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dk-ex101xstockpurchaseco

EXECUTION VERSION  STOCK PURCHASE AND COOPERATION AGREEMENT  This STOCK PURCHASE AND COOPERATION AGREEMENT (this “Agreement”) is made  and entered into as of March 7, 2022 by and among Delek US Holdings, Inc., a Delaware  corporation (the “Company”), on the one hand, and  IEP Energy Holding LLC, a Delaware  limited liability company, American Entertainment Properties Corp., a Delaware corporation,  Icahn Enterprises Holdings L.P., a Delaware limited partnership,  Icahn Enterprises G.P. Inc., a  Delaware corporation,  Beckton Corp., a Delaware corporation, and Carl C. Icahn, (collectively,  the “Icahn Group”), on the other hand.   WHEREAS, as of the date hereof, the members of the Icahn Group directly or indirectly  beneficially own in the aggregate 6,981,800 shares of common stock of the Company, par value  $0.01 per share (“Company Common Stock”), as set forth next to such member’s name on  Schedule A hereto;  WHEREAS, the Company and the Icahn Group have determined that it is in their mutual  best interest to enter into this Agreement, to, among other things,  (i) cause the members of the  Icahn Group listed on Schedule A hereto (each a “Seller” and, collectively, the “Sellers”)  to  sell, and the Company to purchase, free and clear of any and all Liens (as defined herein), an  aggregate of 3,497,268 shares of Company Common Stock from the Sellers for an aggregate  purchase price of $64 million in accordance with the terms and conditions of this Agreement (the  “Repurchase Transaction”) and (ii) set forth other agreements of the parties as to certain other  matters as set forth in this Agreement;  WHEREAS, after due consideration, the Board of Directors of the Company has  approved the Repurchase Transaction and related matters that may be required in connection  with the Repurchase Transaction; and  NOW, THEREFORE, in consideration of the foregoing premises and the covenants,  agreements and representations and warranties contained herein, the receipt and sufficiency of  which are hereby acknowledged, the parties hereto agree as follows:  ARTICLE I.  PURCHASE AND SALE  Section 1.1. Purchase and Sale. The Sellers hereby agree to sell, convey, assign, transfer  and deliver to the Company (subject to receipt of the payment provided herein), and the  Company hereby agrees to purchase from the Sellers, an aggregate number of shares of  Company Common Stock (the “Purchased Shares”), free and clear of any and all mortgages,  pledges, encumbrances, liens, security interests, options, charges, claims, deeds of trust, deeds to  secure debt, title retention agreements, rights of first refusal or offer, limitations on voting rights,  proxies, voting agreements, limitations on transfer or other agreements or claims of any kind or  nature whatsoever (collectively, “Liens”), in such amounts set forth on Schedule A hereto in  respect of each Seller; provided that the acquisition of the Purchased Shares in accordance with  the terms of this Agreement shall cause the Icahn Group to own, in the aggregate, approximately  Exhibit 10.1 

 

2    4.9% of the Company Common Stock, and in any event, no more than 5.0% of the outstanding  Company Common Stock.  Section 1.2. Closing.  The closing of the Repurchase Transaction (the “Closing”) will  take place by electronic delivery of documents and release of signatures (by PDF (portable  document format) and/or electronic mail), all of which will be deemed to be originals, at a time  to be agreed by the parties, and no later than March 11, 2022 (the “Closing Date”).  At the  Closing, (a) the Sellers shall deliver or cause to be delivered to the Company all of the Sellers’  right, title and interest in and to the Purchased Shares in accordance with the provisions hereof,  together, in each case, with all documentation reasonably necessary to transfer to the Company  right, title and interest in and to the Purchased Shares and (b) the Company shall pay to the  Sellers the Purchase Price (as defined below) in accordance with the provisions hereof.   Section 1.3. Purchase Price. In consideration of the aforesaid sale, conveyance,  assignment, transfer and delivery to the Company of the Purchased Shares, the Company hereby  agrees to pay to the Sellers at the Closing a price per Purchased Share of $18.30, based on the  closing price of the Company Common Stock on the New York Stock Exchange on March 4,  2022 for an aggregate purchase price of $64 million (the “Purchase Price”), in cash, in such  amounts set forth on Schedule A hereto in respect of each Seller.  Section 1.4. Expenses. All fees and expenses incurred by each party hereto in connection  with the matters contemplated by this Agreement shall be borne by the party incurring such fee  or expense, including without limitation the fees and expenses of any investment banks,  attorneys, accountants or other experts or advisors retained by such party.   Section 1.5. Delivery.  (a) Each Seller hereby agrees to cause its broker(s) to deliver the applicable  Purchased Shares to American Stock Transfer and Trust Company (“AST”) at the Closing  through the facilities of the Depository Trust Company’s DWAC system.   (b) The Company hereby agrees to deliver on the Closing Date a letter to  AST, in a form reasonably acceptable to AST, which letter includes the broker name, telephone  number and number of Purchased Shares to be so transferred, instructing AST to accept the  DWAC.  (c) The Company hereby agrees to deliver or cause to be delivered to Sellers  on the Closing Date the cash amounts set forth opposite each Seller’s name on Schedule A  hereto, by wire transfer of immediately available funds to such accounts as Sellers have specified  in writing. The Seller’s acknowledges that, the cash amounts set forth on Schedule A shall be  paid in full, and without deduction for or withholding of any applicable taxes. The Sellers shall  provide to the Company any necessary certification of status necessary to avoid withholding  taxes.  (d) Each party hereto further agrees to execute and deliver such other  instruments as shall be reasonably requested by a party hereto to consummate the transactions  contemplated by this Agreement.   

 

3    ARTICLE II.    ADDITIONAL AGREEMENTS  Section 2.1. Withdrawal of Nomination Notice. IEP Energy Holdings LLC, on behalf of  the Icahn Group, hereby withdraws, and shall be deemed to have withdrawn, the notice of  nomination of directors at the 2022 Annual Meeting (as defined below) delivered to the Company  on February 1, 2022, as supplemented and amended effective as of the Closing.    Section 2.2. [Reserved].   Section 2.3. Standstill.  (a) From and after the date hereof, until the conclusion of the 2023 Annual  Meeting (the “Standstill Period”), so long as the Company has not breached any material  provision of this Agreement and failed to cure such breach within five (5) business days  following the receipt of written notice from the Icahn Group specifying any such breach, no  member of the Icahn Group shall, directly or indirectly, and each member of the Icahn Group  shall cause each of their respective Affiliates and Associates not to, directly or indirectly:  (i) acquire, offer or propose to acquire any voting securities (or  beneficial ownership thereof), or rights or options to acquire any voting securities  (or beneficial ownership thereof) of the Company;  (ii) except solely among the signatories to the Icahn Group’s Schedule  13D (Amendment No. 11) filed with the SEC on February 1, 2022 (the “Icahn  Schedule 13D”), form or join in a partnership, limited partnership, syndicate or a  “group” as defined under Section 13(d) of the Exchange Act, with respect to the  securities of the Company;  (iii) present (or request to present) at any annual meeting or any special  meeting of the Company’s stockholders, any proposal for consideration for action  by stockholders or engage in any solicitation of proxies or become a “participant”  in a “solicitation” (as such terms are defined in Regulation 14A under the  Exchange Act) of proxies or  otherwise propose (or publicly request to propose)  any nominee for election to the Board or seek representation on the Board or the  removal of any member of the Board;  (iv) grant any proxy, consent or other authority to vote with respect to  any matters (other than to the named proxies included in the Company’s proxy  card for any annual meeting or special meeting of stockholders) or deposit any  securities of the Company into a voting trust or subject them to a voting  agreement or other arrangement of similar effect (excluding customary brokerage  accounts, margin accounts, prime brokerage accounts and the like), in each case,  except as provided in Sections 2.2;  

 

4    (v) institute, solicit, assist or join, as a party, any litigation, arbitration  or other proceeding against or involving the Company or any of its officers,  directors or representatives;  (vi) separately or in conjunction with any other person in which it is or  proposes to be either an Affiliate of, or a principal, partner or financing source or  is acting or proposes to act as broker or agent for compensation, seek, submit a  proposal for or offer of (with or without conditions), any Extraordinary  Transaction (as defined below); provided that the Icahn Group shall be permitted  to sell or tender their Common Shares, and otherwise receive consideration,  pursuant to any Extraordinary Transaction  that has been approved by the Board.  “Extraordinary Transaction” means, collectively, any of the following  involving the Company or any of its subsidiaries or its or their securities or all or  substantially all of the assets or businesses of the Company and its subsidiaries:  any tender offer or exchange offer, merger, acquisition, business combination,  reorganization, restructuring, recapitalization, sale or acquisition of material  assets, liquidation or dissolution, any dividend, share repurchase or similar  transaction;  (vii) seek, or encourage any person, to submit nominations in  furtherance of the election or removal of directors with respect to the Company  or, seek, encourage or take any other action with respect to the election or  removal of any directors;  (viii) make any public communication in opposition to (A) any merger,  acquisition, amalgamation, recapitalization, restructuring, disposition,  distribution, spin-off, asset sale, joint venture or other business combination  or  (B) any financing transaction, in each case, involving the Company;  (ix) make any public proposal or request with respect to: (i)  controlling, changing or influencing the Board or management of the Company,  including any plans or proposals relating to any change in the number or term of  directors or the filling of any vacancies on the Board, (ii) any material change in  the capitalization, stock repurchase programs and practices, capital allocation  programs and practices or dividend policy of the Company, (iii) any other  material change in the Company’s management, business, corporate or  governance structure, (iv) any waiver, amendment or modification to the  Company’s certificate of incorporation or by-laws, operations, business, corporate  strategy, corporate structure, capital structure or allocation, share repurchase or  dividend policies or other policy;  (x) make any request for stockholder list materials or other books and  records of the Company under Section 220 of the Delaware General Corporation  Law or other statutory or regulatory provisions providing for stockholder access  to books and records;  

 

