Document:

Exhibit 4.4

 

[FORM OF NOTE]

 

[FACE OF NOTE]

 

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.

 

Unless and until it is
exchanged in whole or in part for Notes in definitive registered form, this Note may not be transferred except as a whole by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 

	
        REGISTERED NO. ETN-20

         
	
        [   ] ETNs; $[   ] principal amount

        CUSIP: [   ]

        ISIN: [   ]

	 
	
        CREDIT SUISSE AG

        X-LinksTM Crude Oil Shares Covered
        Call Exchange Traded Notes (ETNs)

        due April 24, 2037*

 

CREDIT SUISSE AG, a corporation
organized under the laws of, and duly licensed as a bank in, Switzerland (the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), acting through its Nassau branch (the “Branch”),
for value received, hereby promises to pay to Cede & Co., or registered assigns, at the office or agency of the Company in
New York, New York, the Final Indicative Value of this Note (as defined on the reverse hereof) on the Maturity Date (as defined
on the reverse hereof), in the coin or currency of the United States.

 

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. All capitalized terms used herein but not otherwise defined shall have the meaning assigned
to them in the Indenture (as defined on the reverse hereof).

 

This Note shall not be
valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually signed by the
Trustee (as defined on the reverse hereof) under the Indenture referred to on the reverse hereof.

 

 

 

 

 

 

* Subject to extension as described on the reverse hereof.

    

     

    

IN WITNESS WHEREOF, the Company, acting through
the Branch, has caused this Note to be duly executed.

 

	 	CREDIT SUISSE AG,
	 	acting through its Nassau branch
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: Authorized Signatory
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: Authorized Signatory

 

 

    

     

    

 

 

 

 

CERTIFICATE OF AUTHENTICATION

 

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

 

Dated: April     , 2017

 

	 	THE BANK OF NEW YORK MELLON,
	 	
        as Trustee

         

         

	 	By:	 
	 	 	Authorized Signatory

 

 

 

 

 

    

     

    

 

[REVERSE OF NOTE]

 

CREDIT SUISSE AG

X-LinksTM Crude Oil Shares Covered
Call Exchange Traded Notes (ETNs)

due April 24, 2037

 

This
Note is one of a duly authorized issue of debentures, notes, bonds or other evidences of indebtedness of the Company (the “Securities”),
all issued or to be issued under and pursuant to a senior indenture, dated as of March 29, 2007, between the Company and The Bank
of New York Mellon (the “Trustee”), to which indenture and all indentures supplemental thereto (collectively,
the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company, and the registered holder (the “Holder”) of the
Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions
(if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture.

 

This Note (the
“Note”) is one of a series designated as the X-LinksTM Crude Oil Shares Covered Call Exchange Traded
Notes (the “ETNs”) due April 24, 2037.

  

This Note is issuable only
in registered form without coupons in minimum denominations of $1.00 and any integral multiples of $0.01 in excess thereof at the
office or agency of the Company in the Borough of Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture.

 

Maturity Date

 

The scheduled “Maturity
Date” of this Note is initially April 24, 2037, but may be extended at the option of the Company for up to two additional
five-year periods. The Company may only extend the scheduled Maturity Date for five years at a time. If the Company exercises its
option to extend the scheduled Maturity Date, the Company will notify the Holder of this Note and the Trustee at least 45 calendar
days but not more than 60 calendar days prior to the then scheduled Maturity Date. The Company will provide such notice to the
Holder of this Note and the Trustee in respect of each five-year extension of the scheduled Maturity Date that the Company chooses
to effect.

 

If the scheduled Maturity
Date is not a Business Day, the Maturity Date will be postponed to the first Business Day following the scheduled Maturity Date.
If the scheduled Final Valuation Date is not a Trading Day, the Final Valuation Date will be postponed to the next following Trading
Day, in which case the Maturity Date will be postponed to the third Business Day following the Final Valuation Date as so postponed.
If a Market Disruption Event occurs or is continuing on the Final Valuation Date, as determined by the Calculation Agent (as defined
below), the Maturity Date will be postponed until the date three Business Days following the Final Valuation Date, as postponed.
No interest or additional payment will accrue or be payable hereon as a result of any postponement of the Maturity Date.

 

Payment at Maturity

 

The
Holder of this Note shall receive a cash payment on the Maturity Date for each $25.00 principal amount of this Note not previously
accelerated or redeemed equal to the Final Indicative Value (as defined below). In no event
will the payment at maturity be less than zero.

 

The “Final Indicative
Value” per $25.00 principal amount of this Note will be equal to the arithmetic average, as calculated by the Calculation
Agent, of the Closing Indicative Value on each of the immediately preceding five (5) Trading Days to and including the Final Valuation
Date (the “Final Valuation Period”). 

