Document:

Form of Supplemental Indenture - 8.000% Notes due 2039

 Exhibit 4.7 

 
  

ANHEUSER-BUSCH INBEV WORLDWIDE INC. 

and 

ANHEUSER-BUSCH INBEV NV/SA 

and 
 the
SUBSIDIARY GUARANTORS party hereto from time to time 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Trustee 
  

 
 SIXTEENTH SUPPLEMENTAL INDENTURE

 Dated as of              [•], 2010 

 
  

To the Indenture, dated as of October 16, 2009, 

among Anheuser-Busch InBev Worldwide Inc., 

Anheuser-Busch InBev NV/SA, the Subsidiary Guarantors party thereto from time to time and 

The Bank of New York Mellon Trust Company, N.A., Trustee 

8.000% Notes due 2039 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	1
			
	 SECTION 1.01
	  	Definitions	  	1
	 SECTION 1.02
	  	Effect of Headings	  	5
	 SECTION 1.03
	  	Separability Clause	  	5
	 SECTION 1.04
	  	Benefits of Instrument	  	5
		
	 ARTICLE II 8.000% NOTES DUE 2039
	  	6
			
	 SECTION 2.01
	  	Creation of Series; Establishment of Form	  	6
	 SECTION 2.02
	  	Guarantee	  	7
	 SECTION 2.03
	  	Interest	  	7
	 SECTION 2.04
	  	Payment of Principal, Interest and Other Amounts	  	7
	 SECTION 2.05
	  	Interest Rate Adjustment	  	7
	 SECTION 2.06
	  	Optional Redemption	  	9
	 SECTION 2.07
	  	Optional Tax Redemption	  	9
	 SECTION 2.08
	  	Holders’ Option to Require Repayment upon a Change in Control	  	10
	 SECTION 2.09
	  	Additional Covenant	  	11
		
	 ARTICLE III MISCELLANEOUS PROVISIONS
	  	12
			
	 SECTION 3.01
	  	Effectiveness	  	12
	 SECTION 3.02
	  	Original Issue	  	12
	 SECTION 3.03
	  	Ratification and Integral Part	  	12
	 SECTION 3.04
	  	Priority	  	12
	 SECTION 3.05
	  	Successors and Assigns	  	12
	 SECTION 3.06
	  	Counterparts	  	12
	 SECTION 3.07
	  	Guarantee Limitations	  	12
	 SECTION 3.08
	  	The Trustee	  	12
	 SECTION 3.09
	  	Waiver of Claims	  	12
	 SECTION 3.10
	  	Governing Law	  	13
			
	 EXHIBIT A
	  		  	A-1
	 EXHIBIT B
	  		  	B-1

 SIXTEENTH SUPPLEMENTAL INDENTURE, dated as of
             [•], 2010 (the “Sixteenth Supplemental Indenture”), among ANHEUSER-BUSCH INBEV WORLDWIDE INC., a corporation duly organized and existing under the laws of
the State of Delaware (the “Company”), ANHEUSER-BUSCH INBEV NV/SA, a société anonyme duly organized and existing under the laws of the Kingdom of Belgium (the “Parent Guarantor”), ANHEUSER-BUSCH
COMPANIES, INC., a corporation duly organized and existing under the laws of the State of Delaware, BRANDBREW S.A., a public limited liability company organized and existing under Luxembourg law, COBREW NV/SA, a public limited liability company
organized and existing under Belgian law (each, a “Subsidiary Guarantor”, and together with the Parent Guarantor, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”) to the Indenture, dated as of October 16, 2009, among the Company, the Guarantors and the Trustee (the “Indenture”). 

RECITALS OF THE COMPANY AND THE GUARANTORS 

WHEREAS, the Company, the Guarantors and the Trustee are parties to the Indenture, which provides for the issuance from time to time of
unsecured debt securities of the Company; 
 WHEREAS, Section 901(9) of the Indenture permits supplements thereto without
the consent of Holders of Securities to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Indenture; 

WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the
Company’s “8.000% Notes due 2039” (the “Notes”) under the Indenture; 
 WHEREAS, the Company and
the Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Sixteenth Supplemental Indenture; 

NOW, THEREFORE, THIS SIXTEENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company, the Guarantors and the Trustee mutually agree as follows: 
 ARTICLE I 

Definitions and Other Provisions of General Application 

SECTION 1.01 Definitions.  

Except as otherwise expressly provided or unless the context otherwise requires, all terms used in this Sixteenth Supplemental Indenture
which are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Sixteenth Supplemental Indenture have the following respective meanings: 

 

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 “2010 Senior Facility Agreement” means the $13 billion
senior facilities agreement, dated as of February 26, 2010, for the Parent Guarantor and the Company, arranged by Banc of America Securities Limited, Banco Santander, S.A., Barclays Capital, Deutsche Bank AG, London Branch, Fortis Bank SA/NV,
ING Bank N.V., Intesa Sanpaolo S.p.A., J.P. Morgan PLC, Mizuho Corporate Bank, Ltd., The Royal Bank of Scotland plc, Société Générale Corporate & Investment Banking, the corporate and investment banking division
of Société Générale, and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as mandated lead arrangers and bookrunners, and Fortis Bank SA/NV, acting as agent and issuing bank. 

“Acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether
formal or informal), actively cooperate, through the acquisition directly or indirectly of shares in the Parent Guarantor by any of them, either directly or indirectly, to obtain Control of the Parent Guarantor. 

“Business Day” means any day other than a day on which commercial banks or foreign exchange markets are
permitted or required to be closed in New York City, London or Brussels. 
 “Change in Tax Law”
has the meaning set forth in Section 2.07(a) 
 “Change of Control” means any person or
group of persons acting in concert (in each case other than Stichting Anheuser-Busch InBev or any existing direct or indirect certificate holder or certificate holders of Stichting Anheuser-Busch InBev) gaining Control of the Parent Guarantor;
provided that a change of control shall not be deemed to have occurred if all or substantially all of the shareholders of the relevant person or group of persons are, or immediately prior to the event which would otherwise have constituted a change
of control were, the shareholders of the Parent Guarantor with the same (or substantially the same) pro rata interests in the share capital of the relevant person or group of persons as such shareholders have, or as the case may be, had, in the
share capital of the Parent Guarantor. 
 “Change of Control Announcement” means the public
announcement by the Parent Guarantor or any actual purchaser relating to a Change of Control. 
 “Change
of Control Period” shall commence on the date of the Change of Control Announcement, but not later than on the date of the Change of Control, and shall end 60 days after the Change of Control (which period shall be extended with respect to
a rating agency so long as the rating of the Notes is under publicly announced consideration for possible downgrade by that rating agency, such period not to exceed 60 days after the public announcement of such consideration). 

“Company” has the meaning set forth in the first paragraph of this Sixteenth Supplemental Indenture.

 “Comparable Treasury Issue” means the U.S. Treasury security (not inflation-indexed) selected
by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of 

 

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selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to a Redemption Date, (i) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Control” in relation to any entity means
either the direct or indirect ownership of more than 50 percent of the share capital or similar rights of ownership of the entity or the power to direct the management and the policies of the entity whether through the ownership of share capital,
contract or otherwise. 
 “Depositary” means The Depository Trust Company, or any successor
thereto. 
 “Early Redemption Event” has the meaning set forth in Section 2.08(a).

 “Early Redemption Notice” has the meaning set forth in Section 2.08(a)(ii). 

“Effective Date” has the meaning set forth in Section 2.08(a)(i). 

“Fifth Supplemental Indenture” means the Fifth Supplemental Indenture, dated as of November 27,
2009, among the Company, the Guarantors and the Trustee. 
 “Fitch” means Fitch, Inc.

 “Global Security” has the meaning set forth in Section 2.01(d). 

“Guarantors” has the meaning set forth in the first paragraph of this Sixteenth Supplemental Indenture.

 “Indenture” has the meaning set forth in the first paragraph of this Sixteenth Supplemental
Indenture. 
 “Independent Investment Banker” means Banc of America Securities LLC, Barclays
Capital Inc., BNP Paribas Securities Corp., J.P. Morgan Securities Inc., or Deutsch Bank Securities Inc. as specified by the Company, or if all of these firms are unwilling or unable to serve in that capacity, an independent investment banking
institution of national standing in the United States appointed by the Company. 
 “Interest Payment
Date” has the meaning set forth in Section 2.03. 
 “Moody’s” means
Moody’s Investors Service, Inc. 
 “Notes” has the meaning set forth in the Recitals.

 “Original Issue Date” means the date or dates on which the Notes are issued. 

 

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 “Parent Guarantor” has the meaning set forth in the first
paragraph of this Sixteenth Supplemental Indenture. 
 “Ratings Downgrade” shall occur if any
two solicited credit ratings for the Parent Guarantor’s long-term unsecured debt fall below investment grade or if all three Rating Agencies (as defined below) cease to assign (other than temporarily) a credit rating to the Parent Guarantor. A
credit rating below investment grade shall mean, in relation to Standard & Poor’s Rating Services, a rating of BB+ or below, in relation to Moody’s Investor Services Inc., a rating of Bal or below, in relation to Fitch, Inc. a
rating of BB+ or below and, where another “nationally recognized statistical rating agency” has been designated by the Parent Guarantor, a comparable rating. A Ratings Downgrade shall not occur with respect to a particular Rating Agency in
respect of a Change of Control unless the Rating Agency downgrading the Guarantor announces or publicly confirms or informs the Parent Guarantor in writing at its request that the downgrade was the result, in whole or in part, of the applicable
Change of Control. If one or more Rating Agencies issues an improved credit rating for the Parent Guarantor prior to the Effective Date so that the circumstances giving rise to the Ratings Downgrade no longer apply, then the Ratings Downgrade shall
be deemed not to have occurred and the Holders shall have no right to demand redemption of their Notes under Section 2.08. 

“Rating Agency” means each of Standard & Poor’s Ratings Services, a Division of The McGraw
Hill Companies, Inc., Fitch, Inc., or Moody’s Investors Services, Inc., their respective successors, or any other nationally recognized statistical rating agency designated by the Parent Guarantor. 

“Reference Treasury Dealer” means (i) Banc of America Securities LLC, Barclays Capital Inc., BNP
Paribas Securities Corp., J.P. Morgan Securities Inc., and Deutsche Bank Securities Inc. and their respective successors, provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in
The City of New York (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (ii) any three other Primary Treasury Dealers selected by the Company after consultation with the Independent
Investment Banker. 
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Regular Record Date” means May 1 and November 1 (whether or not a Business Day). 

“Sixteenth Supplemental Indenture” has the meaning set forth in the Recitals. 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of
The McGraw-Hill Companies, Inc. 
  

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 “Stated Maturity” has the meaning specified in
Section 2.01(f). 
 “Stichting Anheuser-Busch InBev” means the foundation
(stichting) incorporated under the laws of The Netherlands and registered with the Trade Register of the Chamber of Commerce under number 34144185 and with registered address at Hofplein 20, 3032AC, Rotterdam, The Netherlands, and its
successors. 
 “Treasury Rate” means, with respect to any Redemption Date: 

(i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.l5(5l9)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. treasury securities adjusted to
constant maturity under the caption “Treasury constant maturities — Nominal”, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Notes,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month); or 
 (ii) if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date. 
 “Trustee” has the meaning set forth in the
first paragraph of this Sixteenth Supplemental Indenture. 
 SECTION 1.02 Effect of Headings. 

