Document:

tm2024863-1_10k_DIV_14a-exh10x18 - none - 1.5108291s

    
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          Exhibit 10.18​

        
          
        

        
          May 6, 2019 
        

        
          Rob Aukerman  
*** 

        
          *** 
        

        
          Dear Rob, 
        

        
          I am pleased to present an offer of employment to you with Phibro Animal Health Corporation as President, North America Region, reporting to me. 
        

        
          Our offer to you is as follows: 
        

        
          Start Date 
        

        
          Your anticipated start date will be May 20, 2019. This date presumes that you have satisfactorily cleared the pre-employment background check and substance abuse test referred to below. 
        

        
          Location 
        

        
          You will be based out of your home office with the expectation that you will travel to corporate headquarters as required. 
        

        
          Compensation 
        

        
          You will be compensated at the semi-monthly base salary rate of $18,750 (equivalent to $450,000 annually) less applicable deductions as required by law. Your compensation is subject to periodic review per Company policy. 
        

        
          You are eligible to participate in the Pay for Performance Incentive Plan beginning with our 2020 fiscal year commencing July 1, 2019. Your target bonus will be 40% of your base salary (the Plan provides for a maximum payout of 60% of your base salary). For fiscal years 2020, 2021 and 2022, you will be guaranteed a minimum bonus payout of $50,000 each year. Bonuses are subject to corporate performance, contingent on satisfactory individual performance and subject to the approval of the Company’s Board of Directors. In order to receive any bonus, you must be employed by the Company on the date the applicable bonus is paid. 
        

        
          You will be provided with a vehicle allowance in the amount of $750/month ($9,000/year) less applicable taxes. 
        

        
          Retention Bonus 
        

        
          In addition to the compensation outlined above, you are eligible to receive a retention bonus as follows: 
        

        
          On each of the following dates: June 1, 2020, June 1, 2021, and June 1, 2022, $35,000 will be accrued on your behalf. Provided that you continue to be employed with the Company as President, North America Region, through June 1, 2022, you will receive the retention bonus payment of $105,000 less applicable deductions required by law payable in a lump sum cash payment in the first pay period following June 1, 2022. 
        

        
          
        

      

      
        
           
          

        

      

      

    

    
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                May 6, 2019 
                

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          Termination 
        

        
          If your employment with the Company is terminated by the Company prior to June 1, 2022, for reasons other than for Cause (as defined below), you will receive the portion of your retention bonus in the amount accrued as of the date of termination, contingent upon signing a form of General Release and Acknowledgement (“Release”) provided by the Company by the 60th day following the date of termination or such earlier date as set forth in the Release, which cannot be revoked in whole or part (if applicable) by such date or such earlier date as set forth in the Release (the date that the Release can no longer be revoked is referred to as the “Release Effective Date”). For example, if you were terminated on October 25, 2021, you would receive a $70,000 bonus, contingent upon timely signing the Release. 
        

        
          Any payments pursuant to this provision shall be paid in a lump sum cash payment less applicable deductions in the first pay period following the Release Effective Date. 
        

        
          In the event your employment is terminated for “Cause,” the Company shall have no further obligations under this Agreement. “Cause” shall be defined as: (i) your continued and willful failure to materially perform your duties and responsibilities under this Agreement after written notice and where such failure is not cured within five (5) days of your receipt of such notice, (ii) engaging in gross and willful misconduct including, but not limited to, fraud or intentional misrepresentation, (iii) conviction of a felony (other than traffic violations), habitual drunkenness or drug abuse, (iv) any violation of your confidentiality or non-competition/non-solicitation obligations, or (v) violation of any Company policy including but not limited to the Code of Business Conduct and Ethics. 
        

        
          Section 409A of the Internal Revenue Code 
        

        
          It is the Company’s intention that all payments or benefits provided under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and this Agreement shall be interpreted, administered and operated accordingly. Notwithstanding anything to the contrary herein, the Company does not guarantee the tax treatment of any payments or benefits under this Agreement, including without limitation under the Code, federal, state, local or foreign tax laws and regulations. To the extent that any severance benefits are deferred compensation under Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which you may consider and sign the Release spans two calendar years, the payment of severance benefits will not be made or begin until the later calendar year. If a payment obligation under this Agreement arises on account of your separation from service while you are a “specified employee” (as defined under Section 409A of the Code and determined in good faith by the Company), any payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six (6) months after such separation from service shall accrue without interest and shall be paid within 15 days after the end of the six-month period beginning on the date of such separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of your estate. 
        

        
          Benefit Plan 
        

        
          You will be eligible to participate in the Company’s Benefit Plan, which includes Health, Dental, Life and Disability Insurance after a 30-day waiting period, and 401(k) Retirement and Savings Plan. Participation in these Plans is subject to the terms and conditions of the Plans, and they are subject to change at any time at the sole discretion of the Company. Please see the Summary of Insurance and Benefits for more details. 
        

        
          Vacation 
        

        
          You are eligible for 20 vacation days per year and will begin to accrue that time with your start date. 
        

