Document:

Form of senior debt security -- medium-term note

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 100% Principal Protected Notes Linked to the S&P 500® Index Due February 27, 2013 
  

			
	Number R-1	 	$866,000
	ISIN US 5252M0CX35	 	CUSIP 5252M0CX3

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

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

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

							
	Dated: February 27, 2008	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

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

			
	 CITIBANK, N.A.
 as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

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 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as 100% Principal Protected Notes Linked to the S&P 500® Index
Due February 27, 2013 (herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise similar in
all respects so that such additional securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with respect to the Securities. This series
of Securities is one of an indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly executed and
delivered by the Company and Citibank, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity, at the request of the Trustee, shall be determined by the Calculation Agent pursuant to the Calculation Agency Agreement. The Trustee shall fully rely on the determination by the Calculation
Agent of the Payment at Maturity and shall have no duty to make any such determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, of the Payment at
Maturity on or prior to 11:00 a.m. on the Business Day preceding the Maturity Date. 
 All calculations with respect to the Index Ending
Level and the Index Return will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., .876545 would be rounded to .87655); all dollar amounts related to determination of the payment per $1,000
principal amount Security on the Maturity Date will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal
amount of Securities per Holder will be rounded to the nearest cent, with one-half cent rounded upward. 
 This Security is not subject to
any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the
Securities may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to $1,000 plus the Additional Amount.
The Additional Amount will be calculated as though the date of acceleration were the Maturity Date and the third Business Day immediately preceding the date of acceleration were the Final Averaging Date. If the maturity of the Securities is
accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, and to The Depository Trust
Company of the cash amount due with respect to the Securities as promptly as possible and in no event later than one Business Day after the date of acceleration. 

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

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 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Company agrees, and by acceptance of a beneficial ownership interest in the Securities, each Holder will be deemed to have agreed, for United States federal income tax purposes, (i) to treat the Securities as indebtedness that is subject to
Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment Regulations”) and (ii) to be bound by the Company’s determination of the “comparable yield” and “projected payment schedule,” within the meaning of the
Contingent Payment Regulations, with respect to the Securities. The Company has determined that the comparable yield is an annual rate of 5.3665%, compounded semiannually. Based on the comparable yield, the projected payment schedule per $1,000
principal amount Security is $1,303.15 due at maturity. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the terms used in this Security. 
 “Additional Amount”,
as calculated by the Calculation Agent, per $1,000 principal amount Security paid at maturity shall equal the greater of: 
  

	 	(i)	the Minimum Return; and 

  

	 	(ii)	$1,000 × the Index Return × the Participation Rate. 

 “Averaging Date” shall mean the 27th calendar day of each February, May, August and November, starting on May 27, 2008, to, and including, the Final Averaging Date; provided, however, that if an Averaging
Date is not a Trading Day or if there is a Market Disruption Event on such day, the Calculation Agent will calculate the Quarterly Index Closing Level for such Averaging Date by reference to the closing level of the Index on the next Trading Day on
which there is not a Market Disruption Event; provided, however, if a Market Disruption Event occurs on each of the eight scheduled Trading Days following the originally scheduled Final Averaging Date, then the Calculation Agent shall determine the
closing level of the Index for use in calculating the final Quarterly Index Closing Level in accordance with the formula for and method of calculating the closing level of the Index last in effect prior to commencement of the Market Disruption Event
(or prior to the non-Trading Day), using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension
or limitation or non-Trading Day) on such eighth scheduled Trading Day of each security most recently included in the Index. 
 “Business Day”, notwithstanding any provision in the Indenture, shall mean any day that is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by
law to close. 
  

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 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of
December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any successor calculation agency agreement. 
 “Calculation Agent” shall mean the person that has entered into an agreement with the Company providing for, among other things, the determination of the Payment at Maturity, which term shall, unless the context otherwise
requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers Inc. 
 “Closing
Price” of a security, on any particular day, means the last reported sales price for that security on the Relevant Exchange at the scheduled weekday closing time of the regular trading session of the Relevant Exchange. If, however, the
security is not listed or traded on a bulletin board, then the Closing Price of the security will be determined using the average execution price per share that an affiliate of the Company pays or receives upon the purchase or sale of the security
used to hedge the Company’s obligations under the Securities. 
 “Company” shall have the meaning set forth on the
face of this Security. 
 “Final Averaging Date” shall mean February 22, 2013, subject to postponement as set forth in
the definition of “Averaging Date”. 
 “Holder” shall have the meaning set forth on the reverse of this Security.

 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Index” shall mean the S&P 500® Index, as calculated, published and
disseminated by S&P. 
 “Index Closing Level”, as determined by the Calculation Agent, shall mean, with respect to any
Trading Day, the closing level of the Index or the Successor Index, as the case may be, at the regular official weekday close of the principal trading session of the Relevant Exchange or market for the Index or the Successor Index, as the case may
be, on such day, or as determined by the Calculation Agent pursuant to the Calculation Agency Agreement as described below under “Discontinuation of the Index; Alteration of Method of Calculation.” 
 “Index Ending Level”, as calculated by the Calculation Agent on the Final Averaging Date, is equal to the arithmetic average of the
Quarterly Index Closing Levels for each of the Averaging Dates. 
 “Index Sponsor” with respect to the Index shall be
Standard & Poor’s (“S&P”), a division of The McGraw Hill Companies, Inc. The Calculation Agent, in its sole discretion, may select a new Index Sponsor as described under “Discontinuation of the Index; Alteration of
Method of Calculation.” 
 “Index Starting Level” shall equal 1,353.11 
 “Index Return” as calculated by the Calculation Agent, is calculated as follows: 
  

