Document:

EX-10.1

                  EMPLOYMENT  AGREEMENT,  dated as of April  18,  2007
                  (the "AGREEMENT"), between Synovics Pharmaceuticals,
                  Inc.,  a Nevada  corporation  (the  "COMPANY"),  and
                  David Coffin-Beach (the "EMPLOYEE").

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                  The Company wishes to employ Employee,  and Employee wishes to
be employed by the Company, pursuant to the terms set forth in this Agreement.

                  The  parties  desire to set forth  the  terms  upon  which the
Employee will be employed by the Company.

                  The parties hereby agree as follows:

                  1. WORKING RELATIONSHIP.

                  1.01.  EMPLOYMENT.  Commencing  on the date of this  Agreement
(the "EFFECTIVE DATE"), the Company shall employ the Employee,  and the Employee
shall serve the  Company,  as President  and Chief  Operating  Officer.  In such
capacity (a)  Employee  shall report to, and follow the  directions  of,  Ronald
Howard Lane, the Company's Chief Executive  Officer (the "CEO") and the Board of
Directors   (the   "Board"),   (b)   perform  and  carry  out  such  duties  and
responsibilities  that are reasonably  consistent with  Employee's  position and
responsibilities  and  this  Agreement,  and  (c)  perform  and  discharge  such
additional duties and responsibilities as may be determined from time to time by
the CEO and the Board.

                  1.02. FULL TIME. Commencing on the date of this Agreement, the
Employee  shall devote his full and exclusive  business time and energies to the
performance  of his duties to the  Company  pursuant  to this  Agreement,  which
duties shall be performed  diligently and in a professional  manner.  Nothing in
this  Agreement  shall prevent the Employee from  devoting  reasonable  time and
attention to personal, public and charitable affairs, as long as such activities
do not  interfere  with  the  effective  performance  of his  duties  hereunder.
Furthermore,   nothing  in  this  Agreement  shall  prevent  the  Employee  from
continuing  to  serve  as a  member  of the  board  of  directors  of  IntelGenX
Technologies,  Fluid Air Inc.,  and  VCG&A.  Employee  shall take care to recues
himself  from any  interactions  between the Company and his role as director of
these noted firms that may have the appearance of or in fact be in conflict with
his role as Employee.

                  1.03. TERM. The Employee's employment hereunder shall commence
as of the date hereof (the "COMMENCEMENT DATE") and except as otherwise provided
in  Section 5 hereof,  shall  continue  for three (3) years  following  the date
hereof (the "INITIAL TERM").  Thereafter,  this Agreement shall automatically be
renewed (upon the  compensation  terms provided  herein other than option grants
which  shall be  negotiated  with the  Employee at such time) for a one (1) year
term commencing at the end of the Initial Term (the Initial Term,  together with
any such  subsequent  employment  term(s),  being also referred to herein as the
"TERM"),  unless the Employee or Company shall have provided a written notice of
termination  electing  not to renew the Term to the other  party at least  sixty
(60) days prior to such scheduled expiration. Upon the expiration or non-renewal
of the Term pursuant to this Section 1.03 or its termination pursuant to

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Section 5 hereof,  inclusive,  the  Employee  shall be released  from all duties
hereunder  (except as set forth in Sections 5 and 6 hereof) and the  obligations
of Company to Employee shall be as set forth in Section 5 hereof only.

                  2. SALARY AND BONUSES.

                  2.01.  SALARY.  The  Company  shall  pay a base  salary to the
Employee at a rate of US $300,000.00 per calendar year (pro-rated for periods of
less than a full calendar year) (the "BASE SALARY"),  payable to the Employee in
bi-weekly  installments in accordance with the Company's standard salary payment
policies.  Any subsequent  salary increases  mutually agreed upon by the Company
and the Employee (each in their discretion) shall be documented in writing,  and
shall be deemed to amend this Section 2.01.

                  2.02.  BONUSES.  (a)  Following  the end of each calendar year
during the Term, wholly subject to the discretion of the Board (or any committee
of the Board delegated authority over employee  compensation matters) based upon
the  Employee's  performance  during such calendar year and/or other criteria as
the Board may deem  appropriate,  including  the Company's  earnings,  financial
condition, rate of return on equity and compliance with regulatory requirements,
the  Company  may award the  Employee  a bonus  payable  in cash or in shares of
common  stock,  par value  $0.001 of the Company (the  "COMMON  STOCK"),  at the
option of the Company,  for the relevant calendar year (pro-rated for periods of
less than a full calendar year).

                         (b)  PAYMENT  DATES.  Each bonus  payable  pursuant  to
Section 2.02(a) shall paid on an annual basis,  within seventy-five (75) days of
the close of each fiscal year, provided,  however, in the event that the audited
financial  statements  of the  Company  with  respect  to a fiscal  year are not
completed within such seventy-five (75) day period,  the Board shall make a good
faith estimate of the amount owing pursuant to Section 2.02(b),  if any, payable
within such  seventy-five day period (the "GOOD FAITH PAYMENT").  The Good Faith
Payment shall be subject to (i) the Company's right to recover any  overpayment,
and (ii) the  Employee's  right to  receive  an  additional  payment,  each upon
completion of audited financials with respect to such fiscal year.  Accordingly,
in the case of overpayment  to the Employee,  the Employee shall be obligated to
pay the Company an amount equal to the Good Faith Payment,  less the amount owed
pursuant to Section 2.02(a), within ten (10) business days of receipt of written
notice from the Company of such overpayment;  and, similarly,  in the case of an
underpayment to the Employee, the Company shall pay the Employee an amount equal
to the amount owed  pursuant to Section  2.02(a),  less the Good Faith  Payment,
within  ten (10)  business  days of the  Board's  final  acceptance  of  audited
financial statements from the Company's auditors.

                         (c) Wholly  subject to the  discretion of the Board (or
any  committee  of the Board  delegated  authority  over  employee  compensation
matters) based upon the Employee's  performance during such calendar year and/or
other  criteria  as the  Board may deem  appropriate,  including  the  Company's
earnings,  financial  condition,  rate of return on equity and  compliance  with
regulatory  requirements,  the  Company,  in its sole  discretion,  may grant to
Employee  options to purchase shares of Common Stock or other equity  securities
of the Company pursuant to any equity compensation plan of the Company which the
Employee is eligible to participate.

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                  2.03 STOCK OPTIONS.  Effective upon the execution and delivery
hereof,  the Company has granted to Employee  options (the "OPTIONS") to acquire
an aggregate of 1,500,000 shares of Common Stock, exercisable for seven years at
the initial  exercise price of $2.00 per share,  subject to adjustment for stock
splits,  stock  dividends,  reverse stock  splits,  and  recapitalizations.  The
Options  shall vest in three equal annual  installments  commencing on the first
anniversary of the date of this  Agreement.  The shares of Common Stock issuable
upon  exercise of the Options and against  payment as provided  therein shall be
validly authorized and issued,  fully paid, and non-assessable.  Notwithstanding
other  provisions of this Section 2.03, if employee is Terminated  Without Cause
per Section  5.04(b) or there is a Change of Control  per Section  5.03 prior to
the end of the third anniversary of the Agreement, any and all remaining Options
not previously vested shall be deemed to have been vested as of that date.

                  3. EXPENSES; BENEFITS.

                  3.01.   EXPENSES.   The   Employee   shall  be   entitled   to
reimbursement  by the  Company  for all  reasonable  travel,  lodging  and other
expenses actually incurred by the Employee in connection with the performance of
his duties,  against  receipts  or other  appropriate  written  evidence of such
expenditures as required by the appropriate Internal Revenue Service regulations
or by the  Company  and  such  expenses  shall  be  approved  by the  Board as a
condition to reimbursement thereof. The Employee acknowledges that the Company's
policies  regarding the  documentation  of expenses for which  reimbursement  is
sought may change from time to time, and the Employee agrees that he will comply
with the Company's reasonable documentation requirements.

                  3.02. BENEFITS.  The Employee shall be entitled to participate
in all health  insurance and other  benefit plans  maintained by the Company for
its employees,  subject to applicable eligibility  requirements and, in the case
of  benefit  or  incentive  plans  pursuant  to which  the grant or award of any
benefit is at the discretion of the Board or other person,  to the discretion of
the Board or such other person. Nothing in the foregoing shall limit or restrict
the  Company's  discretion  to amend,  revise or  terminate  any benefit or plan
without  notice to or consent of the  Employee.  The Company  will  provide full
Health  benefits  consistent  with the  Health  Care  Plan in place for both the
employee and his spouse who currently resides in the province of Ontario, Canada
(provided the Company's carrier is able to extend such coverage to an individual
in Ontario, Canada).

                  4.  VACATION  AND PERSONAL  DAYS.  The  Employee  shall,  upon
reasonable notice to the Company, be entitled to up to twenty (20) business days
of paid  vacation and personal  days during each  calendar  year,  pro rated for
periods  of less  than a full  calendar  year;  PROVIDED,  that the  timing  and
duration of any particular vacation or personal day shall not interfere with the
business of the Company or the effective  performance of the  Employee's  duties
hereunder, as reasonably determined in good faith by the Board.

                  5. TERMINATION OF AGREEMENT.  The Employee's  employment shall
terminate upon the occurrence of any one or more of the following events:

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                  5.01  DEATH.  In the  event of  Employee's  death,  Employee's
employment shall terminate on the date of his death.

                  5.02  TERMINATION  BY THE  COMPANY.  The  Company  may, at its
option, terminate Employee's Employment for any reason, including for "Cause" or
no reason  whatsoever by giving a written  notice to the Employee that indicates
the specific  reasons for  termination  relied upon by the Company.  Such notice
shall  specify  the date of  termination,  which date shall not be earlier  than
thirty (30) days after such  notice is given.  For  purposes of this  Agreement,
"CAUSE"  shall  mean  (i)  the  Employee's  indictment  of a  felony  or a crime
involving dishonesty, act of moral turpitude, fraud (including securities fraud)
or  embezzlement,  (ii)  commission  of an act of  willful  misconduct  or gross
negligence by the Employee resulting in a material loss to the Company, (ii) the
Employee's willful or grossly negligent commission of an act which constitutes a
Competitive  Activity, or (iv) a material breach by the Employee of any covenant
or obligation under this Agreement or written policy of the Company (unless such
policy  conflicts  with this  Agreement),  unless cured within  thirty (30) days
following  the  delivery  of written  notice  thereof to the  Employee;  (v) the
Employee's  habitual or willful  neglect or disregard of directives of the Board
of  Directors,  unless cured within  thirty (30) days  following the delivery of
written notice thereof to the Employee;  (vi)  unauthorized  appropriation  of a
material business opportunity of the Company by the Employee, including securing
any personal profit in connection with any transaction entered into on behalf of
the Company;  (vii)  misappropriation  by the Employee of the Company's funds or
property that has a material adverse affect on the business or operations of the
Company, (viii) any finding by the Securities and Exchange Commission pertaining
to the Employee which could reasonably be expected to impair or impede Company's
ability to maintain itself as a  publicly-traded  company;  or (ix) any material
misstatement is provided by the Employee for inclusion in any regulatory  report
or  public  filing of the  Company.  For  purposes  hereof,  whether  or not the
Employee  has  committed  an act of the type  referred to in clauses (i) through
(ix)  above  will be  determined  by the  Board in its  reasonable,  good  faith
discretion; PROVIDED, HOWEVER, that Employee will be given reasonable notice and
the  opportunity  to be  heard  prior  to  any  such  Board  determination.  Any
termination  by the Company of the Employee's  employment  with the Company that
does not meet the criteria set forth in this definition (determined as set forth
in the immediately  preceding  sentence) shall be deemed to be without Cause for
purposes of this Agreement.

