Document:

EXHIBIT
10.1

 

PROMISSORY
NOTE

 

	
        Principal

        $221,400.00
	
        Loan Date

        05-06-2020
	
        Maturity

        05-06-2022
	
        Loan No.

        8355
	
        Call/Coll

        0089
	Account	
        Officer

        ***
	Initials
	References in the boxes above are for Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “***” has been omitted due to text length limitations.

 

	Borrower:	Universal Security Instruments, Inc.	 	Lender:	CAPITAL BANK, N.A.
	 	11407 A Cronhill Drive	 	 	Capital Bank, N.A.
	 	Owings Mills, MD 21117	 	 	2276 Research Blvd., Suite 600
	 	 	 	 	Rockville, MD 20850

 

 

Principal Amount: $221,400.00Date
of Note: May 6, 2020

 

INITIAL DEFERMENT PERIOD. No payments
are due on this loan for 6 months from the date of first disbursement of this loan. Interest will continue to accrue during the
deferment period.

 

PROMISE TO PAY. Universal Security
Instruments, Inc. (“Borrower”) promises to pay to CAPITAL BANK, N,A. (“Lender”), or order,
in lawful money of the United States of America, the principal amount of Two Hundred Twenty-one Thousand Four Hundred & 00/100
Dollars ($221,400.00), together with interest on the unpaid principal balance from May 6, 2020, calculated as described in the
 “INTEREST CALCULATION METHOD” paragraph using an Interest rate of 1.000% per annum based on a year of 360 days, until
paid in full. The Interest rate may change under the terms and conditions of the “INTEREST AFTER DEFAULT” section.

 

PAYMENT. Borrower will pay this
loan in 17 principal payments of $12,300.00 each and one final principal and interest payment of $12,310.26. Borrower’s first
principal payment is due December 6, 2020, and all subsequent principal payments are due on the same day of each month after that.
In addition, Borrower will pay regular monthly payments of all accrued unpaid interest due as of each payment date, beginning December
6, 2020, with all subsequent interest payments to be due on the same day of each month after that. Borrower’s final payment
due May 6, 2022, will be for all principal, accrued Interest, and all other applicable fees, costs and charges, if any, not yet
paid, Unless otherwise agreed or required by applicable law, payments will be applied first to any accrued unpaid Interest; and
thon to principal. Borrower will pay Lender at Lender’s address shown above or at such other place as Lender may designate
in writing.

 

INTEREST CALCULATION METHOD. Interest
on this Note is computed on a 366/360 basis; that is, by applying the ratio of the Interest rate over a year of 360 days, multiplied
by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All lnterest
payable under this Note is computed using this method.

 

PREPAYMENT PENALTY. Upon prepayment
of this Note, Lender is entitled to the following prepayment penalty: Borrower may prepay this Note at any time without penalty,
Borrower may prepay 20 percent or loss of the unpaid principal balance at any time without notice. II Borrower prepays more than
20 percent and the Loan has been sold on the secondary market, Borrower must: a. Give Lender written notice; b. Pay all accrued
Interest; and c. If the prepayment is received less than 21 days from the date Lender received the notice, pay an amount equal
to 21 days interest from the date Lender received the notice, less any Interest accrued during the 21 days and paid under b. of
this paragraph. If Borrower does not prepay within 30 days from the date Lender received the notice, Borrower must give Lender
a new notice. Except for the foregoing, Borrower may pay all or a portion of the amount owed earlier than it is due. Early payments
will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments under
the payment schedule. Rather, early payments will reduce the principal balance

 

due and may result in Borrower’s
making fewer payments. Borrower agrees not to send lender payments marked “paid in full”, without recourse”,
or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this
Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed
amounts, including any check or other payment instrument that indicates that the payment constitutes “payment In full”
of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be
mailed or delivered to: Capital Bank, NA, 2276 Research Blvd., Suite 600 Rockville, MD 20860.

 

INTEREST AFTER DEFAULT. Upon default,
including failure to pay upon final maturity, the total sum due under this Note will continue to accrue Interest at the interest
rate under this Note.

 

     

     

    

 

DEFAULT. Each of the following shall
constitute an event of default (“Event of Default”) under this Note:

 

Payment Default. Borrower fails
to make any payment when due under this Note.

 

Other Defaults. Borrower fails
to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related
documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between
Lender and Borrower.

 

Default In Favor of Third Parties.
Borrower or any Granter defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other
agreement, in favor of any other creditor or person that may materially affect any of Borrower’s property or Borrower's ability
to repay this Note or perform Borrower’s obligations under this Note or any of the related documents.

 

False Statements. Any warranty.
representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or the related
documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading
at any time thereafter.

 

Insolvency. The dissolution or
termination of Borrower's existence as a going business, or a trustee o. receiver is appointed for Borrower or for an or a substantial
portion of the assets of Borrower, or Borrower makes a general assignment for the benefit of Borrower's creditors, or Borrower
files for bankruptcy, or an involuntary bankruptcy petition is filed against Borrower and such involuntary petition remains undismissed
for sixty (60) days.

 

Creditor or forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method,
by any creditor of Borrower or by any governmental agency against any collateral securing

 

the loan. This includes a garnishment
of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if
there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor
or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with
Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender. in its sole discretion,
as being an adequate reserve or bond for the dispute.