	
	 Index Ending Level — Index Starting Level

	Index Starting Level

 “Market Disruption Event”, with respect to the Index or any Successor Index
shall mean any of the following events has occurred on any day as determined by the Calculation Agent: 
  

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 (1) a suspension, absence or material limitation of trading of stocks then constituting 20% or more of
the level of the Index (or the relevant Successor Index) on the Relevant Exchanges for such securities at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange; 
 (2) a breakdown or failure in the price and trade reporting systems of any Relevant Exchange as a result of which the reported trading prices for stocks
then constituting 20% or more of the level of the Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate; 
 (3) a suspension, absence or material limitation of trading on any major securities exchange for trading in futures or options contracts or exchange
traded funds related to the Index (or the relevant Successor Index) at any time during the one hour period preceding the close of the principal trading session on such exchange; or 
 (4) a decision to permanently discontinue trading in the relevant futures or options contracts or exchange traded funds; 
 in each case as determined by the Calculation Agent in its sole discretion. 
 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the Index is materially
suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of the Index shall be based on a comparison of: 
  

	 	(1)	the portion of the level of the Index attributable to that security relative to 

  

	 	(2)	the overall level of the Index, 

 in each case
immediately before that suspension or limitation. 
 For purposes of determining whether a Market Disruption Event has occurred: 

(1) a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in
the regular business hours of the Relevant Exchange or market; 
 (2) limitations pursuant to the rules of any Relevant Exchange similar to
NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by any other self-regulatory organization or any government agency of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading
during significant market fluctuations will constitute a suspension, absence or material limitation of trading; 
 (3) a suspension of
trading in futures or options contracts on the Index by the primary securities market trading in such contracts by reason of (i) a price change exceeding limits set by such exchange or market, (ii) an imbalance of orders relating to such
contracts, or (iii) a disparity in bid and ask quotes relating to such contracts, will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to the Index; and 

 

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 (4) a suspension, absence or material limitation of trading on any Relevant Exchange or on the primary
market on which futures or options contracts related to the Index are traded will not include any time when such market is itself closed for trading under ordinary circumstances. 
 “Maturity Date” shall mean February 27, 2013, unless that day is not a Business Day, in which case the amount equal to the Payment
at Maturity that would otherwise be made on the scheduled Maturity Date will instead be due on the next succeeding Business Day following such scheduled Maturity Date, with the same effect as if paid on the scheduled Maturity Date; provided, that if
due to a non-Trading Day or a Market Disruption Event, the Final Averaging Date is postponed so that it falls fewer than three Business Days prior to the scheduled Maturity Date, the Maturity Date will be the third Business Day following the Final
Averaging Date, as postponed. 
 “Minimum Return” shall equal $120.00. 
 “NYSE” shall mean The New York Stock Exchange, Inc. 
 “Participation Rate” shall equal 100%. 
 “Payment at Maturity”, as
calculated by the Calculation Agent, shall equal a cash payment per $1,000 principal amount Security of $1,000 plus the Additional Amount. 
 “Place of Payment” shall mean the place or places where the Payment at Maturity on the Securities is payable. 
 “Quarterly Index Closing Level”, with respect to each Averaging Date, shall equal the Index Closing Level on the applicable Averaging Date. 
 “Relevant Exchange” shall mean, for any security then included in the Index or any Successor Index, the primary exchange, quotation system (which includes bulletin board services) or other market of
trading for such security. 
 “Securities” shall have the meaning set forth on the reverse of this Security. 
 “Successor Index” shall have the meaning specified under “Discontinuation of the Index; Alteration of Method of Calculation”.

 “Trading Day” means a day, as determined by the Calculation Agent, on which trading is generally conducted on
(i) the Relevant Exchanges for securities included in the Index (or the Successor Index) and (ii) the exchanges on which futures or options contracts related to the Index are traded, other than a day on which trading is scheduled to close
prior to its regular weekday closing time. 
 “Trustee” shall have the meaning set forth on the reverse of this Security.

 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture.

 Calculation Agent 
 The Calculation
Agent will determine, among other things, the Index Ending Level, the Index Return and Quarterly Index Closing Level for each Averaging Date, the 

  