5    (xi) make any public disclosure, communication, announcement or  statement regarding any intent, purpose, plan or proposal with respect to the  Board, the Company, its management, policies or affairs, any of its securities or  assets or this Agreement that is inconsistent with the provisions of this  Agreement;  (xii) seek to advise, encourage, support or influence any person with  respect to the voting or disposition of any securities of the Company at any annual  general meeting or special meeting of stockholders, except in accordance with  Section 2.2;  (xiii) publicly disclose any intention, plan or arrangement inconsistent  with any provision of this Section 2.3; or  (xiv) publicly advise, assist, encourage or otherwise support any other  person to take any of the actions described in this Section 2.3 that the Icahn Group  is restricted from doing.  (b) [Reserved].   Section 2.4. Public Announcement; Public Filings; Non-Disparagement.  (a) No later than 9:15 a.m. ET on March 7, 2022, the Company shall issue a  press release in the form of Exhibit A hereto. No party hereto nor any of its respective Affiliates  shall issue any press release or make any public statement relating to the transactions  contemplated hereby (including, without limitation, any statement to any governmental or  regulatory agency or accrediting body) that is inconsistent with, or are otherwise contrary to, the  statements in the press release.  (b) No later than 9:15 a.m. ET on March 7, 2022: (i) the Icahn Group shall  cause to be filed with the U.S. Securities and Exchange Commission (the “SEC”) an amendment  to their most recent Schedule 13D, as amended, and, prior to the filing thereof, the Icahn Group  shall provide the Company and its counsel a reasonable opportunity to review such Schedule  13D; and (ii) no later than 9:15 a.m. ET on March 7, 2022, the Company shall cause to be filed  with the SEC a Current Report on Form 8-K disclosing the execution of this Agreement and,  prior to the filing thereof, the Company shall provide the Icahn Group and its counsel a  reasonable opportunity to review such Form 8-K.  (c) From the date of this Agreement until the end of the Standstill Period, (i)  so long as the Company has not breached any material provision of this Agreement and failed to  cure such breach within five (5) business days following the receipt of written notice from the  Icahn Group specifying any such breach, neither a member of the Icahn Group nor any of the  their respective Affiliates or Associates (including such persons’ officers, directors and persons  holding substantially similar positions however titled) shall make, or cause to be made, by press  release or similar public statement, including to the press or media (including social media), or in  an SEC or other public filing, any statement or announcement that constitutes an ad hominem  attack on, or that otherwise disparages, defames, slanders, impugns or is reasonably likely to  damage the reputation of the Company or the Company’s respective current or former officers or  

 

6    directors and (ii) so long as the Icahn Group has not breached any material provision of this  Agreement and failed to cure such breach within five (5) business days following the receipt of  written notice from the Company specifying any such breach, neither the Company nor any of its  subsidiaries nor any of the their respective Affiliates or Associates (including such persons’  officers, directors and persons holding substantially similar positions however titled) shall make,  or cause to be made, by press release or similar public statement, including to the press or media  (including social media), or in an SEC or other public filing, any statement or announcement that  constitutes an ad hominem attack on, or that otherwise disparages, defames, slanders, impugns or  is reasonably likely to damage the reputation of any member of the Icahn Group or  their  respective Affiliates or any of their respective current or former officers or directors. The  foregoing shall not restrict the ability of any party to this Agreement to comply with any  subpoena or other legal process or respond to a request for information from any governmental  authority with jurisdiction over such party from whom information is sought.  ARTICLE III.    REPRESENTATIONS AND WARRANTIES OF THE ICAHN GROUP  Each member of the Icahn Group hereby makes, jointly and severally, the following  representations and warranties to the Company:  Section 3.1. Existence; Authority. Each member of the Icahn Group that is an entity is  duly organized, validly existing and in good standing under the laws of the jurisdiction of its  organization. Each member of the Icahn Group that is an entity has all requisite corporate power,  authority and capacity to execute and deliver this Agreement, to perform its obligations  hereunder and to consummate the transactions contemplated hereby and has taken all necessary  action to authorize the execution, delivery and performance of this Agreement. Each member of  the Icahn Group that is an individual has full legal capacity to execute and deliver this  Agreement, to perform his obligations hereunder and to consummate the transactions  contemplated hereby.  Section 3.2. Enforceability. This Agreement has been duly and validly executed and  delivered by such member of the Icahn Group, and, assuming due and valid authorization,  execution and delivery by the Company, this Agreement will constitute a legal, valid and binding  obligation of such member of the Icahn Group, enforceable against such person in accordance  with its terms, except as such enforceability may be affected by bankruptcy, insolvency,  moratorium and other similar laws relating to or affecting creditors’ rights generally and general  equitable principles.  Section 3.3. Ownership. As of the date hereof, each member of the Icahn Group and their  respective Affiliates, beneficially owns or has economic exposure to, only the number of shares  of Company Common Stock or other security of the Company set forth on Schedule A hereto. If  such member of the Icahn Group is a Seller, such member is and immediately prior to the   Closing will be, the beneficial owner of the Purchased Shares set forth opposite its name on  Schedule A hereto, free and clear of any and all Liens. Such member of the Icahn Group has full  power and authority to transfer full legal and beneficial ownership of its respective Purchased  Shares to the Company, and such member of the Icahn Group is not required to obtain the  

 

7    consent or approval of any person or governmental agency or organization to effect the sale of  the Purchased Shares. The execution and delivery of this Agreement by the Sellers and the  consummation by the Sellers of the transactions contemplated hereby do not and will not  constitute or result in a breach, violation or default under (x) any note, bond, mortgage, deed,  indenture, lien, instrument, contract, agreement, lease or license, to which such Seller is a party  or (y) such Seller’s organizational documents, or (z) any statute, law, ordinance, decree, order,  injunction, rule, directive, judgment or regulation of any court, administrative or regulatory  body, governmental authority or similar body applicable to such Seller, except in each case as  would not materially adversely affect the ability of such Seller to consummate the transactions  contemplated by this Agreement. Immediately following the consummation of the Repurchase  Transaction, the members of the Icahn Group will beneficially own or have economic exposure  to only the number of shares of Company Common Stock or other securities of the Company set  forth opposite its name on Schedule A hereto, and except as set forth on Schedule A hereto, no  Affiliate of any member of the Icahn Group beneficially owns or has economic exposure to any  shares of Company Common Stock.  Section 3.4. Good Title Conveyed. If such member of the Icahn Group is a Seller, all  Purchased Shares sold by such member of the Icahn Group hereunder are free and clear of any  and all Liens and good, valid and marketable title to such Purchased Shares effectively vests in  the Company.  Section 3.5. Absence of Litigation. There is no suit, action, investigation or proceeding  pending or, to the knowledge of such member of the Icahn Group, threatened against such party  that could impair the ability of such member of the Icahn Group to perform its obligations  hereunder or to consummate the transactions contemplated hereby.  Section 3.6. No Brokers or Tax Withholding. No member of the Icahn Group is, as of the  date hereof, and no member of the Icahn Group will become, a party to any agreement,  arrangement or understanding which could result in the Company having any obligation or  liability for any brokerage fees, commissions, underwriting discounts or other similar fees or  expenses relating to the transactions contemplated by this Agreement. No payment made by the  Company to each member of the Icahn Group that is a Seller pursuant to this Agreement is  subject to any tax withholding under the U.S. federal income tax laws.  Section 3.7. Other Acknowledgments.  (a) Each member of the Icahn Group that is a Seller hereby represents and  acknowledges that it is a sophisticated investor and that it has such knowledge and experience in  financial and business matters and in making investment decisions regarding the sale of  Purchased Shares and of making an informed investment decision. Each member of the Icahn  Group that is a Seller represents and acknowledges that the Company may have material non- public information concerning the Company and its condition (financial and otherwise), results  of operations, businesses, properties, plans and prospects and that such information could be  material to the Icahn Group’s decision to sell the Purchased Shares or otherwise materially  adverse to the Icahn Group’s interests. Each member of the Icahn Group acknowledges and  agrees, severally with respect to itself or himself only and not with respect to any other such  party, that the Company shall have no obligation to disclose to it or him any such information  

 

8    and hereby waives and releases, to the fullest extent permitted by law, any and all claims and  causes of action it has or may have against the Company and their respective Affiliates, officers,  directors, employees, agents and representatives based upon, relating to or otherwise arising out  of nondisclosure of such information or the sale of the Purchased Shares hereunder.  (b) Each member of the Icahn Group that is a Seller further represents that it  has adequate information concerning the business and financial condition of the Company to  make an informed decision regarding the sale of the Purchased Shares and has independently and  without reliance upon the Company, made its or his own analysis and decision to sell the  Purchased Shares. With respect to legal, tax, accounting, financial and other considerations  involved in the transactions contemplated by this Agreement, including the sale of the Purchased  Shares, no such member of the Icahn Group is relying on the Company (or any agent or  representative thereof). Such member of the Icahn Group has carefully considered and, to the  extent it or he believes such discussion necessary, discussed with professional legal, tax,  accounting, financial and other advisors the suitability of the transactions contemplated by this  Agreement, including the sale of the Purchased Shares. Each of member of the Icahn Group  acknowledges that none of the Company or any of their respective directors, officers,  subsidiaries or Affiliates has made or makes any representations or warranties, whether express  or implied, of any kind except as expressly set forth in this Agreement.  (c) Each member of the Icahn Group that is a Seller represents that (i) such  member is an “accredited investor” as defined in Rule 501 promulgated under the Securities Act  of 1933, as amended, and (ii) the sale of the applicable Purchased Shares by such member (x)  was privately negotiated in an independent transaction and (y) does not violate any rules or  regulations applicable to such member.  ARTICLE IV.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY  The Company makes the following representations and warranties to the Icahn Group:  Section 4.1. Existence; Authority. The Company is a Delaware corporation that is duly  incorporated, validly existing and in good standing under the laws of the State of Delaware. The  Company has all requisite corporate power, authority and capacity to execute and deliver this  Agreement, to perform its obligations hereunder and to consummate the transactions  contemplated hereby and has taken all necessary corporate action to authorize the execution,  delivery and performance of this Agreement.  Section 4.2. Enforceability. This Agreement has been duly and validly executed, and,  assuming due and valid authorization, execution and delivery by the Icahn Group, this  Agreement will constitute a legal, valid and binding obligations of the Company, enforceable  against it in accordance with its terms, except as such enforceability may be affected by  bankruptcy, insolvency, moratorium and other similar laws relating to or affecting creditors’  rights generally and general equitable principles. The purchase of the Purchased Shares by the  Company (i) was privately negotiated in an independent transaction and (ii) does not violate any  rules or regulations applicable to the Company.  