 

The “Closing
Indicative Value” on the Inception Date is $25.00 (the “Initial Indicative Value”). The Closing Indicative
Value on each calendar day following the Inception Date will be calculated by the Index Calculation Agent and will be equal to
(1) the Current Principal Amount for such calendar day plus (2) for any day on or after the Index Distribution Date but prior to
the Ex-Coupon Date for a given month, any accrued but unpaid Coupon

    

     

    

Amount. The Closing Indicative Value will never
be less than zero. If the Intraday Indicative Value is equal to or less than zero at any time or the Closing Indicative Value
is equal to zero on any Trading Day, the Closing Indicative Value on that day, and all future days, will be zero. If the ETNs
undergo a split or reverse split, the Closing Indicative Value will be adjusted accordingly by the Calculation Agent, and subsequent
calculations under this Note shall be made by reference to the principal amount corresponding to the adjusted Closing Indicative
Value. Upon such adjustment, notice thereof shall be given to the Trustee.

The
“Current Principal Amount” on each calendar day following the Inception Date will be equal to (1)(a) the Current
Principal Amount on the immediately preceding calendar day times (b) the Daily Index Factor on such calendar day minus (2) the
Daily Investor Fee on such calendar day. On the Inception Date, the Current Principal Amount is $25.00.

“Inception Date”
means April 25, 2017.

The
“Intraday Indicative Value” per $25.00 principal amount of this Note will be calculated and published by the
Index Calculation Agent every fifteen (15) seconds on each Trading Day during normal trading hours so long as no Market Disruption
Event has occurred or is continuing and will be disseminated over the consolidated tape or other major market data vendor. If the
Intraday Indicative Value of the ETNs is equal to or less than zero at any time or the Closing Indicative Value is equal to zero
on any Trading Day, the Closing Indicative Value on that day, and all future days, will be zero. 

The
“Index” means the price return version of the Credit Suisse Nasdaq WTI Crude Oil FLOWSTM 106 Index
(Bloomberg ticker symbol “QUSOI <Index>” (or any successor thereto)).

The
“Daily Index Factor” on any Index Business Day will equal (a) the Closing Level of the Index on such Index Business
Day divided by (b) the Closing Level of the Index on the immediately preceding Index Business Day. The Daily Index Factor
is deemed to be one on any day that is not an Index Business Day.

On
any calendar day, the “Daily Investor Fee” will be equal to the product of (1)(a) the Current Principal Amount
on the immediately preceding calendar day times (b) the Daily Index Factor on such calendar day times (2)(a) the
Investor Fee Rate divided by (b) 365. The “Investor Fee Rate” will be equal to 0.85%.

The
“Closing Level” of the Index on any Trading Day will be the Closing Level published on Bloomberg under the ticker
symbol “QUSOI <Index>” or any successor page on Bloomberg or any successor service, as applicable; provided that,
in the event a Market Disruption Event exists on a Valuation Date, the Calculation Agent will determine the Closing Level of the
Index for such Valuation Date, if necessary, as set forth under the definition of “Market Disruption Events” herein.

“Valuation
Date” is any Trading Day in the Final Valuation Period or the Accelerated Valuation Period and any Early Redemption Valuation
Date, as applicable.

A
“Business Day” is a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions
in New York City or London, England generally are authorized or obligated by law, regulation or executive order to close.

A
“Trading Day” is a day which is (i) an Index Business Day, (ii) an ETN Business Day and (iii) an Index
Component Business Day for each of the Index Components.

An
“Index Business Day” is a day on which the level of the Index is calculated and published.

With
respect to any Index Component, an “Index Component Business Day” is a day on which trading is generally conducted
on any markets on which such Index Component is traded.

    

     

    

An
“ETN Business Day” is a day on which trading is generally conducted on the New York Stock Exchange, NYSE Arca
and NASDAQ.

The
“Calculation Agent” means Credit Suisse International (“CSI”) or any successor calculation
agent appointed by the Company.

Coupon Amount

On
each Coupon Payment Date, for each $25.00 principal amount of this Note, the Holder will be entitled to receive a variable cash
payment equal to the Closing Indicative Value on the Index Business Day immediately preceding the relevant Index Distribution Date
multiplied by the Coupon Percentage for that Index Distribution Date. The Coupon will be paid on the Coupon Payment Date to the
Holder of record on the applicable Coupon Record Date. No Coupon Payment will be due or payable in the event the Holder of this
Note elects to offer it for early redemption or we accelerate the maturity of this Note.

The
“Coupon Percentage” in respect of an Index Distribution Date will be the Distribution for such Index Distribution
Date divided by the Closing Level of the Index on the Index Business Day immediately preceding the Index Distribution Date. The
“Distribution” represents the notional monthly call premium earned on the sale of the call options written on
the USO Shares during the immediately preceding Index Rebalancing Period.

An “Index Distribution
Date” will be the date on which the Distribution is subtracted from the level of the Index pursuant to the rules of the
Index.

The
“Coupon Payment Date” means the later of (a) the 25th day of each calendar month, provided that, if such day
is not a Business Day, the Coupon Amount will be paid on the first following Business Day, unless the first following Business
Day is in the next calendar month, in which case the Coupon Amount will be paid on the immediately preceding day that is a Business
Day, and (b) the day that is six (6) Business Days following the Index Distribution Date; provided that, in the event that any
adjustment is made to the Coupon Payment Date, the relevant Coupon Amount shall not be affected by such adjustment and no additional
amount will accrue or be payable in respect of such originally scheduled Coupon Payment Date.

