Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
 CHURCH & DWIGHT CO., INC.

 $400,000,000 2.300% Senior Notes due 2031 

FIRST SUPPLEMENTAL INDENTURE 

Dated as of December 10, 2021 

to 
 Indenture Dated as of
December 10, 2021 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
		
	 Section 1.01 Definitions
	  	 	1	 
		
	 Section 1.02 Other Definitions
	  	 	6	 
		
	 Section 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	7	 
			
	 ARTICLE II
	 	APPLICATION OF SUPPLEMENTAL INDENTURE AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES	  	 	7	 
		
	 Section 2.01 Application of this First Supplemental Indenture
	  	 	7	 
		
	 Section 2.02 Creation of the Notes
	  	 	7	 
		
	 Section 2.03 Form of the Notes
	  	 	8	 
		
	 Section 2.04 Terms and Conditions of the Notes
	  	 	8	 
			
	 ARTICLE III
	 	REDEMPTION	  	 	9	 
		
	 Section 3.01 Optional Redemption
	  	 	9	 
		
	 Section 3.02 Notices to Trustee
	  	 	9	 
		
	 Section 3.03 Selection of Notes to Be Redeemed
	  	 	10	 
		
	 Section 3.04 Notice of Redemption
	  	 	10	 
			
	 ARTICLE IV
	 	SPECIAL MANDATORY REDEMPTION	  	 	10	 
		
	 Section 4.01 Special Mandatory Redemption
	  	 	10	 
		
	 Section 4.02 Notice of Redemption
	  	 	10	 
		
	 Section 4.03 Payment of Redemption Price
	  	 	11	 
		
	 Section 4.04 Amendment and Termination
	  	 	11	 
			
	 ARTICLE V
	 	CHANGE OF CONTROL	  	 	11	 
		
	 Section 5.01 Offer to Repurchase Upon Change of Control Triggering Event
	  	 	11	 
			
	 ARTICLE VI
	 	COVENANTS	  	 	13	 
		
	 Section 6.01 Limitation on Secured Debt
	  	 	13	 
		
	 Section 6.02 Limitation on Sale and Leaseback Transactions
	  	 	15	 
		
	 Section 6.03 Exceptions
	  	 	15	 
			
	 ARTICLE VII
	 	MISCELLANEOUS	  	 	15	 
		
	 Section 7.01 Ratification of Indenture
	  	 	15	 
		
	 Section 7.02 Trust Indenture Act Controls
	  	 	15	 
		
	 Section 7.03 Notices
	  	 	15	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
		
	 Section 7.04 Governing Law
	  	 	15	 
		
	 Section 7.05 Waiver of Jury Trial
	  	 	16	 
		
	 Section 7.06 Successors and Assigns
	  	 	16	 
		
	 Section 7.07 Multiple Originals
	  	 	16	 
		
	 Section 7.08 Effect of Headings
	  	 	16	 

  
 -ii- 

 FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated
as of December 10, 2021, among CHURCH & DWIGHT CO., INC., a Delaware corporation (the “Company”), having its principal office at 500 Charles Ewing Boulevard, Ewing, New Jersey 08628, and DEUTSCHE BANK TRUST COMPANY
AMERICAS, a New York banking corporation, as trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Company executed and delivered to the Trustee an indenture, dated as of December 10, 2021 (the “Base
Indenture” and together with this First Supplemental Indenture, the “Indenture”), providing for the issuance by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness (the
“Securities”), to be issued in one or more series; 
 WHEREAS, Sections 2.01, 3.01 and 9.01 of the Base Indenture provide,
among other things, that by means of a supplemental indenture, the Company and the Trustee may, without the consent of Holders, enter into indentures supplemental to the Base Indenture to create one or more series of Securities and establish the
form and terms thereof; 
 WHEREAS, the Company intends by this First Supplemental Indenture to create and provide for the issuance of a
series of debt securities to be designated as the “2.300% Senior Notes due 2031” (the “Notes”); and 
 WHEREAS,
all things necessary to make the Notes, when executed by the Company, authenticated by the Trustee, issued upon the terms and subject to the conditions set forth hereinafter and in the Base Indenture and delivered as provided in the Base Indenture
against payment therefor, valid, binding and legal obligations of the Company according to their terms, and all actions required to be taken by the Company under the Base Indenture to make this First Supplemental Indenture a valid, binding and legal
agreement of the Company have been done. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration,
the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

(a) All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Base Indenture. 

(b) The following are definitions used in this First Supplemental Indenture, and to the extent that a term is defined both herein and in the
Base Indenture, the definition in this First Supplemental Indenture shall govern with respect to the Notes. 

 “Acquisition” means the Company’s acquisition of all of the issued and
outstanding shares of equity securities of Dr. Harold Katz, LLC and HK-IP International, Inc., which collectively own the TheraBreath brand, pursuant to the Acquisition Agreement. 

“Acquisition Agreement” means that certain Securities Purchase Agreement, dated as of November 24, 2021, among the
Company, Dr. Harold Katz, LLC, HK-IP International, Inc., the sellers party thereto and TYHKO LLC. 

“Attributable Debt” in respect of any sale and leaseback transaction means, at the date of determination, the present value
(discounted at the rate of interest implicit in the terms of the lease as determined in good faith by the Company) of the obligation of the lessee for net rental payments during the remaining term of the lease (including any period for which such
lease has been extended or may, at the option of the lessor, be extended). “Net rental payments” under any lease for any period means the sum of the rental and other payments required to be paid in such period by the lessee thereunder,
excluding any amounts required to be paid by such lessee (whether or not designated as rental or additional rental payments) on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges required to be paid by
such lessee thereunder or any amounts required to be paid by such lessee thereunder contingent upon the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. 

“Below Investment Grade Rating Event” means the Notes are rated below an Investment Grade Rating for any reason by each of
the Rating Agencies on the 60th day following the occurrence of a Change of Control (which date shall be extended if the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies on such 60th
day, such extension to last until the date on which the Rating Agency considering such possible downgrade either (x) rates such Notes below an Investment Grade Rating or (y) publicly announces that it is no longer considering such Notes
for possible downgrade; provided, that no such extension shall occur if any of the Rating Agencies rates the Notes with an Investment Grade Rating that is not subject to review for possible downgrade on such 60th day). 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any preferred stock and limited liability or partnership interests (whether general or limited), but excluding any debt securities convertible into such
equity. 
 “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 more series of related transactions, of all or substantially all of the Company’s assets and the assets of the Company’s 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 the Company’s 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 Company’s outstanding Voting Stock, measured by voting
power rather than number of shares; 

  
 2 

 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 Company’s outstanding Voting Stock or the
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction
constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; 

4) the first day on which a majority of the members of the board of directors of the Company cease to be Continuing Directors;
or 
 5) the adoption of a plan relating to the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a transaction will not be deemed to be a Change of Control under clause (2) above if (A) the Company
becomes a direct or indirect wholly owned subsidiary of a holding company and (B)(i) 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 (ii) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (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; provided that, upon the consummation of any such transaction, “Change of Control” shall
thereafter include any Change of Control of any direct or indirect parent of such holding company. 
 “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Comparable Treasury
Issue” means the U.S. Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming that the Notes matured on the Par Call Date) 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 the Notes (assuming that the Notes matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date (1) the average of the Reference Treasury Dealer
Quotations for that Redemption Date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of all of these
quotations. 

  
 3 

 “Consolidated Net Tangible Assets” means, at the date of determination, the
aggregate amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (a) all current liabilities (excluding (i) any indebtedness for money borrowed having a maturity of less than 12 months
from the date of the Company’s then most recent consolidated balance sheet publicly available but which by its terms is renewable or extendible beyond 12 months from such date at the option of the borrower and (ii) current maturities of
long-term debt and capital leases) and (b) all goodwill, trade names, patents, unamortized debt discount and expense and any other like intangibles, all as set forth on the Company’s then most recent consolidated balance sheet publicly
available and computed in accordance with generally accepted accounting principles. 
 “Continuing Director” means, as of
any date of determination, any member of the Board of Directors of the Company who: 
  

	 	1)	 was a member of such Board of Directors on the date of the issuance of the Notes; or 

 

	 	2)	 was nominated for election or elected to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a
director, without objection to such nomination). 

 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 “Fitch” means Fitch Ratings, Inc. and its successors. 

“Funded Debt” means Debt which by its terms matures at or is extendible or renewable at the option of the obligor to a date
not less than 12 months after the date of the creation of such Debt. 
 “ Global Note” means the Global Note in
substantially the form attached hereto as Exhibit A. 
 “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in each case, if such Rating Agency ceases to rate the
Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, the equivalent investment grade credit rating by the replacement agency selected by the Company in accordance with the procedures set
forth under the definition of “Rating Agencies.” 
 “Moody’s” means Moody’s Investors Service, Inc. and
its successors. 
 “Outside Date” means April 23, 2022. 

“Person” means any individual, corporation, partnership, joint venture, association, joint stock company, trust,
unincorporated organization, limited liability company, government or any agency or political subdivision thereof or any other entity, and includes a “person” as used in Section 13(d)(3) of the Exchange Act. 

