Document:

Exhibit 10.1

 

SEPARATION AGREEMENT

 

This SEPARATION AGREEMENT (this “Agreement”) is made and entered into by and between Broadwind Energy, Inc. (the “Company”) and J.D. Rubin (the “Executive”).

 

WHEREAS, the Company has implemented a restructuring program, which has, among other things, included an evaluation of the Company’s management structure, as well as the size and structure of the Company’s legal department;

 

WHEREAS, the Company and the Executive have discussed opportunities to reduce legal expenses and determined that in connection with such efforts, the Executive’s position with the Company should be eliminated;  and

 

WHEREAS, the Executive and the Company desire to settle fully and amicably all issues between them, including, but not limited to, any issues arising out of the Executive’s employment with the Company pursuant to the Executive’s Amended and Restated Employment Agreement dated December 17, 2012 (the “Employment Agreement”) and the termination of that employment.

 

NOW, THEREFORE, for and in consideration of the mutual promises contained herein, and for other good and sufficient consideration, receipt of which is hereby acknowledged, the Executive and the Company (sometimes hereafter referred to as the “Parties”), intending to be legally bound, agree as follows:

 

Section 1.              Termination Date.  As of the close of business on January 18, 2013 (the “Termination Date”), the Executive’s service as an officer of and employment with the Company is terminated and the Executive irrevocably resigns from all other positions with, and boards of directors of, the Company and any subsidiaries and affiliated companies of the Company.

 

Section 2.              Restrictive Covenants.  The Executive expressly acknowledges and agrees that the terms, conditions and restrictions set forth in Section 5 of the Employment Agreement shall remain in full force and effect as provided therein following the Executive’s termination of employment.  The Executive may seek the Company’s written consent to engage in activities covered by Section 5 of the Employment Agreement, and the granting or denying of such consent shall be provided in writing to the Executive within ten (10) business days of the Executive’s written request for such consent and shall be within the sole discretion of the Company.

 

Section 3.              Benefits.  Subject to the Executive’s compliance with this Agreement and the restrictive covenants set forth in Section 5 of the Employment Agreement and the Executive’s timely execution of this Agreement and the Release pursuant to Section 8 of this Agreement, the Executive shall receive the severance benefits set forth in this Section 3 (collectively referred to herein as the “Severance Benefits”).

 

(a)           Severance.  Executive shall receive a cash severance benefit of  $345,938  (the “Salary Benefit”), which equals the Executive’s base salary for a period of 18-months following the Termination Date. The Salary Benefit shall be payable in equal installments in accordance with the Company’s normal payroll schedule and the terms of the Employment Agreement.

 

 

(b)           Payment In Lieu of Continued Benefits Coverage.  Provided the Executive (and the Executive’s eligible dependents, if applicable) timely elects continued group health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”), the Executive shall receive a payment in the gross amount of $25,117, representing the cost of COBRA premiums for 18 months of health coverage, as calculated by the Company.  Such payment, which shall constitute taxable income to the Executive, shall be paid for a period of 18-months following the Termination Date in accordance with the Company’s normal payroll schedule and the terms of the Employment Agreement.

 

(c)           Restricted Stock Units.  In lieu of any amounts due to the Executive under the Company’s Executive Short-Term Incentive Plan (the “STIP”), the unvested restricted stock units (the “Unvested Units”), which were awarded by the Company to the Executive pursuant to  Restricted Stock Unit Award Agreements under the Company’s 2007 Amended and Restated Equity Incentive Plan (the “2007 EIP”) and a Restricted Stock Unit Agreement under the Company’s 2012 Equity Incentive Plan (the “2012 EIP”), each with the grant dates set forth in the chart below and which would have otherwise been forfeited under the terms of such Restricted Stock Unit Award Agreements upon the Termination Date, shall not be forfeited and shall have the following accelerated vesting schedule:

 

	
Grant Date
    	
 
    	
Outstanding Units
    	
 
    	
Vesting Date
    
	
5/4/2012
    	
 
    	
16,124
    	
 
    	
1/18/2013
    
	
3/7/2011
    	
 
    	
4,159
    	
 
    	
1/18/2013
    
	
3/9/2010
    	
 
    	
642
    	
 
    	
1/18/2013
    
	
4/29/2009
    	
 
    	
226
    	
 
    	
1/18/2013
    
	
10/17/2008
    	
 
    	
500
    	
 
    	
1/18/2013
    

 

The Executive acknowledges and agrees that he is not entitled to receive any additional equity awards of any type from the Company under the STIP, 2007 EIP, 2012 EIP or otherwise and, without limiting the foregoing, he acknowledges that he is forfeiting (i) 34,594 unvested performance-based restricted stock units that were awarded by the Company to Executive pursuant to the Restricted Stock Unit Award Agreement dated December 20, 2011 under the 2007 EIP and (ii) any payments under the Company’s STIP for periods prior to the Termination Date.

