Document:

Exhibit 10.2

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933, AS AMENDED OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED. 

 

WARRANT TO PURCHASE COMMON STOCK

 

OF ODYSSEY GROUP INTERNATIONAL, INC.

 

	WARRANT # _________	VOID AFTER: ________________

 

 

This Warrant is issued to ___________________________________________(the
“Holder”) by Odyssey Group International, a Nevada corporation (the “Company”). 

 

1. Purchase
of Shares. Subject to the terms and conditions hereinafter set forth, the holder of this Warrant is entitled, upon surrender
of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the holder hereof in
writing), to purchase from the Company up to __________ fully paid and nonassessable shares of the Company’s Common
Stock, (each a “Share” and collectively the “Shares”) at an exercise price of $1.50 per
Share (such price is herein referred to as the “Exercise Price”).

 

2. Exercise
Period. This Warrant shall be exercisable, in whole or in part, during the term commencing on the issuance date of this Warrant
and ending at 5 p.m. California time on ___________________the “Exercise Period”).

 

3. Method
of Exercise. While this Warrant remains outstanding and exercisable in accordance with Section 2 above, the holder may
exercise from time to time, in whole or in part, the purchase rights evidenced hereby. Such exercise shall be effected by:

 

(i) the surrender
of the Warrant, together with a notice of exercise to the Secretary of the Company at its principal offices; and

 

(ii) the payment to
the Company of an amount equal to the aggregate Exercise Price for the number of Shares being purchased.

 

4. Certificates
for Shares; Amendments of Warrants. Upon the exercise of the purchase rights evidenced by this Warrant, one or more certificates
for the number of Shares so purchased shall be issued as soon as practicable thereafter, and in any event within thirty (30)
days of the delivery of the subscription notice. Upon partial exercise, the Company shall promptly issue an amended Warrant representing
the remaining number of Shares purchasable thereunder. All other terms and conditions of such amended Warrant shall be identical
to those contained herein.

 

5. Issuance
of Shares. The Company covenants that (i) the Shares, when issued pursuant to the exercise of this Warrant, will be duly
and validly issued, fully paid and nonassessable and free from all taxes, liens, and charges with respect to the issuance thereof,
(ii) during the Exercise Period the Company will reserve from its authorized and unissued Common Stock sufficient Shares in
order to perform its obligations under this warrant.

 

6. Adjustment
of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of this Warrant and
the Exercise Price shall be subject to adjustment from time to time as follows:

 

(a) Subdivisions,
Combinations and Other Issuances. If the Company shall at any time before the expiration of this Warrant subdivide the Shares,
by split-up or otherwise, or combine its Shares, or issue additional shares of its Shares as a dividend, the number of Shares issuable
on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or
proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the purchase price payable
per share, but the aggregate purchase price payable for the total number of Shares purchasable under this Warrant (as adjusted)
shall remain the same. Any adjustment under this Section 6(a) shall become effective at the close of business on the date
the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date
is fixed, upon the making of such dividend.

 

 

 

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(b) Reclassification,
Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock (including
because of a change of control) of the Company (other than as a result of a subdivision, combination, or stock dividend provided
for in Section 6(a) above), then the Company shall make appropriate provision so that the holder of this Warrant shall have
the right at any time before the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise
of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification,
reorganization, or change by a holder of the same number of Shares as were purchasable by the holder of this Warrant immediately
before such reclassification, reorganization, or change. In any such case appropriate provisions shall be made with respect to
the rights and interest of the holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect
to any shares of stock or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be
made to the purchase price per share payable hereunder, provided the aggregate purchase price shall remain the same.

 

(c) Notice
of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the
Warrant, or in the Exercise Price, the Company shall promptly notify the holder of such event and of the number of Shares or other
securities or property thereafter purchasable upon exercise of this Warrant.

 

7. No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant,
but in lieu of such fractional shares the Company shall make a cash payment therefor on the basis of the Exercise Price then in
effect.

 

8. Representations
of the Company. The Company represents that all corporate actions on the part of the Company, its officers, directors and stockholders
necessary for the sale and issuance of this Warrant have been taken.

 

9. Representations
and Warranties by the Holder. The Holder represents and warrants to the Company as follows:

 

(a) This Warrant and
the Shares issuable upon exercise thereof are being acquired for its own account, for investment and not with a view to, or for
resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act of 1933, as
amended (the “Act”). Upon exercise of this Warrant, the Holder shall, if so requested by the Company, confirm
in writing, in a form satisfactory to the Company, that the securities issuable upon exercise of this Warrant are being acquired
for investment and not with a view toward distribution or resale.

 

(b) The Holder understands
that the Warrant and the Shares have not been registered under the Act by reason of their issuance in a transaction exempt from
the registration and prospectus delivery requirements of the Act pursuant to Section 4(2) thereof, and that they must be held
by the Holder indefinitely, and that the Holder must therefore bear the economic risk of such investment indefinitely, unless a
subsequent disposition thereof is registered under the Act or is exempted from such registration. The Holder further understands
that the Warrant Shares have not been qualified under the California Securities Law of 1968 (the “California Law”)
by reason of their issuance in a transaction exempt from the qualification requirements of the California Law pursuant to Section 25102(f)
thereof, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent expressed
above.

 

(c) The Holder has
such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase
of this Warrant and the Shares purchasable pursuant to the terms of this Warrant and of protecting its interests in connection
therewith.

 

(d) The Holder is
able to bear the economic risk of the purchase of the Shares pursuant to the terms of this Warrant.

 

(e) The Holder is
an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Act 

 

10. Restrictive
Legend. 

 

The Shares (unless
registered under the Act) shall be stamped or imprinted with a legend in substantially the following form:

 

(i) THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). SUCH SECURITIES
MAY NOT BE TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR SUCH TRANSFER MAY BE MADE
PURSUANT TO RULE 144 OR IN THE OPINION OF COUNSEL FOR THE COMPANY, REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR
SUCH TRANSFER TO COMPLY WITH THE ACT.

 

 

 

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(ii) THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN AN AMENDED AND RESTATED VOTING
AGREEMENT AND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A
COPY OF WHICH IS AVAILABLE UPON REQUEST FROM THE COMPANY. THESE TRANSFER RESTRICTIONS ARE BINDING UPON ALL TRANSFEREES OF THE SECURITIES.
THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED FOR A PERIOD NOT TO EXCEED 180 DAYS FOLLOWING
THE EFFECTIVE DATE OF A REGISTRATION STATEMENT FILED BY THE COMPANY FOR ITS INITIAL PUBLIC OFFERING IF REQUESTED BY THE UNDERWRITERS
IN ACCORDANCE WITH SUCH AGREEMENT.