The
“Coupon Record Date” means with respect to each Coupon Payment Date, the third scheduled Business Day prior
to such Coupon Payment Date.

The
“Ex-Coupon Date” means with respect to each Coupon Amount, will be the first Trading Day on which the ETNs trade
without the right to receive such Coupon Amount (under current NASDAQ practice, the Ex-Coupon Date will generally be the second
Trading Day prior to the applicable Coupon Record Date, such practice is expected to be shortened to the first Trading Day prior
to the applicable Coupon Record Date for trades executed on or after September 5, 2017).

Redemption at the Option of the Holder

A Holder of an interest
in this Note may elect to offer all or a portion of this Note for redemption by the Company during the term of the ETNs until April
14, 2037 (or, if the maturity of the ETNs is extended as described above, five (5) scheduled Trading Days prior to the scheduled
Final Valuation Date, as extended) of at least 50,000 ETNs (the “Minimum Redemption Amount”) by following the
procedures set forth below:

 

		·	Cause its broker to deliver a notice of redemption, in substantially
the form as Annex A (the “Redemption Notice”), to the Company via email or other electronic delivery as requested
by the Company. If the Redemption Notice is delivered prior to 4:00 p.m., New York City time, on any Business Day, the immediately
following Trading Day shall be the applicable “Early Redemption Valuation Date.” Otherwise, the second following Trading
Day shall be the applicable Early Redemption Valuation Date. If the Company receives the Redemption Notice no later than 4:00 p.m.,
New York City time, on any Business Day, the Company will respond by sending the broker an acknowledgment of the Redemption

    

     

    

Notice accepting the redemption
request by 7:30 p.m., New York City time, on the Business Day prior to the applicable Early Redemption Valuation Date. The Company
or its affiliate must acknowledge to the broker acceptance of the Redemption Notice in order for the redemption request to be effective;

		·	Cause its broker to cause its DTC custodian to book a delivery versus
payment trade with respect to the principal amount of this Note offered for redemption on the applicable Early Redemption Valuation
Date at a price equal to the applicable Early Redemption Amount, facing the Company; and

		·	Cause its broker to cause its DTC custodian to deliver the trade
as booked for settlement via DTC at or prior to 10:00 a.m. New York City time, on the applicable Early Redemption Date (the third
Business Day following the Early Redemption Valuation Date).

Notwithstanding the foregoing, the Company
will not accept a Redemption Notice on any day after the Trading Day preceding the start of the Accelerated Valuation Period related
to the acceleration of all outstanding ETNs.

 

Upon compliance with the foregoing procedures,
the Company will be obliged to redeem the portion this Note so requested to be redeemed as set forth under “Payment Upon
Early Redemption” below.

 

The Company will act as paying agent in connection
with redemptions at the election of the Holder of this Note and upon such redemption the Company shall so advise the Trustee and
deliver the principal amount of this Note that is so redeemed to the Trustee for cancellation.

 

The Calculation Agent shall have the right
to reduce, in part or in whole, the Minimum Redemption Amount, and upon such reduction, notice thereof shall be given to the Trustee.

  

If the ETNs undergo a split or reverse split,
the minimum number of the ETNs needed to exercise the Holder’s right to redeem will remain the same.

 

Payment Upon Early Redemption

 

If this Note is redeemed,
on the applicable Early Redemption Date, the Holder will receive “Early Redemption Amount” which is a cash payment
per ETN equal to the greater of (A) zero and (B)(1) the Closing Indicative Value on the applicable Early Redemption Valuation Date
minus (2) the Early Redemption Charge, calculated by the Calculation Agent.

 

The “Early Redemption
Date” is the third Business Day following an Early Redemption Valuation Date.

 

The “Early Redemption
Charge” is equal to 0.125% times the Closing Indicative Value on the Early Redemption Valuation Date. 

 

Optional Acceleration 

On
any Business Day on or after May 9, 2017, the Company shall have the right to accelerate all, but not less than all, of the issued
and outstanding Notes (an “Optional Acceleration”). Upon an Optional Acceleration, the Holder of this Note will
be entitled to receive a cash payment in an amount (the “Accelerated Redemption Amount”) equal to the arithmetic
average, as determined by the Calculation Agent, of the Closing Indicative Values during the Accelerated Valuation Period.

The
“Accelerated Valuation Period” shall be a period of five (5) consecutive Trading Days specified in the Company’s
notice of Optional Acceleration, the first Trading Day of which shall be at least two (2) Business Days after the date on which
the Company gives notice of such Optional Acceleration. The Accelerated Redemption Amount will be payable on the third Business
Day following the last Trading Day in the Accelerated Valuation Period (such payment date the “Acceleration Date”).
The Company will give notice of any Optional Acceleration of this Note through customary channels used to deliver notices to holders
of exchange traded notes.

Any
ETNs previously redeemed or accelerated will be cancelled on the Early Redemption Date or the Acceleration Date, as applicable.
Consequently, as of such Early Redemption Date or the Acceleration Date, as applicable, the redeemed ETNs will no longer be outstanding.

    

     

    

If
the last scheduled Valuation Date in the Accelerated Valuation Period is postponed, as determined by the Calculation Agent, the
Acceleration Date will be postponed until the date three Business Days following the last scheduled Valuation Date in the Accelerated
Valuation Period. No interest or additional payment will accrue or be payable hereon as a result of any postponement of the Acceleration
Date.

