Document:

exhibit4.htm

Exhibit 4.1

 

 

Statoil ASA

Statoil Petroleum AS

 

Officers’ Certificate

 

November 10, 2014

 

Pursuant to Sections 102 and 301 of the Indenture

 

Each of the undersigned officers of Statoil ASA, a public limited company incorporated under the laws of the Kingdom of Norway (the “Company”) and of Statoil Petroleum AS, a limited company incorporated under the laws of the Kingdom of Norway (“Statoil Petroleum”), hereby certifies:

 

	
1.

	
The terms of the series of securities established under the Indenture, dated as of April 15, 2009, as supplemented by the Supplemental Indenture No. 1, dated as of May 26, 2010 (the “Indenture”), among the Company, Statoil Petroleum and Deutsche Bank Trust Company Americas, as Trustee, in the aggregate principal amount of US$500,000,000, to be entitled the Floating Rate Notes due 2017, in the aggregate principal amount of US$750,000,000, to be entitled the 1.250% Notes due 2017, in the aggregate principal amount of US$750,000,000, to be entitled the 2.250% Notes due 2019, in the aggregate principal amount of US$500,000,000, to be entitled the 2.750% Notes due 2021 and in the aggregate principal amount of US$500,000,000, to be entitled the 3.250% Notes due 2024 (together, the “Notes”), are set forth in Annex A.

 

	
2.

	
That the following statements are made pursuant to the provisions of Section 102 of the Indenture:

 

	
  

	
(1)

	
Each of the undersigned has read the provisions of the Indenture setting forth conditions precedent to the authentication of the Notes, and the definitions in the Indenture relating thereto;

 

	
  

	
(2)

	
Each of the undersigned has examined resolutions of the Board of Directors of the Company and resolutions of the Board of Directors of Statoil Petroleum together with the terms set forth in Annex A;

 

	
  

	
(3)

	
In the opinion of each of the undersigned such examination is sufficient to enable each of the undersigned to express an informed opinion as to whether or not the conditions precedent referred to above have been complied with; and

 

	
  

	
(4)

	
Each of the undersigned is of the opinion that the conditions precedent referred to above have been complied with.

 

 

  

  

  

IN WITNESS WHEREOF, each of the undersigned has signed his name.

 

Dated as of the date first set forth above.

 

	  	
STATOIL ASA

 

	  
	  	
By:

	
/s/ Philippe F. Mathieu         

	  
	  	  	
Name: Philippe F. Mathieu

	  
	  	  	
Title:   SVP Finance

 

	  
	  	  	  	  
	  	
STATOIL PETROLEUM AS

 

	  
	  	
By:

	
/s/ Philippe F. Mathieu         

	  
	  	  	
Name: Philippe F. Mathieu

	  
	  	  	
Title:   SVP Finance

 

	  

 

 

	  	
Signature Page to  Officer's Certificate (Indenture)

	  

  

  

  

Annex A

 

 

 

  

  

  

 

U.S.$500,000,000 FLOATING RATE NOTES DUE 2017

 

	
Issuer:

 

	
Statoil ASA (“Statoil”).

 

	
Guarantor:

 

	
Statoil Petroleum AS (“Statoil Petroleum”).

 

	
Title:

 

	
Floating Notes due 2017 (the “Floating Rate Notes”).

 

	
Total initial principal amount:

 

	
$500,000,000

 

	
Settlement Date:

 

	
November 10, 2014 (T + 5)

 

	
Maturity Date:

 

	
November 9, 2017

 

	
Day Count:

 

	
Actual/360

 

	
Day Count Convention:

 

	
Modified following.

 

	
Interest Rate Basis:

 

	
3 Month USD LIBOR.

 

	
Spread to LIBOR:

 

	
20 basis points (0.200%)

 

	
Designated LIBOR page:

 

	
Reuters Screen LIBOR01

 

	
Index Maturity:

 

	
3 Months

 

	
Interest Reset Period:

 

	
Quarterly

 

	
Interest Period:

 

	
The period from and including an interest payment date to but excluding the following interest payment date; provided that the first interest period will be the period from and including November 10, 2014, to but excluding the first interest payment date.

 

	
Date interest starts accruing:

 

	
November 10, 2014

 

	
Interest Payment Dates:

 

	
February 9, May 9, August 9 and November 9 of each year, subject to the Day Count Convention, commencing February 9, 2015.

 

	
Interest Reset Dates:

 

	
February 9, May 9, August 9 and November 9, commencing on February 9, 2015, subject to the Day Count Convention.

 

	
Interest Rate Calculation:

 

	
3 Month USD LIBOR determined on the applicable Interest Determination Date plus the Spread to LIBOR

 

	
Initial Interest Rate:

 

	
3 Month USD LIBOR plus 20 basis points, determined on the second London business day prior to November 10, 2014

 

	
Interest Determination Dates:

 

	
Quarterly, two London Business days prior to each Interest Reset Date.  A “London business day” is a day on which dealings in deposits in U.S. dollars are transacted on the London interbank market.