 

11. Warrants
Transferable. Subject to compliance with the terms and conditions of this Section 11, this Warrant and all rights hereunder
are transferable, without charge to the holder hereof (except for transfer taxes), upon surrender of this Warrant properly endorsed
or accompanied by written instructions of transfer. With respect to any offer, sale or other disposition of this Warrant or any
Shares acquired pursuant to the exercise of this Warrant before registration of such Warrant or Shares, the holder hereof agrees
to give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of
such holder’s counsel, or other evidence, if requested by the Company, to the effect that such offer, sale or other disposition
may be effected without registration or qualification (under the Act as then in effect or any federal or state securities law then
in effect) of this Warrant or the Shares and indicating whether or not under the Act certificates for this Warrant or the Shares
to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to
ensure compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other evidence, if so
requested, the Company, as promptly as practicable, shall notify such holder that such holder may sell or otherwise dispose of
this Warrant or such Shares, all in accordance with the terms of the notice delivered to the Company. If a determination has been
made pursuant to this Section 11 that the opinion of counsel for the holder or other evidence is not reasonably satisfactory
to the Company, the Company shall so notify the holder promptly with details thereof after such determination has been made. Each
certificate representing this Warrant or the Shares transferred in accordance with this Section 11 shall bear a legend as
to the applicable restrictions on transferability in order to ensure compliance with such laws, unless in the aforesaid opinion
of counsel for the holder, such legend is not required. In order to ensure compliance with such laws, the Company may issue stop
transfer instructions to its transfer agent in connection with such restrictions.

 

12. Rights
of Stockholders. No holder of this Warrant shall be entitled, as a Warrant holder, to vote or receive dividends or be
deemed the holder of the Shares or any other securities of the Company which may at any time be issuable on the exercise
hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such,
any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any
recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or
otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant
shall have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided
herein.

 

13. Notices.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall
in any event be deemed to be given upon receipt or, if earlier, (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail, postage prepaid, (b) upon delivery, if delivered
by hand, (c) one business day after the business day of deposit with Federal Express or similar overnight courier, freight
prepaid or (d) one business day after the business day of facsimile transmission, or email to the President or CFO.

 

14. Governing
Law. This Warrant and all actions arising out of or in connection with this Agreement shall be governed by and construed in
accordance with the laws of California, without regard to the conflicts of law provisions of California or of any other state.

 

15. Rights
and Obligations Survive Exercise of Warrant. Unless otherwise provided herein, the rights and obligations of the Company,
of the holder of this Warrant and of the holder of the Shares issued upon exercise of this Warrant, shall survive the exercise
of this Warrant.

 

	Odyssey Group International
	 
	 	 
	By:	 	/s/ Joseph Michael Redmond       
	
         

        Title:
	 	Chief Executive Officer
	
         

        Date:
	 	_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT A 

 

NOTICE OF EXERCISE 

 

 

 

	TO:	Odyssey Group International  

2372 Morse Rd.

Irvine, CA 92614

 

Attention: J. Michael Redmond

 

1. The undersigned
hereby elects to purchase                     ___ shares
of Common Stock of Odyssey Group International (the “Shares”) pursuant to the terms of the attached Warrant.

 

2. The undersigned
elects to exercise the attached Warrant by means of a cash payment, and tenders herewith payment in full for the purchase price
of the shares being purchased, together with all applicable transfer taxes, if any. 

 

3. Please issue a
certificate or certificates representing said Shares in the name of the undersigned or in such other name as is specified below: 

 

	 
	 
	(Name)
	 
	 
	 
	
        (Address)

         

	 
	
        (Email 

         

	 
	(SSN or TAX ID)

 

4. The undersigned
hereby represents and warrants that the aforesaid Shares are being acquired for the account of the undersigned for investment and
not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention
of distributing or reselling such shares and all representations and warranties of the undersigned set forth in Section 9
of the attached Warrant (including Section 9(e) thereof) are true and correct as of the date hereof. 

 

	 	 	 	 	 
	 	 	 	 	(Signature)
	 	 	 
	 	 	 	 	 
	 	 	 	 	(Name)
	 	 	 
	 	 	 	 	 
	(Date)	 	 	 	(Title)

EXHIBIT

 

 

 

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EXHIBIT B

 

FORM OF TRANSFER 

 

(To be signed only upon transfer of Warrant) 

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto                                        
                              the
right represented by the attached Warrant to purchase                          shares
of Common Stock of Odyssey Group International, Inc. to which the attached Warrant relates, and appoints                                          Attorney
to transfer such right on the books of Odyssey Group International, with full power of substitution in the premises.

 

Dated:                                     

 

	 	 	 
	 
	(Signature must conform in all respects to name of “Holder” as specified on the face of the Warrant)
	 	 
	
        ______________________________________

         

        ______________________________________

        Address
	 
	 	 
	 	 
	 	 

  

	 
	Signed in the presence of:
	__________________________

 

 

 

Transferred to: _________________________________

 

DOB: _________________________________________

 

SSN/TAX ID: ___________________________________

 

Address: _______________________________________

 

_______________________________________________

 

Email: __________________________________________

 

Phone: _________________________________________

 

 

 

    	 	5Exhibit 4.2 

 

EXECUTION VERSION 

 

AVERY DENNISON CORPORATION,

 

as Issuer

 

AND

 

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

 

as Trustee

 

 

 

SIXTH SUPPLEMENTAL INDENTURE

 

Dated as of March 11, 2020

 

To

 

INDENTURE

 

Dated as of November 20, 2007

 

 

 

2.650% Senior Notes due 2030

  

     

     

    

 

SIXTH SUPPLEMENTAL INDENTURE (as hereinafter
defined, the “Sixth Supplemental Indenture”), dated as of March 11, 2020, between AVERY DENNISON CORPORATION,
a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking
association, as Trustee (the “Trustee”).

 

WHEREAS, the Company and the Trustee executed
and delivered an Indenture, dated as of November 20, 2007 (the “Base Indenture” and, together with the Sixth
Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company of unsecured debentures,
notes, bonds or other evidences of indebtedness in an unlimited amount to be issued from time to time in one or more series as
provided in the Base Indenture;

 

WHEREAS, pursuant to Board Resolutions dated
February 26, 2020 and March 3, 2020 and an Officer’s Certificate dated March 4, 2020, the Company authorized the creation
and issuance of a series of its debt securities under the Indenture, designated as the “2.650% Senior Notes due 2030”
in the initial aggregate principal amount of $500,000,000 (the “Notes”);

 

WHEREAS, Section 14.01 of the Base Indenture
provides that the Company, when authorized by a Board Resolution, and the Trustee, from time to time and at any time, may enter
into one or more supplemental indentures to establish the forms and terms of Securities as permitted in Section 3.01 of the Base
Indenture;

 

WHEREAS, the Company desires to establish
the form and terms of the Notes in accordance with Sections 2.01 and 3.01 of the Base Indenture;

 

WHEREAS, the Company has determined that
this Sixth Supplemental Indenture is authorized and permitted by Section 14.01 of the Base Indenture and has delivered to the Trustee
an Opinion of Counsel to that effect and an Officer’s Certificate pursuant to Section 3.03 of the Base Indenture to the effect
that all conditions precedent provided for in the Base Indenture to the Trustee’s execution and delivery of this Sixth Supplemental
Indenture have been complied with;

 

WHEREAS, the Indenture is subject to the
provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed
by such provisions; and

 

WHEREAS, all things necessary to make this
Sixth Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes, when executed
by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the
execution and delivery of this Sixth Supplemental Indenture has been duly authorized in all respects.