                  5.03  EMPLOYEE  TERMINATION.  The Employee may, at his option,
terminate  his  employment  for any reason,  including  for "Good  Reason" or no
reason  whatsoever by giving a written  notice to the Company that indicates the
specific reasons for termination relied upon by the Employee.  Such notice shall
specify the date of termination, which date shall not be earlier than sixty (60)
days after such notice is given.  For purposes of this Agreement,  "GOOD REASON"
shall mean (i) any material  breach by the Company of this Agreement that is not
cured by the Company within thirty (30) days after written notice  specifying in
reasonable  detail the nature of such material breach is provided to the Company
by the Employee or (ii) a Change of Control. For purposes hereof, whether or not
the Employee has Good Reason to terminate his employment by the Company pursuant
to clause  (i) above will be  determined  by the Board in its  reasonable,  good
faith discretion,  based upon the facts known to the Board at the relevant time.
Any termination by the Employee of his employment with the Company that does not
meet the criteria set forth in this  definition  (determined as set forth in the
immediately preceding sentence) shall

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be deemed to be without Good Reason for purposes of this Agreement. For purposes
of this Agreement, "CHANGE OF CONTROL" shall mean (i) the acquisition of Company
pursuant to a consolidation  of Company with, or merger of Company with or into,
any other person or entity with the result of which the holders of the Company's
voting stock  immediately  prior to such  transaction hold less than fifty (50%)
percent of the combined  voting power after giving  effect to such  transaction;
(ii) the sale of all or  substantially  all of the  assets or  capital  stock of
Company to any other person or entity;  (iii) securities of Company representing
greater than fifty (50%) percent of the combined  voting power of Company's then
outstanding  voting  securities are acquired by a person or entity,  or group of
related  persons  or  entities,  in a single  transaction  or series of  related
transactions, or (iv) the voting in of an independent slate of Directors for the
Board of  Directors,  not put forth by the existing  Board,  which  results in a
change in the majority and gives effective  control of Directors on the Board by
the new independent slate.

                  5.04 OBLIGATIONS OF COMPANY FOLLOWING TERMINATION OF THE TERM.
Following   termination   of   Employee's   employment   under  the   respective
circumstances  described below,  Company shall pay to Employee or his estate, as
the case may be, the following  compensation and provide the following  benefits
in full satisfaction and final settlement of any and all claims and demands that
Employee now has or hereafter may have hereunder  against Company.  The Employee
acknowledges  that any  non-renewal or expiration of this Agreement shall not be
deemed an event of  termination  that would trigger any  obligations  of Company
pursuant to this Section 5.

                         (a) TERMINATION FOR CAUSE BY THE COMPANY OR TERMINATION
BY  EMPLOYEE  FOR ANY  REASON  OTHER  THAN FOR GOOD  REASON.  In the event  that
Employee's  employment is  terminated  by Company for Cause  pursuant to Section
5.02 or the Employee  terminates his employment  with the Company for any reason
pursuant to Section 5.03, (i) the Company shall pay to the Employee,  payable in
accordance with the Company's regular payroll practices,  an amount equal to any
unpaid  but  earned  Base  Salary   through  the  date  of   termination,   (ii)
Intentionally  Deleted and (iii) the Company  shall  reimburse  Employee for any
unpaid expenses pursuant to Section 3.01 hereof; PROVIDED, THAT the Employee has
provided  the Company  within  forty-five  (45) days of the date of  termination
receipts or other appropriate  written evidence of such expenditures as required
by the appropriate  Internal  Revenue Service  regulations or by the Company and
such expenses had been approved by the CEO.

                         (b)  TERMINATION  WITHOUT CAUSE BY THE COMPANY OR DEATH
OF THE EMPLOYEE OR  TERMINATION  BY THE  EMPLOYEE FOR GOOD REASON.  In the event
that  Employee's  employment is  terminated by Company  pursuant to Section 5.02
hereof for any reason  other than for "Cause" or by reason of  Employee's  death
pursuant to Section 5.01 hereof or by the Employee for "Good Reason" pursuant to
Section  5.03,  (i)  the  Company  shall  pay to the  Employee,  subject  to the
Employee's  continued  compliance  with the  terms of  Sections  6  hereof,  the
Severance  Amount,  (ii) the  Company  shall  pay to the  Employee,  payable  in
accordance with the Company's regular payroll practices,  an amount equal to any
unpaid  but  earned  Base  Salary  through  the  date  of   termination,   (iii)
Intentionally  Deleted and (iv) the Company  shall  reimburse  Employee  for any
unpaid expenses pursuant to Section 3.01 hereof; PROVIDED, THAT the Employee has
provided

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the Company within  forty-five (45) days of the date of termination  receipts or
other  appropriate  written  evidence  of such  expenditures  as required by the
appropriate  Internal  Revenue  Service  regulations  or by the Company and such
expenses  had been  approved  by the  Company's  Chief  Executive  Officer.  For
purposes  hereof,  if the Employee has  completed one (1) year of service to the
Company under this Agreement,  "SEVERANCE  AMOUNT" shall mean an amount equal to
the current base salary for one (1) year (e.g., at least  $300,000.00 USD), plus
any bonus accrued  prior to  termination.  Any payments made in accordance  with
this Section 5.04(b) shall be made in accordance with Company's  regular payroll
practices and shall be subject to Employee's  compliance  with Section 6 of this
Agreement.  The breach by Employee of any provision of Section 6 shall result in
a forfeiture of any unpaid portion of the Severance Amount.

                  5.05 OTHER REMEDIES.  Nothing in this Section 5 shall limit or
restrict the parties from pursuing or obtaining  any other  remedies that may be
available to them in law, contract or otherwise, in addition to the remedies set
forth herein, in response to any improper conduct of the Employee or Company, or
conduct in violation of the parties' agreements.

                  5.06 TERMINATION OF COMPENSATION. Except as otherwise required
by  non-waivable   provisions  of  applicable  law,  the  Employee's   right  to
compensation  payable pursuant to Sections 2, 3 and 5 shall, except with respect
to amounts which have accrued and are payable pursuant to Sections 2 and 3 as of
the termination of this Agreement, terminate upon termination of this Agreement,
and no further amounts shall accrue or be payable under this Agreement  pursuant
to such Sections.

                  5.07 TERMINATION OF EMPLOYMENT;  RESIGNATION OF AUTHORITY. The
Employee's  employment by the Company shall  terminate  simultaneously  with the
termination of this Agreement for any reason. Effective as of the termination of
employment for any reason, the Employee shall resign, in writing, from all other
positions then held by the Employee with the Company and its affiliates, if any.

                  5.08 RETURN OF PROPERTY. Promptly following the termination of
this  Agreement  by any  party for any  reason,  the  Employee  and his legal or
personal  representatives  shall promptly return to the Company at its principal
offices any and all  information,  documents and other materials  relating to or
containing Proprietary  Information (as defined in Section 6) which are, and any
and all other  property of the Company which is, in the  Employee's  possession,
care or control,  regardless of whether such  materials were created or prepared
by the  Employee  and  regardless  of the form of,  or medium  containing,  such
property, information, documents or other materials.

                  6. COVENANTS OF EMPLOYEE.

            6.01  6.01 DEVOTION TO DUTIES.  Except as noted below,  the Employee
shall  devote  his full  time  and  energies  to the  business,  operations  and
activities of the Company and shall not engage in outside business  interests or
activities if such activities  materially  interfere with the performance of his
duties.  Nothing in this Agreement shall prevent the Employee from continuing to
serve as a member of the board of directors of IntelGenX Technologies, Fluid Air
Inc., or VCG&A so long as Employee  recueses himself from  interactions that has
the potential to

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present  a  conflict  with the  Company.  The  Company  shall  have the right to
disclose these directorships in its periodic public filings.

                  6.02 NON-DISCLOSURE AND ASSIGNMENT OF PROPRIETARY INFORMATION.
The Employee  acknowledges  that all  Proprietary  Information  is the exclusive
property  of  the  Company  or  the  party  that  disclosed  or  delivered  such
information  to  the  Company.  The  Employee  shall  not  use or  disclose  any
Proprietary  Information,  directly or  indirectly,  except as authorized by the
Company in writing,  or as needed in  connection  with the  Employee's  assigned
duties,  and the Employee shall promptly notify the Company of any  unauthorized
release of Proprietary  Information.  The Employee  agrees that all  Proprietary
Information developed as a direct or indirect result of his efforts on behalf of
the  Company  during any period of the  Employee's  employment  with the Company
shall be and shall remain the  exclusive  property of the Company,  and that the
Employee shall have no ownership  interests therein.  To the extent the Employee
may have any interest in such developed  Proprietary  Information,  the Employee
agrees to assign,  and hereby does assign and transfer,  any such rights,  title
and interest to the Company.  The  Employee  agrees to cooperate  fully with the
Company in taking  such  actions  as may be  necessary  to allow the  Company to
secure patent,  copyright,  trademark,  trade name or other  protections for any
such Proprietary Information.

                  6.03 NON-COMPETITION. During the Term, the Employee shall not,
directly  or  indirectly,  participate,  engage  or  assist  in any  Competitive
Activities,  until the first  anniversary  of the end of the Term,  the Employee
shall  not,  directly  or  indirectly,  participate,  engage  or  assist  in any
Competitive Activities in the United States of America.

