Document:

EX-10.4

 Exhibit 10.4 

DuPont 
 Senior Executive
Severance Plan 
 ARTICLE I 

PURPOSE 
 This Senior
Executive Severance Plan has been established by the Company on June 1, 2019 (the “Effective Date”) to provide certain senior executives of the Company with the opportunity to receive certain severance protections. The Plan, as
set forth herein, is primarily intended to help retain qualified executives, maintain a stable work environment and provide economic security to eligible executives in the event of certain qualifying terminations of employment. Capitalized terms
used but not otherwise defined herein have the meanings set forth in Article II. 
 The Plan is not intended to be included in the
definitions of “employee pension benefit plan” or “pension plan” set forth under Section 3(2) of ERISA. The Plan is intended to meet the descriptive requirements of a plan constituting a “severance pay plan” within
the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, Section 2510.3-2(b). Notwithstanding the foregoing, if and to the extent that the Plan is deemed to
be an “employee pension benefit plan” or “pension plan” as set forth under Section 3(2) of ERISA, then the Plan is intended, for all purposes under ERISA, to constitute a plan that is unfunded and maintained by the Company
primarily for the purposes of providing deferred compensation for a select group of management or highly compensated employees. 
 ARTICLE
II 
 DEFINITIONS 

“Accrued Compensation” means in respect of any Participant: (i) Base Salary accrued by the Participant through, but not
paid to the Participant as of, the Qualifying Termination Date, (ii) any cash incentive bonus earned by the Participant in respect of the most recent completed fiscal year preceding the Qualifying Termination but not paid to the Participant as
of the Qualifying Termination Date and (iii) any vested employee benefits to which the Participant is entitled as of the Qualifying Termination Date under any employee benefit plan of the Company. 

“Administrator” means the Compensation Committee or its delegate. 

“Affiliate” means any entity that, directly or through one or more intermediaries, is controlled by the Company. 

“Base Salary” means the Participant’s annual base salary as in effect immediately prior to the Qualifying Termination
Date or, if higher, as in effect immediately prior to the occurrence of an event or circumstance constituting Good Reason. 

“Beneficial Owner” has the meaning defined in Rule 13d-3 under the Exchange Act.

 “Benefit Continuation” has the meaning set forth in Section 3.02(c). 

“Benefit Continuation Coverage” means (i) in the case of the CEO, three (3) years if a Qualifying Termination
occurs during the Covered Period and two (2) years if a Qualifying Termination occurs outside of the Covered Period and (ii) in the case of any other Participant, two (2) years if a Qualifying Termination occurs during the Covered
Period and one and one half (11⁄2) years if a Qualifying Termination occurs outside of the Covered Period. 

 “Benefit Continuation Period” means the period commencing on the Qualifying
Termination Date and ending upon the earlier to occur of (i) completion of the number of years under the applicable Benefit Continuation Coverage and (ii) the date on which the Participant becomes eligible to receive coverage on
substantially similar terms from another employer or, in the case of outplacement services, the date on which the Participant accepts an offer of full-time employment from a subsequent employer. 

“Board” means the Board of Directors of the Company. 

“Cause” shall have the meaning set forth in a Participant’s employment or other agreement with the Company, provided
that if the Participant is not a party to any such employment or other agreement or such employment or other agreement does not contain a definition of Cause, then Cause shall mean (i) the willful and continued failure of the Participant to
perform substantially the Participant’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the Participant by the
employing Company that specifically identifies the alleged manner in which the Participant has not substantially performed the Participant’s duties or (ii) the willful engaging by the Participant in illegal conduct or misconduct that is
injurious to the Company, including without limitation any breach of the Company’s Code of Business Conduct or other applicable ethics policy. The determination as to whether the Participant is being terminated for Cause shall be made after a
reasonable and good faith investigation by the Board; provided, however, that Cause shall not exist under this Plan unless: (x) the Company gives written notice to the Participant of the event or condition within ninety (90) days following
the Board’s actual knowledge thereof where such notice describes with particularity the alleged act(s) at issue; (y) the Company has given the Participant no fewer than thirty (30) days to remedy or otherwise cure the event or
condition if curable; and (z) the Company terminates the Participant’s employment within thirty (30) days following the expiration of any cure period. 

“CEO” means the Chief Executive Officer of the Company from time to time. 

“Change in Control” means that the event set forth in any one of the following paragraphs shall have occurred: 

(i)    any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including
in the securities beneficially owned by such Person any securities acquired directly from the Company) representing 30% or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a
Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below; or 

(ii)    the following individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, on the date hereof, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended; or 

(iii)    there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company
with any other corporation or other entity, other than (A) a merger or consolidation which results in (I) the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the 

  
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ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least 60% of the combined voting power of the
securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation and (II) the individuals who comprise the Board immediately prior thereto constituting immediately thereafter at
least a majority of the board of directors of the Company, the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof, or (B) a merger or
consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities Beneficially
Owned by such Person any securities acquired directly from the Company) representing 30% or more of the combined voting power of the Company’s then outstanding securities; or 

(iv)    the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is
consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (it being conclusively presumed that any sale or disposition is a sale or disposition by the Company of all or substantially
all of its assets if the consummation of the sale or disposition is contingent upon approval by the Company’s stockholders unless the Board expressly determines in writing that such approval is required solely by reason of any relationship
between the Company and any other Person), other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity (A) at least 60% of the combined voting power of the voting securities of which are
owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale or disposition and (B) the majority of whose board of directors immediately following such sale or
disposition consists of individuals who comprise the Board immediately prior thereto; or 
 (v)    a corporate
transaction or series of transactions involving a sale or other disposition of a business of, or operations relating to, the Company (whether by sale, spin-off,
split-off, divestiture or other disposition of an organizational unit or business unit of the Company or one of its subsidiaries) that the Administrator expressly determines in its discretion, before the
occurrence of such transaction or the completion of such series of transactions, to deem such transaction or series of transactions as a Change in Control for purposes of the Plan with respect to some or all of the Participants. 

Notwithstanding the foregoing, (i) a Change in Control shall not be deemed to have occurred by virtue of the consummation of any transaction or series of
integrated transactions immediately following which the holders of common shares of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns
all or substantially all of the assets of the Company immediately following such transaction or series of transactions; and (ii) to the extent necessary to avoid the imposition of adverse taxation under Section 409A of the Code, in no
event will a Change in Control be deemed to have occurred if such transaction is not also 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 as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 

“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code shall be deemed to include
a reference to any regulations promulgated thereunder. 
 “Company” means DuPont de Nemours, Inc., a Delaware corporation,
and, except as the context otherwise requires, its Affiliates and wholly-owned subsidiaries and any successor by merger, acquisition, consolidation or otherwise. 

  
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 “Compensation Committee” means the People and Compensation Committee of the
Board. 
 “Covered Period” means the period of time beginning on the first occurrence of a Change in Control and lasting
through the two-year anniversary of the occurrence of the Change in Control. 
 “Effective
Date” has the meaning set forth in Article I. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended. Any reference to a section of ERISA shall be deemed to include a reference to any regulations promulgated thereunder. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Excise Tax” means any excise tax imposed on the Participant under Section 4999 of the Code. 