 

NOW, THEREFORE, in consideration of the
covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE 1

 

DEFINITIONS

 

Section 1.1              
Definition of Terms. For all purposes
of this Sixth Supplemental Indenture, except as otherwise expressly provided or unless the context requires otherwise:

 

(a)                
a term defined in the Base Indenture and not otherwise defined herein has the same meaning when used in this Sixth
Supplemental Indenture; and

 

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(b)               
the following terms have the meanings given to them in this Section 1.1(b) and shall have the meaning set forth below
for purposes of this Sixth Supplemental Indenture and the Base Indenture as it relates to the Notes created hereby:

 

“Additional Notes” shall
have the meaning set forth in Section 6.1 hereof.

 

“Attributable Debt” means,
as to any particular lease under which any Person is at the time liable and at any date as of which the amount thereof is to be
determined, the total net amount of rent required to be paid by such Person under such lease during the remaining primary term
thereof, discounted from the respective due dates to such date at the actual percentage rate inherent in such arrangement as the
Company has determined in good faith. The net amount of rent required to be paid under any such lease for any such period shall
be the aggregate amount of the 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
which 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 required to be paid under such lease subsequent to the first date upon which it may be so terminated.

 

“Business Day” means
any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York City are authorized
or obligated by law or executive order to remain closed.

 

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

 

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

 

(b)                the
consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any person
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 Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified,
consolidated, exchanged or changed, measured by voting power rather than number of shares; or

 

(c)                 the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly-owned Subsidiary of a
holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction
or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence)
is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,”
as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control Offer”
shall have the meaning set forth in Section 3.2 hereof.

 

“Change of Control Payment”
shall have the meaning set forth in Section 3.2 hereof.

 

“Change of Control Payment Date”
shall have the meaning set forth in Section 3.2 hereof.

 

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

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the Notes 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 the Notes.

 

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

 

“Consolidated Net Tangible Assets”
means the aggregate amount of assets (less applicable reserves and other properly deductible items) less (i) all liabilities, other
than deferred income taxes and Funded Debt and (ii) goodwill, trade names, trademarks, patents, organizational expenses and other
like intangibles owned by the Company as well as the Company’s consolidated Subsidiaries and computed in accordance with
generally accepted accounting principles.

 

“Debt” means debt issued,
assumed or guaranteed by the Company or a Subsidiary for money borrowed.

 

“Funded Debt” means (i)
all indebtedness for money borrowed having a maturity of more than 12 months from the date as of which the determination is made
or having a maturity of 12 months or less but by its terms being renewable or extendible beyond 12 months from such date at the
option of the borrower and (ii) rental obligations payable more than 12 months from such date under leases which are capitalized
in accordance with generally accepted accounting principles (such rental obligations to be included as Funded Debt at the amount
so capitalized and to be included for the purposes of the definition of Consolidated Net Tangible Assets both as an asset and as
Funded Debt at the amount so capitalized).

 

“Holder” means the Person
in whose name a Registered Security is registered in the Register.

 

“Interest Period” shall
have the meaning set forth in Section 2.3(b) hereof.

 

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

 

“Lien” means any lien,
mortgage or pledge.

 

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

 

“Optional Redemption Price”
shall have the meaning set forth in Section 3.1(a) hereof.

 

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

 

“Principal Property”
means any real property the Company or any Subsidiaries own or hereafter acquire (including related land and improvements thereon
and all machinery and equipment included therein without deduction of any depreciation reserves) of which on the date as of which
the

 

    3

     

    

 

determination is being made exceeds 2% of Consolidated Net Tangible Assets other than (i) any property which in the Company’s
determination is not of material importance to the total business conducted by the Company and its Subsidiaries as an entirety
or (ii) any portion of a particular property which is similarly found not to be of material importance to the use or operation
of such property.

 

“Prospectus Supplement”
means the prospectus supplement relating to the Notes dated March 4, 2020.

 

“Rating Agencies” means
(a) each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to rate the Notes or fails to make
a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by
a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or each of them,
as the case may be.

 

“Rating Event” means
the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the
Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is
under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence
of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Company’s intention to effect
a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction
in rating 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 the Rating Agencies making the reduction in rating
to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing that the reduction
was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the
applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

 

“Reference Treasury Dealer”
means (a) each of BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (or their respective affiliates
that are primary U.S. Government securities dealers in New York City (each, a “Primary Treasury Dealer”)) and
their respective successors and (b) three other Primary Treasury Dealers selected by the Company in good faith; provided,
however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary
Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the 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 5:00 p.m. (New York City time) on the third Business
Day preceding such Redemption Date.

 

“Regular Record Date”
means, with respect to any Interest Payment Date, the April 15 and October 15 (whether or not a Business Day) preceding the relevant
Interest Payment Date.

 

“Remaining Scheduled Payments”
means the remaining scheduled payments of the principal and interest on the Notes to be redeemed that would be due after the related
Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment
Date, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to, but
not including, such Redemption Date.

 

“S&P” means S&P
Global Ratings, and its successors.

 

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“Stated Maturity” shall
have the meaning set forth in Section 2.2 hereof.

 

“Treasury Rate” means,
as determined by the Quotation Agent, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent
yield to actual or interpolated maturity (on a day count basis) 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.

 

“Voting Stock” means,
with respect to any specified “person” (as that term is used in Section 13(d)(3) 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.

 

ARTICLE 2

 

GENERAL
TERMS AND CONDITIONS OF THE NOTES

 

Section 2.1              
Designation and Principal Amount. The Notes may be issued from time to time upon written order of the Company
for the authentication and delivery of the Notes pursuant to Sections 3.01 and 3.03 of the Base Indenture. There is hereby authorized
a series of Securities designated as the “2.650% Senior Notes due 2030,” initially limited in aggregate principal amount
to $500,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.03,
3.04, 3.06, 4.06 and 14.05 of the Base Indenture).

 

Section 2.2              
Stated Maturity. The date upon which
the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, shall be April 30, 2030
(the “Stated Maturity”).

 

Section 2.3              
Interest. 

 

(a)                
The Notes shall bear interest at the rate of 2.650% per annum. The date from which interest shall accrue on the Notes
shall be March 11, 2020. Interest on the Notes shall be payable semi-annually in arrears on April 30 and October 30 of each year,
beginning on April 30, 2020, to the Persons in whose name the respective Notes are registered at the close of business on the Regular
Record Date for such Interest Payment Date, except as provided in Section 2.3(d) hereof.

 

(b)               
 Interest payable on any Interest Payment Date, the Stated Maturity or, if applicable, any Redemption Date or otherwise
at Maturity shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect
of which interest has been paid or duly provided for (or from and including the original issue date of March 11, 2020, if no interest
has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date, Stated Maturity or,
if applicable, Redemption Date or other Maturity, as the case may be (each, an “Interest Period”).

 

(c)                
The amount of interest payable for any full semi-annual Interest Period shall be computed on the basis of a 360-day
year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest
Period for which interest is computed shall be computed on the basis of a 30-day month and, for any period less than a month, on
the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date for the
Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date shall be postponed
to the next succeeding day which is a Business Day (and no interest on such payment shall accrue for the period from and after
such scheduled Interest Payment Date).

