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Exhibit 10.2

			
	CERTAIN INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [**] INDICATES THAT INFORMATION HAS BEEN EXCLUDED.

Cooperative Research And Development Agreement

COOPERATIVE RESEARCH AND DEVELOPMENT AGREEMENT (CRADA)

This Cover Page identifies the Parties to this CRADA:

The U.S. Department of Health and Human Services, as represented by
Eunice Kennedy Shriver National Institute of Child Health and Human Development
an Institute, Center, or Division (hereinafter referred to as the “NICHD” of the 
National Institutes of Health (NIH)

and

Daré Bioscience, Inc.,
hereinafter referred to as “Daré”,
created and operating under the laws of Delaware.
									
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1.  Preamble

The National Institutes of Health (“NIH”), the Centers for Disease Control and Prevention (“CDC”), and the Food and Drug Administration (“FDA”), which are agencies within the Department of Health and Human Services (“HHS”) have the authority to enter into a Cooperative Research and Development Agreement (“CRADA”) under 15 USC §3710a.  It is under this authority that this agreement is executed.  Collectively or individually, Daré and NICHD shall also be referred to as “Parties” or “Party.”

This CRADA between NICHD and Daré will be effective when signed by the Parties.  The official contacts for the Parties are identified on the Contacts Information Page.  Publicly available information regarding this CRADA appears on the Summary Page.  The research and development activities that will be undertaken by NICHD and Daré in the course of this CRADA are detailed in the Research Plan, attached as Appendix A. 

If a definition of a term as provided in Article 2 conflicts with the definition in the applicable sections of either the United States Code (U.S.C.) or the Code of Federal Regulations (C.F.R.), the definition in the U.S.C. or C.F.R. will control.

2.  Definitions

Affiliate: “Affiliate” means any corporation or other business entity controlled by, controlling, or under common control with Daré at any time during the term of the CRADA.  For this purpose, “control” means direct or indirect beneficial ownership of at least fifty percent (50%) of the voting stock or at least fifty percent (50%) interest in the income of the corporation or other business entity.

Background Invention: "Background Invention" means an Invention conceived and first actually reduced to practice outside of the scope of the Research Plan.

Certificate of Confidentiality: "Certificate of Confidentiality" or "CoC" means the certificate issued by the NIH pursuant to Section 301(d) of the Public Health Service Act (42 U.S.C. § 241(d)) that protects the privacy of Human Subjects enrolled in the Protocol.  With limited exceptions defined in 42 U.S.C. § 241(d), the CoC protects from disclosure names or any information, documents, or biospecimens containing ISI collected under a Protocol conducted under this CRADA. 
Clinical Investigator: "Clinical Investigator" means, in accordance with 21 C.F.R. § 312.3, an individual who actually conducts a clinical investigation, that is, who directs the administration or dispensation of Test Article to a Human Subject, and who assumes responsibility for studying Human Subjects, for recording and ensuring the integrity of research data, and for protecting the welfare and safety of Human Subjects.  Clinical Investigators may also conduct studies that are non-clinical in nature.  For this CRADA, a Clinical Investigator will be responsible for conducting the Study at a Clinical Research Site.

									
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Clinical Research Site: “Clinical Research Site(s)” means the extramural site(s) at which the Study described in the Research Plan will be performed.  The Clinical Research Sites are providing services as either contractors or subcontractors of NICHD under a funding agreement as defined under 35 U.S.C. § 201(b).  The Clinical Research Sites are not parties to this CRADA. 

Confidential Information: “Confidential Information” means confidential scientific, business, or financial information provided by either Party to the other Party in connection with this Agreement.  Confidential Information does not include the following:
(a) information that is publicly known or that is available from public sources at the time of disclosure, or that becomes publicly known or available from public sources after disclosure through no fault of the receiving Party; 
(b) information that is already known by the receiving Party other than from the disclosing Party, or information that is independently created or compiled by the receiving Party, without reference to or use of the Confidential Information of the disclosing Party;
(c) information that relates to potential hazards or cautionary warnings associated with the production, handling, or use of the subject matter of the Research Plan; or  
(d) CRADA Data or descriptions of CRADA Materials, which are subject to separate confidentiality obligations as set forth herein.

Coordinating Center: "Coordinating Center" means Health Decisions Inc., a contractor of NICHD and a contract research organization located in Durham, North Carolina, which will provide clinical coordination and data collection and management services for the Study.  The Coordinating Center is not a party to this CRADA. 

CRADA Data: “CRADA Data” means all recorded information first produced in the performance of the Research Plan.  This includes data and results generated by the Parties, the Clinical Research Sites, and the Coordinating Center.  CRADA Data will not include IPI or ISI. 

CRADA Materials: “CRADA Materials” means all tangible materials first produced in the performance of the Research Plan.

CRADA Subject Invention: "CRADA Subject Invention" means any Invention of any Party, conceived or first actually reduced to practice in its performance of the Research Plan.

Effective Date: “Effective Date” means the date of the last signature of the Parties executing this CRADA.

FDA: "FDA" means the U.S. Food and Drug Administration.

Government: “Government” means the Government of the United States of America.

Human Subject: "Human Subject" means, in accordance with the definition in 45 C.F.R. § 46.102(f), a living individual about whom an investigator (whether professional or student) conducting research obtains: (a) data through intervention or interaction with the individual; or (b) Identifiable Private Information.
									
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IDE: “IDE” means an “Investigational Device Exemption,” filed in accordance with 21 C.F.R. Part 812 under which clinical investigation of an experimental device (Test Article) is performed in Human Subjects in the United States or intended to support a United States licensing action.

IDE Sponsor: “IDE Sponsor” means, in accordance with the definition in 21 C.F.R. § 312.3, an organization or individual who assumes legal responsibility for supervising or overseeing clinical trials with Test Articles; for this CRADA, the IDE Sponsor is Daré. 

Invention: "Invention" means any invention, whether or not covered by a patent or patent application, or discovery which is or may be patentable or otherwise protectable under Title 35 of the United States Code, the Plant Variety Protection Act, 7 U.S.C. §§ 2321 et seq. or foreign patent law.

Investigator’s Brochure: “Investigator’s Brochure” means a document containing critical and useful information about the Test Article, and may include a description of the device and its accessories and components, a summary of the pre-clinical testing and data, and a risk-benefit analysis.

Identifiable Private Information (IPI): “Identifiable Private Information” or “IPI” about a Human Subject means private information from which the identity of the subject is or may readily be ascertained.  Regulations defining and governing this information include 45 C.F.R. Part 46 and 21 C.F.R. Part 50.

Identifiable Sensitive Information: “Identifiable Sensitive Information” or “ISI” means, in accordance with the definition of 42 U.S.C. § 241(d)(4), information that is about an individual and that is gathered or used during the course of research as described in 42 U.S.C. § 241 (d)(1)(A) through which an individual is identified, or that includes IPI, or for which there is at least a very small risk, as determined by current scientific practices or statistical methods, that some combination of the information, a request for the information, and other available data sources could be used to deduce the identify of an individual.

IRB: "Institutional Review Board" or "IRB" means, in accordance with 45 C.F.R. Part 46, 21 C.F.R. Part 56, and other applicable regulations, an independent body comprising medical, scientific, and nonscientific members, whose responsibility is to ensure the protection of the rights, safety, and well-being of the Human Subjects involved in a study.  

Joint CRADA Subject Invention: "Joint CRADA Subject Invention" means any CRADA Subject Invention made jointly by both Daré and NIH employee(s) or other entity which is required to assign CRADA Subject Inventions to either Daré and/or NIH.

Patent Application: “Patent Application” means an application for patent protection for a CRADA Subject Invention with the United States Patent and Trademark Office or the corresponding patent issuing authority of another nation.

									
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Patent: "Patent" means, for a CRADA Subject Invention, any issued United States or foreign patent, any international counterpart(s), and any corresponding grant(s) by a non-U.S. government in place of a patent.

Principal Investigator: “Principal Investigator(s)" or “PI(s)” means the person(s) designated by the Parties who will be responsible for the conduct of the Research Plan.  For this CRADA, NICHD’s PI is Diana Blithe, PhD and Daré’s PI is Christine Mauck, MD, MPH. 

Progress Report: "Progress Report" means a brief report of the progress of an IDE-associated investigation which the IDE Sponsor is required to submit to the IRB or FDA (or both), as appropriate under 21 C.F.R. § 812.150(b)(5).

Protocol: “Protocol” means the formal, detailed description of a study to be performed as provided for in the Research Plan.  It describes the objective(s), design, methodology, statistical considerations, and organization of a trial.  For the purposes of this CRADA, the term Protocol, for clinical research involving Human Subjects, includes any and all associated documents, including informed consent forms, to be provided to Human Subjects and potential participants in the Study.  A Protocol may include analytical assays or ancillary correlative studies conducted in conjunction with the clinical study.

Raw Data: "Raw Data" means the primary quantitative and empirical data first collected from experiments and clinical trials conducted within the scope of this CRADA, including but not limited to information contained in case report forms.  Raw Data may contain IPI.  Raw Data is excluded from CRADA Data.

Research Plan: “Research Plan” means the statement in Appendix A of the respective research and development commitments of the Parties.

Sole CRADA Subject Invention: "Sole CRADA Subject Invention" means any CRADA Subject Invention made by employee(s) or other person or entity which is required to assign CRADA Subject Inventions solely to either NICHD or Daré, as applicable.

Study: “Study” means the multi-center, non-comparative, pivotal Phase III contraceptive study to evaluate the effectiveness of the Test Article (Ovaprene®) as a contraceptive device, as described under the Research Plan and to be conducted in accordance with the Protocol.

Test Article: "Test Article" means, in accordance with 21 C.F.R. § 50.3(j), any drug (including a biological product, medical device, food additive, color additive, electronic product, or any other article) subject to regulation under the Federal Food, Drug, and Cosmetic Act that is intended for administration to humans or animals, as identified in the Research Plan.  For this CRADA, the Test Article is Daré’s proprietary Ovaprene® contraceptive device.

3.  Patenting & Licensing

									
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3.1   Ownership of CRADA Subject Inventions.  Ownership of and title to all Sole CRADA Subject Inventions will vest with the owning Party, subject to the Government license described in this Article 3.  The Parties will own jointly all Joint CRADA Subject Inventions.  The Clinical Research Sites and the Coordinating Center are NICHD’s contractors or subcontractors and are not parties to this CRADA.  This CRADA does not grant to Daré any rights to Inventions made by any of NICHD’s contractors or subcontractors.  Contractors may elect and retain title to inventions developed under the contract per the provisions of the Bayh-Dole Act (35 U.S.C. § 200, et. seq.).

