Document:

EX-4.4

 Exhibit 4.4 
  

 
  

PETROBRAS GLOBAL FINANCE B.V. 

Company 
 TO 

THE BANK OF NEW YORK MELLON 

Trustee 
  

 
 INDENTURE 

Dated as of August 28, 2018 
  

 
 Debt Securities

  
  

 

 Petrobras Global Finance B.V. 

Certain Sections of this Indenture relating to Sections 3.10 through 3.18, inclusive, of the 

Trust Indenture Act of 1939: 
  

			
	 Trust Indenture Act Section
	  	      Indenture      
Section
		
	 (S)3.10(a)(1)
	  	6.09
	 (a)(2)
	  	6.09
	 (a)(3)
	  	Not Applicable
	 (a)(4)
	  	Not Applicable
	 (b)
	  	6.08
		  	6.10
	 (S)3.11(a)
	  	6.13
	 (b)
	  	6.13
	 (S)3.12(a)
	  	7.01
	 	  	7.02
	 (b)
	  	7.02
	 (c)
	  	7.02
	 (S)3.13(a)
	  	7.03
	 (b)
	  	7.03
	 (c)
	  	7.03
	 (d)
	  	7.03
	 (S)3.14(a)
	  	7.04
	 (a)(4)
	  	1.01
		  	10.05
	 (b)
	  	Not Applicable
	 (c)(l)
	  	1.02
	 (c)(2)
	  	1.02
	 (c)(3)
	  	Not Applicable
	 (d)
	  	Not Applicable
	 (e)
	  	1.02
	 (S)3.15(a)
	  	6.01
	 (b)
	  	6.02
	 (c)
	  	6.01
	 (d)
	  	6.01
	 (e)
	  	5.14
	 (S)3.16(a)
	  	1.01
	 (a)(1)(A)
	  	5.02
	 	  	5.12
	 (a)(1)(B)
	  	5.13
	 (a)(2)
	  	Not Applicable
		  	5.08
	 (c)
	  	1.04
	 (S)3.17(a)(l)
	  	5.03
	 (a)(2)
	  	5.04
	 (S)3.18(a)
	  	1.07

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be part of this Indenture. 

 TABLE OF CONTENTS 

ARTICLE ONE 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
  

							
			
	 Section 1.01.
	 	Definitions	  	 	1	 
	 Section 1.02.
	 	Compliance Certificates and Opinions	  	 	13	 
	 Section 1.03.
	 	Form of Documents Delivered to Trustee	  	 	15	 
	 Section 1.04.
	 	Acts of Holders of Securities; Record Dates	  	 	15	 
	 Section 1.05.
	 	Notices, Etc., to Trustee and the Company	  	 	18	 
	 Section 1.06.
	 	Notice to Holders of Securities; Waiver	  	 	18	 
	 Section 1.07.
	 	Language of Notices, Etc.	  	 	19	 
	 Section 1.08.
	 	Conflict with Trust Indenture Act	  	 	19	 
	 Section 1.09.
	 	Effect of Headings and Table of Contents	  	 	19	 
	 Section 1.10.
	 	Successors and Assigns	  	 	19	 
	 Section 1.11.
	 	Separability Clause	  	 	19	 
	 Section 1.12.
	 	Benefits of Indenture	  	 	20	 
	 Section 1.13.
	 	Governing Law	  	 	20	 
	 Section 1.14.
	 	Saturday, Sundays and Legal Holidays	  	 	20	 
	 Section 1.15.
	 	Appointment of Agent for Service; Submission to Jurisdiction; Waiver of Immunity	  	 	20	 
	 Section 1.16.
	 	Waiver of Jury Trial	  	 	21	 
		
	ARTICLE TWO	  			
	SECURITY FORMS	  			
			
	 Section 2.01.
	 	Forms Generally	  	 	21	 
	 Section 2.02.
	 	Form of Global Security	  	 	22	 
	 Section 2.03.
	 	Form of Legend for Global Securities	  	 	33	 
	 Section 2.04.
	 	Form of Trustee’s Certificate of Authentication	  	 	34	 
	 Section 2.05.
	 	Guarantee by Guarantor; Form of Guarantee	  	 	34	 
		
	ARTICLE THREE	  			
	THE SECURITIES	  			
			
	 Section 3.01.
	 	Amount Unlimited: Issuable in Series	  	 	35	 
	 Section 3.02.
	 	Denominations	  	 	38	 
	 Section 3.03.
	 	Execution, Authentication, Delivery and Dating	  	 	38	 
	 Section 3.04.
	 	Temporary Securities	  	 	40	 
	 Section 3.05.
	 	Registration, Registration of Transfer and Exchange	  	 	41	 
	 Section 3.06.
	 	Mutilated, Destroyed, Lost and Stolen Securities	  	 	46	 
	 Section 3.07.
	 	Payment of Interest; Interest Rights Preserved	  	 	47	 
	 Section 3.08.
	 	Persons Deemed Owners	  	 	48	 
	 Section 3.09.
	 	Cancellation	  	 	48	 
	 Section 3.10.
	 	Computation of Interest	  	 	48	 
	 Section 3.11.
	 	CUSIP or ISIN Numbers	  	 	48	 
	 Section 3.12.
	 	Add On Notes	  	 	49	 
	 Section 3.13.
	 	Forms of Certification	  	 	49	 

 NOTE: This table of contents shall not, for any purpose, be deemed to be a part of this Indenture. 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	ARTICLE FOUR	  			
	SATISFACTION AND DISCHARGE	  			
			
	 Section 4.01.
	 	Satisfaction and Discharge of Indenture	  	 	53	 
	 Section 4.02.
	 	Application of Trust Money	  	 	54	 
		
	ARTICLE FIVE	  			
	REMEDIES	  			
			
	 Section 5.01.
	 	Events of Default	  	 	54	 
	 Section 5.02.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	56	 
	 Section 5.03.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	57	 
	 Section 5.04.
	 	Trustee May File Proofs of Claim	  	 	58	 
	 Section 5.05.
	 	Trustee May Enforce Claims Without Possession of Securities	  	 	58	 
	 Section 5.06.
	 	Application of Money Collected	  	 	58	 
	 Section 5.07.
	 	Limitation on Suits	  	 	59	 
	 Section 5.08.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	  	 	59	 
	 Section 5.09.
	 	Restoration of Rights and Remedies	  	 	60	 
	 Section 5.10.
	 	Rights and Remedies Cumulative	  	 	60	 
	 Section 5.11.
	 	Delay or Omission Not Waiver	  	 	60	 
	 Section 5.12.
	 	Control by Holders of Securities	  	 	60	 
	 Section 5.13.
	 	Waiver of Past Defaults	  	 	61	 
	 Section 5.14.
	 	Undertaking for Costs	  	 	61	 
	 Section 5.15.
	 	Waiver of Stay, Extension or Usury Laws	  	 	61	 
		
	ARTICLE SIX	  			
	THE TRUSTEE	  			
			
	 Section 6.01.
	 	Certain Duties and Responsibilities	  	 	62	 
	 Section 6.02.
	 	Notice of Defaults	  	 	62	 
	 Section 6.03.
	 	Certain Rights of Trustee	  	 	62	 
	 Section 6.04.
	 	Not Responsible for Recitals or Issuance of Securities	  	 	65	 
	 Section 6.05.
	 	May Hold Securities	  	 	65	 
	 Section 6.06.
	 	Money Held in Trust	  	 	65	 
	 Section 6.07.
	 	Compensation and Reimbursement	  	 	65	 
	 Section 6.08.
	 	Conflicting Interests	  	 	66	 
	 Section 6.09.
	 	Corporate Trustee Required; Eligibility	  	 	66	 
	 Section 6.10.
	 	Resignation and Removal; Appointment of Successor	  	 	66	 
	 Section 6.11.
	 	Acceptance of Appointment by Successor	  	 	68	 
	 Section 6.12.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	69	 
	 Section 6.13.
	 	Preferential Collection of Claims Against Company	  	 	69	 
	 Section 6.14.
	 	Appointment of Authenticating Agent	  	 	69	 
		
	ARTICLE SEVEN	  			
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	  			
			
	 Section 7.01.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	71	 

 NOTE: This table of contents shall not, for any purpose, be deemed to be a part of this Indenture. 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section 7.02.
	 	Preservation of Information; Communications to Holders	  	 	71	 
	 Section 7.03.
	 	Reports by Trustee	  	 	72	 
	 Section 7.04.
	 	Reports by Company	  	 	72	 
	 Section 7.05.
	 	Calculation of Original Issue Discount	  	 	73	 
		
	ARTICLE EIGHT	  			
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  			
			
	 Section 8.01.
	 	Limitation on Consolidation, Merger, Sale or Conveyance	  	 	73	 
	 Section 8.02.
	 	Successor Substituted	  	 	74	 
		
	ARTICLE NINE	  			
	SUPPLEMENTAL INDENTURES	  			
			
	 Section 9.01.
	 	Supplemental Indentures Without Consent of Holders	  	 	75	 
	 Section 9.02.
	 	Supplemental Indentures with Consent of Holders	  	 	76	 
	 Section 9.03.
	 	Execution of Supplemental Indentures	  	 	77	 
	 Section 9.04.
	 	Effect of Supplemental Indentures	  	 	77	 
	 Section 9.05.
	 	Conformity with Trust Indenture Act	  	 	77	 
	 Section 9.06.
	 	Reference in Securities to Supplemental Indentures	  	 	77	 
		
	ARTICLE TEN	  			
	COVENANTS	  			
			
	 Section 10.01.
	 	Payment of Principal and Interest	  	 	78	 
	 Section 10.02.
	 	Maintenance of Corporate Existence	  	 	78	 
	 Section 10.03.
	 	Maintenance of Office or Agency	  	 	78	 
	 Section 10.04.
	 	Ranking	  	 	78	 
	 Section 10.05.
	 	Statement by Managing Directors as to Default	  	 	79	 
	 Section 10.06.
	 	Provision of Financial Statements and Reports	  	 	79	 
	 Section 10.07.
	 	Appointment to Fill a Vacancy in Office of Trustee	  	 	79	 
	 Section 10.08.
	 	Payments and Paying Agents	  	 	80	 
	 Section 10.09.
	 	Waiver of Certain Covenants	  	 	81	 
	 Section 10.10.
	 	Additional Amounts	  	 	81	 
	 Section 10.11.
	 	Negative Pledge	  	 	83	 
	 Section 10.12.
	 	Currency Rate Indemnity	  	 	83	 
		
	ARTICLE ELEVEN	  			
	REDEMPTION OF SECURITIES	  			
			
	 Section 11.01.
	 	Applicability of Article	  	 	84	 
	 Section 11.02.
	 	Election to Redeem; Notice to Trustee	  	 	85	 
	 Section 11.03.
	 	Selection by Trustee of Securities to Be Redeemed	  	 	85	 
	 Section 11.04.
	 	Notice of Redemption	  	 	85	 
	 Section 11.05.
	 	Deposit of Redemption Price	  	 	86	 
	 Section 11.06.
	 	Securities Payable on Redemption Date	  	 	87	 
	 Section 11.07.
	 	Securities Redeemed in Part	  	 	87	 
	 Section 11.08.
	 	Optional Redemption Due to Changes in Tax Treatment	  	 	87	 

 NOTE: This table of contents shall not, for any purpose, be deemed to be a part of this Indenture. 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
		
	ARTICLE TWELVE	  			
	SINKING FUNDS	  			
			
	 Section 12.01.
	 	Applicability of Article	  	 	88	 
	 Section 12.02.
	 	Satisfaction of Sinking Fund Payments with Securities	  	 	88	 
	 Section 12.03.
	 	Redemption of Securities for Sinking Fund	  	 	88	 
		
	ARTICLE THIRTEEN	  			
	MEETINGS OF HOLDERS OF SECURITIES	  			
			
	 Section 13.01.
	 	Purposes for Which Meetings May Be Called	  	 	89	 
	 Section 13.02.
	 	Call, Notice and Place of Meetings	  	 	89	 
	 Section 13.03.
	 	Persons Entitled to Vote at Meetings	  	 	89	 
	 Section 13.04.
	 	Quorum; Action	  	 	90	 
	 Section 13.05.
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	90	 
	 Section 13.06.
	 	Counting Votes and Recording Action of Meetings	  	 	91	 
		
	ARTICLE FOURTEEN	  			
	DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	 Section 14.01.
	 	Company’s Option to Effect Defeasance or Covenant Defeasance	  	 	92	 
	 Section 14.02.
	 	Defeasance and Discharge	  	 	92	 
	 Section 14.03.
	 	Covenant Defeasance	  	 	92	 
	 Section 14.04.
	 	Conditions to Defeasance or Covenant Defeasance	  	 	93	 
	 Section 14.05.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	  	 	94	 
	 Section 14.06.
	 	Reinstatement	  	 	95	 

 TESTIMONIUM 

SIGNATURES AND SEALS 

ACKNOWLEDGEMENTS 
 NOTE: This table of contents
shall not, for any purpose, be deemed to be a part of this Indenture. 

  
 iv 

 INDENTURE, dated as of August 28, 2018, between PETROBRAS GLOBAL FINANCE B.V., a private
company incorporated with limited liability under the laws of The Netherlands (the “Company”), having its corporate seat at Rotterdam, The Netherlands and its principal office at Weena 762, 3014 DA Rotterdam, The Netherlands, and The Bank
of New York Mellon, a New York banking corporation, as Trustee hereunder (herein called the “Trustee”). 
 RECITALS 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its secured or
unsecured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as in this Indenture provided. 

The Company is a wholly-owned indirect subsidiary of Petróleo Brasileiro S.A.- Petrobras (“Petrobras”), a sociedade de
economia mista organized and existing under the laws of the Federative Republic of Brazil (“Brazil”). 
 All things necessary
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE
WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually
covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities or any series thereof, as follows: 
 ARTICLE ONE

 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01.   Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1)    the terms defined in this Article have the meanings assigned to them in this Article and include
the plural as well as the singular; 
 (2)    all other terms used herein which are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(3)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with IFRS, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are consistent with
IFRS at the date of such computation; and 

  
 1 

 (4)    Unless the context otherwise requires, any reference
to an “Article,” a “Section” or an “Annex” refers to an Article, a Section or an Annex, as the case may be, of this Indenture; and 

(5)    the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Act,” when
used with respect to any Holder, has the meaning set forth in Section 1.04. 
 “Additional Amounts” has the meaning set
forth in Section 10.10. 
 “Add On Notes” has the meaning set forth in Section 3.12. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agent Members” has the meaning set forth in Section 3.05(1). 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of any depository for such Security, DTC, the Euroclear system and Clearstream, Luxembourg, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to
authenticate Securities of one or more series. 
 “Authorization,” with respect to any creation or issuance of a series of
Securities by the Company and any actions taken by the Company in connection with such issuance, means the authorization of such issuance and actions by the Board of Directors or any other corporate body of the Company required pursuant to the
Company’s organizational documents and Dutch law to authorize such issuance and actions. 
 “Authorized Representative”
means a managing director A and a managing director B of the Company, acting jointly, any person duly authorized by the Company to represent the Company in accordance with the articles of association of the Company and any other person duly
authorized by the Company pursuant to a power of attorney with specific powers to perform such act on behalf of the Company provided, however, that such power of attorney is granted in a legal and valid manner pursuant to the Company’s articles
of association, and provided further that the Company may only appoint attorneys-in-fact who, in the judgment of the Company, have positions and responsibilities
compatible with the powers granted. 

  
 2 

 “Board of Directors,” when used with reference to the Company, means the board of
directors of the Company or any committee of that board duly authorized to act for such board hereunder. 
 “Board Resolution”
means, when used with reference to the Company, a copy of a resolution certified by any managing director of the Company, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and
in each case delivered to the Trustee. 
 “Brazil” has the meaning set forth in the first recital of this Indenture. 

“Business Day” means, with respect to any series of Securities, unless otherwise specified with respect to such series of
Securities as contemplated by Section 3.01, a day, other than a Saturday or Sunday, that (a) in the Place of Payment (or in any of the Places of Payment, if more than one) in which amounts are payable, as specified in the form of such
series of Securities and (b) in the city in which the Corporate Trust Office is located, is not a day on which banking institutions are authorized or required by law or regulation to close (and for purposes of the sending of notices only, is
not a day on which banking institutions in The Netherlands are authorized or required by law or regulation to close). 
 “Certificated
Securities” has the meaning set forth in Section 3.05(1). 
 “Certification Date” means, with respect to Securities of
any series, (i) if Securities of such series are not to be initially represented by a Temporary Regulation S Security, the date of delivery of the definitive Regulation S Security and (ii) if Securities of such series are initially
represented by a Temporary Regulation S Security, the earlier of (A) the Exchange Date with respect to Securities of such series and (B) if the first Interest Payment Date with respect to Securities of such series is prior to such Exchange
Date, such Interest Payment Date. 
 “Clearstream, Luxembourg” means Clearstream Banking, société anonyme,
Luxembourg, and its successors. 
 “Commission” means the United States Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this instrument the United States Securities and Exchange Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time. 
 “Common Depositary” means the common depositary, if any, for Clearstream,
Luxembourg and Euroclear. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture and thereafter “Company” shall mean such successor Person, as described further in Section 9.01(1). 

Company shall also mean any new issuer of future issuances of Securities under this Indenture as contemplated by Section 9.01(1). 

  
 3 

 “Corporate Trust Office” means the principal office of the Trustee at which at any
time its corporate trust business shall be administered, which office at the date hereof is located at 240 Greenwich Street, New York, New York 10286, or such other address as the Trustee may designate from time to time by written notice to the
Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Covenant Defeasance” has the meaning set forth in Section 14.03. 

“Default” means an event or condition with respect to a series of Securities that, with the giving of notice, lapse of time or
failure to satisfy certain specified conditions, or any combination thereof, would become an Event of Default with respect to the Securities of such series if not cured or remedied. 

“Defaulted Interest” has the meaning set forth in Section 3.07. 

“Defeasance” has the meaning set forth in Section 14.02. 

“Depositary” means, with respect to Securities of any series issuable or issued in whole or in part in the form of one or more
Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.01. 

“Directors’ Certificate” means a certificate of a managing director A and a managing director B of the Company, acting
jointly, or of one or more Authorized Representatives; provided however, that a Directors’ Certificate of the Company pursuant to Section 10.05 shall be signed by a managing director A and a managing director B pursuant to the
requirements of Section 314(a)(4) of the Trust Indenture Act. 
 “DTC” means The Depository Trust Company or its nominee,
and its successors. 
 “Environmental Laws” means all applicable federal, state and local statutes, rules, regulations,
ordinances, orders, decrees and common law, including any of the forgoing in any foreign jurisdiction, relating in any manner to contamination, pollution or protection of human health or the environment. 

“Euroclear Operator” means Euroclear Bank S.A./N.V., a bank organized under the laws of the Kingdom of Belgium, as operator of the
Euroclear system (or any successor securities clearing system). 
 “Event of Default” has the meaning set forth in
Section 5.01. 
 “Exchange Act” means the United States Securities Exchange Act of 1934 (or any statute successor thereto),
as it may be amended from time to time. 
 “Exchange Date” has the meaning set forth in Section 3.04. 

“Expiration Date” has the meaning set forth in Section 1.04. 

  
 4 

 “Exchange Offer” has the meaning set forth in the form of the face of the Global
Security set forth in Section 2.02. 
 “Exchange Security” means any Security issued by the Company (i) pursuant to the
Exchange Offer, (ii) upon the registration of transfer of a Security registered for resale on a Resale Registration Statement or (iii) upon the transfer of, or in exchange for, Securities that are Exchange Securities. 

“Global Security” means any Security or series of Security issued in the form set forth in Section 2.02 or established
pursuant to Section 2.01 which is registered in the Security Register in the name of a Depositary and bears the legend set forth in Section 2.03 (or such legend as may be specified as contemplated by Section 3.01 for such Securities).

 “Governmental Authority” means any regulatory, administrative or other legal body, any court, tribunal or authority or any
public legal entity or public agency of The Netherlands, Brazil or the United States or any other jurisdiction whether created by federal, provincial or local government, or any other legal entity now existing or hereafter created, or now or
hereafter controlled, directly or indirectly, by any public legal entity or public agency of any of the foregoing. 
 “Guarantee”
means an obligation of a person to pay the Indebtedness of another person including, without limitation: 
 (1)    an
obligation to pay or purchase such Indebtedness; 
 (2)    an obligation to lend money or to purchase or subscribe for
shares or other securities or to purchase assets or services in order to provide funds for the payment of such Indebtedness; 

(3)    an indemnity against the consequences of a default in the payment of such Indebtedness; or 

(4)    any other agreement to be responsible for such Indebtedness. 

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

“Guarantor” means Petrobras until a successor Person shall have become such pursuant to the applicable provisions of this Indenture
and the Guaranty, and thereafter “Guarantor” shall mean such Person. 
 “Guaranty” means the guaranty of the Securities
by the Guarantor. 
 “IFRS” means International Financial Reporting Standards as adopted by the International Accounting
Standards Board (“IASB”). 
 “Indebtedness” means any obligation (whether present or future, actual or contingent and
including, without limitation, any guarantee) for payment on or the repayment of 

  
 5 

 
money which has been borrowed or raised (including money raised by acceptance and all leases which, under IFRS, would constitute a capital lease obligation). 

“Indenture” means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by Section 3.01. 

“Initial Regulation S Securities” means any Securities sold by the purchasers thereof in an initial offering contemplated by a
Purchase Agreement in reliance on Regulation S and which are Temporary Regulation S Securities. 
 “Interest,” when used with
respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 

“Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such
Security. 
 “Investment Company Act” means the United States Investment Company Act of 1940 (or any statute successor thereto),
as it may be amended from time to time. 
 “Law” means any constitutional provision, law, statute, rule, regulation, ordinance,
treaty, order, decree, judgment, decision, certificate, holding, injunction, enforceable at law or in equity, along with the interpretation and administration thereof by any Governmental Authority charged with the interpretation or administration
thereof. 
 “Lien” means any mortgage, pledge, lien, hypothecation, security interest or other charge or encumbrance on any
property or asset, including, without limitation, any equivalent created or arising under applicable law. 
 “Majority Holders”
means the holders of more than 50% in aggregate principal amount of the Securities then Outstanding at any time. 
 “Material Adverse
Effect” means a material adverse effect on (i) the business, operations, assets, property, condition (financial or otherwise) of the Company or its Subsidiaries, taken as a whole, (ii) the validity or enforceability of this Indenture,
or (iii) the ability of the Company to perform its obligations under this Indenture, or the material rights of or benefits available to the Holders or the Trustee, as representative of the Holders under this Indenture. 

“Material Subsidiary” means, as to any Person, any Subsidiary of such Person which, on any given date of determination, accounts
for more than 15% of such Person’s total consolidated assets, as such total assets are set forth on the most recent consolidated financial statements of such Person prepared in accordance with IFRS. 

  
 6 

 “Maturity,” when used with respect to any Security, means the date on which the
principal of such Security or an installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Notice of Default” means a written notice of the kind set forth in Section 5.01(3). 

“Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company and who shall be acceptable to the
Trustee. 
 “Order” means a written request or order signed in the name of the Company by an Authorized Representative, in each
case delivered to the Trustee. 
 “Original Issue Discount Security” means any Security that provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 

“Original Securities” means Securities of any series that are not Exchange Securities. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (1)    Securities theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; 
 (2)    Securities for whose payment or redemption money in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities;
provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefore satisfactory to the Trustee has been made; 

(3)    Securities as to which Defeasance has been effected pursuant to Section 14.02; and 

(4)    Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected
purchaser in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent or waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be
deemed to be Outstanding shall be the amount of the principal 

  
 7 

 
thereof that would be due and payable as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section 5.02, (ii) the principal amount of a Security
denominated in one or more foreign currencies or currency units shall be the U.S. dollar equivalent, determined in the manner provided as contemplated by Section 3.01 on the date of original issuance of such Security, of the principal amount
(or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent on the date of original issuance of such Security of the amount determined as provided in (i) above) of such Security, (iii) if the principal amount
payable at Stated Maturity of any Security is not determinable upon original issuance, the principal amount of such Security that shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section 3.01,
and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
 “Paying Agent” means any Person
authorized by the Company to pay the principal of or any premium or interest on any Securities on its behalf, which at the date of this Indenture includes the Trustee. 

“Permanent Regulation S Security” has the meaning set forth in Section 3.04. 

“Permitted Lien” means, with respect to any Securities of a series issued for which Section 10.11 applies, any:

  

	 	(a)	 Lien arising by operation of law, such as merchants’, maritime or other similar Liens arising in the
Company’s ordinary course of business or that of any Subsidiary or Lien in respect of taxes, assessments or other governmental charges that are not yet delinquent or that are being contested in good faith by appropriate proceedings;

  

	 	(b)	 Lien arising from the Company’s obligations under performance bonds or surety bonds and appeal bonds or
similar obligations incurred in the ordinary course of business and consistent with the Company’s past practice; 

  

	 	(c)	 Lien arising in the ordinary course of business in connection with Indebtedness maturing not more than one year
after the date on which that Indebtedness was originally incurred and which is related to the financing of export, import or other trade transactions; 

  

	 	(d)	 Lien granted upon or with respect to any assets hereafter acquired by the Company or any Subsidiary to secure
the acquisition costs of those assets or 

  
 8 

	 	
to secure Indebtedness incurred solely for the purpose of financing the acquisition of those assets, including any Lien existing at the time of the acquisition of those assets, so long as the
maximum amount so secured does not exceed the aggregate acquisition costs (including transaction costs related to such acquisition) of all such assets or the aggregate Indebtedness incurred solely for the acquisition of those assets, as the case may
be; 

  

	 	(e)	 Lien granted in connection with Indebtedness of the Company or any of its Subsidiaries owing to the Company or
another such Subsidiary; 

  

	 	(f)	 Lien existing on any asset or on any stock of any Subsidiary prior to the acquisition thereof by the Company or
any Subsidiary, so long as the Lien is not created in anticipation of that acquisition; 

  

	 	(g)	 Lien existing as of the date of the issuance of the Securities of such series; 

 

	 	(h)	 Lien resulting from the Indenture or the Guaranty, if any, with respect to the Securities of such series;

  

	 	(i)	 Lien incurred in connection with the issuance of debt or similar securities of a type comparable to those
already issued by the Company, on amounts of cash or cash equivalents on deposit in any reserve or similar account to pay interest on those securities for a period of up to 24 months as required by any rating agency as a condition to such rating
agency rating such securities as investment grade or as is otherwise consistent with market conditions at such time; 

  

	 	(j)	 Lien granted or incurred to secure any extension, renewal, refinancing, refunding or exchange (or successive
extensions, renewals, refinancings, refundings or exchanges), in whole or in part, of or for any Indebtedness secured by Liens referred to in paragraphs (a) through (i) above (but not paragraph (c)), provided that such Lien does not extend to
any other property, the principal amount of the Indebtedness secured by the Lien is not increased (except to the extent attributable to accrued interest, the repayment of tender premiums or expenses incurred in respect of Indebtedness being
extended, renewed, refinanced, refunded or exchanged), and in the case of paragraphs (a), (b) and (f), the obligees meet the requirements of the applicable paragraph; and 

 

	 	(k)	 Lien in respect of Indebtedness the principal amount of which in the aggregate, together with all Liens not
otherwise qualifying as Permitted Liens pursuant to clauses (a) through (j) of this definition, does not exceed 20% of the Company’s consolidated total assets (as determined in accordance with IFRS) at any date as at which the
Company’s balance sheet is prepared and published in accordance with applicable Law. 