 

	
Regular Record Dates for Interest:

 

	
The 15th calendar day preceding each interest payment date, whether or not such day is a business day.

 

	
Public offering price:

 

	
Per Floating Rate Note:  100.000%; Total:  $500,000,000

 

	
Proceeds, after underwriting discount, but before expenses, to Statoil:

 

	
Per Floating Rate Note:  99.875%; Total:  $499,375,000

 

	
Calculation Agent:

 

	
Deutsche Bank Trust Company Americas

 

	
Denominations:

 

	
$1,000 and integral multiples of $1,000

 

	
Joint-Book Running Managers:

 

	
J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. LLC

 

	
CUSIP Number:

 

	
85771P AU6

 

	
ISIN:

 

	
US85771PAU66

 

	
Calculation of 3-Month U.S. Dollar LIBOR

 

	
The calculation agent will determine 3-month U.S. dollar LIBOR in accordance with the following provisions:  With respect to any interest determination date, 3-month U.S. dollar LIBOR will be the rate for deposits in U.S. Dollars having a maturity of three months commencing on the interest reset date that appears on the designated LIBOR page as of 11:00 a.m., London time, on that interest determination date.  If no rate appears, 3-month U.S. dollar LIBOR, in respect of that interest determination date, will be determined as follows:  the calculation agent will request the principal London offices of each of four major banks in the London interbank market, as selected by the calculation agent (after consultation with us), to provide the calculation agent with its offered quotation for deposits in U.S. dollars for the period of three months, commencing on the interest reset date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that interest determination date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time.  If at least two quotations are provided, then 3-month U.S. dollar LIBOR on that interest determination date will be the arithmetic mean of those quotations.  If fewer than two quotations are provided, then 3-month U.S. dollar LIBOR on the interest determination date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., New York City time, on the interest determination date by three major banks in The City of New York selected by the calculation agent (after consultation with us) for loans in U.S. dollars to leading European banks, having a three-month maturity and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time; provided, however, that if the banks selected by the calculation agent are not providing quotations in the manner described by this sentence, 3-month U.S. dollar LIBOR determined as of that interest determination date will be 3-month U.S. dollar LIBOR in effect on that interest determination date.  The designated LIBOR page is the Reuters screen “LIBOR01”, or any successor service for the purpose of displaying the London interbank rates of major banks for U.S. dollars.  The Reuters screen “LIBOR01” is the display designated as the Reuters screen “LIBOR01”, or such other page as may replace the Reuters screen “LIBOR01” on that service or such other service or services as may be nominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits.  All calculations made by the calculation agent for the purposes of calculating the interest rates on the floating rate notes shall be conclusive and binding on the holders of the floating rate notes, Statoil ASA, Statoil Petroleum AS and the trustee, absent manifest error.

 

 

  

  

  

U.S. $750,000,000 1.250% NOTES DUE 2017

 

	
Issuer:

 

	
Statoil ASA (“Statoil”).

 

	
Guarantor:

 

	
Statoil Petroleum AS (“Statoil Petroleum”).

 

	
Title:

 

	
1.250% Notes due 2017 (the “2017 Notes”).

 

	
Total initial principal amount:

 

	
$750,000,000

 

	
Settlement Date:

 

	
November 10, 2014 (T + 5)

 

	
Maturity Date:

 

	
November 9, 2017

 

	
Day Count:

 

	
30/360

 

	
Day Count Convention:

 

	
Following unadjusted.

 

	
Coupon:

 

	
1.250%

 

	
Date interest starts accruing:

 

	
November 10, 2014

 

	
Interest Payment Dates:

 

	
May 9 and November 9 of each year, subject to the Day Count Convention, commencing May 9, 2015.

 

	
Public Offering Price:

 

	
Per 2017 Note: 99.736%; Total:  $748,020,000

 

	
Proceeds, after underwriting discount, but before expenses, to Statoil:

 

	
Per 2017 Note:  99.611%; Total:  $747,082,500

 

	
Benchmark Treasury:

 

	
0.875% due October 2017

 

	
Benchmark Treasury Price and Yield:

 

	
 

99-26, 0.940%

 

	
Spread to Benchmark Treasury:

 

	
40 bps

 

	
Re-offer yield:

 

	
1.340%

 

	
Make-Whole Spread:

 

	
5 basis points

 

	
Denominations:

 

	
$1,000 and integral multiples of $1,000

 

	
Joint-Book Running Managers:

 

	
J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. LLC

 

	
CUSIP Number:

 

	
85771P AT9

 

	
ISIN:

 

	
US85771PAT93

 

 

  

  

  

U.S.$750,000,000 2.250% NOTES DUE 2019

 

	
Issuer:

 

	
Statoil ASA (“Statoil”).

 

	
Guarantor:

 

	
Statoil Petroleum AS (“Statoil Petroleum”).

 

	
Title:

 

	
2.250% Notes due 2019 (the “2019 Notes”).

