Document:

Exhibit
10.1

 

Execution
Version

 

Collectors
Universe, Inc.

1610
E. St. Andrew Place, Suite 150

Santa
Ana, CA 92705

 

September
28, 2020

 

Alta
Fox Capital Management LLC

640
Taylor Street, Suite 2522

Fort
Worth, TX 76102

Attn:
Connor Haley, Managing Partner

 

Ladies
and Gentlemen:

 

This
letter (this “Agreement”) constitutes the agreement between (a) Collectors Universe, Inc. (“Company”)
and (b) Alta Fox Capital Management LLC (“Alta Fox”) and each of the other related Persons (as defined below)
set forth on the signature pages to this Agreement (collectively with Alta Fox, the “Alta Fox Signatories”).
Company and the Alta Fox Signatories are collectively referred to as the “Parties.” The Alta Fox Signatories
and each Affiliate (as defined below) and Associate (as defined below) of each Alta Fox Signatory are collectively referred to
as the “Alta Fox Group.”

 

1.       New
Independent Director. Effective as of the date of this Agreement, Company’s Board of Directors (the “Board”)
will take all action necessary (including increasing the size of the Board) to appoint Lorraine Bardeen (the “New Director”)
as a director with a term expiring at Company’s 2020 Annual Meeting of Stockholders (the “2020 Annual Meeting”).

 

2.       Composition
of the Board.

 

(a)       Existing
Directors. Two of the directors serving on the Board as of September 13, 2020, have informed the Board that they will not
stand for re-election to the Board at the 2020 Annual Meeting.

 

(b)       Nomination
of the New Director at the 2020 Annual Meeting. Company will take all action necessary to include the New Director on the
Board’s slate of director nominees standing for election at the 2020 Annual Meeting. If the New Director is included on
the Board’s slate of director nominees at the 2020 Annual Meeting, then Company will recommend that Company’s stockholders
vote, and will solicit proxies, in favor of the election of the New Director at the 2020 Annual Meeting and otherwise support
the New Director for election in a manner no less rigorous and favorable than the manner in which Company supports its other director
nominees at the 2020 Annual Meeting.

 

(c)       Chairman.
Prior to the date of this Agreement, Bruce A. Stevens has resigned as the chairman of the Board but continues to serve as a director.

 

    	 

    	 

    

 

3.       Replacement
of the New Director. During the Restricted Period (as defined below) but subject to paragraph 4, if the New Director ceases
to be a member of the Board for any reason, then Alta Fox will have the right to identify (and, subject to the next sentence of
this paragraph 3, the Board will take all action necessary to promptly, and in any event within five Business Days (as defined
below), appoint) another person (a “Replacement Director”) to serve as a director in place of the New Director.
Any Replacement Director must (a) be reasonably acceptable to the Board; (b) be qualified to serve as a member of the Board under
all applicable corporate governance policies or guidelines of Company and the Board and applicable legal and regulatory requirements;
(c) meet the independence requirements with respect to Company of the listing rules of The Nasdaq Stock Market (“Nasdaq”);
and (d) have complied with Company’s procedures for new director candidates (including the full completion of a directors
and officers questionnaire, undergoing a customary background check, and participating in interviews with the members of the Board’s
Nominating and Governance Committee and the Board). Upon becoming a member of the Board, the Replacement Director will succeed
to all of the rights and privileges, and will be bound by the terms and conditions, of the New Director under this Agreement.

 

4.       Termination
of Certain Obligations. Company’s obligations under paragraph 3 and paragraph 6 will immediately terminate upon the
earliest of: (a) the Alta Fox Group no longer beneficially owning shares of Company’s common stock (which shares are determined
to be Net Long Shares (as defined below)) representing in the aggregate at least three percent of Company’s then-outstanding
common stock; (b) any Restricted Person (as defined below) breaching this Agreement and such breach is not cured (if capable of
being cured) within 15 days after receipt by Alta Fox from Company of written notice specifying the breach; or (c) the submission
by any Restricted Person of any director nominations in connection with any meeting of Company’s stockholders.

 

5.       Timing
of the 2020 Annual Meeting. Company will use commercially reasonable efforts to hold the 2020 Annual Meeting no later than
December 15, 2020.

 

6.       Size
of the Board. Beginning with the closing of the polls at the 2020 Annual Meeting and continuing through the remainder of the
Restricted Period, the Board will be comprised of no more than eight directors.

 

7.       Committee
Matters.

 

(a)       New
Director Committee Memberships. The New Director will initially be appointed to one of the Board’s standing committees
and as chair of Strategy Committee (as defined below).

 

(b)       Strategy
Committee. Within 30 days of the date of this Agreement, the Board will take all action necessary to form a strategy committee
(the “Strategy Committee”). The Strategy Committee’s role will be to explore strategies and opportunities
for operational improvements to increase and sustain the Company’s growth and profitability. The Strategy Committee will
regularly report to the Board regarding its findings and recommendations. The Strategy Committee will be empowered to retain the
services of an appropriate consulting firm to assist the Strategy Committee with its work.

 

(c)       Future
Committees. Subject to Company’s corporate governance guidelines, as they may be amended from time to time (the “Guidelines”),
the listing rules of Nasdaq and applicable law, the Board and all applicable committees of the Board will take all action necessary
to ensure that each new committee of the Board formed after the date of this Agreement and during the Restricted Period includes
the New Director as one of its members.

 

    	-2-

    	 

    

 

8.       Investor
Engagement. Company will use commercially reasonable efforts (a) to obtain coverage by at least one sell-side analyst within
six months of the date of this Agreement; (b) during calendar year 2021 to attend and participate in at least two small-cap investor
conferences sponsored by any of Roth Capital Partners, LLC, LD Micro, Sidoti & Company, LLC or Craig-Hallum Capital Group
LLC (or other appropriate investor conferences); and (c) after calendar year 2021 to attend and participate, at the Company’s
reasonable discretion, in a reasonable number of appropriate investor conferences.

 

9.       Recusal.
The Alta Fox Group understands and agrees that the Board or any of its committees, in the exercise of its fiduciary duties, may
require that the New Director be recused from any Board or committee meeting or portion thereof at which the Board or any such
committee is evaluating or taking action with respect to the exercise of any of Company’s rights or enforcement of any of
the obligations under this Agreement.

 

10.       Compliance
with Laws and Company Policies. The Alta Fox Group acknowledges that the New Director will be governed by the same laws, policies,
procedures, processes, codes, rules, standards and guidelines applicable to members of the Board, including Company’s code
of conduct, insider trading policy, Regulation FD policy, related party transactions policy and the Guidelines, in each case in
effect and as amended from time to time.

 

11.       No
Fiduciary Restriction. Notwithstanding anything to the contrary in this Agreement, Company and the Alta Fox Group each acknowledge
that the New Director, during the New Director’s service as a director of Company, will not be prohibited from acting in
the New Director’s capacity as a director or from complying with the New Director’s fiduciary duties as a director
of Company (including voting on any matter submitted for consideration by the Board, participating in deliberations or discussions
of the Board, and making suggestions or raising any issues or recommendations to the Board).

 

12.       Director
Benefits. The New Director will be entitled to the same director benefits as other members of the Board, including (a) compensation
for such director’s service as a director and reimbursement of such director’s expenses on the same basis as all other
non-employee directors of Company; (b) equity-based compensation grants and other benefits, if any, on the same basis as all other
non-employee directors of Company; and (c) the same rights of indemnification and directors’ and officers’ liability
insurance coverage as the other non-employee directors of Company as such rights may exist from time to time.

 

13.       Voting
Commitment. During the Restricted Period, at each annual or special meeting of Company’s stockholders (including any
adjournments, postponements or other delays thereof) or action by written consent, Alta Fox will cause all Voting Securities (as
defined below) that are beneficially owned by the members of the Alta Fox Group to be (a) present for quorum purposes, if applicable;
and (b) voted or consented (i) in favor of the election of each person nominated by the Board for election as a director; (ii)
against any proposals or resolutions to remove any member of the Board; and (iii) in accordance with the recommendation of the
Board on all other proposals or business that may be the subject of stockholder action at such meeting or action by written consent.
Notwithstanding the foregoing, (A) if Institutional Shareholder Services Inc. (“ISS”) or Glass Lewis &
Co., LLC (“Glass Lewis”) recommends a vote inconsistent with the recommendation of the Board at any annual
or special meeting of Company’s stockholders with respect to (1) Company’s “say-on-pay” proposal or (2)
any other proposal (other than the election or removal of directors), then the members of the Alta Fox Group will be permitted
to vote in accordance with the recommendation of ISS or Glass Lewis; and (B) the members of the Alta Fox Group will be permitted
to vote in their sole discretion on any proposals related to an Extraordinary Transaction (as defined below).