        
          
        

        
           
        

      

      
        
           
          

        

      

      

    

    
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                May 6, 2019 
                

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          Holidays 
        

        
          Currently the Company provides employees with 8 holidays and 3 personal days each year, for which you are eligible as of your start date. 
        

        
          Contingencies: 
        

        
          This offer is contingent upon: 
        

        
          •
          

        

        
          A satisfactory result on a pre-employment background check and substance abuse test. After receipt of your written acceptance of this offer, you will receive a personal e-mail from HireRight that will provide you with a registration number and the location of the testing site. 
        

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          •
          

        

        
          Your signed acceptance of, and agreement to be bound by, the Company’s standard forms of Confidentiality and Nondisclosure, Noncompetition and Nonsolicitation, and Employee Invention agreements. 
        

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          •
          

        

        
          Your signed agreement to abide by the Company’s Code of Business Conduct and Ethics. 
        

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          Prior Employment Agreements 
        

        
          You agree that you have fully disclosed to the Company any post-termination obligations you may have with your current and prior employers, that your employment with the Company will not violate any such obligations, and that as a condition of your employment you will strictly comply with any such obligations, including any obligation to maintain the confidentiality of your current and prior employers’ confidential information. 
        

        
          Employment-At-Will 
        

        
          Your employment status with the Company will be that of an at-will employee. Nothing in this offer of employment at-will shall be deemed to create a contract of employment. This offer of employment is not for a fixed duration and may be terminated at any time by either you or the Company with or without cause. 
        

        
          This offer expires May 10, 2019. 
        

        
          Rob, I am excited about our future at the Company and the potential of your leadership, and I look forward to working with you. If you agree with the above terms, please sign and date and return to me at your earliest convenience a copy of this letter; the Confidentiality and Nondisclosure, Noncompetition and Nonsolicitation, and Employee Invention agreements; and your agreement to abide by the Company’s Code of Business Conduct and Ethics. 
        

        
          If you have any questions regarding your employment with Phibro, please feel free to call me at 201-329-7097. 
        

        
          Sincerely, 
        

        
          /s/ Larry L. Miller  
Larry L. Miller  
Chief Operating Officer 

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              Offer Accepted: 
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                /s/ Rob Aukerman 
              

              
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                Rob Aukerman 
              

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                07-May-2019 
              

              
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                Date
              

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          CC:
          

        

        
          Lisa Escudero 
        

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          PHIBRO ANIMAL HEALTH CORPORATION 
        

        
          CONFIDENTIALITY AND NONDISCLOSURE AGREEMENT 
        

        
          For good and valuable consideration, including but not limited to my initial or continued at-will employment by PHIBRO ANIMAL HEALTH CORPORATION, or any of its subsidiaries or affiliates (collectively “PAHC”), I hereby acknowledge and agree: 
        

        
          1.
          

        

        
          In the course of my employment with PAHC, certain trade secrets or confidential or proprietary information (“Protected Matters”) of PAHC may be disclosed to or otherwise become known by me, including, but not limited to: 
        

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          a.
          

        

        
          Product and Technical Information: Product formulations, new and innovative product ideas, research and development projects, investigations, experiments, clinical trials, new business development, sketches, plans, drawings, prototypes, methods, processes, formulae, compositions, raw materials, inventions, machines, computer programs, research projects and other non-public technical information, data, and techniques having value to PAHC. 
        

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          b.
          

        

        
          Financial and Business Information: Customer lists, mailing lists, specific customer needs and requirements, leads and referrals to prospective customers, pricing data, sources of supply, marketing, production or merchandising systems and plans, cost information, commissions, fees, profits, sales, sales margins, capital structure, operating results, borrowing arrangements, strategies and plans for future business, pending projects and proposals, potential acquisitions or divestitures, and other non-public business information, data and techniques having value to PAHC. 
        

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          c.
          

        

        
          Personnel information: the identity and number of PAHC’s other employees, their salaries, bonuses, benefits, skills, qualifications, and abilities. 
        

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          The foregoing types of information belonging to third parties in the possession of PAHC. 
        

        
          2.
          

        

        
          Other than in carrying out my duties as an employee of PAHC in an authorized and approved manner, I will not at any time during my employment, or after the separation of my employment with PAHC (regardless of the reason for separation), use for myself or others, or disclose or disseminate to others, any Protected Matters. Nothing in this Agreement is intended to prohibit my discussing with other employees, or with third parties who are not my future employers or PAHC’s competitors, my wages, hours or other terms and conditions of employment. 
        

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          3.
          

        

        
          I agree that I will not disclose to PAHC, use for PAHC’s benefit, or induce PAHC to use any trade secrets or confidential information I may possess or any intellectual property belonging to any former employer or other third party. 
        

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          4.
          

        

        
          Upon separation of my employment with PAHC: 
        

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          a.
          

