Document:

Exhibit
10.1

FOURTH
AMENDMENT TO  CREDIT AGREEMENT

This Fourth
Amendment to Credit Agreement (this “Fourth
Amendment”) is made as of August 21, 2007,
by and among GLOBAL OPERATING LLC, a Delaware
limited liability company (“OLLC”), GLOBAL COMPANIES LLC,
a Delaware limited liability company (“Global”), GLOBAL
MONTELLO GROUP CORP., a Delaware corporation (“Montello”), GLEN HES CORP., a Delaware corporation (“Glen  Hes”),
CHELSEA SANDWICH LLC, a Delaware
limited liability company (“Sandwich” and,
collectively with OLLC, Global, Glen Hes and Montello, the “Borrowers”
and each a “Borrower”), GLOBAL PARTNERS LP,
a Delaware limited partnership (the “MLP”), GLOBAL GP LLC, a Delaware limited liability company (the “GP”
and, collectively with the MLP, the “Initial
Guarantors and each individually, an “Initial  Guarantor”),
each “Lender” (as such term is defined in the Credit Agreement referred to
below) (collectively, the “Lenders” and each individually, a “Lender”)
party hereto  and Bank of America, N.A.
as Administrative Agent and L/C Issuer (as each such term is defined in the
Credit Agreement), amending certain provisions of that certain Credit Agreement
dated as of October 4, 2005 (as amended and in effect from time to time, the “Credit Agreement”) by and among the Borrowers,
the Initial Guarantors, the Lenders, the Administrative Agent and the L/C
Issuer.  Terms not otherwise defined in
the Credit Agreement shall have the same respective meanings herein as therein.

WHEREAS,
the Loan Parties, the Lenders, the Administrative Agent and the L/C Issuer
desire to amend certain provisions of the Credit Agreement as provided more
fully herein below;

NOW,
THEREFORE, in consideration of the premises and the mutual
agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

§1.          Amendment
to  Section
1  of  the
Credit  Agreement.  Section
1.1 of the Credit Agreement is hereby amended by inserting the following definitions
in the appropriate alphabetical order:

“Long Island
Acquisition” means the acquisition by the Borrower from ExxonMobil Oil
Corporation of the two refined product terminals in Inwood, New York and
Glenwood Landing, New York for an aggregate purchase price of $34,700,000
pursuant to the terms of the Long Island Purchase Agreement.

“Long Island
Purchase Agreement” means that certain Terminal Sale and Purchase Agreement
dated as of July 9, 2007 by and between ExxonMobil Oil Corporation and the
Borrower, as the same may be amended.

§2.          Amendment
to  Section
7  of  the  Credit
Agreement.  Section
7 of the Credit Agreement is hereby amended as follows:

(a)           Section 7.2(j) of the Credit
Agreement is hereby amended by deleting the words “and the Hudson Acquisition”
which appear in Section 7.2(j) and substituting in place thereof the words “the
Hudson Acquisition and the Long Island Acquisition”.

(b)           Section 7.6(b) of the Credit
Agreement is hereby amended by deleting Section 7.6(b) in its entirety and
restating it as follows:

(b)           (i) Mergers and consolidations
permitted by Section 7.4; (ii) the Hudson Acquisition, provided, in the
case of the Hudson Acquisition, only so long as (1) no Default or Event of
Default has occurred and is continuing or would exist as a result thereof; (2)
the board of directors and (if required by applicable law) the shareholders, or
the equivalent thereof of the Borrower and of the Hudson Seller has approved
such acquisition; (3) the Hudson Acquisition is consummated on the terms set forth
in the Hudson Purchase Agreement; (4) the Borrower has provided the
Administrative Agent with prior written notice of the date of consummation of
such Hudson Acquisition; (5) the Hudson Acquisition would not subject to the
Administrative Agent or any Lender to regulatory or third party approvals in
connection with the exercise of any of its rights or remedies under this
Agreement or any other Loan Document; and (6) the Borrower has provided the
Administrative Agent with evidence satisfactory to the Administrative Agent
that (A) MLP has received cash proceeds of not less than $50,000,000 for the
issuance of certain class B Units pursuant to the terms of the Class B Unit
Purchase Agreement dated on or prior to the date of the consummation of the
Hudson Acquisition by and among the MLP and the investors party thereto and MLP
has contributed such proceeds to the Borrower; and (B) all such proceeds are
being used to fund a portion of the purchase price of the Hudson Acquisition;
and (iii) the Long Island Acquisition, provided, in the case of the Long
Island Acquisition, only so long as (1) no Default or Event of Default has
occurred and is continuing or would exist as a result thereof; (2) the board of
directors and (if required by applicable law) the shareholders, or the
equivalent thereof of the Borrower and of ExxonMobil Oil Corporation has
approved such acquisition; (3) the Long Island Acquisition is consummated on
the terms set forth in the Long Island Purchase Agreement; (4) the Borrower has
provided the Administrative Agent with prior written notice of the date of
consummation of such Long Island Acquisition; and (5) the Long Island
Acquisition would not subject to the Administrative Agent or any Lender to
regulatory or third party approvals in connection with the exercise of any of
its rights or remedies under this Agreement or any other Loan Document”.

