Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) made as of this 26th day of January, 2011, by and among SUSQUEHANNA BANCSHARES, INC., a Pennsylvania corporation (the “Company”), SUSQUEHANNA BANK, a bank and trust company organized under the Pennsylvania Banking
Code of 1965 and a wholly-owned subsidiary of the Company (the “Bank”) and Robert W. White, an adult individual whose principal residence is at 8 Hounds Run Lane, Blue Bell, Pa 19422 (the “Employee”). 

Background 
 WHEREAS, the Employee and Abington Bancorp, Inc., a Pennsylvania corporation (“Abington”) and Abington Savings Bank, a Pennsylvania chartered stock-form savings bank (“Abington
Bank”), are parties to two Amended and Restated Employment Agreements, both made and entered into as of November 28, 2007 (“Existing Agreements”); 
 WHEREAS, the Company and Abington intend to effect a business combination pursuant to which Abington will be acquired by the Company (the “Merger”), with the Company as the surviving
entity, pursuant to an Agreement and Plan of Merger dated as of January 26, 2011 (the “Merger Agreement”); 

WHEREAS, the Employee is currently the Chairman of the Board, President and Chief Executive Officer of both Abington and Abington
Bank with over 30 years of service with Abington and Abington Bank; 
 WHEREAS, the Employee is the longest serving
member of the Board of Abington Bank who provides invaluable insight and knowledge of the Board of Abington and Abington Bank and has extensive experience and institutional knowledge in the banking industry, specifically in the greater Philadelphia
area; 
 WHEREAS, in connection with the Merger, the Company desires to induce the Employee to commence employment with
the Bank because of the Employee’s invaluable insight, knowledge and experience which makes him an integral asset to the Company and the Bank following the Merger; 
 WHEREAS, the Employee hereby agrees to commence employment with the Bank, effective as of the Effective Time of the Merger as defined in the Merger Agreement (the “Effective Time”), on
the terms and subject to the conditions hereinafter set forth; 

 WHEREAS, except as provided in this Agreement, this Agreement replaces and supersedes
all previous employment agreements between the Employee and Abington, including the Existing Agreements; 
 WHEREAS, in
consideration for the benefits and payments set forth herein, the Employee is willing to execute this Agreement and be bound by certain restrictive covenants set forth herein; and 

WHEREAS, this Agreement is conditioned upon the consummation of the Merger pursuant to the Merger Agreement and shall be void and
of no effect if the Merger is not consummated. 
 1. Position. The Company hereby agrees to cause the Bank to employ the
Employee and the Employee hereby agrees to commence employment with the Bank as Executive Vice President of the Bank effective as of the Effective Time. In addition, the Company shall cause the Employee to be appointed as a member of the Board of
Directors of the Company and the Bank, in each case, subject to the Employee having the necessary qualifications and the approval of the Corporate Governance and Nominating Committee of the Board, which approval shall not be unreasonably withheld.

 2. Duties. 
 2.1 The Employee shall report to the President of the Delaware Valley Division and agrees to assume such duties and responsibilities as may be consistent with the position of Executive Vice President and
as may be assigned to the Employee by the President of the Delaware Valley Division to whom the Employee reports or by the by-laws of the Bank from time to time. No change in the duties of the Employee shall in any way diminish the compensation
payable to him pursuant to the provisions of Paragraph 5 hereof. 
 2.2 The Employee agrees to work sixty percent (60%) of
a full-time work schedule and will devote his time, skill, attention and energies and his best efforts to the performance of his duties under this Agreement, consistent with practices and policies established from time to time by the Bank and sixty
percent (60%) of a full-time work schedule. The Employee agrees, in addition to the covenants concerning Non-Competition contained in Paragraph 11, that he shall not engage in any other business activity (including, without limitation,
participation by the Employee on any unaffiliated profit or non-profit board of directors) except: (a) upon the prior written notice to and consent of the Board of Directors of the Bank, (b) solely as an investor in real or personal
property, the management of which shall not detract from the performance of his duties hereunder, or (c) except for positions currently held by the Employee and previously disclosed to the Company and the Bank, which include the Rotary Club of
Jenkintown, the Federal Home Loan Bank of Pittsburgh, the Abington Health Foundation and Penn State University – Abington; provided, however, that the engagement by the Employee in 

  
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any such business activity shall at all times be in conformity with the Bank’s Code of Ethics, as the same may be amended or supplemented from time to time. Notwithstanding anything herein
to the contrary, the Employee shall terminate any such activity upon reasonable request by the Bank. 
 3. Period of
Employment. Unless terminated earlier pursuant to the applicable termination provisions of this Agreement, the period of employment shall commence on the Effective Time on end on December 31, 2012 (the “Period of Employment”).
This Agreement is conditioned upon the consummation of the Merger pursuant to the Merger Agreement and shall be void and of no effect if the Merger is not consummated. 
 4. Change in Control Payment. In consideration for this Agreement and the mutual covenants and promises contained herein, including the Employee’s agreement to be bound by the restrictive
covenants set forth in Paragraphs 10 and 11 of this Agreement, the Bank shall pay or cause to be paid to the Employee $2,038,199 (the “Change in Control Payment”), as of the Closing Date (as defined in the Merger Agreement). The parties
agree that the amount of the Change in Control Payment set forth in the preceding sentence is an estimated amount based on certain reasonable assumptions with respect to the projected cost of various types of insurance coverage and certain other
benefits. The parties agree that the amount of the Change in Control Payment will be adjusted immediately prior to the Effective Time as necessary and mutually agreed to by the parties to take into account changes in the applicable IRS discount rate
and any changes in the insurance premiums or the costs of such other benefits prior to the Effective Time. The Change in Control Payment as finally determined pursuant to the preceding sentence constitutes all amounts due to the Employee under the
Existing Agreements in consideration for the termination of the Existing Agreements as of the Effective Time, including a cash payment in lieu of providing the insurance benefits specified in Section 5(g)(B) of the Existing Agreements, but
excluding any parachute amounts associated with the accelerated vesting of stock options or restricted stock awards and excluding the payment of benefits under the Abington Bank Amended and Restated Supplemental Executive Retirement Plan.
Notwithstanding anything else contained in this Agreement, the Company agrees to maintain in effect and honor the provisions of Section 6 of the Employee’s Existing Agreement with Abington as if such provisions were set forth herein, in
the event it is subsequently determined that the Change in Control Payment, together with any other payments and benefits which the Employee has the right to receive from either the Company, the Bank, Abington or Abington Bank, constitutes a
“parachute payment” within the meaning of section 280G(b)(2) of the Code. Notwithstanding anything contained herein to the contrary, if the Employee’s employment ceases due to a voluntary resignation from employment by the Employee in
the absence of an Adverse Change at any time during the twelve (12) month period following the Effective Time, the Employee agrees that he will repay $50,000 of the Change in Control Payment to the Bank within thirty (30) days following
the date on which the Employee resigns from employment. 

