Document:

EX-4.21

  Exhibit 4.21

  SPOUSAL CONSENT LETTER

  To Shanghai Fuxi Information Technology Service Co., Ltd.,

  I am the lawful spouse of Peiqing Tian, a shareholder of Shanghai Four Seasons Education Investment Management Co., Ltd. My spouse now holds a 70% stake in Shanghai Four Seasons Education Investment Management Co., Ltd. Regarding the "Exclusive Service Agreement", "Exclusive Call Option Agreement", "Equity Pledge Agreement" and "Shareholder Voting Rights Agreement" (these agreements are collectively referred to as the "VIE Agreements") dated November 1, 2021, signed by my spouse Peiqing Tian, Shanghai Fuxi Information Technology Service Co., Ltd., Shanghai Four Seasons Education Investment Management Co., Ltd. and other parties, in order to avoid possible disputes, I am here unconditionally and irrevocably consent to Shanghai Four Seasons Education Investment Management Co., Ltd:

  1.I fully know and agree with my spouse to sign the VIE Agreements, in particular, unconditionally and irrevocably consent to the restriction, pledge, transfer or dispose of the equity interest of my spouse in Shanghai Four Seasons Education Investment Management Co., Ltd. in the VIE Agreements.

  2.I will not, at any time, do any act which conflicts with the arrangements with the pledge or disposal of the equity under the VIE agreements, including but not limited to the above-mentioned equity interests held by my spouse in Shanghai Four Seasons Education Investment Management Co., Ltd., which constitute the joint property of me and my spouse. I further acknowledge that under no circumstances shall I take any action or bring any claim or lawsuit with intent to conflict with the VIE Agreements (as amended from time to time).

  3.In order to ensure the interests of your company under the VIE agreements and the fundamental purpose of the VIE agreements, I specifically authorize my spouse and/or his authorized person to execute all necessary legal and non-legal documents and perform all necessary legal and non-legal procedures on my behalf from time to time in connection with my spouse’s equity interest in Shanghai Four Seasons Education Investment Management Co., Ltd. at your request, and I acknowledge and approve the relevant documents and procedures..

  4.The commitments, confirmations, consents and authorizations made in this letter will not be revoked, impaired, invalid or otherwise unfavorable due to the increase, decrease, merger or other similar events of the equity interests held by my spouse in Shanghai Four Seasons Education Investment Management Co., Ltd.

  5.The commitments, confirmations, consents and authorizations made in this letter will not be revoked, derogated, invalid or otherwise adversely changed due to my incapacity for civil conduct, restricted capacity for civil conduct, death, or my divorce from my spouse and other similar events.

  6.The commitments, confirmations, consents and authorizations made in this letter will continue to be valid until the termination is confirmed by both your company and myself in writing. Your company and my spouse are not required to make any payment to me, including monetary or non-monetary, due to my aforementioned commitments, confirmations, consents, and authorizations.

  7.This letter will become effective upon signature by me, and the validity period is the same as that of the Exclusive Service Agreement.

  8.Other matters not covered in this letter, including but not limited to applicable laws, dispute resolution, definitions and interpretations, are also the same as those stipulated in the VIE Agreements. 

   

   

  Zhan Xu

   

  Signature:  /s/ Zhan Xu 

  ID Card No. ***

  1EX-4.22

  Exhibit 4.22

  SPOUSAL CONSENT LETTER

  To Shanghai Fuxi Information Technology Service Co., Ltd.,

  I am the lawful spouse of Suhua Zhu, a shareholder of Shanghai Four Seasons Education Investment Management Co., Ltd. My spouse now holds a 30% stake in Shanghai Four Seasons Education Investment Management Co., Ltd. Regarding the "Exclusive Service Agreement", "Exclusive Call Option Agreement", "Equity Pledge Agreement" and "Shareholder Voting Rights Agreement" (these agreements are collectively referred to as the "VIE Agreements") dated November 1, 2021, signed by my spouse Suhua Zhu, Shanghai Fuxi Information Technology Service Co., Ltd., Shanghai Four Seasons Education Investment Management Co., Ltd. and other parties, in order to avoid possible disputes, I am here unconditionally and irrevocably consent to Shanghai Four Seasons Education Investment Management Co., Ltd:

  1.I fully know and agree with my spouse to sign the VIE Agreements, in particular, unconditionally and irrevocably consent to the restriction, pledge, transfer or dispose of the equity interest of my spouse in Shanghai Four Seasons Education Investment Management Co., Ltd. in the VIE Agreements.

  2.I will not, at any time, do any act which conflicts with the arrangements with the pledge or disposal of the equity under the VIE agreements, including but not limited to the above-mentioned equity interests held by my spouse in Shanghai Four Seasons Education Investment Management Co., Ltd., which constitute the joint property of me and my spouse. I further acknowledge that under no circumstances shall I take any action or bring any claim or lawsuit with intent to conflict with the VIE Agreements (as amended from time to time).

  3.In order to ensure the interests of your company under the VIE agreements and the fundamental purpose of the VIE agreements, I specifically authorize my spouse and/or his authorized person to execute all necessary legal and non-legal documents and perform all necessary legal and non-legal procedures on my behalf from time to time in connection with my spouse’s equity interest in Shanghai Four Seasons Education Investment Management Co., Ltd. at your request, and I acknowledge and approve the relevant documents and procedures.

  4.The commitments, confirmations, consents and authorizations made in this letter will not be revoked, impaired, invalid or otherwise unfavorable due to the increase, decrease, merger or other similar events of the equity interests held by my spouse in Shanghai Four Seasons Education Investment Management Co., Ltd.

  5.The commitments, confirmations, consents and authorizations made in this letter will not be revoked, derogated, invalid or otherwise adversely changed due to my incapacity for civil conduct, restricted capacity for civil conduct, death, or my divorce from my spouse and other similar events.

  6.The commitments, confirmations, consents and authorizations made in this letter will continue to be valid until the termination is confirmed by both your company and myself in writing. Your company and my spouse are not required to make any payment to me, including monetary or non-monetary, due to my aforementioned commitments, confirmations, consents, and authorizations.

  7.This letter will become effective upon signature by me, and the validity period is the same as that of the Exclusive Service Agreement.

  8.Other matters not covered in this letter, including but not limited to applicable laws, dispute resolution, definitions and interpretations, are also the same as those stipulated in the VIE Agreements. 

   

   

  Zhiyong Zuo

   

  Signature:  /s/ Zhiyong Zuo 

  ID Card No.: ***

  1EX-4.3

 

 

Exhibit 4.3

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE 

SECURITIES EXCHANGE ACT OF
1934
 
As of May 30, 2021, General Mills, Inc. (“General Mills,” the
“Company,” 
“we,” “us,” and “our”) had five classes of

securities registered under Section 12 of the Securities Exchange Act 
of 1934, as
amended (the “Exchange Act”): 
Common Stock, 
$.10 par value; 1.000%
Notes due 2023; 0.125% Notes due 2025; 0.450% Notes 
due 2026; and 1.500% Notes due 2027.

DESCRIPTION OF COMMON STOCK

 
The following description of our Common Stock and our cumulative
preference 
stock is a summary and does not purport to 
be complete. It is subject to
and qualified in its entirety by reference to our 
Restated Certificate of Incorporation (the “Certificate of

Incorporation”) and our By-laws, as amended (the “By-laws”), each of
which 
are incorporated by reference as an exhibit to our most 
recent Annual Report
on Form 10-K. We 
encourage you to read our Certificate of Incorporation, our By-laws and the 
applicable

provisions of the General Corporation Law of the State of Delaware (“DGCL”)
for 
additional information.

 
General

 
Our Certificate of Incorporation currently authorizes the issuance of one
billion 
shares of our Common stock, par value $0.10 
per share, and five million
shares of cumulative preference stock, without par 
value, issuable in series. Our Common Stock is listed

and principally traded on the New York 
Stock Exchange under the symbol
“GIS.” All outstanding shares of our 
Common Stock are 
fully paid and
nonassessable. 