The
Company will give the Trustee a copy of the irrevocable call notice at the same time that it delivers such notice to the Holder
of this Note.

Market Disruption Events

The
Calculation Agent will be solely responsible for the determination and calculation of any adjustments to any Index Component and
of any related determinations and calculations with respect to any event described below and its determinations and calculations
will be conclusive absent manifest error.

A
“Market Disruption Event” is:

(a)    
the occurrence or existence of a suspension, absence or material limitation of trading of
the Index Components on the relevant exchange for such Index Component 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;

(b)    
a breakdown or failure in the price and trade reporting systems of the relevant exchange for
any Index Component, as a result of which the reported trading prices for the Index Component during the last one-half hour preceding
the close of the principal trading session on such relevant exchange are materially inaccurate;

(c)    
the occurrence or existence of a suspension, absence or material limitation of trading on
the primary related exchange or market for trading in futures or options contracts related to any Index Component for more than
two hours of trading during, or during the one-half hour period preceding the close of the principal trading session for such related
exchange or market;

(d)    
a decision to permanently discontinue trading in those related futures or options contracts;
or

(e)    
failure of the Index Calculation Agent to publish the level of the Index, including as a result
of any disruption of the Index Components;

in
each case, as determined by the Calculation Agent in its sole discretion; and in each case a determination by the Calculation Agent
in its sole discretion that any event described above materially interfered with the Company’s ability or the ability of
any of the Company’s affiliates to effect transactions in the Index Component or any instrument related to the Index Component
or to adjust or unwind all or a material portion of any hedge position in the Index Component with respect to the ETNs.

For
the purpose of determining whether a market disruption event in respect of an Index Component has occurred:

(a)    
a limitation on the hours or number of days of trading will not constitute a market disruption
event if it results from an announced change in the regular business hours of the relevant exchange for such Index Component or
the primary related exchange or market for trading in futures or options contracts related to such Index Component;

(b)    
limitations pursuant to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated
by the NYSE, any other U.S. self-regulatory organization, the SEC or any other relevant authority of scope similar to NYSE Rule
80B) on trading during significant market fluctuations will constitute a suspension, absence or material limitation of trading;
and

    

     

    

 

(c)    
a suspension of trading in futures or options contracts related to such Index Component by
the primary related exchange or market for trading in such contracts, if available, by reason of:

		(i)	a price change exceeding limits set by such exchange or market;

		(ii)	an imbalance of orders relating to such contracts; or

		(iii)	a disparity in bid and ask quotes relating to such contracts;

will,
in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to
such Index Component; and

(d)    
a “suspension, absence or material limitation of trading” on the primary related
exchange or market on which futures or options contracts related to such Index Component are traded will not include any time when
such exchange or market is itself closed for trading under ordinary circumstances;

in
each case, as determined by the Calculation Agent in its sole discretion.

If
the Calculation Agent determines that a Market Disruption Event occurs or is continuing on any Valuation Date, that Valuation Date
will be postponed until the first Trading Day on which no Market Disruption Event occurs or is continuing, unless a Market Disruption
Event occurs or is continuing for each of the five (5) Trading Days following the applicable scheduled Valuation Date. In that
case, the fifth Trading Day following the applicable scheduled Valuation Date shall be deemed to be the applicable Valuation Date,
notwithstanding the fact that a Market Disruption Event occurred or was continuing on such Trading Day, and the Calculation Agent
will determine the applicable Closing Indicative Value using an appropriate Closing Level of the Index on that deemed Valuation
Date taking into account the nature and duration of such Market Disruption Event. If any Valuation Date in the Accelerated Valuation
Period or Final Valuation Period is postponed as described above, each subsequent Valuation Date in the Accelerated Valuation Period
or Final Valuation Period will be postponed by the same number of Trading Days. In addition, if the Final Valuation Date, the Early
Redemption Valuation Date or the last scheduled Valuation Date in the Accelerated Valuation Period is postponed, the Maturity Date,
the corresponding Early Redemption Date or the Acceleration Date, as the case may be, will be postponed until the date three (3)
Business Days following such Valuation Date, as postponed.

Discontinuation or Modification of the Index

 

If
CSI or Nasdaq, Inc., (each, an “Index Sponsor”), discontinues publication of the Index and the Index Sponsor
or anyone else publishes a substitute index that the Calculation Agent determines is comparable to the Index, then the Calculation
Agent will permanently replace the original Index with that substitute index (the “Successor Index”) for all
purposes under this Note, and all provisions described herein as applying to the Index will thereafter apply to the Successor Index
instead. If the Calculation Agent replaces the original Index with a Successor Index, then the Calculation Agent will determine
the Early Redemption Amount, Accelerated Redemption Amount or Maturity Redemption Amount (each, a “Redemption Amount”)
and the Coupon Amount, as applicable, by reference to the Successor Index.

If
the Calculation Agent determines that the publication of the Index is discontinued and there is no successor index, the Calculation
Agent will determine the level of the Index, and thus the applicable Redemption Amount, by a computation methodology that the Calculation
Agent determines will as closely as reasonably possible replicate the Index.