 

(d)           Outplacement. In lieu of payment for the full 30 day prior written notice of termination pursuant to Section 6(a) of the Employment Agreement, the Executive shall be provided with outplacement services through the Executive (12 Month) Program with Challenger, Gray & Christmas, Inc.

 

Section 4.              Final Paycheck and Business Expenses.  Regardless of whether the Executive signs this Agreement, the Company will pay the Executive (i) his final paycheck for his employment services, and for his earned and unused vacation time, through the Termination Date and (ii) the Executive’s base salary for 15 days of service which, together with the outplacement services set forth in Section 3(d) of this Agreement, constitutes satisfaction of the Company’s requirement to provide 30 day written notice under Section 6(a) of the Employment Agreement.  The Company also will reimburse the Executive for reasonable business expenses appropriately incurred by the Employee prior to the Termination Date in furtherance of his

 

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employment with the Company, subject to the Company’s applicable business expense reimbursement policy.  The Executive shall submit all requests to the Company for expense reimbursements within 10 days after the Termination Date.  Any requests submitted thereafter shall not be eligible for reimbursement, except as required by applicable law.

 

Section 5.              Executive Acknowledgement.  The Executive acknowledges and agrees that, subject to fulfillment of all obligations provided for herein, the Executive has been fully compensated by the Company for all amounts owed to him under the Employment Agreement and the Company’s policies, practices, and rules, and any applicable law, and that nothing is owed to Executive with respect to salaries, bonuses, benefits or any other form of compensation.  The Executive further acknowledges and agrees that the Severance Benefit referred to in Section 3 is consideration for the Executive’s promises contained in this Agreement, and that the Severance Benefit is above and beyond any wages, salary, severance, or other sums to which the Executive is entitled from the Company under the terms of the Executive’s employment or under the Employment Agreement or any other contract or law.

 

Section 6.              Termination of Benefits.  Except as provided in Section 3 above, the Executive’s participation in all employee benefit (pension and welfare) and compensation plans will cease as of the Termination Date.  Nothing contained herein shall limit or otherwise impair the Executive’s right to receive pension or similar benefit payments which are vested as of the Termination Date  under any applicable tax qualified pension or other tax qualified or non-qualified benefit plans, pursuant to the terms and conditions of the applicable plan.

 

Section 7.              Consulting Services.  As partial consideration for the accelerated vesting of the Unvested Units pursuant to Section 3(c) of this Agreement, the Executive hereby agrees to make himself available to perform consulting services with respect to the businesses conducted by the Company, up to a maximum of forty (40) hours.  In accordance with the terms of this Agreement, the Executive shall comply with reasonable requests for the Executive’s consulting services and shall devote his reasonable best efforts, skill and attention to the performance of such consulting services.  The Executive shall take his direction as a consultant solely from the Board of Directors of the Company or the Company’s Chief Executive Officer and shall not interact with any of the Company’s other employees in his capacity as a consultant, except (i) for interactions with members of the Company’s Extended Executive Team, the Associate General Counsel of the Company and the Company’s senior paralegal to the extent necessary to perform the consulting services contemplated by this Section 7 and (ii) to the extent he is directed to do so by the Company’s Board of Directors or the Chief Executive Officer.  Notwithstanding anything herein to the contrary, the Company and Executive agree  that in no event shall the level of consulting services to be provided by the Executive pursuant to this Section 7 shall exceed more than 20% of the average level of services performed by the Executive for the Company and its affiliated “service recipients” (within the meaning of Treasury regulation §1.409A-1(h)(3)) over the immediately preceding 36-month period.

 

Section 8.              Release of Claims.  The benefits and payments to Executive provided under this Agreement are subject to Executive’s execution of and delivery to Company by the tenth (10th) day following the Termination Date of a release and waiver of claims (the “Release”) in the form attached hereto as Exhibit A.

 

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Section 9.              Representations by Executive.  The  Executive represents warrants (a) that Executive is legally competent to execute this Agreement; (b) that the Executive has not relied on any statements or explanations made by the Company or its attorneys; (c) that the Executive has read and understands the terms and effect of this Agreement; (d) that the Executive has the full right and power to grant, execute, and deliver the releases, undertakings, and agreements contained in this Agreement and Exhibit A attached hereto; and (e) that the releases and waiver of claims under this Agreement and Exhibit A attached hereto are in exchange for consideration in addition to anything of value to which the Executive already is entitled.  Moreover, the Executive hereby acknowledges that the Executive has been afforded the opportunity to be advised by legal counsel regarding the terms of this Agreement and of his right to be advised by legal counsel regarding the terms of this Agreement, including the release of all claims and waiver of rights set forth in Exhibit A attached hereto.  The Executive acknowledges that the Executive has been offered ten (10) days to consider this Agreement.  After being so advised, and without coercion of any kind, the Executive freely, knowingly, and voluntarily enters into this Agreement and this Agreement shall be effective on the date the Agreement has been duly executed by the required parties (the “Effective Date”).