 

	
Total initial principal amount:

 

	
$750,000,000

 

	
Settlement Date:

 

	
November 10, 2014 (T + 5)

 

	
Maturity Date:

 

	
November 8, 2019

 

	
Day Count:

 

	
30/360

 

	
Day Count Convention:

 

	
Following unadjusted.

 

	
Coupon:

 

	
2.250%

 

	
Date interest starts accruing:

 

	
November 10, 2014

 

	
Interest Payment Dates:

 

	
May 8 and November 8 of each year, subject to the Day Count Convention, commencing May 8, 2015.

 

	
Public Offering Price:

 

	
Per 2019 Note:  99.958%; Total:  $749,685,000

 

	
Proceeds, after underwriting discount, but before expenses, to Statoil:

 

	
Per 2019 Note:  99.818%; Total:  $748,635,000

 

	
Benchmark Treasury:

 

	
1.500% due October 2019

 

	
Benchmark Treasury Price and Yield:

 

	
99-121/4, 1.629%

 

	
Spread to Benchmark Treasury:

 

	
63 bps

 

	
Re-offer yield:

 

	
2.259%

 

	
Make-Whole Spread:

 

	
10 basis points

 

	
Denominations:

 

	
$1,000 and integral multiples of $1,000

 

	
Joint-Book Running Managers:

 

	
J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. LLC

 

	
CUSIP Number:

 

	
85771P AW2

 

	
ISIN:

 

	
US85771PAW23

 

  

  

  

U.S.$500,000,000 2.750% NOTES DUE 2021

 

	
Issuer:

 

	
Statoil ASA (“Statoil”).

 

	
Guarantor:

 

	
Statoil Petroleum AS (“Statoil Petroleum”).

 

	
Title:

 

	
2.750% Notes due 2021 (the “2021 Notes”).

 

	
Total initial principal amount:

 

	
$500,000,000

 

	
Settlement Date:

 

	
November 10, 2014 (T + 5)

 

	
Maturity Date:

 

	
November 10, 2021

 

	
Day Count:

 

	
30/360

 

	
Day Count Convention:

 

	
Following unadjusted.

 

	
Coupon:

 

	
2.750%

 

	
Date interest starts accruing:

 

	
November 10, 2014

 

	
Interest Payment Dates:

 

	
May 10 and November 10 of each year, subject to the Day Count Convention, commencing May 10, 2015.

 

	
Public Offering Price:

 

	
Per 2021 Note:  99.363%; Total:  $496,815,000

 

	
Proceeds, after underwriting discount, but before expenses, to Statoil:

 

	
Per 2021 Note:  99.178%; Total:  $495,890,000

 

	
Benchmark Treasury:

 

	
2.000% due October 2021

 

	
Benchmark Treasury Price and Yield:

 

	
99-21+, 2.051%

 

	
Spread to Benchmark Treasury:

 

	
80 bps

 

	
Re-offer yield:

 

	
2.851%

 

	
Make-Whole Spread:

 

	
12.5 basis points

 

	
Denominations:

 

	
$1,000 and integral multiples of $1,000

 

	
Joint-Book Running Managers:

 

	
J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. LLC

 

	
CUSIP Number:

 

	
85771P AV4

 

	
ISIN:

 

	
US85771PAV40

 

 

  

  

  

U.S.$500,000,000 3.250% NOTES DUE 2024

 

	
Issuer:

 

	
Statoil ASA (“Statoil”).

 

	
Guarantor:

 

	
Statoil Petroleum AS (“Statoil Petroleum”).

 

	
Title:

 

	
3.250% Notes due 2024 (the “2024 Notes”).

 

	
Total initial principal amount:

 

	
$500,000,000

 

	
Settlement Date:

 

	
November 10, 2014 (T + 5)

 

	
Maturity Date:

 

	
November 10, 2024

 

	
Day Count:

 

	
30/360

 

	
Day Count Convention:

 

	
Following unadjusted.

 

	
Coupon:

 

	
3.250%

 

	
Date interest starts accruing:

 

	
November 10, 2014

 

	
Interest Payment Dates:

 

	
May 10 and November 10 of each year, subject to the Day Count Convention, commencing May 10, 2015.

 

	
Public Offering Price:

 

	
Per 2024 Note:  99.400%; Total:  $497,000,000

 

	
Proceeds, after underwriting discount, but before expenses, to Statoil:

 

	
Per 2024 Note:  99.175%; Total:  $495,875,000

 

	
Benchmark Treasury:

 

	
2.375% due August 2024

 

	
Benchmark Treasury Price and Yield:

 

	
100-9+, 2.341%

 

	
Spread to Benchmark Treasury:

 

	
98 bps

 

	
Re-offer yield:

 

	
3.321%

 

	
Make-Whole Spread:

 

	
15 basis points

 

	
Denominations:

 

	
$1,000 and integral multiples of $1,000

 

	
Joint-Book Running Managers:

 

	
J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. LLC

 

	
CUSIP Number:

 

	
85771P AX0

 

	
ISIN:

 

	
US85771PAX06

 

 

  

  

  