(c)           Section 7.6(c) of the Credit
Agreement is hereby amended by deleting Section 7.6 (c) in its entirety and
restating it as follows:

(c)           Acquisitions of the assets or stock
of another Person, other than the Hudson Acquisition and other than the Long
Island Acquisition (a 

 2
 

“Permitted  Acquisition”), so long as (i) no Default or
Event of Default has occurred and is continuing or would exist as a result
thereof; (ii) the Person to be acquired (or, in the case of an asset
acquisition, the assets of such Person) are in the same or a substantially
similar line of business as the Loan Party making such acquisition; (iii) the
Loan Parties have provided the Administrative Agent with prior written notice
of such acquisition, which notice shall include a reasonably detailed
description of such Permitted Acquisition; (iv) the board of directors and (if
required by applicable law) the shareholders, or the equivalent thereof of each
of the applicable Loan Party or Subsidiary making such acquisition and of the
Person to be acquired has approved such merger, consolidation or acquisition;
(v) in the event of a stock or other similar equity acquisition the Person so
acquired shall become a wholly-owned Subsidiary of a Loan Party and shall
comply with the terms and conditions set forth in Section 6.13; (vi) the
business to be acquired would not subject the Administrative Agent or any
Lender to regulatory or third party approvals in connection with the exercise
of any of its rights and remedies under this Agreement or any other Loan
Document; (vii) the aggregate amount of the purchase price for any single
Permitted Acquisition or series of related Permitted Acquisitions which is payable
in anything other than the equity interests of MLP (and such equity interests
shall have no redemption or repurchase rights prior to a date which is one (1)
year after the Maturity Date and shall not have the ability to convert into any
form of Indebtedness) shall not exceed $25,000,000; and (viii) the aggregate
amount of the purchase price for all Permitted Acquisitions over any twelve
consecutive calendar month period which is payable in anything other than the
equity interests of MLP (and such equity interests shall have no redemption or
repurchase rights prior to a date which is one (1) year after the Maturity Date
and shall not have the ability to convert into any form of Indebtedness) shall
not exceed $35,000,000.

§3.          Conditions
to Effectiveness.This Fourth Amendment will become
effective as of the date hereof upon receipt by the Administrative Agent of the
fully-executed original counterparts of this Fourth Amendment executed by the
Loan Parties, the Administrative Agent and the required Lenders.

§4.          Representations
and  Warranties.  Each of the Loan Parties hereby repeats, on
and as of the date hereof, each of the representations and warranties made by
it in Article V of the Credit Agreement, provided,
that all references therein to the Credit Agreement shall refer to such Credit
Agreement as amended hereby.  In
addition, each of the Loan Parties hereby represents and warrants that the
execution and delivery by such Loan Party of this Fourth Amendment and the
performance by each such Loan Party of all of its agreements and obligations
under the Credit Agreement as amended hereby and the other Loan Documents to
which it is a party are within the corporate, partnership and/or limited
liability company authority of each of the Loan Parties and have been duly
authorized by all necessary corporate, partnership and/or membership action on
the part of each of the Loan Parties.

 3
 

§5.          Ratification,
Etc.  Except as expressly amended hereby, the
Credit Agreement and all documents, instruments and agreements related thereto,
including, but not limited to the Security Documents, are hereby ratified and
confirmed in all respects and shall continue in full force and effect.  The Credit Agreement and this Fourth
Amendment shall be read and construed as a single agreement.  All references in the Credit Agreement or any
related agreement or instrument to the Credit Agreement shall hereafter refer
to the Credit Agreement as amended hereby.

§6.          No
Waiver.  Nothing contained herein shall constitute a
waiver of, impair or otherwise affect any Obligations, any other obligation of
the Loan Parties or any rights of the Administrative Agent, the L/C Issuer or
the Lenders consequent thereon.

