Document:

EX-4.8

 Exhibit 4.8 

UNITEDHEALTH GROUP INCORPORATED 

$2,000,000,000 4.750% Notes due July 15, 2045 

Officers’ Certificate and Company Order 

Pursuant to the Indenture, dated as of February 4, 2008 (the “Indenture”), between UnitedHealth Group Incorporated, a Delaware
corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), and resolutions adopted by the Company’s Board of Directors on March 27, 2015, this Officers’ Certificate and Company
Order is being delivered to the Trustee to establish the terms of a series of Securities in accordance with Section 301 of the Indenture, to establish the form of the Securities of such series in accordance with Section 201 of the
Indenture, to request the authentication and delivery of the Securities of such series pursuant to Section 303 of the Indenture and to comply with the provisions of Section 102 of the Indenture. This Officers’ Certificate and Company
Order shall be treated for all purposes under the Indenture as a supplemental indenture thereto. 
 All conditions precedent provided for in
the Indenture relating to (i) the establishment of a series of Securities, (ii) the establishment of the form of Securities of such series and (iii) the procedures for authentication and delivery of such series of Securities have been
complied with. 
 Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Indenture.

  

	A.	Establishment of a Series of Securities pursuant to Section 301 of the Indenture. 

There is hereby established pursuant to Section 301 of the Indenture a series of Securities which shall have the following terms: 

 

	 	(1)	The Securities shall bear the title “4.750% Notes due July 15, 2045” (referred to herein as the “Notes”). 

  

	 	(2)	The aggregate principal amount of the Notes to be issued pursuant to this Officers’ Certificate and Company Order shall be limited to $2,000,000,000 except for (a) Notes authenticated and delivered upon
registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, or 1007 of the Indenture, (b) Notes which, pursuant to Section 303 of the Indenture, are deemed never to have been
authenticated and delivered thereunder and (c) any Securities of this series which are issued in the manner contemplated by paragraph 18(a) hereof. 

  

	 	(3)	Interest will be payable to the Person in whose name a Note (or any Predecessor Security) is registered at the close of business on the Regular Record Date (as defined below) immediately preceding each Interest Payment
Date (as defined below). In the event that a payment of principal or interest is due on a date that is not a Business Day (as defined below), the related payment of principal or interest shall be made on the next succeeding Business Day with the
same force and effect as if made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or date of maturity, as the case may be. “Business Day” shall
mean any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York, Minneapolis, Minnesota or London are authorized or required by law, regulation or executive order to close. 

 

	 	(4)	The Stated Maturity of the Notes shall be July 15, 2045. 

  

	 	(5)	 The Notes shall bear interest at the rate of 4.750% per annum (based upon a 360-day year of twelve 30-day months), from July 23, 2015 or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semi-annually in 

	 	
arrears on January 15 and July 15 in each year, commencing January 15, 2016, until the principal thereof is paid or made available for payment. Each such January 15 and
July 15 shall be an “Interest Payment Date” for the Notes, and each January 1 and July 1 (whether or not a Business Day), as the case may be, immediately preceding an Interest Payment Date for the Notes shall be the
“Regular Record Date” for the interest payable on such Interest Payment Date. 

 The provision related to interest on
overdue principal in Section 501 of the Indenture shall not be applicable to the Notes. 
  

	 	(6)	Principal of (and premium, if any) and interest on the Notes will be payable, and, except as provided in Section 305 of the Indenture with respect to a Global Security (as defined below), the transfer of the Notes
will be registrable and Notes will be exchangeable for notes bearing identical terms and provisions at the corporate trust office of U.S. Bank National Association, in St. Paul, Minnesota. The method of such payment shall be by wire transfer for
Notes held in book-entry form or at the option of the Company by check mailed to the Person entitled thereto as shown on the Security Register. 

  

	 	(7)	The Notes will be subject to redemption, in whole or in part, at any time before July 15, 2045 (their Stated Maturity), at the option of the Company at a Redemption Price equal to the greater of (i) 100% of
the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (excluding the portion of any such interest accrued to the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below), plus 25 basis points, plus, in each case, accrued and unpaid interest
thereon to, but not including, the Redemption Date. 

 For this purpose, the following terms have the following meanings: 

 

	 	•	 	“Treasury Yield” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated (on a day-count basis) yield to maturity of the applicable
Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 

 

	 	•	 	“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker appointed by the Trustee after consultation with the Company as having an actual or
interpolated maturity comparable to the remaining term of the Notes being redeemed, or such other maturity that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes being redeemed. 

  

	 	•	 	“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

 

	 	•	 	 “Independent Investment Banker” means any of J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Merrill
Lynch, Pierce, Fenner 

  
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& Smith Incorporated, Morgan Stanley & Co. LLC or UBS Securities LLC or their respective successors or, if such firms are unwilling or unable to select the Comparable Treasury Issue,
one of the remaining Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 

  

	 	•	 	“Reference Treasury Dealer” means (i) any of J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC or UBS Securities LLC or their affiliates and any other primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) designated by, and not affiliated with, any of J.P. Morgan
Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC or UBS Securities LLC; provided, however, that if J.P. Morgan Securities LLC,
Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC or UBS Securities LLC or any of their respective affiliates shall cease to be a Primary Treasury
Dealer, the Company will appoint another Primary Treasury Dealer as a substitute for such entity, and (ii) any other Primary Treasury Dealer selected by the Trustee. 

 

	 	•	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the applicable
Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

A notice of redemption may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not
met, the redemption notice will be of no effect and the Company will not be obligated to redeem the Notes. 
 A partial redemption of the
Notes may be effected on a pro rata basis (and in such manner as complies with applicable legal and stock exchange requirements, if any) or in such method as the Trustee, in the exercise of its reasonable discretion, deems fair and appropriate. The
Trustee may provide for the selection for redemption of portions in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if
not a multiple of $1,000, shall be redeemed. 
 Notice of any redemption will be mailed at least 30 days but not more than 60 days before the
Redemption Date to each Holder of the Notes to be redeemed. 
 Unless any Note called for redemption shall not be paid upon surrender thereof
for redemption, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. 
  

	 	(8)	The Company shall not be obligated to redeem or purchase any Notes pursuant to any sinking fund or analogous provisions. 

If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its option to redeem all the Notes of this
series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes of this series to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall 

  
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be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes of this series repurchased, plus accrued and unpaid interest, if any, on the Notes of this series
repurchased to, but not including, the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public
announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be transmitted to Holders of the Notes of this series describing the transaction that constitutes or may constitute the Change of Control
Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is transmitted (a “Change of Control Payment
Date”). The notice shall, if transmitted prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control
Payment Date. 
 In order to accept the Change of Control Offer, the Holder must deliver to the Paying Agent, at least five Business Days
prior to the Change of Control Payment Date, the Holder’s Note together with the form entitled “Election Form” (which form is annexed to the Note) duly completed, or a telegram, telex, facsimile transmission or a letter from a member
of a national securities exchange, or the Financial Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth: 
  

	 	(i)	the name of the Holder of the Note; 

  

	 	(ii)	the principal amount of the Note; 

  

	 	(iii)	the principal amount of the Note to be repurchased; 

  

	 	(iv)	the certificate number or a description of the tenor and terms of the Note; 

  

	 	(v)	a statement that the Holder is accepting the Change of Control Offer; and 

  

	 	(vi)	a guarantee that the Note, together with the form entitled “Election Form” duly completed, will be received by the Paying Agent at least five Business Days prior to the Change of Control Payment Date.

 Any exercise by a Holder of its election to accept the Change of Control Offer shall be irrevocable. The Change of Control
Offer may be accepted for less than the entire principal amount of the Note, but in that event the principal amount of the Note remaining outstanding after repurchase must be equal to $2,000 or an integral multiple of $1,000 in excess thereof. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

 

	 	(i)	accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change of Control Offer; 

  

	 	(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this series or portions of such Notes properly tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes of this series or portions of such
Notes being repurchased. 

 The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change
of Control Triggering Event if a third party makes such an offer in the manner, at the 

  
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times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes of this series properly tendered and not withdrawn under its
offer. In addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of
Control Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the requirements of Rule 14e-1 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of this
series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes of this series, the Company shall comply with
those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes of this series by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions of the Notes of this series, the following terms have the following meanings: 

 

	 	•	 	“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges
with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged
for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the
Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of
Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of
this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the
Exchange Act. 

  
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	 	•	 	“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

  

	 	•	 	“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date the Notes of this series were
issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or
appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director). 

 

	 	•	 	“Fitch” means Fitch, Inc., and its successors. 

  

	 	•	 	“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

  

	 	•	 	“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

  

	 	•	 	“Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes of this series or fails to make a rating of such Notes
publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act selected by the Company (as certified by a
resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

  

	 	•	 	“Rating Event” means the rating on the Notes of this series is lowered by each of the three Rating Agencies and the Notes of this series are rated below an Investment Grade Rating by each of the three Rating
Agencies on any day during the period (which period shall be extended so long as the rating of the Notes of this series is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of the
first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. 

 

	 	•	 	“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

 

	 	•	 	“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time
entitled to vote generally in the election of the board of directors of such person. 

  

	 	(9)	The Notes shall not be convertible into shares of Common Stock of the Company or exchangeable for any other securities. 

  

	 	(10)	The Trustee shall be the Security Registrar and the Paying Agent. 

