annum rate equal to three-month LIBOR as determined on the related Interest
Determination Date, plus 1.151%. The Interest Determination Date for an Interest Period during the Floating Rate Period will be the second London business day preceding such Interest Period. Promptly upon determination, the Calculation Agent will
inform the Trustee and the Company of the interest rate for the next Interest Period. Absent manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on the holders of Notes, the Trustee and the
Company. A London business day is a day on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 On
any Interest Determination Date during the Floating Rate Period, LIBOR will be equal to the offered rate for deposits in U.S. dollars having an index maturity of three months for the next Interest Period, in amounts of at least $1,000,000, as such
rate appears on Reuters Screen LIBOR01 at approximately 11:00 a.m., London time, on such Interest Determination Date. If the Reuters Screen LIBOR01 is replaced by another service or ceases to exist, the Calculation Agent will use the replacing
service or such other service that is selected to display the London interbank offered rates for U.S. dollar deposits. 
 If no offered rate
appears on Reuters Screen LIBOR01 on an Interest Determination Date during the Floating Rate Period at approximately 11:00 a.m., London time, then the Calculation Agent (after consultation with the Company) will select four major banks in the London
interbank market and shall request each of their principal London offices to provide a quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London interbank
market, on that date and at that time, that is representative of single transactions at that time. If at least two quotations are provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the Calculation Agent will select
three major banks in New York City and shall request each of them to provide a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the Interest Determination Date for loans in U.S. dollars to leading European
banks having an index maturity of three months for the applicable Interest Period in an amount of at least $1,000,000 that is representative of single transactions at that time. If three quotations are provided, LIBOR will be the arithmetic average
of the quotations provided. Otherwise, the rate of LIBOR for the next Interest Period will be set equal to the rate of LIBOR for the current Interest Period. 

 Upon request from any Noteholder, the Calculation Agent will provide the interest rate in effect
on this Note for the current Interest Period during the Floating Rate Period and, if it has been determined, the interest rate to be in effect for the next Interest Period during the Floating Rate Period. 

If an event of default (as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the
Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Sections 12.02 and
12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire indebtedness of this Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture.

 The Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to
establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities at the time
outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed maturity of any
Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date, change
the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce the
aforesaid percentage of Securities of any series the consent of the holders of which is required for any such modification without the consent of the holders of all Securities of such series then outstanding, or (iii) modify the rights, duties
or immunities of the Trustee unless the Trustee agrees to such modification. 
 No reference herein to the Indenture and no provision of
this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 This Note is a Global Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in
the name of a person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred
except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 

The Notes represented by this Global Security are exchangeable for definitive Notes in certificated form of like tenor as such Notes in
denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Notes and the Company is unable to appoint a successor
depository or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive Notes
in registered form. Any Notes that are 

 
exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon surrender
of the definitive Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the holder
thereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee
nor any such agent shall be affected by notice to the contrary. 
 The Company will pay additional amounts (“Additional Amounts”)
to the beneficial owner of any Note that is a non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due
and payable. For this purpose, a “net payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge
of the United States. These Additional Amounts will constitute additional interest on the Note. 
 The Company will not be required to pay
Additional Amounts, however, in any of the circumstances described in items (1) through (13) below. 
 (1) Additional Amounts will not
be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner: 

(a) having a relationship with the United States as a citizen, resident or otherwise; 

(b) having had such a relationship in the past; or 

(c) being considered as having had such a relationship. 

(2) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner: 
 (a) being treated as present in or engaged in a trade or business in
the United States; 
 (b) being treated as having been present in or engaged in a trade or business in the United States in the past; or 

(c) having or having had a permanent establishment in the United States. 

 (3) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any
tax, assessment or other governmental charge that is imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended):

 (a) personal holding company; 

(b) foreign private foundation or other foreign tax-exempt organization; 

(c) passive foreign investment company; 

(d) controlled foreign corporation; or 

(e) corporation which has accumulated earnings to avoid United States federal income tax. 

(4) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company entitled to vote or by reason
of the beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 
 For purposes
of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or
a person holding a power over an estate or trust administered by a fiduciary holder. 
 (5) Additional Amounts will not be payable to any
beneficial owner of a Note that is a: 
 (a) fiduciary; 

(b) partnership; 
 (c) limited
liability company; or 
 (d) other fiscally transparent entity 

or that is not the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation to pay Additional
Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the
payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

(6) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements. This exception to the
obligation to pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party as a
precondition to exemption from such tax, assessment or other governmental charge. 

 (7) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any
tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding from a payment on a Note by the Company or a paying agent. 

(8) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later. 

(9) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or other governmental charge
that is imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs later. 