 

Events Affecting Guarantor. Any
of the preceding events occurs with respect to any guarantor, endorser, surety, or accommodation party of any of the indebtedness
or any guarantor, endorser, surety, or accommodation party dies or becomes incompetent, or revokes or disputes the validity of,
or liability under, any guaranty of the indebtedness evidenced by this Note.

 

Change In Ownership. Any change
in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

 

Adverse Change. A material adverse
change occurs in Borrowers financial condition, or lender believes the prospect of payment or performance of this Note is impaired.

 

Insecurity. Lender in good faith
believes itself insecure.

 

Cure Provisions. If any default,
other than a default in payment, is curable and if Borrower has not been given a notice of a breach of the same provision of this
Note within the preceding twelve (12) months, it may be cured if Borrower, after Lender sends written notice to Borrower demanding
cure of such default: (1) cures the default within fifteen (15) days; or (2) if the cure requires more than fifteen (15) days,
immediately initiates steps which Lender deems in Lender’s sole discretion to be sufficient to cure the default and thereafter
continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical.

 

LENDER’S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance under this Note and all accrued unpaid interest, together with all other
applicable fees, costs and charges, if any, immediately due and payable, and then Borrower will pay that amount.

 

NON-RECOURSE. Lender and SBA shall
have no recourse against any individual shareholder, member or partner of Borrower for non-payment of the loan, except to the extent
that such shareholder, member or partner uses the loan proceeds for an unauthorized purpose.

 

PAYROLL PROTECTION PROGRAM. Lender
is making this loan pursuant to the Paycheck Protection Program (the 'PPP') created by Section 1102 of the Coronavirus Aid, Relief,
and Economic Security Act (the “CARES Act”) and governed by the CARES Act, section 7(a)(36) of

 

the Small Business Act, any rules or
guidance that has been issued by the Small Business Administration implementing the PPP, or any other applicable Loan Program
Requirements, as defined in 13 CFR Section 1102, as amended from time to time (collectively, “PPP loan Program
Requirements”). Notwithstanding anything to the contrary herein, the Borrower (a) agrees that this Promissory Note
shall be interpreted and construed to be consistent with the PPP loan Program Requirements and (b) authorizes Lender to
unilaterally amend any provision of this Promissory Note to the extent required to comply with the PPP Loan Program
Requirements.

 

     

     

    

 

WHEN FEDERAL LAW APPLIES. When SBA
is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. As to this Note, Borrower
may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal
law.

 

ATTORNEYS’ FEES; EXPENSES.
Subject to any limits under applicable law, upon default, Borrower agrees to pay Lenders reasonable attorneys’ fees and all
of Lender’s other collection expenses, whether or not there is a lawsuit, including without limitation, legal expenses for
bankruptcy proceedings. Borrower further agrees to pay these attorneys’ fees and expenses even if incurred after the date
of any judgment. Lender may obtain and agrees that the obligation will survive the entry of, and not be merged into, any judgment.

 

JURY WAIVER. LENDER AND BORROWER
EACH HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO WHICH LENDER OR BORROWER MAY BE PARTIES, ARISING OUT OF, OR IN ANY
WAY PERTAINIHG TO, THIS NOTE. IT IS AGREED THAT THIS WAIVER CONSTITUTES A WAIVER OF TRIAL BY JURY OF ALL CLAIMS AGAINST ALL PARTIES
TO SUCH ACTIONS OR PROCEEDINGS. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY LENDER AND BORROWER, AND LENDER AND
BORROWER EACH HEREBY REPRESENT THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY INDIVIDUAL TO INDUCE THIS WAIVER
OF TRIAL BY JURY OR TO IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. BORROWER FURTHER REPRESENTS THAT BORROWER HAS BEEN REPRESENTED
IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, SELECTED OF BORROWER’S OWN FREE
WILL, AND THAT BORROWER HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL.

 

GOVERNING LAW. This Note will be
governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Maryland
without regard to its conflicts of law provisions. This Note has been accepted by Lender in the State of Maryland.

 

CHOICE OF VENUE. If there is a lawsuit,
Borrower agrees upon Lenders request to submit to the jurisdiction of the courts of Montgomery County, State of Maryland.

 