 

    	-3-

    	 

    

 

14.       Standstill.
During the Restricted Period, Alta Fox will not, and will cause the other Restricted Persons not to, in any way, directly or indirectly
(in each case, except as expressly permitted by this Agreement):

 

(a)       with
respect to Company or the Voting Securities, (i) make, participate in or encourage any “solicitation” (as such term
is used in the proxy rules of the Securities and Exchange Commission (the “SEC”), including any solicitations
of the type contemplated by Rule 14a-2(b) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”))
of proxies or consents with respect to the election or removal of directors or any other matter or proposal; (ii) become a “participant”
(as such term is used in the proxy rules of the SEC) in any such solicitation of proxies or consents; (iii) seek to advise, encourage
or influence any Person, or assist any Person in so encouraging, advising or influencing
any Person, with respect to the giving or withholding of any proxy, consent or other authority to vote or act (other than such
encouragement, advice or influence that is consistent with the Board’s recommendation in connection with such matter, if
applicable); or (iv) initiate, encourage or participate, directly or indirectly, in any “vote no,” “withhold”
or similar campaign;

 

(b)       initiate,
propose or otherwise “solicit” (as such term is used in the proxy rules of the SEC, including any solicitations of
the type contemplated by Rule 14a-2(b) promulgated under the Exchange Act) Company’s stockholders for the approval of any
shareholder proposal, whether made pursuant to Rule 14a-4 or Rule 14a-8 promulgated under the Exchange Act, or otherwise, or cause
or encourage any Person to initiate or submit any such shareholder proposal;

 

(c)       with
respect to Company or the Voting Securities, (i) communicate with Company’s stockholders or others pursuant to Rule 14a-1(l)(2)(iv)
promulgated under the Exchange Act; (ii) participate in, or take any action pursuant to, or encourage any Person to take any action
pursuant to, any type of “proxy access”; or (iii) conduct any nonbinding referendum or hold a “stockholder forum”;

 

(d)       (i)
seek, alone or in concert with others, election or appointment to, or representation on, the Board; (ii) nominate or propose the
nomination of, or recommend the nomination of, or encourage any Person to nominate or propose the nomination of or recommend the
nomination of, any candidate to the Board; or (iii) seek, alone or in concert with others, or encourage any Person to seek, the
removal of any member of the Board;

 

    	-4-

    	 

    

 

(e)       (i)
call or seek to call a special meeting of stockholders, or encourage any Person to call a special meeting of stockholders; (ii)
act or seek to act by written consent of stockholders; or (iii) make a request for any stockholder list or other records of Company;

 

(f)       other
than solely with other Restricted Persons with respect to Voting Securities now or subsequently owned by them, (i) form, join
(whether or not in writing), encourage, influence, advise or participate in a partnership, limited partnership, syndicate or other
group, including a “group” as defined pursuant to Section 13(d) of the Exchange Act, with respect to any Voting Securities;
(ii) deposit any Voting Securities into a voting trust, arrangement or agreement; or (iii) subject any Voting Securities to any
voting trust, arrangement or agreement (other than granting proxies in solicitations approved by the Board);

 

(g)       (i)
make any offer or proposal (with or without conditions) with respect to any tender offer, exchange offer, merger, amalgamation,
consolidation, acquisition, business combination, recapitalization, consolidation, restructuring, liquidation, dissolution or
similar extraordinary transaction involving Company, any of its subsidiaries or any of their respective securities or assets (each,
an “Extraordinary Transaction”) and any Restricted Person; (ii) knowingly solicit any Person not a party to
this Agreement (a “Third Party”) to, on an unsolicited basis, make an offer or proposal (with or without conditions)
with respect to any Extraordinary Transaction, or encourage, initiate or support any Third Party in making such an offer or proposal;
(iii) participate in any way in, either alone or in concert with others, any Extraordinary Transaction; or (iv) prior to such
proposal becoming public, publicly comment on any proposal regarding any Extraordinary Transaction by a Third Party (it being
understood that this clause (g) will not restrict any Restricted Person from tendering shares, receiving payment for shares or
otherwise participating in any such Extraordinary Transaction on the same basis as other stockholders of Company);

 

(h)       institute,
solicit, assist or join, as a party, any litigation, arbitration or other proceeding against or involving Company, its Affiliates
or any of their respective current or former directors or officers (including derivative actions), except that the foregoing will
not prevent any Restricted Person from (i) bringing litigation to enforce the provisions of this Agreement instituted in accordance
with this Agreement; (ii) making counterclaims with respect to any proceeding initiated by, or on behalf of, Company or its Affiliates
against a Restricted Person; (iii) bringing bona fide commercial disputes that do not in any manner relate to the subject matter
of this Agreement; (iv) exercising statutory appraisal rights; or (v) responding to or complying with a validly issued legal process;

 

(i)       take
any action in support of, or make any proposal or request that constitutes: (i) controlling, changing or influencing the Board
or management of Company, including any plans or proposals to change the number or term of directors or to fill any vacancies
on the Board; (ii) controlling, changing or influencing the capitalization, stock repurchase programs and practices, capital allocation
programs and practices, or dividend policy of Company; (iii) controlling, changing or influencing Company’s management,
business or corporate structure; (iv) seeking to have Company waive or make amendments or modifications to its certificate of
incorporation or bylaws; (v) causing a class of securities of Company to be delisted from, or to cease to be authorized to be
quoted on, any securities exchange; or (vi) causing a class of securities of Company to become eligible for termination of registration
pursuant to Section 12(g)(4) of the Exchange Act;

 

    	-5-

    	 

    

 

(j)       sell,
offer or agree to sell to any Third Party, through swap or hedging transactions, derivative agreements or otherwise, any voting
rights decoupled from the underlying Voting Securities;

 

(k)       engage
in any short sale or similar transaction with respect to any security (other than a broad-based market basket or index) that includes,
relates to or derives any significant part of its value from a decline in the market price or value of the securities of Company
(it being understood that the restrictions in this clause (k) will not apply to the sale of put options or other option-related
contracts);

 

(l)       other
than through non-public communications with Company that would not reasonably be expected to trigger public disclosure obligations
for any Party, make or disclose any statement regarding any intent, purpose, plan or proposal with respect to the Board, Company
or its management, policies, affairs or assets, or the Voting Securities or this Agreement, that is inconsistent with the provisions
of this Agreement, including any intent, purpose, plan or proposal that is conditioned on, or that would require, the waiver,
amendment, nullification or invalidation of any provision of this Agreement, or take any action that could require Company to
make any public disclosure relating to any such intent, purpose, plan, proposal or condition;

 

(m)       make
or cause to be made any statement that disparages, calls into disrepute, slanders, impugns, casts in a negative light or otherwise
damages the reputation of Company or any of its Affiliates, Associates, subsidiaries, successors or assigns, or any of its or
their respective current or former officers, directors, employees, stockholders, agents, attorneys, advisors or representatives,
or any of its or their respective businesses, products or services, in any manner that would reasonably be expected to damage
the business or reputation of the other or its businesses, products or services (including any statements regarding Company’s
strategy, operations, performance, products or services), it being understood that this clause (m) will not restrict the ability
of any Restricted Person to (i) comply with any subpoena or other legal process or respond to a request for information from any
governmental authority with jurisdiction over such Restricted Person; or (ii) enforce such Restricted Person’s rights pursuant
to this Agreement;

 

(n)       compensate
or enter into any agreement, arrangement or understanding, whether written or oral, to compensate any person for his or her service
as a director of Company with any cash, securities (including any rights or options convertible into or exercisable for or exchangeable
into securities or any profit sharing agreement or arrangement) or other form of compensation directly or indirectly related to
Company or its securities;

 

(o)       other
than with other Restricted Persons, enter into any negotiations, agreements (whether written or oral), arrangements or understandings
with, or advise, finance, assist or encourage, any Third Party to take any action that the Restricted Persons are prohibited from
taking pursuant to this Agreement;

 

    	-6-

    	 

    

 

(p)       acquire,
offer, agree or propose to acquire, whether by purchase, tender or exchange offer, through the acquisition of control of another
Person, by joining a partnership, limited partnership, syndicate or other group (including a “group” as defined pursuant
to Section 13(d) of the Exchange Act), through swap or hedging transactions, or otherwise, or direct any Third Party in the acquisition
of, any securities of Company or any rights decoupled from the underlying securities of Company that would result in the Alta
Fox Group in the aggregate owning, controlling or otherwise having any beneficial or other ownership interest of more than 9.9
percent of the then-outstanding Voting Securities (including, for purpose of this calculation, all Voting Securities that such
member of the Alta Fox Group has the right to acquire pursuant to the exercise of any rights in connection with any securities
or any agreement, regardless of when such rights may be exercised and whether they are conditional and including economic ownership
pursuant to a cash settled call option or other derivative security, contract or instrument primarily related to the price of
Voting Securities); or

 

(q)       other
than through open market broker sale transactions where the identity of the purchaser is not known and in underwritten widely
dispersed public offerings, sell, offer or agree to sell, through swap or hedging transactions or otherwise, the securities of
Company to any Third Party that, to the knowledge of any member of the Alta Fox Group (after due inquiry in connection with a
private, non-open market transaction, it being understood that such knowledge will be deemed to exist with respect to any publicly
available information, including information in documents filed with the SEC), would result in such Third Party, together with
its Affiliates and Associates, owning, controlling or otherwise having any beneficial or other ownership interest of more than
4.9 percent of the then-outstanding Voting Securities or that would increase the beneficial or other ownership interest of any
Third Party who, together with its Affiliates and Associates, has a beneficial or other ownership interest of more than 4.9 percent
of the then-outstanding Voting Securities (it being understood that the restrictions in this clause (q) will not apply to any
Third Party that is a Schedule 13G filer and is a mutual fund, pension fund, index fund or investment fund manager with no known
history of activism or known plans to engage in activism).

