Document:

Exhibit 10.3

 

SEVERANCE AGREEMENT

 

This Agreement, is made as of October 1, 2012 (the “ Effective
Date ”), by and between STR HOLDINGS, INC. a Delaware corporation (the “ Company ”),
and Robert Yorgensen (the “Executive ”).

 

WHEREAS , the Company considers it essential to the best
interests of its stockholders to foster the continued employment of key management personnel; and

 

WHEREAS , the Board recognizes that the possibility of
a Change in Control (as hereinafter defined) exists and that such possibility and the uncertainty and questions which it may raise
among management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders;
and

 

WHEREAS , the Board has determined that appropriate steps
should be taken to reinforce and encourage the continued attention and dedication of members of the Company’s management,
including the Executive, to their assigned duties without the potential distractions arising from the possibility of a Change in
Control; and

 

WHEREAS , the Board has determined that additional severance
benefits in the absence of a Change in Control should be provided to senior management in order to attract and retain the executive
talent required to best serve the Company and its stockholders.

 

NOW, THEREFORE , in consideration of the premises and
the mutual covenants herein contained, the Company and the Executive hereby agree as follows:

 

	1.		Defined Terms .  The definitions of capitalized terms used
in this Agreement are provided in the last Section of this Agreement.

 

	2.		Term .   This Agreement shall terminate on the
fifth (5 th ) anniversary of the Effective Date. The term of this Agreement shall be automatically extended thereafter
for successive one (1) year periods unless, at least ninety (90) days prior to the end of the fourth anniversary of the Effective
Date or the then current succeeding one-year extended term of this Agreement, the Company or Executive has notified the other
that the term hereunder shall expire at the end of the then-current term. Notwithstanding any such notice, the term of this Agreement
shall not expire before the date that is eighteen (18) months after a Change in Control that occurs within the term of this Agreement.
The initial term of this Agreement, as it may be extended under this Section 2, is herein referred to as the “ Term .”

 

	3.		Company’s Covenants Summarized .  In order to induce
the Executive to remain in the employ of the Company and in consideration of the Executive’s continued employment, the Company
agrees, under the terms and conditions hereof, to pay the Executive the Severance Payments and the other payments and benefits
described in this Agreement.  This Agreement shall not be construed as creating an express or implied contract of employment
and, except as otherwise agreed in writing between the Executive and the Company, the Executive shall not have any right to be
retained in the employ of the Company.

 

     

     

    

 

	4.		Compensation Other Than Severance Payments .

If the Executive’s employment shall be terminated for any reason during
the Term of this Agreement, the Company shall pay the Executive’s full salary to the Executive through the Date of Termination
at the rate in effect immediately prior to the Date of Termination or, if there has been a Base Salary Reduction, the rate in effect
immediately prior to such Base Salary Reduction, together with all compensation and benefits payable to the Executive through the
Date of Termination under the terms of the Company’s compensation and benefit plans, programs or arrangements as in effect
immediately prior to the Date of Termination (or, if more favorable to the Executive, as in effect immediately prior to the first
occurrence of an event or circumstance constituting Good Reason).

 

	5.		Severance Payments .

 

	(a)		General .  If the Executive’s employment is terminated
during the Term of this Agreement (i) by the Company without Cause, or (ii) by the Executive for Good Reason (collectively, a
“Qualifying Termination ”), then the Company shall pay the Executive the amounts, and provide the Executive
the benefits described in this Section 5 (“ Severance Payments ”) in addition to any payments and
benefits to which the Executive is entitled under Section 4 of this Agreement.

 

	(b)		Payments — Not During the Change in Control Severance Period .
If a Qualifying Termination occurs other than during a Change in Control Severance Period, then, in lieu of any further salary
payments to the Executive for periods subsequent to the Date of Termination (and in lieu of payments due pursuant Section 5(c)
below), the Company shall pay to the Executive (i) an amount, in cash, equal to the sum of the product obtained by multiplying
the Executive’s base salary as in effect immediately prior to the Date of Termination or, if there has been a Base Salary
Reduction, the annual base salary in effect immediately prior to such Base Salary Reduction, by the Applicable Multiplier set
forth in column B of Schedule A to this Agreement (the “ Periodic Payments ”), and
(ii) a pro-rata portion of the Executive’s Actual Bonus for the performance year during which such Date of Termination occurs
(the “ Pro Rata Bonus ”). This Pro-Rata Bonus shall be determined by multiplying such Actual Bonus
by a fraction, the numerator of which is the number of days during such performance year that the Executive is employed by the
Company and the denominator of which is 365.  Subject to Section 5(h) below and the Executive’s satisfaction of the
conditions set forth in Section 11(a) below, the Periodic Payments shall be paid periodically to the Executive in accordance with
the Company’s customary payroll practices and the Pro Rata Bonus shall be paid to the Executive in a lump sum within thirty
(30) days following the completion of the Company’s year-end audit for the year during which the Date of Termination occurs,
but in no event later than April 1 st  of the fiscal year following the year during which the Date of Termination
occurs.

 

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	(c)		Payments — During the Change in Control Severance Period .
If a Qualifying Termination occurs during a Change in Control Severance Period, then, in lieu of any further salary payments to
the Executive for periods subsequent to the Date of Termination (and in lieu of payments due pursuant to Section 5(b) above),
the Company shall pay to the Executive  a lump sum severance payment, in cash, equal to the sum of (i) the product obtained
by multiplying the Executive’s annual base salary as in effect immediately prior to the Date of Termination or, if there
has been a Base Salary Reduction, the annual base salary in effect immediately prior to such Base Salary Reduction, by the Applicable
Multiplier set forth in column C of Schedule A to this Agreement (the “ Lump Sum Amount ”),
and (ii) the Executive’s Target Bonus for the performance year during which such Date of Termination occurs (the “ Target
Bonus Amount ”). Subject to Section 5(h) and the Executive’s satisfaction of the conditions set forth in
Section 11(a) below, the Lump Sum Amount and the Target Bonus Amount shall be paid to the Executive in a lump sum on the date
which is sixty (60) days following the Date of Termination.

 

	(d)		Medical Benefits . For the Applicable Severance Period, the Company
shall on a monthly basis reimburse the Executive for the cost of medical, dental, and accidental death and dismemberment benefits
provided under COBRA which benefits shall be  substantially similar to such benefits as provided to the Executive and his
dependents immediately prior to the Date of Termination or, if more favorable to the Executive, those provided to the Executive
and his dependents immediately prior to the first occurrence of an event or circumstance constituting Good Reason, at no greater
cost to the Executive than the cost to the Executive immediately prior to such date or occurrence. The parties intend that during
the Applicable Severance Period continued medical and dental coverage shall not constitute a “deferral of compensation”
under Treas. Reg. Sect. 1.409A-1(b), and that continued accidental death and dismemberment benefits hereunder shall qualify as
a “limited payment” of an “in kind” benefit under Treas. Reg. Sect. 1.409A-1(b)(9)(v)(C) and (D). 
Any portion of the continued medical, dental and accidental death and dismemberment coverage under this subsection (d) that is
subject to Section 409A is intended to qualify as a “reimbursement or in-kind benefit plan” under Treas. Reg. Sect.
1.409A-3(i)(1)(iv). Benefits otherwise receivable by the Executive pursuant to this subsection (d) shall be reduced to the extent
benefits of the same type are received by or made available by a subsequent employer to the Executive during the Applicable Severance Period
(and any such benefits received by or made available to the Executive shall be reported to the Company by the Executive); provided,
however, that the Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive
over such cost immediately prior to the Date of Termination or, if more favorable to the Executive, the first occurrence of an
event or circumstance constituting Good Reason. Any such reimbursement under this subsection (d) that is subject to Section 409A
of the Code shall be made promptly in accordance with Company policy, but in any event on or before the last day of the Executive’s
taxable year following the taxable year in which the expense or cost was incurred, but notwithstanding the foregoing, any such
reimbursements which would otherwise be made prior to the first day of the seventh month following the Date of Termination shall
be made on such date if the Executive is a Specified Employee. In no event shall the amount that the Company pays for any such benefit in any one year affect the amount
that it will pay in any other year and in no event shall the benefits described in this subsection (d) be subject to liquidation
or exchange for another benefit.