  
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 5. Compensation. For all services rendered by the Employee under this Agreement, the
Bank shall pay to the Employee compensation as provided below: 
 5.1 Base Salary. The Bank shall pay the Employee a
minimum annual base salary at the rate of $193,200 per year in accordance with the Bank’s normal payroll practices. In connection with the annual review required by Subparagraph 5.3 hereof, the Employee’s base salary shall be reviewed and
in light of such review may be increased (but not decreased), taking into account any change in the Employee’s responsibilities, performance of the Employee and other pertinent factors. Payment of any increase in the Employee’s base salary
(if any) shall commence no later than July 1 of the year in which the increase is granted. 
 5.2 Bonus. The Bank
may, but shall not be required to, pay to the Employee annual bonus compensation in such amount as may be determined by the Board of Directors of the Bank or its designee within guidelines established by the Bank. Such bonus shall not exceed the
amount of the Employee’s annual base salary. The Employee’s bonus (if any) for a fiscal year shall be paid to him at the time and in the form and manner provided under the terms of the applicable plan pursuant to which the bonus is
awarded. 
 5.3 Annual Review. The determination of compensation payable by the Bank hereunder shall be made by the
Compensation Committee or its designee, which shall perform an annual review of this Agreement, the Employee’s performance with the Bank, and compensation payable hereunder. In such annual review, the Compensation Committee shall consider the
recommendations of the Board of Directors of the Bank. The results of such review, including recommendation as to base salary adjustment and bonus (if any), shall be reported to the Bank and shall be memorialized in the minutes of the meetings of
the Board of Directors of the Bank or held in a confidential file by the Bank’s or the Company’s Human Resources Department. 
 6. Benefits. 
 6.1 Life Insurance and Disability Benefits. The
Employee shall be entitled to group term life insurance insuring the Employee’s life during the Period of Employment, disability insurance coverage, and accidental death and dismemberment benefits, including death benefit, in such amounts and
in such coverage as shall be consistent with the insurance coverage programs available to other salaried employees of the Bank, as the same may change from time to time, and subject in all respects to the terms of the applicable plan. The Employee
shall designate the beneficiary of such policy and benefits. 

  
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 6.2 Health Benefits. The Employee shall be entitled to major medical and health
insurance coverage for the Employee and his immediate family on such terms, in such amounts and in such coverage as shall be consistent with the insurance coverage programs available to other salaried employees of the Bank generally, as the same may
change from time to time, and subject in all respects to the terms of the applicable plan. 
 6.3 Other Benefits. To the
extent such benefits are not specifically described or duplicated hereinabove in this Paragraph 6, the Employee shall also be entitled to participate in any and all thrift, profit sharing, pension and similar benefit plans (not including severance,
change in control or other similar arrangements), now or hereafter maintained by the Company, the Bank or their Affiliates and offered by the Company, the Bank or their affiliates to salaried employees of the Bank generally, as the same may change
from time to time, and subject in all respects to the terms of the applicable plan. 
 6.4 Automobile Benefits. The
Employee shall be entitled to an automobile or automobile allowance in accordance with the terms of the Bank’s automobile policy at a level commensurate with the Employee’s position as Executive Vice President. 

6.5 Expenses. Subject to such general employee expense account policies as the Bank may from time to time adopt, the Bank shall
pay or reimburse the Employee upon presentation of vouchers or invoices for reasonable expenses incurred by the Employee in the performance of his duties in carrying out the terms and provisions of this Agreement, including, without limitation,
expenses for such items as entertainment, travel, meals, hotel and similar items. In the event that any reimbursed expenses are disallowed by the Internal Revenue Service as deductions to the Bank, as the case may be, the Employee shall retain such
reimbursed expense amounts which the Employee shall treat and report as additional compensation and which the Bank shall treat as deductible salary expense. 
 6.6 Vacation. The Employee shall be entitled to six weeks of vacation annually, to be taken at times reasonably convenient to the Bank. 

6.7 Indemnification. To the extent permitted by law, the Bank shall indemnify the Employee and hold him harmless from all
liability and claims, whether meritorious or not, including the cost of defense thereof (including reasonable attorneys’ fees) which have arisen or accrued or which hereafter may arise or accrue and are based upon any act or omission which the
Employee has taken or committed or hereafter may take or commit on behalf of or in connection with the Bank in his official capacity, so long as the following conditions are met with respect to such claim or liability: (a) if such action was
taken in the exercise of reasonable business judgment and was taken in an area within the scope of responsibility of the Employee, or (b) if not within the scope of the Employee’s responsibility, (i) at the time of such act or
omission the Board of 