CONFESSED JUDGMENT. UPON THE OCCURRENCE
OF A DEFAULT, BORROWER HEREBY AUTHORIZES ANY ATTORNEY DESIGNATED BY LENDER OR ANY CLERK OF ANY COURT OF RECORD TO APPEAR FOR BORROWER
IN ANY COURT OF RECORD AND CONFESS JUDGMENT WITHOUT PRIOR HEARING AGAINST BORROWER IN FAVOR OF LENDER FOR, AND IN THE AMOUNT OF,
THE UNPAID BALANCE OF THE PRINCIPAL AMOUNT OF THIS NOTE, ALL INTEREST ACCRUED AND UNPAID THEREON, ALL OTHER AMOUNTS PAYABLE BY
BORROWER TO LENDER UNDER THE TERMS OF THIS NOTE OR ANY OTHER AGREEMENT, DOCUMENTS, INSTRUMENT EVIDENCING, SECURING OR GUARANTYING
THE OBLIGATIONS EVIDENCED BY THIS NOTE, COSTS OF SUIT, AND ALL REASONABLE ATTORNEYS’ FEES ACTUALLY INCURRED BY LENDER IN
CONNECTION WITH ENFORCING ANY OF THE RIGHTS OR REMEDIES HEREUNDER. IT IS THE EXPRESS INTENT OF THE PARTIES HERETO THAT EVEN AFTER
ONE OR MORE CONFESSED JUDGMENTS ARE ENTERED PURSUANT TO THIS NOTE THAT LENDER SHALL RETAIN THE RIGHT TO COLLECT AND CONFESS JUDGMENT
FOR: ATIORNEYS’ FEES, EXPENSES AND COSTS ACTUALLY INCURRED IN CONNECTION WITH THE COLLECTION OF THIS NOTE; ATTORNEYS FEES,
EXPENSES AND COSTS ACTUALLY INCURRED TO DEFEND ITSELF FROM ANY CLAIMS ARISING IN CONNECTION WITH THIS NOTE OR THE RELATED DOCUMENTS;
ATTORNEYS’ FEES, EXPENSES AND COSTS ACTUALLY INCURRED IN PROTECTING LENDER’S COLLATERAL AND INTERESTS (COLLECTIVELY,
THE “POST JUDGMENT COSTS”). IT IS ALSO THE EXPRESS INTENT OF THE PARTIES HERETO THAT LENDER’S ABILITY
AND RIGHT TO COLLECT FROM AND CONFESS JUDGMENT AGAINST BORROWER FOR ALL AMOUNTS DUE HEREUNDER, INCLUDING, WITHOUT LIMITATION, POST
JUDGMENT COSTS, SHALL NOT MERGE INTO ANY JUDGMENT OR JUDGMENTS ENTERED IN FAVOR OF LENDER, BUT SHALL SURVIVE THE ENTRY OF ANY JUDGMENT
OR JUDGMENTS IN FAVOR OF LENDER. FURTHERMORE, IT IS THE EXPRESS INTENT OF THE PARTIES HERETO THAT LENDER’S ABILITY AND RIGHT
TO COLLECT FROM AND CONFESS JUDGMENT AGAINST BORROWER SHALL CONTINUE UNDIMINISHED UNTIL LENDER HAS RECEIVED PAYMENT IN FULL OF
ALL AMOUNTS DUE HEREUNDER, INCLUDING, WITHOUT LIMITATION, ALL POST JUDGMENT COSTS.

 

Borrower hereby releases, to the extent
permitted by applicable law, all errors and all rights of exemption, appeal, stay of execution, inquisition, and other rights to
which Borrower may otherwise be entitled under the laws of the United States or of any state or possession of the United States
now in force and which may hereafter be enacted. The authority and power to appear for and enter judgment against Borrower shall
not be exhausted by ono or more exercises thereof or by any imperfect exercise thereof and shall not be extinguished by any judgment
entered pursuant thereto. Such authority may be exercised on one or more occasions or from time to time in the same or different
jurisdictions as often as Lender shall doom necessary or desirable, for all of which this Note shall be a sufficient warrant.

 

RIGHT OF SETOFF. To the extent permitted
by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking, savings, or
some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in
the future. However. this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited
by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against
any and all such accounts.

 

COLLATERAL. This loan is unsecured.

 

     

     

    

 

CONSENT TO JURISDICTION. Borrower
irrevocably submits to the jurisdiction of any state or federal court sitting in the State of Maryland over any suit, action, or
proceeding arising out of or relating to this Note. Borrower irrevocably waives, to the fullest extent permitted by law, any objection
that Borrower may now or hereafter have to the laying of venue of any such suit, action, or proceeding brought in any such court
and any claim that any such suit action, or proceeding brought in any such court has been brought in an inconvenient forum. Final
judgment in any such suit, action, or proceeding brought in any such court shall be conclusive and binding upon Borrower and may
be enforced in any court in which Borrower is subject to jurisdiction by a suit upon such judgment provided that service of process
is effected upon Borrower as provided in this Note or as otherwise permitted by applicable law.

 

SUCCESSOR INTERESTS. The terms of
this Note shall be binding upon Borrower, and upon Borrower’s heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

 

NOTIFY US OF INACCURATE INFORMATION
WE REPORT TO CONSUMER REPORTING AGENCIES. Borrower may notify Lender if Lender reports any inaccurate information about Borrower’s
account(s) to a consumer reporting agency. Borrower’s written notice describing the specific inaccuracy(ies) should be sent
to Lender at the following address: CAPITAL BANK, N.A., Capital Bank, N.A., 2275 Research Blvd., Suite 600, Rockville, MD 20850.

 

GENERAL PROVISIONS. If any part
of this Note cannot be enforced, this fact will not affect the rest of the Note. Borrower does not agree or intend to pay, and
Lender does not agree or intend to contract for, charge, collect, take, reserve or receive (collectively referred to herein as
 “charge or collect”), any amount in the nature of interest or in the nature of a fee for this loan, which would in
any way or event (including demand, prepayment, or acceleration) cause Lender to charge or collect more for this loan than the
maximum Lender would be permitted to charge or collect by federal law or the law of the State of Maryland (as applicable). Any
such excess interest or unauthorized fee shall, instead of anything stated to the contrary, be applied first to reduce the principal
balance of this loan, and when the principal has been paid in full, be refunded to Borrower. Lender may delay or forgo enforcing
any of its rights or remedies under this Note

 

without losing them. Borrower and any other
person who signs, guarantees or endorses this Note, to the extent allowed by law, waive presentment, demand for payment, and notice
of dishonor. Upon any change ln the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this
Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that
lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or
impair, fail to realize upon or perfect Lender’s security interest in the collateral; and take any other action deemed necessary
by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the
consent of or notice to anyone other than the party with whom the modification is made.