  
 4 

 “Principal Property” means any plant, office facility, warehouse,
distribution center or equipment located within the United States of America (other than its territories or possessions) and owned by the Company or any of its subsidiaries, the gross book value (without deduction of any depreciation reserves) of
which on the date as of which the determination is being made exceeds 1% of the Company’s Consolidated Net Tangible Assets, except any such property which the Company’s board of directors, in its good faith opinion, determines is not of
material importance to the business conducted by the Company and its subsidiaries, taken as a whole, as evidenced by a board resolution. 

“Quotation Agent” means the Reference Treasury Dealer selected by the Company. 

“Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or
S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization,” within the meaning of
Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“Redemption Date” means the business day on which the Notes are redeemed by the Company pursuant to Section 3.01 hereof.

 “Reference Treasury Dealer“ means (i) each of BofA Securities, Inc., Scotia Capital (USA) Inc. and Wells Fargo
Securities, LLC (or their respective affiliates that are Primary Treasury Dealers (as defined below)) and their respective successors and (ii) one Primary Treasury Dealer selected by Truist Securities, Inc. or its successor; provided, however,
that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company will substitute for such firm another 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 Quotation Agent, 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 Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m., New York City time, on the third business day preceding such Redemption Date. 
 “Remaining Scheduled
Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related Redemption Date for such redemption (assuming that the Notes
matured on the Par Call Date); provided, however, that, if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding Scheduled Interest Payment thereon will be reduced by the amount of interest
accrued thereon to such Redemption Date. 
 “Restricted Subsidiary” means any of the Company’s subsidiaries that owns
or leases a Principal Property. 
 “S&P” means S&P Global Ratings, a division of S&P Global, Inc., and its
successors. 

  
 5 

 “Treasury Rate” means, for any Redemption Date, the rate per annum equal to
the semi-annual equivalent yield to maturity, computed as of the second business day immediately preceding that Redemption Date, 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 that Redemption Date. 
 “Voting Stock” means, with respect to
any specified “person” as of any date, 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. 

Section 1.02 Other Definitions. 
  

			
	 Term
	  	 Defined in Section

	“Base Indenture”	  	Recitals
		
	“Change of Control Offer”	  	5.01(b)
		
	“Change of Control Payment”	  	5.01(a)
		
	“Change of Control Payment Date”	  	5.01(b)(ii)
		
	“Company”	  	Preamble
		
	“Debt”	  	6.01
		
	“DTC”	  	2.03
		
	“Indenture”	  	Recitals
		
	“Interest Payment Date”	  	Face of Global Note
		
	“Lien”	  	6.01
		
	“Notes”	  	Recitals
		
	“Par Call Date”	  	3.01
		
	“Regular Record Date”	  	Face of Global Note
		
	“First Supplemental Indenture”	  	Preamble
		
	“Securities”	  	Recitals
		
	“Special Mandatory Redemption”	  	4.01

  
 6 

			
		
	“Special Mandatory Redemption Date”	  	4.02
		
	“Special Mandatory Redemption Event”	  	4.01
		
	“Special Mandatory Redemption Notice”	  	4.02
		
	“Special Mandatory Redemption Price”	  	4.01
		
	“Trustee”	  	Preamble
		
	“U.S. Government Obligation”	  	2.04(e)

 Section 1.03 Incorporation by Reference of Trust Indenture Act. The Indenture is subject to
the mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a part of the Indenture. The following Trust Indenture Act terms have the following meanings: 

“indenture securities” means the Notes. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this First Supplemental Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, reference to another statute or
defined by Commission rule have the meanings assigned to them by such definitions. 
 ARTICLE II 

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES 

Section 2.01 Application of this First Supplemental Indenture. Notwithstanding any other provision of this First
Supplemental Indenture, the provisions of this First Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes. 

Section 2.02 Creation of the Notes. In accordance with Section 3.01 of the Base Indenture, the Company hereby
creates the Notes as a separate series of its Securities issued pursuant to the Indenture. The Notes shall be issued initially in an aggregate principal amount of $400,000,000. 

  
 7 

 Section 2.03 Form of the Notes. The Notes shall be issued in the
form of one or more Global Notes, duly executed by the Company and authenticated by the Trustee, which shall be deposited with the Trustee as custodian for The Depository Trust Company (“DTC”) and registered in the name of
“Cede & Co.,” as the nominee of DTC. The Notes shall be substantially in the form of Exhibit A attached hereto. So long as DTC, or its nominee, is the registered owner of a Global Note, DTC or its nominee, as the case may be,
shall be considered the sole owner or Holder of the Notes represented by such Global Note for all purposes under the Indenture and under the Notes. Ownership of beneficial interests in such Global Note shall be shown on, and transfers thereof will
be effective only through, records maintained by DTC (with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests of beneficial owners). 

Section 2.04 Terms and Conditions of the Notes. The Notes shall be governed by all the terms and conditions of the
Base Indenture, as supplemented by this First Supplemental Indenture. In particular, the following provisions shall be terms of the Notes: 

(a) Title and Conditions of the Notes. The title of the Notes shall be as specified in the Recitals; and the aggregate
principal amount of the Notes shall be as specified in Section 2.02 of this Article II, except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04,
3.05, 3.06 or 9.06 of the Base Indenture. 
 (b) Stated Maturity. The Notes shall mature, and the principal of the
Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon on December 15, 2031 (the “Maturity Date”). 

(c) Payment of Principal and Interest. The terms relating to payment of principal and interest with respect to the Notes
are set forth in the Global Note. 
 (d) Registration and Form. The Notes shall be issuable as registered securities
as provided in Section 2.03 in this Article II. The form of the Notes shall be as set forth in the Global Note. Each of the Notes shall be issued and may be transferred only in minimum denomination of $2,000 and integral multiples of $1,000
above that amount. All payments of principal, any optional redemption price (as defined below), if applicable, any Special Mandatory Redemption Price (as defined below), if applicable, and accrued unpaid interest of the Notes shall be made by the
Company by wire transfer of immediately available funds in U.S. Dollars to the DTC or its nominee, as the case may be, as the registered owner of the Global Note representing such Notes. 

(e) Legal Defeasance and Covenant Defeasance. The provisions for defeasance in Section 13.02 of the Base Indenture,
and the provisions for covenant defeasance in Section 13.03 of the Base Indenture, shall be applicable to the Notes. 

(f) Further Issuance. Notwithstanding anything to the contrary contained herein or in the Base Indenture, the Company
may, from time to time, without the consent of or notice to the Holders of the Notes, create and issue further securities ranking equally and ratably with, and having the same terms and conditions as, the Notes (other than the original issuance date
and, under certain circumstances, the issue price and the initial interest payment date), so that such further securities will be consolidated and form a single series with the Notes, including for purposes of voting and redemptions, provided that
any such further securities shall be fungible with the Notes for U.S. federal income tax purposes. No such additional securities may be issued if an Event of Default has occurred and is continuing with respect to the Notes. 

  
 8 

 (g) Redemption. The Notes are subject to redemption by the Company
only in the manner described herein. 
 (h) Ranking. The Notes shall be general unsecured obligations of the Company.
The Notes shall rank pari passu in right of payment with all unsecured and senior indebtedness of the Company and senior in right of payment to all subordinated indebtedness of the Company. 

(i) Sinking Fund. The Notes are not subject to any sinking fund. 

(j) Other Terms and Conditions. The Notes shall have such other terms and conditions as provided herein and in the
Global Note. 
 ARTICLE III 

REDEMPTION 

Section 3.01 Optional Redemption. 

(a) Prior to the applicable Par Call Date, the Notes are redeemable, in whole or in part from time to time, at the option of the Company at a
redemption price equal to the greater of: 
  

	 	(i)	 100% of the principal amount of the Notes to be redeemed, and 

 

	 	(ii)	 the sum of the present values of the Remaining Scheduled Payments to be redeemed, discounted to the applicable
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, 

plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

(b) At any time on or after September 15, 2031 (three months prior to the Maturity Date, the “Par Call Date”), the Notes
are redeemable, in whole or in part, at the option of the Company at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

Section 3.02 Notices to Trustee. The Company shall give each notice to the Trustee provided for in this Section at
least 15 days prior to the applicable Redemption Date (unless the Trustee consents to a shorter period). Such notice shall be accompanied by an Officers’ Certificate to the effect that such redemption will comply with the conditions herein and
in the Base Indenture. The Company shall notify the Trustee of the redemption price for the Notes to be redeemed promptly after the calculation thereof. The Trustee shall not be responsible for the calculation of the redemption price or the
correctness thereof. 

  
 9 

 Section 3.03 Selection of Notes to Be Redeemed. If less than all
the Notes are to be redeemed, the Notes to be redeemed will be selected by the Trustee no more than 60 days prior to the Redemption Date in accordance with the customary procedures of DTC. The Trustee shall make the selection from outstanding Notes
not previously called for redemption. 
 The Trustee shall notify the Company promptly of the Notes or portions of the Notes to be redeemed.

 Section 3.04 Notice of Redemption. At least 15 days but not more than 60 days before the applicable Redemption
Date, the Company shall send a notice of redemption by first-class mail to each Holder of the Notes to be redeemed at such Holder’s registered address. The notice of redemption will state any conditions applicable to a redemption and the amount
of Notes to be redeemed. The Company shall provide written notice to the Trustee prior to the close of business two business days prior to the Redemption Date if any such condition precedent has not been satisfied and the redemption has been
rescinded or delayed, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given. 

