Document:

Form of senior debt security -- medium-term note

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 100% Principal Protection Capped Return Notes Linked to the S&P 500® Index Due March 21, 2011 
  

			
	Number R-1	 	$2,010,000
	ISIN US 5252M0EP82	 	CUSIP 5252M0EP8

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, in such coin or currency of the United States of America at the time of payment shall be legal tender for the payment of public and private
debts, for each $1,000 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity. THE SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST. 
 Any amount payable on the Maturity Date hereon will be paid only upon presentation and surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE
THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

 “Standard & Poor’s,” “S&P®,” “S&P 500®” and “Standard & Poor’s 500®” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Company. The Securities, which are linked to the performance of the S&P 500® Index, are not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of investing in the Securities. This
Security shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 
  

 2 

 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  

							
	Dated: March 24, 2008	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.
 as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

 3 

 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as 100% Principal Protection Capped Return Notes Linked to the S&P 500®
 Index Due March 21, 2011 (herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise
similar in all respects so that such additional securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with respect to the Securities.
This series of Securities is one of an indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly
executed and delivered by the Company and Citibank, 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 description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity, at the request of the Trustee, shall be determined by the Calculation Agent pursuant to the Calculation Agency Agreement. The
Trustee shall fully rely on the determination by the Calculation Agent of the Payment at Maturity and shall have no duty to make any such determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on
which notice the Trustee may conclusively rely, of the Payment at Maturity on or prior to 11:00 a.m. on the Business Day preceding the Maturity Date. 
 All calculations with respect to the Initial Index Level, the Ending Index Level, the Index Return or any Index Closing Level will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded
upward (e.g., .876545 would be rounded to .87655); all dollar amounts related to determination of the payment per $1,000 principal amount Security on the Maturity Date, will be rounded to the nearest ten-thousandth, with five one
hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will be rounded to the nearest cent, with one-half cent rounded upward.

 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the Securities may be declared due and payable in the manner and with the effect provided in the
Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Payment at Maturity calculated as though the date of acceleration were the Maturity Date and the third Business Day
immediately preceding the date of acceleration were the Valuation Date. If the maturity of the Securities is accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to the
Trustee at its New York office, on which notice the Trustee may conclusively rely, and to The Depository Trust Company of the cash amount due with respect to the Securities as promptly as possible and in no event later than two Business Days after
the date of acceleration. 

 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
holders of not less than 66 2/3% in aggregate principal amount of each series of Securities at the time Outstanding to be
affected (each series voting as a class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to, or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the holders of the Securities of all such series; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of any Security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any, or reduce any premium payable on redemption, or make the principal thereof, or premium, if any, or interest thereon, if any, payable in any coin
or currency other than that hereinabove provided, without the consent of the holder of each Security so affected, or (ii) change the place of payment on any Security, or impair the right to institute suit for payment on any Security, or reduce
the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of each Security so affected. It is also provided in the Indenture that, prior to any
declaration accelerating the maturity of any series of Securities, the holders of a majority in aggregate principal amount of the Securities of such series Outstanding may on behalf of the holders of all the Securities of such series waive any past
default or Event of Default under the Indenture with respect to such series and its consequences, except a default in the payment of interest, if any, or the principal of, or premium, if any, on any of the Securities of such series, or in the
payment of any sinking fund installment or analogous obligation with respect to Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future holders and
owners of this Security and any Securities which may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Payment at Maturity with respect to this Security. 
 The Securities are issuable in denominations of
$1,000 and any whole multiples of $1,000. 
 The Company, the Trustee, and any agent of the Company or of the Trustee may deem and treat the
registered holder (the “Holder”) hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving
payment hereof, or on account hereof, and for all other purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of
such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
 No recourse for the payment of the principal of, premium, if any, or interest on this Security, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as

  

 2 

 
such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any 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 the issue hereof, expressly waived and
released. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable
in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Company
agrees, and by acceptance of a beneficial ownership interest in the Securities, each Holder will be deemed to have agreed, for United States federal income tax purposes, (i) to treat the Securities as indebtedness that is subject to Treas. Reg.
Sec. 1.1275-4 (the “Contingent Payment Regulations”) and (ii) to be bound by the Company’s determination of the “comparable yield” and “projected payment schedule,” within the meaning of the Contingent Payment
Regulations, with respect to the Securities. The Company has determined that the comparable yield is an annual rate of 4.195%, compounded semi-annually. Based on the comparable yield, the projected payment schedule per $1,000 principal amount
Security is $1,132.64 due at maturity. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the terms used in this Security. 
 “Additional Amount”, as calculated by the
Calculation Agent, per $1,000 principal amount Security paid at maturity shall equal the product of $1,000 × the Index Return × the Participation Rate; provided, however, that the Additional Amount will not be less than zero or
greater than the Maximum Return. 
 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that
is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any
successor calculation agency agreement. 
 “Calculation Agent” shall mean the person that has entered into an agreement
with the Company providing for, among other things, the determination of the Payment at Maturity, which term shall, unless the context otherwise requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers
Inc. 
  