 

APPLICABLE LENDIIIG LAW. To the
extent not preempted by federal law, this loan is being made under the terms and provisions of Subtitle 10 of Title 12 of the Maryland
Commercial Law Article.

 

PRIOR TO SIGNING THIS NOTE, BORROWER READ
AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO THE TERMS OF THE NOTE,

 

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED
COPY OF THIS PROMISSORY NOTE.

 

THIS NOTE IS GIVEN UNDER SEAL AND IT IS
INTENDED THAT THIS NOTE IS AND SHALL CONSTITUTE AND HAVE THE EFFECT OF A SEALED INSTRUMENT ACCORDING TO LAW.

 

BORROWER:

 

UNIVERSAL SECURITY INSTRUMENTS, INC.

 

	By:	/s/	 (Seal)	 
	 	James B. Huff, III, AUTHORIZED	 	 
	 	REPRESENTATIVE of Universal Security	 	 
	 	Instruments, Inc.EX-4.1

 Exhibit 4.1 
  

 
  

MARSH & McLENNAN COMPANIES, INC., 

Issuer, 
 and 

The Bank of New York Mellon, 

Trustee 
  

 
 THIRTEENTH
SUPPLEMENTAL INDENTURE 
 Dated as of May 7, 2020 
  

 
 $750,000,000
aggregate principal amount of 2.250% Senior Notes due 2030 
  
  

 

 THIRTEENTH SUPPLEMENTAL INDENTURE, dated as of May 7, 2020, between MARSH &
McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (the “Trustee”). 

W I T N E S S E T H: 
 WHEREAS,
the Issuer and the Trustee executed and delivered an Indenture, dated as of July 15, 2011 (the “Base Indenture” and, as supplemented hereby, the “Indenture”), to provide for the issuance by the Issuer from time
to time of senior debt securities evidencing its unsecured indebtedness, to be issued in one or more series as provided in the Indenture; 

WHEREAS, pursuant to a Board Resolution, the Issuer has authorized the issuance of a series of securities evidencing its senior indebtedness,
consisting initially of $750,000,000 aggregate principal amount of 2.250% Senior Notes due 2030 (the “Original Notes” and, together with all the Additional Notes (as defined herein), if any, hereinafter referred to, the
“Notes”); 
 WHEREAS, the entry into this Thirteenth Supplemental Indenture by the parties hereto is in all respects
authorized by the provisions of the Indenture; 
 WHEREAS, the Issuer desires to establish the terms of the Notes in accordance with
Section 2.01 of the Indenture and to establish the form of the Notes in accordance with Section 2.02 of the Indenture; and 

WHEREAS, all acts and requirements necessary to make this Thirteenth Supplemental Indenture a valid and legally binding indenture and
agreement according to its terms have been done. 
 NOW, THEREFORE, for and in consideration of the premises, the Issuer and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Notes as follows: 

ARTICLE 1 
 Section 1.01.
Terms of Notes. The following terms relating to the Notes are hereby established: 
 (a) The Notes shall constitute a series of
securities having the title “2.250% Senior Notes due 2030”. 
 (b) The aggregate principal amount of the Original Notes that
may be authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05, 2.06, 2.07 or 9.04 of the Base
Indenture) shall be up to $750,000,000. 

  
 1 

 (c) The entire outstanding principal of the Notes shall be payable on November 15,
2030, plus any unpaid interest accrued to such date. 
 (d) The rate at which the Notes shall bear interest shall be 2.250% per annum; the
date from which interest shall accrue on the Notes shall be May 7, 2020 or from the most recent Interest Payment Date to which interest has been paid; the Interest Payment Dates for the Notes on which interest will be payable shall be
May 15 and November 15 in each year, beginning November 15, 2020; the regular record dates for the interest payable on the Notes on any Interest Payment Date shall be the May 1 or November 1 immediately preceding the
applicable Interest Payment Date; and the basis upon which interest on the Notes shall be calculated shall be that of a 360-day year consisting of twelve 30-day months.

 (e) The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the
“Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to but excluding the redemption date: 

(i) If the redemption date is prior to the Par Call Date, the Notes to be redeemed may be redeemed by the Issuer at a
Redemption Price equal to the greater of (A) 100% of the principal amount of the Notes to be redeemed and (B) the sum, as determined by an Independent Investment Banker, of the present values of the remaining scheduled payments of principal of
and interest on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 30 basis points. 