                  6.04  NON-SOLICITATION.  Prior to the first anniversary of the
end of the Term, the Employee shall not directly or indirectly solicit,  recruit
or hire any (a) Person employed or retained as consultants or other  independent
contractors by the Company or its  subsidiaries  or  affiliates,  (b) customers,
clients,  strategic partners,  vendors or suppliers of the Company or any of its
subsidiaries  or  affiliates,  or (c) any  other  Person  with whom or which the
Company  or  any  of its  subsidiaries  or  affiliates  maintains  a  commercial
relationship,  or  encourage  any  such  Person  or  entity  described  above to
terminate or adversely alter their relationship with the Company

                  6.05 NON-DETRIMENTAL  CONDUCT.  Prior to the first anniversary
of the end of the Term, the Employee shall not,  directly or indirectly,  engage
in any  action,  activity  or course of  conduct  (including  the  making of any
unprivileged oral or written statement) which is, or is reasonably likely to be,
detrimental in any material respect to the business,  operations,  activities or
reputation of the Company.

                  6.06 DEFINITIONS. For purposes of this Section 6 the following
terms shall have the following definitions:

                         (a)  "COMPETITIVE   ACTIVITIES"   means  the  following
activities or  businesses:  (i)  developing,  producing,  marketing,  selling or
distributing  generic drugs or dietary supplements or services that compete with
the business, operations or activities of the Company or any of its subsidiaries
or affiliates;  (ii) actively  soliciting or endeavoring to cause any Person who
or which is or was a  customer,  supplier,  service  provider  or  vendor of the
Company or any

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of its  subsidiaries  or  affiliates at any time during the Term to terminate or
adversely  alter the volume or nature of their  business  relationship  with the
Company or any of its subsidiaries or affiliates  (including without limitation,
to use any products or services  that compete with the  business,  operations or
activities of the Company or any of its subsidiaries or affiliates if offered by
anyone other than the Company or any of its  subsidiaries  or  affiliates);  and
(iii)  causing or assisting any Person or entity in any way to do, or attempt to
do, anything prohibited by clauses (i) or (ii) above, directly or indirectly.

                         (b) "PERSON"  means an  individual,  a  partnership,  a
corporation, a limited liability company, an association, a joint stock company,
a trust, a joint venture,  an  unincorporated  organization or any other entity,
including  a  governmental  entity  or  any  department,   agency  or  political
subdivision thereof.

                         (c) "PROPRIETARY  INFORMATION" means any information of
a  confidential  or proprietary  nature  pertaining to the Company or any of its
subsidiaries or affiliates, or to the business,  operations or activities of the
Company or any of its  subsidiaries  or  affiliates,  whether or not  reduced to
writing, that the Employee, during the Term, knows of, has access to or develops
in whole or in part and includes,  without  limitation,  the following:  (i) any
patents,   copyrights,   trademarks,   trade  names,  trade  secrets,  know-how,
inventions or  discoveries  (whether  patentable or not), or any  application or
license for any of the foregoing,  whether acquired on or prior to the Effective
Date or subsequently thereafter;  (ii) any plans, strategies (including economic
and market  research  selection and analysis  strategies  and data),  processes,
tactics, techniques,  policies and resolutions;  (iii) any information regarding
litigation or negotiations; (iv) any financial information, cost and performance
data and any debt  arrangements,  equity  ownership  or  securities  transaction
information;  (v) any  technical  information,  technical  drawings and designs,
computer  software,  source and object  code;  (vi) any  personnel  information,
personnel lists, resumes, personnel data, organizational structure, compensation
and performance evaluations; (vii) any customer, vendor or supplier information;
(viii) any  information  regarding  the  existence or terms of any  agreement or
relationship  between the Company or any of its  subsidiaries  or affiliates and
any other party; (ix) any other information or material relating to the business
or activities of the Company which is not generally  known to others  engaged in
similar  businesses or  activities;  and (x) any of the  information or material
described  herein  that is the  property  of any other  Person or firm which has
revealed or delivered such  information or material to the Company or any of its
subsidiaries or affiliates pursuant to a relationship (contractual or otherwise)
with  the  Company  or any  of  its  subsidiaries  or  affiliates.  "Proprietary
Information" shall not include any information or material of the type described
herein to the  extent  that  such  information  or  material  (A) is or  becomes
publicly known through no act on your part in violation of this  Agreement,  (B)
is required to be used or disclosed by applicable law or  governmental  order or
process, or (C) is known to or developed by the Employee prior to his employment
by the  Company.  The  failure  to mark any of the  Proprietary  Information  as
confidential shall not affect its status as Proprietary Information.

                  6.07 IRREPARABLE HARM. The Employee  acknowledges the valuable
and unique nature of the  Proprietary  Information  and Company's  relationships
with its  customers,  prospective  customers  and  employees,  and admits that a
breach of any of the covenants contained in this Section 6 may cause the Company
irreparable harm, for which money damages may be

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inadequate  or difficult or  impossible  to  ascertain.  The Employee  therefore
waives (and is estopped from asserting in a court of law or equity) any argument
that the breach, or threatened breach, of any of the covenants contained in this
Section 6 does not constitute  irreparable  harm for which an adequate remedy at
law is  unavailable.  Nothing  contained  in this Section 6 or elsewhere in this
Agreement  shall be construed as prohibiting the Company from pursuing any other
remedies  available at law or in equity for a breach,  or threatened  breach, by
the  Employee of any of the  covenants  contained in this Section 6. The Company
acknowledges the valuable and unique nature of the covenants and obligations set
forth  in this  Agreement,  and  admits  that a breach  of any of the  covenants
contained  herein  may cause the  Employee  irreparable  harm,  for which  money
damages may be inadequate  or difficult or impossible to ascertain.  The Company
therefore  waives (and is estopped  from  asserting in a court of law or equity)
any argument  that the breach,  or  threatened  breach,  of any of the covenants
contained  herein  does not  constitute  irreparable  harm for which an adequate
remedy at law is  unavailable.  Nothing  contained  in this  Agreement  shall be
construed as prohibiting the Employee from pursuing any other remedies available
at law or in equity for a breach, or threatened breach, by the Company of any of
the covenants contained herein.

                  7.  SECTION  409A.   Notwithstanding  any  provision  of  this
Agreement to the contrary,  if the Employee is a "specified employee" as defined
in  Section  409A of the  Internal  Revenue  Code of 1986,  as  amended  and the
regulations issued or to be issued by the Department of the Treasury  thereunder
("SECTION  409A"),  the Employee  shall not be entitled to any  payments  upon a
termination of employment  until the earlier of (i) the date which is six months
after the  termination of employment for any reason other than death or (ii) the
date of  Employee's  death and the first such payment shall equal the sum of all
payments that would have been made from the date of  termination  to the date of
such  first  payment  were it not for the  delay in  payment  for  Section  409A
purposes.

                  8. ENTIRE  AGREEMENT;  RELEASE.  This  Agreement  contains the
entire agreement among the parties with respect to the matters set forth herein,
and supersedes  all prior  agreements or  understandings  among the parties with
respect to such matters.

                  9.  DESCRIPTIVE   HEADINGS.   Descriptive   headings  are  for
convenience  only and shall not control or affect the meaning or construction of
any provision of this Agreement.

                  10. NOTICES. All notices, requests and other communications to
any party  hereunder  shall be in writing,  and shall be sufficient if delivered
personally or sent by telecopy (with  confirmation  of receipt) or by registered
or certified  mail,  postage  prepaid,  return receipt  requested,  addressed as
follows:

                  If to the Employee:       David Coffin-Beach
                                            264 DeSoto Road
                                            St. Augustine, Fl 32080
                                            EMAIL: dceebee@gmail.com

                  If to the Company:        Synovics Pharmaceuticals, Inc.
                                            2575 East Camelback Road
                                            Suite 450
                                            Phoenix, Arizona 85016
                                            Facsimile: (602) 508-0115

                                       9
<PAGE>

                  With a copy to:           Reitler Brown & Rosenblatt LLC
                                            800 Third Avenue
                                            21st Floor
                                            New York, New York 10022
                                            Attention: Robert S. Brown, Esq.
                                            Facsimile: (212) 371-5500

or to such other address or telecopy number as the party to whom notice is to be
given may have  furnished to the other party in writing in accordance  herewith.
Each such notice,  request or communication shall be effective when received or,
if given by mail, when delivered at the address  specified in this Section 10 or
on the fifth  business day  following  the date on which such  communication  is
posted, whichever occurs first.

                  11.  COUNTERPARTS.  This  Agreement  may be executed in one or
more  counterparts,  and each such  counterpart  hereof shall be deemed to be an
original instrument, but all such counterparts together shall constitute but one
agreement.

                  12. BENEFITS OF AGREEMENT.  All of the terms and provisions of
this  Agreement  shall be binding  upon and inure to the  benefit of the parties
hereto and their respective  successors and permitted assigns. This Agreement is
for the sole benefit of the parties  hereto and not for the benefit of any third
party.

                  13.  AMENDMENTS  AND WAIVERS.  No  modification,  amendment or
waiver of any  provision  of, or consent  required by, this  Agreement,  nor any
consent to any departure  herefrom,  shall be effective  unless it is in writing
and  signed by the  parties  hereto.  Such  modification,  amendment,  waiver or
consent shall be effective only in the specific instance and for the purpose for
which it is given.

                  14. ASSIGNMENT.  This Agreement and the rights and obligations
hereunder  shall not be  assignable  or  transferable  without the prior written
consent of the Company.  Any  instrument  purporting  to make an  assignment  in
violation of this Section 14 shall be void and of no effect.

                  15.  GOVERNING  LAW. THIS  AGREEMENT  SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE  WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT  GIVING
EFFECT TO ANY CHOICE OR CONFLICT OF LAWS PROVISIONS).

                  16. CONSENT TO JURISDICTION. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF ANY FEDERAL COURT
OR STATE COURT OF NEW YORK LOCATED IN NEW YORK CITY AND IRREVOCABLY  AGREES THAT
ALL

                                       10
<PAGE>

ACTIONS OR  PROCEEDINGS  ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS  CONTEMPLATED HEREBY SHALL BE LITIGATED EXCLUSIVELY IN SUCH COURTS.
EACH OF THE PARTIES HERETO AGREES NOT TO COMMENCE ANY LEGAL  PROCEEDING  RELATED
HERETO EXCEPT IN SUCH COURT. EACH OF THE PARTIES HERETO  IRREVOCABLY  WAIVES ANY
OBJECTION WHICH HE OR IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF
ANY SUCH  PROCEEDING  IN ANY SUCH  COURT  AND  HEREBY  FURTHER  IRREVOCABLY  AND
UNCONDITIONALLY  WAIVES  AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT
ANY SUCH ACTION,  SUIT OR PROCEEDING  BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM.

