Document:

Exhibit 10.3

 

PROMISSORY NOTE

 

	$150,000	As of March __, 2021

 

Gesher I Acquisition Corp.
(“Maker”) promises to pay to the order of Verana Capital LLC or its successors or assigns (“Payee”) the principal
sum of One Hundred Fifty Thousand Dollars and No Cents ($150,000) in lawful money of the United States of America, on the terms and conditions
described below.

 

1. Principal.
The principal balance of this Note shall be repayable on the earlier of (i) July 31, 2021, (ii) the date on which Maker consummates an
initial public offering of its securities (“IPO”) or (iii) the date on which Maker determines to not proceed with such IPO.

 

2. Interest.
No interest shall accrue on the unpaid principal balance of this Note.

 

3. Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this
Note, including (without limitation) reasonable attorneys’ fees, then to the payment in full of any late charges and finally to
the reduction of the unpaid principal balance of this Note.

 

4. Events
of Default. The following shall constitute Events of Default:

 

(a) Failure
to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when
due.

 

(b) Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal Bankruptcy Code, as now constituted or hereafter
amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the
consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors,
or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance
of any of the foregoing.

 

(c) Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an
involuntary case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official)
of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive days.

 

     

     

    

 

5. Remedies.

 

(a) Upon
the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and
payable, whereupon the principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable
without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein
or in the documents evidencing the same to the contrary notwithstanding.

 

(b) Upon
the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid principal balance of, and all other sums payable
with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

 

6. Waivers.
Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or
personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing
for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such
writ in whole or in part in any order desired by Payee.

 

7. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the
payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall
not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee,
and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment
or other provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without
notice to them or affecting their liability hereunder.

 

8. Notices.
Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally
delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery, (iv)
sent by telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either party may designate by notice
in accordance with this Section:

 

If to Maker:

 

Gesher I Acquisition
Corp.

6030 East 11th Avenue

Denver, Colorado 80220

 

    2

     

    

 

If to Payee:

 

Verana Capital LLC

6030 East 11th Avenue

Denver, Colorado 80220

 

Notice shall be deemed given
on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission confirmation, (iii) the
date on which an e-mail transmission was received by the receiving party’s on-line access provider (iv) the date reflected on a
signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service.

 

9. Construction.
This Note shall be construed and enforced in accordance with the domestic, internal law, but not the law of conflict of laws, of the State
of New York.

 

10. Severability.
Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

IN WITNESS WHEREOF, Maker,
intending to be legally bound hereby, has caused this Note to be duly executed the day and year first above written.

 

	 	GESHER I ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

3Exhibit 4.6

 

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.

 

This Security is a Book-Entry Security within the meaning of the Indenture
hereinafter referred to and is registered in the name of a Depositary or a nominee thereof. This Security may not be transferred to, or
registered or exchanged for Securities registered in the name of, any Person other than the Depositary or a nominee thereof and no such
transfer may be registered, except in the limited circumstances described in the Indenture. Every Security authenticated and delivered
upon registration of transfer of, or in exchange for or in lieu of, this Security shall be a Book-Entry Security subject to the foregoing,
except in such limited circumstances described in the Indenture.

 

HOWMET AEROSPACE INC.

 

3.000% Notes due 2029

 

	No. R-___ 	(U.S.) $__________

 

CUSIP# 443201 AB4 

ISIN# US443201AB48

 

Howmet Aerospace Inc., a corporation duly organized
and existing under the laws of Delaware (herein called the “Company”, which term includes any successor Person under the Indenture
referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal
sum of $__________ (United States) Dollars on January 15, 2029, and to pay interest thereon from September 1, 2021, or from the most recent
January 15 or July 15 (each, an “Interest Payment Date”) to which interest has been paid or duly provided for, semi-annually
in arrears on January 15 and July 15 in each year, commencing January 15, 2022, at the rate of 3.000% 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 the January 1 or July 1 (whether or not
a Business Day), as the case may be, next preceding such Interest Payment Date. Interest will be paid on the basis of a 360-day year consisting
of twelve 30-day months. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. Payment of the principal of and any premium and interest on this Security will be made (a) at the Corporate
Trust Office of the Trustee or such other office or agency of the Company as may be designated by it for such 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 shall be legal tender
for the payment of public and private debts or (b) subject to any laws or regulations applicable thereto and to the right of the
Company (limited as provided in the Indenture) to rescind the designation of any such Paying Agent, at the main offices of the Company
in Pittsburgh, Pennsylvania, or at such other offices or agencies as the Company may designate, by United States dollar check drawn on,
or transfer to a United States dollar account maintained by the payee with, a bank in The City of New York; provided, however, that at
the option of the Company payment of interest may be made by United States dollar check mailed to the address of the Person entitled thereto
as such address 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, directly or through an Authenticating Agent, by manual, facsimile
or electronic signature of an authorized signatory, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

IN WITNESS WHEREOF, I have hereunto signed my name.