        

        
          I shall return to PAHC all documents relating to PAHC or to Protected Matters, or obtained by me during the course of my employment with PAHC, and shall not retain any copies of such documents. For the purpose of this Agreement, “document” means, without limitation, any paper or other writing, any electronically or digitally stored data or collection of data, and any item of audio, video or graphic material, however recorded or reproduced. For any equipment or devices owned by me or in my possession on which documents relating to PAHC or to Protected Matters is stored or accessible, I shall, upon request by PAHC, deliver such equipment or devices to PAHC so that any documents relating to PAHC or to Protected Matters may be deleted or removed. I expressly authorize PAHC’s designated representatives to access such 
        

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          equipment or devices for this limited purpose and shall provide any passwords or access codes necessary to accomplish this task. 
        

        
          b.
          

        

        
          This Agreement shall not apply to any information or materials that (i) is or becomes available in the public domain through no fault of, or act, or failure to act on my part, or (ii) is obtained by me on a non-confidential basis from any third party that is lawfully in possession of such information or materials, provided, that such third party is not in violation of a confidentiality obligation to PAHC with respect to such information or materials. 
        

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          5.
          

        

        
          I shall notify any future or prospective employer of mine of the existence of this Agreement. I further agree that PAHC may inform any future or prospective employer of mine of the existence of this Agreement 
        

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          6.
          

        

        
          Note: 18 U.S.C. § 1833(b)(1) states: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that — (A) is made — (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.” Further 18 U.S.C. § 1833(b)(2) states: “An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual — (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.” Notwithstanding anything in this Agreement to the contrary, disclosures in compliance with 18 U.S.C. § 1833(b) are expressly permitted by this Agreement. 
        

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          7.
          

        

        
          Nothing in this Agreement prohibits me from reporting possible violations of United States federal law or regulation to any governmental agency or entity, including but not limited to, the United States Department of Justice, the United States Securities and Exchange Commission, the United States Congress, and any Inspector General of any United States federal agency, or making other disclosures that are protected under the whistleblower provisions of United States federal, state or local law or regulation; provided, that I will use my reasonable best efforts to (i) disclose only information that is reasonably related to such possible violations or that is requested by such agency or entity, and (ii) request that such agency or entity treat such information as confidential. I understand that I do not need the prior authorization from PAHC to make any such reports or disclosures and I am not required to notify PAHC that I have made such reports or disclosures. This Agreement does not limit my right to receive an award for information provided to any governmental agency or entity. 
        

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          8.
          

        

        
          The unenforceability of any provision or portion of this Agreement shall not impair or affect the enforceability of any other provision or portion of this Agreement. If any provision or portion of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction, that provision or portion shall be deemed modified so as to render it enforceable. 
        

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          9.
          

        

        
          THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES. ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND MY EMPLOYMENT SHALL BE BROUGHT EXCLUSIVELY IN THE STATE OR FEDERAL COURTS OF NEW JERSEY. I EXPRESSLY CONSENT TO VENUE IN, AND THE PERSONAL JURISDICTION OF, THE STATE AND FEDERAL COURTS LOCATED IN NEW JERSEY FOR ANY LAWSUIT ARISING FROM OR RELATING TO THIS AGREEMENT. 
        

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          10.
          

        

        
          This Agreement does not alter the status of my employment as an at-will employee of PAHC. 
        

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          11.
          

        

        
          I understand PAHC is engaged in a highly competitive business and that its competitive position depends upon its ability to maintain the confidentiality of the Protected Matters, which were developed, compiled and acquired by PAHC at its great effort and expense. I further acknowledge and agree that compliance with the provisions of this Agreement is necessary to protect the Protected Matters, business and goodwill of PAHC, and that any breach of this Agreement will 
        

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          result in irreparable and continuing harm to PAHC, for which money damages may not provide adequate relief. In the event of breach or threatened breach of this Agreement, PAHC shall have full rights to injunctive relief, in addition to any other existing rights and remedies, without requirement of posting bond. 
        

        
          12.
          

        

        
          The terms of this Agreement shall survive the separation of my employment with PAHC. 
        

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          13.
          

        

        
          This Agreement shall be binding upon me and my personal representatives and successors in interest, and shall inure to the benefit of PAHC, its successors and assigns. 
        

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          14.
          

        

        
          This Agreement constitutes the entire agreement between PAHC and me with respect to the subject matter of this Agreement, and supersedes all prior agreements between us relating to the same subject matter. Any waiver of a breach of any provision of this Agreement by PAHC shall not be construed as a waiver of any other breach of this Agreement, and no failure or delay by PAHC in exercising any right under this Agreement shall operate as a waiver of any breach by me. This Agreement cannot be changed except by written agreement of PAHC and me. 
        

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          I have read, understand and consent to the above Agreement. 
        

      

      
        
          
            By:
            

          

          
                  /s/ Rob Aukerman
          

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            Employee Signature 
          

          
                  Rob Aukerman
          

          
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            Employee Name (please print) 
          

          
                  07-May-2019
          

          
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            Date
          

        

        
          
                
          

        

      

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          PHIBRO ANIMAL HEALTH CORPORATION 
        

        
          EMPLOYEE INVENTION AGREEMENT 
        

        
          For good and valuable consideration, including but not limited to my initial or continued at-will employment by PHIBRO ANIMAL HEALTH CORPORATION, or any of its subsidiaries or affiliates (collectively “PAHC”), I hereby acknowledge and agree: 
        

        
          1.
          