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

SECTION 1.03 Separability Clause. 

In case any provision in this Sixteenth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 1.04 Benefits of Instrument.

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

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 ARTICLE II 

8.000% Notes due 2039 

SECTION 2.01 Creation of Series; Establishment of Form. 

(a) There is hereby established a new series of Securities under the Indenture entitled “8.000% Notes due 2039”. 

(b) The form of the Notes, including the form of the certificate of authentication, is attached hereto as Exhibit A. 

(c) The Company shall issue the Notes in an aggregate principal amount of $450,000,000. The Company may from time to time, without the
consent of the Holders of the Notes, issue additional Notes in accordance with Sections 301 and 901 of the Indenture. Any such additional Notes subsequently issued shall rank equally and ratably with the Notes in all respects (except for the
payment of interest accruing prior to the issue date of such further Notes or except for the first payment of interest following the issue date of such further Notes), so that such further Notes shall be consolidated and form a single series with
the Notes and shall have the same terms as to status, redemption or otherwise as the Notes. 
 (d) The Notes shall be issued
initially in the form of one or more permanent global securities, without coupons, registered in the name of the Depositary or a nominee of the Depositary (each, a “Global Security”) and deposited with the Trustee, as custodian for
the Depositary. Any proposed transfer of an interest in the Notes shall consist of a transfer in a Global Security and shall be effected through the book-entry system maintained by the Depositary. 

(e) The Notes shall not have a sinking fund. 

(f) The stated maturity of the principal of the Notes shall be November 15, 2039 (the “Stated Maturity”).

 (g) The outstanding principal amount of the Note shall accrue interest at a rate equal to 8.000%, as provided in
Section 2.03. 
 (h) The Notes shall be issued in denominations of $2,000 in principal amount and integral multiples of
$1,000 in excess thereof. 
 (1) The Notes shall be subject to both Defeasance and Covenant Defeasance in accordance with the
Indenture. 
  

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 (i) The Notes shall be senior unsecured obligations of the Company and will rank equally
with all other existing and future unsecured and unsubordinated debt obligations of the Company. 
 SECTION 2.02
Guarantee. Subject to the terms and applicable limitations set forth in the Indenture and the form of Notes, the Notes shall be jointly and severally, irrevocably, fully and unconditionally guaranteed by the Guarantors as to all payments due
on the Notes whether at their Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of such Guarantees and the Indenture. In the case of the failure of the Company to pay punctually any principal, premium
or interest on the Notes, the Guarantors shall cause any such payment to be made as it becomes due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise. The Guarantees shall be unsecured and unsubordinated
indebtedness of the Guarantors and rank equally with other unsecured and unsubordinated indebtedness of the Guarantors that is currently outstanding or that it may issue in the future. 

SECTION 2.03 Interest. Subject to any adjustment pursuant to Section 2.05 of this Sixteenth Supplemental Indenture, the Notes
shall bear interest at a rate equal to 8.000% per annum computed on the basis of a 360-day year consisting of twelve (12) 30-day months. Interest will accrue from [November 15, 2010] or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, as the case may be. Interest is payable semi-annually on May 15 and November 15 of each year (each, an “Interest Payment Date”), commencing [May 15, 2011], and until
full repayment of the outstanding principal of the Notes, to the Person in whose name the Notes were registered at the close of business on the Regular Record Date until the principal thereof is paid or made available for payment, subject to
Section 2.05(a) below (except that payment of interest due at the Stated Maturity or on a Redemption Date will be made to the Person to whom payment of the principal of the Notes will be made). 

SECTION 2.04 Payment of Principal, Interest and Other Amounts. Payments of principal of, premium, if any, and interest on the
Notes represented by a Global Security shall be made through one or more Paying Agents appointed under the Indenture to the Depositary or its nominee, as the Holder of the Global Security. Initially, the Paying Agent for the Notes will be The Bank
of New York Mellon Trust Company, N.A. The Company may change the Paying Agent or Registrar without prior notice to the Holders of the Notes, and in such an event the Company may act as Paying Agent or Registrar. Payments of principal of, premium,
if any, and interest on the Notes represented by a Global Security shall be made by wire transfer of immediately available funds; provided, however, that in the case of payments of principal and premium, if any, such Global Security is first
surrendered to the Paying Agent. 
 SECTION 2.05 Interest Rate Adjustment. 

(a) The interest rate applicable on the Original Issue Date shall be 8.000%. The interest rate payable on the Notes will be subject to
adjustment from time to time if any of the three Rating Agencies downgrades (or subsequently upgrades) its rating assigned to the Notes, as set forth below. 
  

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 (b) If the debt rating of the Notes from any one or more of the three Ratings Agencies is
decreased to a rating set forth in the table below, the interest rate of the Notes will increase from the interest rate otherwise payable on the Original Issue Date by the sum of the rates set forth in the table below opposite that rating level
(calculated per agency), provided that, at no time shall the interest rate of the Notes increase by more than 2.00%, irrespective of ratings, from the original interest rate effective on the Original Issue Date; provided further that
only the two lowest ratings assigned to the Notes will be taken into account for purposes of any interest rate adjustment. 
  

					
	 S&P/Fitch
	  	 Moody’s
	  	 Adjustment from Original

Interest Rate (per Rating

Agency)

	 BB+
	  	Ba1	  	.25%
	 BB
	  	Ba2	  	.50%
	 BB-
	  	Ba3	  	.75%
	 B+
	  	B1	  	1.00%
	 B
	  	B2	  	1.25%
	 B-
	  	B3	  	1.50%
	 CCC+
	  	Caa	  	1.75%
	 CCC
	  	Ca	  	2.00%

 (c) If at any time
the interest rate on the Notes has been increased as a result of a Ratings Downgrade by a Rating Agency and such Rating Agency subsequently increases its rating of the Notes to any of the ratings set forth in the table above, the interest rate of
the Notes will be decreased to the interest rate otherwise payable on the Notes on the Original Issue Date plus the sum of the applicable interest rates set forth opposite the ratings in the table above. If any of the Rating Agencies subsequently
increases its rating of the Notes to better than BB+/Ba1 or its equivalent, the adjustment from the original interest rate attributable to that Rating Agency shall no longer apply, and unless one or more other Rating Agencies rates the Notes BB+/Ba1
or lower, the interest rate shall revert to the interest rate payable on the Notes at the date of their issuance. 
 (d) If at
any time during the term of the Notes, the Notes are rated A-/A-3 or above by any two of the Rating Agencies, the provisions described in this Section 2.05 will cease to apply and the effective interest rate on the Notes on the Original Issue
Date will remain in effect until the Stated Maturity or redemption of the Notes. 
 (e) Any increase or decrease in the interest
rate pursuant to this Section 2.05 will take effect from the first Business Day of the interest period during which a rating change requiring an adjustment in the interest rate occurs. If any Rating Agency changes its rating of the Notes more
than once during any particular interest period, the last such change to occur will control in the event of a conflict. The term “interest period” shall mean the period from and including an Interest Payment Date to and excluding the next
succeeding Interest Payment Date, or in connection with the first interest period, the period from and including the Original Issue Date to and excluding the first Interest Payment Date. 

 

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 SECTION 2.06 Optional Redemption. 

(a) The Company may, at its option, redeem the Notes as a whole or in part at any time upon not less than 30 nor more than 60 days’
prior notice, as provided in Section 1104 the Indenture, at a redemption price equal to the greater of: 
 (i) 100% of the
aggregate principal amount of the Notes to be redeemed; and 
 (ii) as determined by the Independent Investment Banker, the sum
of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 60 basis points; 
 plus, in each
case described above, accrued and unpaid interest on the principal amount being redeemed to (but excluding) such Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding such Redemption Date. 

(b) Unless the Company (and/or a Guarantor) defaults on payment of the Redemption Price, from and after the Redemption Date interest will
cease to accrue on the Notes or portions thereof called for redemption. On the Redemption Date, the Company will deposit with the Trustee or with one or more Paying Agents (or, if the Company is acting as its own Paying Agent, set aside, segregate
and hold in trust as provided in the Indenture) money sufficient to pay the Redemption Price of and accrued interest on the Notes to be redeemed on such date. 

(c) If fewer than all of the Notes are to be redeemed, the Trustee will select, not more than 60 days prior to the Redemption Date, the
particular Notes or portions thereof for redemption from the outstanding Notes not previously called for redemption, on a pro rata basis or by such method as the Trustee deems fair and appropriate. 

SECTION 2.07 Optional Tax Redemption. 

(a) The Company may, at the Company’s or the Parent Guarantor’s option, redeem the Notes in whole but not in part, upon not
less than thirty (30) nor more than sixty (60) days’ prior notice, at a Redemption Price equal to 100% of the principal amount of the Notes then Outstanding plus accrued and unpaid interest on the principal amount being redeemed (and
all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which the Company or any Guarantor is incorporated,
organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration or any such laws, treaties, regulations or rulings (including a
holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Original Issue Date (any such change or amendment, a “Change in Tax Law”), the Company or, if a payment were then due under a
Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the Company or the relevant Guarantor taking reasonable measures available to it; provided, however, that the

  

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Notes may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Notes to a Substitute Company, unless such assignment
to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 
 (b) Prior to the mailing of any
notice of redemption pursuant to this Section 2.07, the Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the Company or the relevant Guarantor is or
would be obligated to pay such Additional Amounts as a result in such Change in Tax Law. 
 (c) No notice of redemption pursuant
to this Section 2.07 may be given earlier than ninety (90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due.

 SECTION 2.08 Holders’ Option to Require Repayment upon a Change in Control. 

(a) In the event that (a) a Change of Control occurs, and (b) within the Change of Control Period, a Ratings Downgrade in
respect of that Change of Control occurs (an “Early Redemption Event”): 
 (i) the Company will (A) within
30 days after becoming aware of the Early Redemption Event, provide written notice thereof to the Holders, and (B) determine and provide written notice of the effective date for the purposes of early repayment (the “Effective
Date”). The Effective Date must be a Business Day not less than 60 and not more than 90 days after the giving of the notice regarding the Early Redemption Event pursuant to subparagraph (i)(A); and 

(ii) any Holder may, by submitting a redemption notice (the “Early Redemption Notice”), demand from the Company repayment
as of the Effective Date of any (in integral multiples of $1,000 (provided that the unrepurchased portion must be in a principal amount of at least $2,000)) or all of its Notes which have not otherwise been declared due for early redemption, at a
repurchase price in cash of 101% of their principal amount plus interest accrued until (but excluding) the Effective Date (and all Additional Amounts, if any). 

(b) Any Early Redemption Notice shall be made in writing in English and shall be delivered by hand or by registered mail to the Trustee
not less than 30 days prior to the Effective Date at its specified office. The Early Redemption Notice must be accompanied by evidence showing that the relevant Holder is the Holder of the relevant Note(s) at the time the Early Redemption Notice is
delivered. Such evidence may be provided in the form of a certificate issued by any custodian or in any other suitable manner. Early Redemption Notices shall be irrevocable. 

