Document:

POSTRETIREMENT LIFE INSURANCE PLAN

 Exhibit 10.7 
 POSTRETIREMENT LIFE INSURANCE PLAN 
 OF 

THE PACIFIC GAS AND ELECTRIC COMPANY 
  

 
  This is
the controlling and definitive statement of the Pacific Gas and Electric Company Postretirement Life Insurance Plan – Plan #542 (“PLAN”1), as amended on April 1, 2007 (to reflect eligibility of affiliate employees for participation in the Retirement
Plan), amended effective as of January 1, 2009 (in conformance with Section 409A of the Internal Revenue Code), amended effective March 15, 2012 (with respect to benefits provided to weekly paid non-bargaining unit employees) and
amended effective May 15, 2012 with respect to certain tax matters. The PLAN is for the benefit of all eligible employees of Pacific Gas and Electric Company (“COMPANY”) and such other companies, affiliates, subsidiaries, or
associations as the BOARD OF DIRECTORS may designate from time to time. The PLAN was first adopted in substantially its current form by the BOARD OF DIRECTORS in 1978 and has since been amended from time to time. Except as expressly stated by any
amendment to this PLAN, benefits of eligible employees who retire, terminate from employment, or cease to be an eligible employee prior to the effective date of any amendment shall not be affected by any such amendment. The Company intends to amend,
restate, and maintain the Plan pursuant to this written instrument and in accordance with the requirements of the Employee Retirement Income Security Act (ERISA) of 1974. 
 ARTICLE I 
 DEFINITIONS 

 1.01    Actual Retirement Date shall mean the earlier of:    (a) the date as of which
payment of a pension under the COMPANY’s Retirement Plan commences, or (b) if an employee is age 55 or older, the day following the date on which an employee’s SERVICE ends. 

 
  

	1 	Words in all capitals are defined in Article I. 

  1.02    Bargaining Unit Employee shall mean an employee of the
COMPANY or a designated company, affiliate, subsidiary, or association, who is a member of a collective bargaining unit. 

 1.03    Beneficiary shall mean the individual or individuals or intervivos trust or trusts that an eligible
employee designates to receive benefits under Section 3.02. Such designation must be made on a Designation of Beneficiary form provided by, and filed with, the PLAN ADMINISTRATOR. 

 1.04    Board or Board of Directors shall mean the BOARD OF DIRECTORS of the COMPANY or, when appropriate, any
committee of the BOARD which has been delegated the authority to take action with respect to the PLAN. 

 1.05    Company shall mean the Pacific Gas and Electric Company, a California corporation. 

 1.06    Compensation shall mean an employee’s monthly base salary rate. For an employee on an authorized
leave of absence, COMPENSATION also includes the monthly salary rate applicable to such employee, whether or not the employee was paid while on such leave of absence. For an employee receiving benefits under the COMPANY’s Long-Term Disability
Plan or the PG&E Corporation Disability Plan, COMPENSATION is the employee’s monthly base salary rate for the 12 months preceding the employee’s last day worked. 
  1.07    Group Life Insurance Plan shall mean the Pacific Gas and Electric Company GROUP LIFE INSURANCE PLAN, as amended January 1, 2008, and as may thereafter be amended,
from time to time. 
  1.08    Management Employee shall mean an employee of the COMPANY or of a
designated company, affiliate, subsidiary, or association, who is employed in a monthly paid position and who is not in a collective bargaining unit. Effective April 1, 2007, Management Employee shall include any such employee of PG&E
Corporation, PG&E Corporation Support Services, Inc., and PG&E Corporation Support Services, II, Inc. 

 1.09    Normal Retirement Date shall mean the first of the month following an employee’s 65th birthday.

  1.10    Participating Employer shall mean the COMPANY, PG&E
Corporation, PG&E Corporation Support Services, Inc., and PG&E Corporation Support Services II, Inc., or such other company, affiliate, subsidiary, or association as may be designated by the BOARD or its delegates. 

 1.11    Plan shall mean the Pacific Gas and Electric Company Postretirement Life Insurance Plan, amended and
restated from time to time, as set forth herein. 
  1.12    Plan Administrator shall mean the Employee
Benefit Committee or such individual or individuals as that Committee may appoint to handle the day-to-day affairs of the PLAN. 

 1.13    Service shall mean “credited service” as that term is defined in the Retirement Plan or, if
the Compensation Committee of the Board of Directors of PG&E Corporation has granted an adjusted service date for an eligible employee, “credited service” as calculated from such adjusted service date. Additionally, for purposes of
this PLAN, SERVICE shall include service with a PARTICIPATING EMPLOYER. 
  1.14    Weekly-Paid
Non-Bargaining Unit Employee shall mean an employee of the COMPANY or a PARTICIPATING EMPLOYER, who is paid on a weekly basis and is not a member of a collective bargaining unit. 