 

9    Section 4.3. Absence of Litigation. There is no suit, action, investigation or proceeding  pending or, to the knowledge of the Company, threatened against the Company that could impair  its ability to perform its obligations hereunder or to consummate the transactions contemplated  hereby.  Section 4.4. No Brokers. The Company is not, as of the date hereof, and will not  become, a party to any agreement, arrangement or understanding which could result in the any  member of the Icahn Group having any obligation or liability for any brokerage fees,  commissions, underwriting discounts or other similar fees or expenses relating to the transactions  contemplated by this Agreement.  ARTICLE V.    CONDITIONS PRECEDENT  Section 5.1.  Conditions of the Sellers’ Obligations at Closing.  The obligation of the  Sellers to sell the Purchased Shares is subject to the fulfillment, on or before the Closing, of each  of the following conditions, unless otherwise waived:  (a) The representations and warranties contained in Article IV shall be true  and correct in all respects as of Closing.  (b) The Company shall have performed and complied with all covenants,  agreements, obligations and conditions contained in this Agreement that are required to be  performed or complied with by the Company on or before the Closing.  (c) No government, court, tribunal, arbitrator, administrative agency,  commission or other governmental official, authority or instrumentality shall have enacted,  issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree,  injunction or other legal restraint (whether temporary, preliminary or permanent) which is in  effect and which has the effect of making the sale of the Purchased Shares by the Sellers illegal  or otherwise prohibiting or preventing consummation of the sale of the Purchased Shares by the  Sellers.  Section 5.2. Conditions of the Company’s Obligations at Closing. The obligation of the  Company to purchase the Purchased Shares is subject to the fulfillment, on or before the Closing,  of each of the following conditions, unless otherwise waived:  (a) The representations and warranties contained in Article III shall be true  and correct in all respects as of the Closing.  (b) The Sellers shall have performed and complied with all covenants,  agreements, obligations and conditions contained in this Agreement that are required to be  performed or complied with by the Sellers on or before the Closing.   (c) No government, court, tribunal, arbitrator, administrative agency,  commission or other governmental official, authority or instrumentality shall have enacted,  issued, promulgated, enforced or entered any statute, rule, regulation, executive order, decree,  

 

10    injunction, or other legal restraint (whether temporary, preliminary or permanent) which is in  effect and which has the effect of making the purchase of the Purchased Shares by the Company  illegal or otherwise prohibiting or preventing consummation of the purchase of the Purchased  Shares by the Company.  ARTICLE VI.    MISCELLANEOUS  Section 6.1. Survival. Each of the representations, warranties, covenants, and agreements  in this Agreement shall survive the consummation of the transactions contemplated hereby.  Notwithstanding any knowledge of facts determined or determinable by any party by  investigation, each party shall have the right to fully rely on the representations, warranties,  covenants and agreements of the other parties expressly contained in this Agreement or in any  other documents or papers required to be delivered by this Agreement. Each representation,  warranty, covenant and agreement of the parties contained in this Agreement is independent of  each other representation, warranty, covenant and agreement. Except as expressly set forth in this  Agreement, no party has made any representation warranty, covenant or agreement.  Section 6.2. Notices. All notices, requests, claims, demands and other communications  hereunder shall be in writing and shall be given (and shall be deemed to have been duly given if  so given) by hand delivery, cable, telecopy, mail (registered or certified, postage prepaid, return  receipt requested) or electronic mail to the respective parties hereto addressed as follows:  If to the Company:  Delek US Holdings, Inc.   7102 Commerce Way   Brentwood, TN 37027  Attention: Denise C. McWatters, General Counsel   Email: denise.mcwatters@delekus.com     with copy to:    Skadden, Arps, Slate, Meagher & Flom LLP   One Manhattan West   New York, New York 10001   Attention: Stephen F. Arcano  Marc S. Gerber  Email: stephen.arcano@skadden.com   marc.gerber@skadden.com  If to any member of the Icahn Group:  Icahn Capital LP  16690 Collins Avenue, PH-1  Sunny Isles Beach, FL 33160  Attention: Jesse Lynn  

 

11    Email: jlynn@sfire.com  Section 6.3. Certain Definitions. As used in this Agreement, (a) the term “Affiliate” shall  have the meaning set forth in Rule 12b-2 under the Securities Exchange Act of 1934, as  amended, and shall include persons who become Affiliates of any person subsequent to the date  hereof; (b) the term “Associate” shall mean (i)  any trust or other estate in which such person has  a substantial beneficial interest or as to which such person serves as trustee or in a similar  fiduciary capacity, and (ii) any relative or spouse of such person, or any relative of such spouse,  who has the same home as such person or who is a director or officer of such person or of any of  its parents or subsidiaries. and (c) the Company and each member of the Icahn Group are  referred to herein individually as a “party” and collectively as “parties.”  Section 6.4. Remedies. The Company and the Icahn Group acknowledge and agree that  the other would be irreparably injured by a breach of this Agreement and that money damages  are an inadequate remedy for an actual or threatened breach of this Agreement. Accordingly, the  parties agree to the granting of specific performance of this Agreement and injunctive or other  equitable relief as a remedy for any such breach or threatened breach, without proof of actual  damages, and further agree to waive any requirement for the securing or posting of any bond in  connection with any such remedy. Such remedy shall not be deemed to be the exclusive remedy  for a breach of this Agreement, but shall be in addition to all other remedies available at law or in  equity.  Section 6.5. No Waiver. Any waiver by any party hereto of a breach of any provision of  this Agreement shall not operate as or be construed to be a waiver of any other breach of such  provision or of any breach of any other provision of this Agreement. The failure of a party hereto  to insist upon strict adherence to any term of this Agreement on one or more occasions shall not  be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence  to that term or any other term of this Agreement.  Section 6.6. No Broker. Except as previously disclosed in writing to each other party, no  party has engaged any third party as broker or finder or incurred or become obligated to pay any  broker’s commission or finder’s fee in connection with the transactions contemplated by this  Agreement.  Section 6.7. Severability. If any term, provision, covenant or restriction of this  Agreement is held by a court of competent jurisdiction or other authority to be invalid or  unenforceable, the remainder of the terms, provisions, covenants and restrictions of this  Agreement shall remain in full force and effect and shall in no way be affected, impaired or  invalidated by such holding. The parties agree that the court making any such determination of  invalidity or unenforceability shall have the power to reduce the scope, duration or area of, delete  specific words or phrases in, or replace any such invalid or unenforceable provision with one that  is valid and enforceable and that comes closest to expressing the intention of such invalid or  unenforceable provision, and this Agreement shall be enforceable as so modified after the  expiration of the time within which the judgment may be appealed.  Section 6.8. Successors and Assigns. This Agreement shall be binding upon and inure to  the benefit of the parties hereto and their respective successors and assigns; provided that this  

 

12    Agreement (and any of the rights, interests or obligations of any party hereunder) may not be  assigned by any party without the prior written consent of the other parties hereto (such consent  not to be unreasonably withheld). Any purported assignment of a party’s rights under this  Agreement in violation of the preceding sentence shall be null and void.  Section 6.9. Entire Agreement; Amendments. This Agreement (including any Schedules  and Exhibits hereto) constitutes the entire agreement between the parties with respect to the  subject matter hereof and supersedes all other prior agreements and understandings, both written  and oral, among the parties with respect to the subject matter hereof and, except as expressly set  forth herein, is not intended to confer upon any person other than the parties hereto any rights or  remedies hereunder. This Agreement may be amended only by a written instrument duly  executed by the parties hereto or their respective permitted successors or assigns.  Section 6.10. Headings. The section headings contained in this Agreement are for  reference purposes only and shall not affect in any way the meaning or interpretation of this  Agreement.  Section 6.11. Governing Law. This Agreement shall be governed by and construed and  enforced in accordance with the laws of the State of Delaware, without giving effect to choice of  law principles thereof that would cause the application of the laws of any other jurisdiction.  Section 6.12. Submission to Jurisdiction. Each of the parties hereto (a) consents to  submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts  of the State of Delaware in the event any dispute arises out of this Agreement or the transactions  contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such  personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it  shall not bring any action relating to this Agreement or the transactions contemplated by this  Agreement in any court other than the Court of Chancery or other federal or state courts of the  State of Delaware, and each of the parties irrevocably waives the right to trial by jury, (d) agrees  to waive any bonding requirement under any applicable law, in the case any other party seeks to  enforce the terms by way of equitable relief, and (e) irrevocably consents to service of process by  a reputable overnight delivery service, signature requested, to the address of such party’s  principal place of business or as otherwise provided by applicable law. THIS AGREEMENT  SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING WITHOUT LIMITATION  VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF  DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED  WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW  PRINCIPLES OF SUCH STATE.  Section 6.13. Release. Except in respect of any claim of a breach of this Agreement,  effective as of the closing of the sale of Purchased Shares (i) each of the members of the Icahn  Group that are Sellers hereby releases the Company, its stockholders, its affiliates and  successors, and all of the Company’s directors, officers, managers, employees and agents, and  agrees to hold them, and each of them, harmless from any and all claims or causes of action that  any of the Sellers may now have or know about, or hereafter may learn about, in each case,  arising from or relating to matters occurring prior to the Closing, and each of the Sellers agrees  that the Sellers will not file any claim, charge, or lawsuit for the purpose of obtaining any  

 