 

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	(e)		Life Insurance . The Company shall (i) prepay all premiums
due during the Applicable Severance Period under any insurance policy maintained by the Company insuring the life of the Executive
that is in effect and (ii) transfer to the Executive any and all rights and incidents of ownership in such arrangements.

 

	(f)		Outplacement Services . The Company shall provide the Executive
with a level of outplacement services commensurate with the Executive’s position during the Applicable Severance Period
as determined by the Company in its reasonable discretion.  However such services, if otherwise ongoing, shall terminate
upon the Executive’s first day of employment with a new employer.  In no event may the reimbursement of any outplacement
services expense incurred by the Executive extend beyond the third taxable year of the Executive following the taxable year of
the Executive in which the Date of Termination occurred.

 

	(g)		Legal Fees . The Company also shall reimburse the Executive for
the reasonable legal fees and expenses incurred by the Executive in disputing in good faith any issue hereunder relating to the
termination of the Executive’s employment or in seeking in good faith to obtain or enforce any benefit or right provided
by this Agreement, provided the Executive is the prevailing party with respect to such dispute.  Such payments shall be made
within ten (10) business days after delivery of the Executive’s written request for payment accompanied with such evidence
of fees and expenses incurred as the Company reasonably may require.

 

	(h)		Timing of Payments .  Severance Payments under Section 5(b)
of this Agreement shall be paid as therein set forth; provided, however, that to the extent that the total amount of Periodic
Payments to be made under Section 5(b), exceeds the amount of Qualifying Severance Payments, then, for a non-Specified Employee,
such excess shall be paid in a lump sum on the date which is sixty (60) days following the Date of Termination or, in the case
a Specified Employee, on the first day of the seventh month following the Date of Termination.  In addition, if such total
amount of Periodic Payments to be made under Section 5(b) exceeds the amount of Qualifying Severance Payments, each Periodic Payment
shall be reduced by an amount determined by dividing such excess by the total number of Periodic Payments and the aggregate of
such reductions shall be made as a lump sum on the date which is sixty (60) days following the Date of Termination if the Executive
is not a Specified Employee or be made on the first day of the seventh month following the Date of Termination if the Executive
is a Specified Employee.  Severance Payments under Section 5(c) of this Agreement shall be paid as therein set forth; provided,
however, that to the extent that the total Lump Sum Amount to be paid under Section 5(c) to a Specified Employee exceeds the amount
of Qualifying Severance Payments, then such excess shall be paid in a lump sum on the first day of the seventh month following
the Date of Termination.  The transfer to the Executive under Section 5(e)(ii) above, and if applicable, any amount by which
the payment of base salary under Section 4 of this Agreement exceeds the Executive’s base salary immediately
prior to the Date of Termination due to a prior Base Salary Reduction, shall be paid on the date which is sixty (60) days following
the Date of Termination if the Executive is not a Specified Employee or be paid on the first day of the seventh month following
the Date of Termination if the Executive is a Specified Employee.  Notwithstanding the provisions in Section 5(b) above, in
the case of a Specified Employee, the Pro Rata Bonus shall be paid on the first day of the seventh month following the Date of
Termination if that is later than the date it would otherwise be paid pursuant to Section 5(b). At the time that payments are made
under this Agreement, the Company shall provide the Executive with a written statement setting forth the manner in which such payments
were calculated and the basis for such calculations.

 

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	(i)		Coordination with Employment Agreement; Company Policy .  Severance
Payments made under this Section 5 shall be in lieu of (i) any severance benefit payable to the Executive under the Executive’s
Employment Agreement, if any, and (ii) any severance benefit payable under any severance plan or policy of the Company or any
of its Subsidiaries.

 

	6.		Termination Procedures and Compensation During Dispute .

 

	(a)		Notice of Change in Control; Notice of Termination .  Within
five (5) days after a Change in Control has occurred, the Company shall deliver to the Executive a written statement memorializing
the date that the Change in Control occurred.  During the Term of this Agreement, any purported termination of the Executive’s
employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the
other party hereto.  For purposes of this Agreement, a “ Notice of Termination ” shall mean
a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision
so indicated.

 

	(b)		Date of Termination .  “ Date of Termination ,”
with respect to any purported termination of the Executive’s employment during the Term of this Agreement, shall mean (i)
if the Executive’s employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided
that the Executive shall not have returned to the full-time performance of the Executive’s duties during such thirty (30)
day period), and (ii) if the Executive’s employment is terminated for any other reason, the date specified in the Notice
of Termination (which, in the case of a termination by the Company, shall not be less than thirty (30) days (except in the case
of a termination for Cause, subject to subsection (i) above) and, in the case of a termination by the Executive, shall not be
less than fifteen (15) days nor more than sixty (60) days, respectively, from the date such Notice of Termination is given). For
purposes of determining the date on which to make any payments described under Section 5(d), 5(f) and 5(h), and for purposes of
interpreting Section 18(w), a Date of Termination shall only occur upon the Executive’s “separation from service”
within the meaning of Section 409A of the Code and as determined after applying the presumptions set forth in Treas. Reg. Section
1.409A-1(h)(1).

 

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	7.		No Mitigation .  The Company agrees that under this Agreement,
if the Executive’s employment with the Company terminates, the Executive is not required to seek other employment or to
attempt in any way to reduce any amounts payable to the Executive by the Company pursuant to Section 5 of this Agreement. 
Further, the amount of any payment or benefit provided for in this Agreement (other than as specifically provided in Section 5(d)
of this Agreement) shall not be reduced by any compensation earned by the Executive as the result of employment by another employer,
by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company, or otherwise.

 

	8.		Successors; Binding Agreement; Anti-Assignment .

 

	(a)		In addition to any obligations imposed by law upon any successor to the Company, the
Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in accordance with its
terms.  Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a breach
of this Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as
the Executive would be entitled to hereunder if the Executive were to terminate the Executive’s employment for Good Reason
after a Change in Control, except that, for purposes of implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination.

 

	(b)		This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.  If
the Executive shall die while any amount would still be payable to the Executive hereunder (other than amounts which, by their
terms, terminate upon the death of the Executive) if the Executive had continued to live, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or administrators
of the Executive’s estate.

 

	(c)		In no event shall any of the benefits payable to the Executive hereunder be subject
to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Executive
or the Executive’s estate.

 

	9.		Notices . For the purpose of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given (a) on the date
of delivery if delivered by hand, (b) on the date of transmission, if delivered by confirmed facsimile, (c) on the first business
day following the date of deposit if delivered by guaranteed overnight delivery service, or (d) on the fourth business day following
the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed
as follows:

 

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If to the Executive: at the address (or to the facsimile
number) shown on the records of the Company.