ARTICLE II 

ELIGIBILITY AND BENEFIT LEVELS 
  2.01    The PLAN provides for different levels of benefits, depending upon the employment status, hire date, and/or promotion date of an eligible employee. Except as expressly
provided under the terms of the PLAN, an eligible employee is entitled to receive only one level of benefits. A schedule setting forth the different benefit levels, and eligibility criteria is contained in Attachment A. 

  All life insurance benefit proceeds will be paid in a single lump sum to the BENEFICIARY at the time of the the eligible
employee’s death. 
  2.02    Terminated Employees.    Anything in the PLAN to
the contrary notwithstanding, an employee whose employment with the COMPANY or a PARTICIPATING EMPLOYER 

 
terminates prior to attaining Normal or Early Retirement Date, as those terms are defined under the COMPANY’s Retirement Plan, shall not be an eligible employee entitled to benefits under
the PLAN. 
  2.03    Demotions.    An eligible employee who (i) is eligible
to retire under the terms of the COMPANY’s Retirement Plan, (ii) has met all of the criteria for a specified level of benefit, and is subsequently demoted for reasons other than for just cause, will nonetheless be entitled to receive the
level of benefits to which he was entitled prior to demotion. COMPENSATION for purposes of determining the amount of benefits to which a demoted employee is entitled shall be based on the larger of (i) the last 12 months of COMPENSATION prior
to the date of demotion, or (ii) the last 12 months of COMPENSATION prior to ACTUAL RETIREMENT DATE. An eligible employee who is demoted for just cause, however, automatically ceases to be entitled to the level of benefits to which he was
entitled prior to demotion. Eligibility for a specific level of benefits and the amount of any benefit will depend on employment status and COMPENSATION received subsequent to demotion. 

ARTICLE III 

ADMINISTRATIVE PROVISIONS 
  3.01    Elections. 

  (a)     Prior to ACTUAL RETIREMENT DATE, an eligible employee shall make any applicable elections as
to optional benefit forms appropriate to the level of benefit to which he is entitled. Elections made prior to an eligible employee’s ACTUAL RETIREMENT DATE are irrevocable. 

  (b)     On or prior to December 31, 2008, certain eligible employees, as designated by the
COMPANY in its sole discretion, were allowed to elect a cash payment in lieu of life insurance benefits under the PLAN. Any cash payment to an eligible employee as a result of this election shall be payable upon the eligible employee’s
“separation from service” (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)), and in no event later than the later of (i) the 15th day of the 3rd month following the
eligible employee’s SEPARATION FROM SERVICE or December 31 of the calendar year in which the eligible employee 

 
separates from service, subject to applicable tax withholding. 
 If pursuant to section
3.01(b) an employee who is eligible for Level Four, Level Five, or Level Six benefits elects a cash payment in lieu of a life insurance benefit, then in determining the present value of a cash benefit elected pursuant to 3.01(b), the PLAN
ADMINISTRATOR shall use the appropriate mortality factors contained in the Retirement Plan for single life annuities and the 90-day Treasury Bill interest rate in effect as of the eligible employee’s ACTUAL RETIREMENT DATE. If provided for in a
participant’s election form, the eligible employee also shall receive, at the same time as such cash payment, an additional payment equal to the federal and state income taxes attributable to such payment, except that, as of May 15, 2012,
no such payment will be provided to an individual who is or was prior to retirement an executive officer named in the compensation tables of any of the COMPANY’s or PG&E Corporation’s proxy statements that have been filed with the
Securities and Exchange Commission prior to the date of payment of benefits under this PLAN. 

  3.02    Designation of Beneficiary. 

 An eligible employee shall designate a BENEFICIARY by filling out and submitting a Designation of Beneficiary electronic or paper
form provided by the PLAN ADMINISTRATOR. A BENEFICIARY may be changed at any time by submitting a Change of Beneficiary form available from the PLAN ADMINISTRATOR. 
 The designation of a BENEFICIARY becomes effective only when received by the PLAN ADMINISTRATOR. If there is no designation of a BENEFICIARY on file with the PLAN ADMINISTRATOR, the BENEFICIARY shall be
in accordance with the last Designation of Beneficiary form filed by the eligible employee under the COMPANY’s GROUP LIFE INSURANCE PLAN. If the designated BENEFICIARY is not living at the time of the eligible employee’s death, the PLAN
ADMINISTRATOR shall determine the individual, individuals, or estate entitled to receive benefits by application of the Preference of Beneficiary clause contained in the COMPANY’s GROUP LIFE INSURANCE PLAN. 