 3 

 “Closing Price” of a security, on any particular day, means the last reported sales
price for that security on the Relevant Exchange at the scheduled weekday closing time of the regular trading session of the Relevant Exchange. If, however, the security is not listed or traded on a bulletin board, then the Closing Price of the
security will be determined using the average execution price per share that an affiliate of the Company pays or receives upon the purchase or sale of the security used to hedge the Company’s obligations under the Securities. 
 “Company” shall have the meaning set forth on the face of this Security. 
 “Ending Index Level” shall equal the Index Closing Level on the Valuation Date. 
 “Holder” shall have the meaning set forth on the reverse of this Security. 
 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Index” shall mean the S&P 500® Index, as calculated, published and
disseminated by S&P. 
 “Index Closing Level”, as determined by the Calculation Agent, shall mean, with respect to any
Trading Day, the closing level of the Index or the Successor Index, as the case may be, at the regular official weekday close of the principal trading session of the Relevant Exchange or market for the Index or the Successor Index, as the case may
be, on such day, or as determined by the Calculation Agent pursuant to the Calculation Agency Agreement as described below under “Discontinuation of the Index; Alteration of Method of Calculation.” 
 “Index Return”, as calculated by the Calculation Agent, is calculated as follows: 
 Ending Index Level — Initial Index Level 
 Initial Index Level 
 “Initial Index Level” shall equal 1,288.14. 
 “Index Sponsor” with respect to the Index shall be Standard & Poor’s (“S&P”), a division of The McGraw Hill
Companies, Inc. The Calculation Agent, in its sole discretion, may select a new Index Sponsor as described under “Discontinuation of the Index; Alteration of Method of Calculation.” 
 “Market Disruption Event”, with respect to the Index or any Successor Index shall mean any of the following events has occurred on any
day as determined by the Calculation Agent: 
 (1) a suspension, absence or material limitation of trading of stocks then constituting 20%
or more of the level of the Index (or the relevant Successor Index) on the Relevant Exchanges for such securities at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange; 
  

 4 

 (2) a breakdown or failure in the price and trade reporting systems of any Relevant Exchange as a result
of which the reported trading prices for stocks then constituting 20% or more of the level of the Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such Relevant
Exchange are materially inaccurate; 
 (3) a suspension, absence or material limitation of trading on any major securities exchange for
trading in futures or options contracts or exchange traded funds related to the Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such exchange; or 
 (4) a decision to permanently discontinue trading in the relevant futures or options contracts or exchange traded funds. 
 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the Index is materially
suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of the Index shall be based on a comparison of: 
 (1) the portion of the level of the Index attributable to that security relative to 
 (2) the overall level
of the Index, 
 in each case immediately before that suspension or limitation. 
 For purposes of determining whether a Market Disruption Event has occurred: 
 (1) a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the
regular business hours of the Relevant Exchange or market; 
 (2) limitations pursuant to the rules of any Relevant Exchange similar to NYSE
Rule 80B (or any applicable rule or regulation enacted or promulgated by any other self-regulatory organization or any government agency of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading
during significant market fluctuations will constitute a suspension, absence or material limitation of trading; 
 (3) a suspension of
trading in futures or options contracts on the Index by the primary securities market trading in such contracts by reason of (i) a price change exceeding limits set by such exchange or market, (ii) an imbalance of orders relating to such
contracts, or (iii) a disparity in bid and ask quotes relating to such contracts, will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to the Index; and 

(4) a suspension, absence or material limitation of trading on any Relevant Exchange or on the primary market on which futures or options contracts
related to the Index are traded will not include any time when such market is itself closed for trading under ordinary circumstances. 
  