 

If to the Company:  STR Holdings, Inc., 1699 King
Street, Suite 400, Enfield, Connecticut 06082, Attn:  General Counsel (facsimile no. (860) 758-7301), or to such other address
as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

 

	10.		Obligations after the Date of Termination .

 

	(a)		Confidentiality .  The Executive agrees that the Executive
shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the
course of the Executive’s employment and for the benefit of the Company, at any time following the Date of Termination,
any nonpublic, proprietary or confidential information, knowledge or data relating to the Company, any of its subsidiaries, affiliated
companies or businesses, which shall have been obtained by the Executive during the Executive’s employment by the Company.
The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Executive; (ii) becomes
known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or any representative of
the Executive; or (iii) the Executive is required to disclose by applicable law, regulation or legal process (provided that the
Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at
its expense in seeking a protective order or other appropriate protection of such information). Notwithstanding clauses (i) and
(ii) of the preceding sentence, the Executive’s obligation to maintain such disclosed information in confidence shall not
terminate where only portions of the information are in the public domain.  Unless required otherwise by law or government
regulation, the parties will maintain the terms and conditions of this Agreement in confidence.

 

	(b)		Non-Disparagement .  Each of the Executive and the Company
(for purposes hereof, “the Company” shall mean only (i) the Company by press release or otherwise and (ii) the executive
officers and directors thereof and not any other employees) agrees not to make any public statements that disparage or materially
criticize the other party, or in the case of the Company, its respective affiliates, officers, directors, products or services. 
Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings
(including, without limitation, depositions in connection with such proceedings) or otherwise as required by law shall not be
subject to this Section 10(b).

 

	(c)		Return of Company Property and Records .  The Executive agrees
that upon termination of the Executive’s employment, for any cause whatsoever, the Executive will surrender to the Company
in good condition (reasonable wear and tear excepted) all property and equipment belonging to the Company and all records kept
by the Executive containing the names, addresses or any other information with regard to customers or customer contacts of the
Company, or concerning any proprietary or confidential information of the Company or any operational, financial or other documents
given to the Executive during the Executive’s employment with the Company.

 

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	(d)		Cooperation .  The Executive agrees that, following termination
of the Executive’s employment for any reason, the Executive shall upon reasonable advance notice, and to the extent it does
not interfere with previously scheduled travel plans and does not unreasonably interfere with other business activities or employment
obligations, assist and cooperate with the Company with regard to any matter or project in which the Executive was involved during
the Executive’s employment, including any litigation. The Company shall compensate the Executive for any lost wages (or,
if the Executive is not then employed, provide reasonable compensation as determined by the Compensation Committee) and expenses
associated with such cooperation and assistance.

 

	(e)		Assignment of Inventions .  The Executive will promptly communicate
and disclose in writing to the Company all inventions and developments including software, whether patentable or not, as well
as patents and patent applications (hereinafter collectively called “ Inventions ”), made, conceived,
developed, or purchased by the Executive, or under which the Executive acquires the right to grant licenses or to become licensed,
alone or jointly with others, which have arisen or which arise out of the Executive’s employment with the Company, or relate
to any matters directly pertaining to the business of the Company or any of its subsidiaries. Included herein as if developed
during the employment period is any specialized equipment and software developed for use in the business of the Company. All of
the Executive’s right, title and interest in, to, and under all such Inventions, licenses, and right to grant licenses shall
be the sole property of the Company. As to all such Inventions, the Executive will, upon request of the Company execute all documents
which the Company deems necessary or proper to enable it to establish title to such Inventions or other rights, and to enable
it to file and prosecute applications for letters patent of the United States and any foreign country; and do all things (including
the giving of evidence in suits and other proceedings) which the Company deems necessary or proper to obtain, maintain, or assert
patents for any and all such Inventions or to assert its rights in any Inventions not patented.

 

	(f)		Equitable Relief and Other Remedies .  The parties acknowledge
and agree that the other party’s remedies at law for a breach or threatened breach of any of the provisions of this Section
would be inadequate and, in recognition of this fact, the parties agree that, in the event of such a breach or threatened breach,
in addition to any remedies at law, the other party, without posting any bond, shall be entitled to obtain equitable relief in
the form of specific performance, temporary restraining order, a temporary or permanent injunction or any other equitable remedy
which may then be available.

 

	(g)		Reformation .  If it is determined by a court of competent
jurisdiction in any state that any restriction in this Section 10 is excessive in duration or scope or is unreasonable or unenforceable
under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court
to render it enforceable to the maximum extent permitted by the law of that state.

 

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	(h)		Survival of Provisions .  The obligations contained in this
Section 10 shall survive the termination or expiration of the Executive’s employment with the Company and shall be fully
enforceable thereafter.

 

	11.		Conditions .  (a) Any payments or benefits made or provided
under this Agreement are subject to the Executive’s:

 

	(a)		other than as specifically provided in Section 12 of this Agreement, compliance with
the provisions of Section 10 hereof;

 

	(b)		delivery to the Company of an executed Agreement and General Release (the “ General
Release ”), which shall be substantially in the form attached hereto as Exhibit A (with such changes therein or
additions thereto as needed under then applicable law to give effect to its intent and purpose) within twenty one (21) days of
presentation thereof by the Company to the Executive (which presentation shall be made by the Company no later than two (2) business
days following the Date of Termination); and

 

	(c)		delivery to the Company of a resignation from all offices, directorships and fiduciary
positions with the Company, its affiliates and employee benefit plans with the General Release.

 

	(d)		If the Executive fails to deliver the General Release to the Company, with the documentation
described in subsection (c) of this Section 11, within the time specified in subsection (b) of this Section 11, or if he provides
such General Release but thereafter revokes it within the seven (7) day period specified in the General Release, all benefits
provided for hereunder shall be forfeited and shall not be reinstated for any reason.

 

	12.		Miscellaneous .  No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and an
authorized officer of the Company (other than the Executive).  No waiver by either party hereto at any time of any breach
by the other party hereto of, or of any lack of compliance with, any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.  This Agreement supersedes any other agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof which have been made by either party, except for any Employee Non-Disclosure, Non-Compete
and Assignment of Invention Agreement or similar agreement not to compete or similar undertaking otherwise in effect as of the
Date of Termination, the terms of which shall control in the event of any conflict with the terms of this Agreement.  The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of Connecticut.  Any
payments provided for hereunder shall be paid net of any applicable withholding required under federal, state or local law and
any additional withholding to which the Executive has agreed.  The obligations of the Company and the Executive under this
Agreement which by their nature may require either partial or total performance after its expiration shall survive any such expiration.

 

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	13.		Validity; Counterparts .  The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.  This Agreement may be executed in several counterparts, each of which shall be deemed
to be an original but all of which together will constitute one and the same instrument.

 

	14.		Expenses .  Except as otherwise provided in Section 5(g) of
this Agreement, the Executive and the Company shall bear their own respective expenses with respect to this Agreement and all
matters arising hereunder or pertaining hereto.

 

	15.		Settlement of Disputes .  All claims by the Executive for
benefits under this Agreement shall be directed to and determined by the Board and shall be in writing.  Any denial by the
Board of a claim for benefits under this Agreement shall be delivered to the Executive in writing and shall set forth the specific
reasons for the denial and the specific provisions of this Agreement relied upon.  The Board shall afford a reasonable opportunity
to the Executive for a review of the decision denying a claim and shall further allow the Executive to appeal to the Board a decision
of the Board within sixty (60) days after notification by the Board that the Executive’s claim has been denied.

 

	16.		Arbitration .   Any further dispute or controversy
arising under or in connection with this Agreement shall be settled exclusively by arbitration in Hartford, Connecticut, in accordance
with the rules of the American Arbitration Association then in effect; provided, however, that the evidentiary standards set forth
in this Agreement shall apply.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
Notwithstanding any provision of this Agreement to the contrary, the Executive shall be entitled to seek specific performance
of the Executive’s right to be paid until the Date of Termination during the pendency of any dispute or controversy arising
under or in connection with this Agreement.

 

	17.		Section 409A Compliance .  The Agreement is intended to comply
with (or in some instances be exempt from) the requirements of Section 409A of the Code (and Regulations issued thereunder), and
shall be interpreted and administered in a manner which is consistent with this intention.  Notwithstanding the foregoing,
the Company does not guarantee any particular tax result and the Executive is responsible for payment on any taxes owed by him
under this Agreement, including without limit, any taxes under Section 409A.