  3.03    Operation and Administration. 

   (a)     COMPANY’s Powers and
Duties.    The COMPANY, acting through its BOARD OF DIRECTORS, reserves to itself the exclusive power to amend, suspend, or terminate the PLAN, as provided below, and to appoint and remove from time to time: 

  (i)       the individuals comprising the Employee Benefit Committee; 

  (i)       the individuals comprising the Employee Benefits Appeals Committee; and

   (iii)      the employers whose employees may participate in the PLAN. 

 All powers and duties not reserved to the COMPANY are delegated to the PG&E Corporation Employee Benefit Committee (the
“EBC”) as Plan Administrator and to the Employee Benefit Appeals Committee (the “EBAC”) with respect to review and adjudication of Participant claims and appeals. Action of either committee shall be by vote of a majority of the
members of the committee at a meeting, or in writing without a meeting, and evidenced by the signature of any member who is so authorized by the committee. 
  The COMPANY indemnifies each member of each committee against any personal liability or expense arising out of any action or inaction of the committee or of any member of the committee or of such
individual, except that due to his or her own willful misconduct. 
   (b)   Employee Benefit
Committee.    The Employee Benefit Committee, appointed by the Board of Directors of PG&E Corporation to serve at its pleasure, is the PLAN ADMINISTRATOR of the PLAN and is responsible for the overall administration of the
PLAN. 
  The PLAN ADMINISTRATOR has the sole power and duty to establish and from time to time revise such rules and
regulations as may be necessary to administer the PLAN in a non-discriminatory manner for the exclusive benefit of employees and all other persons entitled to benefits under the PLAN. 

 The PLAN ADMINISTRATOR shall establish, carry out, and revise from time to time the funding policy for the PLAN. The PLAN
ADMINISTRATOR shall have the authority to allocate among its members or to delegate to any other 

 
person any fiduciary responsibility with respect to the PLAN. The PLAN ADMINISTRATOR may appoint and delegate to one or more individuals the power and duty to handle the day-to-day
administration, including financial administration, of the PLAN. Such individuals need not be members of the Committee and shall serve at the pleasure of the Committee. 
  The PLAN ADMINISTRATOR shall also maintain such records and make such rules, computations, interpretations, and decisions as may be necessary or desirable for the proper administration of the PLAN.
The PLAN ADMINISTRATOR shall maintain for inspection by eligible employees copies of the PLAN, the latest annual report, PLAN description and summary description, and any amendments or changes in any of these documents. On written request, eligible
employees may obtain from the PLAN ADMINISTRATOR a copy of any of these documents at a cost established by the PLAN ADMINISTRATOR from time to time. 
 The PLAN ADMINISTRATOR may employ counsel and agents, as well as clerical, actuarial, and accounting services as it may require in carrying out the provisions of the PLAN or complying with the
requirements of ERISA. 
  3.04    Eligibility Claims and Appeals Procedures. 

 If a claim which relates to an eligible employee’s length of SERVICE, status, or membership in the PLAN is denied in whole or
in part, the PLAN ADMINISTRATOR shall furnish to the claimant a written notice setting forth: 

  (a)   specific reason(s) for the denial; 

  (b)   the PLAN provision(s) on which the denial is based; 

  (c)   a description of any material or information, if any, necessary for the claimant to perfect the claim,
and an explanation of why such material or information is necessary; and 
   (d)   information
concerning the steps to be taken if claimant wishes to submit a claim for review. 

  The above information shall be furnished to the claimant within 60 days after the
claim is received by the PLAN ADMINISTRATOR. 
  If a claimant is not satisfied with the written notice described in the
preceding paragraph, such claimant may request a full and fair review by the EBAC by so notifying the PLAN ADMINISTRATOR in writing within 90 days after receiving such notice. If a review is requested, the claimant shall also be entitled, upon
written request, to review pertinent documents and to submit issues and comments in writing. The EBAC shall furnish the claimant with a written final decision within 60 days after receipt of the request for review, unless due to special
circumstances, an extension is required. If an extension is required, a written extension notice will be furnished to the claimant before the end of the initial 60-day period. The extension may not exceed 60 days. The extension notice will indicate
the special circumstances requiring an extension of time and the date by which the EBAC expects to render a decision. If the EBAC denies the appeal, the claimant will be provided a written notice setting forth: 

  (a)   specific reason(s) for the denial; 

  (b)   the PLAN provision(s) on which the denial is based; and 

  (c)   a statement of the claimant’s right to bring an action under section 502(a) of ERISA. 

 3.05    Amendment Procedures. 
  The COMPANY reserves the right to modify or discontinue the PLAN at any time. Any modification or termination of the PLAN shall not affect benefits payable to BENEFICIARIES prior to the date of
modification or termination. 
  3.06    Code Section 409A. 

