Document:

Form of 3.875% Notes due 2042

 Exhibit 4.3 
 REGISTERED 
 No. 
 PHILIP MORRIS INTERNATIONAL INC. 
  

					
		  	3.875% NOTES DUE 2042	  	PRINCIPAL AMOUNT
		  		  	$
		  		  	CUSIP NO. 718172 AU3
		  		  	ISIN NO. US718172AU37

 THIS NOTE 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. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE
“DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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. 
 PHILIP MORRIS INTERNATIONAL INC., a Virginia corporation
(hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
$                     on August 21, 2012, and to pay interest thereon from August 21, 2012 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on February 21 and August 21, in each year, commencing February 21, 2013, at the rate of 3.875% per annum 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 the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 1 or August 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 shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given to Holders of Notes not less than 10 days
prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and interest on this Note
will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities Register or by
wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the person entitled thereto. All payments of principal,
premium, if any, and interest in respect of this Note will be made by the Company in immediately available funds. 
 Additional
provisions of this Note are contained on the reverse hereof, and such provisions shall have the same effect as though fully set forth in this place. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note shall not be entitled to any benefit under the Indenture, or
be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, PHILIP MORRIS INTERNATIONAL INC. has caused this instrument to be duly
executed. 
  

			
	Dated: August 21, 2012
	
	PHILIP MORRIS INTERNATIONAL INC.
		
	By:	 	  

	Name:	 	Marco Kuepfer
	Title:	 	Vice President Finance and Treasurer
	
	Attest:
		
	By:	 	  

	Name:	 	Markus R. Mueller
	Title:	 	Assistant General Counsel and
Assistant Corporate Secretary

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	HSBC BANK USA, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	  

		 	Authorized Officer

 (Reverse of Note) 
 PHILIP MORRIS INTERNATIONAL INC. 
 This Note is one of a duly authorized issue of
debentures, notes or other evidences of indebtedness (hereinafter called the “Securities”) of the Company of the series hereinafter specified, which series is limited in aggregate principal amount to $750,000,000 (except as provided in the
Indenture hereinafter mentioned), all such Securities issued and to be issued under an Indenture dated as of April 25, 2008 between the Company and HSBC Bank USA, National Association, as Trustee (herein called the “Indenture”), to
which Indenture and all other indentures supplemental thereto reference is hereby made for a statement of the rights and limitations of rights thereunder of the Holders of the Securities and of the rights, obligations, duties and immunities of the
Trustee for each series of Securities and of the Company, and the terms upon which the Securities are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series
may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous
funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated therein as 3.875% Notes due 2042 (the
“Notes”). 
 Section 1010 of the Indenture shall be applicable to the Notes, except that (i) the term
“Holder,” when used in Section 1010 of the Indenture, shall mean the beneficial owner of a Note or any person holding on behalf or for account of the beneficial owner of a Note; (ii) the following language shall replace
subsection (k) to Section 1010 of the Indenture “any tax, assessment or other governmental charge imposed pursuant to the provisions of Sections 1471 through 1474 of the Code” and (iii) the following language shall be
included as subsection (l) to Section 1010 of the Indenture “any combination of items (a), (b), (c), (d), (e), (f), (g), (h), (i), (j) and (k).” 
 The Company may redeem the Notes prior to maturity in whole, but not in part, on not more than 60 days’ notice and not less than 30 days’ notice at a redemption price equal to the principal
amount of such Notes plus any accrued interest and additional amounts to the date fixed for redemption if: 
  

	 	•	 	 as a result of a change in or amendment to the tax laws, regulations or rulings of the United States or any political subdivision or taxing authority
of or in the United States or any change in official position regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction in the United States) that is announced or
becomes effective on or after August 21, 2012, the Company has or will become obligated to pay additional amounts with respect to the Notes as described in Section 1010 of the Indenture, or 

 