 

Section 10.            Company Property.

 

(a)           The Executive agrees to immediately return to the Company all information, property, and supplies belonging to the Company and/or its affiliates, including without limitation, any company autos, keys (for equipment or facilities), laptop computer and related equipment, cellular phone, smart phone or PDA (including SIM cards), security cards, corporate credit cards, and the originals and all copies of all files, materials, or documents (whether in tangible or electronic form) containing Confidential Information or relating to the Company’s and/or its affiliates’ business.

 

(b)           The Executive agrees that the Executive shall not, at any time on or after the Termination Date, directly or indirectly use, access or in any way alter or modify any of the databases, e-mail systems, software, computer systems or hardware or other electronic, computerized or technological systems of the Company.  The Executive acknowledges and agrees that any such conduct by the Executive would be illegal and could subject the Executive to legal action by the Company, including without limitation claims for damages and/or appropriate injunctive relief.

 

Section 11.            Future Cooperation.  In connection with any and all claims, disputes, negotiations, governmental or internal investigations, lawsuits or administrative proceedings (the “Legal Matters”) involving the Company, or any of its current or former officers, employees or board members (collectively, the “Disputing Parties” or, individually, a “Disputing Party”), the Executive  agrees to make himself reasonably available and provide his reasonable best efforts, upon reasonable notice from the Company and without the necessity of subpoena, to provide information or documents, provide truthful declarations or statements regarding a Disputing Party, meet with attorneys or other representatives of a Disputing Party, prepare for and give truthful depositions or testimony, and/or otherwise cooperate in the investigation, defense or prosecution of any or all such Legal Matters, as may, in the good faith and judgment of the Company, be reasonably requested.    The Company agrees to reimburse the Executive for

 

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all reasonable out-of-pocket expenses associated with such assistance, including meals, travel and hotel expenses, if any.

 

Section 12.            No Admissions.  Nothing in this Agreement is intended to or shall be construed as an admission by the Company or any of the other Releasees (as defined in Exhibit A attached hereto) that any of them violated any law, interfered with any right, breached any obligation or otherwise engaged in any improper or illegal conduct with respect to the Executive or otherwise.  The Company and the other Releasees deny that they have taken any improper action against the Executive, and the Executive agrees that this Agreement shall not be admissible in any proceeding as evidence of improper action by the Company or any of the Releasees.

 

Section 13.            Non-Waiver.  The Company’s waiver of a breach of this Agreement by Executive shall not be construed or operate as a waiver of any subsequent breach by Executive of the same or of any other provision of this Agreement.

 

Section 14.            Withholding.  All amounts and benefits payable under this Agreement shall be reduced by any and all required or authorized withholding and deductions.

 

Section 15.            Choice of Law; Forum; Attorneys’ Fees.  This Agreement is executed pursuant to and is governed by the substantive law of Illinois without regard to choice-of-law principles.  All claims shall be brought, commenced and maintained only in a state or federal court of competent jurisdiction situated in the County of Cook, State of Illinois.  The Parties each hereby (i) consents to the exercise of jurisdiction over his or its person and property by any court of competent jurisdiction situated in the County of Cook, State of Illinois for the enforcement of any claim, case or controversy based on or arising under this Agreement, (ii) waives any and all personal or other rights to object to such jurisdiction for such purposes; and (iii) waives any objection which it may have to the laying of venue of any such action, suit or proceeding in any such court.

 

Section 16.            Entire Agreement.  The Employment Agreement is hereby terminated, null and void, except that Sections 4, 5, 11, and 12 of the Employment Agreement and the Indemnification Agreement, dated May 13, 2010, between the Company and the Executive, shall continue in full force and effect in accordance with their respective terms.  Except as otherwise provided in Section 3 of this Agreement and in the foregoing sentence, this Agreement sets forth the entire agreement of the parties with respect to the subject matter described herein and supersedes any and all prior and/or contemporaneous agreements and understandings, oral and written, between such parties regarding such matters.

 

Section 17.            Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement.  Facsimile transmission of any executed original document shall be deemed to be the same as the delivery of the executed original.