  (a)    Notwithstanding anything to the contrary set forth herein, to the extent (i) any compensation
or benefits to which an eligible employee becomes entitled hereunder, in connection with the eligible employee’s SEPARATION FROM SERVICE constitute deferred compensation subject to (and not exempt from) Section 409A and the

 
regulations and other guidance promulgated thereunder and (ii) the eligible employee is deemed at the time of such separation to be a “specified employee” under Section 409A,
then such compensation or benefits shall not be made or commence until the earlier of (A) six (6)-months after such separation or (B) the date of the eligible employee’s death following such separation; provided, however, that such
delay shall only be effected to the extent required to avoid adverse tax treatment to the eligible employee under Section 409A(a)(1) in the absence of such delay. Upon the expiration of the applicable delay period, any compensation or benefits
which would have otherwise been paid during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to the eligible employee or the eligible employee’s BENEFICIARY in one lump sum on the first
business day immediately following the end of such delay period. 
   (b)    Each payment and
benefit under the PLAN shall be treated as a “separate payment” for purposes of SECTION 409A. 

 ATTACHMENT A 
 SCHEDULE OF POSTRETIREMENT LIFE 
 INSURANCE PLAN BENEFITS 

 

	I.	Level One Benefits.    Level One benefits are available to MANAGEMENT EMPLOYEES and WEEKLY-PAID NON-BARGAINING UNIT EMPLOYEES who retire with fewer
than 15 years of SERVICE, and BARGAINING UNIT EMPLOYEES. Such a MANAGEMENT EMPLOYEE, BARGAINING UNIT EMPLOYEE, or a WEEKLY-PAID NON-BARGAINING UNIT EMPLOYEE who retires under the terms of the Retirement Plan becomes an eligible employee entitled to
receive a life insurance benefit with coverage equal to $8,000. Level One benefits for BARGAINING UNIT EMPLOYEES are the same as, rather than in addition to, the Postretirement Life Insurance provided under the GROUP LIFE INSURNACE PLAN. The Level
One life insurance benefit is effective on the 32nd day following the eligible employee’s ACTUAL RETIREMENT DATE. No benefit will be payable under this PLAN if an eligible employee should die prior to the 32nd day following ACTUAL RETIREMENT
DATE. 

  

	II.	Level Two Benefits.    Level Two benefits are available to MANAGEMENT EMPLOYEES and WEEKLY-PAID NON-BARGAINING UNIT EMPLOYEES who are hired or
promoted into a non-bargaining-unit position after December 31, 1985, and who retire under the terms of Part 1 of the COMPANY’s Retirement Plan with at least 15 years of SERVICE. 

A MANAGEMENT EMPLOYEE OR WEEKLY-PAID NON-BARGAINING UNIT EMPLOYEE who is eligible for Level Two benefits becomes an eligible employee
entitled to receive a life insurance benefit with coverage equal to the lesser of: a) the last 12 months of COMPENSATION received prior to the eligible employee’s ACTUAL RETIREMENT DATE, or b) $50,000. The Level Two life insurance is effective
on the 32nd day following the eligible employee’s ACTUAL RETIREMENT DATE. No benefit will be payable under this PLAN if an eligible employee should die prior to the 32nd day following ACTUAL RETIREMENT DATE. 

A MANAGEMENT EMPLOYEE who was eligible for the Level Two Life Insurance Benefit, but who was reclassified

 
into a WEEKLY PAID NON-BARGAINING UNIT position on or after January 1, 2011 and who retired before March 15, 2012 shall continue to be eligible for the Level Two benefit notwithstanding
such reclassification. 
  

	III.	Level Three Benefits.    Level Three benefits are available to MANAGEMENT EMPLOYEES and WEEKLY PAID NON-BARGAINING UNIT EMPLOYEES who:

  

	 	a)	were hired or promoted into a MANAGEMENT position before January 1, 1986; 

 

	 	b)	retire under the terms of Part 1 of the Retirement Plan in a position which is classified as MANAGEMENT or WEEKLY PAID NON-BARGAINING UNIT; and

  

	 	c)	who have at least 15 years of SERVICE. 