 5 

 “Maturity Date” shall mean March 21, 2011, unless that day is not a Business Day,
in which case the amount equal to the Payment at Maturity will be made on the next succeeding Business Day following March 21, 2011; provided, that if due to a non-Trading Day or a Market Disruption Event, the Valuation Date is postponed
so that it falls less than three Business Days prior to the scheduled Maturity Date, the Maturity Date will be the third Business Day following the Valuation Date, as postponed. 
 “Maximum Return” shall equal 26.00% 
 “NYSE” shall mean The New York Stock Exchange, Inc. 
 “Participation
Rate” shall equal 100%. 
 “Payment at Maturity”, as calculated by the Calculation Agent, for each $1,000
principal amount Security shall equal; $1,000 + the Additional Amount provided, however, that in no event shall the Payment at Maturity be less than $1,000.00 or greater than $1,260.00. 
 “Place of Payment” shall mean the place or places where the Payment at Maturity on the Securities is payable. 
 “Pricing Date” shall mean March 14, 2008. 
 “Relevant Exchange” shall mean, for any security (or any combination thereof) then included in the Index or any Successor Index, the primary exchange, quotation system (which includes bulletin board
services) or other market of trading for such security. 
 “S&P” shall mean Standard & Poor’s, a division
of The McGraw-Hill Companies, Inc. 
 “Securities” shall have the meaning set forth on the reverse of this Security.

 “Successor Index” shall have the meaning specified under “Discontinuation of the Index; Alteration of Method of
Calculation.” 
 “Trading Day” means a day, as determined by the Calculation Agent, on which trading is generally
conducted on (i) the Relevant Exchanges for securities underlying the Index and (ii) the exchanges on which futures or options contracts related to the Index are traded, other than a day on which trading on such Relevant Exchange or
exchange on which such securities, futures or options contracts are traded is scheduled to close prior to its scheduled weekday closing time. 
 “Trustee” shall have the meaning set forth on the reverse of this Security. 
 “Valuation Date”
shall mean March 14, 2011, however, if a Valuation Date is not a Trading Day or if there is a Market Disruption Event on such day, the applicable Valuation 

  

 6 

 
Date will be the immediately succeeding Trading Day during which no Market Disruption Event shall have occurred or is continuing; provided that the
Index Closing Level will not be determined on a date later than the eighth scheduled Trading Day after the scheduled Valuation Date, and if such day is not a Trading Day, or if there is a Market Disruption Event on such date, the Calculation Agent
will determine the Index Closing Level on such date in accordance with the formula for and method of calculating the Index Closing Level last in effect prior to commencement of the Market Disruption Event (or prior to the non-Trading Day), using the
Closing Price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation or non-Trading Day) on such
eighth scheduled Trading Day of each security most recently constituting the Index. 
 All terms used but not defined in this Security are
used herein as defined in the Calculation Agency Agreement or the Indenture. 
 Calculation Agent 
 The Calculation Agent will determine, among other things, the Initial Index Level, the Index Closing Level on each Trading Day, the Ending Index Level,
the Index Return and the Payment at Maturity. In addition, the Calculation Agent will determine whether there has been a Market Disruption Event or a discontinuation of the Index, and whether there has been a material change in the method of
calculation of the Index. All calculations, determinations or adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for all purposes and binding on
Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the original issue of the Securities without the Holders’ consent and without notifying Holders. 
 Discontinuation of the Index; Alteration of Method of Calculation 
 If the Index Sponsor discontinues publication of the Index and the Index Sponsor or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be
comparable to the discontinued Index (a “Successor Index”), then any Index Closing Level will be determined by reference to the level of such Successor Index at the close of trading on the Relevant Exchange or market for the Successor
Index on any Trading Day. Upon any selection by the Calculation Agent of a Successor Index, the Calculation Agent will cause written notice thereof to be promptly furnished to the Trustee, to the Company and to the Holders. 
 If the Index Sponsor discontinues publication of the Index, and such discontinuation is continuing on any Trading Day, and the Calculation Agent
determines, in its sole discretion, that no Successor Index is available at such time, or if the Calculation Agent has previously selected a Successor Index and publication of such Successor Index is discontinued and such discontinuation is
continuing on any Trading Day, or if the Index Sponsor (or the publisher of any Successor Index) fails to calculate and publish an Index Closing Level for the Index (or any Successor Index) on any date when it would ordinarily do so in accordance
with its customary practice, then the Calculation Agent will determine the Index Closing Level for such 

  

 7 

 
Trading Day or such date. The Index Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the
Index or Successor Index, as applicable, last in effect on the date prior to such discontinuation or failure to calculate or publish an Index Closing Level for the Index or Successor Index, as applicable, using the Closing Price (or, if trading in
the relevant securities has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of
each security most recently included in the Index or Successor Index, as applicable. 
 If at any time the method of calculating the Index
or a Successor Index, or the level thereof, is changed in a material respect, or if the Index or a Successor Index is in any other way modified so that the Index or such Successor Index does not, in the opinion of the Calculation Agent, fairly
represent the level of the Index or such Successor Index in the absence of such changes or modifications, then the Calculation Agent will, at the close of business in New York City on each date on which the Index Closing Level is to be determined,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of a stock index comparable to the Index or such Successor Index, as the case may be, as if such changes
or modifications were not made, and the Calculation Agent will calculate the Index Closing Level with reference to the Index or such Successor Index, as adjusted. Accordingly, if the method of calculating the Index or a Successor Index is modified
so that the level of the Index or such Successor Index is a fraction of what it would have been if there had been no such modification (e.g., due to a split in the Index), then the Calculation Agent will adjust its calculation of the Index or
such Successor Index in order to arrive at a level of the Index or such Successor Index as if there had been no such modification (e.g., as if such split had not occurred). 
  