If
the Calculation Agent determines that the Index, the Options or the method of calculating the Index is changed at any time in any
respect, including whether the change is made by the Index Sponsors under their existing policies or following a modification of
those policies, is due to the publication of a successor index, is due to events affecting the USO Shares or the Options, or is
due to any other reason and is not otherwise reflected in the level of the Index by the Index Sponsors pursuant to the methodology
described herein, then the Calculation Agent will be permitted (but not required) to make such adjustments in the Index or the
method of its calculation as it believes are appropriate to ensure that the Closing Level of the Index used to determine the applicable
Redemption Amount is equitable.

    

     

    

 

Calculation Agent

 

CSI
will serve as the Calculation Agent. The Calculation Agent will, in its reasonable discretion, make certain calculations and determinations
regarding the value of this Note, including determination of the arithmetic average of the Closing Indicative Values where applicable,
a split or reverse split of the ETNs, calculation of default amounts, Market Disruption Events, any Successor Index, Business Days
and Trading Days, the Current Principal Amount, the Daily Investor Fee amount, the Daily Index Factor, the Coupon Amount, the Closing
Level of the Index on any Trading Day, the Maturity Date, any Early Redemption Dates, the Acceleration Date, the amount payable
in respect of this Note at maturity or upon early redemption or acceleration and any other calculations or determinations to be
made by the Calculation Agent as specified herein. In addition, the Calculation Agent may modify the Index or adjust the method
of its calculation if it determines that the publication of the Index is discontinued and there is no Successor Index or in the
case of a Market Disruption Event.

If
the Calculation Agent ceases to perform its role, the Company will either, at the Company’s sole discretion, perform such
role, appoint another party to do so or accelerate this Note.

The
Company may appoint a different Calculation Agent from time to time without notice to or the consent of any Holder.

Default Amount on Acceleration

In case an
Event of Default with respect to this Note shall have occurred and be continuing, the amount declared due and payable upon any
acceleration of this Note will be determined by the Calculation Agent and will equal, for each $25.00 principal amount of this
Note, the Closing Indicative Value determined by the Calculation Agent occurring on the Trading Day following the date on which
this Note was declared due and payable.

Manner of Payment

 

This Note is payable in
the manner, with the effect and subject to the conditions provided in the Indenture.

 

If a payment date is not
a Business Day as defined in the Indenture at a place of payment, payment may be made at that place on the next succeeding day
that is a Business Day, and no interest shall accrue for the intervening period.

 

Amendments

 

The Indenture contains
provisions which provide that the Company and the Trustee may amend or supplement the Indenture or the Securities without notice
to or the consent of any Holder in order to (i) cure any ambiguity, defect or inconsistency in the Indenture, provided that such
amendments or supplements shall not materially and adversely affect the interests of the Holders; (ii) comply with the requirements
of the Indenture if the Company consolidates with, merges with or into, or sells, conveys, transfers, leases or otherwise disposes
of all or substantially all of its property and assets, to any person; (iii) comply with any requirements of the Commission in
connection with the qualification of the Indenture under the Trust Indenture Act; (iv) evidence and provide for the acceptance
of appointment hereunder with respect to the Securities by a successor trustee; (v) establish the form or forms or terms of Securities
of any series or of the coupons appertaining to such Securities as permitted by the Indenture; (vi) provide for uncertificated
or unregistered Securities and to make all appropriate changes for such purpose; (vii) provide for a guarantee from a third party
on outstanding Securities that are issued under the Indenture; or (viii) make any change that does not materially and adversely
affect the rights of any Holder.

 

The Indenture provides
that, without prior notice to any Holders, the Company and the Trustee may amend the Indenture and the Securities of any series
with the written consent of the Holders of a majority in principal amount of the outstanding Securities of all series affected
by such amendment (all such series voting as one class), and the Holders of a majority in principal amount of the outstanding Securities
of all series affected thereby (all such series voting as one class) by written notice to the Trustee may waive future compliance
by the Company with any provision of the Indenture or the Securities of such series; provided that, without the consent of each
Holder of the

    

     

    

Securities affected thereby, an amendment or
waiver, including a waiver of past defaults, may not: (i) extend the stated maturity of the Principal of, or any sinking fund obligation
or any installment of interest on, such Holder’s Security, or reduce the principal amount thereof or the rate of interest
thereon (including any amount in respect of original issue discount), or adversely affect the rights of such Holder under any mandatory
redemption or repurchase provision or any right of redemption or repurchase at the option of such Holder, or reduce the amount
of the Principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the maturity thereof
or the amount thereof provable in bankruptcy, insolvency or similar proceeding, or change any place of payment where, or the currency
in which, the principal amount or the interest thereon is payable, modify any right to convert or exchange such Holder’s
Security for another security to the detriment of the Holder or impair the right to institute suit for the enforcement of any such
payment on or after the due date therefor; (ii) reduce the percentage in principal amount of outstanding Securities the consent
of whose Holders is required for any such supplemental indenture, for any waiver of compliance with certain provisions of the Indenture
or certain Defaults and their consequences provided for in the Indenture; (iii) waive a Default in the payment of the principal
amount of or interest on any Security of such Holder; or (iv) modify any of the provisions of the Indenture governing supplemental
indentures except to increase the required percentage or to provide that certain other provisions of the Indenture cannot be modified
or waived without the consent of the Holder of each outstanding Security affected thereby.