 

15.       Withdrawal
of Nominations. The Alta Fox Group agrees that automatically and without any additional action by any Party, upon the execution
of this Agreement by all of the Parties, Alta Fox Opportunities Fund LP will be deemed to have irrevocably withdrawn its nomination
of candidates for election as directors of Company set forth in its letter to Company dated June 18, 2020.

 

16.       Non-Disparagement
by Company. During the Restricted Period, Company will not, and will direct its directors, officers and employees not to,
make or cause to be made any statement that disparages, calls into disrepute, slanders, impugns, casts in a negative light or
otherwise damages the reputation of any member of the Alta Fox Group or any of their respective Affiliates, Associates, subsidiaries,
successors or assigns, or any of its or their respective current or former officers, directors, employees, stockholders, agents,
attorneys, advisors or representatives. This paragraph 16 will not restrict the ability of any Person to (a) comply with any subpoena
or other legal process or respond to a request for information from any governmental authority with jurisdiction over such Person;
or (b) enforce such Person’s rights pursuant to this Agreement.

 

    	-7-

    	 

    

 

17.       Compliance
with this Agreement. Alta Fox will cause the Restricted Persons to comply with the terms of this Agreement and will be responsible
for any breach of the terms of this Agreement by any Restricted Person (even if such Restricted Person is not a party to this
Agreement).

 

18.       Expense
Reimbursement. Within five Business Days of the receipt of appropriate documentation, Company will reimburse the Alta Fox
Group for its reasonable and documented out-of-pocket legal expenses (up to a maximum of $150,000) incurred by the Alta Fox Group
in connection with the negotiation and execution of this Agreement and related matters. Except as set forth in the preceding sentence,
all fees, costs and expenses incurred in connection with this Agreement will be paid by the Person incurring such fee, cost or
expense.

 

19.       Public
Disclosure.

 

(a)       Press
Release. No later than 5:30 p.m., Pacific time, on September 29, 2020, Company and Alta Fox will issue a joint press release
in the form attached as Exhibit A (the “Press Release”). Neither Company nor the members of the Alta Fox Group
will make any public statements with respect to the matters covered by this Agreement (including in the Schedule 13D (as defined
below) or in any other filing with the SEC, any other regulatory or governmental agency, any stock exchange or in any materials
that would reasonably be expected to be filed with the SEC) that are inconsistent with, or otherwise contrary to, the statements
in the Press Release.

 

(b)       Form
8-K. Company will promptly prepare and file (but not before the issuance of the Press Release) with the SEC a Current Report
on Form 8-K (the “Form 8-K”) reporting the entry into this Agreement. All disclosure in the Form 8-K will be
consistent with this Agreement. Company will provide Alta Fox and its counsel with a reasonable opportunity to review and comment
on the Form 8-K prior to filing, and will consider in good faith any changes proposed by Alta Fox or its counsel. The Form 8-K
will include this Agreement as an exhibit.

 

(c)       Amended
Schedule 13D. The Alta Fox Group will promptly prepare and file (but not before the issuance of the Press Release) with the
SEC an amendment to its Schedule 13D (the “Amended Schedule 13D”) with respect to Company reporting the entry
into this Agreement. All disclosure in the Amended Schedule 13D will be consistent with this Agreement. The Alta Fox Group will
provide Company and its counsel with reasonable opportunity to review and comment on the Amended Schedule 13D prior to filing,
and will consider in good faith any changes proposed by Company or its counsel. The Amended Schedule 13D will include this Agreement
as an exhibit.

 

    	-8-

    	 

    

 

20.       Definitions.
As used in this Agreement, the term (a) “Person” will be interpreted broadly to include, among others, any
individual, general or limited partnership, corporation, limited liability or unlimited liability company, joint venture, estate,
trust, group, association or other entity of any kind or structure; (b) “Affiliate” has the meaning set forth
in Rule 12b-2 promulgated under the Exchange Act and will include Persons who become Affiliates of any Person after the date of
this Agreement; (c) “Associate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act
and will include Persons who become Associates of any Person after the date of this Agreement, but will exclude any Person not
controlled by or under common control with the related Person; (d) “beneficially own,” “beneficially
owned” and “beneficial ownership” has the meaning set forth in Rule 13d-3 and Rule 13d-5(b)(1) promulgated
under the Exchange Act; (e) “Business Day” means any day other than a Saturday, Sunday or a day on which the
Federal Reserve Bank of San Francisco is closed; (f) “Net Long Shares” will be limited to the number of shares
of Company’s common stock that are beneficially owned by any Person that constitute such Person’s net long position
as defined in Rule 14e-4 promulgated under the Exchange Act (except that for purposes of such definition, the date that the tender
offer is first announced will instead refer to the date for determining or documenting such Person’s Net Long Shares and
the reference to the highest tender price will refer to the market price on such date) and, to the extent not covered by such
definition, reduced by any shares as to which such Person does not have the right to vote or direct the vote as of the date for
determining or documenting or as to which such Person has entered into a derivative or other agreement, arrangement or understanding
that hedges or transfers, in whole or in part, directly or indirectly, any of the economic consequences of ownership of such shares,
it being understood that whether shares constitute Net Long Shares will be decided by the Board in its reasonable determination;
(g) “Restricted Period” means the period from the date of this Agreement until 11:59 p.m., Pacific time, on
the day that is 30 days prior to the deadline for the submission of stockholder nominations of directors and business proposals
for Company’s 2021 Annual Meeting of Stockholders; (h) “Restricted Persons” means the members of the
Alta Fox Group and the principals, directors, general partners, officers, employees, agents and representatives of each member
of the Alta Fox Group; and (i) “Voting Securities” means the shares of Company’s common stock and any
other securities of Company entitled to vote in the election of directors, or securities convertible into, or exercisable or exchangeable
for, such shares or other securities, whether or not subject to the passage of time or other contingencies.

 

21.       Interpretations.
The words “include,” “includes” and “including” will be deemed to be followed by the words
“without limitation.” Unless the context requires otherwise, “or” is not exclusive. The definitions contained
in this Agreement are applicable to the singular as well as the plural forms of such terms. Any agreement, instrument, law, rule
or statute defined or referred to in this Agreement means, unless otherwise indicated, such agreement, instrument, law, rule or
statute as from time to time amended, modified or supplemented. The measure of a period of one month or year for purposes of this
Agreement will be the day of the following month or year corresponding to the starting date. If no corresponding date exists,
then the end date of such period being measured will be the next actual day of the following month or year (for example, one month
following February 18 is March 18 and one month following March 31 is May 1).

 

22.       Representations
of the Alta Fox Group. Each of the Alta Fox Signatories, severally and not jointly, represents that (a) its authorized signatory
set forth on the signature page to this Agreement has the power and authority to execute this Agreement and any other documents
or agreements to be entered into in connection with this Agreement and to bind such member; (b) this Agreement has been duly authorized,
executed and delivered by it and is a valid and binding obligation of such member, enforceable against it in accordance with its
terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles; (c) this Agreement
does not and will not violate any law, any order of any court or other agency of government, its organizational documents or any
provision of any agreement or other instrument to which it or any of its properties or assets is bound, or conflict with, result
in a material breach of or constitute (with due notice or lapse of time or both) a default under any such agreement or other instrument
to which Alta Fox or any of the Alta Fox Signatories are bound, or result in the creation or imposition of, or give rise to, any
material lien, charge, restriction, claim, encumbrance or adverse penalty of any nature whatsoever; and (d) as of the date of
this Agreement, it has not, and no other member of the Alta Fox Group has, directly or indirectly, compensated or entered into
any agreement, arrangement or understanding to compensate any person for his or her service as a director of Company with any
cash, securities (including any rights or options convertible into or exercisable for or exchangeable into securities or any profit
sharing agreement or arrangement) or other form of compensation directly or indirectly related to Company or its securities. Alta
Fox represents that as of the date of this Agreement, the Alta Fox Group is the beneficial owner of an aggregate of 496,945 shares
of Company’s common stock.