  
 9 

 “Person” means any individual, corporation, partnership, limited liability company,
joint venture, trust, unincorporated organization, other entity or any government or any agency or political subdivision thereof. 

“Petrobras” has the meaning set forth in the second recital of this Indenture. 

“Place of Payment,” when used with respect to the Securities of any series, means the place or places where the principal of and
any premium and interest on the Securities of that series are payable as specified as contemplated by Section 3.01. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Purchase Agreement” means any purchase agreement
entered into to issue Securities under this Indenture. 
 “Redemption Date,” when used with respect to any Security to be
redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price,” when used with
respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Registered
Security,” means any Security issued in registered form that is registered in the Security Register. Registered Securities shall include Global Securities and Certificated Securities. 

“Registration Default” has the meaning set forth in the form of face of Global Security in Section 2.02. 

“Registration Default Period” has the meaning set forth in the form of face of the Global Security in Section 2.02. 

“Registration Rights Agreement” means an agreement entered into by the Company contemplating the registration under the Securities
Act of a series of Securities issued under this Indenture subsequent to the initial date of issuance of such series of Securities. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date
specified for that purpose as contemplated by Section 3.01. 
 “Regulation S” means Regulation S under the Securities Act
(or any successor provision), as it may be amended from time to time. 
 “Regulation S Certificate” means a certificate
substantially in the form set forth in Annex A. 

  
 10 

 “Regulation S Global Security” has the meaning set forth in Section 2.01. 

“Regulation S Legend” means a legend substantially in the form of the legend required in the forms of face of Security set forth in
Section 2.02 to be placed upon a Regulation S Global Security. 
 “Regulation S Securities” means all Securities required
pursuant to Section 3.05(3) to bear a Regulation S Legend. Such term includes a Regulation S Global Security. 

“Reorganization” means the conveyance, transfer or lease of the properties and assets of the Company substantially as an entirety
to any Person that guarantees the Company’s obligations under this Indenture and the Securities in accordance with Section 8.01. 

“Resale Registration Statement” shall mean a registration statement under the Securities Act registering the Securities for resale
pursuant to the terms of the Registration Rights Agreement. 
 “Responsible Officer” shall mean, when used with respect to the
Trustee, any officer within the corporate trust department (or similar group) of the Trustee, with direct responsibility for the administration of the Indenture, and any officer of the Trustee to whom any corporate trust matter is referred because
of such person’s knowledge of and familiarity with the particular subject. 
 “Restricted Global Security” means any Global
Security required pursuant to Section 3.05(3) to bear a Restricted Securities Legend. 
 “Restricted Period” means, with
respect to any series of Regulation S Securities, the period of 41 consecutive days beginning on and including the later of (i) the day on which Securities of such series are first offered to persons other than distributors (as defined in
Regulation S) in reliance on Regulation S and (ii) the day on which the closing of the offering of Securities of such series pursuant to a Purchase Agreement occurs. 

“Restricted Security” means all Securities required pursuant to Section 3.05(3) to bear a Restricted Securities Legend. Such
term includes a Restricted Global Security. 
 “Restricted Securities Certificate” means a certificate substantially in the form
set forth in Annex B. 
 “Restricted Securities Legend” means a legend substantially in the form of the legend required in the
form of face of Securities set forth in Section 2.02 to be placed upon a Restricted Security. 
 “Rule l44A” means Rule l44A
under the Securities Act (or any successor provision), as it may be amended from time to time. 
 “Rule 144A Securities” means
all Securities initially distributed in connection with the offering of the Securities by the Purchasers in reliance upon Rule 144A. 

  
 11 

 “SEC Registered Securities” means the Exchange Securities and all other Securities
sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act, together with their respective Successor Securities. 

“Securities” has the meaning set forth in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. All references herein to the Securities shall be deemed to include the Guaranty of the Securities, which is an integral part thereof. 

“Securities Act” means the United States Securities Act of 1933 (or any statute successor thereto), as it may be amended from time
to time. 
 “Security Register” and “Security Registrar” have the respective meanings set forth in Section 3.05.

 “Special Interest” has the meaning set forth in the form of face of the Global Security in Section 2.02. Unless the
context otherwise requires, references herein to “interest” on the Securities shall include Special Interest. 
 “Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07. 

“Stated Maturity,” when used with respect to any Security or any installment of principal thereof or interest thereon, means the
date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Step-Down Date” has the meaning set forth in the form of face of the Global Security in Section 2.02. 

“Step-Up” has the meaning set forth in the form of face of the Global Security in
Section 2.02. 
 “Subsidiary” means, as to any Person, a corporation, company, partnership or other entity of which shares
of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors (or similar
governing body) of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Indenture shall refer to a Subsidiary or Subsidiaries of Petrobras. 

“Successor Company” has the meaning set forth in Section 8.01. 

“Successor Security” of any particular Security means every Security issued after, and evidencing all or a portion of the same debt
(subject to provisions, if any, in the Predecessor Security regarding payment of Special Interest) as that evidenced by, such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section

  
 12 

 
3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

“Taxing Jurisdiction” shall mean Brazil, the jurisdiction of the Company’s incorporation (currently The Netherlands) or any
other jurisdiction in which the Company appoints a paying agent hereunder or any political subdivision or any taxing authority thereof or therein. 

“Temporary Regulation S Security” means a temporary Security issued in global registered form. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“Trust Indenture Act” means the United States Trust Indenture Act of 1939 as in force at the date as of which this instrument was
executed (except as provided in Section 9.05); provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust
Indenture Act of 1939, as so amended. 
 “United States” means the United States of America (including the States and the
District of Columbia) and its possessions (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands). 

“Unrestricted Securities Certificate” means a certificate substantially in the form set forth in Annex C. 

“U.S. Person” shall have the meaning ascribed to such term in Rule 902 of Regulation S. 

“U.S. Government Obligations” has the meaning set forth in Section 14.04. 

“Wholly-Owned Subsidiary” means, with respect to any corporate entity, any person of which 100% of the outstanding capital stock
(other than qualifying shares, if any) having by the terms thereof ordinary voting power (not dependent on the happening of a contingency) to elect the Board of Directors (or equivalent controlling governing body) of such person is at the time owned
or controlled directly or indirectly by such corporate entity, by one or more wholly-owned subsidiaries of such corporate entity or by such corporate entity and one or more wholly-owned subsidiaries thereof. 

Section 1.02.   Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall
furnish to the Trustee such certificates 

  
 13 

 
and opinions as may be required under the Trust Indenture Act with respect to compliance with conditions precedent provided for in this Indenture. Each such certificate or opinion shall be given
in the form of a Directors’ Certificate, if to be given by an Authorized Representative, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth
in this Indenture, except that in the event of any such application or request as to which the furnishing of such documents is specifically required by any provisions of this Indenture relating to such particular application or request, no
additional certificate or opinion need be furnished. 
 Every certificate or opinion, whether required to be provided pursuant to this
Section 1.02 or elsewhere, with respect to compliance with a condition or covenant provided for in this Indenture shall include: 

(1)    a statement that each individual signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto; 
 (2)    a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3)    a statement that, in the opinion of each such individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4)    a statement as to whether, in the opinion of each such individual, such condition or covenant has
been complied with. 

  
 14 

 Section 1.03.   Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an Authorized Representative may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such Persons know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based
are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Authorized Representative stating that the information with respect to such
factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 1.04.   Acts of
Holders of Securities; Record Dates. 
 (1)    Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders of Securities signing such instrument or
instruments or so voting at such meeting. Proof of execution of any such instrument or of a writing appointing any such agent or proxy, or of the holding by any Person of a Security shall be sufficient for any purpose of this Indenture and (subject
to Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall be proved in the manner provided in Section 13.06. 

  
 15 

 (2)    The fact and date of the execution by any Person of
any instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The
fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(3)    The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Securities of
such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, or their duly designated proxies, and no other Holders, shall be entitled to take the relevant action, whether or
not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders, or duly designated proxies, of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders, or their duly
designated proxies, of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06. 

The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to
join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii) any request to institute proceedings referred to in Section 5.07(2) or (iv) any direction
referred to in Section 5.12, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, or their duly designated
proxies, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on
or prior to the applicable Expiration Date by Holders, or their duly designated proxies, of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the
Trustee from setting a new record date for any action for which 

  
 16 

 
a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and
nothing in this paragraph shall be construed to render ineffective any action taken by Holders, or their duly designated proxies, of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Trustee, at the expense of the Company, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in
writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06. 
 With respect to any record
date set pursuant to this Section, the party hereto that sets such record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change
shall be effective unless notice of the proposed new Expiration Date is given to the other party or parties hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 1.06, on or prior to the
existing Expiration Date. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date and, if an Expiration Date is not designated with respect to any record date set pursuant to this Section,
the party or parties hereto which set such record date shall be deemed to have designated the 180th day after such record date as the Expiration Date with respect thereto. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so
with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents or proxies each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

(4)    The principal amount and serial numbers of Global Securities held by any Person, and the date of
holding the same, shall be proved by the Security Register. 

  
 17 

 (5)    Any request, demand, authorization, direction, notice,
consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

(6)    The provisions of this Section 1.04 are subject to the provisions of Section 13.05. 

Section 1.05.   Notices, Etc., to Trustee and the Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders of Securities or other document provided for or
permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1)    the Trustee
by any Holder of Securities or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (or sent by facsimile and confirmed in writing) to or with the Trustee at its Corporate Trust Office,
Attention: Institutional Trust Services, or 
 (2)    the Company by the Trustee or by any Holder of
Securities shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed (or sent by facsimile and confirmed in writing) international air mail postage prepaid and addressed to its principal
office specified in the first paragraph of this instrument to the attention of its Board of Directors, or at any other address previously furnished in writing to the Trustee by the Company. 

Section 1.06.   Notice to Holders of Securities; Waiver. 

Unless otherwise herein expressly provided, where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given to Holders of Securities if in writing and mailed, first-class postage prepaid, or delivered by hand or overnight courier to each Holder of a Security affected by such event, at its address as it appears in the Security Register,
not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. 
 In
case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders of Securities by mail, then such notification as shall be given with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder. In any case where notice to Holders of Securities is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder of a
Security shall affect the sufficiency of such notice with respect to other Holders of Securities. 

  
 18 

 Where this Indenture provides for notice in any manner, such notice may be waived in writing by
the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver. 
 The Trustee may rely upon and comply with instructions or directions sent
via unsecured facsimile or email transmission and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of the Trustee’s reliance upon and compliance with
instructions or directions given by unsecured facsimile or email transmission; provided, however, that such losses have not arisen from the negligence or willful misconduct of the Trustee, it being understood that the failure of the Trustee to
verify or confirm that the person delivering the email or the fax in which the instructions or direction, are contained is, in fact, authorized to deliver such email or facsimile is authorized to do so does not constitute negligence or willful
misconduct. 
 Section 1.07.   Language of Notices, Etc. 

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English
language. 
 Section 1.08.   Conflict with Trust Indenture Act. 

The Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and govern
indentures qualified under the Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the provision of such
Act shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of such Act shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be. 
 Section 1.09.   Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 1.10.   Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

Section 1.11.   Separability Clause. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 19 

 Section 1.12.   Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.13.   Governing Law. 

This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 

Section 1.14.   Saturday, Sundays and Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security or the last day on which Holders have the
right to convert or exchange their Securities shall not be a Business Day at any Place of Payment or place of conversion or exchange, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any
Security which specifically states that such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) or conversion or exchange need not be made at such Place of Payment or place of conversion or
exchange on such date, but may be made on the next succeeding Business Day at such Place of Payment or place of conversion or exchange with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity or on such last day for conversion or exchange. 
 Section 1.15.   Appointment of Agent for Service; Submission to Jurisdiction;
Waiver of Immunity. 
 By the execution and delivery of this Indenture, the Company hereby appoints the New York office of the Company
as its agent upon which process may be served in any legal action or proceeding which may be instituted in any state or Federal court in the Borough of Manhattan, The City of New York, State of New York, arising out of or relating to the Securities
or this Indenture, but for that purpose only. Service of process upon such agent at the office of the Company at 570 Lexington Avenue, Suite 2401, New York, New York 10022, and written notice of said service to the Company by the Person servicing
the same addressed as provided by Section 1.05, shall be deemed in every respect effective service of process upon the Company in any such legal action or proceeding. The Company will take any and all action necessary to continue such
designation in full force and effect and to advise the Trustee of any change of address of such agent; should such agent become unavailable for this purpose for any reason, the Company will promptly and irrevocably designate a new agent in the
Borough of Manhattan, The City of New York, State of New York, which will agree to act as such for powers and for the purposes set forth in this Section 1.15. The Company hereby (i) irrevocably submits to the nonexclusive jurisdiction of
any state or Federal court in the Borough of Manhattan, The City of New York, State of New York in any legal action or proceeding arising out of or relating to the Securities or this Indenture, (ii) to the extent it may effectively do so,
irrevocably and unconditionally waives any objection that it may have now or hereafter to the laying of the venue of any such legal action or proceeding and (iii) to the extent the Company has or hereafter may acquire any immunity from
jurisdiction of any such court or from any legal process (whether 

  
 20 

 
through service of notice, attachment prior to judgment, attachment in aid of execution or otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity
in respect of its obligations under this Indenture and the Securities to the fullest extent permitted by law. Such appointment shall be irrevocable so long as the Holders of Securities shall have any rights pursuant to the terms thereof or of this
Indenture until the appointment of a successor by the Company with written notice thereof to the Trustee and such successor’s acceptance of such appointment. The Company further agrees to take any and all action, including the execution and
filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of such agent or successor. 

Section 1.16   Waiver of Jury Trial. 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES. 
 ARTICLE TWO 

SECURITY FORMS 
 Section 2.01.  
Forms Generally. 
 The Securities of each series shall be in substantially the form set forth in this Article, or in such other
form (including temporary or permanent global form) as shall be established by or pursuant to an Authorization of the Company or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities
exchange or Depositary or as may, consistently herewith, be determined by an Authorized Representative executing such Securities pursuant to this Indenture, as evidenced by its execution thereof. If the forms of Securities of any series are
established by action taken pursuant to an Authorization, a copy of an appropriate record of such action shall be certified by any Authorized Representative and delivered to the Trustee at or prior to the delivery of the Order contemplated by
Section 3.03 for the authentication and delivery of such Securities. Any such Board Resolution or other document evidencing an Authorization shall have addressed thereto a true and correct copy of the form of Security referred to therein
approved by or pursuant to such Authorization. 
 The definitive Securities may be printed, lithographed or engraved on steel engraved
borders or may be produced in any other manner, all as determined by the Authorized Representative executing such Securities, as evidenced by its execution of such Securities. 

Upon their original issuance, any Rule 144A Securities and any Initial Regulation S Securities of any series shall be issued in the form of
separate Global Securities. The Global Securities representing Rule 144A Securities, together with their Successor Securities which are Global Securities other than Regulation S Global Securities and SEC Registered Securities, are

  
 21 

 
collectively herein called the “Restricted Global Securities”. The Global Securities representing Initial Regulation S Securities, together with their Successor Securities which are
Global Securities other than Restricted Global Securities and SEC Registered Securities, are collectively herein called the “Regulation S Global Securities.” 

Section 2.02.   Form of Global Security. 

[Form of Face of Global Security] [Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 

PETROBRAS GLOBAL FINANCE B.V. 

[Title of Security] 
 Date:
___________ 
 No.________ CUSIP NO._____________ 

ISIN NO.______________ 

[Legend if the Security is a Restricted Security: 

“THE GLOBAL NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS GLOBAL NOTE, AGREES THAT THIS GLOBAL NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO PETROBRAS GLOBAL
FINANCE B.V., (2) SO LONG AS THIS GLOBAL NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A)
IN ACCORDANCE WITH RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY
PURCHASING THIS GLOBAL NOTE, REPRESENTS AND AGREES THAT IT WILL NOTIFY ANY PURCHASER OF THIS GLOBAL NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES”
HAVE THE RESPECTIVE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”] 
 [Legend if the Security is a Regulation S
Security: 

  
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 THIS GLOBAL NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS GLOBAL NOTE, AGREES THAT NEITHER THIS GLOBAL NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE FOREGOING LEGEND MAY
BE REMOVED FROM THIS GLOBAL NOTE AFTER 40 DAYS BEGINNING ON AND INCLUDING THE LATER OF (I) THE DATE ON WHICH THE NOTES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (II) THE
ORIGINAL ISSUE DATE OF THIS GLOBAL NOTE.] 
 [Legend if the Security is a Temporary Regulation S Security: 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”). 
 NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED
ABOVE. 
 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL HEREOF OR INTEREST HEREON
UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.] 
 [Legend if the Security benefits from a
Registration Rights Agreement: 
 THE HOLDER OF THIS SECURITY IS SUBJECT TO, AND ENTITLED TO THE BENEFITS OF, THE REGISTRATION RIGHTS
AGREEMENT, DATED AS OF [date of agreement], AMONG PETROBRAS GLOBAL FINANCE B.V., PETROLEO BRASILEIRO S.A. AND THE OTHER PARTIES REFERRED TO THEREIN.] 

This Security is one of a duly authorized issue of securities of PETROBRAS GLOBAL FINANCE B.V., a private company incorporated with limited
liability under the laws of The Netherlands (the “Issuer”), designated as its __________ (the “Securities”), issued in an initial aggregate principal amount of ________________ as revised by the Schedule of Increases and
Decreased attached hereto, [If applicable, insert - - under the ___________ Supplemental Indenture (the “__________ Supplemental Indenture”), effective as of ___________, by and among the Issuer [If applicable, insert - - , Petróleo
Brasileiro S.A. – Petrobras, a mixed capital company (sociedade de economia mista) organized under the laws of Brazil (“Petrobras”),] and The Bank of New York Mellon, a New York banking corporation, as Trustee (the
“Trustee”), to the Indenture, dated as of August 28, 2018 (the “Original Indenture”, and as supplemented by the ____________ Supplemental Indenture and any further supplements thereto with respect to the Securities, the
“Indenture”), by and among the Issuer and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of interests, benefits, 

  
 23 

 
obligations and duties thereunder of the Issuer, the Trustee and the Holders, and of the terms upon which the Securities are, and are to be, authenticated and delivered. All capitalized terms
used in this Securities which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 

The Issuer, for value received, hereby promises to pay to ______________, or its registered assigns [If applicable, insert - - as nominee of
__________________], and as the Holder of record of this Security, the principal amount specified above in _________ on __________ (or earlier as provided for in the Indenture) upon presentation and surrender hereof, at the office or agency of the
Trustee referred to below. 
 [If the Security is to bear interest prior to Maturity, insert --, As provided for in the Indenture, the
Issuer promises to pay interest on the outstanding principal amount hereof, from ____________, [semi-annually in arrears on ______________ and ______________ of each year] [annually in arrears on __________ in each year] (each such date, an
“Interest Payment Date”), commencing _____________ at a rate equal to _____% per annum, and will initially accrue from the date of issuance and thereafter from the last Interest Payment Date to which interest has been paid. Interest
payable, and punctually paid or duly provided for, on this Security on any Interest Payment Date will, as provided in the Indenture, be paid in ___________ to the Person in whose name this Security (or one or more predecessor Securities) is
registered at the close of business on the Business Day preceding such interest payment. 
 Payment of the principal of and interest on
this Security will be payable by wire transfer to a _______ account maintained by the Holder of this Security as reflected in the Security Register of the Trustee. In the event the date for any payment of the principal of or interest on any Security
is not a Business Day, then payment will be made on the next Business Day with the same force and effect as if made on the nominal date of any such date for such payment and no additional interest will accrue on such payment as a result of such
payment being made on the next succeeding Business Day. [if the Security is to bear interest prior to Maturity, insert —, Interest shall accrue on the Securities at the rate of _____% per annum until all required amounts due in respect of the
Securities have been paid. Interest accrued with respect to this Security shall be calculated based on ____________.] 
 [If applicable,
insert - - However, if (i) a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), registering a security substantially identical to this Security (except that such Security will not contain terms
with respect to the Special Interest payments described below or legends reflecting transfer restrictions) pursuant to an exchange offer (the “Exchange Offer”) (the “Exchange Registration Statement”) (or, if applicable, a
registration statement registering this Security for resale (a “Shelf Registration Statement”)) has not become or been declared effective on or before the date on which such registration statement is required to become or be declared
effective pursuant to the Exchange and Registration Rights Agreement, dated as of [date of agreement] (the “Registration Rights Agreement”), among the Issuer and the other parties referred to therein, or (ii) the Exchange Offer has
not been completed within the number of days specified by the Registration Rights Agreement after the initial effective date of the Exchange Registration Statement (if the Exchange Offer is then required to be made) or a Shelf Registration Statement
has not become or been declared effective on or before the date on which it is required to become or be declared 

  
 24 

 
effective pursuant to the Exchange and Registration Rights Agreement, or (iii) any Exchange Registration Statement or, if applicable, the Shelf Registration Statement is filed and declared
effective but shall thereafter cease to be effective (except as specifically permitted pursuant to the Registration Rights Agreement) without being succeeded immediately (except as specifically permitted pursuant to the Registration Rights
Agreement) by an additional registration statement filed and declared effective, in each case in Clauses (i) through (iii) upon the terms and conditions set forth in the Registration Rights Agreement (each such event referred to in Clauses
(i) through (iii), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then interest will accrue (in addition to any stated interest
on the Securities) (the “Step-Up”) at a per annum rate of _____% for such Registration Default Period from and including the date on which a Registration Default first occurs to but excluding the
first date (the “Step-Down Date”) that no Registration Default is in effect. Interest accruing as a result of the Step-Up is referred to herein as “Special Interest.” Accrued Special
Interest, if any, shall be paid semi-annually on ______ and ______ in each year; and the amount of accrued Special Interest shall be determined on the basis of the number of days during which such Registration Default is in effect. 

The Issuer shall provide the Trustee with written notice of the date of any Registration Default and the Step-Down Date. Any accrued and
unpaid interest (including Special Interest) on this Security upon the issuance of an Exchange Security (as defined in the Indenture) in exchange for this Security shall cease to be payable to the Holder hereof but such accrued and unpaid interest
(including Special interest) shall be payable on the next Interest Payment Date for such Exchange Security.] 
 [If the Security is not to
bear interest prior to Maturity, insert -- The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity, and in such case the overdue
principal and any overdue premium shall bear interest at the rate of ___% per annum (to the extent that the payment of such interest shall be legally enforceable), from the date such amounts are due until they are paid or made available for payment.
Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal or premium which is not so paid on demand shall bear interest at the rate of ___% per annum (to the extent that the payment of such interest on
interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or made available for payment. Interest on overdue interest shall be payable on demand.) 

[If the Securities are subject to redemption, insert - - The Securities are subject to redemption by the Issuer on the terms and conditions
specified in the Indenture.] 
 This Security does not purport to summarize the Indenture, and reference is made to the Indenture for
information with respect to the respective rights, limitations of interests, benefits, obligations and duties thereunder of the Issuer, the Trustee and the Holders. 

If an Event of Default shall occur and be continuing, the outstanding principal amount of all the Securities may become or may be declared due and payable in
the manner and with the effect provided in the Indenture. 

  
 25 

 Modifications of the Indenture may be made by the Issuer and the Trustee only to the extent and
in the circumstances permitted by the Indenture. 
 [If applicable, insert - - The Securities shall be issued only in fully registered
form, without coupons. Securities shall be issued in the form of beneficial interests in one or more global securities in denominations of _________and integral multiples of _________ in excess thereof. 

Prior to and at the time of due presentment of this Security for registration of transfer, the Issuer, the Trustee and any agent of the
Issuer or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Issuer, the Trustee nor any agent thereof shall be affected by notice
to the contrary. 
 IN WITNESS WHEREOF, the Issuer has caused this Security to be duly executed. 

Dated: 
 PETROBRAS GLOBAL
FINANCE B.V. 
 By: ______________________________ 

Name: 
 Title: 

[Form of Reverse of Global Security] 
 This
Security is one of a duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of        (herein
called the “Indenture” which term shall have the meaning assigned to it in such instrument), between the Issuer and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any other successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert, limited in aggregate principal amount to U.S.$__________]. 

  
 26 

 [If applicable, insert— The Securities of this series are subject to redemption upon not
less than 15 days’ notice by mail, [if applicable, insert -- (1) on __________ in any year commencing with the year ____ and ending with the year _________ through operation of the sinking fund for this series at a Redemption Price equal to
[insert formula for determining amount] (with the amount in excess of 100% of the principal amount being additional interest), and (2)] at any time [if applicable, insert -- on or after ________, _____], as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert -- on or before ____________, ____%, and if redeemed] during the 12-month
period beginning _________ of the years indicated, 
  

							
	Redemption	  	Redemption
	Year	  	Price	  	Year	  	Price

 and thereafter at a Redemption Price equal to ___% of the principal amount, together in the case of any such redemption [if
applicable, insert -- (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders
of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert -- The Securities of this series are subject to redemption upon not less than 15 days’ notice by mail,
(1) on ___________ in any year commencing with the year _____ and ending with the year _____, through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert -- on or after_______, ___________], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption
otherwise than through operation of the sinking fund (expressed as percentages of the principal amount, with the amount in excess of 100% of the principal amount being additional interest) set forth in the table below: If redeemed during the 12-month period beginning_____________ of the years indicated, 
  

					
	 Year
	  	 Redemption Price For

Redemption Through

Operation of the Sinking Fund
	  	 Redemption Price For

Redemption Otherwise Than
 Through
Operation of the
 Sinking Fund

and thereafter at a Redemption Price equal to ____% of the principal amount, together in the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

  
 27 

 [If applicable, insert -- Notwithstanding the foregoing, the Company may not, prior to
__________, redeem any Securities of this series as contemplated by [If applicable, insert -- Clause (2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of
moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than ____% per annum.] 

[If applicable, insert -- The sinking fund for this series provides for the redemption on ________ in each year beginning with the year
_________ and ending with the year _____ and ending with the year _______ of [if applicable, insert -- not less than U.S.$________ (“mandatory sinking fund”) and not more than U.S.$________] aggregate principal amount of Securities of this
series. Securities of this series acquired or redeemed by the Company otherwise than through [if applicable, insert - mandatory] sinking fund payments may be credited against subsequent [if applicable, insert -- mandatory] sinking fund payments
otherwise required to be made [if applicable, insert -- in the inverse order in which they become due].] 
 [if applicable, insert -- The
Securities of this series may be redeemed at the option of the Company, in whole but not in part, upon not less than 15 nor more than 60 days’ notice given as provided in the Indenture, at any time at a Redemption Price equal to the principal
amount thereof plus accrued and unpaid interest to the date fixed for redemption if as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the jurisdiction (or of any political subdivision or
taxing authority thereof or therein) in which the Company is incorporated (or in the case of a successor Person to the Company, of the jurisdiction in which such successor Person is organized or any political subdivision or taxing authority thereof
or therein) or any change in the official application or interpretation of such laws, regulations or rulings, or any change in the official application or interpretation of, or any execution of or amendment to, any treaty or treaties affecting
taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction or political subdivision or taxing authority) is a party, which change, execution or amendment becomes effective on or after
____________ (or, in the case of a successor Person to the Company, the date on which such successor Person became such pursuant to the applicable provision of the Indenture).] 