“Good Reason” means, in each case without the Participant’s consent, (i) a material diminution in the
Participant’s base compensation, annual target bonus opportunity or annual long-term incentive award opportunity, (ii) a material diminution in the Participant’s title, authority, duties or responsibilities, (iii) a material
change in the geographic location at which the Participant must perform his/her services for the Company, (iv) a material breach by the Company of any material written agreement between the Participant and the Company or (v) the failure of
any successor to expressly assume and agree to perform this Plan in accordance with Section 8.07 hereof. The Participant’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or failure to
act constituting Good Reason hereunder. For purposes of any determination regarding the existence of Good Reason, any claim by the Participant that Good Reason exists shall be presumed to be correct unless the Company establishes to the Board by
clear and convincing evidence that Good Reason does not exist. Notwithstanding the foregoing, none of these events or conditions will constitute Good Reason unless: (x) the Participant provides the Company with written objection to the event or
condition within ninety (90) days following the occurrence thereof; (y) the Company does not reverse or otherwise cure the event or condition within thirty (30) days of receiving that written objection; and (z) the Participant
terminates his or her employment within thirty (30) days following the expiration of that cure period. 

“Participant” means the CEO and the individuals identified on Exhibit A hereto. 

“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof. 
 “Plan” means this DuPont Senior Executive Severance Plan, as may be amended and/or
restated from time to time. 
 “Qualifying Termination” means the termination of a Participant’s employment either by
the Company without Cause or by the Participant for Good Reason. 
 “Qualifying Termination Date” means the date on which a
Participant incurs a Qualifying Termination. 
 “Restricted Period” means (i) in the case of the CEO, the one and one
half (11⁄2) year period following a Qualifying Termination, and (ii) in the case of any other Participant, the one (1) year period following a Qualifying Termination. 

  
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 “Severance Multiple” means (i) in the case of the CEO, (A) three
(3) in respect of a Qualifying Termination during the Covered Period and (B) two (2) in respect of a Qualifying Termination outside the Covered Period and (ii) in the case of any other Participant, (A) two (2) in respect of a
Qualifying Termination during the Covered Period and (B) one and one half (11⁄2) in respect of a Qualifying Termination outside the Covered Period. 

“Target Annual Bonus” means a Participant’s target annual cash incentive bonus pursuant to any annual bonus or incentive
plan maintained by the Company in respect of the fiscal year in which the Qualifying Termination Date occurs, provided that if the Participant is not eligible to receive a specified target annual cash incentive bonus following a Change in Control,
then Target Annual Bonus shall mean such target annual cash incentive bonus in effect as of immediately prior to the date of the Change in Control. 

“Total Payments” has the meaning set forth in Section 4.01. 

ARTICLE III 
 SEVERANCE

 Section 3.01    Accrued Compensation. If a Participant terminates employment
with the Company for any reason, the Company shall provide (or cause to be provided to) the Participant the Participant’s Accrued Compensation. 

Section 3.02    Qualifying Termination. 

(a)    Amount. In the event a Participant incurs a Qualifying Termination, subject to the execution and
nonrevocation of a general release of claims in a form and manner reasonably acceptable to the Company and compliance with the provisions of Article V, the Company shall provide (or cause to be provided to) the Participant: 

(i)    a lump sum cash payment equal to the product of the applicable Severance Multiple and the sum of Base Salary and
Target Annual Bonus; 
 (ii)    a lump sum cash payment equal to the product of (A) the Target Annual Bonus or the
annual cash incentive bonus that would have been paid to the Participant had there been no employment termination as calculated based on actual performance, whichever is greater, and (B) a fraction, the numerator of which is the number of days
elapsed in the calendar year in which occurs the Qualifying Termination, through and including the Qualifying Termination Date, and the denominator of which is 365, to be paid at the time annual cash bonuses are paid to otherwise similarly situated
active employees of the Company and in any event on or before March 15th of the year following the year in which the Qualifying Termination occurs; 

(iii)    Benefit Continuation during the Benefit Continuation Period, as made available immediately before the Qualifying
Termination (or, if the Qualifying Termination occurs during the Covered Period, as made available immediately before the Change in Control if more favorable); 

(iv)    continued financial counseling and tax preparation services during the Benefit Continuation Period pursuant to
Company policy from time to time, as made available immediately before the Qualifying Termination (or, if the Qualifying Termination occurs during the Covered Period, as made available immediately before the Change in Control if more favorable); and

  
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 (v)    the provision of outplacement services suitable to the
Participant’s position during the Benefit Continuation Period pursuant to Company policy from time to time. 

(b)    Timing and Form of Cash Payment. Subject to Section 8.13, the payments described in
Section 3.02(a)(i) and (ii) shall be made no sooner than the date on which the general release of claims becomes irrevocable but subject to Section 3.02(a)(ii) in no event later than sixty (60) days following the Qualifying
Termination Date. 
 (c)    Benefit Continuation. For purposes of this Plan, “Benefit
Continuation” means that the Company shall provide (or cause to be provided) continued participation by the Participant and his or her eligible dependents in the health, dental and vision benefit plans in which the Participant participated
immediately prior to the Qualifying Termination (or, if more favorable, immediately before an event giving rise to Good Reason termination rights) on the same basis as similarly situated active employees, if possible under the terms of such benefit
plans. If continued participation in such plans is not possible, the Company shall provide the Participant and his or her eligible dependents with substantially equivalent coverage. Benefit Continuation shall be provided concurrently with any health
care benefit required under COBRA. 
 Section 3.03    Notice of Termination. After a
Change in Control and during the Covered Period, any purported termination of the Participant’s employment (other than by reason of death) shall be communicated by written Notice of Termination from one party hereto to the other party hereto.
Notices and all other communications provided for hereunder shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, if to the
Participant, to the most recent address shown in the personnel records of the Company and, if to the Company, to the address set forth in Section 6.01, or to such other address as either party may have furnished to the other in writing in
accordance herewith. For purposes of this Plan, a “Notice of Termination” shall mean a notice which shall (i) indicate the specific termination provision in this Plan relied upon and (ii) set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the Participant’s employment under the provision so indicated. 

Section 3.04    Coordination of Benefits. Notwithstanding anything set forth herein to
the contrary, to the extent that any severance payable under a plan or agreement covering a Participant as of the date such Participant becomes eligible to participate in this Plan constitutes deferred compensation under Section 409A of the
Code, then to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the portion of the benefits payable hereunder equal to such other amount shall instead be provided in the form set forth in
such other plan or agreement. 
 Section 3.05    Effect on Existing Plans. Benefits
provided under this Plan by reason of a Qualifying Termination on or before August 31, 2019 shall be, if waived by a Participant before such a Qualifying Termination, in lieu of those to which the Participant would be entitled under the Senior
Executive Severance Plan or Key Employee Severance Plan of E. I. du Pont de Nemours and Company or any successor thereto, and absent such a waiver no benefits shall be provided under this Plan by reason of such a Qualifying Termination. Benefits
provided under this Plan otherwise shall be in lieu of benefits provided under any other severance plan of the Company for which a Participant may be eligible by reason of a Qualifying Termination if the aggregate value of the benefits provided
under this Plan exceeds the aggregate value of the benefits that otherwise would be provided under such other severance plan. 