 

    	-9-

    	 

    

 

23.       Representations
of Company. Company represents that this Agreement (a) has been duly authorized, executed and delivered by it and is a valid
and binding obligation of Company, enforceable against Company in accordance with its terms, except as enforcement thereof may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting
the rights of creditors and subject to general equity principles; (b) does not require the approval of the stockholders of Company;
and (c) does not and will not violate any law, any order of any court or other agency of government, Company’s certificate
of incorporation or bylaws, each as amended from time to time, or any provision of any agreement or other instrument to which
Company or any of its properties or assets is bound, or conflict with, result in a material breach of or constitute (with due
notice or lapse of time or both) a default under any such agreement or other instrument to which Company is bound, or result in
the creation or imposition of, or give rise to, any material lien, charge, restriction, claim, encumbrance or adverse penalty
of any nature whatsoever.

 

24.       Specific
Performance. Each Party acknowledges and agrees that money damages would not be a sufficient remedy for any breach (or threatened
breach) of this Agreement by it and that, in the event of any breach or threatened breach of this Agreement, (a) the Party seeking
specific performance will be entitled to injunctive and other equitable relief, without proof of actual damages; (b) the Party
against whom specific performance is sought will not plead in defense that there would be an adequate remedy at law; and (c) the
Party against whom specific performance is sought agrees to waive any applicable right or requirement that a bond be posted. Such
remedies will not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other remedies available
at law or in equity.

 

25.       Entire
Agreement; Binding Nature; Assignment; Waiver. This Agreement constitutes the only agreement between the Parties with respect
to the subject matter of this Agreement and it supersedes all prior agreements, understandings, negotiations and discussions,
whether oral or written. This Agreement binds, and will inure to the benefit of, the Parties and their respective successors and
permitted assigns. No Party may assign or otherwise transfer either this Agreement or any of its rights, interests, or obligations
under this Agreement without the prior written approval of the other Party. Any purported transfer requiring consent without such
consent is void. No amendment, modification, supplement or waiver of any provision of this Agreement will be effective unless
it is in writing and signed by the affected Party, and then only in the specific instance and for the specific purpose stated
in such writing. Any waiver by any Party of a breach of any provision of this Agreement will not operate as or be construed to
be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a
Party to insist upon strict adherence to any term of this Agreement on one or more occasions will not be considered a waiver or
deprive that Party of the right to insist upon strict adherence to that term or any other term of this Agreement in the future.

 

    	-10-

    	 

    

 

26.       Severability.
If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, then the other provisions
of this Agreement will remain in full force and effect. Any provision of this Agreement that is held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable, and this Agreement
will otherwise be construed so as to effectuate the original intention of the Parties reflected in this Agreement. The Parties
further agree to replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that
will achieve, to the extent possible, the purposes of such invalid or unenforceable provision.

 

27.       Governing
Law; Forum. This Agreement is governed by and will be construed in accordance with the laws of the State of Delaware. Each
of the Parties (a) irrevocably and unconditionally consents to the exclusive personal jurisdiction and venue of the Court of Chancery
of the State of Delaware and any appellate court thereof (unless the federal courts have exclusive jurisdiction over the matter,
in which case the United States District Court for the District of Delaware and any appellate court thereof will have exclusive
personal jurisdiction); (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request
for leave from any such court; (c) agrees that it will not bring any action relating to this Agreement or otherwise in any court
other than the such courts; and (d) waives any claim of improper venue or any claim that those courts are an inconvenient forum.
The Parties agree that mailing of process or other papers in connection with any such action or proceeding in the manner provided
in paragraph 30 or in such other manner as may be permitted by applicable law, will be valid and sufficient service thereof.

 

28.       Waiver
of Jury Trial. EACH OF THE PARTIES, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVES ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR ANY COURSE OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF ANY OF THEM. No Party will
seek to consolidate, by counterclaim or otherwise, any action in which a jury trial has been waived with any other action in which
a jury trial cannot be or has not been waived.

 

29.       Third
Party Beneficiaries. This Agreement is solely for the benefit of the Parties and is not enforceable by any other Person.

 

30.       Notices.
All notices and other communications under this Agreement must be in writing and will be deemed to have been duly delivered and
received (a) four Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid; (b)
one Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable nationwide overnight courier service;
(c) immediately upon delivery by hand; or (d) on the date sent by email (except that notice given by email will not be effective
unless either (i) a duplicate copy of such email notice is promptly given by one of the other methods described in this paragraph
30 or (ii) the receiving Party delivers a written confirmation of receipt of such notice either by email or any other method described
in this paragraph 30 (excluding “out of office” or other automated replies)). The addresses for such communications
are as follows. At any time, any Party may, by notice given to the other Parties in accordance with this paragraph 30, provide
updated information for notices pursuant to this Agreement.

 

    	-11-

    	 

    

 

	 	If
    to Company:
	 	 
	 	 	Collectors
    Universe, Inc.
	 	 	1610
    E. St. Andrew Place, Suite 150
	 	 	Santa
    Ana, CA 92705
	 	 	Attn:	Joe
    Orlando, President and Chief Executive Officer
	 	 	Email:	joe@collectors.com  
	 	 
	 	 	with a copy (which will not constitute notice) to:
	 	 
	 	 	Wilson
    Sonsini Goodrich & Rosati
	 	 	Professional
    Corporation
	 	 	650
    Page Mill Road
	 	 	Palo
    Alto, CA 94063
	 	 	Attn:	David
    J. Berger
	 	 	 	Douglas
    K. Schnell
	 	 	Email:	dberger@wsgr.com,
    dschnell@wsgr.com
	 	 
	 	If
    to the Alta Fox Group:
	 	 
	 	 	Alta
    Fox Capital Management LLC
	 	 	640
    Taylor Street, Suite 2522
	 	 	Fort
    Worth, TX 76102
	 	 	Attn:	Connor
    Haley
	 	 	Email:	connor@altafoxcapital.com
	 	 	 
	 	 	with
    a copy (which will not constitute notice) to:
	 	 	 
	 	 	Olshan
    Frome Wolosky LLP
	 	 	1325
    Avenue of the Americas
	 	 	New
    York, NY 10019
	 	 	Attn:	Andrew
    Freedman
	 	 	Email:	afreedman@olshanlaw.com

 

31.       Representation
by Counsel. Each of the Parties acknowledges that it has been represented by counsel of its choice throughout all negotiations
that have preceded the execution of this Agreement, and that it has executed this Agreement with the advice of such counsel. Each
Party and its counsel cooperated and participated in the drafting and preparation of this Agreement, and any and all drafts of
this Agreement exchanged among the Parties will be deemed the work product of all of the Parties and may not be construed against
any Party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation
of any ambiguities in this Agreement against any Party that drafted or prepared it is of no application and is expressly waived
by each of the Parties, and any controversy over interpretations of this Agreement will be decided without regard to events of
drafting or preparation.

 

    	-12-

    	 

    

 

32.       Counterparts.
This Agreement and any amendments to this Agreement may be executed in one or more textually-identical counterparts, all of which
will be considered one and the same agreement and will become effective when one or more counterparts have been signed by each
of the Parties and delivered to the other Parties, it being understood that all Parties need not sign the same counterpart. Any
such counterpart, to the extent delivered by fax or .pdf, .tif, .gif, .jpg or similar attachment to electronic mail (any such
delivery, an “Electronic Delivery”), will be treated in all manner and respects as an original executed counterpart
and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.
No Party may raise the use of an Electronic Delivery to deliver a signature, or the fact that any signature or agreement or instrument
was transmitted or communicated through the use of an Electronic Delivery, as a defense to the formation of a contract, and each
Party forever waives any such defense, except to the extent that such defense relates to lack of authenticity.

 

33.       Headings.
The headings set forth in this Agreement are for convenience of reference purposes only and will not affect or be deemed to affect
in any way the meaning or interpretation of this Agreement or any term or provision of this Agreement.

 

[Signature
page follows.]

 

    	-13-

    	 

    

 

	 	Very truly yours,
	 	 
	 	COLLECTORS UNIVERSE, INC.
	 	 