13    monetary awards in connection with such matters, and (ii) the Company does hereby release  each of the Sellers, their general and limited partners, affiliates and successors, and all of each of  the Sellers directors, officers, managers, members, employees and agents, and agrees to hold  them, and each of them, harmless from any and all claims or causes of action that the Company  may now have or know about, or hereafter may learn about, , in each case, arising from or  relating to matters occurring prior to the Closing, and the Company agrees that it will not file any  claim, charge, or lawsuit for the purpose of obtaining any monetary awards in connection with  such matters. The parties acknowledge that the foregoing release includes, but is not limited to,  any claim arising under any federal, state, or local law, whether statutory or judicial, or  ordinance, or any administrative regulation.  Section 6.14. Counterparts; Facsimile. This Agreement may be executed in counterparts,  including by facsimile or PDF electronic transmission, each of which shall be deemed an  original, but all of which together shall constitute one and the same Agreement.  Section 6.15. Further Assurances. Upon the terms and subject to the conditions of this  Agreement, each of the parties hereto agrees to execute such additional documents, to use  commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to  be done, and to assist and cooperate with the other parties in doing, all things necessary, proper  or advisable to consummate or make effective, in the most expeditious manner practicable, the  transactions contemplated by this Agreement.  Section 6.16.Interpretation. The parties acknowledge and agree that this Agreement has  been negotiated at arm’s length and among parties equally sophisticated and knowledgeable in  the matters covered hereby. Accordingly, any rule of law or legal decision that would require  interpretation of any ambiguities in this Agreement against the party that has drafted it is not  applicable and is hereby waived.      [SIGNATURE PAGE FOLLOWS] 

 

[Signature Page to Stock Purchase and Cooperation Agreement]  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly  executed as of the day and year first written above.  DELEK US HOLDINGS, INC.  By: /s/ Blake Fernandez_________         Blake Fernandez         SVP Investor Relations & Market Intelligence  By: /s/ Denise McWatters_______         Denise McWatters         EVP & General Counsel  

 

[Signature Page to Stock Purchase and Cooperation Agreement between Icahn and Delek]  IEP ENERGY HOLDING LLC  By: American Entertainment Properties Corp., its sole member  By: /s/ Ted Papapostolou________________________________         Name: Ted Papapostolou         Title: Chief Financial Officer  AMERICAN ENTERTAINMENT PROPERTIES CORP.  By: /s/ Ted Papapostolou_________         Name: Ted Papapostolou         Title: Chief Financial Officer  ICAHN ENTERPRISES HOLDINGS L.P.  By: Icahn Enterprises G.P. Inc., its general partner  By: /s/ Ted Papapostolou_________ __________________________         Name: Ted Papapostolou         Title: Chief Financial Officer  ICAHN ENTERPRISES G.P. INC.  By: /s/ Ted Papapostolou_________         Name: Ted Papapostolou         Title: Chief Financial Officer  BECKTON CORP.  By: /s/ Irene March____________________________         Name: Irene March         Title: Vice President  /s/ Carl C. Icahn______________           CARL C. ICAHN  

 

Schedule A  Company Common Stock and Other Company Securities; Purchased Shares; Payments  Cert.  #  Name of  Seller  # of  Company  Common  Stock  beneficially  owned prior  to Closing   Type &  number of  other  securities of  the Company  owned prior  to Closing   # of Purchased  Shares to be  delivered by  Sellers to  Company  Payment to be  made by  Company to  Sellers  # of Company  Common Stock  beneficially owned  following the  Closing   Type & number  of other securities  of the Company  owned following  the Closing  IEP Energy  Holding LLC  6,981,800 0 3,497,268 $64,000,000 3,484,532 0  American  Entertainment  Properties  Corp.  Icahn  Enterprises  Holdings L.P.  Icahn  Enterprises  G.P. Inc  Beckton  Corp.  Carl C. Icahn  TOTAL  

 

      Exhibit A    Press Releaseexc-20220307ex42

EXECUTION VERSION  DMFIRM #401898491 v4  FIFTH SUPPLEMENTAL INDENTURE  THIS FIFTH SUPPLEMENTAL INDENTURE, dated as of March 7, 2022 (this  “Supplemental Indenture”), is between EXELON CORPORATION, a Pennsylvania corporation  (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a  national banking association, as trustee (the “Trustee”).  WITNESSETH  WHEREAS, pursuant to the Indenture, dated as of June 11, 2015, between the Company  and the Trustee as amended by the First Supplemental Indenture, dated as of June 11, 2015, the  Second Supplemental Indenture, dated as of December 2, 2015, the Third Supplemental  Indenture, dated as of April 7, 2016, and the Fourth Supplemental Indenture, dated as of April 1,  2020 (the “Base Indenture” and, together with and as supplemented by this Supplemental  Indenture, the “Indenture”), the Company may from time to time issue and sell Securities (as  defined in the Base Indenture) in one or more series and, pursuant to Section 2.3 of the Base  Indenture, the Company may establish the form or terms of Securities of any series issued  thereunder through one or more supplemental indentures pursuant to Section 2.4 of the Base  Indenture;  WHEREAS, the Company desires by this Supplemental Indenture to create and authorize  three new series of Securities entitled as follows: (i) “2.750% Notes due 2027” (the “2027  Notes”), limited initially to $650,000,000 in aggregate principal amount, (ii), “3.350% Notes due  2032” (the “2032 Notes”), limited initially to $650,000,000 in aggregate principal amount, and  (iii) “4.100% Notes due 2052” (the “2052 Notes” and, together with the 2027 Notes and 2032  Notes, the “Notes”), limited initially to $700,000,000 in aggregate principal amount, and to  provide the terms and conditions of the Notes and upon which the Notes are to be executed,  registered, authenticated, issued and delivered, the Company has duly authorized the execution  and delivery of this Supplemental Indenture;  WHEREAS, the Company has duly authorized the execution and delivery of this  Supplemental Indenture to establish the 2027 Notes, the 2032 Notes and the 2052 Notes each as  a series of Securities under the Base Indenture and to provide for, among other things, the  issuance and form of each series of Notes and the terms, provisions and conditions thereof;  WHEREAS, the 2027 Notes, the 2032 Notes and the 2052 Notes are three series of  Securities and are being issued under the Base Indenture and are subject to the terms contained  therein and herein;  WHEREAS, the 2027 Notes, the 2032 Notes and the 2052 Notes are to be substantially in  the form attached hereto as Exhibit A-1, Exhibit A-2, and Exhibit A-3 respectively; and  WHEREAS, all acts and things necessary to make the Notes, when executed by the  Company and authenticated and delivered by or on behalf of the Trustee as provided in the Base  Indenture and this Supplemental Indenture, the valid, binding and legal obligations of the  Company, and to make this Supplemental Indenture a legal, binding and enforceable agreement,  have been done and performed.  

 

    2  DMFIRM #401898491 v4  NOW, THEREFORE, in order to declare the terms and conditions upon which the Notes  are executed, registered, authenticated, issued and delivered, and in consideration of the  foregoing premises and the purchase of such Notes by the Holders thereof, the Company and the  Trustee mutually covenant and agree, for the equal and proportionate benefit of the Holders from  time to time of the Notes, as follows:  Section 1. Definitions. For all purposes of this Supplemental Indenture, the following  terms will have the respective meanings set forth in this Section 1.  Terms used in this  Supplemental Indenture and not defined herein shall have the respective meanings given such  terms in the Base Indenture.  (a) “Additional Interest” means all additional interest then owing on the Notes  pursuant to the Registration Rights Agreement.  (b) “Clearstream” means Clearstream Banking, Société Anonyme, or any  successor securities clearing agency.  (c) “Definitive Notes” means certificated Notes.  (d) “DTC” means The Depository Trust Company, a New York corporation.  (e) “Electronic Signature” means any electronic signature covered by the  Electronic Signatures in Global and National Commerce Act of 2000, Uniform Electronic  Transactions Act, the Electronic Signatures and Records Act or other applicable law (e.g.,  www.docusign.com).  (f) “Exchange Act” means the Securities Exchange Act of 1934, as amended.   (g) “Exchange Notes” means any notes issued in exchange for Notes pursuant  to the Registration Rights Agreement or similar agreement.  (h) “Euroclear” means Euroclear Bank S.A./N.Y., as operator of Euroclear  systems Clearance System or any successor securities clearing agency.  (i) “QIB” means a “qualified institutional buyer” as defined in Rule 144A.  (j) “Registrar” means the office or agency with respect to the Notes, where  the Notes may be presented for registration of transfer or exchange.  (k) “Registration Rights Agreement” means the Registration Rights  Agreement dated as of the date of this Supplemental Indenture, among the Company, Barclays  Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities  LLC.  (l) “Regulation S” means Regulation S promulgated under the Securities Act.  (m) “Rule 144” means Rule 144 promulgated under the Securities Act.  

 

    3  DMFIRM #401898491 v4  (n) “Rule 144A” means Rule 144A promulgated under the Securities Act.  (o) “Securities Act” means the Securities Act of 1933, as amended.  (p) “Transfer Restricted Note” means any Note that bears or is required to  bear the Restricted Notes Legend.  (q) “Unrestricted Global Note” means any Note in global form that does not  bear or is not required to bear the Restricted Notes Legend.  (r) “U.S. person” means a “U.S. person” as defined in Regulation S.  Section 2. Creation and Authorization of Series.  (a) There is hereby created and authorized the following three new series of  Securities to be offered and issued under the Base Indenture, to be designated as the:  (i) “2.750% Notes due 2027”  (ii) “3.350% Notes due 2032”  (iii) “4.100% Notes due 2052”    (b) The 2027 Notes shall be limited initially to $650,000,000  in aggregate  principal amount, the 2032 Notes shall be limited initially to $650,000,000 in aggregate principal  amount and the 2052 Notes shall be limited initially to $700,000,000 in aggregate principal  amount. Notwithstanding the foregoing initial aggregate principal amounts, the Company may,  from time to time and without consent of any Holders of the Notes, re-open any series of Notes  on terms identical in all respects to the Notes then-existing of such series (except for the date of  issuance, the date interest begins to accrue and, in certain circumstances, the first interest  payment date), so that such additional notes shall be consolidated with, form a single series with  and increase the aggregate principal amount of the Notes of such series; provided that the  additional notes shall have a separate CUSIP number unless: (i) the additional notes and the  Notes then-existing of the original series are treated as part of the same “issue” of debt  instruments for U.S. federal income tax purposes, (ii) the additional notes are issued pursuant to  a “qualified reopening” of the Notes then-existing of the original series for U.S. federal income  tax purposes or (iii) the additional notes are, and the Notes then-existing of the original series  were, issued without or with less than a de minimis amount of original issue discount for U.S.  federal income tax purposes. In addition, the Company may issue, from time to time in  accordance with the provisions of the Indenture, the Exchange Notes.  Such additional notes and  Exchange Notes shall have the same terms as to ranking, redemption, guarantees, waivers,  amendments or otherwise, as the applicable series of Notes, and will vote together as one class  on all matters with respect to such series of Notes.  (c) The form of security for the 2027 Notes is Exhibit A-1, the form of  security for the 2032 Notes is Exhibit A-2 and the form of security for the 2052 Notes is Exhibit  A-3.  