3.2   Copies of Patent Applications.  The Parties will promptly provide a copy of any Patent Applications claiming CRADA Subject Inventions that it filed to the respective CRADA Notices contacts identified on the Contacts Information Page.  These filings will be treated as Confidential Information in accordance with Article 4 concerning Data and Materials.

3.3   Patent Strategy on Joint CRADA Subject Inventions.
a)  NIH and Daré will discuss in advance a patent filing strategy on any Joint CRADA Subject Invention, including the decision about whether to file a Patent Application and which Party will file on behalf of both Parties. 

b)  The Party filing a Patent Application on Joint CRADA Subject Inventions will provide the non-filing Party with a copy of any communication to or from a patent office relating to prosecution of the Patent Application within thirty (30) days of transmission or receipt of the communication.  The filing Party will also provide the other Party with the power to inspect and make copies of all documents retained in the applicable Patent Application or Patent file.  NIH and Daré will cooperate with each other to obtain necessary signatures on Patent Applications, assignments, or other documents.

c)  In the event that the filing Party intends to abandon, allow to lapse or otherwise discontinue prosecution or maintenance of any or all Patent Applications or Patents on Joint CRADA Subject Inventions, the non-filing Party will have the right to assume responsibility for prosecution and maintenance using patent counsel of its own choice. The filing Party will give sufficient notice of such intention to allow transfer to the non-filing Party and will render all necessary assistance to allow the non-filing Party to continue with prosecution and maintenance.

3.4   Statement in Patent of Government CRADA.  Daré will place the following statement in any Patent Application it files claiming CRADA Subject Inventions: "This invention was made in the performance of a Cooperative Research and Development Agreement with the National Institutes of Health.  The Government of the United States has certain rights in this invention."  This statement refers to the Government use license required under 15 U.S.C. § 3710a(b)(2).  

3.5   Statement in Patent for Joint CRADA Subject Invention.  If NIH files a Patent Application on a Joint CRADA Subject Invention, it will include a statement within the Patent Application that clearly identifies the Parties and states that the Joint CRADA Subject Invention was made under this CRADA.
									
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3.6   Patent Expenses.  Unless agreed otherwise, the Party filing a Patent Application will be responsible for all expenses and fees in connection with the preparation, filing, prosecution, and maintenance of any Patent Applications and Patents.

3.7   Rights in Background Inventions.  Nothing in this CRADA will be construed to grant any rights in one Party’s Background Invention(s) to another Party, except to the extent necessary for the Parties to conduct the activities described in the Research Plan.

3.8   Daré License Option to CRADA Subject Inventions.  With respect to Government rights to any NICHD Sole CRADA Subject Invention or Joint CRADA Subject Invention for which a Patent Application was filed, NIH hereby grants to Daré an exclusive option to elect an exclusive or nonexclusive (at Daré’s election) development and commercialization license to such Government rights.  The field of use to any commercial license granted pursuant to this option will be commensurate with the scope of the Research Plan.  To exercise this license option, Daré must submit a written notice to the NIH CRADA Notices Contact identified on the Contacts Information Page within [**] after either (i) Daré receives written notice from NIH that the Patent Application has been filed or (ii) the date on which Daré files the Patent Application.  The written notice exercising this option will include a completed license application which can be found on the website for the NIH Office of Technology Transfer (www.ott.nih.gov) and will initiate a negotiation period that expires [**] after the exercise of the option.  The negotiation period may be extended by NIH as long as both Parties are negotiating in good faith.  Per Section 3.1, the license option described under this Section 3.8 does not apply to any Invention made or discovered by any of NICHD’s contractors or subcontractors. 

3.9   Government Rights to CRADA Subject Inventions.  NICHD and Daré agree that they have the following statutory obligations:
 
a) Pursuant to 15 U.S.C. § 3710a(b)(1)(A), in any grant of a license to the Government’s interest in NICHD’s Sole CRADA Subject Inventions or Joint CRADA Subject Inventions to Daré, the Government shall retain a non-exclusive, nontransferable, irrevocable, paid-up license from Daré to practice the invention or have the invention practiced throughout the world by or on behalf of the Government. In the exercise of such license, the Government shall not publicly disclose trade secrets or commercial or financial information that is privileged or confidential within the meaning of section 552(b)(4) of Title 5 or which would be considered as such if it had been obtained from a non-Federal party;  
b) Pursuant to 15 U.S.C. § 3710a(b)(2), Daré agrees to grant to the Government a nonexclusive, non-transferable, irrevocable, paid-up license to practice or have practiced throughout the world by or on behalf of the Government for research or other Government purposes its Sole CRADA Subject Inventions; and
c) For any exclusive license that the Government grants in NICHD’s Sole CRADA Subject Inventions or in its interest in a joint CRADA Subject Invention, the Government shall retain the rights set forth in 15 U.S.C. § 3710a(b)(1)(B and C).

									
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3.10   Reservation of Daré License Option to CRADA Subject Inventions.  For an NICHD Sole CRADA Subject Invention conceived prior to the Effective Date that is first actually reduced to practice in the performance of the Research Plan, the license option offered to Daré in Section 3.8 may be restricted if, before the Effective Date, NIH had filed a Patent Application and had either offered or granted a license in the CRADA Subject Invention to a third party.  Daré nonetheless retains the right to apply for a license to any such CRADA Subject Invention in accordance with the terms and procedures of 35 U.S.C. § 209 and 37 C.F.R. Part 404.

4.  Data and Materials

4.1   Obligations when Sharing Confidential Information.  Each Party agrees to limit disclosure of its Confidential Information to the other Party to the amount necessary to conduct the activities of the CRADA.  A disclosing party will endeavor to identify both verbal and tangible Confidential Information provided to a receiving party as "Confidential" given the understanding that failure to do so does not constitute a designation of non-confidentiality if a reasonable person would consider such information to be confidential based on the nature of such information and the circumstances of disclosure.

4.2   Use of Confidential Information.  Each Party agrees to use the other Party’s Confidential Information only for the purpose of conducting the activities of the CRADA.  Each Party agrees to use reasonable efforts to maintain the confidentiality of the other Party’s Confidential Information, which will in no instance be less effort than the receiving Party uses to protect its own Confidential Information.  The Parties may share Confidential Information with their Affiliates, agents, licensees or contractors for the purposes of conducting the Research Plan, provided the obligations of this Article 4 are simultaneously conveyed.  No Party will disclose or otherwise make available to any other person or entity another Party’s Confidential Information without the consent of that Party, except as required by a court or administrative body of competent jurisdiction, law or regulation.  In such a situation, no Party will be liable for the disclosure of that portion of the Confidential Information which, after reasonable notice to and consultation with the disclosing Party, the receiving Party determines may not be lawfully withheld.  The receiving Party will then provide the disclosing Party a reasonable opportunity to seek a court order to enjoin disclosure.  Each Party may retain one (1) copy of the other Party’s Confidential Information for archival purposes.  Any breach or threatened breach of this CRADA by the receiving Party may entitle the disclosing Party to any remedies in law or equity to which the disclosing Party may be otherwise entitled, in any court of competent jurisdiction.  

4.3   Duration of Confidentiality Obligations.  The obligation to maintain the confidentiality of Confidential Information will expire at the earlier of the date when the information is no longer Confidential Information as defined in Article 2 or [**] after the expiration or termination date of this CRADA.  The Parties may negotiate a separate agreement at the end of this period to extend the confidentiality obligation for specific information.  The Parties agree not to disclose CRADA Data and descriptions of CRADA Materials until they are made publicly available in accordance with this Article 4.  This term does not 
									
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apply to ISI, for which the obligation to maintain confidentiality will extend indefinitely, per Section 6.2. 

4.4   Publication.  
a)  The Parties are encouraged to make the results of the CRADA research publicly available.  Neither Party will publish or publicly disclose any CRADA Data without the other Party’s permission until such CRADA Data has been published as permitted in this Section 4.4.  The first publication of the results of the Research Plan will be a joint publication that reflects results from all Clinical Research Sites and the Coordinating Center; provided, however, if a publication policy is developed for the Study, then the first publication would be submitted in accordance with that policy.  

b)  However, if a joint manuscript has not been submitted for publication within [**] of completion or termination of the Study at all participating Clinical Research Sites, or if the NIH Office of General Counsel determines it is in the best interest of the public health, either Party is free to publish CRADA Data separately, subject to any other requirements herein.  In such case, the publishing Party will provide the other Party with [**] to review the proposed disclosure to assure that it does not include that Party’s Confidential Information.  Either Party may request in writing that the disclosure be delayed for [**] as necessary to file a patent application.  In the event that including Confidential Information in a publication is required for the publication to go forward, the Party whose Confidential Information is required will work with the other Party in an effort to provide substitute, relevant non-confidential information within [**] of receipt of the draft publication.

4.5   Right of Access to and Use of CRADA Data.  
a)  The Parties agree to exchange all CRADA Data and not to disclose CRADA Data until made publicly available in accordance with this Article 4.  The Party that produces CRADA Data will be considered the owner of that CRADA Data.  [**]  The Parties may share CRADA Data with their Affiliates, agents, and licensees or contractors for purposes relating to the Research Plan provided the relevant obligations of this CRADA are simultaneously conveyed.  Any CRADA Data generated by a Clinical Research Site or the Coordinating Center will be owned by the generating entity.  NICHD, through its Coordinating Center, will provide Daré with the initial top-line data and ultimately with the entire aggregate clinical data set, in each case within [**]. 

4.6   Ownership of CRADA Materials.  The producing Party will retain sole ownership of and title to all CRADA Materials produced solely by its employee(s) (“Sole CRADA Materials”), and the Parties will own jointly all CRADA Materials developed jointly (“Joint CRADA Materials”).  For clarity, the Parties acknowledge that any CRADA Materials produced by one of the Parties and incorporating materials owned by the other Party shall be considered Joint CRADA Materials.