Dividend
Rights
The holders of Common Stock are entitled to receive dividends when 
and as
declared by our Board of Directors out of funds 
legally available for that purpose, provided that if any shares of preference
stock 
are at the time outstanding, the payment of dividends 
on Common Stock or
other distributions (including purchases of Common 
Stock) may be subject to the declaration and payment of

full cumulative dividends, and the absence of overdue amounts in any 
mandatory
sinking fund, on outstanding shares of preference 
stock.

Voting 
Rights

 
The holders of Common Stock are entitled to one vote for each share on all matters
voted 
on by stockholders, including the 
election of directors, subject to the
voting rights of any preference stock then outstanding. 
The holders of Common Stock are not

entitled to cumulative voting of their shares in the election of directors.
Directors 
are to be elected by a majority of the votes cast by 
the holders of
Common Stock entitled to vote and present in person or represented 
by proxy, provided that if the number 
of nominees

standing for election at any meeting of the stockholders exceeds the number 
of
directors to be elected, the directors will be elected by 
a plurality of the votes cast. Except as provided by
law, 
all other matters are to be decided by a vote of a majority of votes cast by the

holders of Common Stock entitled to vote and present in person or represented
by 
proxy. 
Liquidation
Rights
In the event of liquidation, dissolution or winding up of the
Company, 
holders of Common Stock are entitled to share ratably 
in any assets
remaining after the satisfaction in full of the prior rights of creditors, including 
holders of our indebtedness, and the

aggregate liquidation preference of any preference stock then outstanding.

Other Rights and Preferences

The holders of Common Stock do not have any conversion rights or any
preemptive 
rights to subscribe for stock or any other 
securities of the
Company. 
There are no redemption or sinking fund provisions applicable to our
Common 
Stock. 

Effect of Preference Shares 

 
 

 

Our Board of Directors is authorized to approve the issuance of one or
more 
series of preference stock without further 
authorization of our stockholders
and to fix the number of shares, the designations, 
the relative rights and the limitations of any series

of preference stock. As a result, our Board of Directors, without
stockholder 
approval, could authorize the issuance of preference stock 
with voting,
conversion and other rights that could proportionately reduce, 
minimize or otherwise adversely affect the voting power

and other rights of holders of Common Stock or other series of preference 
stock or
that could have the effect of delaying, deferring 
or 
preventing a change in our
control. 
Transfer Agent

The transfer agent for Common Stock is Equiniti Trust 
Company.

DESCRIPTION
OF 

1.000% NOTES DUE 2023

0.125% NOTES DUE 2025

0.450% NOTES DUE
2026 

1.500% NOTES DUE 2027

 
The following description of our 1.000% Notes due 2023 (the “2023
Notes”), 
0.125% Notes due 2025 (the “2025 Notes”), 
0.450% Notes
due 2026 (the “2026 Notes”) and 1.500% Notes due 2027 (the “2027 
Notes,” and together with the 2023 Notes, 2025

Notes and 2026 Notes, the “Notes”) is a summary and does not
purport 
to be complete. It is subject to and qualified in its entirety by 
reference
to the Indenture, dated as of February 1, 1996, between General 
Mills and U.S. Bank Trust Company, 
National Association

(successor in interest to U.S. Bank National Association), as supplemented by
the 
First Supplemental Indenture, dated as of May 18, 
2009, between General Mills
and U.S. Bank Trust Company, 
National Association (together the “Indenture”), which are incorporated

by reference as exhibits to our most recent Annual Report on Form 10-K, 
and, as
applicable, the Officers’ Certificate for the 2023 
Notes, incorporated herein by reference to Exhibit 4.1 to the
Company’s 
Current Report on Form 8-K dated April 24, 2015, the

Officers’ Certificate for the 2025 Notes, incorporated herein by 
reference
to Exhibit 4 to the Company’s 
Current Report on Form 8-K 
dated November 16,
2022, the Officers’ Certificate for the 2026 
Notes, incorporated herein by reference to Exhibit 4 to the

Company’s Current 
Report on Form 8-K dated January 15, 2020, and the
Officers’ Certificate 
for the 2027 Notes, incorporated herein 
by reference
to Exhibit 4.2 to the Company’s 
Current Report on Form 8-K dated April 24, 2015. We 
encourage you to read the

Indenture and the Officers’ Certificates for additional
information. 
References in this section to the “Company,” 
“us,” “we” and “our”

are solely to General Mills and not to any of its subsidiaries, unless the
context 
requires otherwise.

 
General

 
We issued
€500,000,000 
aggregate principal amount of our 2023 Notes and €400,000,000 aggregate principal 
amount of our

2027 Notes on April 27, 2015, €600,000,000 aggregate principal amount 
of our
2026 Notes on January 15, 2020, and €500,000,000 
aggregate principal amount of our 2025 Notes on November 16,
2021. 
The 2023 Notes, 2025 Notes, 2026 Notes and 2027 Notes are 
listed and
principally traded on the New York 
Stock Exchange under the symbols “GIS23A,” “GIS25A,” “GIS26” and “GIS27,”

respectively. As of 
May 29, 2022, €500,000,000 aggregate principal amount of
the 2023 Notes, €500,000,000 
aggregate principal 
amount of the 2025 Notes,
€600,000,000 aggregate principal amount 
of the 2026 Notes and €400,000,000 aggregate principal amount

of the 2027 Notes were outstanding.

 
The Notes were each issued as a separate series of securities under the
Indenture. 
The Notes and the Indenture are governed 
by, and are to be
construed 
in accordance with, the laws of the State of New York 
applicable to agreements made and to be performed

wholly within the State of New York.

 
Interest and Maturity 

 

 

The 2023 Notes will mature on April 27, 2023, the 2025 Notes will mature
on 
November 15, 2025, the 2026 Notes will 
mature on January 15, 2026, and the 2027
Notes will mature on April 27, 2027. 
We will pay interest on 
the 2023 Notes at the rate of

1.000% per year annually in arrears on April 27 of each year, 
beginning April 27,
2016, to holders of record on the preceding April 
12. We will pay 
interest on the
2025 Notes at the rate of 0.125% per year annually in arrears on November 15 of each year, 
beginning

November 15, 2022, to holders of record on the preceding November 
1. We will pay
interest on 
the 2026 Notes at the rate of 0.450% 
per year annually in arrears on
January 15 of each year, 
beginning January 15, 2021, to holders of record on the preceding January 1.

We will pay interest on 
the 2027 Notes at the rate of 1.500% per year annually in
arrears on April 27 of each year, 
beginning April 27, 
2016, to holders of record
on the preceding April 12. Interest payments for the 2023 
and 2027 Notes include accrued interest from and

including April 27, 2015 or from and including the last date in respect of
which 
interest has been paid or provided for, 
as the case may

be, to but excluding the next interest payment date or the date of maturity, 
as
the case may be. Interest payments for the 2025 Notes 
include accrued interest from and including November 16, 2021 or
from 
and including the last date in respect of which interest has 
been paid or
provided for, as the case may be, to 
but excluding the interest payment date or the date of maturity, 
as the case may be.

Interest payments for the 2026 Notes include accrued interest from and
including 
January 15, 2020 or from and including the last date 
in respect of which
interest has been paid or provided for, 
as the case may be, to but excluding the interest payment date or the date of

maturity, as the case may 
be. Interest payable at the maturity of the Notes will
be payable to the registered 
holders of the Notes to 
whom the principal is
payable. 
 
Interest on the Notes is computed on the basis of the actual number of
days in the period for 
which interest is being calculated 
and the actual number of
days from and including the last date on which 
interest was paid on the Notes, to but excluding the next

scheduled interest payment date. This payment convention is referred 
to as
ACTUAL/ACTUAL (ICMA) as defined in the rulebook of 
the International Capital Market Association. If any interest payment date
on 
the Notes falls on a day that is not a business day, 
the

interest payment will be postponed to the next day that is a business day, 
and no
interest on that payment will accrue for the period 
from and after the interest payment date. If the maturity date of the Notes falls
on 
a day that is not a business day, the payment 
of

interest and principal will be made on the next succeeding business day, 
and no
interest on such payment will accrue for the period 
from and after the maturity date.