[If applicable, insert -- The Securities may also be redeemed in whole but not in part upon not less than 15 nor more than 60 days’
notice given as provided in the Indenture at any time at a Redemption Price equal to the principal amount thereof plus accrued interest to the date fixed for redemption if the Person formed by a consolidation of the Company or into which the Company
is merged or to which the Company conveys, transfers or leases its properties and assets substantially as an entirety is required to pay a Holder Additional Amounts in respect of any tax, assessment or governmental charge imposed on any such Holder
or required to be withheld or deducted from any payment to such Holder as a consequence of such consolidation, merger, conveyance, transfer or lease.] 

  
 28 

 [If applicable, insert -- the Redemption Price of the Securities of this series shall be equal
to the applicable percentage of the principal amount at Stated Maturity set forth below: 
  

			
	If Redemption During the
12-Month Period Commencing	  	Redemption
Price

 together with, in each case (except if the Redemption Date shall be a __________), an amount equal to the applicable
Redemption Price multiplied by a fraction the numerator of which is the number of days from but not including the preceding _______________ to and including the Redemption Date multiplied by the difference between the Redemption Price applicable
during the 12 months beginning on the _________________ following the Redemption Date (or, in the case of a Redemption Date after ___________, 100%) and the Redemption Price applicable on the Redemption Date and the denominator of which is the total
number of days from but not including the _________________ preceding the Redemption Date to and including the next succeeding ____________. The Company will also pay to each eligible Holder, or make available for payment to each such Holder, on the
Redemption Date any additional interest (as set forth on the face hereof) resulting from the payment of such Redemption Price.] 
 [If
applicable insert -- The Redemption Price of the Securities of this series either in the event of certain changes in the tax treatment or in an event of default would include, in addition to the face amount of the Security, an amount equal to the
Original Issue Discount accrued since the issue date. Original Issue Discount (the difference between the Issue Price and the Principal Amount at Maturity of the Security), in the period during which a Security of this series remains outstanding,
shall accrue at __% per annum, on a semi-annual bond equivalent basis using a 360-day year composed of twelve 30-day months, commencing on the Issue Date of this
Security.] 
 [If applicable, insert -- Notice of redemption will be given by mail to Holders of Securities of this series, not less than
15 days nor more than 60 days prior to the date fixed for redemption, all as provided in the Indenture. Such notice may at the Company’s option be subject to the satisfaction of one or more conditions precedent, and it may be rescinded or
the applicable redemption date delayed in the event that any or all such conditions shall not have been satisfied by the applicable redemption date. Any conditions precedent shall be described in such notice.] 

[If the Security is subject to redemption of any kind, insert -- In the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable insert: The Securities are the Company’s unsecured obligations [and will be subordinated in right of payment to all of
the Company’s existing and future senior indebtedness (as such term is defined in the [supplemental indenture] [Board Resolution or other document evidencing an Authorization] authorizing this series of Securities)] and effectively subordinated
to all existing and future Indebtedness and other liabilities of its subsidiaries.] 

  
 29 

 [If applicable, insert -- The Indenture contains provisions for defeasance at any time of [the
entire indebtedness on this Security] [or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case,] upon compliance with certain conditions set forth in the Indenture.) 

[If applicable, insert -- Subject to and upon compliance with the provisions of the Indenture, the Holder of this Security is entitled, at
his option, at any time after ________________, to [convert] [exchange] this Security into [Describe Securities and conversion mechanics].] 

[If applicable, insert -- In the event of conversion of this Security in part only, a new Security or Securities of this series and of like
tenor for the unconverted portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 
 [If the Security
is not an Original Issue Discount Security, insert -- If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and
with the effect provided in the Indenture.] 
 [If the Security is an Original Issue Discount Security, insert -- If an Event of Default
with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal
to -- insert formula for determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of
such interest shall be legally enforceable), all of the applicable issuer’s obligations in respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 

[If applicable, insert - - If any deduction or withholding for any present or future taxes, assessments or other governmental charges of
Brazil or The Netherlands (or any political subdivision or taxing authority thereof or therein) shall at any time be required by Brazil or The Netherlands (or any such political subdivision or taxing authority) in respect of any amounts to be paid
by the Company under the Securities, the Company will pay to the Holder of this Security such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such tax, assessment or
other governmental charge, is not resident in Brazil or The Netherlands, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled (“Additional Amounts”); provided,
however, that the Company shall not be required to make any payment of Additional Amounts for or on account of: 

(a)    any tax, assessment or other governmental charge which would not have been imposed but for
(i) the existence of any present or former connection between such Holder or the beneficial owner of the Security of such series (or between a fiduciary, settler, beneficiary, member or shareholder of, or possessor of a power over, such Holder
or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or corporation) and Brazil or The Netherlands or any political subdivision or territory or 

  
 30 

 
possession thereof or area subject to its jurisdiction other than the mere holding of a Security or receipt of payment in respect thereto, including, without limitation, such Holder or beneficial
owner (or such fiduciary, settler, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent
establishment therein or (ii) the presentation of a Security of such series (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment
thereof is duly provided for, whichever occurs later; 
 (b)    any estate, inheritance, gift, sale,
transfer, personal property or similar tax, assessment or other governmental charge; 
 (c)    any
amount required to be deducted or withheld by any Paying Agent from a payment on or in respect of the Security, if such payment can be made without such deduction or withholding by any other Paying Agent and we duly provide for such other Paying
Agent to make such payment; 
 (d)    withholding for any taxes, duties, assessments or other
governmental charges that are payable otherwise than by deduction or withholding from payments on the Security; 

(e)    any tax, assessment or other governmental charge that is imposed or withheld by reason of the
failure to comply by the Holder or the beneficial owner of the Security of such series with a request of the Company addressed to the Holder (i) to provide information concerning the nationality, residence or identity of the Holder or such
beneficial owner or (ii) to make any declaration or other similar claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative
practice of Brazil or The Netherlands as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 

(f)    where the Holder would have been able to avoid the tax, levy, deduction or other governmental
charge by taking reasonable measures available to such Holder; or 
 (g)    any combination of items
(a), (b), (c), (d), (e) and (f) above; 
 nor shall Additional Amounts be paid with respect to any payment in respect of any Security to any Holder or
beneficial owner who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of Brazil or The Netherlands (or any political subdivision or taxing authority
thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts had it
been the Holder or beneficial owner, as the case may be, of such Security. 
 Unless the context otherwise requires, the Original
Securities (as defined in the Indenture) of this series and the Exchange Securities (as defined in the Indenture) of this series 

  
 31 

 
shall constitute one series for all purposes under the Indenture, including without limitation, amendments, waivers and redemptions. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As set forth in, and subject to, the provisions of the Indenture, no Holder of any Security of this series will
have any right to institute any proceeding with respect to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered indemnity or security satisfactory to the Trustee to institute such proceeding
as trustee, and the Trustee shall not have received from the Holders of a majority in principal of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding within 60
days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal [(and premium, if any)], interest or any Additional Amount on this Security on or after the
respective due dates expressed herein [If applicable insert -- or to a suit instituted by the Holder hereof for the enforcement of the right to convert this Security or receive Securities upon conversion or exchange in accordance with the
Indenture]. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed or to convert or exchange this
Security as provided in the Indenture. 
 The Securities of this series are issuable only in registered form without coupons in
denominations of _________ and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this
series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument 

  
 32 

 
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company
or the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture and the Securities shall be governed by and
construed in accordance with the laws of the State of New York. 
 All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. 
 [If applicable, insert - - 

SCHEDULE A 
 SCHEDULE OF
PRINCIPAL AMOUNT 
 The initial principal amount of this Security shall be U.S.$ _____________. The following decreases/increases
in the principal amount of this Security have been made: 
  

									
	Date of
Decrease/Increase	  	Decrease in
Principal
Amount	  	Increase in
Principal
Amount	  	Total Principal
Amount
Following Such
Decrease/Increase	  	Notation Made
by or on Behalf
of Trustee
		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

 Section 2.03.   Form of Legend for Global Securities. 

Unless otherwise specified as contemplated by Section 3.01 for the Securities evidenced thereby, every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the following form: 

  
 33 

 THIS CERTIFICATE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. [If applicable, insert — UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE ISSUER OR THE TRUSTEE FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF [name of registered holder ], OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO [name of registered holder], OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),] ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER
HEREOF, [name of registered holder], HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. 

Section 2.04.   Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificates of authentication shall be in substantially the following form: 

CERTIFICATE OF AUTHENTICATION 

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

Dated: 
  

			
	 The Bank of New York Mellon

    As Trustee

		
	By:	 	 
		 	Authorized Officer

 Section 2.05.   Guaranty by Guarantor; Form of Guaranty. 

In the event that any series of Securities of the Company is to be guaranteed by the Guarantor, the Guarantor and the Trustee shall enter into
a Guaranty substantially in the form set forth in Annex D, pursuant to which the Guarantor will agree with the Trustee on behalf of each Holder of a Security of such series to unconditionally and irrevocably guarantee the full and punctual payment
when due, as a guaranty of payment and not of collection, whether at the Stated Maturity, or earlier or later by acceleration or otherwise, of all obligations of the Company now or hereafter existing under the Indenture and the Securities of such
series, whether for principal, interest, make-whole premium, Additional Amounts, fees, indemnities, costs, expenses or otherwise, and the Guarantor shall agree to pay any and all expenses 

  
 34 

 
(including reasonable and documented counsel fees and expenses) incurred by the Trustee or any Holder of a Security of such series in enforcing any rights under the Guaranty. 

ARTICLE THREE 
 THE SECURITIES

 Section 3.01.   Amount Unlimited: Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution or other document
evidencing an Authorization of the Company and, subject to Section 3.03, set forth, or determined in the manner provided, in a Directors’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of
Securities of any series, the terms of the Securities of such series, including (as applicable) and without limitation: 

(1)    the title of the Securities of the series (which shall distinguish the Securities of the series
from Securities of any other series); 
 (2)    any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Sections 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder) (including any provision for the offering of additional Securities of
the series beyond any such limit upon the aggregate principal amount of Securities of such series); 

(3)    whether the Securities of the series will be issued at par, at a premium or at discount or as an
Original Issue Discount Security; 
 (4)    whether the Securities will constitute subordinated
obligations of the Company and, if so, the terms of such subordination; 
 (5)    whether the Securities
will be secured obligations of the Company; 
 (6)    whether Securities of the series in a form other
than as Global Securities, whether any Securities of the series are to be issuable initially as Temporary Regulation S Securities and whether any Securities of the series are to be issuable as Permanent Regulation S Securities and, if so, whether
beneficial owners of interests in any such Permanent Regulation S Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may
occur, if other than in the manner provided in Section 3.05; 

  
 35 

 (7)    the Person to whom any interest on a Security of the
series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest the manner in which, any interest on any
Security of the series shall be payable, if other than by wire transfer in same-day funds to the Holder; 

(8)    the date or dates on which the principal of the Securities of the series is payable; 

(9)    the rate or rates at which the Securities of the series shall bear interest or the method by which
such rate shall be determined, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any interest payable on any Global Securities on
any Interest Payment Date; 
 (10)    the place or places where, subject to the provisions of
Section 10.03, the principal of and any premium and interest on Securities of the series shall be payable, any Global Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for
exchange or conversion and notices and demands to or upon the Company in respect of the Securities of the series and this Indenture may be served; 

(11)    other than with respect to any redemption of Securities pursuant to Section 11.08, the period
or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company (including the period following the date referred to in
Section 11.08) and, if other than by a Board Resolution, the manner in which any election by the Company to redeem the Securities shall be evidenced; 

(12)    other than with respect to any redemption of Securities pursuant to Section 11.08, the
obligation, if any, of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and
the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 

(13)    the terms and conditions for conversion or exchange of Securities into equity securities of the
Company (including, if applicable, the rights, preferences and privileges of such equity securities), and the terms of any additional redemption rights of the Company relating to such terms and conditions for conversion or exchange, whether any such
equity securities may be evidenced by American Depositary Receipts and whether such security is convertible or exchangeable into another security; 

(14)    the denominations in which any Securities of the series shall be issuable if other than
denominations of U.S.$1,000 and any integral multiple thereof; 
 (15)    the applicable rate on
Defaulted Interest; 

  
 36 

 (16)    the currency, currencies or currency units in which
payment of the principal of and any premium and interest on any Securities of the series shall be payable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the United
States of America for purposes of the definition of “Outstanding” in Section 1.01; 

(17)    if the amount of principal of or any premium or interest on any Securities of the series may be
determined with reference to an index, the manner in which such amounts shall be determined; 

(18)    if the principal of or any premium or interest on any Securities of the series is to be payable,
at the election of the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities of such series are stated to be payable, the currency, currencies or currency units in which the
principal of and any premium and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made and the amount so payable (or
the manner in which such amount shall be determined); 
 (19)    if other than the principal amount
thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02; 

(20)    the application, if any, of Sections 14.01, 14.02 or 14.03 or both such Sections to the Securities
of the series and, if other than by a Board Resolution, the manner in which any election by the Company to defease such Securities shall be evidenced; 

(21)    if Additional Amounts pursuant to Section 10.10 will not be payable by the Company; 

(22)    if the principal amount payable at the Stated Maturity of any Securities of the series is not
determinable as of one or more dates prior to the Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any other purpose hereunder, including the principal amount thereof which shall
be due and payable upon any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any date (or, in any such case, the manner in which such principal amount shall be determined); 

(23)    if applicable, that any Securities of the series shall be issuable in whole or in part in the form
of one or more Global Securities and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in
Section 2.03 and, if different from those set forth in Clause (2) of the last paragraph of Section 3.05, any circumstances in which Securities issued upon any exchange may be registered in the name or names of Persons other than the
Depositary for such Global Security or a nominee thereof; 

  
 37 

 (24)    any addition to or change in the Events of Default
which applies to any Securities of the series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02; 

(25)    any addition to, removal of or change in the covenants set forth in Article Ten which applies to
Securities of the series; 
 (26)    whether the Securities of the series may be exchanged for Exchange
Securities pursuant to an Exchange Offer or otherwise in authorized denominations in exchange for a like principal amount of Original Securities of the same series, all in accordance with the terms of this Indenture and the terms of such security;
and 
 (27)    whether the Securities are Restricted Securities and Regulation S Securities, or SEC
Registered Securities; 
 (28)    whether Add On Notes will be permitted; and 

(29)    any other terms of the Securities of such series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 9.01(5)). 
 Unless the context otherwise requires, any Original
Securities of a series and any Exchange Securities of such series shall constitute one series for all purposes under this Indenture, including without limitation, amendments, waivers or redemptions. 

If any of the terms of the Securities of a series are established by action taken pursuant to an Authorization of the Company, a copy of an
appropriate record of such action shall be certified by any Authorized Representative, as the case may be, each delivered to the Trustee at or prior to the delivery of the Directors’ Certificate setting forth the terms of the series. 

Section 3.02.   Denominations. 

Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, any Securities of a series shall be
issuable in minimum denominations of U.S.$1,000 and any integral multiple thereof. 
 Section 3.03.   Execution, Authentication, Delivery
and Dating. 
 The Securities shall be executed on behalf of the Company by any Authorized Representative. The signature of any such
Authorized Representative may be manual or facsimile. Securities bearing the manual or facsimile signatures of individuals who were at any time a proper Authorized Representative shall bind the Company notwithstanding that such individuals or any of
them have ceased to hold such positions prior to the authentication and delivery of such Securities or did not hold such positions at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series,
executed by the Company to the 

  
 38 

 
Trustee for authentication, together with an Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Order shall authenticate and deliver such
Securities. 
 If the forms or terms of the Securities of the series have been established in or pursuant to one or more Authorizations as
permitted by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.01)
shall be fully protected in relying upon, an Opinion of Counsel and Directors’ Certificate stating, 

(1)    that such forms or terms have been established in conformity with the provisions of this Indenture;
and 
 (2)    that such Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

The Trustee shall have the right to decline to authenticate and deliver any Securities under this Section if the Trustee, being advised in
writing by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith shall determine that such action would expose the Trustee to personal liability based upon the written advice of counsel. 

The Trustee shall not be required to authenticate the Securities of any series if the issue of such Securities pursuant to this Indenture
will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

Notwithstanding the provisions of Section 3.01 and of the preceding paragraph, if all Securities of a series are not to be originally
issued at one time, it shall not be necessary to deliver the Directors’ Certificate otherwise required pursuant to Section 3.01 or the Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 

Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has
been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 3.09, for all purposes of this Indenture such Security shall be deemed never 

  
 39 

 
to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

Section 3.04.   Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and upon Order the Trustee shall authenticate and
deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered
form and with such appropriate insertions, omissions, substitutions and other variations as the managing directors executing such Securities may determine, as evidenced by their execution of such Securities. A Temporary Regulation S Security shall
be delivered only in compliance with the conditions set forth in Section 3.03 and this Section 3.04. 
 If temporary Securities
of any series are issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be
exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities of the same series, of any authorized denominations
and of a like aggregate principal amount and tenor. 
 If Temporary Regulation S Securities of any series are issued, any such Temporary
Regulation S Security shall, unless otherwise provided therein, be delivered to DTC or its nominee or the Common Depositary, in each case, for the benefit of the Euroclear Operator and Clearstream, Luxembourg, for credit to the respective accounts
of the beneficial owners of such Securities (or to such other accounts as they may direct). 
 Without unnecessary delay but in any event
not later than the date specified in, or determined pursuant to the terms of, any such Temporary Regulation S Security of a series (the “Exchange Date”), the Company shall deliver to the Trustee definitive Securities of that series in
aggregate principal amount equal to the principal amount of such Temporary Regulation S Security executed by the Company. On or after the Exchange Date, such Temporary Regulation S Security shall be surrendered by DTC or its nominee or the Common
Depositary, as the case may be, to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for definitive Securities of that series without charge, and the Trustee shall authenticate and
deliver, in exchange for each portion of such Temporary Regulation S Security a like aggregate principal amount of definitive Securities of the same series of authorized denominations and of like tenor as the portion of such Temporary Regulation S
Security to be exchanged; provided however, that upon such presentation by DTC or its nominee or the Common Depositary, such Temporary Regulation S Security must be accompanied by a certificate dated the Exchange Date or a subsequent date and signed
by the Euroclear Operator as to the portion of such Temporary Regulation S Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent date and signed by Clearstream, Luxembourg as to the portion of
such Temporary Regulation S Security held for its account then 

  
 40 

 
to be exchanged, each in the form set forth in Section 3.12(2). The definitive Securities to be delivered in exchange for any such Temporary Regulation S Security shall, unless otherwise
specified in the Temporary Regulation S Security, be in or in the form of Permanent Regulation S Securities. 
 Unless otherwise specified
in the Temporary Regulation S Security, the interest of a beneficial owner of Securities of a series in a Temporary Regulation S Security shall be exchanged on the Exchange Date for interest in a permanent global registered Security (a
“Permanent Regulation S Security”) of the same series and of like tenor unless, on or prior to the Exchange Date, such beneficial owner has not delivered to the Euroclear Operator or Clearstream, Luxembourg, as the case may be, a
certificate in the form set forth in Section 3.12(1) dated no earlier than the Certification Date, copies of which certificate shall be available from the office of the Euroclear Operator and Clearstream, Luxembourg, the Trustee, and any
Authenticating Agent appointed for such series of Securities and each Paying Agent and after the Exchange Date, the interest of a beneficial owner of Securities of a series in a Temporary Regulation S Security shall be exchanged for an interest in a
Permanent Regulation S Security of the same series and of like tenor following such beneficial owner’s delivery to the Euroclear Operator or Clearstream, Luxembourg, as the case may be, of a certificate in the form set forth in
Section 3.12(1) dated no earlier than the Certification Date. Unless otherwise specified in such Temporary Regulation S Security, any such exchange shall be made free of charge to the beneficial owners of such Temporary Regulation S Security.

 Until exchanged in full as hereinabove provided, the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered hereunder, except that, interest payable on a Temporary Regulation S Security on an Interest Payment Date for Securities of such
series shall be payable to the Euroclear Operator and Clearstream, Luxembourg on such Interest Payment Date only upon delivery by the Euroclear Operator or Clearstream, Luxembourg to the Trustee of a certificate or certificates in the form set forth
in Section 3.12(2), for credit without further interest on or after such Interest Payment Date to the respective accounts of the Persons who are the beneficial owners of such Temporary Regulation S Security on such Interest Payment Date and who
have each delivered to the Euroclear Operator or Clearstream, Luxembourg, as the case may be, a certificate in the form set forth in Section 3.12(1). Any interest so received by the Euroclear Operator and Clearstream, Luxembourg and not paid as
herein provided shall be returned to the Trustee immediately prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company in accordance with Section 10.08. 

Section 3.05.   Registration, Registration of Transfer and Exchange. 

(1)    The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the
register maintained in such office and in any other office or agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Registered Securities and
transfers of Registered Securities 

  
 41 

 
as herein provided. Such Security Register shall distinguish between Original Securities and Exchange Securities. 

Except as otherwise provided in this Section 3.05(1), upon surrender for registration of transfer of a Registered Security of any series
at the office or agency in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of like tenor and aggregate principal amount. 
 Subject to Section 3.05(2), at the option
of the Holder, Registered Securities of any series may be exchanged for other Registered Securities of the same series, of any authorized denominations and of a like tenor and aggregate principal amount upon surrender of the Registered Securities to
be exchanged at such office or agency. Whenever any Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is
entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of
the Company evidencing the same debt (subject to the provisions, if any, in the Original Securities regarding payment of Special Interest) and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration
of transfer or exchange. 
 Every Registered Security presented or surrendered for registration of transfer or for exchange shall (if so
required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in
writing. 
 In the event that the Company delivers to the Trustee a copy of a Directors’ Certificate certifying that a registration
statement under the Securities Act with respect to an Exchange Offer relating to a particular series of Securities, if any such Exchange Offer is contemplated for such series, has been declared effective by the Commission and that the Company has
offered Exchange Securities of such series to the Holders in accordance with the Exchange Offer, the Trustee shall exchange, upon request of any Holder, such Holder’s Securities for Exchange Securities upon the terms set forth in the Exchange
Offer. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but the Company and the Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Sections 3.04, 9.06 or 11.07 not
involving any transfer. 
 The Company shall not be required (i) to issue, register the transfer of or exchange Registered Securities
of any series during a period beginning at the opening of business 15 days before any selection of Securities of that series to be redeemed and ending at 

  
 42 

 
the close of business on the day of the mailing of the relevant notice of redemption or (ii) to register the transfer of or exchange any Registered Security so selected for redemption, in
whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 The provisions of Clauses (a), (b), (c) and
(d) below shall apply only to Global Registered Securities: 
 (a)    Each Global Security
authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security
shall constitute a single Security for all purposes of this Indenture. 
 (b)    Subject to Clause
(d) below, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such
Global Security shall direct. 
 (c)    Every Security authenticated and delivered upon registration of
transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this Section, Sections 3.04, 3.06, 9.06 or 11.07 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global
Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 

(d)    Except as provided below, owners of beneficial interests in Global Securities will not be entitled
to receive Registered Securities in their names (“Certificated Securities”). Certificated Securities shall be issued to all owners of beneficial interests in a Global Note in exchange for such interests if: 

(i)    The Depositary notifies the Company that it is unwilling or unable to continue as depositary for
such Global Note or the Depositary ceases to be a clearing agency registered under the Exchange Act, at a time when such Depositary is required to be so registered in order to act as depositary, and in each case, and a successor depositary is not
appointed by the Company within 90 days of such notice, 
 (ii)    The Depositary executes and delivers
to the Trustee and the Security Registrar a written notice stating that such Global Note shall be so exchangeable, or 

(iii)    an Event of Default has occurred and is continuing and the Security Registrar has received a
request from the Depositary or the Security Registrar and the Company have received a request from the Trustee. 
 In connection with the exchange of an
entire Global Security for Certificated Securities pursuant to this Clause (d), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and upon receipt of an Order the Trustee shall
authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its 

  
 43 

 
beneficial interest in such Global Security, an equal aggregate principal amount of Certificated Securities of authorized denominations. 

(e)    Members of, or participants in, DTC or Euroclear and Clearstream, Luxembourg, as the case may be
(“Agent Members”), shall have no rights under this Indenture with respect to any Global Security held on their behalf by DTC or by the Common Depositary under such Global Security, and DTC or the Common Depositary, as the case may be, may
be treated by the Company, the Trustee, the Paying Agent and the Security Registrar and any of their agents as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee, the Paying Agent or the Security Registrar or any of their agents from giving effect to any written certification, proxy or other authorization furnished by DTC or the Common Depositary or impair, as between DTC or Euroclear
and Clearstream, Luxembourg and their respective Agent Members, the operation of customary practices governing the exercise of the rights of an owner of a beneficial interest in any Global Security. The registered Holder of a Global Security may
grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Securities. 

(2)    Certain Transfers and Exchanges. 

(a)    The following provisions shall apply with respect to any proposed transfer of an interest in a
Restricted Global Security: If (i) the owner of a beneficial interest in a Restricted Global Security wishes to transfer such interest (or portion thereof) to a Non-U.S. Person pursuant to Regulation S
and (ii) such Non-U.S. Person wishes to hold its interest in the Security through a beneficial interest in the Regulation S Global Security, (x) upon receipt by the Depositary and Security Registrar
of: 
 (i)    instructions from the Holder of the Restricted Global Note directing the Depositary and
Security Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Security equal to the principal amount of the beneficial interest in the Restricted Global Security to be transferred, and 

(ii)    a Restricted Securities Certificate in the form of Annex B from the transferor, 

and (y) subject to the rules and procedures of the Depositary, the Depositary and Security Registrar shall increase the Regulation S
Global Security and decrease the Restricted Global Security by such amount in accordance with the foregoing. 

(b)    If the owner of an interest in a Regulation S Global Security wishes to transfer such interest (or
any portion thereof) to a “qualified institutional buyer” as defined by and pursuant to Rule 144A prior to the expiration of the Restricted Period therefor, (x) upon receipt by the Depositary and Security Registrar of: 

  
 44 

 (i)    instructions from the Holder of the Regulation S
Global Security directing the Depositary and Security Registrar to credit or cause to be credited a beneficial interest in the Restricted Global Note equal to the principal amount of the beneficial interest in the Regulation S Global Security to be
transferred, and 
 (ii)    a Restricted Securities Certificate in the form of Annex B duly executed by
the transferor, 
 and (y) in accordance with the rules and procedures of the Depositary, the Depositary and Security Registrar shall
increase the Restricted Global Security and decrease the Regulation S Global Security by such amount in accordance with the foregoing. 

(c)    Other Transfers. Any transfer of Restricted Securities or Regulation S Securities not described
above (other than a transfer of a beneficial interest in a Global Security that does not involve an exchange of such interest for a Certificated Note or a beneficial interest in another Global Security, which must be effected in accordance with
applicable law and the rules and procedures of the Depositary, but is not subject to any procedure required by this Indenture) shall be made only upon receipt by the Security Registrar of such opinions of counsel, certificates and/or other
information reasonably required by and satisfactory to it in order to ensure compliance with the Securities Act or in accordance with paragraph (3) of this Section 3.05. 