4.7   Right of Access to and Use of CRADA Materials.   For the activities of the Research Plan:  The Parties agree to share all CRADA Materials needed to conduct the activities of the Research Plan.  The receiving Party may not use the other Party’s CRADA Materials other than as expressly permitted herein.  The Parties may share CRADA Materials with 
									
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their Affiliates, agents or contractors for the purposes of conducting the activities of the Research Plan provided the obligations of this CRADA convey.  Outside the scope of the Research Plan:  A producing Party may use or transfer to any third party its Sole CRADA Materials.  Upon request, the producing Party will use reasonable efforts to provide reasonable quantities of its Sole CRADA Materials for use by the other Party for internal research only.  The Parties acknowledge that any further transfer of Sole CRADA Materials will be at the sole discretion of the owner and may require a separate agreement.  Upon request, each Party will provide reasonable quantities of Joint CRADA Materials to another Party if reasonably practicable.  Each Party may use Joint CRADA Materials for any purpose provided such use is consistent with any obligations under this CRADA.  After public disclosure about Joint CRADA Materials in accordance with this Article 4 and consistent with any obligations under this CRADA, any Party may share Joint CRADA Materials with third parties.  However, if a Party shares Joint CRADA Materials with a third party for a commercial purpose, that Party will first inform the other Party.  

5.  Performance

5.1   Responsibility of Principal Investigator for Research Plan.  The activities described under the Research Plan of this CRADA will be carried out under the supervision of the Principal Investigators identified on the Summary Page.

5.2   Consistency of third party obligations.  If Daré has received (or will receive) support of any kind from a third party in exchange for rights in any of Daré’s CRADA Subject Inventions, Daré agrees to ensure that its obligations to the third party are consistent with this CRADA.

5.3   Daré employees at NICHD facilities.  Any Daré employees who will work at NICHD facilities to conduct activities under this CRADA will be required to sign an appropriate agreement in view of the terms of this CRADA.

5.4   Term and Termination.  This CRADA shall be effective upon the date of last signature of the Parties and will be in force for the term set forth on the Summary Page.  The term may be extended and the provisions of this CRADA may be modified only by amendment signed by the duly authorized signatory for each Party.  This CRADA may be terminated by either Party for any reason by providing written notice to the other Party at least thirty (30) days prior to the desired termination date.  If at the time of such termination, the Study is not complete, then, NICHD will deliver to Daré or its agent all data required under this CRADA, and will cooperate with Daré to transfer the conduct of the Study to Daré or its designee and shall continue to conduct the Study for so long as necessary to enable such transfer to be completed without interruption of the Study. 

5.5   Dispute Resolution.  Any dispute arising under this CRADA which is not disposed of by agreement of the Principal Investigators will be submitted jointly to the signatories of this CRADA.  If the signatories, or their designees, are unable to jointly resolve the dispute within thirty (30) days after notification thereof, the Assistant Secretary for Health (or his/her designee or successor) will propose a resolution.  Nothing in this Section 5.5 will 
									
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prevent either Party from pursuing any additional administrative remedies that may be available and, after exhaustion of such administrative remedies, pursuing all available judicial remedies.  Pending the resolution of any dispute or claim, the Parties agree that performance of all obligations will be pursued diligently.

5.6   Warranties.  Except as specifically stated herein, the Parties make no express or implied warranty as to any matter whatsoever, including the conditions of the research or any invention or material, made or developed under or outside the scope of this CRADA, or the ownership, merchantability, or fitness for a particular purpose of the research or any invention or any invention or material, or that a technology utilized by a Party in the performance of the research plan does not infringe any third-party patent rights, and each Party disclaims all such warranties.

5.7   Indemnification.  No indemnification for any loss, claim, or liability is intended or provided by any Party under this Agreement.  Each Party will be liable for any claims or damages it incurs in connection with this CRADA, except that NICHD, as an agency of the Government, assumes liability only to the extent provided under the Federal Tort Claims Act, 28 U.S.C. Chapter 171.

5.8   Force Majeure.  No Party will be liable for any unforeseeable event beyond its reasonable control and not caused by its own fault or negligence, which causes the Party to be unable to perform its obligations under this CRADA, and which it has been unable to overcome by the exercise of due diligence.  If a force majeure event occurs, the Party unable to perform will promptly notify the other Party.  It will use its best efforts to resume performance as quickly as possible and will suspend performance only for such period of time as is necessary as a result of the force majeure event.

5.9   Third Party Contractor Obligations.   The Study will be conducted by Clinical Research Sites and a Coordinating Center, which are contractors or subcontractors of NICHD.  As noted in Section 3.1, Daré acknowledges that it is aware that under the Bayh-Dole Act (35 U.S.C. Part 2, Chapter 19) that these third parties may retain title to any Invention each third party makes in the performance of its duties despite the fact that the Government supported the work, and consequently, NICHD has no authority to make such an Invention subject to the terms of this CRADA.  However, Daré may enter into a separate agreement with a third party regarding any issue, provided however that the separate agreement does not contradict the terms of this CRADA or the third party’s contract or subcontract with NICHD.

5.10   Debarment.  To the best of its knowledge and belief, neither NICHD nor any individuals working on behalf of NICHD involved in this CRADA is presently subject to debarment or suspension by any agency of the Government.  Should NICHD or any individuals working on behalf of NICHD in this CRADA be debarred or suspended during the term of this CRADA, NICHD will notify Daré within thirty (30) days of receipt of final notice.  To the best of its knowledge and belief, neither Daré nor any individuals working on behalf of Daré involved in this CRADA, including Affiliates, agents, and contractors are presently subject to debarment or suspension by any agency of the Government.  Should Daré or any individuals working on behalf of Daré involved in this CRADA be debarred 
									
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or suspended during the term of this CRADA, Daré will notify NICHD within thirty (30) days of receipt of final notice.

5.11   CRADA Funding.  Daré will provide funds in accordance with the payment schedule in this Section 5.11.  If Daré fails to make any scheduled payment, NICHD will not be obligated to carry out research and development activities until funds have been received.    Daré agrees to provide funds in four payments in support of the CRADA for NICHD's use [**].  
The funding schedule is as follows:

Payment 1: within thirty (30) days of the Effective Date, $250,000 (Two Hundred and Fifty Thousand Dollars);

Payment 2: due by [**], 2021, $1,250,000 (One Million Two Hundred and Fifty Thousand Dollars);

Payment 3: due by [**], 2022, $3,500,000 (Three Million Five Hundred Thousand Dollars);

Payment 4: due by April 1, 2023, $500,000 (Five Hundred Thousand Dollars)

[**]

[**]

Daré acknowledges that NICHD may retain and use any funds for up to one (1) year after expiration or termination to cover costs associated with the conduct of activities described under the Research Plan that were initiated prior to expiration or termination or as needed per Section 6.6(d), and NICHD will promptly return any remainder to Daré.

5.12   Limitations of CRADA Funding.  
a)  The Federal Technology Transfer Act of 1986, 15 U.S.C. § 3710a(d)(1) prohibits NICHD from providing funds to Daré to conduct any activities described in the Research Plan under this CRADA.

b)  NICHD will not use funds provided by Daré under this CRADA for NICHD personnel to pay the salary of any permanent NICHD employee.  No NICHD employees will be required to devote 100% of their effort or time to performance of the Research Plan.

5.13   CRADA Reporting Requirements.  The PIs should exchange information regularly, as required to advance the activities under the Research Plan.  NICHD, through its Coordinating Center, will deliver to Daré the final clinical study report of the results within [**] of the database lock by the Coordinating Center that will occur after completion of the pivotal study portion of the Research Plan, even in the event of termination of this Agreement.  

									
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5.14    CRADA Subject Inventions Reporting Requirements.  NICHD will deliver to Daré the final CRADA Subject Inventions, and corresponding patent applications arising from the activities under the Research Plan, within [**] of completion of the Research Plan.  

6.  Clinical

6.1   Handling of Human Specimens.  All specimens from Human Subjects related to the activities under the Research Plan must be handled as described in the Protocol including return or disposal of specimens from Human Subjects when the Protocol(s) is terminated or completed.  CRADA Materials do not include human specimens.

6.2   Confidentiality of ISI.  
a)  Each Party agrees to limit its disclosure of its Confidential Information to the amount reasonably necessary to carry out the CRADA activities.  Identifiable Sensitive Information shall be treated as confidential in accordance with the terms of this CRADA.  While ISI is not considered to be Confidential Information, the Parties agree to maintain the confidentiality of ISI indefinitely.

b)  Certificate of Confidentiality Obligations.  Any ISI that Daré receives from NIH is covered by a CoC and therefore all copies of ISI are immune from the legal process, and will not, without the consent of the Human Subject, be admissible as evidence or used for any purpose in any action, suit, or other judicial, legislative, or administrative proceeding.
Notwithstanding the forgoing, Daré will be permitted to disclose ISI:
i.If required by Federal, State, or local laws (e.g., as required by the Federal Food, Drug, and Cosmetic Act, or state laws requiring the reporting of communicable diseases to State and local health departments), excluding instances of disclosure in any Federal, State, or local civil, criminal, administrative, legislative, or other proceeding; 
ii.If the consent of the Human Subject to whom the information, document, or biospecimen pertains obtained by the NICHD allowed for such disclosure.
Prior to making any permitted disclosures above, Daré will ensure that any recipient of ISI protected by a CoC is aware of its confidential nature and the requirement to comply with the CoC (see https://humansubjects.nih.gov/coc/background). 
6.3   Applicable Law for Human Subject Research.  Each Party agrees that they will comply with, and advise their contractors and agents to comply with, all applicable statutes, Executive Orders, HHS regulations, and all FDA, CDC, and NIH policies relating to research on Human Subjects (45 C.F.R. Part 46, 21 C.F.R. Parts 50 and 56).  Also, the Parties will advise any contractors, grantees, or agents engaged to conduct activities under this CRADA to comply with all applicable Executive Orders, statutes, and HHS regulations, which may also include 45 C.F.R. Parts 160, 162, and 164 (Health Insurance Portability and Accountability Act regulations for privacy and security of individual health information).
									
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6.4   Protocol Review.  A single IRB will be utilized for the Study.  Each Clinical Research Site will enter into a reliance agreement with the single IRB.  In addition to the Protocol, all associated documents, including informational documents and advertisements, must be reviewed and approved by the single IRB before starting the research at each Clinical Research Site.  The research will be done in strict accordance with the Protocol and no changes in a finalized Protocol will be made unless mutually agreed upon, in writing, by the Parties.  Research will not commence or will continue unchanged (if already in progress) until each change to a Protocol, including those required by either the FDA or the IRB, has been integrated in a way acceptable to the Parties, submitted to the FDA (if applicable) and approved by the single IRB.

6.5   Daré Sponsored Studies outside of CRADA.  Daré may sponsor its own clinical trials and hold its own IDE for studies performed outside the scope of this CRADA.  All data from such clinical trials are proprietary to Daré for purposes of this CRADA.