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Additional Amount, if any, the amount that we will pay you at maturity, as well as whether the Index Ending Level is equal to or greater than the Index
Starting Level. The Calculation Agent will also be responsible for determining whether a Market Disruption Event has occurred, whether any the Index has been discontinued, whether there has been a material change in the method of calculation of the
Index. All calculations, determinations or adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for all purposes and binding on Holders and on the
Company. The Company may appoint a different Calculation Agent from time to time after the date of the original issue of the Securities without the Holders’ consent and without notifying Holders. 
 Discontinuation of the Index; Alteration of Method of Calculation 
 If the Index Sponsor discontinues publication of the Index and the Index Sponsor or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be
comparable to the discontinued Index (a “Successor Index”), then the Index Closing Level will be determined by reference to the level of such Successor Index at the close of trading on the Relevant Exchange or market for the Successor
Index on any Trading Day. Upon any selection by the Calculation Agent of a Successor Index, the Calculation Agent will cause written notice thereof to be promptly furnished to the Trustee, to the Company and to the Holders. 
 If the Index Sponsor discontinues publication of the Index, and such discontinuation is continuing on any Trading Day, and the Calculation Agent
determines, in its sole discretion, that no Successor Index is available at such time, or if the Calculation Agent has previously selected a Successor Index and publication of such Successor Index is discontinued, and such discontinuation is
continuing on any Trading Day, or if the Index Sponsor (or the publisher of any Successor Index) fails to calculate and publish an Index Closing Level for the Index (or any Successor Index) on any date when it would ordinarily do so in accordance
with its customary practice, then the Calculation Agent will determine the Index Closing Level for such Trading Day or such date. The Index Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of
calculating the Index or Successor Index, as applicable, last in effect on the date prior to such discontinuation or failure to calculate or publish an Index Closing Level for the Index or Successor Index, as applicable, using the Closing Price (or,
if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of the Closing Price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on
such date of each security most recently included in the Index or Successor Index, as applicable. 
 If at any time the method of
calculating the Index or a Successor Index, or the level thereof, is changed in a material respect, or if the Index or a Successor Index is in any other way modified so that the Index or such Successor Index does not, in the opinion of the
Calculation Agent, fairly represent the level of the Index or such Successor Index in the absence of such changes or modifications, then the Calculation Agent will, at the close of business in New York City on each date on which the Index Closing
Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of a stock index comparable to the Index or such Successor Index, as the case
may be, as if such changes or modifications were not made, and the Calculation Agent will calculate the Index Closing Level with reference to the Index or such Successor Index, as adjusted. Accordingly, if the method of calculating the Index or a
Successor Index is modified so that the level of the Index or such Successor Index is a fraction of what it would have been if there had been no such modification (e.g., due to a split in the Index), then the Calculation Agent will adjust its
calculation of the Index or such Successor Index in order to arrive at a level of the Index or the Successor Index as if there had been no such modification (e.g., as if such split had not occurred). 
  

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

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

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

		    	Survivorship and not as tenants in common	    		  	( State)

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

			
	 	 	
	 	 	
	 	 	

  
  

	
	
	 

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

	
	 

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

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 __________________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

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

 8Form of senior debt security -- medium-term note

 Exhibit 4.02 
 LEHMAN BROTHERS HOLDINGS INC. 
 Annual Review Notes with Contingent Principal Protection Linked to the Common Stock of
General Electric Company Due February 27, 2011 
  

			
	Number R-1	 	$100,000
	ISIN US5249085Y20	 	CUSIP 5249085Y2

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

 Any amount payable hereon on the Maturity Date or upon an Automatic Call, if applicable, will be paid only upon presentation and
surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH
FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
  

 This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 
  

 2 

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

							
	Dated: February 27, 2008	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

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

			
	 CITIBANK, N.A.
 as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

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 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as Annual Review Notes with Contingent Principal Protection Linked to the Common Stock of General Electric Company Due
February 27, 2011 (herein called the “Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise similar in all
respects so that such additional securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with respect to the Securities. This series of
Securities is one of an indefinite number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly executed and
delivered by the Company and Citibank, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The Payment at Maturity or the amount due upon an Automatic Call, if applicable, shall, at the request of the Trustee, be determined by the Calculation Agent pursuant to the Calculation Agency Agreement. The Trustee
shall fully rely on the determination by the Calculation Agent of the Payment at Maturity or the amount due upon an Automatic Call, if applicable, and shall have no duty to make any such determination. The Calculation Agent will provide written
notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, of the Payment at Maturity or the amount due upon an Automatic Call, if applicable, at or prior to 11:00 a.m. on the Business Day preceding the Maturity
Date or applicable Call Settlement Date, if any. 
 All calculations with respect to the Initial Share Price, any Closing Price of one share
of the Reference Stock, the Stock Adjustment Factor, the Final Share Price and the Payment at Maturity or the payment upon Automatic Call, if applicable, will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward
(e.g., .876545 would be rounded to .87655); all dollar amounts related to determination of the payment per $1,000 principal amount Security on the Maturity Date or the applicable Call Settlement Date, if any, will be rounded to the nearest
ten-thousandth, with five one hundred-thousandths rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will be rounded to the nearest cent, with
one-half cent rounded upward. 
 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities shall occur and be continuing, the amounts payable on all of the Securities may be declared due
and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Payment at Maturity calculated as though the Maturity Date were
instead the date of acceleration and the Final Review Date were instead the third Business Day immediately preceding the date of acceleration, provided that in no event will there be an Automatic Call on this accelerated Final Review Date. If the
maturity of the Securities is accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the 

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

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 No recourse for the payment of the principal of, or premium, if any, on, this Security, or for any claim
based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived
and released. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment for this Security, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities of this series or of like tenor and of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Company
intends to treat, and by purchasing this Security, the Holder agrees to treat, for all tax purposes, this Security as a financial contract, rather than as a debt instrument. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the
terms used in this Security. 
 “Automatic Call” shall mean the automatic call of the Securities if the Closing Price of
the Reference Stock on any Review Date is above or equal to the Call Price. Upon the occurrence of an Automatic Call, the Securities will be automatically called for a cash payment, per $1,000 principal amount Security, that will equal $1,000 plus
the applicable Call Premium. Any such cash payment will be made on the Call Settlement Date. 
 “Business Day”,
notwithstanding any provision in the Indenture, shall mean any day that is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of December 21, 2006 between the Company and
the Calculation Agent, as amended from time to time, or any successor calculation agency agreement. 
 “Calculation Agent”
shall mean the person that has entered into an agreement with the Company providing for, among other things, the determination of the Payment at Maturity. The term “Calculation Agent” shall, unless the context otherwise requires, include
its successors and assigns. The initial Calculation Agent shall be Lehman Brothers Inc. 
  