 

	18.		Definitions .  For purposes of this Agreement, the following
terms shall have the meanings indicated below:

 

	(a)		“ Actual Bonus ” shall mean the percentage of the Executive’s
annual base salary that is established with respect to the applicable year pursuant to the Company’s management incentive
plan (or any successor incentive plan adopted by the Board) that the Executive would have earned assuming he continued his employment
through the end of such applicable year and fully satisfied personal performance goals, if any.

 

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	(b)		“ Affiliate ” shall have the meaning set forth in Rule
12b-2 promulgated under Section 12 of the Exchange Act.

 

	(c)		“ Applicable Multiplier ” shall mean that multiplication
factor set forth in column B of Schedule A in the event that the Date of Termination occurs other than during a Change in Control
Severance Period, or column C of Schedule A in the event the Date of Termination occurs during the Change in Control Severance
Period.

 

	(d)		“ Applicable Severance Period ” shall mean the period
of 12 months multiplied by the relevant Applicable Multiplier immediately following the Date of Termination.

 

	(e)		“ Base Salary Reduction ” shall have the meaning set
forth in Section 18(s)(i) of this Agreement.

 

	(f)		“ Beneficial Owner ” shall have the meaning set forth
in Rule 13d-3 and 13d-5 under the Exchange Act.

 

	(g)		“ Board ” shall mean the Board of Directors of the Company.

 

	(h)		“ Cause ” shall have the meaning set forth in the Executive’s
Employment Agreement, if applicable, and otherwise shall mean (i) the Executive’s failure or refusal to follow the reasonable
instructions of the Executive’s supervisor (or for the CEO, the Company’s Board of Directors) (other than due
to Executive’s Disability), which failure or refusal is not cured within 30 days following written notice; (ii) the Executive’s
conviction of a felony or of a misdemeanor if such misdemeanor involves moral turpitude or misrepresentation, including 
a plea of guilty or nolocontendere ; (iii) the Executive’s unlawful use (including being under the influence)
or possession of illegal drugs on the Company’s or any of its Subsidiaries’ premises; (iv) the Executive’s commission
of any act of fraud, embezzlement, misappropriation of funds, intentional misrepresentation, breach of fiduciary duty or other
act of dishonesty materially detrimental  to the Company or any of its Subsidiaries; or (v) the Executive’s intentional
wrongful act or gross negligence that has a materially detrimental effect on the Company or its Subsidiaries.  For purposes
of this Agreement, any termination of Executive’s employment due to Executive’s death or Disability shall be deemed
a termination by the Company for Cause.

 

	(i)		“ Change in Control ” shall mean the first to occur of
any one of the following events:

 

(i)                                any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 35% or more of either
(1) the total fair market value of the then outstanding shares of common stock of the Company or (2) the then outstanding securities
of the Company generally entitled to vote in the election of directors of the Company, excluding any Person who becomes such a
Beneficial Owner in connection with a transaction described in clause (1) of paragraph (iii) below; or

 

    	11

     

    

 

(ii)                             during
any twelve (12) month period, individuals who, as of the beginning of such period, constitute the Board (the “ Incumbent
Board ”) cease to constitute at least a majority of the Board; provided, that any person becoming a director of
the Company subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders,
was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though
such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of either an actual or threatened election contest, including but not limited to a consent solicitation,
relating to the election of directors of the Company and whose appointment or election was not approved by at least a majority
of the directors of the Company in office immediately before any such contest, or

 

(iii)                          there
is consummated a merger or consolidation of the Company with any other business entity, other than (1) a merger or consolidation
which would result in the securities of the Company generally entitled to vote in the election of directors of the Company outstanding
immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted
into such securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other
fiduciary holding such securities under an employee benefit plan of the Company or any Subsidiary of the Company, at least 50.1%
of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation
and generally entitled to vote in the election of directors of the Company or such surviving entity or any parent thereof, or (2)
a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is
or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50.1% or more of the then outstanding
securities of the Company generally entitled to vote in the election of directors of the Company; or

 

(iv)                         the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated the sale
or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the
Company of all or substantially all of the Company’s assets to an entity where the outstanding securities generally entitled
to vote in the election of directors of the Company immediately prior to the sale continue to represent (either by remaining outstanding
or by being converted into such securities of the surviving entity or any parent thereof) 50.1% or more of the outstanding securities
of such entity generally entitled to vote in the election of directors immediately after such sale; or

 

(v)                            any
other event which the Board of Directors declares to be a Change in Control.

 

    	12

     

    

 

	(j)		“ Change in Control Severance Period ” shall mean the
period commencing ninety (90) days prior to the execution of any definitive purchase and sale, merger or other acquisition agreement
resulting in a Change in Control through the first anniversary following the closing of such Change in Control, or, in the case
of any other type of Change in Control, the period of one (1) year beginning on the date of the occurrence of such Change
in Control through the first anniversary thereof.

 

	(k)		“ Code ” shall mean the Internal Revenue Code of 1986,
as amended from time to time and Regulations issued thereunder.

 

	(l)		“ Company ” shall mean [STR Holdings, Inc.] ,
and, except in determining under Section 18(i) hereof whether or not any Change in Control of the Company has occurred,
shall include any successor to its business and/or assets.

 

	(m)		“ Date of Termination ” shall have the meaning set forth
in Section 6(b) of this Agreement.

 

	(n)		“ Disability ” shall have the meaning set forth in the
Employment Agreement between the Executive and the Company, if any, and otherwise shall be deemed the reason for the termination
by the Company of the Executive’s employment, if, as a result of the Executive’s incapacity due to physical or mental
illness, the Executive shall have been absent from the full-time performance of the Executive’s duties with the Company
for a period of six (6) consecutive months, the Company shall have given the Executive a Notice of Termination for Disability,
and, within thirty (30) days after such Notice of Termination is given, the Executive shall not have returned to the full-time
performance of the Executive’s duties.

 

	(o)		“ Exchange Act ” shall mean the Securities Exchange Act
of 1934, as amended from time to time.

 

	(p)		“ Executive ” shall mean the individual named in the
first paragraph of this Agreement.

 

	(q)		“ Executive’s Position ” shall mean the position
held by the Executive as set forth in column A of Schedule A.

 

	(r)		“ General Release” shall have the meaning set forth in
Section 11(b) of this Agreement.

 

	(s)		“ Good Reason ” for termination by the Executive of the
Executive’s employment shall mean the occurrence (without the Executive’s express written consent) during the Term
of this Agreement, of any one of the following acts by the Company, or failures by the Company to act.  As set forth below,
subsection (i) contains the elements of Good Reason, and subsection (ii) sets forth certain terms and conditions applicable
to termination by the Executive for Good Reason;

 

	 	(i)	(A)	(1) 
A material diminution in the nature or status of the Executive’s responsibilities from those in effect immediately prior
to such diminution resulting from, among other things, (1) the assignment to the
Executive of any duties inconsistent with the Executive’s duties and the Executive’s Position, immediately prior to
such assignment, or (2) during a Change in Control Severance Period, the failure of the Company to ensure that the Executive
maintains substantially the same duties and position during such Change in Control Severance Period, with the Company and each
other entity that may then be a direct or indirect parent of the Company owning directly or indirectly a majority of the outstanding
capital stock of the Company, as the Executive was assigned or held immediately prior to such Change in Control Severance Period;
	 	 	 	 

 

    	13

     

    

 