  
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 ARTICLE IV 

SECTION 280G 

Section 4.01    Treatment of Payments. Notwithstanding any other provision of the
Plan to the contrary, in the event that any payment or benefit received or to be received by the Participant (including any payment or benefit received in connection with a Change in Control or the termination of the Participant’s employment,
whether pursuant to the terms of the Plan or any other plan, arrangement or agreement) (all such payments and benefits, including the severance benefits payable hereunder, being hereinafter referred to as the “Total Payments”) would
be subject (in whole or part), to the Excise Tax, then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the severance benefits payable
hereunder shall be reduced to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and
local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to the net amount of such Total
Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Participant would be subject in respect of such unreduced Total Payments
and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). 

Section 4.02    Ordering of Reduction. In the case of a reduction in the Total Payments
pursuant to Section 4.01, the Total Payments shall be reduced in the following order: (i) payments that are payable in cash the full amount of which are treated as parachute payments under Treasury Regulation
Section 1.280G-1, Q&A 24(a) shall be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments and benefits due in respect of any equity the full amount of
which are treated as parachute payments under Treasury Regulation Section 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24), shall next be reduced; (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation
Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, shall next be reduced; (iv) payments and benefits due in respect of any equity valued at less than full value under
Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation
Section 1.280G-1, Q&A 24), shall next be reduced; and (v) all other non-cash benefits not otherwise described in clauses (ii) or (iv) shall be next
reduced pro-rata. 
 Section 4.03    Additional
Payments. If the Participant receives reduced payments and benefits by reason of this Article IV and it is established pursuant to a determination of a court of competent jurisdiction, which determination is not subject to review or as to which
the time to appeal such determination has expired, or pursuant to an Internal Revenue Service proceeding, that the Participant could have received a greater amount without resulting in any Excise Tax, then the Company shall thereafter pay the
Participant the aggregate additional amount which could have been paid without resulting in any Excise Tax as soon as reasonably practicable. 

ARTICLE V 
 RESTRICTIVE
COVENANTS 
 Section 5.01    Confidential Information. At all times following a
Qualifying Termination of a Participant’s employment with the Company, the Participant may not use or disclose, except on behalf of the Company and pursuant to the Company’s directions, any Company “Confidential Information”
(i.e., information concerning the Company and its business that is not generally known 

  
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outside the Company or any of its past parents, subsidiaries or affiliates, and includes, but is not limited to, (a) trade secrets; (b) intellectual property; (c) information
regarding the Company’s present and/or future products, developments, processes and systems, including invention disclosures and patent applications; (d) information on customers or potential customers, including customers’ names,
sales records, prices, and other terms of sales and Company cost information; (e) Company business plans, marketing plans, financial data and projections; and (f) information received in confidence by the Company from third parties). For
purposes of this Section 5.01, information regarding products, services or technological innovations in development, in test marketing or being marketed or promoted in a discrete geographic region, which information the Company is considering
for broader use, shall be deemed not generally known until such broader use is actually commercially implemented. 

Section 5.02    Non-Solicitation of Employees.
During the Restricted Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity: (a) recruit, solicit or induce, or cause, allow, permit or aid others to recruit, solicit
or induce, any employee or independent contractor of the Company to terminate his or her employment or engagement with the Company and/or to seek employment with the Participant’s new or prospective employer, as applicable, or (b) offer
employment to or hire, or cause or aid others to offer employment to or hire, any employee or independent contractor of the Company. 

Section 5.03    Non-Solicitation of Customers.
During the Restricted Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity, solicit or participate in soliciting, products or services competitive with or similar to products
or services offered by, manufactured by, designed by or distributed by the Company to any individual, company or entity which was a customer or potential customer for such products or services and with which the Participant had direct or indirect
contact regarding those products or services or about which the Participant learned Confidential Information at any time during the two (2) years immediately preceding the Qualifying Termination Date that the Participant was employed or engaged
by the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries. 

Section 5.04    Non-Competition Regarding Products or
Services. During the Restricted Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity, in any capacity, provide products or services competitive with or similar to products
or services offered by the Company to any individual, company or entity which was a customer for such products or services and with which customer the Participant had direct or indirect contact regarding those products or services or about which
customer the Participant learned Confidential Information at any time during the two (2) years immediately preceding the Qualifying Termination Date that the Participant was employed or engaged by the Company or DowDuPont Inc. or any of its
direct or indirect subsidiaries. 

Section 5.05    Non-Competition Regarding
Activities. During the Restricted Period, a Participant may not, directly or indirectly, on behalf of the Participant or any other individual, company or entity, in any capacity, engage in activities which are (a) entirely or in part the
same as or similar to activities in which the Participant engaged, for or on behalf of the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries, at any time during the two (2) years immediately preceding the Qualifying
Termination Date, and (b) in connection with products, services or technological developments (existing or planned) that are entirely or in part the same as, similar to, or competitive with, any products, services or technological developments
(existing or planned) on which the Participant worked, for or on behalf of the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries, at any time during the two (2) years immediately preceding the Qualifying Termination Date.
This Section 5.05 applies in countries in which the Participant has physically been present performing work for the Company or DowDuPont Inc. or any of its direct or indirect subsidiaries at any time during the two (2) years immediately
preceding the Qualifying Termination Date. 

  
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 Section 5.06    Non-Disparagement. At all times following a Qualifying Termination, subject to Section 5.07 below, the Participant may not, except to the extent required by law or legal process, make, or cause to be made,
any statement or communicate any information (whether oral or written) that disparages or reflects negatively on the Company or any of its officers, directors, partners, shareholders, attorneys, employees and agents. 

Section 5.07    Permitted Disclosures. Notwithstanding anything to the contrary in this
Plan, pursuant to 18 U.S.C. § 1833(b), each Participant understands that the Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret of the Company that
(a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or the Participant’s attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of
law; or (b) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Notwithstanding anything to the contrary in this Plan, each Participant understands that if the Participant files a lawsuit for
retaliation by the Company for reporting a suspected violation of law, the Participant may disclose the trade secret to the Participant’s attorney and use the trade secret information in the court proceeding if the Participant (x) files
any document containing the trade secret under seal, and (y) does not disclose the trade secret, except pursuant to court order. Nothing in this Plan or any agreement that the Participant has with the Company is intended to conflict with 18
U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section. Further, nothing in this Plan or any agreement that a Participant has with the Company shall prohibit or restrict the Participant
from making any voluntary disclosure of information or documents concerning possible violations of law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company. 

Section 5.08    Reasonableness. In consideration of receiving payments and benefits
hereunder upon a Qualifying Termination, each Participant hereby acknowledges that (a) the Participant’s obligations under this Article V are reasonable in the context of the nature and scope of the Company’s business and the
competitive injuries likely to be sustained by the Company if the Participant were to violate such obligations and (b) the payments and benefits provided under this Plan are made in consideration of, and are adequately supported by, the
agreement of the Company to perform its obligations under this Plan and by other consideration, which the Participant acknowledges constitutes good, valuable and sufficient consideration. 

ARTICLE VI 
 CLAIMS
PROCEDURES 
 Section 6.01    Initial Claims. A Participant who believes he or she
is entitled to a payment under the Plan that has not been received may submit a written claim for benefits to the Plan within one hundred and twenty (120) days after the Participant’s Qualifying Termination Date. Claims should be addressed
and sent to: 
 DuPont de Nemours, Inc. 