 
“Business day” means any day that is not a Saturday or Sunday and that
is not a day 
on which banking institutions are 
authorized or obligated by law or
executive order to close in the City of New York 
or London and on which the Trans-European

Automated Real-time Gross Settlement Express Transfer 
system (the TARGET2
system), 
or any successor thereto, operates.

 
Payments in Euro

 
All payments of interest and principal, including payments
made 
upon any redemption of the Notes, is payable in euro. If the 
euro is
unavailable to us due to the imposition of exchange controls or other circumstances beyond 
our control or if the euro is no

longer being used by the then member states of the European Monetary Union 
that
have adopted the euro as their currency or for the 
settlement of transactions by public institutions of or within the international
banking 
community, then all payments in respect 
of the

Notes will be made in dollars until the euro is again available to us or so
used. 
The amount payable on any date in euro is converted 
into dollars on the
basis of the most recently available market exchange rate 
for euro. Any payment in respect of the Notes so made in

dollars will not constitute an event of default under the Notes or the
Indenture 
governing the Notes. Neither the trustee nor the paying 
agent shall have
any responsibility for any calculation or conversion in connection 
with the foregoing.

 
Issuance of Additional Notes

 
We may, 
without the
consent of the holders of Notes, issue additional Notes having the 
same ranking and the same interest

rate, maturity and other terms as a series of the Notes (except for the public
offering 
price and issue date and, in some cases, the first 
interest payment
date). Any additional Notes, together with the Notes with the 
same terms, will constitute a single series of Notes

under the Indenture; provided that, if the additional Notes are not fungible 
with
the Notes in this offering for United States federal 
income tax purposes, the additional Notes will have different
ISIN 
and CUSIP numbers. No additional Notes of a series may be issued 
if an event
of default has occurred with respect to that series of Notes.

 
Ranking

 
The Notes are our unsecured and unsubordinated obligations. The Notes
rank 
equal in priority with all of our existing and 
future unsecured and
unsubordinated indebtedness and senior in right 
of payment to all of our existing and future subordinated

indebtedness. The Notes effectively rank junior to all of our existing 
and future
secured indebtedness to the extent of the value of the 
assets securing such indebtedness. In addition, because the Notes are
only 
our obligation and are not guaranteed by our subsidiaries, 
creditors of each
of our subsidiaries, including trade creditors and owners of preferred 
equity of our subsidiaries, generally will have

priority with respect to the assets and earnings of the subsidiary over the
claims 
of our creditors, including holders of the Notes. The 
Notes, therefore, are
effectively subordinated to the claims 
of creditors, including trade creditors, of our subsidiaries, and to claims of

owners of preferred equity of our subsidiaries. 

 

 

 
Redemption

 
As discussed below, we
may 
redeem the Notes before they mature. The Notes to be redeemed will stop bearing interest on

the redemption date. We 
will give holders of Notes between 15 and 45 days’
notice before the redemption date. 
 
We are not
required 
(i) to register, transfer or exchange the Notes during 
the period from the opening of business 15 days

before the day a notice of redemption relating to the Notes selected for redemption is sent
to 
the close of business on the day that 
notice is sent, or (ii) to register,
transfer or 
exchange any Notes so selected for redemption, except for the unredeemed 
portion of any

Notes being redeemed in part.

 
We may redeem 
the Notes,
in whole or in part, at any time and from time to time. The redemption price for the 2023 
Notes to

be redeemed on any redemption date that is prior to January 27, 2023 (the
date 
that is three months prior to the maturity date) will be 
equal to the greater
of (1) 100% of the principal amount of the 2023 Notes to be redeemed and 
(2) as determined by an independent

investment bank selected by us, the sum of the present values of the remaining
scheduled 
payments of principal and interest on the 
2023 notes to be redeemed
(excluding any portion of such payments of 
interest accrued as of the date of redemption) discounted to the

redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the 
applicable
Comparable Government Bond Rate (as defined 
below) plus 20 basis points, plus, in each case, accrued and unpaid interest
to 
the date of redemption. The redemption price for the 
2023 Notes to be redeemed
on any redemption date that is on or after January 27, 2023 
(the date that is three months prior to the

maturity date) will be equal to 100% of the principal amount of the 2023 Notes
being 
redeemed on the redemption date, plus accrued 
and unpaid interest on the
2023 Notes to the date of redemption. The redemption 
price for the 2025 Notes to be redeemed on any

redemption date that is prior to October 15, 2025 (the date that is one month prior
to 
the maturity date) will be equal to the greater of 
(1) 100% of the principal
amount of the 2025 Notes to be redeemed and (2) as determined 
by an independent investment bank selected

by us, the sum of the present values of the remaining scheduled payments of
principal 
and interest on the 2025 notes to be redeemed 
that would be due if the
notes matured on October 15, 2025 (excluding any portion 
of such payments of interest accrued as of the date

of redemption) discounted to the redemption date on an annual basis
(ACTUAL/ACTUAL 
(ICMA)) at the applicable Comparable 
Government Bond Rate (as
defined below) plus 15 basis points, plus, in each case, 
accrued and unpaid interest to the date of

redemption. The redemption price for the 2025 Notes to be redeemed 
on any redemption
date that is on or after October 15, 2025 (the 
date that is one month prior to the maturity date) will be equal to 100% of the
principal 
amount of the 2025 Notes being redeemed on 
the redemption date, plus
accrued and unpaid interest on the 2025 Notes 
to the date of redemption. The redemption price for the 2026

Notes to be redeemed on any redemption date that is prior to October 15, 2025 
(the
date that is three months prior to the maturity date) 
will be equal to the greater of (1) 100% of the principal amount
of 
the 2026 Notes to be redeemed and (2) as determined by an 
independent
investment bank selected by us, the sum of the present values 
of the remaining scheduled payments of principal and

interest on the notes to be redeemed (excluding any portion of such payments 
of
interest accrued as of the date of redemption) 
discounted to the redemption date on an annual basis (ACTUAL/ACTUAL
(ICMA)) 
at the applicable Comparable Government Bond 
Rate (as defined below) plus
15 basis points, plus, in each case, accrued and unpaid 
interest to the date of redemption. The redemption

price for the 2026 Notes to be redeemed on any redemption date that is on or
after 
October 15, 2025 (the date that is three months 
prior to the maturity date)
will be equal to 100% of the principal amount of the notes 
being redeemed on the redemption date, plus

accrued and unpaid interest on the notes to the date of redemption. The
redemption 
price for the 2027 Notes to be redeemed on any 
redemption date that is
prior to January 27, 2027 (the date that is three months prior 
to the maturity date) will be equal to the greater of

(1) 100% of the principal amount of the 2027 Notes to be redeemed and (2) as
determined 
by an independent investment bank selected 
by us, the sum of the
present values of the remaining scheduled payments of principal 
and interest on the 2027 Notes to be redeemed

(excluding any portion of such payments of interest accrued as of the date of
redemption) 
discounted to the redemption date on an 
annual basis (ACTUAL/ACTUAL
(ICMA)) at the applicable Comparable 
Government Bond Rate plus 25 basis points, plus, in each

case, accrued and unpaid interest to the date of redemption. The redemption 
price
for the 2027 Notes to be redeemed on any 
redemption date that is on or after January 27, 2027 (the date that is three months
prior 
to the maturity date) will be equal to 100% of 
the principal amount of the
2027 Notes being redeemed on the redemption 
date, plus accrued and unpaid interest on the 2027 Notes to

the date of redemption. In any case, the principal amount of a Notes
remaining 
outstanding after a redemption in part shall be 
€100,000 or an
integral multiple of €1,000 in excess thereof. 
 
In connection with such
optional redemption of Notes, the following defined 
terms apply:

●
“Comparable
Government Bond Rate” means the yield to maturity, 
expressed as a percentage (rounded to three decimal

places, with 0.0005 being rounded upwards), on the third business day prior 
to the
date fixed for redemption, of the 
Comparable Government Bond (as defined below) on the basis of the middle
market 
price of the Comparable Government 
Bond prevailing at 11:00 a.m. (London
time) 
on such business day as determined by an independent investment bank selected

by us. 