 

    5

     

    

 

(d)               
In the event that the Stated Maturity, any Redemption Date or other Maturity falls on a day that is not a Business
Day, then the related payments of principal, premium, if any, and interest may be made on the next succeeding day that is a Business
Day (and no additional interest shall accumulate on the amount payable for the period from and after the Stated Maturity or any
Redemption Date or other Maturity). Interest due on the Stated Maturity or any Redemption Date or other Maturity (in each case,
whether or not an Interest Payment Date) on any of the Notes shall be paid to the Person to whom principal of the Notes is payable.

 

Section 2.4              
Place of Payment and Appointment. Principal
of, premium, if any, and interest on the Notes shall be payable, the transfer of the Notes shall be registrable, and the Notes
shall be exchangeable for Notes of a like aggregate principal amount, at the office or agency of the Company maintained for such
purpose in New York, New York, which shall initially be a corporate trust office of the Trustee or its affiliate; provided,
however, that payment of interest may be made at the option
of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire
transfer to an account appropriately designated by the Person entitled to payment; and provided, further, the Company
shall pay principal of, premium, if any, and interest on, the Notes in global form registered in the name of or held by The Depository
Trust Company or such other Depositary as any officer of the Company may from time to time designate, or its respective nominee,
by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of such Notes in global
form.

 

The Security Registrar and Paying Agent
for the Notes shall initially be the Trustee.

 

Section 2.5              
Defeasance. The Company may elect, at its
option at any time, to have Article XII of the Base Indenture apply to the Notes, except that, with respect to the Notes, Section
12.03(c) of the Base Indenture is replaced with the following: The Company shall have delivered to the Trustee an Opinion of Counsel
to the effect that holders and beneficial owners of the Securities of such series will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of the Company’s exercise of its option under this Section and will be subject to
U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such action
had not been exercised and, in the case of the Securities of such series being Discharged, such Opinion of Counsel shall be based
on either a change in applicable U.S. federal income tax law since the date of the Indenture or a ruling received by the Company
from, or that is published by, the U.S. Internal Revenue Service.

 

Section 2.6              
Denominations. The Notes shall be issuable
only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

Section 2.7              
Global Securities. The Notes shall
be issued initially in the form of a permanent Global Security in registered form deposited with or for the account of The Depository
Trust Company or such other Depositary as any officer of the Company may from time to time designate. Unless and until each such
Global Security is exchanged for Notes in certificated form, the Global Security may be transferred, in whole but not in part,
and any payments on the Notes shall be made only to the Depositary or a nominee of the Depositary, or to a successor Depositary
selected or approved by the Company or to a nominee of such successor Depositary.

 

Section 2.8              
Form of the Notes. The form of the
Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the form attached
as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature)
may approve, such approval to be conclusively evidenced by their execution thereof.

 

Section 2.9              
No Sinking Fund. The Notes shall not
be entitled to the benefit of any sinking fund.

 

    6

     

    

 

ARTICLE 3

 

REDEMPTION OF THE NOTES

 

Section 3.1              
Optional Redemption by Company. 

 

(a)                
Subject to the terms of the Indenture, the Notes shall be redeemable in whole or in part, at the Company’s
option, at any time and from time to time at a redemption price (the “Optional Redemption Price”) equal to the
greater of:

 

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

 

(ii)             
the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, plus, in the case
of either clause (i) or (ii) accrued and unpaid interest thereon
to, but not including, the Redemption Date; provided, however, that if the Company redeems any Notes on or after
January 30, 2030 (the date falling three months prior to the Stated Maturity), the redemption price for the Notes will be equal
to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including,
the Redemption Date. However, if the redemption date is after a Regular Record Date and on or prior to a corresponding Interest
Payment Date, the full amount of accrued and unpaid interest due on such Interest Payment Date will be paid to the Holder of record
at the close of business on the Regular Record Date. The Optional Redemption Price shall be determined by the Company.

 

(b)               
Notice of any redemption shall be mailed (or otherwise electronically delivered) not less than 10 days and not more
than 60 days prior to the Redemption Date to each Holder of Notes to be redeemed. In connection with any redemption of Notes, any
such redemption may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if such redemption
or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s
discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the
Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all
such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the Redemption Date (whether
the original Redemption Date or the Redemption Date so delayed). In addition, the Company may provide in such notice that payment
of the Optional Redemption Price and performance of the Company’s obligations with respect to such redemption may be performed
by another person.

 

(c)                
Unless the Company defaults in payment of the Optional Redemption Price, from and after the Redemption Date, interest
shall cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed,
the Notes to be redeemed shall be selected by the Trustee by such method that the Trustee deems to be fair and appropriate and
may provide for the selection for redemption of a portion of the principal amount of Notes held by a Holder equal to an authorized
denomination. If the Company redeems less than all of the Notes and the Notes are then held in book-entry form, the redemption
will be made in accordance with the Depositary’s customary procedures.

 

Section 3.2              
Change of Control Triggering Event. 

 

(a)                
If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as
described in Section 3.1 hereof, the Company shall be required to make an offer (a “Change of Control Offer”)
to each Holder of the Notes to repurchase all or any part (equal to

 

    7

     

    

 

$2,000 or an integral multiple of $1,000 in excess thereof)
of that Holder’s Notes on the terms set forth in the Notes. In a Change of Control Offer, the Company shall be required to
offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if
any, on the Notes repurchased to, but not including, the repurchase date (a “Change of Control Payment”), subject
to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant Interest Payment
Date. Within 30 days following any Change of Control Triggering Event or, at the Company’s option, 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 (or otherwise electronically delivered) to Holders of the Notes describing the transaction that constitutes or may constitute
the Change of Control Triggering Event and offering to repurchase such Notes on the repurchase date specified in the applicable
notice, which date shall be no earlier than 30 days and no later than 60 days from the date on which such notice is mailed (or
otherwise electronically delivered) (a “Change of Control Payment Date”).

 

(b)               
The notice shall, if mailed (or otherwise electronically delivered) prior to the date of consummation of the Change
of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring prior to
or on the applicable Change of Control Payment Date specified in the notice.

 

(c)                
On any applicable Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)              accept
for payment all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer;

 

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

 

(iii)            deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being repurchased.

 

(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 times and otherwise in compliance with the requirements for an
offer made by the Company, and the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition,
the Company shall not repurchase any Notes 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.

 

The Company shall comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent
that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes,
the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s
obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.