 

In addition, this Note
may be amended, without the consent of any Holder, to conform the terms of this Note to the terms as set forth in Pricing Supplement
No. ETN-20, as it may be amended, and the prospectus supplement and prospectus referred to therein, each related to this Note and
filed with the Securities and Exchange Commission, and the Trustee is hereby authorized to enter into any such amendment to this
Note without the consent thereto of any such Holder.

 

General

 

The
Company, acting through the Branch, the Trustee and any agent of the Company or the Trustee may deem and treat the registered Holder
hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership
or other writing hereon) for the purpose of receiving payment of, or on account of, any amount payable at maturity or upon repurchase,
and, subject to the provisions hereof, for all other purposes, and neither the Company, acting through the Branch, nor the Trustee
nor any agent of the Company or the Trustee shall be affected by any notice to the contrary.

No
recourse under or upon any obligation, covenant or agreement contained in the Indenture or any indenture supplemental thereto or
in this Note, or because of any indebtedness evidenced thereby or hereby, shall be had against any incorporator as such, or against
any past, present or future stockholder, officer, director or employee, as such, of the Company or of any successor, either directly
or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the
acceptance hereof and as part of the consideration for the issue hereof.

The
Indenture provides that, subject to certain conditions, the Holders of at least a majority in principal amount (or, if any Securities
are Original Issue Discount Securities, such portion of the principal amount as is then accelerable) of the outstanding Securities
of all series affected (voting as a single class), by notice to the Trustee, may waive an existing Default or Event of Default
with respect to the Securities of such series and its consequences, except a Default in the payment of Principal of or interest
on any Security or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent
of the Holder of each outstanding Security affected. Upon any such waiver, such Default shall cease to exist, and any Event of
Default with respect to the Securities of such series arising therefrom shall be deemed to have been cured, for every purpose of
the Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereto.

The
Indenture provides that a series of Securities may include one or more tranches (each a “tranche”) of Securities, including
Securities issued in a Periodic Offering. The Securities of different tranches may have one or more different terms but all the
Securities within each such tranche shall have identical terms provided that

    

     

    

Securities within a tranche
may have different authentication dates, public offering prices, initial interest accrual dates, and initial interest payment dates,
if applicable. Notwithstanding any other provision of the Indenture, subject to certain exceptions, with respect to sections of
the Indenture concerning the execution, authentication and terms of the Securities, redemption of the Securities, Events of Default
of the Securities, defeasance of the Securities and amendment of the Indenture, if any series of Securities includes more than
one tranche, all provisions of such sections applicable to any series of Securities shall be deemed equally applicable to each
tranche of any series of Securities in the same manner as though originally designated a series unless otherwise provided with
respect to such series or tranche pursuant to a board resolution or a supplemental indenture establishing such series or tranche.

This
Note is unsecured and ranks pari passu with all other unsecured and unsubordinated indebtedness of the Company.

No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, acting through the Branch, which is absolute and unconditional, to pay any amount payable at maturity or upon repurchase
on this Note in the manner, at the place, at the time and in the coin or currency herein prescribed.

The laws of the State
of New York (without regard to conflicts of laws principles thereof) shall govern this Note.

    

     

    

 

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

	
         

        __________________________________________________________ Attorney
        to transfer such Note on the books of the Company, with full power of substitution in the premises.

	
         

         

         

        Dated:
	
        Signature:

         

         

        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.

 

 

    

     

    

 

 

ANNEX A

 

FORM OF OFFER FOR REDEMPTION

PART
A: TO BE COMPLETED BY THE BENEFICIAL OWNER

	Dated:______________
	[insert date]

Credit
Suisse AG (“Credit Suisse”)

E-mail:
list.etndesk@credit-suisse.com 

Re: Credit Suisse X-LinksTM
Crude Oil Shares Covered Call ETNs due April 24, 2037

 Ladies
and Gentlemen:

The
undersigned beneficial owner hereby irrevocably offers to Credit Suisse the right to redeem the ETNs, as described in the Pricing
Supplement dated April 25, 2017, in the amounts and on the date set forth below.

	Name of beneficial holder:	 _______________________________
	 	[insert name of beneficial owner]

Number
of ETNs offered for redemption (You must offer at least the applicable minimum redemption amount for redemption at one time for
your offer to be valid. The minimum redemption amount will be equal to 50,000 ETNs. The trading day immediately succeeding the
date you offered your ETNs for redemption will be the Early Redemption Valuation Date applicable to such redemption.):

	 

[insert
number of ETNs offered for redemption]

	
         Applicable
        Early Redemption

        Valuation
        Date:
	 	,	20    	 	 
	
         

        Applicable Early Redemption Date:
	 	,	20    	 	 
	 	[insert a date that is three (3) business days following the applicable Early Redemption Valuation Date]	 
	 Contact Name:	 
	 	[insert the name of a person or entity to be contacted with respect to this Offer for Redemption]
	 	 
