Document:

Amended and Restated Employment Agreement

 Exhibit 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This Amended and
Restated Employment Agreement (this “Agreement”) is made as of March 20, 2012, between Gary H. Schoenfeld (“Executive”) and Pacific Sunwear of California, Inc. (the “Company”). 

RECITALS 
 A. The Company desires that Executive continue to be employed by the Company to carry out the duties and responsibilities described below, all on the terms and conditions hereinafter set forth, and
Executive is willing to accept such continued employment on such terms and conditions. 
 B. This Agreement shall govern the
employment relationship between Executive and the Company from and after the first date set forth above (the “Effective Date”) and supersedes and negates all previous agreements and understandings with respect to such relationship.

 AGREEMENT 
 The parties agree as follows: 
 1. DUTIES 

(a) The Company does hereby hire, engage, and employ Executive as its President and Chief Executive Officer for the Term (as defined in
Section 2). Executive does hereby accept and agree to such hiring, engagement, and employment. Executive shall serve the Company in such position in conformity with the provisions of this Agreement and the general direction of the Board of
Directors of the Company (the “Board”). Executive shall have duties and authority consistent with Executive’s position as President and Chief Executive Officer. For so long as Executive continues to serve on the Board,
Executive shall not receive additional compensation for such Board service. 
 (b) Throughout his employment, Executive shall
devote his time, energy, and skill to the performance of his duties for the Company, vacations and other leave authorized under this Agreement excepted. During his employment hereunder, and except for his service on the board of directors of
Camelback Products LLC (“Camelback Products”) (on which Executive may continue to serve so long as such service does not materially interfere with Executive’s performance of his duties for the Company), Executive shall not
serve as a director, officer, partner, member or employee of, or consultant to, any other company or business without first receiving the written consent of the Board. In the event that Executive ceases to serve on the board of directors of
Camelback Products, the Board shall not unreasonably withhold its consent to Executive serving on another board of one company or business that does not compete with the Company. The foregoing notwithstanding, Executive shall be permitted to engage
in charitable, civic, educational, professional, industry and community affairs, to serve on the boards of directors of non-profit organizations, and to manage Executive’s passive personal investments, provided that such activities do not
materially interfere with the performance of 

  
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Executive’s duties hereunder. All of Executive’s business and professional relationships shall at all times be in compliance with the conflict of interest and other policies set forth
in the Company’s Code of Ethical Standards, Business Practices and Conduct applicable to all officers and employees of the Company (the “Code of Ethics”). 

(c) Executive hereby represents to the Company that he is not subject to any employment, confidentiality, trade secret or similar
agreement, which would interfere with the performance of his duties for the Company. 
 2. TERM 

The term of employment under this Agreement (the “Term”) shall commence on the Effective Date and shall terminate on
June 16, 2013 (the “Termination Date”); provided, however, that this Agreement shall be automatically renewed, and the Term shall be automatically extended for one (1) additional year on each anniversary of the Effective
Date, unless either party gives notice (a “non-renewal notice”), in writing, more than sixty (60) days prior to such anniversary that the Term shall not be extended (or further extended, as the case may be). The term “Term”
shall include any extension thereof pursuant to the preceding sentence. Provision of notice that the Term shall not be extended or further extended, as the case may be, shall not constitute a breach of this Agreement and shall not constitute
“Good Reason” for purposes of this Agreement. Notwithstanding the foregoing, the Term is subject to earlier termination as provided below in this Agreement. 
 3. COMPENSATION 
 (a) Base Salary. Executive’s base
salary as increased from time to time (the “Base Salary”) shall be paid in accordance with the Company’s regular payroll practices in effect from time to time, but not less frequently than in monthly installments.
Executive’s Base Salary shall initially be at an annualized rate of One Million Fifty Thousand Dollars ($1,050,000). The Compensation Committee of the Board (the “Compensation Committee”) may, in its discretion, increase
Executive’s Base Salary. In no event, however, shall Executive’s Base Salary be reduced from its then-current level at any time. 
 (b) Annual Bonus. For each fiscal year of the Company that ends during the Term, Executive will be eligible to participate in and receive a bonus under the Company’s annual bonus plan
(the “Annual Bonus”). Executive’s target Annual Bonus will be 100% of Base Salary (the “Target Annual Bonus”) with a maximum Annual Bonus of 200% of Base Salary if the Company reaches its established stretch
target for the applicable fiscal year. The Annual Bonus amount shall be determined by the Company’s Compensation Committee based upon achievement of Company and individual performance goals to be established each fiscal year by the Compensation
Committee. The Annual Bonus payment, if any, shall be made in or around April of the fiscal year following the fiscal year for which the bonus is earned, provided that in all events (except as provided in Sections 5(b), 6(b) and Section 7)
Executive must be employed by the Company through the date on which the bonus is paid in order to be eligible to receive any payment of the bonus. 

  
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 (c) Equity Compensation. The amount, timing, and other terms of any future
equity award grants to Executive shall be determined by the Board (or the Compensation Committee) in its good faith discretion. 
 4.
BENEFITS 
 (a) Health, Welfare and Pension. During the Term, Executive shall be entitled to participate, on no
less favorable terms than those generally applicable to other senior executives of the Company, in all health and welfare benefit plans and programs and all retirement, deferred compensation, auto allowance and similar plans and programs generally
available to other executives or employees of the Company as in effect from time to time, subject to any legally required restrictions specified in such plans and programs. Notwithstanding the foregoing, Executive shall not be eligible to
participate in any severance plan, program or arrangement of the Company (other than this Agreement), including, without limitation, the Company’s Executive Severance Plan, and shall not be entitled to any severance benefits under any such
plan, program or arrangement. 
 (b) Vacation and Other Leave. During the Term, Executive shall accrue vacation at
a rate of four (4) weeks per year (subject to the Company’s standard vacation policies applicable to Company executives which limit or eliminate accruals for any period of time when the individual has accrued and untaken vacation in excess
of a prescribed level). Such vacation shall be scheduled and taken in accordance with the Company’s standard vacation policies applicable to Company executives. Executive shall also be entitled to all other holiday and leave pay generally
available to other executives of the Company. 
 (c) Expense Reimbursements. During the Term, the Company shall,
pursuant to the Company’s expense reimbursement policies, promptly (and in all events not later than the end of the calendar year following the calendar year in which the related expense was incurred) reimburse Executive for reasonable expenses
incurred in connection with the performance of his duties for the Company. Executive agrees to timely submit such expenses for reimbursement in accordance with such policies in order to facilitate timely repayment. 

5. DEATH OR DISABILITY 

(a) Definition of Disabled and Disability. For purposes of this Agreement, the terms “Disabled” or
“Disability” shall mean Executive’s inability, because of physical or mental illness or injury, to perform the essential functions of his customary duties pursuant to this Agreement, even with a reasonable accommodation, and
the continuation of such disabled condition for a period of one hundred eighty (180) continuous days, or for not less than two hundred ten (210) days during any continuous twenty-four (24) month period. 

  
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 (b) Termination Due to Death or Disability. If Executive dies during the Term,
Executive’s employment shall automatically cease and terminate as of the date of Executive’s death. If Executive becomes Disabled during the Term, the Company may terminate Executive’s employment upon thirty (30) days notice to
Executive. In the event of the termination of employment hereunder due to Executive’s death or Disability, Executive or his estate shall be entitled to receive: 
  

	 	(i)	a lump sum cash payment, payable on the termination of Executive’s employment, equal to the sum of (x) any accrued but unpaid Base Salary as of the date of
Executive’s termination of employment hereunder, and (y) any accrued but unused vacation time in accordance with Company policy; 

  

	 	(ii)	 a payment equal to any earned but unpaid Annual Bonus in respect of the most recently completed fiscal year preceding Executive’s termination of
employment hereunder payable at the same time bonuses are paid for such completed fiscal year to other senior executives of the Company, but in no event later than two and one-half (2 1/2) months following the end of such completed fiscal year;

  

	 	(iii)	 a “Pro Rata Portion of the Bonus,” meaning an amount equal to any Annual Bonus to which Executive would have been entitled had
Executive remained an employee for the balance of the Company’s fiscal year in which his employment terminated multiplied by a fraction, the numerator of which is the number of days from February 1 of such fiscal year through the date of
Executive’s termination, and the denominator of which is 365. Such Pro Rata Portion of the Bonus, if any, shall be paid to Executive in a single payment at the same time bonuses are paid for the fiscal year of termination to other senior
executives of the Company, but in no event later than two and one-half (2 1/2) months following the end of such fiscal year; 

  

	 	(iv)	such employee benefits, if any, to which Executive may be entitled under the employee benefit plans and arrangements of the Company; and 

 

	 	(v)	reimbursement of any expenses incurred by Executive during the Term that are reimburseable by the Company in accordance with Section 4(c) (the amounts described in
clauses 5(b)(i) through (v) are collectively referred to herein as the “Accrued Obligations”). 

  
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 6. TERMINATION BY THE COMPANY 

(a) Termination for Cause. The Company may terminate the Term and Executive’s employment hereunder for Cause at any
time; provided, however, that in the event of conduct giving rise to a claim of Cause based on any of clauses (iv) through (vii) of the following definition of “Cause,” Executive shall be given written notice of the grounds
claimed to constitute Cause and (except as otherwise provided below) be given an opportunity (of not more than 30 days) to promptly cure such conduct. The Company need not, however, give Executive such an opportunity to cure if (x) a cure is
not reasonably possible in the circumstances or (y) the Company has theretofore given notice to Executive of similar conduct (whether or not he cured the prior instance(s) of such conduct). Executive agrees that a cure may not be possible in
all circumstances. The term “Cause” for purposes of this Agreement shall mean a determination by the Compensation Committee of the Board, acting in good faith and based on the information then known to it, that one or more of the
following has occurred: 
  

	 	(i)	Executive’s conviction of, or entrance of a plea of guilty or nolo contendere to a felony; 

 

	 	(ii)	fraudulent conduct by Executive in connection with the business affairs of the Company or any of its Subsidiaries; 

 

	 	(iii)	theft, embezzlement, or other criminal misappropriation of funds by Executive from the Company or any of its Subsidiaries; 

 

	 	(iv)	Executive’s bad faith refusal to perform his duties to the Company or its Subsidiaries, or follow the lawful orders of the Board; 

 

	 	(v)	Executive’s willful misconduct, which has, or would if generally known, materially adversely affect the good will, business, or reputation of the Company or any of
its Subsidiaries; 

  

	 	(vi)	Executive’s material breach of any written agreement between Executive and the Company or any of its Subsidiaries; or 

 

	 	(vii)	Executive’s material violation of the Company’s Code of Ethics or Code of Ethics for the Chief Executive Officer and Senior Financial Officers.

 In the event of the termination of Executive’s employment hereunder due to a termination by the Company
for Cause, then Executive shall be entitled to receive payment of the Accrued Obligations (excluding the Pro Rata Portion of the Bonus) and the Company shall have no further obligation to Executive pursuant to this Agreement. 

If the Company attempts to terminate Executive’s employment pursuant to this Section 6(a) and it is ultimately determined that
the Company lacked Cause, the provisions of Section 6(b) (“Termination by the Company-Termination Without Cause”) shall apply and Executive shall be entitled to receive the payments called for by Section 6(b) (“Termination
by the Company-Termination Without Cause”). 
 For purposes of this Agreement, the term
“Subsidiary” means any corporation or other entity a majority of whose outstanding voting stock or voting power is beneficially owned, directly or indirectly, by the Company. 