 

Section 18.            Enforcement.  The provisions of this Agreement shall be regarded as divisible and separable and if any provision should be declared invalid or unenforceable by a court of competent jurisdiction (after reformation pursuant to Section 5(h) of the Employment Agreement pursuant to Section 3 of this Agreement, where applicable), the validity and

 

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enforceability of the remaining provisions shall not be affected thereby.  In addition, Executive agrees and stipulates that breach by Executive of restrictions and requirements under this Agreement will cause irreparable damage to the Releasees and the Company would not have entered into this Agreement without the Executive binding the Executive to these restrictions and requirements.  In the event of the Executive’s breach of this Agreement, in addition to any other remedies the Company has and without bond and without prejudice to any other rights and remedies that the Company may have for the Executive’s breach of this Agreement, the Company shall be relieved of any obligation to provide Benefits pursuant to this Agreement and shall be entitled to an injunction to prevent or restrain any such violation by the Executive and any and all persons directly or indirectly acting for or with the Executive.  The Executive further stipulates that the restrictive period for which the Company is entitled to an injunction shall be extended in for a period which equals the time period during which the Executive is or has been in violation of the restrictions contained herein.

 

Section 19.            Miscellaneous.  The headings used in this Agreement are for convenience only, shall not be deemed to constitute a part hereof, and shall not be deemed to limit, characterize or in any way affect the construction or enforcement of the provisions of this Agreement.  Wherever from the context that it appears appropriate, each term stated in either the singular or plural shall include the singular and the plural and the pronouns stated in either the masculine, feminine or the neuter gender shall include the masculine, feminine and neuter, and the words “include,” “includes” and “including” shall mean “include, without limitation,” “includes, without limitation” and “including, without limitation,” respectively.  The subject matter and language of this Agreement have been the subject of negotiations between the parties and their respective counsel, and this Agreement has been jointly prepared by their respective counsel.  Accordingly, this Agreement shall not be construed against either party on the basis that this Agreement was drafted by such party or its counsel.  This Agreement shall be binding upon and inure to the benefit of the Executive and Executive’s heirs and personal representatives and the Company and its successors, representatives and assigns.  This Agreement may be modified only in a written agreement signed by both parties, and any party’s failure to enforce this Agreement in the event of one or more events which violate this Agreement shall not constitute a waiver of any right to enforce this Agreement against subsequent violations.  The Section headings used herein are for convenience of reference only and are not to be considered in construction of the provisions of this Agreement.

 

(Remainder of page intentionally blank)

 

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IN WITNESS WHEREOF, this Agreement has been duly executed as of the dates set forth below.

 

	
J.D. Rubin
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ J.D. Rubin
    	
 
    	
Date:   January 14, 2013
    
	
J.D. Rubin
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Broadwind   Energy, Inc.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   Peter Duprey
    	
 
    	
Date:   January 14, 2013
    
	
By:   Peter Duprey
    	
 
    	
 
    
	
Its: President and Chief Executive Officer
    	
 
    	
 
    

 

 

Exhibit A

 

Release and Waivers of Claims

 

Broadwind Energy, Inc. (the “Company”) and J.D. Rubin (the “Executive”) hereby enter into this Release (“Release”) in accordance with the Separation Agreement between the Company and the Executive dated as of January     , 2013 (the “Agreement”).  Capitalized terms not expressly defined in this Release shall have the meanings set forth in the Agreement.

 

1.             The Executive understands and agrees that the Executive’s execution of this Release within ten days after (but not before) the Termination Date is among the conditions precedent to the Company’s obligation to provide any of the payments or benefits set forth in Section 3 of the Agreement.  The Company will provide such payments or benefits in accordance with the terms of the Agreement once the conditions set forth therein and in this Release have been met.

 

2.             The term “Released Parties” as used in this Release includes:  (a) the Company and its past, present, and future parents, divisions, subsidiaries, partnerships, affiliates, and other related entities (whether or not they are wholly owned); and (b) the past, present, and future owners, trustees, fiduciaries, administrators, shareholders, directors, officers, partners, agents, representatives, members, associates, employees, and attorneys of each entity listed in subpart (a) above; and (c) the predecessors, successors, and assigns of each entity listed in subparts (a) and (b) above.

 

3.             The Executive, on the Executive’s own behalf and that of Executive’s heirs, executors, attorneys, administrators, successors, assigns, and anyone claiming through the Executive or on his behalf, hereby waives and releases the Company and the other Releasees with respect to any and all liability, claims and demands the Executive now has or has ever had, whether currently known or unknown, against the Company or any of the other Releasees arising from or related to any act, omission or thing occurring or existing at any time prior to or on the date on which the Executive signs this Release.  Without limiting the generality of the foregoing, the claims waived and released by the Executive hereunder include but are not limited to:

 

(a)           any and all claims arising from or relating to Executive’s employment, the terms and conditions of Executive’s employment, or the termination of Executive’s employment, including without limitation any and all claims relating to wages, bonuses, other compensation, or benefits, and any and all claims arising from or relating to any employment contract (including without limitation the Employment Agreement);

 

(b)           any and all claims arising from or relating to any employment or other federal, state, local, employment, or other law, regulation, ordinance, constitutional provision, executive order or other source of law, including without limitation any of the following laws as amended from time to time:  the United States Constitution or the constitution of any state; Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Illinois Human Rights Act or similar applicable statute of any other state; the Executive Retirement Income Security Act of 1974; the Age Discrimination in Employment Act; 