        

        
          During my employment with PAHC, and for a period of one year after my separation of employment regardless of reason, I shall promptly disclose in writing to PAHC all Inventions that: 
        

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          a.
          

        

        
          result from any work performed on behalf of PAHC, or pursuant to a suggested research project by PAHC, or 
        

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          b.
          

        

        
          relate in any manner to the existing or stated contemplated business of PAHC, or 
        

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          c.
          

        

        
          result from the use of PAHC’s time, material, employment or facilities. 
        

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          For purposes of this Agreement, “Inventions” shall mean all works of authorship, inventions, discoveries, improvements, developments, and innovations, whether patentable, copyrightable, trademarkable, or not, conceived in whole or in part by the undersigned or through the assistance of the undersigned, and whether conceived or developed during working hours or not and whether conceived individually or jointly. 
        

        
          2.
          

        

        
          I agree to assign, and do hereby assign, to PAHC, its successors and assigns, all right, title and interest to each and every Invention, whether or not such Invention is a “work for hire” as that term is defined in the United States Copyright Act. I understand and agree that the decision whether or not to commercialize or market any Invention developed by me solely or jointly with others is within PAHC’s sole discretion and for PAHC’s sole benefit and that no royalty will be due to me as a result of PAHC’s efforts to commercialize or market any such Invention. 
        

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          3.
          

        

        
          I agree to assist PAHC, or its designee, at PAHC’s expense, in every proper way to secure PAHC’s rights in the Inventions and any copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including, but not limited to, the disclosure to PAHC of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which PAHC shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to PAHC, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto. I further agree that my obligation to execute or cause to be executed, when it is in my power to do so, any such instrument or papers shall continue after the termination of this Agreement. If PAHC is unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions or original works of authorship assigned to PAHC as above, then I hereby irrevocably designate and appoint PAHC and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by me. 
        

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          4.
          

        

        
          I understand that the provisions of this Agreement requiring assignment of Inventions to PAHC shall not apply to any Inventions that are not within the scope of Paragraph 1.a, b or c above (collectively “Outside Discoveries). 
        

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          I will advise PAHC promptly in writing of any Outside Discoveries, including those listed below which I claim were conceived or reduced to practice before the date of this Agreement: 
        

        
          Outside Discoveries: NONE 
        

        
          5.
          

        

        
          I shall notify any future or prospective employer of mine of the existence of this Agreement. I further agree that PAHC may inform any future or prospective employer of mine of the existence of this Agreement. 
        

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          6.
          

        

        
          The unenforceability of any provision or portion of this Agreement shall not impair or affect any other provision or portion of this Agreement. If any provision or portion of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction, that provision or portion shall be deemed modified so as to render it enforceable. 
        

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          7.
          

        

        
          THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES. ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND MY EMPLOYMENT SHALL BE BROUGHT EXCLUSIVELY IN THE STATE OR FEDERAL COURTS OF NEW JERSEY. I EXPRESSLY CONSENT TO VENUE IN, AND THE PERSONAL JURISDICTION OF, THE STATE AND FEDERAL COURTS LOCATED IN NEW JERSEY FOR ANY LAWSUIT ARISING FROM OR RELATING TO THIS AGREEMENT. 
        

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          8.
          

        

        
          This Agreement does not alter the status of my employment as an at-will employee of PAHC. 
        

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          9.
          

        

        
          This Agreement does not alter my obligations to maintain the confidentiality of PAHC protected information or my obligations under the PAHC Confidentiality and Nondisclosure Agreement. 
        

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          10.
          

        

        
          I acknowledge and agree that compliance with the provisions of this Agreement is necessary to protect the business of PAHC, and that any breach of this Agreement will result in irreparable and continuing harm to PAHC, for which money damages may not provide adequate relief. In the event of breach or threatened breach of this Agreement, PAHC shall have full rights to injunctive relief, in addition to any other existing rights and remedies, without requirement of posting bond. 
        

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          11.
          

        

        
          The terms of this Agreement shall survive my separation of employment with PAHC. 
        

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          12.
          

        

        
          This Agreement shall be binding upon me and my personal representatives and successors in interest, and shall inure to the benefit of PAHC, its successors and assigns. 
        

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          13.
          

        

        
          This Agreement constitutes the entire agreement between PAHC and me with respect to the subject of this Agreement, and supersedes all prior agreements between us relating to the same subject matter. Any waiver of a breach of any provision of this Agreement by PAHC shall not be construed as a waiver of any other breach of the Agreement, and no failure or delay by PAHC in exercising any right under this Agreement shall operate as a waiver of any breach by me. This Agreement cannot be changed except by written agreement of PAHC and me. 
        

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          I have read, understand and consent to the above Agreement. 
        