 

    8

     

    

 

ARTICLE 4

 

COVENANTS

 

Section 4.1              
Restriction on Secured Debt. The Company will not, nor will it permit any of its Subsidiaries to, incur, issue,
assume or guarantee any Debt secured by a Lien on any of its or any Subsidiary’s Principal Property, or on any share of capital
stock or Debt of any Subsidiary, unless the Company secures or causes such Subsidiary to secure the Notes equally and ratably with
(or, at the Company’s option, prior to) such secured Debt, for so long as such secured Debt is so secured; provided,
however, that the foregoing restrictions will not apply to Debt secured by the following:

 

(a)                
any Lien existing on the date of this Indenture;

 

(b)               
Liens on property of, or on any shares of capital stock of or Debt of, any Person existing at the time such Person
is merged with or into or consolidated with the Company or any Subsidiary or otherwise becomes a Subsidiary;

 

(c)                
Liens in the Company’s favor or in favor of any Subsidiary;

 

(d)               
Liens in favor of governmental bodies to secure progress, advance or other payments pursuant to any contract or provision
of any statute;

 

(e)                
Liens on property existing at the time of acquisition thereof by the Company or any Subsidiary;

 

(f)                 
any Lien securing indebtedness incurred to finance the purchase price or cost of construction of property (or additions,
substantial repairs, alterations or substantial improvements thereto); provided that such Lien and the indebtedness secured
thereby are incurred within twelve months of the later of acquisition or completion of construction (or addition, repair, alteration
or improvement) and full operation thereof;

 

(g)               
Liens securing industrial revenue bonds, pollution control bonds or similar types of bonds;

 

(h)               
mechanics and similar Liens arising in the ordinary course of business in respect of obligations not due or being
contested in good faith;

 

(i)                 
Liens arising from deposits with, or the giving of any form of security to, any governmental agency required as a
condition to the transaction of business or exercise of any privilege, franchise or license;

 

(j)                 
Liens for taxes, assessments or governmental charges or levies which are not then delinquent or are being contested
in good faith;

 

(k)               
 Liens put on any property in contemplation of its disposition, provided the Company has a binding agreement
to sell at the time the Lien is imposed and the Company disposes of the property within one year after the creation of the Liens
and that any indebtedness secured by the Liens is without recourse to the Company or any of its Subsidiaries;

 

(l)                 
Liens (including judgment liens) arising from legal proceedings being contested in good faith (and, in the case of
judgment liens, execution thereof is stayed); and

 

    9

     

    

 

(m)              
any amendment, extension, renewal or replacement of any Liens referred to in the foregoing clauses (a) through (l)
inclusive or any Debt secured thereby; provided that such extension, renewal or replacement shall be limited to all or part
of the same property, shares of capital stock or Debt that secured the Lien extended, renewed or replaced.

 

Notwithstanding the foregoing, the Company
and its Subsidiaries may issue, assume or guarantee Debt secured by a Lien which would otherwise be subject to the restrictions
described above; provided that the aggregate amount of all such secured Debt, together with all the Company’s and
its Subsidiaries’ Attributable Debt with respect to sale and leaseback transactions (as defined below) (with the exception
of such transactions which are excluded as described in clauses (a) through (e) of Section 4.2), may not exceed 15% of Consolidated
Net Tangible Assets.

 

Section 4.2              
Restriction on Sale and Leaseback Transactions. The Company will not, nor will it permit any of its Subsidiaries
to, enter into any arrangement with any Person (other than the Company or a Subsidiary), or to which any such Person is a party,
providing for the leasing to the Company or a Subsidiary of any Principal Property that has been or is to be sold or transferred
by the Company or such Subsidiary to such Person or to any other Person (other than the Company or a Subsidiary), to which the
funds have been or are to be advanced by such Person on the security of the leased property (a “sale and leaseback transaction”);
provided, however, the Company or any of its Subsidiaries may enter into a sale and leaseback transaction if any
of the following occurs:

 

(a)                
the lease is for a period, including renewal rights, of not in excess of three years;

 

(b)               
the sale or transfer of the Principal Property is made at the time of, or within 360 days after, the later of its
acquisition or completion of construction;

 

(c)                
the lease secures or relates to industrial revenue bonds, pollution control bonds or other similar types of bonds;

 

(d)               
the transaction is between the Company and a Subsidiary or between Subsidiaries;

 

(e)                
the Company or a Subsidiary, within 360 days after the Company or a Subsidiary makes a sale or transfer, applies
an amount equal to the greater of the net proceeds of the sale of the Principal Property leased pursuant to such arrangement or
the fair market value of the Principal Property so leased at the time of entering into such arrangement (as determined in any manner
approved by the board of directors) to:

 

(i)              
the retirement of the Notes or the Company’s other Funded Debt ranking on a parity with or senior to the Notes,
or the retirement of the securities or other Funded Debt of a Subsidiary; provided, however, that the amount to be
applied to the retirement of the Company’s Funded Debt or a Subsidiary’s Funded Debt shall be reduced by (x) the principal
amount of any Notes (or other notes or debentures constituting such Funded Debt) delivered within such 360-day period to the Trustee
for retirement and cancellation and (y) the principal amount of such Funded Debt, other than items referred to in the preceding
clause (x), voluntarily retired by the Company or a Subsidiary within 360 days after such sale; and provided further, that
notwithstanding the foregoing, no retirement referred to in this subclause (i) may be effected by payment at maturity or pursuant
to any mandatory sinking fund payment or any mandatory prepayment provision, or

 

(ii)             
the purchase of other property which shall constitute a Principal Property having a fair market value, in the Company’s
determination, at least equal to the fair market value of the Principal Property leased in such sale and leaseback transaction;
or

 

    10

     

    

 

 

(f)           after giving effect to the transaction, the aggregate amount of all Attributable Debt with respect to such transactions
plus all Debt secured by Liens on Principal Properties, or on shares of capital stock or Debt of Subsidiaries (with the exception
of secured Debt which is excluded as described in Section 4.1), would not exceed 15% of Consolidated Net Tangible Assets.

 

Section 4.3            
Existence. Except as otherwise permitted by Section 6.04 of the Base Indenture, the Company shall do or cause
to be done all things necessary to preserve and keep in full force and effect its existence as a corporation or other Person.

 

ARTICLE 5

EVENTS OF DEFAULT

 

Section 5.1            
Events of Default. The following “Events
of Default” shall apply with respect to the Notes (notwithstanding Section 7.01 of the Base Indenture, which shall be deemed
amended and restated, and superseded, by the following):

 

“Event of Default”
means, with respect to the Notes, any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

 

(1)       default
in any payment of interest on the Notes when due and payable and the default continues for a period of 30 days;

 

(2)       default
in the payment of principal of, and premium, if any, on the Notes when due and payable at Maturity, upon required repurchase, upon
acceleration, by call for redemption or otherwise;

 

(3)       the
failure of the Company for 90 days (or 120 days in the case of a breach of Section 10.02 of the Base Indenture) to comply with
any of its other agreements contained in this Indenture or the Notes after written notice of such Default from the Trustee or Holders
of at least 25% in principal amount of the Notes then Outstanding has been received by the Company;

 

(4)        the
Company fails to pay at maturity or the acceleration of any of its or its Subsidiaries’ indebtedness, other than non-recourse
indebtedness, at any one time in an amount in excess of $100 million, if the indebtedness is not discharged or the acceleration
is not annulled within 30 days after written notice to the Company by the Trustee or the Holders of at least 25% in principal amount
of the Outstanding Notes;

 

(5)       the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree
or order adjudging the Company bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

    11 

     

    

 

(6)       the
commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the consent by either the Company
to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against the Company, or the filing by the Company of a petition or answer or consent seeking reorganization
or relief under any applicable federal or state law, or the consent by the Company to the filing of such petition or to the appointment
of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the
Company or of any substantial part of its property, or the making by the Company of an assignment for the benefit of creditors,
or the admission by the Company in writing of its inability to pay its debts generally as they become due, or the authorization
of any such action by the Board of Directors of the Company.