(c) The Company shall not be required to redeem the Notes under this Section following an Early Redemption Event if a third party makes
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer. The

  

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Company will also not be required to redeem the Notes under this Section if it has otherwise exercised its rights to redeem the Notes in full pursuant to this Sixteenth Supplemental Indenture or
has defeased the Notes as described in the Indenture. 
 (d) If, as a result of this Section 2.08, Holders of the Notes
submit Early Redemption Notices in respect of at least 85% of the aggregate principal amount of the Notes Outstanding, the Company shall have the ability by notice to the Trustee to redeem the entire Outstanding principal amount of the Notes on the
Effective Date at the same price as for the Notes being redeemed under this Section. Such notice shall be irrevocable and shall be given to the Trustee no later than 15 days prior to the Effective Date. Irrevocable notice of such redemption shall be
given to the Holders of the Notes in accordance with Section 1104 of the Indenture by the Company, or at the Company’s request, by the Trustee, in the name and at the expense of the Company, in each case as soon as practicable after
receipt by the Trustee of the foregoing notice from the Company. 
 (e) The provisions set forth in this Section 2.08 will
not be effective unless and until they are approved substantially in the form provided herein by a resolution of the general meeting of shareholders of the Parent Guarantor. The Parent Guarantor will procure that a resolution to approve the terms of
this Section 2.08 is presented to the shareholders of the Parent Guarantor at the first annual general meeting after              [•], 2010 and at each successive annual general
meeting of the Parent Guarantor thereafter until such resolution is approved and immediately following approval of such resolution the Parent Guarantor will cause a copy thereof to be filed with the Clerk of the Commercial Court of Brussels
(“greffe du tribunal de commerce/griffie van de rechtbank van koophandel”). The Parent Guarantor will notify the Trustee promptly after each shareholder meeting of the results of the vote on the proposed resolution. If the general meeting
of shareholders of the Parent Guarantor does not approve the provisions set forth in this Section 2.08 by the date that is eighteen (18) months following the Original Issue Date, the interest rate applicable to the Notes will increase by
0.25% with effect from the next following day until the date that the Parent Guarantor notifies the Trustee that the provisions of this Section 2.08 have been approved (or if such approval is no longer required in order for the Change in
Control Clause to be effective), following which the interest rate applicable to the Notes will decrease by the same amount. 

SECTION 2.09 Additional Covenant. Solely with respect to the Guarantees of the Notes by the Subsidiary Guarantors, clause
(i) of Section 208 of the Indenture shall be deemed to read in its entirety as follows: 
 “(i) at
substantially the same time as its Guarantee of the Securities is terminated, the relevant Guarantor is, or has been, released from its guarantee of the Senior Facility Agreement and the 2010 Senior Facility Agreement, or is no longer a guarantor
under either the Senior Facility Agreement or the 2010 Senior Facility Agreement and” 
  

 - 11 - 

 ARTICLE III 

Miscellaneous Provisions 

SECTION 3.01 Effectiveness. This Sixteenth Supplemental Indenture will become effective upon its execution and delivery

 SECTION 3.02 Original Issue. The Notes may, upon execution of this Sixteenth Supplemental Indenture, be executed by
the Company and delivered by the Company and the Parent Guarantor to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate and deliver such Notes as in such Company order provided. 

SECTION 3.03 Ratification and Integral Part. The Indenture as supplemented by this Sixteenth Supplemental Indenture, is in all
respects ratified and confirmed, and this Sixteenth Supplemental Indenture will be deemed an integral part of the Indenture in the manner and to the extent herein and therein provided. 

SECTION 3.04 Priority. This Sixteenth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent
herein and therein provided. The provisions of this Sixteenth Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Indenture to the extent the Indenture is inconsistent herewith. 

SECTION 3.05 Successors and Assigns. All covenants and agreements in the Indenture, as supplemented and amended by this Sixteenth
Supplemental Indenture, by the Company and the Guarantors will bind their respective successors and assigns, whether so expressed or not. 

SECTION 3.06 Counterparts. This Sixteenth Supplemental Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 3.07 Guarantee Limitations. The limitations applicable to the Guarantees, as set forth in Section 209 of the
Indenture and as amended by Section 2.01 of the Fifth Supplemental Indenture, will apply to the Guarantees issued hereunder, provided that any further limitations, or any amendments or modifications to such Guarantees or limitations thereon,
shall be set forth in an additional supplemental indenture, in each case in accordance with the Indenture. 
 SECTION 3.08
The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Sixteenth Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made
solely by the Company and the Guarantors. 
 SECTION 3.09 Waiver of Claims. Without prejudice to any provisions of this
Sixteenth Supplemental Indenture, each Guarantor hereby irrevocably and unconditionally waives any right it may have at any time or claim under Jersey law: (a) whether by virtue of the droit de discussion or otherwise to require that
recourse be had by the Trustee or any holder of the 
  

 - 12 - 

 
Notes to the assets of any other person before any claim is enforced against such Guarantor in respect of the obligations assumed by it under this Sixteenth Supplemental Indenture or any
Guarantee; and (b) whether by virtue of the droit de division or otherwise to require that any liability under this Sixteenth Supplemental Indenture or any Guarantee be divided or apportioned with any other person or reduced in any manner
whatsoever. 
 SECTION 3.10 Governing Law. This Sixteenth Supplemental Indenture and the Notes and Guarantees will be
governed by and construed in accordance with the laws of the State of New York. 
  

 - 13 - 

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

			
	 ANHEUSER-BUSCH INBEV WORLDWIDE
INC.
 as Company

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ANHEUSER-BUSCH INBEV NV/SA

as Parent Guarantor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

					
	 ANHEUSER-BUSCH COMPANIES, INC.

As Subsidiary Guarantor

		
	By: 	 	  

		 	Name: 	 	
		 	Title:	 	
	
	 BRANDBREW S.A.

a société anonyme with its registered address at 5, Parc d’Activité Syrdall, L-5365 Luxembourg and registered with the
Luxembourg register of commerce and companies under number B-75696,
 as Subsidiary Guarantor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 COBREW NV/SA

as Subsidiary Guarantor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Exhibit A 

FORM OF NOTES 

[FACE OF SECURITY] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ANHEUSER-BUSCH INBEV WORLDWIDE INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS SECURITY AND ANY RELATED DOCUMENTATION MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME TO MODIFY THE RESTRICTIONS ON RESALES AND
OTHER TRANSFERS OF THIS SECURITY TO REFLECT ANY CHANGE IN APPLICABLE LAW OR REGULATION (OR THE INTERPRETATION THEREOF) OR IN PRACTICES RELATING TO THE RESALE OR TRANSFER OF RESTRICTED SECURITIES GENERALLY. THE HOLDER OF THIS SECURITY SHALL BE DEEMED
BY THE ACCEPTANCE OF THIS SECURITY TO HAVE AGREED TO ANY SUCH AMENDMENT OR SUPPLEMENT. 
  

 A-1 

 Anheuser-Busch InBev Worldwide Inc. 

8.000% Note due 2039 

Payment of Principal, Premium, if any, 

and Interest Irrevocably, Fully and Unconditionally Guaranteed by 

Anheuser-Busch InBev NV/SA, Anheuser-Busch Companies, Inc., BrandBrew S.A. and Cobrew NV/SA 

 

			
	 No. •
	  	$            
		
	 CUSIP No.            
	  	ISIN:

 Anheuser-Busch InBev
Worldwide Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received,
hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [__] Dollars on November 15, 2039 and to pay interest thereon from [November 15, 2010] or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on November 15 and May 15 in each year, commencing on [May 15, 2011], at the rate of 8.000% per annum (subject to adjustment as provided herein) until the principal
hereof is paid or made available for payment. 
 The interest so payable, and punctually paid or duly provided for on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (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 May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Security (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 Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Subject to the terms of the Indenture, this Security is fully and unconditionally guaranteed as to all payments due hereon whether at the
Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of the Guarantees and the Indenture. 

Payments of principal of (and premium, if any) and interest on the Securities represented by this Security shall be made through one or
more Paying Agents appointed under the Indenture to the Depositary or its nominee, as the Holder of this Security. Initially, the Paying Agent for the Securities will be The Bank of New York Mellon Trust Company, N.A. The Company may change the
Paying Agent or Registrar without prior notice to the Holders, and in such an event the Company may act as Paying Agent or Registrar. Payments of principal, premium, if any, and interest on the Securities represented by this Security shall be made
by wire transfer of immediately available funds; provided, however, that in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. 

 

 A-2 

 Notwithstanding any provision of this Security or the Indenture, the Company may make any
and all payments of principal, premium (if any) and interest on this Security pursuant to the applicable procedures of the Depositary for this Security as permitted in the Indenture. 

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. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 

 A-3 

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

			
	ANHEUSER-BUSCH INBEV WORLDWIDE INC.
		
	By	 	 
	Name:	 	
	Title:	 	

  

	
	Attest:
	
	  

CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By	 	 
		 	Authorized Signatory

  

 A-4 

 [REVERSE OF SECURITY] 

1. Securities and Indenture 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an Indenture, dated as of October 16, 2009 (the “Base Indenture”), as supplemented by the Sixteenth Supplemental Indenture, dated as of
             [•], 2010 (the “Sixteenth Supplemental Indenture” and together with the Base Indenture, the “Indenture”), in each case among the Company,
Anheuser-Busch InBev NV/SA, as Parent Guarantor, the Subsidiary Guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Base Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
 2. Series
and Denomination 
 This Security is one of the series designated on the face hereof, initially limited to an aggregate
principal amount of $450,000,000, except as provided in the Indenture. References herein to “this series” mean the series of securities designated on the face hereof. Except as provided in the preceding paragraph, references herein to the
“Securities” means (unless the context otherwise requires) the Securities of this series and includes any other securities issued, as provided in the Indenture and forming a single series with the Securities of this series. 

The Securities are issuable only in registered form without coupons in denominations of $2,000 in principal amount and integral multiples
of $1,000 in excess thereof. 
 3. Interest Rate Adjustment 

The interest rate payable on the Securities will be subject to adjustment from time to time if any of the three Rating Agencies
downgrades (or subsequently upgrades) its rating assigned to the Securities, as set forth below. 
 If the debt rating of the
Securities from any one or more of the three Ratings Agencies is decreased to a rating set forth in the table below, the interest rate of the Securities will increase from the interest rate otherwise payable on the day Securities are first issued
(the “Original Issue Date”) by the sum of the rates set forth in the table below opposite that rating level (calculated per agency), provided that, at no time shall the interest rate of the Securities increase by more than
2.00%, irrespective of ratings, from the original interest rate effective on the Original Issue Date; provided further that only the two lowest ratings assigned to the Securities will be taken into account for purposes of any interest rate
adjustment. 
  

 A-5 

					
	 S&P/Fitch
	  	 Moody’s
	  	 Adjustment from Original

Interest Rate (per Rating

Agency)

	 BB+
	  	Ba1	  	.25%
	 BB
	  	Ba2	  	.50%
	 BB-
	  	Ba3	  	.75%
	 B+
	  	B1	  	1.00%
	 B
	  	B2	  	1.25%
	 B-
	  	B3	  	1.50%
	 CCC+
	  	Caa	  	1.75%
	 CCC
	  	Ca	  	2.00%

 If at any time the
interest rate on the Securities has been increased as a result of a Ratings Downgrade by a Rating Agency and such Rating Agency subsequently increases its rating of the Securities to any of the ratings set forth in the table above, the interest rate
of the Securities will be decreased to the interest rate otherwise payable on the Securities on the Original Issue Date plus the sum of the applicable interest rates set forth opposite the ratings in the table above. If any of the Rating Agencies
subsequently increases its rating of the Securities to better than BB+/Ba1 or its equivalent, the adjustment from the original interest rate attributable to that Rating Agency shall no longer apply, and unless one or more other Rating Agencies rates
the Securities BB+/Ba1 or lower, the interest rate shall revert to the interest rate payable on the Securities on the Original Issue Date. 