ARTICLE IV 
 SPECIAL
MANDATORY REDEMPTION 
 Section 4.01 Special Mandatory Redemption. In the event that (a) the Acquisition
is not consummated on or before the Outside Date or (b) at any time prior to the Outside Date, the Acquisition Agreement is terminated (either such event being a “Special Mandatory Redemption Event”), the Company will redeem the Notes
(the “Special Mandatory Redemption”) at the Special Mandatory Redemption Price. The “Special Mandatory Redemption Price” will be a price equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to, but
excluding, the Special Mandatory Redemption Date (as defined below), subject to the right of Holders of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date. 

Section 4.02 Notice of Redemption. The Company will deliver notice of the occurrence of a Special Mandatory
Redemption Event (a “Special Mandatory Redemption Notice”) to the Trustee within three business days following the occurrence of a Special Mandatory Redemption Event and not less than five business days prior to the anticipated Special
Mandatory Redemption Date. Concurrently with the delivery of the Special Mandatory Redemption Notice, the Company shall provide the Trustee with a notice to the Holders of the Special Mandatory Redemption Notes that a Special Mandatory Redemption is
to occur and request the Trustee to, at the Company’s expense, deliver such notice in accordance with the procedures of DTC; provided, however, that the Special Mandatory Redemption Notice and notice to holders will be provided to the Trustee
no less than two business days prior to the date that such notice is to be delivered to holders, or such shorter time as the Trustee may agree. The notice to the Holders of Notes shall state the proposed Special Mandatory Redemption Date and the
Special Mandatory Redemption Price. Within three business days (or such minimum period as may be required by DTC) after the Trustee’s mailing of such notice of a Special Mandatory Redemption Event, the Company will perform the Special Mandatory
Redemption (the date of such redemption, the “Special Mandatory Redemption Date”). 

  
 10 

 Section 4.03 Payment of Redemption Price. On the business day
prior to the Special Mandatory Redemption Date, the Company shall deposit with the Paying Agent the amounts necessary to fund the redemption of the Notes at the Special Mandatory Redemption Price. On the Special Mandatory Redemption Date, the Paying
Agent shall use such amounts received to pay each holder of the Notes the Special Mandatory Redemption Price for such Holder’s Notes. 

Section 4.04 Amendment and Termination. The provisions described in this Article IV may not be waived or modified with
respect to any series of Notes without the written consent of each Holder of such series of Notes. Upon the consummation of the closing of the Acquisition on or prior to the Outside Date, the provisions described in this Article IV will cease to
apply to the Notes. 
 ARTICLE V 

CHANGE OF CONTROL 
 Section 5.01
Offer to Repurchase Upon Change of Control Triggering Event. 
 (a) Upon the occurrence of a Change of
Control Triggering Event, unless the Company has previously exercised, or contemporaneously with the Change of Control Triggering Event, exercises its right to redeem the Notes pursuant to Section 3.01 hereof, each Holder of Notes will have the
right to require the Company to repurchase all or a portion (equal to $2,000 or integral multiples of $1,000 above that amount) of such Holder’s Notes pursuant to the Change of Control Offer (as described below), at a purchase price equal to
101% of the principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to, but excluding, the date of repurchase, subject to the right of Holders of Notes on the relevant Regular Record Date to receive
interest due on the relevant Interest Payment Date (the “Change of Control Payment”). 
 (b) Within 30 days
following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will send, by first-class
mail (or for Global Notes, in accordance with applicable DTC procedures), a notice (a “Change of Control Offer”), to each Holder of Notes, with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer
and specify: 
 (i) that the Change of Control Offer is being made pursuant to this Section 5.01 and that all Notes
tendered will be accepted for payment; 
 (ii) the Change of Control Payment and the repurchase date, which shall be a
business day no earlier than 30 days and no later than 60 days from the date such notice is sent other than as may be required by law (the “Change of Control Payment Date”); 

(iii) the CUSIP or ISIN numbers for the Notes; 

(iv) that any Note not tendered will continue to accrue interest; 

(v) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (vi) that Holders
of Notes electing to have Notes repurchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying
Agent at the address specified in the notice, or transfer their Notes 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 Change
of Control Payment Date; 

  
 11 

 (vii) that Holders will be entitled to withdraw their election referred to
in clause (vi) if the Paying Agent receives, not later than the close of business on the second business day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal
amount of Notes delivered for repurchase, and a statement that such Holder is withdrawing his election to have the Notes repurchased; 

(viii) that Holders whose Notes are being repurchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or integral multiples of $1,000 above that amount; and 

(ix) if the notice is sent prior to the date of consummation of the Change of Control, that the Change of Control Offer is
conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 
 (c) The
Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the manner, at times and otherwise in compliance with the requirements for such an offer made by the Company and such
third party purchases all Notes properly tendered and not withdrawn under its offer. 
 (d) On the Change of Control Payment
Date, the Company will, to the extent lawful: 
 (i) accept for payment all Notes or portions thereof properly tendered
pursuant to the Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the
Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased by the Company. 

(e) The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes,
and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will
be in a principal amount of $2,000 or integral multiples of $1,000 above that amount. 
 (f) The Company will comply in all
material respects with the requirements of Rule 14e-1 under the Exchange Act and any securities laws and regulations applicable to the repurchase of the Notes as a result of a Change of Control Triggering
Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company will comply with those securities laws and regulations and will not be deemed to have
breached its obligations under the Change of Control Offer provisions of the Notes by virtue of such conflict. 

  
 12 

 ARTICLE VI 

COVENANTS 
 The covenants
set forth in this Article VI shall be applicable to the Company in addition to the covenants in Article X of the Base Indenture, which shall in all respects be applicable in respect of the Notes. 

Section 6.01 Limitation on Secured Debt. The Company will not, and will not permit any Restricted Subsidiary to,
incur, issue, assume, or guarantee any debt securities, bonds, debentures or other similar evidence of indebtedness for money borrowed (“Debt”), secured by a pledge of, or mortgage or other lien on, any Principal Property, now owned or
hereafter owned by the Company or any Restricted Subsidiary, or any shares of Capital Stock or Debt of any Restricted Subsidiary (“Liens”), without effectively providing that the outstanding Notes (together with, if the Company shall so
determine, any other Company Debt or Debt of any Restricted Subsidiary then existing or thereafter created which is not subordinate to the Notes) shall be secured equally and ratably with (or prior to) such secured Debt so long as such secured Debt
shall be so secured. The foregoing restrictions do not apply to: 
 (a) Liens existing on the date of the Indenture; 

(b) Liens for taxes or assessments or governmental charges or levies not yet due or which are being contested in good faith and
by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the Company’s or the applicable Restricted Subsidiary’s books in accordance with generally accepted accounting practices; 

(c) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in
the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the
Company’s or the applicable Restricted Subsidiary’s books in accordance with generally accepted accounting practices; 

(d) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation, other than any Lien imposed by the Employee Retirement Income Security Act of 1974; 

(e) Liens imposed by law or in favor of U.S. or foreign governmental bodies to secure partial, progress, advance or other
payments; 
 (f) Liens to secure the performance of bids, tenders, letters of credit, trade contracts and leases (other than
Indebtedness), statutory obligations, surety, customs and appeal bonds, payment performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

  
 13 

 (g) easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the
property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 
 (h)
Liens created by or resulting from any litigation or other proceeding which is being contested in good faith by appropriate proceedings, including Liens arising out of judgments or awards against the Company or any Restricted Subsidiary with respect
to which the Company or such Restricted Subsidiary is in good faith prosecuting an appeal or proceedings for review or Liens incurred by the Company or any Restricted Subsidiary for the purpose of obtaining a stay or discharge in the course of any
litigation or other proceeding to which the Company or such Restricted Subsidiary is a party; 
 (i) Liens on any Principal
Property acquired (whether by merger, consolidation, purchase, lease or otherwise) by the Company or any Restricted Subsidiary after the date of the Indenture which are created or assumed prior to, contemporaneously with, or within 360 days after,
such acquisition; 
 (j) Liens on any Principal Property constructed or improved by the Company or any Restricted Subsidiary
after the date of the Indenture which are created or assumed prior to, contemporaneously with, or within 360 days after, such construction or improvement, to secure or provide for the payment of all or any part of the cost of such construction or
improvement (including related expenditures capitalized for Federal income tax purposes in connection therewith) incurred after the date of the Indenture; 

(k) Liens on any property, shares of Capital Stock or Debt existing at the time of acquisition thereof, whether by merger,
consolidation, purchase, lease or otherwise (including liens on property, shares of capital stock or indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary); 

(l) Liens in favor of, or which secure Debt owing to, the Company or any Restricted Subsidiary; or 

(m) any extension, renewal or replacement (or successive extensions, renewals or replacements) as a whole or in part, of any
Lien referred to in the foregoing clauses; provided that in the case of the first, ninth and tenth bullets above (1) such extension, renewal or replacement Lien shall be limited to all or a part of the same property, shares of stock or Debt
that secured the Lien extended, renewed or replaced (plus improvements on such property) and (2) the Debt secured by such Lien at such time is not increased. 

Notwithstanding the foregoing, any Lien securing outstanding Notes granted pursuant to this Section 6.01 will be automatically and
unconditionally released and discharged upon the release by all Holders of the Debt secured by the Lien giving rise to the Lien securing the outstanding Notes (including any deemed release upon payment in full of all obligations under such Debt) or,
with respect to any particular Principal Property or Capital Stock of any particular Restricted Subsidiary securing outstanding Notes, upon any sale, exchange or transfer to any person not an affiliate of the Company of such Principal Property or
Capital Stock. 

