Document:

Exhibit 4.4

 

IMPORTANT:  PLEASE READ CAREFULLY BEFORE SIGNING.

SIGNIFICANT REPRESENTATIONS ARE
CALLED FOR HEREIN.

 

SUBSCRIPTION AGREEMENT

and

LETTER OF INVESTMENT INTENT

 

Mauna Kea Enterprises, Inc.

2401 Broadway Street

Boulder, CO  80304

 

Gentlemen:

 

                The undersigned (the “Subscriber”)
hereby tenders this subscription for the purchase of the number of shares of
common stock, no par value per share (“Common Stock” or “Securities”),
of Mauna Kea Enterprises, Inc., dba CrowdFunder (the “Company”).  The Subscriber understands that a
subscription for the Securities may be rejected for any reason and that, in the
event that this subscription is rejected, the funds delivered herewith will be
promptly returned, without interest thereon or deduction therefrom.  By execution below, the Subscriber
acknowledges that the Company is relying upon the accuracy and completeness of
the representations contained herein in complying with their obligations under
applicable securities laws.

 

                1.             Subscription Commitment.  The Subscriber hereby commits to subscribe
for the purchase of the number of Securities and at such times as specified
below and, as full payment therefor, agrees to pay in cash, the amount set
forth below by check made payable to the Company or by wire transfer to the
Company’s bank account.

 

                (a)           45,872 share of Common Stock at $0.2725 per share for an
aggregate of $12,500 upon acceptance by the Company of this subscription.

 

                (b)           30,582 share of Common Stock at $0.2725 per share for an
aggregate of $8,333 at such time that the Securities and Exchange Commission
has informed the Company that is has no further comments to the Company’s
registration statement on Form SB-2 filed on December 7, 2007.

 

                The Subscriber understands that
this subscription is not binding on the Company until accepted by the Company,
which acceptance is at the discretion of the Company and is to be evidenced by
the Company’s execution of this Subscription Agreement where indicated.

 

                2.             Representations and Warranties.  In order to induce the Company to accept this
subscription, the Subscriber hereby represents and warrants to, and covenants
with, the Company as follows:

 

                (a)           The Subscriber been given access to full and complete
information regarding the Company and has utilized such access to the
Subscriber’s satisfaction for the purpose of obtaining such information
regarding the Company as the Subscriber has reasonably requested; and,
particularly, the Subscriber has been given reasonable opportunity to ask
questions of, and receive answers from, representatives of the Company
concerning the terms and conditions of the offering of the Securities and to
obtain any additional information, to the extent reasonably available;

 

 

                (b)           The Subscriber acknowledges and agrees that no
representations or warranties have been made to the Subscriber by the Company,
any selling agent of the Company, or any agent, employee, or affiliate of the
Company or such selling agent.

 

                (c)           The Subscriber believes that an investment in the
securities is suitable for the Subscriber based upon the Subscriber investment
objectives and financial needs.  The
Subscriber (i) has adequate means for providing for the Subscriber’s
current financial needs and personal contingencies; (ii) has no need for
liquidity in this investment; (iii) at the present time, can afford a
complete loss of such investment; and (iv) does not have an overall
commitment to investments which are not readily marketable that is
disproportionate to the Subscriber’s net worth, and the Subscriber’s investment
in the Securities will not cause such overall commitment to become excessive.

 

                (d)           The Subscriber, in reaching a decision to subscribe, has
such knowledge and experience in financial and business matters that the
Subscriber  is capable of reading and interpreting
financial statements and evaluating the merits and risk of an investment in the
Securities and has the net worth to undertake such risks.

 

                (e)           The Subscriber was not offered or sold the Securities,
directly or indirectly, by means of any form of general advertising or general
solicitation, including, but not limited to, the following:  (1) any advertisement, article, notice
or other communication published in any newspaper, magazine, or similar medium
of or broadcast over television or radio; or (2) to the knowledge of the
undersigned, any seminar or meeting whose attendees had been invited by any
general solicitation or general advertising.

 

                (f)            The Subscriber has obtained, to the extent the Subscriber
deems necessary, the Subscriber’s own personal professional advice with respect
to the risks inherent in the investment in the securities, and the suitability
of an investment in the Securities in light of the Subscriber’s financial
condition and investment needs;

 

                (g)           The information contained in this agreement is true,
complete and correct in all material respects as of the date hereof; the
Subscriber understands that the Company’s determination that the exemption from
the registration provisions of the Securities Act of 1933, as amended (the “Act”),
which is based upon non-public offerings and applicable to the offer and sale
of the Securities, is based, in part, upon the representations, warranties, and
agreements made by the Subscriber herein; and the Subscriber consents to the
disclosure of any such information, and any other information furnished to the
Company, to any governmental authority, self-regulatory organization, or, to
the extent required by law, to any other person.

 

                (h)           The Subscriber realizes that (i) the purchase of the
Securities is a long-term investment; (ii) the purchaser of the Securities
must bear the economic risk of investment for an indefinite period of time
because the Securities have not been registered under the Securities Act of
1933 or under the securities laws of any state and, therefore, the Securities
cannot be resold unless they are subsequently registered under said laws or
exemptions from such registrations are available;  (iii) there is presently no public
market for the Securities and the Subscriber may be unable to liquidate the
Subscriber’s investment in the event of an emergency, or pledge the Securities
as collateral for a loan; and (iv) the transferability of the Securities
is restricted and (A) requires conformity with the restrictions contained
in paragraph 2 below and (B) legends will be placed on the certificate(s) representing
the Securities referring to the applicable restrictions on transferability; and

 

                (i)            The Subscriber certifies, under penalties of perjury,
that the Subscriber is NOT subject to the backup withholding provisions of Section 3406(a)(i)(C) of
the Internal Revenue Code.

 

2

 

                (j)            Stop transfer instructions will be placed with the
transfer agent for the Securities, and a legend may be placed on any
certificate representing the Securities substantially to the following effect:

 

THIS SECURITY HAS NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), IN RELIANCE UPON THE EXEMPTIONS FROM REGISTRATION PROVIDED IN THE
ACT AND REGULATION D UNDER THE ACT.  AS
SUCH, THE PURCHASE OF THIS SECURITY WAS NECESSARILY WITH THE INTENT OF
INVESTMENT AND NOT WITH A VIEW FOR DISTRIBUTION.  THEREFORE, ANY SUBSEQUENT TRANSFER OF THIS
SECURITY OR ANY INTEREST THEREIN WILL BE UNLAWFUL UNLESS IT IS REGISTERED UNDER
THE ACT OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE. FURTHERMORE, IT
IS UNLAWFUL TO CONSUMMATE A SALE OR TRANSFER OF THIS SECURITY OR ANY INTEREST
THEREIN, WITHOUT THE OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT THE
PROPOSED TRANSFER OR SALE DOES NOT AFFECT THE EXEMPTIONS RELIED UPON BY THE
COMPANY IN ORIGINALLY DISTRIBUTING THE SECURITY AND THAT REGISTRATION IS NOT
REQUIRED.