(ii) If the redemption date is on or after the Par Call Date, the Notes to be redeemed may be redeemed by the Issuer at a
Redemption Price equal to 100% of the principal amount of the Notes to be redeemed. 
 (iii) (A) In case the Issuer shall
desire to exercise such right to redeem all or, as the case may be, a portion of the Notes in accordance with Section 1.01(e)(i)-(ii) above, the Issuer shall, or shall cause the Trustee to, give notice of such redemption to holders of the Notes
to be redeemed by transmitting a notice of such redemption not less than 10 days and not more than 60 days before the date fixed for redemption to 

  
 2 

 
such holders. Any notice that is delivered in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder received the notice. In any
case, failure duly to give such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Note. 

(B) Each such notice of redemption shall specify the amount of Notes to be redeemed, the date fixed for redemption and the
applicable Redemption Price at which the Notes to be redeemed are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan, the
City and State of New York, upon presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that
interest shall continue to accrue on any Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all of the Notes are to be redeemed, the notice to the holders of
the Notes to be redeemed in whole or in part shall specify the particular Notes to be redeemed. In case the Notes are to be redeemed in part only, the notice shall state the portion of the principal amount thereof to be redeemed, and shall state
that on and after the redemption date, upon surrender of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 

(C) If the Trustee is to provide notice to the holders of the Notes in accordance with this Section 1.01(e)(iii), for a
partial or full redemption, the Issuer shall give the Trustee at least 3 days’ notice in advance, a period which can be reduced upon further negotiation between the Issuer and the Trustee, of the date fixed for redemption as to the aggregate
principal amount of Notes to be redeemed, and thereupon, in the case of a partial redemption, the Notes to be redeemed will be selected in accordance with the procedures of the Depositary in a manner that provides for the selection of a portion or
portions (equal to two thousand U.S. dollars ($2,000) or integral multiples of $1,000 in excess thereof) of the principal amount of such Notes of a denomination larger than $2,000. 

(D) The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its President or any
Vice President, instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the

  
 3 

 
Issuer or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Issuer shall
deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee
or such paying agent to give any notice that may be required under the provisions of this Section. 
 (E) Subject to
Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the delivery of a notice of
redemption of the Notes selected for redemption and ending at the close of business on the day of such delivery, or (ii) to register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed
portion of any such Notes being redeemed in part. 
 (F) If the giving of notice of redemption shall have been completed as
above provided, the Notes or portions of the Notes to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to
accrue on and after the date fixed for redemption, unless the Issuer shall default in the payment of such Redemption Price and accrued interest. 

(iv) As used herein: 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to remain closed. 
 “Comparable Treasury Issue” means the United States Treasury security
selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming for this purpose, that the Notes matured on the Par Call Date) that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker is provided with fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 

  
 4 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Issuer. 
 “Par Call Date” means August 15, 2030 (the date that is three months prior to the stated
maturity date of the Notes). 
 “Reference Treasury Dealer” means (i) BofA Securities, Inc. and its successors, and
(ii) Citigroup Global Markets Inc. and its successors, who are primary U.S. Government securities dealers for the City of New York (each a “Primary Treasury Dealer”), and three other Primary Treasury Dealers as the Issuer may
specify from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer, the Issuer will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Treasury
Rate” means, with respect to any redemption date, the rate per year equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 
 The
Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 
 With respect to Section 1.01(e)(i)(A)
above, the Trustee shall be entitled to conclusively rely upon the calculations of the Independent Investment Banker. 
 (f) The Notes shall
be issuable in denominations equal to two thousand U.S. dollars ($2,000) or integral multiples of $1,000 in excess thereof. 
 (g) The
Trustee shall also be the security registrar and paying agent for the Notes. 
 (h) Payments of the principal of and interest on the Notes
shall be made in U.S. dollars, and the Notes shall be denominated in U.S. dollars. 

  
 5 

 (i) The holders of the Notes shall have no special rights in addition to those provided in
the Indenture upon the occurrence of any particular events. 
 (j) The Notes shall not be subordinated to any other debt of the Issuer, and
shall constitute senior unsecured obligations of the Issuer. 
 (k) The Notes shall be issued as a Global Security and The Depository Trust
Company, New York, New York shall be the initial Depositary. The Notes are not convertible into shares of common stock or other securities of the Issuer. 

Section 1.02. Form of Note. The form of the Notes is attached hereto as Exhibit A. 

Section 1.03. Additional Notes. Subject to the terms and conditions contained herein, the Issuer may issue additional notes (the
“Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Original Notes (except as otherwise described in the form of the Notes), without the consent of the holders of the Original
Notes then Outstanding. Any such Additional Notes will be a part of the series having the same terms as the Original Notes, provided that, if any additional notes subsequently issued are not fungible for U.S. federal income tax purposes with
any notes previously issued, such additional notes shall trade under a separate CUSIP. The aggregate principal amount of the Additional Notes, if any, shall be unlimited. The Original Notes and the Additional Notes, if any, shall constitute one
series for all purposes under this Thirteenth Supplemental Indenture, including, without limitation, amendments, waivers and redemptions. 

Section 1.04 Amendment of Section 6.01(a)(i) of the Base Indenture. Solely for the purposes of the Notes,
Section 6.01(a)(i) of the Base Indenture is hereby amended by replacing that section in its entirety with the following: 
 “the
Company defaults in the payment of any installment of interest on the Notes (as defined in this Supplemental Indenture), as and when the same shall become due and payable, and continuance of such default for a period of 30 days; provided,
however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto, shall not constitute a default in the payment of interest for this purpose.” 