	 	•	 	 on or after August 21, 2012, any action is taken by a taxing authority of, or any decision is rendered by a court of competent jurisdiction in,
the United States or 

	 	 
any political subdivision or taxing authority of or in the United States, including any of those actions specified in the bullet point above, whether or not such action is taken or decision is
rendered with respect to the Company, or any change, amendment, application or interpretation is officially proposed, which, in any such case, in the written opinion of independent legal counsel of recognized standing, will result in a material
probability that the Company will become obligated to pay additional amounts with respect to the Notes, 

 and the Company in
its business judgment determines that such obligations cannot be avoided by the use of reasonable measures available to the Company. 
 If the Company exercises its option to redeem the Notes, the Company will deliver to the Trustee a certificate signed by an authorized officer stating that it is entitled to redeem the Notes and the
written opinion of independent legal counsel if required. 
 The Indenture contains provisions for defeasance at any time of the
entire principal of all the Securities of any series upon compliance by the Company with certain conditions set forth therein. 

If an Event of Default (other than an Event of Default described in Section 501(4) or 501(5) of the Indenture) with respect to the
Notes shall occur and be continuing, then either the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of all series then Outstanding (or, if such default is not applicable to all series of the Securities, the
Holders of at least 25% in principal amount of the then Outstanding Securities of all series to which it is applicable) (in each case voting as a single class) may declare the entire principal amount of the Securities of all series so affected due
and payable in the manner and with effect provided in the Indenture. If an Event of Default specified in Section 501(4) or 501(5) occurs with respect to the Company, all of the unpaid principal amount and accrued interest then Outstanding shall
ipso facto become and be immediately due and payable in the manner with the effect provided in the Indenture without any declaration or other act by the Trustee or any Holder. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all
series of Securities affected thereby (voting as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of all series affected thereby at the time
Outstanding (voting as a single class) to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences to the affected series. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange or in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay 

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

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in the Borough of Manhattan, The City of New York, or at any other office or agency of the Company
maintained for that purpose, 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 or her attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set
forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and 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. 
 The Company, the Trustee for the
Notes and any agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be
overdue, and neither the Company, such Trustee nor any such agent shall be affected by notice to the contrary. 
 Certain of the
Company’s obligations under the Indenture with respect to Notes may be terminated if the Company irrevocably deposits with the Trustee money or Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes, as
provided in the Indenture. 
 This Note shall for all purposes be governed by, and construed in accordance with, the laws of
the State of New York. 
 Certain terms used in this Note which are defined in the Indenture have the meanings set
forth therein. 

 ASSIGNMENT FORM 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT
SOCIAL SECURITY NUMBER OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 

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

 
  

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

 
  
 Attorney to transfer the said Note on the books of Philip Morris International Inc. with full power of substitution in the premises. 

 

							
	Dated:	  	
                    
             
	  		  	
		  		  		  	  

 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the
within Note in every particular, without alteration or enlargement or any change whatsoever.Exhibit 10.48

 Exhibit 10.48 
 INDEMNITY AGREEMENT 
 [date] 

 

	TO:	[Officer/director Name] 

 Dear [name]:

 In consideration of your service as an officer or director of WMS Industries Inc. or its subsidiaries (the
“Company”), the Company will, to the extent provided herein, indemnify you and hold you harmless from and against any and all “Losses” (as defined below) which you may incur by reason of your election or service as an officer,
director, employee, agent, fiduciary or representative of the Company or any “Related Entity” (as defined below) to the fullest extent permitted by law. 
 1.(a) “Losses” mean all liabilities, “Costs and Expenses” (as defined below), amounts of judgments, fines, penalties or excise taxes (or other amounts assessed, surcharged or levied
under the Employee Retirement Income Security Act of 1974, as amended) and amounts paid in settlement of or incurred in defense of any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or
investigative, and whether brought by or in the right of the Company or otherwise, and appeals in which you may become involved, as a party or otherwise, by reason of acts or omissions or in your capacity as and while serving as an officer,
director, employee, agent, fiduciary or representative of the Company or any Related Entity. 
 (b) A “Related Entity”
means any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise in which the Company is in any way interested, or in or as to which you are serving at the Company’s request or on its behalf, as
an officer, director, employee, agent, fiduciary or representative including, but not limited to, any employee benefit plan or any corporation of which the Company or any Related Entity is, directly or indirectly, a stockholder or creditor.

