Document:

EX-10.80

 Exhibit 10.80 

Without prejudice & subject to contract 

DATED 5 October 2016 

MARKIT GROUP LIMITED (1) 

and 
 STEPHEN WOLFF (2)

  
  

SETTLEMENT AGREEMENT 
  

 

 Without prejudice & subject to contract 

 

 TABLE OF CONTENTS 

 

							
	 1.
	 	 Termination of employment and directorships
	  	 	3	  
			
	 2.
	 	 The Company’s obligations
	  	 	4	  
			
	 3.
	 	 Your immediate obligations
	  	 	5	  
			
	 4.
	 	 Ongoing obligations
	  	 	7	  
			
	 5.
	 	 Warranties
	  	 	9	  
			
	 6.
	 	 Tax
	  	 	9	  
			
	 7.
	 	 Conditions regulating settlement agreements
	  	 	10	  
			
	 8.
	 	 Miscellaneous
	  	 	10	  
		
	 Schedule 1
	  	 	13	  
		
	 Schedule 2
	  	 	15	  
		
	 Schedule 3
	  	 	18	  
		
	 Schedule 4
	  	 	19	  

  
 2 

 Without prejudice & subject to contract 

 

 SETTLEMENT AGREEMENT 

DATED 5 October 2016 
 PARTIES 

 

	(1)	Markit Group Limited, a company registered in England with registered number 04185146, whose registered office is at 4th Floor, Ropemaker Place, 25 Ropemaker
Street, London EC2Y 9LY (‘the Company’); and 

  

	(2)	Stephen Wolff (‘you’). 

 RECITALS 

 

	(A)	You are employed by the Company under the terms of a contract of employment dated 1 July 2014 (‘the Contract of Employment’). 

 

	(B)	Your period of continuous employment with the Company began on 30 September 2013. 

  

	(C)	Following an agreement between Markit Ltd. (‘Markit’) and IHS, Inc. (‘IHS’), by which Markit and IHS combine in an all-share merger of equals to create a
combined entity (‘IHS Markit’) following a period of integration, your role as Head of Group Corporate Strategy will no longer be required and your employment will therefore terminate by reason of redundancy. This Agreement records the
terms on which it is agreed that your employment will terminate. 

 AGREEMENT 

 

	1.	Termination of employment and directorships 

  

	1.1	Your employment with the Company will terminate on 5 October 2016 or such earlier date as the Company may direct (‘the Termination Date’) by reason of redundancy. You shall continue to work as
normal, and shall comply with all your ongoing duties as an employee and this shall include working with (and complying with the reasonable directions of) the Company, IHS and IHS Markit to ensure a smooth and orderly handover and transition of your
work, and to assist with aspects of the integration of the business of IHS Markit and to manage the completion of any other work or projects that you currently have responsibility for and are asked to assist with during the transitional period
between the completion of the merger forming IHS Markit and the Termination Date, up to and including the Termination Date and you will continue to receive your normal salary and benefits up to the Termination Date. However, nothing affects the
right of the Company to place you on garden leave at any time and for any period prior to the Termination Date (provided you continue to be paid in accordance with this Agreement and the Contract of Employment). 

 

	1.2	With effect from the Termination Date or such earlier date as the Company directs and with your agreement (such agreement not to be unreasonably withheld), you shall, in accordance with clause 3.5.2.2 below, resign
(without compensation) from all directorships and other offices and positions that you hold in connection with your employment. 

  

	1.3	On the Termination Date you shall cease to be entitled to receive any further salary, benefits or other sums (except as set out below). You warrant and represent that (except as set out below): 

 

	 	1.3.1	you have received all salary, benefits and other amounts owing to you up to and including the Termination Date; and 

  

	 	1.3.2	save for the entitlements referred to at clause 2.8 below you do not have, and will not have following the Termination Date, any entitlement under or in connection with any share, share option or similar incentive or
reward scheme and that neither the Company nor any Group Company (nor any trustees of any scheme established by the Company or any other Group Company) is or shall be liable to make any payment or provide you with shares or any other benefit under
or in connection with any such scheme. 

  
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 Without prejudice & subject to contract 

 

	2.	The Company’s obligations 

 Provided you comply in in all material respects with sub-clause 3.5 below and subject to your continued compliance in all material respects with the terms of this Agreement, the Company shall comply with the following provisions. 

Payments 
  

	2.1	The Company shall pay you, through the normal October payroll, (less UK income tax and National Insurance contributions): 

  

	 	2.1.1	your accrued salary for October up to and including the Termination Date, provided you continue to work as required by clause 1.1; and 

 

	 	2.1.2	a sum in lieu of any accrued untaken holiday as at the Termination Date; and 

  

	 	2.1.3	the sum of £24,615.38 in lieu of your entitlement to four weeks’ notice (‘the Payment in Lieu’); and 

  

	 	2.1.4	the sum of £100 as consideration for the obligations set out in clause 4 below. 

  

	2.2	The Company shall pay you, in accordance with its normal procedures, any outstanding expenses reasonably incurred by you in the proper and usual performance of your duties up to and including the Termination Date and
claimed by you in accordance with those procedures on or before the Termination Date. 

  

	2.3	The Company shall pay to you the total sum of £200,000 which shall be paid in three equal monthly instalments of £66,666.67 (less UK income tax and National Insurance contributions), in accordance with and
calculated under clause 9.1.1 of the Contract of Employment (‘the Basic Severance’). The first such monthly instalment of the Basic Severance shall be paid on or before the first working day no less than 28 days after your
compliance with clause 3.5 of this Agreement and each subsequent instalment shall be paid monthly thereafter. Each instalment shall be subject always to your continued compliance in all material respects with the terms of this Agreement.