  
 6 

 ARTICLE 2 

MISCELLANEOUS 

Section 2.01. Definitions. Capitalized terms used but not defined in this Thirteenth Supplemental Indenture shall have the
meanings ascribed thereto in the Indenture. 
 Section 2.02. Confirmation of Indenture. The Indenture, as heretofore
supplemented and amended and as further supplemented and amended by this Thirteenth Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this Thirteenth Supplemental Indenture and all indentures supplemental thereto
shall be read, taken and construed as one and the same instrument. 
 Section 2.03. Concerning the Trustee. The Trustee assumes
no duties, responsibilities or liabilities by reason of this Thirteenth Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, shall have all of the rights, protections and immunities
which it possesses under the Indenture. The Trustee makes no representations as to the validity or sufficiency of this Thirteenth Supplemental Indenture. The recitals herein are deemed to be those of the Issuer and not of the Trustee. 

Section 2.04. Governing Law. This Thirteenth Supplemental Indenture, the Indenture and the Notes shall be governed by and
construed in accordance with the law of the State of New York. 
 Section 2.05. Separability. In case any provision in this
Thirteenth Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 2.06. Counterparts. This Thirteenth Supplemental Indenture may be executed in any number of counterparts each of which
shall be an original, but such counterparts shall together constitute but one and the same instrument. Exchange of signature pages to this Thirteenth Supplemental Indenture and the Notes by facsimile or electronic transmission shall constitute
effective execution and delivery of this Thirteenth Supplemental Indenture and the Notes. 
  

  
 7 

 IN WITNESS WHEREOF, this Thirteenth Supplemental Indenture has been duly executed by the
Issuer and the Trustee as of the day and year first written above. 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	 /s/ Mark C. McGivney

		 	Name: Mark C. McGivney
		 	Title: Chief Financial Officer

  

			
		
	 Attest:
  

    By:
	 	  
  

/s/ Katherine J. Brennan

		 	  
 Name: Katherine J.
Brennan

		 	Title: Deputy General Counsel, Corporate Secretary & Chief Compliance Officer

 [Signature Page to the Thirteenth Supplemental Indenture] 

 
			
	 THE BANK OF NEW YORK MELLON,

    as Trustee

		
	By:	 	 /s/ Francine Kincaid

		 	Name: Francine Kincaid
		 	Title: Vice President

 [Signature Page to the Thirteenth Supplemental Indenture] 

 Exhibit A 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH
THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES AND EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE BASE INDENTURE, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR
ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

			
	Certificate No. [1] / [2]	  	$[500,000,000] / [250,000,000]

 CUSIP No. 571748 BN1 
 ISIN
No. US571748BN17 
 MARSH & McLENNAN COMPANIES, INC. 

2.250% Senior Notes due 2030 

MARSH & McLENNAN COMPANIES, INC., a Delaware corporation (the “Issuer”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [FIVE HUNDRED MILLION] / [TWO HUNDRED AND FIFTY MILLION] DOLLARS
($[500,000,000] / [250,000,000]) (which aggregate principal amount may from time to time be increased or decreased to such other aggregate principal amounts by adjustments made on the Schedule of Increases or Decreases in Global Security attached
hereto) on November 15, 2030 and to pay interest on said principal sum from May 7, 2020 or from the most recent interest payment date (each such date, an “Interest Payment Date”) to which interest has been paid or duly
provided for semiannually on May 15 and November 15 of each year commencing November 15, 2020 at the rate of 2.250% per annum until the principal hereof shall have become due and payable, and on any overdue principal and premium, if
any, and (without duplication and to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. The amount of interest payable on any Interest Payment Date shall
be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then
payment of interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in respect of any such delay). The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture (hereafter defined), be paid to the person in whose name this Note (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of
business on the regular record date for such interest installment which shall be the May 1 or November 1 preceding such Interest Payment Date. Any such interest installment not punctually paid or duly provided for (as defined in the
Indenture, the “Defaulted Interest”) shall forthwith cease to be payable to the registered holders on such regular record date, and may be paid to the person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a special record date to be fixed by the Trustee for the payment of such Defaulted Interest, which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment, and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment or at any time in any 

  
 A-2 

 
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture. The principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Trustee maintained for that purpose in any coin or currency of the United States of America which at the
time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Issuer by check mailed to the registered holder at such address as shall appear in
the Security Register. Notwithstanding the foregoing, so long as the registered holder of this Note is Cede & Co., the payment of the principal of (and premium, if any) and interest on this Note will be made at such place and to such
account as may be designated by DTC. 
 The indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior and
unsecured and will rank in right of payment on parity with all other senior unsecured obligations of the Issuer. 
 This Note shall not be
entitled to any benefit under the Indenture hereinafter referred to or be valid until the Certificate of Authentication hereon shall have been signed manually by or on behalf of the Trustee. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

  
 A-3 

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

Dated: May 7, 2020 
  

			
	MARSH & McLENNAN COMPANIES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest:	 	
		
	      By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Global Note] 

  
 A-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series of Notes described in the within-mentioned Indenture. 