The following terms apply to the 2017 Notes, the 2019 Notes, the 2021 Notes and the 2024 Notes (together, the "Fixed Rate Notes")

 

Optional make whole redemption:  Statoil has the right to redeem any and all series of the fixed rate notes, in whole or in part, at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of the applicable series of notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the applicable series of notes to be redeemed (not including any portion of payments of interest accrued to the redemption date) discounted 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 5 basis points in the case of the 2017 notes,  10 basis points in the case of the 2019 notes, 12.5 basis points in the case of the 2021 notes and 15 basis points in the case of the 2024 notes, plus, in each case, accrued and unpaid interest to the date of redemption.  For purposes of determining the optional make-whole redemption price, the following definitions are applicable:  "Treasury rate" means, with respect to any redemption date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the comparable treasury issue, assuming 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.  "Comparable treasury issue" means the U.S. Treasury security or securities selected by the quotation agent as having an actual or interpolated maturity comparable to the remaining term of the applicable series of the notes 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 such notes.  "Comparable treasury price" means, with respect to any redemption date, the average of the reference treasury dealer quotations for such redemption date.  "Quotation agent" means one of the reference treasury dealers appointed by Statoil.  "Reference treasury dealer" means Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. government securities dealers, and their respective successors, and two other primary U.S. government securities dealers selected by Statoil, provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a "primary treasury dealer"), Statoil shall substitute therefor another primary treasury dealer.  "Reference treasury dealer quotations" means with respect to each reference treasury dealer and any redemption date, the average, as determined by the quotation agent, 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 quotation agent by such reference treasury dealer at 3:30 p.m.  New York time on the third business day preceding such redemption date.

 

The following terms apply to each series of the notes:

 

	
·

	
Form of Securities: The Securities will be issued in the form of the global notes that will be deposited with The Depository Trust Company, New York, New York on the closing date.

 

	
·

	
Denomination:  The notes will be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof.

 

	
·

	
Place of Payment: Deutsche Bank Trust Company Americas, 60 Wall Street; MS: 2710, New York, New York 10005.

 

	
·

	
Business day:  A "business day" for these purposes is any weekday on which banking or trust institutions in neither New York nor Oslo are authorized generally or obligated by law, regulation or executive order to close.

 

	
·

	
Ranking:  The notes are unsecured and will rank equally with all of Statoil's other unsecured and unsubordinated indebtedness from time to time outstanding.

 

	
·

	
Optional tax redemption:  Statoil and Statoil Petroleum have the option to redeem the notes of any series, in whole and not in part, at any time (except in the case of the floating rate notes, which may be redeemed on any Interest Payment Date) in the two situations described below at a redemption price equal to the principal amount of the applicable series of the notes plus accrued interest and any additional amounts due on the date fixed for redemption upon providing between 30 and 60 days' notice.

 

The first situation is where, as a result of changes in or amendment to, or changes in the official application or interpretation of, any laws or regulations or rulings, or changes in the official application or interpretation of, or any execution of or amendment to, any treaties on or after November 3, 2014 in the jurisdiction where Statoil or Statoil Petroleum is incorporated or, if different tax resident, Statoil or Statoil Petroleum, as applicable, would be required to pay additional amounts as described below under "Payment of additional amounts".  If Statoil or Statoil Petroleum is succeeded by another entity, the applicable jurisdiction will be the jurisdiction in which such successor entity is organized or incorporated or, if different, tax resident, and the applicable date will be the date the entity became a successor.  Statoil or Statoil Petroleum do not have the option to redeem in this case if either Statoil or Statoil Petroleum, as applicable, could have avoided the payment of additional amounts or the deduction or withholding by using reasonable measures available to Statoil or Statoil Petroleum, as applicable.

 

The second situation is where, following a merger, consolidation, sale or lease of Statoil's or Statoil Petroleum's assets to a person that assumes Statoil's or Statoil Petroleum's obligations under the applicable series of the notes, that person is required to pay additional amounts as described below under "Payment of additional amounts".  Statoil, Statoil Petroleum or the other person would have the option to redeem the applicable series of the notes in this situation even if the additional amounts became payable immediately after such assumption.  None of Statoil, Statoil Petroleum or that person has any obligation under the indenture to seek to avoid the obligation to pay additional amounts in this situation.  Statoil, Statoil Petroleum or the other person, as applicable, shall deliver to the trustee an officer's certificate to the effect that the circumstances required for redemption exist.

 

	
·

	
Further Issuances Statoil may, at its sole option, at any time and without the consent of the then existing noteholders, "reopen" any series of the Notes and issue an unlimited principal amount of additional Notes in one or more transactions subsequent to the date of the prospectus supplement dated November 3, 2014, with terms (other than the issuance date, issue price and, possibly, the first interest payment date and the date interest starts accruing) identical to the Notes.  These additional Notes will be deemed part of the same series as the Notes and will provide the holders of these additional Notes the right to vote together with holders of the Notes.  Statoil may reopen the Notes only if the additional Notes issued will be fungible with the original Notes for United States federal income tax purposes.