  
 14 

 Section 6.02 Limitation on Sale and Leaseback Transactions. Sale
and leaseback transactions by the Company or any Restricted Subsidiary involving a Principal Property are prohibited unless either: 

(a) the Company or such Restricted Subsidiary would be entitled, without equally and ratably securing the outstanding Notes, to
incur Debt secured by a Lien on such property, pursuant to Section 6.01; or 
 (b) the Company, within 360 days after
such transaction, applies an amount not less than the net proceeds of the sale of the Principal Property leased pursuant to such arrangement to (x) the retirement of the Company’s Funded Debt; provided that the amount to be applied to the
retirement of the Company’s Funded Debt shall be reduced by (1) the principal amount of any outstanding Notes delivered within 360 days after such sale to the Trustee for retirement and cancellation, and (2) the principal amount of
Funded Debt, other than outstanding Notes, voluntarily retired by the Company within 360 days after such sale or (y) the purchase, construction or development of other property, facilities or equipment used or useful in the Company or its
Restricted Subsidiaries’ business. Notwithstanding the foregoing, no retirement referred to in this Section 6.02(b) may be effected by payment at maturity or pursuant to any mandatory sinking fund payment or mandatory prepayment provision.
This restriction shall not apply to a sale and leaseback transaction between the Company and a Restricted Subsidiary or between Restricted Subsidiaries or involving the taking back of a lease for a period of less than three years. 

Section 6.03 Exceptions. Notwithstanding the restrictions set forth in Sections 6.01 and 6.02 of this First Supplemental
Indenture on limitations on secured Debt and limitations on sale and leaseback transactions, respectively, the Company and any Restricted Subsidiary may incur, issue, assume or guarantee Debt secured by a Lien on any Principal Property or on any
Capital Stock or Debt of any Restricted Subsidiary of the Company owning any Principal Property, or engage in the sale or transfer of any Principal Property and the leaseback of such Principal Property by the Company or any of its Restricted
Subsidiary, provided that at the time of such restricted transaction, after giving effect thereto, and to the retirement of any Debt which is concurrently being retired, the aggregate amount of all outstanding Debt secured by Liens on any Principal
Property or on any Capital Stock or Debt of any Restricted Subsidiary of the Company owning any Principal Property, together with the aggregate amount of Attributable Debt outstanding in respect of sale and leaseback transactions does not exceed 15%
of Consolidated Net Tangible Assets of the Company. 
 ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Ratification of Indenture. This First Supplemental Indenture is executed and shall be constructed as an
indenture supplement to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture and this First Supplemental Indenture shall be read, taken and constructed as
one and the same instrument. 
 Section 7.02 Trust Indenture Act Controls. If any provision of this First
Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this First Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 7.03 Notices. All notices and other communications shall be given as provided in the Indenture. 

Section 7.04 Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 15 

 Section 7.05 Waiver of Jury Trial. EACH OF THE COMPANY AND THE
TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 7.06 Successors and Assigns. All covenants and agreements in this First Supplemental Indenture by the
Company shall bind its successors and assigns, whether so expressed or not. 
 Section 7.07 Multiple Originals.
This instrument and the Global Notes may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Facsimile,
documents executed, scanned and transmitted electronically and electronic signatures, including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes of this Indenture and all
matters and agreements related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Indenture or any instrument, agreement or document necessary for the
consummation of the transactions contemplated by this Indenture or related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer
of funds or other communications) (“Executed Documentation”) may be accepted, executed or agreed to through the use of an electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable
to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were
physically executed and each party hereby consents to the use of any third-party electronic signature capture service providers as may be reasonably chosen by a signatory hereto or thereto. When the Trustee acts on any Executed Documentation sent by
electronic transmission, the Trustee will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed Documentation, notwithstanding that such Executed
Documentation (a) may not be an authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent
with, a subsequent written instruction or communication; it being understood and agreed that the Trustee shall conclusively presume that Executed Documentation that purports to have been sent by an authorized officer of a Person has been sent by an
authorized officer of such Person. The party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of such electronic methods, including, without limitation,
the risk of the Trustee acting on unauthorized instructions and the risk of interception and misuse by third parties. 
 Section 7.08
Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

  
 16 

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

			
	CHURCH & DWIGHT CO., INC.
		
	By:	 	 /s/ Richard A. Dierker

		 	Name: Richard Dierker
		 	Title: Executive Vice President Chief Financial Officer
	
	Trustee:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee
		
	By:	 	 /s/ Bridgette Casasnovas

		 	Name: Bridgette Casasnovas
		 	Title: Vice President
		
	By:	 	 /s/ Kathryn Fischer

		 	Name: Kathryn Fischer
		 	Title: Vice President

 [Signature page to First Supplemental Indenture] 

  
 1 

 EXHIBIT A 

FORM OF NOTE 
 THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE 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 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 GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

CHURCH & DWIGHT CO., INC. 
  

 
 2.300% Senior
Notes due 2031 
 No.: R-1 

CUSIP No. 17136MAA0 
 ISIN No. US17136MAA09 $400,000,000 

CHURCH & DWIGHT CO., INC., a Delaware corporation (herein called the “Company,” which term includes
any successor Person under the Indenture hereinafter referred to) for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FOUR HUNDRED MILLION DOLLARS ($400,000,000) on, and to pay interest
thereon from December 10, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for at the rate of 2.300% per annum, until the principal hereof is paid or made available for payment, and on any
overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. Interest shall be calculated on the basis of a
360-day year comprised of twelve 30-day months. Interest on the Securities shall be payable semi-annually in arrears in U.S. Dollars on June 15 and December 15
of each year, commencing on June 15, 2022 (each such date, an “Interest Payment Date”). 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 June 1 and December 1 (whether or not a Business
Day), as the case may be, immediately preceding such Interest Payment Date (each such date, a “Regular Record Date”), and on December 15, 2031 (the “Maturity Date”). If any Interest Payment Date, the Maturity
Date, any redemption date or other payment date of the Securities is not a Business Day, then the relevant payment shall be made on the next Business Day as if it were made on the date such payment was due, and no interest shall accrue on the
amounts so payable for the period from and after such date to the next Business Day. 
  

  
 2 

 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 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 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 this Security and, unless otherwise paid as hereinafter provided, the interest (if any) thereon will be made at
the office or agency of the Company in New York, New York or at such other office or agency as designated by the Trustee, 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 payment of interest may be made at the option of the Company by check or draft mailed to the Person entitled thereto at the address appearing in the Security Register. Additional provisions of this Security are
set forth on the reverse hereof. 
 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 or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 3 

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

Dated: 
  

			
	CHURCH & DWIGHT CO., INC.
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

		 	Title:
		 	Dated:

  
 4 

 Reverse of Security 

1. 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 December 10, 2021 (herein called the “Base Indenture”), from the Company to Deutsche Bank Trust Company Americas, as trustee (herein called the “Trustee,” which
term includes any successor trustee under the Base Indenture), as supplemented by the First Supplemental Indenture, dated as of December 10, 2021 (the “First Supplemental Indenture” and, together with the Base Indenture, 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 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 aggregate principal amount to Four Hundred Million Dollars
($400,000,000) except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 3.04, 3.05, 3.06 or 9.06 of the Base Indenture. 

2. The Securities are redeemable, in whole or in part from time to time, at the option of the Company on the terms set forth in Article III of
the First Supplemental Indenture. 
 3. The Securities are subject to special mandatory redemption on the terms set forth in Article IV of
the First Supplemental Indenture. 
 4. Upon the occurrence of a Change of Control Triggering Event, unless the Company has previously
exercised, or contemporaneously with the Change of Control Triggering Event, exercise its right to redeem the Securities pursuant to Section 2 of this Security, each Holder of this Security will have the right to require the Company to
repurchase all or a portion (equal to $2,000 or an integral multiples of $1,000 above that amount) of such Holder’s Securities pursuant to the Change of Control Offer, at a purchase price equal to 101% of the principal amount of Securities
repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to, but excluding, the date of repurchase, subject to the right of Holders of Securities on the relevant Regular Record Date to receive interest due on the relevant
Interest Payment Date. 
 The Change of Control Offer will be made in accordance with the terms specified in the Indenture. 

5. The Indenture contains provisions for defeasance at any time of (1) the entire indebtedness of this Security or (2) certain
restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

6. If an Event of Default with respect to Securities shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
  

  
 5 

 7. 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. 
 8. As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee
written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity and security satisfactory to it, 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 written request, and shall have failed to institute any such proceeding, 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 herein. 

9. 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. 

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

11. The Securities of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 above that amount. 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. 

  
 6 

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

13. 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 be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 14. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 
 15. Customary abbreviations may be used in the name of a Holder of Securities or an assignee, such as TEN COM (=tenants in
common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). Additional abbreviations may also be used though not in the
above list. 
 16. The Indenture and the Securities shall be governed by and constructed in accordance with the laws of the State of New
York. 