                  17.  WAIVER OF JURY TRIAL.  EACH OF THE PARTIES  HERETO HEREBY
WAIVES,  TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE  LAW, ANY RIGHT HE OR IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION  DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.  EACH OF THE PARTIES
HERETO HEREBY (A)  CERTIFIES  THAT NO  REPRESENTATIVE,  AGENT OR ATTORNEY OF THE
OTHER PARTY HAS REPRESENTED,  EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD
NOT, IN THE EVENT OF  LITIGATION,  SEEK TO ENFORCE THE FOREGOING  WAIVER AND (B)
ACKNOWLEDGES THAT HE OR IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER
INTO  THIS   AGREEMENT,   BY,  AMONG  OTHER  THINGS,   THE  MUTUAL  WAIVERS  AND
CERTIFICATIONS IN THIS SECTION 17.

                  18.  WITHHOLDING.  The payment of any amount  pursuant to this
Agreement, including, without limitation, pursuant to Sections 2, 3 and 5, shall
be  subject  to any  applicable  withholding  and  payroll  taxes,  which may be
deducted by the Company in its sole discretion.

                  19. ADVICE OF COUNSEL.  The Employee  represents  and warrants
that  he  has  had  full  opportunity  to  seek  advice  and  representation  by
independent  counsel of his own choosing in connection with the  interpretation,
negotiation and execution of this Agreement.

                  20. ENFORCEABILITY. It is the desire and intent of the parties
hereto that the  provisions of this  Agreement  shall be enforced to the fullest
extent   permissible  under  the  laws  and  public  policies  applied  in  each
jurisdiction  in which  enforcement  is sought.  Accordingly,  if any particular
provision of this Agreement shall be adjudicated to be invalid or unenforceable,
then such provision shall be deemed amended to delete therefrom the portion thus
adjudicated  to be invalid or  unenforceable,  such  deletion to apply only with
respect to the operation of such  provision in the  particular  jurisdiction  in
which such adjudication is made.

                  21. EMPLOYMENT  REPRESENTATIONS  AND WARRANTIES.  The Employee
hereby represents, warrants and acknowledges to, and agrees with, the Company as
follows:  (a) the Employee is not presently  subject to any  employment or other
agreement  with any other  person  or  entity  (whether  or not  engaged  in the
securities or  investment  advisory  business)  which will limit or restrict his
ability  to carry out the terms of this  Agreement  and to devote  his  business

                                       11
<PAGE>

energies  on a  full-time  basis to the Company  under this  Agreement;  (b) the
Company  has not  solicited  the  Employee  to leave his prior  employment,  and
Employee first contacted the Company to offer it his services;  (c) the Employee
is not now and has not been subject to any orders, findings, or judgments of any
securities  industry or other regulatory body and knows of no prior,  threatened
or pending  investigatory  or disciplinary  action against him by any such body;
(d) the Employee is not subject to any claims or arbitration proceedings against
him arising  from any prior  securities  activities;  (e) the  Employee  has had
sufficient  experience and knowledge in the intended activities to undertake and
perform his obligations under this Agreement;  (f) the execution and delivery by
the Employee of this Agreement,  and the Employee's performance of his duties to
the Company pursuant hereto, will not breach the terms of, or require the giving
of notice  under,  any other  agreement  to which the  Employee is a party or is
bound; (g) the Employee shall not violate any non-competition,  non-solicitation
or  non-disclosure  covenant by which the Employee is bound,  or use or disclose
any  confidential  or proprietary  information  obtained in connection  with the
Employee's   employment  by  any  previous  employer,  in  connection  with  his
employment by the Company; (h) the Employee has disclosed to the Company in full
detail all  non-competition,  non-solicitation  and non-disclosure  covenants by
which the Employee is bound as of the commencement of this Agreement.

                  22.  SURVIVAL OF PROVISIONS.  Notwithstanding  anything to the
contrary in this Agreement,  the provisions of Sections 5, 6, 7, 11, 12, 13, 14,
15, 16, 17, 19, 20 and this  Section 21 shall  survive the  termination  of this
Agreement  (regardless of the manner or basis of termination) in accordance with
their terms.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       12
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed,  or have
caused  their  duly  authorized   representative  to  execute,  this  Employment
Agreement as of the date first written above.

                                                  SYNOVICS PHARMACEUTICALS, INC.

                                                  By: /s/ Ronald Lane
                                                      --------------------------
                                                      Ronald Howard Lane
                                                      Chief Executive Officer

                                                  DAVID COFFIN-BEACH:

                                                  /s/ David Coffin-Beach
                                                  ------------------------------
                                                  April 18, 2007FORM OF FIXED RATE SENIOR NOTE

	
REGISTERED		 
		
REGISTERED	
	
No. FXR-1		 
		
U.S. $	
	 		 
		
CUSIP: 61750V345	

     Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.

MORGAN STANLEY

SENIOR
GLOBAL MEDIUM-TERM NOTE, SERIES F

PERFORMANCE LEVERAGED UPSIDE SECURITIES (“PLUS”)

PLUS DUE MAY 20, 2008

FOR AN AMOUNT PAYABLE IN U.S. DOLLARS

BASED ON THE VALUE OF THE DOW JONES INDUSTRIAL AVERAGESM

	
ORIGINAL ISSUE DATE:		
INITIAL REDEMPTION

   DATE: N/A 	
INTEREST RATE: None		
MATURITY DATE: See

    “Maturity Date” below. 
	
INTEREST ACCRUAL

   DATE: N/A	
INITIAL REDEMPTION

   PERCENTAGE: N/A	
INTEREST PAYMENT

   DATE(S): N/A 	
OPTIONAL

   REPAYMENT

   DATE(S): N/A 
	
SPECIFIED CURRENCY:

   U.S. dollars	
ANNUAL REDEMPTION

   PERCENTAGE

   REDUCTION: N/A 	
INTEREST PAYMENT

   PERIOD: N/A	
APPLICABILITY OF

   MODIFIED

   PAYMENT UPON

   ACCELERATION OR

   REDEMPTION: See

   “Alternate Exchange

   Calculation in the Case

   of an Event of Default”

   below.
	
IF SPECIFIED

   CURRENCY OTHER

   THAN U.S. DOLLARS, 

   OPTION TO ELECT 

   PAYMENT IN U.S. 

   DOLLARS: N/A 	
REDEMPTION NOTICE

   PERIOD: N/A 	
APPLICABILITY OF

   ANNUAL INTEREST 

   PAYMENTS: N/A	
If yes, state Issue Price:

   N/A
	
EXCHANGE RATE

   AGENT: N/A	
TAX REDEMPTION

   AND PAYMENT OF 

   ADDITIONAL 

   AMOUNTS: NO	
PRICE APPLICABLE

   UPON OPTIONAL

   REPAYMENT: N/A	
ORIGINAL YIELD TO

   MATURITY: N/A
	
OTHER PROVISIONS:

   See below	
IF YES, STATE INITIAL

   OFFERING
DATE: N/A	 		 	

	Stated Principal Amount	 	$10
	 	 	 
	Underlying Index	 	The Dow Jones Industrial
    AverageSM
	 	 	 
	Underlying Index Publisher 	 	Dow Jones & Company,
    Inc.
	 	 	 
	Initial Index Value 	 	 
	 	 	 
	Pricing Date	 	 
	 	 	 
	Denominations

Bull Market or Bear Market PLUS
		 		$10
	      and integral multiples thereof

Bull Market PLUS
	

2

	
Maximum Payment at Maturity		 		
$
          per Stated Principal Amount	
	
Minimum Payment at Maturity		 		 			
	
     if Bear Market PLUS		 		
N/A			
	 	 	 
	Leverage Factor	 	          %
	Index Valuation Date(s)

	 		May 16, 2008.

If there is only one Index Valuation Date, the Final Index Value shall be determined on that Index Valuation Date. If there are multiple Index Valuation Dates, then the Final Average Index Value shall be determined on the last
Index Valuation Date, which is referred to as the “Final Index Valuation Date.”

If a Market Disruption Event with respect to the Underlying Index occurs on any scheduled Index Valuation Date, or if any such Index Valuation Date is not an Index Business Day, the Index Closing Value for such date shall be
determined on the immediately succeeding Index Business Day on which no Market Disruption Event shall have occurred; provided that the Final Index Value or the Final Average Index Value, as
applicable, shall not be determined on a date later than the fifth scheduled Index Business Day after the scheduled Index Valuation Date or Final Index Valuation Date, as applicable, and if such date is not an Index Business Day or if there is a
Market Disruption Event on such date, the Calculation Agent shall determine the Index Closing Value of the Underlying Index on such date in accordance with the formula for calculating such index last in effect prior to the commencement of the Market
Disruption Event (or prior to the non-Index Business Day), without rebalancing or substitution, using the closing price (or, if trading in the relevant securities has been materially suspended or materially limited, its good faith estimate of
the closing price that would have prevailed but for such suspension, limitation or non-Index Business Day) on such date of each security most recently constituting the Underlying Index.
	
	 	 	 
	Maturity Date
		 		May 20, 2008, subject to extension if the scheduled Index Valuation Date or Final Index Valuation Date, as applicable, is postponed in accordance with the definition thereof. If the scheduled Index
Valuation Date or Final Index Valuation Date, as applicable, is postponed so that it falls less than two scheduled
	

3

			 		Trading Days prior to the scheduled Maturity Date, the Maturity Date shall be the second scheduled Trading Day following the Index Valuation Date or Final Index Valuation Date, as applicable, as
postponed. See “Index Valuation Date(s).”

In the event that the Maturity Date of the PLUS is postponed due to postponement of the Index Valuation Date or the Final Index Valuation Date, as applicable, as described in the immediately preceding paragraph, the Issuer
shall give notice of such postponement and, once it has been determined, of the date to which the Maturity Date has been rescheduled (i) to the holder of this PLUS by mailing notice of such postponement by first class mail, postage prepaid, to the
holder’s last address as it shall appear upon the registry books, (ii) to the Trustee by telephone or facsimile confirmed by mailing such notice to the Trustee by first class mail, postage prepaid, at its New York office and (iii) to The
Depository Trust Company (the “Depositary”) by telephone or facsimile confirmed by mailing such notice to the Depositary by first class mail, postage prepaid. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the holder of this PLUS receives the notice. The Issuer shall give such notice as promptly as possible, and in no case later than (i) with respect to notice of postponement of the Maturity Date, the
Business Day immediately following the scheduled Index Valuation Date or Final Index Valuation Date, as applicable, and (ii) with respect to notice of the date to which the Maturity Date has been rescheduled, the Business Day immediately following
the actual Index Valuation Date or Final Index Valuation Date, as applicable, for determining the Final Index Value (as defined below) or Final Average Index Value (as defined below), as applicable.
	