 

	
·

	
Payment of additional amounts:  None payable under current law.  The government or any political subdivision or taxing authority of such government of any jurisdiction where Statoil or Statoil Petroleum is incorporated (currently the Kingdom of Norway) or, if different, tax resident may require Statoil or Statoil Petroleum to withhold amounts from payments on the principal or interest on the notes of any series or payment under the guarantees for taxes, assessments or any other governmental charges.  If any such jurisdiction requires a withholding of this type, Statoil or Statoil Petroleum may be required to pay the noteholder additional amounts so that the net amount the noteholder receives will be the amount specified in the applicable series of the notes.  However, in order for the noteholder to be entitled to receive the additional amounts, the noteholder must not be resident in the jurisdiction that requires the withholding.  Statoil and Statoil Petroleum will not have to pay additional amounts under any or any combination of the following circumstances:

 

	
  

	
1.

	
The tax, assessment or governmental charge is imposed only because the noteholder, or a fiduciary, settlor, beneficiary or member or shareholder of, or possessor of a power over, the noteholder, if the noteholder is an estate, trust, partnership or corporation, was or is connected to the taxing jurisdiction, other than by merely holding the notes or receiving principal or interest in respect thereof.  These connections include where the noteholder or related party:

 

	
  

	
·

	
is or has been a citizen or resident of the jurisdiction;

 

	
  

	
·

	
is or has been present or engaged in trade or business in the jurisdiction; or

 

	
  

	
·

	
has or had a permanent establishment in the jurisdiction.

 

	
  

	
2.

	
The tax, assessment or governmental charge is imposed due to the presentation of the notes (where presentation is required) for payment on a date more than 30 days after the applicable series of the notes became due or after the payment was provided for, whichever occurs later.

 

	
  

	
3.

	
The tax, assessment or governmental charge is on account of an estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge.

 

	
  

	
4.

	
The tax, assessment or governmental charge is for a tax or governmental charge that is payable in a manner that does not involve withholding.

 

	
  

	
5.

	
The tax, assessment or governmental charge is imposed or withheld because the noteholder or beneficial owner failed to comply with any of Statoil's following requests:

 

	
  

	
·

	
to provide information about the nationality, residence or identity of the noteholder or beneficial owner, or

 

	
  

	
·

	
to make a declaration or other similar claim or satisfy any information or reporting requirements,

 

in each case that the statutes, treaties, regulations or administrative practices of the taxing jurisdiction require as a precondition to exemption from all or part of such tax, assessment or governmental charge.

 

	
  

	
6.

	
The tax, assessment or governmental charge is imposed pursuant to European Union Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings or any law or agreement implementing or complying with, or introduced to conform to, such directive.

 

	
  

	
7.

	
The tax, assessment or governmental charge is imposed on a noteholder or beneficial owner who could have avoided such withholding or deduction by presenting its notes (where presentation is required) to another paying agent.

 

	
  

	
8.

	
The noteholder is a fiduciary, partnership or other entity that is not the sole beneficial owner of the payment of the principal of, or any interest on, the notes, and the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) require the payment to be included in the income of a beneficiary or settlor for tax purposes with respect to such fiduciary, a member of such partnership or a beneficial owner who would not have been entitled to such additional amounts had such beneficiary, settlor, member or beneficial owner been the noteholder of the notes.

 

The foregoing provisions will also apply to any present or future taxes, assessments or governmental charges imposed by any jurisdiction in which Statoil's or Statoil Petroleum's successor is organized or incorporated or, if different, tax resident.

 

	
·

	
Trading through DTC, Clearstream, Luxembourg and Euroclear:  Initial settlement for the notes will be made in immediately available funds.  Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC's rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System.  Secondary market trading between Clearstream Banking, société anonyme, in Luxembourg ("Clearstream, Luxembourg"), customers and/or Euroclear Bank S.A./N.V. ("Euroclear") participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of Clearstream, Luxembourg and Euroclear and will be settled using the procedures applicable to conventional Eurobonds in immediately available funds.

 

	
·

	
Sinking fund:  There is no sinking fund.

 

	
·

	
Trustee:  Deutsche Bank Trust Company Americas

 

	
·

	
Governing law and jurisdiction:  The indenture, the notes and the guarantee are governed by New York law.  Any legal proceeding arising out of or based upon the indenture, the notes or the guarantee may be instituted in any state or federal court in the Borough of Manhattan in New York City, New York.RFP-2014.9.30-EX10.1