§7.          Counterparts.  This Fourth Amendment may be executed in one
or more counterparts, each of which shall be deemed an original but which
together shall constitute one and the same instrument.

§8.          Governing
Law.  THIS FOURTH AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS (WITHOUT REFERENCE TO CONFLICT OF LAWS).

 4
 

IN
WITNESS WHEREOF, the parties hereto have executed this Fourth
Amendment as a document under seal as of the date first above written.

	
   

  	
   

  	
  GLOBAL OPERATING LLC

  
	
   

  	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Charles
  Rudinsky

  
	
   

  	
   

  	
  Title: 

  	
  Executive Vice President,
  Treasurer

  
	
   

  	
   

  	
   

  	
  and Chief
  Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GLOBAL
  COMPANIES LLC

  
	
   

  	
   

  	
  By:
  Global Operating LLC, its sole member

  
	
   

  	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Charles
  Rudinsky

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, Treasurer

  
	
   

  	
   

  	
   

  	
  and Chief
  Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GLOBAL
  MONTELLO GROUP CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Charles
  Rudinsky

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, Treasurer

  
	
   

  	
   

  	
   

  	
  and Chief
  Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GLEN
  HES CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Charles
  Rudinsky

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, Treasurer

  
	
   

  	
   

  	
   

  	
  and Chief
  Accounting Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CHELSEA
  SANDWICH LLC

  
	
   

  	
   

  	
  By:
  Global Operating LLC, its sole member

  
	
   

  	
   

  	
  By:
  Global Partners LP, its sole member

  
	
   

  	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Charles
  Rudinsky

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice
  President, Treasurer

  
	
   

  	
   

  	
   

  	
  and Chief
  Accounting Officer

  
								

 

 5
 

 

	
  

  	
   

  	
  BANK OF
  AMERICA, N.A., as

  
	
   

  	
   

  	
  Administrative
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Todd MacNeill

  
	
   

  	
   

  	
       Title:
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK OF
  AMERICA, N.A., as

  
	
   

  	
   

  	
       a
  Lender and L/C Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Christen A.
  Lacey

  
	
   

  	
   

  	
      Christen
  A. Lacey, Principal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STANDARD
  CHARTERED BANK, as

  
	
   

  	
   

  	
       a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Patricia
  Doyle

  	
  /s/ Andrew Y Ng

  
	
   

  	
   

  	
  Title: Director

  	
       Director

  
	
   

  	
   

  	
  Commodity
  Corporate Traders

  	
  Standard
  Chartered Bank NY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JPMORGAN
  CHASE BANK, N.A., as

  
	
   

  	
   

  	
       a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John M.
  Hariaczyi

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOCIETE
  GENERALE, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Chung-Taek Oh

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Marllena Anastassiadou

  
	
   

  	
   

  	
  Title: Director

  

 6
 

 

	
  

  	
   

  	
  CITIZENS
  BANK OF MASSACHUSETTS,

  
	
   

  	
   

  	
       as
  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Marina E.
  Grossi

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOVEREIGN
  BANK, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert
  Lanigan

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  FORTIS
  CAPITAL CORP., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Matthew L.
  Rosetti

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Juan J.
  Mejia

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WEBSTER
  BANK NATIONAL

  
	
   

  	
   

  	
       ASSOCIATION,
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Richard A.
  O’Brien

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION,

  
	
   

  	
   

  	
       
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Keven Smith

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  

 7
 

 

	
  

  	
   

  	
  TD
  BANKNORTH, N.A.,

  
	
   

  	
   

  	
       
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ John Mercier

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WELLS
  FARGO BANK, N.A.

  
	
   

  	
   

  	
       
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ M.W. Sweeney
  

  
	
   

  	
   

  	
  Title: Vice
  President Relationship Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  WACHOVIA
  BANK,

  
	
   

  	
   

  	
     NATIONAL
  ASSOCIATION

  
	
   

  	
   

  	
       
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ P. Gaudreau

  
	
   

  	
   

  	
  Title:

  	
  Patricia S. Gaudreau

  
	
   

  	
   

  	
   

  	
  Senior Vice
  President

  
					

 

 8
 

RATIFICATION
OF GUARANTY

Each of the
undersigned guarantors (each a “Guarantor”) hereby acknowledges and
consents to the foregoing Fourth Amendment as of August   , 2007, and
agrees that the Guaranty dated as of October 4, 2005 (as amended and in effect
from time to time, the “Guaranty”) from each of the undersigned
Guarantors remains in full force and effect, and each of the Guarantors
confirms and ratifies all of its obligations thereunder. Notwithstanding
anything to the contrary contained herein, the parties thereto hereby
acknowledge, agree and confirm that as of the date hereof, the Guaranty remains
in full force and effect.