	 	 	(B)	A
material reduction by the Company, during the period of one (1) year immediately prior to the Date of Termination, in either
or both of (1) the Executive’s annual base salary (a “Base Salary Reduction”); or (2) the target bonus
percentage set forth in the Company’s management incentive plan, in each case as in effect on the date of this Agreement
or as the same may be increased from time to time;
	 	 	 	 
	 	 	(C)	The
relocation of the Executive’s principal place of employment to a location more than (fifty) 50 miles from the Executive’s
principal place of employment immediately prior to such relocation or the Company’s requiring the Executive to be based anywhere
other than such principal place of employment (or permitted relocation thereof) except for required travel on the Company’s
business to an extent substantially consistent with the Executive’s business travel obligations immediately prior thereto;
	 	 	 	 
	 	 	(D)	The
failure by the Company to pay to the Executive any portion of the Executive’s current compensation, or to pay to the Executive
any portion of an installment of deferred compensation under any deferred compensation program of the Company, within thirty (30)
days of the date such compensation is due;
	 	 	 	 
	 	 	(E)	The failure by the Company to continue in effect
any material compensation plan in which the Executive participates immediately prior to such failure which is material to the
Executive’s total compensation, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan)
has been made with respect to such plan, or the failure by the Company to continue the Executive’s participation therein
(or in such substitute or alternative plan) on a basis not materially less favorable, both in terms of the amount or timing of
payment of benefits provided and the level of the Executive’s participation relative to other participants, as existed immediately
prior to such failure;
	 	 	 	 

 

    	14

     

    

 

	 	 	(F)	The
failure by the Company to continue to provide the Executive with benefits substantially similar to those enjoyed by the Executive
under any of the Company’s benefit plans, including without limitation, life insurance, health and accident, or disability
plans in which the Executive was participating immediately prior to such failure, the taking of any other action by the Company
which would directly or indirectly materially reduce any of such benefits or deprive the Executive of any material fringe benefit
enjoyed by the Executive immediately prior to such action, or the failure by the Company to provide the Executive with the number
of paid vacation days to which the Executive is entitled on the basis of years of service with the Company in accordance with the
Company’s normal vacation policy in effect at the time of such failure; or
	 	 	 	 
	 	 	(G)	Any
material breach by the Company of the Executive’s Employment Agreement.
	 	 	 	 
	 	(ii)	(A)	For purposes of this Agreement, any purported termination
of the Executive’s employment which is not effected pursuant to a Notice of Termination satisfying the requirements of Section 6(a) of
this Agreement shall not be effective.
	 	 	 	 
	 	 	(B)	The
Executive’s right to terminate the Executive’s employment for Good Reason shall not be affected by the Executive’s
incapacity due to physical or mental illness.
	 	 	 	 
	 	 	(C)	For
purposes of any determination regarding the existence of Good Reason, any claim by the Executive that Good Reason exists shall
be presumed to be correct unless the Company establishes to the Board by clear and convincing evidence that Good Reason does not
exist.
	 	 	 	 
	 	 	(D)	Notwithstanding
any provision of this Section 18(r) to the contrary, none of the foregoing provisions of this Section 18(r) shall
constitute Good Reason unless (A) no later than ninety (90) days following the occurrence of any of the events set forth in
Section 18(r)(i) above, the Executive provides written notice to the Company of such event containing a description thereof
and stating the subsection of Section 18(r)(i) above under which such event constitutes Good Reason (the “Good
Reason Notice”) and the Company shall not have cured such event within thirty (30) days following its receipt of such notice,
and (B) no later than one hundred eighty (180) days, but no earlier than thirty (30) days, following the Company’s receipt
of such Good Reason Notice, the Executive gives the Company a Notice of Termination satisfying the requirements of Section 6(a) of this Agreement with respect to
the event constituting Good Reason described in such Good Reason Notice.
	 	 	 	 

 

    	15

     

    

 

	(t)		“ Incumbent Board ” shall have the meaning set forth
in Section 18(h)(ii) of this Agreement.

 

	(u)		“ Lump Sum Amount ” shall have the meaning set forth
in Section 5(c) of this Agreement.

 

	(v)		“Notice of Termination ” shall have the meaning set forth
in Section 6(a) of this Agreement.

 

	(w)		“Periodic Payments” shall have the meaning set forth in Section 5(b) of
this Agreement.

 

	(x)		“ Person ” shall have the meaning given in Section 3(a)(9) of
the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include
(i) the Company or any of its direct or indirect Subsidiaries, (ii) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company, (iii) an underwriter temporarily holding securities pursuant to an offering
of such securities, (iv) or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions and with substantially the same voting rights as their ownership and voting rights with respect to the Company.

 

	(y)		“ Pro Rata Bonus ” shall have the meaning set forth in
Section 5(b) of this Agreement.

 

	(z)		“ Qualifying Severance Payments” shall mean Severance
Payments that, in the aggregate, do not exceed two times the lesser of (i) the Executives annual rate of base salary for
the taxable year immediately preceding the year during which the Date of Termination occurs, determined in accordance with Section 1.409A-1(a)(9)(iii)(A)(1) of
the Regulations under Code Section 409A, or (ii) the limit under the Code Section 401(a)(17) on compensation under
a qualified retirement plan for the year in which the Date of Termination occurs.

 

	(aa)		“ Qualifying Termination ” shall have the meaning set
forth in Section 5(a) of this Agreement.

 

	(bb)		“ Severance Payments ” shall have the meaning set forth
in Section 5(a) of this Agreement.

 

	(cc)		“Specified Employee” shall have the meaning as defined in
Section 409A of the Code and Section 1.409A-1(i) of the Regulations issued under the Code.

 

	(dd)		“ Subsidiary ” shall mean any corporation of which the
Company owns, directly or indirectly, a majority of securities entitled to vote in the election of directors.

 

    	16

     

    

 

	(ee)		“ Target Bonus ” shall mean the percentage of the Executive’s
annual base salary that is established with respect to the applicable year pursuant to the Company’s management incentive
plan (or any successor incentive plan adopted by the Board) calculated as if the performance of the Executive meets the Executive’s
Target performance amount with respect to all performance objectives (irrespective of actual performance).

 

	(ff)		“ Target Bonus Amount ” shall have the meaning set forth
in Section 5(c) of this Agreement.

 

	(gg)		“ Term ” shall mean the period of time described in Section 2
of this Agreement.

 

    	17

     

    

 

IN WITNESS WHEREOF , the parties have executed this agreement
as of the date and year first above written.

 

	 	 	STR HOLDINGS, INC.
	 	 	 
	 	 	By: 	 
	 	 	 	Name: Alan N. Forman
	 	 	 	Title: Sr. Vice President & General Counsel
	 	 	 
	 	 	THE EXECUTIVE
	 	 	 
	 	 	 
	 	 	 
	 	 	Name: Robert Yorgensen
	 	 	 
	 	 	Address: 55 Old Stone Crossing
	 	 	West Hartford, CT 06117
	 	 	 

 

 

    	18

     

    

Exhibit A

 

FORM OF AGREEMENT AND GENERAL RELEASE

 

This Agreement and General Release (“Release”) is entered
into by and between STR HOLDINGS, INC. (“Company”) and                         
(“Executive”) to resolve any and all disputes concerning his employment with Company and his separation from employment
on                         .
Accordingly, in exchange for the consideration and mutual promises set forth herein, the parties do hereby agree as follows:

 

1.                      Effective
close of business on                         ,
Executive’s employment with Company will terminate, and all salary continuation and benefits will cease other than those
to which Executive is entitled in consideration for this Release as set forth in Executive’s Change in Control Agreement
with Company (“Agreement”), which is incorporated by reference, and as a matter of law (e.g., COBRA benefits).

 

2.                      In
consideration for Executive’s executing this Release of any and all legal claims he might have against the STR Parties (as
defined below), subject to the exceptions set forth herein, and the undertakings described herein, and to facilitate his transition
to other employment, Company agrees to provide Executive with the compensation and severance payments consideration detailed in
Sections 4 and 5 of the Agreement.