EXHIBIT 10.1

RESOLUTE FOREST PRODUCTS EQUITY INCENTIVE PLAN 
PERFORMANCE STOCK UNIT AGREEMENT
THIS PERFORMANCE STOCK UNIT AGREEMENT, dated as of MONTH DAY, YEAR (the “Date of Grant”) is made by and between Resolute Forest Products Inc., a Delaware corporation (the “Company”), and «FIRST» «LAST»(“Participant”).
WHEREAS, the Company has adopted the Resolute Forest Products Equity Incentive Plan (the “Plan”), pursuant to which performance stock units may be granted in respect of shares of the Company’s common stock, par value $0.001 per share (“Stock”); and
WHEREAS, the Human Resources and Compensation and Nominating and Governance Committee of the Company (the “Committee”) has determined that it is in the best interests of the Company and its stockholders to grant the performance stock unit award provided for herein to Participant subject to the terms set forth herein.
NOW, THEREFORE, for and in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:
1.Grant of Performance Stock Unit.
(a)    Grant.  The Company hereby grants to Participant «PSUs» performance stock units (the “PSUs”), on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan (the "Initial Grant").  Each PSU represents the right to receive one share of Stock as of the Settlement Date (defined in Section 2(c)), to the extent the Participant is vested in such PSUs as of the Settlement Date, subject to the terms of this Agreement and the Plan.  
(b)    Incorporation by Reference, Etc.  The provisions of the Plan are hereby incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan. Any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding and conclusive upon Participant and his legal representative in respect of any questions arising under the Plan or this Agreement.
(c)    Acceptance of Agreement.  Unless Participant notifies the Company in writing within 14 days after the Date of Grant that Participant does not wish to accept this Agreement, Participant will be deemed to have accepted this Agreement and will be bound by the terms of the Agreement and the Plan.  Any such notice may be given to the Director, Corporate Compensation at the Company’s principal executive office.

2.    Terms and Conditions.
(a)    Calculation of Earned Performance Stock Units.  The period over which the PSUs earned by the Participant will be measured is the three calendar years beginning with the calendar year that immediately follows the Date of Grant (“Performance Period”). If the Participant is otherwise vested as provided in Section 2(b), the Participant will receive a number of PSUs equal to the “average STIP payout” during the Performance Period multiplied by the number of PSUs granted in Section 1(a) plus any dividend equivalents.  Except as otherwise provided in this Agreement, the “average STIP payout” means the average of the actual payout percentage determined for achievement of the corporate measures established under the Short-Term Incentive Plan (“STIP”) for each of the three calendar years during the Performance Period, as determined by the Committee, in its sole discretion.  
(b)    Vesting.  Subject to Section 3, a Participant will be 100% vested if he remains employed with the Company or any Affiliate or Subsidiary on February 28/29, 20__ (the “Vesting Date”).  For purposes of the Agreement, the “Vesting Period” is the period from the first day of the calendar month that includes the Date of Grant through the Vesting Date.  Notwithstanding the foregoing, a Participant who meets the criteria to terminate employment due to Retirement (as provided in Section 3(a)) shall be 100% vested as of the date the Participant meets such criteria (irrespective of whether the Participant terminates employment due to Retirement).  
(c)    Settlement.   The obligation to make payments and distributions with respect to PSUs shall only be satisfied through the issuance of one share of Stock for each earned and vested PSU (the “settlement”) and the settlement of the PSUs may be subject to such conditions, restrictions and contingencies as the Committee shall determine. Subject to Section 4(c), the Company undertakes and agrees not to exercise its right under the Plan to settle the PSUs in any other means other than Stock. PSUs shall be settled as soon as practicable after the Vesting Date.  However, in the event (i) the Participant dies or becomes Disabled on or after the Grant Date and before the Performance Period, the PSUs shall be settled no later than March 15 of the calendar year following the end of the first calendar year of the Performance Period, and (ii) the Participant dies or becomes Disabled during the Performance Period, the PSUs shall be settled no later than March 15 of the calendar year following the calendar year in which the Participant dies or becomes Disabled.  For purposes of this Agreement, the date on which PSUs are settled pursuant to the preceding sentence shall be a “Settlement Date.”  
(d)    Dividend Equivalents and Voting Rights.  Participant will from time to time be credited with additional PSUs (including a fractional PSU), the number of which will be determined by dividing: 
(i)    The product obtained by multiplying the amount of each dividend (including extraordinary dividend if so determined by the Company) declared and paid by the Company on the Stock on a per share basis during the Vesting Period by the number of PSUs recorded in the Participant's account on the record date for payment of any such dividend, by