 8 

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

							
	TEN COM -	    	as tenants in common	    	UNIF GIFT MIN ACT - _________ Custodian _________
		    		    	                          (Cust)             
     (Minor)

	TEN ENT -	    	as tenants by the entireties	    	under Uniform Gifts to Minors
	JT TEN -	    	as joint tenants with right of	    	Act	  	  

		    	Survivorship and not as tenants in common	    		  	( State)

 Additional abbreviations may also be used though not in the above list. 
                                       
                   
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

			
	 	 	
	 	 	
	 	 	

  
  

	
	
	 

 (Name and Address of Assignee, including zip code, must be printed or typewritten.) 
  

	
	 

 the within Security, and all rights thereunder, hereby irrevocably constituting and appointing 
  

	
	 

 to transfer the said Security 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 Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

_______________________ 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
  

 9Sixth Amendment

 Exhibit 10.1 
 EXECUTION COPY 
 SIXTH AMENDMENT TO 
 SIXTH AMENDED AND RESTATED 
 REVOLVING CREDIT AND TERM LOAN AGREEMENT AND
WAIVER 
 This Sixth Amendment to Sixth Amended and Restated Revolving Credit and Term Loan Agreement and Waiver (“Sixth
Amendment”) is made as of March 20, 2008, by and among Noble International, Ltd. (“Borrower”), the Lenders parties thereto from time to time and Comerica Bank, as Agent for the Lenders (the “Agent”). 
 RECITALS 
 A. Borrower, Agent and the
Lenders entered into that certain Sixth Amended and Restated Revolving Credit and Term Loan Agreement dated as of December 11, 2006, as amended by the First Amendment dated as of March 14, 2007, by the Second Amendment dated as of
March 28, 2007, by the Third Amendment dated as of May 8, 2007, by the Fourth Amendment dated as of August 24, 2007 and by the Fifth Amendment dated as of November 2, 2007 (as amended or otherwise modified from time to time, the
“Credit Agreement”) under which the Lenders extended (or committed to extend) credit to the Borrower, as set forth therein. 
 B.
Borrower has requested that Agent and the Lenders make certain amendments to the Credit Agreement, and Agent and the Lenders are willing to do so, but only on the terms and conditions set forth in this Sixth Amendment. 
 NOW, THEREFORE, Borrower, Agent and the Lenders agree: 
  

	1.	Section 1 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	The following definitions are hereby added to Section 1 of the Credit Agreement: 

 “ArcelorMittal Subordinated Debt” shall mean the unsecured Debt of Borrower evidenced by the ArcelorMittal Subordinated Note. 
 “ArcelorMittal Subordinated Note” shall mean, collectively, that certain Convertible Subordinated Promissory Note issued by Borrower to
ArcelorMittal S.A. dated as of March 20, 2008, in form and substance acceptable to the Agent and the Majority Lenders, that certain Securities Purchase Agreement by and between Borrower and ArcelorMittal S.A. dated as of March 19, 2008, in
form and substance acceptable to the Agent and the Majority Lenders, and all such other documents executed by and between ArcelorMittal, Borrower and any other Credit Parties in connection with the ArcelorMittal Subordinated Debt, in each case as
the same may be amended or otherwise modified from time to time in compliance with this Agreement. 

 “Sixth Amendment Effective Date” shall mean March 20, 2008. 
  

	 	(b)	The following definitions in Section 1 are hereby amended and restated as follows: 

 “Change in Control” shall mean any of the following events or circumstances: (a) any Person or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of
1934, as amended) (other than ArcelorMittal S.A. and its Affiliates) shall either (i) acquire beneficial ownership of more than 50% of any outstanding class of common stock of Borrower having ordinary voting power in the election of directors
of Borrower or (ii) obtain the power (whether or not exercised) to elect a majority of Borrower’s directors, or (b) any “Change of Control”, as such term or similar concept is defined in any Subordinated Debt Document. 