 A MANAGEMENT EMPLOYEE OR WEEKLY PAID NON-BARGAINING UNIT who is eligible for Level Three benefits becomes an eligible employee entitled to receive a life insurance benefit with coverage equal to the last
12 months of COMPENSATION received prior to the eligible employee’s ACTUAL RETIREMENT DATE. The Level Three life insurance benefit is effective on the 32nd day following the eligible employee’s ACTUAL RETIREMENT DATE. No benefit will be
payable under this PLAN if an eligible employee should die prior to the 32nd day following ACTUAL RETIREMENT DATE. 
 In the
alternative, by filing an appropriate election form with the PLAN ADMINISTRATOR at least 30 days’ prior to the eligible employee’s ACTUAL RETIREMENT DATE, an eligible employee may irrevocably elect to receive a Level Two benefit in lieu of
a Level Three benefit, provided, however, that the Level Two benefit is less than the Level Three benefit. 
 A MANAGEMENT
EMPLOYEE who was eligible for the Level Three life insurance benefit, but who was reclassified into a WEEKLY PAID, non-bargaining unit position on or after January 1, 2011 and who retired before March 15, 2012 shall continue to be eligible
for the Level Three benefit notwithstanding such reclassification. 

 IV.    Level Four Benefits.    Level Four benefits
are available to MANAGEMENT EMPLOYEES who: 
  

	 	a)	were hired or promoted into a management position before January 1, 1986; 

 

	 	b)	who retire under the terms of the Retirement Plan in a position which is classified as a Level 12(or equivalent level) or above; and 

 

	 	c)	who have at least 15 years of SERVICE. 

 A MANAGEMENT EMPLOYEE who is eligible for Level Four benefits is entitled to a life insurance benefit with coverage equal to the last 12 months of COMPENSATION received prior to the eligible
employee’s ACTUAL RETIREMENT DATE. The Level Four benefit is effective on the 32nd day following the eligible employee’s ACTUAL RETIREMENT DATE. No benefit will be payable under this PLAN if an eligible employee should die prior to the
32nd day following ACTUAL RETIREMENT DATE. 
 Prior to January 1, 2008, MANAGEMENT EMPLOYEES elgibile for Level Four
benefits may have been offered an opportunity to select alternative benefits, pursuant to 3.01(b) of the PLAN, in which case those elected benefits will apply. 
  

	V.	Level Five Benefits.    Level Five benefits are available for MANAGEMENT EMPLOYEES who were hired prior to January 1, 1986, and who retire
under the terms of the Retirement Plan as an Officer of the COMPANY at the vice presidential level or above, or as the corporate secretary, controller, or the treasurer, and who have at least 15 years of SERVICE. An eligible employee who is eligible
for Level Five benefits is entitled to receive a life insurance benefit equal to the last 12 months of COMPENSATION received prior to the eligible employee’s ACTUAL RETIREMENT DATE. The Level Five benefit is effective on the 32nd day following
the eligible employee’s ACTUAL RETIREMENT DATE. No benefit will be payable under this PLAN if an eligible employee should die prior to the 32nd day following ACTUAL RETIREMENT DATE. 

Prior to January 1, 2008, MANAGEMENT EMPLOYEES elgibile for Level Five benefits may have been offered an opportunity to select
alternative 

 
benefits, pursuant to 3.01(b) of the PLAN, in which case those elected benefits will apply. 
  

	  VI.	Level Six Benefits.    Level Six benefits are available for MANAGEMENT EMPLOYEES who were hired after December 31, 1985, and who retire under
the terms of the Retirement Plan as an Officer of the COMPANY at the vice presidential level or above, or as the corporate secretary, controller, or the treasurer, and who have at least 15 years of SERVICE. An eligible employee who is eligible for
Level Six benefits is entitled to receive the Level Five benefits, up to a maximum amount of life insurance coverage of $50,000. 

 Prior to January 1, 2008, MANAGEMENT EMPLOYEES elgibile for Level Six benefits may have been offered an opportunity to select alternative benefits, pursuant to 3.01(b) of the PLAN, in which case
those elected benefits will apply.Exhibit 4.b

 Exhibit 4.b 
 RESOLUTIONS OF THE PRICING COMMITTEE 
 OF THE BOARD OF DIRECTORS OF

 MASCO CORPORATION 
 March 5, 2012 
 WHEREAS, Masco Corporation, a Delaware corporation
(the “Company”) has filed a Registration Statement (No. 333-165047) on Form S-3 with the Securities and Exchange Commission, which is in effect; 
 WHEREAS, the Company desires to create a series of securities under the Indenture dated as of February 12, 2001, as supplemented by the Supplemental Indenture dated as of November 30, 2006 (the
“Indenture”), with The Bank of New York Mellon Trust Company, N.A. (as successor trustee under agreement originally with Bank One Trust Company, National Association) (the “Trustee”), providing for the issuance from time to time
of unsecured debentures, notes or other evidences of indebtedness of this Company (“Securities”) in one or more series under such Indenture; and 
 WHEREAS, capitalized terms used in these resolutions and not otherwise defined are used with the same meaning ascribed to such terms in the Indenture; 

THEREFORE, BE IT RESOLVED, that there is established a series of Securities under the Indenture, the terms of which shall be as follows:

  

	1.	Such Securities shall be designated as the “5.95% Notes Due 2022.” 

 

	2.	The aggregate principal amount of such Securities which may be authenticated and delivered under the Indenture is limited to Four Hundred Million Dollars
($400,000,000), except for such Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities of the same series pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Indenture.