      

      
        
          
            By:
            

          

          
                  /s/ Rob Aukerman
          

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            Employee Signature 
          

          
                  Rob Aukerman
          

          
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            Employee Name (please print) 
          

          
                  07-May-2019
          

          
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            Date 
          

        

        
          
               
          

        

      

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          PHIBRO ANIMAL HEALTH CORPORATION 
        

        
          NONCOMPETITION AND NONSOLICITATION AGREEMENT 
        

        
          In consideration of my initial or continued employment by PHIBRO ANIMAL HEALTH CORPORATION, or any of its subsidiaries or affiliates (collectively “PAHC”), my access to and provision with PAHC’s confidential information and trade secrets under the terms and conditions of my Confidentiality and Nondisclosure Agreement with PAHC, and for other good and sufficient consideration, I hereby acknowledge and agree: 
        

        
          1.
          

        

        
          During my employment with PAHC and for a period of one year after my separation of employment regardless of the reason, I shall not: 
        

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          a.
          

        

        
          Directly or indirectly (i) be employed by or (ii) be engaged to perform work in a capacity similar to the position(s) I held with PAHC on behalf of, any firm engaged in any business: (A) that is a direct competitor with PAHC’s business in those geographic regions or territories in which PAHC marketed its products or had sales during the twelve-month period prior to the separation of my employment at PAHC, or (B) which PAHC has plans to enter during the twelve-month period following the separation of my employment with PAHC of which I was aware during the term of my employment with PAHC. 
        

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          b.
          

        

        
          Directly or indirectly, or in any capacity, on my own behalf or on behalf of another, undertake or assist in the servicing or solicitation of any customer or prospective customer for the purpose of selling products or services of the type for which I had (i) responsibility, (ii) knowledge of or (iii) access to confidential information and trade secrets, while employed by PAHC. This restriction (A) shall apply only to those customers or prospective customers of PAHC with whom I came into contact during the 24-month period prior to the date of my separation of employment with PAHC. (B) shall not restrict me from engaging in the solicitation of any customer or prospective customer for the purpose of selling products or services that are not directly competitive with PAHC products or services, and (C) shall not restrict me from being engaged by a customer to provide consulting services to such customer so long as I am not acting on behalf of a PAHC competitor. For the purposes of this section, the term “contact” means interaction between the customer and me which takes place to further the business relationship, or making sales to or performing services for the customer on behalf of PAHC. For purposes of this section, the term “contact” with respect to a “prospective” customer means interaction between a potential customer and me which takes place to obtain the business of the potential customer on behalf of PAHC. 
        

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          c.
          

        

        
          Directly or indirectly solicit any employee of PAHC to leave the employ of PAHC or to violate the terms of his or her employment arrangement with PAHC. This restriction shall apply only to those employees of PAHC with whom I came into contact during the 24-month period prior to the date of my separation of employment with PAHC. 
        

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          2.
          

        

        
          For the purposes of this Agreement, I understand that, as of July 1, 2017, PAHC is engaged in businesses which include but are not limited to manufacturing and/or marketing of pharmaceutical and nutritional products for animals (including but not limited to medicated and non-medicated feed additives and vaccines), and manufacturing and/or marketing specialty chemicals including products used in ethanol-production, surface finishing and coating materials, and personal care ingredients. I further understand that, for the purposes of this Agreement, from time to time the businesses engaged in by PAHC may change from this description. 
        

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          3.
          

        

        
          For a period of one year following the separation of my employment from PAHC, regardless of reason, I shall notify any future or prospective employer of mine of the existence of this Agreement, and I further agree that PAHC may inform any future or prospective employer of mine of the existence of this Agreement. 
        

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          4.
          

        

        
          The unenforceability of any provision or portion of this Agreement shall not impair or affect the enforceability of any other provision or portion of this Agreement. If any provision or portion of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction, that provision or portion shall be deemed modified so as to render it enforceable. 
        

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          5.
          

        

        
          THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY WITHOUT REGARD FOR CONFLICTS OF LAWS PRINCIPLES. ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT AND MY EMPLOYMENT SHALL BE BROUGHT EXCLUSIVELY IN THE STATE OR FEDERAL COURTS OF NEW JERSEY. I EXPRESSLY CONSENT TO VENUE IN, AND THE PERSONAL JURISDICTION OF, THE STATE AND FEDERAL COURTS LOCATED IN NEW JERSEY FOR ANY LAWSUIT ARISING FROM OR RELATING TO THIS AGREEMENT. 
        

        ​

        
          6.
          

        

        
          This Agreement does not alter the status of my employment as an at-will employee of PAHC. 
        

        ​

        
          7.
          

        

        
          I understand PAHC is engaged in a highly competitive business and that its competitive position depends upon its ability to maintain the confidentiality of its confidential information, proprietary information, and trade secrets, which were developed, compiled and acquired by PAHC at its great effort and expense. I further acknowledge and agree that compliance with the provisions of this Agreement and PAHC’s Confidentiality and Nondisclosure Agreement is necessary to protect the confidential information, proprietary information, and trade secrets, business and goodwill of PAHC, and that any breach of this Agreement will result in irreparable and continuing harm to PAHC, for which money damages may not provide adequate relief. Accordingly, in the event of a breach or threatened breach of this Agreement, PAHC shall have full rights to injunctive relief, in addition to any other existing rights and remedies, without requirement of posting bond. 
        

        ​

        
          8.
          

        

        
          The terms of this Agreement shall survive my separation of employment with PAHC. 
        

        ​

        
          9.
          