 

Dated: ____________________

 

	 	 	HOWMET AEROSPACE INC.
	 	 	 
	Attest:	 	 	By:	 
	 	 	 	 	 
	
     
	Assistant Secretary
	 	
     
	Vice President and Treasurer

 

    	 	2	 

     

    

 

CERTIFICATE
OF AUTHENTICATION

This is one of the Securities of

the series designated therein

referred to in the within-

mentioned Indenture.

 

THE
BANK OF NEW YORK MELLON

TRUST COMPANY, N. A., as Trustee

 

	By:	 	 		 
	 	 	 	 
	Authorized Signatory

	 	
     
	

 

  

 

	Date:	 	 		 

 

    	 	3	 

     

    

 

(Reverse of Global Note)

  

This Security is one of a duly authorized issue
of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture,
dated as of September 30, 1993 (herein, as supplemented by the First Supplemental Indenture dated as of January 25, 2007 between
the Company and the Trustee (as defined below), the Second Supplemental Indenture dated as of July 15, 2008 between the Company and
the Trustee, the Fourth Supplemental Indenture dated as of December 31, 2017 between the Company and the Trustee and the Fifth Supplemental
Indenture dated as of April 16, 2020, called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company,
N.A., as successor in interest to J. P. Morgan Trust Company, National Association (formerly Chase Manhattan Trust Company, National Association,
as successor to PNC Bank, National Association), 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, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities
(herein called the “Holders”) 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, initially issued in the aggregate principal amount of (U.S.) $700,000,000.

  

The Securities of this series are subject to redemption,
as a whole or in part, at the Company’s option, at any time or from time to time, on at least 15 days, but not more than 60 days,
prior notice to the Holders as described below. Any notice of redemption of the Securities of this series to be redeemed at the option
of the Company may state that such redemption shall be conditional, in the Company’s discretion, on one or more conditions precedent,
and that such conditional notice of redemption may be rescinded by the Company if it determines that any or all such conditions will not
be satisfied by the redemption date, and that in such event, such redemption notice shall be of no further force or effect and the Company
shall not be required to redeem the Securities on the redemption date or otherwise.

  

Prior to November 15, 2028, the date that is two
months prior to the maturity date of the Securities of this series (herein called the “Par Call Date”), the Securities of
this series will be redeemable at a redemption price equal to the greater of:

  

		·	100% of the principal amount of the Security to be redeemed, plus accrued interest, if any, to the redemption date; and

  

		·	the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted, on a semiannual basis, assuming a
360-day year consisting of twelve 30-day months, at the Treasury Rate, as defined below, plus 30 basis points, plus accrued interest to
the date of redemption which has not been paid.

  

At any time on or after the Par Call Date, the
Securities of this series will be redeemable, in whole or in part, at any time and from time to time, at the Company’s option at
a redemption price equal to 100% of the principal amount to be redeemed plus accrued interest to the date of redemption which has not
been paid.

 

For purposes of the foregoing discussion of an optional redemption,
the following definitions are applicable:

 

“Treasury Rate” means, with respect
to any redemption date for the Securities:

 

		·	the yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release designated “H(519)” or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United
States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue; provided that if no maturity is within three months before or after the maturity
date for this Security (assuming for these purposes that this Security matured on the Par Call Date), yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated
from those yields on a straight line basis rounding to the nearest month; or

 

    	 	4	 

     

    

 

		·	if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such
yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that
redemption date.

  

The Treasury Rate will be calculated on the third
Business Day preceding the redemption date.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of
this Security 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 comparable maturity to the remaining term of this Security (assuming for these purposes
that this Security matured on the Par Call Date).