974 Centre Road, Building 730 

Wilmington, DE 19805 

Attention: Corporate Secretary 

If the Participant’s claim is denied, in whole or in part, the Participant shall be furnished with written notice of the denial within
ninety (90) days after the Administrator’s receipt of the Participant’s 

  
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written claim, unless special circumstances require an extension of time for processing the claim, in which case a period not to exceed one hundred and eighty (180) days shall apply. If such
an extension of time is required, written notice of the extension shall be furnished to the Participant before the termination of the initial ninety (90)-day period and shall describe the special circumstances
requiring the extension, and the date on which a decision is expected to be rendered. If written notice of denial of the claim for benefits is not furnished within the specified time, the claim shall be deemed to be denied. The Participant shall
then be permitted to appeal the denial in accordance with Section 6.02 below. Written notice of the denial of the Participant’s claim shall contain the following information: 

(a) the specific reason or reasons for the denial of the Participant’s claim; 

(b) references to the specific Plan provisions on which the denial of the Participant’s claim was based; 

(c) a description of any additional information or material required by the Administrator to reconsider the Participant’s claim (to the
extent applicable) and an explanation of why such material or information is necessary; and 
 (d) a description of the Plan’s review
procedures and time limits applicable to such procedures, including a statement of the Participant’s right to bring a civil action under Section 502(a) of ERISA following a benefit claim denial on review. 

Section 6.02    Appeal of Denied Claims. If the Participant’s claim is denied (or
deemed denied) and he or she wishes to submit a request for a review of the denied claim, the Participant or his or her authorized representative must follow the procedures described below: 

(a)    Upon receipt of the denied claim, the Participant (or his or her authorized representative) may file a request for
review of the claim in writing with the Administrator. This request for review must be filed no later than sixty (60) days after the Participant has received written notification of the denial (or no later than sixty (60) days after the
claim is deemed denied). 
 (b)    The Participant has the right to submit in writing to the Administrator any
comments, documents, records or other information relating to his or her claim for benefits. 
 (c)    The Participant
has the right to be provided with, upon request and free of charge, reasonable access to and copies of all pertinent documents, records and other information that is relevant to his or her claim for benefits. 

(d)    A request for review must set forth all of the grounds on which it is based, all facts in support of the request
and any other matters that the Participant feels are pertinent. 
 (e)    The review of the denied claim shall take
into account all comments, documents, records and other information that the Participant submitted relating to his or her claim, without regard to whether such information was submitted or considered in the initial denial of his or her claim. 

(f)    The Administrator may require the Participant to submit additional facts, documents or other material as he or she
may find necessary or appropriate in making his or her review. 
 Section 6.03 Administrator’s Response to
Appeal. The Administrator shall provide the Participant with written notice of its decision within sixty (60) days after the Administrator’s receipt 

  
 10 

 
of the Participant’s written claim for review. There may be special circumstances which require an extension of this sixty (60)-day period. In any
such case, the Administrator shall notify the Participant in writing within the sixty (60)-day period and the final decision shall be made no later than one hundred and twenty (120) days after the
Administrator’s receipt of the Participant’s written claim for review. This notice of extension shall describe the special circumstances necessitating the additional time and the date by which the Administrator is to render his or her
decision on review. The Administrator’s decision on the Participant’s claim for review shall take into account all comments, documents, records and other information submitted by the applicant relating to the claim, without regard to
whether such information was submitted or considered in the initial benefit determination, shall be communicated to the Participant in writing and shall clearly state: 

(a)    the specific reason or reasons for the denial of the Participant’s claim; 

(b)    reference to the specific Plan provisions on which the denial of the Participant’s claim is based; 

(c)    a statement that the Participant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, the Plan and all documents, records and other information relevant to his or her claim for benefits; and 

(d)    a statement describing the Participant’s right to bring an action under Section 502(a) of ERISA. 

Section 6.04    Exhaustion of Administrative Remedies. The exhaustion of these claims
procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes: 

(a)    no claimant shall be permitted to commence any legal action to recover benefits or to enforce or clarify rights
under the Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until these claims procedures have been exhausted in their entirety; and 

(b)    in any such legal action, all explicit and implicit determinations by the Administrator (including, but not
limited to, determinations as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law. 

ARTICLE VII 

ADMINISTRATION, AMENDMENT AND TERMINATION 

Section 7.01    Administration. The Administrator has the exclusive right, power
and authority, in its sole and absolute discretion, to administer and interpret the Plan. The Administrator has all powers reasonably necessary to carry out its responsibilities under the Plan including (but not limited to) the sole and absolute
discretionary authority to: 
 (a)    administer the Plan according to its terms and to interpret Plan policies and
procedures; 
 (b)    resolve and clarify inconsistencies, ambiguities and omissions in the Plan and among and between
the Plan and other related documents; 

  
 11 

 (c)    take all actions and make all decisions regarding questions of
eligibility and entitlement to benefits, and benefit amounts; 
 (d)    make, amend, interpret, and enforce all
appropriate rules and regulations for the administration of the Plan; 
 (e)    process and approve or deny all claims
for benefits; and 
 (f)    decide or resolve any and all questions, including benefit entitlement determinations and
interpretations of the Plan, as may arise in connection with the Plan. 
 The decision of the Administrator on any disputes arising under
the Plan, including (but not limited to) questions of construction, interpretation and administration shall be final, conclusive and binding on all persons having an interest in or under the Plan. The Administrator may delegate any of its duties
hereunder to such person or persons from time to time as it may designate. Any such delegation shall be in writing. 

Section 7.02    Amendment and Termination. The Plan may be amended or terminated
by the Compensation Committee or the Board of Directors of the Company at any time, provided that, without the consent of an affected Participant, the Plan may not be amended or terminated in respect of the Participant during the twenty-four
(24) months immediately following a Change in Control or following such Participant’s Qualifying Termination. The CEO or chief human resources officer of the Company may amend Exhibit A from time to time to add, but not remove,
individuals who are employees of the Company but who are not executive officers under the Exchange Act. 
 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.01    At-Will Employment. The Plan does
not alter the status of each Participant as an at-will employee of the Company. Nothing contained herein shall be deemed to give any Participant the right to remain employed by the Company or to interfere with
the rights of the Company to terminate the employment of any Participant at any time, with or without Cause. 

Section 8.02    Effect on Other Plans, Agreements and Benefits. 

(a)    Each Participant who incurs a Qualifying Termination shall remain entitled to any benefits to which he or she would
otherwise be entitled under the terms and conditions of the Company’s tax-qualified retirement plans and non-qualified deferred compensation plans and nothing
contained in the Plan is intended to waive or relinquish the Participant’s vested rights in such benefits. 

(b)    Any severance benefits payable to a Participant under the Plan shall not be counted as compensation for purposes
of determining benefits under any other benefit policies or plans of the Company, except to the extent expressly provided therein. 

(c)    The treatment of any equity incentive compensation awards made to a Participant shall be governed by the terms of
the applicable equity plan and equity award agreement. 
 Section 8.03    Mitigation.
Except as provided in Section 3.02(c) or by reason of the definition of Benefit Continuation Period, the amount of any payment or benefit provided for in this Plan shall not be reduced by any compensation earned by the Participant as the result
of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Participant to the Company, or otherwise. 