 

Section 5.2            
Acceleration of Maturity Upon Certain Events of Default. The following provision shall apply with respect
to the Notes (notwithstanding Section 7.02(a) of the Base Indenture, which shall be deemed amended and restated, and superseded,
by the following):

 

If any one or more of the above-described
Events of Default shall happen (other than an Event of Default specified in Sections 5.1(5) or (6) above) with respect to the Notes
at the time Outstanding, then, and in each and every such case, during the continuance of any such Event of Default, the Trustee
or the Holders of 25% or more in principal amount of the Notes then Outstanding may (and upon the written request of the Holders
of a majority in principal amount of such Notes then Outstanding, the Trustee shall) declare the principal of and all accrued but
unpaid interest on all the Notes then Outstanding, if not then due and payable, to be due and payable, and upon any such declaration
the same shall become and be immediately due and payable, anything in this Indenture or in Notes contained to the contrary notwithstanding.
If an Event of Default specified in Sections 5.1(5) or (6) above occurs, then the principal of and all accrued but unpaid interest
on all the Notes then Outstanding will ipso facto become and be immediately due and payable without any declaration or other
act on the part of the Trustee or any Holder. Upon payment of such amounts in the Currency in which the Notes are denominated (except
as otherwise provided pursuant to Section 3.01 of the Base Indenture), all obligations of the Company in respect of the payment
of principal of and interest on the Notes shall terminate.

 

ARTICLE 6

ADDITIONAL NOTES

 

Section 6.1            
Additional Notes. Subject to the terms and conditions contained herein, the Company may from time to time,
without notice to or the consent of the existing Holders of the Notes, create and issue additional notes (the “Additional
Notes”) ranking equally and ratably with the Notes in all respects (or in all respects except for the payment of interest
accruing prior to the issue date of such Additional Notes or except, in some cases, for the first payment of interest following
the issue date of such Additional Notes). Any such Additional Notes, at the Company’s determination and in accordance with
provisions of the Indenture, may be consolidated with and form a single series with the previously outstanding Notes for all purposes
of the Indenture; provided that if any such Additional Notes are not fungible
with the previously outstanding Notes for U.S. federal income tax purposes, such Additional Notes will be issued under a different
CUSIP number.

 

    12 

     

    

 

Section 6.2            
Additional Notes Terms. With respect to any Additional Notes, the Company shall set forth in a Board Resolution
and in an Officer’s Certificate, a copy of each of which shall be delivered to the Trustee, the following information:

 

(a)          the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;
and

 

(b)          the issue price, the issue date and the CUSIP number of such Additional Notes and the amount of interest payable
on the first payment date applicable thereto.

 

For the avoidance of doubt, in addition
to the Officer’s Certificate, the Trustee shall also receive an Opinion of Counsel regarding the enforceability of the Additional
Notes, together with the Opinion of Counsel required under Sections 14.01 and 16.01 of the Base Indenture.

 

ARTICLE 7

SUPPLEMENTAL INDENTURES

 

Section 7.1              
Supplemental Indentures Without Consent of Holders.
The following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.01
of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following):

 

The Company (when authorized by
a Board Resolution) and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto,
in form satisfactory to the Trustee, for any one or more of or all the following purposes:

 

(1)       to
add to the covenants and agreements of the Company to be observed thereafter and during the period, if any, in such supplemental
indenture or indentures expressed, and to add Events of Defaults, in each case for the protection or benefit of the Holders, or
to surrender any right or power herein conferred upon the Company;

 

(2)       to
add to or change any of the provisions of this Indenture to change or eliminate any restrictions on the payment of principal of,
or premium, if any, on the Notes (provided that any such action shall not adversely affect the interests of the Holders
in any material respect) or to permit or facilitate the issue of the Notes in uncertificated form (provided that the uncertificated
notes are issued in registered form for purposes of Section 163(f) of the Internal Revenue Code of 1986, as amended);

 

(3)       to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective
only when there are no Notes then outstanding created prior to the execution of such supplemental indenture that are entitled to
the benefit of such provision and as to which such supplemental indenture would apply;

 

(4)       to
evidence the succession of another corporation to the Company, or successive successions, and the assumption by such successor
of the covenants and obligations of the Company contained in the Notes and in this Indenture or any supplemental indenture;

 

(5)       to
evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to the Notes and to add to
or change any of the provisions

 

    13

     

    

 

of this Indenture as shall
be necessary for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements
of Section 11.06(c) of the Base Indenture;

 

(6)       to
secure the Notes;

 

(7)       to
cure any ambiguity or to correct or supplement any provision contained herein or in any indenture supplemental hereto which may
be defective or inconsistent with any other provision contained herein or in any supplemental indenture;

 

(8)       to
comply with the requirements of the Trust Indenture Act or the rules and regulations of the SEC thereunder in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act, as contemplated by this Indenture or otherwise;

 

(9)       to
add guarantors or co-obligors with respect to the Notes;

 

(10)     to
make any change in the Notes that does not adversely affect in any material respect the interests of the Holders; provided
that no such change shall be deemed to adversely affect the Holders if such change is made to conform the terms of the Notes to
the terms described in the Prospectus Supplement;

 

(11)     to
prohibit the authentication and delivery of additional series of Notes; or

 

(12)     to
establish the form and terms of the Notes as permitted in this Indenture or to authorize the issuance of additional debt securities
previously authorized or to add to the conditions, limitations or restrictions on the authorized amount, terms or purposes of issue,
authentication or delivery of the Notes, as set forth in this Indenture, or other conditions, limitations or restrictions thereafter
to be observed.

 

Section 7.2             Supplemental Indentures With Consent of Holders.
The following provisions relating to supplemental indentures shall apply with respect to the Notes (notwithstanding Section 14.02
of the Base Indenture, which shall be deemed amended and restated, and superseded, by the following):

 

With the consent of the Holders
of a majority in aggregate principal amount of the Outstanding Notes, the Company (when authorized by a Board Resolution) and the
Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental to this Indenture for the purpose
of adding any provisions to or changing in any manner or eliminating any provisions of this Indenture or modifying in any manner
the rights of the Holders; provided, however, that no such supplemental indenture will, without the consent of each
Holder affected thereby:

 

(1)       extend
the Stated Maturity of the principal of, or any installment of interest on, the Notes, or reduce the principal amount thereof or
the interest thereon or any premium payable upon redemption thereof, or change the Currency in which the principal of, premium,
if any, or interest on the Notes is denominated or payable, or impair the right to institute suit for the enforcement of any payment
on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date);

 

    14 

     

    

 

(2)       reduce
the percentage in principal amount of the Notes, the consent of whose Holders is required for any supplemental indenture, or the
consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain Default
hereunder and their consequences provided for in this Indenture;

 

(3)       modify
any of the provisions of this Section or Section 6.06 or 7.06 of the Base Indenture, except to increase any of the respective percentages
referred to therein or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent
of the Holder affected thereby; provided, however, that this clause shall not be deemed to require the consent of
any Holder with respect to changes in the references to “the Trustee” and concomitant changes or the deletion of this
proviso, in accordance with the requirements of Section 11.06 and 14.01(f) of the Base Indenture; or

 

(4)       modify,
without the written consent of the Trustee, the rights, duties or immunities of the Trustee; it being understood that in no event
shall the Trustee be obligated to enter into any amendment or supplemental indenture that affects its own rights, duties or immunities
under this Indenture or otherwise.