	 	 	 
	Payment at Maturity
		 		At maturity, upon delivery of this PLUS to the Trustee, the Issuer shall pay with respect to each Stated Principal Amount of this PLUS an amount in cash equal to:

1. For a Bull Market PLUS, (i) if the Final Index Value, or Final Average Index Value, as applicable, is greater than the Initial Index Value, the lesser of (a) the
Stated Principal Amount plus the Leveraged Upside
	

4

	 	 	 Payment and (b) the Maximum
        Payment at Maturity or (ii) if the Final Index Value or Final Average
        Index Value, as applicable, is less than or equal to the Initial Index
    Value, the Stated Principal Amount times the Index Performance Factor.

	 	 	 
	 	 	 2. For
          a Bear Market PLUS, (i) if the Final
          Index Value or Final Average Index Value, as applicable, is less than
          the Initial Index Value, the lesser of (a) the Stated Principal Amount
          plus the Enhanced Downside Payment and (b) the Maximum Payment at Maturity
          or (ii) if the Final Index Value or Final Average Index Value, as applicable,
          is greater than or equal to the Initial Index Value, the Stated Principal
          Amount minus the Upside Reduction Amount, subject to the Minimum Payment
    at Maturity.

	 	 	 
	 	 	 The Issuer shall, or shall
        cause the Calculation Agent to, (i) provide written notice to the Trustee
        and to the Depositary of the amount of cash to be delivered with respect
        to each Stated Principal Amount of this PLUS, on or prior to 10:30 a.m.
        on the Trading Day preceding the Maturity Date (but if such Trading Day
        is not a Business Day, prior to the close of business on the Business
        Day preceding the Maturity Date), and (ii) deliver the aggregate cash
        amount due with respect to this PLUS to the Trustee for delivery to the
    holder of this PLUS on the Maturity Date.

	 	 	 
	 Applicable only for BULL MARKET
    PLUS

	 	 	 
	     Leveraged Upside Payment
		 		The product of (i) the Stated Principal Amount and (ii) the Leverage Factor and (iii) the Index Percent Increase.
	
	 	 	 
	     Index Performance Factor
		 		A fraction, the numerator of which shall be the Final Index Value or Final Average Index Value, as applicable, and the denominator of which shall be the Initial Index Value.
	

Applicable only for BEAR MARKET PLUS

	     Enhanced Downside Payment
		 		The product of (i) the Stated Principal Amount and (ii) the Leverage Factor and (iii) the Index Percent Decrease.
	
	 	 	 
	     Upside Reduction Amount
		 		The product of (i) the Stated Principal Amount and (ii) the Index Percent Increase.
	

5

	     Index Percent Decrease
		 		A fraction, the numerator of which shall be the Initial Index Value minus the Final Index Value or Final Average Index Value, as applicable, and the denominator of which shall be the Initial Index
Value.
	
	 	 	 
	Applicable for all PLUS
	 	 
	 	 	 
	Index Percent Increase
		 		A fraction, the numerator of which shall be the Final Index Value or Final Average Index Value, as applicable, minus the Initial Index Value and the denominator of which shall be the Initial Index
Value.
	
	 	 	 
	Final Index Value
		 		For PLUS with a single Index Valuation Date, the Index Closing Value of the Underlying Index on the Index Valuation Date, as determined by the Calculation Agent; and

for PLUS with multiple Index Valuation Dates, the arithmetic average of the Index Closing Values of the Underlying Index on the Index Valuation Dates, as calculated by the Calculation Agent, which is referred to as the
“Final Average Index Value.”
	
	 	 	 
	Index Closing Value
		 		The Index Closing Value on any Index Business Day shall equal the closing value of the Underlying Index or any Successor Index (as defined under “Discontinuance of the Underlying Index; Alteration
of Method of Calculation” below) published at the regular weekday close of trading on that Index Business Day, as determined by the Calculation Agent. In certain circumstances, the Index Closing Value shall be based on the alternate calculation
of the Underlying Index described under “Discontinuance of the Underlying Index; Alteration of Method of Calculation.”
	
	 	 	 
	Price Source
		 		Bloomberg page “INDU,” which shall be used by the Calculation Agent to determine the Index Closing Value of the Underlying Index.

If such service or any successor service no longer displays the Index Closing Value of the Underlying Index, then the Calculation Agent shall designate an alternate source of such Index Closing Value, which shall be the
publisher of the Underlying Index, unless the Calculation Agent, in its sole discretion, determines that an alternate service has become the market standard for transactions related to such index.
	

6

	Trading Day
		 		A day, as determined by the Calculation Agent, on which trading is generally conducted on the New York Stock Exchange LLC (“NYSE”), the American Stock Exchange LLC, The NASDAQ Stock Market
LLC, the Chicago Mercantile Exchange, the Chicago Board of Options Exchange and in the over-the-counter market for equity securities in the United States.
	
	 	 	 
	Index Business Day
		 		A day, as determined by the Calculation Agent, on which trading is generally conducted on each of the Relevant Exchange(s) for the Underlying Index, other than a day on which trading on such exchange(s)
is scheduled to close prior to the time of the posting of its regular final weekday closing price.
	
	 	 	 
	Relevant Exchange
		 		Relevant Exchange means the primary exchange(s) or market(s) of trading for (i) any security then included in the Underlying Index, or any Successor Index, and (ii) any futures or options contracts
related to the Underlying Index or to any security then included in the Underlying Index.
	
	 	 	 
	Calculation Agent
		 		Morgan Stanley & Co. Incorporated and its successors (“MS & Co.”).

All determinations made by the Calculation Agent shall be at the sole discretion of the Calculation Agent and shall, in the absence of manifest error, be conclusive for all purposes and binding on the holder of this PLUS, the
Trustee and the Issuer.

All calculations with respect to the Payment at Maturity shall be rounded to the nearest one billionth, with five ten-billionths rounded upward (e.g., .9876543215
would be rounded to .987654322); all dollar amounts related to determination of the amount of cash payable for each Stated Principal Amount of this PLUS shall be rounded to the nearest ten- thousandth, with five one hundred-thousandths
rounded upward (e.g., .76545 would be rounded up to .7655); and all dollar amounts paid on the aggregate number of PLUS shall be rounded to the nearest cent, with one-half cent rounded
upward.
	
	 	 	 
	Market Disruption Event
		 		Market Disruption Event means, with respect to the Underlying Index, the occurrence or existence of any
	

7

	
		 
		of the following events, as determined by the Calculation Agent in its sole discretion:

(i)(a) a suspension, absence or
    material limitation of trading of stocks then constituting 20 percent or
    more of the value of the Underlying Index (or the Successor Index) on the
    Relevant Exchanges for such securities for more  than two hours of trading
    or during the one-half hour period preceding the close of the principal
    trading session on such Relevant Exchange; or

(b) a breakdown or failure in the price and trade reporting systems of any Relevant Exchange as a result of which the reported trading prices for stocks then constituting 20 percent or more of the value of the Underlying Index
(or the Successor Index) during the last one-half hour preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate; or

(c) the suspension, material limitation or absence of trading on any major U.S. securities market for trading in futures or options contracts or exchange traded funds related to the Underlying Index (or the Successor Index) for
more than two hours of trading or during the one-half hour period preceding the close of the principal trading session on such market; and

(ii) a determination by the Calculation Agent in its sole discretion that any event described in clause (i) above materially interfered with the ability of the Issuer or any of its affiliates to unwind or adjust all or a
material portion of the hedge position with respect to this issuance of PLUS.

For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the Underlying Index is materially suspended or materially limited at that time, then the relevant
percentage contribution of that security to the value of the Underlying Index shall be based on a comparison of (x) the portion of the value of the Underlying Index attributable to that security relative to (y) the overall value of the Underlying
Index, in each case immediately before that suspension or limitation.

	

8

	 
		 
		For the purpose of determining whether a Market Disruption Event has occurred: (1) a limitation on the hours or number of days of trading shall not constitute a Market Disruption Event if it results
from an announced change in the regular business hours of the Relevant Exchange or market, (2) a decision to permanently discontinue trading in the relevant futures or options contract or exchange traded fund shall not constitute a Market Disruption
Event, (3) limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80A (or any applicable rule or regulation enacted or promulgated by any other self- regulatory organization or any government agency of scope similar to
NYSE Rule 80A as determined by the Calculation Agent) on trading during significant market fluctuations shall constitute a suspension, absence or material limitation of trading, (4) a suspension of trading in futures or options contracts or exchange
traded funds on the Underlying Index by the primary securities market trading in such contracts or funds by reason of (a) a price change exceeding limits set by such securities exchange or market, (b) an imbalance of orders relating to such
contracts or funds, or (c) a disparity in bid and ask quotes relating to such contracts or funds shall constitute a suspension, absence or material limitation of trading in futures or options contracts or exchange traded funds related to the
Underlying Index and (5) a “suspension, absence or material limitation of trading” on any Relevant Exchange or on the primary market on which futures or options contracts or exchange traded funds related to the Underlying Index are traded
shall not include any time when such securities market is itself closed for trading under ordinary circumstances.

	

	Alternate Exchange Calculation	 	 
	  in the Case of an Event of Default
	 		In case an event of default with respect to the PLUS shall have occurred and be continuing, the amount declared due and payable for each Stated Principal Amount of this PLUS upon any acceleration of
this PLUS shall be determined by the Calculation Agent and shall be an amount in cash equal to the Payment at Maturity calculated using the Index Closing Value as of the date of such acceleration as the Final Index Value or Final Average Index
Value, as applicable, plus, if applicable, any accrued but unpaid interest as of the date of such acceleration.
	

9

	 
		 
		If the maturity of the PLUS is accelerated because of an event of default as described above, the Issuer shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New
York office, on which notice the Trustee may conclusively rely, and to the Depositary of the cash amount due with respect to each Stated Principal Amount of this PLUS as promptly as possible and in no event later than two Business Days after the
date of acceleration.