(3)    Securities Act Legends. Rule 144A Securities and their Successor Securities shall bear a Restricted
Securities Legend, and Initial Regulation S Securities and their Successor Securities shall bear a Regulation S Legend, subject to the following: 

(a)    subject to the following Clauses of this Section 3.05(3), a Security or any portion thereof
which is exchanged, upon registration of transfer or otherwise, for a Registered Global Security or any portion thereof shall bear the Securities Act legend borne by such Registered Global Security while represented thereby; 

(b)    subject to the following Clauses of this Section 3.05(3), a new Registered Security which is
issued in exchange for another Security or any portion thereof, upon registration of transfer or otherwise, shall bear the Securities Act legend borne by such other Security, provided that, if such new Registered Security is required to be issued in
the form of a Restricted Security, it shall bear a Restricted Securities Legend and, if such new Registered Security is so required to be issued in the form of a Regulation S Security, it shall bear a Regulation S Legend; 

(c)    any SEC Registered Securities shall not bear a Securities Act legend; 

(d)    after the applicable restricted period prescribed by Rule 144(d) under the Securities Act, a new
Registered Security which does not bear a Securities Act legend may be issued in exchange for or in lieu of a Registered Security or any portion thereof which bears such a legend if the Trustee has received an Unrestricted Securities Certificate,
satisfactory to the Trustee and duly executed by the Holder of such legended Security or his attorney duly authorized in writing, and after such date and receipt of such certificate, 

  
 45 

 
the Trustee shall authenticate and deliver such a new Registered Security in exchange for or in lieu of such other Registered Security as provided in this Article Three; 

(e)    a new Registered Security which does not bear a Securities Act legend may be issued in exchange for
or in lieu of a Registered Security or any portion thereof which bears such a legend if, in the Company’s judgment, placing such a legend upon such new Security is not necessary to ensure compliance with the registration requirements of the
Securities Act, and the Trustee, at the direction of the Company, shall authenticate and deliver such a new Security as provided in this Article Three; and 

(f)    notwithstanding the foregoing provisions of this Section 3.05(3), a Successor Security of a
Security that does not bear a particular form of Securities Act legend shall not bear such form of legend unless the Company has reasonable cause to believe that such Successor Security is a “restricted security” within the meaning of Rule
144 under the Securities Act, in which case the Trustee, at the direction of the Company, shall authenticate and deliver a new Security bearing a Restricted Securities Legend in exchange for such Successor Security as provided in this Article Three.

 Section 3.06.   Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and of like tenor and principal amount bearing a number not contemporaneously outstanding, appertaining to the surrendered Security. 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a
protected purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount bearing a number not
contemporaneously outstanding. 
 Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed,
lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee connected therewith). 

Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and any such new Security shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 

  
 46 

 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other
rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 Section 3.07.  
Payment of Interest; Interest Rights Preserved. 
 Except as otherwise provided as contemplated by Section 3.01 with respect to
any series of Securities, interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid, in the case of definitive Registered Securities, to the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest and, at the option of the Company, may be paid by check mailed to the address of the Person as it appears in the Security
Register or, in the case of Global Securities, by wire transfer of same-day funds to the Holder. 

Any interest on any Registered Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest
Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its
election in each case, as provided in Clause (1) or (2) below: 
 (1)    The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same
time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest, which shall be not more than 15 days and not less than ten days prior to the date of the proposed payment and not less than ten days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of
Securities of such series in the manner set forth in Section 1.06, not less than ten days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed,
such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following Clause (2). 

  
 47 

 (2)    The Company may make payment of any Defaulted interest
on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section and Section 3.05, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such predecessor Security. 

Section 3.08.   Persons Deemed Owners. 

Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Sections 3.04, 3.05 and 3.07) any interest on such Security, and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Section 3.09.   Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer or exchange or conversion or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of by the Trustee in accordance with its customary procedures unless otherwise directed by an Order. 

Section 3.10.   Computation of Interest. 

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 3.11.   CUSIP or ISIN Numbers. 

The Company in issuing the Securities may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the
Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no 

  
 48 

 
representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers. 

Section 3.12.   Add On Notes. 

Unless otherwise provided pursuant to Section 3.01, the Company may, from time to time, subject to compliance with any other applicable
provisions of this Indenture, without the consent of the Holders, create and issue pursuant to this Indenture additional notes (“Add On Notes”) having terms and conditions identical to those of any other series of Outstanding Securities
issued under this Indenture, except that Add On Notes: 
 (1)    may have a different issue date from
such other series of Outstanding Securities; 
 (2)    may have a different amount of interest payable
on the first Interest Payment Date after issuance than is payable on such other series of Outstanding Securities; 

(3)    may have terms specified pursuant to the Board Resolution or other document evidencing an
Authorization or in a supplemental indenture for such Add On Notes making appropriate adjustments to the terms of this Indenture applicable to such Add On Notes in order to conform to and ensure compliance with the Securities Act (or other
applicable securities laws) and any Registration Rights Agreement applicable to such Add On Notes, which are not adverse in any material respect to the Holder of any such series of Outstanding Securities (other than such Add On Notes); and 

(4)    may be entitled to Step-Up interest not applicable to such
other series of Outstanding Securities and may not be entitled to such Step-Up interest applicable to such other series of Outstanding Securities. 

Section 3.13.   Forms of Certification. 

(1)    Whenever any provision of this Indenture contemplates that certification be given by a beneficial owner of a
portion of the Temporary Regulation S Security, such certification shall be provided substantially in the form of the following certificate, with only such changes as shall be approved by the Company: 

  
 49 

 CERTIFICATE 

PETROBRAS GLOBAL FINANCE B.V. 

Company 
 [Title of Securities]

 This is to certify that as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account
(i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its
source (“United States person(s)”), (ii) are owned by United States person(s) that (a) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations
Section 1.165-l2(c)(l)(v)) (“financial institutions”) purchasing for their own account or for resale, or (b) acquired the Securities through foreign branches of United States financial
institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States financial institution hereby agrees, on its own behalf or through its agent,
that you may advise the Company or its agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United
States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)) and, in addition, if the owner of the
Securities is a United States or foreign financial institution described in Clause (iii) above (whether or not also described in Clause (i) or (ii)) this is to further certify that such financial institution has not acquired the Securities
for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 
 As
used herein, “United States” means the United States of America (including the States and the District of Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands. 
 We undertake to advise you by tested telex if the above statement is not correct on the date on which you
intend to submit your certificate relating to such Securities to the Trustee, and in the absence of any such notification it may be assumed that this certificate applies as of such date. 

This certificate excepts and does not relate to U.S.$ ___of which interest in the above Securities in respect of which we are not able to
certify and as to which we understand exchange and delivery of definitive Securities cannot be made until we do so certify. 
 We
understand that this certificate is required in connection with certain tax laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would
be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceedings. 
 Dated: 

  
 50 

	
	By: ________________
	 As, or as agent for,
 the beneficial owner(s)
of
 the Securities to which this
 certificate
relates”;

 (2)    Whenever any provision of this Indenture contemplates that certification be given
by DTC (or its nominee), the Euroclear Operator or Clearstream, Luxembourg in connection with the exchange of a Temporary Regulation S Security for a Permanent Regulation S Security, such certification shall be provided substantially in the form of
the following certificate, with only such changes as shall be approved by the Company: 
 CERTIFICATION 

PETROBRAS GLOBAL FINANCE B.V. 

Company 
 [Title of Securities]

 (the “Securities”) 

This is to certify that, based solely on certifications we have received in writing, by tested telex or by electronic transmission from
member organizations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially to the effect set forth in the Indenture dated as
of            , ______ principal amount of the above-captioned Securities (i) is owned by Persons that are not citizens or residents of the United States, domestic partnerships,
domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source (“United States persons”), (ii) is owned by United States persons that (a) are foreign
branches of United States financial institutions (as defined in U.S. Treasury Regulations Section l.165-12(c)(1)(v) (“financial institutions”)) purchasing for their own account or for resale, or
(b) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United
States financial institution has agreed, on its own behalf or through its agent, that we may advise the Company or its agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations
Section 1.163-5(c)(2)(i)(D)(7))), and to the further effect that United States or foreign financial institutions described in Clause (iii) above (whether or not also described in Clause (i) or
(ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a Person within the United States or its possessions. 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its
“possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

  
 51 

 We further certify (i) that we are not making available herewith for exchange (or, if
relevant, exercise of any rights or collection of any interest) any portion of the Temporary Regulation S Security excepted in such certifications and (ii) that as of the date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member Organizations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any Interest) are no longer true and
cannot be relied upon as of the date hereof. 
 We understand that this certification is required in connection with certain tax laws and,
if applicable, certain securities laws in the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you
to produce this certification to any interested party in such proceedings. 
 Dated:__________ 

 

	
	Yours faithfully,
	
	 THE DEPOSITARY TRUST COMPANY
  

or
  

	 EUROCLEAR BANK S.A./N.V.,

as operator of the Euroclear

	 System
  

or
  

	Clearstream Banking,
	 société anonyme, Luxembourg

 

	By: ___________________
	      Name:
	      Title:

  
 52 

 ARTICLE FOUR 

SATISFACTION AND DISCHARGE 

Section 4.01.   Satisfaction and Discharge of Indenture. 

This Indenture and the Securities of any series shall upon Order of the Company cease to be of further effect (except as to any surviving
rights of registration of transfer or exchange or conversion of such Securities herein expressly provided for, and any right to receive Additional Amounts as provided in Section 10.10) with respect to any series of Securities, and the Trustee,
on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to such series of Securities and the Securities of such series, when 

(1)    either 

(a)    all Securities of such series theretofore authenticated and delivered (other than
(i) Securities of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (ii) Securities of such series for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.08) have been delivered to the Trustee for cancellation; or 

(b)    all Securities of such series not theretofore delivered to the Trustee for cancellation 

(i)    have become due and payable, or 

(ii)    will become due and payable at their Stated Maturity within one year, or 

(iii)    are to be called for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company in the case of
(i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount sufficient to pay and discharge the entire indebtedness on such Securities for principal and any
premium and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(2)    the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

(3)    the Company has delivered to the Trustee a Directors’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

  
 53 

 Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of
Securities, the obligations of the Company to the Trustee under Section 6.07, the obligations of the Company to any Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to Subclause
(B) of Clause (l) of this Section, the obligations of the Trustee under Section 4.02 and the last paragraph of Section 10.08 shall survive. 

Section 4.02.   Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 10.08, all money deposited with the Trustee pursuant to Section 4.01
shall be held in trust (without liability to the Holders for interest or investment) and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with or received by the Trustee. 

ARTICLE FIVE 
 REMEDIES 

Section 5.01.   Events of Default. 

“Event of Default,” wherever used herein with respect to the Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 1.    The Company shall fail to make any payment in respect of principal on any
of the Securities of the series whether on the Stated Maturity (as the same may be extended as permitted hereunder), upon redemption or prior to the Maturity or otherwise in accordance with the terms of the Securities of the series and this
Indenture, non-payment of which shall continue for a period of 7 calendar days and the Trustee shall not have otherwise received such amounts from amounts on deposit, from Petrobras under a Guaranty or
otherwise by the end of such 7 calendar day period; 
 2.    The Company shall fail to make any payment
in respect of any interest or other amounts due on or with respect to the Securities of the series (including Additional Amounts, if any) in accordance with the terms of the Securities of such series and this Indenture, non-payment of which shall continue for a period of 30 calendar days and the Trustee shall not have otherwise received such amounts from amounts on deposit, from Petrobras under a Guaranty or otherwise by the end of
such 30 calendar day period; 
 3.    The Company, or Petrobras in case of a series of Securities
guaranteed by Petrobras, shall fail to perform, or breach, any term, covenant, agreement or obligation in respect of the Securities of the series issued under this Indenture or in a Supplemental Indenture, or, if applicable, the Guaranty, and such
failure (other than any failure to make 

  
 54 

 any payment under a Guaranty, for which there is no cure) is either incapable of remedy or
continues for a period of 60 calendar days after there has been received by the Company or Petrobras from the Trustee or the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

4.    The maturity of any Indebtedness of the Company or Petrobras or any Material Subsidiary thereof in a
total aggregate principal amount of U.S.$200,000,000 or more is accelerated in accordance with the terms of that Indebtedness, it being understood that prepayment or redemption by the Company or Petrobras or any Material Subsidiary thereof of any
Indebtedness is not acceleration for this purpose; 
 5.    The Company or Petrobras or any Material
Subsidiary thereof stops payment of, or is generally unable to pay, its debts as and when they become due except (i) as is otherwise expressly provided under this Indenture or, if applicable, the Guaranty issued by Petrobras or (ii) in the
case of a winding-up, dissolution or liquidation for the purpose of and followed by a consolidation, merger, spin off, conveyance or transfer, the terms of which shall have been approved by a resolution of a
meeting of the Holders of the Outstanding Securities of that series; 
 6.    Proceedings are initiated
against the Company or Petrobras or any Material Subsidiary thereof under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to,
debtors, and any such proceeding is not dismissed or stayed within 90 days after the entering of such proceeding, or an administrator, receiver, trustee, manager, fiduciary, statutory manager, intervener or assignee for the benefit of
creditors (or other similar official) is appointed to take possession or control of, or a distress, execution, attachment or sequestration or other process is levied, enforced upon, sued out or put in force against, all or any material part of the
undertaking, property, assets or revenues of the Company or Petrobras or any Material Subsidiary thereof and is not dismissed or stayed within 90 days; 

7.    The Company or Petrobras or any Material Subsidiary thereof commences voluntarily or consents to
judicial, administrative or other proceedings relating to it under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to, debtors,
or makes or enters into any composition, recuperação judicial or extrajudicial or other similar arrangement with its creditors, or appoints or applies for the appointment of an administrator, receiver, trustee, manager,
fiduciary, statutory manager, intervener or assignee for the benefit of creditors (or other similar official) to take possession or control of the whole or any material part of its undertaking, property, assets or revenues, or takes any judicial,
administrative or other similar proceeding under any law for a readjustment or deferment of its Indebtedness or any part of it; 

8.    An effective resolution is passed for, or any authorized action is taken by any court of competent
jurisdiction, directing the winding-up, dissolution or liquidation 

  
 55 

 
of the Company or Petrobras or any Material Subsidiary thereof (other than in any of the circumstances referred to as exceptions in paragraph (5) above); 

9.    Any event occurs that under the laws of any relevant jurisdiction has substantially the same effect
as any of the events referred to in any of paragraphs (5), (6), (7) or (8) of this Section 5.01; 

10.    This Indenture or any part thereof, or the Guaranty related to the series of the Securities, shall
cease to be in full force and effect or binding and enforceable against the Company or Petrobras, as applicable, it becomes unlawful for the Company or Petrobras to perform any material obligation under this Indenture or the Guaranty related to the
series of the Securities, or the Company or Petrobras shall contest the enforceability of this Indenture or the Guaranty related to the series of the Securities, or deny that it has liability under this Indenture or the Guaranty related to the
series of the Securities; and 
 11.    Petrobras fails to retain at least 51% direct or indirect
ownership of the outstanding voting and economic interests (equity or otherwise) of and in the Company. 
 Section 5.02. Acceleration of Maturity;
Rescission and Annulment. 
 If an Event of Default (other than an Event of Default specified in Section 5.01(6), 5.01(7), 5.01(8)
or 5.01(9) with respect to Securities of any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of such series may
declare the principal amount (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof) of all of the Securities of such
series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. If an Event
of Default specified in Section 5.01(6), 5.01(7), 5.01(8) or 5.01(9) with respect to Securities of any series at the time Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are
Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof) shall automatically and without any declaration or other action on the part of the Trustee or any Holder, become
immediately due and payable. 
 At any time after such a declaration of acceleration with respect to Securities of any series has been made
and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to
the Company and the Trustee, may rescind and annul such declaration and its consequences if: 

(1)    the Company has paid or deposited with the Trustee a sum sufficient to pay: 

(a)    all overdue interest on all Securities of that series, 

  
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 (b)    the principal of (and premium and Additional Amounts,
if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 

(c)    to the extent that payment of such interest is lawful, interest upon overdue interest at the rate
or rates prescribed therefor in such Securities, and 
 (d)    all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all other amounts due to the Trustee under Section 6.07; and 

(2)    all Events of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which has become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 5.03.   Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(1)    default is made in the payment of any interest or payment of any additional interest or Additional
Amounts on any Security when such interest becomes due and payable and such default continues for a period of 30 days, or 

(2)    default is made in the payment of the principal of (or premium, if any, on) any Security at the
Maturity thereof and such default continues for a period of 7 days, 
 the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities, the whole amount then due and payable, including Additional Amounts, on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all amounts due the Trustee under Section 6.07. 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
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 Section 5.04.   Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the
Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders of that series of Securities and the Trustee
allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder of that series of Securities to make such payments to the Trustee and, in the event that the Trustee shall consent to the making
of such payments directly to the Holders of that series of Securities, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to
the Trustee under Section 6.07. 
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder of a Security any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of
any Holder of a Security in any such proceeding provided, however, that the Trustee may, on behalf of the Holders of Securities, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other
similar committee. 
 Section 5.05.   Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 6.07, be for the ratable benefit of the Holders of the
Securities in respect of which such judgment has been recovered. 
 Section 5.06.   Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 FIRST: To the payment of all amounts due the Trustee under Section 6.07; 

SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest and any Additional
Amounts on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without 

  
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preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and 

THIRD: To the payment of the balance, if any, to the Company. 

Section 5.07.   Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, the Securities or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1)    such Holder has previously given written notice to the Trustee of a continuing Event of Default
with respect to the Securities of such series; 
 (2)    the Holders of not less than 25% in principal
amount of the Outstanding Securities of such series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3)    such Holder or Holders have offered to the Trustee indemnity or security satisfactory to it against
the costs, expenses and liabilities to be incurred in compliance with such request; 
 (4)    the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 

(5)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being
understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

Section 5.08.   Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert. 

Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional,
to receive payment of the principal of and any premium and (subject to Sections 3.04, 3.05 and 3.07) interest and any Additional Amounts on such Security on the respective Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and, if such Security is convertible or exchangeable, to convert or exchange such Security in accordance with this Indenture and to institute suit for
the enforcement of such right to convert or to receive Securities upon conversion and such rights shall not be impaired without the consent of such Holder. 

  
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 Section 5.09.   Restoration of Rights and Remedies. 

If the Trustee or any Holder of any Security has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders
of Securities shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 5.10.   Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy. 
 Section 5.11. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders of Securities may be exercised from time to time,
and as often as may be deemed expedient, by the Trustee or by the Holders of Securities, as the case may be. 
 Section 5.12.   Control by
Holders of Securities. 
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 

(1)    such direction shall not be in conflict with any rule of law or with this Indenture, 

(2)    the Trustee may take any other action deemed necessary by the Trustee which is not inconsistent
with such direction, and 
 (3)    the Trustee need not follow any such direction if doing so would in
its reasonable discretion either involve it in personal liability or be unduly prejudicial to Holders of Securities not joining in such direction. 

  
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 Section 5.13.   Waiver of Past Defaults. 

Subject to Section 5.02, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on
behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series of the Company and its consequences, except a default 

(1)    in the payment of the principal of or any premium, interest or Additional Amounts on any Security
of such series of the Company, or 
 (2)    in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected, or 

(3)    in the conversion or exchange of any Security of such series of such Company and the delivery of
Securities upon conversion. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be
deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14.   Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess reasonable costs, including reasonable attorney’s fees and expenses, against any such
party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment
in any suit instituted by the Company, in any suit instituted by the Trustee, in any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or in
any suit instituted by any Holder of any Security for the enforcement of the payment of the principal of or any premium or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of
redemption, on or after the Redemption Date) or for the enforcement of any right to convert such Security pursuant to this Indenture. 

Section 5.15.   Waiver of Stay, Extension or Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Securities as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture. The Company hereby expressly waives (to the extent that it may lawfully do so) all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein 

  
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granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE SIX 
 THE TRUSTEE 

Section 6.01.   Certain Duties and Responsibilities. 

The duties, responsibilities, rights, benefits and protections of the Trustee shall be as specifically set forth in this Indenture and the
Trust Indenture Act and no implied covenants or obligations shall be read into this Indenture against the Trustee, except as otherwise required by the Trust Indenture Act. 

Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate security or indemnity against
such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to
the provisions of this Section. 
 Section 6.02.   Notice of Defaults. 

If the Trustee has actual written notice of an Event of Default with respect to Securities of any series, the Trustee shall give the Holders
of Securities of such series notice of such Event of Default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 5.01(3) with respect to Securities
of such series, no such notice to such Holders shall be given until at least 60 days after the occurrence thereof. 
 Section 6.03.  
Certain Rights of Trustee. 
 Subject to the provisions of Section 6.01: 

(1)    the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon
any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document (whether in its original or facsimile form)
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(2)    any request or direction of the Company mentioned herein shall be sufficiently evidenced by an
Order and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution; 

(3)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any 

  
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action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely and be fully protected for such reliance
upon a Directors’ Certificate or an Opinion of Counsel; 
 (4)    the Trustee may consult with
counsel of its selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon; 
 (5)    the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders of Securities of any series pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 

(6)    the Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney (and the Company shall reimburse the Trustee for reasonable expenses in connection with such inquiry or investigation); provided that the Trustee shall not be entitled to such information which the Company is
prevented from disclosing as a matter of law or contract; 
 (7)    the Trustee may execute any of the
trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by
it hereunder; 
 (8)    the Trustee shall not be liable for any action taken or omitted by it in good
faith and believed by it to be within the discretion, rights or powers conferred upon it by this Indenture; 

(9)    the Trustee shall not be deemed to have notice of any default (as defined in Section 6.02) or
Event of Default unless a Responsible Officer of the Trustee has received written notice of any event which is in fact such a default at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; 

(10)    the rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder; 

(11)    the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

  
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 (12)    in no event shall the Trustee be responsible or
liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever including but not limited to loss of profit irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of
the form of action; 
 (13)    notwithstanding anything herein to the contrary neither the Trustee nor
any of its the agents shall incur any liability for not performing any act or fulfilling any duty obligation or responsibility hereunder by reason of any occurrence beyond the control of the Trustee or its respective agent as applicable including
but not limited to any act or provision of any present or future law or regulation or governmental authority any act of God or war civil unrest local or national disturbance or disaster any act of terrorism fire riot strikes or work stoppages for
any reason embargos government action or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility; 

(14)    the Trustee may act at the direction of the requisite holders without incurring any liability; and

 (15)    the Trustee shall not be liable for errors in judgment made in good faith unless it was
negligent in ascertaining the pertinent facts. 

  
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 Section 6.04.   Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of the Securities or the proceeds thereof. 

Section 6.05.   May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent. 
 Section 6.06.   Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall
be under no liability for interest on or investment of any money received by it hereunder except as otherwise agreed in writing with the Company. 

Section 6.07.   Compensation and Reimbursement. 

The Company agrees: 

(1)    to pay to the Trustee from time to time such compensation as shall be agreed in writing from time
to time for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2)    except as otherwise expressly provided herein, to reimburse the Trustee upon its written request
for all reasonable fees, costs, indemnities, expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its
agents and counsel), except to the extent that any such fees, costs, indemnities, expenses, disbursements or advances may be attributable to its negligence or bad faith; and 

(3)    to fully indemnify the Trustee and any predecessor Trustee and their agents for, and to hold it
harmless against, any and all loss, liability, damages, claims or expense arising out of or in connection with the acceptance or administration of the trust or trusts hereunder and the performance of its duties hereunder, including the costs and
expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder except to the extent that any such loss, liability or expense may be attributable to its negligence
or bad faith. 

  
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 The Trustee shall have a Lien prior to the Holders of Securities to payment of amounts due it
under this Section 6.07 from funds held by the Trustee hereunder. “Trustee” for purposes hereof includes any predecessor trustee, but the negligence or bad faith of any trustee shall not affect the rights of any other trustee
hereunder. 
 If the Trustee incurs expenses or renders services after the occurrence of an Event of Default specified in Sections 5.01(6),
5.01(7), 5.01(8) or 5.01(9), the reasonable expenses and the compensation for the services will be intended to constitute expenses of administration under Title 11 of the United States Bankruptcy Code or any other applicable law. 

The provisions of this Section shall survive the resignation or removal of the Trustee, the repayment of the Notes and the termination of
this Indenture. 
 Section 6.08.   Conflicting Interests. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 

For this purpose, the Trustee shall not be deemed to have a conflicting interest by reason of being Trustee for the Securities of any series
and Trustee for the Securities of any other series. 
 Section 6.09.   Corporate Trustee Required; Eligibility. 

There shall at all times be one and only one Trustee hereunder with respect to the Securities of each series which shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least U.S.$50,000,000 and its Corporate Trust Office in the Borough of Manhattan, The City of New York, New York. If such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus
of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 6.10.   Resignation and Removal; Appointment of Successor. 

(1)    No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this
Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

(2)    The Trustee may resign at any time with respect to the Securities of one or more series by giving
written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered 

  
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to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the Company, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. 
 (3)    The Trustee
may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Company. The Trustee so removed may, at
the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee if no successor Trustee has been appointed within 30 days of such removal. 

(4)    If at any time: 

(a)    the Trustee shall fail to comply with Section 6.08 after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

(b)    the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after
written request therefor by the Company or by any such Holder, or 
 (c)    the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company may remove by Board Resolution the Trustee with respect to all
Securities, or (ii) subject to Section 5.14, any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(5)    If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur
in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the Holders 

  
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of Securities of such series and accepted appointment in the manner required by Section 6.11, any Holder of a Security who has been a bona fide Holder of a Security of such series for at
least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(6)    The Company shall give notice of each resignation and each removal of the Trustee with respect to
the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.06. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 Section 6.11.
  Acceptance of Appointment by Successor. 
 (1)    In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to each of the Company and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee;
but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

(2)    In case of the appointment hereunder of a successor Trustee with respect to the Securities of one
or more (but not all) series of the Company, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series of the Company shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be
vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart
from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent

  
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provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

(3)    Upon request of any such successor Trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (1) and (2) of this Section, as the case may be. 

(4)    No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article. 
 Section 6.12.   Merger, Conversion, Consolidation or Succession
to Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities. 
 Section 6.13.   Preferential Collection of Claims Against Company.

 The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in
Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated. 

Section 6.14.   Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon exchange, registration of transfer or partial conversion, exchange or partial redemption thereof or pursuant to Section 3.06, and Securities
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing signed by a
Responsible Officer of the Trustee and a copy of which shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee

  
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or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than U.S.$50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of
such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 
 Any
corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any
corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or
filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which
shall be acceptable to the Company and shall give notice of such appointment in the manner provided in Section 1.06 to all Holders of Securities of the series with respect to which such Authenticating Agent will serve. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each
Authenticating Agent from time to time reasonable compensation for its services under this Section. 
 If an appointment with respect to
one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

  
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		 	The Bank of New York Mellon	 	
		 	    As Trustee	 	
			
		 	By ____________________________	 	
		 	     As Authenticating Agent	 	
			
		 	By ____________________________	 	
		 	     As Authorized Signatory	 	

 If all of the Securities of a series may not be originally issued at one time, and if the Trustee does not
have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested by the Company in
writing (which writing need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel), shall appoint in accordance with this Section an Authenticating Agent having an office in the Place of Payment designated by the
Company with respect of such series of Securities. 
 ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

Section 7.01.   Company to Furnish Trustee Names and Addresses of Holders. 