THE BANK OF NEW YORK MELLON, as Trustee 
  

			
	By	 	  

		 	Authorized Signatory

  

			
	Dated:	 	  

  
 A-5 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby 

sells, assigns and transfers to 
  

 
 (Insert Social Security number or other
identifying number of assignee) 
  
  

(Please print or typewrite name and address, including zip code of assignee) 

 
  

the within Note of Marsh & McLennan Companies, Inc. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer said Note on the books of the within-named Issuer with full power of substitution in the premises. 

 

							
	Dated:	 	
                     
                                        
	 	                	  	  

			
		 	  
	  	

 Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and
credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 

NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within Note in every particular, without
alteration or enlargement or any change whatever. 

  
 A-6 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

MARSH & McLENNAN COMPANIES, INC. 

2.250% Senior Notes due 2030 
 The
initial aggregate principal amount of this Global Security is $[500,000,000] / [250,000,000]. The following increases or decreases in this Global Security have been made: 

No: _____ 
  

							
	 Date
	  	Principal Amount of this
Global Security	  	Notation Explaining
Principal Amount Recorded	  	Signature of authorized
officer of Trustee or
Depositary

  
 A-7 

 MARSH & McLENNAN COMPANIES, INC. 

2.250% Senior Notes due 2030 

This Note is one of a duly authorized series of Securities (referred to in the Base Indenture (hereafter defined)), of the Issuer (herein
sometimes referred to as the “Notes”), all such Securities issued or to be issued in one or more series under and pursuant to an indenture (the “Base Indenture”), dated as of July 15, 2011, between the Issuer
and The Bank of New York Mellon, as Trustee (the “Trustee”), as supplemented in the case of the Notes by the Thirteenth Supplemental Indenture, dated as of May 7, 2020, between the Issuer and the Trustee (the Base Indenture, as
so supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders of the Notes. This series of Notes is initially limited in aggregate principal amount as specified in said Thirteenth Supplemental Indenture. This series of Notes and any Additional Notes of this series shall
constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. The terms and conditions of this series of Notes and any Additional Notes of this series (other than the issue price, the
date of issuance, the payment of interest accruing prior to the issue date of the Additional Notes and the first payment of interest following such issue date) shall be the same and shall bear the same CUSIP number. 

The Notes may be redeemed in whole at any time or in part from time to time, at the option of the Issuer. The redemption price (the
“Redemption Price”) of the Notes to be redeemed shall be calculated as follows, plus, in each case, accrued and unpaid interest on the principal amount of the Notes being redeemed to but excluding the redemption date: 

(A) If the redemption date is prior to the Par Call Date, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price equal to
the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum, as determined by an Independent Investment Banker, of the present values of the remaining scheduled payments of principal of and interest on the Notes
to be redeemed that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 30 basis points. 

(B) If the redemption date is on or after the Par Call Date, the Notes to be redeemed may be redeemed by the Issuer at a Redemption Price equal
to 100% of the principal amount of the Notes to be redeemed. 

  
 A-1 

 In case the Issuer shall desire to exercise such right to redeem all or, as the case may be,
a portion of the Notes, the Issuer shall, or shall cause the Trustee to, give notice of such redemption to holders of the Notes to be redeemed by transmitting a notice of such redemption not less than 10 days and not more than 60 days before the
date fixed for redemption to such holders. Any notice that is delivered in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder received the notice. In any case, failure duly to give
such notice to the holder of any Note designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Note. 

Each such notice of redemption shall specify the amount of Notes to be redeemed, the date fixed for redemption and the applicable Redemption
Price at which the Notes to be redeemed are to be redeemed, and shall state that payment of the Redemption Price of such Notes to be redeemed will be made at the office or agency of the Issuer in the Borough of Manhattan, the City and State of New
York, upon presentation and surrender of such Notes, that interest accrued to the date fixed for redemption will be paid as specified in said notice and, that from and after said date interest will cease to accrue; except that interest shall
continue to accrue on any Note or portion thereof with respect to which the Issuer defaults in the payment of such Redemption Price and accrued interest. If less than all of the Notes are to be redeemed, the notice to the holders of the Notes to be
redeemed in whole or in part shall specify the particular Notes to be redeemed. In case the Notes are to be redeemed in part only, the notice shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after
the redemption date, upon surrender of such security, a new Note in principal amount equal to the unredeemed portion thereof will be issued. 

If the Trustee is to provide notice to the holders of the Notes as described herein, for a partial or full redemption, the Issuer shall give
the Trustee at least 3 days’ notice in advance, a period which can be reduced upon further negotiation between the Issuer and the Trustee, of the date fixed for redemption as to the aggregate principal amount of Notes to be redeemed, and
thereupon, in the case of a partial redemption, the Notes to be redeemed will be selected in accordance with the procedures of the Depositary in a manner that provides for the selection of a portion or portions (equal to two thousand U.S. dollars
($2,000) or integral multiples of $1,000 in excess thereof) of the principal amount of such Notes of a denomination larger than $2,000. 

The Issuer may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its President or any Vice President,
instruct the Trustee or any paying agent to call all or any part of the Notes for redemption and to give notice of redemption in the manner set forth in this Note, such notice to be in the name of the Issuer or its own name as the Trustee or such
paying agent may deem advisable. In any case in which notice of redemption is to be given by the 

  
 A-2 

 
Trustee or any such paying agent, the Issuer shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register,
transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice that may be required under the provisions stated herein. 