 

3.                      Neither
Company nor Executive admits any wrongdoing of any kind, and both agree that neither they nor anyone acting on their behalf will
disclose this Release, or its terms and conditions. Notwithstanding the foregoing, Executive is not barred from disclosing this
Release to his legal, financial and personal advisors or to those persons essential for Executive to (a) implement or enforce
his rights under this Release and the Agreement in which the Release is incorporated; (b) defend himself in a lawsuit, investigation
or administrative proceeding; (c) file tax returns; or (d) advise a prospective employer, business partner or insurer
of the contractual restrictions on his post-Company employment.

 

4.                      In
exchange for the undertakings by Company described in the above paragraphs:

 

     

     

    
a.                                                      Executive,
for himself, his heirs, executors, administrators and assigns, does hereby release, acquit and forever discharge Company,
its subsidiaries, affiliates and related entities, as well as all of their respective officers, stockholders, stockholder
representatives, directors, members, partners, trustees, employees, attorneys, representatives and agents (collectively, the
“STR Parties”), from any and all claims, demands, actions, causes of action, liabilities, obligations, covenants,
contracts, promises, agreements, controversies, costs, expenses, debts, dues, or attorneys’ fees of every name and
nature, whether known or unknown, without limitation, at law, in equity or administrative, against the STR Parties that he
may have had, now has or may have against the STR Parties by reason of any matter or thing arising from the beginning of the
world to the day and date of this Release, including any claim relating to the termination of his employment with any STR
Party. Those claims, demands, liabilities and obligations from which Executive releases the STR Parties include, but are not
limited to, any claim, demand or action, known or unknown, arising out of any transaction, act or omission related to
Executive’s employment by any STR Party and Executive’s separation from such employment, sounding in tort or
contract and/or any cause of action arising under federal, state or local statute or ordinance or common law, including, but
not limited to, the federal Age Discrimination In Employment Act of 1967, Title VII of the Civil Rights Act of 1964, as
amended, the Americans With Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, the Worker Adjustment and
Retraining Notification Act, the Fair Labor Standards Act, the Connecticut Civil Rights Law, as well as any similar state or
local statute(s), in each case as any such law may be amended from time to time and any claims to have been or to be
considered as a “whistleblower” or other protected person under Federal or state law, including Section 806
of the Corporate and Criminal Fraud Accountability Act. The foregoing shall, in accordance with applicable law, not prohibit
or prevent Executive from filing a charge with the United States Equal Employment Opportunity Commission
(“EEOC”) and/or any state or local agency equivalent, and/or prohibit or prevent Executive from participating in
any investigation of any charge filed by others, albeit that he understands and agrees that he shall not be entitled to seek
monetary compensation for himself from the filing and/or participation in any such charge.  This Release does not apply
to:  (i) any exculpatory provision or right to indemnification or contribution under the Company’s
Certificate of Incorporation or Bylaws or under any federal or state law, or under any Indemnification Agreement with the
Company or related to any directors’ and officers’ insurance policy maintained by the Company for the benefit of
its officers and directors; (ii) any rights to the receipt of employee benefits which vested on or prior to the date of
this Release; (iii) the right to receive compensation and severance payments consideration detailed in Sections 4 and 5
of the Agreement, the right to reimbursement of expenses under Section 5(g)of the Agreement, and any other rights of
Executive under the Agreement which expressly survive termination; (iv) the right to continuation coverage pursuant to
the Consolidated Omnibus Budget Reconciliation Act; or (v) any rights of Executive as a stockholder of the Company or
attendant to Executive’s ownership of any stock options or other equity securities in the Company or its successors or
assigns and any options or warrants related thereto or under any stock option plan or other equity incentive plan of the
Company and any award agreements related thereto.

 

b.                                                      Executive
expressly acknowledges that his attorney has advised him regarding, and he is familiar with the fact that certain state statutes
provide that general releases do not extend to claims that the releaser does not know or suspect to exist in his favor at the time
he executes such a release, which if known to him may have materially affected his execution of the release. Being aware of such
statutes, Executive hereby expressly waives and relinquishes any rights or benefits he may have under such statutes, as well as
any other state or federal statutes or common law principles of similar effect, and hereby acknowledges that no claim or cause
of action against any STR Party shall be deemed to be outside the scope of this Release whether mentioned herein or not.

 

     

     

    

 

c.                                                       Executive
hereby acknowledges that he is executing this Release pursuant to the Agreement, and that the compensation and severance
consideration to be provided to Executive pursuant to Sections 4 and 5 of the Agreement is in addition to what he would have
been entitled to receive in the absence of this Release. Executive hereby acknowledges that he is executing this Release
voluntarily and with full knowledge of all relevant information and any and all rights he may have. Executive hereby
acknowledges that he has been advised to consult with an independent attorney of his own choosing in connection with this
Release to explain to him the legal effect of the terms and conditions of this Release and that Executive has consulted such
an attorney for such purpose. Executive acknowledges that he has read this Release in its entirety. Executive further states
that he fully understands the terms of this Release and that the only promises made to him in return for signing this Release
are stated herein and in the Agreement in which this Release is incorporated.  Executive hereby acknowledges that he is
voluntarily and knowingly agreeing to the terms and conditions of this Release without any threats, coercion or duress,
whether economic or otherwise, and that Executive agrees to be bound by the terms of this Release. Executive acknowledges
that he has been given at least twenty-one (21) days to consider this Release, and that if Executive is age forty
(40) or over, Executive understands that he has seven (7) days following his execution of this Release in which to
revoke his agreement to comply with this Release by providing written notice of revocation to the Vice President of Human
Resources of the Company.

 

d.                                                      Executive
further hereby covenants and agrees that this General Release shall be binding in all respects upon himself, his heirs, executors,
administrators, assigns and transferees and all persons claiming under them, and shall inure to the benefit of all of the officers,
directors, agents, employees, stockholders, members and partners and successors in interest of Company, as well as all parents,
subsidiaries, affiliates, related entities and representatives of any of the foregoing persons and entities.

 

e.                                                       Executive
agrees that he will not disparage or materially criticize any STR Parties or make or publish any communication that reflects adversely
upon any of them, including communications concerning the Company itself and its current or former directors, officers, employees
or agents.

 

5.                      If
any provision of this Release is found to be invalid, unenforceable or void for any reason, such provision shall be severed from
the Release and shall not affect the validity or enforceability of the remaining provisions.  This Release shall be interpreted,
enforced and governed by the laws of the State of Connecticut, without regard to the choice of law principles thereof.

 

     

     

    

 

IN WITNESS WHEREOF, I have signed this General Release this
     day of                                                   ,
201    .

 

 

	 	 	By: 	 
	 	 	 	 
	 	 	 	 
	 	 	Name: 	 
	 	 	 	 

 

Subscribed and sworn to before me this     
day of                     ,
201    .

 

 

	 	 	 
	 	 	Notary Public
	 	 	My Commission Expires
	 	 	 	 

 

 

     

     

    

 

SCHEDULE A

 

Applicable Multipliers During Severance Periods

 

	(A) 
 Name/Position	 	(B) 
 Applicable Multiplier 
 (Not During Change 
 in Control Severance 
 Period)	 	(C) 
 Applicable Multiplier 
 (During Change in 
 Control Severance 
 Period)
	Robert Yorgensen/President & Chief Executive Officer	 	 	2.0	 	 	 	2.0Exhibit 4.4

 

THIS NOTE, IS A GLOBAL SECURITY WITHIN THE MEANING OF SECTION 2.05 OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY NAMED BELOW OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CLEARSTREAM BANKING, SOCIÉTÉ ANONYME OR EUROCLEAR BANK S.A./N.V. (EACH A “DEPOSITARY”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF BT GLOBENET NOMINEES LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO BT GLOBENET NOMINEES LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, BT GLOBENET NOMINEES LIMITED, HAS AN INTEREST HEREIN.