The Company will furnish or cause to be furnished to the Trustee: 

(1)    semi-annually, if interest is paid semi-annually, or quarterly, if interest is paid quarterly, not
later than 15 days after each Regular Record Date in each year or, if interest is paid annually, not later than 15 days after each Regular Record Date and the date six months subsequent to such Regular Record Date, a list, in such form as the
Trustee may reasonably require, as to the names and addresses of the Holders of Securities as of such Regular Record Date, and 

(2)    at such other times as the Trustee may request in writing, within 30 days after the receipt by the
Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided,
that, for so long as the Trustee shall be Security Registrar, no such list shall be required to be furnished. 
 Section 7.02.
  Preservation of Information; Communications to Holders. 
 (1)    The Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Securities contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of

  
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Holders of Securities received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list
so furnished. 
 (2)    The rights of the Holders of Securities to communicate with other Holders of
Securities with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

(3)    Every Holder of Securities, by receiving and holding the same, agrees with the Company and the
Trustee that neither the Company nor the Trustee nor any agent of any of them shall be held accountable solely by reason of any disclosure of information as to names and addresses of Holders of Securities made pursuant to the Trust Indenture Act.

 Section 7.03.   Reports by Trustee. 

(1)    On or about each July 15 following the date hereof, the Trustee shall transmit to Holders of
Securities such reports, if any, dated as of the preceding May 15 is concerning the Trustee and its actions under this Indenture as may be required pursuant to Section 3.13(a) of the Trust Indenture Act in the manner provided pursuant to
Section 3.13(c) thereof. The Trustee shall also transmit to Holders of Securities such reports, if any, as may be required pursuant to Section 3.13(b) of the Trust Indenture Act at the times and in the manner provided pursuant thereto and
to Section 3.13(c) thereof. 
 (2)    A copy of each such report shall, at the time of such
transmission to Holders of Securities, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company will promptly notify the Trustee when any Securities are listed on
any stock exchange. 
 Section 7.04.   Reports by Company. 

The Company shall file with the Trustee and the Commission, and transmit to Holders of Securities, such information, documents and other
reports, including financial information and statements and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or
reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so required to be filed with the Commission. For purposes of this
Section 7.04, as long as the financial statements or reports are publicly available and accessible electronically by the Trustee, the filing or electronic publication of such financial statements or reports shall comply with the Company’s
obligation to deliver such statements and reports to the Trustee hereunder. The Company shall provide the Trustee with prompt written notification at such time that the Company becomes or ceases to be a reporting company. The Trustee shall have no
obligation to determine if and when the Company’s financial statements or reports are publicly available and accessible electronically. 

  
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 Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice (other than with respect to notice of an Event of Default pursuant to Section 10.05 hereof) of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Directors’ Certificates). 

Section 7.05.   Calculation of Original Issue Discount. 

The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount, if any, of
original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities of each series as of the end of such year and (ii) such other specific information, if any, relating to such original issue discount as may
then be relevant under the Internal Revenue Code of 1986, as amended from time to time. The Trustee shall not be obligated to recalculate, recompute or reconfirm such calculation. 

ARTICLE EIGHT 
 CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE 
 Section 8.01.   Limitation on Consolidation, Merger, Sale or Conveyance. 

The Company will not, in one or a series of transactions, consolidate or amalgamate with or merge into any corporation or convey, lease, spin-off or transfer substantially all of its properties, assets or revenues to any Person (other than a direct or indirect Subsidiary of Petrobras) or permit any Person (other than a direct or indirect Subsidiary
of the Company) to merge with or into it unless such consolidation, amalgamation, merger, lease, spin off or transfer of assets does not violate any provision of Dutch financial regulatory laws, and: 

(1)    either the Company is the continuing entity or the Person (the “Successor Company”)
formed by the consolidation or into which the Company is merged or that acquired (through a transfer of assets, a spin-off or otherwise) or leased the property or assets of the Company will assume (jointly and
severally with the Company unless the Company will have ceased to exist as a result of that merger, consolidation or amalgamation), by a supplemental indenture, all of the Company’s obligations under the Indenture; 

(2)    the Successor Company (jointly and severally with the Company unless the Company will have ceased
to exist as part of the merger, consolidation or amalgamation) agrees to indemnify each Holder against any tax, assessment or governmental charge thereafter imposed on the Holder solely as a consequence of the consolidation, merger, conveyance, spin-off, transfer or lease with respect to the payment of principal of, or interest on the Securities; 

(3)    immediately after giving effect to the transaction, no Event of Default, and no Default has
occurred and is continuing; and 

  
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 (4)    the Company has delivered to the Trustee a
Directors’ Certificate and an Opinion of Counsel each stating that such merger, consolidation, sale, spin-off, transfer or other conveyance or disposition and the amendment to this Indenture complies with
the terms of this Indenture and that all conditions precedent provided for herein and relating to such transaction have been complied with. 

Notwithstanding anything to the contrary in the foregoing, so long as no Default or Event of Default shall have occurred and be continuing at
the time of such proposed transaction or would result therefrom and such transaction would not violate any provision of Dutch financial regulatory laws: 

(1)    the Company may merge, amalgamate or consolidate with or into, or convey, transfer,
spin-off, lease or otherwise dispose of all or substantially all of its properties, assets or revenues to a direct or indirect Subsidiary of the Company or Petrobras in cases when the Company is the surviving
entity in such transaction and such transaction would not have a material adverse effect on the Company and its Subsidiaries taken as a whole, it being understood that if the Company is not the surviving entity, the Company shall be required to
comply with the requirements set forth in the previous paragraph; 
 (2)    any direct or indirect Subsidiary of the
Company may merge or consolidate with or into, or convey, transfer, spin-off, lease or otherwise dispose of assets to, any person (other than the Company or any of its Subsidiaries or Affiliates) in cases when
such transaction would not have a material adverse effect on the Company and its Subsidiaries taken as a whole; 

(3)    any direct or indirect Subsidiary of the Company may merge or consolidate with or into, or convey, transfer, lease
or otherwise dispose of assets to, any direct or indirect Subsidiary of the Company or Petrobras; or 
 (4)    any
direct or indirect Subsidiary of the Company may liquidate or dissolve if the Company determines in good faith that such liquidation or dissolution is in the best interests of Petrobras, and would not result in a material adverse effect on the
Company and its Subsidiaries taken as a whole and if such liquidation or dissolution is part of a corporate reorganization of the Company or Petrobras. 

Section 8.02.   Successor Substituted. 

Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease of the
properties and assets of the Company substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made
shall succeed to and be substituted for and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein, as the case may be, and thereafter, except in
the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

  
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 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 
 Section 9.01.
  Supplemental Indentures Without Consent of Holders. 
 Without the consent of any Holders of Securities, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1)    to evidence the succession of another Person to the Company and the assumption by any such
successor of the covenants of the Company herein and in the Securities, to evidence the full and unconditional guarantee by another Person, as provided in Section 8.01 hereof, or to add another Company to this Indenture for future issuances;

 (2)    to add to the covenants of the Company for the benefit of the Holders of all or any series of
Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred
upon the Company; 
 (3)    to add any additional Events of Default for the benefit of the Holders of
all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such
series); 
 (4)    to add to or change any of the provisions of this Indenture to permit or facilitate
the issuance of Securities in uncertificated form, provided that any such action shall not adversely affect the Interest of the Holders of Securities of any series in any material respect; 

(5)    to add to, change or eliminate any of the provisions of this Indenture in respect of one or more
series of Securities, provided that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such
provision nor (B) modify the rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; 

(6)    to establish the form or terms of Securities of any series, each as permitted by Sections 2.01 and
3.01; 
 (7)    to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section 6.11(2); 

  
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 (8)    to reduce the conversion price of the Securities of
any series other than pursuant to this Indenture; 
 (9)    to cure any ambiguity, defect or
inconsistency; 
 (10)    to make any change to conform the provisions contained herein, in any
supplemental indenture or in the Securities of any series or the related Guarantee, to the description of the notes and the guarantee contained in the related prospectus, prospectus supplement or similar offering document; or 

(11)    to make any change that does not adversely affect the rights of the Holders of Securities of any
series in any material respect. 
 Section 9.02.   Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 

(1)    change the Stated Maturity of the principal of or any installment of principal of or interest or
premium on any Security or reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change any obligation of the Company to pay Additional Amounts pursuant to Section 10.10
(except as contemplated by Section 8.01(1) and permitted by Section 9.01(1)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.02, or the coin or currency in which, any Security or any premium or interest thereon is payable, or modify or affect in any manner adverse to the interests of the Holders of Securities of any series the conversion
or exchange rights of such Securities, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date) or of any such right of
conversion or exchange, or 
 (2)    reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder
and their consequences) provided for in this Indenture, or 
 (3)    change any obligation of the
Company to maintain an office or agency in the places and for the purposes specified in Section 10.03, or 

  
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 (4)    modify any of the provisions of this Section or
Section 5.13, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however,
that this Clause shall not be deemed to require the consent of any Holder of a Security with respect to changes in the references to “the Trustee” and concomitant changes in this Section and Section 10.09, or the deletion of this
proviso, in accordance with the requirements of Sections 6.11(2) and 9.01(7), or 
 A supplemental indenture which changes or eliminates any covenant or
other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the right under this Indenture of the Holders of Securities of any other series. 
 It shall
not be necessary for any Act of Holders of Securities under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Section 9.03.   Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in relying upon, a Directors’ Certificate and an Opinion of Counsel each stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent herein and in the Securities to such execution have been satisfied. The Trustee may, but shall not be obligated to, enter into
any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.04.
  Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby, except as otherwise expressed therein. 
 Section 9.05.   Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 

Section 9.06.   Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental 

  
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indenture. If the Company shall so determine, new Securities at any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be
prepared and executed by the Company and such securities may be authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

ARTICLE TEN 
 COVENANTS 

Section 10.01.   Payment of Principal and Interest. 

The Company covenants and agrees for the benefit of Holders of each series of Securities that it will duly and punctually pay the principal
of and any premium and interest and other amounts (including any Additional Amounts) on the Securities of that series in accordance with the terms of the Securities of that series and this Indenture. 

Section 10.02.   Maintenance of Corporate Existence. 

The Company will (i) maintain in effect its corporate existence and all registrations necessary therefor except as otherwise permitted
by Article VIII and (ii) take all reasonable actions to maintain all rights, privileges, titles to property, franchises, concessions and the like necessary or desirable in the normal conduct of its business, activities or operations; provided,
however, that this Section 10.02 shall not require the Company to maintain any such right, privilege, title to property or franchise, if the Company’s Board of Directors shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Company, and that the loss thereof is not disadvantageous in any material respect to the Holders. 

Section 10.03.   Maintenance of Office or Agency. 

So long as the Securities of any series are Outstanding, the Company will maintain in the Borough of Manhattan, the City of New York, an
office or agency where notices to and demands upon the Company in respect of this Indenture and the Securities of such series may be served, and the Company will not change the designation of such office without prior notice to the Trustee and
designation of a replacement office in the same general location. If at any time the Company shall fail to maintain any required office or agency or shall fail to furnish the Trustee with the address thereof, all presentations, surrenders, notices
and demands may be served at the Corporate Trust Office and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

Section 10.04.   Ranking. 

The Company will ensure that the Securities of each series will at all times constitute general senior, unsecured and unsubordinated
obligations of the Company and will rank pari passu, without any preferences among themselves, with all of its other present and future unsecured and unsubordinated obligations (other than obligations preferred by statute or by operation of
law). 

  
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 Section 10.05.   Statement by Managing Directors as to Default. 

The Company (and each other obligor on the Securities of any series) will deliver to the Trustee, within 90 days after the end of each fiscal
year of the Company ending after the date hereof (which, unless the Trustee is notified otherwise, shall be December 31), a Directors’ Certificate, stating whether or not to the best knowledge of the signers thereof there is an Event of Default
in connection with the performance and observance of any of the terms, provisions and conditions of this Indenture and, if there is such an Event of Default by the Company (or any such obligor), specifying all such Events of Default and the nature
and status thereof of which they may have knowledge. 
 Section 10.06.   Provision of Financial Statements and Reports. 

In the event that the Company files any financial statements or reports with the SEC or publishes or otherwise makes such statements or
reports publicly available in The Netherlands, the United States or elsewhere, the Company will furnish a copy of the statements or reports to the Trustee within 15 calendar days of the date of filing or the date the information is published or
otherwise made publicly available. For purposes of this Section 10.06, as long as the financial statements or reports are publicly available and accessible electronically by the Trustee, the filing or electronic publication of such financial
statements or reports shall comply with the Company’s obligation to deliver such statements and reports to the Trustee hereunder. The Company shall provide the Trustee with prompt written notification at such time that the Company becomes or
ceases to be a reporting company. The Trustee shall have no obligation to determine if and when the Company’s financial statements or reports are publicity available and accessible electronically. 

The Company will provide, together with each of the financial statements delivered pursuant to this Section, a Directors’ Certificate
stating (A) that a review of the Company’s activities has been made during the period covered by such financial statements with a view to determining whether the Company has kept, observed, performed and fulfilled its covenants and
agreements under this Indenture and (B) that no Event of Default has occurred during such period or, if one or more have actually occurred, specifying all such events and what actions have been taken and will be taken with respect to such Event
of Default. 
 Delivery of these reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of any of those will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as
to which the Trustee is entitled to rely exclusively on Directors’ Certificates). 
 Section 10.07.   Appointment to Fill a Vacancy
in Office of Trustee. 
 The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint in the
manner provided in Section 6.10, a successor Trustee, so that there shall at all times be a Trustee with respect to the Securities. 

  
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 Section 10.08.   Payments and Paying Agents. 

The Company will, prior to 3:00 p.m., New York City time, on the Business Day preceding any payment date of the principal of or interest on
any series of Securities or other amounts (including Additional Amounts), deposit with the Trustee a sum sufficient to pay such principal, interest or other amounts (including Additional Amounts) so becoming due. 

All payments will be subject in all cases to any applicable tax, fiscal or other laws and regulations in any jurisdictions, but without
prejudice to the provisions of Section 10.09. For the purposes of the preceding sentence, the phrase “applicable tax, fiscal or other laws and regulations” will include any obligation on the Company to withhold or deduct from a
payment pursuant to Section 1471(b) of the Internal Revenue Code of 1986, as amended, or otherwise imposed pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, any regulations thereunder or official
interpretations thereof or any law implementing an intergovernmental approach thereto (collectively, “FATCA”). 
 Whenever the
Company shall appoint a Paying Agent other than the Trustee with respect to any series of Securities, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to
the provisions of this Section: 
 (1)    that it will hold all sums received by it as such agent for
the payment of the principal of or interest on any Securities (whether such sums have been paid to it by or on behalf of the Company or by any other obligor on the Securities) in trust for the benefit of the Holders or of the Trustee; 

(2)    that it will give the Trustee notice of any failure by the Company (or by any other obligor on the
Securities) to make any payment of the principal of or interest on any series of Securities (including Additional Amounts) and any other payments to be made by or on behalf of the Company under this Indenture or the Securities when the same shall be
due and payable; and 
 (3)    that it will pay any such sums so held in trust by it to the Trustee upon
the Trustee’s written request at any time during the continuance of the failure referred to in Clause (2) above. 
 The Trustee
shall arrange with all such Paying Agents for the payment, from funds furnished by the Company to the Trustee pursuant to this Indenture, of the principal of and interest and other amounts due on the Securities (including Additional Amounts). 

If the Company shall act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the
principal of or interest on such series of Securities, set aside, segregate and hold in trust for the benefit of the Holders of such series of Securities a sum sufficient to pay such principal or interest (including Additional Amounts) so becoming
due. The Company will promptly notify the Trustee of any failure to take action. 
 Anything in this Section 10.08 to the contrary
notwithstanding, the Company may at any time, for the purpose of obtaining a satisfaction and discharge with respect to any series of 

  
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Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for such series of Securities by the Company or any Paying Agent hereunder, as
required by this Section, such sums to be held by the Trustee upon the trusts herein contained. 
 Anything in this Section 10.08, to
the contrary notwithstanding, the agreements to hold sums in trust as provided in this Section are subject to the provisions of Section 4.02. 

The Company agrees to indemnify the Holders against any failure on the part of any Paying Agent to pay, in accordance with the terms hereof,
any sum due in respect of any series of Securities on the applicable Payment Date. 
 Section 10.09.   Waiver of Certain Covenants.

 Except as otherwise specified as contemplated by Section 3.01 for Securities of such series, the Company may, with respect to the
Securities of any series, omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.01(23), 9.01(2) or 9.01(6) for the benefit of the Holders of Securities of such
series or any term, provision or condition set forth in an indenture supplemental hereto, if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of
such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. The Company shall provide the Trustee with
written notification upon the waiver of any covenant. 
 Section 10.10.   Additional Amounts. 

Unless otherwise specified in any Board Resolution of the Company or indenture supplemental hereto establishing the terms of Securities of a
series in accordance with Section 3.01, if any deduction or withholding for any present or future taxes, levies, assessments or other governmental charges of the Taxing Jurisdiction (or any political subdivision or taxing authority thereof or
therein) shall at any time be required by the Taxing Jurisdiction (or any such political subdivision or taxing authority) in respect of any amounts to be paid by the Company of principal of or interest on a Security of any series, the Company will
pay to the Holder of a Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security, after such deduction or withholding, shall be not less than the amounts specified in such
Security to which such Holder is entitled (“Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts in connection with any tax, levy, deduction or other
governmental charge that is imposed due to any of the following: 
 (1)    such Holder has a connection
with the Taxing Jurisdiction other than merely holding the Securities or receiving principal or interest payments on the Securities (such as citizenship, nationality, residence, domicile, or existence of a business, a

  
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permanent establishment, a dependent agent, a place of business or a place of management present or deemed present within the Taxing Jurisdiction); 

(2)    any tax imposed on, or measured by, net income; 

(3)    such Holder fails to comply with any certification, identification or other reporting requirements
concerning its nationality, residence, identity or connection with the Taxing Jurisdiction, if such compliance is required by applicable law, regulation, administrative practice or treaty as a precondition to exemption from all or a part of the tax,
levy, deduction or other governmental charge; 
 (4)    such Holder fails to present (where presentation
is required) its Security within 30 calendar days after the Company has made available to such Holder a payment under the Securities and this Indenture, provided that the Company will pay Additional Amounts which a Holder would have been entitled to
had the Security owned by such Holder been presented on any day (including the last day) within such 30 calendar day period; 

(5)    any estate, inheritance, gift, value added, Financial Transactions Tax (“FTT”), use or
sales taxes or any similar taxes, assessments or other governmental charges; 
 (6)    where the Holder
would have been able to avoid the tax, levy, deduction or other governmental charge by taking reasonable measures available to such Holder; or 

(7)    any combination of items (1), (2), (3), (4), (5) and (6) above. 

Subject to the foregoing provisions, whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest
on, or in respect of, any Security of any series or the net proceeds received on the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section to
the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall
not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 
 If the terms of the
Securities of a series established as contemplated by Section 3.01 do not specify that Additional Amounts pursuant to the Section will not be payable by the Company, at least ten days prior to the first Interest Payment Date with respect to
that series of Securities (or if the Securities of that series will not bear interest on or prior to Maturity, the first day on which a payment of principal and any premium is made), and at least ten days prior to each date of payment of principal
and any premium or interest if there has been any change with respect to the matters set forth in the below-mentioned Directors’ Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or Paying Agents,
if other than the Trustee, with a Directors’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of and any premium or interest on the Securities of that series shall be made to Holders
of Securities of that series without withholding 

  
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for or on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding shall be required, then such Directors’ Certificate
shall specify the amount, if any, required to be withheld on such payments to such Holders of Securities and the Company will pay to the Trustee or such Paying Agent or Paying Agents the Additional Amounts required by this Section. The Company
covenants to indemnify each of the Trustee and any Paying Agent for, and to hold each of them harmless against, any reasonable loss, liability or expense arising out of or in connection with actions taken or omitted by any of them in reliance on any
Directors’ Certificate furnished pursuant to this Section, except to the extent that any such loss, liability or expense is due to its own negligence or bad faith. 

The Company shall promptly pay when due any present or future stamp, court or documentary taxes or any other excise or property taxes,
charges or similar levies that are imposed by a Taxing Jurisdiction that arise from any payment under the Securities or under any other document or instrument referred herein or therein or from the execution, delivery, enforcement or registration of
each Security or any other document or instrument referred to herein or therein. The Company shall indemnify and make whole the Holders of the Securities for any present or future stamp, court or documentary taxes or any other excise or property
taxes, charges or similar levies payable by the Issuer as provided in this paragraph paid by such Holder of the Securities. As provided in Section 10.08, all payments in respect of any Securities of a series will be made subject to any
withholding or deduction required pursuant to FATCA, and we will not be required to pay any Additional Amounts on account of any such deduction or withholding required pursuant to FATCA. 

Section 10.11.   Negative Pledge 

Unless otherwise specified in any Board Resolution of the Company or indenture supplemental hereto establishing the terms of Securities of a
series in accordance with Section 3.01, so long as any relevant Security of a series remains Outstanding, the Company will not create, incur or assume any Lien, other than a Permitted Lien, on any of the Company’s assets to secure
(i) any of the Company’s Indebtedness for borrowed money or (ii) the Indebtedness for borrowed money of any other Person, unless the Company contemporaneously creates or permits such Lien to secure equally and ratably the
Company’s obligations under such Securities and this Indenture or the Company provides such other security for such Securities as is duly approved by a resolution of the Holders of such Securities in accordance with this Indenture. In addition,
the Company will not allow any of its Material Subsidiaries, if any, to create, incur or assume any Lien, other than a Permitted Lien, on any of its assets to secure (i) any of the Company’s Indebtedness for borrowed money, (ii) any
of the Material Subsidiary’s Indebtedness for borrowed money or (iii) the Indebtedness for borrowed money of any other Person, unless the Company contemporaneously creates or permits such Lien to secure equally and ratably the
Company’s obligations under such Securities and this Indenture or the Company or such Material Subsidiary provides such other security for such Securities as is duly approved by a resolution of the Holders of such Securities in accordance with
the Indenture. 
 Section 10.12.   Currency Rate Indemnity. 

(a)    Unless otherwise specified in any Board Resolution of the Company or indenture supplemental hereto establishing
the terms of Securities of a series in accordance with 

  
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Section 3.01, the Company shall (to the extent lawful) indemnify the Trustee and the Holders of such Securities and keep them indemnified against: 

(i)    in the case of nonpayment by the Company of any amount due to the Trustee, on behalf of the Holders
of such Securities, under the Indenture any loss or damage incurred by any of them arising by reason of any variation between the rates of exchange used for the purposes of calculating the amount due under a judgment or order in respect thereof and
those prevailing at the date of actual payment by the Company; and 
 (ii)    any deficiency arising or
resulting from any variation in rates of exchange between (i) the date as of which the local currency equivalent of the amounts due or contingently due under the Indenture or in respect of such Securities is calculated for the purposes of any
bankruptcy, insolvency or liquidation of the Company, and (ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be increased or reduced by
any variation in rates of exchange occurring between the said final date and the date of any bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith. 

(b)    The Company agrees that, if a judgment or order given or made by any court for the payment of any amount in
respect of its obligations hereunder is expressed in a currency (the “Judgment Currency”) other than the currency in which any Security or any premium or interest thereon is payable (the “Denomination Currency”), it
will indemnify the relevant Holder and the Trustee against any deficiency arising or resulting from any variation in rates of exchange between the date at which the amount in the Denomination Currency is notionally converted into the amount in the
Judgment Currency for the purposes of such judgment or order and the date of actual payment thereof. 
 (c)    The
above indemnities shall constitute separate and independent obligations of the Company from its obligations under the Indenture, will give rise to separate and independent causes of action, will apply irrespective of any indulgence granted from time
to time and will continue in full force and effect notwithstanding any judgment or the filing of any proof or proofs in any bankruptcy, insolvency or liquidation of the Company for a liquidated sum or sums in respect of amounts due under the
Indenture or the Securities of a series. 
 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 
 Section 11.01.
  Applicability of Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 

  
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 Section 11.02.   Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Securities of any series or issuance shall be evidenced by a Board Resolution. In case of any
redemption at the election of the Company of all or less than all the Securities of any series (including any such redemption affecting only a single Security), the Company shall, at least 30 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be reasonably satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities (i) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (ii) pursuant to an election of the Company
which is subject to a condition specified in the terms of the Securities, the Company shall furnish the Trustee with a Directors’ Certificate evidencing compliance with such restriction. 

Section 11.03.   Selection by Trustee of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed (unless all of the Securities of such series and of a specified tenor are to
be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected less than 61 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by lot or on a pro rata basis, or any method deemed fair and appropriate to the Trustee (subject to the then current rules and procedures of the applicable Depositary), provided that the unredeemed portion of the
principal amount of any Security shall be in an authorized denomination which shall not be less than the minimum authorized denomination for such Security. The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amounts thereof to be redeemed. 
 The
provisions of the preceding paragraph shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole or in part. In the case of any such redemption in part, the unredeemed portion of
the principal amount of the Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

Section 11.04.   Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 1.06 to each Holder of Securities to be redeemed (with a copy to
the Trustee) not less than 15 nor more than 60 days prior to the Redemption Date. Such notice may at the Company’s option be subject to the satisfaction of one or more conditions precedent, and such notice may be rescinded or the

  
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applicable Redemption Date delayed in the event that any or all such conditions shall not have been satisfied by the applicable Redemption Date. 

All notices of redemption shall state: 

(1)    the Redemption Date, 

(2)    the Redemption Price, plus accrued interest and Additional Amounts, if any, 

(3)    if less than all the Outstanding Securities of any series consisting of more than a single Security
are to be redeemed, the identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be redeemed and if less than all the Outstanding Securities of any series consisting of a single
Security are to be redeemed, the principal amount of the particular Security to be redeemed, 

(4)    that on the Redemption Date the Redemption Price, plus accrued interest, if any, will become due
and payable upon each Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(5)    the place or places where each Security to be redeemed is to be surrendered for payment of the
Redemption Price, plus accrued interest and Additional Amounts, if any, 
 (6)    that the redemption is
for a sinking fund, if such is the case, 
 (7)    the current conversion price and the date on which
the right to convert such Securities or portions thereof will expire, 
 (8)    the conditions
precedent, if any, to which such notice is subject; and 
 (9)    the CUSIP or ISIN number or numbers,
if any, with respect to each Security to be redeemed. 
 A notice of redemption published as contemplated by Section 1.06 need not
identify particular Global Securities to be redeemed. 
 Notice of redemption of Securities to be redeemed at the election of the Company
shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company, and shall be irrevocable. 

Section 11.05.   Deposit of Redemption Price. 

Prior to 3:00 p.m., New York City time, on the Business Day preceding any Redemption Date, the Company shall deposit with the Trustee or with
a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.08) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an

  
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Interest Payment Date) accrued interest on, all the Securities which are to be redeemed (other than those theretofore surrendered for conversion) on that date. 

Section 11.06.   Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, subject to the
satisfaction of any conditions precedent, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities
shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided
however, that unless otherwise specified as contemplated by Section 3.01, installments of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one
or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.07. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 11.07.   Securities Redeemed in
Part. 
 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, only in the case
of Registered Securities, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transference satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in
writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

Section 11.08.   Optional Redemption Due to Changes in Tax Treatment. 