  

	3.	The date on which the principal of such Securities shall be payable is March 15, 2022. Such Securities are not subject to any sinking fund.

  

	4.	Such Securities shall bear interest from March 12, 2012 at the rate of 5.95% per annum, payable semi-annually in arrears on March 15 and
September 15 of each year commencing on September 15, 2012 until the principal thereof is paid or made available for payment. The March 1and September 1 (whether or not a business day), as the case may be, next preceding
each such interest payment date shall be the “record date” for the determination of holders to who interest is payable. 

  

	5.	Such Securities shall be issued initially in the form of global securities registered in the name of Cede & Co. as nominee of The Depository Trust Company
(“DTC”), and will be held by the Trustee as custodian for DTC. Such Securities shall be subject to the procedures of DTC and will not be issued in definitive registered form. 

	6.	The principal of and interest on such Securities shall be payable at the office or agency of this Company maintained for such purpose in Chicago, Illinois or at any
other office or agency designated by the Company for such purpose pursuant to the Indenture. 

  

	7.	Such Securities shall be subject to redemption in whole or in part prior to maturity, at the Company’s option, at a redemption price established in accordance with
current market practice, substantially as follows: the redemption price shall be equal to the greater of (i) 100% of the principal amount of the Securities plus accrued interest to the redemption date, or (ii) the sum of the present values
of the remaining principal amount and scheduled payments of interest on such Securities to be redeemed (other than accrued interest to the redemption date), discounted to the redemption date on a semi-annual basis at the appropriate treasury rate
plus 50 basis points plus accrued interest to the redemption date. 

  

	8.	Such Securities shall be issuable in denominations of Two Thousand Dollars ($2,000) and integral multiples of One Thousand Dollars ($1,000) above that amount.

  

	9.	Such Securities shall be issuable at a price such that this Company shall receive Three Hundred Ninety-Six Million Dollars ($396,000,000) after an underwriting discount
of Four Million Dollars ($4,000,000). 

  

	10.	Such Securities shall be subject to Defeasance and discharge pursuant to Section 4.02 of the Indenture and to Covenant Defeasance pursuant to Section 10.06 of
the Indenture with respect to any term, provision or condition set forth in any negative or restrictive covenant of the Company applicable to such Securities. 

 

	11.	Such Securities shall be subject to the following change of control repurchase event. 

If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Securities by giving notice of
such redemption to the Holders of the Securities, the Company will make an offer to each holder of Securities to repurchase all or any part (in integral multiples of $1,000) of that holders’ Securities at a repurchase price in cash equal to
101% of the aggregate principal amount of Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s
option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to each holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may
constitute the 

  
 2 

 
Change of Control Repurchase Event and offering to repurchase Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the
date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date
specified in the notice. The Company will comply with the requirements of Rule 14e-l under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the Securities as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control
Repurchase Event provisions of the Securities, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the
Securities by virtue of such conflict. 
 On the Change of Control Repurchase Event payment date, the Company will, to the
extent lawful: 
  

	1.	accept for payment all Securities or portions of Securities properly tendered pursuant to the Company’s offer; 

 

	2.	deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Securities or portions of Securities properly tendered; and

  

	3.	deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an officers’ certificate stating the aggregate principal amount of
Securities being purchased by the Company. 

 The paying agent will promptly mail to each holder of Securities
properly tendered the purchase price for the Securities, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Security equal in principal amount to any unpurchased portion of any
Securities surrendered; provided that each new Security will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Company will not be required to make an offer to repurchase the Securities upon a Change of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in
compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not withdrawn under it offer. 
 “Below Investment Grade Rating Event” means the Securities are rated below investment grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could
result in a Change of Control until the 

  
 3 

 
end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced
consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a
particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the rating agencies making the reduction in rating to which this
definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a
result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), becomes the beneficial owner, directly or indirectly, of more than 50% of the Company’s voting stock, measured by voting power
rather than number of shares. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control
and a Below Investment Grade Rating Event. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or
its equivalent under any successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any additional
rating agency or rating agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service Inc.

 “Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P
ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1 (c
)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGrawHill Companies, Inc. 