 

A-1

 

the Americans with Disabilities Act; the Equal Pay Act; the Lilly Ledbetter Fair Pay Act of 2009; the Family and Medical Leave Act; Executive Order 11246; the Illinois Equal Pay Act; the  Cook County Human Rights Ordinances;  and any other federal, state or local statute, ordinance or regulation with respect to employment;

 

(c)           any and all claims with respect to Executive’s employment with the Company or other association with the Company through the Effective Date;

 

(d)           any and all claims under any tort or common law theory, including, but not limited to all claims for breach of contract (oral, written or implied), defamation, intentional or negligent infliction of emotional distress, breach of the covenant of good faith and fair dealing, promissory estoppel, wrongful termination, invasion of privacy, tortious interference, fraud, estoppel, unjust enrichment, and negligence; and

 

(e)           any and all claims that were or could have been asserted by the Executive or on his behalf  in any federal, state, or local court, commission, or agency.

 

The Executive acknowledges, agrees, represents, and warrants, without limiting the generality of the above release, that (i)  the Executive hereby irrevocably and unconditionally waives any and all rights to recover damages concerning the claims that are lawfully released in this Release, (ii) the Executive has not previously filed, initiated, or joined in any such claims or proceedings against any of the Releasees; (iii) no such proceedings have been initiated against any of the Releasees on the Executive’s behalf; (iv) the Executive is the sole owner of the claims that are released above; and (v) none of these claims has been transferred or assigned or caused to be transferred or assigned to any other person, firm or other legal entity.

 

4.             Excluded from the Release above are any claims or rights which cannot be waived or released by law.  Also excluded is Executive’s right to file a charge with an administrative agency or participate in any agency investigation.  Executive is, however, waiving the right to recover any money in connection with a charge or investigation.  Executive is also waiving the right to recover any money in connection with a charge filed by any other individual or by the Equal Employment Opportunity Commission or any other federal or state agency.

 

5.             The  Executive represents warrants (a) that Executive is legally competent to execute this Release; (b) that the Executive has not relied on any statements or explanations made by the Company or its attorneys; (c) that the Executive has read and understands the terms and effect of this Release; (d) that the Executive has the full right and power to grant, execute, and deliver the releases, undertakings, and agreements contained in this Release; and (e) that the releases and waiver of claims under this Release are in exchange for consideration in addition to anything of value to which the Executive already is entitled.  Moreover, the Executive hereby acknowledges that the Executive has been afforded the opportunity to be advised by legal counsel regarding the terms of this Release and of his right to be advised by legal counsel regarding the terms of this Release.  The Executive acknowledges that the Executive has been offered ten (10) days to consider this Release.  After being so advised, and without coercion of any kind, the Executive freely, knowingly, and voluntarily enters into this Release and this Release shall be effective on the date the Release has been duly executed by the required parties.

 

A-2

 

THE PARTIES STATE THAT THEY HAVE READ AND UNDERSTAND THE FOREGOING AND KNOWINGLY AND VOLUNTARILY INTEND TO BE BOUND THERETO:

 

	
J.D.   RUBIN
    	
 
    	
BROADWIND   ENERGY, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Date:
    	
 
    
					

 

A-3Exhibit 4.1

 

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

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.  OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

STAPLES, INC.

 

2.750% Senior Notes Due January 12, 2018

 

CUSIP NO. 855030AL6

 

	
No.
    	
$
    

 

Staples, Inc., a corporation organized under the laws of the state of Delaware “(herein called the “Company”; which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of                                                            Dollars (which principal amount may from time to time be increased or decreased to such other principal amounts by adjustments made on the records of the Trustee hereinafter referred to in accordance with the Indenture) on January 12, 2018, and, subject to adjustment as hereinafter provided, to pay interest thereon from January 14, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on January 12 and July 12 in each year commencing July 12, 2013 at the rate of 2.750% per annum, until the principal hereof is paid or made available for payment, and to the extent that the payment of such interest shall be legally enforceable at the interest rate then in effect on any overdue principal and on any overdue installment of interest until paid.

 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 1 or July 1 (regardless of whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.

 

 

If any Interest Payment Date falls on a day that is not a Business Day, it shall be postponed to the following Business Day.  Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.  Payment of the principal of and interest on this Security will be made at the office or agency of the Trustee or any Paying Agent maintained for that purpose in the City of New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Interest Rate Adjustment

 

The interest rate payable on this series of Securities will be subject to adjustments from time to time if Moody’s Investors Service, Inc. (“Moody’s”) (or, if applicable, any Substitute Rating Agency (as defined below)) or Standard & Poor’s Ratings Services, a division of The McGraw Hill Companies, Inc. (“S&P”) (or, if applicable, any Substitute Rating Agency) downgrades (or downgrades and subsequently upgrades) the rating assigned to this series of Securities, as set forth below.