	
  

  	
  GLOBAL PARTNERS LP

  
	
   

  	
  By:
  Global GP LLC, its general partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  Rudinsky

  
	
   

  	
           Title:

  	
  Executive Vice President, Treasurer

  
	
   

  	
   

  	
  and Chief
  Accounting Officer

  
	
   

  	
   

  
	
   

  	
  GLOBAL
  GP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  Rudinsky

  
	
   

  	
           Title:

  	
  Executive Vice
  President, Treasurer

  
	
   

  	
   

  	
  and Chief Accounting
  Officer

  
				

 

 9Exhibit
4.01

CUSIP
NO. 52517P4E8

ISIN NO. US52517P4E82

	
  REGISTERED

  	
   

  	
  PRINCIPAL AMOUNT: $808,000                      

  

No. R-2

LEHMAN BROTHERS HOLDINGS INC.

MEDIUM-TERM NOTE, SERIES
I

RETURN-ENHANCED NOTES LINKED
TO A BASKET OF TEN COMMODITIES
 DUE AUGUST 9, 2010

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE
DEPOSITORY.  UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55
WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY (AS DEFINED BELOW) OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM (A
“CERTIFICATED NOTE”), THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY.

LEHMAN BROTHERS HOLDINGS INC., a corporation duly
organized and existing under the laws of the State of Delaware (herein called
the “Company,” which term includes any successor corporation under the
Indenture referred to on the reverse hereof), for value received, hereby
promises to pay to CEDE & Co., or registered assigns, on the Maturity Date,
an amount equal to the
Redemption Amount at Maturity.

The “Maturity Date” is August
9, 2010, or if such day is not a Business Day, on the next following Business
Day.

The “Valuation Date” is August 2, 2010, or if such day is
not a Valuation Business Day, the immediately preceding Valuation Business Day;
provided that if a Disruption Event is in effect on the scheduled Valuation
Date, the Valuation Date may be postponed.

The “Redemption Amount at
Maturity” for each $1,000 note will be a single U.S. dollar payment on the
Maturity Date equal to:

(A)  the sum of
$1,000 plus the product of $1,000 times the Basket Return times the Upside
Participation Rate, if the Final Basket Level is greater than the Initial
Basket Level; or

(B)  $1,000, if the
Final Basket Level is equal to or less than the Initial Basket Level.

The “Component Commodities” and “Commodity Weightings” are
as follows:

	
  Component Commodities

  	
   

  	
  Component

  Weighting

  	
   

  
	
  Brent crude oil (“Crude Oil”)

  	
   

  	
  10.0

  	
  %

  
	
  No. 2 fuel heating oil (“Heating Oil”)

  	
   

  	
  10.0

  	
  %

  
	
  Copper — Grade A (“Copper”)

  	
   

  	
  10.0

  	
  %

  
	
  Primary Nickel (“Nickel”)

  	
   

  	
  10.0

  	
  %

  
	
  Special High Grade Zinc (“Zinc”)

  	
   

  	
  10.0

  	
  %

  
	
  Gold (“Gold”)

  	
   

  	
  10.0

  	
  %

  
	
  No. 11 world sugar (“Sugar”)

  	
   

  	
  10.0

  	
  %

  
	
  Coffee Robusta (“Coffee”)

  	
   

  	
  10.0

  	
  %

  
	
  Class III milk (“Milk”)

  	
   

  	
  10.0

  	
  %

  
	
  Lean hogs (“Lean Hogs”)

  	
   

  	
  10.0

  	
  %

  

 

The “Upside Participation Rate” is 125%.

The “Basket Return” is a
quotient, the numerator of which is the difference of the Final Basket Level
minus the Initial Basket Level and the denominator of which is the Initial
Basket Level, expressed as a percentage rounded to three decimal places.

 2
 

The “Final Basket Level” is the
product of 100 times the sum of 1 plus the sum of the Weighted Component
Commodity Returns.

The “Initial Basket Level” is set
to 100 on the Original Trade Date.

The “Original Trade Date” is
August 1, 2007.

The “Original Issue Date” is
August 8, 2007.