(b) Termination Without Cause. The Company may, with or without reason, terminate Executive’s employment hereunder
without Cause at any time, by providing Executive written notice of such termination. Such notice shall specify the effective date of the termination of Executive’s employment. In the event of the termination of Executive’s employment
hereunder due to a termination by the Company without Cause (other than due to Executive’s death or Disability), then Executive shall be entitled to payment of the Accrued Obligations and, subject to Section 6(c), the following severance
benefits, such benefits to be paid at the times and in the manner provided in Section 6(d): 
  

	 	(i)	a cash payment equal to Executive’s last annualized rate of Base Salary in effect on or immediately prior to Executive’s Separation from Service;

  
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	 	(ii)	a cash payment equal to (i) the quotient obtained by dividing Executive’s Base Salary (at the last annualized rate in effect on or immediately prior to
Executive’s Separation from Service) by twelve (12), multiplied by (ii) Executive’s Years of Service as of Executive’s Separation from Service (up to a maximum of twelve (12) Years of Service); provided,
however, that in no event shall the amount determined pursuant to this Section 6(b)(ii) exceed an amount equal to (x) the amount obtained by multiplying two (2) by Executive’s Base Salary (at the last annualized rate in
effect on or immediately prior to Executive’s Separation from Service), less (y) the amount determined pursuant to Section 6(b)(i); 

  

	 	(iii)	a cash payment equal to the expected aggregate cost, as reasonably determined by the Compensation Committee, of the premiums that would be charged to Executive to
continue medical coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), at the same or reasonably equivalent medical coverage for Executive (and, if applicable, Executive’s eligible dependents) as
last in effect upon or immediately prior to Executive’s Separation from Service, for twelve (12) months; and 

  

	 	(iv)	payment or reimbursement of Executive’s costs for outplacement services obtained by Executive within the twelve (12) month period following Executive’s
Separation from Service up to a maximum of $20,000. 

 For purposes of this Agreement, Executive’s severance benefits shall
be calculated with respect to Executive’s Base Salary as in effect prior to any reduction that would constitute “Good Reason” (as defined in Section 7) for Executive’s resignation. 

For purposes of this Agreement, the term “Years of Service” shall mean the number of whole years that Executive was employed by the
Company or any of its Subsidiaries. Years of Service shall be determined by dividing the total number of calendar days on which Executive was employed by the Company or one or more of its Subsidiaries by three hundred sixty-five (365). Any
fractional year shall be disregarded. 
 For purposes of this Agreement, a “Separation from Service” occurs when Executive
dies, retires, or otherwise has a termination of employment with the Company that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without regard to the optional alternative
definitions available thereunder. 
 (c) Compliance with Agreement; Release. 

 

	 	(i)	 Notwithstanding anything to the contrary contained in this Agreement but subject to Section 6(c)(ii), during the period in which Executive is
entitled to receive any payments described in Sections 6(b)(i) and 6(b)(ii) (including any entitlement to receive such payments pursuant to Section 7) and prior to the date on which all such payments have been made to Executive pursuant to
Section 6(d)(i), any money or other valuable 

  
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consideration earned or otherwise received by Executive or credited to Executive’s account (whether presently or on a deferred basis) from the provision of services (whether as an employee,
independent contractor, consultant, advisor, or otherwise) during such period shall be offset against and serve to decrease the amount of any such payments. Executive agrees to notify the Company in writing immediately upon receiving or earning any
such money or other valuable consideration. 

  

	 	(ii)	Notwithstanding anything to the contrary contained in this Agreement, the Company’s obligation to make any payment of severance benefits to Executive pursuant to
Section 6(b), Section 7 or Section 10(a) (or to continue making any such payment, as the case may be) is subject to the condition precedent that Executive shall have complied with the restrictive covenants set forth in Sections 11
through 14 hereof; provided, however, that, subject to Section 6(c)(iii), in no event shall the total amount actually paid by the Company pursuant to Sections 6(b)(i) and 6(b)(ii) (or Sections 7 or 10(a)(i) and 10(a)(ii), if applicable) be less
than the lesser of (i) the aggregate amount Executive is otherwise entitled to receive pursuant to such sections, or (ii) Ten Thousand Dollars ($10,000), regardless of any breach by Executive of Executive’s obligations under
Section 6(c)(i) or any of the provisions of Sections 11 through 14, which amount Executive agrees is good and sufficient consideration for the release described in Section 6(c)(iii). 

 

	 	(iii)	 Notwithstanding anything to the contrary contained in this Agreement (but subject to Section 6(d)(i) in the case of the timing of the first
installment payment contemplated thereby), the Company’s obligation to make any payment of severance benefits pursuant to Section 6(b), Section 7 or Section 10(a) is subject to the condition precedent that (A) Executive has
fully executed a valid and effective release (in the form attached hereto as Exhibit A or such other form as the Compensation Committee may reasonably require in the circumstances, which other form shall be substantially similar to that
attached hereto as Exhibit A but with such changes as the Compensation Committee may determine to be required or reasonably advisable in order to make the release enforceable and otherwise compliant with applicable laws), (B) such
executed release is delivered by Executive to the Company so that it is received by the Company in the time period specified below, and (C) such release is not revoked by Executive (pursuant to any revocation rights afforded by applicable law).
In order to satisfy the requirements of this Section 6(c)(iii), Executive’s release referred to in the preceding sentence must be delivered by Executive to the Company so that it is received by the Company no later than thirty
(30) calendar days after Executive’s Separation from Service (or such later date as may be required for an enforceable release of Executive’s claims under the Age Discrimination in Employment Act of 1967, as amended
(“ADEA”), to the extent the ADEA is applicable in the circumstances, in which case Executive will be 

  
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provided with either twenty one (21) or forty five (45) days, depending on the circumstances of the termination, to consider the release). In addition, the Company may require that
Executive’s release be executed no earlier than the date that Executive’s employment with the Company terminates. 

 (d) Form and Timing of Severance Payments. Any severance benefits that become payable to Executive pursuant to Section 6(b) (including any such benefits payable pursuant to
Section 7) or Section 10(a) shall be paid at the times and in the manner set forth in this Section 6(d). 
  

	 	(i)	The payments described in Sections 6(b)(i) and 6(b)(ii) shall be paid by the Company in cash to Executive in a series of twelve (12) substantially equal monthly
installment payments (each constituting the same approximate fraction of the aggregate severance amount), with the first such installment payment being made in the month following the month in which the Executive’s Separation from Service
occurs and with the remaining eleven (11) installment payments being made monthly thereafter for eleven (11) months. If the first installment payment is due before the time period for Executive to deliver the release contemplated by
Section 6(c) (as well as any period in which Executive has to revoke such release under applicable law) has lapsed, such installment payment shall be paid to Executive, but Executive shall immediately repay to the Company the full amount of
such payment in the event Executive fails to timely deliver (or Executive revokes) such release. Notwithstanding the foregoing provisions, if a Change in Control Event (as defined below) occurs upon or at any time after Executive’s Separation
from Service, the aggregate amount of the remaining unpaid installments shall be paid to Executive in cash in a lump sum not more than thirty (30) days after such Change in Control Event. 

 

	 	(ii)	The payments described in Section 10(a)(i) and in Section 6(b)(iii) or Section 10(a)(ii), as applicable, shall be paid by the Company in cash to
Executive on or within (x) the seventy-four (74) day period following Executive’s Separation from Service, or, if later and in the case of payments described in Sections 10(a)(i) or 10(a)(ii), (y) the thirty (30) day period
following the Change in Control Event, as applicable. If the timing of delivery of Executive’s release contemplated by Section 6(c) (as well as the lapse of any period in which Executive has to revoke such release under applicable law)
could cause such payments to be made in either of two calendar years, payment shall be made within the prescribed period of time but in the later of such two years. 

 

	 	(iii)	 Any payment or reimbursement to which Executive may become entitled pursuant to Section 6(b)(iv) or Section 10(a)(iii) shall be subject to
the Company’s expense reimbursement policies in effect immediately prior to Executive’s Separation from Service (or, if earlier, the date of a Change in Control Event) and applicable to the Company’s executives generally and

  
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shall be fully paid or reimbursed, as applicable, by the Company not later than the end of Executive’s third taxable year following Executive’s taxable year in which Executive’s
Separation from Service occurs. 

  

	 	(iv)	Each installment of severance benefits is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i), and the severance benefits
are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9) (to the extent of the applicable limitations of such exemptions). However, if such exemptions
are not available, the provisions of Section 6(d)(v) shall apply. 

  

	 	(v)	The provisions of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A
of the Code. Notwithstanding any other provision herein, if Executive is a “specified employee” (within the meaning of Treasury Regulation Section 1.409A-1) as of the date of Executive’s Separation from Service, Executive shall
not be entitled to any distribution of his severance benefits hereunder until the earlier of (i) the date which is six (6) months after his Separation from Service for any reason other than death, or (ii) the date of Executive’s
death. Any amounts otherwise payable to Executive upon or in the six (6) month period following Executive’s Separation from Service that are not so paid by reason of the preceding paragraph shall be paid (without interest) as soon as
practicable (and in any event within thirty (30) days) after the date that is six (6) months after Executive’s Separation from Service (or, if earlier, as soon as practicable after the date of Executive’s death).

 7. TERMINATION BY EMPLOYEE 
 Executive shall have the right to terminate Executive’s employment hereunder at any time with or without “Good Reason” (as defined below) by providing sixty (60) days written notice of
such termination to the Company. In the event of the termination of Executive’s employment hereunder by Executive without Good Reason, then Executive shall be entitled to receive payment of the Accrued Obligations (excluding the Pro Rata
Portion of the Bonus) and the Company shall have no further obligation to Executive pursuant to this Agreement. In the event of the termination of Executive’s employment hereunder by Executive for Good Reason, then Executive shall be entitled
to payment of the Accrued Obligations and, subject to Section 6(c), the severance benefits set forth in clauses (i) through (iv) of Section 6(b), such benefits to be paid at the times and in the manner provided in the
corresponding provisions of Section 6(d). 
 For purposes hereof, the term “Good Reason” shall mean the
occurrence of any one or more of the following conditions without Executive’s express written consent: 
  

	 	(i)	a material diminution in Executive’s authority, duties or responsibilities; 

 

	 	(ii)	a material diminution in Executive’s rate of base compensation; 

  
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	 	(iii)	a material change in the location of Executive’s principal workplace for the Company and that results in an increased commute for Executive from his principal
residence (except for reasonable periods of required travel on Company business); or 

  

	 	(iv)	a material breach by the Company of this Agreement. 

 provided, however, that any such condition shall not constitute “Good Reason” unless both (x) Executive provides written notice to the Company of the condition claimed to constitute Good
Reason within ninety (90) days of the initial existence of such condition, and (y) the Company fails to remedy such condition within thirty (30) days of receiving such written notice thereof; and provided, further, that in all events
the termination of Executive’s employment with the Company shall not be treated as a termination for “Good Reason” unless such termination occurs not more than one (1) year following the initial existence of the condition claimed
to constitute “Good Reason.” 
 8. EXPIRATION OF TERM 
 In the event Executive’s employment has not otherwise been terminated or extended pursuant to this Agreement, Executive’s employment shall terminate effective on the Termination Date. If such
termination of employment is the result of a non-renewal notice given by Executive pursuant to Section 2, such termination shall be deemed a termination of employment by Executive without Good Reason pursuant to Section 7. If such
termination of employment is the result of a non-renewal notice given by the Company pursuant to Section 2, such termination shall be deemed (i) if the termination occurs at any time during the period commencing six (6) months before
a Change in Control Event and ending twenty-four (24) months after a Change in Control Event, a termination of employment by the Company without cause pursuant to Section 10(a), or (ii) otherwise, a termination of employment by the
Company without Cause pursuant to Section 6(b). 
 9. EFFECT OF TERMINATION ON BOARD MEMBERSHIP 

Executive agrees that any termination of Executive’s employment hereunder by either Executive or the Company shall, unless otherwise
agreed in writing by Executive and the Company, effect a resignation of Executive from the Board (if Executive is then a member of the Board) concurrent with the termination date. 