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 “Call Premium” shall mean the following amount paid per $1,000 principal amount
Security, upon an Automatic Call as calculated by the Calculation Agent: 
 (1) If the Securities are called on the First Review Date,
11.75% × $1,000, 
 (2) If the Securities are called on the Second Review Date, 23.50% × $1,000; and 
 (3) If the Securities are called on the Final Review Date, 35.25% × $1,000. 
 “Call Price” shall mean 100% of the Initial Share Price. 
 “Call Settlement Date” shall mean, with respect to an Automatic Call of the Securities on the First Review Date or the Second Review
Date, the third Business Day after such Review Date. With respect to an Automatic Call of the Securities on the Final Review Date, the Maturity Date, unless that day is not a Business Day, in which case any payment on the Securities that would
otherwise be due on the scheduled Call Settlement Date will be made on the next succeeding Business Day following the originally scheduled Call Settlement Date. 
 “Cash Value” shall mean the amount in cash equal to the product of (1) $1,000 divided by the Initial Share Price and (2) the Final Share Price. 
 “Closing Price” shall mean, as to one share of the Reference Stock (or one unit of any other security for which a Closing Price must be
determined) on any Trading Day: 
  

	 	•	 	 if the Reference Stock (or such other security) is listed or admitted to trading on a national securities exchange, the last reported sale price, regular way, of
the principal trading session on such day on the principal United States securities exchange registered under the Exchange Act on which the Reference Stock (or such other security) is listed or admitted to trading; 

  

	 	•	 	 if the Reference Stock (or such other security) is listed or admitted to trading on any national securities exchange but the last reported sale price is not
available pursuant to the preceding bullet point, the last reported sale price of the principal trading session on the over-the-counter market as reported on the OTC Bulletin Board Service on such day; 

  

	 	•	 	 if the Reference Stock (or such other security) is not listed or admitted to trading on any national securities exchange but is included in the OTC Bulletin Board,
the last reported sale price of the principal trading session on the OTC Bulletin Board on such day; or 

  

	 	•	 	 if, because of a Market Disruption Event or otherwise, the last reported sale price for the Reference Stock (or such other security) is not available for such
Trading Day pursuant to the preceding bullet points, then (i) if such Market Disruption Event has occurred on a day other than a Review Date, the Calculation Agent’s good faith estimate of the price of the Reference Stock (or such other
security) as of the close of trading on such Trading Day, in its sole discretion, and (ii) if such Market Disruption Event has occurred with respect to the Reference Stock on any originally scheduled Review Date, the price determined pursuant
to the definition of “Review Date.” 

  

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 “Company” shall have the meaning set forth on the face of this Security. 
 “Exchange Act” shall mean the Security Exchange Act of 1934, as amended. 
 “Final Review Date” shall mean February 23, 2011, subject to postponement pursuant to the definition of “Review Date.”

 “Final Share Price” shall mean the Closing Price of the Reference Stock on the Final Review Date. 
 “First Review Date” shall mean February 25, 2009, subject to postponement pursuant to the definition of “Review Date.”

 “Holder” shall have the meaning set forth on the reverse of this Security. 
 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Initial Share Price” shall mean, for any Trading Day, the Closing Price of the Reference Stock on the Pricing Date, divided by the
Stock Adjustment Factor on such Trading Day. The Initial Share Price of the Reference Stock shall initially be $33.55. 
 “Market
Disruption Event” shall mean, with respect to the Reference Stock (or any other security for which a Closing Price must be determined): 
 (1) the occurrence or existence of a suspension, absence or material limitation of trading of the Reference Stock (or such other security) on the primary market for the Reference Stock (or such other security) at any time during the
one-hour period preceding the close of the principal trading session in such market; 
 (2) a breakdown or failure in the price and trade
reporting systems of the primary market for the Reference Stock (or such other security) as a result of which the reported trading prices for the Reference Stock (or such other security) during the last one-hour period preceding the close of the
principal trading session in such market are materially inaccurate; 
 (3) the occurrence or existence of a suspension, absence or material
limitation of trading on the primary market for trading in futures or options contracts related to the Reference Stock (or such other security), if available, at any time during the last one-hour period preceding the close of the principal trading
session in the applicable market; or 
 (4) a decision to permanently discontinue trading in the relevant futures or options contracts;

 in each case as determined by the Calculation Agent in its sole discretion. 
  