  
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 Section 8.04    Severability.
The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan. If any provision of the Plan is held by a court of competent jurisdiction to be illegal, invalid,
void or unenforceable, such provision shall be deemed modified, amended and narrowed to the extent necessary to render such provision legal, valid and enforceable, and the other remaining provisions of the Plan shall not be affected but shall remain
in full force and effect. 
 Section 8.05    Headings and Subheadings; Gender.
Headings and subheadings contained in the Plan are intended solely for convenience and no provision of the Plan is to be construed by reference to the heading or subheading of any section or paragraph. References in this Plan to any gender include
references to all genders, and references to the singular include references to the plural and vice versa. 

Section 8.06    Unfunded Obligations. The amounts to be paid to Participants under the
Plan are unfunded obligations of the Company. The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations. Participants shall not have any preference or security interest in any assets
of the Company other than as a general unsecured creditor. 

Section 8.07    Successors. The Plan shall be binding upon any successor to the Company,
its assets, its businesses or its interest (whether as a result of the occurrence of a Change in Control or otherwise), in the same manner and to the same extent that the Company would be obligated under the Plan if no succession had taken place. In
the case of any transaction in which a successor would not by the foregoing provision or by operation of law be bound by the Plan, the Company shall require any successor to the Company to expressly assume the Plan in writing and honor the
obligations of the Company hereunder, in the same manner and to the same extent that the Company would be required to perform if no succession had taken place. All payments and benefits that become due to a Participant under the Plan shall inure to
the benefit of his or her heirs, assigns, designees or legal representatives. 

Section 8.08    Transfer and Assignment. Neither a Participant nor any other person shall
have any right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under the Plan prior to the date that such amounts are paid, except that, in the case of a Participant’s
death, such amounts shall be paid to the Participant’s beneficiaries. 

Section 8.09    Waiver. Any party’s failure to enforce any provision or provisions
of the Plan shall not in any way be construed as a waiver of any such provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Plan. 

Section 8.10    Governing Law. To the extent not
pre-empted by federal law, the Plan shall be construed in accordance with and governed by the laws of the State of Delaware without regard to conflicts of law principles. Any action or proceeding to enforce
the provisions of the Plan shall be brought only in a state or federal court located in the State of Delaware in New Castle County and each party consents to the venue and jurisdiction of such court. 

Section 8.11    Clawback. Any amounts payable under the Plan are subject to any policy
(whether in existence as of the Effective Date or later adopted) established by the Company providing for clawback or recovery of amounts that were paid to the Participant. The Company shall make any determination for clawback or recovery in its
sole discretion and in accordance with any applicable law or regulation. 

  
 13 

 Section 8.12    Withholding. The
Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. 

Section 8.13    Section 409A. The intent of the Company and the Participants is
that payments and benefits under this Plan be exempt from, or comply with, Section 409A of the Code, and accordingly, to the maximum extent permitted, this Plan shall be interpreted and administered to be in accordance therewith.
Notwithstanding anything contained herein to the contrary, a Participant shall not be considered to have terminated employment with the Company for purposes of any payments under this Plan which are subject to Section 409A of the Code until the
Participant would be considered to have incurred a “separation from service” within the meaning of Section 409A of the Code. Each amount to be paid or benefit to be provided under this Plan shall be construed as a separate identified
payment for purposes of Section 409A of the Code, and any payments described in this Plan that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation
unless applicable law requires otherwise. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the
Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Plan during the six (6)-month period immediately following a Participant’s separation from service shall instead be paid on the first
business day after the date that is six (6) months following the Participant’s separation from service (or, if earlier, death). To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code,
amounts reimbursable to the Participant under this Plan shall be paid to the Participant on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided) during any one year may not effect amounts reimbursable or provided in any subsequent year. The Company makes no representation that any or all of the payments described in this Plan shall
be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The Participant shall be solely responsible for the payment of any taxes and penalties
incurred under Section 409A of the Code. Notwithstanding anything in this Plan to the contrary, in the event any payments hereunder could occur in one of two calendar years as a result of being dependent upon the general release of claims
becoming nonrevocable, then, to the extent required to avoid penalties under Section 409A of the Code, such payments shall commence or be made on the first regularly scheduled payroll date of the Company, following the date the general release
of claims becomes nonrevocable, that occurs in the second of such two calendar years. 

  
 14 

 EXHIBIT A 

Schedule of Participants other than CEO 
  

	1.	 Alexa Dembek 

  

	2.	 Jeanmarie Desmond 

  

	3.	 James Fahey 

  

	4.	 Darrell Ford 

  

	5.	 Matthias Heinzel 

  

	6.	 Erik Hoover 

  

	7.	 Jon Kemp 

  

	8.	 Steven Larrabee 

  

	9.	 Rose Lee 

  

	10.	 Raj Ratnakar 

  

	11.	 Daryl Roberts 

  

	12.	 Randy Stone 

  
 15Exhibit

Execution Version

ACTIVE 242625350v.8
AMENDMENT NO. 14 TO
TRANSFER AND ADMINISTRATION AGREEMENT
THIS AMENDMENT NO. 14 TO TRANSFER AND ADMINISTRATION AGREEMENT (this “Amendment”), dated as of May 31, 2019, is by and among THOROUGHBRED FUNDING, INC., a Virginia corporation (the “SPV”), NORFOLK SOUTHERN RAILWAY COMPANY, a Virginia corporation, as originator (in such capacity, the “Originator”) and as servicer (in such capacity, the “Servicer”), NORFOLK SOUTHERN CORPORATION, a Virginia corporation (“NSC”), the “Committed Investors” party hereto, the “Managing Agents” party hereto, and MUFG BANK, LTD. (formerly known as The Bank of Tokyo-Mitsubishi UFJ, LTD., New York Branch) (“MUFG”), as the Administrative Agent for the Investors.  Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Transfer and Administration Agreement (defined below).

WHEREAS, the SPV, the Servicer, NSC, the Conduit Investors, the Committed Investors, the Managing Agents and the Administrative Agent are parties to that certain Transfer and Administration Agreement dated as of November 8, 2007 (as amended, supplemented or otherwise modified as of the date hereof, the “Transfer and Administration Agreement”); and
WHEREAS, the parties to the Transfer and Administration Agreement have agreed to amend the Transfer and Administration Agreement on the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Amendment to the Transfer and Administration Agreement.  Effective as of the date first written above and subject to the execution of this Amendment by the parties hereto and the satisfaction of the conditions precedent set forth in Section 2 below, the Transfer and Administration Agreement is hereby amended as follows:
1.1.    Section 9.4 of the Table of Contents is revised to strike “; Breakage Costs”.
1.2.    Section 1.1 of the Transfer and Administration Agreement is hereby amended to add the following new definitions in appropriate alphabetical order therein:
“Beneficial Ownership Rule” means 31 C.F.R. § 1010.230.
“Fourteenth Amendment Date” means May 31, 2019.
1.3.    The definition of “Alternate Rate” set forth in Section 1.1 of the Transfer and Administration Agreement is hereby amended and restated in its entirety to read as follows: 
“Alternate Rate” means (i) with respect to the Investor Group for which Wells Fargo Bank, National Association is the Managing Agent, for each day during any Rate Period for any Portion of Investment, an interest rate per annum equal to LMIR for such day plus 0.65%, (ii) with respect to the Investor Group for which SMBC Nikko Securities America, Inc. is the Managing Agent, for each day during any Rate Period for any Portion of Investment, an interest rate per annum equal to 