  
 7 

 ELECTION FORM 

TO BE COMPLETED ONLY IF THE HOLDER 

ELECTS TO ACCEPT THE CHANGE OF CONTROL OFFER 

The undersigned hereby irrevocably requests and instructs the Company to repurchase the within Security (or the portion thereof specified
below), pursuant to its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of Control Payment specified in the within Security, to the undersigned, , at (please
print or typewrite name and address of the undersigned). 
 For this election to accept the Change of Control Offer to be effective, the
Company must receive, at the address of the Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, either (i) the within Security with this
“Election Form” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a commercial bank or a trust
company in the United States setting forth (a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the Security to be repurchased, (d) the certificate number or
description of the tenor and terms of the Security, (e) a statement that the option to elect repurchase is being exercised, and (f) a guarantee stating that the Security to be repurchased, together with this “Election Form” duly
completed will be received by the Paying Agent three Business Days prior to the Change of Control Payment Date. The address of the Paying Agent is Deutsche Bank Trust Company Americas, 1 Columbus Circle, New York, New York 10019. 

If less than the entire principal amount of the within Security is to be repurchased, specify the portion thereof (which principal amount must
be $2,000 or an integral multiple of $1,000 above that amount) which the Holder elects to have repurchased: $                    
. 

 Assignment Form 

To assign this Security, fill in the form below: (1) or (we) assign and transfer this Security to: 

 
  

Assignee’s social security or tax I.D.
number:                                        
                                         
                                         
                   
 Assignee’s name, address and zip
code:                                        
                                         
                                         
                               

 
  

and irrevocably appoint ________________________________________as agent to transfer this Security on the books of the Company. The agent may substitute
another to act for him. 
 Date: ______________________________________ 

Your
Signature:                                       
                                         
                                         
                                         
                             

(Sign exactly as your name appears on the face of this Security) 

Signature
Guarantee:                                       
                                         
                                         
                                         
                     
 (Participant in
a Recognized Signature Guaranty Medallion Program)Exhibit 10.1

 

AGORA DIGITAL HOLDINGS, INC.

2021 EQUITY INCENTIVE PLAN

 

1. Scope of Plan; Definitions.

 

(a) This 2021 Equity Incentive
Plan (the “Plan”) is intended to advance the interests of Agora Digital Holdings, Inc. (the “Company”) and its
Related Corporations by enhancing the ability of the Company to attract and retain qualified employees, consultants, Officers and directors,
by creating incentives and rewards for their contributions to the success of the Company and its Related Corporations. This Plan will
provide to (a) Officers and other employees of the Company and its Related Corporations opportunities to purchase common stock, par value
$0.001 (“Common Stock”) of the Company pursuant to Options granted hereunder which qualify as incentive stock options (“ISOs”)
under Section 422(b) of the Internal Revenue Code of 1986 (the “Code”), (b) directors, Officers, employees and consultants
of the Company and Related Corporations opportunities to purchase Common Stock of the Company pursuant to options granted hereunder which
do not qualify as ISOs (“Non-Qualified Options”); (c) directors, Officers, employees and consultants of the Company and Related
Corporations opportunities to receive shares of Common Stock of the Company which normally are subject to restrictions on sale (“Restricted
Stock”); (d) directors, Officers, employees and consultants of the Company and Related Corporations opportunities to receive grants
of stock appreciation rights (“SARs”); and (e) directors, Officers, employees and consultants of the Company and Related Corporations
opportunities to receive grants of restricted stock units (“RSUs”). ISOs and Non-Qualified Options are referred to hereafter
as “Options.” Options, Restricted Stock, RSUs and SARs are sometimes referred to hereafter collectively as “Stock Rights.”
Any of the Options and/or Stock Rights may in the Board of Directors’ or Compensation Committee’s discretion be issued in
tandem to one or more other Options and/or Stock Rights to the extent permitted by law.

 

(b) For purposes of the Plan,
capitalized words and terms shall have the following meaning:

 

“Board” means the
board of directors of the Company.

 

“Chairman” means
the chairman of the Board.

 

“Change of Control”
means the occurrence of any of the following events: (i) the consummation of the sale or disposition by the Company of all or substantially
all of the Company’s assets in a transaction which requires shareholder approval under applicable state law; or (ii) the consummation
of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented by the
voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

 

“Code” shall have
the meaning given to it in Section 1(a).

 

“Common Stock” shall
have the meaning given to it in Section 1(a).

 

“Company” shall
have the meaning given to it in Section 1(a).

 

     

     

    

 

“Compensation Committee”
means the compensation committee of the Board, if any, which shall consist of two or more members of the Board, each of whom shall be
both an “outside director” within the meaning of Section 162(m) of the Code and a “non-employee director” within
the meaning of Rule 16b-3.  All references in this Plan to the Compensation Committee shall mean the Board when (i) there is no Compensation
Committee or (ii) the Board has retained the power to administer this Plan.

 

“Disability” means
“permanent and total disability” as defined in Section 22(e)(3) of the Code or successor statute.

 

“Disqualifying Disposition”
means any disposition (including any sale) of Common Stock underlying an ISO before the later of (i) two years after the date of employee
was granted the ISO or (ii) one year after the date the employee acquired Common Stock by exercising the ISO.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934.

 

“Fair Market Value”
shall be determined as of the last Trading Day before the date a Stock Right is granted and shall mean:

 

(1)
the closing price on the principal market if the Common Stock is listed on a national securities exchange or the OTCQB or OTCQX.

 

(2)
if the Company’s shares are not listed on a national securities exchange or the OTCQB or OTCQX, then the closing price if reported
or the average bid and asked price for the Company’s shares as published by OTC Markets Group, Inc.;

 

(3)
if there are no prices available under clauses (1) or (2), then Fair Market Value shall be based upon the average closing bid and asked
price as determined following a polling of all dealers making a market in the Company’s Common Stock; or

 

(4) if
there is no regularly established trading market for the Company’s Common Stock or if the Company’s Common Stock is listed,
quoted or reported under clauses (1) or (2) but it trades sporadically rather than every day, the Fair Market Value shall be established
by the Board or the Compensation Committee taking into consideration all relevant factors including the most recent price at which the
Company’s Common Stock was sold.

 

“ISO” shall have
the meaning given to it in Section 1(a).

 

“Non-Qualified Options”
shall have the meaning given to it in Section 1(a).

 

“Officers” means
a person who is an executive officer of the Company and is required to file ownership reports under Section 16(a) of the Exchange Act.

 

“Options” shall
have the meaning given to it in Section 1(a).

 

    2

     

    

 

“Plan” shall have
the meaning given to it in Section 1(a).

 

“Related Corporations”
shall mean a corporation which is a subsidiary corporation with respect to the Company within the meaning of Section 424(f) of the Code.

 

“Restricted Stock”
shall have the meaning contained in Section 1(a).

 

“RSU” shall have
the meaning given to it in Section 1(a).

 

“SAR” shall have
the meaning given to it in Section 1(a).

 

“Securities Act”
means the Securities Act of 1933.

 

“Stock Rights” shall
have the meaning given to it in Section 1(a).

 

“Trading Day” shall
mean a day on which The Nasdaq Stock Market LLC is open for business.

 

This Plan is intended to comply
in all respects with Rule 16b-3 (“Rule 16b-3”) and its successor rules as promulgated under Section 16(b) of the Exchange
Act for participants who are subject to Section 16 of the Exchange Act. To the extent any provision of the Plan or action by the Plan
administrators fails to so comply, it shall be deemed null and void to the extent permitted by law and deemed advisable by the Plan administrators. Provided, however,
such exercise of discretion by the Plan administrators shall not interfere with the contract rights of any grantee. In the event that
any interpretation or construction of the Plan is required, it shall be interpreted and construed in order to ensure, to the maximum extent
permissible by law, that such grantee does not violate the short-swing profit provisions of Section 16(b) of the Exchange Act and that
any exemption available under Rule 16b-3 or other rule is available.

 

2. Administration of the
Plan.

 

(a) The Plan may be administered
by the entire Board or by the Compensation Committee. Once appointed, the Compensation Committee shall continue to serve until otherwise
directed by the Board. A majority of the members of the Compensation Committee shall constitute a quorum, and all determinations of the
Compensation Committee shall be made by the majority of its members present at a meeting. Any determination of the Compensation Committee
under the Plan may be made without notice or meeting of the Compensation Committee by a writing signed by all of the Compensation Committee
members. Subject to ratification of the grant of each Stock Right by the Board (but only if so required by applicable state law), and
subject to the terms of the Plan, the Compensation Committee shall have the authority to (i) determine the employees of the Company and
Related Corporations (from among the class of employees eligible under Section 3 to receive ISOs) to whom ISOs may be granted, and to
determine (from among the class of individuals and entities eligible under Section 3 to receive Non-Qualified Options, Restricted Stock,
RSUs and SARs) to whom Non-Qualified Options, Restricted Stock, RSUs and SARs may be granted; (ii) determine when Stock Rights may be
granted; (iii) determine the exercise prices of Stock Rights other than Restricted Stock and RSUs, which shall not be less than the Fair
Market Value; (iv) determine whether each Option granted shall be an ISO or a Non-Qualified Option; (v) determine when Stock Rights shall
become exercisable, the duration of the exercise period and when each Stock Right shall vest; (vi) determine whether restrictions such
as repurchase options are to be imposed on shares subject to or issued in connection with Stock Rights, and the nature of such restrictions,
if any, and (vii) interpret the Plan and promulgate and rescind rules and regulations relating to it. The interpretation and construction
by the Compensation Committee of any provisions of the Plan or of any Stock Right granted under it shall be final, binding and conclusive
unless otherwise determined by the Board. The Compensation Committee may from time to time adopt such rules and regulations for carrying
out the Plan as it may deem best.