 5 

 For the purpose of determining whether a Market Disruption Event has occurred: 
 (1) a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the
regular business hours of the Relevant Exchange or market for the Reference Stock; 
 (2) limitations pursuant to the rules of any Relevant
Exchange similar to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by the New York Stock Exchange, Inc., any other U.S. self-regulatory organization, the Securities Exchange Commission or any other relevant authority of
scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will constitute a suspension, absence or material limitation of trading; 
 (3) a suspension of trading in futures or options contracts on the Reference Stock (or such other security) by the primary securities market trading in
such contracts, if available, by reason of: 
  

	 	•	 	 a price change exceeding limits set by such securities exchange or market, 

  

	 	•	 	 an imbalance of orders relating to such contracts, or 

  

	 	•	 	 a disparity in bid and ask quotes relating to such contracts 

 will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to the Reference Stock (or such other security); and 
 (4) a “suspension, absence or material limitation of trading” on the primary securities market on which futures or options contracts related
to the Reference Stock (or such other security) are traded will not include any time when such securities market is itself closed for trading under ordinary circumstances. 
 “Maturity Date” shall mean February 27, 2011, unless that day is not a Business Day, in which case any payment on the Securities
that would otherwise be due on that day will be made on the next succeeding Business Day; provided, however, that if due to a non-Trading Day or a Market Disruption Event or otherwise, the Final Review Date is postponed so that it
falls fewer than three Business Days prior to the scheduled Maturity Date, the Maturity Date will be the third Business Day following the Final Review Date, as postponed. 
 “NYSE” shall mean The New York Stock Exchange, Inc. 
 “Observation Period” shall mean the period from, and excluding, the Pricing Date to, and including, Final Review Date. 
 “OTC Bulletin Board” means the OTC Bulletin Board Service operated by Financial Industry Regulatory Authority, Inc. The term OTC Bulletin Board will include any successor service thereto. 

“Payment at Maturity” shall mean, if the Securities are not called pursuant to an Automatic Call, the following amount, per $1,000
principal amount Security, as calculated by the Calculation Agent: 
  

	 	(1)	If a Trigger Event has not occurred, $1,000; or 

  

 6 

	 	(2)	If a Trigger Event has occurred, (i) the number of shares of the Reference Stock equal to the Physical Delivery Amount or (ii) at the Company’s election, the Cash
Value of the Physical Delivery Amount. 

 The Company may designate any of its affiliates to deliver any shares of the
Reference Stock pursuant to the terms of the Securities and the Company shall be discharged of any obligation to deliver such shares of the Reference Stock to the extent of such performance by its affiliates. 
 “Physical Delivery Amount” shall mean the number of shares of the Reference Stock, per $1,000 principal amount Security, equal to
$1,000 divided by the Initial Share Price. The Company will pay cash in lieu of fractional shares in an amount equal to the product of the Final Share Price multiplied by the number of such fractional shares. 
 “Place of Payment” shall mean the place or places where the Payment at Maturity or the amount due upon an Automatic Call, if
applicable, on the Securities is payable. 
 “Price” shall mean, as to one share of the Reference Stock (or one unit of any
other security for which a Price must be determined) on any Trading Day: 
  

	 	•	 	 if the Reference Stock (or such other security) is listed or admitted to trading on a national securities exchange, the highest intraday bid price on such day on
the principal United States securities exchange registered under the Exchange Act on which the Reference Stock (or such other security) is listed or admitted to trading; 

  

	 	•	 	 if the Reference Stock (or such other security) is not listed or admitted to trading on any national securities exchange but is included in the OTC Bulletin Board,
the highest reported bid price reported on the OTC Bulletin Board on such day; or 

  

	 	•	 	 if a bid price is not available pursuant to the preceding bullet points, the Calculation Agent’s good faith estimate of such bid price, in its sole discretion.

 “Pricing Date” shall mean February 22, 2008. 
 “Reference Stock” shall mean, initially, the common stock of General Electric Company (NYSE: GE). The Reference Stock may be changed in
certain circumstances, as described under “Anti-dilution Adjustments—Reorganization Events.” 
 “Relevant
Exchange” for the Reference Stock shall mean the primary U.S. exchange or market for trading for the Reference Stock. 
 “Reorganization Event” shall have the meaning set forth under “Anti-dilution Adjustments —Reorganization Events.” 
  

 7 

 “Review Date” shall mean any of the First Review Date, the Second Review Date and the
Final Review Date, provided, however, that if a Review Date (including the Final Review Date) is not a Trading Day or if there is a Market Disruption Event on such day, with respect to the Reference Stock, that Review Date will be postponed
to the immediately succeeding Trading Day during which no Market Disruption Event shall have occurred or is continuing; provided that the Closing Price of the Reference Stock shall not be determined on a date later than the eighth scheduled
Trading Day after the scheduled Review Date; and if such day is not a Trading Day, or if there is a Market Disruption Event on such date, the Calculation Agent will determine the Closing Price of the Reference Stock based upon its good faith
estimate of the price of the Reference Stock as of the close of trading on that eighth scheduled Trading Day, in its sole discretion. 
 “Second Review Date” shall mean February 23, 2010, subject to postponement pursuant to the definition of “Review Date.” 
 “Securities” shall have the meaning set forth on the reverse of this Security. 
 “Security” shall have the meaning set forth on the front of this Security. 
 “Stock Adjustment
Factor” shall initially equal 1.0, subject to adjustment as described under “Anti-dilution Adjustments.” 
 “Successor Reference Stock” shall have the meaning set forth under “Anti-dilution Adjustments—Reorganization Events.” 
 “Trading Day” shall mean a day on which, as determined by the Calculation Agent, trading is generally conducted on the NYSE, the American Stock Exchange, the Nasdaq Global Select Market, the Nasdaq
Global Market, the Chicago Mercantile Exchange, the Chicago Board Options Exchange and the over-the-counter market for equity securities in the United States. 
 “Trigger Event” shall mean an event that occurs if, on any Trading Day during the Observation Period, the Closing Price of the Reference Stock is below the Trigger Price. 
 “Trigger Price” shall mean, for any Trading Day, a dollar amount that represents 75% of the Initial Share Price as of that Trading Day.