 

It will not be necessary for any
act of Holders under the preceding paragraph to approve the particular form of any proposed supplemental indenture, but it will
be sufficient if such act will approve the substance thereof.

 

Section 7.3             Effect of Supplemental Indentures.
A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture with respect to the Notes,
or which modifies the rights of the Holders with respect to such covenant or other provision, will be deemed not to affect the
rights under the Indenture of Holders of other series of Securities. A supplemental indenture which changes or eliminates any covenant
or other provision of the Indenture with respect to Securities of any other series, or which modifies the rights of the Holders
of Securities of any other series with respect to such covenant or other provision, will be deemed not to affect the rights under
the Indenture of Holders of the Notes.

 

ARTICLE 8

MISCELLANEOUS

 

Section 8.1             Confirmation of Base Indenture. The
Base Indenture, as supplemented by this Sixth Supplemental Indenture, is in all respects ratified and confirmed, and this Sixth
Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

 

Section
8.2            Responsibility
of Recitals, Etc. The Trustee assumes no responsibility for the correctness of the recitals. The Trustee makes no
representations as to the validity or the sufficiency of this Sixth Supplemental Indenture or
of the Notes. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof.

 

Section 8.3             Concerning the Trustee. The Trustee does not assume
any duties, responsibility or liabilities by reason of this Sixth Supplemental Indenture other
than as set forth in the Indenture and, in carrying out its responsibilities hereunder, the Trustee shall have all of the rights,
powers, privileges, protections and immunities which it possesses under the Indenture. In no event shall the Trustee be
responsible or liable for special, indirect, punitive or consequential loss or damage of any kind

 

    15

     

    

 

whatsoever (including, but not
limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

The Trustee agrees to accept and act upon
instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured
electronic methods (including pdf files). If the party elects to give the Trustee e-mail or facsimile instructions (or instructions
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict
or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

Section 8.4             Governing Law. This Sixth Supplemental Indenture
and the Notes shall be governed by, and construed in accordance
with, the laws of the State of New York.

 

Section 8.5             Severability. In case any one or more
of the provisions contained in this Sixth Supplemental Indenture or in the Notes
shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Sixth Supplemental Indenture, or
of the Notes, but this Sixth Supplemental Indenture and the Notes
shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 8.6             Counterparts. This Sixth 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.

 

Section 8.7             Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required to be a part of and
govern this Sixth Supplemental Indenture, the provision of the Trust Indenture Act shall control. If any provision of this Sixth
Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the
latter provision shall be deemed to apply to this Sixth Supplemental Indenture, as so modified or excluded, as the case may be.

 

Section 8.8             Effect of Headings. The Article and Section
headings herein are for convenience only and shall not affect the construction hereof.

 

Section 8.9             Waiver of Jury Trial.  EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 8.10           Reports. Delivery of reports, information and documents to the Trustee pursuant to Article X of the Indenture
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
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

    16

     

    

 

Section 8.11           Submission to Jurisdiction. The Company hereby irrevocably submits to the jurisdiction of any New York State
court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Borough of Manhattan in the
City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture and the Notes, and irrevocably
accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the aforesaid courts.

 

Section 8.12           Foreign Account Tax Compliance Act (FATCA). In order to comply with applicable tax laws, rules and regulations
(inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable
Law”), the Company agrees (i) to provide to The Bank of New York Mellon Trust Company, N.A. sufficient information about
holders or other applicable parties and/or transactions (including any modification to the terms of such transactions) so The Bank
of New York Mellon Trust Company, N.A. can determine whether it has tax related obligations under Applicable Law and (ii) that
The Bank of New York Mellon Trust Company, N.A. shall be entitled to make any withholding or deduction from payments under the
Indenture to the extent necessary to comply with Applicable Law for which The Bank of New York Mellon Trust Company, N.A. shall
not have any liability. The terms of this section shall survive the termination of the Indenture.

 

[Remainder of page intentionally left
blank]

 

    17 

     

    

 

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

 

	 	AVERY DENNISON CORPORATION
	 	 
	 	 
	 	By:	/s/ Lori Bondar
	 	Name: 	Lori Bondar
	 	Title:	Vice President, Controller, Treasurer and Chief Accounting Officer
	 	 
	 	 
	 	By:	/s/ Gregory S. Lovins
	 	Name:	Gregory S. Lovins
	 	Title:	Senior Vice President and Chief Financial Officer
	 	 

 

    

     

    

 

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

as
Trustee
	 	 
	 	 
	 	By: 	/s/ Linda Wirfel
	 	Name: 	Linda Wirfel
	 	Title:	Vice President

 

    

     

    

 

EXHIBIT A

 

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

 

UNLESS AND UNTIL
IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OR SUCH SUCCESSOR DEPOSITARY.]

 

AVERY DENNISON CORPORATION

 

2.650% Senior Notes due 2030

 

	 	 	CUSIP: 053611AK5
	 	 	ISIN: US053611AK55
	 	 
	No.	 	U.S.$

 

Avery Dennison Corporation, a corporation
duly organized and existing under the laws 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 ($[___________]) on April 30,
2030 and to pay interest thereon from March 11, 2020 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually on April 30 and October 30 in each year, beginning on April 30, 2020, at the rate of
2.650% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this
Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which
shall be, as the case may be, the April 15 or October 15 (whether or not a Business Day) next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Notes not more than 30 days and 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
Notes 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, premium, if
any, and interest on this Note shall be made at the office or agency of the Company maintained for that purpose in 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; and 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 or by wire transfer
to an account maintained by the Person entitled thereto as specified in the Security Register; and provided, further, the
Company shall pay principal of, premium, if any, and

 

    A-1

     

    

 

interest on this Note in global form registered in the name of or held by
The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate, or its respective
nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the Holder of this Note
in global form.

 

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

 

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

 

[Remainder of page
intentionally left blank]

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed as of the date first written above.

 

	 	AVERY DENNISON CORPORATION
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	                    
	 	 
	ATTESTED:	 
	 	 
	 	 
	By:	               	 
	Name:	 	 
	Title:	 	 
	 	 	 	 

    

     

    

 

This is one of the Securities issued referred
to in the within-mentioned Indenture.

 

Dated: March 11, 2020

 

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

as
Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Signatory
	 	 

 

    

     

    

 

[Reverse
of Note]

 

This Note is one of a duly authorized series
of Securities of the Company (herein called the “Note” or the “Notes,” as the case may be), issued and
to be issued in one or more series under an Indenture, dated as of November 20, 2007 (herein called the “Base Indenture”),
between the Company and The Bank of New York Mellon Trust Company, N.A., as amended and supplemented by the Sixth Supplemental
Indenture, dated as of March 11, 2020 (the “Sixth Supplemental Indenture” and, together with the Base Indenture, the
 “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., a national banking association,
as trustee (the “Trustee”). Reference is hereby made to the Indenture for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and of the terms upon which
the Notes are, and are to be authenticated and delivered.