 “Subordinated Debt” shall mean (a) Debt evidenced by the Convertible Subordinated Notes, (b) ArcelorMittal
Subordinated Debt, (c) any Future Debt, (d) any Seller Debt and (e) any other Debt of Borrower which, in each case, has been subordinated in right of payment and priority to the Indebtedness, on terms and conditions otherwise
satisfactory to the Agent and the Majority Lenders, and all of the material terms of which, including, without limitation, the maturity date, terms of amortization, interest rate, restrictive covenants and defaults, are reasonably acceptable to the
Agent and the Majority Lenders. 
 “Subordinated Debt Documents” shall mean and include (a) Convertible Subordinated
Notes, (b) ArcelorMittal Subordinated Note, (c) Future Debt Documents, (d) any Seller Notes and (e) any other documents, instruments or agreements executed to evidence or otherwise relating to any Subordinated Debt, in each case,
as the same may be amended, modified or supplemented from time to time in compliance with the terms of this Agreement. 
 “Term
Loan Maturity Date” shall mean October 15, 2010. 
  

	 	(c)	Clause (h) of the definition of “Permitted Acquisition” is hereby amended and restated as follows: 

 “(h) Both before and after giving effect to such acquisition, the Total Debt to EBITDA Ratio shall be less than 3.00 to 1.00, as determined on a
pro forma basis acceptable to Agent and the Majority Lenders;” 
  

 2 

	2.	Section 3A.3 of the Credit Agreement is hereby amended and restated as follows: 

 “3A.3 Repayment of Principal. The Indebtedness outstanding under the Term Loan shall be repaid in equal consecutive principal installments in the amount of One Million Two Hundred Fifty Thousand Dollars
($1,250,000) each, commencing on April 15, 2008, and on the fifteenth day of each April, July, October and January thereafter until the Term Loan Maturity Date, when all unpaid principal plus accrued interest thereon shall be due and payable.
There shall be no readvance or reborrowings of any principal reductions of the Term Loan.” 
  

	3.	Section 7 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	The following is added to Section 7.1 as new clause (c): 

 “(c) as soon as available, but in any event not later than thirty (30) days after the end of each month, except for any month which is also a fiscal quarter or Fiscal Year end, the unaudited Consolidated and Consolidating
financial statements of Borrower as at the end of such month and the related unaudited statements of income, accumulated earnings and cash flows of Borrower for the portion of the Fiscal Year through the end of such month, setting forth in each case
in comparative form the figures for the previous year, and certified by a Responsible Officer as being fairly stated in all material respects;” 
  

	 	(b)	The paragraph at the end of Section 7.1 is hereby amended to add the words “or clause (c)” immediately after the words “clause (b)” therein.

  

	 	(c)	Section 7.9 is hereby deleted in its entirety and replaced with the following: 

 “7.9 RESERVED.” 
  

	 	(d)	Section 7.11 is hereby amended and restated in its entirety, as follows: 

 “7.11 Consolidated Senior Debt to EBITDA Ratio. Maintain at all times a Senior Debt to EBITDA Ratio of not more than the ratio set forth below opposite the applicable period: 
  

			
	 Period
	  	Ratio
	 3/31/08 through 6/29/08
	  	2.75 to 1.00
	 6/30/08 through 12/30/08
	  	2.50 to 1.00
	 12/31/08 and thereafter
	  	1.50 to 1.00”

  

	 	(e)	Clause (b) of Section 7.12 is hereby amended and restated in its entirety, as follows: 

  

 3 

 “(b) Consolidated EBITDA to Interest Ratio. Maintain at all times a Consolidated EBITDA to
Interest Ratio of not less than the ratio set forth below opposite the applicable period: 
  

			
	 Period
	  	Ratio
	 3/31/08 through 9/29/08
	  	1.50 to 1.00
	 9/30/08 through 12/30/08
	  	1.60 to 1.00
	 12/31/08 through 6/29/09
	  	2.15 to 1.00
	 6/30/09 through 12/30/09
	  	2.25 to 1.00
	 12/31/09 and thereafter
	  	2.50 to 1.00”

  

	 	(f)	Section 7.22 is hereby amended and restated in its entirety, as follows: 

 “7.22 RESERVED.” 
  