  
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 10. CHANGE IN CONTROL 
 (a) Change in Control Severance Benefits. If (1) Executive’s employment with the Company is terminated during the Term by the Company without Cause (and other than due to
Executive’s death or Disability) or by Executive for Good Reason, and (2) such termination of employment occurs at any time during the period commencing six (6) months before the occurrence of a Change in Control Event and ending
twenty-four (24) months after such Change in Control Event, then Executive shall be entitled to payment of the Accrued Obligations and, subject to Section 6(c), the following severance benefits, such benefits to be paid at the times and in
the manner provided in Section 6(d): 
  

	 	(i)	a cash payment equal to (i) 2.0, multiplied by (ii) the sum of (x) Executive’s highest annualized rate of Base Salary in effect in the one year
period preceding Executive’s Separation from Service, and (y) Executive’s Target Annual Bonus for the Company’s fiscal year in which Executive’s Separation from Service occurs (or, if there is then no such target bonus
opportunity, the average Annual Bonus paid by the Company to Executive for the last three full fiscal years of the Company prior to Executive’s Separation from Service). 

 

	 	(ii)	a cash payment equal to the amount determined under Section 6(b)(iii), subject to the conditions and limitations set forth in such section.

  

	 	(iii)	payment or reimbursement of Executive’s costs for outplacement services as provided in Section 6(b)(iv), subject to the conditions and limitations set forth
in such section. 

 If Executive is otherwise entitled to receive benefits under both Section 6(b) or Section 7 above
and this Section 10(a), Executive shall receive the benefits provided in this Section 10(a) and not the benefits provided in Section 6(b) or Section 7. If Executive has previously commenced receiving benefits under
Section 6(b) or Section 7, and then becomes entitled to benefits under this Section 10(a) due to a Change in Control Event that follows Executive’s termination, Executive shall receive severance benefits under this
Section 10(a) less the amount of any severance benefits theretofore provided pursuant to Section 6(b) or Section 7, and Executive shall thereafter not be entitled to any severance benefits otherwise due pursuant to Section 6(b)
or Section 7. 
 For purposes of this Agreement, “Change in Control Event” has the meaning ascribed to such term under the
2005 Plan as in effect on the Effective Date. In no event shall a transaction or other event that occurred prior to the Effective Date constitute a Change in Control Event. Notwithstanding any other provision herein, a transaction shall not
constitute a Change in Control Event for purposes of this Agreement unless it is a “change in the ownership or effective control” of the Company, or a change “in the ownership of a substantial portion of the assets” of the
Company within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 

(b) Section 280G. 
  

	 	(i)	 Notwithstanding anything contained in this Agreement to the contrary, to the extent that any payment or distribution of any type to or for Executive by
the Company or any of its affiliates, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards
granted by the Company to Executive) (collectively, the “Total Payments”) is or will be subject to the 

  
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excise tax imposed under Section 4999 of the Code (which reference includes, for purposes of this Agreement, any similar successor provision to Section 4999), then the Total Payments
shall be reduced (but not below zero) so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the excise tax imposed by
Section 4999 of the Code; provided that such reduction to the Total Payments shall be made only if the total after-tax benefit to Executive is greater after giving effect to such reduction than if no such reduction had been made. The Company
shall reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits, then by reducing or eliminating any accelerated vesting of stock options, then by reducing or eliminating any accelerated vesting of other
equity-based awards, then by reducing or eliminating any other remaining Total Payments. In each case, the reduction shall be made first against the payment or vesting event that was otherwise scheduled to occur latest in time. The preceding
provisions of this Section 10(b) shall take precedence over the provisions of any other plan, arrangement or agreement governing Executive’s rights and entitlements to any benefits or compensation. 

 

	 	(ii)	 Any determination that Total Payments to Executive must be reduced or eliminated in accordance with Section 10(b)(i) and the assumptions to be
utilized in arriving at such determination, shall be made by a nationally recognized accounting firm or consulting firm with experience in such matters selected by the Company (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and Executive within fifteen (15) business days after the date such calculation is requested by the Company or Executive. In the event that the Accounting Firm is serving as accountant or auditor for
the individual, entity or group effecting the Change in Control Event, Executive shall appoint another nationally recognized accounting or consulting firm with experience in such matters to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. If a reduction or elimination of Total Payments to Executive in accordance with the
foregoing is necessary based on the Accounting Firm’s determination, the Accounting Firm shall furnish Executive with a written opinion that failure to limit the amount of the Total Payments would result in the imposition of a tax under
Section 4999 of the Code as well as the estimates of Executive’s after-tax net benefits before and after giving effect to such a reduction. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a
result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Total Payments to Executive which will not have been made by the Company
should have been made. The 

  
 12 

	 	
Accounting Firm shall determine the amount of such underpayment that has occurred and any such underpayment shall be promptly paid by the Company to or for the benefit of Executive. In the event
that any Total Payment made to Executive shall be determined by the Accounting Firm to result in the imposition of any tax under Section 4999 of the Code and a reduction of Total Payments was otherwise required pursuant to Section 10(b)(i)
to avoid the imputation of such tax, Executive shall promptly repay the amount of such excess to the Company together with interest on such amount (at the same rate as is applied to determine the present value of payments under Section 280G or
any successor thereto), from the date the reimbursable payment was received by Executive to the date the same is repaid to the Company. 

 11. NON-COMPETITION 
 Executive acknowledges and recognizes the highly
competitive nature of the businesses of the Company and its affiliates and accordingly agrees as follows: 
 (a) During his
employment, and except as permitted by Section 1(b), Executive will not, directly or indirectly, (i) engage in any business for Executive’s own account that competes with the business of the Company or its Subsidiaries (including,
without limitation, businesses which the Company or its Subsidiaries have specific plans to conduct in the future and as to which Executive is aware of such planning), (ii) enter the employ of, or render any services to, any person engaged in
any business that competes with the business of the Company or its Subsidiaries, (iii) acquire a financial interest in any person engaged in any business that competes with the business of the Company or its Subsidiaries, directly or
indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant, or (iv) interfere with business relationships (whether formed before or after the date of this Agreement) between the Company or any
of its Subsidiaries and customers, suppliers, partners, members or investors of the Company or its Subsidiaries. Without limiting the generality of the foregoing, Executive agrees that any designer, manufacturer, wholesaler or retailer which
designs, manufactures, markets or sells specialty apparel, clothing or accessories to the age groups between eleven (11) and thirty-five (35) and where such designer, manufacturer, wholesaler or retailer operates within seventy-five
(75) miles of any store location of the Company or any Subsidiary, would be “in competition with the business of the Company” or its Subsidiaries. 
 (b) Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly, own, solely as an investment, securities of any person engaged in the business of the Company or its
Subsidiaries which are publicly traded on a national or regional stock exchange or on an over-the-counter market, or an interest in a diversified mutual fund, hedge fund or pooled investment account (including venture capital funds and private
equity funds), if Executive (i) is not a controlling person of, or a member of a group which controls, such person, fund or account and (ii) does not, directly or indirectly, own five percent (5%) or more of any class of securities of
such person, fund or account. 

  
 13 

 12. ANTISOLICITATION 
 Executive promises and agrees that during his employment, and for a period of one (1) year thereafter, he will not directly contact customers of the Company or any of its Subsidiaries to encourage
them to divert business from the Company or a Subsidiary to any individual partnership, firm, corporation or any other entity then in competition with the business of the Company or any Subsidiary. Additionally, Executive promises and agrees that
during his employment, and for a period of one (1) year thereafter, he will not directly or indirectly influence or attempt to influence vendors or business partners of the Company or any of its Subsidiaries to divert their business from the
Company or a Subsidiary to any individual, partnership, firm, corporation or other entity then in competition with the business of the Company or any Subsidiary. 
 13. SOLICITING EMPLOYEES 
 Executive promises and agrees that during his
employment, and for a period of one (1) year thereafter, he will not directly or indirectly solicit any employee of the Company or a Subsidiary to work for any business, individual, partnership, firm, corporation, or other entity then in
competition with the business of the Company or any Subsidiary. 
 14. CONFIDENTIALITY 

Executive promises and agrees that he will not at any time (whether during or after his employment with the Company), unless compelled by
lawful process, disclose or use for his own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise other than the Company
and any of its Subsidiaries or affiliates, any trade secrets, or other confidential data or information relating to customers, design programs, costs, marketing, sales activities, promotion, credit and financial data, financing methods, or plans of
the Company or of any Subsidiary or affiliate of the Company; provided that the foregoing shall not apply to information which is not unique to the Company (or Subsidiary or affiliate, as applicable) or which is generally known to the
industry or the public other than as a result of Executive’s breach of this covenant. Executive agrees that upon termination of his employment with the Company or a Subsidiary for any reason, or upon the request of the Company or a Subsidiary,
he will return to the Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of the Company, any Subsidiary or affiliate of the Company.
Executive further agrees that he will not retain or use for his account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business of the Company, any Subsidiary or affiliate of the
Company; provided, however, that Executive may retain Executive’s rolodex, address books, information relating to Executive’s compensation or relating to reimbursement of expenses, documents relating to Executive’s participation in
employee benefit plans or programs of the Company or Subsidiary, any agreement between Executive and the Company or a Subsidiary relating to Executive’s employment with the Company or a Subsidiary, and other personal property provided that such
items do not contain any confidential information of the Company or a Subsidiary. 

  
 14 

 15. LITIGATION/AUDIT COOPERATION 

Executive agrees that from the last day of the Term and continuing until the Company receives its audited financial statements for the
Company’s first full fiscal year following the fiscal year of the Company in which the Term ends or is terminated, Executive shall reasonably cooperate with the Company and its Subsidiaries in connection with: (a) any internal or
governmental investigation or administrative, regulatory, arbitral or judicial proceeding involving the Company and any Subsidiaries with respect to matters relating to Executive’s employment with or service as a member of the Board or the
board of directors of any Subsidiary (collectively, “Litigation”); or (b) any audit of the financial statements of the Company or any Subsidiaries with respect to the period of time when Executive was employed by the Company or
any Subsidiaries (“Audit”). The Company shall reimburse Executive for reasonable travel expenses incurred in connection with providing the services under this Section 15, including lodging and meals, upon Executive’s
submission of receipts. If, due to an actual or potential conflict of interest, it is necessary for Executive to retain separate counsel in connection with providing the services under this Section 15, and such counsel is not otherwise supplied
by and at the expense of the Company (pursuant to indemnification rights of the Executive or otherwise), the Company shall further reimburse Executive for the reasonable fees and expenses of such separate counsel. 