6.6   Test Article. 
a)  Daré agrees to provide NICHD without charge and on a schedule that will ensure adequate and timely performance of the activities under the Research Plan, a sufficient quantity of Test Article to support conduct of the Protocol.  Daré will provide NICHD with documentation verifying the validation of the provided Test Article.  NICHD, through the Coordinating Center, will provide Daré with updated forecasts of amounts of Test Article anticipated for the Study on a mutually agreeable schedule.

b)  Daré will ship the Test Article to the Coordinating Center’s designated distribution site for distribution to the Clinical Research Sites.  NICHD agrees that the Test Article will be used solely for the activities under the Research Plan.  At the completion of the Research Plan, any unused quantity of Test Article will be returned to Daré or disposed of as directed by Daré.

c)  Daré warrants that the Test Article provided has been produced in accordance with the FDA's Current Good Manufacturing Practice for Combination Products set out in 21 C.F.R. Part 4, and meets the specifications cited in the Investigator's Brochure.  Daré will provide the Investigator’s Brochure (and all subsequent revisions or editions) to the Coordinating Center for distribution to the Clinical Research Sites. 

    d)  If Dare terminates this CRADA before the completion of any active Protocol, then Daré will supply enough Test Article for NICHD to complete the Protocol unless termination is for safety concerns. 

6.7   Interactions with the FDA.  All meetings with the FDA concerning any Protocol or Study within the scope of the Research Plan will be discussed by the Parties in advance.  [**], provided, however, that Daré shall have the sole and exclusive right to control and make all determinations with respect to the agenda.  The IDE Sponsor (Daré) will provide the other Party with copies of FDA meeting minutes, all transmittal letters for IDE submissions, IDE safety reports, Investigator's Brochure, preclinical data, toxicology 
									
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filings, formal questions and responses that have been submitted to the FDA, progress reports, and official FDA correspondence, pertaining either to the IDEs under this CRADA or to the Clinical Investigators on Protocols performed in accordance with the activities under the Research Plan, except to the extent that those documents contain the proprietary information of a third party or dissemination is prohibited by law, and provided, however, that, as between the Parties, Daré shall have the sole and exclusive right to submit all written communications and submissions to the FDA.

6.8   IDE Sponsor.  
a)  Daré will use commercially reasonable efforts to submit an IDE to the FDA and NIHCD will ensure that all Clinical Investigators must have completed registration documents on file (1572 forms).

b)  If NICHD supplies Confidential Information to Daré in support of an IDE filed by Daré, this information will be protected in accordance with the corresponding confidentiality provisions of this CRADA.

c)  Subject to the restrictions concerning ISI, and with reasonable advance notice and at reasonable times, NICHD will permit Daré or its designee(s) access to Clinical Research Site(s) to monitor or audit the conduct of the research, as well as to audit source documents containing Raw Data, to the extent necessary to verify compliance with FDA Good Clinical practice and the Protocol(s).  For clarity, Daré should not monitor a Clinical Research Site unless a specific request was made by Daré to NICHD and NICHD granted permission for such activity.     

d)  In accordance with FDA requirements, the IDE Sponsor will establish and maintain records and submit safety reports to the FDA, as required by 21 C.F.R. § 812.150(b)(1), or other applicable regulations.  The Parties will comply with procedures specified in the Protocol(s).

    e)  During and for a period of two years after the completion of a Protocol, Daré shall promptly provide to NICHD any information that Daré has reasonably determined could directly affect the health or safety of past or current Human Subjects or influence the conduct of the Protocol.  Such information may arise from any source, for example, Safety Reports provided to the FDA, study results, information in site monitoring reports or data safety monitoring committee reports.  NICHD shall be free to communicate the relevant safety information to each Human Subject and the IRB.

6.9   Daré Sponsored Studies outside of CRADA.  Daré may sponsor its own clinical trials and hold its own IDE for studies performed outside the scope of this CRADA.  All data from such clinical trials are proprietary to Daré for purposes of this CRADA.

7.  Miscellaneous

7.1   Governing Law.  The construction, validity, performance and effect of this CRADA will be governed by U.S. federal law, as applied by the federal courts in the District of Columbia.  If any provision in this CRADA conflicts with or is inconsistent with any 
									
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U.S. federal law or regulation, then the U.S. federal law or regulation will preempt that provision.

7.2   Waiver of CRADA Provisions.  None of the provisions of this CRADA will be considered waived by any Party unless given in writing to the other Party.  

7.3   Amendments to the CRADA.   Modifications to the Research Plan may be made by the mutual written consent of the Parties; provided, however, that Daré may amend the Research Plan without NIHCD consent as necessary to comply with applicable law.  Any changes to the CRADA will become effective only upon a written, fully executed amendment.  

7.4   Assignment of CRADA.  Neither this CRADA nor any rights or obligations of any Party hereunder shall be assigned or otherwise transferred by any Party without the prior written consent of the other Party.  Daré acknowledges the applicability of 41 U.S.C. § 15, the Anti-Assignment Act, to this CRADA.  The Parties agree that the identity of Daré is material to the performance of this CRADA and that the duties under this CRADA are nondelegable.

7.5   Relationship of Parties under the CRADA.  The relationship of the Parties to this CRADA is that of independent contractors and not agents of each other or joint venturers or partners.  Both Parties will maintain sole and exclusive control over their personnel and operations.

7.6   Endorsement.  By entering into this CRADA, the Government does not directly or indirectly endorse any product or service.  Daré will not in any way state or imply that the Government or any of its organizational units or employees endorses any product or service.

7.7   Press Releases.  Each Party agrees to provide proposed press releases that reference or rely upon the work under this CRADA to the other Party for review and comment [**] prior to publication.  For the avoidance of doubt, Daré may publicly disclose the existence of this CRADA, the financial terms of this CRADA, and may publicly identify NICHD as carrying out the Study, consistent with Section 7.6.

7.8   Consent.  Whenever a Party’s consent or permission is required under this CRADA, its consent or permission will not be unreasonably withheld.  Regarding a jointly owned CRADA Subject Invention, if Daré decides not to take a commercial license from NICHD and seeks to grant one or more commercial licenses to third parties independently, NICHD shall have the right to withhold consent for any reason to the extent permitted by the applicable laws of the countries covered by the proposed license.  Daré may withhold consent for NICHD granting a commercial license to a third party: (a) only if Daré submits a new and complete license application under 37 CFR Part 404 and negotiates such commercial license in good faith, and (b) only to the extent permitted by the applicable laws of the countries covered by the license proposed by Daré.

									
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7.9   Export Compliance.  Daré agrees to comply with U.S. export law and regulations.  If required, Daré will acquire any and all necessary export licenses and other appropriate authorizations.

7.10  CRADA Travel Payments. Travel arrangements for all Government staff will be made in accordance with the Federal Travel Rules and Regulations, whether arranged by NICHD and funded using either appropriated funds or CRADA funds, or arranged and funded directly by Daré.

7.11   Superseding of Prior Agreements.  Specifically, the Confidential Disclosure Agreement executed by the Parties on [**], is hereby superseded and succeeded by the terms of this CRADA.  The confidential information exchanged between the Parties under that agreement shall be governed by the terms of this CRADA as if the information had been exchanged after execution of this CRADA, and not under the terms of the prior agreement.

7.12   In Case of Breach.  Any breach or threatened breach of this CRADA may entitle any Party to any remedies in law or equity to which the Party may be otherwise entitled, in any court of competent jurisdiction.  

7.13    Survivability.  The provisions of Article 3 and 4, and Sections 5.2, 5.5 - 5.9, 6.1, 6.2, 6.4, 6.6 – 6.8, 7.1, 7.2, 7.6, 7.8, and 7.13 will survive the expiration or early termination of this CRADA.

SIGNATURES ON THE NEXT PAGE
									
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SIGNATURE PAGE

ACCEPTED AND AGREED

By executing this crada, each Party represents that all statements made herein are true, complete, and accurate to the best of its knowledge.  Daré acknowledges that it may be subject to criminal, civil, or administrative penalties for knowingly making a false, fictitious, or fraudulent statement or claim.

FOR NICHD

/s/ Christopher J. Mcbain    2021.07.08
____________________________________________      _________________
Chris J. McBain, Ph.D.                                       Date
Acting Scientific Director

FOR DARÉ BIOSCIENCE, INC.

/s/ Sabrina Martucci Johnson    July 8, 2021
____________________________________________      _________________
Sabrina Martucci Johnson                                   Date
President and CEO
									
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SUMMARY PAGE

EITHER PARTY MAY, WITHOUT FURTHER CONSULTATION OR PERMISSION, RELEASE THIS SUMMARY PAGE TO THE PUBLIC.

TITLE OF CRADA:  
Pivotal Phase III Study to Evaluate the Effectiveness of Ovaprene® as a Contraceptive Device

						
	NIH Institute, Center, or Division:	NICHD
	NICHD CRADA Principal Investigator:	Diana Blithe, PhD
	Collaborator:	Daré Bioscience, Inc.
	Daré CRADA Principal Investigator:	Christine Mauck, MD, MPH
	Term of CRADA:	Five (5) years from the Effective Date

ABSTRACT OF THE RESEARCH PLAN:

The Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD) and Daré Bioscience, Inc., will conduct a Phase III pivotal study under this Cooperative Research and Development Agreement.  Daré will provide its investigational contraceptive device, Ovaprene®, for the pivotal study, which will be conducted in NICHD’s multi-center Contraceptive Clinical Trials Network to evaluate the effectiveness of Ovaprene®.