LMIR for such day plus 0.65%, (iii) with respect to the Investor Group for which MUFG Bank, Ltd. is the Managing Agent, for each day during any Rate Period for any Portion of Investment, an interest rate per annum equal to the LIBO Rate for such Rate Period plus 0.65%, (iv) with respect to the Investor Group for which Capital One, National Association is the Managing Agent, for each day during any Rate Period for any Portion of Investment, an interest rate per annum equal to LMIR for such Rate Period plus 0.65% and (v) with respect to any other Investor Group for any Rate Period for any Portion of Investment, an interest rate per annum equal to the LIBO Rate for such Rate Period plus 2.00%.
1.4.    The definition of “Blocked Account” set forth in Section 1.1 of the Transfer and Administration Agreement is hereby amended and restated in its entirety to read as follows:
“Blocked Account” means an account maintained by the Servicer or the SPV at a Blocked Account Bank for the purpose of receiving Collections, set forth in Schedule 4.1(s) or any account added as a Blocked Account pursuant to and in accordance with 4.1(s) and which, if not maintained at and in the name of the Administrative Agent, is subject to a Blocked Account Agreement.
1.5.    The definition of “Blocked Account Agreement” set forth in Section 1.1 of the Transfer and Administration Agreement is hereby amended and restated in its entirety to read as follows:
“Blocked Account Agreement” means an agreement among the Borrower, the Servicer (if applicable), the Administrative Agent and a Blocked Account Bank in substantially the form of Exhibit E.
1.6.    The definition of “Collections” set forth in Section 1.1 of the Transfer and Administration Agreement is hereby amended to add the word “and” immediately before the phrase “all Deemed Collections” appearing therein.
1.7.    The definition of “Commitment Termination Date” set forth in Section 1.1 of the Transfer and Administration Agreement is hereby amended and restated in its entirety to read as follows:
“Commitment Termination Date” means May 29, 2020, or such later date to which the Commitment Termination Date may be extended by the Committed Investors (in their sole discretion).
1.8.    The definition of “Eligible Receivable” set forth in Section 1.1 of the Transfer and Administration Agreement is hereby amended to amend and restate clauses (u) and (v) thereof in their entirety to read as follows:
“(u)    the Obligor of which, (x) if a natural Person, is a resident of the United States, or, if a corporation or other business organization, is organized under the laws of the United States or any state or other political subdivision thereof or (y) the Obligor of which is a government of any state (or any governmental subdivision or agency thereof) of the United States or the government of the United States;
(v)    [reserved];”

2

1.9.    The definition of “Facility Limit” set forth in Section 1.1 of the Transfer and Administration Agreement is hereby amended and restated in its entirety to read as follows:
“Facility Limit” means, at any time, the lesser of (i) $450,000,000 and (ii) the aggregate Commitments then in effect.
1.10.    The definitions of “Norfolk Margin” and “Special Concentration Limit” set forth in Section 1.1 of the Transfer and Administration Agreement are hereby deleted in their entirety.
1.11.    Section 2.2 of the Transfer and Administration Agreement is hereby amended to add the phrase “and 2.14(b)” immediately after the phrase “Section 2.12(a)(iii)” appearing in clause (b) thereof.
1.12.    Section 2.12 of the Transfer and Administration Agreement is hereby amended to amend and restate clause (a)(iii) thereof in its entirety to read as follows:
“(iii)    pay the remainder, if any, of such Collections to the SPV for application in accordance with Section 2.14.”
1.13.    Section 2.12 of the Transfer and Administration Agreement is hereby amended to amend and restate clause (b)(ii) thereof in its entirety to read as follows:
“(ii)    On any date on or prior to the Termination Date, if the sum of the Net Investment and Required Reserves exceeds the Net Pool Balance the Servicer shall immediately pay to each Managing Agent’s account, pro rata based on their respective interests in the Asset Interest (as determined in accordance with Section 2.1(b)), from amounts set aside pursuant to Section 2.12(a)(ii) or (iii), an amount necessary to cause the sum of the Net Investment and Required Reserves to be equal to, or less than, the Net Pool Balance after giving effect to such payment.”
1.14.    Section 2.14 of the Transfer and Administration Agreement is hereby amended and restated in its entirety to read as follows:
“SECTION 2.14    Application of Collections Distributable to SPV.
(a)    Unless otherwise instructed by the SPV, the Servicer shall, subject to clause (b) of this Section 2.14, allocate and apply, on behalf of the SPV, Collections distributable to the SPV hereunder first, to the payment or provision for payment of the SPV’s operating expenses (including any Servicing Fee which has not been set aside and paid above), as instructed by the SPV, second, to the payment or provision for payment when due of accrued interest on any deferred portion of the purchase price of Receivables payable by the SPV to the Originator under the First Tier Agreement, third, to the payment to the Originator of the purchase price of new Receivables in accordance with the First Tier Agreement, fourth, to the payment to the Originator of the deferred portion of the purchase price of Receivables theretofore purchased from the Originator pursuant to the First Tier Agreement, and fifth, to the repay the outstanding principal amount of, and accrued interest on, borrowings under the Intercompany Line of Credit, subject to Section 6.2(k).
(b)    To the extent, after giving effect to the allocation of Collections to any of the amounts in clause (a) above, the Net Pool Balance (minus any portion of the Required Reserves attributable to such excess) would exceed the sum of the Net Investment and Required Reserves, such Collections 

3

shall be applied to Reinvestment (not to exceed the Maximum Net Investment), for the benefit of the Managing Agents, pro rata, based on their respective Investor Group’s interests in the Asset Interest (as determined in accordance with Section 2.1(b)) in the Receivables and in other Affected Assets in accordance with Section 2.2(b).  To the extent and for so long as such Collections may not be reinvested pursuant to Section 2.2(b), the Servicer shall hold such Collections in trust for the benefit of the Managing Agents.”
1.15.    Section 4.1 of the Transfer and Administration Agreement is hereby amended to amend and restate clause (b) thereof in its entirety to read as follows:
“(b)    Corporate and Governmental Authorization; Contravention.  The execution, delivery and performance by it of this Agreement and the other Transaction Documents to which it is a party (i) are within its corporate powers, (ii) have been duly authorized by all necessary corporate and shareholder action, (iii) require no action by or in respect of, or filing with, any Official Body or official thereof (except as contemplated by Sections 4.1(d), 6.1(p) and 7.7, all of which have been (or as of the Closing Date will have been) duly made and in full force and effect), (iv) do not contravene or constitute a default under (A) its articles of incorporation or by-laws, (B) any Law applicable to it, (C) any contractual restriction binding on or affecting it or its property or (D) any order, writ, judgment, award, injunction, decree or other instrument binding on or affecting it or its property, or (v) do not result in the creation or imposition of any Adverse Claim upon or with respect to its property or the property of any of its Subsidiaries (except as contemplated hereby).”
1.16.    Section 4.1 of the Transfer and Administration Agreement is hereby amended to add a clause (aa) thereto to read as follows:
“(aa)     Beneficial Ownership Rule.  As of the Fourteenth Amendment Date, the SPV is an entity that is organized under the laws of the United States or of any state and at least 51 percent of whose common stock or analogous equity interest is owned (directly or indirectly) by an entity (other than a bank) whose common stock or analogous equity interests are listed on the New York Stock Exchange or the American Stock Exchange or have been designated as a NASDAQ National Market Security listed on the NASDAQ stock exchange and is excluded on that basis from the definition of Legal Entity Customer as defined in the Beneficial Ownership Rule.”
1.17.    Section 5.2 of the Transfer and Administration Agreement is hereby amended to amend and restate clause (b) thereof in its entirety to read as follows:
“(b)    In the case of a Reinvestment, the amount of the Reinvestment will not exceed the amount available therefor under Section 2.12(a)(iii), and in the case of an Investment, the amount of such Investment will not exceed the amount available therefor under Section 2.2 and after giving effect thereto, the sum of the Net Investment and Required Reserves will not exceed the Net Pool Balance,”
1.18.    Section 6.1 of the Transfer and Administration Agreement is hereby amended to add a clause (r) thereto to read as follows:
“(r)     Beneficial Ownership Rule.  Promptly following any change that would result in a change to the status as an excluded Legal Entity Customer under the Beneficial Ownership Rule, the SPV shall execute and deliver to each Agent an updated Certification of Beneficial Owner(s) complying with the Beneficial Ownership Rule.”