  

“Comparable Treasury Price” means,
with respect to any redemption date for this Security:

  

		·	the average of four Reference Treasury Dealer Quotations for that redemption
date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations; or

  

		·	if the Trustee obtains fewer than four Reference Treasury Dealer Quotations,
the average of all quotations obtained by the Trustee.

 

“Independent Investment Banker” means
one of the Reference Treasury Dealers, to be appointed by the Company.

 

“Reference Treasury Dealer” means Citigroup
Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC and their respective successors;
provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer, which is referred to as
a “Primary Treasury Dealer,” the Company will substitute therefor another nationally recognized investment banking firm that
is a Primary Treasury Dealer.

  

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount,
quoted in writing to the Independent Investment Banker 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 to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would
be due after the related redemption date but for such redemption (assuming for these purposes that this Security matured on the Par Call
Date); 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 deemed to be reduced by the amount of interest accrued thereon to such
redemption date.

  

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

  

Notice of optional redemption will be given to
Holders of Securities of this series, not less than 15 nor more than 60 days prior to the date fixed for redemption, all as provided in
the Indenture.

  

On and after the redemption date, interest will
cease to accrue on the Securities of this series or any portion thereof called for redemption, unless the Company defaults in the payment
of the redemption price and accrued interest. On or before the redemption date, the Company will deposit with a paying agent (herein called
the “Paying Agent”), or the Trustee, money sufficient to pay the redemption price of and accrued interest on the Securities
of this series to be redeemed on such date. If less than all of the Securities of this series are to be redeemed, the Securities of this
series to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate.

 

    	 	5	 

     

    

 

If
a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem this Security as described above, the
Company will be required to make an offer to each Holder of the Securities
of this series to repurchase all or any part (in denominations of $2,000 and integral multiples of $1,000 in excess thereof) of
that Holder’s Securities of this series at a repurchase price in
cash equal to 101% of the aggregate principal amount of the Securities of this series repurchased plus any accrued and unpaid interest
on the Securities of this series repurchased to, but not including, the
date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change
of Control, but after the public announcement of the Change of Control, the Company will mail or otherwise distribute a notice to each
Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event and offering to repurchase Securities of this series on
the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice
is mailed, other than as may be required by law. The notice shall, if mailed prior to the date of consummation of the Change of Control,
state that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date specified
in the notice. Holders of the Securities of this series electing to have
the Securities of this series purchased pursuant to a Change of Control
Repurchase Event offer will be required to surrender their Securities of this
series, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Security completed, to the
Paying Agent at the address specified in the notice, or transfer their Securities
of this series to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the
close of business on the third Business Day prior to the repurchase payment date. The Company will comply with the requirements of Rule
14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Securities of this series as a result of a Change of Control Repurchase Event. To the extent
that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Securities
of this series, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached the
Company’s obligations under the Change of Control Repurchase Event provisions of the Securities of this series by virtue of such
conflict.

 

On the repurchase date following a Change of Control
Repurchase Event, the Company will, to the extent lawful:

 

		(1)	accept for payment all Securities of this series or portions of Securities of this series properly tendered pursuant to the Company’s
offer;

 

		(2)	deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities of this series or portions
of Securities of this series properly tendered; and

 

		(3)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with an Officers’
Certificate stating the aggregate principal amount of the Securities of this series being purchased by the Company.

 

The Paying Agent will promptly mail to each Holder
of Securities of this series properly tendered the purchase price for the Securities of this series, and the Trustee will promptly authenticate
and mail (or cause to be transferred by book-entry) to each Holder a new Security of this series equal in principal amount to any unpurchased
portion of any Securities of this series surrendered; provided that each new Security of this series will be in a minimum principal amount
of $2,000 and integral multiples of $1,000 in excess thereof.

 

The Company will not be required to make an offer
to repurchase the Securities of this series upon a Change of Control Repurchase Event if a third party makes such an offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities
of this series properly tendered and not withdrawn under its offer.

 

For purposes of the foregoing discussion of a repurchase
at the option of Holders, the following definitions are applicable:

 

    	 	6	 

     

    

 

“Change of Control” means the occurrence
of any of the following:

 

		(1)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries;

 

		(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or
other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting
power rather than number of shares;

 

		(3)	the Company consolidates with, or merges with or into, any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in
which any of the outstanding Voting Stock of the Company or such other person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately prior to such transaction
constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person immediately after giving effect
to such transaction; or

 

		(4)	the adoption of a plan relating to the liquidation or dissolution
of the Company.