  

	 	(11)	The amount of payments of principal of and any premium or interest on the Notes will not be determined with reference to an index. 

  
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	 	(12)	The Notes shall be subject to the covenants and definitions set forth in the Indenture. 

  

	 	(13)	The Notes will be issued only in fully registered form and the minimum initial purchase amounts of the Notes shall be $2,000 and any whole multiples of $1,000 in excess thereof. 

 

	 	(14)	The Notes shall be subject to the Events of Default specified in Section 701, paragraphs (i) through (vii), of the Indenture. 

 

	 	(15)	The portion of the principal amount of the Notes which shall be payable upon declaration of acceleration of maturity thereof shall not be less than the principal amount thereof. 

 

	 	(16)	The Notes shall be “Global Securities” as defined in the Indenture, and shall be deposited with, or on behalf of, the Depository Trust Company, New York, New York, as Depositary, registered in the name of a
nominee of the Depositary. So long as the Depositary or its nominee is the registered holder of any Global Security, the Depositary or its nominee, as the case may be, shall be considered the sole Holder of the Notes represented by such Global
Security for all purposes under the Indenture. The forms and terms of the Notes and the Trustee’s certificate of authentication shall be substantially as set forth on Exhibit B hereto. The terms and provisions contained in the form of
Notes set forth on Exhibit B hereto shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Officers’ Certificate and Company Order. 

 

	 	(17)	The defeasance provisions set forth in Article IX of the Indenture shall apply to the Notes. 

  

	 	(18)	The following additional terms shall apply to the Notes: 

  

	 	(a)	Further Issuances. The Company may, so long as no Event of Default has occurred, without the consent of the Holders of the Notes, issue additional notes with the same terms as the Notes in accordance with the
corporate authority existing at the time of such additional issuance, and such additional notes shall be considered part of the same series under the Indenture as the Notes and will vote together with the Notes as one class on all matters with
respect to the Notes. 

  

	 	(b)	Transfer and Exchange. 

  

	 	(i)	The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with this Officers’ Certificate and Company Order (including applicable
restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security shall deliver to the Security Registrar a written order given in accordance with the
Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security. The Security Registrar shall, in accordance with such instructions, instruct
the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global Security being
transferred. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of the Indenture
and/or applicable United States federal or state securities law. 

  
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	 	(ii)	Each Global Security shall bear the global security legend set forth on Exhibit A hereto. 

(19) The CUSIP number for the global Note is 91324P CR1 and the ISIN number for the global Note is US91324PCR10. 

 

	B.	Establishment of Forms of Securities Pursuant to Section 201 of Indenture. 

 It is
hereby established, pursuant to Section 201 of the Indenture, that the Global Security representing the Notes shall be substantially in the form attached as Exhibit B hereto. 

 

	C.	Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the Indenture. 

It is hereby ordered pursuant to Section 303 of the Indenture that the Trustee authenticate, in the manner provided by the Indenture, the
Notes in the aggregate principal amount of $2,000,000,000 registered in the name of Cede & Co., which Notes have been heretofore duly executed by the proper officers of the Company and delivered to you as provided in the Indenture, and to
deliver said authenticated Notes to or on behalf of The Depository Trust Company on or before 10:30 a.m., Central Time, on July 23, 2015. 
  

	D.	Other Matters. 

 The Company has provided to the Trustee true and correct copies of
resolutions adopted by the Board of Directors of the Company on January 18, 2008, February 12, 2014 and March 27, 2015; such resolutions have not been further amended, modified or rescinded and remain in full force and effect
except as otherwise provided therein; and such resolutions (together with this Officers’ Certificate and Company Order) are the only resolutions or other action adopted by the Company’s Board of Directors or any committee thereof or by any
officers of the Company relating to the offering and sale of the Notes. 
 The undersigned Senior Vice President and Treasurer being an
Authorized Representative as defined in the resolutions of the Board of Directors of the Company adopted on March 27, 2015 certifies that (i) he has approved the terms of the Notes as set forth in this Officers’ Certificate and
Company Order, (ii) he has approved and ratified the terms and form of the Underwriting Agreement (the “Underwriting Agreement”) and the Pricing Agreement (the “Pricing Agreement”), each dated July 20, 2015, by and
among the Company and J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and UBS Securities LLC, as representatives of the
underwriters named in Schedule I to the Pricing Agreement, and (iii) he has approved and ratified the Indenture, all in accordance with the authority of such officer pursuant to such resolutions. 

The undersigned have read the pertinent sections of the Indenture including the related definitions contained therein. The undersigned have
examined the resolutions adopted by the Board of Directors of the Company. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to
whether or not the conditions precedent to (i) the establishment of the Notes, (ii) the establishment of the form of the Notes and (iii) the authentication of the Notes contained in the Indenture have been complied with. In the
opinion of the undersigned, such conditions have been complied with. 
 Simpson Thacher & Bartlett LLP, Richard J. Mattera, Senior
Deputy General Counsel for the Company, and Hogan Lovells US LLP are entitled to rely on this Officers’ Certificate and Company Order in connection with the opinions they are rendering pursuant to Sections 10(b), 10(c), and 10(d), respectively,
of the Underwriting Agreement. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate and Company
Order this 23rd day of July, 2015. 
  

	
	UNITEDHEALTH GROUP INCORPORATED
	
	 /s/ Robert W. Oberrender

	Robert W. Oberrender
	Senior Vice President and Treasurer
	
	 /s/ Richard J. Mattera

	Richard J. Mattera
	Assistant Secretary

 EXHIBIT A 

FORM OF LEGENDS 
 Global Security
Legend 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET,
NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 EXHIBIT B 

FORM OF GLOBAL SECURITY 

[See attached.] 

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
  

					
	REGISTERED		 UNITEDHEALTH GROUP

INCORPORATED
		$[        ]
	No. [    ]		 4.750% Notes due

July 15, 2045
		 CUSIP No. 91324P CR1
 ISIN No.
US91324PCR10

 UNITEDHEALTH GROUP INCORPORATED, a Delaware corporation (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture referred to on the reverse side hereof), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
[            ] Dollars ($[        ]) on July 15, 2045 (the “Stated Maturity”), and to pay interest thereon from July 23, 2015 or
from the most recent date to which interest has been paid or duly provided for, semi-annually in arrears on January 15 and July 15 in each year (each, an “Interest Payment Date”), commencing January 15, 2016, and at
maturity, at the rate of 4.750% per annum, until the principal hereof is paid or duly made available for payment. Interest on this Note shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so
payable and punctually paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the
“Regular Record Date” for such interest, which shall be the January 1 or July 1 (whether or not a Business Day, as hereinafter defined) immediately preceding each such Interest Payment Date. Any such interest which is
payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid
(i) to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to the Holder of this Note not less than 10 days prior to such Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Note 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 (ii), such manner of payment shall be deemed practicable by the Trustee. In the event that a payment of
principal or interest is due on a date that is not a Business Day, the related payment of principal or interest shall be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was due, and no
interest shall accrue on the amount so 

 
payable for the period from and after such Interest Payment Date or date of maturity, as the case may be. “Business Day” shall mean any day other than a Saturday, a Sunday or a day on
which banking institutions in New York, New York, Minneapolis, Minnesota or London are authorized or required by law, regulation or executive order to close. 

Payment of the principal of and the interest on this Note will be made at the corporate trust office of U.S. Bank National Association, in St.
Paul, Minnesota, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The method of such payment shall be by wire transfer for a Note held in book-entry form or
at the option of the Company by check mailed to the Person entitled thereto as shown on the Security Register. Payment of the principal of and interest on this Note due at maturity will be made in immediately available funds upon presentation of
this Note. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by or on behalf of the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

[SIGNATURE PAGE TO FOLLOW] 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: July 23, 2015 
  

					
	UNITEDHEALTH GROUP INCORPORATED
		
	By:		  

			Name:		Robert W. Oberrender
			Title:		Senior Vice President and Treasurer
		
	Attest:		  

			Name:		Richard J. Mattera
			Title:		Assistant Secretary

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
  

			
	This is one of the Securities of the series designated herein and issued pursuant to the within-mentioned Indenture.
	
	Dated: July 23, 2015
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:		  

			Authorized Signatory

 UnitedHealth Group Incorporated 

4.750% Notes due July 15, 2045 

 [REVERSE SIDE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”) issued and to be issued in one
or more series under an indenture, dated as of February 4, 2008, between the Company and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee), as further supplemented by an
Officers’ Certificate and Company Order, dated July 23, 2015, pursuant to Section 301 of the indenture (together, the “Indenture”) between the Company and the Trustee, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated on the face hereof, limited in initial aggregate principal amount to $2,000,000,000; provided, however, that the Company may, so long as no Event of Default has occurred
and is continuing, without the consent of the Holders of the Notes of this series, issue additional notes with the same terms as the Notes of this series, and such additional notes shall be considered part of the same series under the Indenture as
the Notes of this series. 
 Optional Redemption 

This Note is redeemable, in whole or in part, at any time before July 15, 2045 (its Stated Maturity), at the option of the Company at a
Redemption Price equal to the greater of (i) 100% of the principal amount of this Note to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Note to be redeemed
(excluding the portion of any such interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below), plus 25 basis
points, plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date. 
 For this purpose, the
following terms have the following meanings: 
  

	 	•	 	“Treasury Yield” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) yield to maturity of the applicable
Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 

 

	 	•	 	“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker appointed by the Trustee after consultation with the Company as having an actual or
interpolated maturity comparable to the remaining term of this Note being redeemed, or such other maturity that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of this Note being redeemed. 