 

                3.             Restricted Nature of the Securities. The
Subscriber has been advised and understands that (a) the Securities have
not been registered under the Securities Act of 1933 or applicable state
securities laws and that the securities are being offered and sold pursuant to
exemptions from such laws; (b) the offering may not have been filed with
or reviewed by certain state securities administrators because of the limited
nature of the offering; (c) the Company is under no obligation to register
the Securities under the Act or any state securities laws, or to take any
action to make any exemption from any such registration provisions available.
The Subscriber represents and warrants that the Securities are being purchased
for the Subscriber’s own account and for investment purposes only, and without
the intention of reselling or redistributing the same; the Subscriber has made
no agreement with others regarding any of the Securities; and the Subscriber’s
financial condition is such that it is not likely that it will be necessary to
dispose of any of such Securities in the foreseeable future.  The Subscriber is aware that, in the view of
the Securities and Exchange Commission, a purchase of such securities with an
intent to resell by reason of any foreseeable specific contingency or
anticipated change in market value, or any change in the condition of the
Company, or in connection with a contemplated liquidation settlement of any
loan obtained for the acquisition of such securities and for which such
securities were pledged, would represent an intent inconsistent with the
representations set forth above.  The
Subscriber further represents and agrees that if, contrary to the foregoing
intentions, the Subscriber should later desire to dispose of or transfer any of
such securities in any manner, the Subscriber shall not do so unless and until (i) said
Securities shall have first been registered under the Act and all applicable
securities laws; or (ii) the Subscriber shall have first delivered to the
Company a written notice declaring such holder’s intention to effect such
transfer and describe in sufficient detail the manner and circumstances of the
proposed transfer, which notice shall be accompanied either by a written
opinion of legal counsel who shall be reasonably satisfactory to the Company,
which opinion shall be addressed to the Company and reasonably satisfactory in
form and substance to the Company’s counsel, to the effect that the proposed
sale or transfer is exempt from the registration provisions of the Act and all
applicable state securities laws, or by a “no action” letter from the
Securities and Exchange Commission to the effect that the transfer of the
Securities without registration will not result in recommendation by the staff
of the Commission that action be taken with respect thereto.

 

                4.             Residence. 
The Subscriber represents and warrants that the Subscriber is a bona
fide resident of, is domiciled in and received the offer and made the decision
to invest in the Securities in the 

 

3

 

state
set forth on the signature page hereof, and the Securities are being
purchased by the Subscriber in the Subscriber’s name solely for the Subscriber’s
own beneficial interest and not as nominee for, or on behalf of, or for the
beneficial interest of, or with the intention to transfer to, any other person,
trust or organization, except as specifically set forth in paragraph 15 of this
Subscription Agreement and Letter of Investment Intent.

 

                5.             Investor Qualification.  The Subscriber represents and warrants that the
Subscriber or the purchaser of the Securities named in paragraph 15  comes within at least one category marked
below, and that for any category marked the Subscriber has truthfully set forth
the factual basis or reason the Subscriber comes within that category.  ALL INFORMATION IN RESPONSE TO THIS PARAGRAPH
WILL BE KEPT STRICTLY CONFIDENTIAL.  The
Subscriber agrees to furnish any additional information which the Company deems
necessary in order to verify the answers set forth below.

 

	
  Category I

  	
   

  	
  The Subscriber is an individual (not a
  partnership, corporation, etc.) whose individual net worth, or joint net
  worth with the Subscriber’s spouse, presently exceeds $1,000,000.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Explanation. In calculation of net worth the Subscriber
  may include equity in personal property and real estate, including the
  Subscriber’s principal residence, cash, short term investments, stocks and
  securities. Equity in personal property and real estate should be based on
  the fair market value of such property less debt secured by such property.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Category II

  	
   

  	
  The Subscriber is an individual (not a
  partnership, corporation, etc.) who had an individual net income in excess of
  $200,000 in each of the last two years, or joint income with his/her spouse
  in excess of $300,000 in each of the last two years, and has a reasonable
  expectation of reaching the same income level in the current year.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Category III

  	
   

  	
  The Subscriber is an executive officer or
  director of the Company.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Category IV

  	
   

  	
  The Subscriber is a bank; savings and loan;
  insurance company; registered broker or dealer; registered investment
  company; registered business development company; licensed small business
  investment company (“SBIC”); or employee benefit plan within the
  meaning of Title I of ERISA whose plan fiduciary is either a bank, savings
  and loan, insurance company or registered investment advisor or whose total
  assets exceed $5,000,000; or a self-directed employee benefit plan with
  investment decisions made solely by persons that are accredited investors.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (describe entity)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Category V

  	
   

  	
  The Subscriber is a private business
  development company as defined in Section 202(a)(22) of the Investment
  Advisers Act of 1940.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (describe entity)

  

 

4

 

	
  Category VI

  	
   

  	
  The Subscriber is an entity with total assets
  in excess of $5,000,000 which was not formed for the purpose of
  investing in the Securities and which is one of the following:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a corporation; or

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a partnership; or

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a business trust; or

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a tax-exempt organization described in
  Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (describe entity)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Category VII

  	
   

  	
  The Subscriber is a trustee for a trust that
  is revocable by the grantor at any time (including an IRA) and the grantor
  qualifies under either Category I or Category II above. A copy of the
  declaration of trust or trust agreement and a representation as to the net
  worth or income of the grantor is enclosed.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Category VIII

  	
   

  	
  The Subscriber is an entity all the equity
  owners of which are “accredited investors” within one or more of the above
  categories, other than Category IV or Category V. [If
  relying upon this category alone, each equity owner must complete a separate
  copy of this Agreement.]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  (describe entity)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Category IX

  	
   

  	
  The Subscriber is a trust with total assets in
  excess of $5,000,000, not formed for the specific purpose of acquiring the
  Securities, whose purchase is directed by a person who has such knowledge and
  experience in financial and business matters that he is capable of evaluating
  the merits and risks of the prospective investment.

  
						

 

5

 

	
   

  	
  6.

  	
  NASD
  Questionnaire.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  Are
  you a member(1) of the NASD,  a person associated with a member(2) of
  the NASD, or an affiliate of a 

  
	
  member?

  
	
   

  	
   

  	
   

  
	
   

  	
  Yes

  	
   

  	
  No

  
	
   

  	
   

  	
   

  
	
  If
  “Yes,” please list any members of the NASD with whom you are associated or
  affiliated.

  
	
   

  
							

	
   (1)

  	
  The
  NASD defines a “member” as being either any broker or dealer admitted to
  membership in the NASD or any officer or partner of such a member, or the
  executive representative of such a member or the substitute for such
  representative.

  
	
   

  	
   

  	
   

  	
   

  
	
   (2) 

  	
  The
  NASD defines a “person associated with a member” as being every sole
  proprietor, general or limited partner, officer, director or branch manager
  or such member, or any natural person occupying a similar status or
  performing similar functions, or any natural person engaged in the investment
  banking or securities business who is directly or indirectly controlling or
  controlled by such member (for example, any employee), whether or not any
  such person is registered or exempt from registration without the NASD. Thus,
  “person associated with a member” includes a sole proprietor, general or
  limited partner, officer, director or branch manager or an organization of
  any kind (whether a corporation, partnership or other business entity) which
  itself is a “member” or a “person associated with a member.” In addition, an
  organization of any kind is a “person associated with a member” if its sole
  proprietor or anyone of its general or limited partners, officers, director
  or branch managers is a “member” or “person associated with a member.”

  
	
   

  
	
   

  	
  (b)

  	
  If
  you are a corporation, are any of your officers, directors or 5% shareholders
  a member of the NASD, a 

  
	
  person
  associated with a member of the NASD, or an affiliate of a member?

  
	
   

  
	
   

  	
  Yes

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  
	
  If
  “Yes,” please list the name of the respective officer, director, or 5%
  shareholder and any members of the NASD with whom they are associated or
  affiliated.

  
	
   

  
	
   

  
	
   

  
	
   

  	
  7.

  	
  Additional Representations. The undersigned, if other than an
  individual, makes the following additional 

  
	
  representations:

  
	
   

  
	
   

  	
   

  	
  (a)

  	
  The Subscriber was not organized for the
  specific purpose of acquiring the Securities; and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  This Subscription Agreement and Letter of
  Investment Intent has been duly authorized by all necessary 

  
	
  action on the part of the Subscriber, has been
  duly executed by an authorized

  
	
   

  
							

 

6

 

	
  officer or representative
  of the Subscriber, and is a legal, valid and binding obligation of the
  Subscriber enforceable in accordance with its terms.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  8.