  

	2.4	The Company shall pay to you the total sum of £800,000 which shall be paid in twelve equal monthly instalments of £66,666.67 (less UK income tax and National Insurance contributions), in accordance with and
calculated under clause 9.1.2 of the Contract of Employment (‘the Change in Control Severance’). The first such monthly instalment of the Change in Control Severance shall be paid on or before the first working day no less than 28
days after your compliance with clause 3.5 of this Agreement and each subsequent instalment shall be paid monthly thereafter. Each instalment shall be subject always to your continued compliance in all material respects with the terms of this
Agreement. 

  

	2.5	The Company shall pay you, within thirty days after the Termination Date (by bank credit transfer), the sum of £448,505 in connection with the termination of your employment (‘the Termination
Payment’) (less UK income tax only on the excess over £30,000). For the avoidance of doubt, the Termination Payment includes your entitlement to any statutory redundancy payment. 

Benefits 
  

	2.6	 Subject to your ongoing compliance with clause 4, the Company shall (subject to the following provisions), upon
written request to the Company’s HR Department, provide your prospective employers with a written reference substantively in the terms set out in Schedule 3, and deal with any oral enquiries to the HR Department in the spirit of that agreed
reference. (For the avoidance of doubt, any written reference may be tailored to constitute an appropriate 

  
 4 

 Without prejudice & subject to contract 

 

	 	
response to the terms in which the request is expressed, always provided it remains consistent with the terms and spirit of the agreed reference.) The Company may amend the reference (and deal
with any oral enquiries relating to that agreed reference) as may be necessary (a) to reflect the discovery of material facts not known to the HR Department at the date of this Agreement; and/or (b) if the reference is being requested in
connection with a regulated role, to ensure the Company complies with the duties imposed upon it by the relevant regulatory body and any applicable statute, regulation and regulatory guidance (including but not limited to the Financial Conduct
Authority and Prudential Regulatory Authority and the Financial Services and Markets Act 2000). 

  

	2.7	The Company shall contribute up to £750 inclusive of VAT and disbursements towards your legal fees for advice given to you in connection with the termination of your employment (including the terms and effect of
this Agreement). Such payment shall be made direct to your adviser (as identified in sub-clause 7.1 below) (‘the Adviser’) within thirty days of the Company receiving an invoice addressed to
you and marked as payable by the Company. 

  

	2.8	The outstanding equity awards that you hold as of the Termination Date (as detailed below) will vest in full as of the Termination Date and any stock options will remain exercisable for a period of 12 months from the
Termination Date, subject to the terms and conditions of the Markit Limited 2014 Equity Incentive Award Plan, as amended (the ‘2014 Equity Plan’) and the applicable award agreements. As of the date of issue of this agreement you
hold the following equity awards: 

  

	 	2.8.1	600,000 stock options (your ‘Options’) under the 2014 Equity Plan; 

  

	 	2.8.2	40,172 shares of restricted stock granted under the 2014 Equity Plan. 

 If you decide to
exercise your Options you must exercise through your Fidelity Account, subject to all applicable trading restrictions. 
  

	3.	Your immediate obligations 

  

	3.1	You accept the terms of this Agreement in full and final settlement of any and all costs, claims, expenses or rights of action which you (or any person on your behalf) may have against the Company or any other Group
Company, and/or against any employee, director, officer, member, partner, consultant, or agent (in each case past, present or future) of the Company or any other Group Company and/or against any other person, whatsoever and howsoever arising out of
or in connection with your employment, its termination or otherwise (whether in the United Kingdom or any other country in the world, whether arising under common law, by statute, under contract or otherwise, whether known or not known, whether
past, existing or future, and whether arising as a result of future changes in the law with retrospective effect or otherwise): 

  

	 	3.1.1	including but not limited to the particular proceedings set out in Part A of Schedule 2; 

  

	 	3.1.2	but excluding: 

  

	 	3.1.2.1	any claim to enforce the terms of this Agreement (including in respect of clause 2.8 above and your ongoing entitlements under the 2014 Equity Plan); 

 

	 	3.1.2.2	any claim for accrued pension rights; or 

  

	 	3.1.2.3	any personal injury claim (save personal injury claims pursuant to discrimination legislation and personal injury claims in relation to injuries of which you are aware at the date of this Agreement). 

  
 5 

 Without prejudice & subject to contract 

 

	3.2	You warrant and represent (as a strict condition of this Agreement) that: 

  

	 	3.2.1	as at the date of this Agreement you are not aware of: 

  

	 	3.2.1.1	any circumstances or injuries which may give rise to a personal injury claim against the Company or any other Group Company; 

  

	 	3.2.1.2	any circumstances which may give rise to a dispute regarding your pension rights; 

  

	 	3.2.2	as at the date of this Agreement you do not believe that you have or may have any of the claims identified in Part B of Schedule 2 or any other claims (other than those identified in Part A of Schedule 2, which you have
agreed to settle); 

  

	 	3.2.3	you have informed the Adviser of all complaints arising out of or in connection with your employment or its termination and on that basis the Adviser has advised that you do not have any of the claims identified in Part
B of Schedule 2 or any other claims (other than those identified in Part A of Schedule 2, which you have agreed to settle); 

  

	 	3.2.4	you have received advice about the terms and effect from an independent adviser (who at all relevant times is and has been covered by a contract of insurance or professional indemnity covering the risk of a claim by
you); and 

  

	 	3.2.5	neither you nor any person on your behalf has commenced proceedings in a tribunal or court or other forum in respect of any of the matters described or referred to in sub-clause
3.1 including but not limited to those set out in Parts A and B of Schedule 2. 