16. INJUNCTIVE RELIEF 

Executive expressly agrees that the Company will or would suffer irreparable injury if Executive were to breach any of Sections 11
through 15 above and that the Company would by reason of such conduct be entitled, in addition to any other remedies, to injunctive relief. Executive consents and stipulates to the entry of such injunctive relief prohibiting him from engaging in
conduct which violates any of the provisions of Sections 11 through 15. 
 17. ASSIGNMENT 

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer
this Agreement or any rights or obligations hereunder; provided, however, that, in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or
entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.
The Company shall be required to cause such successor to expressly assume and agree to perform this Agreement, in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place, and any
failure by the Company to comply with such requirement shall constitute a material breach of this Agreement. 
 18. GOVERNING LAW

 This Agreement and the legal relations hereby created between the parties hereto shall be governed by and construed under
and in accordance with the internal laws of the State of California, without regard to conflicts of laws principles thereof. 

  
 15 

 19. ENTIRE AGREEMENT 
 This Agreement (together with the exhibit hereto and the indemnification agreement contemplated by Section 28) embodies the entire agreement of the parties hereto respecting the matters within its
scope. This Agreement supersedes all prior agreements of the parties hereto on the subject matter hereof (including, without limitation, the June 2009 Employment Agreement by and between the Company and Executive). Any prior negotiations,
correspondence, agreements, proposals, or understandings relating to the subject matter hereof shall be deemed to be merged into this Agreement and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or
understandings shall be deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or implied, or oral or written, with respect to the subject matter hereof, except as set forth herein. 

20. MODIFICATIONS 
 This
Agreement shall not be modified by any oral agreement, either express or implied, and all modifications hereof shall be in writing and signed by the parties hereto. 
 21. WAIVER 
 Failure to insist upon strict compliance with any of the terms,
covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be
deemed a waiver or relinquishment of such right or power at any other time or times. 
 22. NUMBER AND GENDER 

Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all
other genders. 
 23. SECTION HEADINGS 
 The section headings in this Agreement are for the purpose of convenience only and shall not limit or otherwise affect any of the terms hereof. 
 24. ARBITRATION 
 The Company and Executive hereby consent to the resolution
by mandatory and binding arbitration of all claims or controversies arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its
provisions, or any other controversy arising out of Executive’s employment, including, but not limited to, any state or federal statutory claims, that the Company may have against Executive, or that Executive may have against the Company or
against any of its officers, directors, employees or agents acting in their capacity as such. Each party’s promise to resolve all such claims or controversies by arbitration in accordance with the terms hereof rather than through the courts is
consideration for the other party’s like promise. It is further agreed that the decision of an arbitrator on any issue, dispute, claim or controversy submitted for arbitration, shall be final and binding upon the Company and Executive and that
judgment may be entered on the award of the arbitrator in any court having proper jurisdiction. 

  
 16 

 Except as otherwise provided in this procedure or by mutual agreement of the parties, any
arbitration shall be before a sole arbitrator (the “Arbitrator”) selected from Judicial Arbitration & Mediation Services, Inc., Orange County, California, or its successor (“JAMS”), or if JAMS is no longer
able to supply the arbitrator, such arbitrator shall be selected from the American Arbitration Association, and shall be conducted in accordance with the provisions of California Civil Procedure Code Sections 1280 et. seq. as the exclusive
remedy of such dispute. 
 The Arbitrator shall interpret this Agreement, any applicable Company policy or rules and
regulations, any applicable substantive law (and the law of remedies, if applicable) of the state in which the claim arose, or applicable federal law. In reaching his or her decision, the Arbitrator shall have no authority to change or modify any
lawful Company policy, rule or regulation, or this Agreement. Except as provided in the next paragraph, the Arbitrator, and not any federal, state or local court or agency, shall have exclusive and broad authority to resolve any dispute relating to
the interpretation, applicability, enforceability or formation of this Agreement, including but not limited to, any claim that all or any part of this Agreement is voidable. The Arbitrator shall have the authority to decide dispositive motions.
Following completion of the arbitration, the arbitrator shall issue a written decision disclosing the essential findings and conclusions upon which the award is based. 
 Notwithstanding the foregoing, provisional injunctive relief may, but need not, be sought by Executive or the Company in a court of law while arbitration proceedings are pending, and any provisional
injunctive relief granted by such court shall remain effective until the matter is finally resolved by the Arbitrator in accordance with the foregoing. Final resolution of any dispute through arbitration may include any remedy or relief which would
otherwise be available at law and which the Arbitrator deems just and equitable. The Arbitrator shall have the authority to award full damages as provided by law. Any award or relief granted by the Arbitrator hereunder shall be final and binding on
the parties hereto and may be enforced by any court of competent jurisdiction. 
 The Company shall pay the reasonable fees and
expenses of the Arbitrator and of a stenographic reporter, if employed. Each party shall pay its own legal fees and other expenses and costs incurred with respect to the arbitration. 
 25. SEVERABILITY 
 In the event that a court of competent jurisdiction
determines that any portion of this Agreement is in violation of any statute or public policy, then only the portions of this Agreement which violate such statute or public policy shall be stricken, and all portions of this Agreement which do not
violate any statute or public policy shall continue in full force and effect. Furthermore, any court order striking any portion of this Agreement shall modify the stricken terms as narrowly as possible to give as much effect as possible to the
intentions of the parties under this Agreement. 

  
 17 

 26. NOTICES 
 All notices under this Agreement shall be in writing and shall be either personally delivered or mailed postage prepaid, by certified mail, return receipt requested: 

 

	 	(a)	if to the Company: 

 Pacific
Sunwear of California, Inc. 
 Attention: Chairman of the Board 

3450 East Miraloma Avenue 
 Anaheim, California 92806 
 with copies to: 

Pacific Sunwear of California, Inc. 
 Attention: General Counsel 
 3450 East Miraloma Avenue 

Anaheim, California 92806 
 and 
 O’Melveny & Myers LLP 

Attention: Jeffrey W. Walbridge, Esq. 
 610 Newport Center Drive, Suite 1700 
 Newport Beach, California 92660 

 

	 	(b)	if to Executive: 

 At the address
on file with the Company 
 with copies to: 
 Cooley Godward Kronish LLP 
 Attention: Craig E. Dauchy, Esq. 

3175 Hanover Street 
 Palo Alto, CA 94304-1130 
 Notice shall be effective when personally delivered, or five
(5) business days after being so mailed. Any party may change its address for purposes of giving future notices pursuant to this Agreement by notifying the other party in writing of such change in address, such notice to be delivered or mailed
in accordance with the foregoing. 
 27. COUNTERPARTS 
 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

  
 18 

 28. INDEMNIFICATION 
 The written Indemnity Agreement by and between the Company and Executive continues in effect. 

29. LIABILITY INSURANCE 

The Company shall cover Executive under directors and officers liability insurance both during and, while potential liability exists,
after the term of this Agreement in the same amount and to the same extent as the Company covers its other officers and directors (except in no event shall the Company be required to maintain such coverage for a period of more than six years after
the last day that the Executive served as an employee of the Company or a member of the Board). 
 30. TAX MATTERS 

(a) Tax Withholding. The Company may withhold from any amounts payable under this Agreement such federal, state and local
taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 (b) Section 409A
Compliance. It is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Code (including the Treasury regulations and other published guidance relating thereto)
(“Code Section 409A”) so as not to subject Executive to payment of any additional tax, penalty or interest imposed under Code Section 409A. The provisions of this Agreement shall be construed and interpreted to avoid the
imputation of any such additional tax, penalty or interest under Code Section 409A yet preserve (to the nearest extent reasonably possible) the intended benefit payable to Executive. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 19 

 IN WITNESS WHEREOF, the Company and Executive have executed this Amended and Restated
Employment Agreement as of the date first above written. 
  

			
	THE COMPANY:
	Pacific Sunwear of California, Inc.
		
	 By:
	 	 /S/ Craig E. Gosselin

	 Name:
	 	Craig E. Gosselin
	 Title:
	 	SVP and General Counsel
	
	 EXECUTIVE:

Gary H. Schoenfeld

	
	 /S/ Gary H. Schoenfeld

  
 20 

 EXHIBIT A 
 FORM OF RELEASE AGREEMENT 
 This Release Agreement (this “Release
Agreement”) is entered into this     day of             20    , by and between
            , an individual (“Executive”), and Pacific Sunwear of California, Inc., a California corporation (the “Company”). 

WHEREAS, Executive has been employed by the Company or one of its subsidiaries; and 

WHEREAS, Executive’s employment by the Company or one of its subsidiaries has terminated and, in connection with that certain
Amended and Restated Employment Agreement dated March 20, 2012 between the Company and Executive (the “Employment Agreement”), the Company and Executive desire to enter into this Release Agreement upon the terms set forth
herein; 
 NOW, THEREFORE, in consideration of the covenants undertaken and the releases contained in this Release
Agreement, and in consideration of the obligations of the Company (or one of its subsidiaries) to pay severance benefits (conditioned upon this Release Agreement) under and pursuant to the Employment Agreement, Executive and the Company agree as
follows: 
 1. Termination of Employment. Executive’s employment with the Company terminated on
[            ,     ] (the “Separation Date”). Executive waives any right or claim to reinstatement as an employee of the Company and each of its
affiliates. Executive hereby confirms that Executive does not hold any position as an officer, director, employee, member, manager and in any other capacity with the Company and each of its affiliates. Executive acknowledges and agrees that
Executive has received all amounts owed for his regular and usual salary (including, but not limited to, any severance (other than any benefits due pursuant to the Employment Agreement), overtime, bonus, accrued vacation, commissions, or other
wages), reimbursement of expenses, and usual benefits, and that all payments due to Executive from the Company have been received. 
 2. Release. Executive, on behalf of himself, his descendants, dependents, heirs, executors, administrators, assigns, and successors, and each of them, hereby covenants not to sue and fully releases
and discharges the Company and each of its parents, subsidiaries and affiliates, past and present, as well as its and their trustees, directors, officers, members, managers, partners, agents, attorneys, insurers, employees, stockholders,
representatives, assigns, and successors, past and present, and each of them, hereinafter together and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages, demands, rights, liens,
agreements or contracts (written or oral), covenants, actions, suits, causes of action, obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise,
whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”), which he now owns or holds or he has at any time heretofore owned or held or may in the future hold as against any of
said Releasees (including, without limitation, any Claim arising out of or in any way connected 

  
 -1-

 
with Executive’s service as an officer, director, employee, member or manager of any Releasee, Executive’s separation from his position as an officer, director, employee, manager and/or
member, as applicable, of any Releasee, or any other transactions, occurrences, acts or omissions or any loss, damage or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of
said Releasees, or any of them, committed or omitted prior to the date of this Release Agreement including, without limiting the generality of the foregoing, any Claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in
Employment Act of 1967, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, the California Fair Employment and Housing Act, the California Family Rights Act, or any other federal, state or local law, regulation, or
ordinance, or any Claim for severance pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe benefit, workers’ compensation or disability (the “Release”); provided,
however, that the foregoing Release does not apply to any obligation of the Company to Executive pursuant to any of the following: (1) any equity-based awards previously granted by the Company to Executive, to the extent that such awards
continue after the termination of Executive’s employment with the Company in accordance with the applicable terms of such awards (and subject to any limited period in which to exercise such awards following such termination of employment);
(2) any right to indemnification that Executive may have pursuant to the Bylaws of the Company, its Articles of Incorporation or under any written indemnification agreement with the Company (or any corresponding provision of any subsidiary or
affiliate of the Company) or applicable state law with respect to any loss, damages or expenses (including but not limited to attorneys’ fees to the extent otherwise provided) that Executive may in the future incur with respect to his service
as an employee, officer or director of the Company or any of its subsidiaries or affiliates; (3) with respect to any rights that Executive may have to insurance coverage for such losses, damages or expenses under any Company (or subsidiary or
affiliate) directors and officers liability insurance policy; (4) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable state law); (5) any rights to severance benefits payable under
Section 6(b), 7 or 10(a) of the Employment Agreement in accordance with the terms of the Employment Agreement; or (6) any rights to payment of benefits that Executive may have under a retirement plan sponsored or maintained by the Company
that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended. In addition, this Release does not cover any Claim that cannot be so released as a matter of applicable law. Executive acknowledges and agrees
that he has received any and all leave and other benefits that he has been and is entitled to pursuant to the Family and Medical Leave Act of 1993. 