Subject to Section 2.11 of the Base Indenture, the Issuer shall not be required (i) to issue, register the transfer of or exchange
any Notes during a period beginning at the opening of business 15 days before the day of the delivery of a notice of redemption of the Notes selected for redemption and ending at the close of business on the day of such delivery, or (ii) to
register the transfer of or exchange any Notes so selected for redemption in whole or in part, except the unredeemed portion of any such Notes being redeemed in part. 

If the giving of notice of redemption shall have been completed as above provided, the Notes or portions of the Notes to be redeemed specified
in such notice shall become due and payable on the date and at the place stated in such notice at the applicable Redemption Price, and interest on such Notes shall cease to accrue on and after the date fixed for redemption, unless the Issuer shall
default in the payment of such Redemption Price and accrued interest. 
 “Comparable Treasury Issue” means the United
States Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming for this purpose, that the Notes matured on the Par Call Date)
that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker is provided with fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by
the Issuer. 
 “Par Call Date” means August 15, 2030 (the date that is three months prior to the stated maturity date
of the Notes). 
 “Reference Treasury Dealer” means (i) BofA Securities, Inc. and its successors, and
(ii) Citigroup Global Markets Inc. and its successors, who are primary U.S. Government securities dealers for the City of New York (each a “Primary Treasury Dealer”), and three other Primary Treasury Dealers as the Issuer may
specify from time to time; provided, however, that if any of them ceases to be a Primary Treasury Dealer, the Issuer will substitute another Primary Treasury Dealer. 

  
 A-3 

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

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to the semiannual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. 
 The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the holders of not less
than a majority in aggregate principal amount of the Securities of all of the series at the time Outstanding affected thereby (all such series voting together as a single class), as defined in the Indenture, to execute supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture or of any supplemental indenture or of modifying in any manner the rights of the holders of the Notes; provided,
however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby (i) extend the fixed maturity of any Securities, including the Notes, or reduce the principal
amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, or (ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent
to any such supplemental indenture. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected thereby (all such series voting together
as a single class), to waive any past default in the performance of any of the covenants contained in the Base Indenture, or established pursuant to the Base Indenture with respect to such series, and its consequences, except a default in the
payment of the principal of or premium, if any, or interest on any Securities, including the Notes, in which case, each such affected series voting as a separate class. Any such consent or waiver by the registered holder of this Note (unless revoked
as provided in the Base Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and of any Note issued in exchange herefor or in place hereof (whether by registration of transfer or otherwise),
irrespective of whether or not any notation of such consent or waiver is made upon this Note. 

  
 A-4 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this Note at the time and place and at the rate and in the money herein prescribed. 

The Issuer is subject to certain covenants contained in the Indenture with respect to, and for the benefit of the holders of, the Notes. The
Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants contained in the Indenture or with respect to reports or other certificates filed under the Indenture;
provided, however, that nothing herein shall relieve the Trustee of any obligations to monitor the Issuer’s timely delivery of all reports and certificates required under Section 5.03 of the Base Indenture and to fulfill its
obligations under Article VII of the Indenture. If an Event of Default as defined in the Indenture with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note shall not have
the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or Trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a continuing Event
of Default with respect to the Notes, the holders of not less than 25% in principal amount of the Outstanding Notes (in the case of an Event of Default described in clauses (a)(i) or (a)(ii) of Section 6.01 of the Base Indenture, each such
series voting as a separate class, and in the case of an Event of Default described in clauses (a)(iii), (a)(iv), (a)(v) or (a)(vi) of Section 6.01 of the Base Indenture, all affected series voting together as a single class) shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of
such notice, request and offer of indemnity and the Trustee shall not have received from the holders of a majority in principal amount of the Notes at the time Outstanding (voting as provided in Section 6.04(b) of the Base Indenture) a
direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed herein.

  
 A-5 

 As provided in the Indenture and subject to certain limitations therein set forth, this Note
is transferable by the registered holder hereof on the Security Register of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer in the Borough of Manhattan, the City and State of New York
accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer or the Trustee duly executed by the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Issuer may require payment of a sum sufficient
to cover any tax or other governmental charge payable in relation thereto. 
 Prior to due presentment for registration of transfer of this
Note, the Issuer, the Trustee, any paying agent and any Security Registrar may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing
hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Issuer nor the Trustee
nor any paying agent nor any Note Registrar shall be affected by any notice to the contrary. 
 No recourse shall be had for the payment of
the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past, present or future, as such,
of the Issuer or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as
part of the consideration for the issuance hereof, expressly waived and released. 
 The Notes are issuable only in registered form without
coupons in authorized denominations. As provided in the Indenture and subject to certain limitations herein and therein set forth, Notes so issued are exchangeable for a like aggregate principal amount of Notes of a different authorized
denomination, as requested by the holder surrendering the same. 
 All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture. 
 THE INDENTURE AND THE NOTES INCLUDING THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 

  
 A-6 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused “CUSIP” numbers to be printed on the Notes as a convenience to the holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP numbers as printed on the Notes, and
reliance may be placed only on the other identification numbers printed hereon. 
 Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee by manual signature, which may be delivered via electronic transmission, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 A-7

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