        

        
          This Agreement shall inure to the benefit of PAHC, its successors and assigns. 
        

        ​

        
          10.
          

        

        
          This Agreement constitutes the entire agreement between PAHC and me with respect to the subject of this Agreement and supersedes all prior agreements between us relating to the same subject matter, except the Confidentiality and Nondisclosure Agreement between PAHC and me, which is incorporated herein by reference. Any waiver of a breach of any provision of this Agreement by PAHC shall not be construed as a waiver of any other breach of this Agreement, and no failure or delay by PAHC in exercising any right under this Agreement shall operate as a waiver of any breach by me. This Agreement cannot be changed except by written agreement of PAHC and me, wherein specific reference is made to this Agreement. 
        

        ​

        
          I have read, understand and consent to the above Agreement. 
        

      

      
        
          
            By:
            

          

          
            /s/ Rob Aukerman 
          

          ​

          
            ​

          

          
            Employee Signature 
          

          
                  Rob Aukerman
          

          
            ​

          

          
            Employee Name (please print) 
          

          
                  07-May-2019
          

          
            ​

          

          
            Date 
          

        

        
          
               
          

        

      

      ​EX-4.2

 Exhibit 4.2 

Form of 2.100% Notes due 2030 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 

 THE DOW CHEMICAL COMPANY 

2.100% Notes due 2030 
 CUSIP NO.:
260543DC4 
 ISIN NO.: US260543DC49 
  

			
	No. [●]	  	$[●]

 THE DOW CHEMICAL COMPANY, a Delaware corporation (herein called the “Company,” which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [●] MILLION DOLLARS ($[●]) or such other
principal sum set forth on the Schedule attached hereto (which shall not exceed $500,000,000) on November 15, 2030, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of
public and private debts, and to pay interest thereon semi-annually on each May 15 and November 15 (each an “Interest Payment Date”), commencing May 15, 2021 and at maturity on said principal sum, in such coin or currency of
the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, at the rate per annum specified in the title of this Security from the May 15 or November 15, as the case may be,
next preceding the date of this Security to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Security, or unless no interest has been paid on this Security, in which
case from August 26, 2020, until payment of said principal sum has been made or duly provided for. Payments of such principal and interest shall be made at the office or agency of the Company in Chicago, Illinois, which, subject to the right of
the Company to vary or terminate the appointment of such agency, shall initially be at the principal office of The Bank of New York Mellon Trust Company, N.A., Two North LaSalle Street, Suite 700, Chicago, Illinois 60602; provided, that payment of
interest may be made at the option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security register; provided, further that so long as CEDE & CO. or another nominee of the
Depositary is the registered owner of this Security payments of principal and interest will be made in immediately available funds through the Depositary’s Same-Day Funds Settlement System.
Notwithstanding the foregoing, if the date hereof is after May 1 or November 1, as the case may be, and before the following May 15 or November 15, this Security shall bear interest from such May 15 or November 15; provided,
that if the Company shall default in the payment of interest due on such May 15 or November 15, then this Security shall bear interest from the next preceding May 15 or November 15, to which interest, has been paid or, if no
interest has been paid on this Security, from August 26, 2020. The interest payable on any May 15 or November 15 will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in
whose name this Security is registered at the close of business on the May 1 or November 1 (each a “Record Date”), as the case may be, next preceding such May 15 or November 15, and the interest payable at maturity will
be payable to the person to whom the principal hereof shall be payable. 

 Reference is made to the further provisions of this Security set forth on
the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Security 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 referred to on the reverse hereof. 
 [Remainder of page intentionally left blank
Signature page follows.] 

 IN WITNESS WHEREOF, THE DOW CHEMICAL COMPANY has caused this instrument to
be signed by facsimile by its duly authorized representative. 
 Dated: August 26, 2020 

 

									
	Attest:	 		 	THE DOW CHEMICAL COMPANY
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

 [Signature Page to the Notes due 2030] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: August 26, 2020 
  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

 [Signature Page to the Notes due 2030] 

 THE DOW CHEMICAL COMPANY 

2.100% Notes due 2030 

Section 1. General. This Note is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 26, 2019 (the “Indenture”), among The Dow Chemical Company (the “Company”), Dow Inc. (“Dow”), as a party
with respect to the sections described therein, and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, Dow, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the Securities of the series designated on the face hereof. 

Section 2. Redemption; Sinking Fund. (a) Except as provided in paragraph (b) below, the Securities are
not redeemable prior to maturity. 
 (b) The Securities are redeemable, at any time in whole or from time to time in part,
prior to August 15, 2030, at the option of the Company at a redemption price equal to the greater of: 

(i) 100% of the principal amount of the Securities to be redeemed on that redemption date; and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the
Securities being redeemed on that redemption date that would be due if the Securities being redeemed matured on August 15, 2030 (not including any portion of such payments of interest accrued as of the redemption date), discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below), plus 25 basis points, 

plus, in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. 

On or after August 15, 2030, the Securities will be redeemable, at any time in whole or from time to time in part, at the
Company’s option at 100% of the principal amount of the Securities to be redeemed on that redemption date plus accrued and unpaid interest thereon to but excluding such redemption date. 