	 	By:	/s/ Joseph Orlando
	 	 	Name:
       Joseph Orlando
	 	 	Title:      CEO
	 	 	 
	ACCEPTED AND AGREED	 	 
	as of the date written above:	 	 
	 	 	 
	ALTA FOX OPPORTUNITIES FUND, LP	 	 
	 	 	 
	By:	Alta Fox GenPar, LP,	 	 
	 	its general partner	 	 
	 	 	 
	By:	/s/ P.
    Connor Haley	 	 
	 	Name:	P.
    Connor Haley	 	 
	 	Title:	Authorized
    Signatory	 	 
	 	 	 
	ALTA FOX SPV 1, LP	 	 
	 	 	 
	By:	Alta Fox GenPar, LP,	 	 
	 	its general partner	 	 
	 	 	 	 	 
	By:	/s/ P.
    Connor Haley	 	 
	 	Name:	P.
    Connor Haley	 	 
	 	Title:	Authorized
    Signatory	 	 
	 	 	 	 	 
	ALTA FOX GENPAR, LP	 	 
	 	 	 	 	 
	By:	Alta Fox Equity, LLC,	 	 
	 	its general partner	 	 
	 	 	 	 	 
	By:	/s/ P.
    Connor Haley	 	 
	 	Name:	P.
    Connor Haley	 	 
	 	Title:	Authorized
    Signatory	 	 

 

[Signature
Page to Letter Agreement]

 

    	 

    	 

    

 

 

	ALTA FOX EQUITY, LLC	 	               
	 	 	 
	By:	P. Connor Haley,	 	 
	 	its manager	 	 
	 	 	 
	By:	/s/ P.
    Connor Haley	 	 
	 	Name:	P.
    Connor Haley	 	 
	 	Title:	Authorized
    Signatory	 	 
	 	 	 
	ALTA FOX CAPITAL MANAGEMENT, LLC	 	 
	 	 	 
	By:	P. Connor Haley,	 	 
	 	its manager	 	 
	 	 	 
	By:	/s/ P.
    Connor Haley	 	 
	 	Name:	P.
    Connor Haley	 	 
	 	Title:	Authorized
    Signatory	 	 
	 	 	 	 	 
	P. CONNOR HALEY	 	 
	 	 	 	 	 
	/s/ P.
    Connor Haley	 	 

 

[Signature
Page to Letter Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

Form
of Press Release

 

[see
attached]EX-4.3

 Exhibit 4.3 

DATED SEPTEMBER 29, 2020 

 
 ISSUER 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

PAYING AGENT 

ELAVON FINANCIAL SERVICES DAC 

TRANSFER AGENT 
 U.S.
BANK NATIONAL ASSOCIATION 
 REGISTRAR 

U.S. BANK NATIONAL ASSOCIATION 

- AND - 

TRUSTEE 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

AGENCY AGREEMENT 

relating to certain Notes issued under 

a supplemental indenture dated September 29, 2020 

 CONTENTS 
  

							
	CLAUSE	 	 	  	PAGE	 
	 1.
	 	INTERPRETATION	  	 	2	 
			
	 2.
	 	APPOINTMENT OF THE REGISTRAR	  	 	2	 
			
	 3.
	 	APPOINTMENT OF THE TRANSFER AGENT	  	 	2	 
			
	 4.
	 	APPOINTMENT OF PAYING AGENT	  	 	2	 
			
	 5.
	 	[RESERVED]	  	 	3	 
			
	 6.
	 	[RESERVED]	  	 	3	 
			
	 7.
	 	PAYMENT	  	 	3	 
			
	 8.
	 	REPAYMENT	  	 	4	 
			
	 9.
	 	PREPAYMENT; NOTICE OF WITHHOLDING OR DEDUCTION	  	 	4	 
			
	 10.
	 	RECORDS	  	 	4	 
			
	 11.
	 	FEES AND EXPENSES	  	 	5	 
			
	 12.
	 	INDEMNITY	  	 	5	 
			
	 13.
	 	CONDITIONS OF APPOINTMENT	  	 	5	 
			
	 14.
	 	CHANGES IN PAYING AGENT OR REGISTRAR AND SPECIFIED OFFICES	  	 	8	 
			
	 15.
	 	NOTICES	  	 	9	 
			
	 16.
	 	COMMUNICATIONS	  	 	9	 
			
	 17.
	 	AMENDMENTS	  	 	10	 
			
	 18.
	 	TAXES	  	 	11	 
			
	 19.
	 	REGULATORY MATTERS	  	 	11	 
			
	 20.
	 	GOVERNING LAW AND JURISDICTION	  	 	12	 
			
	 21.
	 	COUNTERPARTS	  	 	13	 
		
	 APPENDIX 1
	  			

  

  
 ii 

 THIS AGREEMENT is made on September 29, 2020. 

BETWEEN: 
  

	 	(1)	 MEDTRONIC GLOBAL HOLDINGS S.C.A. a corporate partnership limited by shares (société en
commandite par actions) incorporated under the laws of the Grand Duchy of Luxembourg, with its registered office at 40, Avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg and registered with the
Luxembourg Register of Commerce and Companies (Registre de Commerce et des Sociétés, Luxembourg) (“RCS”) under number B 191.129 (the “Issuer”), acting through its general partner, Medtronic
Global Holdings GP S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered
office at 40, Avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number B 191.031; 

 

	 	(2)	 ELAVON FINANCIAL SERVICES DAC, a designated activity company registered in Ireland with the Companies
Registration Office, registered number 418442, with its registered office at, Building 8, Cherrywood Business Park, Loughlinstown, Co. Dublin, Ireland, as Paying Agent (the “Paying Agent” which expression shall include any successor
paying agent appointed in accordance with this Agreement); 

  

	 	(3)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with its office for purposes of administration of the transactions contemplated by the Notes to be issued under the Indenture (each as defined below) at One Federal Street, 3rd
Floor, Boston, MA 02110, as Transfer Agent (the “Transfer Agent” which expression shall include any successor transfer agent appointed in accordance with this Agreement); 

 

	 	(4)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with its office for purposes of administration of the transactions contemplated by the Notes to be issued under the Indenture (each as defined below) at One Federal Street, 3rd
Floor, Boston, MA 02110 as Registrar (the “Registrar” which expression shall include any successor registrar appointed in accordance with this Agreement); and 

 

	 	(5)	 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association duly organized under the laws of the
United States of America with its office at 600 South 4th Street, 6th Floor, Minneapolis, Minnesota, as Trustee (the “Trustee”). 

WHEREAS: 
  

	 	(A)	 The Issuer has agreed to issue €1,250,000,000 aggregate principal amount of its 0.000% Senior Notes due
2023 (the “2023 Notes”),€1,000,000,000 aggregate principal amount of its 0.000% Senior Notes due 2025 (the “2025 Notes”), €1,000,000,000 aggregate principal amount of its 0.375% Senior Notes
due 2028 (the “2028 Notes”), €1,000,000,000 aggregate principal amount of its 0.750% Senior Notes due 2032 (the “2032 Notes”), €1,000,000,000 aggregate principal amount of its 1.375% Senior
Notes due 2040 (the “2040 Notes”) and €1,000,000,000 aggregate principal amount of its 1.625% Senior Notes due 2050 (the “2050 Notes”, and together with the 2023 Notes, 2025 Notes, the 2028 Notes,
the 2032 Notes and the 2040 Notes, the “Notes”). 

  

	 	(B)	 The Notes are to be constituted by an Indenture dated as of March 28, 2017 (the “Base
Indenture”), among the Issuer, Medtronic, Inc. and Medtronic plc as guarantors (the “Guarantors”), and the Trustee, as supplemented by the Fourth Supplemental Indenture dated as of September 29, 2020 among the
Issuer, the Guarantors, the Trustee and the Paying Agent (the “Fourth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), as set out in Appendix 1. 

  
 1 

	 	(C)	 The Issuer hereby appoints the Paying Agent, the Transfer Agent and the Registrar in accordance with the terms
of this Agreement and the Indenture. 

 IT IS AGREED: 

 

	1.	 INTERPRETATION 

 

	1.1	 Unless the context otherwise requires: 

 

	1.2	 References in this Agreement to the payment of principal or interest in respect of any Note shall be deemed to
include any additional amounts which may become payable in respect thereof pursuant to the Notes and the Indenture. 

  

	1.3	 All references in this Agreement to an agreement, instrument or other document (including this Agreement, the
Indenture and the Notes) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied, supplemented or novated from time to time. 

 

	1.4	 Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties
to this Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever. 

 

	2.	 APPOINTMENT OF THE REGISTRAR

  

	2.1	 The Issuer hereby appoints the Registrar, and the Registrar hereby agrees to act at its specified office as
registrar in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

 

	2.2	 On the date of this Agreement, the Registrar shall provide to the Paying Agent a complete and correct copy of
the register maintained by the Registrar in respect of the holders of Notes and the outstanding principal amount of Notes held by each holder of Notes. 

  

	2.3	 The Registrar shall from time to time provide to the Paying Agent a complete and correct copy of the register
of Notes maintained by it as soon as reasonably practicable following any transfer or exchange of any Notes, and promptly on request therefor by the Paying Agent. 

 

	2.4	 The Paying Agent shall be entitled to treat as conclusive the most recent copy of the register provided to it
by the Registrar in accordance with this Agreement. 

  

	3.	 APPOINTMENT OF THE TRANSFER
AGENT 

  

	3.1	 The Transfer Agent is hereby appointed as the agent of the Issuer, to act as Transfer Agent for the purposes
specified in this Agreement, the Indenture and the Notes, including, inter alia, completing, authenticating, holding and delivering Notes, upon the terms and subject to the conditions specified herein, the Indenture and in the Notes, and the
Transfer Agent hereby accepts such appointment. 