  

	 	•	 	“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

  
 4 

	 	•	 	“Independent Investment Banker” means any of J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC or UBS Securities LLC or their respective successors or, if such firms are unwilling or unable to select the Comparable Treasury Issue, one of the remaining Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

  

	 	•	 	“Reference Treasury Dealer” means (i) any of J.P. Morgan Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC or UBS Securities LLC or their affiliates and any other primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) designated by, and not affiliated with, any of J.P. Morgan
Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC or UBS Securities LLC; provided, however, that if J.P. Morgan Securities LLC,
Barclays Capital Inc., Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC or UBS Securities LLC or any of their respective affiliates shall cease to be a Primary Treasury
Dealer, the Company will appoint another Primary Treasury Dealer as a substitute for such entity, and (ii) any other Primary Treasury Dealer selected by the Trustee. 

 

	 	•	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the applicable
Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

A notice of redemption may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not
met, the redemption notice will be of no effect and the Company will not be obligated to redeem this Note. 
 A partial redemption of the
Notes may be effected on a pro rata basis (and in such manner as complies with applicable legal and stock exchange requirements, if any) or in such method as the Trustee, in the exercise of its reasonable discretion, deems fair and appropriate. The
Trustee may provide for the selection for redemption of portions in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if
not a multiple of $1,000, shall be redeemed. 
 Notice of any redemption will be mailed at least 30 days but not more than 60 days before
the Redemption Date to each Holder of the Notes to be redeemed. 
 Unless any Note called for redemption shall not be paid upon surrender
thereof for redemption, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. 

This Note will not be entitled to any sinking fund. 

Change of Control Offer 
 If a
Change of Control Triggering Event (as defined herein) occurs, unless the Company has exercised its option to redeem all the Notes of this series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder
of the Notes of this series to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to
offer payment in cash equal to 101% of the aggregate principal amount of Notes of this series repurchased, plus accrued and unpaid interest, if any, on the Notes of this series 

  
 5 

 
repurchased to, but not including, the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s
option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be transmitted to Holders of the Notes of this series describing the transaction that
constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is
transmitted (a “Change of Control Payment Date”). The notice shall, if transmitted prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event
occurring on or prior to the Change of Control Payment Date. 
 In order to accept the Change of Control Offer, the Holder must deliver to
the Paying Agent, at least five Business Days prior to the Change of Control Payment Date, this Note together with the form entitled “Election Form” (which form is annexed hereto) duly completed, or a telegram, telex, facsimile
transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth: 

(i) the name of the Holder of this Note; 

(ii) the principal amount of this Note; 

(iii) the principal amount of this Note to be repurchased; 

(iv) the certificate number or a description of the tenor and terms of this Note; 

(v) a statement that the Holder is accepting the Change of Control Offer; and 

(vi) a guarantee that this Note, together with the form entitled “Election Form” duly completed, will be received by the Paying
Agent at least five Business Days prior to the Change of Control Payment Date. 
 Any exercise by a Holder of its election to accept the
Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount of this Note, but in that event the principal amount of this Note remaining outstanding after repurchase must be
equal to $2,000 or an integral multiple of $1,000 in excess thereof. 
 On the Change of Control Payment Date, the Company shall, to the
extent lawful: 
 (i) accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change of
Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this series
or portions of such Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes of this series properly
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes of this series or portions of such Notes being repurchased. 

The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes of this series properly tendered and not withdrawn under its offer. In
addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control
Payment upon a Change of Control Triggering Event. 

  
 6 

 The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of this series as a result of a Change
of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes of this series, the Company shall comply with those securities laws and
regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes of this series by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions of the Notes of this series, the following terms are applicable: 

 

	 	•	 	“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges
with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged
for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the
Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of
Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of
this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the
Exchange Act. 

  

	 	•	 	“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

  

	 	•	 	“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date the Notes of this series were
issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or
appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director). 

 

	 	•	 	“Fitch” means Fitch, Inc., and its successors. 

  
 7 

	 	•	 	“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

  

	 	•	 	“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

  

	 	•	 	“Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes of this series or fails to make a rating of such Notes
publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act selected by the Company (as certified by a
resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

  

	 	•	 	“Rating Event” means the rating on the Notes of this series is lowered by each of the three Rating Agencies and the Notes of this series are rated below an Investment Grade Rating by each of the three Rating
Agencies on any day during the period (which period shall be extended so long as the rating of the Notes of this series is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of the
first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. 

 

	 	•	 	“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

 

	 	•	 	“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time
entitled to vote generally in the election of the board of directors of such person. 

 Miscellaneous Provisions 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture. 
 The Indenture contains provisions for defeasance at any time of the
Company’s obligations in respect of (i) the entire indebtedness of this Note or (ii) certain restrictive covenants with respect to this Note, in each case upon compliance with certain conditions set forth therein. 

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 issued under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the
Securities of all series at the time Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of any series at the time Outstanding to waive
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and 

  
 8 

 
premium, if any) and interest on this Note, at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note is registrable
in the registry books of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only
in fully registered form without coupons in minimal initial purchase amounts of $2,000 and whole multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are
exchangeable for a like aggregate principal amount of Notes of this series which are of like tenor for any authorized denomination, as requested by the Holder surrendering the same. 

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, other than in certain cases provided in the Indenture. 
 Prior
to due presentment of this Note 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 Note is registered as the owner hereof for all purposes, whether or not this
Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Note shall be
governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of laws provisions. 
 All
capitalized terms used in this Note which are not defined herein shall have the meanings assigned to them in the Indenture. 

  
 9 

 ASSIGNMENT FORM 

I or we assign and transfer this Note to 
  

 
  

 
 (Print or type name, address and zip code of assignee
or transferee) 
  
  

(Insert Social Security or other identifying number of assignee or transferee) 

and irrevocably appoint
                                        
agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

									
	Dated:		  
				Signed:		  

									(Sign exactly as name appears on the other side of this Note)

  

			
	Signature Guarantee:		  

			Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  
 10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

Initial Principal Amount at maturity of Global Security: [    ] Dollars ($[        ]). 

The following exchanges of a part of this Global Security for an interest in another Global Security or for a certificated note, or exchanges of a part of
another Global Security or certificated note for an interest in this Global Security, have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in
Principal Amount of
this Global Security	  	Amount of increase
in
Principal Amount of
this Global Security	  	Principal Amount of
this Global Security
following such
decrease
(or increase)	  	Signature of
authorized officer
of
Trustee or Note
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 11 

 ELECTION FORM 

TO BE COMPLETED ONLY IF THE HOLDER 

ELECTS TO ACCEPT THE CHANGE OF CONTROL OFFER 
  

 
 The undersigned
hereby irrevocably requests and instructs the Company to repurchase the within Note (or the portion thereof specified below), pursuant to its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of
Control Payment specified in the within Note, to the undersigned,
                                        , at
                                         (please
print or typewrite name and address of the undersigned). 
 For this election to accept the Change of Control Offer to be effective, the
Company must receive, at the address of the Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Note, either (i) this Note with this “Election
Form” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority or a commercial bank or a trust company in the United
States setting forth (a) the name of the Holder of the Note, (b) the principal amount of the Note, (c) the principal amount of the Note to be repurchased, (d) the certificate number or description of the tenor and terms of the
Note, (e) a statement that the option to elect repurchase is being exercised, and (f) a guarantee stating that the Note to be repurchased, together with this “Election Form” duly completed will be received by the Paying Agent
five Business Days prior to the Change of Control Payment Date. The address of the Paying Agent is U.S. BANK NATIONAL ASSOCIATION, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN 55107-2292. 

If less than the entire principal amount of the within Note is to be repurchased, specify the portion thereof (which principal amount must be
$2,000 or an integral multiple of $1,000 in excess thereof) which the Holder elects to have repurchased: $        . 