 
 

 

●
“Comparable
Government Bond” means, in relation to any Comparable 
Government Bond Rate calculation, at the discretion

of an independent investment bank selected by us, a German government bond 
whose
maturity is closest to the maturity of 
the Notes to be redeemed, or if such independent investment bank in its
discretion 
determines that such similar bond is not in 
issue, such other German
government bond as such independent investment 
bank may, with the advice of three brokers 
of,

and/or market makers in, German government bonds selected by us, determine 
to be
appropriate for determining the 
Comparable Government Bond Rate.

 
The Notes are also subject to redemption prior to maturity if certain
events 
occur involving United States taxation. If any of 
these special tax events
occur, the Notes may 
be redeemed at a redemption price of 100% of their principal amount plus accrued 
and

unpaid interest to the date fixed for redemption. See “Redemption for
Tax 
Reasons.”

 
Payment of Additional Amounts

 
We will, subject to
the 
exceptions and limitations set forth below, 
pay as additional interest on the Notes such additional

amounts as are necessary in order that the net payment of the principal of and
interest 
on the Notes to a holder of the Notes (or the 
beneficial owner for whose
benefit such holder holds the Notes) who is not a United 
States person (as defined below), after

withholding or deduction for any present or future tax, assessment or other
governmental 
charge imposed by the United States or a 
taxing authority in the
United States, will not be less than the amount provided 
in the Notes to be then due and payable; provided,

however, that the foregoing obligation 
to pay additional amounts shall not apply:

(1) 
to any tax, assessment or other governmental charge
that 
is imposed by reason of the holder (or the beneficial owner 
for whose benefit
such holder holds such note), or a fiduciary, 
settlor, beneficiary, 
member or shareholder of the holder if the holder is

an estate, trust, partnership or corporation, or a person holding a power over 
an
estate or trust administered by a fiduciary holder, 
being 
considered as:

(a) 
being or having been engaged in a trade or business in the United States or
having 
or having had a 
permanent establishment in the United States;

(b) 
having a current or former connection with the United States (other than
a 
connection arising solely as a 
result of the ownership of the Notes or the receipt
of any payment or the enforcement 
of any rights thereunder), including being or

having been a citizen or resident of the United States;

(c) 
being or having been a personal holding
company, 
a passive foreign investment company or a controlled 
foreign corporation
for United States income tax purposes or a corporation 
that has accumulated earnings to avoid United States

federal income tax;

(d) 
being or having been a “10-percent shareholder” of the Company
as defined 
in section 871(h)(3) of the 
United States Internal Revenue Code of 1986,
as amended (the “Code”), or 
any successor provision; or

(e) 
being a bank receiving payments on an extension of credit made
pursuant 
to a loan agreement entered into 
in the ordinary course of its trade or
business; 
(2) 
to any holder that is not the sole beneficial owner of the Notes,
or a portion of the Notes, or that 
is a fiduciary, 
partnership or limited
liability company, 
but only to the extent that a beneficial owner with respect to the holder, 
a beneficiary or

settlor with respect to the fiduciary, 
or a beneficial owner or member of the
partnership or limited liability company 
would not have 
been entitled to the payment
of an additional amount had the beneficiary, 
settlor, beneficial owner or member received 
directly its

beneficial or distributive share of the payment;

(3) 
to any tax, assessment or other governmental charge
that 
would not have been imposed but for the failure of the 
holder or any other
person to comply with certification, identification or 
information reporting requirements concerning the

nationality, residence, 
identity or connection with the United States of the
holder or beneficial owner 
of the Notes, if compliance is 
required by statute, by
regulation of the United States or any taxing authority 
therein or by an applicable income tax treaty to which

the United States is a party as a precondition to exemption from such tax,
assessment 
or other governmental charge;

(4) 
to any tax, assessment or other governmental charge
that 
is imposed otherwise than by withholding by us or an 
applicable paying or
withholding agent from the payment; 
(5) 
to any tax, assessment or other
governmental charge that 
would not have been imposed but for a change in law,

regulation, or administrative or judicial interpretation that becomes
effective 
more than 15 days after the payment becomes due or is 
duly provided for,
whichever occurs later; 

 
 

 

(6) 
to any estate, inheritance, gift, sales, excise,
transfer, 
wealth, capital gains or personal property tax or similar tax, 
assessment
or other governmental charge; 
(7) 
with respect to the 2023 and 2027 Notes, to any
withholding or deduction 
that is imposed on a payment to an 
individual and that is
required to be made pursuant to any law implementing or 
complying with, or introduced in order to conform to,

any European Union Directive on the taxation of savings;

(8) 
to any tax, assessment or other governmental charge required to
be 
withheld by any paying agent from any payment 
of principal of or interest on
any note, if such payment can be made without 
such withholding by at least one other paying agent;

(9) 
to any tax, assessment or other governmental charge
that 
would not have been imposed but for the presentation by 
the holder of any
note, where presentation is required, for payment on a date 
more than 30 days after the date on which payment

became due and payable or the date on which payment thereof is duly provided 
for,
whichever occurs later; 
(10) 
with respect to the 2023 and 2027 Notes, to any tax,
assessment or other governmental 
charge that is imposed or 
withheld solely by reason
of the beneficial owner being a bank (i) purchasing the 
Notes in the ordinary course of its lending business

or (ii) that is neither (A) buying the Notes for investment purposes only nor
(B) 
buying the Notes for resale to a third-party that either 
is not a bank or
holding the Notes for investment purposes only; 
(11) 
to any tax, assessment or
other governmental charge imposed 
under Sections 1471 through 1474 of the Code (or any

amended or successor provisions), any current or future regulations or 
official
interpretations thereof, any agreement entered into 
pursuant to Section 1471(b) of the Code or any fiscal or regulatory legislation,
rules 
or practices adopted pursuant to any 
intergovernmental agreement entered
into 
in connection with the implementation 
of such sections of the Code; or

(12) 
in the case of any combination of items (1), (2), (3), (4), (5), (6), (7),
(8), (9), 
(10) and (11).

 
The Notes are subject in all cases to any tax, fiscal or other law or regulation
or administrative 
or judicial interpretation 
applicable to the Notes. Except as
specifically provided under this heading “Payment 
of Additional Amounts,” we are not required to

make any payment for any tax, assessment or other governmental charge 
imposed by
any government or a political subdivision or 
taxing authority of or in any government or
political 
subdivision. 
 
As
used under this heading “Payment of Additional Amounts” and under 
the heading “Redemption for Tax 
Reasons”, the

term “United States” means the United States of America, the states of the
United 
States, and the District of Columbia, and the term 
“United States
person” means any individual who is a citizen or resident of 
the United States for United States federal income tax

purposes, a corporation, partnership or other entity created or organized 
in or
under the laws of the United States, any state of the 
United States or the District of Columbia, or any estate or trust the income of
which 
is subject to United States federal income taxation 
regardless of its
source. 
 
With respect to the 2023 and 2027 Notes,
to 
the extent permitted by law, we will maintain 
a paying agent in a Member State

of the European Union (if any) that will not require withholding or deduction 
of
tax pursuant to European Council Directive 
2003/48/EC on the taxation of savings income or any law implementing
or 
complying with, or introduced in order to conform to, such 
European Council
Directive. 
 
Redemption for
Tax 
Reasons 
 
If, as a
result of any change in, or amendment to, the laws (or any regulations or rulings promulgated 
under the laws) of the

United States (or any taxing authority in the United States), or any change in,
or 
amendment to, an official position regarding the 
application or interpretation
of such laws, regulations or rulings, we become 
or, based upon a written opinion of independent 
counsel

selected by us, will become obligated to pay additional amounts as described 
under
the heading “Payment of Additional Amounts” 
with respect to the Notes, then we may at any time at our option redeem, in
whole, 
but not in part, any series of the Notes on not less 
than 15 nor more than
45 days’ prior notice, at a redemption price equal 
to 100% of their principal amount, together with accrued and

unpaid interest on such Notes to, but not including, the date fixed for redemption.