4

1.19.    Section 7.2 of the Transfer and Administration Agreement is hereby amended to delete the word “Collections” appearing in the second sentence of clause (b) thereof and substitute the word “collections” therefor.
1.20.    Section 9.4 of the Transfer and Administration Agreement is hereby amended and restated in its entirety to read as follows:
“SECTION 9.4    Other Costs and Expenses.  The SPV agrees, upon receipt of a written invoice, to pay or cause to be paid, and to save the Investors and the Agents harmless against liability for the payment of, all reasonable out-of-pocket expenses (including attorneys’, accountants’ and other third parties’ fees and expenses, any filing fees and expenses incurred by officers or employees of any Investor and/or the Agents and rating agency fees) or intangible, documentary or recording taxes incurred by or on behalf of any Investor or the Agents (i) in connection with the preparation, negotiation, execution and delivery of this Agreement, the other Transaction Documents and any documents or instruments delivered pursuant hereto and thereto and the transactions contemplated hereby or thereby (including the perfection or protection of the Asset Interest) and (ii) from time to time (A) relating to any amendments, waivers or consents under this Agreement and the other Transaction Documents, (B) arising in connection with any Investor’s or the Agents’ enforcement or preservation of rights (including the perfection and protection of the Asset Interest under this Agreement), or (C) arising in connection with any audit, dispute, disagreement, litigation or preparation for litigation involving this Agreement or any of the other Transaction Documents (all of such amounts, collectively, “Transaction Costs”).”
1.21.    Section 11.2 of the Transfer and Administration Agreement is hereby amended to amend and restate the first proviso appearing in clause (b) thereof in its entirety to read as follows:
“provided that no such amendment or waiver shall, unless signed by each Committed Investor directly affected thereby, (i) increase the Commitment of a Committed Investor, (ii) reduce the Net Investment or rate of Yield to accrue thereon or any fees or other amounts payable hereunder, (iii) postpone any date fixed for the payment of any scheduled distribution in respect of the Net Investment or Yield with respect thereto or any fees or other amounts payable hereunder or for termination of any Commitment, (iv) change the percentage of the Commitments of the Committed Investors which shall be required for the Committed Investors or any of them to take any action under this Section or any other provision of this Agreement, (v) release all or substantially all of the property with respect to which a security or ownership interest therein has been granted hereunder to the Administrative Agent or the Committed Investors, (vi) extend or permit the extension of the Commitment Termination Date (it being understood that a waiver of a Termination Event shall not constitute an extension or increase in the Commitment of any Committed Investor), (vii) change the definition of “Concentration Limit”, “Default Ratio”, “Defaulted Receivable”, “Dilution Horizon Ratio”, “Dilution Ratio”, “Dilution Reserve Ratio”, “Dilution Reserve Floor”, “Dilution Volatility Ratio”, “Eligible Receivable,” “Loss Horizon Ratio”, “Loss Reserve Ratio,” “Loss Reserve Floor”, “Net Pool Balance”, or “Peak Default Ratio” or (viii) amend or modify any definition (or any definition used directly or indirectly in such definition) used in clause (vii) above in a manner that would circumvent the intention of the restrictions set forth in such clause;” 
1.22.    Section 11.8 of the Transfer and Administration Agreement is hereby amended to delete the phrase “which is subject to any Taxes” appearing in clause (b) thereof and substitute the phrase “which would subject the SPV to any Taxes” therefor.

5

1.23.    Article XI of the Transfer and Administration Agreement is hereby amended to add a Section 11.15 thereto to read as follows:
“SECTION 11.15    Effect of Benchmark Transition Event.
(a)    Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent, the SPV and the Originator may amend this Agreement to replace the LIBO Rate and LMIR with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Managing Agents, the SPV and the Originator so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from the Benchmark Replacement Required Investors. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Benchmark Replacement Required Investors have delivered to the Administrative Agent written notice that such Benchmark Replacement Required Investors accept such amendment. No replacement of the LIBO Rate and LMIR with a Benchmark Replacement pursuant to this Section 11.15 will occur prior to the applicable Benchmark Transition Start Date.
(b)    In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(c)    The Administrative Agent will promptly notify the SPV, the Originator and the Managing Agents of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Managing Agents pursuant to this Section 11.15, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 11.15.
(d)    Upon the SPV’s receipt of notice (with a copy to the Originator) of the commencement of a Benchmark Unavailability Period, the SPV may revoke any Investment Request for a Portion of Investment with a Yield calculated on the basis of the Alternate Rate, and any request to convert or continue any Portion of Investment with a Yield calculated on the basis of the Alternate Rate, in each case to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the SPV will be deemed to have converted any such request into a request for an Investment or conversion to an Investment with a Yield calculated on the basis of the Base Rate. During any Benchmark Unavailability Period, the component of the Base Rate based upon the LIBO Rate will not be used in any determination of the Base Rate.
(e)    As used in this Section 11.15, the following terms shall have the following meanings:

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“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent, the Originator and the SPV giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBO Rate and LMIR for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBO Rate and LMIR with an Unadjusted Benchmark Replacement for each applicable Rate Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent, the Originator and the SPV giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate and LMIR with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBO Rate and LMIR with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Rate Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).
“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate and LMIR:
(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBO Rate and LMIR permanently or indefinitely ceases to provide the LIBO Rate and LMIR; or
(2)    in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
“Benchmark Replacement Required Investors” means, at any time, Managing Agents for those Committed Investors which hold Commitments aggregating in excess of 50% of the Maximum Net Investment as of such date (or, if the Commitments shall have been terminated, Managing Agents 