 

    4  DMFIRM #401898491 v4  (d) The date on which the principal is payable on each series of the Notes,  unless accelerated pursuant to the terms of the Indenture, shall be as provided in the applicable  form of security attached hereto as Exhibit A-1, Exhibit A-2 or Exhibit A-3.  (e) The Notes of each series shall bear interest as provided in the applicable  form of security attached hereto as Exhibit A-1, Exhibit A-2 or Exhibit A-3. The Interest  Payment Dates, and the Regular Record Dates for the determination of Holders of the Notes to  whom such interest is payable, for each series, shall be as provided in the applicable form of  security attached hereto as Exhibit A-1, Exhibit A-2 or Exhibit A-3.  (f) The Notes will be the Company’s direct unsecured general obligations and  will rank equally with all of its existing and future unsecured and unsubordinated debt, will be  senior in right of payment to all of its existing and future subordinated debt and will be junior to  any of its future secured debt to the extent of the value of the collateral securing such secured  debt.  (g) The Notes of each series will be issued only in fully registered form,  without coupons, in denominations provided herein and in the applicable form of security  attached hereto as Exhibit A-1, Exhibit A-2 or Exhibit A-3.  (h) The Notes shall be subject to the Events of Default provided in Section 5.1  of the Base Indenture.  For purposes of the Notes (but not other Securities, unless provided by  the terms thereof), an “Event of Default” shall also include:  the Company’s failure to pay principal at maturity or acceleration following a  default in an aggregate amount of $100 million or more with respect to any  Indebtedness (as defined below) of the Company (not including Indebtedness of  the Company’s Subsidiaries), or the acceleration of any of the Company’s  Indebtedness in an aggregate amount of $100 million or more, which default is  not cured, waived or postponed pursuant to an agreement with the holders of the  Indebtedness within 30 days after written notice, or the acceleration is not  rescinded or annulled within 30 days after written notice.  As used above, “Indebtedness” means all obligations for borrowed money.  (i) The discharge, defeasance and covenant defeasance provisions that will  apply to the Notes shall be as provided in the Base Indenture.  (j) The Company initially appoints The Depositary Trust Company to act as  Depositary with respect to the Notes of each series.     (k) The Notes shall be issuable only in minimum denominations of $2,000  and any integral multiples of $1,000 in excess thereof.  (l) The Trustee will initially act as the Paying Agent with respect to the Notes  of each series. The office of the Paying Agent will be located at 2 North LaSalle Street, Suite  700, Chicago, Illinois 60602.  

 

    5  DMFIRM #401898491 v4  (m) Notwithstanding Sections 2.5 and 2.6 of the Base Indenture, the Notes of  each series may be executed by the Company and authenticated by the Trustee by manual  signature, facsimile signature, or Electronic Signature.  (n) Except as otherwise set forth herein and in the Notes, the terms of the  Notes shall be as set forth in the Base Indenture, including those made part of the Base Indenture  by reference to the Trust Indenture Act.  Section 3. Form of the Notes.   (a) General. The Transfer Restricted Notes will be offered only to (A)  Persons reasonably believed to be QIBs in reliance on Rule 144A and (B) non U.S. Persons in  reliance on Regulation S. Such Notes may thereafter be transferred to, among others, QIBs, and  purchasers in reliance on Regulation S, in each case in accordance with the procedures described  herein.  Exchange Notes exchanged for interests in the Rule 144A Notes and the Regulation S  Notes will be issued in the form of a permanent global Note, substantially in the forms of Exhibit  A-1, A-2 and A-3, as applicable, deposited with the Trustee as hereinafter provided, including  the appropriate legend set forth in Section 3(d) (the “Exchange Global Note”). The Exchange  Global Note will be deposited upon issuance with, or on behalf of, the Trustee as custodian for  DTC, duly executed by the Company and authenticated by the Trustee as hereinafter provided.  The Exchange Global Note may be represented by more than one certificate, if so required by  DTC’s rules regarding the maximum principal amount to be represented by a single certificate.  (b) Rule 144A Notes. Notes offered to QIBs in the United States of America in  reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a permanent  global note including appropriate legends as set forth in Section 3(d) (the “Rule 144A Global  Note”), deposited with the Trustee, as custodian for DTC, duly executed by the Company and  authenticated by the Trustee as hereinafter provided.  The Rule 144A Global Note may be  represented by more than one certificate, if so required by DTC’s rules regarding the maximum  principal amount to be represented by a single certificate.  The aggregate principal amount of the  Rule 144A Global Note may from time to time be increased or decreased by adjustments made  on the records of the Trustee, as custodian for DTC, or its nominee, as hereinafter provided.  (c) Regulation S Notes. Notes offered to non U.S. Persons outside the United  States of America (the “Regulation S Notes”) in reliance on Regulation S shall be issued in the  form of a permanent global note including appropriate legends as set forth in Section 3(d) (the  “Regulation S Global Note” and, together with the Rule 144A Global Note and the Exchange  Global Note, the “Global Notes”).  Each Regulation S Global Note will be deposited upon  issuance with, or on behalf of, the Trustee as custodian for DTC in the manner described in this  Section 3.  Prior to the 40th day after the date the Notes are issued (such period through and  including such 40th day, the “Restricted Period”), interests in the Regulation S Global Note may  only be transferred to non U.S. persons pursuant to Regulation S, unless exchanged for interests  in a Global Note in accordance with the transfer and certification requirements described herein.  Investors may hold their interests in the Regulation S Global Note through organizations other  than Euroclear or Clearstream that are participants in DTC’s system or directly through  Euroclear or Clearstream, if they are participants in such systems, or indirectly through  organizations which are participants in such systems.  If such interests are held through  

 

    6  DMFIRM #401898491 v4  Euroclear or Clearstream, Euroclear and Clearstream will hold such interests in the applicable  Regulation S Global Note on behalf of their participants through customers’ securities accounts  in their respective names on the books of their respective depositaries.  Such depositaries, in turn,  will hold such interests in the applicable Regulation S Global Note in customers’ securities  accounts in the depositaries’ names on the books of DTC. The Regulation S Global Note may be  represented by more than one certificate, if so required by DTC’s rules regarding the maximum  principal amount to be represented by a single certificate.  The aggregate principal amount of the  Regulation S Global Note may from time to time be increased or decreased by adjustments made  on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided.  (d) Restrictive Legends. Unless and until (i) a Note issued as a Transfer  Restricted Note is sold under an effective registration statement, (ii) a Note issued as a Transfer  Restricted Note is exchanged for an Exchange Note in connection with an effective registration  statement pursuant to the Registration Rights Agreement or (iii) the Company receives an  Opinion of Counsel satisfactory to it to the effect that neither such legend nor the related  restrictions on transfer are required in order to maintain compliance with the provisions of the  Securities Act:  (i) the Rule 144A Global Note and the Regulation S Global Note shall  bear the following legend on the face thereof (the “Restricted Notes Legend”):  THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF  1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES  LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION  HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,  ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH  REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT  SUBJECT TO, REGISTRATION AS SET FORTH BELOW.   BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (I) IT IS  A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER  THE SECURITIES ACT (“RULE 144A”)), OR (II) IT IS NOT A U.S. PERSON AS  DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION  S”) AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, (2)  AGREES TO OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER SUCH NOTE  PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”)  THAT IS ONE YEAR (OR SUCH LONGER PERIOD AS IS REQUIRED TO  COMPLY WITH THE SECURITIES ACT) IN THE CASE OF RULE 144A NOTES,  AND 40 DAYS IN THE CASE OF REGULATION S NOTES AFTER THE ORIGINAL  ISSUE DATE HEREOF, ONLY (A) TO THE COMPANY, THE GUARANTORS OR  ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION  STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE  SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR  RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY  BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR  ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED  INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER  

 

    7  DMFIRM #401898491 v4  IS BEING MADE IN RELIANCE ON RULE 144A, (D) OUTSIDE THE UNITED  STATES PURSUANT TO OFFERS AND SALES TO NON U.S. PERSONS IN AN  OFFSHORE TRANSACTION PURSUANT TO REGULATION S IN A  TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE  SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION  FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT,  SUBJECT TO THE COMPANY’S AND REGISTRAR’S RIGHT PRIOR TO ANY  SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE  THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR  OTHER INFORMATION SATISFACTORY TO THE COMPANY.  THIS LEGEND  WILL BE REMOVED UPON THE WRITTEN REQUEST OF THE HOLDER AFTER  THE RESALE RESTRICTION TERMINATION DATE.    [IN THE CASE OF THE REGULATION S GLOBAL NOTE:]  BY ITS ACQUISITION  HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON  NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS  ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN  ACCORDANCE WITH REGULATION S.  BY ITS ACQUISITION OF THIS SECURITY THE HOLDER AND ANY  SUBSEQUENT TRANSFEREE HEREOF WILL BE DEEMED TO HAVE  REPRESENTED AND WARRANTED THAT EITHER (I) THE PURCHASER IS NOT  ACQUIRING OR HOLDING SUCH NOTE OR AN INTEREST THEREIN WITH THE  ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION  3(3) OF ERISA) THAT IS SUBJECT TO ERISA, (B) A “PLAN” DESCRIBED IN  SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED  (THE “CODE”), (C) ANY ENTITY DEEMED TO HOLD “PLAN ASSETS” OF ANY  OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR  PLAN’S INVESTMENT IN SUCH ENTITY OR (D) A GOVERNMENTAL PLAN OR  CHURCH PLAN SUBJECT TO SUCH PROVISIONS THAT ARE SIMILAR TO  SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR  LAWS”) OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE BY THE  PURCHASER, THROUGHOUT THE PERIOD THAT IT HOLDS SUCH NOTE AND  THE DISPOSITION OF SUCH NOTE OR AN INTEREST THEREIN WILL NOT  CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION  UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, A BREACH  OF FIDUCIARY DUTY UNDER ERISA OR A VIOLATION OF ANY PROVISIONS  OF ANY APPLICABLE SIMILAR LAW.  (ii) each Global Note shall bear the following legend on the face  thereof:  UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK  CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS  AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND  ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR  