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(ii)    The Fair Market Value (as defined pursuant to the Plan) of one (1) share of Stock on the dividend payment date for such dividend.  
Subject to continued employment with the Company or any Affiliate or Subsidiary or as otherwise provided in Section 3, the additional PSUs shall vest and be settled at the same time and in the same proportion as the Initial Grant.  No additional PSUs shall be accrued for the benefit of Participant with respect to record dates occurring before, or with respect to record dates occurring on or after the date, if any, on which Participant has forfeited the PSUs. Participant shall not be a shareholder of record with respect to the PSUs and shall have no voting rights with respect to the PSUs.
3.    Termination of Employment with the Company.  For purposes of this Agreement and to the extent applicable to the Participant, the term “termination of employment” shall mean “separation from service” as defined in Section 409A of the Internal Revenue Code (“Section 409A”).  To the extent payments are made during the periods permitted under Section 409A (including any applicable periods before or after the specified payment dates set forth in this Section 2(c)), the Company shall be deemed to have satisfied its obligations under the Plan and shall be deemed not to be in breach of its payments obligations hereunder.
(a)    Retirement.  If the Participant’s employment with the Company, Affiliates and Subsidiaries terminates as a result of “Retirement” at any time on or after six months from the Date of Grant, then the Participant shall be entitled to receive 100% of the PSUs he would have earned had he remained employed with the Company, Affiliates and Subsidiaries for the entire Vesting Period, based on actual performance as provided in and determined pursuant to Section 2(a).   For purposes of the Agreement, “Retirement” means the Participant terminates employment with the Company, all Affiliates and Subsidiaries under circumstances that do not entitle the Participant to severance either pursuant to an agreement or policy, plan or program and such termination occurs on or after: (i) attaining age 58, (ii) completing at least two years of service, and (iii) having a combined age and years of service (counting partial years) equal to at least 62.5 points. 
(b)    Involuntary Termination and Certain Voluntary Terminations. The Participant shall become vested in a prorata number of PSUs and entitled to receive a number of PSUs based on actual performance in the following circumstances: (1) the Participant’s employment with the Company or any Affiliate or Subsidiary terminates as a result of Retirement within six months after the Date of Grant, (2) the Participant voluntarily terminates his employment with the Company, Affiliates and Subsidiaries on or after age 55 and the termination does not constitute a Retirement, or (3) the Participant is involuntarily terminated by the Company or any Affiliate or Subsidiary without Cause (whether or not the Participant is eligible for Retirement, regardless of his age at termination and other than due to Disability or death).  For purposes of the preceding, the prorata number of the PSUs shall be equal to (A) the total number of granted PSUs under Section 1(a) plus any dividend equivalents  multiplied by (B) a fraction, the numerator of which shall be the number of full months elapsed from the Date of Grant through the Participant’s retirement date or last day worked (in the case of termination) and the denominator of which shall be [40] (the number of months in the Vesting Period, treating the month containing the Date 

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of Grant as a full calendar month).  The actual number of PSUs to be settled shall be the prorated number of PSUs determined pursuant to this subsection multiplied by the average STIP payout, as provided in Section 2(a).
(c)    Death. If the Participant’s employment with the Company or any Affiliate or Subsidiary terminates due to the Participant’s death, the Participant shall become vested in a prorata number of PSUs and entitled to receive a number of PSUs based on actual performance.  
(iii)    Death During Performance Period.  If the Participant’s death while employed occurs during the Performance Period, the prorata number of the PSUs shall be equal to (A) the total number of granted PSUs under Section 1(a) plus any dividend equivalents multiplied by (B) a fraction, the numerator of which shall be the number of full months elapsed from the Date of Grant through the end of the calendar year that contains the Participant’s date of death and the denominator of which shall be [40] (i.e., the number of months in the Vesting Period, treating the month containing the Date of Grant as a full calendar month).  Notwithstanding anything in this Agreement to the contrary, the actual number of PSUs to be settled shall be the prorated number of PSUs determined pursuant to this clause multiplied by the average STIP payout for the completed calendar years during the Performance Period before the year of settlement.  For example, if the Participant dies during the second calendar year of the Performance Period, the average STIP payout will be the average of the actual payout percentage determined for achievement of the corporate measures established under the STIP for the first and second calendar years during the Performance Period.  
(iv)    Death On/After Date of Grant and Before Performance Period.  If the Participant’s death while employed occurs on or after the Date of Grant, but before the Performance Period begins, the prorata number of the PSUs shall be equal to (A) the total number of granted PSUs under Section 1(a) plus any dividend equivalents multiplied by (B) a fraction, the numerator of which shall be the number of full months elapsed from the Date of Grant through the end of the first calendar year of the Performance Period and the denominator of which shall be [40] (i.e., the number of months in the Vesting Period, treating the month containing the Date of Grant as a full calendar month).  Notwithstanding anything in this Agreement to the contrary, the actual number of PSUs to be settled shall be the prorated number of PSUs determined pursuant to this clause multiplied by the actual STIP payout percentage determined for achievement of the corporate measures established under the STIP for the first calendar year of the Performance Period, as determined by the Committee in its discretion.  
(d)    Disability. If the Participant becomes eligible for long-term disability benefits under a plan sponsored by the Company, an Affiliate or a Subsidiary (“Disabled”), the Participant shall become vested in a prorata number of PSUs and entitled to receive a number of PSUs based on actual performance.  
(i)    Disability During Performance Period.  If the Participant becomes Disabled during the Performance Period, the prorata number of the PSUs shall be equal to (A) the total number of granted PSUs under Section 1(a) plus any dividend equivalents multiplied by (B) a fraction, the numerator of which shall be the number of full months elapsed from the Date of Grant through the end of the calendar year that contains the date on which the Participant 