  
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Directors of the Bank had knowledge of the facts or circumstances pursuant to which such act was taken or such omission occurred and (ii) no written objection to such act or omission was
duly made by the Board of Directors of the Bank. 
 Actions taken by the Employee which are covered by this Agreement
specifically include (by way of illustration), but are not limited to, (a) the payment of any salary, bonus or other compensation to any officer, director, or employee, (b) the reimbursement or payment of any expenses incurred by any such
officer, director or employee, (c) the making or retention of any investments (including, without limitation, loans) by the Bank, or (d) injury claims against the Company, the Bank and their Affiliates or the Employee based on negligence
or other alleged tortious actions and which arise in connection with the conduct of the business of the Company, the Bank and their Affiliates. 
 The Employee shall indemnify the Company, the Bank and their Affiliates and hold them harmless from all liability and claims, whether meritorious or not, including the cost of the defense thereof
(including reasonable attorneys’ fees) which have arisen or accrued or which hereafter may arise or accrue and are based upon acts taken without the consent or approval of the Board of Directors of the Bank and which represent the
Employee’s deliberate malfeasance or gross negligence. 
 7. Termination. The Bank may terminate the Employee’s
employment without Cause (as defined below), or subject to the requirements of applicable law, on account of the Employee’s Disability (as defined below), in either case, at any time, with 90 days’ advance written notice (or pay in lieu
thereof). The Bank may terminate the Employee’s employment for Cause at any time without notice. The Employee may terminate his employment at any time for any reason, with two months’ advance written notice (or such shorter notice as the
Bank shall then accept). Upon termination, the Employee shall be entitled only to such compensation and benefits as described in this Paragraph 7. 
 7.1 Termination by the Bank Without Cause or by the Employee Due to Adverse Change. The Employee’s employment under this Agreement may be terminated by the Bank at any time without Cause
during the Period of Employment provided in this Employment Agreement or by the Employee within 12 months following a Change in Control if there occurs an Adverse Change within such 12 month period. In the event of and in consideration for all
amounts and benefits payable hereunder by reason of a Change in Control, the Employee acknowledges that the provisions of Paragraph 11 hereof shall extend to any offices or facilities of any business that becomes an affiliate of or successor to the
Company on account of such Change in Control. In any such event of termination under this Subparagraph 7.1, the Bank shall pay to the Employee an amount equal to the greater of the Employee’s then current monthly salary rate or the rate in
effect prior to any reduction which led to the termination times the greater of (A) the number of months otherwise remaining in the Period of Employment 

  
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set forth in Paragraph 3, or (B) 12 months (either (A) or (B), whichever as applicable, shall be the “Payment Period”). The Bank shall also provide the Employee with benefits
in accordance with Subparagraph 7.6 hereof. Subject to Subparagraph 7.2, the severance amounts described in this Subparagraph 7.1 shall be paid in bi-weekly compensation continuation payments for the Payment Period, with each payment equal to 1/26
of the Employee’s then current annual salary rate or the rate in effect prior to any reduction which led to the termination. 
 7.2 Section 409A of the Code Payment Requirements. Except as otherwise provided in Paragraph 7, all compensation and benefits shall cease at the time of such termination and the Bank shall
have no further liability or obligation by reason of such termination. 
 Notwithstanding anything herein to the contrary, if,
at the time of the Employee’s termination of employment with the Bank, the Company has securities which are publicly traded on an established securities market and the Employee is a “specified employee” (as such term is defined in
section 409A of the Code) and it is necessary to postpone the commencement of any payments or benefits otherwise payable under this Agreement as a result of such termination of employment to prevent any accelerated or additional tax under section
409A of the Code, then the Bank shall postpone the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the Employee) that are not otherwise paid
within the “short-term deferral exception” under Treas. Reg. §1.409A-1(b)(4) and/or the “separation pay exception” under Treas. Reg. §1.409A-1(b)(9)(iii), until the first payroll date that occurs after the date that is
six months following the Employee’s “separation from service” with the Bank. If any payments are postponed due to such requirements, such postponed amounts shall be paid in a lump sum to the Employee on the first payroll date that
occurs after the date that is six months following the Employee’s “separation of service” with the Bank. If the Employee dies during the postponement period prior to the payment of the postponed amount, the amounts withheld on account
of section 409A of the Code shall be paid to the personal representative of the Employee’ s estate within 60 days after the date of the Employee’s death. A “specified employee” shall mean an employee who, at any time during the
12-month period ending on the identification date, is a “specified employee” under section 409A of the Code, as determined by the Compensation Committee or its designee. The determination of specified employees, including the number and
identity of persons considered specified employees and the identification date, shall be made by the Compensation Committee or its designee in accordance with the provisions of sections 416(i) and 409A of the Code and the regulations issued
thereunder. 
 7.3 Other Terminations. If the Employee’s employment ceases for any reason other than as described in
Subparagraph 7.1, above (including, but not limited, to (a) termination by the Bank for Cause, (b) as a result of the Employee’s death or termination by the Bank on account of the Employee’s Disability, (c) resignation by
the 

  
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Employee in the absence of an Adverse Change, or (d) expiration of this Agreement, then the Employee shall receive payment for his accrued and unpaid base salary through the date of such
cessation. All compensation and benefits shall cease at the time of such termination and, except as otherwise provided herein or in the applicable employee benefit plans of the Company, the Bank or their Affiliates, the Bank shall have no further
liability or obligation by reason of such termination. 
 7.4 Claims. Any claims for benefits under Paragraph 7 of the
Agreement shall be governed by the claims procedures in the Susquehanna Bancshares, Inc. Key Employee Severance Pay Plan, as amended from time to time. However, the severance benefit provisions of this Agreement shall govern in lieu of the severance
provisions of such Plan. Except as specifically provided in this Agreement, the benefits provided under this Agreement in the case of a termination shall be in lieu of those provided by the Bank and its Affiliates under any other severance plans.

 7.5 Release. Notwithstanding any other provision of this Agreement, any severance or termination payments or benefits
herein described are conditioned on the Employee’s execution and delivery to the Bank of an effective general release and non-disparagement agreement in a form prescribed by the Bank and in a manner consistent with the requirements of the Older
Workers Benefit Protection Act and any applicable state law. Notwithstanding any provision of this Agreement to the contrary, in no event shall the timing of the Employee’s execution of the release, directly or indirectly, result in the
Employee designating the calendar year of payment, and if a payment that is subject to execution of the release could be made in more than one taxable year, payment shall be made in the later taxable year. 