 

    8  DMFIRM #401898491 v4  IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR  TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED  REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN  INTEREST HEREIN.  TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN  WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A  SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS  OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS  MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE  INDENTURE REFERRED TO ON THE REVERSE HEREOF.  (e) This Section 3(e) shall apply only to Global Notes deposited with the  Trustee, as custodian for DTC, and for which the applicable procedures of DTC shall govern.  (1) Each Global Note initially shall (x) be registered in the name of DTC or  the nominee of DTC, (y) be delivered to the Trustee, as custodian for DTC and (z) bear  legends as set forth in Section 3(d).  Transfers of a Global Note (but not a beneficial  interest therein) will be limited to transfers thereof in whole, but not in part, to the DTC,  its successors or its respective nominees, except as set forth in Sections 3(e)(4) and 3(f).   If a beneficial interest in a Global Note is transferred or exchanged for a beneficial  interest in another Global Note, the Trustee, as custodian for DTC will (x) record a  decrease in the principal amount of the Global Note being transferred or exchanged equal  to the principal amount of such transfer or exchange and (y) record a like increase in the  principal amount of the other Global Note.  Any beneficial interest in one Global Note  that is transferred to a Person who takes delivery in the form of an interest in another  Global Note, or exchanged for an interest in another Global Note, will, upon transfer or  exchange, cease to be an interest in such Global Note and become an interest in the other  Global Note and, accordingly, will thereafter be subject to all transfer and exchange  restrictions, if any, and other procedures applicable to beneficial interests in such other  Global Note for as long as it remains such an interest.  (2) Members of, or participants in, DTC (“Agent Members”) shall have no  rights under the Indenture with respect to any Global Note held on their behalf by DTC or  by the Trustee, as custodian for DTC, or under such Global Note, and DTC may be  treated by the Company, the Trustee and any agent of the Company or the Trustee as the  absolute owner of such Global Note for all purposes whatsoever.  Notwithstanding the  foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the  Company or the Trustee from giving effect to any written certification, proxy or other  authorization furnished by DTC or impair, as between DTC and its Agent Members, the  operation of customary practices of DTC governing the exercise of the rights of a holder  of a beneficial interest in any Global Note.  

 

    9  DMFIRM #401898491 v4  (3) In connection with any transfer of a portion of the beneficial interest in a  Global Note pursuant to Section 3(f) to beneficial owners who are required to hold  Definitive Notes, the Trustee, as custodian for DTC shall reflect on its books and records  the date and a decrease in the principal amount of such Global Note in an amount equal  to the principal amount of the beneficial interest in the Global Note to be transferred, and  the Company shall execute, and the Trustee shall authenticate and make available for  delivery, one or more Definitive Notes of like tenor and amount.  (4) In connection with the transfer of an entire Global Note to beneficial  owners pursuant to Section 3(f), such Global Note shall be deemed to be surrendered to  the Trustee for cancellation, and the Company shall execute, and the Trustee shall  authenticate and make available for delivery, to each beneficial owner identified by DTC  in exchange for its beneficial interest in such Global Note, an equal aggregate principal  amount of Definitive Notes of authorized denominations.  (5) The registered Holder of a Global Note may grant proxies and otherwise  authorize any person, including Agent Members and persons that may hold interests  through Agent Members, to take any action which a Holder is entitled to take under this  Indenture or the Notes.  (6) Any Holder of a Global Note shall, by acceptance of such Global Note,  agree that transfers of beneficial interests in such Global Note may be effected only  through a book-entry system maintained by (i) the Holder of such Global Note (or its  agent) or (ii) any holder of a beneficial interest in such Global Note, and that ownership  of a beneficial interest in such Global Note shall be required to be reflected in a book  entry.  (f) Definitive Notes.  Except as provided below, owners of beneficial interests  in Global Notes will not be entitled to receive Definitive Notes.  Definitive Notes shall be  transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if  (A) DTC notifies the Company that it is unwilling or unable to continue as depositary for such  Global Note or DTC ceases to be a clearing agency registered under the Exchange Act, at a time  when DTC is required to be so registered in order to act as depositary, and in each case a  successor depositary is not appointed by the Company within 90 days of such notice, (B) the  Company in its sole discretion executes and deliver to the Trustee and Registrar an Officer’s  Certificate stating that such Global Note shall be so exchangeable or (C) an Event of Default has  occurred and is continuing and the Registrar has received a written request from DTC.  In the  event of the occurrence of any of the events specified in the second preceding sentence or in  clause (A), (B) or (C) of the preceding sentence, the Company shall promptly make available to  the Registrar a reasonable supply of Definitive Notes.  In addition, any Note transferred to an  affiliate (as defined in Rule 405 under the Securities Act) of the Company or evidencing a Note  that has been acquired by an affiliate in a transaction or series of transactions not involving any  public offering must, until one year after the last date on which either the Company or any  affiliate of the Company was an owner of the Note, be in the form of a Definitive Note and bear  the legend regarding transfer restrictions in Section 3(d).  If required to do so pursuant to any  applicable law or regulation, beneficial owners may also obtain Definitive Notes in exchange for  

 

    10  DMFIRM #401898491 v4  their beneficial interests in a Global Note upon written request in accordance with DTC’s and the  Registrar’s procedures.  (1) Any Definitive Note delivered in exchange for an interest in a Global Note  pursuant to Section 3(e) shall, except as otherwise provided by Section 4(d), bear the  applicable legend regarding transfer restrictions applicable to the Global Note set forth in  Section 3(d).  (2) If a Definitive Note is transferred or exchanged for a beneficial interest in  a Global Note, the Trustee will (x) cancel such Definitive Note, (y) record an increase in  the principal amount of such Global Note equal to the principal amount of such transfer  or exchange and (z) in the event that such transfer or exchange involves less than the  entire principal amount of the canceled Definitive Note, the Company shall execute, and  the Trustee shall authenticate and make available for delivery, to the transferring Holder a  new Definitive Note representing the principal amount not so transferred.  (3) If a Definitive Note is transferred or exchanged for another Definitive  Note, (x) the Trustee will cancel the Definitive Note being transferred or exchanged,  (y) the Company shall execute, and the Trustee shall authenticate and make available for  delivery, one or more new Definitive Notes in authorized denominations having an  aggregate principal amount equal to the principal amount of such transfer or exchange to  the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in  the case of an exchange), registered in the name of such transferee or Holder, as  applicable, and (z) if such transfer or exchange involves less than the entire principal  amount of the canceled Definitive Note, the Company shall execute, and the Trustee shall  authenticate and make available for delivery to the Holder thereof, one or more Definitive  Notes in authorized denominations having an aggregate principal amount equal to the  untransferred or unexchanged portion of the canceled Definitive Notes, registered in the  name of the Holder thereof.  (4) Notwithstanding anything to the contrary in this Indenture, in no event  shall a Definitive Note be delivered upon exchange or transfer of a beneficial interest in  the Regulation S Global Note prior to the end of the Restricted Period.  Section 4. Transfer and Exchange.  (a) A Holder may transfer a Note (or a beneficial interest therein) to another  Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any  authorized denomination by presenting to the Registrar a written request therefor stating the  name of the proposed transferee or requesting such an exchange, accompanied by any  certification, opinion or other document required by this Section 4.  The Registrar will promptly  register any transfer or exchange that meets the requirements of this Section 4 by noting the same  in the register maintained by the Registrar for the purpose, and no transfer or exchange will be  effective until it is registered in such register.  The transfer or exchange of any Note (or a  beneficial interest therein) may only be made in accordance with this Section 4 and Section 3(e)  and 3(f), as applicable, and, in the case of a Global Note (or a beneficial interest therein), the  

 

    11  DMFIRM #401898491 v4  applicable rules and procedures of DTC, Euroclear and Clearstream.  The Registrar shall refuse  to register any requested transfer or exchange that does not comply with this paragraph.  (b) Transfers of Rule 144A Notes.  The following provisions shall apply with  respect to any proposed registration of transfer of a Rule 144A Note prior to the date that is one  year after the later of the date of its original issue and the last date on which the Company or any  Affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale  Restriction Termination Date”):  (i) a registration of transfer of a Rule 144A Note or a beneficial  interest therein to a QIB shall be made upon the representation of the transferee in the form as set  forth on the reverse of the Rule 144A Note that it is purchasing for its own account or an account  with respect to which it exercises sole investment discretion and that it and any such account is a  “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is  being made in reliance on Rule 144A and acknowledges that it has received such information  regarding the Company as the undersigned has requested pursuant to Rule 144A or has  determined not to request such information and that it is aware that the transferor is relying upon  its foregoing representations in order to claim the exemption from registration provided by  Rule 144A; provided that no such written representation or other written certification shall be  required in connection with the transfer of a beneficial interest in the Rule 144A Global Note to a  transferee in the form of a beneficial interest in that Rule 144A Global Note in accordance with  this Indenture and the applicable procedures of DTC;  (ii) a registration of transfer of a Rule 144A Note or a beneficial  interest therein to a non U.S. Person shall be made upon receipt by the Registrar or its agent of a  certificate substantially in the form set forth in Section 4(i) from the proposed transferee and the  delivery of an Opinion of Counsel, certification and/or other information satisfactory to the  Company.  (c) Transfers of Regulation S Notes.  The following provisions shall apply  with respect to any proposed transfer of a Regulation S Note prior to the expiration of the  Restricted Period:  (i) a transfer of a Regulation S Note or a beneficial interest therein to  a QIB shall be made upon the representation of the transferee, in the form of assignment on the  reverse of the certificate, that it is purchasing the Regulation S Note for its own account or an  account with respect to which it exercises sole investment discretion and that it and any such  account is a “qualified institutional buyer” within the meaning of Rule 144A, is aware that the  sale to it is being made in reliance on Rule 144A and acknowledges that it has received such  information regarding the Company as the undersigned has requested pursuant to Rule 144A or  has determined not to request such information and that it is aware that the transferor is relying  upon its foregoing representations in order to claim the exemption from registration provided by  Rule 144A; and  (ii) a transfer of a Regulation S Note or a beneficial interest therein to  a non U.S. Person shall be made upon receipt by the Registrar of a certificate substantially in the  