 (c) “Costs and Expenses” means all reasonable costs and expenses incurred by you in investigating, defending or
appealing any threatened, pending or completed claim, action, suit or proceeding including, without limitation, counsel fees and disbursements. 
 2. Costs and Expenses will be paid promptly by the Company as they are incurred or, at your request, advanced on your behalf against delivery of invoices therefor (prior to an ultimate determination as to
whether you are entitled to be indemnified by the Company on account thereof); provided, however, that if it shall ultimately be determined by final decision of a court of competent jurisdiction that you are not entitled to be indemnified on account
of any Costs or Expenses for which you have theretofore received payment or reimbursement, you shall promptly repay such amount to the Company. By signing a copy of this agreement you undertake to repay to the Company any Costs or Expenses
previously paid by the Company which are required to be repaid pursuant to this Paragraph 2. 
 3. The Company shall indemnify
you and hold you harmless from and against any and all Losses which you may incur if you are a party to or threatened to be made a party to or otherwise involved in any proceeding or action (other than a proceeding or action by or in the right of
the Company to procure a judgment in its favor), unless it is determined that you did not act in good faith and in a manner reasonably believed by you to be in, or not opposed to, the best interest of the Company and, in the case of a criminal
proceeding or action, in addition, that you had reasonable cause to believe that your conduct was unlawful. 

  
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 4. The Company shall indemnify you and hold you harmless from and against any and all Losses
which you may incur if you are a party to or threatened to be made a party to any proceeding or action by or in the right of the Company to procure a judgment in its favor, unless it is determined that you did not act in good faith, and in a manner
reasonably believed by you to be in, or not opposed to, the best interest of the Company, except that no indemnification for Losses shall be made under this Paragraph 4 in respect of any claim, issue or matter as to which you shall have been
adjudged to be liable to the Company, unless and only to the extent that any court in which such action or proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of
the matter, you are fairly and reasonably entitled to indemnity for such expenses as such court shall deem proper. 
 5.
Anything hereinabove to the contrary notwithstanding, “Losses” shall not include, and you shall not be entitled to indemnification under this agreement for (i) amounts payable by you to the Company or any Related Entity in
satisfaction of any judgment or settlement in the Company’s or such Related Entity’s favor, (ii) any amount payable on account of profits realized by you in the purchase or sale of securities of the Company or any Related Entity
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state law; (iii) Losses in connection with which you are not entitled to indemnification as a matter of law or public policy;
or (iv) Losses to the extent you are indemnified by the Company otherwise than pursuant to this agreement, including any Losses for which payment is made to you under an insurance policy. 

6. Termination of any action, suit or proceeding by judgment, order, settlement or conviction, upon a plea of nolo contendere or its
equivalent will not, of itself create any presumption that you did not act in good faith and in a manner which you reasonably believed to be in or not opposed to the best interest of the Company or a Related Entity and, with respect to any criminal
action or proceeding, had no reasonable cause to believe that your conduct was unlawful. 
 7. The determination on behalf of
the Company that you are not entitled to be indemnified for Losses hereunder by reason of the provisions of Paragraph 3 or 4 or clause (iii) of Paragraph 5 may be made either by the Company’s Board of Directors (by majority vote of
disinterested directors or directors who are not parties to or the subject of the same or any similar claim, action, suit or proceeding) or by independent legal counsel (who may be the outside counsel regularly employed by the Company), as the
Company’s Board of Directors shall determine. Notwithstanding such determination, the right to indemnification or advances of Costs and Expenses as provided in this agreement shall be enforceable by you in any court of competent jurisdiction.
The burden of proving that indemnification is not appropriate shall be on the Company. Neither the failure of the Company (including its Board of Directors or independent legal counsel) to have made a determination prior to the commencement of such
action that indemnification is proper in the circumstances because you have met the applicable standard of conduct, nor an actual determination by the Company (including its Board of Directors or independent legal counsel) that you have not met such
applicable standard of conduct shall be a defense to the action or create a presumption that you have not met the applicable standard of conduct. Costs and expenses, including counsel fees, reasonably incurred by you in connection with successfully
establishing your right to indemnification, in whole or in part, in any such action shall also be indemnified by the Company. 