7.6 Other Rights. Nothing in this Agreement is intended to limit the Employee’s right to (a) payment or reimbursement
for welfare benefit claims incurred prior to the cessation of his employment under any group insurance plan, policy or arrangement of the Company in accordance with the terms of such plan, policy or arrangement, (b) elect COBRA Benefits in
accordance with applicable law, or (c) receive a distribution of vested accrued benefits from any employee pension benefit plan in accordance with the terms of that plan. 
 7.7 Parachute Payments. 
 7.7.1 Anything in this Agreement to the contrary
notwithstanding, in the event that a Change in Control occurs and it shall be determined that any payment or distribution by the Bank or its Affiliates to or for the benefit of the Employee, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, would constitute an “excess parachute payment” within the meaning of section 280G of the Code (each such payment, a “Parachute Payment”) and would result in the imposition on
the Employee of an excise tax under section 4999 of the Code, then, in addition to any other benefits to which the Employee is entitled under this Agreement or 

  
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otherwise, the Employee shall be paid an amount in cash equal to the sum of the excise taxes payable by the Employee by reason of receiving Parachute Payments plus the amount necessary to place
the Employee in the same after-tax position (taking into account any and all applicable federal, state and local excise, income or other taxes at the highest possible applicable rates on such Parachute Payments (including, without limitation, any
payments under this Subparagraph 7.7.1)) as if no excise taxes had been imposed with respect to Parachute Payments (the “Parachute Gross-up”). In no event shall a Parachute Gross-up be payable under this subparagraph 7.7.1 in the absence
of a Change in Control. Any Parachute Gross-up otherwise required by this Subparagraph 7.7.1 shall not be made later than the time of the corresponding payment or benefit hereunder giving rise to the underlying section 4999 of the Code excise tax
(to the extent such determination has been made prior to such time), even if the payment of the excise tax is not required under the Code until a later time. Any Parachute Gross-up otherwise required under this Subparagraph 7.7.1 shall be made,
whether or not payments or benefits are payable under this Agreement, and whether or not the Employee’s employment with the Bank shall have been terminated. 
 7.7.2 All determinations to be made under this Subparagraph 7.7 shall be made by an independent public accounting firm chosen by the Bank (the “Accounting Firm”). 

7.7.3 In the event the Internal Revenue Service notifies the Employee of an inquiry with respect to the applicability of sections 280G or
4999 of the Code to any payment by the Bank or its Affiliates, or assessment of tax under section 4999 of the Code with respect to any payment by the Bank or its Affiliates, the Employee shall provide notice to the Bank of such inquiry or assessment
within 10 days, and shall take no action with respect to such inquiry or assessment until the Bank has responded thereto (provided such response is timely with respect to the inquiry or assessment). The Bank shall have the right to appoint an
attorney or accountant to represent the Employee with respect to such inquiry or assessment, and the Employee shall fully cooperate with such representative as a condition of receiving a Parachute Gross-up with respect to such inquiry or assessment.

 7.7.4 All of the fees and expenses of the Accounting Firm in performing the determinations referred to in Subparagraphs
7.7.1 and 7.7.2 above, or of the representative appointed pursuant to Subparagraph 7.7.3 above, shall be borne solely by the Bank. 
 7.7.5 Notwithstanding the foregoing, if the imposition of a section 4999 of the Code excise tax could be avoided by a reduction of the payments due to the Employee (determined before application of
Subparagraph 7.7.1) by an amount of 10% or less, then the total of all such payments shall be reduced to an amount one dollar ($1.00) below the amount that would cause a section 4999 of the Code excise tax to be imposed, and Subparagraph 7.7.1 shall
not apply. 

  
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 7.7.6 To the extent necessary to eliminate a Parachute Payment, the amounts payable or
benefits to be provided to the Employee shall be reduced such that the economic loss to the Employee as a result of the Parachute Payment elimination is minimized. In applying this principle, the reduction shall be made in a manner consistent with
the requirements of section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. 

7.7.7 Notwithstanding any provision of this Subparagraph 7.7 to the contrary, in accordance with the requirements of section 409A of the
Code, any Parachute Gross-up payable hereunder shall be paid not later than the end of the calendar year next following the calendar year in which the Employee or the Bank (as applicable) remits the taxes for which the Parachute Gross-up is being
paid. 
 7.8 Enforcement. Following any Change in Control, the Bank shall pay all legal fees and costs incurred by the
Employee to enforce his rights under this Agreement if (a) he is required to initiate a proceeding to enforce such rights and (b) he is awarded any relief in that proceeding. 

8. Confidential Information. During the Period of Employment, and at any time thereafter, the Employee shall not, without the
consent of a senior officer of the Company, disclose to any person, firm or corporation (except, during the term of his employment, to the extent necessary to perform his duties hereunder) any customer lists, trade secrets, reports, correspondence,
mailing lists, manuals, price lists, employee lists, prospective employee lists, letters, records or any other confidential information relating to the business of the Company, the Bank or any of their Affiliates and shall not, without the consent
of a senior officer of the Company, deliver any oral address or speech or publish, or knowingly permit to be published, any written matter in any way relating to confidential information regarding the business of the Company, Bank or any of their
Affiliates. 
 9. Property Rights. The Employee agrees that all literary work, copyrightable material or other
proprietary information or materials developed by the Employee during the term of this Agreement and relating to, or capable of being used or adopted for use in, the business of the Company, the Bank and their Affiliates shall inure to and be the
property of the Company, the Bank and their Affiliates and must be promptly disclosed to the Bank. Both during employment by the Bank and thereafter, the Employee shall, at the expense of the Bank, execute such documents and do such things as the
Company or the Bank reasonably may request to enable the Company, the Bank or their nominee (i) to apply for copyright or equivalent protection in the United States, Canada and elsewhere for any literary work hereinabove referred in this
Paragraph, or (ii) to be vested with any such copyright protection in the United States, Canada and elsewhere. 