  
 -2-

 3. 1542 Waiver. It is the intention of Executive in executing this Release Agreement
that the same shall be effective as a bar to each and every Claim hereinabove specified. In furtherance of this intention, Executive hereby expressly waives any and all rights and benefits conferred upon him by the provisions of SECTION 1542 OF THE
CALIFORNIA CIVIL CODE and expressly consents that this Release Agreement (including, without limitation, the Release set forth above) shall be given full force and effect according to each and all of its express terms and provisions, including those
related to unknown and unsuspected Claims, if any, as well as those relating to any other Claims hereinabove specified. SECTION 1542 provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE
MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 Executive acknowledges that he may hereafter discover Claims or facts in
addition to or different from those which Executive now knows or believes to exist with respect to the subject matter of this Release Agreement and which, if known or suspected at the time of executing this Release Agreement, may have materially
affected this settlement. Nevertheless, Executive hereby waives any right, Claim or cause of action that might arise as a result of such different or additional Claims or facts. Executive acknowledges that he understands the significance and
consequences of such release and such specific waiver of SECTION 1542. 
 4. ADEA Waiver. Executive expressly
acknowledges and agrees that by entering into this Release Agreement, Executive is waiving any and all rights or Claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), which
have arisen on or before the date of execution of this Release Agreement. Executive further expressly acknowledges and agrees that: 
 A. In return for this Release Agreement, the Executive will receive consideration beyond that which the Executive was already entitled to receive before entering into this Release Agreement; 

B. Executive is hereby advised in writing by this Release Agreement to consult with an attorney before signing this
Release Agreement; 
 C. Executive has voluntarily chosen to enter into this Release Agreement and has not been
forced or pressured in any way to sign it; 
 D. Executive was given a copy of this Release Agreement on
[            , 20    ] and informed that he had [twenty one (21)/forty five (45)] days within which to consider this Release Agreement and that if he
wished to execute this Release Agreement prior to expiration of such [21-day/45-day] period, he should execute the Endorsement attached hereto; 
 E. Executive was informed that he had seven (7) days following the date of execution of this Release Agreement in which to revoke this Release Agreement, and this Release Agreement will become null
and void if Executive elects revocation during that time. Any revocation must be in writing and must be received by the Company during the seven-day revocation period. In the event that Executive exercises his right of revocation, neither the
Company nor Executive will have any obligations under this Release Agreement; 
 F. Nothing in this Release
Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically
authorized by federal law. 

  
 -3-

 5. No Transferred Claims. Executive warrants and represents that the Executive has
not heretofore assigned or transferred to any person not a party to this Release Agreement any released matter or any part or portion thereof and he shall defend, indemnify and hold the Company and each of its affiliates harmless from and against
any claim (including the payment of attorneys’ fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made, purported or claimed. 

6. Compliance with Employment Agreement. Executive warrants and represents that Executive has complied fully with his obligations
pursuant to the Employment Agreement. Executive covenants that he will continue to abide by the applicable provisions of such Employment Agreement. 
 7. Severability. It is the desire and intent of the parties hereto that the provisions of this Release Agreement be enforced to the fullest extent permissible under the laws and public policies
applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Release Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under any present or
future law, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Release Agreement or affecting the validity or enforceability of such provision in any other jurisdiction; furthermore,
in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Release Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.
Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Release Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

8. Counterparts. This Release Agreement may be executed in separate counterparts, each of which is deemed to be an original and
all of which taken together constitute one and the same agreement. 
 9. Successors. This Release Agreement is personal
to Executive and shall not, without the prior written consent of the Company, be assignable by Executive. This Release Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns and any such
successor or assignee shall be deemed substituted for the Company under the terms of this Release Agreement for all purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation or other
business entity which at any time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly acquires the ownership of the Company, acquires all or substantially all of the Company’s assets, or to which the
Company assigns this Release Agreement by operation of law or otherwise. 

  
 -4-

 10. Governing Law. THIS RELEASE AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH UNITED STATES FEDERAL LAW AND, TO THE EXTENT NOT PREEMPTED BY UNITED STATES FEDERAL LAW, THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF
CALIFORNIA OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN UNITED STATES FEDERAL LAW AND THE LAW OF THE STATE OF CALIFORNIA TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, APPLICABLE FEDERAL LAW AND, TO THE EXTENT
NOT PREEMPTED BY APPLICABLE FEDERAL LAW, THE INTERNAL LAW OF THE STATE OF CALIFORNIA, WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS RELEASE AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE
SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 
 11. Amendment and Waiver. The provisions of this
Release Agreement may be amended and waived only with the prior written consent of the Company and Executive, and no course of conduct or failure or delay in enforcing the provisions of this Release Agreement shall be construed as a waiver of such
provisions or affect the validity, binding effect or enforceability of this Release Agreement or any provision hereof. 
 12.
Descriptive Headings. The descriptive headings of this Release Agreement are inserted for convenience only and do not constitute a part of this Release Agreement. 
 13. Construction. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner
the construction of the general statement to which it relates. The language used in this Release Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied
against any party. 
 14. Arbitration. The Company and Executive hereby consent to the resolution by mandatory and
binding arbitration of all claims or controversies arising out of or in connection with this Release Agreement that the Company may have against Executive, or that Executive may have against the Company or against any of its officers, directors,
employees or agents acting in their capacity as such. Each party’s promise to resolve all such claims or controversies by arbitration in accordance with this Release Agreement rather than through the courts is consideration for the other
party’s like promise. It is further agreed that the decision of an arbitrator on any issue, dispute, claim or controversy submitted for arbitration, shall be final and binding upon the Company and Executive and that judgment may be entered on
the award of the arbitrator in any court having proper jurisdiction. 
 Except as otherwise provided in this procedure or by
mutual agreement of the parties, any arbitration shall be before a sole arbitrator (the “Arbitrator”) selected from Judicial Arbitration & Mediation Services, Inc., Orange County, California, or its successor
(“JAMS”), or if JAMS is no longer able to supply the arbitrator, such arbitrator shall be selected from the American Arbitration Association, and shall be conducted in accordance with the provisions of California Civil Procedure
Code Sections 1280 et. seq. as the exclusive remedy of such dispute. 

  
 -5-

 The Arbitrator shall interpret this Release Agreement, any applicable Company policy or
rules or regulations, any applicable substantive law (and the law of remedies, if applicable) of the state in which the claim arose, or applicable federal law. In reaching his or her decision, the Arbitrator shall have no authority to change or
modify any lawful Company policy, rule or regulation, or this Release Agreement. Except as provided in the next paragraph, the Arbitrator, and not any federal, state or local court or agency, shall have exclusive and broad authority to resolve any
dispute relating to the interpretation, applicability, enforceability or formation of this Release Agreement, including but not limited to, any claim that all or any part of this Release Agreement is voidable. The Arbitrator shall have the authority
to decide dispositive motions. Following completion of the arbitration, the arbitrator shall issue a written decision disclosing the essential findings and conclusions upon which the award is based. 

Notwithstanding the foregoing, provisional injunctive relief may, but need not, be sought by Executive or the Company in a court of law
while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective until the matter is finally resolved by the Arbitrator in accordance with the foregoing. Final resolution of any dispute
through arbitration may include any remedy or relief which would otherwise be available at law and which the Arbitrator deems just and equitable. The Arbitrator shall have the authority to award full damages as provided by law. Any award or relief
granted by the Arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction. 
 The Company shall pay the reasonable fees and expenses of the Arbitrator and of a stenographic reporter, if employed. Each party shall pay its own legal fees and other expenses and costs incurred with
respect to the arbitration. 
 15. Nouns and Pronouns. Whenever the context may require, any pronouns used herein shall
include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural and vice-versa. 
 16. Legal Counsel. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of their choice.
Executive acknowledges and agrees that he has read and understands this Release Agreement completely, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Release Agreement and he has had ample
opportunity to do so. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 -6-

 The undersigned have read and understand the consequences of this Release Agreement and
voluntarily sign it. The undersigned declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct. 
 EXECUTED this     day of             20    , at Anaheim, California. 

 

			
	 “Executive”

	
	  

	 Print Name:
	 	  

 

			
	
	PACIFIC SUNWEAR OF CALIFORNIA, INC.,a California corporation,
		
	By:	 	  

	Name:
	Title:

  
 -7-

 ENDORSEMENT 
 I,             , hereby acknowledge that I was given [21/45] days to consider the foregoing Release Agreement and voluntarily
chose to sign the Release Agreement prior to the expiration of the [21-day/45-day] period. 
 I declare under
penalty of perjury under the laws of the United States and the State of California that the foregoing is true and correct. 

EXECUTED this [    ] day of
[            20    ], at Anaheim, California. 
  