									
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 Exhibit 4.1 

SEVENTEENTH SUPPLEMENTAL INDENTURE 

THIS SEVENTEENTH SUPPLEMENTAL INDENTURE, dated as of November 10, 2021 (this “Supplemental Indenture”), is between The
Sherwin-Williams Company, an Ohio corporation (the “Company”), and U.S. Bank National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (the
“Trustee”). 
 WITNESSETH 

WHEREAS, pursuant to the Indenture, dated as of July 31, 2015 (the “Base Indenture” and, as supplemented by this Supplemental
Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Original Trustee”), the Company may from time to time issue and sell debt securities in one or more series; 

WHEREAS, the Company executed and delivered the Base Indenture to provide for, among other things, the issuance from time to time of the
Company’s debt securities in one or more series as might be authorized under the Indenture; 
 WHEREAS, the Base Indenture provides
that the Company may enter into an indenture supplemental to the Base Indenture to establish the form and terms of any series of Notes (as defined in the Base Indenture) as provided by Sections 2.01 and 2.02 of the Base Indenture; 

WHEREAS, the Company desires to create and authorize a series of Notes entitled “2.200% Senior Notes due 2032”, limited initially to
$500,000,000 in aggregate principal amount (the “2032 Notes”), and to provide the terms and conditions upon which the 2032 Notes are to be executed, registered, authenticated, issued and delivered, and the Company has duly authorized the
execution and delivery of this Supplemental Indenture; 
 WHEREAS, the Company had duly appointed U.S. Bank National Association as Trustee,
Paying Agent and Registrar with respect to the 2032 Notes (but only with respect to the 2032 Notes) as contemplated by Section 11.04 of the Base Indenture, with all of the rights, powers, trusts, duties and obligations under the Indenture with
respect to the 2032 Notes (but only with respect to the 2032 Notes), and U.S. Bank National Association is willing to accept such appointments with respect to the 2032 Notes; 

WHEREAS, the Company is entering into this Supplemental Indenture with the Trustee to evidence and provide for the acceptance of appointment
thereunder by the Trustee with respect to the 2032 Notes (but only with respect to the 2032 Notes); 
 WHEREAS, the 2032 Notes are a series
of Notes and are being issued under the Indenture and are subject to the terms contained therein and herein; 
 WHEREAS, the 2032 Notes are
to be substantially in the form attached hereto as Exhibit A; and 
 WHEREAS, all acts and things necessary to make the 2032 Notes,
when executed by the Company and authenticated and delivered by or on behalf of the Trustee as provided in this Supplemental Indenture, the valid, binding and legal obligations of the Company, and to make this Supplemental Indenture a legal, binding
and enforceable agreement, have been done and performed. 

 NOW, THEREFORE, in order to declare the terms and conditions upon which the 2032 Notes are
executed, registered, authenticated, issued and delivered, and in consideration of the foregoing premises and the purchase of such 2032 Notes by the Holders thereof, the Company and the Trustee mutually covenant and agree, for the benefit of each
other and for the equal and proportionate benefit of the Holders from time to time of the 2032 Notes, as follows: 
 Section 1.
Definitions. Terms used in this Supplemental Indenture and not defined herein shall have the respective meanings given such terms in the Indenture. 

“Attributable Indebtedness” in respect of a Sale/Leaseback Transaction means, as of the time of determination, (a) if
the obligation in respect of such Sale/Leaseback Transaction is a Capital Lease Obligation, the amount of such obligation determined in accordance with GAAP and included in the financial statements of the lessee or (b) if the obligation in
respect of such Sale/Leaseback Transaction is not a Capital Lease Obligation, the total Net Amount of Rent required to be paid by the lessee under such lease during the remaining term thereof (including any period for which the lease has been
extended), discounted from the respective due dates thereof to such determination date at the rate per annum borne by the weighted average interest rate per annum borne by the Notes then outstanding under the Indenture compounded semiannually. 

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

(1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” (as that term is used in Section 13(d) of the Exchange Act) (other than the Company or one of its Subsidiaries) becomes the beneficial owner (as defined in Rules 13d-3 and 13d- 5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company or other Voting Stock into which the Voting Stock of the Company is reclassified, consolidated, exchanged
or changed, measured by voting power rather than number of shares; 
 (2) 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 assets of the Company and the assets of its Subsidiaries, taken as a whole, to one or more
“persons” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than to the Company or one of its Subsidiaries); 

(3) the Company consolidates with, or merges with or into, any “person” (as that term is used in Section 13(d)
of the Exchange Act) or any such person consolidates with, or merges with or into, the Company, in either case, pursuant to a transaction in which any of the outstanding Voting Stock of the Company or the Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than pursuant to a transaction in which shares of the Voting Stock of the Company outstanding immediately prior to the transaction constitute, or are converted into or
exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect to such transaction; 

  
 2 

 (4) the adoption of a plan relating to the liquidation or dissolution of the
Company; or 
 (5) the first day on which a majority of the members of the Board of Directors of the Company are not
Continuing Directors. 
 Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if (i) the
Company becomes a direct or indirect wholly owned subsidiary of a holding company and (ii) 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 Voting Stock of the Company immediately prior to that transaction. 
 “Change of Control Triggering Event”
means the occurrence of both (1) a Change of Control and (2) a Rating Event. 
 “Consolidated Net Tangible
Assets” means, as of any date of determination, the sum of the amounts that would appear on a consolidated balance sheet of the Company and its Subsidiaries for the total assets (less accumulated depletion, depreciation or amortization,
allowances for doubtful receivables, other applicable reserves and other properly deductible items) of the Company and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, after giving effect to purchase accounting and after
deducting therefrom, to the extent included in total assets, in each case as determined on a consolidated basis in accordance with GAAP (without duplication): (i) the aggregate amount of liabilities of the Company and its Subsidiaries which may
properly be classified as current liabilities (including taxes accrued as estimated); (ii) current Indebtedness and current maturities of long-term Indebtedness; (iii) minority interests in the Company’s Subsidiaries held by Persons other
than the Company or a Wholly Owned Subsidiary of the Company; and (iv) unamortized debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization
or developmental expenses and other intangible items. 
 “Continuing Director” means, as of any date of determination, any
member of the Board of Directors of the Company who (1) was a member of such Board of Directors on the date of this Supplemental Indenture, (2) was nominated for election to such Board of Directors with the approval of a committee of the
Board of Directors consisting of a majority of independent Continuing Directors or (3) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of
such Board of Directors at the time of such nomination, 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, without objection
to such nomination). 

  
 3 

 “Indebtedness” means, with respect to any Person, any indebtedness of such
Person, whether or not contingent (without duplication): 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments; 

(3) in respect of letters of credit, banker’s acceptances or other similar instruments or credit transactions (including
reimbursement obligations with respect thereto), other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) – (2), (4) or (5) hereof) entered into in the ordinary course
of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent such letters of credit are drawn upon, such drawing is reimbursed no later than the third Business Day following receipt by such Person of a
demand for reimbursement following payment on the letter of credit; 
 (4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable; or 
 (6) representing any Hedging Obligations, 

if and to the extent any of the preceding items, other than letters of credit and Hedging Obligations, would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person, whether or not such Indebtedness is assumed by the
specified Person, and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person or any liability of any Person, whether or not contingent and whether or not it appears on the balance sheet
of such Person. Notwithstanding anything to the contrary in the foregoing, the term “Indebtedness” excludes (x) any indebtedness of the Company or any Subsidiary of the Company to the Company or another Subsidiary of the Company and
(y) any Guarantee by the Company or any Subsidiary of the Company of indebtedness of the Company or any Subsidiary of the Company. 
 The amount of any
Indebtedness outstanding as of any date shall be: 
 (1) the accreted value of the Indebtedness, in the case of any
Indebtedness that does not require the current payment of interest; and 
 (2) the principal amount of the Indebtedness,
together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, if applicable, the equivalent investment grade credit rating from any Substitute Rating Agency selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc., or any successor thereto. 

  
 4 

 “Net Amount of Rent” as to any lease for any period means the aggregate
amount of rent payable by the lessee with respect to such period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case of any lease that is
terminable by the lessee upon the payment of a penalty, such net amount shall also include the amount of such penalty, but no rent shall be considered as payable under such lease subsequent to the first date upon which it may be so terminated. 

“Permitted Lien” means, with respect to any Person, 

(a) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar legislation, or good faith
deposits in connection with bids, tenders, contracts (including government contracts, but excluding contracts for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such
Person or deposits of cash or United States government bonds to secure performance, surety or appeal bonds to which such Person is a party or which are otherwise required of such Person, or deposits as security for contested taxes or import duties
or for the payment of rent or other obligations of like nature, in each case incurred in the ordinary course of business; 
 (b) Liens
imposed by law, such as carriers’, warehousemen’s, laborers’, materialmen’s, landlords’, vendors’, workmen’s, operators’, producers’ and mechanics’ Liens, in each case for sums not yet due or being
contested in good faith by appropriate proceedings; 
 (c) Liens for property taxes, assessments and other governmental charges or levies not
yet delinquent or that are being contested in good faith by appropriate proceedings; 
 (d) survey exceptions, encumbrances, easements,
defects, irregularities or deficiencies in title to easements, or reservations of or with respect to, or rights of others for or with respect to, licenses,
rights-of-way, sewers, electric and other utility lines and usages, telegraph and telephone lines, pipelines, surface use, operation of equipment, permits, servitudes
and other similar matters, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of such Person or to the ownership of its properties that, in all such cases, were not incurred in
connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(e) Liens existing on or provided for under the terms of agreements existing on February 1, 1996; 

(f) Liens on property at the time the Company or any of its Subsidiaries acquired the property or the entity owning such property, including
any acquisition by means of a merger or consolidation with or into the Company; provided, however, that any such Lien may not extend to any other property owned by the Company or any of its Subsidiaries; 

(g) Liens securing a Hedging Obligation so long as such Hedging Obligation is of the type customarily entered into in connection with, and is
entered into for the purpose of, limiting risk; 
 (h) Liens on accounts receivable or inventory to secure working capital or revolving
credit indebtedness incurred in the ordinary course of business; 

  
 5 

 (i) Purchase Money Liens; 

(j) Liens securing only Indebtedness of a Wholly Owned Subsidiary of the Company to the Company or one or more Wholly Owned Subsidiaries of the
Company; 
 (k) Liens on property or shares of stock of another Person at the time such other Person becomes a Subsidiary of such Person;
provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming such a Subsidiary of such Person; 

(l) Liens created, assumed or existing in connection with a tax-free financing; 

(m) Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing Indebtedness of the Company or
any of its Subsidiaries; 
 (n) legal or equitable encumbrances deemed to exist by reason of negative pledges or the existence of any
litigation or other legal proceeding and any related lis pendens filing (excluding any attachment prior to judgment, judgment lien or attachment lien in aid of execution on a judgment); 

(o) rights of a common owner of any interest in property held by such Person; 

(p) Liens placed upon any real property owned on the date of this Supplemental Indenture or thereafter acquired by the Company or any of its
Subsidiaries securing Indebtedness in an amount up to 80% of the fair market value of such real property; 
 (q) Liens to secure any
refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements), as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses
(e) through (l) and (p); provided, however, that (i) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property) and (ii) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (e) through (l) and (p) at the
time the original Lien became a Permitted Lien under this Supplemental Indenture and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement. 