  	
  Sophistication. The Subscriber further represents and
  warrants that he has such knowledge and experience in 

  
	
  financial and business
  matters so as to be capable of evaluating the merits and risks of an
  investment in the Securities and protecting the Subscriber’s own interests in
  this transaction, and does not desire to utilize the services of any other
  person in connection with evaluating such merits and risks.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  9.

  	
  Reliance on
  Representations.
  The Subscriber understands the meaning and legal consequences of the
  representations, 

  
	
  warranties, agreements,
  covenants, and confirmations set out above and agrees that the subscription
  made hereby may be accepted in reliance thereon. The Subscriber agrees to
  indemnify and hold harmless the Company and any selling agent (including for
  this purpose their employees, and each person who controls either of them
  within the meaning of Section 20 of the Securities Exchange Act of 1934,
  as amended) from and against any and all loss, damage, liability or expense,
  including reasonable costs and attorney’s fees and disbursements, which the
  Company, or such other persons may incur by reason of, or in connection with,
  any representation or warranty made herein not having been true when made,
  any misrepresentation made by the Subscriber or any failure by the Subscriber
  to fulfill any of the covenants or agreements set forth herein, in the
  Purchaser Questionnaire or in any other document provided by the Subscriber
  to the Company.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  10.

  	
  Transferability and Assignability. Neither this Subscription Agreement
  nor any of the rights of the Subscriber 

  
	
  hereunder may be transferred or assigned by
  the Subscriber. The Subscriber agrees that the Subscriber may not cancel,
  terminate, or revoke this Subscription Agreement or any agreement of the
  Subscriber made hereunder (except as otherwise specifically provided herein)
  and that this Subscription Agreement shall survive the death or disability of
  the Subscriber and shall be binding upon the Subscriber’s heirs, executors,
  administrators, successors, and assigns.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  11.

  	
  Survival. The representations and warranties of the
  Subscriber set forth herein shall survive the sale of the Securities 

  
	
  pursuant to this Subscription Agreement.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  12.

  	
  Notices. All notices or other communications
  hereunder shall be in writing and shall be deemed to have been duly 

  
	
  given if delivered personally or mailed by
  certified or registered mail, return receipt requested, postage prepaid, as
  follows: if to the Subscriber, to the address set forth below; and if to the
  Company to the address at the beginning of this letter, or to such other
  address as the Company or the Subscriber shall have designated to the other
  by like notice.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  13.

  	
  (Applicable to FLORIDA
  residents only.)
  The Subscriber has been informed and recognizes that (a) the Securities 

  
	
  have not been registered under the Florida
  Securities Act, and (b) under Section 517.061(12) of the Florida
  Securities Act, the Subscriber may void the sale of any Securities within
  three (3) days after the tender of this Subscription Agreement and
  payment hereunder to the Company.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  14.

  	
  Counterparts. This Agreement may be executed in one or
  more counterparts, each of which shall be deemed an 

  
	
  original, but all of which together shall
  constitute one and the same document.

  

 

IN NO EVENT WILL THE COMPANY OR ANY OF ITS
AFFILIATES OR THE PROFESSIONAL ADVISORS ENGAGED BY THEM BE LIABLE IF FOR ANY
REASON RESULTS OF OPERATIONS OF THE COMPANY ARE NOT AS PROJECTED IN THE
DOCUMENTS.  INVESTORS MUST LOOK SOLELY
TO, AND RELY ON, THEIR OWN 

 

7

 

ADVISORS WITH RESPECT TO THE TAX CONSEQUENCES OF
INVESTING IN THE SECURITIES.

 

                

	
   

  	
   

  	
  15.

  	
  Title. Manner in Which Title is To Be Held.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Place an “X” in one space below:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (a)

  	
  Individual Ownership

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (b)

  	
  Community Property

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (c)

  	
  Joint Tenant with Right of Survivorship (both
  parties must sign)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (d)

  	
  Partnership

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (e)

  	
  Tenants in Common

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (f)

  	
  Corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (g)

  	
  Trust

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (h)

  	
  Other (Describe):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Please print above the exact
  name(s) in which the Securities are to be held.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  16.

  	
  State of Residence. My state of residence and the state
  in which I received the offer to invest and made the 

  
	
  decision to invest in the Securities is                               .

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  17.

  	
  Date of Birth. My date of birth is:

  	
   

  	
   

  	
   

  
									

 

[SIGNATURE PAGE ON NEXT PAGE]

 

8

 

SIGNATURES

 

The
Subscriber hereby represents he has read this entire Subscription Agreement
dated December 12, 2007.

 

Dated:                                                                                    

 

INDIVIDUAL

 

	
   

  	
   

  	
  Address to Which Correspondence

  
	
   

  	
   

  	
  Should
  be Directed

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature (Individual)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature (All record holders should sign)

  	
   

  	
  City, State and Zip Code

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name(s) Typed or Printed

  	
   

  	
  Tax Identification or Social Security Number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (        )

  
	
   

  	
   

  	
  Telephone Number

  

 

9

 

CORPORATION, PARTNERSHIP, TRUST,
OR OTHER ENTITY

 

	
   

  	
   

  	
  Address to Which Correspondence

  
	
   

  	
   

  	
  Should be Directed

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name of Entity

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  *Signature

  	
   

  	
  City, State and Zip Code

  
	
   

  	
   

  	
   

  
	
  Its:

  	
   

  	
   

  	
   

  
	
   

  	
  Title

  	
   

  	
  Tax Identification or Social Security Number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (        )

  
	
  Name Typed or Printed

  	
   

  	
  Telephone Number

  
					

	
  *If Securities are being subscribed for by an
  entity, the Certificate of Signatory must also be completed.

  

 

CERTIFICATE OF SIGNATORY

 

To be completed if Securities are
being subscribed for by an entity.

 

                I,                                                                                              ,
am the                                                  of

 

                                                                                                                                (the
“Entity”).

 

                I certify that I am empowered
and duly authorized by the Entity to execute and carry out the terms of the
Subscription Agreement and Letter of Investment Intent and to purchase and hold
the Securities, and certify that the Subscription Agreement and Letter of
Investment Intent has been duly and validly executed on behalf of the Entity
and constitutes a legal and binding obligation of the Entity.

 

                IN WITNESS WHEREOF, I have
hereto set may hand this
             day of
              ,
2007.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Signature

  

 

10

 

ACCEPTANCE

 

This
Subscription Agreement is accepted as of                                    ,
2007.

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  MAUNA KEA ENTERPRISES, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Mark Kreloff

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Chief Executive Officer

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Date:

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	 

												

 

11

 

[THE TEXT BELOW IS NOT PART OF THE FORM OF
SUBSCRIPTION AGREEMENT]

 

The
following investors entered into the form of subscription agreement, each for
an equal number of shares of common stock (76,454 shares):

 

Paul
Deslongchamps

EARNCO
MPP (Earnest Mathis, trustee)

Rick
Hayes

Iron
Block Holdings, LLC (Johan Segerdahl, sole member)

Lazzeri
Equity Partners 401k Plan (Robert Lazzeri, trustee)

Chester
Schwartz

 

Each
of the investors has represented that he or it is an accredited investor within
the meaning of Rule 501 promulgated under the Securities Act of 1933, as
amended.

 

Mr. Hayes
is a registered representative and affiliate of Segerdahl & Company, a
registered broker-dealer.

 

Iron
Block Holdings, LLC is a majority owner of Segerdahl & Company, a
registered broker-dealer.

 

Mr. Deslongchamps
is a registered representative and affiliate of Segerdahl & Company, Inc.,
a registered broker-dealer.Exhibit 4.2

 

 

 

 

 

 

ECOLAB
INC.