 

Notwithstanding the foregoing, a transaction will
not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding
company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction
are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately
following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner,
directly or indirectly, of more than 50% of the Voting Stock of such holding company.

 

“Change of Control Repurchase Event”
means, both (1) the rating on the Securities of this series is lowered by at least two of the three Rating Agencies and (2) the Securities
of this series are rated below Investment Grade by at least two of the three Rating Agencies, in each case on any date during the 60-day
period (which period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration
for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”) after the earlier of (A) the occurrence
of a Change of Control; or (B) public notice of the occurrence of a Change of Control or the intention by the Company to effect a
Change of Control. Unless at least two of the three Rating Agencies are providing a rating for the Securities of this series at the commencement
of any Trigger Period, the ratings on the Securities of this series will be deemed to have been lowered by at least two of the three Rating
Agencies, and the Securities of this series will be deemed to be rated below Investment Grade by at least two of the three Rating Agencies
during the Trigger Period. Notwithstanding the foregoing, no Change of Control Repurchase Event will be deemed to have occurred in connection
with any particular Change of Control unless and until such Change of Control has actually been consummated

 

“Fitch” means Fitch Ratings Inc. and
its successors.

 

“Investment Grade” means a rating of
Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s); a rating of BBB- or better
by S&P (or its equivalent under any successor rating categories of S&P); a rating of BBB- or better by Fitch (or its equivalent
under any successor rating categories of Fitch); and the equivalent Investment Grade credit rating from any additional Rating Agency or
Rating Agencies selected by the Company.

 

“Moody’s” means Moody’s
Investors Service Inc., a subsidiary of Moody’s Corporation, and its successors.

 

    	 	7	 

     

    

 

“Rating Agency” means each of Moody’s,
S&P and Fitch; provided, that if any of Moody’s, S&P or Fitch ceases to rate the Securities of this series or
fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s control, the Company
may select (as certified by a resolution of the Company’s board of directors) a “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) under the Exchange Act as a replacement agency for Moody’s, S&P
or Fitch, or all of them, as the case may be, that is reasonably acceptable to the Trustee under the Indenture.

 

“S&P” means S&P’s Global
Ratings, a division of S&P Global, Inc. 

 

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

 

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 provisions relating to defeasance and discharge
set forth in Section 1302 of the Indenture and covenant defeasance set forth in Section 1303 of the Indenture are applicable
to the Securities of this series.

 

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 50% 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 set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the Indenture
or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default
with respect to this series, the Holders of not less than 25% in principal amount of the Outstanding Securities of this series shall have
made written request, and offered reasonable indemnity, to the Trustee to institute such proceeding as trustee, and the Trustee shall
not have received from the Holders of a majority in principal amount of the Outstanding Securities of this series a direction inconsistent
with such request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply
to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Security
on or after the respective due dates expressed herein.

 

No reference herein to the Indenture, and no provision
of this Security or of the Indenture, shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any) and interest on this Security at the times, place(s) 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 any premium and interest on
this Security are payable or, subject to any laws or regulations applicable thereto and to the right of the Company (limited as provided
in the Indenture) to rescind the designation of any such transfer agent, at the main offices of the Company in Pittsburgh, Pennsylvania
and in or at such other offices or agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

    	 	8	 

     

    

 

The Securities of this series are issuable only
in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

 

As used in this Security, “Business Day”
means any day other than a Saturday or Sunday, that is not a day on which banking institutions are authorized or obligated by law or executive
order to close in The City of New York. All other terms used in this Security which are defined in the Indenture and are not defined herein
shall have the meanings assigned to them in the Indenture.

 

    	 	9	 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security purchased
by the Company pursuant to the Change of Control Repurchase Event provisions of this Security, check the following box:

 

/      /  Purchase
pursuant to Change of Control Repurchase Event

 

If you want to elect to have only part of this
Security purchased by the Company pursuant to the Change of Control Repurchase Event provisions of this Security, state the amount:

 

$                                         

 

	Date:  	 	Your Signature:	 
	 	 	 	
	 	 	(Sign exactly as your name appears on the other side of the Security)

  

 

	Signature Guarantee:	 	 
	
    

    
	Signature must be guaranteed by a

participant in a recognized signature

guarantee medallion program or other

signature guarantor acceptable to the

Trustee.	 

  

    	 	10

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