 “Trustee” shall have the meaning set forth on the reverse of this Security. 
 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture. 
 Calculation Agent 
 The Calculation Agent will
determine, among other things, the Closing Price of the Reference Stock on any Trading Day during the Observation Period; the Stock Adjustment Factor; anti-dilution adjustments and Reorganization Events; the selection of any Successor Reference
Stock; the Payment at Maturity, the payment upon Automatic Call or the Physical Settlement Amount, as applicable; as well as whether a Trigger Event has occurred. In addition, the Calculation Agent will determine whether there has been a Market
Disruption Event. All 

  

 8 

 
determinations and adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in the absence of manifest
error, be conclusive for all purposes and binding on Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the original issue of the Securities without the Holders’ consent and
without notifying Holders. 
 Anti-dilution Adjustments 
 The Stock Adjustment Factor is subject to adjustment by the Calculation Agent as a result of the anti-dilution and reorganization adjustments described in this section. 
 No adjustment to the Stock Adjustment Factor will be required unless the adjustment would require a change of at least 0.1% in the Stock Adjustment
Factor then in effect. The Stock Adjustment Factor, as adjusted pursuant to this section, will be rounded to the nearest one ten-thousandth with five one hundred-thousandths being rounded upward. The Calculation Agent will not be required to make
any adjustments to the Stock Adjustment Factor after the close of business on the Business Day immediately preceding the Maturity Date. 
 No adjustments to the Stock Adjustment Factor will be required other than those specified below. 
 The Calculation Agent shall be
solely responsible for (1) the determination and calculation of any adjustments to the Stock Adjustment Factor and of any related determinations and calculations with respect to any distributions of stock, other securities or other property or
assets, including cash, in connection with any corporate event described in this section and (2) the determination of any Successor Reference Stock; and its determinations and calculations shall be conclusive absent manifest error. 

The Company shall, within ten Business Days following the occurrence of an event that requires an adjustment to the Stock Adjustment Factor (other
than as a result of a Reorganization Event as described below), or if the Company is not aware of this occurrence, as soon as practicable after becoming so aware, provide notice to the Calculation Agent, which shall provide written notice to the
trustee, which shall provide notice to Holders of the occurrence of this event and, if applicable, a statement in reasonable detail setting forth the Stock Adjustment Factor, as so adjusted. 
 Stock Splits and Reverse Stock Splits 
 If the Reference Stock is subject to a stock split or reverse stock split, then once any such split has become effective, the Stock Adjustment Factor will be adjusted so that the new Stock Adjustment Factor shall equal the product of:

  

	 	•	 	 the Stock Adjustment Factor before such adjustment, and 

  

	 	•	 	 the number of shares that a holder of one share of the Reference Stock before the effective date of that stock split or reverse stock split would have owned or been
entitled to receive immediately following the applicable effective date. 

  

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 Stock Dividends or Distributions 
 If the Reference Stock is subject to (i) a stock dividend, i.e., a distribution of additional shares of the Reference Stock issued ratably to all
holders of shares of the Reference Stock, or (ii) a distribution of shares of the Reference Stock as a result of the triggering of any provision of the corporate charter of the issuer of the Reference Stock, then, once the dividend has become
effective and the shares are trading ex-dividend, the Stock Adjustment Factor will be adjusted so that it equals the Stock Adjustment Factor before such adjustment plus the product of: 
  

	 	•	 	 the Stock Adjustment Factor before such adjustment and 

  

	 	•	 	 the number of additional shares issued in the stock dividend with respect to one share of the Reference Stock. 

 Non-cash Distributions 
 If the
issuer of the Reference Stock distributes shares of capital stock, evidences of indebtedness or other assets or property of the issuer of the Reference Stock to holders of the Reference Stock (other than (i) dividends, distributions and rights
or warrants referred to under “—Stock Splits and Reverse Stock Splits” and “—Stock Dividends or Distributions” and (ii) cash distributions or dividends referred to under “—Cash Dividends or
Distributions”), then, once the distribution has become effective and the shares are trading ex-dividend, the Stock Adjustment Factor will be adjusted so that the new Stock Adjustment Factor shall equal the product of: 
  

	 	•	 	 the Stock Adjustment Factor before such adjustment, and 

  

	 	•	 	 a fraction whose numerator is the Current Market Price and whose denominator is the amount by which the Current Market Price exceeds the Fair Market Value of such
distribution; provided that if the Fair Market Value of such distribution equals or exceeds the Current Market Price, the Calculation Agent shall determine in its sole discretion the appropriate adjustment to the Stock Adjustment Factor.