  

	3.3	If you, or any person on your behalf, commence or continue proceedings in a tribunal or court or other forum in respect of any of the matters described or referred to in sub-clause 3.1 including but not limited to those
set out in Parts A and B of Schedule 2 (but excluding those referred to in sub-clause 3.1.2), or if you fail to comply in any material way with any other material term of or referred to in this Agreement, or
if the Company discovers that any warranty made by you in this Agreement is substantively untrue, then, without prejudice to any other remedy the Company or any other Group Company may have: 

 

	 	3.3.1	you shall cease immediately to be entitled to receive, or the Company shall be entitled to immediate repayment of, (as appropriate) the Payment in Lieu if it has not been paid, that part of each of the Basic Severance,
the Change in Control Severance that has yet to be paid by the Company and the Termination Payment if it has not been paid; 

  

	 	3.3.2	any of your Options that remain outstanding and exercisable at such time shall be forfeited for no consideration; 

  

	 	3.3.3	you shall indemnify on demand and keep indemnified each and every Group Company against any and all losses suffered and sums incurred (including but not limited to compensation payments and reasonable legal and other
expenses) in connection therewith; and 

  

	 	3.3.4	you shall not object to any application by the Company or any other Group Company or any other person for such proceedings to be struck out. 

 

	3.4	 You acknowledge that the terms of clause 3.3 above are fair and reasonable in all the circumstances. You also
acknowledge that, whilst the Payment in Lieu, the Basic Severance, the Change in Control Severance and the Termination Payment (‘the Payments’) represent valuable consideration, they do not in any way represent an estimate of the
losses the Company or any other Group Company may suffer, or a limit on the damages the Company or any other Group Company may seek to recover or a representation that damages would be an adequate remedy, in the event of a breach of any of the terms
of this Agreement (save in respect of a breach of clause 3.5, 4.2, 4.3, 4.4 or 5.1.1 of this Agreement only, in respect of 

  
 6 

 Without prejudice & subject to contract 

 

	 	
which the Company agrees to cap any damages sought in the event of any breach by you to the value of the Payments and to put a limit in time on any potential claim for damages by the Company or
any Group company of six years and one month from the Termination Date. This remains without prejudice to the terms of clause 3.3 and the rest of this Agreement). 

 

	3.5	You shall: 

  

	 	3.5.1	on or before 5 October 2016 deliver to Natalie Charalambous at the Company’s premises at 4th Floor, Ropemaker Place, 25 Ropemaker Street, London EC2Y 9LY
this Agreement duly signed by you, together with a signed and dated letter from the Adviser in the form set out in Schedule 1; and 

  

	 	3.5.2	on or within 7 days of the Termination Date deliver to Natalie Charalambous at the same address: 

  

	 	3.5.2.1	all property (in whatever form and on whatever media) of or relating to the businesses of the Group which is in your possession or under your control (including but not limited to your credit card, your mobile
telephone, lap top, personal computer as provided by the Company and all documents and accessories relating to them and information and software stored on them and all other business equipment, security passes, keys, price lists, client lists,
correspondence and material containing or referring to the Group’s confidential information) and you shall not retain any copies, drafts, notes, extracts or summaries of them; and 

 

	 	3.5.2.2	signed and dated letters of resignation, in the form set out in Schedule 4, from all directorships and other offices which you hold in connection with your employment (including but not limited to your directorships of
Markit Genpact KYC Services Limited). 

 If requested, you shall provide the Company with written confirmation and reasonable
evidence that you have complied in full with sub-clause 3.5.2.1 above. Furthermore, if the Company in its reasonable belief has good reason to do so, you authorise the Company to inspect (on an agreed date, by
an agreed expert and at an agreed time and with you in attendance), any and all computer and other electronic equipment belonging to you to ensure that you have complied in full with such sub-clause. 

 

	3.6	You hereby immediately and unconditionally withdraw (and you will not initiate or pursue) any and all grievances or other complaints against the Company, any Group Company or any other person arising out of or in
connection with your employment or its termination or otherwise complaining of any other matter involving the Company, any other Group Company or any employee, director, officer or agent (in each case past, present or future) of the Company or any
other Group Company. You also immediately and unconditionally withdraw (if applicable) and agree not to pursue any and all requests under the Data Protection Act 1998 that you have submitted (or that have been made on your behalf) as at the
Termination Date to any Group Company. 

  

	4.	Ongoing obligations 

 Protection of business interests 

 

	4.1	 You confirm that the Company (and every Group Company) has committed no breach of your contract of employment and
therefore you are bound by the terms of your Contract of Employment including those terms expressed to continue to comply following the termination of your employment, including the terms set out in clauses 10, 12, 13, 14 and 15 of the Contract of
Employment, as well as by your common law duty of confidentiality and any and all other obligations upon you. You also acknowledge and agree that the restrictions after the termination of employment as set out in clause 10 of the Contract of
Employment are fair and reasonable and remain fully enforceable, you agree that IHS, Markit, IHS Markit and each 

  
 7 

 Without prejudice & subject to contract 

 

	 	
Group Company as defined in this Agreement constitute Group Companies as referred to in the Contract of Employment and you agree to comply with those restrictions following and notwithstanding
the termination of your employment. 

 Legal matters 

 

	4.2	You shall provide reasonable assistance to the Group and its legal advisers with regard to any past, present or future legal or regulatory matters which relate to or arise out of business matters in which you were
involved during your employment by the Group, and/or in respect of which you have knowledge, including but not limited to: 

  

	 	4.2.1	responding fully and promptly to all requests made by the Group and/or its legal advisers at any time for information, documentation, witness evidence (oral and/or written) and/or other evidence required in connection
with the defence or pursuit of legal or regulatory action brought by or against any third party; 

  

	 	4.2.2	attending meetings and/or hearings in connection with the defence or pursuit of legal action brought by or against any third party where such attendance is requested by the Group and/or its legal advisers; and

  

	 	4.2.3	informing the board of directors of the Company or any Group Company voluntarily, completely and candidly of all facts that constitute, or might constitute, material breaches (by any person) of any of the Group’s
ethical standards or legal obligations as soon as reasonably practicable after such facts come to your attention. 