 

If the rating with respect to this series of Securities from Moody’s or any Substitute Rating Agency thereof is decreased to a rating set forth in the immediately following table, the interest rate on this series of Securities will increase from the interest rate payable on this series of Securities set forth on the face of this Security by the percentage points set forth below opposite that rating.

 

	
Moody’s Rating *
    	
 
    	
Percentage Points
    	
 
    
	
Bal
    	
 
    	
0.25
    	
 
    
	
Ba2
    	
 
    	
0.50
    	
 
    
	
Ba3
    	
 
    	
0.75
    	
 
    
	
Bl or below
    	
 
    	
1.00
    	
 
    

 

*  Including the equivalent rating of any Substitute Rating Agency.

 

If the rating with respect to this series of Securities from S&P or any Substitute Rating Agency thereof is decreased to a rating set forth in the immediately following table, the interest rate on this series of Securities will increase from the interest rate payable on this series of Securities on the date set forth on the face of this Security by the percentage points set forth below opposite that rating.

 

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S&P Rating *
    	
 
    	
Percentage Points
    	
 
    
	
BB+
    	
 
    	
0.25
    	
 
    
	
BB
    	
 
    	
0.50
    	
 
    
	
BB-
    	
 
    	
0.75
    	
 
    
	
B+ or below
    	
 
    	
1.00
    	
 
    

 

*  Including the equivalent rating of any Substitute Rating Agency.

 

If at any time the interest rate on this series of Securities has been adjusted upward as a result of a decrease in a rating by an Interest Rate Rating Agency and that Interest Rate Rating Agency subsequently increases its rating on this series of Securities to any of the ratings set forth in the tables above, the per annum interest rate on this series of Securities will be decreased such that the per annum interest rate equals the interest rate set forth on the face of this Security plus the percentage points set forth opposite the ratings in effect immediately following the increase in the tables above; provided, however, that if Moody’s or any Substitute Rating Agency subsequently increases its rating on this series of Securities to “Baa3” (or its equivalent if with respect to any Substitute Rating Agency) or higher and S&P or any Substitute Rating Agency subsequently increases its rating on this series of Securities to “BBB-” (or its equivalent if with respect to any Substitute Rating Agency) or higher, the per annum interest rate on this series, of Securities will be decreased to the interest rate set forth on the face of this Security.

 

No adjustment in the interest rate on this series of Securities shall be made solely as a result of an Interest Rate Rating Agency ceasing to provide a rating.  If at any time less than two Interest Rate Rating Agencies provide a rating on this series of Securities, the Company will use commercially reasonable efforts to obtain a rating on this series of Securities from another “nationally recognized statistical rating organization” within the meaning of Rule 15c3-l (c)(2)(vi)(F) under the Exchange Act, to the extent one exists, and if another nationally recognized statistical rating organization rates this series of Securities (such organization, as certified by a resolution of the Company’s board of directors, a “Substitute Rating Agency”), for purposes of determining any increase or decrease in the per annum interest rate on this series of Securities pursuant to the tables above, (1) such Substitute Rating Agency will be substituted for the last Interest Rate Rating Agency to provide a rating on this series of Securities but which has since ceased to provide such rating, (2) the relative ratings scale used by such Substitute Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an independent investment banking institution of national standing appointed by the Company and, for purposes of determining the applicable ratings included in the table above with respect to such Substitute Rating Agency, such ratings shall be deemed to be the equivalent ratings used by Moody’s and S&P in such tables, and (3) the per annum interest rate on this series of Securities will increase or decrease, as the case may be, such that the interest rate equals the interest rate set forth on the face of this Security plus the appropriate percentage, if any, set forth opposite the rating from such Substitute Rating Agency in the applicable table above (taking into account the provisions of clause (2) above) (plus any applicable percentage points resulting from a decreased rating by the other Interest Rate Rating Agency).  For so long as (a) only one Interest Rate Rating Agency provides a rating on this series of Securities, any increase or decrease in the interest rate on this series of Securities necessitated by a reduction or increase in the rating by that Interest Rate Rating Agency shall be twice the applicable percentage set forth in the applicable table above and (b) no Interest Rate Rating Agency provides a rating on this series of Securities, the interest rate on this series of Securities will increase to, or remain at, as the case

 

3

 

may be, 2.00% above the interest rate set forth on the face of this Security.  If Moody’s or S&P ceases to rate this series of Securities or make a rating of this series of Securities publicly available for reasons within the Company’s control, the Company will not be entitled to obtain a rating from a Substitute Rating Agency and the increase or decrease in the per annum interest rate on this series of Securities shall be determined in the manner described above as if either only one or no Interest Rate Rating Agency provides a rating on this series of Securities, as the case may be.