 The “Current Market Price” is the arithmetic average of the Closing Prices of the Reference Stock for the ten
Trading Days prior to the Trading Day immediately preceding the ex-dividend date of the distribution requiring an adjustment to the Stock Adjustment Factor. 
 The “ex-dividend date” is, with respect to the distribution of a dividend, the first Trading Day on which transactions in the Reference Stock trade on the Relevant Exchange without the right to receive that
distribution. 
 The “Fair Market Value” of any such distribution is the value of such distribution on the ex-dividend date for
such distribution, as determined by the Calculation Agent. If such distribution consists of property traded on the ex-dividend date on a U.S. national securities exchange, the Fair Market Value will equal the Closing Price of such distributed
property on such ex-dividend date. 
  

 10 

 Notwithstanding the foregoing, a distribution on the Reference Stock described in clause (a),
(d) or (e) of the section entitled “—Reorganization Events” below that would also require an adjustment under this section shall not cause an adjustment to the Stock Adjustment Factor and shall be treated as a Reorganization
Event only pursuant to clause (a), (d) or (e) under the section entitled “—Reorganization Events.” A distribution on the Reference Stock described in the section entitled “—Issuance of Transferable Rights or
Warrants” that also would require an adjustment under this section shall cause an adjustment only pursuant to the section entitled “—Issuance of Transferable Rights or Warrants.” 
 Cash Dividends or Distributions 
 If
the issuer of the Reference Stock pays dividends or makes other distributions consisting exclusively of cash to all holders of the Reference Stock during any fiscal quarter during the term of the Securities, in an aggregate amount that, together
with other such dividends or distributions made during such quarterly fiscal period, exceeds the Dividend Threshold, then, once the dividend or distribution has become effective and the shares are trading ex-dividend, the Stock Adjustment Factor
will be adjusted so that it equals the product of: 
  

	 	•	 	 the Stock Adjustment Factor before such adjustment, and 

  

	 	•	 	 a fraction whose numerator is the Current Market Price and whose denominator is the amount by which the Current Market Price exceeds the amount in cash per share
the issuer of the Reference Stock distributes to holders of the Reference Stock in excess of the Dividend Threshold; provided, however, that if the amount in cash per share of such dividend or distribution equals or exceeds the Current Market Price,
the Calculation Agent shall determine in its sole discretion the appropriate adjustment to the Stock Adjustment Factor. 

 “Dividend Threshold” shall mean the amount of any cash dividend or cash distribution distributed per share of the Reference Stock that exceeds the immediately preceding cash dividend or other cash distribution, if any, per share
of the Reference Stock by more than 10% of the Closing Price of the Reference Stock on the Trading Day immediately preceding the ex-dividend date. 
 Issuance of Transferable Rights or Warrants 
 If the issuer of the Reference Stock issues transferable rights or warrants
to all holders of the Reference Stock to subscribe for or purchase the Reference Stock, including new or existing rights to purchase the Reference Stock at an exercise price per share less than the closing price of the Reference Stock on both
(i) the date the exercise price of such rights or warrants is determined and (ii) the expiration date of such rights and warrants pursuant to a shareholder’s rights plan or arrangement, and if the expiration date of such rights or
warrants precedes the Maturity Date, then the Stock Adjustment Factor will be adjusted on the Business Day immediately following the issuance of such transferable rights or warrants so that the new Stock Adjustment Factor equals the Stock Adjustment
Factor before such adjustment plus the product of: 
  

	 	•	 	 the Stock Adjustment Factor before such adjustment and 

  

 11 

	 	•	 	 the number of shares of the Reference Stock that can be purchased with the cash value of such warrants or rights distributed on one share of the Reference Stock.

 The number of shares that can be purchased will be based on the Closing Price of the Reference Stock on the date on
which the new Stock Adjustment Factor is determined. The cash value of such warrants or rights, if the warrants or rights are traded on a U.S. national securities exchange, will equal the closing price of such warrant or right, or, if the warrants
or rights are not traded on a U.S. national securities exchange, the Calculation Agent will determine, in its good faith estimate, the price of such warrant or right on the date on which the new Stock Adjustment Factor is determined, in its sole
discretion. 
 Reorganization Events 
 If prior to the Maturity Date, 
  

	 	(a)	there occurs any reclassification or change of the Reference Stock, including, without limitation, as a result of the issuance of tracking stock by the issuer of the Reference
Stock, 

  

	 	(b)	the issuer of the Reference Stock, or any surviving entity or subsequent surviving entity of the issuer of the Reference Stock (a “Successor Entity”), has been subject to
a merger, combination or consolidation and is not the surviving entity, 

  

	 	(c)	any statutory exchange of securities of the issuer of the Reference Stock or any Successor Entity with another corporation occurs, other than pursuant to clause (b) above,

  

	 	(d)	the issuer of the Reference Stock is liquidated or is subject to a proceeding under any applicable bankruptcy, insolvency or other similar law, 

  

	 	(e)	the issuer of the Reference Stock issues to all of its shareholders equity securities of an issuer other than the issuer of the Reference Stock, other than in a transaction
described in clauses (b), (c) or (d) above (a “Spin-off Event”), or 

  

	 	(f)	a tender or exchange offer or going-private transaction is commenced for all the outstanding shares of the issuer of the Reference Stock and is consummated for all or substantially
all of such shares, as determined by the Calculation Agent in its sole discretion (an event in clauses (a) through (f), a “Reorganization Event”), 

 then, instead of adjusting the Stock Adjustment Factor, the Calculation Agent, in its sole discretion without consideration for the interests of investors, shall either: 
  

	 	(A)	 determine a Successor Reference Stock (as defined below) to the Reference Stock that experiences any such Reorganization Event (the “Original Reference
Stock”) after the close of the principal trading session on the 

  

 12 

	 	 
Trading Day immediately prior to the effective date of such Reorganization Event in accordance with the following paragraph (such successor reference stock
as so determined, a “Successor Reference Stock” and such successor reference stock issuer, a “Successor Reference Stock Issuer”); or 

  

	 	(B)	deem the Closing Price and the Stock Adjustment Factor of the Original Reference Stock on the Trading Day immediately prior to the effective date of such Reorganization Event to be
the Closing Price (in the case of daily monitoring) (or the Price (in the case of continuous monitoring)) and the Stock Adjustment Factor of the Original Reference Stock on every remaining Trading Day to, and including, the last Trading Day in the
Observation Period. 