If at any time during the term of the Securities, the Securities are rated A-/A-3 or above by any two of the Rating Agencies, the
provisions described in this Section will cease to apply and the effective interest rate on the Securities on the Original Issue Date will remain in effect until the Stated Maturity or redemption of the Securities. 

Any increase or decrease in the interest rate pursuant to this Section will take effect from the first Business Day of the interest
period during which a rating change requiring an adjustment in the interest rate occurs. If any Rating Agency changes its rating of the Securities more than once during any particular interest period, the last such change to occur will control in
the event of a conflict. The term “interest period” shall mean the period from and including an Interest Payment Date to and excluding the next succeeding Interest Payment Date, or in connection with the first interest period, the period
from and including the Original Issue Date to and excluding the first Interest Payment Date. 
 4. Redemption at the
Company’s Option 
 The Company may, at its option, redeem the Securities of this series as a whole or in part at any
time upon not less than 30 nor more than 60 days prior notice at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Securities to be redeemed and (ii) as determined by the Independent
Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the
Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 60 basis points; plus, in each case described above, accrued and unpaid interest on the principal amount being redeemed to
(but excluding) such Redemption Date. 
  

 A-6 

 In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

5. Repurchase at the Option of Holder Upon a Change in Control  

In the event that (a) a Change of Control occurs, and (b) within the Change of Control Period, a Ratings Downgrade in respect
of that Change of Control occurs (an “Early Redemption Event”): 
 (i) the Company will (A) within 30 days
after becoming aware of the Early Redemption Event, provide written notice thereof to the Holders, and (B) determine and provide written notice of the effective date for the purposes of early repayment (the “Effective Date”).
The Effective Date must be a Business Day not less than 60 and not more than 90 days after the giving of the notice regarding the Early Redemption Event pursuant to subparagraph (i)(A); and 

(ii) any Holder may, by submitting a redemption notice, in the form attached as Annex A (the “Early Redemption Notice”),
demand from the Company repayment as of the Effective Date of any (in integral multiples of $1,000 (provided that the unrepurchased portion must be in a principal amount of at least $2,000)) or all of its Securities which have not otherwise been
declared due for early redemption, at a repurchase price in cash of 101% of their principal amount plus interest accrued until (but excluding) the Effective Date (and all Additional Amounts, if any). 

Any Early Redemption Notice shall be made in writing in English and shall be delivered by hand, by registered mail, or by facsimile
transmission to the Trustee not less than 30 days prior to the Effective Date at its specified office. The Early Redemption Notice must be accompanied by evidence showing that the relevant Holder is the Holder of the relevant Note(s) at the time the
Early Redemption Notice is delivered. Such evidence may be provided in the form of a certificate issued by any custodian or in any other suitable manner. Early Redemption Notices shall be irrevocable. 

The Company shall not be required to redeem the Securities under this Section following an Early Redemption Event if a third party makes
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the Securities properly tendered and not withdrawn under its offer. The Company will also not
be required to redeem the Securities under this Section if it has otherwise exercised it rights to redeem the Securities in full or has defeased the Securities as described in the Indenture. 

If, as a result of this Section, Holders of the Securities submit Early Redemption Notices in respect of at least 85% of the aggregate
principal amount of the Securities outstanding, the Company shall have the ability by notice to the Trustee to redeem the entire outstanding principal amount of the Securities on the Effective Date at the same price as for the Securities being
redeem under this Section. Such notice shall be irrevocable and shall be given to the Trustee no later than 15 days prior to the Effective Date. Notice of such redemption shall be given to the Holders of the Securities to be redeemed in the manner
provided for in the Sixteenth Supplemental Indenture. 
  

 A-7 

 The provisions set forth in this Section will not be effective unless and until they are
approved substantially in the form provided herein by a resolution of the general meeting of shareholders of the Parent Guarantor. The Parent Guarantor will procure that a resolution to approve the terms of this Section is presented to the
shareholders of the Parent Guarantor at the first annual general meeting after              [•], 2010 and at each successive annual general meeting of the Parent Guarantor thereafter
until such resolution is approved and immediately following approval of such resolution the Parent Guarantor will cause a copy thereof to be filed with the Clerk of the Commercial Court of Brussels (“greffe du tribunal de commerce/griffie
van de rechtbank van koophandel”). The Parent Guarantor will notify the Trustee promptly after each shareholder meeting of the results of the vote on the proposed resolution. If the general meeting of shareholders of the Parent Guarantor
does not approve the provisions set forth in this Section by the date that is eighteen (18) months following the Original Issue Date, the interest rate applicable to the Securities will increase by 0.25% with effect from the next following day
until the date that the Parent Guarantor notifies the Trustee that the provisions of this Section have been approved (or unless and until such approval is no longer required in order for the Change in Control Clause to be effective), following which
the interest rate applicable to the Securities will decrease by the same amount. 
 6. Optional Tax Redemption

 The Company may, at the Company’s or the Parent Guarantor’s option, redeem the Securities in whole, but not in
part, upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Securities then outstanding plus accrued and unpaid interest on the principal amount
being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which the Company or any Guarantor
is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration or any such laws, treaties, regulations or rulings
(including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Original Issue Date (any such change or amendment, a “Change in Tax Law”), the Company or, if a payment were then
due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the Company or the relevant Guarantor taking reasonable measures available to it; provided, however, that
the Securities may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Securities to a Substitute Company, unless such assignment to a Substitute Company is undertaken as
part of a plan of merger by the Parent Guarantor. 
 Prior to the, mailing of any notice of redemption pursuant to this Section,
the Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a
result in such Change in Tax Law. 
  

 A-8 

 No notice of redemption pursuant to this Section may be given earlier that ninety
(90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Securities were then due. 

7. Additional Amounts 

In the event that any Guarantor becomes obligated to make payments in respect of the Securities, such Guarantor will make all payments in
respect of the Securities without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on behalf of any jurisdiction in which such
Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax (the “Relevant Taxing Jurisdiction”) unless such withholding or deduction is
required by law. In such event, such Guarantor will pay to the Holders such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net amounts received by the Holders, after such withholding or
deduction, shall equal the respective amounts of principal and interest which would otherwise have been receivable in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes or
duties which: 
 (a) are payable by any person acting as custodian bank or collecting agent on behalf of a
Holder, or otherwise in any manner which does not constitute a deduction or withholding by such Guarantor from payment of principal or interest made by it, or 

(b) are payable by reason of the Holder or beneficial owner having, or having had, some personal or business connection
with such Relevant Taxing Jurisdiction and not merely by reason of the fact that payments in respect of the Securities or the Guarantees are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in the Relevant
Taxing Jurisdiction, or 
 (c) are imposed or withheld by reason of the failure of the Holder or beneficial owner
to provide certification, information, documents or other evidence concerning the nationality, residence, or identity of the Holder and beneficial owner or to make any valid or timely declaration or similar claim or satisfy any other reporting
requirements relating to such matters, whether required or imposed by statute, treaty, regulation or administrative practice, as a precondition to exemption from, or a reduction in the rate of withholding or deduction of such taxes, or 

(d) consist of any estate, inheritance, gift, sales, excise, transfer, personal property or similar taxes, or 

(e) are imposed on or with respect to any payment by the applicable Guarantor to the registered Holder if such Holder is a
fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that taxes would not have been imposed on such payment had such registered Holder been the sole beneficial owner of this Security, or

  

 A-9 

 (f) are deducted or withheld pursuant to (i) any European Union
directive or regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Relevant Taxing Jurisdiction or the European Union is a party, or (iii) any
provision of law implementing, or complying with, or introduced to conform with, such directive, regulation, treaty or understanding, or 

(g) are payable by reason of a change in law or practice that becomes effective more than 30 days after the relevant
payment of principal or interest becomes due, or is duly provided for and written notice thereof is provided to the Holders, whichever occurs later, or 

(h) are payable because any Security was presented to a particular paying agent for payment if the Security could have
been presented to another paying agent without any such withholding or deduction, or 
 (i) are payable for any
combination of (a) through (h) above. 
 References to principal or interest in respect of the Securities shall be
deemed to include any Additional Amounts which may be payable as set forth in the Indenture. 
 The covenant regarding
Additional Amounts shall not apply to any Guarantor at any time when such Guarantor is incorporated in a jurisdiction in the United States, and will apply to the Company any time it is incorporated in a jurisdiction outside of the United States.

 8. Transfer and Exchange 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this
Security for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Company, the Guarantors, the Trustee nor any such agent shall be affected by notice to the contrary. 
  

 A-10 

 9. Default 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee indemnity and/or security, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

10. Amendment, Modification and Waiver 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company or the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal
amount of the Securities at the time Outstanding (irrespective of series) that are to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Guarantors with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Security. 
 11. Defeasance 

The Indenture contains provisions for defeasance at any time of certain restrictive covenants and Events of Default with respect to this
Security upon compliance with certain conditions set forth in the Indenture. 
 12. Governing Law 

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

 

 A-11 

 13. Defined Terms 

All terms used in this Security which are defined in the Base Indenture or the Sixteenth Supplemental Indenture shall have the meanings
assigned to them in the Base Indenture or the Sixteenth Supplemental Indenture, as the case may be. 
  

 A-12 

 ANNEX A 

OPTION OF HOLDER TO ELECT PURCHASE 
  

	To:	The Bank of New York Mellon Trust Company, N.A. 

  

	Cc:	Anheuser-Busch InBev Worldwide Inc. 