 

Each adjustment required by any decrease or increase in a rating set forth above, whether occasioned by the action of Moody’s, S&P or any Substitute Rating Agency, shall be made independent of (and in addition to) any and all other adjustments.  In no event shall (1) the per annum interest rate on this series of Securities be reduced below the interest rate as set forth on the face of this Security or (2) the per annum interest rate on this series of Securities exceed 2.00% above the interest rate set forth on the face of this Security.

 

Any interest rate increase or decrease described above will take effect on the next business day after the rating change has occurred.  The Company shall promptly advise the Trustee of each change in interest rate, change in rating or the appointment and identity of any Substitute Rating Agency by Company Notice.  The Trustee shall not be responsible for determining the interest rate that may be in effect from time to time.

 

The interest rates on this series of Securities will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by any Interest Rate Rating Agency) if this series of Securities becomes rated “A3” (or its equivalent) or higher by Moody’s (or any Substitute Rating Agency) and “A-” (or its equivalent) or higher by S&P (or any Substitute Rating Agency), or one of those ratings if this series of Securities is rated by only one Interest Rate Rating Agency, in each case with a stable or positive outlook.

 

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.

 

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

 

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

 

	
Dated: January 14, 2013
    	
 
    
	
 
    	
 
    
	
 
    	
STAPLES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
Attest:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    
	
Title:
    	
 
    
				

 

5

 

Dated:  January 14, 2013

 

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

 

 

	
 
    	
HSBC Bank USA,
    
	
 
    	
National Association, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    

 

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[Reverse of Note]

 

This Security is one of a duly authorized issue of Securities of the Company designated as its 2.750% Senior Notes due 2018 (herein called the “Securities”), limited initially (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to $500,000,000, issued and to be issued under an Indenture, dated as of January 15, 2009 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), among the Company, the subsidiary guarantors named therein, and HSBC Bank USA, National Association, as Trustee (herein called the ‘Trustee”, which term includes any successor trustee under the Indenture).  The Company may, without the consent of the Holders, create and issue additional Securities (the “Additional Securities”) on terms and conditions substantially identical to those of the Securities, including having the same CUSIP number, so that the Additional Securities shall be consolidated and form a single series with the Securities and shall have the same terms as to ranking or otherwise as the Securities, except for the public offering price, amount and date of the first payment of interest thereon and the issue date.  The Company may not issue Additional Securities if an Event of Default shall occur and be continuing with respect to the Securities.  Reference is hereby made to the Indenture, all Supplemental Indentures thereto and all Officers’ Certificates setting forth the terms of Securities of this series pursuant to Section 301 for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.

 

In the event of a deposit or withdrawal of an interest in this Security (including upon an exchange, transfer, redemption or repurchase of this Security in part only) effected in accordance with the Applicable Procedures, the Security Registrar, upon receipt of notice of such event from the Depositary’s custodian for this Security, shall make an adjustment on its records to reflect an increase or decrease of the Outstanding principal amount of this Security resulting from such deposit or withdrawal, as the case may be.

 

Prior to December 13, 2017 (30 days prior to the maturity date of the Securities of this series), the Securities of this series are redeemable in whole, or in part, at the option of the Company at any time or from time to time, on not less than 30 or more than 60 days’ prior notice mailed to the Holders of the Securities of this series, at a Redemption Price equal to the greater of the following amounts:

 

·                                          100% of the principal amount of the Securities of this series being redeemed on the Redemption Date; and

 

·                                          the sum of the present values of the remaining scheduled payments of principal and interest on this series of Securities being redeemed on that Redemption Date (not including any portion of such payments representing interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis at the Adjusted Treasury Rate plus 30 basis points, as determined by the Reference Treasury Dealer,

 

plus, in each case, accrued and unpaid interest thereon to the Redemption Date.

 

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In addition, on and after December 13, 2017 (30 days prior to the maturity date of the Securities of this series), the Securities of this series are redeemable in whole, or in part, at the option of the Company at any time or from time to time, on not less than 30 or more than 60 days’ prior notice mailed to the Holders of the Securities of this series, at a Redemption Price equal to 100% of the principal amount of the Securities of this series being redeemed on the Redemption Date, plus accrued and unpaid interest thereon to the Redemption Date.

 

For purposes of the foregoing provisions regarding the Company’s optional redemption right, the following definitions arc applicable:

 

“Adjusted Treasury Rate” means, with respect to any Redemption Date applicable to this series of Securities, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Comparable Treasury Issue” means, with respect to this series of Securities, the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of those Securities of this series that are to be redeemed 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 comparable maturity to the remaining term of this series of Securities.