The “Weighted Component Commodity
Returns” are, for each Component Commodity, the product of the Component
Weighting times a quotient, the numerator of which is the difference of the
Final Commodity Price minus the Initial Commodity Price and the denominator of
which is the Initial Commodity Price for such Component Commodity.

The “Initial Commodity Prices”
for each Component Commodity are as follows:

	
  Component

  Commodity

  	
   

  	
  Initial
  Commodity

  Price

  
	
  Crude Oil

  	
   

  	
  US$75.35

  
	
  Heating Oil

  	
   

  	
  US$2.0694

  
	
  Copper

  	
   

  	
  US$7,950.00

  
	
  Nickel

  	
   

  	
  US$30,760.00

  
	
  Zinc

  	
   

  	
  US$3,525.00

  
	
  Gold

  	
   

  	
  US$665.75

  
	
  Sugar

  	
   

  	
  US$10.28

  
	
  Coffee

  	
   

  	
  US$1,806.00

  
	
  Milk

  	
   

  	
  US$21.40

  
	
  Lean Hogs

  	
   

  	
  US$72.325

  

 

The “Final Commodity Price” is,
for each Component Commodity, the Commodity Price on the Valuation Date.

The “Commodity Price” for each
Component Commodity is as follows:

	
  Component

  Commodity

  	
   

  	
  

  Commodity Price

  
	
  Crude Oil

  Heating Oil

  	
   

  	
  For each of
  Crude Oil and Heating Oil, the official settlement price of the first nearby
  month futures contract (or, in the case of the last trading day of the first
  nearby month contract, the second nearby month 

  

 

 3
 

 

	
  

  	
   

  	
  contract) for
  that Component Commodity, expressed (a) in the case of Crude Oil, as the U.S.
  dollar price per barrel and (b) in the case of Heating Oil, as the U.S.
  dollar price per gallon, in each case as made public by the Relevant Exchange
  for that Component Commodity (subject to the occurrence of a Disruption
  Event).

  
	
  Copper

  Nickel

  Zinc

  	
   

  	
  For each of
  Copper, Nickel and Zinc, the official settlement price of that Component
  Commodity for cash delivery, expressed as the U.S. dollar price per metric
  ton of the Component Commodity, as made public by the Relevant Exchange for
  that Component Commodity (subject to the occurrence of a Disruption Event).

  
	
  Gold

  	
   

  	
  For Gold, the
  official afternoon fixing price, stated in U.S. dollars per troy ounce, as
  calculated and quoted by the Relevant Exchange (subject to the occurrence of
  a Disruption Event).

  
	
  Sugar

  	
   

  	
  For Sugar, the
  official settlement price of the first nearby month futures contract (or, in
  the case of the last trading day of the first nearby month contract, the
  second nearby month contract) for Sugar, stated in US cents, per pound, as
  made public by the Relevant Exchange for that Component Commodity 

  

 

 4
 

 

	
  

  	
   

  	
  (subject to the
  occurrence of a Disruption Event).

  
	
  Coffee

  	
   

  	
  For Coffee, the
  official settlement price of the relevant contract, determined to be the
  contract with the next succeeding first notice date, which is the first
  business day of a delivery month, stated in U.S. dollars, per metric tonne,
  as made public by the Relevant Exchange for that Component Commodity (subject
  to the occurrence of a Disruption Event).

  
	
  Milk

  Lean Hogs

  	
   

  	
  For each of Milk
  and Lean Hogs, the official settlement price of the current relevant
  contract, determined to be the contract with the next succeeding last trade
  date, which is the tenth business day of a contract month, stated (a) in the
  case of Milk, as the US dollar price per hundredweight (100 pounds), and (b)
  in the case of Lean Hogs, as the US cents price per pound, in each case as
  made public by the Relevant Exchange for that Component Commodity (subject to
  the occurrence of a Disruption Event).

  

 

The “Relevant Exchange” is, for
each Component Commodity, the exchange set forth opposite such Component
Commodity below, or its successor, or if the exchange set forth below is no
longer the principal exchange or trading market for a Component Commodity or
options or futures contracts for such Component Commodity, such other exchange
or principal trading market for the relevant Component Commodity as determined
in good faith by the Calculation Agent which serves as the source of prices for
that Component Commodity, and any principal exchanges where options or futures
contracts on that Component Commodity are traded:

 5
 

 

	
  Component

  Commodity

  	
   

  	
  Relevant
  Exchange

  
	
  Crude Oil

  	
   

  	
  The
  Intercontinental Exchange (“ICE”)

  
	
  Heating Oil

  	
   

  	
  The NYMEX
  Division, or its successor, of the New York Mercantile Exchange, Inc.
  (“NYMEX”)

  
	
  Copper

  	
   

  	
  London Metal
  Exchange (“LME”)

  
	
  Nickel

  	
   

  	
  LME

  
	
  Zinc

  	
   

  	
  LME

  
	
  Gold

  	
   

  	
  The market in
  London on which members of the LBMA quote prices for the buying and selling
  of Gold.