 

The Notes shall be redeemable in whole
or in part, at the Company’s option, at any time and from time to time at a redemption price (the “Optional Redemption
Price”) equal to the greater of: (1) 100% of the principal amount of such Notes Outstanding to be redeemed; and (2) the
sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, plus, in the case of either clause
(1) or (2), accrued and unpaid interest thereon to,
but not including, the Redemption Date; provided, however, that if the Company redeems any Notes on or after January
30, 2020 (the date falling three months prior to the Stated Maturity), the redemption price for the Notes will be equal to 100%
of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption
Date.

 

Interest
installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of such Notes,
or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture. Notice of any such redemption shall be mailed (or otherwise electronically delivered)
not less than 10 days and not more than 60 days prior
to the Redemption Date to each Holder of the Notes to be redeemed.

 

For purposes of the redemption provisions,
the following terms are applicable:

 

“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable
to the remaining term of the Notes 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 the Notes.

 

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

 

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

 

    

     

    

 

“Reference Treasury Dealer”
means (a) each BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securites LLC (or their respective affiliates
that are primary U.S. Government securities dealers in New York City (each, a “Primary Treasury Dealer”)) and their
respective successors and (b) three other Primary Treasury Dealers selected by the Company in good faith; provided, however,
that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company will substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the 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 5:00 p.m. (New York City time) on the third Business
Day preceding such Redemption Date.

 

“Remaining Scheduled Payments”
means the remaining scheduled payments of the principal and interest on the Notes to be redeemed that would be due after the related
Redemption Date but for such redemption; provided, however, that if such Redemption Date is not an Interest Payment
Date, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to,
but not including, such Redemption Date.

 

“Treasury Rate” means, as determined
by the Quotation Agent, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to actual
or interpolated maturity (on a day count basis) 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.

 

In the event of redemption of the Notes
in part only, a new Note or Notes for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the
cancellation hereof.

 

If a Change of Control Triggering Event
occurs, unless the Company has exercised its option to redeem the Notes as described above, the Company shall be required to make
an offer (the “Change of Control Offer”) to each Holder of the Notes to repurchase all or any part (equal to $2,000
or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of
Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes
repurchased, plus accrued and unpaid interest, if any, on the Note repurchased to, but not including, the repurchase date (the
 “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive
interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the
Company’s option, 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 (or otherwise electronically delivered) to Holders of Notes describing
the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes
on the repurchase date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days
from the date on which such notice is mailed (or otherwise electronically delivered) (the “Change of Control Payment Date”)
pursuant to the procedures described in such notice and in conformity with the Indenture.

 

The notice shall, if mailed (or
otherwise electronically delivered) prior to the date of the consummation of the Change of Control, state that the Change of
Control Offer is conditioned on the Change of Control Triggering Event occurring prior to or on the applicable Change of
Control Payment Date specified in the notice.

 

    

     

    

 

On any applicable Change of Control Payment
Date, the Company shall, to the extent lawful: (a) accept for payment all Notes or portions of Notes properly tendered pursuant
to the Change of Control Offer; (b) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of
all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control Offer; and (c) deliver or cause to
be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal
amount of Notes or portions of Notes being repurchased.

 

The Company shall not be required to make
the Change of Control Offer upon the 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 repurchases all
Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes 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.

 

The Company shall comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent
that the provisions of any securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the
Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations
under the Change of Control Offer provisions of the Notes by virtue of any such conflict.

 

For purposes of the Change of Control Offer
provisions, the following terms are applicable:

 

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

 

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

 

(b)       the
consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that any person
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 Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified,
consolidated, exchanged or changed, measured by voting power rather than number of shares; or

 

(c)       the
adoption of a plan relating to the Company’s liquidation or dissolution.

 

Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect wholly-owned Subsidiary of a
holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Company’s

 

    

     

    

 

Voting Stock immediately prior to that transaction
or (2) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence)
is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,”
as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

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

 

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

 

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

 

“Person” means an individual,
a corporation, a limited liability company, a partnership, a joint-stock company, a trust, an unincorporated organization or a
government or an agency or political subdivision thereof.

 

“Rating Agencies” means (a)
each of Moody’s and S&P; and (b) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by
a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or each of them,
as the case may be.

 

“Rating Event” means the rating
on the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies
on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change
of Control and (2) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of
Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating 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 the Rating Agencies making the reduction in rating to which this definition
would otherwise apply do not announce or publicly confirm or inform the Company in writing that the reduction was the result, in
whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change
of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

 

“S&P” means S&P Global
Ratings, and its successors.

 

“Voting Stock” means, with respect
to any specified “person” (as that term is used in Section 13(d)(3) 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.

 

The Notes shall not be entitled to the benefit
of any sinking fund.

 

The Indenture contains provisions for defeasance
and discharge at any time of (i) the entire indebtedness of the Notes or (ii) certain restrictive covenants and Events of Default
with respect to the Notes, in each case upon compliance with certain conditions set forth in the Indenture.

 

    

     

    

 

If an Event of Default with respect to the
Notes shall occur and be continuing, the principal of the Notes may be declared or shall become 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 Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Notes at the time Outstanding to be affected. The Indenture also contains provisions
permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders
of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

As provided in and subject to the provisions
of the Indenture, no Holder shall have any right to institute any action, suit or proceeding at law or in equity for the execution
of any trust under the Indenture or for the appointment of a receiver or for any other remedy hereunder, in each case with respect
to an Event of Default with respect to the Notes, unless such Holder previously shall have given to the Trustee written notice
of the happening of one or more of the Events of Default, and unless also the Holders of 25% in principal amount of the Notes than
Outstanding shall have requested the Trustee in writing to take action in respect of the matter complained of, and unless also
there shall have been offered to the Trustee security and indemnity satisfactory to it against the costs, expenses and liabilities
to be incurred therein or thereby, and the Trustee, for 60 days after receipt of such notification, request and offer of indemnity,
shall have neglected or refused to institute any such action, suit or proceeding; and such notification, request and offer of indemnity
are hereby declared in every such case to be conditions precedent to any such action, suit or proceeding by any Holder; it being
understood and intended that no one or more of the Holders shall have any right in any manner whatsoever by his, her, its or their
action to enforce any right under the Indenture, except in the manner therein provided, and that every action, suit or proceeding
at law or in equity shall be instituted, had and maintained in the manner provided in the Indenture and for the equal benefit of
all Holders of the Outstanding Notes.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of, premium, if any, and interest on the Notes 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 the Notes is registrable in the Security Register, upon surrender of
the Notes for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if
any, and interest on the Notes are payable, 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 Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, shall be issued
to the designated transferee or transferees.

 

    

     

    

 

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

 

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

 

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

 

All capitalized terms used, but not defined,
in the Notes shall have the meanings assigned to them in the Indenture.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]