  

	4.	 APPOINTMENT OF PAYING AGENT 

  

	4.1	 The Issuer hereby appoints the Paying Agent, and the Paying Agent hereby agrees, to act at its specified office
as paying agent in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

  
 2 

	4.2	 The Paying Agent is appointed hereunder for the purposes of: 

 

	 	(a)	 paying sums due on the Notes referred to in the Fourth Supplemental Indenture; and 

 

	 	(b)	 otherwise fulfilling its duties and obligations as set out in this Agreement and the Indenture.

  

	5.	 [RESERVED.]  

 

	6.	 [RESERVED.] 

 

	7.	 PAYMENT 

Subject always to the Indenture and, in particular, any restrictions on the Issuer following delivery of a notice of an Event of Default: 

 

	 	(a)	 The Issuer shall, not later than 11.00 am (London time) on each due date for the payment of principal
and/or interest and/or other amounts referred to in Articles 2 or 3 of the Fourth Supplemental Indenture in respect of the Notes, pay to an account specified by the Paying Agent such amount of Euros sufficient (together with any funds then held by
the Paying Agent and available for the purpose) to pay all principal and interest and/or other amounts referred to in Articles 2 or 3 of the Fourth Supplemental Indenture due in respect of the Notes on such date in immediately available funds;
provided that if any such date is not a Business Day such payment shall be made on the next succeeding date which is a Business Day. As used in this Agreement, “Business Day” shall have
the meaning as set forth in the Notes. 

  

	 	(b)	 The Issuer hereby authorises and directs the Paying Agent to make from funds so paid to the Paying Agent
payment of all amounts due on the Notes in accordance with the terms of the Notes, the Indenture and the provisions of this Agreement. If any payment provided for in clause 7(a) is made late but otherwise in accordance with the provisions of this
Agreement, the Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by the Paying Agent of such payment. 

  

	 	(c)	 The Paying Agent shall forthwith notify the Issuer and the Trustee if: (a) it has not, on the date on
which any payment is due to be made to the Paying Agent pursuant to clause 7(a), received the full amount payable in respect thereof on such date and (b) it receives unconditionally such full amount, together with accrued interest (if any),
after that date. Unless and until the full amount of any such principal or interest payment due to be made to the Paying Agent pursuant to clause 7(a) has been received by it, the Paying Agent will not be bound to make any payments in accordance
with clause 7(b). 

  

	 	(d)	 Without prejudice to clause 7(c), if the Paying Agent pays out on or after the due date therefor (other
than as a result of its own gross negligence or wilful misconduct) to persons entitled thereto, or becomes liable to pay out, any amounts on the assumption (which is not negated by reasonable evidence to the contrary) that the corresponding payment
due from the Issuer in accordance with clause 7(a) has been or will be made, the Issuer shall on demand reimburse the Paying Agent for the relevant amount, and pay interest to the Paying Agent on such amount from (and including) the date on which it
is paid out to (but excluding) the date of reimbursement at the rate per annum equal to the cost to the Paying Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a rate per annum. 

  
 3 

	 	(e)	 Payment of only part of the amount payable in respect of a Note may only be made at the discretion of the
relevant Noteholder(s) (except as the result of a withholding or deduction for or on account of any taxes permitted by the Indenture). If at any time the Paying Agent makes a partial payment in respect of any Note presented to it, it shall inform
the Registrar of the same such that the Registrar may record the same on the register of Notes. 

  

	8.	 REPAYMENT 

Any sums paid by, or by arrangement with the Issuer to the Paying Agent pursuant to the terms of this Agreement shall not be required to be
repaid to the Issuer unless and until the Notes in respect of which such sums were paid shall have been purchased or redeemed by the Issuer or any other subsidiary of the Issuer and cancelled, but in any of these events the Paying Agent shall
(provided that all other amounts due under this Agreement shall have been duly paid) upon written request by the Issuer forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been payable on the relevant Notes
together with any fees previously paid to the Paying Agent in respect of such Notes for services that were not ultimately rendered. Notwithstanding the foregoing, the Paying Agent shall not be obliged to make any repayment to the Issuer so long as
any amounts which under this Agreement should have been paid to or to the order of the Paying Agent by the Issuer shall remain unpaid. The Paying Agent shall not, however, be otherwise required or entitled to repay any sums properly received by it
under this Agreement. 
  

	9.	 PREPAYMENT; NOTICE OF WITHHOLDING
OR DEDUCTION 

  

	9.1	 The Issuer shall provide to the Paying Agent a copy of all notices of prepayment delivered under the Indenture
in respect of the Notes that it serves on the holders of the Notes including, without limitation, details of the date(s) on which such prepayments in respect of the Notes are to be made, all amounts required to be paid by the Issuer in respect
thereof in accordance with the Indenture and the manner in which such prepayment will be effected. 

  

	9.2	 If: 

  

	 	(a)	 the Issuer, in respect of any payment; or 

 

	 	(b)	 the Paying Agent, in respect of any payment of principal of or any premium or interest on the Notes,

 is required to withhold or deduct any amount for or on account of Tax, 

 

	 	(c)	 the Issuer shall give notice thereof to the Paying Agent and the Trustee as soon as it becomes aware of such
requirement and shall give to the Paying Agent such information as the Paying Agent requires to enable it to make such deduction or withholding; and 

  

	 	(d)	 except where such requirement arises as a result of prepayment of the Notes in accordance with the Indenture or
by virtue of the relevant holder failing to satisfy any certification or other requirement in respect of its Notes, the Paying Agent shall give notice thereof to the Issuer and the Trustee as soon as it becomes aware of the requirement to withhold
or deduct. 

  

	10.	 RECORDS 

The Paying Agent shall: 
  

	 	(a)	 keep a full and complete record of all payments made by it in respect of the Notes; and 

  
 4 

	 	(b)	 make such records available at all reasonable times to the Issuer and any persons authorised by it, and the
Trustee for inspection and for the taking of copies thereof. 

  

	11.	 FEES AND EXPENSES 

 

	11.1	 The Issuer will pay to the Paying Agent, Transfer Agent and Registrar such fees and expenses in respect of the
Paying Agent, Transfer Agent and Registrar’s services under this Agreement as agreed to in the fee letter dated September 14, 2020 from the Paying Agent, Transfer Agent and Registrar to, and countersigned by, the Issuer.

  

	11.2	 The Issuer will also pay on demand, against presentation of such invoices and receipts as it may reasonably
require, all out-of-pocket expenses (including necessary advertising, facsimile and telex transmission, postage and insurance expenses and, subject to prior approval by
the Issuer as set forth below, the fees and expenses of legal advisers) properly incurred by the Paying Agent, Transfer Agent and Registrar in connection with the services under this Agreement, together with any applicable value added tax or similar
tax properly chargeable thereon. Payment by the Issuer to the Paying Agent, Transfer Agent, and Registrar of such properly-incurred out-of-pocket expenses shall be a
good discharge of the obligations of the Issuer in respect thereof. Where the advice of legal counsel is sought by the Paying Agent, Transfer Agent or Registrar, the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in
advance. 

  

	12.	 INDEMNITY  

 

	12.1	 The Issuer undertakes to indemnify and hold harmless, the Paying Agent, Transfer Agent, Registrar and each of
its respective directors, officers, employees or agents (each an “Indemnified Party”) on demand by such Indemnified Party against any losses, liabilities, costs, fees, expenses, claims, actions, damages or demands (including, but
not limited to, all reasonable costs, charges and expenses paid or incurred in disputing or defending the foregoing and the properly incurred fees and expenses of legal advisers) which such Indemnified Party may incur or which may be made against
it, as a result of or in connection with the appointment or the exercise of or performance of its powers and duties under this Agreement, except such as may result from its own gross negligence, wilful misconduct or fraud or that of its directors,
officers, employees or agents. 

  

	12.2	 The indemnity contained in clause 12.1 above shall survive the termination and expiry of this Agreement.

  

	13.	 CONDITIONS OF APPOINTMENT

  

	13.1	 The Paying Agent shall (a) hold all sums received from the Issuer in accordance with this Agreement and
the Indenture for payment of principal of or any premium or interest on the Notes in trust for the benefit of persons entitled thereto until such sums shall be paid to such persons or otherwise disposed of as provided in this Agreement and the
Indenture provided that the Paying Agent may use such money as a banker in the ordinary course of business and without accounting for profits; (b) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the
making of any payment of principal of or premium or interest on the Notes; and (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held by it in trust for
payment in respect of the Notes. 

  

	13.2	 No monies held by the Paying Agent need be segregated except as required by law. 

 

	13.3	 In acting under this Agreement and in connection with the Notes, the Paying Agent, Transfer Agent and Registrar
shall act solely as agent of the Issuer and, save solely in respect of its obligations under clause 13.1 hereof, shall not have any obligations towards or relationship of agency or trust with any of the holders of the Notes or the Trustee.