 

    12  DMFIRM #401898491 v4  form set forth in Section 4(i) hereof from the proposed transferee and receipt by the Registrar of  an Opinion of Counsel, certification and/or other information satisfactory to the Company.  After the expiration of the Restricted Period, interests in the Regulation S Note may be  transferred in accordance with applicable law without requiring the certification set forth in  Section 4(i) or any additional certification.  (d) Restricted Notes Legend.  Upon the transfer, exchange or replacement of  Notes not bearing a Restricted Notes Legend, the Registrar shall deliver Notes that do not bear a  Restricted Notes Legend.  Upon the transfer, exchange or replacement of Notes bearing a  Restricted Notes Legend, the Registrar shall deliver only Notes that bear a Restricted Notes  Legend unless (1)  a Note is being transferred pursuant to an effective registration statement, (2)  Notes are being exchanged for Notes that do not bear the Restricted Notes Legend in accordance  with Section 4(e) below, (3) there is delivered to the Registrar an Opinion of Counsel reasonably  satisfactory to the Company to the effect that neither such legend nor the related restrictions on  transfer are required in order to maintain compliance with the provisions of the Securities Act or  (4) Notes are being exchanged for Exchange Notes in an exchange offer pursuant to the  Registration Rights Agreement, in which case the Exchange Notes shall not bear the Restricted  Notes Legend.  (e) Automatic Exchange from Global Note Bearing Restricted Notes Legend  to Global Note Not Bearing Restricted Notes Legend.  Upon the Company’s satisfaction that the  Restricted Notes Legend shall no longer be required in order to maintain compliance with the  Securities Act, beneficial interests in a Transfer Restricted Note may be automatically exchanged  into beneficial interests in an Unrestricted Global Note without any action required by or on  behalf of the Holder (the “Automatic Exchange”) at any time on or after the date that is the 366th  calendar day after the date on which the Notes are issued, or, if such day is not a Business Day,  on the next succeeding Business Day (the “Automatic Exchange Date”).  Upon the Company’s  satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain  compliance with the Securities Act, the Company shall (i) provide written notice to DTC and the  Trustee at least fifteen (15) calendar days prior to the Automatic Exchange Date, instructing  DTC to exchange all of the outstanding beneficial interests in a particular Transfer Restricted  Note to the Unrestricted Global Note, which the Company shall have previously otherwise made  eligible for exchange with the DTC, (ii) provide prior written notice (the “Automatic Exchange  Notice”) to each Holder at such Holder’s address appearing in the register of Holders at least  fifteen (15) calendar days prior to the Automatic Exchange Date (the “Automatic Exchange  Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of  this Indenture pursuant to which the Automatic Exchange shall occur, (y) the “CUSIP” number  of the Transfer Restricted Note from which such Holder’s beneficial interests will be transferred  and (z) the “CUSIP” number of the Unrestricted Global Note into which such Holder’s beneficial  interests will be transferred, and (iii) on or prior to the Automatic Exchange Date, deliver to the  Trustee for authentication one or more Unrestricted Global Notes, duly executed by the  Company and an Issuer Order requesting the Trustee to authenticate, in an aggregate principal  amount equal to the aggregate principal amount of Transfer Restricted Notes to be exchanged  into such Unrestricted Global Notes.  At the Company’s written request on no less than five (5)  calendar days’ notice prior to the Automatic Exchange Notice Date, the Trustee shall deliver, in  the Company’s name and at its expense, the Automatic Exchange Notice, which shall be  

 

    13  DMFIRM #401898491 v4  prepared by the Company, to each Holder at such Holder’s address appearing in the register of  Holders.  Notwithstanding anything to the contrary in this Section 4(e), during the fifteen (15)  calendar day period prior to the Automatic Exchange Date, no transfers or exchanges other than  pursuant to this Section 4(e) shall be permitted without the prior written consent of the Company.   As a condition to any Automatic Exchange, the Company shall provide, and the Trustee shall be  entitled to conclusively rely upon, an Officer’s Certificate and Opinion of Counsel to the  Company to the effect that the Automatic Exchange shall be effected in compliance with the  Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes  Legend shall no longer be required in order to maintain compliance with the Securities Act and  that the aggregate principal amount of the particular Transfer Restricted Note is to be transferred  to the particular Unrestricted Global Note by adjustment made on the records of the Trustee, as  custodian for the Depositary to reflect the Automatic Exchange. Upon such exchange of  beneficial interests pursuant to this Section 4(e), the aggregate principal amount of the Global  Notes shall be increased or decreased by adjustments made on the records of the Trustee, as  custodian for the Depositary, to reflect the relevant increase or decrease in the principal amount  of such Global Note resulting from the applicable exchange.  The Restricted Global Note from  which beneficial interests are transferred pursuant to an Automatic Exchange shall be cancelled  following the Automatic Exchange and disposed of in accordance with the Trustee’s procedures  for the disposition of cancelled securities.  (f) Retention of Written Communications.  The Registrar shall retain copies  of all letters, notices and other written communications received pursuant to Section 3 or this  Section 4.  The Company shall have the right to inspect and make copies of all such letters,  notices or other written communications at any reasonable time upon the giving of reasonable  prior written notice to the Registrar.  (g) Obligations with Respect to Transfers and Exchanges of Notes.  To permit  registrations of transfers and exchanges, the Company shall, subject to the other terms and  conditions of this Section 4, execute and the Trustee shall authenticate Notes and Global Notes at  the Company’s and Registrar’s written request.  No service charge shall be made to a Holder for any registration of transfer or exchange,  but the Company may require the Holder to pay a sum sufficient to cover any transfer tax  assessments or similar governmental charge payable in connection therewith (other than any  such transfer taxes, assessments or similar governmental charges payable upon exchange or  transfer).  The Company (and the Registrar) shall not be required to register the transfer of or  exchange of any Note (A) for a period beginning (1) 15 calendar days before the sending of a  notice of an offer to repurchase or redeem Notes and ending at the close of business on the day  of such mailing or (2) 15 calendar days before an interest payment date and ending on such  interest payment date or (B) called for redemption, except the unredeemed portion of any Note  being redeemed in part.  

 

    14  DMFIRM #401898491 v4  Prior to the due presentation for registration of transfer of any Note, the Company, the  Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Note  is registered as the owner of such Note for the purpose of receiving payment of principal of,  premium, if any, and interest on such Note and for all other purposes whatsoever, including  without limitation the transfer or exchange of such Note, whether or not such Note is overdue,  and none of the Issuer, the Trustee, the Paying Agent or the Registrar shall be affected by notice  to the contrary.  Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to  Section 3(f) shall, except as otherwise provided by Section 4(d), bear the applicable legend  regarding transfer restrictions applicable to the Definitive Note set forth in Section 3(d).  All Notes issued upon any transfer or exchange pursuant to the terms of this  Supplemental Indenture shall evidence the same debt and shall be entitled to the same benefits  under this Supplemental Indenture as the Notes surrendered upon such transfer or exchange.  (h) No Obligation of the Trustee.  (1) Neither the Trustee nor the Registrar  shall have any responsibility or obligation to any beneficial owner of a Global Note, a member  of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or  its nominee or of any participant or member thereof, with respect to any ownership interest in the  Notes or with respect to the delivery to any participant, member, beneficial owner or other  Person (other than DTC) of any notice (including any notice of redemption or purchase) or the  payment of any amount or delivery of any Notes (or other security or property) under or with  respect to such Notes.  All notices and communications to be given to the Holders and all  payments to be made to Holders in respect of the Notes shall be given or made only to or upon  the order of the registered Holders (which shall be DTC or its nominee in the case of a Global  Note).  The rights of beneficial owners in any Global Note shall be exercised only through DTC  subject to the applicable rules and procedures of DTC.  The Trustee may conclusively rely and  shall be fully protected in conclusively relying upon information furnished by DTC with respect  to its members, participants and any beneficial owners.  Neither the Trustee nor the Registrar shall have any obligation or duty to monitor,  determine or inquire as to compliance with any restrictions on transfer imposed under this  Supplemental Indenture or under applicable law with respect to any transfer of any interest in  any Note (including any transfers between or among DTC participants, members or beneficial  owners in any Global Note) other than to require delivery of such certificates and other  documentation or evidence as are expressly required by, and to do so if and when expressly  required by, the terms of this Indenture, and to examine the same to determine substantial  compliance as to form with the express requirements hereof. Neither the Trustee, the Registrar  nor any of their respective agents shall have any responsibility or liability for any actions taken  or not taken by DTC.  (i) Form of Certificate to be Delivered in Connection with Transfers Pursuant  to Regulation S.  Exelon Corporation  10 South Dearborn Street, 49th Floor  

 

    15  DMFIRM #401898491 v4  Chicago, IL 60603  Attention: Secretary  The Bank of New York Mellon Trust Company, N.A.  2 North LaSalle Street, Suite 700  Chicago, IL 60602  Attention: Global Corporate Trust  Re: Exelon Corporation (the “Company”)  2.750% Notes due 2027  3.350% Notes due 2032  4.100% Notes due 2052  Ladies and Gentlemen:  In connection with our proposed sale of $[________] aggregate principal amount of the  [2027 Notes/2032 Notes/2052 Notes], we confirm that such sale has been effected pursuant to  and in accordance with Regulation S under the United States Securities Act of 1933, as amended  (the “Securities Act”), and, accordingly, we represent that:  (a) the offer of the [2027 Notes/2032 Notes/2052 Notes] was not made to a  person in the United States;    (b) either (i) at the time the buy order was originated, the transferee was  outside the United States or we and any person acting on our behalf reasonably  believed that the transferee was outside the United States or (ii) the transaction  was executed in, on or through the facilities of a designated off-shore securities  market and neither we nor any person acting on our behalf knows that the  transaction has been pre-arranged with a buyer in the United States;    (c) no directed selling efforts have been made in the United States in  contravention of the requirements of Rule 903(a)(2) or Rule 904(a)(2) of  Regulation S, as applicable; and    (d) the transaction is not part of a plan or scheme to evade the registration  requirements of the Securities Act.    In addition, if the sale is made during a restricted period and the provisions of  Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we  confirm that such sale has been made in accordance with the applicable provisions of  Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1), as the case may be.  We also hereby certify that we [are][are not] an Affiliate of the Company and, to our  knowledge, the transferee of the [2027 Notes/2032 Notes/2052 Notes] [is][is not] an Affiliate of  the Company.  