 

    3

     

    

 

No members of the Compensation
Committee or the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Stock Right
granted under it. No member of the Compensation Committee or the Board shall be liable for any act or omission of any other member of
the Compensation Committee or the Board or for any act or omission on his own part, including but not limited to the exercise of any power
and discretion given to him under the Plan, except those resulting from his own gross negligence or willful misconduct.

 

(b) The Compensation Committee
may select one of its members as its chairman and shall hold meetings at such time and places as it may determine. All references in this
Plan to the Compensation Committee shall mean the Board if no Compensation Committee has been appointed. From time to time the Board may
increase the size of the Compensation Committee and appoint additional members thereof, remove members (with or without cause) and appoint
new members in substitution therefor, fill vacancies however caused or remove all members of the Compensation Committee and thereafter
directly administer the Plan.

 

(c) Stock Rights may be granted
to members of the Board, whether such grants are in their capacity as directors, Officers or consultants. All grants of Stock Rights to
members of the Board shall in all other respects be made in accordance with the provisions of this Plan applicable to other eligible persons.
Members of the Board who are either (i) eligible for Stock Rights pursuant to the Plan or (ii) have been granted Stock Rights may vote
on any matters affecting the administration of the Plan or the grant of any Stock Rights pursuant to the Plan.

 

(d) In addition to such other
rights of indemnification as he or she may have as a member of the Board, and with respect to administration of the Plan and the granting
of Stock Rights under it, each member of the Board and of the Compensation Committee shall be entitled without further act on his part
to indemnification from the Company for all expenses (including advances of litigation expenses, the amount of judgment and the amount
of approved settlements made with a view to the curtailment of costs of litigation) reasonably incurred by him in connection with or arising
out of any action, suit or proceeding, including any appeal thereof, with respect to the administration of the Plan or the granting of
Stock Rights under it in which he may be involved by reason of his being or having been a member of the Board or the Compensation Committee,
whether or not he continues to be such member of the Board or the Compensation Committee at the time of the incurring of such expenses; provided, however,
that such indemnity shall be subject to the limitations contained in any Indemnification Agreement between the Company and the Board member
or Officer. The foregoing right of indemnification shall inure to the benefit of the heirs, executors or administrators of each such member
of the Board or the Compensation Committee and shall be in addition to all other rights to which such member of the Board or the Compensation
Committee would be entitled to as a matter of law, contract or otherwise.

 

(e) The Board may delegate the
powers to grant Stock Rights to Officers to the extent permitted by the laws of the Company’s state of incorporation.

 

    4

     

    

 

3. Eligible Employees and
Others.  ISOs may be granted to any employee of the Company or any Related Corporation. Those Officers and directors of the Company
who are not employees may not be granted ISOs under the Plan. Subject to compliance with Rule 16b-3 and other applicable securities laws,
Non-Qualified Options, Restricted Stock, RSUs and SARs may be granted to any director (whether or not an employee), Officers, employees
or consultants of the Company or any Related Corporation. The Compensation Committee may take into consideration a recipient’s individual
circumstances in determining whether to grant an ISO, a Non-Qualified Option, Restricted Stock, RSUs or a SAR. Granting of any Stock Right
to any individual or entity shall neither entitle that individual or entity to, nor disqualify him from participation in, any other grant
of Stock Rights.

 

4. Common Stock. The
Common Stock subject to Stock Rights shall be authorized but unissued shares of Common Stock, or shares of Common Stock reacquired by
the Company in any manner, including purchase, forfeiture or otherwise. The aggregate number of shares of Common Stock which may be issued
pursuant to the Plan is 5,000,000, less any Stock Rights previously granted or exercised subject to adjustment as provided in Section
14. Any such shares may be issued under ISOs, Non-Qualified Options, Restricted Stock, RSUs or SARs, so long as the number of shares so
issued does not exceed the limitations in this Section. Subject to adjustment in accordance with Section 14, no more than 5,000,000 shares
of Common Stock may be issued in the aggregate pursuant to the exercise of ISOs. If any Stock Rights granted under the Plan shall expire
or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in part,
or if the Company shall reacquire any unvested shares, the unpurchased shares subject to such Stock Rights and any unvested shares so
reacquired by the Company shall again be available for grants under the Plan. For the avoidance of doubt, in the event that (i) the payment
of the exercise price of any Stock Right, or (ii) the satisfaction of any tax withholding obligations arising from any Stock Right is
made by withholding of shares of Common Stock by the Company, the shares so withheld shall again become available for grants under the
Plan.

 

5. Granting of Stock Rights.

 

(a) The date of grant of a Stock
Right under the Plan will be the date specified by the Board or Compensation Committee at the time it grants the Stock Right; provided, however,
that such date shall not be prior to the date on which the Board or Compensation Committee acts to approve the grant. The Board or Compensation
Committee shall have the right, with the consent of the optionee, to convert an ISO granted under the Plan to a Non-Qualified Option pursuant
to Section 17.

 

(b) The Board or Compensation
Committee shall grant Stock Rights to participants that it, in its sole discretion, selects. Stock Rights shall be granted on such terms
as the Board or Compensation Committee shall determine except that ISOs shall be granted on terms that comply with the Code and regulations
thereunder.

 

    5

     

    

 

(c) A SAR entitles the holder
to receive, as designated by the Board or Compensation Committee, cash or shares of Common Stock, value equal to (or otherwise based on)
the excess of: (a) the Fair Market Value of a specified number of shares of Common Stock at the time of exercise over (b) an exercise
price established by the Board or Compensation Committee. The exercise price of each SAR granted under this Plan shall be established
by the Compensation Committee or shall be determined by a method established by the Board or Compensation Committee at the time the SAR
is granted, provided the exercise price shall not be less than 100% of the Fair Market Value of a share of Common Stock on the date of
the grant of the SAR, or such higher price as is established by the Board or Compensation Committee. A SAR shall be exercisable in accordance
with such terms and conditions and during such periods as may be established by the Board or Compensation Committee. Shares of Common
Stock delivered pursuant to the exercise of a SAR shall be subject to such conditions, restrictions and contingencies as the Board or
Compensation Committee may establish in the applicable SAR agreement or document, if any. The Board or Compensation Committee, in its
discretion, may impose such conditions, restrictions and contingencies with respect to shares of Common Stock acquired pursuant to the
exercise of each SAR as the Board or Compensation Committee determines to be desirable. A SAR under the Plan shall be subject to such
terms and conditions, not inconsistent with the Plan, as the Board or Compensation Committee shall, in its discretion, prescribe. The
terms and conditions of any SAR to any grantee shall be reflected in such form of agreement as is determined by the Board or Compensation
Committee. A copy of such document, if any, shall be provided to the grantee, and the Board or Compensation Committee may condition the
granting of the SAR on the grantee executing such agreement.

 

(d) An RSU gives the grantee
the right to receive a number of shares of the Company’s Common Stock on applicable vesting or other dates. Delivery of the RSUs
may be deferred beyond vesting as determined by the Board or Compensation Committee. RSUs shall be evidenced by an RSU agreement in the
form determined by the Board or Compensation Committee. With respect to an RSU, which becomes non-forfeitable due to the lapse of
time, the Compensation Committee shall prescribe in the RSU agreement the vesting period. With respect to the granting of the RSU, which
becomes non-forfeitable due to the satisfaction of certain pre-established performance-based objectives imposed by the Board or Compensation
Committee, the measurement date of whether such performance-based objectives have been satisfied shall be a date no earlier than the first
anniversary of the date of the RSU. A recipient who is granted an RSU shall possess no incidents of ownership with respect to such underlying
Common Stock, although the RSU agreement may provide for payments in lieu of dividends to such grantee.

 

(e) Notwithstanding any provision
of this Plan, the Board or Compensation Committee may impose conditions and restrictions on any grant of Stock Rights including forfeiture
of vested Options, cancellation of Common Stock acquired in connection with any Stock Right and forfeiture of profits.

 

(f) The Options and SARs shall
not be exercisable for a period of more than 10 years from the date of grant.  

 

6. Sale of Shares.
The shares underlying Stock Rights granted to any Officer, director or a beneficial owner of 10% or more of the Company’s securities
registered under Section 12 of the Exchange Act shall not be sold, assigned or transferred by the grantee until at least six months elapse
from the date of the grant thereof.

 

    6

     

    

 

7. ISO Minimum Option Price
and Other Limitations.

 

(a) The exercise price per share
relating to all Options granted under the Plan shall not be less than the Fair Market Value per share of Common Stock on the last trading
day prior to the date of such grant. For purposes of determining the exercise price, the date of the grant shall be the later of (i) the
date of approval by the Board or Compensation Committee or the Board, or (ii) for ISOs, the date the recipient becomes an employee of
the Company. In the case of an ISO to be granted to an employee owning Common Stock which represents more than 10% of the total combined
voting power of all classes of stock of the Company or any Related Corporation, the price per share shall not be less than 110% of the
Fair Market Value per share of Common Stock on the date of grant and such ISO shall not be exercisable after the expiration of five years
from the date of grant.