 Upon the determination by the Calculation Agent of any Successor Reference Stock pursuant to clause
(A) of the preceding sentence, references in this Security to the “Reference Stock” shall no longer be deemed references to the Original Reference Stock and shall be deemed instead to be references to the Successor Reference Stock for
all purposes, and references in Security to “issuer” of the Original Reference Stock shall be deemed to be references to the Successor Reference Stock Issuer. 
 Upon the selection of the Successor Reference Stock by the Calculation Agent pursuant to clause (A) of the preceding sentence: 
  

	 	(i)	the Initial Share Price for the Successor Reference Stock will be the Closing Price of the Successor Reference Stock on the Trading Day immediately following the effective date of
the Reorganization Event multiplied by the Initial Share Price of the Original Reference Stock and divided by the Closing Price of the Original Reference Stock on the Trading Day immediately prior to the effective date of such Reorganization Event;

  

	 	(ii)	the Trigger Price for the Successor Reference Stock will be an amount that represents the same percentage of the Initial Share Price for the Successor Reference Stock as the
percentage of the Initial Share Price of the Original Reference Stock represented by the Trigger Price, if applicable, of the Original Reference Stock, as determined by the Calculation Agent; 

  

	 	(iii)	the Call Price for the Successor Reference Stock will be an amount that represents the same percentage of the Initial Share Price for the Successor Reference Stock as the percentage
of the Initial Share Price of the Original Reference Stock represented by the Trigger Price, if applicable, of the Original Reference Stock, as determined by the Calculation Agent; and 

  

	 	(iv)	the Stock Adjustment Factor for the Successor Reference Stock shall be 1.0, subject to adjustment for certain corporate events related to the Successor Reference Stock in accordance
with this “Anti-dilution Adjustments” section. 

 For the avoidance of doubt, in the case of an issuance by the
issuer of the Reference Stock to all of its shareholders of equity securities of an issuer other than the issuer of the Reference Stock as described in clause (e) above, if the Closing Price of the Reference Stock 

  

 13 

 
as of the effective date of such issuance does not increase or decline by at least 50% from the Initial Share Price of the Reference Stock, such issuance
shall not constitute a Reorganization Event and no adjustments shall be made under this “— Reorganization Events” section. Instead, the Reference Stock will be subject to adjustments as described under “Non-cash
Distributions” in this “Anti-dilution Adjustments” section. 
 The “Successor Reference Stock” shall be the common
stock of a U.S. company that is selected by the Calculation Agent from among the common stocks of U.S. companies then registered to trade on the NYSE, the Nasdaq Global Select Market or the Nasdaq Global Market and that is not already the Reference
Stock, with the same primary Standard Industrial Classification Code (“SIC Code”) as the Original Reference Stock that, in the sole discretion of the Calculation Agent, is the most comparable to the Original Reference Stock, taking into
account such factors as the Calculation Agent deems relevant, including, without limitation, market capitalization, dividend history and stock price volatility; provided, however, that the Successor Reference Stock will not be
any stock that is subject to a trading restriction under the trading restriction policies of the Company or any of its affiliates that would materially limit the ability of the Company or any of its affiliates to hedge the Securities with respect to
such stock (a “Hedging Restriction”); provided further that if a Successor Reference Stock cannot be identified as set forth above for which a Hedging Restriction does not exist, the Successor Reference Stock will be selected
by the Calculation Agent from the largest market capitalization stock of a U.S. company within the same Division and Major Group classification (as defined by the Office of Management and Budget) as the primary SIC Code for the Original Reference
Stock. 
 Following a Reorganization Event in which a Successor Reference Stock is selected, the Stock Adjustment Factor of the Successor
Reference Stock will be subject to adjustment as described above under this “Anti-dilution Adjustments” section, and, if no Successor Reference Stock is selected, the issuer of the Original Reference Stock will, upon a subsequent
Reorganization Event, be subject to the election by the Calculation Agent described in clause (A) and (B) of the first paragraph under — Reorganization Events” in this “Anti-dilution Adjustments” section. 
 The Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee, the Company and The Depository Trust Company
(“DTC”) within thirty business days immediately following the effective date of any Reorganization Event, of the Successor Reference Stock Issuer, the Successor Reference Stock, the Trigger Price and the Initial Share Price for the
Successor Reference Stock, as well as the Original Reference Stock so replaced. 
  

 14 

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

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

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

		    	Survivorship and not as tenants in common	    		  	(State)

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

			
	 	 	
	 	 	
	 	 	

  
  

	
	
	 

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

	
	 

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

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 __________________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

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

 15

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