	

	 	 	 
	Discontinuance of the Underlying Index;    
	 	 
	   Alteration
	      of Method of Calculation
		 		If the Underlying Index Publisher discontinues publication of the Underlying Index and the Underlying Index Publisher or another entity (including MS & Co.) publishes a successor or substitute index
that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Underlying Index (such index being referred to herein as a “Successor Index”), then any subsequent Index Closing Value shall be determined
by reference to the published value of such Successor Index at the regular weekday close of trading on any Index Business Day that the Index Closing Value is to be determined.

Upon any selection by the Calculation Agent of a Successor Index, the Calculation Agent shall cause written notice thereof to be furnished to the Trustee, to the Issuer and to the Depositary, as holder of the PLUS, within three
Trading Days of such selection.

If the Underlying Index Publisher discontinues publication of the Underlying Index prior to, and such discontinuance is continuing on, any Index Valuation Date or the date of acceleration and the Calculation Agent determines,
in its sole discretion, that no Successor Index is available at such time, then the Calculation Agent shall determine the Index Closing Value for such Index Valuation Date or date of acceleration. The Index Closing Value shall be computed by the
Calculation Agent in accordance with the formula for and method of calculating the Underlying Index last in effect prior to such discontinuance, using the closing price (or, if trading in the relevant securities has been materially
suspended
	

10

	
		 
		or materially limited, its good faith estimate of the closing price that would have prevailed but for such suspension or limitation) at the close of the principal trading session of the Relevant
Exchange on such Index Valuation Date or date of acceleration of each security most recently constituting the Underlying Index without any rebalancing or substitution of such securities following such discontinuance.

If at any time the method of calculating the Underlying Index or a Successor Index, or the value thereof, is changed in a material respect, or if the Underlying Index or a Successor Index is in any other way modified so that
such index does not, in the opinion of the Calculation Agent, fairly represent the value of such index had such changes or modifications not been made, then, from and after such time, the Calculation Agent shall, at the close of business in New York
City on each date on which the Index Closing Value is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of a stock index comparable to the
Underlying Index or such Successor Index, as the case may be, as if such changes or modifications had not been made, and the Calculation Agent shall calculate the Final Index Value or Final Average Index Value, as applicable, with reference to the
Underlying Index or such Successor Index, as adjusted. Accordingly, if the method of calculating the Underlying Index or a Successor Index is modified so that the value of such index is a fraction of what it would have been if it had not been
modified (e.g., due to a split in the index), then the Calculation Agent shall adjust such index in order to arrive at a value of the Underlying Index or such Successor Index as if it had not been modified (e.g., as if such split had not
occurred).

	

11

     Morgan Stanley, a Delaware corporation (together with its successors and assigns, the “Issuer”), for value received, hereby
promises to pay to CEDE & Co., or registered assignees, the amount of cash, as determined in accordance with the provisions set forth under “Payment at Maturity” above, due with respect to the principal sum of U.S. $                     (UNITED STATES
DOLLARS                     ), on the Maturity Date specified above (except to the extent redeemed or repaid prior to maturity) and to pay interest thereon at the Interest Rate per annum specified above, from and including the Interest Accrual Date specified above
until the principal hereof is paid or duly made available for payment weekly, monthly, quarterly, semiannually or annually in arrears as specified above as the Interest Payment Period on each Interest Payment Date (as specified above), commencing on
the Interest Payment Date next succeeding the Interest Accrual Date specified above, and at maturity (or on any redemption or repayment date); provided, however, that if the Interest Accrual Date occurs between a Record Date, as defined below, and the next succeeding Interest Payment Date, interest payments will commence on the second Interest Payment Date
succeeding the Interest Accrual Date to the registered holder of this Note on the Record Date with respect to such second Interest Payment Date; and provided, further, that if this Note is
subject to “Annual Interest Payments,” interest payments shall be made annually in arrears and the term “Interest Payment Date” shall be deemed to mean the first day of
March in each year.

     Interest on this Note will accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from and
including the Interest Accrual Date, until but excluding the date the principal hereof has been paid or duly made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to
certain exceptions described herein, be paid to the person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the date 15 calendar days prior to such Interest Payment Date (whether or not a Business
Day (as defined below)) (each such date, a “Record Date”); provided, however, that interest payable at maturity (or any
redemption or repayment date) will be payable to the person to whom the principal hereof shall be payable. As used herein, “Business Day” means any day, other than a Saturday or
Sunday, (a) that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close (x) in The City of New York or (y) if this Note is denominated in a Specified Currency other than U.S.
dollars, euro or Australian dollars, in the principal financial center of the country of the Specified Currency, or (z) if this Note is denominated in Australian dollars, in Sydney and (b) if this Note is denominated in euro, that is also a day on
which the Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) is operating (a “TARGET Settlement
Day”).

     Payment of the principal of this Note, any premium and the interest due at maturity (or any redemption or repayment date), unless this Note is denominated in a Specified Currency other than U.S.
dollars and is to be paid in whole or in part in such Specified Currency, will be made in immediately available funds upon surrender of this Note at the office or agency of the Paying Agent, as defined on the reverse hereof, maintained for that
purpose in the Borough of Manhattan, The City of New York, or at such other paying agency as the Issuer may determine, in U.S. dollars. U.S. dollar payments of interest, other than interest due at maturity or on any date of redemption or repayment,
will be made by U.S. dollar check mailed to the address of the person entitled thereto as such address shall appear in the Note register.  A holder of U.S.

12

$10,000,000 (or the equivalent in a Specified Currency) or more in aggregate principal amount of Notes having the same Interest Payment Date, the interest on which is payable in U.S. dollars, shall be entitled to receive
payments of interest, other than interest due at maturity or on any date of redemption or repayment, by wire transfer of immediately available funds if appropriate wire transfer instructions have been received by the Paying Agent in writing not less
than 15 calendar days prior to the applicable Interest Payment Date.

     If this Note is denominated in a Specified Currency other than U.S. dollars, and the holder does not elect (in whole or in part) to receive payment in U.S. dollars pursuant to the next succeeding
paragraph, payments of interest, principal or any premium with regard to this Note will be made by wire transfer of immediately available funds to an account maintained by the holder hereof with a bank located outside the United States if
appropriate wire transfer instructions have been received by the Paying Agent in writing, with respect to payments of interest, on or prior to the fifth Business Day after the applicable Record Date and, with respect to payments of principal or any
premium, at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may be; provided that, if payment of interest, principal or any premium with
regard to this Note is payable in euro, the account must be a euro account in a country for which the euro is the lawful currency, provided, further, that if such wire transfer instructions
are not received, such payments will be made by check payable in such Specified Currency mailed to the address of the person entitled thereto as such address shall appear in the Note register; and provided,
further, that payment of the principal of this Note, any premium and the interest due at maturity (or on any redemption or repayment date) will be made upon surrender of this Note at the office or agency referred to in
the preceding paragraph.

     If so indicated on the face hereof, the holder of this Note, if denominated in a Specified Currency other than U.S. dollars, may elect to receive all or a portion of payments on this Note in U.S.
dollars by transmitting a written request to the Paying Agent, on or prior to the fifth Business Day after such Record Date or at least ten Business Days prior to the Maturity Date or any redemption or repayment date, as the case may be.  Such
election shall remain in effect unless such request is revoked by written notice to the Paying Agent as to all or a portion of payments on this Note at least five Business Days prior to such Record Date, for payments of interest, or at least ten
calendar days prior to the Maturity Date or any redemption or repayment date, for payments of principal, as the case may be.

     If the holder elects to receive all or a portion of payments of principal of, premium, if any, and interest on this Note, if denominated in a Specified Currency other than U.S. dollars, in U.S.
dollars, the Exchange Rate Agent (as defined on the reverse hereof) will convert such payments into U.S. dollars. In the event of such an election, payment in respect of this Note will be based upon the exchange rate as determined by the Exchange
Rate Agent based on the highest bid quotation in The City of New York received by such Exchange Rate Agent at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment date from three recognized
foreign exchange dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate Agent is an affiliate of the Issuer) for the purchase by the quoting dealer of the Specified Currency for U.S. dollars for settlement on such payment
date in the amount of the Specified Currency payable in the absence of such an election to such holder and at which the applicable dealer commits to execute a contract. If such bid quotations are not

13

available, such payment will be made in the Specified Currency. All currency exchange costs will be borne by the holder of this Note by deductions from such payments.

     Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this
place.

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

14

     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

	
DATED:		
      MORGAN STANLEY	
	 	 	 	 
	 		By:	 		 
	 	 	

	 		 	Name: 	 
	 		 	Title: 	 Authorized Signatory	

TRUSTEE’S CERTIFICATE 

   OF AUTHENTICATION

This is one of the Notes referred 

   to in the within-mentioned 

   Senior Indenture.

THE BANK OF NEW YORK, as

   Trustee

	
By:		 
		 	
			
		

	
	 		 
		
Authorized Signatory	

15

FORM OF REVERSE OF SECURITY

     This Note is one of a duly authorized issue of Senior Global Medium-Term Notes, Series F, (the “Notes”) of the Issuer. The
Notes are issuable under a Senior Indenture, dated as of November 1, 2004, between the Issuer and The Bank of New York, a New York banking corporation (as successor Trustee to JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank)), as
Trustee (the “Trustee,” which term includes any successor trustee under the Senior Indenture) (as may be amended or supplemented from time to time, the “Senior Indenture”), to which Senior Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities of
the Issuer, the Trustee and holders of the Notes and the terms upon which the Notes are, and are to be, authenticated and delivered. The Issuer has appointed The Bank of New York (as successor to JPMorgan Chase Bank, N.A.) at its corporate trust
office in The City of New York as the paying agent (the “Paying Agent,” which term includes any additional or successor Paying Agent appointed by the Issuer) with respect to the
Notes. The terms of individual Notes may vary with respect to interest rates, interest rate formulas, issue dates, maturity dates, or otherwise, all as provided in the Senior Indenture. To the extent not inconsistent herewith, the terms of the
Senior Indenture are hereby incorporated by reference herein.

     Unless otherwise indicated on the face hereof, this Note will not be subject to any sinking fund and, unless otherwise provided on the face hereof in accordance with the provisions of the following
two paragraphs, will not be redeemable or subject to repayment at the option of the holder prior to maturity.