 

(b) In no event shall the aggregate
Fair Market Value (determined at the time an ISO is granted) of Common Stock for which ISOs granted to any employee are exercisable for
the first time by such employee during any calendar year (under all stock option plans of the Company and any Related Corporation) exceed
$100,000.  

 

8. Duration of Stock Rights.
Subject to earlier termination as provided in Sections 5, 9, 10 and 11, each Option and SAR shall expire on the date specified in the
original instrument granting such Stock Right (except with respect to any part of an ISO that is converted into a Non-Qualified Option
pursuant to Section 17), provided, however, that such instrument must comply with Section 422 of the Code with
regard to ISOs and Rule 16b-3 with regard to all Stock Rights granted pursuant to the Plan to Officers, directors and 10% shareholders
of the Company.

 

9. Exercise of Options
and SARs; Vesting of Stock Rights. Subject to the provisions of Sections 9 through 13, each Option and SAR granted under the Plan
shall be exercisable as follows:

 

(a) The Options and SARs shall
either be fully vested and exercisable from the date of grant or shall vest and become exercisable in such installments as the Board or
Compensation Committee may specify.

 

(b) Once an installment becomes
exercisable it shall remain exercisable until expiration or termination of the Option and SAR, unless otherwise specified by the Board
or Compensation Committee.

 

(c) Each Option and SAR or installment,
once it becomes exercisable, may be exercised at any time or from time to time, in whole or in part, for up to the total number of shares
with respect to which it is then exercisable.

 

(d) The Board or Compensation
Committee shall have the right to accelerate the vesting date of any installment of any Stock Right; provided that the
Board or Compensation Committee shall not accelerate the exercise date of any installment of any Option granted to any employee as an
ISO (and not previously converted into a Non-Qualified Option pursuant to Section 17) if such acceleration would violate the annual exercisability
limitation contained in Section 422(d) of the Code as described in Section 7(b).

 

    7

     

    

 

10. Termination of Employment.
Subject to any greater restrictions or limitations as may be imposed by the Board or Compensation Committee or by a written agreement,
if an optionee ceases to be employed by the Company and all Related Corporations other than by reason of death or Disability, no further
installments of his Options shall vest or become exercisable, and his Options shall terminate as provided for in the grant or on the day
12  months after the day of the termination of his employment (except three months for ISOs), whichever is earlier, but in no event
later than on their specified expiration dates. Employment shall be considered as continuing uninterrupted during any bona fide leave
of absence (such as those attributable to illness, military obligations or governmental service) provided that the period of such leave
does not exceed 90 days or, if longer, any period during which such optionee’s right to re-employment is guaranteed by statute.
A leave of absence with the written approval of the Board shall not be considered an interruption of employment under the Plan, provided
that such written approval contractually obligates the Company or any Related Corporation to continue the employment of the optionee after
the approved period of absence. ISOs granted under the Plan shall not be affected by any change of employment within or among the Company
and Related Corporations so long as the optionee continues to be an employee of the Company or any Related Corporation.

 

11. Death; Disability.
Unless otherwise determined by the Board or Compensation Committee or by a written agreement:

 

(a) If the holder of an Option
or SAR ceases to be employed by the Company and all Related Corporations by reason of his death, any Options or SARs held by the optionee
may be exercised to the extent he could have exercised it on the date of his death, by his estate, personal representative or beneficiary
who has acquired the Options or SARs by will or by the laws of descent and distribution, at any time prior to the earlier of: (i) the
Options’ or SARs’ specified expiration date or (ii) one year (except three months for an ISO) from the date of death.

 

(b) If the holder of an Option
or SAR ceases to be employed by the Company and all Related Corporations, or a director or Director Advisor can no longer perform his
duties, by reason of his Disability, any Options or SARs held by the optionee may be exercised to the extent he could have exercised it
on the date of termination due to Disability until the earlier of (i) the Options’ or SARs’ specified expiration date or (ii)
one year from the date of the termination.

 

12. Assignment, Transfer
or Sale.

 

(a) No ISO granted under this
Plan shall be assignable or transferable by the grantee except by will or by the laws of descent and distribution, and during the lifetime
of the grantee, each ISO shall be exercisable only by him, his guardian or legal representative.

 

(b) Except for ISOs, all Stock
Rights are transferable subject to compliance with applicable securities laws and Section 6 of this Plan.

 

13. Terms and Conditions
of Stock Rights. Stock Rights shall be evidenced by instruments (which need not be identical) in such forms as the Board or Compensation
Committee may from time to time approve. Such instruments shall conform to the terms and conditions set forth in Sections 5 through 12
hereof and may contain such other provisions as the Board or Compensation Committee deems advisable which are not inconsistent with the
Plan. In granting any Stock Rights, the Board or Compensation Committee may specify that Stock Rights shall be subject to the restrictions
set forth herein with respect to ISOs, or to such other termination and cancellation provisions as the Board or Compensation Committee
may determine. The Board or Compensation Committee may from time to time confer authority and responsibility on one or more of its own
members and/or one or more Officers of the Company to execute and deliver such instruments. The proper Officers of the Company are authorized
and directed to take any and all action necessary or advisable from time to time to carry out the terms of such instruments.

 

    8

     

    

 

14. Adjustments Upon Certain
Events.

 

(a) Subject to any required
action by the shareholders of the Company, the number of shares of Common Stock covered by each outstanding Stock Right, and the number
of shares of Common Stock which have been authorized for issuance under the Plan but as to which no Stock Rights have yet been granted
or which have been returned to the Plan upon cancellation or expiration of a Stock Right, as well as the price per share of Common Stock
(or cash, as applicable) covered by each such outstanding Option or SAR, shall be proportionately adjusted for any increases or decrease
in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification
of Common Stock, or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration
by the Company; provided, however, that conversion of any convertible securities of the Company or the voluntary
cancellation whether by virtue of a cashless exercise of a derivative security of the Company or otherwise shall not be deemed to have
been “effected without receipt of consideration.”  Such adjustment shall be made by the Board or Compensation Committee,
whose determination in that respect shall be final, binding and conclusive.  Except as expressly provided herein, no issuance by
the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares of Common Stock subject to a Stock Right. No adjustments
shall be made for dividends or other distributions paid in cash or in property other than securities of the Company.

 

(b) In the event of the proposed
dissolution or liquidation of the Company, the Board or Compensation Committee shall notify each participant as soon as practicable prior
to the effective date of such proposed transaction.  To the extent it has not been previously exercised, a Stock Right will terminate
immediately prior to the consummation of such proposed action.

 

(c) In the event of a merger
of the Company with or into another corporation, or a Change of Control, each outstanding Stock Right shall be assumed (as defined below)
or an equivalent option or right substituted by the successor corporation or a parent or subsidiary of the successor corporation. 
In the event that the successor corporation refuses to assume or substitute for the Stock Rights, the participants shall fully vest in
and have the right to exercise their Stock Rights as to which it would not otherwise be vested or exercisable.  If a Stock Right
becomes fully vested and exercisable in lieu of assumption or substitution in the event of a merger or sale of assets, the Board or Compensation
Committee shall notify the participant in writing or electronically that the Stock Right shall be fully vested and exercisable for a period
of at least 15 days from the date of such notice, and any Options or SARs shall terminate one minute prior to the closing of the merger
or sale of assets.   

 

    9

     

    

 

For the purposes of this Section
14(c), the Stock Right shall be considered “assumed” if, following the merger or Change of Control, the option or right confers
the right to purchase or receive, for each share of Common Stock subject to the Stock Right immediately prior to the merger or Change
of Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change of Control by holders
of Common Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that
if such consideration received in the merger or Change of Control is not solely common stock of the successor corporation or its parent,
the Board or Compensation Committee may, with the consent of the successor corporation, provide for the consideration to be received upon
the exercise of the Stock Right, for each share of Common Stock subject to the Stock Right, to be solely common stock of the successor
corporation or its parent equal in Fair Market Value to the per share consideration received by holders of Common Stock in the merger
or Change of Control.

 

(d) Notwithstanding the foregoing,
any adjustments made pursuant to Section 14(a), (b) or (c) with respect to ISOs shall be made only after the Board or Compensation Committee,
after consulting with counsel for the Company, determines whether such adjustments would constitute a “modification” of such
ISOs (as that term is defined in Section 424(h) of the Code) or would cause any adverse tax consequences for the holders of such ISOs.
 If the Board or Compensation Committee determines that such adjustments made with respect to ISOs would constitute a modification
of such ISOs it may refrain from making such adjustments.

 

(e) No fractional shares shall
be issued under the Plan and the optionee shall receive from the Company cash in lieu of such fractional shares.

 

15. Means of Exercising
Stock Rights.

 

(a) An Option or SAR (or any
part or installment thereof) shall be exercised by giving written notice to the Company at its principal office address. Such notice shall
identify the Stock Right being exercised and specify the number of shares as to which such Stock Right is being exercised, accompanied
by full payment of the exercise price therefor (to the extent it is exercisable in cash) either (i) in United States dollars by check
or wire transfer; or (ii) at the discretion of the Board or Compensation Committee, through delivery of shares of Common Stock having
a Fair Market Value equal as of the date of the exercise to the cash exercise price of the Stock Right or such other formula as may be
approved by the Board or Compensation Committee; or (iii) at the discretion of the Board or Compensation Committee, by any combination
of (i) and (ii) above. If the Board or Compensation Committee exercises its discretion to permit payment of the exercise price of an ISO
by means of the methods set forth in clauses (ii) or (iii) of the preceding sentence, such discretion need not be exercised in writing
at the time of the grant of the Stock Right in question. The holder of a Stock Right shall not have the rights of a shareholder with respect
to the shares covered by his Stock Right until the date of issuance of a stock certificate to him for such shares. Except as expressly
provided above in Section 14 with respect to changes in capitalization and stock dividends, no adjustment shall be made for dividends
or similar rights for which the record date is before the date such stock certificate is issued.