7

for one or more Investors whose aggregate pro rata shares of the Net Investment exceed 66.67% of the Net Investment).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate and LMIR:
(1)    a public statement or publication of information by or on behalf of the administrator of the LIBO Rate and LMIR announcing that such administrator has ceased or will cease to provide the LIBO Rate and LMIR, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate and LMIR;
(2)    a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate and LMIR, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBO Rate and LMIR, a resolution authority with jurisdiction over the administrator for the LIBO Rate and LMIR or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBO Rate and LMIR, which states that the administrator of the LIBO Rate and LMIR has ceased or will cease to provide the LIBO Rate and LMIR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBO Rate and LMIR; or
(3)    a public statement or publication of information by the regulatory supervisor for the administrator of the LIBO Rate and LMIR announcing that the LIBO Rate and LMIR is no longer representative.
“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Benchmark Replacement Required Investors, as applicable, by notice to the SPV, the Originator, the Administrative Agent (in the case of such notice by the Benchmark Replacement Required Investors) and the Managing Agents.
“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBO Rate and LMIR and solely to the extent that the LIBO Rate and LMIR have not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBO Rate and LMIR for all purposes hereunder in accordance with Section 11.15 and (y) ending at the time that a Benchmark Replacement has replaced the LIBO Rate and LMIR for all purposes hereunder pursuant to Section 11.15.
“Early Opt-in Election” means the occurrence of:
(1)    (i) a determination by the Administrative Agent or (ii) a notification by the Benchmark Replacement Required Investors to the Administrative Agent (with a copy to the SPV and the Originator) that the Benchmark Replacement Required Investors have determined that U.S. dollar-denominated syndicated credit facilities being executed at such 

8

time, or that include language similar to that contained in this Section 11.15, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBO Rate and LMIR, and
(2)    (i) the election by the Administrative Agent or (ii) the election by the Benchmark Replacement Required Investors to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the SPV, the Originator and the Managing Agents or by the Benchmark Replacement Required Investors of written notice of such election to the Administrative Agent.
“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.
“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
1.24.    Schedule II of the Transfer and Administration Agreement is hereby amended and restated in its entirety as set forth on Schedule I hereto.
Section 2.    Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Effective Date”) upon:
2.1.    the receipt by each of MUFG, SMBC Nikko Securities America, Inc., Wells Fargo Bank, National Association and Capital One, National Association, each as a Managing Agent, for the account of the Investors in the related Investor Group, of the Upfront Fee specified in the Fee Letter by wire transfer of immediately available funds to the account specified for such Managing Agent in the Fee Letter; and
2.2.    the receipt by the Administrative Agent of this Amendment and that certain Fee Letter, of even date herewith (the “Fee Letter”), from each Managing Agent and acknowledged by the SPV, duly executed by the parties thereto.
Section 3.    Representations and Warranties.
3.1.    (a)    Each of the SPV and the Originator hereby represents and warrants that:
(i)    This Amendment, the Transfer and Administration Agreement, as amended hereby, and the First Tier Agreement constitute legal, valid and binding obligations of such 

9

parties and are enforceable against such parties in accordance with their respective terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles.
(ii)    Upon the effectiveness of this Amendment and after giving effect hereto, the covenants, representations and warranties of each such party, respectively, set forth in Articles IV and VI of the Transfer and Administration Agreement, as applicable, and as amended hereby, are true, complete and correct, in the case of such representations and warranties qualified by materiality, in all respects, and otherwise in all material respects on and as of the date hereof as though made on and as of the date hereof (except to the extent that such representations and warranties relate to an earlier date in which case such representations and warranties that expressly relate to an earlier date are true, correct and complete, in the case of such representations and warranties qualified by materiality, in all respects, and otherwise in all material respects, as of such earlier date).
(b)    The SPV hereby represents and warrants that, upon the effectiveness of this Amendment, no event or circumstance has occurred and is continuing which constitutes a Termination Event or a Potential Termination Event.
Section 4.    Reference to and Effect on the Transfer and Administration Agreement.
4.1.    Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Transfer and Administration Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Transfer and Administration Agreement and its amendments, as amended hereby.
4.2.    The Transfer and Administration Agreement, as amended hereby, and all other amendments, documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed.
4.3.    Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Conduit Investors, the Committed Investors, the Managing Agents or the Administrative Agent, nor constitute a waiver of any provision of the Transfer and Administration Agreement, any other Transaction Document or any other documents, instruments and agreements executed and/or delivered in connection therewith.
Section 5.    CHOICE OF LAW.      THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
Section 6.    Execution of Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery by facsimile or electronic mail (in .pdf or .tif format) of an executed signature page of this Amendment shall be effective as delivery of an executed counterpart hereof.
Section 7.    Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

10

[Signature pages follow.]

11

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first written above.

THOROUGHBRED FUNDING, INC.,
as SPV

By:  /s/ Clyde H. Allison, Jr.            
Name:  Clyde H. Allison, Jr.
Title:  Chairman and President

NORFOLK SOUTHERN RAILWAY COMPANY,
as Originator and as Servicer

By: /s/ Clyde H. Allison, Jr.            
Name:  Clyde H. Allison, Jr.
Title:  Vice President and Treasurer

NORFOLK SOUTHERN CORPORATION

By: /s/ Clyde H. Allison, Jr.            
Name:  Clyde H. Allison, Jr.
Title:  Vice President and Treasurer

Signature Page to Amendment No. 14 to
Transfer and Administration Agreement

CAPITAL ONE, NATIONAL ASSOCIATION,
as a Managing Agent and a Committed Investor 

By: /s/ Julianne Low                
Name:  Julianne Low
Title:  Senior Director

Signature Page to Amendment No. 14 to
Transfer and Administration Agreement

MUFG BANK, LTD.
as Administrative Agent

By:  /s/ Yohsuke Takahashi    
Name:  Yohsuke Takahashi
Title:  Managing Director

MUFG BANK, LTD.
as a Committed Investor and a Managing Agent

By: /s/ Yohsuke Takahashi    
Name:  Yohsuke Takahashi
Title:  Managing Director

Signature Page to Amendment No. 14 to
Transfer and Administration Agreement

SMBC NIKKO SECURITIES AMERICA, INC.,
as a Managing Agent

By:  /s/ Yukimi Konno            
Name:  Yukimi Konno
Title:  Managing Director

SUMITOMO MITSUI BANKING CORPORATION,
as a Committed Investor

By: /s/ Michael Maguire            
Name:  Michael Maguire
Title:  Executive Director

Signature Page to Amendment No. 14 to
Transfer and Administration Agreement

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Managing Agent and a Committed Investor 

By:  /s/ Isaac Washington        
Name: Isaac Washington
Title:  Vice President

Signature Page to Amendment No. 14 to
Transfer and Administration Agreement

Schedule I to Amendment No. 14 to 
Transfer and Administration Agreement

SCHEDULE II 
Investor Groups

MUFG Investor Group

	
				
	Conduit Investor:
	N/A
	 

	Committed Investor:
	MUFG Bank, Ltd.
	 

	Commitment:
	$112,500,000
	 
	 

	Managing Agent:
	MUFG Bank, Ltd.
	 

SMBC Investor Group

	
				
	Conduit Investor:
	N/A
	 

	Committed Investor:
	Sumitomo Mitsui Banking Corporation
	 

	Commitment:
	$112,500,000
	 
	 

	Managing Agent:
	SMBC Nikko Securities America, Inc.
	 

Wells Fargo Investor Group

	
				
	Conduit Investor:
	N/A
	 

	Committed Investor:
	Wells Fargo Bank, National Association
	 

	Commitment:
	$112,500,000
	 
	 

	Managing Agent:
	Wells Fargo Bank, National Association
	 

Capital One Investor Group

	
				
	Conduit Investor:
	N/A
	 

	Committed Investor:
	Capital One, National Association
	 

	Commitment:
	$112,500,000
	 
	 

	Managing Agent:
	Capital One, National Association

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