 

$250,000,000 4.875% Notes due 2015

 

 

 

SUPPLEMENTAL
INDENTURE

 

Dated
as of February 8, 2008

 

to

 

Amended
and Restated Indenture dated as of January 9, 2001

 

 

THE
BANK OF NEW YORK TRUST COMPANY, N.A.

(as
successor in interest to J.P. Morgan Trust Company, National Association,

and
Bank One, National Association),

Trustee

 

 

 

 

 

 

 

 

 

 

 

This SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”) dated as of February 8,
2008, to the Amended and Restated Indenture (the “Existing Indenture”)
of January 9, 2001, between ECOLAB INC., a Delaware corporation (the “Company”),
and THE BANK OF NEW YORK TRUST COMPANY, N.A., (as successor in
interest to J.P. Morgan
Trust Company, National Association, and Bank One, National Association), as trustee (the “Trustee”) (the
Existing Indenture as supplemented by this Supplemental Indenture, the “Indenture”).

RECITALS

 

WHEREAS, the Company and
the Trustee have heretofore executed and delivered the Existing Indenture to
provide for the issuance of the Company’s debt securities in one or more
series;

 

WHEREAS, Sections 2.1,
2.3 and 8.1 of the Existing Indenture provide, among other things, that the
Company and the Trustee may, without the consent of Holders, enter into
indentures supplemental to the Existing Indenture to provide for specific terms
applicable to any series of notes and to add to the covenants of the Company
for the benefit of the Holders of each series of notes (and if such covenants
are to be for the benefit of less than all series of notes, stating that such
covenants are expressly being included solely for the benefit of such series);

 

WHEREAS, the Company
desires to provide for the issuance of a new series of debt securities to be
designated as the “4.875% Notes due 2015” (the “Notes”), and to set
forth the terms that will be applicable thereto and the forms thereof; and

 

WHEREAS, all action on
the part of the Company necessary to make this Supplemental Indenture a valid
agreement of the Company and to authorize the issuance of the Notes under the
Indenture (as supplemented hereby) has been duly taken;

 

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

 

ARTICLE I

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION OF NOTES

 

Section 1.01 Application of this Supplemental
Indenture.

 

                                                Notwithstanding any other provision of
this Supplemental Indenture, pursuant to Section 8.1(d) of the
Existing Indenture, the provisions of this Supplemental Indenture, including
the covenants set forth herein, are expressly being included solely for the
benefit of the Holders of the Notes.  The
Notes constitute a series of notes as provided in Section 2.3 of the
Existing Indenture.

 

1

 

Section 1.02 Designation and Amount of Notes.

 

The Notes shall be known
and designated as the “4.875% Notes due 2015” and shall be unsecured and
unsubordinated Obligations of the Company. The initial maximum aggregate
principal amount of Notes that may be authenticated and delivered under this
Supplemental Indenture shall not exceed $250,000,000 except for Notes
authenticated and delivered upon registration or transfer of, or in exchange
for, or in lieu of, Notes pursuant to Sections 2.8, 2.9, 2.11 and 12.3 of the
Existing Indenture. Notwithstanding the foregoing, the Company may from time to
time, without giving notice to or seeking the consent of the Holders of the
Notes, issue debt securities having the same terms (except for the issue date,
the public offering price and the first Interest Payment Date) and ranking
equally and ratably with the Notes (“Additional Notes”).  The Notes and the Additional Notes shall together
constitute one series for purposes of the Existing Indenture and this
Supplemental Indenture, including, without limitation, waivers, amendments,
redemptions and offers to purchase.

 

Section 1.03 Terms; Denominations; Form of
Security.

 

(a) The Notes are
issuable in fully registered form as Registered Global Securities  without coupons, in denominations of $2,000
or any amount in excess thereof which is an integral multiple of $1,000, and shall be in
substantially the form of Exhibit A hereto.  The Depository Trust Company shall act as
Depositary for the Notes. 
Notwithstanding the foregoing, the Notes shall be issued as Registered
Securities in definitive form to each person that the Depositary identifies as
the beneficial owner of the Notes represented by the Registered Global
Securities upon surrender by the Depositary of the Registered Global Security
if:

 

(i)                                     the Depositary
notifies us that it is no longer willing or able to act as a depositary for
such Registered Global Security or ceases to be a clearing agency registered
under the Exchange Act, and the Company shall not have appointed a successor
Depositary within 90 days of that notice or becoming aware that the
Depositary is no longer so registered;

 

(ii)                                  an event of
default has occurred and is continuing, and the Depositary requests the
issuance of certificated notes; or

 

(iii)                               the Company
determines not to have the Notes represented by a Registered Global Security.

 

(b)                                 The terms and provisions contained in the
form of Note attached hereto as Exhibit A shall constitute, and are hereby
expressly made, a part of this Supplemental Indenture and the Company, by its
execution and delivery of this Supplemental Indenture, expressly agrees to such
terms and provisions and to be bound thereto. Any of the Notes may have such
letters, numbers or other marks of identification and such notations, legends
and endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and are not inconsistent
with the provisions of the Indenture (and which do not affect the rights,
duties or immunities of the Trustee), or as may be required to comply with any
law or with any 

 

 

2

 

rule or
regulation made pursuant thereto or with any rule or regulation of any
securities exchange or automated quotation system on which the Notes may be
listed.

 

Section 1.04 Payment of Principal and Interest.

 

(a)           The
Notes shall mature, and the principal of the Notes shall be due and payable in
U.S. Dollars to the Holders thereof, together with all accrued and unpaid
interest thereon, on February 15, 2015 (the Stated Maturity of principal
of the Notes).

 

(b)                                 The Notes shall bear interest at 4.875%
per annum from and including February 8, 2008, or from the most recent
Interest Payment Date on which interest has been paid or provided for until the
principal thereof becomes due and payable, and on any overdue principal and (to
the extent that payment of such interest is enforceable under applicable law)
on any overdue installment of interest at the same rate per annum.  Interest shall be calculated on the basis of
a 360-day year comprised of twelve 30-day months.  Interest on the Notes shall be payable
semi-annually in arrears in U.S. Dollars on February 15 and August 15 of each year, commencing on August 15,
2008 (the Interest Payment Dates with respect to the Notes).  Payments of interest shall be made to the
Person in whose name a Note (or predecessor Note) is registered (which shall
initially be the Depositary) at the close of business on the February 1 or
August 1, as the case may be, next preceding such Interest Payment Date
(the Regular Record Date with respect to the Notes).

 

(c)                                  For so long as the Notes are represented
by one or more Registered Global Securities, all payments of principal and
interest shall be made by the Company by wire transfer of immediately available
funds in U.S. Dollars to the Depositary or its nominee, as the case may be, as
the registered owner of the Registered Global Securities representing such
Notes. In the event that definitive Notes shall have been issued, all payments
of principal and interest shall be made by the Company by wire transfer of
immediately available funds in U.S. Dollars to the accounts of the registered
Holders thereof; provided, that
the Company may elect to make such payments at the office of the Paying Agent
in The City of New York; and provided
further, that the Company may at
its option pay interest by check to the registered address of each Holder of a
definitive Note.

 

(d)                                 The Notes shall trade in the Depositary’s
Same-Day Funds Settlement System until Stated Maturity (or until they are
subject to acceleration pursuant to Article V of the Existing Indenture)
and secondary market trading activity in the Notes may be required by the
Depositary to settle in immediately available funds.

 

(e)                                  The Notes are subject to redemption by
the Company in whole or in part in the manner described herein.

 

Section 1.05 Security Registrar and Paying Agent.

 

The Company hereby initially appoints the Trustee as
Paying Agent and Security Registrar for the Notes.  The Company may change the Paying Agent and
Security Registrar 

 

 

3

 

without prior
notice to the Holders of the Notes, and the Company or any of its domestically
incorporated Restricted Subsidiaries may act as Paying Agent or Security
Registrar.