	Telephone #:	 
	 	[insert the telephone number at which the contact person or entity can be reached]
	 	 	 	 	 	 	 

 

    

     

    

 

My
ETNs are held in the following DTC Participant’s Account (the following information is available from the broker through
which you hold your ETNs):

 Name:

 DTC
Account Number (and any relevant sub-account):

 Contact
Name:

 Telephone
Number:

 Acknowledgement:
In addition to any other requirements specified in the Pricing Supplement being satisfied, I acknowledge that the ETNs specified
above will not be redeemed unless (i) this Offer for Redemption, as completed and signed by the DTC Participant through which
my ETNs are held (the “DTC Participant”), is delivered to Credit Suisse, (ii) the DTC Participant has booked a
“delivery versus payment” (“DVP”) trade on the applicable Early Redemption
Valuation Date facing Credit Suisse, and (iii) the DTC Participant instructs DTC to deliver the DVP trade to Credit Suisse
as booked for settlement via DTC at or prior to 10:00 a.m., New York City time, on the applicable Early Redemption
Date. I also acknowledge that if this Offer for Redemption is received after 4:00 p.m., New York City time, on a business day,
I will be deemed to have made this Offer for Redemption on the following business day. 

I
understand that no Offer for Redemption will be accepted after (a) April 14, 2037 (or, if the maturity of the ETNs is extended,
five (5) scheduled Trading Days prior to the scheduled Final Valuation Date, as extended) or (b) the Trading Day preceding the
start of the Accelerated Valuation Period related to the Optional Acceleration of all outstanding ETNs.

 The
undersigned acknowledges that Credit Suisse will not be responsible for any failure by the DTC Participant through which such undersigned’s
ETNs are held to fulfill the requirements for redemption set forth above.

	 	 	 
	[Beneficial Holder]	 

 PART
B OF THIS NOTICE IS TO BE COMPLETED BY THE DTC PARTICIPANT IN WHOSE ACCOUNT THE ETNs ARE HELD AND DELIVERED TO CREDIT SUISSE BY
4:00 P.M., NEW YORK CITY TIME, ON THE BUSINESS DAY IMMEDIATELY PRECEDING THE APPLICABLE EARLY REDEMPTION VALUATION DATE

    

     

    

BROKER’S
CONFIRMATION OF REDEMPTION

[PART
B: TO BE COMPLETED BY BROKER]

	Dated: ________________
	[insert date]

Credit
Suisse AG (“Credit Suisse”)

	Re: Credit Suisse X-LinksTM Crude Oil Shares Covered Call ETNs due April 24, 2037

Ladies
and Gentlemen:

The
undersigned holder of Exchange Traded Notes due April 24, 2037 Linked to the price return version of the Credit Suisse Nasdaq WTI
Crude Oil FLOWSTM 106 Index, issued by Credit Suisse AG, acting through its Nassau Branch, CUSIP No. [   ]
(the “ETNs”) hereby irrevocably offers to Credit Suisse the right to redeem, on the Early Redemption Date of_________________,
with respect to the number of the ETNs indicated below as described in the Pricing Supplement dated April 25, 2017 relating to
the ETNs (the “Pricing Supplement”). Terms not defined herein have the meanings given to such terms in the Pricing
Supplement.

The
undersigned certifies to you that it will (i) book a delivery versus payment trade on the Early Redemption
Valuation Date with respect to the number of ETNs specified below at a price per ETN equal to the Early Redemption Amount, facing
Credit Suisse AG, DTC #355 and (ii) deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m., New
York City time, on the Early Redemption Date.

Very
truly yours,

[NAME
OF DTC PARTICIPANT HOLDER]

Contact
Name:

Title:

Telephone:

Fax:

E-mail:

Number
of ETNs offered for redemption (You must offer at least the applicable minimum redemption amount for redemption at one time for
your offer to be valid (50,000 ETNs)). The trading day immediately succeeding the date you offered your ETNs for redemption will
be the Early Redemption Valuation Date applicable to such redemption.):

 DTC
# (and any relevant sub-account):EX-10.10

 Exhibit 10.10 

AGREEMENT REGARDING WINDDOWN AND TERMINATION OF DISTRIBUTION 

AND CROSS MARKETING AGREEMENT AND SERVICES AGREEMENT 

This Winddown and Termination of Distribution and Cross Marketing Agreement and Services Agreement (this “Agreement”) is made
effective as of the 27th day of March, 2017, by and among Manitex International, Inc., a Michigan corporation and its successors and assigns (“Manitex”), Terex Corporation, a Delaware
corporation and its successors and assigns (“Terex”) and A.S.V., LLC, a Minnesota limited liability company and its successors and assigns (“ASV”). 

A. Reference is hereby made to that certain Distribution and Cross Marketing Agreement dated December 19, 2014 among the parties hereto
(the “DCM Agreement”) and that certain Services Agreement dated December 19, 2014 between Terex and ASV (the “Services Agreement”). 