  
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 10. Non-Disparagement. Upon termination of employment hereunder, the Employee shall
not malign, criticize or otherwise disparage the Company, the Bank or any of their Affiliates or their respective officers, employees or directors. 
 11. Non-Competition. 
 11.1 During the Period of Employment hereunder and
then for one year following the Employee’s termination of employment for any reason: 
 11.1.1 The Employee shall not
directly for himself or any third party, become engaged in any business or activity which is directly in competition with any services or financial products sold by, or any business or activity engaged in by, the Company, the Bank or any of their
Affiliates, including, without limitation, any business or activity engaged in by any federally or state chartered bank, savings bank, savings and loan association, trust company and/or credit union, and/or any services or financial products sold by
such entities, including, without limitation, the taking and accepting of deposits, the provision of trust services, the making of loans and/or the extension of credit, brokering loans and/or leases and the provision of insurance and investment
services, within a 25 mile radius of any office or facility of the Company, the Bank or any of their Affiliates. This provision shall not restrict the Employee from owning or investing in publicly traded securities of financial institutions, so long
as his aggregate holdings in any financial institution do not exceed 10% of the outstanding capital stock of such institution. 

11.1.2 The Employee shall not solicit any person who was a customer of the Company, the Bank or any of their Affiliates during the period
of the Employee’s employment hereunder, or solicit potential customers who are or were identified through leads developed during the course of employment with the Bank, or otherwise divert or attempt to divert any existing business of the
Company, the Bank or any of their Affiliates within any area of 100 miles of any office or facility of the Company, the Bank or any of their Affiliates. 
 11.1.3 The Employee shall not directly for himself or any third party, solicit, induce, recruit or cause another person in the employment of the Company, the Bank or any of their Affiliates to terminate
his employment for the purposes of joining, associating, or becoming employed with any business or activity which is in competition with any services or financial products sold, or any business or activity engaged in, by the Company, the Bank or any
of their Affiliates. 
 11.1.4 The Employee understands that in the event of a violation of any provision of this Agreement, the
Company and the Bank shall have the right to seek injunctive relief, in addition to any other existing rights provided in this Agreement or by operation of law, without the requirement of posting bond. The Employee understands that the Bank may
suspend future payments of the compensation continuation payments 

  
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and benefits provided in Subparagraph 7.1 and may seek, as a remedy, a return of any prior compensation continuation payments made under Subparagraph 7.1 or the portion of the Change in Control
Payment made under Paragraph 4 allocable to these restrictive covenants pursuant to Subparagraph 11.6 below. The remedies provided in this Paragraph shall be in addition to any legal or equitable remedies existing at law or provided for in any other
agreement between the Employee and the Company, the Bank or any of their Affiliates, and shall not be construed as a limitation upon, or as an alternative or in lieu of, any such remedies. If any provisions of this Paragraph shall be determined by a
court of competent jurisdiction to be unenforceable in part by reason of it being too great a period of time or covering too great a geographical area, it shall be in full force and effect as to that period of time or geographical area determined to
be reasonable by the court. 
 11.1.5 In the event of a Change in Control, the Employee acknowledges that the provisions of
Paragraph 11 hereof shall extend to any offices or facilities of any business that becomes an affiliate of or successor to the Company, the Bank or any of their Affiliates on account of such Change in Control and that the period specified in
Subparagraph 11.1 shall be two years instead of one year. 
 11.1.6 For purposes of this Agreement, not less than $313,000 of
the Change in Control Payment set forth in Paragraph 4 is in consideration for the Employee’s agreement to enter into and continued compliance with the restrictive covenants set forth in Paragraphs 10 and 11 of this Agreement. The Company
believes such restrictive covenants are imperative to the Merger as the Employee is currently the Chairman of the Board, President and Chief Executive Officer of both Abington and Abington Bank with over 30 years of service with Abington and
Abington Bank. The Employee is the longest serving member of the Board of Abington Bank and provides invaluable insight and knowledge of the Board of Abington and Abington Bank and has extensive experience and institutional knowledge in the banking
industry, specifically in the greater Philadelphia area. This invaluable insight, knowledge and experience makes the Employee an integral asset to the Company and the Bank following the Merger. 

12. Preemptive Considerations. Notwithstanding anything to the contrary set forth herein: 

12.1 If the Employee is suspended and/or temporarily prohibited from participating in the conduct of the Company’s, the Bank’s
or any of their Affiliates’ affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1)) or any amendments or supplements thereto, the Company’s and the Bank’s
obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay the Employee all or part of the
compensation withheld while this Agreement’s obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 

  
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 12.2 If the Employee is removed and/or permanently prohibited from participating in the
conduct of the Company’s, the Bank’s or its Affiliates’ affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818 (e)(4) or (g)(1)) or any amendments or supplements thereto,
or equivalent provisions relating to a regulator with supervisory authority over the Company, the Bank or their Affiliates, all obligations of the Company, the Bank and their Affiliates under the contract shall terminate as of the effective date of
the order, but vested rights of the parties shall not be affected. 
 12.3 If the Company, the Bank or any of their Affiliates
is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act or equivalent provisions relating to a regulator with supervisory authority over the Company, the Bank or any of their Affiliates), all obligations under this
Agreement shall terminate as of the date of default, but this Subparagraph 12.3 shall not affect any vested rights of the parties. 
 13. Records. Upon the termination of employment hereunder, the Employee shall deliver to the Bank all correspondence, reports, customer lists, office keys, manuals, advertising brochures, sample
contracts, price lists, employee lists, prospective employee lists, mailing lists, letters, records and any and all other documents pertaining to or containing information relative to the business of the Bank, and the Employee shall not remove any
of such records either during the course of employment or upon the termination thereof. 
 The Employee understands that in the
event of a violation of the provisions of this Paragraph 13, the Bank shall have the right to seek injunctive relief, in addition to any other existing rights provided herein or by operation of law, without the requirement of posting bond. The
remedies provided in this Paragraph 13 shall be in addition to any legal or equitable remedies existing between the Employee and the Bank, and shall not be construed as a limitation upon, or as alternative or in lieu of, such remedies. 