 The
obligations above shall be subject to the Company meeting any reasonable out-of-pocket expenses that you necessarily and wholly incur in complying with this sub-clause, provided they are approved in writing in
advance by the Company (such approval not to be unreasonably withheld or delayed). 
 Comments and statements 

 

	4.3	Following the Termination Date, you shall not (directly or indirectly) falsely represent yourself as being in any way connected with the businesses of the Company or the Group. 

 

	4.4	You shall not (directly or indirectly) disclose to any person (including but not limited to employees of the Group) the existence or terms of this Agreement (including but not limited to the payments the Company has
agreed to make but excluding the obligation/s on you contained or referred to in this clause 4) or the circumstances of the termination of your employment and directorships (except in the terms of the agreed reference set out in Schedule 3), save
that you may make truthful disclosures of such information: 

  

	 	4.4.1	to your immediate family and your legal and financial advisers provided in each case you make the recipient of the information aware of its confidential nature and use your reasonable endeavours to ensure that such
recipient does not disclose it to any other person; and 

  

	 	4.4.2	to the extent required by a Court or tribunal of competent jurisdiction or regulatory body having the power to compel disclosure (including but not limited to HM Revenue & Customs, any government department (or
any agency thereof), any recognised investment exchange and the Financial Services Authority). 

  

	4.5	You shall not (directly or indirectly) make or publish: 

  

	 	4.5.1	any disparaging or untrue comments or statements (written or oral) about the Company or any other Group Company or any of its or their employees, directors, officers, members, partners, consultants, agents, shareholders
in respect of their professional capacity or clients (in each case past, present or future); nor 

  
 8 

 Without prejudice & subject to contract 

 

	 	4.5.2	any comments or statements likely to bring the Company or any other Group Company or any of its or their employees, directors, officers, members, partners, consultants, agents, shareholders or clients (in each case
past, present or future) into disrepute or likely to damage its or their reputation. 

  

	4.6	The Company shall not authorise the publication of: 

  

	 	4.6.1	any disparaging or untrue comments or statements (written or oral) about you; nor 

  

	 	4.6.2	any comments or statements likely to bring you into professional disrepute or likely to damage your professional reputation. 

  

	4.7	You shall not (directly or indirectly) disclose to, or discuss with, any reporter, author, producer or similar representative of the media: 

 

	 	4.7.1	any information about the Company or any other Group Company or any of its or their employees, directors, officers, members, partners, consultants, agents, shareholders or clients (in each case past, present or future)
in respect of their tenure as an employee, director, officer, member, partner, consultant, agent, shareholder or client the Company or any other Group Company; or 

 

	 	4.7.2	any aspect of your tenure as an employee or director of the Company or any other Group Company; 

or take any other action which is intended to or likely to result in such information being made available, or promoted, to the general public
in any form (including but not limited to books, articles, writings, television, film, internet, video and audiotape). 
  

	5.	Warranties 

  

	5.1	You warrant and represent (as a strict condition of this Agreement) that prior to the date of this Agreement: 

  

	 	5.1.1	you have not started, or agreed (orally or in writing) to start: 

  

	 	5.1.1.1	employment with any person; or 

  

	 	5.1.1.2	other work of remunerative value, whether or not in fact remunerated (including but not limited to any contract for services, office or work for deferred remuneration); 

or received (orally or in writing), and do not have an immediate expectation of receiving, any offer of such employment or work; and 

 

	 	5.1.2	you have committed no material breach of duty to the Company or any other Group Company (whether such duty is express or implied and including but not limited to any fiduciary duty) and you are not aware of any such
breach by any other director or senior employee of the Company or any other Group Company; and 

  

	 	5.1.3	you have not made any statement or comment or done any act or taken any step that would constitute a breach of clause 4 above if it had occurred after the date of this Agreement. 

 

	6.	Tax 

  

	6.1	You agree to be exclusively responsible for the payment of any and all tax and/or employee National Insurance or similar contributions (whether in the United Kingdom or elsewhere) in respect of the payments and benefits
referred to in clause 2 above (save to the extent to be deducted by the Company) including but not limited to the payment of: 

  

	 	6.1.1	any and all further income tax which may become due in respect of such payments as a result of the Company operating PAYE using Code 0T; 

  
 9 

 Without prejudice & subject to contract 

 

	 	6.1.2	any and all employee National Insurance contributions in respect of the Payment in Lieu, the Basic Severance and the Change in Control Severance and in respect of the first £30,000 of the Termination Payment; and

  

	 	6.1.3	any and all tax and employee National Insurance contributions in respect of the fees referred to at sub-clause 2.7 above. 

Further, you agree to indemnify on demand and keep indemnified each and every Group Company (on an after tax basis) against any and all
liability for the payment of such tax and employee National Insurance contributions, and against any and all penalties, interest, costs and expenses incurred by any Group Company in connection therewith (save to the extent caused directly by any
delay on the part of the Company in dealing with a relevant demand, assessment or determination from HM Revenue & Customs). 
  

	7.	Conditions regulating settlement agreements 

  

	7.1	You confirm that you have received advice from Matthew Lewis of Squire Patton Boggs (UK) LLP as to the terms and effect of this Agreement and, in particular, its effect on your ability to pursue your rights and
complaints before an employment tribunal. 

  

	7.2	The conditions regulating settlement agreements or, as the case may be, compromise agreements or compromise contracts under s203 Employment Rights Act 1996, regulation 35 of the Working Time Regulations 1998, s77 Sex
Discrimination Act 1975, s72 Race Relations Act 1976, paragraph 2 of Schedule 3A to the Disability Discrimination Act 1995, s288 Trade Union and Labour Relations (Consolidation) Act 1992, s9 Disability Discrimination Act 1995, s49 National Minimum
Wage Act 1998, regulation 41 of the Transnational Information and Consultation of Employees Regulations 1999, Schedule 4 Employment Equality (Sexual Orientation) Regulations 2003, Schedule 4 Employment Equality (Religion or Belief) Regulations 2003,
regulation 40 of the Information and Consultation of Employees Regulations 2004, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002, regulation 62 of the Companies (Cross-Border Mergers) Regulations 2007, section 58 of the Pensions Act 2008, paragraph 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by
Employers and Miscellaneous Amendment) Regulations 2006, Schedule 5 Employment Equality (Age) Regulations 2006 and s147 Equality Act 2010 are satisfied. 