Unless otherwise specified in a Board Resolution or an indenture supplemental hereto, each series of Securities contained in one or more
particular issues may be redeemed at the option of the Company, in whole but not in part, at any time (except in the case of Securities that have a variable rate of interest, which may be redeemed on any Interest Payment Date) at a Redemption Price
equal to the principal amount thereof plus accrued interest to the date fixed for redemption (except in the case of Outstanding Original Issue Discount Securities which may be redeemed at the Redemption Price specified by the terms of such series of
Securities) if as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the jurisdiction (or of any political subdivision or taxing authority thereof or therein) in which the Company is
incorporated (or, in the case of a successor Person to the Company, of the jurisdiction in which such successor Person is organized or any political 

  
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subdivision or taxing authority thereof or therein) or any change in the official application or interpretation of such laws, regulations or rulings, or any change in the official application or
interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which such jurisdiction or such political subdivision or taxing authority (or such other jurisdiction or political subdivision or taxing authority)
is a party, which change, execution or amendment becomes effective on or after the date specified for such series pursuant to the terms of the Security or Section 3.01(10) (or in the case of a successor Person to the Company, the date on which
such successor Person became such pursuant to Sections 8.01 and 8.02). 
 ARTICLE TWELVE 

SINKING FUNDS 
 Section 12.01.
  Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement
of Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series. The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as
a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms
of Securities, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of such
Securities. 
 Section 12.02.   Satisfaction of Sinking Fund Payments with Securities. 

The Company (i) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (ii) may apply
as credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities,
in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such Securities; provided that the
Securities to be credited have not been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as specified in the Securities so to be redeemed, for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 
 Section 12.03.
  Redemption of Securities for Sinking Fund. 
 Not less than 60 days prior to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee a Directors’ Certificate specifying the amount of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.02 and will also deliver to the Trustee any Securities to be so delivered.
Not less than 

  
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50 days prior to each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and
cause notice of the redemption thereof to be given in the name of and at the expenses of the Company in the manner provided in Section 11.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and
in the manner specified in Sections 11.06 and 11.07. 
 ARTICLE THIRTEEN 

MEETINGS OF HOLDERS OF SECURITIES 

Section 13.01.   Purposes for Which Meetings May Be Called. 

A meeting of Holders of Securities of a series may be called at any time and from time to time pursuant to this Article to make, give or take
any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

Section 13.02.   Call, Notice and Place of Meetings. 

(1)    The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose
specified in Section 13.01, to be held at such time and at such place in the Borough of Manhattan, The City of New York as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and
the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 1.06, not less than 21 nor more than 180 days prior to the date fixed for the meeting. 

(2)    In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in
principal amount of the Outstanding Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 13.01, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the
meeting to be held as provided herein, then the Company or the Holders of Securities of such series in the amount specified above, as the case may be, may determine the time and the place in the Borough of Manhattan, The City of New York for such
meeting and may call such meeting for such purposes by giving notice thereof as provided in subsection (1) of this Section. 
 Section 13.03.
  Persons Entitled to Vote at Meetings. 
 To be entitled to vote at any meeting of Holders of Securities of any series, a
Person shall be (i) a Holder on a record date established pursuant to Section 1.04(3) of one or more Outstanding Securities of such series, or (ii) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one
or more Outstanding Securities of such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such

  
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meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

Section 13.04.   Quorum; Action. 

The Persons entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting
of Holders of Securities of such series. In the absence of a quorum within 15 minutes (or such longer period not exceeding 30 minutes as the chairman may decide) of the time appointed for any such meeting, the meeting shall if convened upon the
requisition of Holders be dissolved. In any other case it shall stand adjourned to the same day in the next week (or if such day is not a business day the next succeeding business day) at the same time and place. If within 15 minutes (or such longer
period not exceeding 30 minutes as the chairman may decide) after the time appointed for any adjourned meeting a quorum is not present for the transaction of any particular business, then, subject and without prejudice to the transaction of the
business (if any) for which a quorum is present, the chairman may either (with the approval of the Trustee) dissolve such meeting or adjourn the same for such period, being not less than ten calendar days (but without any maximum number of calendar
days), and to such place as may be appointed by the chairman either at or subsequent to such adjourned meeting and approved by the Trustee, and the provisions of this sentence shall apply to all further adjourned such meetings. 

Notice of the reconvening of any adjourned meeting shall be given as provided in Section 13.02(1), except that such notice need be given
only once not less than five days prior to the date on which the meeting is scheduled to be reconvened. Notice of a reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the
Outstanding Securities of such series which shall constitute a quorum. 
 Any resolution passed or decision taken at any meeting of Holders
of Securities of any series duly held in accordance with this Section shall be binding on all the Holders of Securities of such series, whether or not presented or represented at the meeting. However, for the avoidance of doubt, no actions taken at
such meeting shall be binding on all Holders of Securities unless such actions were approved by the minimum percentage in principal amount of the Outstanding Securities of the series as required elsewhere in this Indenture or under the Trust
Indenture Act with respect to such actions. 
 Section 13.05.   Determination of Voting Rights; Conduct and Adjournment of Meetings.

 (a)    Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as
it may deem advisable for any meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such
regulations, the holding of Securities shall be proved in the manner specified in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04. Such regulations may provide that written instruments

  
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appointing proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.04 or other proof. 

(b)    The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting
shall have been called by the Company or by Holders of Securities as provided in Section 13.02(2), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting. 

(c)    At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each U.S.$1,000
principal amount of the Outstanding Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of
the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

(d)    Any meeting of Holders of Securities of any series duly called pursuant to Section 13.02 at which a quorum is
present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so adjourned without further notice. 

Section 13.06.   Counting Votes and Recording Action of Meetings. 

The vote upon any resolution submitted to any meeting of Holders of Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities of such series held or represented by them. The permanent chairman
of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes
cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any series shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 13.02
and, if applicable, Section 13.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and another to the Trustee to be preserved
by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
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 ARTICLE FOURTEEN 

DEFEASANCE AND COVENANT DEFEASANCE 

Section 14.01.   Company’s Option to Effect Defeasance or Covenant Defeasance. 

The Company may elect, at its option at any time, to have Section 14.02 or Section 14.03 applied to any Securities or any series of
Securities designated pursuant to Section 3.01 as being defeasible pursuant to such Section 14.02 or 14.03, in accordance with any applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions set
forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.01 for such Securities. 

Section 14.02.   Defeasance and Discharge. 

Upon the Company’s exercise of its option to have this Section applied to any Securities or any series of Securities, as the case may
be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities or series of Securities as provided in this Section on and after the date the conditions set forth in Section 14.04 are satisfied
(hereinafter called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations
under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise
terminated or discharged hereunder: (i) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 14.04 and as more fully set forth in such Section, payments in respect of the principal of and any
premium and interest on such Securities when payments are due, (ii) the Company’s obligations with respect to such Securities under Sections 3.04, 3.05, 3.06 and 10.03, (iii) the rights, powers, trusts, duties, protections, indemnities and
immunities of the Trustee hereunder and (iv) this Article Fourteen. Subject to compliance with this Article, the Company may exercise its option to have this Section 14.02 applied to any Securities of a series notwithstanding the prior
exercise of its option to have Section 14.03 applied to such Securities. 
 Section 14.03.   Covenant Defeasance. 

Upon the Company’s exercise of its option to have this Section applied to any Securities or any series of Securities, as the case maybe,
(i) the Company shall be released from any covenants provided pursuant to Section 3.01(23), 9.01(2) or 9.0l(7) for the benefit of the Holders of such Securities, and (ii) the occurrence of any event specified in Section 5.01(3)
shall be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 14.04 are satisfied (hereinafter called
“Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in
any such specified Section (to the extent so specified in the case of Section 5.01(3)), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any

  
 92 

 
reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 

Section 14.04.   Conditions to Defeasance or Covenant Defeasance. 

The following shall be the conditions to the application of Section 14.02 or Section 14.03 to any Securities or any series of
Securities, as the case may be: 
 (1)    The Company shall irrevocably have deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) money in an amount, or (ii) non-callable U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, without reinvestment, not later than
one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, without reinvestment and which shall be applied by the Trustee to pay and discharge, the principal of and any premium, interest and Additional Amounts on such Securities on the respective
Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (A) a direct obligation of the United States of America for the
payment of which the full faith and credit of the United States of America is pledged or (B) an obligation of a Person controlled or supervised by and acting as any agency or instrumentality of the United States of America the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case (A) or (B), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in Clause (x) above and held by such bank for the account of the holder of such depositary
receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principle or interest evidenced by such depositary receipt. 

(2)    In the event of any election to have Section 14.02 apply to any Securities or any series of
Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the
date of this instrument, there has been a change in the applicable U.S. Federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize
gain or loss for U.S. Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to Federal income tax on the same amount, in the

  
 93 

 
same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 

(3)    In the event of an election to have Section 14.03 apply to any Securities or any series of
Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and
Covenant Defeasance to the effected with respect to such Security and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.

 (4)    No event which is, or after notice or lapse of time both would become, an Event of Default
with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.01(6), 5.01(7), 5.01(8) and 5.01(9), at any time on or prior to the
day which is 90 days after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such day which is 90 days after the date of such deposit). 

(5)    Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest
within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act). 

(6)    Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under, any other agreement or instrument to which the Company is a party or by which it is bound. 

(7)    Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit
constituting an investment company within the meaning of the Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder. 

(8)    The Company shall have delivered to the Trustee a Directors’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 
 Section 14.05.
  Deposited Money and U.S. Government Obligations to Be Held in Trust; 

        Miscellaneous Provisions. 

Subject to the provisions of the last paragraph of Section 10.08, all money and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee pursuant to Section 14.04 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and
interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 

  
 94 

 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the U.S. Government Obligations deposited pursuant to Section 14.04, or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of
Outstanding Securities. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from
time to time upon Order any money or U.S. Government Obligations held by it as provided in Section 14.04 with respect to any Securities of any series that, in the opinion of an internationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such
Securities. 
 Section 14.06.   Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities of any series
by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture and such Securities from which the Company has been discharged or
released pursuant to Section 14.02 or 14.03 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities in accordance with this Article; provided, however, that if the Company makes
any payment of principal of or any premium or interest on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the
money so held in trust. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be
an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 
  

  
 95 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed on their
respective behalves, all as of the day and year first above written. 
  

							
		 		 	PETROBRAS GLOBAL FINANCE B.V.
				
		 		 	By:	 	 /s/ Guilherme Rajime Takahashi Saraiva

		 		 		 	Name: Guilherme Rajime Takahashi Saraiva
		 		 		 	Title: Managing director A
				
		 		 	By:	 	 /s/ Eduardo Cavalcanti Guimarães

		 		 		 	Name: Eduardo Cavalcanti Guimarães
		 		 		 	Title: Managing director B

  
 96 

							
		 		 	THE BANK OF NEW YORK MELLON, as Trustee
				
		 		 	By:	 	 /s/ Wanda Camacho

		 		 		 	Name: Wanda Camacho
		 		 		 	Title: Vice President

  
 97 

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	        ss:
	COUNTY OF NEW YORK	  	)	  	

 On this 28th day of August 2018, before me, a notary
public within and for said county, personally appeared Wanda Camacho, to me personally known, who being duly sworn, did say that she is a Vice President of The Bank of New York Mellon, one of the persons described in and which executed the foregoing
instrument, and acknowledges said instrument to be the free act and deed of said entity. 
 [Notarial Seal] 

 

	
	 /s/ Bret S. Derman

	Notary Public
	COMMISSION EXPIRES 11/17/2020
	
	 BRET S. DERMAN
 NOTARY PUBLIC STATE OF
NEW YORK
 KINGS COUNTY
 LIC. #02DE6196933

COMM. EXP. 11/17/2020

  
 98 

 ANNEX A -- Form of 

Regulation S Certificate 

REGULATION S CERTIFICATE 
 (For
transfers pursuant to (S) 3.05(c)(i) and (iii) 
 of this Indenture) 

THE BANK OF NEW YORK MELLON 
 240 Greenwich Street 

New York, New York 10286 
 Attn: Global Trust Services –
Americas 
  

	 	Re:	 [%] Notes due            of Petrobras Global
Finance B.V. 

 (the “Securities”) 

Reference is made to the Indenture, dated as
of                (the “Indenture”), between Petrobras Global Finance B.V. (the “Company”) and The Bank of New York Mellon, as Trustee. Terms used
herein and defined in the Indenture or in Regulation S or Rule 144 under the U.S. Securities Act of 1933 (the “Securities Act”) are used herein as so defined. This certificate relates to [U.S.$____________] principal amount of Securities,
which are evidenced by the following certificate(s) (the “Specified Securities”): 
  

	
	[CUSIP No(s)._________________________________________]
	
	[COMMON CODE No(s).___________________________________]
	
	ISIN No(s).___________________________________________
	
	CERTIFICATE No(s).____________________________________

 The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies that either
(i) it is the sole beneficial owner of the Specified Securities, (ii) it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so or (iii) it is the Holder of a Global
Security and has received a certification to the effect set forth below. Such beneficial owner or owners are referred to herein collectively as the “Owner”. If the Specified Securities are not represented by a Global Security, they are
registered in the name of the Undersigned, as or on behalf of the Owner. 
 The Owner has requested that the Specified Securities be
transferred to a person (the “Transferee”) who will take delivery in the form of a Regulation S Security. In connection with such transfer, the Owner hereby certifies or has certified that, unless such transfer is being effected pursuant
to an effective registration statement under the Securities Act, it is being effected in accordance with Rule 904 of Regulation S or Rule 144 under the Securities Act and with all applicable securities laws of the states of the United States and
other jurisdictions. Accordingly, the Owner hereby further certifies or has certified as follows: 

  
 A-1 

 (1) Rule 904 Transfers. If the transfer is being effected in accordance with Rule 904 of
Regulation S: 
 (A) the Owner is not a distributor of the Securities, an affiliate of the Company or any such distributor or a person
acting on behalf of any of the foregoing; 
 (B) the offer of the Specified Securities was not made to a person in the United States or for
the account or benefit of a U.S. Person; 
 (C) either 

(i) at the time the buy order was originated, the Transferee was outside the United States or the Owner and any person acting on its behalf
reasonably believed that the Transferee was outside the United States, or 
 (ii) the transaction is being executed in, on or through the
facilities of the Eurobond market, as regulated by the International Securities Market Association or another designated offshore securities market and neither the Owner nor any person acting on its behalf knows that the transaction has been
prearranged with a buyer in the United States; 
 (D) no directed selling efforts have been made in the United States by or on behalf of
the Owner or any affiliate thereof; 
 (E) if the Owner is a dealer in securities or has received a selling concession, fee or other
remuneration in respect of the Specified Securities, and the transfer is to occur during the Restricted Period, then the requirements of Rule 904(c)(1) have been satisfied; and 

(F) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act 

(2) Rule 144 Transfers. If the transfer is being effected pursuant to Rule 144: 

(A) the transfer is occurring after [insert date six months from date of issuance] and is being effected in accordance with the applicable
amount, manner of sale and notice requirements of Rule 144; or 
 (B) the transfer is occurring after [insert date one year from date of
issuance] and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. 

  
 A-2 

 This certificate and the statements contained herein are made for your benefit and the benefit of the Company and
the Purchasers. 
 Dated:__________________________________ 

(Print the name of the Undersigned, as such term is defined in the second paragraph of this certificate.) 

 

							
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 (if the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of
the Undersigned must be stated.) 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-3 

 ANNEX B -- Form of Restricted 

Securities Certificate                    

RESTRICTED SECURITIES CERTIFICATE 

(For transfers pursuant to (S) 3.05(c)(ii), (iii), (iv) and (v) of this Indenture) 

THE BANK OF NEW YORK MELLON 
 240 Greenwich Street 

New York, New York 10286 
 Attn: Global Trust Services –
Americas 
  

	 	Re:	 [%] Notes due [    ] of Petrobras Global Finance B.V. (the “Securities”)

 Reference is made to the Indenture, dated as
of                (the “Indenture”), between Petrobras Global Finance B.V. (the “Company”) and The Bank of New York Mellon, as Trustee. Terms used
herein and defined in the Indenture or in Relation S or Rule 144 under the U.S. Securities Act of 1933 (the “Securities Act”) are used herein as so defined. 

This certificate relates to [U.S.$_____________] principal amount of Securities, which are evidenced by the following certificate(s) (the
“Specified Securities”): 
  

	
	[CUSIP No(s)._________________________________________]
	
	[COMMON CODE No(s).___________________________________]
	ISIN No(s).___________________________________________
	
	CERTIFICATE No(s).____________________________________

 The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies
that either (i) it is the sole beneficial owner of the Specified Securities, (ii) it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so or (iii) it is the Holder of a
Global Security and has received a certification to the effect set forth below. Such beneficial owner or owners are referred to herein collectively as the “Owner”. If the Specified Securities are not represented by a Global Security, they
are registered in the name of the Undersigned, as or on behalf of the Owner. 
 The Owner has requested that the Specified Securities be
transferred to a person (the “Transferee”) who will take delivery in the form of a Restricted Security. In connection with such transfer, the Owner hereby certifies or has certified that, unless such transfer is being effected pursuant to
an effective registration statement under the Securities Act, it is being effected in accordance with Rule l44A or Rule 144 under the Securities Act and all applicable securities laws of the states of the United States and other jurisdictions.
Accordingly, the Owner hereby further certifies or has certified that: 
  

	 	(1)	 Rule 144A Transfers. If the transfer is being effected in accordance with Rule 144A: 

  
 B-1 

 (A) the Specified Securities are being transferred to a person that the Owner and any person
acting on its behalf reasonably believe is a “qualified institutional buyer” within the meaning of Rule 144A, acquiring for its own account or for the account of a qualified institutional buyer; and 

(B) the Owner and any person acting on its behalf have taken reasonable steps to ensure that the Transferee is aware that the Owner may be
relying on Rule l44A in connection with the transfer. 
 (2) Rule 144 Transfers. If the transfer is being effected pursuant to Rule 144:

 (A) the transfer is occurring after [insert date six months after initial date of issuance] and is being effected in accordance with the
applicable amount, manner of sale and notice requirements of Rule 144 
 (B) the transfer is occurring after [insert date one year after
initial date of issuance] and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. This certificate and the statements contained herein are made for your benefit and the benefit of the Company and the
Purchasers. 
 Dated: _________________________ 

(Print the name of the Undersigned, as such term is defined in the second paragraph of this certificate.) 

 

							
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 (If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of
the Undersigned must be stated.) 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 B-2 

 ANNEX C -- Form of Unrestricted 

Securities
Certificate                        

UNRESTRICTED SECURITIES CERTIFICATE 

(For removal of Securities Act legends pursuant to (S) 3.05(d)) 

THE BANK OF NEW YORK MELLON 
 240 Greenwich Street 

New York, New York 10286 
 Attn: Global Trust Services –
Americas 
 Re: [%] Notes due    of Petrobras Global Finance B.V. (the “Securities”) Reference is made to the
Indenture, dated as of    (the “Indenture”), between Petrobras Global Finance B.V. (the “Company”) and The Bank of New York Mellon, as Trustee. Terms used herein and defined in the Indenture or in Regulation S
or Rule 144 under the U.S. Securities Act of 1933 (the “Securities Act”) are used herein as so defined. 
 This certificate
relates to [U.S.$____________] principal amount of Securities, which are evidenced by the following certificate(s) (the “Specified Securities”): 
  

	
	[CUSIP No(s). __________________________________]
	
	[COMMON CODE No(s). ____________________________]
	ISIN No(s)._____________________________________
	
	CERTIFICATE No(s).______________________________

 The person in whose name this certificate is executed below (the “Undersigned”) hereby certifies
that either (i) it is the sole beneficial owner of the Specified Securities, (ii) it is acting on behalf of all the beneficial owners of the Specified Securities and is duly authorized by them to do so or (iii) it is the Holder of a
Global Security and has received a certification to the effect set forth below. Such beneficial owner or owners are referred to herein collectively as the “Owner”. If the Specified Securities are not represented by a Global Security, they
are registered in the name of the Undersigned, as or on behalf of the Owner. 
 The Owner has requested that the Specified Securities be
exchanged for Securities bearing no Securities Act legend pursuant to Section 3.05(d) of the Indenture. In connection with such exchange, the Owner hereby certifies or has certified that the exchange is occurring after [insert applicable date]
and the Owner is not, and during the preceding three months has not been, an affiliate of the Company. The Owner also acknowledges or has acknowledged that any future transfers of the Specified Securities must comply with all applicable securities
laws of the states of the United States and other jurisdictions. 
 This certificate and the statements contained herein we made for your
benefit and the benefit of the Company and the Purchasers. 
 Dated: ___________________________ 

  
 C-1 

 (Print the name of the Undersigned, as such term is defined in the second paragraph of this
certificate.) 
  

							
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 (If the Undersigned is a corporation, partnership or fiduciary, the title of the person signing on behalf of
the Undersigned must be stated.) 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 C-2 

 ANNEX D -- Form of Guaranty 

FORM OF GUARANTY 

GUARANTY (this “Guaranty”), dated as of ___________________ between PETRÓLEO BRASILEIRO S.A.—PETROBRAS (the
“Guarantor”), a sociedade de economia mista organized and existing under the laws of the Federative Republic of Brazil (“Brazil”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as
trustee under the Indenture (as defined below) (the “Trustee”). 
 WITNESSETH: 

WHEREAS, Petrobras Global Finance B.V., a private company incorporated with limited liability under the laws of The Netherlands and a
wholly-owned Subsidiary of the Guarantor (the “Issuer”), has entered into an Indenture dated as of August 28, 2018 (the “Original Indenture”) with the Trustee, as supplemented by the ____________________
among the Issuer, the Guarantor and the Trustee, dated as of ________________. The Original Indenture, as supplemented by the ________________and as amended or supplemented from time to time with respect to the Notes, is hereinafter referred to as
the “Indenture”; 
 WHEREAS, the Issuer has duly authorized the issuance of its notes in such principal amount or amounts
as may from time to time be authorized in accordance with the Indenture and is, on the date hereof, issuing ________________ aggregate principal amount of its ______% Global Notes due ______ under the Indenture (the “Notes”); 

WHEREAS, the Guarantor is willing to enter into this Guaranty in order to provide the holders of the Notes (the
“Noteholders”) with an irrevocable and unconditional guaranty that, if the Issuer shall fail to make any required payments of principal, interest or other amounts due in respect of the Notes and the Indenture, the Guarantor will pay
any such amounts whether at stated maturity, or earlier or later by acceleration or otherwise; 
 WHEREAS, the Guarantor agrees that it will
derive substantial direct and indirect benefits from the issuance of the Notes by the Issuer; 
 WHEREAS, it is a condition precedent to the
issuance of the Notes that the Guarantor shall have executed this Guaranty. 
 WHEREAS, each of the parties hereto is entering into this
Guaranty for the benefit of the other party and for the equal and ratable benefit of the Noteholders. 
 NOW, THEREFORE, the Guarantor and
the Trustee hereby agree as follows: 
 SECTION 1.  Definitions (a) All capitalized terms used but not defined herein
shall have the meanings ascribed to such terms in the Original Indenture, as supplemented and amended by the ________________. All such definitions shall be read in a manner consistent with the terms of this Guaranty. 

(b) As used herein, the following capitalized terms shall have the following meanings: 

 “Authorized Representative” of the Guarantor or any other Person means the
person or persons authorized to act on behalf of such entity by its chief executive officer, president, chief operating officer, chief financial officer or any vice president or its Board of Directors or any other governing body of such entity. 

“Board of Directors”, when used with respect to a corporation, means either the board of directors of such corporation or
any committee of that board duly authorized to act for it, and when used with respect to a limited liability company, partnership or other entity other than a corporation, any Person or body authorized by the organizational documents or by the
voting equity owners of such entity to act for them. 
 “Denomination Currency” has the meaning specified in
Section 14(b). 
 “Guaranteed Obligations” has the meaning specified in Section 2. 

“Judgment Currency” has the meaning specified in Section 14(b). 

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, assets, property, condition
(financial or otherwise) or, results of operation, of the Guarantor together with its consolidated Subsidiaries, taken as a whole, (b) the validity or enforceability of this Guaranty or any other Transaction Document or (c) the ability of
the Guarantor to perform its obligations under this Guaranty or any other Transaction Document, or the material rights or benefits available to the Noteholders or the Trustee, as representative of the Noteholders under the Indenture, this Guaranty
or any of the other Transaction Documents. 
 “Material Subsidiary” means, as to any Person, any Subsidiary of such Person
which, on any given date of determination, accounts for more than 15% of such Person’s total consolidated assets, as such total assets are set forth on the most recent consolidated financial statements of such Person prepared in accordance with
IFRS. 
 “Officer’s Certificate” means a certificate of an Authorized Representative of the Guarantor. 

“Opinion of Counsel” means a written opinion of counsel from any Person either expressly referred to herein or otherwise
reasonably satisfactory to the Trustee which may include, without limitation, counsel for the Guarantor, whether or not such counsel is an employee of the Guarantor. 

“Permitted Lien” means a: 

(i) Lien granted in respect of Indebtedness owed to the Brazilian government, Banco Nacional de Desenvolvimento
Econômico e Social or any official government agency or department of the government of Brazil or of any state or region thereof; 

(ii) Lien arising by operation of law, such as merchants’, maritime or other similar Liens arising in the Guarantor’s ordinary
course of business or that of any Subsidiary or Lien in respect of taxes, assessments or other governmental charges that are not yet delinquent or that are being contested in good faith by appropriate proceedings; 

 (iii) Lien arising from the Guarantor’s obligations under performance bonds or surety bonds
and appeal bonds or similar obligations incurred in the ordinary course of business and consistent with the Guarantor’s past practice; 

(iv) Lien arising in the ordinary course of business in connection with Indebtedness maturing not more than one year after the date on which
such Indebtedness was originally incurred and which is related to the financing of export, import or other trade transactions; 
 (v) Lien
granted upon or with respect to any assets hereafter acquired by the Guarantor or any Subsidiary to secure the acquisition costs of such assets or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such assets,
including any Lien existing at the time of the acquisition of such assets as long as the maximum amount so secured shall not exceed the aggregate acquisition costs of all such assets or the aggregate Indebtedness incurred solely for the acquisition
of such assets, as the case may be; 
 (vi) Lien granted in connection with the Indebtedness of a Wholly-Owned Subsidiary owing to the
Guarantor or another Wholly-Owned Subsidiary; 
 (vii) Lien existing on any asset or on any stock of any Subsidiary prior to the
acquisition thereof by the Guarantor or any Subsidiary as long as such Lien is not created in anticipation of such acquisition; 
 (viii)
Lien over any Qualifying Asset relating to a project financed by, and securing Indebtedness incurred in connection with, the Project Financing of such project by the Guarantor, any of the Guarantor’s Subsidiaries or any consortium or other
venture in which the Guarantor or any Subsidiary has any ownership or other similar interest; 
 (ix) Lien existing as of the date of the
______________ Supplemental Indenture; 
 (x) Lien resulting from the Transaction Documents; 

(xi) Lien incurred in connection with the issuance of debt or similar securities of a type comparable to those already issued by the
Guarantor, on amounts of cash or cash equivalents on deposit in any reserve or similar account to pay interest on such securities for a period of up to 24 months as required by any Rating Agency as a condition to such Rating Agency rating such
securities investment grade or as is otherwise consistent with market conditions at such time; 
 (xii) Lien granted or incurred to secure
any extension, renewal, refinancing, refunding or exchange (or successive extensions, renewals, refinancings, refundings or exchanges), in whole or in part, of or for any Indebtedness secured by a Lien referred to in paragraphs (i) through (xi)
above (but not paragraph (iv)), provided that such Lien does not extend to any other property, the principal amount of the Indebtedness secured by such Lien is not increased, and in the case of paragraphs (i), (ii), (iii) and (vii), the obligees
meet the requirements of such paragraphs and in the case of paragraph (viii), the Indebtedness is incurred in connection with a Project Financing by the Guarantor, any of the Guarantor’s Subsidiaries or

 
any consortium or other venture in which the Guarantor or any Subsidiary have any ownership or other similar interests; and 

(xiii) Lien in respect of Indebtedness the principal amount of which in the aggregate, together with all Liens not otherwise qualifying as
the Guarantor’s Permitted Liens pursuant to clauses (i) through (xii) of this definition, does not exceed 20% of the Guarantor’s consolidated total assets (as determined in accordance with IFRS) at any date as at which the
Guarantor’s balance sheet is prepared and published in accordance with applicable Law. 
 “Process Agent” has the
meaning specified in Section 15(c). 
 “Project Financing” of any project means the incurrence of Indebtedness
relating to the exploration, development, expansion, renovation, upgrade or other modification or construction of such project pursuant to which the providers of such Indebtedness or any trustee or other intermediary on their behalf or beneficiaries
designated by any such provider, trustee or other intermediary are granted security over one or more Qualifying Assets relating to such project for repayment of principal, premium and interest or any other amount in respect of such Indebtedness.