 

Section 1.06 Sinking Fund.

 

                The Notes are not
subject to any sinking fund.

 

Section 1.07 Defeasance and Covenant Defeasance.

 

The defeasance and covenant defeasance provisions of
Article Ten of the Existing Indenture will apply to the Notes.

 

Section 1.08 Tax Matters.

 

The Company will not pay additional amount on the
Notes held by Non-U.S. Persons in respect of any tax, assessment or
governmental change withheld or deducted.

 

ARTICLE II

DEFINITIONS

 

Section 2.01 Definitions.

 

(a)           All
capitalized terms used herein and not otherwise defined below shall have the
meanings ascribed thereto in the Existing Indenture.

 

(b)                                 The following are definitions used in
this Supplemental Indenture and to the extent that a term is defined both
herein and in the Existing Indenture, the definition in this Supplemental
Indenture shall govern with respect to the Notes.

 

“Attributable Debt” in
respect of a Sale and Leaseback Transaction means, as of any particular time,
the present value (discounted at the rate of interest implicit in the terms of
the lease involved in the Sale and Leaseback Transaction, as determined in good
faith by the Company) of the obligation of the lessee thereunder for net rental
payments (excluding, however, any amounts required to be paid by such lessee,
whether or not designated as rent or additional rent, on account of maintenance
and repairs, services, insurance, taxes, assessments, water rates and similar
charges or any amounts required to be paid by such lessee thereunder contingent
upon monetary inflation or the amount of sales, maintenance and repairs,
insurance, taxes, assessments, water rates or similar charges) during the
remaining term of such lease (including any period for which such lease has
been extended or may, at the option of the lessor, be extended).

 

“Below Investment Grade
Rating Event” means the rating on the Notes is lowered by each of the Rating
Agencies and the Notes are rated below Investment Grade by each of the Rating
Agencies on any day within the 60-day period (which 60-day period will be
extended so long as the rating of the Notes is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies) after the
earlier of (1) the occurrence of a Change of Control and (2) public
notice of the occurrence of a Change of Control or the Company’s 

 

 

4

 

intention to effect a
Change of Control; provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be
deemed to have occurred in respect of a particular Change of Control (and thus
shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Triggering Event) if the Rating Agencies making
the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Trustee in writing at its request
that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, the
applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Below Investment Grade Rating Event).

 

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

 

(1)                                  the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the
Company’s assets and those of its Subsidiaries, taken as a whole, to any
person, other than the Company or one of its Subsidiaries;

 

(2)                                  the first day on which a majority of the
members of the Company’s Board of Directors are not Continuing Directors; or

 

(3)                                  the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of
which is that any person, other than the Company or one or more of its
Wholly-Owned Subsidiaries, becomes the beneficial owner, directly or
indirectly, of more than 50% of the then outstanding number of shares of the
Company’s Voting Stock.

 

Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control
if (1) the Company becomes a direct or indirect Wholly-Owned Subsidiary of
a holding company and (2)(A) the direct or indirect holders of the Voting
Stock of such holding company immediately following that transaction are substantially
the same as the holders of the Company’s Voting Stock immediately prior to that
transaction or (B) immediately following that transaction no person (other
than a holding company satisfying the requirements of this sentence) is the
beneficial owner, directly or indirectly of more than 50% of the Voting Stock
of such holding company.

 

The term “person,”
as used in this definition, has the meaning given thereto in Section 13(d)(3) of
the Exchange Act.

 

        “Change
of Control Triggering Event” means the occurrence of both a Change of Control
and a Below Investment Grade Rating Event.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation
Agent as having a maturity comparable to the remaining term (as measured from
the date of redemption) of the Notes to be redeemed that would be utilized, at
the time of selection 

 

 

5

 

and in accordance with
customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of such Notes.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (i) the average of four
Reference Treasury Dealer Quotations for such Redemption Date, after excluding
the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if
the Quotation Agent obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations, or (iii) if only one
Reference Treasury Dealer Quotation is received, such quotation.

 

“Consolidated Net
Tangible Assets” means the aggregate amount of assets (less applicable reserves
and other properly deductible items) of the Company and its Restricted
Subsidiaries after deducting therefrom (a) all goodwill, tradenames,
trademarks, patents, unamortized debt discount and expense and other like
intangibles and (b) all current liabilities (excluding any current
liabilities for money borrowed having a maturity of less than 12 months
but by its terms being renewable or extendible beyond 12 months from such
date at the option of the borrower), all as reflected in the Company’s latest
audited consolidated balance sheet contained in the Company’s most recent
annual report to its stockholders prior to the time as of which “Consolidated
Net Tangible Assets” shall be determined.

 

“Continuing Director”
means, as of any date of determination, any member of the Company’s Board of
Directors who (1) was a member of the Company’s Board of Directors on February 8,
2008; or (2) was nominated for election, elected or appointed to the
Company’s Board of Directors with the approval of a majority of the Continuing
Directors who were members of the Company’s Board of Directors at the time of
such nomination, election or appointment (either by a specific vote or by
approval of the Company’s proxy statement in which such member was named as a
nominee for election as a director).

 

“Investment Grade” means
a rating of Baa3 or better by Moody’s (or its equivalent under any successor
rating categories of Moody’s) and a rating of BBB- or better by S&P (or its
equivalent under any successor rating categories of S&P) or the equivalent
investment grade credit rating from any additional Rating Agency or Rating
Agencies selected by the Company.

 

“Moody’s” means Moody’s
Investors Service Inc., a subsidiary of Moody’s Corporation, and its
successors.

 

“Operating Property”
means any manufacturing or processing plant, warehouse or distribution center,
together with the land upon which it is situated located within the United
States or in Canada and owned and operated as of the date of this Supplemental
Indenture or thereafter by the Company or any Restricted Subsidiary and having
a net book value on the date as of which the determination is being made of
more than 1.0% of Consolidated Net Tangible Assets other than property which,
in the opinion of the Board of Directors of the Company, is not of material
importance to the total business conducted by the Company and its Restricted
Subsidiaries taken as a whole.

 

“Quotation Agent” means
any Reference Treasury Dealer appointed by the Company.

 

 

6

 

“Rating Agency” means (1) each
of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to
rate the notes or fails to make a rating of the notes publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act, selected by the Company as a replacement agency for Moody’s
or S&P, or both, as the case may be.

 

“Reference Treasury
Dealer” means (i) each of Citigroup Global Markets Inc., Credit
Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. (or their
respective affiliates that are Primary Treasury Dealers) and their respective
successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in New York City (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury
Dealer, and (ii) any other Primary Treasury Dealer selected by the
Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any Redemption Date, the average, as determined by the Company, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the
third business day preceding such Redemption Date.

 

“Restricted Subsidiaries”
means all Subsidiaries other than Unrestricted Subsidiaries.

 

“S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

 

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

 

“Unrestricted
Subsidiaries” means (1) any Subsidiary substantially all of whose physical
properties are located, or substantially all of whose business is carried on,
outside the United States and Canada, (2) any finance Subsidiary and (3) any
Subsidiary of an Unrestricted Subsidiary. In addition, the Board of Directors
may designate any other Subsidiary of the Company (including any newly acquired
or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such
Subsidiary owns any capital stock of, or owns or holds any mortgage on any
Operating Property of, the Company or any Restricted Subsidiary of the Company;
provided that the Subsidiary to be so designated has total assets at the time of
such designation of $5 million or less.

 

“Voting Stock” of any
specified person as of any date means the capital stock of such person that is
at the time entitled to vote generally in the election of the board of
directors of such person.

 

 

7

 

“Wholly-Owned Subsidiary”
of any specified Person means a Subsidiary all of whose Voting Stock is owned
by the Company or a Wholly-Owned Subsidiary, the accounts of which are
consolidated with those of the Company in its consolidated financial
statements.