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becomes eligible for long-term disability benefits and the denominator of which shall be [40] (i.e., the number of months in the Vesting Period, treating the month containing the Date of Grant as a full calendar month).  For the avoidance of doubt, any short-term disability period shall be included when determining the numerator in the preceding sentence.  Notwithstanding anything in this Agreement to the contrary, the actual number of PSUs to be settled shall be the prorated number of PSUs determined pursuant to this clause multiplied by the average STIP payout for the completed calendar years during the Performance Period before the year of settlement.  For example, if the Participant becomes eligible for long-term disability benefits during the second calendar year of the Performance Period, the average STIP payout will be the average of the actual payout percentage determined for achievement of the corporate measures established under the STIP for the first and second calendar years during the Performance Period.  
(ii)    Disabled On/After Date of Grant and Before Performance Period.  If the Participant becomes Disabled on or after the Date of Grant, but before the Performance Period begins, the prorata number of the PSUs shall be equal to (A) the total number of granted PSUs under Section 1(a) plus any dividend equivalents multiplied by (B) a fraction, the numerator of which shall be the number of full months elapsed from the Date of Grant through the end of the first calendar year of the Performance Period and the denominator of which shall be [40] (i.e., the number of months in the Vesting Period, treating the month containing the Date of Grant as a full calendar month).  Notwithstanding anything in this Agreement to the contrary, the actual number of PSUs to be settled shall be the prorated number of PSUs determined pursuant to this clause multiplied by the actual STIP payout percentage determined for achievement of the corporate measures established under the STIP for the first calendar year of the Performance Period, as determined by the Committee in its discretion.
(e)    Other Termination. If the Participant’s employment with the Company, all Affiliates and Subsidiaries terminates (i) by the Company for Cause at any time or (ii) by resignation before attainment of age 55 and before Retirement eligibility, then all outstanding PSUs, whether vested but unsettled or unvested, shall immediately terminate.
In no event shall any PSUs be settled before the Vesting Date except as provided above in the event of death, Disability or as otherwise determined by the Company.
4.    Compliance with Legal Requirements.  The granting and settlement of the PSUs, and any other obligations of the Company under this Agreement, shall be subject to all applicable federal, provincial, state, local and foreign laws, rules and regulations and to such approvals by any regulatory or governmental agency as may be required.  
(a)    Transferability.  Unless otherwise provided by the Committee in writing, the PSUs shall not be transferable by Participant other than by will or the laws of descent and distribution.
(b)    No Rights as Stockholder.  The Participant shall not be deemed for any purpose to be the owner of any shares of Stock subject to PSUs.

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(c)    Tax Withholding.  All distributions under the Plan are subject to withholding of all applicable federal, state, provincial, local and foreign income taxes and social contributions (the “Withholding Obligation”). The Company may satisfy such Withholding Obligation by any means whatsoever, including withholding cash from any other payment or amounts due to the Participant. Unless otherwise determined by the Committee, the Company will satisfy its Withholding Obligation by issuing, upon the settlement of the PSUs, a net number of shares of Stock to the Participant equal to the number of shares of Stock that the Participant would otherwise be entitled to receive on the Settlement Date minus such number of shares with a value determined on that date equal to any amount required to satisfy the Withholding Obligation.
5.    Miscellaneous.
(a)    Waiver.  Any right of the Company contained in this Agreement may be waived in writing by the Committee.  No waiver of any right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent occasion for its exercise, or as a waiver of any right to damages.  No waiver by any party of any breach of this Agreement shall be held to constitute a waiver of any other breach or a waiver of the continuation of the same breach.
(b)    Notices.  Any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail.  Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt.  Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the attention of the Director, Corporate Compensation at the Company’s principal executive office.  
(c)    Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
(d)    No Rights to Employment.  Nothing contained in this Agreement shall be construed as giving Participant any right to be retained, in any position, as an employee, consultant or director of the Company or its Affiliates or shall interfere with or restrict in any way the right of the Company or its Affiliates, which are hereby expressly reserved, to remove, terminate or discharge Participant at any time for any reason whatsoever.
(e)    Beneficiary.  The Participant other than a Participant residing in the Province of Québec, may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.  Any notice should be made to the attention of the Corporate Secretary of the Company at the Company’s principal executive office.  If no designated beneficiary survives the Participant, the Participant’s estate shall be deemed to be Participant’s beneficiary.

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(f)    Québec Participant.  The Participant residing in the Province of Québec may only designate a beneficiary by will. Upon the death of the Participant residing in the Province of Québec, the Company shall settle the PSUs pursuant to Section 2(c) of this Agreement to the liquidator, administrator or executor of the estate of the Participant.
(g)    Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.
(h)    Entire Agreement.  This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.  No change, modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto, except for any changes permitted without consent under Section 9 of the Plan.
(i)    Governing Law.  This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without regard to principles of conflicts of law thereof, or principles of conflicts of laws of any other jurisdiction which could cause the application of the laws of any jurisdiction other than the State of Delaware.
(j)    Headings.  The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement.
IN WITNESS WHEREOF, the Company has executed this Agreement as of the day first written above.
RESOLUTE FOREST PRODUCTS INC. 

By:                                                              
Name:
Title:     

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