	 	(g)	Section 7.20(c) is hereby amended and restated as follows: 

 “(c)(i) With respect to real property located in the United States owned by Borrower or any other Significant Domestic Subsidiary, after the Restatement Date, not later than forty-five (45) days after such property is acquired,
unless extended by Agent, Borrower shall execute or cause to be executed a Mortgage covering such property, together with such additional real estate documentation, environmental reports, title policies and surveys as may be reasonably required by
Agent and (ii) with respect to real property located in jurisdictions outside the United States owned by Borrower or any other Significant Domestic Subsidiary after the Restatement Date, to the extent permitted under applicable local law, not
later than ninety (90) days after such property is acquired, unless waived or extended by Agent, Borrower shall execute or cause to be executed a Mortgage covering such property, together with such additional real estate documentation,
environmental reports, title policies and surveys as may be reasonably required by Agent (as determined by counsel acceptable to Agent);” 
  

	4.	Section 8 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	Section 8.1(d) is hereby amended and restated as follows: 

 “(d)(i) Subordinated Debt evidenced by the Convertible Subordinated Notes existing on the Restatement Date, and any renewals or refinancing of such Debt which, in each case have been subordinated on substantially on the same terms,
and which shall otherwise be in compliance with this Agreement (including, without limitation, Section 8.11 hereof), (ii) the ArcelorMittal 

  

 4 

 
Subordinated Debt and (iii) subject to Section 3A.11 hereof, other Subordinated Debt incurred after the Restatement Date in an aggregate
principal amount not to exceed $20,000,000 at any one time outstanding;” 
  

	 	(b)	The word “Consolidated” is hereby added immediately before the words “Fixed Charge Coverage Ratio” in Section 8.6(b) hereof.

  

	 	(c)	Section 8.7(b), (g) and (h) are hereby amended and restated as follows: 

 “(b) Investments existing on the Sixth Amendment Effective Date and listed on Schedule 8.7(b) attached hereto;” 
 “(g) Investments, other than those set forth in clauses (a) through (f) above and (h) and (i) below, or on Schedule 8.7(b) attached hereto, in aggregate amount outstanding at any one time
not to exceed $2,000,000;” 
 “(h) intercompany loans, advances or Investments, other than those set forth on Schedule 8.7(b)
attached hereto, made by Borrower or any Domestic Subsidiary to any Non-US/Canadian Company (other than any Excluded Foreign Subsidiary) not to exceed $2,000,000 in the aggregate outstanding at any time; provided that any intercompany loan hereunder
shall be evidenced by and funded under an Intercompany Note pledged to the Agent under the appropriate Collateral Documents and provided further that at the time any such loan, advance or investment is made (before and after giving effect thereto)
no Default or Event of Default has occurred and is continuing; provided, however, that no security agreement shall be required if a taxable event shall occur as a result of the execution of such security agreement by any Foreign Subsidiary;
and” 
  

	 	(d)	Section 8.13 is hereby amended and restated as follows: 

 “8.13 Capital Expenditures. Make or commit to make (by way of the acquisition of securities of a Person or otherwise) any Capital Expenditure, except for Capital Expenditures, the amount of which in any Fiscal Year does not
exceed (i) $25,000,000 in the aggregate for the Fiscal Year ending December 31, 2007 and (ii) $20,000,000 in the aggregate for the Fiscal Year ending December 31, 2008 and each Fiscal Year ending thereafter.” 

 

	5.	New Schedule 8.7(b) attached hereto as Attachment 2 hereby amends, restates and replaces in its entirety the existing Schedule 8.7(b) to the Credit Agreement.

  

	6.	 The Agent hereby confirms, for and on behalf of the Lenders, the waiver by the 

  

 5 

	 	 
requisite Lenders of any Default or Event of Default arising solely from the Borrower’s failure to comply with (i) the provisions of Sections 7.11
and 7.12(b) of the Credit Agreement for the fiscal quarter ended December 31, 2007; and (ii) the requirement set forth in the waiver letter dated as of February 15, 2008, that all of the Net Cash Proceeds of the ArcelorMittal
Subordinated Debt be applied to the prepayment of the Term Loan; provided that the Borrower has made the payments as set forth in Section 8(d) of this Sixth Amendment. 

  

	7.	The Agent hereby confirms, for and on behalf of the Lenders, the consent of the requisite Lenders to an extension of the requirement set forth in Section 7.23(a) of the Credit
Agreement to dissolve and transfer the assets of Noble Logistic Services, Inc. (MI) and Central Transportation and Delivery, Inc. to December 31, 2008 (or such later date that is acceptable to Agent). 

  

	8.	This Sixth Amendment shall become effective (according to the terms hereof) on the date that the following conditions have been fully satisfied by the Borrower (“Sixth
Amendment Effective Date”): 

  

	 	(a)	Agent shall have received counterpart originals of this Sixth Amendment, in each case duly executed and delivered by the Borrower and the requisite Lenders and the Agent in form
satisfactory to Agent and the Lenders. 

  

	 	(b)	Agent shall have received the Acknowledgment of Guarantor executed and delivered by each Guarantor in the form attached to this Sixth Amendment as Attachment 1.