“Voting Stock” of any specified “person” (as that term is used in Section 13( d)(3) of the Exchange Act) as of
any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

  
 4 

 FURTHER RESOLVED, that such Securities are declared to be issued under the Indenture and
subject to the provisions hereof; 
 FURTHER RESOLVED, that the Chairman of the Board, the President or any Vice President of
the Company is authorized to execute, on the Company’s behalf and in its name, and the Secretary or any Assistant Secretary of the Company is authorized to attest to such execution and under the Company’s seal (which may be in the form of
a facsimile of the Company’s seal), $400,000,000 aggregate principal amount of the Securities authorized hereby (and in addition, Securities to replace lost, stolen, mutilated or destroyed Securities and Securities required for exchange,
substitution or transfer, all as provided in the Indenture) and to deliver such Securities to the Trustee for authentication, and the Trustee is authorized and directed thereupon to authenticate and deliver the same to or upon the written order of
this Company as provided in the Indenture; 
 FURTHER RESOLVED, that the signatures of the Company officers so authorized to
execute such Securities may be the manual or facsimile signatures of the present or any future authorized officers and may be imprinted or otherwise reproduced thereon, and the Company for such purpose adopts each facsimile signature as binding upon
it notwithstanding the fact that at the time the respective Securities shall be authenticated and delivered or disposed of, the individual so signing shall have ceased to hold such office; 

FURTHER RESOLVED, that Citgroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., RBC Capital Markets, LLC
and Wells Fargo Securities, LLC are appointed joint bookrunning managers of the underwriters for the issuance and sale of the Securities authorized hereby, and the Chairman of the Board, the President or any Vice President of the Company is
authorized, in the Company’s name and on its behalf, to execute and deliver an Underwriting Agreement with the underwriters, relating to the offering and sale of the Securities authorized hereby; 

FURTHER RESOLVED, that The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, is appointed trustee for the
Securities authorized hereby, and as Agent of this Company for the purpose of effecting the registration, transfer and exchange of such Securities as provided in the Indenture, and the corporate trust office of The Bank of New York Mellon Trust
Company, N.A., in Chicago, Illinois is designated pursuant to the Indenture as the office or agency of the Company where such Securities may be presented for registration, transfer and exchange and where notices and demands to or upon this Company
in respect of the Securities and the Indenture may be served; 
 FURTHER RESOLVED, that The Bank of New York Mellon Trust
Company, N.A. is appointed Paying Agent of this Company for the payment of interest on and principal of the Securities authorized hereby and the corporate trust office of The Bank of New York Mellon Trust Company, N. A., in Chicago, Illinois is
designated, pursuant to the Indenture, as the office or agency of the Company where Securities may be presented for payment; and 

  
 5 

 FURTHER RESOLVED, that each of the Company’s officers is authorized and directed, on
behalf of the Company and in its name, to do or cause to be done everything such officer deems advisable to effect the sale and delivery of the Securities authorized hereby pursuant to the Underwriting Agreement and otherwise to carry out the
Company’s obligations under the Underwriting Agreement, and to do or cause to be done everything and to execute and deliver all documents as such officer deems advisable in connection with the execution and delivery of the Underwriting
Agreement and the execution, authentication and delivery of such Securities (including, without limiting the generality of the foregoing, delivery to the Trustee of the Securities for authentication and of requests or orders for the authentication
and delivery of Securities). 

  
 6 

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, 55 WATER STREET, NEW YORK, NEW YORK (THE “DEPOSITARY”), TO MASCO CORPORATION 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 DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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. 
 MASCO CORPORATION 
 5.95% Note Due 2022 

 

			
	CUSIP No. 574599 BH8	 	$400,000,000                    

 No. R-1 
 Masco Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of Four Hundred Million Dollars on March 15, 2022, and to pay interest thereon from March 12, 2012 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on September 15 and March 15 in each year, commencing September 15, 2012, at the rate of 5.95% per annum, 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 such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 1 or September 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date; provided, however, that interest payable at final maturity will be payable to the person to whom the principal hereof will be payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special 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 Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. Interest on the Securities of this series shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the
Company maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 The Securities of this series will constitute part of the Company’s senior debt and will rank on a parity with all of its other unsecured and unsubordinated debt. 

Reference is hereby made to the further provisions of this Security 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 referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: March 12, 2012 

 

			
	MASCO CORPORATION
		
	By:	 	  

		 	John G. Sznewajs
		 	 Vice President, Treasurer and
Chief Financial Officer

  

			
	Attest:	 	  

		 	Gregory D. Wittrock
		 	 Vice President, General Counsel
and Secretary

  
 3 

 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Date of Authentication: March 12, 2012 
  

			
	 The Bank of New York Mellon Trust Company, N.A.