 

Section 2.02 Other Definitions.

 

	
  Term

  	
   

  	
  Defined in Section

  
	
   

  	
   

  	
   

  
	
  “Additional Notes”

  	
   

  	
  1.03

  
	
  “Debt”

  	
   

  	
  5.01

  
	
  “mortgage”

  	
   

  	
  5.01

  

 

ARTICLE III

OPTIONAL REDEMPTION

 

The Notes are subject to redemption at any time or from time to time,
in whole or in part, at the Company’s option at a Redemption Price equal to the
greater of:

 

(i)                                     100% of the principal amount of the Notes
to be redeemed on the Redemption Date; and

 

(ii)                                  as determined by the Quotation Agent, the
sum of the present values of the remaining scheduled payments of principal and
interest on the Notes to be redeemed on that Redemption Date (not including any
portion of those payments of interest accrued as of the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis
points,

 

plus, in each case,
accrued and unpaid interest to the Redemption Date. Notwithstanding the
foregoing, installments of interest on the Notes that are due and payable on
Interest Payment Dates falling on or prior to a Redemption Date will be payable
on the Interest Payment Date to the registered holders as of the close of
business on the relevant Regular Record Date according to the Notes and the
Indenture.

 

Except as otherwise set
forth in this Article III, the terms and conditions upon which and the
manner in which the Notes may be redeemed by the Company pursuant to this Article III
are governed by the provisions of Article XII of the Existing Indenture;
provided, however, that Section 12.5 of Article XII of the Existing
Indenture shall not apply to the Notes.

 

 

 

8

 

ARTICLE IV

 

CHANGE OF CONTROL

 

Section 4.01 Change of Control.

 

(a)                                  Upon the occurrence of a Change of
Control Triggering Event, unless all Notes have been called for redemption
pursuant to Article III hereof, each Holder of Notes shall have the right
to require the Company to repurchase all or any part (equal to $1,000 or an
integral multiple of $1,000 in excess thereof) of such Holder’s Notes at an
offer price in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus any accrued and unpaid interest on the notes repurchased to
the date of repurchase (the “Change of Control Payment”).

 

(b)                                 Within 30 days following any Change of
Control Triggering Event or, at the Company’s option, prior to any proposed
Change of Control, but after the public announcement of the proposed Change of
Control, the Company shall mail, or cause to be mailed, a notice (a “Change in
Control Offer”) to each Holder, with a copy to the Trustee, describing the
transaction or transactions that constitute or may constitute the Change of
Control Triggering Event and specifying

 

(i)                                     that the Change
of Control Offer is being made pursuant to this Section 4.01 and that all
Notes tendered will be accepted for payment;

 

(ii)                                  the Change of
Control Payment and the purchase date, which shall be a Business Day no earlier
than 30 days and no later than 60 days from the date such notice is mailed (the
“Change of Control Payment Date”);

 

(iii)                               the CUSIP
numbers for the Notes;

 

(iv)                              that any Note
not tendered will continue to accrue interest;

 

(v)                                 that, unless
the Company defaults in the payment of the Change of Control Payment, all Notes
accepted for payment pursuant to the Change of Control Offer will cease to
accrue interest after the Change of Control Payment Date;

 

(vi)                              that Holders
electing to have any Notes purchased pursuant to a Change of Control Offer will
be required to surrender such Notes to the Paying Agent at the address
specified in the notice prior to the close of business on the third Business
Day preceding the Change of Control Payment Date;

 

(vii)                           that Holders
will be entitled to withdraw their election referred to in clause (vi) if
the Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a facsimile
transmission or letter setting forth the name of the Holder, the principal
amount of Notes delivered for purchase, and a statement that such Holder is
withdrawing his election to have the Notes purchased;

 

9

 

(viii)        that Holders whose Notes are being
purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion
will be equal to $2,000 in principal amount or an integral multiple of $1,000
in excess thereof; and

 

(ix)           if the notice is mailed prior to the date of consummation
of the Change of Control, that the Change of Control Offer is conditioned on
the Change of Control Triggering Event occurring on or prior to the payment
date specified in the notice.

 

(c)           The Company shall cause the Change of
Control Offer to remain open for at least 20 Business Days or such period as is
required by applicable law. The Company shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change in Control Triggering Event. To
the extent that the provisions of any securities laws or regulations conflict
with the provisions of this Section 4.01, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have
breached its obligations under this Section 4.01 by virtue of such
conflict.

 

(d)           On the Change of Control Payment Date, the Company
will, to the extent lawful:

 

(i)            accept for payment all Notes or portions thereof (in
integral multiples of $1,000) properly tendered pursuant to the Change of
Control Offer;

 

(ii)           deposit with the Paying Agent an amount equal to the
Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and

 

(iii)          deliver or cause to be delivered to the Trustee the Notes
so accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.

 

(e)           The Paying Agent will promptly mail
to each Holder of Notes properly tendered the Change of Control Payment for
such Notes, and the Trustee will promptly authenticate and mail (or cause to be
transferred by book entry) to each Holder a new Note equal in principal amount
to any unpurchased portion of the Notes surrendered, if any; provided that each
new Note will be in a principal amount of $2,000 or an integral multiple of
$1,000 in excess thereof. The Company will publicly announce the results of the
Change of Control Offer on or as soon as practicable after the Change of
Control Payment Date.

 

(f)            The Company shall not be required to
make a Change of Control Offer upon a Change of Control Triggering Event if a
third party makes the Change of Control Offer in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.01
applicable to a Change of Control Offer made by the Company 

 

10

 

and purchases all Notes properly tendered and not
withdrawn under such Change of Control Offer.

 

ARTICLE V

COVENANTS

 

The covenants set forth
in this Article V shall be applicable to the Company in addition to the
covenants in Article Three of the Existing Indenture, which shall in all
respects be applicable in respect of the Notes; provided that the covenant
contained in Section 3.7 of the Existing Indenture shall not be applicable
to the Notes.

 

Section 5.01 Restrictions on Liens.

 

The Company will not, and
will not permit any Restricted Subsidiary to, issue, assume or guarantee any
indebtedness for money borrowed (herein referred to as “Debt”) if such Debt is
secured by any mortgage, security interest, pledge, lien or other encumbrance
(herein referred to as a “mortgage”) upon any Operating Property of the Company
or any Restricted Subsidiary or any shares of stock or Debt of any Restricted
Subsidiary, whether owned at the date of the issuance of the Notes or
thereafter acquired, without effectively securing the Notes equally and ratably
with such Debt for at least the period such other Debt is so secured unless,
after giving effect thereto, the aggregate amount of all Debt so secured (not
including Debt permitted in clauses (1) through (7) in the
following sentence), together with all Attributable Debt in respect of Sale and
Leaseback Transactions involving Operating Properties pursuant to clause (2) of
Section 5.02 in existence at such time would not exceed 15% of
Consolidated Net Tangible Assets.