B. Whereas due to changing business conditions for both ASV and Terex, the parties have negotiated in good faith and have adopted certain
changes to the services provided, and the fees paid in February and October of 2016, under the DCM Agreement and the Services Agreement and have agreed that Terex will continue to provide certain services under the DCM Agreement and the Services
Agreement during a transitional winddown period and the parties shall terminate the DCM Agreement and the Services Agreement upon the completion of such transitional period, subject to the terms and conditions of this Agreement. 

1. WINDDOWN. 

(a) For the period commencing as of the date of this Agreement Terex will continue to provide certain services to ASV under the
DCM Agreement and the Services Agreement in connection with the distribution of parts for ASV products as instructed by ASV (such services, the “Services”), until such time as ASV may assume the performance of such activities and each such
Service is terminated in accordance with Section 1(b) or Section 2 below (such period, the “Winddown Period”). Such Services shall include: 

(i) parts sales, shipment and purchases and parts planning, and customer parts phone support. 

(ii) administrative services including IT support, accounting input information for parts cost and pricing. 

(b) Terex shall perform the Services in accordance with the applicable terms of the DCM Agreement and the Services Agreement,
as applicable, and ASV shall pay Terex for the Services in accordance with the applicable schedule of fees contained in the DCM Agreement and the Services Agreement as modified in February and October of 2016. ASV shall have the right to terminate
any individual component of the Services on three months’ advance written notice to Terex except with respect to Services that relate to parts sales and distribution, which ASV shall have the right to terminate on six months’ advance
written notice to Terex. In addition, ASV agrees it shall bear the 

 
expense of any dealer co-op advertising and the production and supply of product literature in connection with ASV products. Commencing one year from the
date hereof, Terex shall have the right to terminate any individual component of the Services on six months’ advance written notice to ASV. 

(c) ASV shall have the right during the Winddown Period and for one year after Termination Date pursuant to Section 2
hereof, to produce and sell “Terex” branded ASV products to existing Terex dealers, and shall have the right, on a royalty-free basis, to use any applicable Terex trademarks consistent with past practice in connection therewith for such
period. 
 (d) During the Winddown Period, Terex will use commercially reasonable efforts to assist ASV in procuring the
assignment to ASV of ASV-related Terex contracts with third parties, including Takeuchi, Vermeer and CEG. In the event that Terex and ASV are unable to procure the assignment of such contracts, Terex will
continue to provide, with respect to ASV-related products, the benefit of such contracts to ASV for the applicable term of such contracts. The foregoing paragraph is in addition to any obligations of the
parties to the Separation Agreement to be entered into in connection with the initial public offering of ASV. 
 2. TERMINATION. ASV
and, commencing one year from the date hereof, Terex may terminate all Services provided by Terex by giving six months’ written notice to the other party that it wishes to terminate the Services. In no event shall the Winddown Period for any of
the Services, including the notice periods hereunder, extend beyond December 19, 2019. The date on which the termination of all Services is effective shall be the “Termination Date”. Once all of the Services have been terminated
pursuant to the provisions of this Agreement, the DCM Agreement and the Services Agreement shall be deemed terminated and thereafter shall have no future force or effect and the parties thereunder will not be liable for any ongoing obligations under
the DCM Agreement or the Services Agreement except for those provisions which by their express terms survive the termination of the DCM Agreement (including, without limitation, Section IV “Indemnity” thereof) or the Services Agreement,
respectively. 
 3. MISCELLANEOUS. 

(a) Counterparts; Electronic Transmission. This Agreement may be executed in counterparts, with all counterparts
constituting one and the same original. Signatures may be transmitted or delivered by electronic means, including facsimile and digital image (e.g., .PDF, .JPG) and such electronic version shall constitute an original for all purposes. 

(b) Entire Agreement; Severability. This Agreement, together with the DCM Agreement, the Services Agreement, constitutes
the entire understanding between the parties hereto and it merges all prior discussions between them relating thereto. Any amendment or modification to this Agreement shall be effective only if in writing and signed by each party hereto. In the
event that any provision of this Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction, the 

  
 2 

 
remainder of this Agreement shall remain in full force and effect without said provision. In such event, the Parties shall in good faith attempt to negotiate a substitute clause for any provision
declared invalid or unenforceable, which substitute clause shall most nearly approximate the intent of the Parties in agreeing to such invalid provision, without itself being invalid. 

(c) Governing Law. This Agreement shall be governed by and construed under the laws of the State of New York without
regard to the principles of conflicts of laws thereof, and any action hereunder shall be taken in the state or federal courts located in New York. By execution of this Agreement, each Party accepts and agrees to the exclusive jurisdiction and venue
of the aforesaid courts and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement, subject to a party’s appeal rights. 

[Signature Page Follows on Next Page] 

  
 3 

 IN WITNESS WHEREOF, each party has caused this Agreement to be duly executed as of the date first
above written. 
  

			
	TEREX CORPORATION
		
	By:	 	 /s/ George Ellis

	Name:	 	George Ellis
	Title:	 	Senior Vice President
	
	MANITEX INTERNATIONAL, INC.
		
	By:	 	 /s/ David Langevin

	Name:	 	David Langevin
	Title:	 	Chief Executive Officer
	
	A.S.V., LLC
		
	By:	 	 /s/ Andrew Rooke

	Name:	 	Andrew Rooke
	Title:	 	Chief Executive Officer

  
 4

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