			
	  

	Print Name:	 	  

  
 -8-Fourth Supplemental Indenture

 Exhibit 4.1 
 FOURTH SUPPLEMENTAL INDENTURE 
 between 

RAYMOND JAMES FINANCIAL, INC. 
 and 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Dated as of March 26, 2012 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE 1
	 	 DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1
	 	 Definition of Terms
	  	 	1	  
			
	 ARTICLE 2
	 	 GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	3	  
			
	 SECTION 2.1
	 	 Designation and Principal Amount
	  	 	3	  
			
	 SECTION 2.2
	 	 Maturity
	  	 	3	  
			
	 SECTION 2.3
	 	 Form and Payment
	  	 	3	  
			
	 SECTION 2.4
	 	 Global Form
	  	 	4	  
			
	 SECTION 2.5
	 	 Interest
	  	 	4	  
			
	 SECTION 2.6
	 	 Redemption
	  	 	5	  
			
	 SECTION 2.7
	 	 Payment of Additional Amounts
	  	 	5	  
			
	 SECTION 2.8
	 	 Events of Default
	  	 	9	  
			
	 SECTION 2.9
	 	 Limitations on Liens
	  	 	9	  
			
	 ARTICLE 3
	 	 EXPENSES
	  	 	9	  
			
	 SECTION 3.1
	 	 Payment of Expenses
	  	 	9	  
			
	 SECTION 3.2
	 	 Payment Upon Resignation or Removal
	  	 	10	  
			
	 ARTICLE 4
	 	 FORM OF NOTE
	  	 	10	  
			
	 SECTION 4.1
	 	 Form of Note
	  	 	10	  
			
	 ARTICLE 5
	 	 ORIGINAL ISSUE OF NOTES
	  	 	10	  
			
	 SECTION 5.1
	 	 Original Issue of Notes
	  	 	10	  
			
	 ARTICLE 6
	 	 MISCELLANEOUS
	  	 	10	  
			
	 SECTION 6.1
	 	 No Sinking Fund
	  	 	10	  
			
	 SECTION 6.2
	 	 Ratification of Indenture
	  	 	10	  
			
	 SECTION 6.3
	 	 Trustee Not Responsible for Recitals
	  	 	11	  
			
	 SECTION 6.4
	 	 Governing Law
	  	 	11	  
			
	 SECTION 6.5
	 	 Separability
	  	 	11	  
			
	 SECTION 6.6
	 	 Counterparts
	  	 	11	  

  
 -i-

 FOURTH SUPPLEMENTAL INDENTURE 

THIS FOURTH SUPPLEMENTAL INDENTURE, dated as of March 26, 2012 (this “Fourth Supplemental Indenture”), between RAYMOND
JAMES FINANCIAL, INC., a Florida corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), under an Indenture dated as of August 10, 2009, between the Company and the
Trustee (the “Indenture”). 
 WHEREAS, the Company desires to establish, under the terms of the Indenture, a series of
its Securities (such securities being of the type referred to in the Indenture and in this Fourth Supplemental Indenture as the “Securities”) to be known as its 5.625% Senior Notes due 2024 (the “Notes”), the form and substance
of such Notes and the terms, provisions and conditions thereof, to be set forth as provided in the Indenture and this Fourth Supplemental Indenture; 
 WHEREAS, under the terms of an Underwriting Agreement dated as of March 21, 2012 (the “Underwriting Agreement”), among the Company and the Underwriters named therein (the
“Underwriters”), the Company has agreed to sell to the Underwriters $250,000,000 aggregate liquidation amount of its Securities; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Fourth Supplemental Indenture; and 
 WHEREAS, all requirements necessary to make this Fourth Supplemental Indenture a valid instrument 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 Fourth Supplemental Indenture have been duly authorized in all respects. 

NOW THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders (as defined below) thereof, and for the
purpose of setting forth, as provided in the Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof, the Company covenants and agrees with the Trustee as follows: 

ARTICLE 1 

DEFINITIONS 
 SECTION 1.1
Definition of Terms. 
 Unless the context otherwise requires: 

(a) a term defined in the Indenture has the same meaning when used in this Fourth Supplemental Indenture unless otherwise provided
herein; 
 (b) a term defined anywhere in this Fourth Supplemental Indenture has the same meaning throughout; 

 (c) the singular includes the plural and vice versa; 

(d) a reference to a Section or Article is to a Section or Article of this Fourth Supplemental Indenture; 

(e) headings are for convenience of reference only and do not affect interpretation; 

(f) the following terms have the meanings given to them in this Section 1.1; and 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agents as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection 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,
(1) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Dealer Quotations, (2) if more than one but fewer than four such Reference Treasury Dealer
Quotations is provided, the average of all such quotations, or (3) if only one Reference Treasury Dealer Quotation is provided, such quotation; 
 “Coupon Rate” shall have the meaning set forth in Section 2.5; 
 “Global Note” means a global Note to be registered in the name of the U.S. or Common Depositary, or its nominee; 
 “Holder” means any person in whose name the Notes are registered on the register kept by the Company in accordance with the terms hereof; 

“Interest Payment Date” shall have the meaning set forth in Section 2.5; 

“Maturity Date” means the date on which the Notes mature and on which the principal shall be due and payable together
with all accrued and unpaid interest thereon; 
 “Maturity Repayment Price” means the price, at the Maturity
Date, equal to the principal amount of, plus accrued interest on, the Notes; 
 “Permitted Liens” means
(i) liens for taxes or assessment or governmental charges or levies (a) that are not then due and delinquent, (b) the validity of which is being contested in good faith or (c) which are less than $1,000,000 in amount;
(ii) liens created by or resulting from any litigation or legal proceedings which are currently being contested in good faith by appropriate proceedings or which involve claims of less than $1,000,000; and (iii) deposits to secure (or in
lieu of) surety, stay, appeal or customs bonds; 
 “Quotation Agents” means the Reference Treasury Dealers
appointed by the Company; 
 “Reference Treasury Dealers” means (1) J.P. Morgan Securities LLC and
Citigroup Global Markets Inc. (or their affiliates that are Primary Treasury Dealers) and their respective 

  
 2 

 
successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company
shall substitute therefore another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealers selected by the Company; 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such
redemption date; 
 “Tax Event” means any change in, or amendment to, the laws or regulations of the United States or
any political subdivision or any authority of the United States having power to tax, or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective on or after the date hereof;
and 
 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE NOTES 
 SECTION 2.1 Designation and Principal Amount. 
 There is hereby authorized
and established under the terms of the Indenture a series of the Company’s Securities designated the “5.625% Senior Notes due 2024” limited in aggregate principal amount to no more than $250,000,000, which amount shall be as set forth
in one or more written orders of the Company for the authentication and delivery of the Notes pursuant to Section 2.06 of the Indenture. 

SECTION 2.2 Maturity. 

The Maturity Date for the Notes is April 1, 2024. 
 SECTION 2.3 Form and Payment. 
 Except as provided in Section 2.4, the
Notes shall be issued in fully registered certificated form without interest coupons. Principal and interest on the Notes issued in certificated form shall be payable, the transfer of such Notes shall be registrable and such Notes shall be
exchangeable for Notes bearing identical terms and provisions at the office or agency of the Trustee; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Holder at such address as shall appear
in the Security Register. 

  
 3 

 SECTION 2.4 Global Form. 
 (a) A Global Note may be transferred, in whole but not in part, only to another nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a nominee of such
successor Depositary. 
 (b) If at any time the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary or if at any time the Depositary shall no longer be registered or in good standing under the Exchange Act or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days
after the Company receives such notice or becomes aware of such condition, as the case may be, the Company shall execute, and, subject to Article 2 of the Indenture, the Trustee, upon written notice from the Company, shall authenticate and make
available for delivery the Notes in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note in exchange for such Global Note. In addition, the
Company may at any time determine that the Notes shall no longer be represented by a Global Note. In such event the Company shall execute, and subject to Section 2.07 of the Indenture, the Trustee, upon receipt of an Officers’ Certificate
evidencing such determination by the Company, shall authenticate and deliver the Notes in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Note
in exchange for such Global Note. Upon the exchange of the Global Note for such Notes in definitive registered form without coupons, in authorized denominations, the Global Note shall be canceled by the Trustee. Such Notes in definitive registered
form issued in exchange for the Global Note shall be registered in such names and in such authorized denominations as the U.S. or Common Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the
Trustee. The Trustee shall deliver such Notes to the U.S. or Common Depositary for delivery to the Persons in whose names such Securities are so registered. 
 SECTION 2.5 Interest. 
 (a) Each Note shall bear interest at the rate of
5.625% per annum (the “Coupon Rate”) from March 26, 2012 until the principal thereof becomes due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on
any overdue installment of interest at the Coupon Rate, compounded semi-annually, payable semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest Payment Date”), beginning, on October 1, 2012, to
the Person in whose name such Note or any predecessor Note is registered at the close of business on the regular record date for such interest installment, whether or not a business day. As long as such Note is in book-entry only form, the regular
record date shall be the close of business on the business day next preceding the Interest Payment Date. If such Note is no longer in book-entry only form, the relevant record dates shall be March 15 and September 15 prior to the regular
Interest Payment Date. 
 (b) The amount of interest payable for any period shall be computed on the basis of a 360-day year of
twelve 30-day months. Except as provided in the following sentence, the amount of interest payable for any period shorter than a full semi-annual period for which interest is computed, shall be computed on the basis of the actual number of days
elapsed in such 

  
 4 

 
a 30-day period. In the event that any date on which interest is payable on the Notes is not a business day, then payment of interest payable on such date shall be made on the next succeeding day
which is a business day (and without any interest or other payment in respect of any such delay), except that, if such business day is in the next succeeding calendar year, such payment shall be made on the immediately preceding business day, in
each case with the same force and effect as if made on such date. 
 SECTION 2.6 Redemption 

(a) The Notes are redeemable at the option of the Company, subject to the terms and conditions of Article III of the Indenture,
(i) in whole at any time or in part from time to time prior to the Maturity Date, at a redemption price equal to the greater of (x) 100% of the principal amount of the Notes so redeemed or (y) the sum of the present values of the
remaining scheduled payments of principal and interest thereon (not including any such portion of such payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate, plus 50 basis points, plus an amount equal to accrued and unpaid interest thereon to the redemption date, or (ii) in whole, but not in part, at any time prior to
the Maturity Date, if the Company has or will become obligated to pay additional amounts as a result of a Tax Event, subject to the exemptions and limitations set forth in Section 2.7 hereof, at a redemption price equal to 100% of the principal
amount of the Notes so redeemed, plus an amount equal to accrued and unpaid interest up to, but excluding, the redemption date. Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates
falling on or prior to a redemption date shall be payable on the Interest Payment Date to the Holders as of the close of business on the relevant record date according to the Notes and the Indenture. 

(b) Notice of any redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of the
Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on 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 shall be selected by the Trustee by a method the Trustee deems appropriate. 
 (c) Prior to publishing any
notice of redemption in connection with a redemption pursuant to Section 2.6(a)(ii) hereof, the Company will deliver to the Trustee a certificate signed by the Chief Financial Officer or a Senior Vice President of the Company stating that the
Company is entitled to redeem the Notes and that the conditions precedent to redemption have occurred. 
 SECTION 2.7 Payment of Additional
Amounts. 
 Subject to the exemptions and limitations set forth below, the Company shall pay additional amounts to the
beneficial owner of the Notes that is a “Non-United States person,” as defined below, in order to ensure that every net payment on such Notes shall not be less, due to payment of United States withholding tax, than the amount then
otherwise due and payable. For this purpose, a “net payment” on the Notes means a payment by the Company or any paying 

  
 5 

 
agent, including payment of principal and interest, after deduction for any present or future tax, assessment, or other governmental charge of the United States (other than a territory or
possession). These additional amounts shall constitute additional interest on the Notes. 
 The Company shall not be required to
pay additional amounts, however, in any of the circumstances described in items (1) through (14) below. 
 (1)
Additional amounts shall not be payable if a payment on the Notes is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of the Notes: 

 

	 	(a)	having a relationship with the United States as a citizen, resident, or otherwise; 

 

	 	(b)	having had such a relationship in the past; or 

  

	 	(c)	being considered as having had such a relationship. 

 (2) Additional amounts shall not be payable if a payment on the Notes is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the
beneficial owner of the Notes: 
  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

 

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past; 

 

	 	(c)	having or having had a permanent establishment in the United States; or 

  

	 	(d)	having or having had a qualified business unit which has the U.S. dollar as its functional currency. 

(3) Additional amounts shall not be payable if a payment on the Notes is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of the Notes being or having been a: 
  

	 	(a)	personal holding company; 

  

	 	(b)	foreign personal holding company; 

  

	 	(c)	private foundation or other tax-exempt organization; 

  

	 	(d)	passive foreign investment company; 

  

	 	(e)	controlled foreign corporation; or 

  

	 	(f)	corporation which has accumulated earnings to avoid United States federal income tax. 