 

THE COCA-COLA COMPANY

 

Floating Rate Notes due 2019

 

	
No.
    	
€
    

 

CUSIP No. 191216 CB4

ISIN No.  XS1574667124

Common Code: 157466712

 

THE COCA-COLA COMPANY, a Delaware corporation (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to BT GLOBENET NOMINEES LIMITED (as nominee of the Depositary), or its registered assigns, the principal sum of                     Euros (€                      ) on March 8, 2019 and to pay interest thereon from March 9, 2017, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on March 8, June 8, September 8 and December 8 in each year, commencing June 8, 2017 at a floating rate per annum, reset quarterly on each of March 8, June 8, September 8 and December 8 of each year (each such date, a “Floating Rate Interest Reset Date”), and will be determined for the initial Floating Rate Interest Period on March 7, 2017, equal to the Applicable

 

 

EURIBOR Rate plus 25 basis points, as calculated by the Calculation Agent, subject to the maximum interest rate permitted by New York law or other applicable state law, as such law may be modified by United States law of general applicability, until the principal hereof is paid or made available for payment (the “Floating Rate Principal Payment Date”); provided, however that in no event shall the interest rate hereunder be less than zero. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th calendar day (whether or not a Business Day) preceding the respective Interest Payment Date. Any such interest which is payable but is not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this Series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this Series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

As set forth herein, the Company will pay additional interest on this Security in certain circumstances.

 

If any Floating Rate Interest Reset Date and Interest Payment Date would otherwise be a day that is not a EURIBOR Business Day, such Floating Rate Interest Reset Date and Interest Payment Date shall be the next succeeding EURIBOR Business Day, unless the next succeeding EURIBOR Business Day is in the next succeeding calendar month, in which case such Floating Rate Interest Reset Date and Interest Payment Date shall be the immediately preceding EURIBOR Business Day.

 

The term “EURIBOR Business Day” means any day that is not a Saturday or Sunday and that, in the City of New York or the City of London, is not a day on which banking institutions are generally authorized or obligated by law to close, and is a day on which the TARGET System, or any successor thereto, operates.

 

The term “Floating Rate Interest Period” means the period from and including a Floating Rate Interest Reset Date (or, in the case of the first such period, March 9, 2017) to but excluding the next succeeding Floating Rate Interest Reset Date and, in the case of the last such period, from and including the Floating Rate Interest Reset Date immediately preceding the Floating Rate Maturity Date or Floating Rate Principal Payment Date, as the case may be, to but not including such Floating Rate Maturity Date or Floating Rate Principal Payment Date, as the case may be. If the Floating Rate Principal Payment Date or Floating Rate Maturity Date is not a EURIBOR Business Day, then the principal amount of the Securities of this Series plus accrued and unpaid interest thereon shall be paid on the next succeeding EURIBOR Business Day and no interest shall accrue for the Floating Rate Maturity Date, Floating Rate Principal Payment Date or any day thereafter.

 

 

The “Applicable EURIBOR Rate” shall mean the rate determined in accordance with the following provisions:

 

(1)         Two prior TARGET days (as defined below) on which dealings in deposits in Euros are transacted in the Euro-zone interbank market preceding each Floating Rate Interest Reset Date (each such date, an “Interest Determination Date”), Deutsche Bank AG, London Branch (the “Calculation Agent”), as agent for the Company, will determine the Applicable EURIBOR Rate which shall be the rate for deposits in Euro having a maturity of three months commencing on the first day of the applicable interest period that appears on the Reuters Screen EURIBOR01 Page as of 11:00 a.m., Brussels time, on such Interest Determination Date. “Reuters Screen EURIBOR01 Page” means the display designated on page “EURIBOR01” on Reuters (or such other page as may replace the EURIBOR01 page on that service or any successor service for the purpose of displaying Euro-zone interbank offered rates for Euro-denominated deposits of major banks). If the Applicable EURIBOR Rate on such Interest Determination Date does not appear on the Reuters Screen EURIBOR01 Page, the Applicable EURIBOR Rate will be determined as described in (2) below. “Target day” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System is operating.

 

(2)         With respect to an Interest Determination Date for which the Applicable EURIBOR Rate does not appear on the Reuters Screen EURIBOR01 Page as specified in (1) above, the Applicable EURIBOR Rate will be determined on the basis of the rates at which deposits in Euro are offered by four major banks in the Euro-zone interbank market selected by the Company (the “Reference Banks”) at approximately 11:00 a.m., Brussels time, on such Interest Determination Date to prime banks in the Euro-zone interbank market having a maturity of three months, and in a principal amount equal to an amount of not less than €1,000,000 that is representative for a single transaction in such market at such time. We will request the principal Euro-zone office of each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the Applicable EURIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of such quotations. If fewer than two quotations are provided, the Applicable EURIBOR Rate on such Interest Determination Date will be the arithmetic mean (rounded upwards) of the rates quoted by three major banks in the Euro-zone selected by the Company at approximately 11:00 a.m., Brussels time, on such Interest Determination Date for loans in Euro to leading European banks, having a maturity of three months, and in a principal amount equal to an amount of not less than €1,000,000 that is representative for a single transaction in such market at such time; provided, however, that if the banks so selected as aforesaid by the Company are not quoting as mentioned in this sentence, the relevant Floating Interest Rate for the Floating Rate Interest Period commencing on the Floating Rate Interest Reset Date following such Interest Determination Date will be the Floating Interest Rate in effect on such Interest Determination Date (i.e., the same as the rate determined for the immediately preceding Floating Rate Interest Reset Date).

 

The amount of interest for each day that the Securities of this Series are outstanding (the “Daily Interest Amount”) will be calculated by dividing the Floating Interest Rate in effect for

 

 

such day by 360 and multiplying the result by the principal amount of the Securities of this Series (known as the “Actual/360” day count). The amount of interest to be paid on the Securities of this Series for any Floating Rate Interest Period will be calculated by adding the Daily Interest Amounts for each day in such Floating Rate Interest Period.

 

The Floating Interest Rate and amount of interest to be paid on the Securities of this Series for each Floating Rate Interest Period will be determined by the Calculation Agent. The Calculation Agent will, upon the request of any Holder of the Securities of this Series, provide the interest rate at the time of the last Interest Payment Date with respect to the Securities of this Series. All calculations made by the Calculation Agent shall in the absence of manifest error be conclusive for all purposes and binding on the Company and the Holders of the Securities of this Series. So long as the Applicable EURIBOR Rate is required to be determined with respect to the Securities of this Series, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish the Applicable EURIBOR Rate for any Floating Rate Interest Period, or that the Company proposes to remove such Calculation Agent, the Company shall appoint itself or another Person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent.

 

Payment of the principal of and interest on this Security will be made at the office or agency of the Company maintained for that purpose in a location agreed upon between the Company and the Paying Agent; provided, however, that at the option of the Company payment of interest, other than interest at Maturity, or upon redemption, may be made by check drawn upon the Paying Agent and mailed-on or prior to an Interest Payment Date to the address of the Person entitled thereto as such address shall appear in the Securities Register; provided, further, that (1) the Depositary, as Holder of the Securities, or (2) a Holder of more than €5,000,000 in aggregate principal amount of a Series of Securities in definitive form is entitled to require the Paying Agent to make payments of interest, other than interest due at Maturity or upon redemption, by wire transfer of immediately available funds into an account maintained by the Holder in the United States, by sending appropriate wire transfer instructions as long as the Paying Agent receives the instructions not less than ten days prior to the applicable Interest Payment Date. The principal and interest payable on any of the Securities at Maturity, or upon redemption, will be paid by wire transfer of immediately available funds against presentation of a Security at the office of the Transfer Agent and Registrar.