14. Survival. Notwithstanding anything to the contrary in this Agreement, the parties agree that the Employee’s obligations
under Paragraphs 8, 9, 10, and 11 of this Agreement shall continue despite the expiration of the term of this Agreement or its termination. 
 15. Definitions. 
 For purposes of this Agreement: 

15.1 The term “Adverse Change” shall include and be limited to (A) a significant change in the nature or scope of the
Employee’s duties as set forth in the first sentence of Paragraph 2 hereof such that the Employee has been reduced to a position of materially lesser authority, status or responsibility (provided, however, for purposes of this Subparagraph, in
circumstances not involving a Change in Control, so long as the Employee remains a senior officer (which shall mean and include any officer position 

  
 - 13 -

 
with the Bank above the position of vice president), an Adverse Change shall not be deemed to have occurred), or the time required to be spent by the Employee 60 miles or more beyond the
Bank’s geographic market area shall be increased without the Employee’s consent by more than 20%, as compared to the average of the two preceding years, (B) a material reduction in the Employee’s base compensation, or
(C) any other material and willful breach by the Bank of any other provision of this Agreement. 
 However, none of the
foregoing events or conditions shall constitute an Adverse Change unless: (x) the Employee provides the Bank with written objection to the event or condition within 60 days following the occurrence thereof, (y) the Bank does not reverse or
otherwise cure the event or condition within 30 days of receiving that written objection, and (z) the Employee resigns his employment within 60 days following the expiration of the 30-day cure period. If the Employee’s termination occurs
after such time, the termination shall be treated as a termination other than for Adverse Change and the Employee shall not be entitled to severance benefits under this Agreement. 

15.2 The term “Affiliate” shall mean with respect to the Company or the Bank, persons or entities controlling, controlled by or
under common control with the Company or the Bank. 
 15.3 Unless otherwise required by the context, the term “Board”
shall mean the Board of Directors of the Company. 
 15.4 The term “Cause” shall mean any of the following:
(a) the Employee’s personal dishonesty; (b) the Employee’s incompetence; (c) the Employee’s willful misconduct; (d) the Employee’s breach of fiduciary duty involving personal profit; (e) the
Employee’s intentional failure to perform stated duties; (f) the Employee’s willful violation of any law, rule or regulation (other than traffic violations or similar offenses); (g) the issuance of a final cease-and-desist order
by a state or federal agency having jurisdiction over the Bank or any entity which controls the Bank to the extent such cease-and-desist order requires the termination of the Employee; or (h) a material breach by the Employee of any provision
of this Agreement. 
 15.5 The term “Change in Control” shall mean the first to occur, after the Effective Time, of
any of the following: 
 (a) if any Person is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Securities Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its subsidiaries) representing 25% or more of
either the then outstanding shares of stock of the Company or the combined voting power of the Company’s then outstanding securities; 
 (b) if during any period of 24 consecutive months during the existence of this Agreement commencing on or after the date hereof, the individuals who, at the

  
 - 14 -

 
beginning of such period, constitute the Board of Directors of the Company (the “Incumbent Directors”) cease for any reason other than death to constitute at least a majority thereof;
provided that a director who was not a director at the beginning of such 24-month period shall be deemed to have satisfied such 24-month requirement (and be an Incumbent Director) if such director was elected by, or on the recommendation of or with
the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors either actually (because they were directors at the beginning of such 24-month period) or by prior operation of this clause (b); 

(c) the consummation of a merger or consolidation of the Company with any other corporation other than (A) a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or
any parent thereof) at least 60% of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation
effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the beneficial owner, as defined in clause (a), directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its subsidiaries) representing 40% or more of either the then outstanding shares of stock of the Company or the combined voting power of the Company’s then
outstanding securities; or 
 (d) the shareholders of the Company approve a plan of complete liquidation or dissolution of the
Company, or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s
assets to an entity, at least 60% of the combined voting power of the voting securities of which are owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale. 

Upon the occurrence of a Change in Control, no subsequent event or condition shall constitute a Change in Control for purposes of this
Agreement, with the result that there can be no more than one Change in Control hereunder. 
 15.6 The term “Code”
shall mean the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder. 
 15.7 The term
“Company” shall mean the Company as hereinbefore defined or any entity succeeding to substantially all of the assets and business of the Company. 

  
 - 15 -

 15.8 The term “Compensation Committee” shall mean the Compensation Committee of
the Board of Directors of the Company. 
 15.9 The terms “COBRA” and “COBRA Benefits” shall refer to
continued group health insurance benefits under sections 601-607 of the Employee Retirement Income Security Act of 1974, as amended, (29 U.S.C. part 6) Act and the regulations promulgated thereunder. 

15.10 The term “Disability” means a condition entitling the Employee to benefits under the long term disability plan, policy or
arrangement of the Company, the Bank or any of their Affiliates applicable to the Employee; provided, however, that if no such plan, policy or arrangement is then maintained by the Company, the Bank or any of their Affiliates and
applicable to the Employee, “Disability” will mean the Employee’s inability to perform his duties under this Agreement due to a mental or physical condition that can be expected to result in death or that can be expected to last (or
has already lasted) for a continuous period of 180 days or more. Termination as a result of a Disability will not be construed as a termination “without Cause.” 
 15.11 The term “Period of Employment” shall have the meaning described in Paragraph 3. 
 15.12 The term “Person” shall have the meaning ascribed thereto by Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as modified and used in
Sections 13(d) and 14(d) thereof (except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as
their ownership of stock of the Company, or (v) such Employee or any “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) which includes the Employee). 