(10) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any: 

(a) estate tax; 
 (b) inheritance
tax; 
 (c) gift tax; 
 (d)
sales tax; 
 (e) excise tax; 

(f) transfer tax; 
 (g) wealth
tax; 
 (h) personal property tax; or 

(i) any similar tax, assessment, withholding, deduction or other governmental charge. 

(11) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or other governmental charge
required to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 

(12) Additional Amounts will not be payable if a payment on a Note is reduced as a result of any withholding, deduction, tax, duty assessment
or other governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or through which payment on the
Note is made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an intergovernmental agreement between that
jurisdiction and the United States) or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or beneficial owner (or any such financial
institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 
 (13)
Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items (1) through (12) above. 

 Except as specifically provided herein, the Company will not be required to make any payment of
any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Note, “United States person” means: 
  

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership or other entity created or organized in or under the laws of the United States or any political subdivision thereof; 

 

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income; and 

 

	 	(d)	any trust if (i) a United States court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the substantial decisions of the
trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. 

Additionally, “non-United States person” means a person who is not a United States person,
and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Notes may not be redeemed prior to maturity. 

(1) The Company may, at its option, redeem the Notes if: 
  

	 	(a)	the Company becomes or will become obligated to pay Additional Amounts as described above; 

  

	 	(b)	the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings of the United States, or an official position regarding the application or interpretation of such laws,
regulations or rulings, which change is announced or becomes effective on or after October 23, 2017; and 

  

	 	(c)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Notes or taking any action that would entail a material cost to the Company. 

  

	 	(2)	The Company may also redeem the Notes, at its option, if: 

  

	 	(a)	any act is taken by a taxing authority of the United States on or after October 23, 2017 whether or not such act is taken in relation to the Company or any subsidiary, that results in a substantial probability that
the Company will or may be required to pay Additional Amounts as described above; 

  

	 	(b)	the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than substituting the obligor under the
Notes or taking any action that would entail a material cost to the Company; and 

	 	(c)	the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that the Company will or may be required to pay the
Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Notes pursuant to their terms. 

Any redemption of the Notes as set forth in clauses (1) or (2) above shall be in whole, and not in part, and will be made at a redemption price equal to
100% of the principal amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. 
  

	 	(3)	The Company may also redeem the Notes, at its option, in whole at any time or in part from time to time, on or after April 27, 2018 and prior to October 27, 2027, at a redemption price equal to the sum of (i)
100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding the date of redemption; and (ii) the Make-Whole Amount, if any, with respect to such Notes. The Reinvestment Rate will equal the
Treasury Yield calculated to October 27, 2027, plus 0.200%. 

  

	 	•	 	“Make-Whole Amount” means the excess, if any, of: (i) the aggregate present value as of the date of such redemption of each dollar of principal being redeemed and the amount of interest (exclusive of
interest accrued to the date of redemption) that would have been payable in respect of each such dollar if such redemption had not been made, determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as
defined below) (determined on the third business day preceding the date that notice of such redemption is given) from the respective dates on which such principal and interest would have been payable if such redemption had not been made, to the date
of redemption, over (ii) the aggregate principal amount of the debt securities being redeemed. 

  

	 	•	 	“Reinvestment Rate” means the yield on Treasury securities at a constant maturity corresponding to the remaining life (as of the date of redemption, and rounded to the nearest month) to October 27, 2027,
of the principal being redeemed (the “Treasury Yield”), plus 0.200%. For purposes of the Notes, the Treasury Yield shall be equal to the arithmetic mean of the yields published in the Statistical Release (as defined below) under the
heading “Week Ending” for “U.S. Government Securities — Treasury Constant Maturities” with a maturity equal to such remaining life; provided that if no published maturity exactly corresponds to such remaining life, then
the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner,
then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by the Company. 

	 	•	 	“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by the Federal Reserve and which reports yields on actively traded
United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination under the Indenture, then such other reasonably comparable index which shall be designated by the
Company. 

  

	 	(4)	The Company may also redeem the Notes, at its option, (i) in whole, but not in part, on October 27, 2027, or (ii) in whole at any time or in part from time to time, on or after July 27, 2028 at a
redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

Holders shall be given not less than 15 days nor more than 60 days prior notice by the Trustee of the date fixed for such redemption described in
(1) through (4) above. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in
the Indenture. The Notes are governed by the laws of the State of New York. 

 Schedule 1 

Redemptions and Amount of Securities 
  

							
	 Date of
partial
redemption
	 	 Aggregate
principal amount
of Securities
then
redeemed
	 	 Remaining
principal amount
of this
Global
Security
	  	 Authorized Signature

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