The undersigned registered owner of this Security acknowledges receipt of a notice from Anheuser-Busch InBev Worldwide Inc. (the
“Company”) as to the occurrence of an Early Redemption Event and requests and instructs the Company to repay the registered holder hereof in accordance with the applicable provisions of the Indenture, as supplemented, among the
Company, Anheuser-Busch InBev NV/SA, as Parent Guarantor, the Subsidiary Guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as Trustee, dated October 16, 2009, and the instructions below: 

If you wish to have this Security purchased by the Company pursuant to Section 2.08 of the Sixteenth Supplemental Indenture among the Company,
Anheuser-Busch InBev NV/SA, as Parent Guarantor, the Subsidiary Guarantors and the Trustee, dated              [•], 2010 (the “Sixteenth Supplemental Indenture”),
check the following box:  ̈ 
 If you wish to have a portion of this Security purchased by the
Company pursuant to Section 2.08 of the Sixteenth Supplemental Indenture, state the amount: 

$                         
        
  

					
	Dated:	 		 	Signature:
			
		 		 	Signature Guarantee:

 (Sign exactly as your
name appears on the other side of this Security) 
 Signatures must be guaranteed by an “Eligible Guarantor Institution” meeting the
requirements of the Securities Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “Signature Guarantee Program” as may be determined
by the Securities Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 A-13 

 Exhibit B 

FORM OF GUARANTEE 

For value received, the undersigned (herein called the “Guarantors”, and each, a “Guarantor” which terms include any
successor Person or Persons under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby jointly and severally, irrevocably, fully and unconditionally guarantee to each Holder of this Security, which has been
authenticated and delivered by the Trustee, the due and punctual payment of the principal of (including any amount in respect of original issue discount), and any premium and interest (together with any Additional Amounts payable pursuant to the
terms of this Security), on this Security and the due and punctual payment of the sinking fund payments, if any, and analogous obligations, if any, provided for pursuant to the terms of this Security, when and as the same shall become due and
payable, whether at Stated Maturity or upon redemption or upon declaration of acceleration or otherwise according to the terms of this Security and of the Indenture. In case of default by the Company in the payment of any such principal (including
any amount in respect of original issue discount), interest (together with any Additional Amounts payable pursuant to the terms of this Security), sinking fund payment, or analogous obligation, each Guarantor agrees duly and punctually to pay the
same. Each Guarantor hereby agrees that its obligations hereunder shall rank pari passu with all other unsecured and unsubordinated obligations of such Guarantor, shall be as principal and not merely as surety, and shall be absolute and
unconditional irrespective of any extension of the time for payment of this Security, any modification of this Security, any invalidity, irregularity or unenforceability of this Security or the Indenture, any failure to enforce the same or any
waiver, modification, consent or indulgence granted to the Company with respect thereto by the Holder of this Security or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor.
Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a demand or proceeding first against the Company, protest or notice with
respect to this Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this Security except by payment in full of the principal of (including any amount payable in
respect of original issue discount), and any premium and interest (together with any Additional Amounts payable pursuant to the terms of this Security), thereon. 

Each Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any
payment hereunder (i) to be subrogated to the rights of a Holder against the Company with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Company in respect thereof or (ii) to receive any payment, in
the nature of contribution or for any other reason, from any other obligor with respect to such payment. 
 This Guarantee shall
not be valid or become obligatory for any purpose with respect to this Security until the certificate of authentication on this Security shall have been signed by the Trustee. 

This Guarantee is subject to the release upon the terms set forth in the Indenture. 

This Guarantee is subject to certain limitations and waivers set forth in the Indenture, as it may be supplemented from time to time.

  

 B-1 

 This Guarantee is governed by and construed in accordance with the laws of the State of New
York. 
 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be signed by facsimile by its duly authorized
officer or representative and, if required by applicable law, has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 

 

			
	[GUARANTOR(S)]
		
	By:	 	 

  

 B-2Form of Certificate of Designations for Preferred Stock

 Exhibit 4.2 

FORM OF CERTIFICATE OF DESIGNATIONS, POWERS, PREFERENCES AND RIGHTS 

OF THE 

                    
[CONVERTIBLE] [NONCUMULATIVE] [CUMULATIVE] 
 [PERPETUAL] PREFERRED STOCK 

OF 
 JPMORGAN
CHASE & CO. 
 Pursuant to Section 151 of the 

General Corporation Law of the State of Delaware 

JPMORGAN CHASE & CO., a Delaware corporation (the “Corporation”), HEREBY CERTIFIES that the following resolution[s]
[was][were] duly adopted by the Stock Committee of the Board of Directors of the Corporation in accordance with Section 151(g) of the General Corporation Law of the State of Delaware pursuant to authority conferred upon the Board of Directors
of the Corporation by the provisions of the Certificate of Incorporation of the Corporation and pursuant to the authority duly delegated thereto by the Board of Directors of the Corporation pursuant to Section 141(c) of the General Corporation
Law of the State of Delaware and Section 3.03 of the By-Laws of the Corporation: 
 RESOLVED, that the Corporation be, and
hereby is, authorized to issue a new series of its [Convertible] [Noncumulative] [Cumulative] [Perpetual] Preferred Stock, par value $1.00 per share, [with a liquidation preference of $     per share] on the following
terms, with the following relative designations, powers, preferences, privileges, rights and restrictions: 
 1.
Designation. The series of preferred stock shall be designated as                      [Convertible] [Noncumulative] [Cumulative]
[Perpetual] Preferred Stock (hereinafter referred to as this “Series”), and the number of shares constituting this Series shall be                 .
[This Series shall be perpetual, subject to the provisions of Section 3 hereof.] Shares of this Series shall have a stated value of $             per share. The number of
authorized shares of this Series may be increased or decreased by further resolution duly adopted by the Board of Directors of the Corporation, the Stock Committee of the Board of Directors or by any other duly authorized committee of the Board of
Directors (collectively, the “Board of Directors”) and by the filing of a certificate pursuant to the provisions of the General Corporation Law of the State of Delaware; provided, however, that no increase shall increase the
number of shares of this Series such that the total number of outstanding shares of preferred stock are in excess of the total number of authorized shares of preferred stock of the Corporation; and provided, further, that no decrease
shall reduce the number of shares of this Series below the number of shares then issued and outstanding plus the number of shares issuable upon exercise of outstanding rights, options or warrants or upon conversion of outstanding securities issued
by the Corporation. 
 2. Dividends. (a) The holders of shares of this Series shall be entitled to receive cash
dividends, if, as and when declared by the Board of Directors, out of assets legally available for that purpose, in the amounts or at the rate set forth below in this Section 2. Dividends on the shares of this Series shall be payable, if, as
and when declared by the Board of Directors, on                 ,
                ,                  and
                 of each year (each, a “Dividend Payment Date”), commencing on
                . In the event that any Dividend Payment Date 

 

 1 

 
would otherwise fall on a day that is not a Business Day, the dividend payment due on that date will be postponed to the next day that is a Business Day and no additional dividend will accumulate
as a result of that postponement. Each such dividend shall be paid to the holders of record of shares of this Series as they appear on the stock register of the Corporation on such record date, not more than [60 nor less than 10] days preceding the
payment date thereof, as shall be fixed by the Board of Directors. 
 A “Business Day” shall mean any weekday that is
not a legal holiday in New York, New York and is not a day on which banking institutions in New York, New York are authorized or required by law or regulation to be closed. 

[IF THIS SERIES HAS FIXED RATE DIVIDENDS, INSERT THE FOLLOWING: 

(b) Dividends payable on the shares of this Series for the period from
                 through and including
                     (the “Initial Dividend Period”) shall be
                 per share. For each quarterly dividend period after the Initial Dividend Period (each such quarterly dividend period and the Initial Dividend
Period being hereinafter referred to individually as a “Dividend Period”), which quarterly Dividend Periods shall commence on             ,
            ,              and              of
each year and shall end on and include the day next preceding the first day of the next such Dividend Period, dividends payable on the shares of this Series shall be payable at         % per annum of
the stated value thereof. [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: Dividends on the shares of this Series shall not be cumulative. To the extent that any dividends payable on the shares of this Series on any Dividend Payment Date are
not declared and paid, in full or otherwise, on such Dividend Payment Date, then such unpaid dividends shall not cumulate and shall cease to accumulate and be payable, and the Corporation shall have no obligation to pay, and the holders of shares of
this Series shall have no right to receive, dividends accumulated for such Dividend Period after the Dividend Payment Date for such Dividend Period or interest with respect to such dividends, whether or not dividends are declared for any subsequent
Dividend Period with respect to shares of this Series.] [IF THIS SERIES IS CUMULATIVE, INSERT THE FOLLOWING: Dividends shall be cumulative from
                    . Dividends on account of arrears for any past Dividend Periods may be declared and paid at any time, without reference to
any regular Dividend Payment Date, to holders of record on such date, not more than [60 nor less than 10] days preceding the payment date thereof, as may be fixed by the Board of Directors.]] [IF THIS SERIES HAS ADJUSTABLE DIVIDENDS, INSERT THE
APPROPRIATE CALCULATION OF SUCH RATE] 
 [(b)[(c)] Dividends payable on this Series for any period greater or
less than a full Dividend Period, other than the Initial Dividend Period, shall be computed on the basis of a 360-day year consisting of twelve 30-day months and, for any period less than one month, the actual number of days elapsed in the period.
[Dividends payable on this Series for each full Dividend Period shall be computed by annualizing the Dividend Rate and dividing by the number of Dividend Periods in a year.] Dollar amounts resulting from any such calculation will be rounded to the
nearest cent, with one-half cent being rounded upward. 
  

 2 

 [(c)[(d)] No full dividends shall be declared or paid or set aside for
payment on the Preferred Stock of any series ranking, as to dividends, on a parity with or junior to this Series for any period unless [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: full dividends on the shares of this Series for the most
recently completed Dividend Period have been or contemporaneously are declared and paid (or have been declared and a sum sufficient for the payment thereof set aside for such payment)] [IF THIS SERIES IS CUMULATIVE, INSERT THE FOLLOWING: full
cumulative dividends have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set aside for such payment on this Series for all Dividend Periods terminating on or prior to the date of payment of
such full cumulative dividends]. When dividends are not paid in full, as aforesaid, upon the shares of this Series and any other series of Preferred Stock ranking on a parity as to dividends with this Series, all dividends declared upon shares of
this Series and any other series of Preferred Stock ranking on a parity as to dividends with this Series shall be declared pro rata so that the amount of dividends declared per share on this Series and such other Preferred Stock shall in all cases
bear to each other the same ratio that [accumulated and] unpaid dividends per share [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: (which in the case of this Series shall include unpaid dividends for the Dividend Period commencing on the
day following the immediately preceding Dividend Payment Date but shall not include accumulation of any dividends for prior Dividend Periods, unless previously declared)] on the shares of this Series and such other Preferred Stock bear to each
other. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on this Series which may be in arrears. 

[(d)][(e)] So long as any shares of this Series are outstanding, no dividend (other than a dividend in Common Stock or in
any other stock ranking on a parity with or junior to this Series as to dividends and upon liquidation, dissolution or winding up of the Corporation and other than as provided in paragraph [(c)][(d)] of this Section 2) shall be declared or paid
or set aside for payment or other distribution declared or made upon the Common Stock or upon any other stock ranking junior to or on a parity with this Series as to dividends or upon liquidation, dissolution or winding up of the Corporation, nor
shall any Common Stock or any other stock of the Corporation ranking junior to or on a parity with this Series as to dividends or upon liquidation, dissolution or winding up of the Corporation be redeemed, purchased or otherwise acquired for any
consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any shares of any such stock) by the Corporation (except by conversion into or exchange for stock of the Corporation ranking junior to this Series as
to dividends and upon liquidation, dissolution or winding up of the Corporation), unless, in each case, [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: full dividends on all outstanding shares of this Series shall have been paid or declared
and set aside for payment in respect of the most recently completed Dividend Period] [IF THIS SERIES IS CUMULATIVE, INSERT THE FOLLOWING: full cumulative dividends on all outstanding shares of this Series shall have been paid or declared and set
aside for payment for all past Dividend Periods]. 
 [INSERT ANY OTHER PROVISIONS APPLICABLE TO DIVIDENDS WITH RESPECT TO THIS
SERIES.] 
  