16. Miscellaneous. 
 16.1 Assignment. This Agreement (including, without limitation, Paragraph 11 hereof relating to non-competition) shall be binding upon the parties hereto, the heirs and legal representatives of the
Employee and the successors and assigns of the Bank. 
 16.2 Prohibited Assignment. The Employee shall have no right to
exchange, convert, encumber or dispose of the rights to receive the benefits or payments under this Agreement, which payments, benefits and rights thereto are expressly declared to be non-assignable and non-transferable. 

  
 - 16 -

 16.3 Notices. Any notice required, permitted or intended to be given under this
Agreement shall be in writing and shall be deemed to have been given only if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the appropriate address shown below, or such revised address as
is delivered to the other party by the same means. 
  

	 	(a)	Notices to the Bank shall be sent to: 

 Susquehanna Bank 
 Attn. Director of Human Resources 

26 North Cedar Street 
 P.O. Box 1000 
 Lititz, PA 17543-7000 

 

	 	(b)	Notices to the Employee shall be sent to the most recent address on file with the Company. 

16.4 Entire Agreement. This Agreement constitutes the entire agreement between the parties in connection with the subject matter
hereof, supersedes any and all prior agreements or understandings between the parties, including the Existing Agreements (except as set forth herein), and may only be changed by agreement in writing between the parties. 

16.5 Construction. This Agreement shall be construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania,
without application of the principles of conflicts of laws. 
 16.6 Paragraph Headings. The Paragraph headings herein
have been inserted for convenience of reference only and shall in no way modify or restrict any of the terms or provisions hereof. 
 16.7 Section 409A of the Code. This Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. If any payment or benefit cannot be provided or made at the
time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions shall not be imposed. The Employee shall be solely
responsible for any tax imposed under section 409A of the Code and in no event shall the Company or the Bank have any liability with respect to any tax, interest or other penalty imposed under section 409A of the Code. For purposes of section 409A
of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon the Employee’s “separation from service” (within the meaning of such term under section 409A of the Code). In no event
shall the Employee, directly or indirectly, designate the calendar year of payment, except as permitted under section 409A of the Code. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance
with the requirements of section 

  
 - 17 -

 
409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during the Employee’s lifetime (or during a shorter period of
time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any
other calendar year, (iii) the reimbursement of an eligible expense shall be made on or before March 15th of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit. Nothing contained in this Agreement shall constitute any representation or warranty by the Company or the Bank regarding compliance with section 409A of the Code. Neither
the Company nor the Bank has any obligation to take any action to prevent the assessment of any excise tax under section 409A of the Code on any person and neither the Company, the Bank, nor any of their Affiliates, or any of their employees or
representatives shall have any liability to the Employee with respect thereto.
 [SIGNATURE PAGE FOLLOWS] 

  
 - 18 -

 IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this
Agreement the day and year first above written. 
  

									
		 		 		 	SUSQUEHANNA BANCSHARES, INC.
					
	Attest:	 	 /s/ Sandra Vegoe
	 		 	By:	 	 /s/ Edward Balderston

				
		 		 		 	SUSQUEHANNA BANK
					
	Attest:	 	 /s/ Sandra Vegoe
	 		 	By:	 	 /s/ Eddie Dunklebarger

				
		 		 		 	Robert W. White
	Witness:	 		 		 	
			
	 /s/ Frank Kovalcheck
	 		 	 /s/ Robert W. White

  
 - 19 -EXHIBIT 4.1

 Exhibit 4.1 
 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 OF A DEPOSITARY. THIS GLOBAL SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY 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. 
 SANOFI 

1.200% NOTE DUE 2014 
  

					
	 No. R – [—]
	  	 	U.S.$ [—]	  
		  	 	CUSIP 801060AA2	  
		  	 	ISIN US801060AA22	  

 Sanofi, a société anonyme duly organized and existing under the laws
of the Republic of France, having its registered office at 174, avenue de France, 75013, Paris, France, existing for a term that will expire on May 18, 2093, registered with the Registry of Commerce and Companies (Registre du commerce et des
sociétés) of Paris under No. 395 030 844 (herein called the “Company”, which term includes any successor or substitute corporation under the Indenture hereinafter referred to), for value received, hereby promises to
pay to Cede & Co., or registered assigns, the principal sum of [—] U.S. Dollars (U.S.$ [—]) on September 30, 2014, and to pay interest
thereon from September 30, 2011 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 30 and September 30 of each

  
 1 

 
year, commencing March 30, 2012, at the rate of 1.200% 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 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 March 15 or September 15 (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 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 (if any), and upon such notice as may be required by such exchange (if any), all as more fully provided in said Indenture. 

The Company will make all payments of principal and interest on the Securities without withholding or deduction for, or
on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or within the Republic of France (or, if the Company changes its jurisdiction of organization or residency for tax
purposes, the jurisdiction in which the Company is organized or resident for tax purposes or in the case of a successor entity of the Company, any jurisdiction in which such successor entity is organized or resident for tax purposes) (or any
political subdivision or taxing authority thereof or therein) (each, as applicable, a “Relevant Jurisdiction”), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the
event that any such withholding or deduction is so required, the Company or any successor entity, as the case may be, will make such deduction or withholding, make payment of the amount so withheld to the appropriate governmental authority and will,
to the fullest extent permitted by law, pay such additional amounts (“Additional Amounts”) as will result in receipt by the Holders of such amounts as would have been received by the Holders had no such withholding or deduction been
required by the Relevant Jurisdiction, except that no Additional Amounts will be payable for or on account of: 

(A) any tax, duty, assessment or other governmental charge which would not have been imposed but for (i) the
existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and
the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction (other than the mere holding of the Security), including, without limitation, such Holder (or such fiduciary, settlor,
beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having 