 
Change of Control Offer to Purchase 

 

 

 
If a change of control triggering event occurs, holders of Notes may require
us to 
repurchase all or any part (equal to an 
integral multiple of €1,000) of
their Notes at a purchase price of 101% of the principal amount, 
plus accrued and unpaid interest, if

any, on such Notes to 
the date of purchase (unless a notice of redemption has been
mailed within 30 days after 
such change of control 
triggering event stating that
all of the Notes of such series will be redeemed as described 
above); provided that the principal amount of

a Note remaining outstanding after a repurchase in part shall be €100,000 
or
an integral multiple of €1,000 in excess thereof. We 
are 
required to mail to
holders of the Notes a notice describing the transaction or transactions constituting 
the change of control triggering

event and offering to repurchase the Notes. The notice 
must be mailed within 30
days after any change of control triggering event, and 
the repurchase must occur no earlier than 30 days and no later than 60 days after
the date the 
notice is mailed.

 
On the date specified for repurchase of the Notes, we will, to the extent lawful:

●
accept for payment all
properly tendered Notes or portions of Notes;

●
deposit with the
paying agent the required payment for all properly tendered 
Notes or portions of Notes; and

●
deliver to the trustee
the repurchased Notes, accompanied by an officers’ 
certificate stating, among other things, the

aggregate principal amount of repurchased Notes.

 
We will comply 
with the
requirements of Rule 14e-1 under the Securities Exchange Act of 1934, 
as amended, and any other

securities laws and regulations applicable to the repurchase of the Notes. 
To the
extent that these requirements 
conflict with the 
provisions requiring repurchase of
the Notes, we will comply with these requirements 
instead of the repurchase provisions and will not

be considered to have breached our obligations with respect to repurchasing 
the
Notes. Additionally, if 
an event of default exists under 
the Indenture (which is
unrelated to the repurchase provisions of the Notes), including 
events of default arising with respect to other

issues of debt securities, we will not be required to repurchase the Notes
notwithstanding 
these repurchase provisions.

 
We will not be
required 
to comply with the obligations relating to repurchasing the Notes if a third party 
instead satisfies

them.

 
For purposes of the repurchase provisions of the Notes, the
following 
terms are applicable:

 

“
Change of
control
” means the occurrence of any of the following: (a) the consummation of any
transaction 
(including, 
without limitation, any merger or consolidation) resulting
in any 
“person” (as that term is used in Section 13(d)(3) of the Securities

Exchange Act of 1934, as amended) (other than us or one of our
subsidiaries) 
becoming the beneficial owner (as defined in Rules 13d-
3 and 13d-5
under the Securities Exchange Act of 1934, as amended), directly 
or indirectly, of more than 50% 
of our voting stock or

other voting stock into which our voting stock is reclassified,
consolidated, 
exchanged or changed, measured by voting power rather 
than number of
shares; (b) the direct or indirect sale, transfer, 
conveyance or other disposition (other than by way of merger 
or

consolidation), in a transaction or a series of related transactions, of all or
substantially 
all of our assets and the assets of our 
subsidiaries, taken as a
whole, to one or more “persons” (as that term is defined 
in the Indenture) (other than us or one of our

subsidiaries); or (c) the first day on which a majority of the members of our
Board 
of Directors are not continuing directors. 
Notwithstanding the foregoing, a
transaction will not be considered to be 
a change of control if (a) we become a direct or indirect

wholly-owned subsidiary of a holding company and (b)(y) immediately following 
that
transaction, the direct or indirect holders of the 
voting stock of the holding company are substantially the same as the holders
of 
our voting stock immediately prior to that transaction 
or (z) immediately
following that transaction no person is the beneficial 
owner, directly or indirectly, 
of more than 50% of the voting

stock of the holding company.

 

“
Change of control triggering
event
” means the occurrence of both a change of control and a rating event.

 

“
Continuing
directors
” means, as of any date of determination, any member of our Board of
Directors 
who (a) was a member 
of the Board of Directors on the date the Notes
were issued or (b) was nominated for election, 
elected or appointed to the Board of

Directors with the approval of a majority of the continuing directors who
were 
members of the Board of Directors at the time of such 
nomination, election or
appointment (either by a specific vote or by approval of 
our proxy statement in which such member was

named as a nominee for election as a director, without 
objection to such
nomination).

“
Fitch

” means Fitch Ratings.

“
Investment
 grade rating
” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent)

by Moody’s and BBB- (or the equivalent) 
by
S&P, 
and the equivalent investment grade credit rating from any replacement rating

agency or rating agencies selected by us. 

 
 

 

 

“
Moody’s
”
 means Moody’s Investors Service, Inc.

 

“
Rating
agencies
” means (a) each of Fitch, Moody’s and 
S&P; and (b) if
any of Fitch, Moody’s or S&P ceases to 
rate the 
Notes or fails to make a
rating of the Notes publicly available for reasons outside 
of our control, a “nationally recognized statistical

rating organization” (as defined in Section 3(a)(62) of 
the Securities
Exchange Act of 1934, as amended) selected by us as a 
replacement rating agency for a former rating agency.

 

“
Rating
event
” means the rating on the Notes is lowered by each of the rating agencies and the Notes are
rated 
below an 
investment grade rating by each of the rating agencies on any day
within the 60-day 
period (which 60-day period will be extended so 
long as the
rating of the Notes is under publicly announced consideration for a possible 
downgrade by any of the rating agencies) after

the earlier of (a) the occurrence of a change of control and (b) public notice of
the 
occurrence of a change of control or our intention to 
effect a change of
control; provided that a rating event will not be 
deemed to have occurred in respect of a particular change of control

(and thus will not be deemed a rating event for purposes of the definition of change
of 
control triggering event) if each rating agency 
making the reduction in rating
does not publicly announce or confirm 
or inform the trustee in writing at our request that the reduction

was the result, in whole or in part, of any event or circumstance comprised of or
arising 
as a result of, or in respect of, the change of 
control (whether or not
the applicable change of control has occurred 
at the time of the rating event).

 

“
S&P
”
 means S&P Global Ratings, a division of S&P Global Inc., and its successors.

 

“
Voting 

stock
” means, with respect to any specified “person” (as that term is used in Section
13(d)(3) 
of the Securities 
Exchange Act of 1934, as amended) as of any date, the
capital stock of such person 
that is at the time entitled to vote generally in the

election of the board of directors of such person.

 
Sinking Fund

 
The Notes are not subject to, or entitled to the benefit of, any sinking fund.

Conversion or Exchange Rights

The Notes are not convertible or exchangeable for shares of our common stock 
or
other securities. 
Certain Restrictive Covenants

The Indenture contains restrictive covenants that apply the Notes, the most
significant 
of which are described below.

Limitation on Liens on Major Property and United States and Canadian Operating
Subsidiaries
 

Some of our property may be subject to a mortgage or other legal
mechanism 
that gives our lenders preferential rights in that 
property over other
lenders, including direct holders of the Notes, or over our 
general creditors, if we fail to pay them back. These

preferential rights are called “liens.” The Indenture restricts our
ability 
to create, issue, assume, incur or guarantee any indebtedness 
for borrowed
money that is secured by a mortgage, pledge, lien, security interest 
or other encumbrance on:

●
any flour mill,
manufacturing or packaging plant or research laboratory 
located in the United States or Canada owned by us

or one of our current or future United States or Canadian operating 
subsidiaries;
or 
●
any stock or debt
issued by one of our current or future United States or Canadian operating 
subsidiaries

unless we also secure all the Notes that are still outstanding under the
Indenture 
equally with the indebtedness being secured. This 
promise does not
restrict our ability to sell or otherwise dispose of our interests in any 
United States or Canadian operating subsidiary.

These requirements do not apply to liens:

●
existing on February 1,
1996 and any extensions, renewals or replacements 
of those liens;

●
relating to the
construction, improvement or purchase of a flour mill, plant or 
laboratory;

●
in favor of us or one
of our United States or Canadian operating subsidiaries;

●
in favor of
governmental units for financing construction, improve 
ment or purchase of our property; 

 
 

 

 

●
existing on any
property, 
stock or debt existing at the time we acquire it, including liens on property, 
stock or debt of a

United States or Canadian 
operating subsidiary at the time it became our United
States or Canadian operating 
subsidiary;

●
relating to the sale of
our property; 
●
for work
done on our property;

●
relating to
workers’ compensation, unemployment insurance and similar obligations;

●
relating to litigation
or legal judgments;

●
for taxes, assessments
or governmental charges not yet due; 
or

●
consisting of
easements or other restrictions, defects in title or encumbrances on 
our real property.