 3 

 3. Redemption. 

[IF THIS SERIES IS REDEEMABLE AT A FIXED PRICE, INSERT THE FOLLOWING: 

(a) [The shares of this Series are not redeemable prior to
                            .] The Corporation, at its option, may redeem out of funds legally
available therefor, in whole or in part, shares of this Series, at any time or from time to time, [on or after                 ,] at a redemption price of
                         per share plus [accumulated and] unpaid dividends thereon (whether or not declared) [IF THIS
SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: from the day following the immediately preceding Dividend Payment Date to, but not including, the date fixed for redemption (but without any accumulation for unpaid dividends for prior Dividend Periods
on the shares of this Series)].] 
 [IF THIS SERIES IS REDEEMABLE AT VARIABLE PRICES, INSERT THE FOLLOWING: (a) [The shares
of this Series are not redeemable prior to                         .] The Corporation, at its option, may redeem out of
funds legally available therefor, in whole or in part, shares of this Series, at any time or from time to time, [on or after                 ,] at the applicable
redemption price set forth below, plus [accumulated and] unpaid dividends thereon (whether or not declared) [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: from the day following the immediately preceding Dividend Payment Date to, but not
including, the date fixed for redemption (but without any accumulation for unpaid dividends for prior Dividend Periods on the shares of this Series)]: 
  

			
	 Date of Redemption
	 	 Redemption Price Per Share

	 On or after
                     but prior to
                    
	 	 
	 On or after
                     but prior to
                    
	 	 
	 On or after
                        
	 	 
		 	]

 [IF THIS SERIES IS
REDEEMABLE PURSUANT TO A SINKING FUND, INSERT THE FOLLOWING: 
 (b) So long as any shares of this Series shall be
outstanding, the Corporation shall on each of the dates set forth in the following schedule (“Sinking Fund Payment Dates”) set aside out of funds legally available therefor as is determined by the Board of Directors an amount sufficient
for the redemption of, and shall redeem, the number of shares of this Series (or if less than that number of shares of this Series is then outstanding, that lesser number of shares) set forth opposite such Sinking Fund Payment Date: 

 

			
	 Sinking Fund Payment Date
	  	 Number of Shares to be Redeemed

The redemption price of shares of this Series to be redeemed pursuant to the aforesaid sinking fund shall be
$         per share, plus [accumulated and] unpaid dividends thereon (whether or not declared) [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: from the day following the immediately preceding
Dividend Payment Date to, but not including, the date fixed for redemption (but without any accumulation for unpaid dividends for prior Dividend 

 

 4 

 
Periods on the shares of this Series)]. The Corporation may, at its option, apply toward its sinking fund obligation any shares of this Series purchased or otherwise acquired by the Corporation
or redeemed by the Corporation otherwise than through the sinking fund which have not previously been credited toward a sinking fund obligation. The obligation of the Corporation to redeem shares of this Series shall be cumulative, so that if for
any year or years such requirements shall not be fully discharged as they accumulate, funds legally available therefor, after payment or provision for dividends, for each year thereafter shall be applied thereto until such requirements are fully
discharged.] 
 [IF THIS SERIES IS SUBJECT TO EITHER OPTIONAL OR MANDATORY REDEMPTION, INSERT THE FOLLOWING: 

[(b)][(c)] In the event that fewer than all the outstanding shares of this Series are to be redeemed [(by operation of a
sinking fund or otherwise)], the number of shares to be redeemed shall be determined by the Board of Directors and the shares to be redeemed shall be determined by lot or pro rata as may be determined by the Board of Directors or by any other method
as may be determined by the Board of Directors in its sole discretion to be equitable, provided that such method satisfies any applicable requirements of any securities exchange on which this Series is listed. Subject to the provisions of
this Section 3, the Board of Directors shall have full power and authority to prescribe the terms and conditions upon which the shares of this Series shall be redeemed from time to time. 

[(c)][(d)] In the event the Corporation shall redeem shares of this Series [(by operation of a sinking fund or
otherwise)], notice of such redemption shall be given by first class mail, postage prepaid, mailed not less than 30 or more than 60 days prior to the redemption date, to each holder of record of the shares to be redeemed, at such holder’s
address as the same appears on the stock register of the Corporation. Any notice mailed as provided in this Section 3[(c)][(d)] shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure
to duly give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of shares of this Series designated for redemption shall not affect the validity of the proceedings for redemption of any other shares of this
Series. Each such notice shall state: (i) the redemption date; (ii) the number of shares of this Series to be redeemed and, if fewer than all the shares held by such holder are to be redeemed, the number of such shares to be redeemed from
such holder; (iii) the redemption price; (iv) the place or places where certificates for such shares are to be surrendered for payment of the redemption price; [and] (v) that dividends on the shares to be redeemed shall cease to
accumulate on the redemption date [IF THIS SERIES IS CONVERTIBLE, INSERT THE FOLLOWING; and (vi) that such holder has the right to convert such shares into a number of shares of Common Stock prior to the close of business on the redemption
date]. Notwithstanding the foregoing, if shares of this Series are held in book-entry form through The Depository Trust Company, the Corporation may give such notice in any manner permitted by The Depository Trust Company. 

[(d)][(e)] If notice of redemption has been duly given and if on or before the redemption date specified in the notice all
funds necessary for the redemption have been set aside by the Corporation, separate and apart from its other assets, in trust for the pro 

 

 5 

 
rata benefit of the holders of the shares of this Series called for redemption, so as to be and continue to be available therefor, or deposited by the Corporation with a bank or trust company
selected by it (the “Depositary Company”) in trust for the pro rata benefit of the holders of the shares of this Series called for redemption, then, notwithstanding that any certificate for any share so called for redemption has not been
surrendered for cancellation, on and after the redemption date all shares so called for redemption shall be cancelled and shall cease to be outstanding, all dividends with respect to such shares shall cease to accumulate after such redemption date,
and all other rights with respect to such shares shall forthwith on such redemption date cease and terminate, except for the right of the holders thereof to receive the amount payable on such redemption from the Depositary Company at any time after
the redemption date from the funds so deposited, without interest [IF THIS SERIES IS CONVERTIBLE, INSERT THE FOLLOWING: ; provided that, notwithstanding the foregoing, if notice of redemption has been given pursuant to this paragraph and any
holder of shares of this Series shall, prior to the close of business on the redemption date, surrender for conversion any or all of the shares to be redeemed held by such holder in accordance with Section 4, then the conversion of such shares
to be redeemed shall become effective as provided in Section 4]. The Corporation shall be entitled to receive, from time to time, from the Depositary Company any interest accrued on such funds, and the holders of any shares called for
redemption shall have no claim to any such interest. Any funds so deposited and unclaimed at the end of three years from the redemption date shall, to the extent permitted by law, be released or repaid to the Corporation, and in the event of such
repayment to the Corporation, the holders of record of the shares so called for redemption shall be deemed to be unsecured creditors of the Corporation for an amount equivalent to the amount deposited as stated above for the redemption of such
shares and so repaid to the Corporation, but shall in no event be entitled to any interest. Upon surrender in accordance with said notice of the certificates for any shares so redeemed (properly endorsed or assigned for transfer, if the Board of
Directors shall so require and the notice shall so state), such shares shall be redeemed by the Corporation at the redemption price aforesaid. In case fewer than all the shares represented by any such certificate are redeemed, a new certificate
shall be issued representing the unredeemed shares without cost to the holder thereof. 
 [(e)][(f)] Any shares
of this Series which shall at any time have been redeemed shall, after such redemption, have the status of authorized but unissued shares of Preferred Stock, without designation as to series until such shares are once more designated as part of a
particular series by the Board of Directors. 
 [(f)][(g)] Notwithstanding the foregoing provisions of this
Section 3, if full dividends on all outstanding shares of this Series are in arrears, no shares of this Series shall be redeemed unless all outstanding shares of this Series are simultaneously redeemed, and the Corporation shall not purchase or
otherwise acquire any shares of this Series; provided, however, that the foregoing shall not prevent the purchase or acquisition of shares of this Series pursuant to a purchase or exchange offer made on the same terms to holders of all
outstanding shares of this Series.] 
  

 6 

 [IF THIS SERIES IS NOT CONVERTIBLE, INSERT THE FOLLOWING: 

4. Conversion. The holders of shares of this Series shall not have any rights to convert such shares into shares of any other
class or series of capital stock of the Corporation.] 
 [IF THIS SERIES IS CONVERTIBLE FOR SHARES OF COMMON STOCK, INSERT THE
FOLLOWING] 
 4. Conversion. (a) Subject to and upon compliance with the provisions of this Section 4, each
holder of shares of this Series shall have the right, at such holder’s option, at any time [from and after             ], to convert any or all of the shares of this Series held
by such holder into the number of fully paid and nonassessable shares of Common Stock (calculated as to each conversion, for the purpose of determining the amount of any cash payments provided for under paragraph (c) of this Section 4, to
the nearest .01 of a share of Common Stock, as the case may be, with one-half cent and .005 of a share, respectively, being rounded upward) obtained by dividing the stated value of a share of this Series by the Conversion Price (as defined below)
and multiplying such resulting number by the number of shares of this Series to be converted, and by surrender of such shares of this Series so to be converted, such surrender to be made in the manner provided in paragraph (b) of this
Section 4; provided, however, that the right to convert shares called for redemption pursuant to Section 3 hereof shall terminate at the close of business on the date fixed for such redemption unless the Corporation shall default in
making payment of the amount payable upon such redemption. 
 The term “Conversion Price” shall mean
$                , as adjusted in accordance with the provisions of this Section 4. 

(b) In order to exercise the conversion privilege, the holder of each share of this Series to be converted shall surrender the
certificate representing such share at the office of any transfer agent for the Common Stock and shall give written notice to the Corporation at said office that such holder elects to convert the same, specifying the name or names and denominations
in which such holder wishes the certificate or certificates for the Common Stock to be issued (which notice may be in the form of a notice of election to convert which may be printed on the reverse of the certificates for the shares of this Series).
Unless the shares issuable on conversion are to be issued in the same name as the name in which such share of this Series is registered, each share surrendered for conversion shall be accompanied by instruments of transfer, in form satisfactory to
the Corporation, duly executed by the holder or his duly authorized attorney, and by an amount sufficient to pay any transfer or similar tax. 

The holders of shares of this Series at the close of business on a dividend payment record date shall be entitled to receive the dividend
payable on such shares (except that holders of shares of this Series called for redemption on a redemption date between such record date and the Dividend Payment Date shall not be entitled to receive such dividend on such Dividend Payment Date) on
the corresponding dividend payment date notwithstanding the conversion thereof or the Corporation’s default in payment of the dividend due on such Dividend Payment Date. However, shares of this Series surrendered for conversion during the
period between the close of business on any dividend payment record date and the opening of business on the corresponding Dividend Payment Date (except shares called for redemption on a redemption date during such period) must be accompanied by
payment of an amount equal to the dividend payable on such shares on such Dividend Payment Date. A holder of shares of this Series on a 

 

 7 

 
dividend payment record date who (or whose transferee) tenders any of such shares for conversion into shares of Common Stock on a Dividend Payment Date will receive the dividend payable by the
Corporation on such shares of this Series on such date, and the converting holder need not include payment in the amount of such dividend upon surrender of shares of this Series for conversion. Except as provided above, the Corporation shall make no
payment or allowance for unpaid dividends, whether or not in arrears, on converted shares or for dividends on the shares of Common Stock issued upon such conversion. 