  

	8.	Miscellaneous 

  

	8.1	This Agreement comprises this written agreement and its schedules (in each case as modified, extended, restated and/or replaced from time to time). The headings are inserted for convenience only and shall not affect the
construction of this Agreement. 

  

	8.2	For the purposes of this Agreement: 

  

	 	8.2.1	‘the Group’ means the Company and any other company which is for the time being its subsidiary or its holding company or a subsidiary of any such holding company, provided that such reference shall
include (but not be limited to): 

  

	 	8.2.1.1	Markit, IHS and IHS Markit (as defined in this Agreement) and all of those entities of which you are or were a director, including those listed at clause 3.5.2.2 above; 

 

	 	8.2.1.2	the Trustees for the time being of the Markit group pension scheme; and 

  

	 	8.2.1.3	the direct and indirect shareholders of the Company and any and all other entities for which you worked, or otherwise had a business relationship in connection with your employment, between 30 September 2013 and
the Termination Date; 

  
 10 

 Without prejudice & subject to contract 

 

 (and the predecessors, successors and intra-group assigns of any of the foregoing). 

 

	 	8.2.2	‘Group Company’ means any entity within the Group; 

  

	 	8.2.3	the terms ‘holding company’ and ‘subsidiary’ have the meanings ascribed to them in Part 38 Companies Act 2006; and 

 

	 	8.2.4	‘person’ includes a natural person, firm, partnership, company, corporation, association, organisation, institution, foundation, trust, government, state, agency, body or other entity (in each case
whether or not having separate legal personality) and may refer to one or more of the foregoing as the context so requires. 

  

	8.3	This Agreement, although marked ‘without prejudice and subject to contract’, will upon signature by both parties be treated as an open document evincing an agreement binding on both parties.

  

	8.4	This Agreement may be executed in any number of counterparts, each of which, when executed, shall be an original, and all the counterparts together shall constitute one and the same instrument. Delivery of an executed
signature page of a counterpart by facsimile transmission or by electronic mail in AdobeTM Portable Document Format (PDF) shall take effect as delivery of an executed counterpart of this Agreement. 

 

	8.5	This Agreement does not, and shall not be deemed to, constitute an admission of liability by the Company or any Group Company. 

  

	8.6	This Agreement shall be governed by and construed in accordance with the laws of England and Wales and the parties hereby submit to the exclusive jurisdiction of the English Courts. 

 

	8.7	Nothing in this Agreement (including but not limited to the provisions of clause 4) shall preclude or limit the operation of any common law obligations owed by you to the Group at any time. 

 

	8.8	Any reference in this Agreement to a statute, statutory provision or subordinate legislation (‘legislation’) shall be construed as referring to such legislation as amended and in force from time to time
and to any legislation which re-enacts or consolidates or modifies such legislation from time to time. 

  

	8.9	This Agreement contains the entire and only agreement between you and the Group. It is in substitution for all previous arrangements, understandings and agreements in relation to the subject matter of this Agreement.
You acknowledge that in entering into this Agreement you have not relied on any representations or undertakings (whether oral or in writing) except such as are expressly incorporated into this Agreement. 

 

	8.10	A Group Company, and any employee, director, officer, member, partner, consultant, or agent (in each case past, present or future) of any Group Company, may, in accordance with the Contracts (Rights of Third Parties)
Act 1999, enforce any term of this Agreement. 

  

	8.11	The benefit of the provisions of this Agreement are held by the Company for itself and on trust for all other Group Companies, and all employees, directors, officers, members, partners, consultants, and agents (in each
case past, present and future) of the Group Companies, and shall be enforceable by the Company on behalf of the same as though they were parties to this Agreement. 

  
 11 

 Without prejudice & subject to contract 

 

			
	Signed	 	 /s/ illegible

		 	on behalf of Markit Group Limited
		
	Signed	 	 /s/ Stephen Wolff

		 	Stephen Wolff

  
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 SCHEDULE 1 
  

					
	

	  	 Squire Patton Boggs (UK) LLP
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Place
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United Kingdom
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	5 October 2016	  	 F +44 113 284 7001

squirepattonboggs.com
	  	
	  
 Strictly Private & Confidential

 
 FAO Natalie Charalambous

Director
 Markit Group Ltd

Ropemaker Place
 25 Ropemaker Street

LONDON
 EC27 9LY
	  	  
 Matthew Lewis

T +44 113 284 7525
 DF +44 870 458 2803
matthew.lewis@squirepb.com
  
 Our ref MBL

 
	  	

 Dear Sirs 
 Stephen Wolff

 I, Matthew Lewis, of Squire Patton Boggs (UK) LLP of 6 Wellington Place, Leeds LS1 4AP, am writing in connection with the settlement agreement
between my client Stephen Wolff and Markit Group Limited dated 5 October 2016 (‘the Settlement Agreement’). I confirm that I have asked my client to inform me of all complaints and rights which he has or thinks he may have against
Markit Group Limited and/or the Group (as defined in the Settlement Agreement) and/or any other person arising out of or in connection with his employment or its termination and the Settlement Agreement has been prepared on this basis. I confirm
that I have given independent advice to my client on the terms and effect of the Settlement Agreement and, in particular, its effect on his ability to pursue his complaints and rights before an employment tribunal and on his other statutory and
contractual rights. 
 I confirm that (a) I am a solicitor of the Senior Courts holding a current practising certificate and (b) there is in
force, and was in force at the time I gave the advice referred to above, a contract of insurance covering the risk of a claim by Stephen Wolff in respect of any loss arising in consequence of that advice. 