  
	
  Sugar

  	
   

  	
  The New York
  Board of Trade (“NYBOT”)

  
	
  Coffe

  	
   

  	
  Euronext.liffe
  (“LIFFE”)

  
	
  Milk

  	
   

  	
  The Chicago
  Mercantile Exchange (“CME”)

  
	
  Lean Hogs

  	
   

  	
  CME

  

 

A “Valuation Business Day” is a
day, as determined in good faith by the Calculation Agent, on which the
Relevant Exchange for each Component Commodity is scheduled to be (or, but for
the occurrence of a Disruption Event, would have been) open for trading during
its regular trading session (notwithstanding the Relevant Exchange or organized
exchange or market, as applicable, closing prior to its scheduled closing
time).

If a Disruption Event identified
in clauses (A), (B) or (C) below relating to one or more Component Commodities
is in effect on the scheduled Valuation Date, the Calculation Agent will
calculate the Final Basket Level using:

·              for each such Component Commodity that did not suffer a
Disruption Event on the scheduled Valuation Date, the Final Commodity Price for
that Component Commodity on the scheduled Valuation Date, and

·              for each such Component Commodity that did suffer a
Disruption Event on the scheduled Valuation Date, the Final Commodity Price on
the immediately succeeding trading day for such Component Commodity on which no
Disruption Event occurs or is continuing with respect to such Component
Commodity;

provided however that if a
Disruption Event has occurred or is continuing with respect to a Component
Commodity on each of the three scheduled trading days following the scheduled
Valuation Date, then (a) that third scheduled trading day shall be deemed the
Valuation Date for the affected Component Commodity; and (b) the Calculation
Agent will determine the Final Commodity Price for the affected Component
Commodity on such day in its sole and absolute

 6
 

discretion taking into account
the latest available quotation for the Commodity Price for the affected
Component Commodity and any other information that in good faith it deems
relevant.

If a Disruption Event identified
in clauses (D) or (E) below relating to one or more Component Commodities
(other than Gold) is in effect on the Valuation Date, the Calculation Agent
will determine the Final Commodity Price for the affected Component Commodity
on the scheduled Valuation Date in its sole and absolute discretion taking into
account the latest available quotation for the Commodity Price for the affected
Component Commodity and any other information that in good faith it deems
relevant.

A “Disruption Event” for a
Component Commodity, any of the following events with respect to that Component
Commodity, in each case as determined in good faith by the Calculation Agent
constitutes:

(A)          the suspension of or material limitation on trading in the
Component Commodity or futures contracts or options related to the Component
Commodity, on the Relevant Exchange for that Component Commodity;

(B)           either (i) the failure of trading to commence, or permanent
discontinuance of trading, in the Component Commodity, or futures contracts or
options related to the Component Commodity, on the Relevant Exchange for that
Component Commodity, or (ii) the disappearance of, or of trading in, the
Component Commodity;

(C)           the failure of the Relevant Exchange for the Component
Commodity to publish the official daily settlement price of the Component
Commodity for that day (or the information necessary for determining the
settlement price); and

solely with respect to Component Commodities other than
Gold,

(D)          the occurrence since the Original Trade Date of a material
change in the content, composition, or constitution of the Component Commodity;
or

(E)           the occurrence since the Original Trade Date of a material
change in the formula for or the method of calculating the settlement price of
the Component Commodity.

For the purpose of determining whether a Disruption Event
for a Component Commodity has occurred:

(1)           a limitation on the hours in a trading day and/or number of
days of trading will not constitute a Disruption Event if it results from an
announced change in the regular business hours of the Relevant Exchange for the
Component Commodity;

(2)           a suspension in trading in a Component Commodity on the
Relevant Exchange for that Component Commodity (without taking into account any
extended or after-hours trading session), by reason of a price change

 7
 

reflecting the maximum permitted price change from the
previous trading day’s settlement price will constitute a Disruption Event; and

(3)           a suspension of or material limitation on trading on a Relevant
Exchange for a Component Commodity will not include any time when the Relevant
Exchange for that Component Commodity is closed for trading under ordinary
circumstances.