  
 1210.1 CEO Employment Agreement

EXHIBIT 10.1

EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT (this “Agreement”), dated as of August 10, 2015 (the “Effective Date”), by and between Euramax International, Inc., a Delaware corporation (the “Company”) and Richard Brown (the “Executive”) (each of the Company and the Executive, a “Party,” and collectively, the “Parties”). 
WHEREAS, the Company desires to employ the Executive as President and Chief Executive Officer of the Company and wishes to acquire and be assured of the Executive’s services on the terms and conditions hereinafter set forth; and 

WHEREAS, the Executive desires to be employed by the Company as President and Chief Executive Officer and to perform and to serve the Company on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid consideration, the sufficiency of which is acknowledged, the Parties hereto agree as follows:   
Section 1.Employment.
1.    Term.  Subject to Section 3 hereof, the Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, and such other members of the “Company Group” (as defined in Section 5 below) as the Board of Directors of Euramax Holdings, Inc. (the “Board”) shall determine, in each case pursuant to this Agreement, for a period commencing on the Effective Date and ending on the second anniversary of the Effective Date (the “Initial Term”); provided, however, that the period of the Executive’s employment pursuant to this Agreement shall be automatically extended for successive one-year periods thereafter (each, a “Renewal Term”), in each case unless either Party hereto provides the other Party hereto with written notice that such period shall not be so extended at least one hundred and twenty (120) days in advance of the expiration of the Initial Term or the then-current Renewal Term, as applicable (the Initial Term and any Renewal Term, collectively, the “Term”).  The Executive’s period of employment pursuant to this Agreement shall hereinafter be referred to as the “Employment Period.”  
2.    Duties. During the Employment Period, the Executive shall serve as President and Chief Executive Officer of the Company, and shall report directly to the Board. In the Executive’s position as President and Chief Executive Officer, the Executive shall perform such duties, functions and responsibilities during the Employment Period as are commensurate with such position, as reasonably and lawfully directed by the Board. The Executive’s principal place of employment during the Employment Period shall be the Company’s headquarters in Norcross, Georgia. However, the Executive will not be required to move his primary residences from Florida and/or North Carolina. During the Employment Period, the Executive shall serve as a member of the Board, subject to shareholder approval. 
3.    Exclusivity.  During the Employment Period, the Executive shall devote substantially all of his business time and attention to the business and affairs of the Company Group, and shall faithfully serve the Company Group, consistent with Section 1.2 hereof.  During the Employment Period, the Executive shall use his best efforts to promote and serve the interests of the Company Group and shall not engage in any other business activity, whether or not such activity shall be engaged in for pecuniary profit; provided, that the Executive may (a) serve any civic, charitable, educational or professional organization, (b) serve on the board of directors of for-profit business enterprises (other than Sun Capital or any affiliated entity), provided that such service is approved in advance by the Board, which approval shall not be unreasonably withheld, (c) serve on the board of directors of any entity set forth on Exhibit A and as determined by the Board from time to time on a case-by-case basis, or (d) manage his personal investments, in each case so long as any such activities do not (i) violate the terms of this Agreement (including Section 4) or (ii) interfere with the Executive’s duties and responsibilities to the Company Group.
Section 2.Compensation.

EXHIBIT 10.1

1.    Salary.  As compensation for the performance of the Executive’s services hereunder, during the Employment Period, the Company shall pay to the Executive a base salary at an annual rate of $700,000, payable in accordance with the Company’s standard payroll practices, but no less frequently than monthly (the “Base Salary”).  The Base Salary will be reviewed annually and may be adjusted upward (but not downward) by the Board (or a committee thereof) in its discretion.
2.    Annual Bonus.  For each calendar year ending during the Term, the Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) pursuant to the Euramax Incentive Compensation Plan or such other bonus plan (the “Bonus Plan”) approved by the Board (or a committee thereof), in each case in accordance with the terms of such Bonus Plan. Except as otherwise provided herein, the Executive shall participate in the Bonus Plan on the same terms as other members of senior management of the Company and shall be eligible to earn an Annual Bonus for each calendar year that ends during the Term of the Agreement, subject to the achievement of performance targets to be set on an annual basis by the Compensation Committee of the Board. The Executive’s target Annual Bonus opportunity for each calendar year that ends during the Term shall equal one hundred percent (100%) of the Executive’s Base Salary, with a bonus opportunity ranging from 70% of Base Salary to 200% of Base Salary, based on various levels of achievement of performance.  The Executive shall receive an Annual Bonus equal to (a) 70% of the Base Salary if 85% of each performance target is achieved, (b) not less than 71% but not more than 99% of Base Salary if more than 85% but less than 100% of each performance target is achieved (with the amount of payment within that range to be determined in the discretion of the Board), (c) 100% of the Base Salary if 100% of the performance targets are achieved, (d) 101-199% of Base Salary if more than 100% but less than 125% of each performance target is achieved (with the amount of payment within that range to be determined in the discretion of the Board), or (e) 200% of the Base Salary for performance at or above 125% of the performance target.  Notwithstanding the foregoing, the Executive shall be entitled to an Annual Bonus in respect of 2015 of no less than 70% of Base Salary (pro-rated from the Effective Date through December 31, 2015) (but otherwise subject to the terms of the Bonus Plan). Any Annual Bonus for a calendar year (including any minimum guaranteed Annual Bonus for 2015) shall be paid during the following calendar year, as soon as administratively practicable after the Company’s audited financial statements are available for the bonus year, but in no event later than December 31 of the payment year. Notwithstanding the foregoing, the Executive shall be entitled to an Annual Bonus for a calendar year only if the executive is employed on the date the Annual Bonus is paid.  
3.    Signing Bonus.  The Company shall pay the Executive a lump sum cash bonus in the amount of $50,000 within 30 days following the Effective Date of the Agreement.
4.    Equity.  Pursuant to a Company equity incentive plan in effect as of the date of grant (the “Equity Plan”), the Company shall grant the Executive seven-thousand two hundred and twenty-four (7,224) shares of restricted Common Stock of the Company, $1 par value per share (the “Restricted Stock”), subject to the terms and conditions set forth herein and in the applicable Equity Plan and applicable restricted stock agreement (the “Restricted Stock Agreement”) by January 15, 2016, subject to shareholder approval, which the Company shall make commercially reasonable efforts to obtain.  The Restricted Stock to be granted pursuant to this Agreement shall vest as follows: (i) 25% of the aggregate number of shares of Restricted Stock (rounded down to the nearest whole share) shall vest on each of the first, second and third anniversaries of the Effective Date and (ii) the remaining number of such shares of Restricted Stock shall vest on the fourth anniversary of the Effective Date, in each case subject to the Executive’s continued employment with the Company or the Company Group until such vesting event.  Notwithstanding the foregoing, in the event of a Change in Control of the Company (as such term is defined in the Restricted Stock Agreement), such Restricted Stock shall become fully vested on the closing date of the Change in Control, subject to the Executive’s continued employment with the Company or the Company Group until such Change in Control.  The Company shall use commercially reasonable efforts to obtain the shareholder approval described in this Section 2.4 as soon as reasonably practicable following the Effective Date. If the Company is not able to obtain such approval, the Company and the Executive agree to negotiate 

EXHIBIT 10.1

in good faith a phantom stock arrangement (payable in cash or stock, in the Company’s discretion) intended to substantially replicate the terms of the Restricted Stock grant with the terms and conditions of such arrangement to be established and set forth in writing no later than January 1, 2016 (a “Phantom Stock Arrangement”).  Capitalized terms used and not defined in this Section 2.4 shall have the meanings ascribed to them in the Plan.
5.    Employee Benefits.  During the Employment Period, the Executive shall be eligible to participate in such group health and other group insurance and other group employee benefit plans and programs of the Company as in effect from time to time on the same basis as other senior executives of the Company.  
6.    Paid Time Off.  During the Employment Period, the Executive shall be entitled to twenty (20) days of paid time off per calendar year, in addition to Company holidays, to be taken and carried over in accordance with the Company’s paid time off policy in effect from time to time.  
7.    Business Expenses.  The Company shall pay, or reimburse the Executive, upon presentation of appropriate documentation, for all commercially reasonable business out-of-pocket expenses that the Executive incurs during the Employment Period in performing his duties under this Agreement in accordance with the expense reimbursement policy of the Company as approved by the Board (or a committee thereof), as in effect from time to time. Such expenses may include reasonable and customary travel in the performance of the Executive’s duties hereunder, but shall not include the cost of travel from the Executive’s residence (primary of otherwise) to the Company’s headquarters in Georgia.
8.    Housing and Travel Allowance.  The Company shall pay, or reimburse the Executive, upon presentation of appropriate documentation, for reasonable costs incurred for temporary housing for a maximum period of one hundred twenty (120) days during the remainder of 2015, in such amounts as approved by the Board.  The Company shall reimburse the Executive, upon prompt presentation of appropriate documentation, for reasonable expenses up to $150,000 for relocating his primary residence to the Atlanta, Georgia area, provided that the relocation occurs and the expenses are incurred no later than November 30, 2016 and provided further, that such reimbursements payments shall be made no earlier than January 1, 2016 and no later than December 31, 2016.
9.    Legal Fees.  The Company shall pay or reimburse the Executive up to a maximum of $10,000 for the legal fees incurred by the Executive in connection with the negotiation, execution and delivery of this Agreement, payable upon submission of the billing statement or paid receipt for such services rendered by Executive’s counsel as soon as administratively feasible after the Effective Date, but no later than December 31, 2015.
Section 3.Employment Termination.  
1.    Termination of Employment.  The Company may terminate the Executive’s employment hereunder for any reason during the Term, and the Executive may voluntarily terminate his employment hereunder for any reason during the Term, in each case (other than a termination by the Company for Cause) at any time upon not less than 30 days notice to the other Party (the date on which the Executive’s employment terminates for any reason is herein referred to as the “Termination Date”).  Upon the termination of the Executive’s employment with the Company for any reason, the Executive shall be entitled to (a) payment of any Base Salary earned but unpaid through the date of termination, (b) unused paid time off (consistent with Section 2.6 hereof) paid out at the per-business-day Base Salary rate, (c) additional vested benefits (if any) in accordance with the applicable terms of applicable Company arrangements and (d) any unreimbursed expenses in accordance with Section 2.7 and 2.8 hereof (collectively, the “Accrued Amounts”).  The Accrued Amounts described in Section 3.1(a), (b) and (d) shall by paid to the Executive within 30 days following the Termination Date (or, if later, following the Executive’s presentation of supporting documentation for unreimbursed expenses in accordance with Section 2.7 or 2.8).
2.    Termination by the Company other than for Cause, Death or Disability; Termination by the Executive for Good Reason. If the Executive’s employment is terminated (a) by the Company other than for Cause, death or Disability or (b) by the Executive for Good Reason, in addition to 