I also confirm that (c) I am not employed by, or acting in this matter for, Markit Group Limited or any associated employer and (d) I am not
connected with, or employed by or acting in this matter for any person connected with Markit Group Limited within the meaning of s 147(8) and s 147(9) Equality Act 2010. 

46 Offices in 21 Countries 
 Squire Patton Boggs is the trade
name of Squire Patton Boggs (UK) LLP, a Limited Liability Partnership registered in England and Wales with number OC 335584 authorized and regulated by the Solicitors Regulation Authority. A list of the members and their professional qualifications
is open to Inspection at 7 Devonshire Square, London, EC2M 4YH. The status “partner” denotes either a member or an employee or consultant who has equivalent standing and qualifications. 

Squire Patton Boggs (UK) LLP is part of the international legal practice Squire Panon Boggs, which operates worldwide through a number of separate legal
entities. 
 Please visit squirepattonboggs.com for more information. 
  

			
	

	  	

  
 13 

					
	

	  	 Squire Patton Boggs (UK) LLP
  

FAO Natalie Charalambous
 Markit Group Ltd

5 October 2016
	  	

 Yours faithfully 
 /s/ Matthew
Lewis 
 Matthew Lewis 
 Partner 

For Squire Patton Boggs (UK) LLP 

  
 14 

 Without prejudice & subject to contract 

 

 SCHEDULE 2 

(The descriptions below of legislative provisions are provided for ease of reference only and shall not affect the construction of this Schedule.) 

Part A (claims you have or might have) 
  

	1.	Any claim for pay in lieu of notice or damages for termination of employment without notice. 

  

	2.	Any claim for holiday pay (whether under regulation 30 of the Working Time Regulations 1998 or under contract or otherwise). 

  

	3.	Any complaint of unfair dismissal (under Part X of the Employment Rights Act 1996). 

  

	4.	Any claim for outstanding pay, overtime, bonuses, commission, expenses, allowances, awards or other sums or benefits (whether under s13 or 15 of the Employment Rights Act 1996 or under contract or otherwise).

  

	5.	Any other claim for damages for breach of contract or misrepresentation. 

  

	6.	Any claim for a redundancy payment (whether under s135 of the Employment Rights Act 1996 or under contract or otherwise). 

  

	7.	Any claim arising under or out of a contravention or alleged contravention of s64, 68, 68A, 70B, 86, 87, 137, 138, 145A, 145B, 146, 168, 168A, 169, 170, 174, 188, 190 or 192 of, or paragraph 156 of Schedule A1 to, the
Trade Union and Labour Relations (Consolidation) Act 1992. 

  
 15 

 Without prejudice & subject to contract 

 

 Part B (claims you do not have) 

 

	1.	Any complaint under or arising out of a contravention or alleged contravention of s 8 of the Employment Rights Act 1996 (itemised pay statement). 

 

	2.	Any complaint under or arising out of a contravention or alleged contravention of Part V of the Employment Rights Act 1996 (protection from detriment) including but not limited to a claim in relation to s 10 of the
Employment Relations Act 1999 (right to be accompanied). 

  

	3.	Any complaint under or arising out of a contravention or alleged contravention of Part VI and Part 6A of the Employment Rights Act 1996 (time off work and study and training). 

 

	4.	Any complaint under or arising out of a contravention or alleged contravention of Part VII of the Employment Rights Act 1996 (suspension on medical or maternity grounds). 

 

	5.	Any complaint under or arising out of a contravention or alleged contravention of s80(1) of the Employment Rights Act 1996 (parental leave). 

 

	6.	Any complaint under or arising out of a contravention or alleged contravention of s80G(1) or 80H(1) of the Employment Rights Act 1996 (flexible working requests). 

 

	7.	Any complaint under or arising out of a contravention or alleged contravention of s92 of the Employment Rights Act 1996 (written statement of reasons for dismissal). 

 

	8.	Any complaint under s120 of the Equality Act 2010 (or otherwise) of: 

  

	 	•	 	direct discrimination, indirect discrimination, harassment or victimisation related to: 

  

	 	•	 	sex; 

  

	 	•	 	race; 

  

	 	•	 	disability; 

  

	 	•	 	sexual orientation; 

  

	 	•	 	religion or belief; 

  

	 	•	 	age; 

  

	 	•	 	marriage or civil partnership; 

  

	 	•	 	gender reassignment; 

  

	 	•	 	pregnancy or maternity; 

  

	 	•	 	discrimination arising from disability; 

  

	 	•	 	failure to comply with a duty to make reasonable adjustments. 

 For the avoidance of doubt, this
includes (but is not limited to) any claim for compensation for personal injury pursuant to the foregoing and any future complaint of victimisation (arising out of any acts or omissions whether before or after the Termination Date). 

 

	9.	Any complaint under s120 or s127 of the Equality Act 2010 relating to an equality clause or rule. 

  
 16 

 Without prejudice & subject to contract 

 

	10.	Any complaint under: 

  

	 	•	 	s2(1) of the Equal Pay Act 1970 or Article 141 of the EU Treaty; 

  

	 	•	 	s63 of the Sex Discrimination Act 1975; 

  

	 	•	 	s54 of the Race Relations Act 1976; 

  

	 	•	 	s17A or 25(8) of the Disability Discrimination Act 1995; 

  

	 	•	 	regulation 28 of the Employment Equality (Sexual Orientation) Regulations 2003; 

  

	 	•	 	regulation 28 of the Employment Equality (Religion or Belief) Regulations 2003; 

  

	 	•	 	regulation 36 of the Employment Equality (Age) Regulations 2006. 

 For the avoidance of doubt,
this includes (but is not limited to) any claim for compensation for personal injury pursuant to such legislation and any future complaint of victimisation (arising out of any acts or omissions whether before or after the Termination Date). 