 

All payments on this Security will be payable in Euro. If, however, the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Euro is no longer being used by the then Member States of the European Monetary Union (the “Member States”) that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this Security will be made in U.S. Dollars until the Euro is again available to the Company or so used. In such circumstance, the amount otherwise payable by the Company on any date in Euro will be converted into U.S. Dollars at a rate determined by the Company in good faith. If applicable laws or regulations of the Member States (including official pronouncements applying those laws or regulations) mandated, in the Company’s good faith determination, the use of a specific exchange rate for these purposes, the

 

 

Company will apply the exchange rate so mandated. Any payment in respect of this Security so made in U.S. Dollars will not constitute an Event of Default under this Security or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, directly or through an authenticating agent, by the manual signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 

Dated:

 

	
 
    	
THE COCA-COLA COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Christopher P. Nolan
    
	
 
    	
 
    	
Title:
    	
Vice President and Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Name:
    	
Jennifer Manning
    	
 
    
	
Title:
    	
Secretary
    	
 
    

 

 

(Trustee’s Certificate of Authentication)

 

This is one of the Securities of the Series provided for in the within-mentioned Indenture.

 

 

	
 
    	
Deutsche Bank Trust Company Americas, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    

 

 

[Reverse]

 

This Note (as defined herein) is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Company (herein called the “Securities”), issued and to be issued in one or more Series under an Indenture, dated as of April 26, 1988, as amended and supplemented by that First Supplemental Indenture, dated as of February 24, 1992, and by that Second Supplemental Indenture, dated as of November 1, 2007 (as so amended and supplemented, herein called the “Indenture”), between the Company and Bankers Trust Company (now known as Deutsche Bank Trust Company Americas), 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, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  The Securities may be issued in one or more Series, which different Series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be denominated and bear interest, if any, in Dollars or in a Foreign Currency, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any), may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided. This Security is one of a Series of Securities of the Company designated as set forth on the face hereof (herein called the “Notes”), limited in aggregate principal amount to €                   .

 

No sinking fund is provided for the Notes.

 

In the event of a deposit or withdrawal of an interest in this Note, including an exchange, redemption or transfer of this Note in part only, the Trustee or its designee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the rules and procedures of Euroclear and Clearstream applicable to, and as in effect at the time of, such transaction.

 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of, and accrued interest on, the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of such principal of and interest, if any, on the Notes shall terminate. The Holders shall have such other rights and remedies after the occurrence and during the continuance of an Event of Default as set forth in the Indenture.

 

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 Notes of each Series under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding of each Series to be affected by such amendment or modification. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each Series at the time outstanding, on

 

 

behalf of the Holders of all Notes 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 Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note 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 Note. The Indenture contains provisions setting forth certain conditions to the institution of proceedings by Holders of Notes with respect to the Indenture or for any remedy under the Indenture. Section 12.01(a) of the Indenture also contains provisions applicable to the Notes relating to the Company’s ability to discharge its obligations with respect to the Notes and under the Indenture with respect to the Notes, upon the deposit of money, German government securities or other government obligations, in an amount sufficient to pay and discharge the principal of and interest on the Notes to the Maturity of the Note, in certain specified circumstances. The defeasance provisions described in Section 12.01(b) of the Indenture will not be applicable to the Notes.  The lien and sale and lease back provisions described in Sections 5.03 and 5.04 of the Indenture will not be applicable to the Notes.

 

Subject to the next preceding sentence hereof, no reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

This Note is exchangeable for definitive Notes only if (1) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Note and the Company does not appoint a successor Depositary within 90 days after receiving that notice or becoming aware that the Depositary is no longer registered or (2) the Company executes and delivers to the Trustee a Company Order that this Note shall be so exchangeable.  In such case, this Note shall be exchangeable into definitive Notes issuable only in denominations of €100,000 and integral multiples of €1,000 in excess thereof.  No definitive Notes shall be issuable in denominations of less than €100,000.  If this Note is exchanged pursuant to the preceding sentences, it shall be exchangeable for definitive Notes at the office of the Transfer Agent and Registrar, currently located at Deutsche Bank Trust Company Americas, 60 Wall Street, 16th Floor, New York, New York 10005, registered in the name or names that the Depositary gives to the Trustee, bearing interest at the same rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms in registered form and of differing denominations aggregating a like amount.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Securities Register, upon surrender of this Note for registration of transfer at the office or agency of the Transfer Agent and Registrar, currently located at Deutsche Bank Trust Company Americas, 60 Wall Street, 16th Floor, New York, New York 10005, or at any other office or agency of the Company where the principal of and interest on this Note are payable, duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Transfer Agent and Registrar, duly executed, by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the

 

 

designated transferee or transferees.

 

The Notes are issuable only in registered form without coupons and only in minimum denominations of €100,000 and any integral multiple of €1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holder surrendering the same.

 

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

 

The Company may not redeem the Notes prior to the Maturity Date, except in the case of certain tax events described herein.

 

The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts as are necessary in order that the net payment by the Company of the principal of and interest on the Notes to a Holder who is not a United States Person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:

 

(1)                     to any tax, assessment or other governmental charge that is imposed by reason of the holder (or the beneficial owner for whose benefit such holder holds such note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

 

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

 

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

 

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

 

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

 

 

(e) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

 

(2)                     to any holder that is not the sole beneficial owner of the notes, or a portion of the notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; and

 

(3)                     to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge.

 

This Note is subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to this Note. Except as specifically provided above, no payment will be required for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political subdivision.

 

If the Company is required to pay any additional amounts as described above with respect to the Notes, the Company will notify the Trustee and the Paying Agent pursuant to an Officer’s Certificate that specifies the additional amounts payable and when the additional amounts are payable.  If the Trustee and the Paying Agent do not receive such an Officer’s Certificate from the Company, the Trustee and the Paying Agent may rely on the absence of such an Officer’s Certificate in assuming that no such additional amounts are payable.

 

The term “United States” means the United States of America, the states of the United States, and the District of Columbia, and the term “United States Person” means any individual who is a citizen or resident of the United States for United States federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.

 

To the extent permitted by law, the Company will maintain a paying agent that will not require withholding or deduction of tax pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such European Council Directive.

 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation

 

 

of such laws, regulations or rulings, which change or amendment is announced or becomes effective on or after March 9, 2017, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described above with respect to the Notes, then the Company may at any time at the Company’s option redeem, in whole, but not in part, the Notes on not less than 30 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to 100% of their principal amount plus accrued and unpaid interest on the Notes to the Redemption Date.

 

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, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The Notes are governed by the laws of the State of New York.

 

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription of the face of this Note, 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 entireties (Cust)
    
	
JT TEN
    	
-
    	
As joint tenants with right of survivorship and not as tenants in   common
    
	
UNIF GIFT MIN ACT
    	
-
    	
                                                  Custodian
    
	
 
    	
 
    	
                                                                           (Minor)
    
	
 
    	
 
    	
Under Uniform Gifts to Minors Act
    
	
 
    	
 
    	
                                                                                  (State)
    

 

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

 

 

FORM OF ASSIGNMENT

 

For value received                                       hereby sell(s), assign(s) and transfer(s) unto                                             (Please insert social security or other identifying number of assignee) the within Note, and hereby irrevocably constitutes and appoints          as attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.

 

 

Dated:

	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Signature(s)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Signature(s) must be guaranteed by an Eligible Guarantor   Institution with membership in an approved signature guarantee program   pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.
    

 

14

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