EXHIBIT 10.1

the Accrued Amounts, (i) the Executive shall be entitled to continuation of the Base Salary at the rate in effect immediately prior to the Termination Date for 12 months following the Termination Date paid in accordance with the Company’s normal payroll practices, but no less frequently than monthly (the “Base Salary Continuation”); and (ii) if the Executive elects to continue group health coverage under any Company group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall reimburse the Executive for a portion of his COBRA premiums, such that his unreimbursed cost of COBRA premiums does not exceed the cost to the Executive of such health plan premiums immediately prior to termination, for a period of up to one year after his termination (or until he is no longer eligible for COBRA continuation, if sooner).  Notwithstanding clause (ii) of the preceding sentence, such reimbursements for COBRA premiums shall not be made to the extent such payments would result in any additional tax or penalty to the Company under the Affordable Care Act or any other applicable law.  In the event the group health coverage is self-insured, the Company shall include in the Executive’s gross income, the imputed value of the employer-subsidized COBRA premiums. The Executive shall be responsible for the full amount of COBRA premiums for any periods exceeding the time set forth above.  In addition, in the event of a termination covered by this Section 3.2, the Executive shall be entitled to a lump sum payment equal to (A) the greater of (i) one hundred percent (100%) of his annual Base Salary or (ii) the Annual Bonus the Executive would have received for the year of termination if his employment had continued and the performance conditions achieved from January 1 of such year through his termination date would have continued to be met at the same rate through December 31 of such year, multiplied by (B) a fraction (i) the numerator of which is the number of days the Executive was employed during such termination year and (ii) the denominator of which is 365 (the “Bonus Severance”).
The Company’s obligations to pay the Base Salary Continuation, the Bonus Severance and COBRA premiums described above shall be conditioned upon the Executive’s continued compliance with his obligations under Section 4 of this Agreement. Notwithstanding any provision to the contrary herein, and without limitation of any remedies to which the Company may be entitled, the Base Salary Continuation shall be paid in equal installments commencing during the sixty (60) day period following the Termination Date, the Bonus Severance shall be paid during the sixty (60) day period following the Termination Date and the reimbursement of COBRA premiums shall be made after substantiation of such expenses; provided, that, the Executive has signed and delivered to the Company the release of claims substantially in the form attached hereto as Exhibit B (the “Release”) and the period (if any) during which the Release can be revoked has expired within such sixty (60) day period; provided, further, that, if such sixty (60) day period begins in one calendar year and ends in another calendar year, to the extent required under Section 409A (as defined below), payment of the Base Salary Continuation installments, Bonus Severance and reimbursement of the COBRA premiums that otherwise would have been paid during that sixty (60) day period shall be accumulated and paid in the second calendar year after expiration of the period for revoking the Release (but within the specified sixty (60) day period). 
3.    Voluntary Resignation by the Executive other than for Good Reason; Termination due to Death or Disability; Termination Due to, Upon or Following Non-Renewal of the Agreement. If (a) the Executive voluntarily terminates his employment at any time, other than for Good Reason, (b) if the Executive’s employment is terminated due to the Executive’s death or Disability or (c) if the Executive’s employment terminates due to, upon or following non-renewal of the Agreement by either Party in accordance with Section 1.1, then the Executive (or his estate) shall be entitled to no payment or compensation whatsoever from the Company under this Agreement, other than the Accrued Amounts.  
4.    Termination by the Company for Cause. If the Company terminates the Executive’s employment for Cause, then the Executive shall be entitled to no payment or compensation whatsoever from the Company under this Agreement, other than the Accrued Amounts.

EXHIBIT 10.1

5.    Exclusive Remedy.  The foregoing payments upon termination of the Executive’s employment shall constitute the exclusive severance payments and benefits due the Executive upon a termination of his employment.  
6.    Resignation from All Positions.  Upon the termination of the Executive’s employment with the Company Group for any reason, the Executive shall resign, as of the Termination Date, from all positions he or she then holds as an officer, director, employee and member of the boards of directors (and any committee thereof) of the Company Group.  The Executive shall be required to execute such writings as are required to effectuate the foregoing.
7.    Cooperation. Following the termination of the Executive’s employment with the Company for any reason, the Executive shall reasonably cooperate with the Company upon reasonable request of the Board and be reasonably available to the Company (taking into account any other full-time employment of the Executive) with respect to matters arising out of the Executive’s services to the Company Group. 
		
	Section 4.
	Protection of the Company’s Confidential Information, Relationships With its Employees, Contractors, Customers and Vendors, and Intellectual Property.

4.1    Duty of Confidentiality.  Executive agrees that during employment with the Company and for a period of two (2) years following the termination or resignation of Executive from employment with the Company, Executive shall not, directly or indirectly, divulge or make use of any Confidential Information of the Company other than in the performance of Executive’s duties for the Company.  While employed by the Company, Executive shall make all reasonable efforts to protect and maintain the confidentiality of the Confidential Information of the Company.  In the event that Executive becomes aware of unauthorized disclosures of the Confidential Information by anyone at any time, whether intentionally or by accident, Executive shall promptly notify the Company.  This Agreement does not limit the remedies available to the Company under common or statutory law as to trade secrets or other types of confidential information, which may impose longer duties of non-disclosure.
4.2    Return of Property and Information.  Executive agrees not to remove any Company property from Company premises, except when authorized by the Company.  Executive agrees to return all Company property and information (whether confidential or not) within Executive’s possession or control within seven (7) calendar days following the termination or resignation of Executive from employment with the Company.  Such property and information includes, but is not limited to, the original and any copy (regardless of the manner in which it is recorded) of all information provided by Company to Executive or which Executive has developed or collected in the scope of Executive’s employment with the Company, as well as all Company-issued equipment, supplies, accessories, vehicles, keys, instruments, tools, devices, computers, cell phones, pagers, materials, documents, plans, records, notebooks, drawings, or papers.  Upon request by the Company, Executive shall certify in writing that Executive has complied with this provision, and has permanently deleted all Company information from any computers or other electronic storage devices or media owned by Executive.  Executive may only retain information relating the Executive’s benefit plans and compensation to the extent needed to prepare Executive’s tax returns.
4.3    Assignment of Work Product and Inventions.  Executive hereby assigns and grants to the Company (and will upon request take any actions needed to formally assign and grant to Company and/or obtain patents, trademark registrations or copyrights belonging to Company) the sole and exclusive ownership of any and all inventions, information, reports, computer software or programs, writings, technical information or work product collected or developed by Executive, alone or with others, during the term of Executive's employment relating to the Company.  This duty applies whether or not the forgoing inventions or information are made or prepared in the course of employment with the Company, so long as such inventions or information relate to the Business of Company and have been developed in whole or in part during the term of Executive's employment. Executive agrees to advise the Company in writing of each invention that 

EXHIBIT 10.1

Executive, alone or with others, makes or conceives during the term of Executive's employment and which relate to the Business of Company. Notwithstanding any provision of this Agreement, Executive shall not be required to assign, nor shall Executive be deemed to have assigned, any of Executive’s rights in any invention that Executive develops entirely on his own time without using Company’s equipment, supplies, facilities, or Trade Secrets, except for inventions that either: (1) relate, at the time that the invention is conceived or reduced to practice, to the Business of Company or to actual or demonstrably anticipated research or development of the Company; or (2) result from any work performed by Executive for the Company on behalf of the Company.  Inventions which Executive developed before Executive came to work for the Company, if any, are described in the attached Exhibit C, and excluded from this Section.  The failure of the parties to attach any Exhibit C to this agreement shall be deemed an admission by Executive that Executive does not have any pre-existing inventions.
4.4    Non-Competition. Executive agrees that during the Restricted Period, and within the Restricted Territory, Executive shall not, directly or indirectly, whether on Executive’s own behalf or on behalf of any other person or entity, perform services on behalf of a Competing Business, and which are the same as or similar to those types of services conducted, authorized, offered, or provided by Executive to the Company within 24 months prior to Executive’s termination or resignation. 
4.5    Non-Recruitment of Company Employees and Contractors.  Executive agrees that during the Restricted Period, Executive shall not, directly or indirectly, whether on Executive’s own behalf or on behalf of any other person or entity, solicit or induce any employee or independent contractor of the Company with whom Executive had Material Contact, to terminate or lessen such employment or contract with the Company. 
4.6    Non-Solicitation of Company Customers.  Executive agrees that during the Restricted Period, Executive shall not, directly or indirectly, whether on Executive’s own behalf or on behalf of any other person or entity, solicit any actual or prospective customers of the Company with whom Executive had Material Contact, for the purpose of selling any products or services to such customers on behalf of a Competing Business. 
4.7    Non-Solicitation of Company Vendors.  Executive agrees that during the Restricted Period, Executive shall not, directly or indirectly, whether on Executive’s own behalf or on behalf of any other person or entity, solicit any actual or prospective Vendor of the Company with whom Executive had Material Contact, for the purpose of purchasing products or services to support a Competing Business.
4.8    Acknowledgements.  Executive acknowledges and agrees that the provisions of Section 4 are reasonable as to time, scope and territory given the Company’s need to protect its Confidential Information and its relationships and goodwill with its customers, suppliers, employees and contractors, all of which have been developed at great time and expense to the Company.   Executive represents that Executive has the skills and abilities to obtain alternative employment that would not violate these Restrictive Covenants in the event that Executive leaves employment with the Company, and that these Restrictive Covenants do not pose an undue hardship on Executive.  Executive further acknowledges that Executive’s breach of any of the provisions of Section 4 would likely cause irreparable injury to the Company, and therefore entitle the Company to injunctive relief, in addition to any other remedies available in law or equity, without the necessity of posting a bond.  
Section 5.Certain Definitions.  For purposes of this Agreement, the following terms shall have the following meanings: 
1.    “Business of Company” means providing manufactured building products to the construction industry.