  

	 	(c)	Agent shall have received evidence satisfactory to it that the Borrower shall have received proceeds of the ArcelorMittal Subordinated Debt in an amount not less than $50,000,000 on
terms reasonably acceptable to the Agent and the Majority Lenders and the Agent shall have received executed copies of the ArcelorMittal Subordinated Note in form and substance reasonably acceptable to Agent and the Majority Lenders.

  

	 	(d)	Borrower shall have made payment on the Term Loan and the Revolving Credit in an aggregate amount not to be less than the aggregate proceeds of the ArcelorMittal Subordinated Debt
as follows: (i) an amount of not less than $40,000,000 to be applied to repay the Term Loan and (ii) the amount of not less than $10,000,000 to be applied to repay outstandings under the Revolving Credit. 

  

	 	(e)	 Borrower shall have paid (i) to the Agent for pro rata distribution to the Lenders approving the amendment, a nonrefundable amendment fee in an amount equal to
ten (10) basis points on each Lenders’ Percentage of the Revolving Credit Aggregate Commitment and the aggregate principal amount outstanding under the Term Loan after giving effect to this Sixth Amendment, (ii) to Agent, for
distribution to the Lenders, as applicable, all interest, fees and other amounts, if any, due and owing to the Agent and the Lenders and accrued to the Sixth Amendment Effective Date to the extent requested by the Agent prior to the date 

  

 6 

	 	 
hereof and (iii) to Agent, all fees and other amounts, if any, due and owing to the Agent in accordance with any fee letter executed by and among the
Agent and the Borrower. 

  

	9.	Borrower hereby represents and warrants that, after giving effect to the amendments to the Credit Agreement contained herein, (a) execution and delivery of this Sixth Amendment
are within such party’s corporate powers, have been duly authorized, are not in contravention of law or the terms of their respective articles of incorporation or bylaws, and except as have been previously obtained do not require the consent or
approval, material to the amendments contemplated in this Sixth Amendment, of any governmental body, agency or authority, and this Sixth Amendment and the Credit Agreement will constitute the valid and binding obligations of such undersigned parties
enforceable in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
principles of equity (whether enforcement is sought in a proceeding in equity or at law), (b) the continuing representations and warranties set forth in Sections 6.1 through 6.24 inclusive, of the Credit Agreement are true and correct on and as
of the date hereof, and such representations and warranties are and shall remain continuing representations and warranties during the entire life of the Credit Agreement, and (c) as of the Sixth Amendment Effective Date, no Default or Event of
Default shall have occurred and be continuing. 

  

	10.	Borrower and the Lenders each hereby ratify and confirm their respective obligations under the Credit Agreement, as amended by the Sixth Amendment and agree that the Credit
Agreement hereby remains in full force and effect after giving effect to the effectiveness of the Sixth Amendment and that, upon such effectiveness, all references in such Loan Documents to the “Credit Agreement” shall be references to the
Credit Agreement as amended by the Sixth Amendment. 

  

	11.	Except as specifically set forth above, this Sixth Amendment shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement or any of the
Notes issued thereunder, or to constitute a waiver by the Lenders or Agent of any right or remedy under or a consent to any transaction not meeting the terms and conditions of the Credit Agreement, any of the Notes issued thereunder or any of the
other Loan Documents. 

  

	12.	Unless otherwise defined to the contrary herein, all capitalized terms used in this Sixth Amendment shall have the meaning set forth in the Credit Agreement.

  

	13.	This Sixth Amendment may be executed in counterpart in accordance with Section 14.9 of the Credit Agreement. 

  

	14.	This Sixth Amendment shall be construed in accordance with and governed by the laws of the State of Michigan. 

 [signatures follow on succeeding pages] 
  

 7 

 IN WITNESS WHEREOF, Borrower, the Lenders and Agent have each caused this Sixth Amendment to be
executed by their respective duly authorized officers or agents, as applicable, all as of the date first set forth above. 
  

			
	COMERICA BANK,
	as Agent
		
	By:	 	 /s/ James Q. Goudie

	Its:	 	VP - AGM

  

 Signature Page to Sixth Amendment 
 (830684) 

			
	NOBLE INTERNATIONAL, LTD.
		