  
 5 

	13.4	 The Paying Agent, Transfer Agent and Registrar shall be obliged to perform such duties and only such duties as
are specifically set out in this Agreement. No implied duties or obligations shall be read into such document. The Paying Agent, Transfer Agent and Registrar shall not be obliged to perform any duties additional to or different from such duties
resulting from any modification or supplement after the date hereof to any relevant documents (including, without limitation, the Indenture), unless it shall have previously agreed to perform such duties. The Paying Agent, Transfer Agent and
Registrar shall not be under any obligation to take any action hereunder which either party expects, and has thus notified the Issuer in writing, will result in any expense or liability of such Paying Agent, Transfer Agent or Registrar, the payment
of which within a reasonable time is not, in its opinion, assured to it. 

  

	13.5	 Except as ordered by a court of competent jurisdiction or as required by law, the Paying Agent shall be
entitled to treat the holder of any Note (as evidenced by the register of Notes maintained by the Registrar) as the absolute owner thereof for all purposes (whether or not it is overdue and notwithstanding any notice to the contrary or any notice of
ownership, trust or any interest in it, any writing on it, or its theft or loss) and shall not be required to obtain any proof thereof or as to the identity of the bearer or holder. 

 

	13.6	 The Paying Agent, Transfer Agent and Registrar may consult with any legal or other professional advisers (who
may be an employee of or legal adviser to the Issuer) selected by it, at the cost of the Issuer, provided that the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance, and the opinion of such advisers shall be
full and complete protection in respect of any action taken, omitted or suffered hereunder in accordance with the written opinion of such advisers. 

  

	13.7	 The Paying Agent, Transfer Agent and Registrar shall be protected and shall incur no liability for or in
respect of any action taken, suffered or omitted by it in reliance upon any instruction, request or order from the Issuer or upon any Note, notice, resolution, direction, consent, certificate, affidavit, statement, telex, facsimile transmission or
other document or information from any electronic or other source reasonably believed by it to be genuine and to have been signed or otherwise given or disseminated by the proper party or parties, even if it is subsequently found not to be genuine
or to be incorrect. 

  

	13.8	 The Paying Agent, Transfer Agent and Registrar, whether acting for itself or in any other capacity, will not be
precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Note or any shares or other securities of the Issuer or any of its subsidiaries, holding or associated companies (each a “Connected
Company”), with the same rights as it would have had if it were not acting as Paying Agent or from entering into or being interested in any contracts or transactions with any Connected Company or from acting on, or as depositary, trustee or
agent for, any committee or body of holders of any securities of any Connected Company and will not be liable to account for any profit. 

  

	13.9	 The Paying Agent shall not be required to make any payments to any holder of a Note if under any laws or
regulations affecting the Paying Agent, such payment is not permitted. In the event of any such laws or regulations affecting the Paying Agent coming to the attention of the Paying Agent it shall forthwith notify the Issuer and the Trustee.

  

	13.10	 The Issuer shall do or cause to be done all such acts, matters and things and shall make available all such
documents as shall be necessary or desirable to enable the Paying Agent, Transfer Agent and Registrar to fully comply with and carry out its respective duties and obligations hereunder. 

  
 6 

	13.11	 In no event shall the Paying Agent, Transfer Agent or Registrar or any of its affiliates or any of their
respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”) have any liability for damages of any kind, including, without limitation, direct or indirect, special, incidental or
consequential damages, losses or expenses (whether in tort, contract or otherwise), except to the extent the liability of the Paying Agent, Transfer Agent or Registrar is found in a final non-appealable
judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence, wilful misconduct or fraud of the Paying Agent, Transfer Agent or Registrar or their Agent Parties. 

 

	13.12	 Notwithstanding anything contained in this Agreement to the contrary, the Paying Agent, Transfer Agent and the
Registrar shall not incur any liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control including, without limitation, (i) any governmental activity (whether de jure or de facto),
act of authority (whether lawful or unlawful), compliance with any governmental or regulatory order, rule, regulation or direction, curfew restriction, expropriation, compulsory acquisition, seizure, requisition, nationalisation or the imposition of
currency or currency control restrictions; (ii) any failure of or the effect of rules or operations of any funds transfer, settlement or clearing system, interruption, loss or malfunction of utilities, communications or computer services or the
payment or repayment of any cash or sums arising from the application of any law or regulation in effect now or in the future, or from the occurrence of any event in the country in which such cash is held which may affect, limit, prohibit or prevent
the transferability, convertibility, availability, payment or repayment of any cash or sums until such time as such law, regulation or event shall no longer affect, limit, prohibit or prevent such transferability, convertibility, availability,
payment or repayment (and in no event, other than as provided in the Notes, shall the Paying Agent be obliged to substitute another currency for a currency whose transferability, convertibility or availability has been affected, limited, prohibited
or prevented by such law, regulation or event or be obliged to pay any penalty interest); (iii) any strike or work stoppage, go slow, occupation of premises, other industrial action or dispute or any breach of contract by any essential personnel;
(iv) any equipment or transmission failure or failure of applicable banking or financial systems; (v) any war, armed conflict including but not limited to hostile attack, hostilities, or acts of a foreign enemy; (vi) any riot,
insurrection, civil commotion or disorder, mob violence or act of civil disobedience; (vii) any act of terrorism or sabotage; (viii) any explosion, fire, destruction of machines, equipment or any kind of installation, prolonged breakdown
of transport, radioactive contamination, nuclear fusion or fission or electric current; (ix) any epidemic, natural disaster (such as but not limited to violent storm, hurricane, blizzard, earthquake, landslide, tidal wave, flood, damage or
destruction by lightning, or drought); or (x) any other act of God. 

  

	13.13	 Pursuant to and in accordance with the procedures set forth in Article 13 of the Base Indenture (i) the
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Paying Agent; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money and
(ii) any money deposited with the Paying Agent in trust for the payment of the principal of or any premium or interest on the Notes remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be
paid to the Issuer on the Issuer’s request and all liability of the Paying Agent with respect to such trust money shall thereupon cease. 

  
 7 

	14.	 CHANGES IN PAYING AGENT, OR
REGISTRAR AND SPECIFIED OFFICES  

  

	14.1	 The Issuer may at any time vary or terminate the appointment of the Paying Agent, Transfer Agent or the
Registrar and appoint additional or other paying agents or registrars. 

 Any variation or termination shall be made by
giving to the Paying Agent, Transfer Agent or Registrar and (if different) to the paying agent, transfer agent or registrar whose appointment is to be varied terminated not less than 60 days’ written notice to that effect, which notice shall
expire not less than 30 days before or after any due date for any payment in respect of Notes. 
  

	14.2	 Subject to clause 14.1, the Paying Agent, Transfer Agent or Registrar may resign its appointment hereunder at
any time by giving to the Issuer not less than 60 days’ written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes. 

 

	14.3	 Notwithstanding clauses 14.1 and 14.2 no such termination of the appointment of, or resignation by, the Paying
Agent, Transfer Agent or Registrar shall take effect until a successor has been appointed on terms approved by the Issuer or the Issuer has otherwise approved such resignation without a successor being appointed. 

 

	14.4	 Notwithstanding any other provisions of clause 14.1, the appointment of the Paying Agent, Transfer Agent
or Registrar shall forthwith terminate if at any time such Paying Agent, Transfer Agent or Registrar becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the
benefit of its creditors or consents to the appointment of a receiver, administrator or other similar official of it or of all or any substantial part of its property or admits in writing its inability to pay or meet its debts as they mature or
suspends payment thereof, or if a resolution is passed or an order made for its winding up or dissolution, or if a receiver, administrator or other similar official of it or of all or any substantial part of its property is appointed, or if any
order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer takes charge or control of such Paying Agent, Transfer Agent or Registrar or
its property or affairs for the purpose of rehabilitation, conservation, administration or liquidation or there occurs any analogous event under any applicable law. 

 

	14.5	 On the date on which any such termination or resignation takes effect, the Paying Agent, Transfer Agent or
Registrar shall (i) pay to or to the order of its successor (or, if none, the Issuer) any amounts held by it in respect of the Notes which have become due and payable but which have not been presented for payment; and (ii) deliver to its
successor (or, if none, the Issuer or as the Issuer may direct) all records maintained by it, pursuant hereto. Following such termination or resignation and pending such payment and delivery, the Paying Agent, Transfer Agent or Registrar shall hold
such amounts, records and documents in trust for and subject to the order of its successor or, as the case may be, the Issuer. 