Notwithstanding the foregoing, installments of interest on Securities that are due and payable on Interest Payment Dates
falling on or prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date according to this Security and the Indenture. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the Securities to be redeemed (assuming for this purpose, that the Securities matured on August 15, 2030) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of a maturity comparable to the remaining term of the Securities assuming the Securities matured on August 15, 2030. 

 “Comparable Treasury Price” means, with respect to any redemption
date, (A) the arithmetic average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the arithmetic average of all such quotations. 
 “Quotation Agent” means
any Reference Treasury Dealer appointed by the Company. 
 “Reference Treasury Dealer” means (i) each of
Citigroup Global Markets Inc., Mizuho Securities USA LLC and a Primary Treasury Dealer (as defined below) selected by SMBC Nikko Securities America, Inc. (or their respective affiliates that are Primary Treasury Dealers) and their respective
successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer,
and (ii) at least one other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

(c) The Securities will not be subject to any sinking fund. 

(d) The Company will mail a notice of any redemption at least 15 days but not more than 60 days before the redemption date to
each Holder; provided that such notice of redemption may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and discharge of the Securities. Once notice
of redemption is mailed, the Securities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest and Additional Interest, if any, to, but excluding, the
redemption date. 
 Section 3. Repurchase at the Option of Holders Upon Change of Control Repurchase Event. 

(a) If a Change of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the
Securities as provided in Section 2 above, the Company will make an offer to each Holder of Securities to repurchase all or any part (in integral multiples of $1,000 and no Security of a principal amount of $2,000 or less will be repurchased in
part) of that Holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest and Additional Interest, if any, on the Securities repurchased, to, but
excluding, the date of repurchase. 

 (b) Within 30 days following any Change of Control Repurchase Event or, at
the Company’s option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of Control, the Company will mail (or electronically deliver) a notice to each Holder, with a copy to the Trustee,
describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no
later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the Change of Control Repurchase Event occurring on
or prior to the payment date specified in the notice. 
 (c) The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in
connection with the repurchase of the Securities as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with this Section 3, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 3 by virtue of such conflict. 

(d) On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful: 

(i) accept for payment all Securities or portions of Securities (in a minimum principal amount of $2,000 and
integral multiples of $1,000 above that amount) properly tendered pursuant to the aforementioned offer; 

(ii) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Securities
or portions of Securities properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the
Securities properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of Securities being repurchased by the Company. 

(e) The paying agent will promptly mail to each Holder of Securities properly tendered the repurchase price for the Securities,
and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided, that each new Security will be
in a minimum principal amount of $2,000 or an integral multiple of $1,000 above that amount. 
 (f) The Company will not be
required to make an offer to repurchase the Securities upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and
such third party purchases all Securities properly tendered and not withdrawn under its offer. 

 (g) The following terms for purposes of this Section 3 shall have the
respective meanings specified below: 
 “Below Investment Grade Rating Event” means the rating on the Securities
is lowered by each of the Rating Agencies and the Securities are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of
the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible
downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if any of the Rating Agencies making the reduction in rating to which this definition would otherwise apply
does not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Company and those of its subsidiaries taken as a whole to any “person” or “group” (as those terms are used for purposes of
Section 13(d)(3) of the Exchange Act), other than the Company, Dow or one or more of wholly-owned subsidiaries of Dow; 

(2) the consummation of any transaction or series of related transactions (including, without limitation, any merger or
consolidation) the result of which is that any “person” or “group” (as those terms are used for purposes of Section 13(d)(3) of the Exchange Act), other than Dow or one or more wholly-owned subsidiaries of Dow, becomes the
beneficial owner, directly or indirectly, of more than 50% of the then outstanding shares of the Voting Stock of Dow or the Company, measured by voting power rather than number of shares; 

(3) the Company or Dow consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with
or into, the Company or Dow, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company, Dow or such other Person is converted into or exchanged for cash, securities or other property, other than any such
transaction where the shares of the Voting Stock of the Company or Dow outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any direct or
indirect parent company of the surviving Person immediately after giving effect to such transaction; 
 (4) the first day on
which a majority of the members of the board of directors of the Company or the board of directors of Dow are not Continuing Directors; or 

 (5) the adoption of a plan relating to the liquidation or dissolution of the
Company or Dow. 
 Notwithstanding the foregoing, a transaction will not be considered to be a Change of Control under
clause (2) above if (a) the Company or Dow becomes 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 Dow’s Voting Stock immediately prior to that transaction or (z) immediately following that transaction, no person (as that term is used in Section 13(d) (3) of the Exchange
Act) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of the holding company. Furthermore, neither the formation of an intermediate holding company of the Company that is 100% owned by Dow (directly or
indirectly) or any business combination between the Company and Dow or any wholly-owned subsidiaries of Dow will constitute a Change of Control. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade
Rating Event. 
 “Continuing Directors” means, as of any date of determination, (a) with respect to any
member of the board of directors of Dow, any such member who (1) was a member of such board of directors on the date of the issuance of the Securities; or (2) was nominated for election or elected to such board of directors with the
approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination or election (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) and (b) with respect to any member of the board of directors of the Company, any such member who (1) was a member of such board of directors on the date of the issuance of the Securities; or (2) was
appointed, nominated for election or elected to such board of directors by Dow. 
 “Fitch” means Fitch Ratings,
Inc. and its successors. 
 “Investment Grade” means a rating of BBB- or
better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB-
or better by S&P (or its equivalent under any successor rating categories of S&P) or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Services Inc. and its successors. 