  
 6 

 (4) Additional amounts shall not be payable if a payment on the Notes is reduced as a result
of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of the Notes owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes
of the Company’s stock entitled to vote. 
 (5) Additional amounts shall not be payable if a payment on the Notes is
reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of the Notes being a bank extending credit pursuant to a loan agreement entered into in the ordinary course
of business. 
 For purposes of items (1) through (5) above, “beneficial owner” includes, without
limitation, the holder, and a fiduciary, settlor, partner, member, shareholder, or beneficiary of the holder if the holder is an estate, trust, partnership, limited liability company, corporation, or other entity, or a person holding a power over an
estate or trust administered by a fiduciary holder. 
 (6) Additional amounts shall not be payable to any beneficial owner of
the Notes that is: 
  

	 	(a)	a fiduciary; 

  

	 	(b)	a partnership; 

  

	 	(c)	a limited liability company; 

  

	 	(d)	another fiscally transparent entity; or 

  

	 	(e)	not the sole beneficial owner of the Notes, or any portion of the Notes. 

 However, this exception to the obligation to pay additional amounts shall only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner, partner or member of
the partnership, limited liability company, or other fiscally transparent entity, would not have been entitled to the payment of an additional amount had the beneficiary, settlor, partner, beneficial owner, or member received directly its beneficial
or distributive share of the payment. 
 (7) Additional amounts shall not be payable if a payment on the Notes is reduced as a
result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the failure of the beneficial owner of the Notes or any other person to comply with applicable certification, identification, documentation
or other information reporting requirements. This exception to the obligation to pay additional amounts shall apply only if compliance with such reporting requirements is required as a precondition to exemption from such tax, assessment or other
governmental charge by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party. 
 (8) Additional amounts shall not be payable if a payment on the Notes is reduced as a result of any tax, assessment, or other governmental charge that is collected or imposed by any method other than by
withholding from a payment on the Notes by the Company or any paying agent. 

  
 7 

 (9) Additional amounts shall not be payable if a payment on the Notes is reduced as a result
of any tax, assessment, or other governmental charge that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly
provided for, whichever occurs later. 
 (10) Additional amounts shall not be payable if a payment on the Notes is reduced as a
result of any tax, assessment, or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner of the Notes for payment more than 30 days after the date on which such payment becomes due or is duly
provided for, whichever occurs later. 
 (11) Additional amounts shall not be payable if a payment on the Notes is reduced as
result of any: 
  

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax; or 

  

	 	(i)	any similar tax, assessment, or other governmental charge. 

 (12) Additional amounts shall not be payable if a payment on the Notes is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent from a
payment of principal or interest on the Notes if such payment can be made without such withholding by any other paying agent. 

(13) Additional amounts shall not be payable if a payment on the Notes is reduced by any tax, assessment, or other governmental charge
that is imposed or withheld by reason of the application of section 1471 (or any successor provision) or section 1472 (or any successor provision) of the Internal Revenue Code of 1986, as amended, or any related administrative regulation or
pronouncement. 
 (14) Additional amounts shall not be payable if a payment on the Notes is reduced as a result of any
combination of items (1) through (13) above. 

  
 8 

 A “United States person” means: 

 

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership, or other entity created or organized in or under the laws of the United States; 

 

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income; and

  

	 	(d)	any trust if a U.S. court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the
substantial decisions of the trust. 

 A “Non-United States person” means a person who is not a United
States person, and “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions, and other areas within its jurisdiction. 

SECTION 2.8 Events of Default. 
 An Event of Default with respect to the Notes shall be (i) an Event of Default as defined under Section 6.01(a), (b), (c), (d) or (e) of the Indenture, or (ii) an event of default
as defined in any mortgage, indenture, or instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness of the Company or any Principal Subsidiary for money borrowed, whether such indebtedness currently
exists or shall be created in the future, which has occurred and has resulted in such indebtedness becoming or being declared due and payable. 

SECTION 2.9 Limitations on Liens. 
 The Company, or any successor corporation, shall not, and shall not permit any subsidiary to, create, assume, incur or guarantee any indebtedness for borrowed money secured by a pledge, lien or other
encumbrance, except for Permitted Liens, on the voting securities of any Principal Subsidiary unless the Company causes the Notes (and if the Company so elects, any other of the Company’s indebtedness ranking on a parity with the Notes) to be
secured equally and ratably with (or, at the Company’s option, prior to) any indebtedness secured thereby. 
 ARTICLE 3

 EXPENSES 
 SECTION
3.1 Payment of Expenses. 
 In connection with the offering, sale and issuance of the Notes, the Company, in its capacity
as borrower with respect to the Notes, shall pay all costs and expenses relating to the offering, sale and issuance of the Notes, including commissions to the underwriters payable pursuant to the Underwriting Agreement and the compensation of the
Trustee under the Indenture in accordance with the provisions of Section 6.06 of the Indenture. 

  
 9 

 SECTION 3.2 Payment Upon Resignation or Removal. 

Upon termination of this Fourth Supplemental Indenture or the Indenture or the removal or resignation of the Trustee, unless otherwise
stated, the Company shall pay to the Trustee all amounts accrued to the date of such termination, removal or resignation. 

ARTICLE 4 
 FORM
OF NOTE 
 SECTION 4.1 Form of Note. 
 The Notes and the Trustee’s certificate of authentication to be endorsed thereon are to be substantially in the following form as Exhibit A attached hereto. 

ARTICLE 5 

ORIGINAL ISSUE OF NOTES 

SECTION 5.1 Original Issue of Notes. 
 Notes in the aggregate principal amount of up to $250,000,000 may, upon execution of this Fourth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the
Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company, signed by any Authorized Officer, as defined in the Indenture, without any further action by the Company. 

ARTICLE 6 

MISCELLANEOUS 
 SECTION 6.1
No Sinking Fund 
 The Notes are not entitled to the benefit of any sinking fund. 

SECTION 6.2 Ratification of Indenture. 
 The Indenture, as supplemented by this Fourth Supplemental Indenture, is in all respects ratified and confirmed, and this Fourth Supplemental Indenture shall be deemed part of the Indenture in the manner
and to the extent herein and therein provided. 

  
 10 

 SECTION 6.3 Trustee Not Responsible for Recitals. 

The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the
correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture. 
 SECTION 6.4
Governing Law. 
 This Fourth Supplemental Indenture and each Note shall be deemed to be a contract made under the
internal laws of the State of New York, and for all purposes shall be construed in accordance with laws of said State. 
 SECTION 6.5
Separability. 
 In case any one or more of the provisions contained in this Fourth Supplemental Indenture or in the
Notes shall for any reason be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Fourth Supplemental Indenture or of the Notes, but this Fourth
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 6.6 Counterparts. 
 This Fourth 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. 
 [Signature Page Follows] 

  
 11 

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

					
	RAYMOND JAMES FINANCIAL, INC.
		
	By:	 	  /s/ Jeffrey P. Julien

		 	 Name:
	 	Jeffrey P. Julien
		 	Title:	 	Executive Vice President -
		 	Finance and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  /s/ Scott Williams

		 	Name:	 	Scott Williams
		 	Title:	 	Senior Associate

 Exhibit A 
 Form of Registered Global Note 
 REGISTERED SENIOR NOTE 

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

 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (55 Water Street, New
York, New York) (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and this Note is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC,
and unless any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 

 

			
	REGISTERED	  	$250,000,000
		
	NUMBER R-4	  	CUSIP No. 754730AD1
		  	ISIN No. US754730AD12

 RAYMOND JAMES FINANCIAL, INC. 

5.625% SENIOR NOTE DUE 2024 
 RAYMOND JAMES FINANCIAL, INC., a Florida corporation (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS on April 1, 2024 (except to the extent redeemed or repaid prior to that date). The Company shall pay
interest on such principal amount at the rate of 5.625% per annum, until payment of such principal amount has been made or duly provided for, semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest
Payment Date”). Interest shall be payable on each Interest Payment Date, commencing on October 1, 2012, and at the stated maturity or earlier redemption or repayment (the “Maturity Date”). If the Company shall default in the
payment of interest due on any Interest Payment Date, then this Note shall bear interest from the next preceding Interest Payment Date to which interest has been paid, or, if no interest has been paid on the Notes, from March 26, 2012 (the
“Original Issue Date”). 
 Interest on this Note shall accrue from the Original Issue Date until the principal amount
is paid or duly provided for. Interest (including payments for partial periods) shall be computed on the basis of a 360-day year of twelve 30-day months. Interest payable on this Note on any 

 
Interest Payment Date or the Maturity Date shall include interest accrued from, and including, the preceding Interest Payment Date in respect of which interest has been paid or duly provided for
(or from, and including, the Original Issue Date, if no interest has been paid or duly provided for) to, but excluding, such Interest Payment Date or the Maturity Date, as the case may be. If the Maturity Date or any Interest Payment Date falls on a
day which is not a Business Day (as defined below), principal of or interest payable with respect to the Maturity Date or such Interest Payment Date shall be paid on the succeeding Business Day, except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the Maturity Date or such Interest Payment Date, and no additional interest shall accrue as a
result of that postponement. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name this Note (or one or more predecessor Notes evidencing all or a portion of the
same debt as this Note) is registered at the close of business on the regular record date for such Interest Payment Date, whether or not a Business Day. As long as this Note is in book-entry only form, the regular record date shall be the close of
business on the Business Day next preceding such Interest Payment Date. If, pursuant to the terms of the Indenture, this Note is no longer in book-entry only form, the record date shall be the close of business on March 15 and September 15
preceding an Interest Payment Date. “Business Day” means any weekday that is not a legal holiday in New York, New York or St. Petersburg, Florida and that is not a day on which banking institutions in those cities are authorized or
required by law or regulation to be closed. 
 The principal of and interest on this Note are payable in immediately available
funds in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts, at the office or agency of the Company designated as provided in the Indenture. However, interest may be paid, at
the option of the Company, by check mailed to the person entitled thereto at his address last appearing on the registry books of the Company relating to the Notes. Notwithstanding the preceding sentence, payments of principal of and interest payable
on the Maturity Date shall be made by wire transfer of immediately available funds to a designated account maintained in the United States upon (i) receipt of written notice by the Issuing and Paying Agent (as described on the reverse hereof)
from the registered holder hereof not less than one Business Day prior to the due date of such principal and (ii) presentation of this Note to the Issuing and Paying Agent, at The Bank of New York Mellon Trust Company, N.A., 101 Barclay Street,
New York, New York, 10286. Any interest not punctually paid or duly provided for shall be payable as provided in such Indenture. 
 References herein to “U.S. dollars,” “U.S.$,” or “$” are to the coin or currency of the United States as at the time of payment is legal tender for the payment of public and
private debts. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee (as described on the reverse hereof) or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under such Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed, by manual or
facsimile signature, under its corporate seal or a facsimile thereof. 
  

									
		 		 		 	RAYMOND JAMES FINANCIAL, INC.
				