“Principal Property” means any manufacturing plant or manufacturing facility, located within the United States of America
(other than its territories and possessions), owned or leased by the Company or any Restricted Subsidiary, unless, in the opinion of the Board of Directors, such plant, facility or property is not of material importance to the total business
conducted by the Company and its Restricted Subsidiaries as an entirety. 
 “Purchase Money Lien” means a Lien on property
securing Indebtedness incurred by the Company or any of its Subsidiaries to provide funds for all or any portion of the cost of acquiring, constructing, altering, expanding, improving or repairing such property or assets used in connection with such
property. 

  
 6 

 “Rating Agencies” means (1) each of Moody’s and S&P and
(2) if any of Moody’s and S&P ceases to rate the 2032 Notes or fails to make a rating of the 2032 Notes publicly available for reasons outside of the Company’s control, a Substitute Rating Agency in lieu thereof. 

“Rating Event” means the rating on the 2032 Notes is lowered by each of the Rating Agencies and the 2032 Notes are rated
below an Investment Grade Rating by each of the Rating Agencies on any day during the period commencing on the earlier of (i) the occurrence of the Change of Control and (ii) the first public announcement by the Company of any Change of
Control and ending 60 days following consummation of such Change of Control (which period will be extended so long as the rating of the 2032 Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies);
provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating
Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising
as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event). 

“Restricted Subsidiary” means at any time any Subsidiary of the Company (i) substantially all the property of which is
located, or substantially all of the business of which is carried on, within the United States of America (other than its territories or possessions) and (ii) that owns or leases a Principal Property or that, in the event of a Sale/Leaseback
Transaction, will own or lease a Principal Property. 
 “S&P” means S&P Global Ratings, a division of S&P
Global Inc., or any successor thereto. 
 “Sale/Leaseback Transaction” means an arrangement relating to Principal Property
owned on the date of this Supplemental Indenture or thereafter acquired whereby the Company or any of its Restricted Subsidiaries transfers such Principal Property to a Person and the Company or any of its Restricted Subsidiaries leases it from such
Person. 
 “Substitute Rating Agency” means a “nationally recognized statistical rating organization” within the
meaning of Section 3(a)(62) under the Exchange Act selected by the Company (as certified by a resolution of the Board of Directors of the Company). 

“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d) of the
Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such person. 

“Wholly Owned Subsidiary” means a Restricted Subsidiary all the Capital Stock of which (other than directors’ qualifying
shares) is owned by the Company or one or more Wholly Owned Subsidiaries. 

  
 7 

 Section 2. Creation and Authorization of Series. 

(a) There is hereby created and authorized the following new series of Notes to be issued under the Indenture, to be designated as the
“2.200% Senior Notes due 2032.” 
 (b) The 2032 Notes shall be limited initially to $500,000,000 in aggregate principal amount.
Notwithstanding the foregoing initial aggregate principal amount, the Company may, from time to time, without notice to or consent of the Holders of the 2032 Notes, increase the principal amount of the 2032 Notes that may be issued under this
Supplemental Indenture and issue such increased principal amount (or any portion thereof), in which case any additional notes so issued will have the same terms (other than the date of issuance and, under certain circumstances, the initial interest
payment date, the date from which interest thereon will begin to accrue and the issue price), and will carry the same right to receive accrued and unpaid interest, as the 2032 Notes previously issued, and such additional notes will form a single
series with the 2032 Notes, including for purposes of voting, redemptions and offers to purchase and will rank equally and ratably with the 2032 Notes previously issued; provided that if such additional notes are not fungible with the 2032
Notes for U.S. federal income tax purposes, the additional notes will have a separate CUSIP number. 
 (c) The date on which the principal is
payable on the 2032 Notes shall be as provided in the form of security attached hereto as Exhibit A. 
 (d) The 2032 Notes shall bear
interest as provided in the form of security attached hereto as Exhibit A. The interest payment dates and the record dates for the determination of Holders of the 2032 Notes to whom such interest is payable shall be as provided in the form of
security attached hereto as Exhibit A. 
 (e) The 2032 Notes shall be redeemable at the option of the Company as set forth in Section 4
of the form of security attached hereto as Exhibit A. 
 (f) The 2032 Notes are not entitled to any sinking fund. 

(g) Upon a Change of Control Triggering Event, the Company shall be required to make an offer to repurchase the 2032 Notes as provided in
Section 3 of this Supplemental Indenture. 
 (h) The 2032 Notes will be issued only in fully registered form, without coupons, in
denominations provided in Section 8 of the form of security attached hereto as Exhibit A. 
 (i) Article 8 of the Indenture shall be
applicable to the 2032 Notes. The covenants described in Section 3, 4, 5 and 6 of this Supplemental Indenture shall be subject to the covenant defeasance option set forth in Section 8.03 of the Indenture. 

(j) The 2032 Notes shall be issued in the form of one or more Global Notes substantially in the form of Exhibit A attached hereto. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to the 2032 Notes. Additional provisions applicable to the 2032 Notes issued in the form of one or more Global Notes are set forth in Section 10 of the form of
2032 Note attached hereto as Exhibit A. To the extent inconsistent therewith, such provisions supersede the provisions set forth in Section 2.14 of the Indenture. 

  
 8 

 (k) The Trustee, initial Paying Agent and Registrar for the 2032 Notes will be U.S. Bank
National Association, and the initial place of payment (“Place of Payment”) will be the office or agency of the Trustee located at 111 Fillmore Ave E, St. Paul, Minnesota 55107, Attn: Global Corporate Trust. 

(l) The covenants and definitions set forth in the Indenture and the terms set forth in Article 5 of the Indenture shall be applicable to the
2032 Notes. 
 (m) Except as otherwise set forth herein and in the 2032 Notes, the terms of the 2032 Notes shall be as set forth in the
Indenture, including those made part of the Indenture by reference to the TIA. 
 Section 3. Purchase of Notes upon a Change of
Control Triggering Event. 
 (a) If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem
the 2032 Notes as set forth in Section 4 of the form of security attached hereto as Exhibit A, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder to repurchase all or any part (equal to
$2,000 or any integral multiple of $1,000 in excess thereof) of that Holder’s 2032 Notes on the terms set forth herein. In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the principal amount
of 2032 Notes repurchased, plus accrued and unpaid interest, if any, on the 2032 Notes repurchased up to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event or, at the option of the Company, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed to Holders of the 2032 Notes with
a copy to the Trustee describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the 2032 Notes on the date specified in the notice, which date will be no earlier than 30 days and
no later than 60 days from the date such notice is mailed (or with respect to Global Notes, to the extent permitted or required by the Applicable Procedures, sent electronically) or, if the notice is mailed or sent prior to the Change of Control, no
earlier than 30 days and no later than 60 days from the date on which the Change of Control Triggering Event occurs (the “Change of Control Payment Date”). The notice shall, if mailed or sent prior to the date of consummation of the Change
of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

(b) By 10:00 a.m., Eastern Time on the Change of Control Payment Date, the Company shall, to the extent lawful, (1) accept for payment all
2032 Notes or portions of 2032 Notes properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent (or, if the Company is acting as the Company’s own Paying Agent, segregate and hold in trust) an amount equal
to the Change of Control Payment in respect of all 2032 Notes or portions of 2032 Notes properly tendered and (3) deliver or cause to be delivered to the Trustee the 2032 Notes properly accepted together with an Officer’s Certificate
stating the aggregate principal amount of 2032 Notes or portions of 2032 Notes being repurchased. 
 (c) The Company shall publicly announce
the results of the Change of Control Offer on or as soon as possible after the date of purchase. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the rating status of the Company, making any request upon any of the Rating
Agencies or any Substitute Rating Agency, or determining whether any Rating Event has occurred. 

  
 9 

 (d) The Company shall not be required to make a Change of Control Offer upon the occurrence
of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all 2032 Notes properly tendered
and not withdrawn under its offer. In addition, the Company shall not repurchase any 2032 Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture or this Supplemental Indenture,
other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 (e) The Company shall
comply in all material respects 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 2032 Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of this Section 3, the Company shall
comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations under this Section 3 by virtue of any such conflict. 

Section 4. Limitation on Liens. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, issue, incur,
create, assume, guarantee or permit to exist any Indebtedness secured by a Lien on any Principal Property, or shares of capital stock of any Restricted Subsidiary, whether owned on the date of this Supplemental Indenture or thereafter acquired,
unless the Company contemporaneously secures the 2032 Notes equally and ratably with (or prior to) such Indebtedness; provided that any Lien created for the benefit of the Holders of the 2032 Notes pursuant to this provision shall be
automatically and unconditionally released and discharged upon release and discharge of the Lien that resulted in such provision becoming applicable. The preceding sentence shall not require the Company to secure the 2032 Notes if the Lien consists
of the following: 
 (a) Permitted Liens; or 

(b) Liens other than Permitted Liens, provided that the aggregate amount of all Indebtedness secured by Liens other than Permitted Liens
shall not exceed 20% of Consolidated Net Tangible Assets calculated as of the date of the creation or incurrence of such Lien. 

Section 5. Limitation on Sale and Lease-Back Transactions. The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, enter into any Sale/Leaseback Transaction with respect to any Principal Property unless (a) the Company or such Restricted Subsidiary would be entitled to create a Lien on such Principal Property securing Indebtedness in an
amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback Transaction without securing the 2032 Notes pursuant to Section 4 of this Supplemental Indenture or (b) the Company, within six months from the effective
date of such Sale/Leaseback Transaction, applies to the voluntary defeasance or retirement of the 2032 Notes or other Indebtedness ranking pari passu with the 2032 Notes (excluding retirements as a result of conversions or pursuant to
mandatory sinking fund or 

  
 10 

 
mandatory prepayment provisions or by payment at maturity) an amount equal to the Attributable Indebtedness in respect of such Sale/Leaseback Transaction; provided that the foregoing will
not prevent the Company or any Restricted Subsidiary from (x) entering into any Sale/Leaseback Transaction involving a lease with a term of less than three years or (y) entering into any Sale/Leaseback Transaction between a Restricted
Subsidiary and the Company or between Restricted Subsidiaries. 
 Section 6. SEC Reports. 