We may also avoid 
securing the Notes equally with the indebtedness being secured
if the amount of the 
indebtedness being 
secured plus the value of any sale and lease
back transactions, as described 
below, is 15% or less than the amount 
of our consolidated

total assets minus our consolidated non-interest bearing current liabilities, as
reflected 
on our consolidated balance sheet. 
If a merger or other transaction
would create any liens that 
are not permitted as described above, we must grant an equivalent

lien to the direct holders of the Notes.

Limitation on Sale and Leaseback
Transactions
 

The Indenture also provides that we and our United States and Canadian
operating 
subsidiaries will not enter into any sale 
and leaseback transactions on
any of our flourmills, manufacturing 
or packaging plants or research laboratories located in the United

States or Canada owned by us or one of our current or future United States or
Canadian 
operating subsidiaries (“principal properties”) 
unless we
satisfy some restrictions. A sale and leaseback transaction involves 
our sale to a lender or other investor of a property of

ours and our leasing back that property from that party for more than 
three years,
or a sale of a property to, and its lease back for three 
or more years from, another person who borrows the necessary funds
from 
a lender or other investor on the security of the property. 
We may
enter 
into a sale and leaseback transaction covering any of our principal properties only if:

●
it falls into the
exceptions for liens described above under “— Limitation on 
Liens on Major Property and United States and

Canadian Operating Subsidiaries”; or

●
within 180 days
after the property sale, we set aside for the retirement of funded 
debt, meaning notes or bonds that mature at

or may be extended to a date more than 12 months after issuance, an amount
equal 
to the greater of:

o
the net proceeds of the sale
of the principal property, 
or

o
the fair market value of the
principal property sold, and in either case, minus

o
the principal amount of any debt
securities issued under the Indenture that 
are delivered to the trustee for retirement

within 120 days after the property sale, and

o
the principal amount of any
funded debt, other than debt securities issued under 
the Indenture, voluntarily retired by

us within 120 days after the property sale; or

●
the attributable
value, as described below, 
of all sale and leaseback transactions plus any indebtedness that we incur 
that, but

for the exception in the second to last paragraph of “— Limitation on
Liens 
on Major Property and United States and 
Canadian Operating
Subsidiaries” above, would have required us to secure 
the Notes equally with it, is 15% or less than the

amount of our consolidated total assets minus our consolidated
non-interest 
bearing current liabilities, as reflected on our 
consolidated
balance sheet. 
We determine 
the attributable value of a sale and leaseback
transaction by choosing the 
lesser of (1) or (2) below:

1.
sale price of the leased
property 
x 
remaining portion of the base

term of the lease 

 
 

 

the base term of the lease

2.
the total obligation of the
lessee for rental payments during the remaining portion 
of the base term of the lease, discounted to

present value at the highest interest rate on any outstanding series of debt
securities 
issued under the Indenture. The rental 
payments in this calculation do
not include amounts for property taxes, maintenance, 
repairs, insurance, water rates and other

items that are not payments for the property itself.

Mergers and Similar Events

We are generally 
permitted under the Indenture to consolidate or merge with
another company. 
We are also permitted 
to sell

or lease some or all of our assets to another company. 
However, we may not take
any of these actions unless the following 
conditions, 
among others, are met:

●
where we merge out
of existence or sell or lease substantially all our 
assets, the other company must be a corporation, limited

liability company, partnership 
or trust organized under the laws of a state or
the District of Columbia 
or under United States 
federal law and it must expressly
agree in a supplemental indenture to be legally 
responsible for the Notes; and

●
the merger, sale of
assets or other transaction 
must not bring about a default on the Notes (for purposes of this test, a default

would include an event of default described below under “Default and
Related 
Matters” and any event that would be an event 
of default if the
requirements for giving us notice of our default or our default 
having to exist for a specific period of time

were disregarded). 
There is
no precise, established definition of what would constitute a sale or lease of 
substantially all of our assets under

applicable law and, accordingly, 
there may be uncertainty as to whether a sale or
lease of less than all of our assets would 
subject us to 
this provision.

If we merge out of existence or transfer (except through a 
lease) substantially
all our assets, and the other firm becomes our 
successor and is legally responsible for the Notes, we will be relieved of our own
responsibility 
for the Notes. 
Default and Related Matters

Noteholders will have special rights if an event of default occurs and is
not 
cured. For each series of Notes the term “event of 
default” means
any of the following:

●
we do not pay
interest on a Note of that series within 30 days of its due date;

●
we do not pay the
principal or any premium on a Note of that series on its due date;

●
we do not deposit
money into a separate custodial account, known as a sinking 
fund, when such a deposit is due, if we agree

to maintain a sinking fund with respect to that series;

●
we remain in breach
of any restrictive covenant with respect to that series or 
any other term of the Indenture for 60 days after

we receive a notice of default stating we are in breach (the notice must be sent by
either 
the trustee or direct holders of at least 
25% of the principal amount of
Notes of the affected series); or

●
we file for
bankruptcy or other events of bankruptcy, 
insolvency or reorganization occur. 
In
the event of our bankruptcy, insolvency 
or other similar proceeding, all of the Notes will automatically be due and

immediately payable. If a non-bankruptcy event of default has occurred 
with
respect to any series of Notes and has not been cured, the 
trustee or the direct holders of not less than 25% in principal amount
of 
the Notes of the affected series may declare the entire 
principal amount of
all the Notes of that series to be due and immediately payable. 
This is called a “declaration of acceleration of

maturity.” 
A
declaration of acceleration of maturity may be canceled by the direct holders 
of at least a majority in principal amount of

the Notes of the affected series if any other defaults on those Notes have 
been
waived or cured and we pay or deposit with the trustee 
an amount sufficient to pay the following with respect
to 
the Notes of that series:

●
all overdue
interest; 

 
 

 

●
principal and
premium, if any, 
which has become due, other than as a result of the acceleration, plus any interest on 
that

principal;

●
interest on overdue
interest, to the extent that payment is lawful; and

●
amounts paid or
advanced by the trustee and reasonable trustee compensation 
and expenses. 
Except in
cases of default, where the trustee has some special duties, the trustee 
is not required to take any action under the

Indenture at the request of any direct holders unless the holders offer 
the
trustee reasonable protection from expenses and liability, 
called an
“indemnity.” 
If reasonable indemnity is provided, the direct holders of a majority in principal amount of the 
outstanding

Notes of the relevant series may direct the time, method and place of
conducting 
any lawsuit or other formal legal action seeking any 
remedy available
to the trustee. These majority direct holders may also 
direct the trustee in exercising any trust or power conferred on

the trustee under the Indenture.

Before an investor may bypass the trustee and bring its own lawsuit or
other 
formal legal action or take other steps to enforce 
its rights or protect
its interests relating to any Notes of any series, the following 
must occur:

●
the investor must
give the trustee written notice that an event of default with respect 
to the Notes of that series has occurred

and remains uncured;

●
the direct holders
of at least 25% in principal amount of all outstanding 
Notes of that series must make a written request that

the trustee take action because of the default, and must offer
reasonable 
indemnity to the trustee against any cost and 
liabilities of taking
that action; 
●
the
trustee must not have received from direct holders of a majority in principal 
amount of the outstanding Notes of that

series a direction inconsistent with the written notice; and

●
the trustee must
have failed to take action for 60 days after receipt of the above notice 
and offer of indemnity.

However, investors are entitled at any 
time to bring a lawsuit for the payment of
money due on a Note on or after its due date. 
Every year we will certify in a written statement to the trustee that we are in
compliance 
with the Indenture and each series of 
Notes or specify any default
that we know about. 
Defeasance

In some circumstances described below, 
we may elect to discharge our obligations on
the Notes through defeasance 
or 
covenant defeasance.