For purposes of calculating the
Final Basket Level in the event of a Disruption Event relating to one or more
Component Commodities in accordance with the above, “trading day” means a day,
as determined in good faith by the Calculation Agent, on which trading is
generally conducted on the Relevant Exchange applicable to the affected Component
Commodity.

The “Calculation
Agent” means Lehman Brothers Commodity Services Inc, the determinations and
calculations of which will be binding absent manifest error.

Except as provided below,
any Redemption Amount at Maturity may, at the option of the Company, be made by
check mailed to the person entitled thereto at such person’s address as it
appears on the registry books of the Company.

Payment of any Redemption
Amount at Maturity will be made in immediately available funds in accordance
with the normal procedures of the Trustee (or any duly appointed Paying Agent).

The Company will pay any
administrative costs imposed by banks in making payments in immediately
available funds, but any tax, assessment or governmental charge imposed upon
payments hereunder, including, without limitation, any withholding tax, will be
borne by the Holder hereof.

References herein to “U.S. dollars” or “U.S.$” or “$”
or “USD” are to the coin or currency of the United States as at the time of
payment is legal tender for the payment of public and private debts.

REFERENCE IS HEREBY MADE TO
THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF.  SUCH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

This Note shall not be valid or become obligatory for
any purpose until the certificate of authentication hereon shall have been
signed by the Trustee under the Indenture.

 8
 

IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has
caused this instrument to be signed by its Chairman of the Board, its
President, its Vice Chairman, its Chief Financial Officer, one of its Vice
Presidents or its Treasurer, by manual or facsimile signature under its
corporate seal, attested by its Secretary or one of its Assistant Secretaries
by manual or facsimile signature.

Dated:  August 21, 2007

	
  [SEAL]

  	
   

  	
  LEHMAN BROTHERS HOLDINGS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Andrew M.W. Yeung

  
	
   

  	
   

  	
   

  	
  Title:   Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:  Cindy
  Buckholz

  
	
   

  	
   

  	
   

  	
  Title:    Assistant Secretary

  

 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

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

CITIBANK, N.A.

  as Trustee

	
  By: 

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Officer

  	
   

  

 

 9

[REVERSE
OF NOTE]

LEHMAN BROTHERS
HOLDINGS INC.

MEDIUM-TERM NOTES,
SERIES I

RETURN-ENHANCED NOTES LINKED
TO A BASKET OF TEN COMMODITIES  
 DUE 
AUGUST 9, 2010

Section 1.  General.  This Note is one of a duly authorized series
of Notes of the Company designated as the Medium-Term Notes, Series I, Return-Enhanced Notes Linked to a Basket of
Ten Commodities (herein called the “Notes”).  The Notes are one of an
indefinite number of series of debt securities of the Company (collectively,
the “Securities”) issued or issuable under and pursuant to an indenture dated
as of September 1, 1987, as amended and supplemented (the “Indenture”), duly
executed and delivered by the Company and Citibank, N.A., as Trustee (herein
called the “Trustee”), to which Indenture and all indentures supplemental
thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the holders of the Securities. 
The separate series of Securities may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different redemption provisions or
repurchase rights (if any), may be subject to different sinking, purchase or
analogous funds (if any), may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided.

Section 2.  Principal
Amount for Indenture Purposes.  For
the purpose of determining whether Holders of the requisite amount of Notes of
this series outstanding under the Indenture have made a demand, given a notice
or waiver or taken any other action, the principal amount of this Note will be
deemed to be the principal amount of this Note then outstanding.

Section 3.  Modification
and Waivers.  The Indenture contains
provisions permitting the Company and the Trustee, with the consent of the
Holders of not less than 66-2/3% in aggregate principal amount of each series
of the Securities at the time Outstanding to be affected, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
holders of the Securities of all such series; provided, however, that no such
supplemental indenture shall, among other things, (i) change the fixed maturity
of any Security, or reduce the Redemption Amount at Maturity or the principal
amount thereof, or reduce the rate or extend the time of payment of interest
thereon or reduce any premium or other amount payable on redemption, or make
the Redemption Amount at Maturity or the principal amount thereof, premium or
other amount payable, if any, or interest thereon payable in any coin or
currency other than that herein above provided, without the consent of the
Holder of each Security so affected, or (ii) change the place of payment on any
Security, or impair the right to institute suit for payment on any Security, or
reduce the aforesaid percentage of Securities, the holders of which are
required to consent to any such supplemental indenture, without the consent of
the holders of each Security so affected. 
It is also provided in the Indenture that, prior to any declaration
accelerating the maturity of any series of Securities, the holders of a
majority in aggregate principal amount of