 

    10

     

    

 

(b) Each notice of exercise
shall, unless the shares of Common Stock are covered by a then current registration statement under the Securities Act, contain the holder’s
acknowledgment in form and substance satisfactory to the Company that (i) such shares are being purchased for investment and not for distribution
or resale (other than a distribution or resale which, in the opinion of counsel satisfactory to the Company, may be made without violating
the registration provisions of the Securities Act), (ii) the holder has been advised and understands that (1) the shares have not been
registered under the Securities Act and are “restricted securities” within the meaning of Rule 144 under the Securities Act
and are subject to restrictions on transfer and (2) the Company is under no obligation to register the shares under the Securities Act
or to take any action which would make available to the holder any exemption from such registration, and (iii) such shares may not be
transferred without compliance with all applicable federal and state securities laws. Notwithstanding the above, should the Company be
advised by counsel that issuance of shares should be delayed pending registration under federal or state securities laws or the receipt
of an opinion that an appropriate exemption therefrom is available, the Company may defer exercise of any Stock Right granted hereunder
until either such event has occurred.

 

16. Term, Termination and
Amendment.  

 

(a) This Plan was adopted by
the Board.  This Plan may be approved by the Company’s shareholders, which approval is required for ISOs.

 

(b) The Board may terminate
the Plan at any time.  Unless sooner terminated, the Plan shall terminate on September 6, 2031 or 10 years from the date the Board
adopts the Plan.  No Stock Rights may be granted under the Plan once the Plan is terminated.  Termination of the Plan shall
not impair rights and obligations under any Stock Right granted while the Plan is in effect, except with the written consent of the grantee.

 

(c) The Board at any time, and
from time to time, may amend the Plan.  Provided, however, except as provided in Section 14 relating to adjustments
in Common Stock, no amendment shall be effective unless approved by the shareholders of the Company to the extent (i) shareholder approval
is necessary to satisfy the requirements of Section 422 of the Code or (ii) required by the rules of the principal national securities
exchange or trading market upon which the Company’s Common Stock trades. Rights under any Stock Rights granted before amendment
of the Plan shall not be impaired by any amendment of the Plan, except with the written consent of the grantee.

 

(d) The Board at any time, and
from time to time, may amend the terms of any one or more Stock Rights; provided, however, that the rights under
the Stock Right shall not be impaired by any such amendment, except with the written consent of the grantee.

 

17. Conversion of ISOs
into Non-Qualified Options; Termination of ISOs. The Board or Compensation Committee, at the written request of any optionee, may
in its discretion take such actions as may be necessary to convert such optionee’s ISOs (or any installments or portions of installments
thereof) that have not been exercised on the date of conversion into Non-Qualified Options at any time prior to the expiration of such
ISOs, regardless of whether the optionee is an employee of the Company or a Related Corporation at the time of such conversion.  Provided, however,
the Board or Compensation Committee shall not reprice the Options or extend the exercise period or reduce the exercise price of the appropriate
installments of such Options without the approval of the Company’s shareholders. At the time of such conversion, the Board or Compensation
Committee (with the consent of the optionee) may impose such conditions on the exercise of the resulting Non-Qualified Options as the
Board or Compensation Committee in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan.
Nothing in the Plan shall be deemed to give any optionee the right to have such optionee’s ISOs converted into Non-Qualified Options,
and no such conversion shall occur until and unless the Board or Compensation Committee takes appropriate action. The Compensation Committee,
with the consent of the optionee, may also terminate any portion of any ISO that has not been exercised at the time of such termination.

 

    11

     

    

 

18. Application of Funds.
The proceeds received by the Company from the sale of shares pursuant to Options or SARS (if cash settled) granted under the Plan shall
be used for general corporate purposes.

 

19. Governmental Regulations.
The Company’s obligation to sell and deliver shares of the Common Stock under this Plan is subject to the approval of any governmental
authority required in connection with the authorization, issuance or sale of such shares.

 

20. Withholding of Additional
Income Taxes. In connection with the granting, exercise or vesting of a Stock Right or the making of a Disqualifying Disposition the
Company, in accordance with Section 3402(a) of the Code, may require the optionee to pay additional withholding taxes in respect of the
amount that is considered compensation includable in such person’s gross income.

 

To the extent that the Company is required to
withhold taxes for federal income tax purposes as provided above, if any optionee may elect to satisfy such withholding requirement by
(i) paying the amount of the required withholding tax to the Company; (ii) delivering to the Company shares of its Common Stock (including
shares of Restricted Stock) previously owned by the optionee; or (iii) having the Company retain a portion of the shares covered by an
Option exercise. The number of shares to be delivered to or withheld by the Company times the Fair Market Value of such shares or such
other formula as may be approved by the Board or Compensation Committee pursuant to the Plan shall equal the cash required to be withheld.

 

21. Notice to the Company
of Disqualifying Disposition. Each employee who receives an ISO must agree to notify the Company in writing immediately after the
employee makes a Disqualifying Disposition of any Common Stock acquired pursuant to the exercise of an ISO. If the employee has died before
such stock is sold, the holding periods requirements of the Disqualifying Disposition do not apply and no Disqualifying Disposition can
occur thereafter.

 

22. Continued Employment.
The grant of a Stock Right pursuant to the Plan shall not be construed to imply or to constitute evidence of any agreement, express or
implied, on the part of the Company or any Related Corporation to retain the grantee in the employ of the Company or a Related Corporation,
as a member of the Company’s Board or in any other capacity, whichever the case may be.

 

23. Governing Law; Construction.
The validity and construction of the Plan and the instruments evidencing Stock Rights shall be governed by the laws of the Company’s
state of incorporation. In construing this Plan, the singular shall include the plural and the masculine gender shall include the feminine
and neuter, unless the context otherwise requires.

 

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24. (a) Forfeiture of Stock
Rights Granted to Employees or Consultants. Notwithstanding any other provision of this Plan, and unless otherwise provided for in
a Stock Rights Agreement, all vested or unvested Stock Rights granted to employees or consultants shall be immediately forfeited at the
discretion of the Board if any of the following events occur:

 

(1) Termination of the relationship
with the grantee for cause including, but not limited to, fraud, theft, dishonesty and violation of Company policy;

 

(2) Purchasing or selling
securities of the Company in violation of the Company’s insider trading guidelines then in effect;

 

(3) Breaching any duty of
confidentiality including that required by the Company’s insider trading guidelines then in effect;

 

(4) Competing with the Company;

 

(5) Being unavailable for
consultation after leaving the Company’s employment if such availability is a condition of any agreement between the Company and
the grantee;

 

(6) Recruitment of Company
personnel after termination of employment, whether such termination is voluntary or for cause;

 

(7) Failure to assign any
invention or technology to the Company if such assignment is a condition of employment or any other agreements between the Company and
the grantee; or

 

(8) A finding by the Board
that the grantee has acted disloyally and/or against the interests of the Company.

 

(b) Forfeiture of Stock Rights
Granted to Directors.  Notwithstanding any other provision of this Plan, and unless otherwise provided for in a Stock Rights
Agreement, all vested or unvested Stock Rights granted to directors shall be immediately forfeited at the discretion of the Board if any
of the following events occur:

 

(1) Purchasing or selling
securities of the Company in violation of the Company’s insider trading guidelines then in effect;

 

(2) Breaching any duty of
confidentiality including that required by the Company’s insider trading guidelines then in effect;

 

(3) Competing with the Company;

 

(4) Recruitment of Company
personnel after ceasing to be a director;

or

 

(5) A finding by the Board
that the grantee has acted disloyally and/or against the interests of the Company.

 

The Company may impose other
forfeiture restrictions which are more or less restrictive and require a return of profits from the sale of Common Stock as part of said
forfeiture provisions if such forfeiture provisions and/or return of provisions are contained in a Stock Rights Agreement.

 

(c) Profits on the Sale of
Certain Shares; Redemption.  If any of the events specified in Section 24(a) or (b) of the Plan occur within one year from the
date the grantee last performed services for the Company in the capacity for which the Stock Rights were granted (the  “Termination
Date”) (or such longer period required by any written agreement), all profits earned from the sale of the Company’s securities,
including the sale of shares of Common Stock underlying the Stock Rights, during the two-year period commencing one year prior to the
Termination Date shall be forfeited and immediately paid by the grantee to the Company.  Further, in such event, the Company may
at its option redeem shares of Common Stock acquired upon exercise of the Stock Right by payment of the exercise price to the grantee.
 To the extent that another written agreement with the Company extends the events in Section 24(a) or (b) beyond one year following
the Termination Date, the two-year period shall be extended by an equal number of days.  The Company’s rights under this Section
24(c) do not lapse one year form the Termination Date but are contract rights subject to any appropriate statutory limitation period.

 

 

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