 

The foregoing restriction
does not apply to, and therefore shall be excluded in computing secured Debt
for the purpose of such restriction, Debt secured by:

 

(1)           mortgages on Operating Property,
shares of stock or Debt of any entity existing at the time such entity becomes
a Restricted Subsidiary, provided that such mortgages are not incurred in
anticipation of such entity’s becoming a Restricted Subsidiary;

 

(2)           mortgages on Operating Property,
shares of stock or Debt existing at the time of acquisition thereof by the
Company or a Restricted Subsidiary or mortgages thereon to secure the payment
of all or any part of the purchase price thereof, or mortgages on Operating
Property, shares of stock or Debt to secure any Debt incurred prior to, at the
time of, or within 180 days after, the latest of the acquisition thereof
or, in the case of Operating Property, the completion of construction, the
completion of improvements or the commencement of substantial commercial
operation of such Operating Property for the purpose of financing all or any
part of the purchase price thereof, such construction or the making of such
improvements;

 

(3)           mortgages to secure Debt owing to the
Company or to a Restricted Subsidiary;

 

11

 

(4)           mortgages on Operating Property,
shares of stock or Debt existing at the date of the initial issuance of the
Notes;

 

(5)           mortgages on Operating Property,
shares of stock or Debt of a Person existing at the time such Person is merged
into or consolidated with the Company or a Restricted Subsidiary or at the time
of a sale, lease or other disposition of the properties of a Person as an
entirety or substantially as an entirety to the Company or a Restricted
Subsidiary, provided that such mortgage was not incurred in anticipation of
such merger or consolidation or sale, lease or other disposition;

 

(6)           mortgages on Operating Property,
shares of stock or Debt in favor of the United States or any state, territory
or possession thereof (or the District of Columbia), or any department, agency,
instrumentality or political subdivision of the United States or any state,
territory or possession thereof (or the District of Columbia), to secure
partial, progress, advance or other payments pursuant to any contract or
statute or to secure any Debt incurred for the purpose of financing all or any
part of the purchase price or the cost of constructing or improving the
Operating Property subject to such mortgages; or

 

(7)           extensions, renewals or replacements,
in whole or in part, of any mortgage referred to in the foregoing clauses (1) through
(6), provided, however, that the principal amount of Debt secured thereby shall
not exceed the principal amount of Debt so secured at the time of such
extension, renewal or replacement.

 

Section 5.02 Restrictions on Sale and Leaseback Transactions.

 

Sale and Leaseback
Transactions by the Company or any Restricted Subsidiary with a third party of
any Operating Property are prohibited (except for temporary leases for a term,
including renewals, of not more than 60 months and except for leases
between the Company and a Restricted Subsidiary or between Restricted
Subsidiaries) unless the net proceeds of such Sale and Leaseback Transactions
are at least equal to the fair market value (as determined in good faith by the
Board of Directors of the Company) of the Operating Property to be leased and
either:

 

(1)           the Company or such Restricted
Subsidiary would (at the time of entering into such arrangement) be entitled,
as described in clauses (1) through (7) of the second paragraph
of Section 5.01, without equally and ratably securing the Notes, to issue,
assume or guarantee Debt secured by a mortgage on such Operating Property;

 

(2)           the Attributable Debt of the Company
and its Restricted Subsidiaries in respect of such Sale and Leaseback
Transactions (other than such Sale and Leaseback Transactions as are referred
to in clause (1) or (3) of this paragraph), plus the aggregate
principal amount of Debt secured by mortgages on Operating Properties then
outstanding (excluding any such Debt secured by mortgages described in
clauses (1) through (7) of the second paragraph of Section 5.01)
which do not equally and ratably secure the Notes, would not exceed 15% of
Consolidated Net Tangible Assets; or

 

 

12

 

(3)           the Company, within 180 days
after the sale or transfer, applies or causes a Restricted Subsidiary to apply
an amount equal to the greater of the net proceeds of such sale or transfer or
fair market value of the Operating Property (as determined in good faith by the
Board of Directors of the Company) so sold and leased back at the time of
entering into such Sale and Leaseback Transaction to

 

 

(a)           retire (other than any mandatory
retirement, mandatory repayment or sinking fund payment or by payment at
maturity) Notes or other Debt of the Company or a Restricted Subsidiary (other
than Debt subordinated to the Notes) having a Stated Maturity more than
12 months from the date of such application or which is extendible at the
option of the obligor thereon to a date more than 12 months from the date
of such application or

 

(b)           purchase, construct or develop one or
more Operating Properties (other than that involved in such Sale and Leaseback
Transaction);

 

provided that the amount
to be so applied pursuant to this clause (3) will be reduced by the
principal amount of Notes delivered within 180 days after such sale or
transfer to the Trustee for retirement and cancellation.

 

Section 5.03 Other Limitations.

 

(a)           Neither the Company nor any
Restricted Subsidiary may transfer an Operating Property or shares of stock or
Debt of a Restricted Subsidiary to an Unrestricted Subsidiary.

 

(b)           An
Unrestricted Subsidiary may not be designated a Restricted Subsidiary unless,
after giving effect thereto, the aggregate amount of all Debt of the Company
and its Restricted Subsidiaries secured by mortgages which would otherwise be
subject to the restrictions of Section 5.01 and the Attributable Debt in
respect of all Sale and Leaseback Transactions pursuant to clause (2) under
Section 5.02 in existence at such time does not at the time exceed 15% of
Consolidated Net Tangible Assets.

 

 

13

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.01 Trust Indenture Act Controls.

 

If any provision of this Supplemental Indenture
limits, qualifies or conflicts with another provision that is required or
deemed to be included in this Supplemental Indenture by the Trust Indenture
Act, the required or deemed provision shall control.

 

Section 6.02 Notices.

 

Any notice or communication shall be in writing and
delivered in person or mailed by first-class mail or sent by facsimile (with a
hard copy delivered in person or by mail promptly thereafter) and addressed as
follows:

 

if
to the Company:

 

Ecolab
Inc.

370 Wabasha Street North

St. Paul,
Minnesota 55102

 

Attention:  General Counsel

Facsimile:  (651) 293-2471

 

if
to the Trustee:

 

                                The Bank of New York Trust Company,
N.A.

                                Two North LaSalle Street

                                Suite 1020

                                Chicago, Illinois  606062

 

                                Attention:  Corporate Trust

                                Facsimile: (312) 827-8542

 

The Company or the
Trustee by notice to the other may designate additional or different addresses for
subsequent notices or communications.

 

Section 6.03 Governing Law.

 

THIS SUPPLEMENTAL
INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.04 Multiple Originals.

 

The parties may sign any
number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed
copy is enough to prove this Supplemental Indenture.

 

 

14

 

Section 6.05 Headings.

 

The headings of Articles and Sections of this
Supplemental Indenture have been inserted for convenience of reference only,
are not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

 

Section 6.06 Not Responsible for Recitals or Issuance
of Notes.

 

The recitals contained
herein and in the Notes, except the Trustee’s certificates of authentication,
shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representation as to
the validity or sufficiency of this Supplemental Indenture or of the
Notes.  The Trustee shall not be
accountable for the Company’s use of the proceeds from the Notes or for monies
paid over to the Company pursuant to this Supplemental Indenture.

 

Section 6.07 Adoption, Ratification and Confirmation.

 

The Existing Indenture,
as supplemented and amended by this Supplemental Indenture, is in all respects
hereby adopted, ratified and confirmed.

 

15

 

IN WITNESS WHEREOF, the
parties have caused this Supplemental Indenture to be duly executed as of the
date first written above.

 

	
   

  	
  ECOLAB INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John J. Corkrean

  
	
   

  	
  Name:

  	
  John J. Corkrean

  
	
   

  	
  Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST
  COMPANY, N.A., 

  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Benita A. Vaughn

  
	
   

  	
  Name:

  	
  Benita A. Vaughn

  
	
   

  	
  Title:

  	
  Vice President

  
				

 

 

16

 

EXHIBIT A

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE
OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR
IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP  278865 AH 3

 

ECOLAB INC.

 

4.875% NOTE DUE
2015

 

	
  $250,000,000

  	
   

  	
  No.: R-1

  

 

ECOLAB INC., a Delaware
corporation (herein called the “Company”), for value received, hereby promises
to pay to CEDE & CO., or registered assigns, the principal sum of TWO
HUNDRED FIFTY MILLION DOLLARS or such other Principal Amount as shall be set
forth on Schedule I hereto on February 15, 2015 and to pay interest
thereon at the rate of 4.875% per annum from February 8, 2008 or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, on February 15 and August 15 of each year, commencing August 15,
2008 (each an “Interest Payment Date”), until the principal hereof is paid or
made available for payment.