EXHIBIT 10.1

2.    “Cause” shall mean the Executive’s having engaged in any of the following: (A) willful misconduct or gross negligence in the performance of any of his duties to the Company Group, which creates or has the potential to create a material and adverse effect on the business, reputation or financial condition of the Company Group, and if capable of being cured, is not cured to the reasonable satisfaction of the Board within 30 days after the Executive receives from the Board written notice of such willful misconduct or gross negligence; (B) the Executive’s willful refusal to substantially perform, or his willful failure to make good faith efforts to substantially perform, his material duties for the Company Group, which refusal or failure remains uncured for 30 days after he or she receives written notice from the Board demanding cure; (C) any indictment for, conviction of, or plea of guilty or nolo contendere to, (1) any felony (other than motor vehicle offenses the effect of which do not materially affect the performance of the Executive’s duties) or (2) any crime (whether or not a felony) involving fraud, theft, breach of trust or similar acts, whether of the United States or any state thereof or any similar foreign law to which the Executive may be subject; or (D) any willful failure to comply with any written rules, regulations, policies or procedures of the Company which, if not complied with, would reasonably be expected to have a material adverse effect on the business or financial condition of the Company Group, which in the case of a failure that is capable of being cured, is not cured to the reasonable satisfaction of the Board within 30 days after the Executive receives from the Company Group written notice of such failure. If the Company terminates the Executive’s employment for Cause, the Company shall provide written notice to the Executive of that fact on or before the termination of employment.  
3.    “Competing Business” means any person, business or subdivision of a business which substantially engages in the Business of Company, or which is actively planning to engage in the Business of Company, excluding subdivisions of a business, if any, which are unrelated to the Business of Company.
4.    “Code” shall mean the Internal Revenue Code of 1986, as amended.
5.    “Company Group” shall mean, collectively, Holdings, the Company and their respective subsidiaries, successors and assigns.
6.    “Confidential Information” means all valuable and/or proprietary information (in oral, written, electronic or other forms) belonging to or pertaining to the Company, its customers and vendors, that is not generally known or publicly available, and which would be useful to competitors of the Company or otherwise damaging to the Company if disclosed.  Confidential Information may include, but is not necessarily limited to:  (i) the identity of Company customers or potential customers, their purchasing histories, and the terms or proposed terms upon which Company offers or may offer its products and services to such customers, (ii) the identity of Company vendors or potential vendors, and the terms or proposed terms upon which the Company may purchase products and services from such vendors, (iii) the terms and conditions upon which the Company employs its employees and independent contractors, (iv) marketing and/or business plans and strategies, (v) financial reports and analyses regarding the revenues, expenses, profitability and operations of the Company, (vi) technology used by the Company to provide its services, and (vii) information provided to the Company by third parties under a duty to maintain the confidentiality of such information.  Notwithstanding the foregoing, Confidential Information does not include information that: (i) has been voluntarily disclosed to the public by the Company, except where such public disclosure has been made by Executive without authorization from the Company; (ii) has been independently developed and disclosed by others; or (iii) which has otherwise entered the public domain through lawful means.
7.    “Disability” shall mean the Executive is entitled to and has begun to receive long-term disability benefits under the long-term disability plan of the Company in which Executive participates, or, if there is no such plan, the Executive’s inability, due to physical or mental illness, to perform the essential functions of the Executive’s job, with or without a reasonable accommodation, for 180 days out of any 270 day consecutive day period.  If a dispute arises over whether Executive is unable, with or without reasonable accommodation, to perform the essential functions of his job, the Executive and the Company 

EXHIBIT 10.1

may each select a qualified physician to perform an examination of Executive.  If those two doctors do not agree, they shall select a third neutral and qualified physician, whose opinion regarding Executive’s disability or lack thereof shall be final.
8.    “Good Reason” shall mean one of the following has occurred without the Executive’s consent: (A) a material breach by the Company of this Agreement; (B) a material diminution in the Executive’s Base Salary, other than reductions that apply to senior executives of the Company generally; or (C) a material diminution in the Executive’s job duties, authority or responsibilities.  A termination of employment by the Executive for Good Reason shall be effectuated by giving the Company written notice of intent to terminate employment for Good Reason and setting forth the conduct of the Company that constitutes Good Reason, within 90 days of the initial existence of the condition constituting Good Reason. The Executive shall further provide the Company at least 30 days following the date on which such notice is provided to cure such conduct.  Failing such cure, a termination of employment by the Executive for Good Reason shall be effective on the day following the expiration of such cure period.
9.    “Holdings” shall mean Euramax Holdings, Inc., a Delaware corporation.
10.“Material Contact” means contact in person, by telephone, or by paper or electronic correspondence, and in furtherance of the business interests of the Company.  Material Contact shall also exist when, in the course and scope of Executive’s employment with the Company, the Executive: (1) obtains Confidential Information about a customer or vendor, (2) supervises the efforts of others who have direct business-related contact with a customer or vendor, or (3) earns commissions or other compensation based on the provision of products or services by the Company to a customer.  Provided, however, that Material Contact includes contact only within the last 24 months of Executive’s employment with the Company for purposes of any restrictions applicable after the Executive’s termination or resignation from employment.
11.“Restricted Period” means the period while Executive is employed by the Company and for 24 months following the termination or resignation of Executive from employment with the Company.
12.“Restricted Territory” means the countries of the United States of America, Canada, the United Kingdom, France and the Netherlands.
13.“Vendor” means any person or entity which provides products or services to the Company.
Section 6.Representations.  The Executive represents and warrants that the Executive is not subject to any contract, arrangement, policy or understanding, or to any statute, governmental rule or regulation, that in any way limits his ability to enter into and fully perform her obligations under this Agreement.
Section 7.Non-Disparagement.  From and after the Effective Date and following termination of the Executive’s employment with the Company and any other member of the Company Group, the Executive agrees not to make any statement that is intended to become public, or that should reasonably be expected to become public, and that criticizes, ridicules, disparages or is otherwise derogatory of the Company, any of its subsidiaries, affiliates, employees, officers, directors or stockholders.  At the time of Executive’s termination or resignation, Company and Executive shall designate a member of the Board of Directors who shall be available to provide a neutral reference consisting of Executive’s title, dates of employment and compensation with the Company. 
Section 8.Taxes.
1.    Withholding.  All amounts paid to the Executive under this Agreement during or following the Employment Period shall be subject to withholding and other employment taxes imposed by applicable law.  The Executive shall be solely responsible for the payment of all taxes imposed on the Executive relating to the payment or provision of any amounts or benefits hereunder.
2.    Section 280G.

EXHIBIT 10.1

(a)Notwithstanding anything contained in this Agreement to the contrary, (i) to the extent that any payment or distribution of any type to or for the Executive by the Company, any affiliate of the Company, any Person who acquires ownership or effective control of the Company or ownership of a substantial portion of the Company’s assets (within the meaning of Section 280G of the Code, or any affiliate of such Person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”) constitute “parachute payments” (within the meaning of Section 280G of the Code), and if (ii) such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed under Section 4999 of the Code (the “Excise Tax”), be less than the amount the Executive would receive, after all taxes, if the Executive received aggregate Payments equal (as valued under Section 280G of the Code) to only three times the Executive’s “base amount” (within the meaning of Section 280G of the Code), less $1.00, then (iii) such Payments shall be reduced (but not below zero) if and to the extent necessary so that no Payments to be made or benefit to be provided to the Executive shall be subject to the Excise Tax.  If the Payments are so reduced, the Company shall reduce or eliminate the Payments (A) by first reducing or eliminating the portion of the Payments which are not payable in cash (other than that portion of the Payments subject to clause (C) hereof), (B) then by reducing or eliminating cash payments (other than that portion of the Payments subject to clause (C) hereof) and (C) then by reducing or eliminating the portion of the Payments (whether payable in cash or not payable in cash) to which Treasury Regulation Section 1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time. 
(b)It is possible that after the determinations and selections made pursuant to this Section 8.2 the Executive will receive 280G benefits that are, in the aggregate, either more or less than the amount provided under this Section 8.2 (hereafter referred to as an “Excess Payment” or “Underpayment,” respectively).  If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess Payment has been made, then the Executive shall promptly pay an amount equal to the Excess Payment to the Company, together with interest on such amount at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive’s receipt of such Excess Payment until the date of such payment.  In the event that it is determined (i) by a court or (ii) by the auditor upon request by a Party, that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive, together with interest on such amount at the applicable federal rate from the date such amount would have been paid to the Executive had the provisions of this Section 8.2 not been applied until the date of such payment.
3.    Section 409A.  
(a)The Parties intend that any compensation, benefits and other amounts payable or provided to Executive under this Employment Agreement be paid or provided in compliance with Section 409A of the Code and all regulations, guidance, and other interpretative authority issued thereunder (collectively, “Section 409A”), or an exemption from Section 409A, such that there will be no adverse tax consequences, interest, or penalties for the Executive under Section 409A as a result of the payments and benefits so paid or provided to him.  The Parties agree to modify this Agreement, or the timing of the payment hereunder of severance or other compensation, or both, to the extent necessary to comply with and to the extent permissible under Section 409A. Notwithstanding the foregoing, neither the Company, the Company Group nor any of their affiliates, nor any of their officers, directors, employees, agents or representatives shall be liable to the Participant (or his estate or beneficiaries) if any amounts payable pursuant to this Agreement or otherwise become subject to any additional tax, interest or penalties as a result of the application of Section 409A. 
(b) The terms “terminate,” “terminated” and “termination” mean a termination of the Executive’s employment that constitutes a “separation from service” within the meaning of the default rules under Section 409A and the date of the Executive’s “separation from service,” shall be 