the
Securities of such series Outstanding may on behalf of the holders of all the
Securities of such series waive any past default or Event of Default under the
Indenture with respect to such series and its consequences, except a default in
the payment of interest, if any, on the Redemption Amount at Maturity or the
principal amount, or premium, if any, on any of the Securities of such series,
or in the payment of any sinking fund installment or analogous obligation with
respect to Securities of such series. 
Any such consent or waiver by the Holder of this Note shall be conclusive
and binding upon such Holder and upon all future holders and owners of this
Note and any Notes of this series which may be issued in exchange or
substitution herefor, irrespective of whether or not any notation thereof is
made upon this Note or such other Notes of this series.

Section 4.  Obligations
Unconditional.  No reference herein
to the Indenture and no provisions of this Note or of the Indenture shall alter
or impair the obligation of the Company, which is absolute and unconditional,
to pay any Redemption Amount at Maturity on this Note at the place, at the
respective times, at the rate, and in the coin or currency herein prescribed.

Section 5.  Defeasance.  The Indenture contains provisions for the
discharge of the Indenture and defeasance at any time of the indebtedness on
this Note upon compliance by the Company with certain conditions set forth
therein, which provisions apply to this Note.

Section 6.  Authorized
Form and Denominations.  The Notes of
this series are issuable in registered form, without coupons.  Each Note will be issued initially as either
a Global Security or a Certificated Note, at the option of the Company, in
denominations of $1,000 or whole multiples of $1,000, either at the office or
agency to be designated and maintained by the Company for such purpose in the Borough
of Manhattan, New York City, pursuant to the provisions of the Indenture or at
any of such other offices or agencies as may be designated and maintained by
the Company for such purpose pursuant to the provisions of the Indenture, and
in the manner and subject to the limitations provided in the Indenture, but
without the payment of any service charge, except for any tax or other
governmental charges imposed in connection therewith.  Notes of this series are exchangeable for a
like aggregate principal amount of Notes of this series of a different
authorized denomination, except that Global Securities will not be exchangeable
for Certificated Notes of this series.

Section 7.  Registration
of Transfer.  As provided in the
Indenture and subject to certain limitations as therein set forth, the transfer
of this Note is registrable in the Security Register, upon surrender of this
Note for registration of transfer, at the Corporate Trust Office or agency in a
Place of Payment for this Note, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar requiring such written instrument of transfer duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

If at any time the Depository notifies the Company
that it is unwilling or unable to continue as Depository or if at any time the
Depository shall no longer be eligible under the Indenture, the Company shall
appoint a successor Depository.  If a
successor Depository for the Notes of this series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware
of such ineligibility, the Company will issue, and the Trustee will

authenticate
and deliver, Notes of this series in definitive form in an aggregate principal
amount equal to the principal amount of this Note.

No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection therewith.

Prior
to due presentment of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the person in
whose name this Note is registered as the owner hereof for all purposes, and
neither the Company nor the Trustee nor any agent of the Company or of the
Trustee shall be affected by any notice to the contrary.

Section
8.  Events of Default.  If an Event of Default with respect to Notes
of this series shall occur and be continuing, the amount that may be declared
due and payable upon any acceleration of the notes will be determined by the
Calculation Agent for the period from and including the Original Issue Date to
but excluding the date of early repayment and will equal, for each note, the
Redemption Amount at Maturity, calculated as the date of early repayment were
the Maturity Date. If a bankruptcy proceeding is commenced in respect of Lehman
Brothers Holdings, the claim of the beneficial owner of a note for the period
from and including the Original Issue Date to but excluding the date of early
repayment will be capped at the Redemption Amount at Maturity, calculated as
though the date of the commencement of the proceeding were the Maturity Date.

Section
9.  No Recourse Against Certain
Persons.  No recourse for the payment
of the Redemption Amount at Maturity or for any claim based hereon or otherwise
in respect hereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in the Indenture or any Indenture supplemental thereto
or in any Note, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or of any successor
corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law or
by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

Section 10.  Defined
Terms.  All terms used but not
defined in this Note are used herein as defined in the Indenture.

Section 11.  GOVERNING LAW.  THIS NOTE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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