Full
Defeasance
 

If there is a change in United States federal tax law as described below, 
we
could legally release ourselves from any payment 
or other obligations on the Notes, called “full defeasance,” if we put in
place the following 
arrangements for investors to be repaid:

●
we must irrevocably
deposit in trust for the benefit of all direct holders of those Notes money 
or specified German

government securities or a combination of these that will generate enough 
cash to
make interest, principal and any other 
payments on those Notes on their various due dates;

●
there must be a
change in current federal tax law or an Internal Revenue Service 
ruling that lets us make the deposit without

causing investors to be taxed on the Notes any differently 
than if we did not make
the deposit and simply repaid such Notes 
ourselves (under current United States federal tax
law, 
the deposit and our legal release from the such Notes would be treated 
as
though we took back such Notes and gave investors their share of the cash and notes 
or bonds deposited in trust, in which

case investors could recognize gain or loss on those Notes); and

●
we must deliver to
the trustee a legal opinion confirming the United States tax law change described 
above.

In addition, no default must have occurred and be continuing with respect to
those 
Notes at the time the deposit is made (and, 
with respect only to bankruptcy
and similar events, during the 90 
days following the deposit), and we have delivered a certificate and a

legal opinion to the effect that the deposit does not: 

 
 

 

●
cause any
outstanding Notes to be delisted;

●
cause the trustee to
have a “conflicting interest” within the meaning of 
the Trust Indenture Act of 1939;

●
result in a breach
or violation of, or constitute a default under, 
any other agreement or instrument to which we are party or by

which we are bound; and

●
result in the trust
arising from it constituting an “investment company” 
within the meaning of the Investment Company Act

of 1940 (unless we register the trust, or find an exemption from registration,
under 
that Act). 
If we ever did accomplish full defeasance, investors would have
to rely 
solely on the trust deposit, and could no longer look 
to us, for
repayment on the Notes of the affected series. Conversely, 
the trust deposit would likely be protected from claims of our

lenders and other creditors if we ever become bankrupt or insolvent.

Covenant
Defeasance
 

Under current United States federal tax law, 
we can make the same type of
deposit described above and be released from 
many of the covenants in the Notes. This is called “covenant defeasance.” In
that 
event, investors would lose the protection of those 
covenants but would gain
the protection of having money and securities 
set aside in trust to repay the applicable series of Notes. In

order to achieve covenant defeasance, we must do the following:

●
make the same
deposit of money and/or German government securities described 
above under “— Full Defeasance;”

●
deliver to the
trustee a legal opinion confirming that under current United States federal 
income tax law we may make the

above deposit without causing investors to be taxed on the applicable series of
Notes 
any differently than if we did not make 
the deposit and simply repaid the
applicable series of Notes ourselves; and

●
comply with the
other conditions precedent described above under “— Full Defeasance.” 
If we accomplish covenant defeasance, the
following provisions, among 
others, would no longer apply:

●
the events of
default relating to breach of covenants described below under 
“Default and Related Matters;” and

●
any promises regarding
conduct of our business, such as those described 
under “Certain Restrictive Covenants” below and

any other covenants applicable to the series of Notes.

If we accomplish covenant defeasance, investors can still look to us for
repayment 
of the applicable series of Notes if there is 
a shortfall in the trust
deposit. Depending on the event causing the default, 
however, investors may not be able to obtain payment of

the shortfall.

Modification and Waiver

There are three types of changes we can make to the Indenture and the Notes.

First, there are changes that cannot be made to the Notes without
specific 
investor approval. These include:

●
change of the stated
due date for payment of principal or interest on a series of 
Notes;

●
reduction in the
principal amount of, the rate of interest payable on or any premium 
payable upon redemption of a series of

Notes;

●
reduction in the
amount of principal payable upon acceleration of the maturity 
of a series of Notes following a default;

●
change in the place
or currency of payment on a series of Notes;

●
impairment of an
investor’s right to sue for payment on a series of Notes on 
or after the due date for such payment;

●
reduction in the
percentage of direct holders of a series of Notes whose consent 
is required to modify or amend the Indenture; 

 
 

 

●
reduction in the
percentage of holders of a series of Notes whose consent 
is required under the Indenture to waive compliance

with provisions of, or to waive defaults under, 
the Indenture; and

●
modification of any of
the provisions described above or other provisions of 
the Indenture dealing with waiver of defaults or

covenants under the Indenture, except to increase the percentages required 
for
such waivers or to provide that other 
provisions of the Indenture cannot be changed without the consent of each direct
holder 
affected by the change. 
Second, changes may be made by us and the trustee
without any vote by holders 
of any series of Notes. These include:

●
evidencing the
assumption by a successor of our obligations under 
the Indenture and any series of Notes;

●
adding to our
covenants for the benefit of the holders of any series of Notes, or surrendering 
any of our rights or powers

under the Indenture;

●
adding other events
of default for the benefit of holders of any series of Notes;

●
making such changes
as may be necessary to permit or facilitate the issuance of 
any series of Notes in bearer or uncertificated

form;

●
establishing the
forms or terms of any series of Notes;

●
evidencing the
acceptance of appointment by a successor trustee; and

●
curing any
ambiguity, 
correcting any Indenture provision that may be defective or inconsistent with other 
Indenture

provisions or making any other change that does not adversely affect 
the interests
of the holders of any series of Notes in any 
material respect.

Third, we need a vote by direct holders of Notes owning at least a majority
of 
the principal amount of each series affected by 
the change to make any other
change to the Indenture that is not of the type described 
in the preceding two paragraphs. A majority

vote of this kind is also required to obtain a waiver of any past default, except a payment
default 
on principal or interest or concerning 
a provision of the Indenture that
cannot be changed without the consent of the direct 
holder. 
When taking a vote, we
will decide how much principal amount to attribute to 
a series of Notes by using the dollar

equivalent, as determined by our Board of Directors.

Notes will not be considered outstanding, and therefore will not be eligible 
to
vote, if owned by us or one of our affiliates or 
if we have deposited or set aside money in trust for their payment or
redemption. 
Notes will also not be eligible to vote if they have 
been fully
defeased as described below under “Defeasance — Full Defeasance.” 
We will
generally 
be entitled to set any day as a record date for the purpose of determining the direct 
holders of outstanding

Notes that are entitled to vote or take other action under the Indenture. In
some 
circumstances, generally related to a default by us on a 
series of the
Notes, the trustee will be entitled to set a record date for action by holders. 
Trustee

U.S. Bank Trust Company, 
National Association, as trustee under the Indenture,
has been appointed by us as paying 
agent 
and registrar with regard to the Notes.
The trustee also acts as an agent for the 
issuance of our United States commercial paper. 
The

trustee and its affiliates currently provide cash management 
and other banking
and advisory services to us in the normal course of 
business and may from time to time in the future provide other
banking 
and advisory services to us in the ordinary course of business, 
in each
case in exchange for a fee. 
 
Book-Entry; Delivery and Form;
Global Note
 
We have
obtained 
the information in this section concerning Clearstream Banking, société 
anonyme (“Clearstream”) and

Euroclear Bank, S.A./N.V., 
or its successor, as operator of the Euroclear
System 
(“Euroclear”) and their book-entry systems and 
procedures from
sources that we believe to be reliable. We 
take no responsibility for an accurate portrayal of this information. In

addition, the description of the clearing systems in this section reflects our
understanding 
of the rules and procedures of Clearstream 
and Euroclear as they
were in effect at the time of the issuance of 
the Notes of each series. Those clearing systems could change their

rules and procedures at any time. 

 
 

 

 
The Notes are represented by one or more fully registered global
notes. 
Each such global note is deposited with, or on behalf 
of, a common
depositary, 
and registered in the name of the nominee of the common depositary for the accounts 
of Clearstream and

Euroclear. Except as set forth below, 
the global notes may be transferred, in
whole and not in part, only to Euroclear or Clearstream 
or 
their respective
nominees. Investors may hold interests in the global notes in Europe 
through Clearstream or Euroclear, either as a

participant in such systems or indirectly through organizations that 
are
participants in such systems. Clearstream and Euroclear will 
hold interests in the global notes on behalf of their respective
participating 
organizations or customers through customers’ securities

accounts in Clearstream’s or 
Euroclear’s names on the books of their
respective depositaries. 
Book-entry interests in the Notes and all 
transfers
relating to the Notes are reflected in the book-entry records 
of Clearstream and Euroclear.