EXHIBIT 10.1

treated as the Executive’s Termination Date for purpose of determining the time of payment of any amount that becomes payable to Executive pursuant to Section 3 hereof upon the termination of his employment and that is treated as a “deferral of compensation” within the meaning of Section 409A or as necessary to qualify for an exemption from Section 409A. 
(c)In the case of any amounts that are payable to the Executive under this Agreement in the form of installment payments, the Executive’s right to receive such payments shall be treated as a right to receive a series of separate payments for purposes of Section 409A.
(d)If the Executive is a “specified employee” within the meaning of Section 409A at the time of his “separation from service” within the meaning of Section 409A, then any payment otherwise required to be made to him under this Agreement on account of the Executive’s separation from service, to the extent such payment (after taking in to account all exclusions applicable to such payment under Section 409A) is properly treated as deferred compensation subject to Section 409A, shall not be made until the first business day after (i) the expiration of six (6) months from the date of Executive’s separation from service, or (ii) if earlier, the date of Executive’s death (the “Delayed Payment Date”).  On the Delayed Payment Date, there shall be paid to the Executive or, if the Executive has died, to the Executive’s estate, in a single cash lump sum, an amount equal to aggregate amount of the payments delayed pursuant to the preceding sentence.  The Parties intend that the Base Salary Continuation payments up to two times the dollar limit in effect under Section 401(a)(17) of the Code for the year in which the Executive’s separation from service occurs shall be exempt from Section 409A to the extent permitted under Treasury Regulation Section 1.409A-1(b)(9)(iii) (the “two-times/two-year” exemption).  In determining which installments of Base Salary Continuation are taken into account in applying the two-times/two-year exemption, any other exemptions from Section 409A (including, the short-term deferral exception, if applicable) shall be taken into account first and the immediately following installments shall then be applied toward the two-times/two-year exception (up to the applicable dollar limit).
(e)To the extent they constitute deferred compensation under Section 409A, the amount of expenses eligible for reimbursement hereunder, or in-kind benefits to be provided hereunder, during one calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year.  Any such reimbursement of an eligible expense shall be made promptly after proper substantiation of such expense, but in no event later than the last day of the calendar year following the calendar year in which the expense was incurred.  The right to reimbursement or in-kind benefits is not subject to liquidation or exchange for any other benefit.
Section 9.Miscellaneous.
1.    Indemnification.  To the extent provided in the By-Laws and Certificate of Incorporation of the Company, the Company shall indemnify the Executive for losses or damages incurred by the Executive as a result of all causes of action arising from the Executive’s performance of duties for the benefit of the Company, whether or not the claim is asserted during the Employment Period. This indemnity shall not apply to the Executive’s acts of willful misconduct or gross negligence. The Executive shall be covered under any directors’ and officers’ insurance that Holdings or the Company maintains for its directors and other officers in the same manner and on the same basis as the directors and other officers of the Company. 
2.    Amendments and Waivers. This Agreement and any of the provisions hereof may be amended, waived (either generally or in a particular instance and either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the Parties hereto; provided, that, the observance of any provision of this Agreement may be waived in writing by the Party that will lose the benefit of such provision as a result of such waiver.  The waiver by any Party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver.  Except as otherwise expressly provided herein, no failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such 

EXHIBIT 10.1

right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy.  
3.    Assignment; No Third-Party Beneficiaries. This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive, and any purported assignment by the Executive in violation hereof shall be null and void.  Nothing in this Agreement shall confer upon any Person not a party to this Agreement, or the legal representatives of such Person, any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement, except that (i) each member of the Company Group shall be a third-party beneficiary with respect to this Agreement, including, without limitation, Section 4, and (ii) the personal representative of the deceased Executive may enforce the provisions hereof applicable in the event of the death of the Executive. The Company is authorized to assign this Agreement to a successor to substantially all of its assets.
4.    Notices.  Unless otherwise provided herein, all notices, requests, demands, claims and other communications provided for under the terms of this Agreement shall be in writing.  Any notice, request, demand, claim or other communication hereunder shall be sent by (i) personal delivery (including receipted courier service) or overnight delivery service, with confirmation of receipt, (ii) facsimile during normal business hours, with confirmation of receipt, to the number indicated, (iii) reputable commercial overnight delivery service courier, with confirmation of receipt or, (iv) registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below:

If to the Company: 

Euramax International, Inc.
300 Research Drive
Suite 400
Norcross, Georgia 30092
ATTN:  Corporate Secretary
    
                                                          with a copy to:    

Troutman Sanders LLP
600 Peachtree Street, N.E.
Suite 5200
Atlanta, Georgia 30308
ATTN:  Stephen E. Lewis
    

		
	If to the Executive:
	At his principal office at the Company (during the Employment Period), and at all times to his principal residence as reflected in the records of the Company.

All such notices, requests, consents and other communications shall be deemed to have been given when received.  Either Party may change its facsimile number or its address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties hereto notice in the manner then set forth.

5.    Governing Law and Venue.  This Agreement shall be construed and enforced in accordance with, and the rights and obligations of the Parties shall be governed by, the laws of the State of Georgia, without giving effect to the conflicts of law principles thereof.  The parties agree that they will not file any action arising out of or relating in any way to this Agreement 

EXHIBIT 10.1

other than in the United States District Court for the Northern District of Georgia or the Superior Court of Gwinnett County, Georgia or, at the option of the Company, a state or federal court sitting in the county of Executive’s residence.  The parties consent to personal jurisdiction and venue solely within these forums and waive all possible objections thereto.  The prevailing party shall be entitled to recover its costs and attorney’s fees from the non-prevailing party in any such proceeding.  Executive waives any defense to enforcement of the provisions of this Agreement by injunction or otherwise based on claims Executive has or alleges to have against the Company. 
6.    Severability.  The provisions of this Agreement shall be presumed to be enforceable, and any reading causing unenforceability shall yield to a construction permitting enforcement.  In the event that a court should determine that any provision of this Agreement is overbroad or otherwise unenforceable as written, the parties authorize such court to modify and enforce such provision to the extent the court deems reasonable.  If any provision of this Agreement shall be found by a court to be overbroad or otherwise unenforceable and not capable of modification, it shall be severed and the remaining covenants and clauses enforced in accordance with the tenor of this Agreement.
7.    Entire Agreement.  From and after the Effective Date, this Agreement constitutes the entire agreement between the Parties hereto, and supersedes all prior representations, agreements and understandings (including any prior course of dealings), both written and oral, between the Parties with respect to the subject matter hereof.  This includes, without limitation, any pre-existing consulting agreements between Executive and the Company.
8.    Counterparts.  This Agreement may be executed by .pdf or facsimile signatures in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument.
9.    Binding Effect.  This Agreement shall inure to the benefit of, and be binding on, the successors and assigns of each of the Parties, including, without limitation, the Executive’s heirs and the personal representatives of the Executive’s estate and any successor to all or substantially all of the business and/or assets of Holdings or the Company.
10.General Interpretive Principles.  The name assigned this Agreement and headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof.  Words of inclusion shall not be construed as terms of limitation herein, so that references to “include,” “includes” and “including” shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations.   Any reference to a Section of the Code shall be deemed to include any successor to such Section.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.
	
		
	 
	

COMPANY

By:/s/ Michael D. Lundin
Name: Michael D. Lundin
Title:Chairman

	 
	

EXECUTIVE

By:/s/ Richard Brown
Name: Richard Brown

EXHIBIT 10.1

Exhibit A
[current boards to be scheduled]

EXHIBIT 10.1

Exhibit B
SEPARATION AGREEMENT AND FULL RELEASE

WHEREAS, Richard Brown (“EXECUTIVE”) was employed by Euramax International, Inc. (“EMPLOYER”), under that certain Employment Agreement dated ___________, 2015, and

WHEREAS, EXECUTIVE’s employment under the Employment Agreement ceased on _____________________, and 

WHEREAS, the Employment Agreement provides that EXECUTIVE shall become entitled to certain benefits on the condition that EXECUTIVE sign this Separation Agreement and Full Release (the “Release Agreement,”), and EXECUTIVE acknowledges that he would not be entitled to receive those benefits absent execution of this Agreement, it is hereby,

AGREED AS FOLLOWS:

1.    Termination of Employment

EXECUTIVE agrees that his employment relationship with EMPLOYER terminated effective _____________________ (the date of “Termination of Employment”), whereupon all benefits, privileges and authorities related thereto ceased, except as set forth herein. 