 

	11.	Any other claim under regulation 30 of the Working Time Regulations 1998. 

  

	12.	Any other claim in relation to the Employment Rights Act 1999. 

  

	13.	Any claim under or by virtue of s 11, 18, 19(D), 20(1)(a) or 24 of the National Minimum Wage Act 1998. 

  

	14.	Any claim arising out of a contravention or alleged contravention of regulation 5(1) or 7(2) of the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000. 

 

	15.	Any claim under or arising out of a contravention or alleged contravention of regulation 3, 6(2) or 9 of the Fixed-term Employees (Prevention of Less Favourable Treatment) Regulations 2002. 

 

	16.	Any claim under regulation 27 or 32 of the Transnational Information and Consultation of Employees Regulations 1999. 

  

	17.	Any claim before an employment tribunal under regulation 29 or 33 of the Information and Consultation of Employees Regulations 2004. 

 

	18.	Any proceedings before the Central Arbitration Committee or Employment Appeal Tribunal under the Information and Consultation of Employees Regulations 2004. 

 

	19.	Any claim under paragraph 4 or 8 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006. 

 

	20.	Any claim under any law of the European Union (including but not limited to Treaties and Directives). 

  

	21.	Any claim in respect of defamation. 

  

	22.	Any claim under the Protection from Harassment Act 1997. 

  

	23.	A claim under regulation 15 or 18 of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (and you confirm that you are not aware of any other person being entitled to bring a claim thereunder in
respect of your employment); 

  

	24.	A claim under regulation 5, 12, 13 or 17(2) of the Agency Workers Regulations 2010. 

  
 17 

 Without prejudice & subject to contract 

 

 SCHEDULE 3 

[agreed reference] 

[Example] 
 TO WHOM IT MAY CONCERN 

Dear Sirs 
 Stephen Wolff 

Thank you for your enquiry regarding Stephen Wolff. 
 Stephen
was employed by Markit Group Limited, from 30 September 2013 until 5 October 2016, latterly in the position of Head of Group Corporate Strategy for Markit. 

Stephen’s employment ended by reason of redundancy. 

Whilst we are happy to provide this reference for your private information, we do not accept any responsibility or liability of any sort in connection with
it. 
 Please note that we are unable to provide you with a more tailored reference, as it is our policy to provide basic employment information only.
Nothing negative or positive should be read into this. 
  

	
	 Yours faithfully

	
	  

	on behalf of Markit Group Limited

  
 18 

 Without prejudice & subject to contract 

 

 SCHEDULE 4 

[Termination Date] 
 Board of Directors 

Markit Genpact KYC Services Limited 
 Dear Sirs 

I hereby resign as a director of Markit Genpact KYC Services Limited with effect from today’s date. 

I confirm that I have no claim against Markit Genpact KYC Services Limited for compensation for loss of office. 

 

	
	Yours faithfully
	
	  

	Stephen Wolff

  
 19EX-4.1

 Exhibit 4.1 

REGISTERED 
 No. 

PHILIP MORRIS INTERNATIONAL INC. 
  

					
		 	1.625% NOTES DUE 2019	  	 PRINCIPAL AMOUNT

		 		  	 $

		 		  	 CUSIP NO. 718172 BW8

		 		  	 ISIN NO. US718172BW83

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE
“DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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. 
 PHILIP MORRIS INTERNATIONAL INC., a Virginia corporation (hereinafter 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
$                     on February 21, 2019, and to pay interest thereon from February 21, 2017 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semiannually in arrears on February 21 and August 21 of each year, commencing August 21, 2017, at the rate of 1.625% 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 the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 6 or August 6 (whether or
not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder 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 for the payment
of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any 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 said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Note will be made at the office or agency of the Company maintained
for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for the 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 on the Securities Register or by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the person entitled thereto. All payments of principal, premium, if any, and interest in respect of this Note will be
made by the Company in immediately available funds. 
 Additional provisions of this Note are contained on the reverse hereof, and such
provisions shall have the same effect as though fully set forth in this place. 
 Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, PHILIP MORRIS INTERNATIONAL INC. has caused this instrument
to be duly executed. 
  

			
	 Dated: February 21, 2017

	
	 PHILIP MORRIS INTERNATIONAL INC.

		
	 By:
	 	  

	 Name: Frank de Rooij

	Title:   Vice President Treasury and
	            Corporate Finance
	
	 Attest:

		
	 By:
	 	  

	 Name: Jerry Whitson

	Title:   Deputy General Counsel and
	            Corporate Secretary

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	HSBC BANK USA, NATIONAL ASSOCIATION,
	 as Trustee

		
	 By:
	 	  

		 	Authorized Officer

 1.625% Notes due 2019 - No. 

 (Reverse of Note) 

PHILIP MORRIS INTERNATIONAL INC. 

This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company of the series hereinafter specified, which series is limited in aggregate principal amount to $700,000,000 (except as provided in the Indenture hereinafter mentioned), all such Securities issued and to be
issued under an Indenture dated as of April 25, 2008 between the Company and HSBC Bank USA, National Association, as Trustee (herein called the “Indenture”), to which Indenture and all other indentures supplemental thereto reference
is hereby made for a statement of the rights and limitations of rights thereunder of the Holders of the Securities and of the rights, obligations, duties and immunities of the Trustee for each series of Securities and of the Company, and the terms
upon which the Securities are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated therein as 1.625% Notes due 2019 (the “Notes”). 

Section 1010 of the Indenture shall be applicable to the Notes, except that (i) the term “Holder,” when used in
Section 1010 of the Indenture, shall mean the beneficial owner of a Note or any person holding on behalf or for the account of the beneficial owner of a Note; (ii) the following language shall replace subsection (k) to
Section 1010 of the Indenture “any tax, assessment or other governmental charge imposed pursuant to the provisions of Sections 1471 through 1474 of the Code” and (iii) the following language shall be included as subsection
(l) to Section 1010 of the Indenture “any combination of items (a), (b), (c), (d), (e), (f), (g), (h), (i), (j) and (k).” 