As promptly as practicable after the surrender of the certificates for shares of this Series as aforesaid, the Corporation shall issue
and shall deliver at the office of any transfer agent for the Common Stock to such holder, or on his written order, a certificate or certificates for the number of full shares of Common Stock issuable upon the conversion of such shares in accordance
with the provisions of this Section 4, together with a certificate or certificates representing any shares of this Series which are not to be converted but which shall have constituted part of the shares of this Series represented by the
certificate or certificates so surrendered, and any fractional interest in respect of a share of Common Stock arising upon such conversion shall be settled as provided in subparagraph (c) of this Section 4. 

Each conversion shall be deemed to have been effected immediately prior to the close of business on the date on which the certificates
for shares of this Series shall have been surrendered and such notice (and, if applicable, payment of an amount equal to the dividend payable on such shares) received by the Corporation as aforesaid, and the person or persons in whose name or names
any certificate or certificates for shares of Common Stock shall be issuable upon such conversion shall be deemed to have become the holder or holders of record of the shares represented thereby at such time on such date and such conversion shall be
at the Conversion Price in effect at such time on such date, unless the stock transfer register of the Corporation shall be closed on such date, in which event such person or persons shall be deemed to have become such holder or holders of record at
the close of business on the next succeeding day on which such stock transfer register are open, but such conversion shall be at the Conversion Price in effect on the date upon which such shares shall have been surrendered and such notice (and, if
applicable, payment) received by the Corporation. All shares of Common Stock delivered upon conversion of the shares of this Series will upon delivery be duly and validly issued and fully paid and nonassessable, free of all liens and charges and not
subject to any preemptive rights. 
 (c) No fractional shares or scrip representing fractions of shares of Common Stock shall be
issued upon conversion of shares of this Series. Instead of any fractional interest in a share of Common Stock which would otherwise be deliverable upon the conversion of a share of this Series, the Corporation shall pay to the holder of such share
of this Series an amount in cash (computed to the nearest cent, with one-half cent being rounded upward) equal to the reported last sales price (as defined in subparagraph (d)(v) of this Section 4) of the Common Stock on the Trading Day (as
defined in subparagraph (d)(v) of this Section 4) next preceding the day of conversion multiplied by the fraction of a share of Common Stock represented by such fractional interest. If more than one share of this Series shall be surrendered for
conversion at one time by the same holder, the number of full shares of Common Stock issuable upon conversion thereof shall be computed on the basis of the aggregate stated value of the shares of this Series so surrendered. 

 

 8 

 (d) The Conversion Price shall be adjusted from time to time as follows: 

(i) In case the Corporation shall (x) pay a dividend or make a distribution on the Common Stock in shares of Common
Stock, (y) subdivide the outstanding Common Stock into a greater number of shares or (z) combine the outstanding Common Stock into a smaller number of shares, the Conversion Price shall be adjusted so that the holder of any share of this
Series thereafter surrendered for conversion shall be entitled to receive the number of shares of Common Stock of the Corporation which he would have owned or have been entitled to receive after the happening of any of the events described above had
such share been converted immediately prior to the record date in the case of a dividend or the effective date in the case of subdivision or combination. An adjustment made pursuant to this subparagraph (i) shall become effective immediately
after the record date in the case of a dividend, except as provided in subparagraph (viii) below, and shall become effective immediately after the effective date in the case of a subdivision or combination. No adjustment in the Conversion Price
shall be made if, at the same time as the Corporation shall issue shares of Common Stock as a dividend or distribution on the outstanding shares of Common Stock which would otherwise call for an adjustment in the Conversion Price, the Corporation
shall issue shares of Common Stock as a dividend or distribution on the outstanding shares of this Series equivalent to the number of shares distributable on the shares of Common Stock into which this Series is then convertible. 

(ii) In case the Corporation shall issue rights or warrants to all holders of shares of Common Stock entitling them (for a
period expiring within 45 days after the record date mentioned below) to subscribe for or purchase shares of Common Stock at a price per share less than the current market price per share of Common Stock (as defined for purposes of this subparagraph
(ii) in subparagraph (v) below), at the record date for the determination of stockholders entitled to receive such rights or warrants, the Conversion Price in effect after such record date shall be determined by multiplying the Conversion
Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on the record date for issuance of such rights or warrants plus the number of shares of Common
Stock which the aggregate offering price of the total number of shares of Common Stock so offered would purchase at such current market price, and the denominator of which shall be the number of shares of Common Stock outstanding on the record date
for issuance of such rights or warrants plus the number of additional shares of Common Stock receivable upon exercise of such rights or warrants. Such adjustment shall be made successively whenever any such rights or warrants are issued, and shall
become effective immediately, except as provided in subparagraph (viii) below, after such record date. In determining whether any rights or warrants entitled the holders of the shares of this Series to subscribe for or purchase shares of Common
Stock at less than such current market price, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Corporation for such rights or warrants plus the
exercise price thereof, the value of such consideration or exercised price, as the case may be, if other than cash, to be determined by the Board of Directors. 
  

 9 

 (iii) In case the Corporation shall distribute to all holders of Common
Stock any shares of capital stock of the Corporation (other than Common Stock) or evidences of its indebtedness or assets (excluding cash dividends or distributions paid from retained earnings of the Corporation or dividends payable in Common Stock)
or rights or warrants to subscribe for or purchase any of its securities (excluding those rights or warrants referred to in subparagraph (ii) above) (any of the foregoing being hereinafter in this subparagraph (iii) called the
“Securities”), then, in each such case, unless the Corporation elects to reserve such Securities for distribution to the holders of the shares of this Series upon the conversion of the shares of this Series so that any such holder
converting shares of this Series will receive upon such conversion, in addition to the shares of the Common Stock to which such holder is entitled, the amount and kind of such Securities which such holder would have received if such holder had,
immediately prior to the record date for the distribution of the Securities, converted its shares of this Series into Common Stock, the Conversion Price shall be adjusted so that the same shall equal the price determined by multiplying the
Conversion Price in effect immediately prior to the date of such distribution by a fraction the numerator of which shall be the current market price per share (as defined for purposes of this subparagraph (iii) in subparagraph (v) below)
of the Common Stock on the record date mentioned above less the then fair market value (as determined by the Board of Directors, whose determination shall be conclusive) of the portion of the Securities so distributed applicable to one share of
Common Stock, and the denominator of which shall be the current market price per share (as defined in subparagraph (v) below) of the Common Stock; provided, however, that in the event the then fair market value (as so determined) of the
portion of the Securities so distributed applicable to one share of Common Stock is equal to or greater than the current market price per share (as defined in subparagraph (v) below) of the Common Stock on the record date mentioned above, in
lieu of the foregoing adjustment, adequate provision shall be made so that each holder of shares of this Series shall have the right to receive the amount and kind of Securities such holder would have received had such holder converted each such
share of this Series immediately prior to the record date for the distribution of the Securities. Such adjustment shall become effective immediately, except as provided in subparagraph (viii) below, after the record date for the determination
of shareholders entitled to receive such distribution. 
 (iv) If, pursuant to subparagraph (ii) or
(iii) above, the number of shares of Common Stock into which a share of this Series is convertible shall have been adjusted because the Corporation has declared a dividend, or made a distribution, on the outstanding shares of Common Stock in
the form of any right or warrant to purchase securities of the Corporation, or the Corporation has issued any such right or warrant, then, upon the expiration of any such unexercised right or unexercised warrant, the Conversion Price shall forthwith
be adjusted to equal the Conversion Price that would have applied had such right or warrant never been declared, distributed or issued. 

(v) For the purpose of any computation under subparagraph (ii) above, the current market price per share of Common
Stock on any date shall be deemed to be the average of the reported last sales prices for the thirty consecutive Trading Days (as defined below) commencing forty-five Trading Days before the date in question. For the purpose of any computation under
subparagraph (iii) above, the current market price per 
  

 10 

 
share of Common Stock on any date shall be deemed to be the average of the reported last sales prices for the ten consecutive Trading Days before the date in question. The reported last sales
price for each day (whether for purposes of subparagraph (ii) or subparagraph (iii)) shall be the reported last sales price, regular way, or, in case no sale takes place on such day, the average of the reported closing bid and asked prices,
regular way, in either case as reported on the New York Stock Exchange Composite Tape or, if the Common Stock is not listed or admitted to trading on the New York Stock Exchange at such time, on the principal national securities exchange on which
the Common Stock is listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, the average of the closing bid and asked prices on such day in the over-the-counter market or, if bid and asked prices
for the Common Stock on each such day shall not have been reported, the average of the bid and asked prices for such date as furnished by any New York Stock Exchange member firm regularly making a market in the Common Stock selected for such purpose
by the Board of Directors or, if no such quotations are available, the fair market value of the Common Stock as determined by a New York Stock Exchange member firm regularly making a market in the Common Stock selected for such purpose by the Board
of Directors. As used herein, the Term “Trading Day” with respect to Common Stock means (x) if the Common Stock is listed or admitted for trading on the New York Stock Exchange or another national securities exchange, a day on which
the New York Stock Exchange or such other national securities exchange is open for business or (y) otherwise, any day other than a Saturday or Sunday or a day on which banking institutions in the State of New York are authorized or obligated by
law or executive order to close. 
 (vi) No adjustment in the Conversion Price shall be required unless such
adjustment would require an increase or decrease of at least 1% in such price; provided, however, that any adjustments which by reason of this subparagraph (F) are not required to be made shall be carried forward and taken into account
in any subsequent adjustment. All calculations under this Section 4 shall be made to the nearest cent or to the nearest .01 of a share, as the case may be, with one-half cent and .005 of a share, respectively, being rounded upward. Anything in
this paragraph (d) to the contrary notwithstanding, the Corporation shall be entitled to make such reductions in the Conversion Price, in addition to those required by this paragraph (d), as it in its discretion shall determine to be advisable
in order that any stock dividend, subdivision of shares, distribution of rights or warrants to purchase stock or securities, or distribution of other assets (other than cash dividends) hereafter made by the Corporation to its stockholders shall not
be taxable. 
 (vii) Whenever the Conversion Price is adjusted as herein provided, the Corporation shall file
with the transfer agent a certificate, signed by the Chairman of the Board of Directors, a Vice Chairman, the President, the Chief Financial Officer, an Executive Vice President, a Senior Vice President, a Managing Director, a Vice President, the
Controller, an Assistant Controller, the Secretary, an Assistant Secretary or any Attorney-in-Fact of the Corporation, setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such
adjustment, which certificate shall be conclusive evidence of the correctness of such adjustment; provided, however, that the failure of the Corporation to file such officers’ certificate shall not invalidate any corporate action by the
Corporation. 
  

 11 

 (viii) In any case in which this paragraph (d) provides that an
adjustment shall become effective immediately after a record date for an event, the Corporation may defer until the occurrence of such event (y) issuing to the holder of any share of this Series converted after such record date and before the
occurrence of such event the additional shares of Common Stock issuable upon such conversion by reason of the adjustment required by such event over and above the Common Stock issuable upon such conversion before giving effect to such adjustment and
(z) paying to such holder any amount of cash in lieu of any fractional share of Common Stock pursuant to paragraph (c) of this Section 4. 