	[SEAL]	 		 	By:	 	  

		 		 		 	Name:	 	Jeffrey P. Julien
	ATTEST:	 		 	Title:	 	Executive Vice President – Finance and Chief Financial Officer
	By:	 	  
	 		 		 	
	Name:	 	Kenneth E. Armstrong	 		 		 	
	Title:	 	Assistant Secretary	 		 		 	

 (CERTIFICATE OF AUTHENTICATION) 

Certificate of Authentication 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: March 26, 2012 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF NOTE) 
 RAYMOND JAMES FINANCIAL, INC. 
 5.625% SENIOR NOTE DUE 2024 

SECTION 1. General. This Note is one of a duly authorized series of Securities of the Company unlimited in aggregate principal
amount (herein called the “Notes”) issued and to be issued under an Indenture dated as of August 10, 2009 (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the
Company, the Trustee, and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. The series of which this Note is a part also is designated as the Company’s 5.625% Senior Notes due 2024
(herein called the “Series”), initially in the principal amount of $250,000,000. The Trustee initially shall act as Security Registrar, Transfer Agent, Authenticating Agent and Issuing and Paying Agent in connection with the Notes.

 SECTION 2. No Sinking Fund. This Note is not subject to any sinking fund. 

SECTION 3. Redemption and Repayment. (a) The Company may, at its option, and subject to the terms and conditions of Article 3
of the Indenture and Section 2.6 of the Fourth Supplemental Indenture dated as of March 26, 2012 (the “Fourth Supplemental Indenture”), redeem the Notes of this Series, (i) in whole at any time or in part from time to time
prior to the Maturity Date, at a redemption price equal to the greater of (x) 100% of the principal amount of the Notes so redeemed, or (y) the sum of the present values of the remaining scheduled payments of principal and interest thereon
(not including any such portion of such payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the
Treasury Rate (as defined below), plus 50 basis points, plus an amount equal to accrued and unpaid interest thereon to the redemption date, or (ii) in whole, but not in part, at any time prior to the Maturity Date, if the Company has or will
become obligated to pay additional amounts as a result of a Tax Event, subject to the exemptions and limitations set forth in Section 5 hereof, at a redemption price equal to 100% of the principal amount of the Notes so redeemed, plus an amount
equal to accrued and unpaid interest up to, but excluding, the redemption date. Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a redemption date shall be
payable on the Interest Payment Date to the holders of the Notes as of the close of business on the relevant record date according to the Notes and the Indenture. 
 (b) Notice of any redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed. Unless the Company defaults in payment of the
redemption price, on 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 shall be selected by the Trustee by a method the
Trustee deems appropriate. 

 (c) Prior to publishing any notice of redemption in connection with a redemption pursuant to
Section 3(a)(ii) hereof, the Company will deliver to the Trustee a certificate signed by the Chief Financial Officer or a Senior Vice President of the Company stating that the Company is entitled to redeem the Notes and that the conditions
precedent to redemption have occurred. 
 For purposes of the above: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agents as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection 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, (1) the average of
four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Dealer Quotations, (2) if more than one but fewer than four such Reference Dealer Quotations is provided, the average of
all such quotations, or (3) if only one Reference Treasury Dealer Quotation is provided, such quotation. 
 “Quotation
Agents” means the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealers” means
(1) J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (or their affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another Primary Treasury Dealer, and (2) any other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date the
average, as determined by the Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such redemption date. 
 “Tax Event” means any change in, or
amendment to, the laws or regulations of the United States or any political subdivision or any authority of the United States having power to tax, or any change in the application or official interpretation of such laws or regulations, which change
or amendment becomes effective on or after the Original Issue Date. 
 “Treasury Rate” means, with respect to any
redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. 
 SECTION 4. Defeasance. The provisions of Article 14 of the
Indenture do not apply to the Notes of this Series. 

 SECTION 5. Payment of Additional Amounts. Subject to the exemptions and limitations
set forth below, the Company shall pay additional amounts to the beneficial owner of this Note that is a “Non-United States person,” as defined below, in order to ensure that every net payment on such Note shall not be less, due to payment
of United States withholding tax, than the amount then otherwise due and payable. For this purpose, a “net payment” on this Note means a payment by the Company or any paying agent, including payment of principal and interest, after
deduction for any present or future tax, assessment, or other governmental charge of the United States (other than a territory or possession). These additional amounts shall constitute additional interest on this Note. 

The Company shall not be required to pay additional amounts, however, in any of the circumstances described in items (1) through
(14) below. 
 (1) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note: 
  

	 	(a)	having a relationship with the United States as a citizen, resident, or otherwise; 

 

	 	(b)	having had such a relationship in the past; or 

  

	 	(c)	being considered as having had such a relationship. 

 (2) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the
beneficial owner of this Note: 
  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

 

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past; 

 

	 	(c)	having or having had a permanent establishment in the United States; or 

  

	 	(d)	having or having had a qualified business unit which has the U.S. dollar as its functional currency. 

(3) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note being or having been a: 
  

	 	(a)	personal holding company; 

  

	 	(b)	foreign personal holding company; 

  

	 	(c)	private foundation or other tax-exempt organization; 

	 	(d)	passive foreign investment company; 

  

	 	(e)	controlled foreign corporation; or 

  

	 	(f)	corporation which has accumulated earnings to avoid United States federal income tax. 

(4) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of the Company’s stock
entitled to vote. 
 (5) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note being a bank extending credit pursuant to a loan agreement entered into in the ordinary course of business. 

For purposes of items (1) through (5) above, “beneficial owner” includes, without limitation, the holder, and a
fiduciary, settlor, partner, member, shareholder, or beneficiary of the holder if the holder is an estate, trust, partnership, limited liability company, corporation, or other entity, or a person holding a power over an estate or trust administered
by a fiduciary holder. 
 (6) Additional amounts shall not be payable to any beneficial owner of this Note that is: 

 

	 	(a)	a fiduciary; 

  

	 	(b)	a partnership; 

  

	 	(c)	a limited liability company; 

  

	 	(d)	another fiscally transparent entity; or 

  

	 	(e)	not the sole beneficial owner of this Note, or any portion of this Note. 

 However, this exception to the obligation to pay additional amounts shall only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner, partner or member of
the partnership, limited liability company, or other fiscally transparent entity, would not have been entitled to the payment of an additional amount had the beneficiary, settlor, partner, beneficial owner, or member received directly its beneficial
or distributive share of the payment. 
 (7) Additional amounts shall not be payable if a payment on this Note is reduced as a
result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the failure of the beneficial owner of this Note or any other person to comply with applicable certification, identification, documentation
or other information reporting requirements. This exception to the obligation to pay additional amounts shall apply only if 

 
compliance with such reporting requirements is required as a precondition to exemption from such tax, assessment or other governmental charge by statute or regulation of the United States or by
an applicable income tax treaty to which the United States is a party. 
 (8) Additional amounts shall not be payable if a
payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is collected or imposed by any method other than by withholding from a payment on this Note by the Company or any paying agent. 

(9) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs
later. 
 (10) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment,
or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner of this Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever occurs
later. 
 (11) Additional amounts shall not be payable if a payment on this Note is reduced as result of any: 

 

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax; or 

  

	 	(i)	any similar tax, assessment, or other governmental charge. 

 (12) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent from a
payment of principal or interest on this Note if such payment can be made without such withholding by any other paying agent. 

(13) Additional amounts shall not be payable if a payment on this Note is reduced by any tax, assessment, or other governmental charge
that is imposed or withheld by reason of the 

 
application of section 1471 (or any successor provision) or section 1472 (or any successor provision) of the Internal Revenue Code of 1986, as amended, or any related administrative regulation or
pronouncement. 
 (14) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any
combination of items (1) through (13) above. 
 A “United States person” means: 

 

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership, or other entity created or organized in or under the laws of the United States; 

 

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income; and

  

	 	(d)	any trust if a U.S. court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the
substantial decisions of the trust. 

 A “Non-United States person” means a person who is not a United
States person, and “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions, and other areas within its jurisdiction. 

SECTION 6. Events of Default. If an Event of Default (as defined in the Fourth Supplemental Indenture as (i) an Event of
Default as defined under Section 6.01(a), (b), (c), (d) or (e) of the Indenture, or (ii) an event of default as defined in any mortgage, indenture, or instrument under which there may be issued, or by which there may be secured
or evidenced, any indebtedness of the Company or any Principal Subsidiary (as defined in the Indenture) for money borrowed, whether such indebtedness currently exists or shall be created in the future, which has occurred and has resulted in such
indebtedness becoming or being declared due and payable) shall occur with respect to the Notes, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

SECTION 7. Modifications and Waivers. 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 under the Indenture at any time by the Company with the consent of the holders of not less than 66 2/3% in aggregate principal amount of the Notes then outstanding and
all other Securities then outstanding under the Indenture and affected by such amendment and modification. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the Notes then outstanding and
all other Securities then outstanding under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

 No recourse shall be had for the payment of the principal of or the interest on this Note,
or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, or director, as such, past, present, or future, of the
Company or any predecessor or successor corporation, whether by virtue of any constitution, statute, or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of
the consideration for issue hereof, expressly waived and released. 
 SECTION 8. Obligations Unconditional. No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and
in the coin or currency, herein prescribed. 
 SECTION 9. Authorized Denominations. The Notes are issuable only as
registered Notes without coupons in the denominations of Two Thousand Dollars ($2,000) and any whole multiples of One Thousand Dollars ($1,000). As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the holder surrendering the same. 
 SECTION 10. Registration of Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Security Register or
registry of the Company relating to the Notes, upon surrender of this Note for registration of transfer at the office or agency of the Company designated by it pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Trustee or the Security Registrar duly executed by, the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and
for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 
 The Notes are being
issued by means of a book-entry system with no physical distribution of certificates to be made except as provided in the Indenture. The book-entry system maintained by DTC shall evidence ownership of the Notes, with transfers of ownership effected
on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The Company shall recognize Cede & Co., as nominee of DTC, while the registered holder of the Notes, as the owner of the
Notes for all purposes, including payment of principal, premium (if any) and interest, notices, and voting. Transfer of the principal, premium (if any), and interest to beneficial owners of the Notes by participants of DTC shall be the
responsibility of such participants and other nominees of such beneficial owners. So long as the book-entry system is in effect, the selection of any Notes to be redeemed shall be determined by DTC pursuant to rules and procedures established by DTC
and its participants. The Company shall not be responsible or liable for such transfers or payments or for maintaining, supervising, or reviewing the records maintained by DTC, its participants, or persons acting through such participants.

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax, assessment, or other governmental charge, including, without limitation, any withholding tax, payable in connection therewith. 

Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, the Issuing and Paying Agent, and any agent
of the Company may treat the person in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company,
the Trustee, the Issuing and Paying Agent, nor any such agent of the Company shall be affected by notice to the contrary. 

SECTION 11. Authentication Date. The Notes of this Series shall be dated the date of their authentication. 

SECTION 12. Defined Terms. All terms used in this Note which are not defined herein, but are defined in the Indenture shall have
the meanings assigned to them in the Indenture. 
 SECTION 13. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of the within Note shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

					
	 TEN COM—
	  	as tenants in common
	 TEN ENT—
	  	as tenants by the entireties
	 JT TEN—
	  	as joint tenants with right of survivorship and not as tenants in common
	 UNIF GIFT MIN ACT—
                     as Custodian for
                    .

		  	                        (Cust)    
                                (Minor)	  	

					
	
	Under Uniform Gifts to Minors Act
			
		 	  
	  	
	(State)
	
	Additional abbreviations may also be used though not in the above list.
			
		 	  
	  	
	
	ASSIGNMENT
	
	FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
	
	[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS
	INCLUDING ZIP CODE, OF ASSIGNEE]
	
	  

	
	  

	
	  

 Please Insert Social Security or Other 
 Identifying Number of Assignee:
                                        

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

					
	Dated:                     	 		 	  

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

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