 
The distribution of the Notes is cleared through Clearstream and
Euroclear. 
Any secondary market trading of book-entry 
interests in the Notes
takes place through Clearstream and Euroclear participants 
and settles in same-day funds. Owners of book-entry

interests in the Notes receive payments relating to their Notes in euro, 
except
as described under the heading “Payments in Euro.” 
 
Clearstream and
Euroclear have established electronic securities and payment 
transfer, processing, depositary and custodial

links among themselves and others, either directly or through custodians 
and
depositaries. These links allow the Notes to be issued, 
held and transferred among the clearing systems without the physical
transfer 
of certificates. Special procedures to facilitate clearance 
and
settlement have been established among these clearing systems to trade securities 
across borders in the secondary market.

 
The policies of Clearstream and Euroclear will govern payments, transfers,
exchanges 
and other matters relating to the 
investor’s interest in the
Notes held by them. We 
have no responsibility for any aspect of the records kept by Clearstream or 
Euroclear

or any of their direct or indirect participants. We 
also do not supervise these
systems in any way. 
 
Clearstream and Euroclear and their participants perform
these clearance 
and settlement functions under agreements they 
have made with one
another or with their customers. Investors should be 
aware that they are not obligated to perform or continue to

perform these procedures and may modify them or discontinue them 
at any time.

 
Except as provided
below, 
owners of beneficial interests in the Notes will not be entitled to have the Notes registered 
in their

names, will not receive or be entitled to receive physical delivery 
of the Notes
in definitive form and will not be considered the owners 
or holders of the Notes under the Indenture, including for purposes of receiving
any reports delivered 
by us or the trustee pursuant to 
the Indenture.
Accordingly, 
each person owning a beneficial interest in a Note must rely on the procedures of the depositary 
and, if

such person is not a participant, on the procedures of the participant
through 
which such person owns its interest, in order to exercise 
any rights of a
holder of Notes. 
 
We have
been 
advised by Clearstream and Euroclear, respectively, 
as follows:

 
Clearstream

 
Clearstream advises that it is incorporated under the laws of
Luxembourg 
as a professional depositary. 
Clearstream holds

securities for its participating organizations
(“Clearstream 
Participants”) and facilitates the clearance and settlement of securities

transactions between Clearstream Participants through electronic book-entry 
changes
in accounts of Clearstream Participants, thereby 
eliminating the need for physical movement of certificates. Clearstream
provides 
to Clearstream Participants, among other things, 
services for safekeeping,
administration, clearance and settlement 
of internationally traded securities and securities lending and

borrowing. Clearstream interfaces with domestic markets in several countries. 
As
a professional depositary, Clearstream is subject 
to 
regulation by the Luxembourg
Commission for the 
Supervision of the Financial Sector (Commission de Surveillance du Secteur

Financier). Clearstream Participants are recognized financial institutions
around 
the world, including underwriters, securities brokers 
and dealers, banks,
trust companies, clearing corporations and certain other 
organizations and may include the underwriters. Indirect

access to Clearstream is also available to others, such as banks, brokers,
dealers 
and trust companies that clear through or maintain a 
custodial
relationship with a Clearstream Participant, either directly or indirectly.

 
Distributions with respect to interests in the Notes held beneficially
through 
Clearstream are credited to cash accounts of 
Clearstream Participants in
accordance with its rules and procedures.

 
Euroclear 

 

 

 
Euroclear advises that it was created in 1968 to hold securities for
participants of 
Euroclear (“Euroclear Participants”) and to 
clear and
settle transactions between Euroclear Participants through simultaneous 
electronic book-entry delivery against payment,

thereby eliminating the need for physical movement of certificates and 
any risk
from lack of simultaneous transfers of securities and 
cash. Euroclear includes various other services, including securities
lending 
and borrowing and interfaces with domestic markets in 
several countries.
Euroclear is operated by Euroclear Bank S.A./N.V. 
(the “Euroclear Operator”). All operations are conducted by the

Euroclear Operator, and all Euroclear securities clearance 
accounts and Euroclear
cash accounts are accounts with the Euroclear 
Operator. Euroclear Participants
include 
banks (including central banks), securities brokers and dealers and other 
professional

financial intermediaries and may include the underwriters. Indirect access
to 
Euroclear is also available to other firms that clear 
through or maintain a
custodial relationship with a Euroclear Participant, either 
directly or indirectly.

 
The Terms and
Conditions 
Governing Use of Euroclear and the related Operating Procedures of the Euroclear 
System, or the

Euroclear Terms and 
Conditions, and applicable Belgian law govern securities
clearance accounts and 
cash accounts with the 
Euroclear Operator.
Specifically, 
these terms and conditions govern:

●
transfers of
securities and cash within Euroclear;

●
withdrawal of
securities and cash from Euroclear; and

●
receipt of payments
with respect to securities in Euroclear. 
 
All securities in Euroclear are held on
a fungible basis without attribution of 
specific certificates to specific securities

clearance accounts. The Euroclear Operator acts under the Terms 
and Conditions
only on behalf of Euroclear Participants and has no 
record of or relationship with persons holding securities through
Euroclear 
Participants.

 
Distributions with respect to interests in the Notes held beneficially
through 
Euroclear are credited to the cash accounts of 
Euroclear Participants in
accordance with the Euroclear Terms 
and Conditions.

 
Clearance and Settlement Procedures

 
We understand 
that
investors that hold their Notes through Clearstream or Euroclear accounts will follow 
the settlement

procedures that are applicable to conventional eurobonds in registered
form. 
Notes are credited to the securities custody accounts of 
Clearstream and
Euroclear participants on the business day following the 
settlement date, for value on the settlement date. They are

credited either free of payment or against payment for value on the settlement date.

 
We understand 
that
secondary market trading between Clearstream and/or Euroclear participants 
will occur in the ordinary

way following the applicable rules and operating procedures of Clearstream 
and
Euroclear. Secondary market 
trading is settled using 
procedures applicable to
conventional eurobonds in registered form. 
 
Investors should be aware that
investors will only be able to make and receive 
deliveries, payments and other

communications involving the Notes through Clearstream and Euroclear 
on days when
those systems are open for business. Those 
systems may not be open for business on days when banks, brokers and other
institutions 
are open for business in the United States.

 
In addition, because of time-zone differences, there may be
problems 
with completing transactions involving Clearstream and 
Euroclear on the
same business day as in the United States. United States investors who 
wish to transfer their interests in the Notes, or

to make or receive a payment or delivery of the Notes, on a particular day, 
may
find that the transactions will not be performed until 
the next business day in Luxembourg or Brussels, depending
on 
whether Clearstream or Euroclear is used.

 
Clearstream or Euroclear will credit payments to the cash accounts of
Clearstream 
customers or Euroclear participants, as 
applicable, in accordance
with the relevant system’s 
rules and procedures, to the extent received by its depositary. 
Clearstream or the

Euroclear Operator, as the case may be, will take 
any other action permitted to
be taken by a holder under the Indenture on behalf 
of a 
Clearstream customer or
Euroclear participant only in accordance with its relevant 
rules and procedures.

 
Clearstream and Euroclear have agreed to the foregoing
procedures 
in order to facilitate transfers of the Notes among 
participants of
Clearstream and Euroclear. 
However, they are under no obligation to perform or 
continue to perform those procedures,

and they may discontinue those procedures at any time.

 
Certificated Notes 

 

 

 
If the depositary for any of the Notes of any series represented by a
registered 
global note is at any time unwilling or unable 
to continue as
depositary and a successor depositary is not appointed by us within 
90 days, we will issue Notes of that series in

definitive form in exchange for the registered global note that had been 
held by
the depositary. Any Notes issued 
in definitive form in 
exchange for a registered
global note will be registered in the name or names that 
the depositary gives to the trustee or other relevant

agent of the trustee. It is expected that the depositary’s 
instructions
will be based upon directions received by the depositary 
from 
participants with
respect to ownership of beneficial interests in the registered global 
note that had been held by the depositary. 
In

addition, we may at any time determine that the Notes of any series shall no
longer 
be represented by a global note and will issue 
Notes of such series in
definitive form in exchange for such global note pursuant 
to the procedure described above.

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