(a) The Company shall file with the Trustee, within 15 days after the Company is required to file the same with the SEC, after giving effect to
any grace period provided by Rule 12b-25 under the Exchange Act, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC
may from time to time by rules and regulations prescribe) that the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents
or reports pursuant to either of such sections, then the Company shall file with the Trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC and within 15 days after such information, documents or
reports are due with respect to a non-accelerated filer and after giving effect to any grace period provided by Rule 12b- 25 under the Exchange Act, such information,
documents or reports that may be required pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations.
Notwithstanding the foregoing, (i) the Company will be deemed to have furnished such information, documents or reports referred to above to the Trustee if the Company has filed such information, documents or reports with the SEC via the EDGAR
filing system (or any successor system) or, if at any time the Company is no longer subject to reporting under Section 13 or 15(d) of the Exchange Act and is not permitted to file such information, documents or reports with the SEC, if the
Company posts such information, documents or reports on the Company’s publicly available website and (ii) if at any time the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Company will not be deemed to have failed to comply with any of its obligations under this Section 6(a) until 30 days after the date any information, document or report hereunder is required to be filed with the Trustee. 

(b) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants under the Indenture or this Supplemental
Indenture (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the
EDGAR filing system (or its successor) or postings to any website have occurred. 

  
 11 

 Section 7. Events of Default. The Events of Default in Section 6.01 of the
Indenture shall be applicable to the 2032 Notes. In addition, the following shall be Events of Default with respect to the 2032 Notes: 
 (a)
failure to make the required Change of Control Payment when due and payable in accordance with the terms of Section 3 of this Supplemental Indenture; and 

(b) default in the performance or breach of any covenant of the Company in any of Section 4, 5 or 6 of this Supplemental Indenture, which
default continues uncured for a period of 90 days after (i) the Company receives written notice from the Trustee or (ii) the Company and the Trustee receive written notice from Holders of not less than 25% in aggregate principal amount of
the 2032 Notes outstanding. 
 Section 8. Appointment, Acceptance and Eligibility of Trustee. 

(a) As provided in the Officer’s Certificate, dated as of the date hereof, as contemplated by Section 11.04 of the Base Indenture,
the Trustee for the 2032 Notes shall initially be U.S. Bank National Association. The duties and responsibilities of the Trustee with respect to the 2032 Notes (and only the 2032 Notes) shall be as set forth in the Indenture and the 2032 Notes and
no implied covenants nor obligations shall be read into this Indenture against the Trustee, except as otherwise required by the Trust Indenture Act of 1939, as amended (the “TIA”). 

(b) U.S. Bank National Association hereby accepts its appointment as Trustee, Paying Agent and Registrar under the Indenture with respect to
the 2032 Notes (but only with respect to the 2032 Notes) and accepts all of the rights, powers, trusts, duties and obligations of Trustee, Paying Agent and Registrar under the Indenture with respect to the 2032 Notes (but only with respect to the
2032 Notes), upon the terms and conditions set forth herein and therein, with like effect as if originally named as such in the Base Indenture. Pursuant to the Base Indenture, there shall continue to be vested in the Original Trustee all of its
rights, powers, trusts, duties and obligations as trustee under the Base Indenture with respect to all of the series of Notes as to which it has served and continues to serve as trustee, and the Original Trustee shall have no rights, powers, trusts,
duties and obligations with respect to the 2032 Notes. 
 (c) The Trustee hereby represents that it is qualified and eligible under the
provisions of the TIA and Section 7.10 of the Base Indenture to accept its appointment as Trustee with respect to the 2032 Notes. 
 (d)
Neither the Original Trustee nor the Trustee assumes any duties, responsibilities or liabilities by reason of this Supplemental Indenture other than as set forth in the Indenture and, in carrying out its respective responsibilities thereunder, each
shall have all of the rights, powers, privileges, protections, duties and immunities which it possesses under the Indenture. The Original Trustee and the Trustee shall not constitute co-trustees of the same
trust, and each of the Original Trustee and the Trustee shall be trustee of a trust or trusts under the Indenture separate and apart from any trust or trusts under the Indenture administered by the other trustee. The Original Trustee shall have no
liability for any acts or omissions of the Trustee and the Trustee shall have no liability for any acts or omissions of the Original Trustee. 

(e) Section 7.09 of the Base Indenture shall be deleted in its entirety and replaced with the following, with respect to the 2032 Notes
(and only with respect to the 2032 Notes): 

  
 12 

 “Section 7.09. Successor Trustee by Merger, etc. 

Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any
organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee shall be the
successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article 7, without the execution or filing of any paper or any further act on the part of any of the parties hereto.”

 Section 9. Amendments. The Company and the Trustee may amend or supplement the Indenture or this Supplemental Indenture or
the 2032 Notes as provided in Article 9 of the Indenture. 
 Section 10. Effect of Supplemental Indenture. The provisions of
this Supplemental Indenture are intended to supplement those of the Indenture as in effect immediately prior to the execution and delivery hereof. The Indenture shall remain in full force and effect except to the extent that the provisions of the
Indenture are expressly modified by the terms of this Supplemental Indenture. 
 Section 11. Governing Law. THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE 2032 NOTES, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY. 
 Section 12. Trustee Not Responsible for Recitals or Issuance of 2032 Notes. The recitals contained
herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Supplemental
Indenture or of the 2032 Notes other than with respect to the Trustee’s authentication of the 2032 Notes and execution of this Supplemental Indenture. The Trustee shall not be accountable for the use or application by the Company of the 2032
Notes or the proceeds thereof. 
 Section 13. Conflict with TIA. If any provision of this Supplemental Indenture limits,
qualifies or conflicts with a provision of the TIA that is required under the TIA to be a part of and govern this Supplemental Indenture, the latter provisions shall control. If any provision of this Supplemental Indenture modifies or excludes any
provision of the TIA that may be so modified or excluded, the latter provision shall be deemed to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be. 

Section 14. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF may be used in lieu of the originals shall be deemed to be their original signatures for all
purposes. 
 [The remainder of this page is left blank intentionally] 

  
 13 

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

			
	THE SHERWIN-WILLIAMS COMPANY
		
	By:	 	 /s/ Allen J. Mistysyn

		 	Name: Allen J. Mistysyn
		 	Title: Senior Vice President—Finance and Chief Financial Officer

  
 14 

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

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Earl Hunt

		 	Name: Earl Hunt
		 	Title: Vice President

  
 15 

 Exhibit A 

FORM OF LEGEND FOR GLOBAL NOTE 

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 (THE “DEPOSITARY”)
AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

[Insert if Global Note: THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH A SUCCESSOR DEPOSITARY] 
  

			
	 THE SHERWIN-WILLIAMS COMPANY

2.200% SENIOR NOTE DUE 2032

		
	 Registered
 No.
	  	 Registered
 CUSIP 824348 BN5

	Original Issue Date: November 10, 2021	  	Maturity Date: March 15, 2032
	Principal Amount: $	  	
	Interest Rate: 2.200%	  	Specified Currency: U.S. Dollars
	 Interest Payment Dates:

    March 15

    September 15
	  	 Regular Record Dates:

    March 1

    September 1

	Redemption at Option of the Company:	  	
	Redemption Date(s)	  	Redemption Price(s)
	    At Any Time	  	    As set forth in Section 4 on the reverse side hereof.

 This security (this “Security”) is a registered security of THE SHERWIN- WILLIAMS COMPANY, an Ohio
corporation (together with its successors, if any, the “Company”). This Security is one of a series of Notes (as defined on the reverse hereof) issued under the Indenture referred to on the reverse hereof designated as the 2.200% Senior
Notes due 2032. Subject to the provisions hereof, the Company, for value received, hereby promises to pay to [•] [Insert if Global Note: CEDE & CO.], or registered assigns, the Principal Amount set forth on the face hereof [Insert if
Global Note: or such 

  
 A-2 

 
amount as may be set forth on the Schedule of Increases or Decreases of Interests in the Global Note attached hereto] on the Maturity Date shown above and to pay the premium, if any, and interest
thereon, as described on the reverse hereof. 
 The principal of (and premium, if any) and interest on this Security are payable by the
Company in such coin or currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts. 

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 manually executed
by or on behalf of the Trustee under the Indenture by an authorized signatory thereof, this Security shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

[The remainder of this page is left blank intentionally] 

  
 A-3 

 
			
	THE SHERWIN-WILLIAMS COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes of the series designated therein and referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 A-4 

 REVERSE OF SECURITY 

THE SHERWIN-WILLIAMS COMPANY 

2.200% SENIOR NOTE DUE 2032 
 1. This
Security is one of the duly authorized issue of notes or other debt instruments (hereinafter called the “Notes”) of the Company, of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, dated as
of July 31, 2015 (the “Base Indenture”), between the Company and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, and the Seventeenth
Supplemental Indenture, dated as of November 10, 2021 (the “Seventeenth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, a national
banking association organized and existing under the laws of the United States of America (herein called the “Trustee”) (collectively, the “Indenture”), to which Indenture and all other indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights, obligations and duties thereunder of the Trustee and any agent of the Trustee or the Company, any Paying Agent for this Security, the Company and the Holders of the
Notes and the terms upon which the Notes are issued and are to be authenticated and delivered. 
 This Security is one of the series of Notes of the Company
issued pursuant to the Indenture designated as the 2.200% Senior Notes due 2032 (the “2032 Notes”). 
 2. A. The regular record date (the
“Regular Record Date”) with respect to any Interest Payment Date (as defined below) shall be the applicable date specified as such on the face hereof (whether or not such date shall be a Business Day (as defined below)) immediately
preceding such Interest Payment Date. Interest which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name this Security is registered at the close of business on the Regular
Record Date next preceding such Interest Payment Date. “Business Day” means, with respect to any Place of Payment, any day other than a Legal Holiday. 

B. The Company promises to pay interest on the Principal Amount at the rate per annum shown on the face hereof until the Principal Amount
hereof is paid or made available for payment or upon earlier redemption or repayment. The Company will pay interest semiannually in arrears on the Interest Payment Dates set forth on the face hereof (each such date, an “Interest Payment
Date”), commencing March 15, 2022, and on the Maturity Date. Interest shall accrue from and including the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid or duly
provided for, from and including the Original Issue Date shown on the face hereof, to but excluding the next succeeding Interest Payment Date. The amount of such interest payable on any Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months. If any payment is required to be made in respect of this Security on a date (including the Maturity Date, a redemption date, a Change of
Control Payment Date or an Interest Payment Date) that is not a Business Day, the related payment shall be made on the next succeeding Business Day as if made on the date the payment is due, and no interest shall accrue on such payment for the
intervening period. 