 “Qualifying Asset” in relation to any Project Financing means: 

(i)    any concession, authorization or other legal right granted by any Governmental Authority to the
Guarantor or any of the Guarantor’s Subsidiaries, or any consortium or other venture in which the Guarantor or any Subsidiary has any ownership or other similar interest; 

(ii)    any drilling or other rig, any drilling or production platform, pipeline, marine vessel, vehicle
or other equipment or any refinery, oil or gas field, processing plant, real property (whether leased or owned), right of way or plant or other fixtures or equipment; 

(iii)    any revenues or claims which arise from the operation, failure to meet specifications, failure to
complete, exploitation, sale, loss or damage to, such concession, authorization or other legal right or such drilling or other rig, drilling or production platform, pipeline, marine vessel, vehicle or other equipment or refinery, oil or gas field,
processing plant, real property, right of way, plant or other fixtures or equipment or any contract or agreement relating to any of the foregoing or the Project Financing of any of the foregoing (including insurance policies, credit support
arrangements and other similar contracts) or any rights under any performance bond, letter of credit or similar instrument issued in connection therewith; 

(iv)    any oil, gas, petrochemical or other hydrocarbon-based
products produced or processed by such project, including any receivables or contract rights arising therefrom or relating thereto and any such product (and such receivables or contract rights) produced or processed by other projects, fields or
assets to which the lenders providing the Project Financing required, as a condition therefor, recourse as security in addition to that produced or processed by such project; and 

 (v)    shares or other ownership interest in, and any
subordinated debt rights owing to the Guarantor by, a special purpose company formed solely for the development of a project, and whose principal assets and business are constituted by such project and whose liabilities solely relate to such
project. 
 “SEC” means the United States Securities and Exchange Commission. 

“Successor Company” has the meaning specified in Section 7(e)(A). 

“Termination Date” has the meaning specified in Section 6. 

“Transaction Documents” means, collectively, the Indenture, the Notes and this Guaranty. 

(c) Construction. The parties agree that items (1) through (5) of Section 1.01 of the Original Indenture shall apply to this
Guaranty, except as otherwise expressly provided or unless the context otherwise requires. 
 SECTION 2.  Guaranty.(a) The
Guarantor hereby unconditionally and irrevocably guarantees the full and punctual payment when due, as a guaranty of payment and not of collection, whether at the Stated Maturity, or earlier or later by acceleration or otherwise, of all obligations
of the Issuer now or hereafter existing under the Indenture and the Notes, whether for principal, interest, make-whole premium, Additional Amounts, fees, indemnities, costs, expenses or otherwise (such obligations being the “Guaranteed
Obligations”), and the Guarantor agrees to pay any and all expenses (including reasonable and documented counsel fees and expenses) incurred by the Trustee or any Noteholder in enforcing any rights under this Guaranty with respect to such
Guaranteed Obligations. Without limiting the generality of the foregoing, the Guarantor’s liability shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by the Issuer to the Trustee or any Noteholder
under the Indenture and the Notes but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, insolvency, reorganization or similar proceeding involving the Issuer. 

(b)    In the event that the Issuer does not make payments to the Trustee of all or any portion of the Guaranteed
Obligations, upon receipt of notice of such non-payment from the Trustee, the Guarantor will make immediate payment to the Trustee of any such amount or portion of the Guaranteed Obligations owing or payable
under the Indenture and the Notes. Such notice shall specify the amount or amounts under the Indenture and the Notes that were not paid on the date that such amounts were required to be paid under the terms of the Indenture and the Notes. 

(c)     The obligation of the Guarantor under this Guaranty shall be absolute and unconditional upon receipt by it of the
notice contemplated herein absent manifest error. The Guarantor shall not be relieved of its obligations hereunder unless and until the Trustee shall have indefeasibly received all amounts required to be paid by the Guarantor hereunder (and any
Event of Default under the Indenture has been cured, it being understood that the Guarantor’s obligations hereunder shall terminate following payment by the Issuer and/or the Guarantor of the entire principal, all accrued interest and all other
amounts due and owing in respect of the 

 
Notes and the Indenture. All amounts payable by the Guarantor hereunder shall be payable in U.S. dollars and in immediately available funds to the Trustee. 

All payments actually received by the Trustee pursuant to this Section 2 after 12:00 p.m. (New York time) on any Business Day will be
deemed, for purposes of this Guaranty, to have been received by the Trustee on the next succeeding Business Day. 
 SECTION
3.  Guaranty Absolute (a) The Guarantor’s obligations under this Guaranty are absolute and unconditional regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of
such terms or the rights of any Noteholder under its Notes or the Indenture. The obligations of the Guarantor under or in respect of this Guaranty are independent of the Guaranteed Obligations or any other obligations of the Issuer, the
Issuer’s Subsidiaries or the Guarantor’s Subsidiaries under or in respect of the Indenture and the Notes or any other document or agreement, and a separate action or actions may be brought and prosecuted against the Guarantor to enforce
this Guaranty, irrespective of whether any action is brought against the Issuer or whether the Issuer is joined in any such action or actions. The liability of the Guarantor under this Guaranty shall be irrevocable, absolute and unconditional
irrespective of, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to, any or all of the following: 

(i)    any lack of validity or enforceability of any of the Transaction Documents; 

(ii)    any provision of applicable Law or regulation purporting to prohibit the payment by the Issuer of
any amount payable by it under the Indenture and the Notes; 
 (iii)    any provision of applicable Law
or regulation purporting to prohibit the payment by the Guarantor of any amount payable by it under this Guaranty; 

(iv)    any change in the time, manner or place of payment of, or in any other term of, all or any of the
Guaranteed Obligations or any other obligations of any other person or entity under or in respect of the Transaction Documents, or any other amendment or waiver of or any consent to departure from any Transaction Document, including, without
limitation, any increase in the obligations of the Issuer under the Indenture and the Notes as a result of further issuances, any rescheduling of the Issuer’s obligations under the Notes of the Indenture or otherwise; 

(v)    any taking, release or amendment or waiver of, or consent to departure from, any other guaranty or
agreement similar in function to this Guaranty, for all or any of the obligations of the Issuer under the Indenture or the Notes; 

(vi)    any manner of sale or other disposition of any assets of any Noteholder; 

(vii)    any change, restructuring or termination of the corporate structure or existence of the Issuer or
the Guarantor or any Subsidiary thereof or any change in the name, purposes, business, capital stock (including ownership thereof) or constitutive documents of the Issuer or the Guarantor; 

 (viii)    any failure of the Trustee to disclose to the
Guarantor any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of the Issuer or any of its Subsidiaries (the Guarantor hereby waiving any duty on the part of the Trustee or
any Noteholders to disclose such information); 
 (ix)     the failure of any other person or entity to
execute or deliver any other guaranty or agreement or the release or reduction of liability of any other guarantor or surety with respect to the Indenture; 

(x)     any other circumstance (including, without limitation, any statute of limitations) or any
existence of or reliance on any representation by the Trustee or any Noteholder that might otherwise constitute a defense available to, or a discharge of, the Issuer or the Guarantor or any other party; or 

(xi)     any claim of set-off or other right which the Guarantor
may have at any time against the Issuer or the Trustee, whether in connection with this transaction or with any unrelated transaction. 

(b)    This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of
any of the Guaranteed Obligations is rescinded or must otherwise be returned by any Noteholder or any other person or entity upon the insolvency, bankruptcy or reorganization of the Issuer or the Guarantor or otherwise, all as though such payment
had not been made. 
 SECTION 4.  Independent Obligation The obligations of the Guarantor hereunder are independent of the
Issuer’s obligations under the Notes and the Indenture. The Trustee, on behalf of the Noteholders, may neglect or forbear to enforce payment under the Indenture and the Notes, without in any way affecting or impairing the liability of the
Guarantor hereunder. The Trustee shall not be obligated to exhaust recourse or remedies against the Issuer to recover payments required to be made under the Indenture nor take any other action against the Issuer before being entitled to payment from
the Guarantor of all amounts contemplated in Section 2 hereof owed hereunder or proceed against or have resort to any balance of any deposit account or credit on the books of the Trustee in favor of the Issuer or in favor of the Guarantor.
Without limiting the generality of the foregoing, the Trustee shall have the right to bring a suit directly against the Guarantor, either prior or subsequent to or concurrently with any lawsuit against, or without bringing suit against, the Issuer.

 SECTION 5.  Waivers and Acknowledgments (a) The Guarantor hereby
unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any of the Guaranteed
Obligations and this Guaranty and any requirement that the Trustee, on behalf of the Noteholders, protect, secure, perfect or insure any Lien or any property subject thereto or exhaust any right or take any action against the Issuer or any other
Person. 
 (b)     The Guarantor hereby unconditionally and irrevocably waives any right to revoke this Guaranty and
acknowledges that this Guaranty is continuing in nature and applies to the Guaranteed Obligations, whether the same are existing now or in the future. 

(c)     The Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by reason of any claim
or defense based upon an election of remedies by any Noteholder or the Trustee on behalf of the Noteholders that in any manner impairs, reduces, releases or otherwise adversely affects the subrogation, reimbursement, exoneration, contribution or
indemnification rights of the Guarantor or other rights of the Guarantor to proceed against the Issuer or any other person or entity and (ii) any defense based on any right of set-off or counterclaim
against or in respect of the Guaranteed Obligations of the Guarantor hereunder. 
 (d)     The Guarantor hereby
unconditionally and irrevocably waives any duty on the part of the Trustee or any Noteholder to disclose to the Guarantor any matter, fact or thing relating to the business, condition (financial or otherwise), operations, performance, properties or
prospects of the Issuer now or hereafter known by the Trustee or any Noteholder, as applicable. 
 (e)    The Guarantor
acknowledges that it will receive substantial direct and indirect benefits from the financing arrangements contemplated by the Transaction Documents and that the waivers set forth in this Section 5 are knowingly made in contemplation of such
benefits. 
 (f)    The recitals contained in this Guaranty shall be taken as the statements of the Issuer and the
Guarantor, as applicable, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation as to the validity or sufficiency of this Guaranty, of any offering materials, the Indenture or of the Notes.

 (g)    The Guarantor unconditionally and irrevocably waives, to the fullest extent permitted under Brazilian law,
any benefit it may be entitled to under Articles 827, 834, 835, 838 and 839 of the Brazilian Civil Code, and under Article 595, caput, of the Brazilian Civil Procedure Code. 

SECTION 6.  Claims Against the Issuer The Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights
that it may now have or hereafter acquire against the Issuer or any other guarantor that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under or in respect of this Guaranty or any other Transaction
Document, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification, or to participate in any claim or remedy of the Trustee, on behalf of the Noteholders, against the Issuer or any other
person, whether or not such 

 
claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from the Issuer or any other person, directly or
indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until all of the Guaranteed Obligations and all other
amounts payable under this Guaranty shall have been paid in full in cash. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the later of (a) the payment in full in cash of the
Guaranteed Obligations and all other amounts payable under this Guaranty and (b) the date on which all of the obligations of the Issuer under the Indenture and the Notes have been discharged in full (the later of such dates being the
“Termination Date”), such amount shall be paid over to and received and held by the Trustee in trust for the benefit of the Noteholders, shall be segregated from other property and funds of the Guarantor and shall forthwith be paid
or delivered to the Trustee in the same form as so received (with any necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in
accordance with the terms of the Indenture. If (i) the Guarantor shall make payment to any Noteholder or the Trustee, on behalf of the Noteholders, of all or any part of the Guaranteed Obligations, (ii) all of the Guaranteed Obligations
and all other amounts payable under this Guaranty shall have been paid in full in cash and (iii) the Termination Date shall have occurred, then the Trustee, on behalf of the Noteholders, will, at the Guarantor’s written request and
expense, execute and deliver to the Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to the Guarantor of an interest in the Guaranteed Obligations resulting
from such payment made by the Guarantor pursuant to this Guaranty. 
 SECTION 7.  Covenants For so long as the Notes
remain outstanding or any amount remains unpaid on the Notes and the Indenture, the Guarantor will, and will cause each of its Subsidiaries, as applicable, to comply with the terms and covenants set forth below (except as otherwise provided in a
duly authorized amendment to this Guaranty as provided herein): 
 (a)     Performance of Obligations. The
Guarantor shall pay all amounts owed by it and comply with all its other obligations under the terms of this Guaranty and the Indenture in accordance with the terms thereof. 

(b)     Maintenance of Corporate Existence. The Guarantor will (i) maintain in effect its corporate existence
and all registrations necessary therefor except as otherwise permitted by Section 7(e) and (ii) take all actions to maintain all rights, privileges, titles to property, franchises, concessions and the like necessary or desirable in the
normal conduct of its business, activities or operations; provided, however, that this Section 7(b) shall not require the Guarantor to maintain any such right, privilege, title to property or franchise if the failure to do so does
not, and will not, have a Material Adverse Effect. 
 (c)     Maintenance of Office or Agency. So long as any of
the Notes are outstanding, the Guarantor will maintain in the Borough of Manhattan, The City of New York, an office or agency where notices to and demands upon the Guarantor in respect of this Guaranty may be served, and the Guarantor will not
change the designation of such office without prior written notice to the Trustee and designation of a replacement office in the same general location. 

 (d)     Ranking. The Guarantor will ensure at all times that its
obligations under this Guaranty will constitute the general, senior, unsecured and unsubordinated obligations of the Guarantor and will rank pari passu, without any preferences among themselves, with all other present and future senior
unsecured and unsubordinated obligations of the Guarantor (other than obligations preferred by statute or by operation of law) that are not, by their terms, expressly subordinated in right of payment to the obligations of the Guarantor under this
Guaranty. 
 (e)     Limitation on Consolidation, Merger, Sale or Conveyance. (i) The Guarantor will not, in one
or a series of transactions, consolidate or amalgamate with or merge into any corporation or convey, lease, spin-off or transfer substantially all of its properties, assets or revenues to any person or entity
(other than a direct or indirect Subsidiary of the Guarantor) or permit any person or entity (other than a direct or indirect Subsidiary of the Guarantor) to merge with or into it, unless: 

(A)    either the Guarantor is the continuing entity or the person (the “Successor
Company”) formed by such consolidation or into which the Guarantor is merged or that acquired or leased such property or assets of the Guarantor will assume (jointly and severally with the Guarantor unless the Guarantor shall have ceased to
exist as a result of such merger, consolidation or amalgamation), by an amendment to this Guaranty (the form and substance of which shall be previously approved by the Trustee), all of the Guarantor’s obligations under this Guaranty; 

(B)    the Successor Company (jointly and severally with the Guarantor unless the Guarantor shall have
ceased to exist as part of such merger, consolidation or amalgamation) agrees to indemnify each Noteholder against any tax, assessment or governmental charge thereafter imposed on such Noteholder solely as a consequence of such consolidation,
merger, conveyance, transfer or lease with respect to the payment of principal of, or interest on, the Notes pursuant to this Guaranty; 

(C)    immediately after giving effect to such transaction, no Event of Default, and no Default has
occurred and is continuing; and 
 (D)    the Guarantor has delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that such merger consolidation, sale, transfer or other conveyance or disposition and the amendment to this Guaranty comply with the terms of this Guaranty and that all conditions precedent
provided for herein and relating to such transaction have been complied with. 
 (ii)    Notwithstanding anything to
the contrary in the foregoing, so long as no Default or Event of Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom and the Guarantor has delivered written notice of any such transaction
to the Trustee (which notice shall contain a description of such merger, consolidation or conveyance): 

(A)    the Guarantor may merge, amalgamate or consolidate with or into, or convey, transfer, lease, spin-off or otherwise dispose of all or substantially all of its properties, assets or revenues to a direct or indirect Subsidiary of the Guarantor in cases 

 
when the Guarantor is the surviving entity in such transaction and such transaction would not have a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole, it being
understood that if the Guarantor is not the surviving entity, the Guarantor shall be required to comply with the requirements set forth in the previous paragraph; or 

(B)    any direct or indirect Subsidiary of the Guarantor may merge or consolidate with or into, or
convey, transfer, lease, spin-off or otherwise dispose of assets to, any person (other than the Guarantor or any of its Subsidiaries or Affiliates) in cases when such transaction would not have a Material
Adverse Effect on the Guarantor and its Subsidiaries taken as a whole; or 
 (C)    any direct or
indirect Subsidiary of the Guarantor may merge or consolidate with or into, or convey, transfer, lease, spin-off or otherwise dispose of assets to, any direct or indirect Subsidiary of the Guarantor; or 

(D)    any direct or indirect Subsidiary of the Guarantor may liquidate or dissolve if the Guarantor
determines in good faith that such liquidation or dissolution is in the best interests of the Guarantor, and would not result in a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole and if such liquidation or dissolution
is part of a corporate reorganization of the Guarantor. 
 (f)    Negative Pledge. So long as any Note remains
outstanding, the Guarantor will not create, incur or assume any Lien, other than a Permitted Lien, on any of the Guarantor’s assets to secure (i) any of the Guarantor’s Indebtedness for borrowed money or (ii) the Indebtedness for
borrowed money of any other Person, unless the Guarantor contemporaneously creates or permits such Lien to secure equally and ratably the Guarantor’s obligations under this Guaranty or the Guarantor provides such other security for the Notes as
is duly approved by the Trustee, at the direction of the Noteholders, in accordance with the Indenture. In addition, the Guarantor will not allow any of the Guarantor’s Material Subsidiaries to create, incur or assume any Lien, other than a
Permitted Lien, on any of the Guarantor’s assets to secure (i) any of the Guarantor’s Indebtedness for borrowed money, (ii) any of the Indebtedness for borrowed money of the Guarantor’s Material Subsidiaries or
(iii) the Indebtedness for borrowed money of any other Person, unless the Guarantor contemporaneously creates or permits the Lien to secure equally and ratably the Guarantor’s obligations under this Guaranty or the Guarantor or such
Material Subsidiary provides such other security for the Notes as is duly approved by the Trustee, at the direction of the Noteholders, in accordance with the Indenture. 

(g)     Provision of Financial Statements and Reports. (i) The Guarantor will provide to the Trustee, in
English or accompanied by a certified English translation thereof, (A) within 90 calendar days after the end of each fiscal quarter (other than the fourth quarter), its unaudited and consolidated balance sheet and statement of income calculated
in accordance with IFRS and (B) within 120 calendar days after the end of each fiscal year, its audited and consolidated balance sheet and statement of income calculated in accordance with IFRS. For purposes of this Section 7(g), as long
as the financial statements or reports are publicly available and accessible electronically by the Trustee, the filing or electronic publication of such financial statements or reports shall comply with the Guarantor’s obligation to deliver
such statements and reports to the Trustee hereunder. The Guarantor shall provide the Trustee with prompt written 

 
notification at such time that the Guarantor ceases to be a reporting company. The Trustee shall have no obligation to determine if and when the Guarantor’s financial statements or reports
are publicly available and accessible electronically. 
 (ii)     The Guarantor will provide, together with each of the
financial statements delivered pursuant to Sections 7(g)(i)(A) and (B), an Officer’s Certificate stating that a review of the activities of the Guarantor and the Issuer has been made during the period covered by such financial statements with a
view to determining whether the Guarantor and the Issuer have kept, observed, performed and fulfilled their covenants and agreements under this Guaranty and that no Default or Event of Default has occurred during such period or, if one or more have
actually occurred, specifying all such events and what actions have been taken and will be taken with respect to such Default or Event of Default.  

(iii)    The Guarantor shall, whether or not it is required to file reports with the SEC, file with the SEC and deliver
to the Trustee (for redelivery to all Noteholders) all reports and other information as it would be required to file with the SEC under the Exchange Act if it were subject to those regulations; provided, however, that if the SEC does not
permit the filing described in the first sentence of this Section 7(h)(iii), the Guarantor will provide annual and interim reports and other information to the Trustee within the same time periods that would be applicable if the Guarantor were
required and permitted to file these reports with the SEC. 
 (iv)    Delivery of the above reports to the Trustee is
for informational purposes only and the Trustee’s receipt of such reports shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Guarantor’s
compliance with any of its covenants in the Indenture (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). 

SECTION 8.  Amendments, Etc. No amendment or waiver of any provision of this Guaranty and no consent to any departure
by the Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by the Trustee and the Guarantor, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given. For the avoidance of doubt, Article IX of the Indenture shall apply to an amendment to this Guaranty to determine whether the consent of Holders is required for an amendment and if so, the required percentage of Holders of the Notes
required to approve the amendment. 
 SECTION 9.  Indemnity The Guarantor agrees to fully indemnify the Trustee and any
predecessor Trustee and their agents for, and to hold it harmless against, any and all loss, liability, damages, claims or expense arising out of or in connection with the performance of its duties under this Guaranty, including the costs and
expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder except to the extent that any such loss, liability or expense may be attributable to its negligence
or bad faith. 
 SECTION 10.  Notices, Etc. (a) All notices and other communications provided for hereunder
shall be in writing (including telegraphic or telecopy) and mailed, telecopied or delivered by hand, if to the Guarantor, addressed to it at ____________________, Telephone: 

 
__________________, Telecopier: __________________, Attention: __________________________________, if to the Trustee, to The Bank of New York Mellon, at ____________________, Telephone:
__________________, Telecopier: __________________, Attention: __________________ or, as to any party, at such other address as shall be designated by such party in a written notice to each other party. All such notices and other communications
shall, when telecopied, be effective when transmitted. Delivery by telecopier of an executed counterpart of a signature page to any amendment or waiver of any provision of this Guaranty shall be effective as delivery of an original executed
counterpart thereof. 
 (b)    All payments made by the Guarantor to the Trustee hereunder shall be made to the Payment
Account (as defined in the Indenture). 
 SECTION 11.  Survival Without prejudice to the survival of any of the other
agreements of the Guarantor under this Guaranty or any of the other Transaction Documents, the agreements and obligations of the Guarantor contained in Section 2 (with respect to the payment of all other amounts owed under the Indenture),
Section 9 and Section 14 shall survive the payment in full of the Guaranteed Obligations and all of the other amounts payable under this Guaranty, the termination of this Guaranty and/or the resignation or removal of the Trustee. 

SECTION 12.  No Waiver; Remedies. No failure on the part of the Trustee to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 13.  Continuing Agreement; Assignment of Rights Under the
Indenture and the Notes. This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the later of (i) the repayment in full by the Issuer of all amounts due and owing under the Indenture
with respect to the Notes and (ii) the repayment in full of all Guaranteed Obligations and all other amounts payable under this Guaranty, (b) be binding upon the Guarantor, its successors and assigns and (c) inure to the benefit of
and be enforceable by the Trustee, on behalf of Noteholders, and their successors, transferees and assigns. Without limiting the generality of clause (c) of the immediately preceding sentence, any Noteholder may assign or otherwise transfer its
rights and obligations under the Indenture (including, without limitation, the Note held by it) to any other person or entity, and such other person or entity shall thereupon become vested with all the benefits in respect thereof granted to such
Noteholder herein or otherwise, in each case as and to the extent provided in the Indenture. The Guarantor shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of all of the Noteholders.

 SECTION 14.  Currency Rate Indemnity (a) The Guarantor shall (to the extent lawful) indemnify the Trustee and the
Noteholders and keep them indemnified against: 
 (i)    in the case of nonpayment by the Guarantor of
any amount due to the Trustee, on behalf of the Noteholders, under this Guaranty any loss or damage incurred by any of them arising by reason of any variation between the rates of exchange used for 

 
the purposes of calculating the amount due under a judgment or order in respect thereof and those prevailing at the date of actual payment by the Guarantor; and 

(ii)    any deficiency arising or resulting from any variation in rates of exchange between (a) the
date as of which the local currency equivalent of the amounts due or contingently due under this Guaranty or in respect of the Notes is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Guarantor, and (b) the final
date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be increased or reduced by any variation in rates of exchange occurring between the said final date and
the date of any bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith. 
 (a)    
The Guarantor agrees that, if a judgment or order given or made by any court for the payment of any amount in respect of its obligations hereunder is expressed in a currency (the “Judgment Currency”) other than the currency in which
any Security or any premium or interest thereon is payable (the “Denomination Currency”), it will indemnify the relevant Holder and the Trustee against any deficiency arising or resulting from any variation in rates of exchange
between the date at which the amount in the Denomination Currency is notionally converted into the amount in the Judgment Currency for the purposes of such judgment or order and the date of actual payment thereof. 

(b)     The above indemnities shall constitute separate and independent obligations of the Guarantor from its obligations
hereunder, will give rise to separate and independent causes of action, will apply irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment or the filing of any proof or proofs
in any bankruptcy, insolvency or liquidation of the Guarantor for a liquidated sum or sums in respect of amounts due under this Guaranty, or under the Indenture or the Notes or under any judgment or order. 

SECTION 15. Governing Law; Jurisdiction; Waiver of Immunity, Etc.  

(a)    This Guaranty shall be governed by, and construed in accordance with, the laws of the State of New York. 

(b)    The Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of any state or Federal court in the Borough of Manhattan, The City of New York, State of New York, in any action or proceeding arising out of or relating to this Guaranty or any of the other Transaction Documents to which it is or is
to be a party, or for recognition or enforcement of any judgment, and the Guarantor hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such state court or, to
the extent permitted by law, in such federal court. The Guarantor agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by
law. Nothing in this Guaranty or any other Transaction Document shall affect any right that any party may otherwise have to bring any action or proceeding against the 

 
Issuer or the Guarantor, as the case may be, relating to this Guaranty or any other Transaction Document in the courts of any jurisdiction. 