		
	By:	 	  

		 	Authorized Signatory

  
 4 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an Indenture, dated as of February 12, 2001 as supplemented by the Supplemental Indenture dated as of November 30, 2006 (herein called the “Indenture”), between the Company and
The Bank of New York Mellon Trust Company, N.A. (as successor to Bank One Trust Company, National Association), as Trustee (herein called 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 Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $400,000,000. 

The Securities of this series will be redeemable at the option of the Company, in whole at any time or in part from time to time (each, a
“Redemption Date”) at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed plus accrued and unpaid interest
thereon to the Redemption Date and (ii) the sum, as determined by the Independent Investment Banker, of the present values of the principal amount and the remaining scheduled payments of interest on the Securities of this series to be redeemed
(exclusive of interest accrued to such Redemption Date), discounted from the scheduled payment dates to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis
points plus accrued but unpaid interest thereon to the Redemption Date. Notwithstanding the foregoing, installments of interest on Securities of this series that are due and payable on an Interest Payment Date falling on or prior to the relevant
Redemption Date will be payable to the Holders of such Securities registered as such at the close of business on the relevant record date according to their terms and the provisions of the Indenture. Notwithstanding Section 11.04 of the
Indenture, notice of any such redemption need not set forth the Redemption Price but only the manner of calculation thereof. The Company shall give the Trustee notice of the Redemption Price promptly after the determination thereof and the Trustee
shall have no responsibility for determining the Redemption Price. 
 If a Change of Control Repurchase Event occurs, unless the
Company has exercised its right to redeem the Securities of this series by giving notice of such redemption to the Holders of the Securities of this series pursuant to Section 11.04 of the Indenture, the Company will make an offer to the
Holders of Securities of this series to repurchase all or any part (in integral multiples of $1,000) of such Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased plus any
accrued and unpaid 

  
 5 

 
interest on the Securities of this series repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any
Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to each Holder of the Securities of this series, with a copy to the Trustee, describing the transaction or transactions that constitute or
may constitute the Change of Control Repurchase Event and offering to repurchase Securities of this series on the Payment Date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such
notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the Payment Date specified
in the notice. The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws
and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change
of Control Repurchase Event provisions of the Securities of this series, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event
provisions of the Securities of this series by virtue of such conflict. 
 On the Change of Control Repurchase Event Payment
Date, the Company will, to the extent lawful: 
  

	 	1.	accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant to the Company’s offer;

  

	 	2.	deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities of this series or portions of Securities of this series
properly tendered; and 

  

	 	3.	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with an Officers’ Certificate stating the aggregate
principal amount of Securities of this series being purchased by the Company. 

 The Paying Agent will promptly
mail to each Holder of Securities of this series properly tendered the purchase price for the Securities of this series, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Security of
this series equal in principal amount to any unpurchased portion of any Securities of this series surrendered; provided that each new Security of this series will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess
thereof. 

  
 6 

 The Company will not be required to make an offer to repurchase the Securities of this
series upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities of
this series properly tendered and not withdrawn under its offer. 
 “Below Investment Grade Rating Event” means
the Securities of this series are rated below investment grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public
notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for possible downgrade by either of the rating agencies); provided
that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade
Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the
Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Change of
Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), becomes
the beneficial owner, directly or indirectly, of more than 50% of the Company’s voting stock, measured by voting power rather than number of shares. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as
having a maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Securities of this series to be redeemed. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or if the
Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

  
 7 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its
equivalent under any successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any additional
Rating Agency or Rating Agencies selected by the Company. 
 “Moody’s” means Moody’s Investors
Service Inc. 
 “Paying Agent” means The Bank of New York Mellon Trust Company, N.A. 

“Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P
ceases to rate the Securities of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within
the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P, or both, as the case may be.

 “Reference Treasury Dealer” means (a) each of Citigroup Global Markets Inc., J.P. Morgan Securities
LLC, Deutsche Bank Securities, Inc., RBC Capital Markets, LLC and a Primary Treasury Dealer (defined herein) selected by Wells Fargo Securities, LLC and their respective successors, unless any of them ceases to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer; and (b) any other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for
the Securities of this series, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. New York City time, on the third Business Day preceding such Redemption Date. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of the

  
 8 

 
Comparable Treasury Issue, calculated on the third Business Day preceding such Redemption Date 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. 
 “Voting Stock” of any specified
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 This Security will be subject to defeasance and discharge and to defeasance of certain obligations as set forth in the
Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount
of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf
of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security 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 Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding 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 not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 9 

 No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security herein provided, and at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein and on face of this Security, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this
Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon
one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the Holder surrendering the same.

 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 Security 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 Security is registered as the owner hereof for all purposes (subject to Section 3.07 of the
Indenture), whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 10

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