2.    No Admission by EMPLOYER

EMPLOYER and EXECUTIVE agree that the entry of the parties into this Agreement is not and shall not be construed to be an admission of liability or wrongdoing on the part of EMPLOYER.

		
	3.
	Future Cooperation

EXECUTIVE agrees that, notwithstanding EXECUTIVE’S termination on the date specified above, EXECUTIVE will make himself available upon reasonable notice to EMPLOYER or its designated representatives for the purposes of: (1) providing information regarding the projects and  files on which EXECUTIVE worked for the purpose of transitioning such projects, and (2) providing information and/or testimony regarding any other matter, file, project and/or client with whom EXECUTIVE was involved while employed by EMPLOYER.

4.    Consideration

In consideration for the full release of all claims by EXECUTIVE and other obligations of EXECUTIVE contained herein, EMPLOYER agrees to pay EXECUTIVE the compensation set forth in Section 3.2 of the Employment Agreement after execution and non-revocation of this Agreement within the periods set forth herein.  All such payments shall be subject to ordinary and lawful deductions and withholdings, and shall begin on the first pay period that is at least five days after the release is signed and the applicable revocation period has expired.  

EXHIBIT 10.1

5.    Other Benefits

Nothing in this Agreement shall:

		
	a.
	alter or reduce any vested, accrued benefits EXECUTIVE may have to any pension benefits to which EXECUTIVE may be entitled under any retirement or 401(k) plan established by EMPLOYER;

		
	b.
	affect EXECUTIVE's right (if any) to elect and pay for continuation of EXECUTIVE’s health insurance coverage under the Health Benefit Plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (C.O.B.R.A.).

		
	c.
	affect the right of EXECUTIVE to seek unemployment benefits or any other right which is not waivable under applicable law.

		
	6.
	EXECUTIVE'S Full Release of All Claims Against EMPLOYER

In consideration for the undertakings and promises of EMPLOYER set forth in this Agreement, EXECUTIVE (including EXECUTIVE’S heirs, assigns and successors in interest) unconditionally releases, discharges, and holds harmless EMPLOYER (including its corporate affiliates, officers, directors, employees, agents, insurers and attorneys as individuals; and the successors and assigns of each) (collectively referred to as “Releasees”), from each and every claim, cause of action, right, liability or demand of any kind and nature, and from any claims which may be derived therefrom (collectively referred to as "Released Claims"), that EXECUTIVE had, has, or might claim to have against RELEASEES at the time EXECUTIVE executes this Agreement, whether presently known or unknown to EXECUTIVE, including but not limited to any and all Released Claims:

		
	a.
	arising from EXECUTIVE's employment, pay, bonuses, vacation or any other EXECUTIVE benefits, and other terms and conditions of employment or employment practices of EMPLOYER;

		
	b.
	arising out of or relating to the termination of EXECUTIVE's employment with EMPLOYER or the surrounding circumstances thereof;

		
	c.
	arising out of or relating to payment of any attorney’s fees for EXECUTIVE;

		
	d.
	based on discrimination and/or harassment on the basis of race, color, religion, sex, national origin, handicap, disability, age or any other category protected by law under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, Executive Order 11246, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Equal Pay Act, the Americans With Disabilities Act, the Rehabilitation Act of 1973, the Consolidated Omnibus Budget Reconciliation Act of 1985, (as any of these laws may have been amended) or any other similar labor, employment or anti-discrimination law under state, federal or local law;

		
	e.
	based on any contract, tort, whistleblower, personal injury or wrongful discharge theory or other common law theory.

EXHIBIT 10.1

7.    EXECUTIVE's Covenant Not to Sue or Accept Recovery
EXECUTIVE covenants not to sue or initiate any claims against any of the Releasees on account of any Released Claim or to incite, assist or encourage other persons or entities to bring claims of any nature whatsoever against EMPLOYER.  EXECUTIVE further covenants not to accept, recover or receive any monetary damages or any other form of relief which may arise out of or in connection with any administrative remedies which may be filed with or pursued independently by any governmental agency or agencies, whether federal, state or local.

		
	8.
	Confidentiality of Agreement Terms

Except as otherwise expressly provided in this paragraph, EXECUTIVE agrees that the terms, conditions and amount of consideration set forth in this Agreement are and shall be deemed to be confidential and hereafter shall not be disclosed by EXECUTIVE to any other person or entity.  The only disclosures excepted by this paragraph are (a) as may be required by law; (b) EXECUTIVE may tell prospective employers the dates of EXECUTIVE’s employment, positions held, evaluations received, EXECUTIVE’s duties and responsibilities and salary history with EMPLOYER; (c) EXECUTIVE may disclose the terms and conditions of this Agreement to EXECUTIVE’s attorneys and tax advisers; and (d) EXECUTIVE may disclose the terms of this Agreement to EXECUTIVE’s spouse, if any; provided, however, that any spouse, attorney or tax adviser learning about the terms of this Agreement must be informed about this confidentiality provision, and EXECUTIVE will be responsible for any breaches of this confidentiality provision by his spouse, attorneys or tax advisers to the same extent as if EXECUTIVE had directly breached this agreement.

9.    Survival of Employment Agreement Terms:

As previously acknowledged, EXECUTIVE is party to the Employment Agreement with the EMPLOYER.  EXECUTIVE acknowledges that certain provisions of that Agreement impose post-termination restrictions on his activities, including but not limited to Section 4.  These provisions and any provisions relating to enforcement of these provisions contained in the Employment Agreement remain in effect according to their terms and are unaffected by this Agreement. 

10.    No Harassing or Disparaging Conduct 

EXECUTIVE further agrees and promises that EXECUTIVE will not engage in, or induce other persons or entities to engage in, any harassing or disparaging conduct or negative or derogatory statements directed at EMPLOYER, the activities of EMPLOYER, or the Releasees at any time in the future.  Provided, however, this provision may not be used to penalize EXECUTIVE for providing truthful testimony under oath in a judicial or administrative proceeding or complying with an order of a Court or government agency of competent jurisdiction.

11.    Construction of Agreement and Venue for Disputes

This Agreement shall be deemed to have been jointly drafted by the Parties, and shall not be construed against any Party. It shall be governed by the law of the State of Georgia, and the parties 

EXHIBIT 10.1

agree that any actions arising out of or relating to this Agreement or EXECUTIVE’S employment with EMPLOYER must be brought exclusively in either the United States District Court for the Northern District of Georgia, or the State or Superior Courts of Fulton County, Georgia, or, at the option of the EMPLOYER, the county of EXECUTIVE’s residence.  The Parties consent to the personal jurisdiction and venue of such courts and waive all possible objections thereto.  [CONFORM TO VENUE AND LAW PROVISIONS OF EMPLOYMENT AGREEMENT]

12.    Severability and Modification

The Parties agree that construction of the covenants contained herein shall be in favor of their reasonable nature, legality, and enforceability, in that any reading causing unenforceability shall yield to a construction permitting enforceability.  The Parties further authorize any Court reviewing the enforceability of these covenants to modify such covenants or enforce them only to the extent the Court determines is reasonable. If any covenant or clause shall be found unenforceable and incapable of modification, it shall be severed and the remaining covenants and clauses enforced in accordance with the tenor of the Agreement.

		
	13.
	No Reliance Upon Other Statements

This Agreement is entered into without reliance upon any statement or representation of any party hereto or parties hereby released other than the statements and representations contained in writing in this Agreement.

		
	14.
	Entire Understanding

The parties acknowledge that this Agreement and the Employment Agreement contain the entire understanding of the parties with respect to the terms of discontinuing EXECUTIVE’S relationship with EMPLOYER, and that this Agreement may not be modified other than in a writing signed by the parties hereto.  

		
	15.
	No Waiver

Any failure by any Party to enforce any of their rights and privileges under this Agreement shall not be deemed to constitute waiver of any rights and privileges contained herein.

		
	16.
	Full and Knowing Release

By signing this Agreement, EXECUTIVE certifies that:

		
	a.
	EXECUTIVE has carefully read and fully understands the provisions of this Agreement; 

		
	b.
	EXECUTIVE was advised by EMPLOYER in writing, via this Agreement, to consult with an attorney before signing this Agreement;

c.    EMPLOYER hereby allows EXECUTIVE a reasonable period of time of 21 days from its initial presentation to EXECUTIVE to consider this Agreement before signing it, should EXECUTIVE so desire; and,

EXHIBIT 10.1

		
	d.
	EXECUTIVE agrees to its terms knowingly, voluntarily and without intimidation, coercion or pressure.

17.    Revocation of Agreement

EXECUTIVE may revoke this Agreement within seven (7) calendar days after signing it.  To be effective, such revocation must be in writing and sent to [INSERT CONTACT INFORMATION].  Delivery may be made by hand, by commercial overnight delivery service, by facsimile, or by mailing via the U.S. mail on or before the seventh day following EXECUTIVE’S execution of this Agreement.

IN WITNESS WHEREOF the undersigned hereunto set their hands to this Agreement on the dates written below.

Executed this _____ day of ___________________, _________.

		
	EXECUTIVE
	EMPLOYER 

                                                                          ________________________________  
Richard Brown                By: ____________________________
[Title], Euramax International, Inc.

 

EXHIBIT 10.1

Exhibit C

[Reserved]

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