(c)    The Guarantor hereby irrevocably appoints and empowers the New York office of Petróleo Brasileiro S.A.,
located at 570 Lexington Avenue, Suite 2401, New York, New York 10022 as its authorized agent (the “Process Agent”) to accept and acknowledge for and on its behalf and on behalf of its property service of any and all legal process,
summons, notices and documents which may be served in any such suit, action or proceedings in any state or Federal court in the Borough of Manhattan, The City of New York, State of New York, which service may be made on such designee, appointee and
agent in accordance with legal procedures prescribed for such courts. The Guarantor will take any and all action necessary to continue such designation in full force and effect and to advise the Trustee of any change of address of such Process Agent
and; should such Process Agent become unavailable for this purpose for any reason, the Guarantor will promptly and irrevocably designate a new Process Agent within New York, New York, which will agree to act as such, with the powers and for the
purposes specified in this subsection (c). The Guarantor irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents out of any of the aforesaid courts in any such action, suit or proceeding by hand
delivery, to it at its address set forth in Section 10 or to any other address of which it shall have given notice pursuant to Section 10 or to its Process Agent. Service upon the Guarantor or the Process Agent as provided for herein will,
to the fullest extent permitted by law, constitute valid and effective personal service upon it and the failure of the Process Agent to give any notice of such service to the Guarantor shall not impair or affect in any way the validity of such
service or any judgment rendered in any action or proceeding based thereon. 
 (d)    The Guarantor irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty or any of the
other Transaction Documents to which it is or is to be a party in any state or Federal court in the Borough of Manhattan, The City of New York, State of New York. The Guarantor hereby irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court. 
 (e)    THE
GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OF THE TRANSACTION DOCUMENTS, THE ADVANCES OR
THE ACTIONS OF ANY NOTEHOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 
 (f)    This
Guaranty and any other documents delivered pursuant hereto, and any actions taken hereunder, constitute commercial acts by the Guarantor. The Guarantor irrevocably and unconditionally and to the fullest extent permitted by law, waives, and agrees
not to plead or claim, any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) for itself, the Issuer or any of
their property, assets or revenues wherever located with respect to its obligations, liabilities or any other matter under or arising out of or in 

 
connection with this Guaranty, any of the Transaction Documents or any document delivered pursuant hereto, in each case for the benefit of each assigns, it being intended that the foregoing
waiver and agreement will be effective, irrevocable and not subject to withdrawal in any and all jurisdictions, and, without limiting the generality of the foregoing, agrees that the waivers set forth in this subsection (f) shall have the
fullest scope permitted under the United States Foreign Sovereign Immunities Act of 1976 and are intended to be irrevocable for the purposes of such act. 

SECTION 16. Execution in Counterparts This Guaranty and each amendment, waiver and consent with respect hereto may be executed in any
number of counterparts and by different parties thereto 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 of an executed
counterpart of a signature page to this Guaranty by telecopier shall be effective as delivery of an original executed counterpart of this Guaranty. 

SECTION 17. Entire Agreement This Guaranty, together with the Indenture and the Notes, sets forth the entire agreement of the parties
hereto with respect to the subject matter hereof. 
 SECTION 18. The Trustee 

In the performance of its obligations hereunder, the Trustee shall be entitled to all the rights, benefits, protections, indemnities and
immunities afforded to it under the Indenture. 
 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and
delivered by its officer thereunto duly authorized as of the date first above written. 
  

									
		 	PETRÓLEO BRASILEIRO S.A. – PETROBRAS
		
		 	  
 By:_________________________________

		 		  	Name:	  	
		 		  	Title:	  	
		
		 	  
 WITNESSES:

				
		 	1.	  	______________________	  	
		 		  	Name:	  	
				
		 	2.	  	______________________	  	
		 		  	Name:	  	

 ACKNOWLEDGED: 
 THE
BANK OF NEW YORK MELLON, as Trustee and not 
 in its individual capacity 
  

									
		 	By:_________________________________
		 		  	Name:	  	
		 		  	Title:	  	
		
		 	WITNESSES:
				
		 	1.	  	______________________	  	
		 		  	Name:	  	
				
		 	2.	  	______________________	  	
		 		  	Name:	  	

					
	STATE OF NEW YORK	  	)	  	
		  	)	  	        ss:
	COUNTY OF NEW YORK	  	)	  	

 On this _____ day of ___________________, before me, a notary public within and for said county, personally
appeared __________________, to me personally known, who being duly sworn, did say that ___ is a ____________________ of The Bank of New York Mellon, one of the persons described in and which executed the foregoing instrument, and acknowledges said
instrument to be the free act and deed of said entity. 
 On this _____ day of ___________________, before me personally came
_________________ and ________________ to me personally known, who being duly sworn, did say that they signed their names to the foregoing instrument as witnesses. 

[Notarial Seal] 
  

	
	  

	Notary Public
	COMMISSION EXPIRES

  
 D-18Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”), effective August 28, 2018, is by and between Verastem, Inc. (the “Company”), a Delaware corporation with its principal place of business at 117 Kendrick Street, Suite 500, Needham, MA 02494, and Robert E. Gagnon (the “Executive”).

 

WHEREAS, the Executive has certain experience and expertise that qualify him to provide management direction and leadership for the Company.

 

WHEREAS, the Company wishes to employ the Executive to serve as its Chief Financial Officer.

 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company offers and the Executive accepts employment upon the following terms and conditions:

 

1.              Position and Duties.  Upon the terms and subject to the conditions set forth in this Agreement, the Company hereby offers and the Executive hereby accepts employment with the Company to serve as its Chief Financial Officer, reporting to the Company’s President and Chief Executive Officer.  The Executive agrees to perform the duties of the Executive’s position and such other duties as reasonably may be assigned to the Executive from time to time.  The Executive also agrees that while employed by the Company, the Executive will devote one hundred percent (100%) of the Executive’s business time and the Executive’s reasonable commercial efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and to the discharge of the Executive’s duties and responsibilities for it.  Subject to prior approval of the President and Chief Executive Officer, the Executive may join the board of directors or advisory committee of up to two companies, provided such service does not interfere with the Executive’s duties hereunder, pose a conflict of interest or breach any provisions of this Agreement or the Employee Non-Solicitation, Non-Competition, Confidential Information and Inventions Assignment Agreement referenced below.

 

2.              Compensation and Benefits.  During the Executive’s employment, as compensation for all services performed by the Executive for the Company and subject to his performance of his duties and responsibilities for the Company, pursuant to this Agreement or otherwise, the Company will provide the Executive the following pay and benefits:

 

(a)         Base Salary; Annual Bonus.  The Company will pay the Executive a base salary at the rate of Three Hundred and Eighty Thousand Dollars ($380,000) per year.  Such amount shall be payable in accordance with the regular payroll practices of the Company for its executives, as in effect from time to time, and subject to increase from time to time by the Board of Directors of the Company (the “Board”) in its discretion.  The Executive shall have the opportunity to earn an annual target bonus, prorated for the initial partial year of employment, measured against performance criteria to be determined by the Board (or a committee thereof) of forty percent (40%) of the Executive’s then current annual base salary, with the actual amount of the bonus, if any, to be determined by the Board (or a committee thereof).  Any bonus amount payable by the Company, if any, shall be paid no later than March 15 of the year following the

 

 

year in which such bonus is earned. The Executive must remain employed through the last day of the year for which the bonus is earned in order to be eligible to receive any bonus.

 

(b)         One Time Sign on Bonus. The Company will pay the Executive a one time sign on bonus in the amount of forty thousand dollars ($40,000).  Such bonus shall be earned on the first anniversary of the Effective Date, but will be advanced to the Executive on the first regular payroll date following Effective Date. Should the Executive resign from his employment with the Company for any reason before the first anniversary of the Effective Date, he agrees to repay the sign on bonus in full, within thirty days of the date such resignation is effective, except as provided below.  In the event of terminantion by the company, for any reason, the bonus shall be considered earned in full and as such no repayment required by executive.

 

(c)          Stock Options.  Subject to Board approval, the Company will grant the Executive, promptly following the Effective Date:

 

i. a non-statutory stock option to purchase 350,000 shares (the “Time-based Award”) of the Company’s Common Stock, $0.0001 par value per share (the “Common Stock”), to be granted on the effective date of his hiring (the “Grant Date”), to vest as to 25% of the shares subject to the option on the first anniversary of the Grant Date and as to an additional 6.25% of the shares at the end of each successive three-month period following the first anniversary of the Grant Date until the fourth anniversary of the Grant Date (with the number of shares vesting on each vesting date rounded down to the nearest whole share, except with respect to the final vesting date on which all remaining unvested shares shall vest), provided that the Executive continues to serve as an employee of or other service provider to the Company on each such vesting date, and to have a purchase price per share equal to the fair market value of a share of the Common Stock on the Grant Date (determined to be the closing price of a share of Common Stock on the Grant Date); and

 

ii.               a non-statutory stock option to purchase 100,000 shares (the “Performance-based Award” and, together with the Time-based Award, the “Inducement Awards”) of the Common Stock, to be granted on the Grant Date and to vest upon the achievement of $150 million in “net sales” of duvelisib within the first 24 months of the first commercial sale of duvelisib, such achievement as determined by the Board or a committee thereof and provided that the Executive continues to serve as an employee of or other service provider to the Company on each such vesting date, and to have a purchase price per share equal to the fair market value of a share of the Common Stock on the Grant Date (determined to be the closing price of a share of Common Stock on the Grant Date). For purposes of the Performance-based Award, “net sales” means the gross amount invoiced by the Company or its sub-licensees on sales of duvelisib less the following deductions (to the extent included in the gross amount invoiced or otherwise directly paid or incurred by Licensee, its Affiliates and/or its Sublicensees): (i) trade, cash and quantity discounts, (ii) taxes imposed upon and paid directly with respect to the delivery, sale or use of duvelisib, and (iii) customary allowances for recalls, returns, rebates, refunds or chargebacks, and each stock option shall be subject to the terms of the Company’s equity plan, the applicable option award, and any applicable shareholder and/or option holder agreements and other restrictions and limitations generally applicable to common stock of the Company or equity awards held by Company executives or otherwise imposed by law.

 

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(d)         Restricted Stock Units.  Subject to Board approval, the Company will grant the Executive, promptly following the Effective Date, a grant of restricted stock units with respect to 50,000 shares of Common Stock (the “RSU Award”), to vest as to 100% of the shares on the first anniversary of the Grant Date provided that the Executive has served continuously as an employee or other service provider to the Company on such vesting date.

 

The RSU Award shall be subject to the terms of the Company’s equity plan, the applicable restricted stock unit award, and any applicable shareholder and/or restricted stock unit holder agreements and other restrictions and limitations generally applicable to common stock of the Company or equity awards held by Company executives or otherwise imposed by law.

 

(e)          Participation in Employee Benefit Plans.  The Executive will be eligible to participate in all Employee Benefit Plans from time to time in effect for employees of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided the Executive under this Agreement (e.g., severance pay) or under any other agreement.  The Executive’s participation will be subject to the terms of the applicable plan documents and generally applicable Company policies.  The Company may alter, modify, add to or delete its Employee Benefit Plans at any time as it, in its sole judgment, determines to be appropriate, without recourse by the Executive.  For purposes of this Agreement, “Employee Benefit Plan” shall have the meaning ascribed to such term in Section 3(3) of ERISA, as amended from time to time.

 

(f)           Business Expenses.  The Company will pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities for the Company, subject to any maximum annual limit and other restrictions on such expenses set by the Company and to such reasonable substantiation and documentation as it may specify from time to time.  Any such payment or reimbursement that would constitute nonqualified deferred compensation subject to Section 409A of the Internal Revenue Code (including the regulations promulgated thereunder, “Section 409A”) shall be subject to the following additional rules: (i) no payment or reimbursement of any such expense shall affect the Executive’s right to payment or reimbursement of any other such expense in any other taxable year; (ii) payment or reimbursement of the expense shall be made, if at all, not later than the end of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to payment or reimbursement shall not be subject to liquidation or exchange for any other benefit.

 

3.              Confidential Information, Non-Competition and Proprietary Information.  The Executive has executed or will execute within five (5) days following the date hereof the Company’s standard Employee Non-Solicitation, Non-Competition, Confidential Information and Inventions Assignment Agreement.  It is understood and agreed that breach by the Executive of the Employee Non-Solicitation, Non-Competition, Confidential Information and Inventions Assignment Agreement shall constitute a material breach of this Agreement.

 

4.              Termination of Employment.  The Executive’s employment under this Agreement shall continue until terminated pursuant to this Section 4.

 

(a)         The Company may terminate the Executive’s employment for “Cause” upon written notice to the Executive received setting forth in reasonable detail the nature of the Cause.

 

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The following, as determined by the Board in good faith and using its reasonable judgment, shall constitute Cause for termination: (i) the Executive’s willful failure to perform, or gross negligence in the performance of, the Executive’s material duties and responsibilities to the Company or its Affiliates which is not remedied within ten (10) days of written notice thereof; (ii) material breach by the Executive of any material provision of this Agreement or any other agreement with the Company or any of its Affiliates which is not remedied within ten (10) days of written notice thereof; (iii) fraud, embezzlement or other dishonesty with respect to the Company or any of its Affiliates; or (iv) the Executive’s commission of a felony or other crime involving moral turpitude.

 

(b)         The Company may terminate the Executive’s employment at any time other than for Cause upon written notice to the Executive.

 

(c)          The Executive may terminate his employment hereunder for Good Reason by providing notice to the Company of the condition giving rise to the Good Reason no later than thirty (30) days following the occurrence of the condition, by giving the Company thirty (30) days to remedy the condition and by terminating employment for Good Reason within thirty (30) days thereafter if the Company fails to remedy the condition.  For purposes of this Agreement, “Good Reason” shall mean, without the Executive’s consent, the occurrence of any one or more of the following events: (i) material diminution in the nature or scope of the Executive’s responsibilities, duties or authority, provided that neither (x) the Company’s failure to continue the Executive’s appointment or election as a director or officer of any of its Affiliates nor (y) any diminution in the nature or scope of the Executive’s responsibilities, duties or authority that is reasonably related to a diminution of the business of the Company or any of its Affiliates shall constitute “Good Reason”; (ii) a material reduction in the Executive’s base salary other than one temporary reduction of not more than 120 days and not in excess of 20% of the Executive’s base salary in connection with and in proportion to a general reduction of the base salaries of the Company’s executive officers; (iii) failure of the Company to provide the Executive the base salary or benefits owed to Executive in accordance with Section 2 hereof after thirty (30) days’ notice during which the Company does not cure such failure; or (iv) relocation of the Executive’s principal place of business more than forty (40) miles from the then current location of the Executive’s principal place of business.

 

(d)         The Executive may terminate his employment with the Company other than for Good Reason at any time upon sixty (60) days’ notice to the Company.  In the event of termination of the Executive’s employment in accordance with this Section 4(d), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive his then current base salary for the period so waived.

 

(e)          This Agreement shall automatically terminate in the event of the Executive’s death during employment.  The Company may terminate the Executive’s employment, upon notice to the Executive, in the event the Executive becomes disabled during employment and, as a result, is unable to continue to perform substantially all of his material duties and responsibilities under this Agreement for one-hundred and twenty (120) days during any period of three hundred and sixty-five (365) consecutive calendar days.  If any question shall arise as to whether the Executive is disabled to the extent that the Executive is unable to perform substantially all of his material duties and responsibilities for the Company and its Affiliates, the

 

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Executive shall, at the Company’s request and expense, submit to a medical examination by a physician selected by the Company to whom the Executive or the Executive’s guardian, if any, has no reasonable objection to determine whether the Executive is so disabled and such determination shall for the purposes of this Agreement be conclusive of the issue.  If such a question arises and the Executive fails to submit to the requested medical examination, the Company’s determination of the issue shall be binding on the Executive.

 

5.              Severance Payments and Other Matters Related to Termination.

 

(a)         Termination pursuant to Section 4(b) or 4(c).  Except as provided in Section 5(c) below, in the event of termination of the Executive’s employment either by the Company other than for Cause pursuant to Section 4(b) of this Agreement or by the Executive for Good Reason pursuant to Section 4(c) of this Agreement:

 

i.                  The Company shall pay the Executive’s then-current annual base salary for a period of nine (9) months in accordance with the Company’s payroll practice then in effect, beginning on the Payment Commencement Date.

 

iii.            If the Executive is participating in the Company’s group health plan and/or dental plan at the time the Executive’s employment terminates, and the Executive exercises his right to continue participation in those plans under the federal law known as COBRA, or any successor law, the Company will pay the Executive a monthly cash amount equal to the full premium cost of that participation (the “Benefits Payment”) for nine (9) months following the date on which the Executive’s employment with the Company terminates or, if earlier, until the date the Executive becomes eligible to enroll in the health (or, if applicable, dental) plan of a new employer, payable in accordance with regular payroll practices for benefits beginning on the Payment Commencement Date.

 

iv.           The Company will also pay the Executive on the date of termination any base salary earned but not paid through the, date of termination (collectively, the “Accrued Amounts”).  In addition, the Company will pay the Executive any bonus which has been awarded to the Executive, but not yet paid on the date of termination of his employment, payable in a lump sum on the later of such date when bonuses are paid to executives of the Company generally in accordance with the timing rules of Section 2(a) and the Payment Commencement Date.

 

v.              Any obligation of the Company to provide the Executive severance payments or other benefits under this Section 5(a) (other than the Accrued Amounts) is conditioned on the Executive’s signing, returning and not revoking an effective release of claims in the form provided by the Company (the “Employee Release”) within the deadline specified therein (and in all events within 60 days following the termination of the Executive’s employment), which release shall not apply to (i) claims for indemnification in the Executive’s capacity as an officer or director of the Company under the Company’s Certificate of Incorporation, By-laws or agreement, if any, providing for director or officer indemnification, (ii) rights to receive insurance coverage and payments under any policy maintained by the Company and (iii) rights to receive retirement benefits that are accrued and fully vested at the time of the Executive’s termination and rights under such plans protected by ERISA.  Any

 

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severance payments to be made in the form of salary continuation pursuant to the terms of this Agreement shall be payable in accordance with the normal payroll practices of the Company, and will begin on the Payment Commencement Date but shall be retroactive to the date of termination.  The Executive agrees to provide the Company prompt notice of the Executive’s eligibility to participate in the health plan and, if applicable, dental plan of any employer.  The Executive further agrees to repay any overpayment of health benefit premiums made by the Company hereunder.

 

(b)         Termination other than pursuant to Section 4(b) or 4(c).  In the event of any termination of the Executive’s employment, other than a termination by the Company pursuant to Section 4(b) of this Agreement or a termination by the Executive for Good Reason pursuant to Section 4(c) of this Agreement, the Company will pay the Executive the Accrued Amounts.  In addition, the Company will pay the Executive any bonus which has been awarded to the Executive, but not yet paid on the date of termination of the Executive’s employment, at such time when bonuses are paid to executives of the Company generally in accordance with the timing rules of Section 2(a).  The Company shall have no other payment obligations to the Executive under this Agreement.

 

(c)          Upon a Change of Control. If, within ninety (90) days prior to a Change of Control or within eighteen (18) months following a Change of Control (as defined in Section 6 hereof), the Company or any successor thereto terminates the Executive’s employment other than for Cause pursuant to Section 4(b) of this Agreement, or the Executive terminates his employment for Good Reason pursuant to Section 4(c) of this Agreement, then, in lieu of any payments to the Executive or on the Executive’s behalf under Section 5(a) hereof:

 

i.                  All of the Executive’s then remaining unvested stock options, restricted stock and restricted stock units which, by their terms, vest only based on the passage of time (disregarding any acceleration of the vesting of such options, restricted stock or restricted stock units based on individual or Company performance) that are outstanding immediately prior to the date of termination shall (notwithstanding anything to the contrary in the applicable award agreement) remain outstanding and eligible to vest until the Payment Commencement Date and, subject to Section 5(c)(v), automatically become fully vested as of the Payment Commencement Date.

 

ii.               The Company shall pay, on the Payment Commencement Date, a lump sum payment equal to twelve (12) months of the Executive’s then-current annual base salary; provided, however, that if such termination occurs prior to a Change of Control, such severance payments shall be made at the time and in the manner set forth in Section 5(a)(i) during the period beginning on the date of termination through the date of the Change of Control with any severance remaining to be paid under this Section 5(c)(ii) payable in a lump sum on the closing date of the Change of Control (or, if later, the Payment Commencement Date).

 

iii.            If the Executive is participating in the Company’s group health plan and/or dental plan at the time the Executive’s employment terminates, and the Executive exercises his right to continue participation in those plans under the federal law known as COBRA, or any successor law, the Company will pay the Executive the Benefits Payment for twelve (12) months following the date on which the Executive’s employment with the Company terminates or, if earlier, until the date the Executive becomes eligible to enroll in the health (or, if

 

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applicable, dental) plan of a new employer, with such amount payable on a pro-rata basis in accordance with the Company’s regular payroll practices for benefits beginning on the Payment Commencement Date.

 

iv.           The Company will also pay the Executive the Accrued Amounts.  In addition, the Company will pay the Executive any bonus which has been awarded to the Executive, but not yet paid on the date of termination of his employment, payable in a lump sum on the later of such date when bonuses are paid to executives of the Company generally in accordance with the timing rules of Section 2(a) and the Payment Commencement Date.

 

v.              Any obligation of the Company to provide the Executive severance payments or other benefits under this Section 5(c) (other than the Accrued Amounts) is conditioned on the Executive’s signing, returning and not revoking the Employee Release by the deadline specified therein (and in all events within 60 days following the termination of the Executive’s employment), which release shall not apply to (i) claims for indemnification in the Executive’s capacity as an officer or director of the Company under the Company’s Certificate of Incorporation, By-laws or agreement, if any, providing for director or officer indemnification, (ii) rights to receive insurance coverage and payments under any policy maintained by the Company and (iii) rights to receive retirement benefits that are accrued and fully vested at the time of the Executive’s termination and rights under such plans protected by ERISA.

 

(d)         Except for any right the Executive may have under applicable law to continue participation in the Company’s group health and dental plans under COBRA, or any successor law, benefits shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of the Executive’s employment, without regard to any continuation of base salary or other payment to the Executive following termination.  Notwithstanding anything herein to the contrary, if the payment by the Company of the Benefits Payments will subject or expose the  Company to taxes or penalties, the Executive and the Company agree to renegotiate the provisions of Section 5(a)(ii) or 5(c)(iii), as applicable, in good faith and enter into a substitute arrangement pursuant to which the Company will not be subjected or exposed to taxes or penalties and the Executive will be provided with payments or benefits with an economic value that is no less than the economic value of the Benefits Payments.

 

(e)          Provisions of this Agreement shall survive any termination if so provided in this Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the Executive’s obligations under Section 3 of this Agreement and under the Employee Non-Solicitation, Non- Competition, Confidential Information and Inventions Assignment Agreement.  The obligation of the Company to make payments to the Executive or on the Executive’s behalf under Section 5 of this Agreement is expressly conditioned upon the Executive’s continued full performance of the Executive’s obligations under Section 3 hereof, under the Employee Non-Solicitation, Non-Competition, Confidential Information and Inventions Assignment Agreement to be executed herewith, and under any subsequent agreement between the Executive and the Company or any of its Affiliates relating to confidentiality, non-competition, proprietary information or the like.

 

6.              Definitions.  For purposes of this agreement; the following definitions apply:

 

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“Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be by management authority, equity interest or otherwise.

 

“Change of Control” shall mean (i) the acquisition of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly by any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) of securities of the Company representing a majority or more of the combined voting power of the Company’s then outstanding securities, other than an acquisition of securities for investment purposes pursuant to a bona fide financing of the Company; (ii) a merger or consolidation of the Company with any other corporation in which the holders of the voting securities of the Company prior to the merger or consolidation do not own more than 50% of the total voting securities of the surviving corporation; or (iii) the sale or disposition by the Company of all or substantially all of the Company’s assets other than a sale or disposition of assets to an Affiliate of the Company or a holder of securities of the Company; notwithstanding the foregoing, no transaction or series of transactions shall constitute a Change of Control unless such transaction or series of transactions constitutes a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i).

 

“Payment Commencement Date” shall mean the Company’s next regular payday for executives that follows the expiration of sixty (60) calendar days from the date the Executive’s employment terminates.

 

“Person” means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization, other than the Company or any of its Affiliates.

 

7.              Conflicting Agreements.  The Executive hereby represents and warrants that his signing of this Agreement and the performance of his obligations under it will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any court order that could affect the performance of the Executive’s obligations under this Agreement.  The Executive agrees that he will not disclose to or use on behalf of the Company any proprietary information of a third party without that party’s consent.

 

8.              Withholding; Other Tax Matters.  Anything to the contrary notwithstanding, (a) all payments required to be made by the Company hereunder to Executive shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation, and (b) all severance payments and benefits payable pursuant to Sections 5(a) and 5(c) hereof shall be subject to the terms and conditions set forth on Exhibit A attached hereto.

 

9.              Assignment.  Neither the Executive nor the Company may make any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the Executive’s consent to one of its Affiliates or to any Person with whom the Company shall hereafter affect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets.  This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and each of our respective successors, executors, administrators, heirs and permitted assigns.

 

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10.       Severability.  If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

11.       Miscellaneous.  This Agreement, together with the Employee Non-Solicitation, Non-Competition, Confidential Information and Inventions Assignment Agreement, sets forth the entire agreement between the Executive and the Company and replaces all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment.  This Agreement may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by the Executive and an expressly authorized representative of the Board.  The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement.  This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.  This is a Massachusetts contract and shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to the conflict-of-laws principles thereof.

 

12.       Notices.  Any notices provided for in this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service for overnight delivery or deposited in the United States mail, postage prepaid, and addressed to the Executive at the Executive’s last known address on the books of the Company or, in the case of the Company, to it by notice to the Chairman of the Board of Directors, c/o Verastem, Inc. at its principal place of business, or to such other addressees) as either party may specify by notice to the other actually received.

 

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IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by its duly authorized representative, and by the Executive, as of the date first stated above.

 

	
THE EXECUTIVE
    	
 
    	
THE COMPANY
    
	
 
    	
 
    	
 
    
	
/s/ Robert E. Gagnon
    	
 
    	
/s/ Robert Forrester
    
	
Robert E. Gagnon
    	
 
    	
Robert Forrester
    
	
 
    	
 
    	
President and Chief   Executive Officer
    

 

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Exhibit A

 

Payments Subject to Section 409A

 

1.                                      Subject to this Exhibit A, any severance payments that may be due under the Agreement shall begin only upon the date of the Executive’s “separation from service” (determined as set forth below) which occurs on or after the termination of Executive’s employment.  The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to Executive under the Agreement, as applicable:

 

(a)                                  It is intended that each installment of the severance payments under the Agreement provided under shall be treated as a separate “payment” for purposes of Section 409A.  Neither the Company nor Executive shall have the right to accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by Section 409A.

 

(b)                                  If, as of the date of Executive’s “separation from service” from the Company, Executive is not a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates and terms set forth in the Agreement.

 

(c)                                   If, as of the date of Executive’s “separation from service” from the Company, Executive is a “specified employee” (within the meaning of Section 409A), then:

 

(i)                                        Each installment of the severance payments due under the Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when Executive’s separation from service occurs, be paid within the short-term deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and terms set forth in the Agreement; and

 

(ii)                                     Each installment of the severance payments due under the Agreement that is not described in this Exhibit A, Section 1(c)(i) and that would, absent this subsection, be paid within the six-month period following Executive’s “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, Executive’s death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following Executive’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service).  Any installments that qualify for the exception under

 

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Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of Executive’s second taxable year following the taxable year in which the separation from service occurs.

 

2.                                      The determination of whether and when Executive’s separation from service from the Company has occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h).  Solely for purposes of this Exhibit A, Section 2, “Company” shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.

 

3.                                      The Company makes no representation or warranty and shall have no liability to Executive or to any other person if any of the provisions of the Agreement (including this Exhibit) are determined to constitute deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section.

 

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