(e) Whenever the Conversion Price is adjusted as provided in paragraph (d), the Corporation shall cause to be mailed to each holder of
shares of this Series at its then registered address by first-class mail, postage prepaid, a notice of such adjustment of the Conversion Price setting forth such adjusted Conversion Price and the effective date of such adjusted Conversion Price;
provided, however, that the failure of the Corporation to give such notice shall not invalidate any corporate action by the Corporation. 

(f) The Corporation covenants that it will at all times reserve and keep available, free from preemptive rights, out of the aggregate of
its authorized but unissued shares of Common Stock or its issued shares of Common Stock held in its treasury, or both, for the purpose of effecting conversions of shares of this Series, the full number of shares of Common Stock deliverable upon the
conversion of all outstanding shares of this Series not theretofore converted. For purposes of this paragraph (f), the number of shares of Common Stock which shall be deliverable upon the conversion of all outstanding shares of this Series shall be
computed as if at the time of computation all such outstanding shares were held by a single holder. 
 (g) The Corporation will
pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of shares of Common Stock on conversions of shares of this Series pursuant hereto; provided, however, that the Corporation shall
not be required to pay any tax which may be payable in respect of any transfer involved in the issue or delivery of shares of Common Stock in a name other than that of the holder of shares of this Series to be converted and no such issue or delivery
shall be made unless and until the person requesting such issue or delivery has paid to the Corporation the amount of any such tax or has established, to the satisfaction of the Corporation, that such tax has been paid. 

(h) Notwithstanding any other provision herein to the contrary, if any of the following events occur, namely (w) any
reclassification or change of outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination of the Common Stock),
(x) any consolidation, merger or combination of the Corporation with or into another corporation as a result of which holders of Common Stock shall be entitled to receive stock, securities or other property or assets (including cash) with
respect to or in exchange for such Common Stock, or (y) any sale or conveyance of the properties and assets of the Corporation as, or substantially as, an entirety to any other entity as a result of which holders of Common Stock shall be
entitled to receive stock, securities or other property or assets (including cash) with respect to or in exchange for such Common Stock, then appropriate provision shall be made so that the holder of each share of this Series then outstanding shall
have the right to convert such share into the kind 
  

 12 

 
and amount of the shares of stock and securities or other property or assets (including cash) that would have been receivable upon such reclassification, change, consolidation, merger,
combination, sale or conveyance by a holder of the number of shares of Common Stock issuable upon conversion of such share of this Series immediately prior to such reclassification, change, consolidation, merger, combination, sale or conveyance. The
adjustments described in this paragraph (h) shall be subject to further adjustments as appropriate that shall be as nearly equivalent as may be practicable to the relevant adjustment provided for in this paragraph (h). If, in the case of any
such consolidation, merger, combination, sale or conveyance, the stock or other securities and property receivable thereupon by a holder of shares of Common Stock includes shares of stock, securities or other property or assets (including cash) of
an entity other than the successor or acquiring entity, as the case may be, in such consolidation, merger, combination, sale or conveyance, then the Corporation shall enter into an agreement with such other entity for the benefit of the holders of
this Series that shall contain such provisions to protect the interests of such holders as the Board of Directors shall reasonably consider necessary by reason of the foregoing. 

(i) Upon any conversion of shares of this Series, the shares of this Series so converted shall have the status of authorized and unissued
shares of Preferred Stock, without designation as to series until such shares are once more designated as part of a particular series by the Board of Directors. 

5. Liquidation Rights. (a) Upon the voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the
holders of the shares of this Series shall be entitled to receive and to be paid out of the assets of the Corporation legally available for distribution to its stockholders, before any payment or distribution shall be made on the Common Stock or on
any other class of stock ranking junior to this Series upon liquidation, dissolution or winding up of the Corporation, the amount of $       per share, plus an amount equal to [IF THIS SERIES IS CUMULATIVE,
INSERT THE FOLLOWING: accumulated and unpaid dividends thereon (whether or not declared)] [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: unpaid dividends (without accumulation of undeclared dividends), if any, from the day following the
immediately preceding Dividend Payment Date, to, but not including, the date of the liquidating distribution (but without any accumulation of unpaid dividends for prior Dividend Periods).] 

(b) After the payment to the holders of the shares of this Series of the full liquidation distribution provided for in this
Section 5, the holders of this Series as such shall have no right or claim to any of the remaining assets of the Corporation. 

(c) If, upon any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the amounts payable with respect to
the shares of this Series and any other shares of stock of the Corporation ranking as to any such distribution on a parity with the shares of this Series are not paid in full, the holders of the shares of this Series and of such other shares shall
share ratably in any such distribution of assets of the Corporation in proportion to the full respective distributions to which they are entitled. 

(d) Neither the sale of all or substantially all the property or business of the Corporation, nor the merger or consolidation of the
Corporation into or with any other entity or the merger or consolidation of any other entity into or with the Corporation, shall be deemed to be a liquidation, dissolution or winding up of the Corporation, voluntary or involuntary, for the purposes
of this Section 5. 
  

 13 

 6. Ranking. For purposes of this resolution, any stock of any class or classes or
series of the Corporation shall be deemed to rank: 
 (a) prior to the shares of this Series, either as to dividends or upon
liquidation, dissolution or winding up of the Corporation, if the holders of stock of such class or classes or series shall be entitled by the terms thereof to the receipt of dividends or of amounts distributable upon liquidation, dissolution or
winding up of the Corporation, as the case may be, in preference or priority to the holders of shares of this Series; 
 (b) on
a parity with shares of this Series, either as to dividends or upon liquidation, dissolution or winding up of the Corporation, or both, whether or not the dividend rates, dividend payment dates or redemption or liquidation prices per share or
sinking fund provisions, if any, be different from those of this Series (and whether or not such dividends shall accumulate), if the holders of shares of such class or classes or series shall be entitled by the terms thereof to the receipt of
dividends or of amounts distributable upon liquidation, dissolution or winding up of the Corporation, as the case may be, in proportion to or otherwise based on their respective dividend rates or liquidation prices, without preference or priority,
one over the other, as between the holders of such stock and the holders of shares of this Series; and 
 (c) junior to shares
of this Series, either as to dividends or upon liquidation, dissolution or winding up of the Corporation, if such class or classes or series shall be Common Stock or if the holders of shares of this Series shall be entitled to the receipt of
dividends or of amounts distributable upon liquidation, dissolution or winding up of the Corporation, as the case may be, in preference or priority to the holders of shares of such class or classes or series. 

7. Voting Rights. [IF THIS SERIES HAS VOTING RIGHTS, INSERT THE APPLICABLE PROVISION: The shares of this Series shall have the
voting rights set forth in the resolutions of the Board of Directors adopted on
                            .] 

[(a) The shares of this Series, except as provided herein or as otherwise from time to time required by law, shall have no voting rights.
If and whenever, at any time or times, dividends payable on the shares of this Series have not been paid for an aggregate of six quarterly Dividend Periods or more, whether or not consecutive, the authorized number of directors of the Corporation
shall automatically be increased by two and the holders of the shares of this Series shall have the right, with holders of shares of any one or more other classes or series of any stock on a parity with the shares of this Series, either as to
dividends or upon liquidation, dissolution or winding up of the Corporation, or both, as the content may require (such stock, “Parity Preferred Stock”) outstanding at the time upon which like voting rights have been conferred and are
exercisable (“Voting Parity Stock”), voting together as a class, to elect two directors (hereinafter the “Preferred Directors” and each a “Preferred Director”) to fill such newly created directorships at the
Corporation’s next annual meeting of stockholders and at each subsequent annual meeting of stockholders until full dividends have been paid on the shares of this Series for at least four quarterly consecutive Dividend Periods, as applicable, at
which time such right shall 
  

 14 

 
terminate, except as herein or by law expressly provided, subject to revesting in the event of each and every subsequent default of the character above mentioned. Upon any termination of the
right of the holders of shares of this Series and Voting Parity Stock as a class to vote for directors as provided above, the Preferred Directors shall cease to be qualified as directors, the term of office of all Preferred Directors then in office
shall terminate immediately and the authorized number of directors shall be reduced by the number of Preferred Directors elected pursuant hereto. Any Preferred Director may be removed at any time, with or without cause, and any vacancy created
thereby may be filled only by the affirmative vote of the holders of shares of this Series voting separately as a class together with the holders of shares of Voting Parity Stock, to the extent the voting rights of such holders described above are
then excercisable. If the office of any Preferred Director becomes vacant for any reason other than removal from office as aforesaid, the remaining Preferred Director may choose a successor who shall hold office for the unexpired term in respect of
which such vacancy occurred. 
 (b) So long as any shares of this Series remain outstanding, the Corporation shall not, without
the affirmative vote of the holders of at least two-thirds in voting power of the shares of this Series and any Voting Parity Stock, voting together as a class, (i) authorize, create or issue any capital stock of the Corporation ranking, as to
dividends or upon liquidation, dissolution or winding up of the Corporation, prior to such shares of this Series, or reclassify any authorized capital stock of the Corporation into any such shares of such capital stock or issue any obligation or
security convertible into or evidencing the right to purchase any such shares of capital stock, or (ii) amend, alter or repeal the certificate of designations for such shares of this Series, or the Certificate of Incorporation of the
Corporation, whether by merger, consolidation or otherwise, so as to adversely affect the powers, preferences or special rights of such shares of this Series; provided, however, that if such amendment, alteration or repeal would adversely
affect the voting powers, preferences or special rights of this Series but not any other series of preferred stock at the time outstanding, consent of the holders of shares entitled to cast at least two-thirds of the votes entitled to be cast by the
holders of all of the shares of this Series, voting as a class, shall be required in lieu of the consent of the holders of shares entitled to cast at least two-thirds of the votes entitled to be cast by the holders of the shares of this Series and
any Voting Parity Stock, voting together as a class. Any increase in the amount of authorized Common Stock or other authorized preferred stock, or any increase or decrease in the number of shares of any series of preferred stock or the
authorization, creation and issuance of other classes or series of stock, in each case ranking on a parity with or junior to the shares of this Series with respect to the payment of dividends and the distribution of assets upon liquidation,
dissolution or winding up of the Corporation, shall not be deemed to adversely affect such powers, preferences or special rights. 

(c) In exercising the voting rights set forth in this Section 7 or when otherwise granted voting rights by operation of law or by
the Corporation, each share of this Series shall be entitled to [__] vote (the holders of shares of any other class or series of Voting Parity Stock being entitled to such number of votes, if any, for each share of such stock held as may be granted
to them). 
 (d) The foregoing voting provisions shall not apply if, at or prior to the time when the act with respect to which
such vote would otherwise be required or upon which the holders of shares of this Series shall be entitled to vote shall be effected, all outstanding shares of this Series shall have been redeemed or called for redemption and sufficient funds shall
have been deposited in trust to effect such redemption.] 
  

 15 

 8. Amendment of Resolution. The Board of Directors reserves the right from time to
time to amend this Certificate of Designations within the limitations provided by law, this resolution and the Certificate of Incorporation. 
  

 16 

 IN WITNESS WHEREOF, the undersigned, being duly authorized thereto, does hereby affirm,
under penalties of perjury, that this certificate is the act and deed of the Corporation and that the facts herein stated are true, and accordingly has hereunto set his hand this          day of
                                    ,
20[     ]. 
  

					
	JPMORGAN CHASE & CO.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	Corporate Secretary

  

 17

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