     If so indicated on the face hereof, this Note may be redeemed in whole or in part at the option of the Issuer on or after the Initial Redemption Date specified on the face hereof on the terms set
forth on the face hereof, together with interest accrued and unpaid hereon to the date of redemption. If this Note is subject to “Annual Redemption Percentage Reduction,” the Initial Redemption Percentage indicated on the face hereof will
be reduced on each anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction specified on the face hereof until the redemption price of this Note is 100% of the principal amount hereof, together with interest accrued
and unpaid hereon to the date of redemption. If the face hereof indicates that this Note is subject to “Modified Payment upon Acceleration or Redemption”, the amount of principal payable upon redemption will be limited to the aggregate
principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a percentage of the aggregate principal amount) plus the original issue discount accrued from the Interest Accrual Date to the date of
redemption (expressed as a percentage of the aggregate principal amount), with the amount of original issue discount accrued being calculated using a constant yield method (as described below).  Notice of redemption shall be mailed to the registered
holders of the Notes designated for redemption at their addresses as the same shall appear on the Note register not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified
on the face hereof, subject to all the conditions and provisions of the Senior Indenture. In the event of redemption of this Note in part only, a new Note or Notes for the amount of the unredeemed portion hereof shall be issued in the name of the
holder hereof upon the cancellation hereof.

16

     If so indicated on the face of this Note, this Note will be subject to repayment at the option of the holder on the Optional Repayment Date or Dates specified on the face hereof on the terms set forth
herein. On any Optional Repayment Date, this Note will be repayable in whole or in part in increments of $1,000 or, if this Note is denominated in a Specified Currency other than U.S. dollars, in increments of 1,000 units of such Specified
Currency (provided that any remaining principal amount hereof shall not be less than the minimum authorized denomination hereof) at the option of the holder hereof at a price equal to 100% of the principal amount to be repaid, together with interest
accrued and unpaid hereon to the date of repayment, provided that if the face hereof indicates that this Note is subject to “Modified Payment upon Acceleration or Redemption”, the
amount of principal payable upon repayment will be limited to the aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a percentage of the aggregate principal amount) plus the original
issue discount accrued from the Interest Accrual Date to the date of repayment (expressed as a percentage of the aggregate principal amount), with the amount of original issue discount accrued being calculated using a constant yield method (as
described below). For this Note to be repaid at the option of the holder hereof, the Paying Agent must receive at its corporate trust office in the Borough of Manhattan, The City of New York, at least 15 but not more than 30 calendar days prior to
the date of repayment, (i) this Note with the form entitled “Option to Elect Repayment” below 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 the name of the holder of this Note, the principal amount hereof, the certificate number of this Note or a description of this
Note’s tenor and terms, the principal amount hereof to be repaid, a statement that the option to elect repayment is being exercised thereby and a guarantee that this Note, together with the form entitled “Option to Elect Repayment”
duly completed, will be received by the Paying Agent not later than the fifth Business Day after the date of such telegram, telex, facsimile transmission or letter; provided, that such
telegram, telex, facsimile transmission or letter shall only be effective if this Note and form duly completed are received by the Paying Agent by such fifth Business Day. Exercise of such repayment option by the holder hereof shall be irrevocable.
In the event of repayment of this Note in part only, a new Note or Notes for the amount of the unpaid portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof.

     Interest payments on this Note will include interest accrued to but excluding the Interest Payment Dates or the Maturity Date (or any earlier redemption or repayment date), as the case may be. Unless
otherwise provided on the face hereof, interest payments for this Note will be computed and paid on the basis of a 360-day year of twelve 30-day months.

     In the case where the Interest Payment Date or the Maturity Date (or any redemption or repayment date) does not fall on a Business Day, payment of interest, premium, if any, or principal otherwise
payable on such date need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date or on the Maturity Date (or any redemption or repayment date), and no
interest on such payment shall accrue for the period from and after the Interest Payment Date or the Maturity Date (or any redemption or repayment date) to such next succeeding Business Day.

17

     This Note and all the obligations of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among themselves and pari
passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory exceptions in the event of liquidation upon insolvency.

     This Note, and any Note or Notes issued upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and, if denominated in U.S. dollars, unless otherwise stated
above, is issuable only in denominations of U.S. $1,000 and any integral multiple of U.S. $1,000 in excess thereof. If this Note is denominated in a Specified Currency other than U.S. dollars, then, unless a higher minimum denomination is
required by applicable law, it is issuable only in denominations of the equivalent of U.S. $1,000 (rounded to an integral multiple of 1,000 units of such Specified Currency), or any amount in excess thereof which is an integral multiple of 1,000
units of such Specified Currency, as determined by reference to the noon dollar buying rate in The City of New York for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York (the “Market Exchange Rate”) on the Business Day immediately preceding the date of issuance.

     The Trustee has been appointed registrar for the Notes, and the Trustee will maintain at its office in The City of New York a register for the registration and transfer of Notes. This Note may be
transferred at the aforesaid office of the Trustee by surrendering this Note for cancellation, accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee and duly executed by the registered holder hereof in
person or by the holder’s attorney duly authorized in writing, and thereupon the Trustee shall issue in the name of the transferee or transferees, in exchange herefor, a new Note or Notes having identical terms and provisions and having a like
aggregate principal amount in authorized denominations, subject to the terms and conditions set forth herein; provided, however, that the Trustee will not be required (i) to register the
transfer of or exchange any Note that has been called for redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part, (ii) to register the transfer of or exchange any Note if the holder thereof has exercised his
right, if any, to require the Issuer to repurchase such Note in whole or in part, except the portion of such Note not required to be repurchased, or (iii) to register the transfer of or exchange Notes to the extent and during the period so provided
in the Senior Indenture with respect to the redemption of Notes. Notes are exchangeable at said office for other Notes of other authorized denominations of equal aggregate principal amount having identical terms and provisions.  All such exchanges
and transfers of Notes will be free of charge, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge in connection therewith. All Notes surrendered for exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Issuer and the Trustee and executed by the registered holder in person or by the holder’s attorney duly authorized in writing. The date of registration of any Note delivered upon any exchange
or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer.

     In case this Note shall at any time become mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or destruction thereof (together with the indemnity
hereinafter referred to and such other documents or proof as may be required in the

18

premises) shall be delivered to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in exchange for this Note, but, if this Note is destroyed, lost or stolen, only upon receipt of evidence satisfactory
to the Trustee and the Issuer that this Note was destroyed or lost or stolen and, if required, upon receipt also of indemnity satisfactory to each of them.  All expenses and reasonable charges associated with procuring such indemnity and with the
preparation, authentication and delivery of a new Note shall be borne by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

     The Senior Indenture provides that (a) if an Event of Default (as defined in the Senior Indenture) due to the default in payment of principal of, premium, if any, or interest on, any series of debt
securities issued under the Senior Indenture, including the series of Senior Medium-Term Notes of which this Note forms a part, or due to the default in the performance or breach of any other covenant or warranty of the Issuer applicable to the
debt securities of such series but not applicable to all outstanding debt securities issued under the Senior Indenture shall have occurred and be continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of the
outstanding debt securities of each affected series, voting as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders, may then declare the principal of all debt securities of all such series and interest
accrued thereon to be due and payable immediately and (b) if an Event of Default due to a default in the performance of any other of the covenants or agreements in the Senior Indenture applicable to all outstanding debt securities issued thereunder,
including this Note, or due to certain events of bankruptcy, insolvency or reorganization of the Issuer, shall have occurred and be continuing, either the Trustee or the holders of not less than 25% in aggregate principal amount of all outstanding
debt securities issued under the Senior Indenture, voting as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders, may declare the principal of all such debt securities and interest accrued thereon to be
due and payable immediately, but upon certain conditions such declarations may be annulled and past defaults may be waived (except a continuing default in payment of principal or premium, if any, or interest on such debt securities) by the holders
of a majority in aggregate principal amount of the debt securities of all affected series then outstanding.

     If the face hereof indicates that this Note is subject to “Modified Payment upon Acceleration or Redemption,” then (i) if the principal hereof is declared to be due and payable as described
in the preceding paragraph, the amount of principal due and payable with respect to this Note shall be limited to the aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a percentage
of the aggregate principal amount) plus the original issue discount accrued from the Interest Accrual Date to the date of declaration (expressed as a percentage of the aggregate principal amount), with the amount of original issue discount accrued
being calculated using a constant yield method (as described in the next paragraph), (ii) for the purpose of any vote of securityholders taken pursuant to the Senior Indenture prior to the acceleration of payment of this Note, the principal amount
hereof shall equal the amount that would be due and payable hereon, calculated as set forth in clause (i) above, if this Note were declared to be due and payable on the date of any such vote and (iii) for the purpose of any vote of securityholders
taken pursuant to the Senior Indenture following the acceleration of payment of this Note, the principal amount hereof shall equal the amount of principal due and payable with respect to this Note, calculated as set forth in clause (i)
above.

19

     The constant yield shall be calculated using a 30-day month, 360-day year convention, a compounding period that, except for the initial period (as defined below), corresponds to the shortest
period between Interest Payment Dates (with ratable accruals within a compounding period), and an assumption that the maturity will not be accelerated. If the period from the Original Issue Date to the first Interest Payment Date (the “initial
period”) is shorter than the compounding period for this Note, a proportionate amount of the yield for an entire compounding period will be accrued. If the initial period is longer than the compounding period, then the period will be divided
into a regular compounding period and a short period with the short period being treated as provided in the preceding sentence.

     If the face hereof indicates that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” this Note may be redeemed, as a whole, at the option of the Issuer at any time
prior to maturity, upon the giving of a notice of redemption as described below, at a redemption price equal to 100% of the principal amount hereof, together with accrued interest to the date fixed for redemption (except that if this Note is subject
to “Modified Payment upon Acceleration or Redemption,” the amount of principal so payable will be limited to the aggregate principal amount hereof multiplied by the sum of the Issue Price specified on the face hereof (expressed as a
percentage of the aggregate principal amount) plus the original issue discount accrued from the Interest Accrual Date to the date of redemption (expressed as a percentage of the aggregate principal amount), with the amount of original issue discount
accrued being calculated using a constant yield method (as described above)), if the Issuer determines that, as a result of any change in or amendment to the laws (including a holding, judgment or as ordered by a court of competent jurisdiction), or
any regulations or rulings promulgated thereunder, of the United States or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment occurs, becomes effective or, in the case of a change in official position, is announced on or after the Initial Offering Date hereof, the Issuer has or will become obligated to pay Additional
Amounts, as defined below, with respect to this Note as described below. Prior to the giving of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate stating that the Issuer is entitled to
effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer to so redeem have occurred, and (ii) an opinion of independent legal counsel satisfactory to the Trustee to such effect
based on such statement of facts; provided that no such notice of redemption shall be given earlier than 60 calendar days prior to the earliest date on which the Issuer would be obligated to
pay such Additional Amounts if a payment in respect of this Note were then due.

     Notice of redemption will be given not less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified on the face hereof, which
date and the applicable redemption price will be specified in the notice.