 

The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will,
except as provided in the Indenture hereinafter referred to, be paid to the
Person in whose name this Note (or one or more predecessor Notes) is registered
at the close of business on the Regular Record Date for such interest, which
will be the February 1 and August 1, as the case may be, immediately
preceding each Interest Payment Date. 
Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date and
either may be paid to the Person in whose name this Note (or one or more
predecessor Notes) 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 the Holders not less than ten days prior to such
Special Record Date, or may be paid at any time 

 

 

in any other lawful manner, all as more fully provided
in the Indenture. Payment of the principal of and interest on this Note will be
made at the office or agency of the Company maintained for that purpose in New
York, New York, or in such other office or agency as may be established by the
Company pursuant to the Indenture (initially the principal corporate trust
office of the Trustee in New York, New York (the “Corporate Trust Office”)), in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however,
that payment of interest may be made at the option of the Company (i) by
check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register or (ii) by wire transfer to an
account maintained by the Person entitled thereto as specified in the Security
Register. Payments of principal and interest at maturity will be made against
presentation of this Note at the Corporate Trust Office (or such other office
as may be established pursuant to the Indenture), by check or wire transfer.

 

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

 

Unless the Certificate of
Authentication hereon has been executed by the Trustee or an Authenticating
Agent under the Indenture referred to on the reverse hereof by the manual
signature of one of its authorized officers, this Note 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 Note to be signed in its name by the manual or
facsimile signature of its Chief Executive Officer, its President or one of its
Vice Presidents and attested by the manual or facsimile signature of its
Secretary or one of its Assistant Secretaries.

 

	
  Date:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ECOLAB INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
  ATTEST:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Secretary

  	
   

  	
   

  
					

 

A-2

 

Trustee’s
Certificate of Authentication

 

This is one of the Notes
described in the Indenture.

 

	
  Dated:

  	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST COMPANY, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory:

  	
   

  
	
   

  	
  :

  	
   

  
					

 

 

A-3

 

(Reverse of Note)

 

ECOLAB INC.

 

4.875% NOTE DUE
2015

 

 

1.             This Note is one of a duly authorized issue of
securities of the Company designated as its 4.875% Notes due 2015 (the “Notes”)
initially limited in aggregate principal amount to $250,000,000 issued and to
be issued under an Amended and Restated Indenture dated as of January 9,
2001 and a supplemental indenture dated February 8, 2008 (herein called
the “Indenture”), between the Company and The Bank of New York Trust Company,
N.A., as trustee
(herein called the “Trustee,” which term includes any successor Trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights thereunder of
the Company, the Trustee and the Holders of the Notes, and the terms upon which
the Notes are, and are to be, authenticated and delivered. The indebtedness of
the Company evidenced by the Notes, including the principal thereof and
interest thereon (including post-default interest).

 

2.             The
Notes are subject to redemption at any time or from time to time, in whole or
in part, at the Company’s option at a Redemption Price equal to the greater of:

 

(i)            100% of the
principal amount of the Notes to be redeemed on the Redemption Date; and

 

(ii)           as determined by the Quotation Agent,
the sum of the present values of the remaining scheduled payments of principal
and interest on the Notes to be redeemed on that Redemption Date (not including
any portion of those payments of interest accrued as of the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis
points

 

plus, in each case,
accrued and unpaid interest to the Redemption Date. Notwithstanding the
foregoing, installments of interest on the Notes that are due and payable on
Interest Payment Dates falling on or prior to a Redemption Date will be payable
on the Interest Payment Date to the registered holders as of the close of
business on the relevant Regular Record Date according to the Notes and the
Indenture.

 

Any notice to holders of
Notes of a redemption pursuant to this paragraph 2 hereof will include the
appropriate calculation of the redemption price, but does not need to include
the redemption price itself. The actual redemption price, calculated as
described above, will be set forth in an Officer’s Certificate of the Company
delivered to the Trustee no later than two Business Days prior to the
redemption date.

 

3.             Upon the occurrence of a Change of Control Triggering
Event, unless all Notes have been called for redemption pursuant to paragraph 2
of this Note, each Holder of the Notes shall have the right to require the
Company to repurchase all or any part (equal to $1,000 or an 

 

A-4

 

integral multiple of $1,000 in excess thereof) of such
Notes at an offer price in cash equal to 101% of the aggregate principal amount
of such Notes plus accrued and unpaid interest thereon, if any, to the date of
repurchase. “Change of Control Triggering Event” means the occurrence of both a
Change of Control and a Below Investment Grade Rating Event, as such terms are
defined in the Indenture. The Change of Control Offer will be made in
accordance with the terms specified in the Indenture.

 

4.             If an Event of Default with respect to the Notes shall
occur and be continuing, the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Notes may declare the principal of all
Notes due and payable in the manner and with the effect provided in the
Indenture.  The Indenture provides that
such declaration and its consequences may, in certain events, be annulled by
the Holders of a majority in principal amount of the Outstanding Notes.

 

5.             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 Notes under the
Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in aggregate principal amount of Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of Notes at the time
Outstanding, on behalf of the Holders of all Notes, 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 therefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.

 

6.             No reference herein to the Indenture and no provisions
of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
interest on this Note at the times, places and rate, and in the coin or currency,
herein prescribed.

 

7.             As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note may be registered on
the Security Register of the Company, upon surrender of this Note for
registration of transfer at the office or agency of the Company to be
maintained for that purpose in New York, New York, or at such other office or
agency as may be established by the Company for such purpose pursuant to the
Indenture (initially the principal corporate trust office of the Trustee in New
York, New York), duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, and duly executed by the Holder
hereof or such Holder’s 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.

 

8.             The Notes are issuable only in fully registered form,
without coupons, in denominations of $2,000 or any amount in excess thereof
which is an integral multiple of $1,000. As provided in the Indenture, and
subject to certain limitations therein set forth, the Notes are exchangeable
for a like aggregate principal amount of Notes in authorized denominations, as
requested by the Holder surrendering the same.

 

A-5

 

9.             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.

 

10.           Prior to the due presentment of this
Note for registration of transfer or exchange, 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 be overdue, and neither the Company, the Trustee, nor any such agent shall
be affected by notice to the contrary.

 

11.           Interest on the Notes shall be
computed on the basis of a 360-day year of twelve 30- day months. Interest
shall be payable to and excluding any Interest Payment Date.

 

12.           The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or
its Affiliates, as if it were not the Trustee.

 

13.           This Note shall not be valid until
authenticated by the manual signature of the Trustee or an Authenticating
Agent.

 

14.           Customary abbreviations may be used
in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform
Gifts to Minors Act).

 

15.           Each Holder of this Note covenants
and agrees by such Holder’s acceptance thereof to comply with and be bound by
the foregoing provisions.

 

16.           All terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

 

A-6

 

ASSIGNMENT
FORM

 

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

 

PLEASE INSERT
SOCIAL SECURITY OR

OTHER IDENTIFYING
NUMBER OF ASSIGNEE

 

	
   

   

  	
   

  

 

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

 

	
   

  
	
   

  
	
   

  

 

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

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
  Signature:

  	
   

  

 

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

 

Signature Guarantee:

 

SIGNATURE
GUARANTEE

 

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

 

 

A-7

 

Schedule I

 

SCHEDULE OF
TRANSFERS AND EXCHANGES

 

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

 

	
  Date of
  Exchange

  	
   

  	
  Amount
  of Decrease in Principal Amount of
  this Global Security

  	
   

  	
  Amount
  of Increase in 

  Principal Amount of 

  this Global Security

  	
   

  	
  Principal
  Amount of this 

  Global Security 

  following such Decrease 

  or Increase

  	
   

  	
  Signature
  of 

  Authorized 

  Signatory of trustee 

  or Custodian

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

A-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]