 

“Comparable Treasury Price” means, with respect to any Redemption Date applicable to this series of Securities, (A) the average, as determined by an Independent Investment Banker, of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Quotations, or (B) if the Independent Investment Banker obtains fewer than three such Reference Treasury Dealer Quotations, the average, as determined by an Independent Investment Banker, of all such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation.

 

“Independent Investment Banker” means an independent investment banker of national standing appointed by the Company.

 

“Reference Treasury Dealer” means (A) each of Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC and their respective successors; provided however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), we shall substitute therefor another Primary Treasury Dealer and (B) any other Primary Treasury Dealer selected by us.

 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date for this series of Securities, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for this series of Securities (expressed in each case as a percentage of its principal amount)

 

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quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding such Redemption Date.

 

Once notice of redemption is mailed, the Securities called for redemption will become due and payable on the Redemption Date and at the applicable redemption price, plus accrued and unpaid interest to the Redemption Date.  Unless the Company defaults in payment of the redemption price, on and after the Redemption Date interest will cease to accrue on the Securities or portions thereof called for redemption.

 

The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months.  If fewer than all of the Securities of this series are being redeemed, the Trustee will select the Securities to be redeemed pro rata, by lot or by any other method the Trustee in its sole discretion deems fair and appropriate, in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof.  Upon surrender of any Security of this series redeemed in part, the Holder of the Security will receive a new Security equal in principal amount to the unredeemed portion of the surrendered Security.

 

If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its right to satisfy and discharge or to defease this series of Securities prior to maturity as described below, Holders of this series of Securities will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Securities pursuant to the offer described below (a “Change of Control Offer”).  In the Change of Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to the date of purchase (a “Change of Control Payment”).  Within 30 days following any Change of Control Triggering Event, the Company will be required to mail a notice to Holders of this series of Securities describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the Securities 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 (a “Change of Control Payment Date”), pursuant to the procedures required by the Indenture and described in such notice.  The Company must comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with any repurchase of this series of Securities as a result of a Change of Control Triggering Event.  To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this series of Securities, the Company will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions of this series of Securities by virtue of such conflicts and compliance with law.

 

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to:

 

·                                          accept for payment all Securities of this series properly tendered pursuant to the Change of Control Offer;

 

9

 

·                                          deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Securities of this series or portions of Securities of this series properly tendered; and

 

·                                          deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of this series of Securities or portions of this series of Securities being purchased.

 

The Company will 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 times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Securities of this series properly tendered and not withdrawn under its offer.  In addition, the Company will not repurchase any Securities of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event.

 

For purposes of the foregoing provisions of a repurchase at the option of Holders upon a Change of Control Triggering Event, the following definitions are applicable;

 

“Below Investment Grade Rating Event” means that the rating of this series of Securities is downgraded below Investment Grade Rating by both of the Rating Agencies (as defined below), on any date during the period commencing 60 days prior to the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of this series of Securities is under publicly announced consideration for possible downgrade by any of the Rating Agencies).

 

“Change of Control” means the occurrence of any of the following; (1) any event (including, without limitation, any merger or consolidation), the result of which is that any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding voting stock of the Company, measured by voting power; (2) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than (i) by way of merger or consolidation or (ii) to the Company or one or more direct or indirect Wholly Owned Subsidiaries of the Company), in one transaction or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole to one or more Persons; (3) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding voting stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s voting stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock, measured by voting power, of the resulting or surviving Person (or of any direct or indirect parent company of the resulting or surviving Person) immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of

 

10

 

Directors are not Continuing Directors; or (5) the adoption of a plan providing for the liquidation or dissolution of the Company.  Notwithstanding the foregoing, a transaction will 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 (which shall include a parent company) and (ii)(A) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as, and hold in substantially the same proportions as, the holders of the Company’s voting stock immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly of more than 50% of the then outstanding voting stock, measured by voting power, of such holding company.  Following any such transaction, references in this definition to the Company shall be deemed to refer to such holding company.  For purposes of this definition, “voting stock” of any specified Person as of any date means capital stock of such Person that is at the same time entitled to vote generally in the election of the board of directors (or comparable governing body) of such Person.

 

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

 

“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 Issue Date of this series of Securities; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors, whether or not directors on the Issue Date of this series of Securities, who were members of such Board of Directors at the time of such nomination or election.

 

“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.

 

“Moody’s” means Moody’s Investors Services, Inc.

 

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

 

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

 

The Indenture contains provisions, which will apply to the Securities of this series, for legal defeasance and covenant defeasance, in each case, upon compliance with certain conditions set forth in the Indenture.

 

11

 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

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

 

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

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Trustee, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Securities are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.  No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company or the Trustee nor any such agent shall be affected by notice to the contrary.

 

Upon execution of the certificate of authentication hereon by the Trustee, this Security shall be entitled to the benefits under the Indenture.

 

12

 

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

 

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

 

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