8. You agree to give prompt notice to the Company of any claim with respect to which you seek indemnification and, unless a conflict of
interest shall exist between you and the Company with respect to such claim, you will permit the Company to assume the defense of such claim with counsel of its choice. Whether or not such defense is assumed by the Company, the Company will not be
subject to any liability for any settlement made without its consent. The Company will not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff
to you of a release from all liability with respect to such claim or litigation. If the 

  
 2 

 
Company is not entitled to, or does not elect to, assume the defense of a claim, the Company will not be obligated to pay the fees and expenses of more than one counsel for you and any other
directors or officers of the Company who are indemnified pursuant to similar indemnity agreements with respect to such claim, unless a conflict of interest shall exist between such indemnified party and any other of such indemnified parties with
respect to such claim, in which event the Company will be obligated to pay the fees and expenses of an additional counsel for each indemnified party or group of indemnified parties with whom a conflict of interest exists. 

9. The Company’s obligation to indemnify you under this agreement is not exclusive and is in addition to any other rights to which
you may otherwise be entitled by operation of law, vote of the Company’s stockholders or directors, contained in the Company’s certificate of incorporation or by-laws or otherwise and will be available to you whether or not the claim
asserted against you is based upon matters which occurred before or after the date of this agreement. This agreement supercedes, cancels and replaces any previous written indemnity agreement between you and the Company. 

10. The obligation of the Company to indemnify you with respect to Losses which you may incur by reason of your service as an officer,
director, employee, agent, fiduciary or representative of the Company or a Related Entity, as provided under this agreement, shall survive the termination of your service in such capacities and shall inure to the benefit of your heirs, executors and
administrators. 
 11. The Company agrees that, so long as you shall serve as an officer, director, employee, agent, fiduciary
or representative of the Company or any Related Entity and thereafter so long as you shall be subject to any possible claim or threatened, pending or completed action or proceeding by reason of your service as an officer, director, employee, agent,
fiduciary or representative of the Company or any Related Entity, the Company shall purchase and maintain in effect for your benefit valid, binding and enforceable policies of directors and officers liability insurance (“D & O
Insurance”), covering Losses; provided, however, that the Company shall not be required to maintain D & O Insurance in effect if such insurance is not reasonably available or if, in the reasonable business judgment of the directors of the
Company, either (i) the premium cost for such insurance is substantially disproportionate to the amount of coverage or (ii) the coverage provided by such insurance is so limited by exclusions that there is insufficient benefit from such
insurance. 
 12. If you are entitled under this agreement or otherwise to indemnification by the Company for some or a portion
of the Losses actually and reasonably incurred by you but not, however, for the total amount thereof, the Company shall nevertheless indemnify you for the portion of the Losses to which you are entitled. 

13. It is the intention of the parties to this agreement to provide for indemnification in all cases under all circumstances where to do
so would not violate applicable law (and notwithstanding any limitations permitted, but not required by statute) and the terms and provisions of this agreement shall be interpreted and construed consistent with that intention. Nonetheless, if any
provision of this agreement or any indemnification made under this agreement shall for any reason be determined by any court of competent jurisdiction to be invalid, unlawful or unenforceable under current or future laws, such provision shall be
fully severable and, the remaining provisions of this agreement shall not otherwise be affected thereby, but will remain in full force and effect and, to the fullest extent possible, shall be construed so as to give effect to the intent manifested
by the provision held invalid, illegal or unenforceable. 
 14. This agreement shall be governed by and interpreted and
construed in accordance with the laws of the State of Delaware applicable to contracts executed and to be performed entirely within that State. 

  
 3 

 15. No amendment, modification, termination or cancellation of this agreement shall be
effective unless in writing signed by both the Company and you. 
 16. Your signature below will evidence your agreement and
acceptance with respect to the foregoing. 
  

			
	Very truly yours,
	
	WMS INDUSTRIES INC.
		
	By:	 	 
	Name:	 	Brian R. Gamache
	Title:	 	Chief Executive Officer

  

	
	AGREED TO AND ACCEPTED:
	
	  
	 [name]

  
 4

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