  
 2 

 
or having had a permanent establishment therein; or (ii) the presentation of a Security of such series (where presentation is required) for payment on a date more than 30 days after the
date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later (except to the extent that the Holder would have been entitled to such additional amounts on presenting it for
payment on the thirtieth such day); 
 (B) any estate, inheritance, gift, sale, transfer, personal property or
similar tax, duty, assessment or other governmental charge; 
 (C) any tax, duty, assessment or other
governmental charge that is payable otherwise than by withholding from payments of (or in respect of) principal of, or any interest on, the Securities of such series; 

(D) any tax, duty, assessment or other governmental charge that is imposed or withheld by reason of the failure by the
Holder or the beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or
satisfy any information or reporting requirements, which in each case of the foregoing (i) or (ii) is required or imposed by a statute, treaty, regulation or administrative practice of the Relevant Jurisdiction as a precondition to
exemption from all or part of such tax, duty, assessment or other governmental charge; 
 (E) any tax, duty,
assessment or other governmental charge which such Holder or beneficial owner would have been able to avoid by presenting such Security to another Paying Agent; 

(F) any tax, duty, assessment or other governmental charge which is imposed on a payment pursuant to the European Union
Directive 2003/48/EC regarding the taxation of savings income or any other directive amending, supplementing or replacing such directive, or any law implementing or complying with, or introduced in order to conform to, such directive or directives;
or 
 (G) any combination of items (A), (B), (C), (D), (E) and (F) above; nor shall additional amounts
be paid with respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be
required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership
or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 
 Payment of the principal of (and premium, if any) and interest on this Security will be made at the Corporate Trust Office of the Trustee, as Paying Agent, in The City

  
 3 

 
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 at such address as shall appear in the Security Register. 

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. 

  
 4 

 IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed. 
 Dated: September 30, 2011 

 

					
	 SANOFI
	 	
			
	 By
	 	  
	 	
		 	Name: Olivier Klaric	 	
		 	 Title: Vice President Financing & Treasury

  

					
	Attest:	 		 	
		 	  
	 	
		 	 Name:
	 	
		 	 Title:
	 	

  
 5 

 Trustee’s Certificate of Authentication 

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

Dated: September 30, 2011 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS

	 BY:    DEUTSCHE BANK NATIONAL TRUST COMPANY

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	 Authorized Signatory

  
 6 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued outside France in one or more series under an Indenture, dated as of March 29, 2011 (herein called the “Indenture”), between the Company, as issuer, and Deutsche Bank Trust Company Americas, as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, limited in initial aggregate principal amount to U.S.$ [—]. 
 The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice mailed to the registered Holders of the Securities of this series, at any time or from time
to time, as a whole or in part, at the election of the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed and (ii) the sum of the present values of the Remaining
Scheduled Payments of principal and interest thereon (excluding interest accrued to the Redemption Date) of the Securities to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus the Applicable Redemption Margin for the Securities to be redeemed, in each case plus accrued and unpaid interest thereon to (but not including) the Redemption Date. 

For the purposes of the foregoing: 
 “Applicable Redemption Margin” means 0.150% per annum. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the
Comparable Treasury Issue, assuming 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. 

“Comparable Treasury Issue” means the U.S. Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of a comparable maturity to the remaining term of the Securities. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as
such. 

  
 7 

 “Comparable Treasury Price” means, with respect to any Redemption
Date (i) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and the lowest such Reference Treasury Dealer Quotations for such redemption date, or (ii) if the Trustee obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference
Treasury Dealer” means each of Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Natixis Securities North America Inc. or its affiliates and one other nationally
recognized investment banking firm selected by the Company that is a primary U.S. Government securities dealer in New York City (each, a “primary treasury dealer”). If at the time of the selection by the Company of the Independent
Investment Banker, any of the foregoing is not a primary treasury dealer, the Company will substitute another primary treasury dealer. 
 “Reference Treasury Dealer Quotation” 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 ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing or by email to the Trustee by such Reference Treasury Dealer at 3:30 p.m. New York City time, on the third business
day preceding such Redemption Date. 
 “Remaining Scheduled Payments” means, with respect to each
Security, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date for such redemption; provided, however, that, if such Redemption Date is not an Interest Payment Date with
respect to such Security, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 

The notice of redemption will state any conditions applicable to a redemption and the amount of Securities of any series
to be redeemed. If less than all the Securities of any series are to be redeemed, the Securities of such series to be redeemed shall be selected by the Trustee by such method as the Trustee deems fair and appropriate. 

In the event of redemption of this Security in part only, a new Security or Securities of this series for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 This Security is
also redeemable prior to Stated Maturity as permitted under Section 1108 (“Optional Redemption Due to Changes in Tax Treatment”); the date specified for the Securities of this series, for the purpose of said Section 1108, is
September 30, 2011. 

  
 8 

 If an Event of Default with respect to Securities of this series shall occur
and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As 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 reasonable indemnity, 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, in each case for 60 days after receipt of such notice, request and offer of indemnity. 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 or provided for 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 premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 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 premium, if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory

  
 9 

 
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, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000. 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 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. This transfer or exchange will only be made if the Security Registrar is satisfied with the Holder’s proof of ownership. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee or its nominee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to Section 308 of the Indenture), whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Indenture provides
that the Company, at the Company’s option, (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or
mutilated Securities, maintain paying agencies and hold or deposit moneys for payment in trust and certain other obligations in respect of the Trustee, the Paying Agent, Authenticating Agent and Securities Registrar) or (b) need not comply with
certain restrictive covenants of the Indenture, in each case if the Company deposits, in trust, with the Trustee money or U.S. Government Obligations which, through the payment of interest thereon and principal thereof in accordance with their
terms, will provide money, in an amount sufficient to pay all the principal (including any mandatory sinking fund payments, if any) of, and premium, if any, and interest on, the Securities on the dates such payments are due in accordance with the
terms of such Securities, and certain other conditions are satisfied. 
 All terms used in this Security which
are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
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