  

	14.6	 Any corporation into which any Paying Agent, Transfer Agent or Registrar may be merged or converted or any
corporation with which such Paying Agent, Transfer Agent or Registrar may be consolidated or any corporation resulting from any merger, conversion or consolidation to which such Paying Agent, Transfer Agent or Registrar shall be a party, or any
corporation, including affiliated corporations, to which the Paying Agent, Transfer Agent or Registrar shall sell or otherwise transfer: (a) all or substantially all of its assets or (b) all or substantially all of its corporate trust
business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, be the successor Paying Agent, Transfer Agent or Registrar under this Agreement without any
further formality, and after such effective date all references in this Agreement to such Paying Agent, Transfer Agent or Registrar shall be deemed to be references to such corporation. Notice of any such merger, conversion, consolidation or
transfer shall forthwith be given by the Paying Agent, Transfer Agent or Registrar to the Issuer and the Trustee. 

  
 8 

	14.7	 The Paying Agent, Transfer Agent or Registrar may change its specified office to another office in the same
city at any time by giving to the Issuer and the Trustee not less than 60 days’ prior written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes, and
which notice shall specify the address of the new specified office and the date upon which such change is to take effect, or to another city as mutually agreed with the Issuer. 

 

	15.	 NOTICES 

 

	15.1	 If the Issuer arranges publication of any notice to the holders of the Notes, it shall at or before the time of
such publication, send copies of each notice so published to the Paying Agent. 

  

	15.2	 The Paying Agent, Transfer Agent and Registrar shall promptly forward any written notice received by it from
any holders of the Notes to the Issuer and the Trustee. 

  

	16.	 COMMUNICATIONS 

 

	16.1	 For the purposes of this clause, the address of each party at the date of this Agreement shall be the address
set out below (including, where applicable, the details of the facsimile number, the person for whose attention the notice or communication is to be addressed and the email address): 

the Issuer: 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.	  	
	 40, Avenue Monterey,
 L-2163 Luxembourg
 Grand Duchy of Luxembourg

As may be amended from time to time in accordance with this Agreement.
	  	 Attention: Treasury Department
  

Matt Eidem
 Email: matt.r.eidem@medtronic.com

Phone: (763) 505-3215
  

Tateo Jager
 Email: tateo.jager@medtronic.com

Phone: (763) 526-3850
  

Brad Welnick
 Email: brad.m.welnick@medtronic.com

Phone: (763) 526-1051

 the Paying Agent: 
  

			
	Elavon Financial Services DAC	 	
	 Building 8
 Cherrywood Business Park,
Loughlinstown,
 Dublin 18, Ireland
 as may be amended from time
to time in
 accordance with this Agreement.
	 	 Fax: +353 1 220 1263
  

Attention: MBS Relationship Management
  

Email:
 mbs.relationship.management@usbank.com

  
 9 

 the Transfer Agent: 
  

			
	U.S. Bank National Association	  	
	 Global Corporate Trust
 Attn: David W.
Doucette
 One Federal Street, 3rd Floor
 Boston, MA 02110

USA
  

as may be amended from time to time in
 accordance with this
Agreement.
	  	 Fax: +1 (617) 603-6683

Email: david.doucette@usbank.com

 the Registrar: 
  

			
	U.S. Bank National Association	  	
	 Global Corporate Trust
 Attn: David W.
Doucette
 One Federal Street, 3rd Floor

Boston, MA 02110
 USA

 
 as may be amended from time to time in

accordance with this Agreement.
	  	 Fax: +1 (617) 603-6683

Email: david.doucette@usbank.com

 the Trustee: 
  

			
	Wells Fargo Bank, National Association	  	
	 Corporate Trust Services
 600 South 4th Street,
6th Floor
 Minneapolis, Minnesota
 as may be amended from time
to time in
 accordance with the Indenture and notified by the

Issuer to the Paying Agent.
	  	 Fax: +1 (612) 667-9825

Attention: Administrator for Medtronic
 Email:
david.pickett@wellsfargo.com

  

	17.	 AMENDMENTS 

 

	17.1	 For the avoidance of doubt, this Agreement may be amended in writing by the parties hereto.

  
 10 

	17.2	 The Issuer shall provide to the Paying Agent a copy of any amendment to the Indenture as soon as reasonably
practicable following such amendment taking effect. Where reference is made in this Agreement to the Indenture, such reference shall, for the purposes of the Paying Agent’s rights and obligations under this Agreement only, be deemed to refer to
the most recent version of such document provided to the Paying Agent by the Issuer. 

  

	18.	 TAXES 

The Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution,
delivery, performance and enforcement of this Agreement (excluding in Luxembourg for any Luxembourg tax payable due to a registration, submission or filing of this Agreement where such registration, submission or filing is not, or was not required
to maintain or preserve the rights of the Paying Agent under this Agreement). 
  

	19.	 REGULATORY MATTERS 

 

	19.1	 The Paying Agent is authorised and regulated by the Central Bank of Ireland (“CBOI”).

  

	19.2	 In connection with the worldwide effort against the funding of terrorism and money laundering activities, the
Paying Agent, Transfer Agent and Registrar may be required under various national laws and regulations to which they are subject to obtain, verify and record information that identifies each person who opens an account with it. For a non-individual person such as a business entity, a charity, a trust or other legal entity the Paying Agent, Transfer Agent and Registrar shall be entitled to ask for documentation to verify such entity’s
formation and legal existence as well as financial statements, licenses, identification and authorisation documents from individuals claiming authority to represent the entity or other relevant documentation. 

 

	19.3	 The parties to this Agreement acknowledge and agree that the obligations of the Paying Agent, Transfer Agent
and Registrar under this Agreement are limited by and subject to compliance by them with EU and US Federal anti-money laundering statutes and regulations. If the Paying Agent, Transfer Agent and Registrar or any of their directors know or suspect
that a payment is the proceeds of criminal conduct, such person is required to report such information pursuant to the applicable authorities and such report shall not be treated as a breach by such person of any confidentiality covenant or other
restriction imposed on such person under this Agreement, by law or otherwise on the disclosure of information. The Paying Agent, Transfer Agent and Registrar shall be indemnified and held harmless by the Issuer from and against all losses suffered
by them that may arise as a result of the agents being prevented from fulfilling their obligations hereunder due to the extent doing so would not be consistent with applicable statutory anti-money laundering requirements. 

 

	19.4	 Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any party arising under this Agreement or any such other document, to the extent such liability is unsecured or not otherwise exempted, may be subject to the
write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  

	 	(a)	 the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto; and 

  

	 	(b)	 the effects of any Bail-in Action on any such liability, including, if
applicable: 

  

	 	1.	 a reduction in full or in part or cancellation of any such liability; 

  
 11 

	 	2.	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such
party, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other agreement; or 

  

	 	3.	 the variation of the terms of such liability in connection with the exercise of the write-down and conversion
powers of any Resolution Authority. 

 For the purpose of this sub-clause 19.4 the following terms
shall have the following meanings: 
 “Bail-In Action” means the exercise of any Write-Down and
Conversion Powers by the applicable Resolution Authority. 
 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law
or regulation. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EU Bail-In Legislation Schedule” means the EU Bail-In
Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 
 “Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority to exercise any Write-down and Conversion Powers. 

“Write-Down and Conversion Powers” means, 
  

	 	(a)	 in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; and 

  

	 	(b)	 any powers under the Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and any
similar or analogous powers under that Bail-In Legislation. 

  

	20.	 GOVERNING LAW AND
JURISDICTION 

  

	20.1	 This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of New York. 

  

	20.2	 Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the
fullest extent permitted by applicable law, each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably waives and agrees not to assert, by way of motion, as a defence or otherwise, any claim that it is not subject to the

  
 12 

	 	
jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

  

	20.3	 Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer agrees, to the fullest extent
permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in clause 20.2 brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may
be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

 

	20.4	 THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT.

  

	21.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all of which
when taken together shall constitute a single instrument. 
 AS WITNESS the hands of the parties or
their duly authorised agents the day and year first above written. 

  
 13 

 SIGNATORIES 

ISSUER 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A., a Luxembourg corporate partnership limited by shares (société en commandite par actions) represented by Medtronic Global Holdings GP S.à r.l. its general
partner, in turn acting by
		
	By:	 	 /s/ Erik De Gres

	Name: Erik De Gres
	Title: Managing Director and authorized signatory

  

  
 [Signature Page to Agency
Agreement] 

			
	PAYING AGENT
	
	Elavon Financial Services DAC
		
	By:	 	 /s/ Michael Leong

		 	Name: Michael Leong
		 	Title: Authorised Signatory

  
 [Signature Page to Agency
Agreement] 

			
	TRANSFER AGENT
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Steven J. Gomes

		 	Name: Steven J. Gomes
		 	Title: Vice President

  
 [Signature Page to Agency
Agreement] 

			
	REGISTRAR
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Steven J. Gomes

		 	Name: Steven J. Gomes
		 	Title: Vice President

  
 [Signature Page to Agency
Agreement] 

			
	TRUSTEE
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Stefan Victory

		 	Name: Stefan Victory
		 	Title: Vice President

  
 [Signature Page to Agency
Agreement]

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