The Company may, at its option, redeem the Notes, in whole at any time or in part from time to time (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of each remaining scheduled payment of principal and interest that
would be due if such Notes matured on February 21, 2019 (exclusive of interest accrued to the date of redemption) discounted to the redemption date, on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months), at a rate equal to the applicable Treasury Rate (as defined below) plus 10 basis points plus, in either case, accrued and unpaid interest, if any, thereon to, but
excluding, the redemption date. 
 “Comparable Treasury Issue” means the U.S. Treasury security or securities selected by an
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 February 21, 2019) 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 a comparable maturity to the remaining term of such Notes. 

 “Comparable Treasury Price” means, with respect to any redemption date (1) the
average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if the Independent Investment Banker obtains 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 Company. 
 “Reference Treasury Dealer” means each of BNP Paribas Securities Corp., Citigroup
Global Markets Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. or their affiliates, which are primary United States government securities dealers and one other leading primary U.S. government securities dealer in New York
City reasonably designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor
another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at 2:00 pm New York time on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity
or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (such price expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. 
 The Company will, or will cause the Trustee or Paying Agent on its behalf to, mail notice of a redemption to Holders of
the Notes to be redeemed by first-class mail (or otherwise transmit in accordance with applicable procedures of the Depositary) at least 30 and not more than 60 days prior to the date fixed for redemption. Unless the Company defaults in the payment
of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or any portion thereof called for redemption. On or before the applicable redemption date, the Company will deposit with the Trustee, funds
sufficient to pay the redemption price of, and (unless the redemption date shall be an Interest Payment Date) accrued and unpaid interest on, such Notes to be redeemed on that redemption date. If fewer than all of the Notes are to be redeemed, the
Notes to be redeemed shall be selected by the Trustee by lot, pro rata or by such method as the Trustee shall deem fair and appropriate in each case in accordance with the applicable procedures of the Depositary. The Trustee shall not be responsible
for calculating the “make-whole” premium. 
 The Company may redeem the Notes prior to maturity in whole, but not in part, on not
more than 60 days’ notice and not less than 30 days’ notice at a redemption price equal to the 

 
principal amount of such Notes plus any accrued interest and additional amounts to the date fixed for redemption if: 
  

	 	•	 	as a result of a change in or amendment to the tax laws, regulations or rulings of the United States or any political subdivision or taxing authority of or in the United States or any change in official position
regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction in the United States) that is announced or becomes effective on or after February 21, 2017, the Company
has or will become obligated to pay additional amounts with respect to the Notes as described in Section 1010 of the Indenture, or 

  

	 	•	 	on or after February 21, 2017, any action is taken by a taxing authority of, or any decision is rendered by a court of competent jurisdiction in, the United States or any political subdivision or taxing authority
of or in the United States, including any of those actions specified in the bullet point above, whether or not such action is taken or decision is rendered with respect to the Company, or any change, amendment, application or interpretation is
officially proposed, which, in any such case, in the written opinion of independent legal counsel of recognized standing, will result in a material probability that the Company will become obligated to pay additional amounts with respect to the
Notes, 

 and the Company in its business judgment determines that such obligations cannot be avoided by the use of reasonable measures
available to the Company. 
 If the Company exercises its option to redeem the Notes for tax reasons, the Company will deliver to the
Trustee a certificate signed by an authorized officer stating that it is entitled to redeem the Notes and the written opinion of independent legal counsel if required. 

The Indenture contains provisions for defeasance at any time of the entire principal of all the Securities of any series upon compliance by
the Company with certain conditions set forth therein. 
 If an Event of Default (other than an Event of Default described in
Section 501(4) or 501(5) of the Indenture) with respect to the Notes shall occur and be continuing, then either the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of all series then Outstanding (or, if
such default is not applicable to all series of the Securities, the Holders of at least 25% in principal amount of the then Outstanding Securities of all series to which it is applicable) (in each case voting as a single class) may declare the
entire principal amount of the Securities of all series so affected due and payable in the manner and with effect provided in the Indenture. If an Event of Default specified in Section 501(4) or 501(5) occurs with respect to the Company, all of
the unpaid principal amount and accrued interest then Outstanding shall ipso facto become and be immediately due and payable in the manner with the effect provided in the Indenture without any declaration or other act by the Trustee or any
Holder. 

 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 under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal amount of
the Outstanding Securities of all series of Securities affected thereby (voting as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of all series
affected thereby at the time Outstanding (voting as a single class) to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences to the affected series. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein and in the Indenture
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable on the Security
Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in the Borough of Manhattan, The City of New York, or at any other office or agency of the
Company maintained for that purpose, 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 or her attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form 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, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and 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. 
 The Company, the Trustee for the Notes and any
agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither
the Company, such Trustee nor any such agent shall be affected by notice to the contrary. 
 Certain of the Company’s
obligations under the Indenture with respect to Notes may be terminated if the Company irrevocably deposits with the Trustee money or Government 

 
Obligations sufficient to pay and discharge the entire indebtedness on all Notes, as provided in the Indenture. 

This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York.

 Certain terms used in this Note which are defined in the Indenture have the meanings set forth therein. 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL SECURITY NUMBER OR 
 OTHER IDENTIFYING
NUMBER OF ASSIGNEE 
  
  

(Name and address of Assignee, including zip code, must be printed or typewritten) 
  

 
  

 
 the within Note, and all rights thereunder, hereby
irrevocably, constituting and appointing 
  
  

 
  

Attorney to transfer the said Note on the books of Philip Morris International Inc. with full power of substitution in the premises. 

Dated:                  

					
		  		  	  

		  	 NOTICE: The signature to this assignment must correspond with the

name as it appears upon the face of the within Note in every particular,

without alteration or enlargement or any change whatsoever.

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