“Rating Agency” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s
or S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” registered pursuant to
Section 15E of the Exchange Act, selected by the Company as a replacement agency for Fitch, Moody’s or S&P, as the case may be. 

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

 “Voting Stock” means, with respect to any person, capital stock of
any class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended by the
happening of such a contingency. 
 Section 4. Events of Default. If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Section 5. Modifications and Waivers; Obligation of the Company Absolute. The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of at least a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and interest and Additional Interest, if any, on this Security at the times, places and rate, and in the coin or currency, herein prescribed. 

Section 6. Authorized Denominations. The Securities are issuable in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture, and subject to certain limitations therein set forth and to the limitations described below, if applicable, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

Section 7. Registration of Transfer. As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security register upon surrender of this Security for registration of transfer at the office or agency of the Company maintained for that purpose in the City of Chicago, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the securities registrar (which shall initially be the Trustee, Two North LaSalle Street, Suite 700, Chicago, Illinois 60602 (Attention: Corporate Trust
Department) or at such other address as it may designate as its principal corporate trust office in the City of Chicago), duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 This Security is exchangeable for a certificated Security only if
(x) the Depositary notifies the Company that it is no longer willing or able to act as a Depositary for this Security or the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and the
Company has not appointed a successor depositary within 90 days of that notice or becoming aware that the Depositary is no longer so registered or (y) the Company in its sole discretion determines that this Security shall be exchangeable for
certificated Securities in registered form or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing, and the Depositary requested the issuance of certificated Securities, provided that the
definitive Securities so issued in exchange for this permanent Security shall be in denominations of $2,000 and any integral multiple of $1,000 in excess thereof and be of like aggregate principal amount and tenor as the portion of this permanent
Security to be exchanged, and provided further that, unless the Company agrees otherwise, Securities of this series in certificated registered form will be issued in exchange for this permanent Security, or any portion hereof, only if such
Securities in certificated registered form were requested by written notice to the Trustee or the Securities Registrar by or on behalf of a person who is beneficial owner of an interest hereof given through the Holder hereof. Except as provided
above, owners of beneficial interests in this permanent Security will not be entitled to receive physical delivery of Securities in certificated registered form and will not be considered the Holders thereof for any purpose under the Indenture. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Section 8.
Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Section 9. No Recourse Against Certain Persons. No recourse for the payment of the principal or interest or
Additional Interest, if any, on this Security, 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 Supplemental Indenture thereto or
in any Security, 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 of either
of them, either directly or through the Company or any successor corporation of either of them, whether by virtue of any constitution, statute or rule or law or by the enforcement of any assessment or penalty or otherwise, all such liability being
by the acceptance hereof and as a condition of and as part of the consideration for the issue hereof, expressly waived and released. 

Section 10. Defeasance. The Indenture with respect to any series will be discharged and cancelled except for
certain Sections thereof, subject to the terms of the Indenture, upon payment of all of the Securities of such series or upon the irrevocable deposit with the Trustee of cash or U.S. Government Obligations (or a combination thereof) sufficient for
such payment in accordance with Article Ten of the Indenture. 

 Section 11. Governing Law; Jurisdiction. The Indenture and the
Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 Section 12.
Defined Terms. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
 TEN COM - as tenants in common 

TEN ENT - as tenants by the entireties 

JT TEN - as joint tenants with right of survivorship and not as tenants in common 

 

					
	 UNIF GIFT MIN ACT -
	  	  
	  	
		  	(Minor)	  	

  

					
	 Custodian
	  	  
	  	
		  	(Cust)	  	

  

					
	 Under Uniform Gifts to Minors Act
	 	  
	  	
		 	(State)	  	

 Additional abbreviations may also be used though not in the above list. 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
  
  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  

                       
                                         
                 
  

                       
                                         
                 
  

                       
                                         
                 
 the within Security and all rights
thereunder, hereby irrevocably constituting and appointing ____________________________ attorney to transfer said Security on the books of the Company, with full power of substitution in the premises. 

Dated:
                                         
                           

Signature:
                                         
                     
  

	NOTICE:	 THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN
INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 

 Signature Guarantee: 

SIGNATURE GUARANTEE 
 Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF TRANSFERS AND EXCHANGES 

The following increases or decreases in Principal Amount of this Global Security have been made: 

 

									
	 Date of

Exchange
	  	 Amount of Decrease in

Principal Amount of
 this Global
Security
	  	 Amount of Increase

in Principal Amount of
 this Global
Security
	  	 Principal Amount of this

Global Security

following such Decrease
 or
Increase
	  	 Signature of

Authorized

Signatory of Trustee
 or
Custodian

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]