	By:	 	 /s/ David J. Fallon

	Its:	 	CFO

  

 Signature Page to Sixth Amendment 
 (830684) 

			
	 COMERICA BANK, as Swing Line Lender,
 Issuing Lender and a Lender

		
	By:	 	 /s/ James Q. Goudie

	Its:	 	VP - AGM

  

 Signature Page to Sixth Amendment 
 (830684) 

			
	NATIONAL CITY BANK,
	as Co-Lead Arranger, Joint Bookrunner, Co-Syndication Agent and a Lender
		
	By:	 	 /s/ Horst Sherrif

	Its:	 	Vice President

  

 Signature Page to Sixth Amendment 
 (830684) 

			
	JPMORGAN CHASE BANK, N.A.,
	as Co-Syndication Agent and a Lender
		
	By:	 	 /s/ Thomas A. Lakocy

	Its:	 	Senior Vice President

  

 Signature Page to Sixth Amendment 
 (830684) 

			
	BMO CAPITAL MARKETS FINANCING, INC., as Documentation Agent and a Lender
		
	By:	 	 /s/ William Thomson

	Its:	 	Vice President

  

 Signature Page to Sixth Amendment 
 (830684) 

			
	CITIZENS BANK,
	as a Lender
		
	By:	 	 /s/ Troy Stevenson

	Its:	 	Vice President

  

 Signature Page to Sixth Amendment 
 (830684) 

 ATTACHMENT 1 
 ACKNOWLEDGMENT OF GUARANTORS 
 Each of the undersigned, being an authorized officer of the guarantors
listed below (collectively, the “Guarantors”) hereby acknowledge that (a) such Guarantor executed a Second Amended and Restated Guaranty dated as of October 12, 2006 (“Guaranty”) and that certain Reaffirmation of Loan
Documents dated as of December 11, 2006, pursuant to which such Guarantor guaranteed the obligations of the Borrower under that certain Noble International, Ltd. Sixth Amended and Restated Credit Agreement dated as of December 11, 2006 (as
amended or otherwise modified from time to time, the “Credit Agreement”), among Noble International, Ltd. (“Borrower”), the Lenders parties thereto from time to time and Comerica Bank, as Agent for the Lenders (the
“Agent”) and (b) Borrower, the Lenders and the Agent have executed the Sixth Amendment to the Credit Agreement dated as of date hereof (the “Amendment”). Each of the undersigned hereby ratifies and confirms its obligations
under the Credit Agreement and the Guaranty and agrees that the Guaranty remains in full force and effect after giving effect to the effectiveness of the Amendment. Capitalized terms not otherwise defined herein will have the meanings given in the
Credit Agreement. This acknowledgment shall be governed by and construed in accordance with the laws of, and be enforceable in, the State of Michigan. 
 Dated as of the 20th day of March, 2008. 
  

			
	NOBLE ADVANCED TECHNOLOGIES, INC.
	NOBLE TUBE TECHNOLOGIES, LLC
	NOBLE LOGISTIC SERVICES, INC.
	NOBLE METAL PROCESSING-OHIO, LLC
	PULLMAN INDUSTRIES, INC.
	PULLMAN INVESTMENTS LLC
	PULLMAN INDUSTRIES OF INDIANA, INC.
	NOBLE MANUFACTURING GROUP, INC.
	NOBLE METAL PROCESSING, INC.
	NOBLE LAND HOLDINGS, INC.
	PROTOTECH LASER WELDING INC.
	NOBLE SWISS HOLDINGS, LLC
	NOBLE METAL PROCESSING-NEW YORK, INC.
	NOBLE METAL PROCESSING-KENTUCKY, G.P.
	TAILOR STEEL AMERICA, LLC
	NOBLE TSA, LLC
		
	By:	 	 /s/ David J. Fallon

	Name:	 	David J. Fallon
	Title:	 	Chief Financial Officer of each of the foregoing entities

  

 (830684) 

 ATTACHMENT 2 
 Schedule 8.7(b) (Existing Investments) 
 As of March 13, 2008: 
 Investments 
  

	 	•	 	 Noble International, Ltd. has recorded a $1,250,000 investment in WISCO Noble (Wuhan) Laser Welding Technology Company, Ltd. 

  

	 	•	 	 Noble Metal Processing, Inc. has recorded a $500,000 investment in Noble Metal Processing – Australia, Pty, Ltd. 

  

	 	•	 	 Noble Metal Processing, Inc. has recorded a $2,765,515 investment in Noble Metal Processing Holding S. de R.L. de C.V. 

 Inter-company Loans 
  

	 	•	 	 Noble Metal Processing, Inc. has recorded a $1,763,105 inter-company loan receivable from Noble Metal Processing – Australia, Pty, Ltd.

  

	 	•	 	 Noble Metal Processing, Inc. has recorded a $64,270 inter-company loan receivable from Noble Metal Processing Holding S. de R.L. de C.V.

  

	 	•	 	 Noble Metal Processing, Inc. has recorded a $451,103 inter-company loan receivable from Noble Summit Metal Processing de Mexico, S. de R.L. de C.V.

  

 (830684)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]