  
 A-5 

 3. As long as the 2032 Notes are represented by one or more Global Notes, all payments of interest will be
made by the Company in immediately available funds to the accounts specified by the Depositary or a nominee of the Depositary. Otherwise, payments of interest on the 2032 Notes due on Interest Payment Dates will be made by immediately available
funds to accounts with financial institutions in the United States specified by the Persons entitled thereto by notice given to the Paying Agent at least ten calendar days prior to the applicable Interest Payment Date or, if no such account is so
specified, by check mailed to the Persons entitled thereto. Principal and any premium and (if such day is not an Interest Payment Date) interest payable at the Stated Maturity, on redemption or repayment of a 2032 Note will be paid in immediately
available funds upon surrender of such 2032 Note at the Place of Payment. Initially, U.S. Bank National Association will be the Paying Agent and the Registrar with respect to the 2032 Notes. The Company reserves the right at any time to vary or
terminate the appointment of any Paying Agent or Registrar and to appoint additional or other Paying Agents and a different Registrar and to approve any change in the office through which any Paying Agent or Registrar acts; provided that the
Company shall at all times maintain a Paying Agent and Place of Payment for the 2032 Notes. Each Holder that is a transferor of a 2032 Note, upon request of the Trustee, shall provide or cause to be provided to the Trustee all information reasonably
necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may conclusively rely on the
information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 
 4. At any time and from time to time,
the 2032 Notes are redeemable, in whole or in part, at the option of the Company, on notice given as provided in the Indenture. If the 2032 Notes are redeemed prior to the Par Call Date (as defined below), the 2032 Notes will be redeemed at a
redemption price equal to the greater of (i) 100% of the principal amount of the 2032 Notes to be redeemed and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of interest and
principal thereon (exclusive of interest accrued and unpaid to, but not including, the date of redemption and assuming for these purposes that the 2032 Notes mature on the Par Call Date) discounted to the date of redemption on a semiannual basis,
assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 15 basis points, plus, in either case, accrued and unpaid interest to, but not
including, the date of redemption. If the 2032 Notes are redeemed on or after the Par Call Date, the 2032 Notes will be redeemed at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed plus accrued and unpaid
interest to, but not including, the date of redemption. The Company will notify the Trustee of the redemption price of any 2032 Notes to be redeemed promptly after the calculation and the Trustee will not be responsible for such calculation. 

For purposes of determining the redemption price, the following definitions shall apply: 

“Par Call Date” means December 15, 2031. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by the Quotation Agent as having
an actual or interpolated maturity comparable to the remaining term of the 2032 Notes to be redeemed (assuming for these purposes that the 2032 Notes mature on the Par Call Date) that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such 2032 Notes. 

  
 A-6 

 “Comparable Treasury Price” means, with respect to any redemption date,
(A) the arithmetic average of the four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Quotation Agent obtains fewer than four
such Reference Treasury Dealer Quotations, the arithmetic average of all such quotations for such redemption date. 
 “Primary
Treasury Dealer” means a primary U.S. Government securities dealer in The City of New York. 
 “Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Company; provided, however, that if such Reference Treasury Dealer ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer” means each of (i) BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan
Securities LLC, Wells Fargo Securities, LLC and a Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc., or an affiliate of any of the foregoing that is a Primary Treasury Dealer, and, in each case, their respective successors; and
(ii) two other Primary Treasury Dealers selected by the Company; provided, however, that if any of the foregoing or their affiliates shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary
Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the arithmetic average, as determined by the Quotation Agent, 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 3:30 p.m., New York City time on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to: (1) the yield, under the
heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication that is published by the Board of Governors of the Federal
Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue; provided that, if no maturity is within three months before or after the remaining term of the 2032 Notes to be redeemed (assuming for these purposes that the 2032 Notes mature on the Par Call Date), yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight-line basis, rounding to the nearest month; or (2) if such release (or
any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the applicable
Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated on the third
Business Day preceding the redemption date. 

  
 A-7 

 If less than all of the 2032 Notes are to be redeemed, the 2032 Notes to be redeemed shall
be selected in accordance with Section 3.02 of the Indenture. 
 Notice of redemption shall be given as provided in Section 3.03
of the Indenture. A notice of redemption may not be conditional. The Trustee shall not be responsible for the calculation of the redemption price for any such redemption. The Company shall calculate such redemption price and promptly notify the
Trustee thereof. 
 5. If an Event of Default with respect to the 2032 Notes shall occur and be continuing, the principal and interest thereon of all of the
2032 Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 6. The Indenture permits, with certain exceptions
as therein provided, the Company and the Trustee to enter into supplemental indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in
any manner the rights of the Holders of the Notes of each series under the Indenture 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 thereby
on behalf of the Holders of all Notes of such series. In addition, the Indenture permits the Company and the Trustee to enter into supplemental indentures to the Indenture, without the consent of Holders, for certain purposes, including to cure any
ambiguity or to correct or supplement any provision contained in the Indenture and to make changes that do not adversely affect the rights of any Holder in any material respect. The Indenture also permits the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding of each series on behalf of the Holders of all Notes of such series, to waive certain past defaults and their consequences with respect to such series under the Indenture. Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any 2032 Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security or such other 2032 Notes. 
 7. No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and any premium of and any interest on this Security at the place, rate and respective times and in
the coin or currency herein and in the Indenture prescribed. 
 8. The authorized denominations of the 2032 Notes are $2,000 and any larger amount that is
an integral multiple of $1,000. As provided in the Indenture and except as provided therein and herein, the 2032 Notes are exchangeable for a like aggregate principal amount of 2032 Notes of a different authorized denomination, as requested by the
Holder surrendering the same. 

  
 A-8 

 9. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Note register, upon surrender of this Security for registration of transfer at the office of the Registrar or co-registrar designated by the Company for such purpose. Every 2032
Note presented or surrendered for registration of transfer, exchange or payment shall (if so required by the Company, the Trustee or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company, the Trustee and the Registrar, duly executed by the Holder or its attorney duly authorized in writing. 
 Prior
to due presentment for registration of transfer, the Company, the Trustee, any Paying Agent and any Registrar may treat the Person in whose name this Security is registered as the absolute owner thereof for all purposes (subject to Section 2.A
hereof), whether or not such Security is overdue and notwithstanding any notation of ownership or other writing thereon, and neither the Company nor the Trustee nor any Paying Agent nor any Registrar shall be affected by notice to the contrary. 

No service charge shall be made for any exchange or registration of transfer of any 2032 Note, with certain exceptions, but the Company may
require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith. 
 10. This Security is a
Global Note. Accordingly, this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such a successor Depositary. Ownership of beneficial interests in this Security will be shown on, and the transfer of that ownership will be effected only through, records maintained by the
applicable Depositary or its nominee (with respect to interest of participants) and the records of participants (with respect to interests of Persons other than participants). 

So long as the Depositary or its nominee is the registered owner of this Security, the Depositary or that nominee, as the case may be, will be
considered the sole legal owner or Holder of the 2032 Notes represented by this Security for all purposes of the 2032 Notes and the Indenture. Except as provided below, owners of beneficial interests in this Security (1) will not be entitled to
have the 2032 Notes represented by this Security registered in their names, (2) will not receive or be entitled to receive physical delivery of certificated securities and (3) will not be considered the owners or Holders of the 2032 Notes
represented by that beneficial interest under the Indenture for any purpose, including with respect to the giving of any direction, instruction or approval to the Trustee. Accordingly, each Person owning a beneficial interest in this Security must
rely on the procedures of the Depositary and, if that Person is not a Depositary participant or indirect participant, on the procedures of the participant through which that Person owns its interest, to exercise any rights of a Holder of 2032 Notes
under the Indenture or this Security. 
 Except as provided in Section 2.14(b) of the Indenture, beneficial interests in this Security
may not be exchanged for certificated securities. In connection with any proposed exchange of Global Notes for certificated securities, upon request of the Trustee, there shall be provided to the Trustee all information reasonably necessary to allow
the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall
have no responsibility to verify or ensure the accuracy of such information. 

  
 A-9 

 Payments with respect to the principal of and interest on this Security will be payable by
the Trustee to or at the direction of the Depositary or its nominee in its capacity as the registered Holder of this Security under the Indenture. Under the terms of the Indenture, the Company and the Trustee may treat the Persons in whose names
this Security are registered as the owners hereof for the purpose of receiving payment thereon (except as provided in Section 2.A hereof) and for any and all other purposes whatsoever. None of the Company, the Trustee, any Registrar, the Paying
Agent or any agent of the Company or the Trustee will have any responsibility or liability for (a) any aspect of the records relating to or payments made on account of beneficial ownership interests in this Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests, (b) the payments to the beneficial owners of this Security of amounts paid to the Depositary or its nominee or (c) any other matter relating to the
actions or practices of the Depositary, its nominee or any of its direct or indirect participants. 
 11. Unless otherwise defined herein, all terms used in
this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 12. THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THE 2032 NOTES, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-10 

 CERTIFICATE OF TRANSFER 

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

Insert Taxpayer Identification No.: 
  

 
 Please print or typewrite the name and address
including zip code of assignee 
  
  

the within 2032 Note and all rights thereunder, and hereby irrevocably constituting and appointing __________________ attorney to transfer said 2032 Note on
the books of the Registrar with full power of substitution in the premises. 
 Dated: ____________________ 

NOTICE: _____________________________________________________________________ 

The signature to this assignment must correspond with the name as it appears upon the face of the within 2032 Note in every particular, without
alteration or enlargement or any change whatever. 

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2032 Note purchased by the Company pursuant to Section 3 of the Seventeenth Supplemental Indenture, check the box
below: 
 ☐         Section 3 

If you want to elect to have only part of this 2032 Note purchased by the Company pursuant to Section 3 of the Seventeenth Supplemental Indenture, state
the amount you elect to have purchased: 
  

			
		  	$
                                        
                    
		
	Date:                     	  	
		  	Your Signature:
                                        
                            
		
		  	(Sign exactly as your name appears on the face of this Note)
		
		  	Tax Identification No.:
                                        
                
	
	Signature Guarantee*:
                                        
                    

 * Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

  
 A-12 

 SCHEDULE OF INCREASES OR DECREASES OF INTERESTS IN THE 

GLOBAL NOTE 
 The initial principal amount of this
Global Note is $[•]. The following increases or decreases in the principal amount of this Global Note have been made: 
  

									
	 Date of Exchange
	  	Amount of
Decrease in
Principal
Amount at
Maturity of this
Global Note	  	Amount of
Increase in
Principal
Amount at
Maturity of this
Global Note	  	Principal
Amount at
Maturity of this
Global Note
Following such
decrease (or
increase)	  	Signature of
Authorized
Signatory of
Trustee or
Custodian

  

 
  

  
 A-13

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