     If the face hereof indicates that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” the Issuer will, subject to certain exceptions and limitations set forth below,
pay such additional amounts (the “Additional Amounts”) to the holder of this Note who is a U.S. Alien as may be necessary in order that every net payment of the principal of and
interest on this Note and any other amounts payable on this Note, after withholding or deduction

20

for or on account of any present or future tax, assessment or governmental charge imposed upon or as a result of such payment by the United States, or any political subdivision or taxing authority thereof or therein, will not be
less than the amount provided for in this Note to be then due and payable. The Issuer will not, however, make any payment of Additional Amounts to any such holder who is a U.S. Alien for or on account of:

     (a) any present or future tax, assessment or other governmental charge that would not have been so imposed but for (i) the existence of any present or former connection between such holder, or between
a fiduciary, settlor, beneficiary, member or shareholder of such holder, if such holder is an estate, a trust, a partnership or a corporation for U.S. federal income tax purposes, and the United States, including, without limitation, such holder, or
such fiduciary, settlor, beneficiary, member or shareholder, being or having been a citizen or resident thereof or being or having been engaged in a trade or business or present therein or having, or having had, a permanent establishment therein or
(ii) the presentation by or on behalf of the holder of this Note for payment on a date more than 15 calendar days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs
later;

     (b) any estate, inheritance, gift, sales, transfer, excise or personal property tax or any similar tax, assessment or governmental charge;

     (c) any tax, assessment or other governmental charge imposed by reason of such holder’s past or present status as a controlled foreign corporation or passive foreign investment company with
respect to the United States or as a corporation which accumulates earnings to avoid U.S. federal income tax or as a private foundation or other tax-exempt organization or a bank receiving interest under Section 881(c)(3)(A) of the Internal
Revenue Code of 1986, as amended;

     (d) any tax, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments on or in respect of this Note;

     (e) any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any payment of principal of, or interest on, this Note, if such payment can be made without such
withholding by any other Paying Agent in a city in Western Europe;

     (f) any tax, assessment or other governmental charge that would not have been imposed but for the failure to comply with certification, information or other reporting requirements concerning the
nationality, residence or identity of the holder or beneficial owner of this Note, if such compliance is required by statute or by regulation of the United States or of any political subdivision or taxing authority thereof or therein as a
precondition to relief or exemption from such tax, assessment or other governmental charge;

     (g) any tax, assessment or other governmental charge imposed by reason of such holder’s past or present status as the actual or constructive owner of 10% or more of the total combined voting
power of all classes of stock entitled to vote of the Issuer or as a direct or indirect subsidiary of the Issuer; or

21

     (h) any combination of items (a), (b), (c), (d), (e), (f) or (g).

In addition, the Issuer shall not be required to make any payment of Additional Amounts (i) to any such holder where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any
law implementing or complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; or (ii) by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting this
Note or the relevant coupon to another Paying Agent in a member state of the European Union. Nor shall the Issuer pay Additional Amounts with respect to any payment on this Note to a U.S. Alien who is a fiduciary or partnership or other than the
sole beneficial owner of such payment to the extent such payment would be required by the laws of the United States (or any political subdivision thereof) to be included in the income, for tax purposes, of a beneficiary or settlor with respect to
such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the holder of this Note.

     The Senior Indenture permits the Issuer and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the debt securities of all series issued under the
Senior Indenture then outstanding and affected (voting as one class), to execute supplemental indentures adding any provisions to or changing in any manner the rights of the holders of each series so affected; provided that the Issuer and the Trustee may not, without the consent of the holder of each outstanding debt security affected thereby, (a) extend the final maturity of any such debt security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change the currency of payment thereof, or modify or amend the provisions for conversion of any
currency into any other currency, or modify or amend the provisions for conversion or exchange of the debt security for securities of the Issuer or other entities or for other property or the cash value of the property (other than as provided in the
antidilution provisions or other similar adjustment provisions of the debt securities or otherwise in accordance with the terms thereof), or impair or affect the rights of any holder to institute suit for the payment thereof or (b) reduce the
aforesaid percentage in principal amount of debt securities the consent of the holders of which is required for any such supplemental indenture.

     Except as set forth below, if the principal of, premium, if any, or interest on this Note is payable in a Specified Currency other than U.S. dollars and such Specified Currency is not available to the
Issuer for making payments hereon due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or is no longer used by the government of the country issuing such currency or for the settlement of transactions by
public institutions within the international banking community, then the Issuer will be entitled to satisfy its obligations to the holder of this Note by making such payments in U.S. dollars on the basis of the Market Exchange Rate on the date of
such payment or, if the Market Exchange Rate is not available on such date, as of the most recent practicable date;
provided, however, that if the euro has been substituted for such Specified Currency, the Issuer may at its option (or shall, if so required by applicable law) without the consent of the holder of this Note effect the payment of principal of, premium,
if any, or interest on any Note denominated in such Specified Currency in euro in lieu of such Specified Currency in conformity with legally applicable measures taken pursuant to, or by virtue of, the Treaty establishing the European Community, as
amended. Any

22

payment made under such circumstances in U.S. dollars or euro where the required payment is in an unavailable Specified Currency will not constitute an Event of Default.  If such Market Exchange Rate is not then available to the
Issuer or is not published for a particular Specified Currency, the Market Exchange Rate will be based on the highest bid quotation in The City of New York received by the Exchange Rate Agent at approximately 11:00 a.m., New York City time, on the
second Business Day preceding the date of such payment from three recognized foreign exchange dealers (the “Exchange Dealers”) for the purchase by the quoting Exchange Dealer of
the Specified Currency for U.S. dollars for settlement on the payment date, in the aggregate amount of the Specified Currency payable to those holders or beneficial owners of Notes and at which the applicable Exchange Dealer commits to execute a
contract. One of the Exchange Dealers providing quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an affiliate of the Issuer. If those bid quotations are not available, the Exchange Rate Agent shall determine the market
exchange rate at its sole discretion.

     The “Exchange Rate Agent” shall be Morgan Stanley & Co. Incorporated, unless otherwise indicated on the face hereof.

     All determinations referred to above made by, or on behalf of, the Issuer or by, or on behalf of, the Exchange Rate Agent shall be at such entity’s sole discretion and shall, in the absence of
manifest error, be conclusive for all purposes and binding on holders of Notes and coupons.

     So long as this Note shall be outstanding, the Issuer will cause to be maintained an office or agency for the payment of the principal of and premium, if any, and interest on this Note as herein
provided in the Borough of Manhattan, The City of New York, and an office or agency in said Borough of Manhattan for the registration, transfer and exchange as aforesaid of the Notes. The Issuer may designate other agencies for the payment of said
principal, premium and interest at such place or places (subject to applicable laws and regulations) as the Issuer may decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of the names and locations of such
agencies, if any are so designated. If any European Union Directive on the taxation of savings comes into force, the Issuer will, to the extent possible as a matter of law, maintain a Paying Agent in a member state of the European Union that will
not be obligated to withhold or deduct tax pursuant to any such Directive or any law implementing or complying with, or introduced in order to conform to, such Directive.

     With respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent for payment of the principal of or interest or premium, if any, on any Notes that remain unclaimed at the end of
two years after such principal, interest or premium shall have become due and payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the holders of such Notes that such moneys shall
be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer for payment thereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability of the Trustee or such Paying Agent
with respect to such moneys shall thereupon cease, without, however, limiting in any way any obligation that the Issuer may have to pay the principal of or interest or premium, if any, on this Note as the same shall become due.

23

     No provision of this Note or of the Senior Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on
this Note at the time, place, and rate, and in the coin or currency, herein prescribed unless otherwise agreed between the Issuer and the registered holder of this Note.

     Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the holder in whose name this Note is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Trustee or any such agent shall be affected by notice to the contrary.

     No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Note, for any claim based hereon, or otherwise in respect hereof, or based on or in respect of
the Senior Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Issuer or of any successor corporation, either directly or through the Issuer or any
successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released.

     This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York.

     As used herein, the term “U.S. Alien” means any person who is, for U.S. federal income tax purposes, (i) a nonresident alien individual, (ii) a foreign corporation, (iii) a nonresident alien
fiduciary of a foreign estate or trust or (iv) a foreign partnership one or more of the members of which is, for U.S. federal income tax purposes, a nonresident alien individual, a foreign corporation or a nonresident alien fiduciary of a foreign
estate or trust.

     All terms used in this Note which are defined in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to them in the Senior Indenture.

24

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	TEN COM 	– 	as tenants
        in common 
	 	 	 	 
	 	TEN ENT 	– 	as tenants
        by the entireties 
	 	 	 	 
	 	JT TEN 	– 	as joint
        tenants with right of survivorship and not as tenants
        in common 
	 	 	 	 

	 	UNIF GIFT MIN
        ACT – 	 
	Custodian	 
	 
	 	 	(Minor)	 	(Cust)	 
	 	 	 	 	 	 
	 	 	 	 	 	 

	 	Under Uniform
        Gifts to Minors Act 	 
	 
				
	 	 	(State)	 
	 	 	 	 
	 	Additional abbreviations
        may also be used though not in the above list.
	 
	

25

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

____________________________________________
 [PLEASE INSERT SOCIAL SECURITY OR OTHER

    IDENTIFYING NUMBER OF ASSIGNEE]

	 

	 
	 

	 
	 

	[PLEASE PRINT OR TYPE NAME
          AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

the within Note and all rights thereunder, hereby irrevocably constituting and appointing such person attorney to transfer such note on the books of the Issuer, with full power of substitution in the premises.

Dated:_______________________

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

26

OPTION TO ELECT REPAYMENT

     The undersigned hereby irrevocably requests and instructs the Issuer to repay the within Note (or portion thereof specified below) pursuant to its terms at a price equal to the principal amount
thereof, together with interest to the Optional Repayment Date, to the undersigned at

	 

	 
	 

	 
	 

	(Please print or typewrite name
        and address of the undersigned)

     If less
than the entire principal amount of the within Note is to be repaid, specify
the portion thereof which the holder elects to have repaid: _________________
; and specify the denomination
or denominations (which shall not be less than the minimum authorized denomination)
of the Notes to be issued to the holder for the portion of the within Note not
being repaid (in the absence of any such specification, one such Note will be
issued for the portion not being repaid): __________________.

	 	 	 
	Dated:
        ________________________ 	 	_________________________________________
			NOTICE:
        The signature on this Option to Elect
			Repayment
        must correspond with the name as
			written
        upon the face of the within instrument in
			every
        particular without alteration or enlargement.

27

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