 

    16  DMFIRM #401898491 v4  The Trustee and the Company are entitled to conclusively rely upon this letter and are  irrevocably authorized to produce this letter or a copy hereof to any interested party in any  administrative or legal proceedings or official inquiry with respect to the matters covered hereby.   Terms used in this certificate have the meanings set forth in Regulation S.  Very truly yours,  [Name of Transferor]  By: _________________________________   Authorized Signature  Section 5. Optional Redemption. The Company shall have the right to redeem the  Notes, in whole or in part, at its option, as follows: the 2027 Notes may be redeemed at any time  prior to February 15, 2027, the 2032 Notes may be redeemed at any time prior to December 15,  2031 and the 2052 Notes may be redeemed at any time prior to September 15, 2051 (in each case  with respect to the applicable series of Notes, the “Par Call Date”), in each case upon at least 10  days’ but no more than 60 days’ notice, at a redemption price (expressed as a percentage of  principal amount and rounded to three decimal places) equal to the greater of:  (i) 100% of the principal amount of the Notes to be redeemed, and  (ii) (a) the sum of the present values of the remaining scheduled  payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to  the redemption date) to February 15, 2027, in the case of the 2027 Notes, December 15, 2031, in  the case of the 2032 Notes, or September 15, 2051, in the case of the 2052 Notes, discounted to  the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30- day months) at the Treasury Rate (as defined below) plus 15 basis points in the case of the 2027  Notes, plus 25 basis points in the case of the 2032 Notes and plus 30 basis points in the case of  the 2052 Notes, less (b) interest accrued to the redemption date;  plus, in each case, accrued and unpaid interest on the principal amount being redeemed to  but excluding the date of redemption.  On or after the applicable Par Call Date, the Company shall have the right to redeem the  Notes, in whole or in part, at its option, at a redemption price equal to 100% of the principal  amount of the Notes being redeemed plus accrued and unpaid interest thereon to but excluding  the date of redemption.   “Treasury Rate” means, with respect to any redemption date, the yield determined by the  Company in accordance with the following two paragraphs.  

 

    17  DMFIRM #401898491 v4  The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City  time (or after such time as yields on U.S. government securities are posted daily by the Board of  Governors of the Federal Reserve System), on the third business day preceding the redemption  date based upon the yield or yields for the most recent day that appear after such time on such  day in the most recent statistical release published by the Board of Governors of the Federal  Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor  designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury  constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury  Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on  H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining  Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the  Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on  H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on  H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on  a straight-line basis (using the actual number of days) using such yields and rounding the result  to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than  or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15  closest to the Remaining Life.  For purposes of this paragraph, the applicable Treasury constant  maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant  number of months or years, as applicable, of such Treasury constant maturity from the  redemption date.  If on the third business day preceding the redemption date H.15 or any successor  designation or publication is no longer published, the Company shall calculate the Treasury Rate  based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m.,  New York City time, on the second business day preceding such redemption date of the United  States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as  applicable.  If there is no United States Treasury security maturing on the Par Call Date but there  are two or more United States Treasury securities with a maturity date equally distant from the  Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date  following the Par Call Date, the Company shall select the United States Treasury security with a  maturity date preceding the Par Call Date.  If there are two or more United States Treasury  securities maturing on the Par Call Date or two or more United States Treasury securities  meeting the criteria of the preceding sentence, the Company shall select from among these two  or more United States Treasury securities the United States Treasury security that is trading  closest to par based upon the average of the bid and asked prices for such United States Treasury  securities at 11:00 a.m., New York City time.  In determining the Treasury Rate in accordance  with the terms of this paragraph, the semi-annual yield to maturity of the applicable United  States Treasury security shall be based upon the average of the bid and asked prices (expressed  as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States  Treasury security, and rounded to three decimal places.  The Company’s actions and determinations in determining the redemption price shall be  conclusive and binding for all purposes, absent manifest error.  In the case of a partial redemption, selection of Definitive Notes for redemption will be  made by lot by the Trustee.  No Notes of a principal amount of $2,000 or less will be redeemed  

 

    18  DMFIRM #401898491 v4  in part. If any Notes are to be redeemed in part only, the notice of redemption that relates to such  Notes will state the portion of the principal amount of the Notes to be redeemed.  A new  Definitive Note in a principal amount equal to the unredeemed portion of a Definitive Note will  be issued in the name of the Holder of such Definitive Note upon surrender for cancellation of  the original Definitive Note.  For so long as the Notes are held by DTC (or another depositary),  the redemption of the Notes shall be done in accordance with the policies and procedures of the  depositary.  Unless the Company defaults in payment of the redemption price, on and after the  redemption date interest will cease to accrue on the Notes or portions thereof called for  redemption.  Any optional redemption may be conditioned upon the consummation of one or more other  transactions, including any debt or equity issuance by the Company or any of its parent  companies or Subsidiaries.  The Trustee shall not have responsibility for calculating any  redemption price.  Section 6. Effect of Supplemental Indenture. This Supplemental Indenture is a  supplemental indenture within the meaning of the Base Indenture. The provisions of this  Supplemental Indenture are intended to supplement those of the Base Indenture as in effect  immediately prior to the execution and delivery hereof. The Base Indenture shall remain in full  force and effect except to the extent that the provisions of the Base Indenture are expressly  modified by the terms of this Supplemental Indenture. The Base Indenture, as supplemented and  amended by this Supplemental Indenture, is in all respects ratified, confirmed and approved and,  with respect to the Notes, the Base Indenture, as supplemented and amended by this  Supplemental Indenture, shall be read, taken and construed as one and the same instrument.  Notwithstanding any other provision of the Base Indenture or this Supplemental  Indenture to the contrary, to the extent any provisions of this Supplemental Indenture or any  Note issued hereunder shall conflict with any provision of the Base Indenture, the provisions of  this Supplemental Indenture (including the terms and conditions of each series of Notes set forth  in Section 2 hereof) shall govern.  Section 7. Governing Law. This Supplemental Indenture shall be governed by and  construed in accordance with the laws of the State of New York, without regard to conflict of  laws principles thereunder, except to the extent that the law of any other jurisdiction shall be  mandatorily applicable.  Section 8. Waiver of Jury Trial. EACH OF THE COMPANY, EACH HOLDER  AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN  ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS  SUPPLEMENTAL INDENTURE OR THE TRANSACTION CONTEMPLATED HEREBY.  Section 9. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes  no representation as to the validity or adequacy of the Notes of any series, it shall not be  accountable for the Company’s use of the proceeds from the Notes of any series or any money  

 

    19  DMFIRM #401898491 v4  paid to the Company or upon the Company’s direction under any provision of the Indenture or  the Notes, it shall not be responsible for the use or application of any money received by any  Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital  herein or any statement in the Notes of any series or any other document in connection with the  sale of the Notes of any series or pursuant to this Supplemental Indenture other than its  certificate of authentication.  Section 10. Amendments and Supplements. Except as provided below, this  Supplemental Indenture and the terms of the Notes shall be modified only as provided in Article  VIII of the Base Indenture.    Section 11. Trust Indenture Act Controls. If any provision hereof limits, qualifies or  conflicts with the duties imposed by the Trust Indenture Act § 318(c), the imposed duties shall  control.  Section 12. Counterpart Originals. The parties may sign any number of copies of this  Supplemental Indenture. Each signed copy shall be an original, but all of them together represent  the same agreement. Delivery of an executed counterpart of a signature page to this  Supplemental Indenture by telecopier, facsimile, Electronic Signature, or other electronic  transmission (i.e. a “pdf” or “tif”) shall be effective as delivery of a manually executed  counterpart thereof. The exchange of copies of this Supplemental Indenture and of signature  pages by facsimile, Electronic Signature, or PDF transmission shall constitute effective  execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in  lieu of the original Supplemental Indenture and signature pages for all purposes.  Section 13. Rule of Construction.  Whenever in the Indenture there is mentioned, in  any context, principal, interest or any other amount payable under or with respect to any Notes,  such mention shall be deemed to include mention of the payment of Additional Interest, to the  extent that, in such context, Additional Interest is, was or would be payable in respect thereof  pursuant to the Notes, provided, however, that the Trustee and the Paying Agent shall not be  deemed to have knowledge of the requirement that Additional Interest is due unless the Trustee  and the Paying Agent receive written notice from the Company no later than fifteen days prior to  the applicable payment date stating that such amounts are due and specifying the dollar amounts  thereof.  The Trustee and the Paying Agent shall not at any time be under any duty or  responsibility to any Holder of Notes to determine Additional Interest, or with respect to the  nature, extent, or calculation of the amount of Additional Interest owed, or with respect to the  method employed in such calculation of Additional Interest.  [The remainder of this page is left blank intentionally]    

 

[Signature page to Fifth Supplemental Indenture]    IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to  be duly executed as of the day and year first above written.  EXELON CORPORATION  By:    Name: Ryan Brown   Title:  Assistant Treasurer       

 

[Signature page to Fifth Supplemental Indenture]  THE BANK OF NEW YORK MELLON TRUST  COMPANY, N.A., as Trustee  By:   Name:   Title:   Lawrence M. Kusch Vice President 

 

  DMFIRM #401898491 v4  Exhibit A-1  [Face of Security]  EXELON CORPORATION  Certificate No. [●]  [THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,  AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.  NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE  REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR  OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS  SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION AS  SET FORTH BELOW.   BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (I) IT IS A  “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE  SECURITIES ACT (“RULE 144A”)), OR (II) IT IS NOT A U.S. PERSON AS DEFINED IN  REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) AND IS  ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, (2) AGREES TO OFFER,  SELL, PLEDGE OR OTHERWISE TRANSFER SUCH NOTE PRIOR TO THE DATE (THE  “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR (OR SUCH  LONGER PERIOD AS IS REQUIRED TO COMPLY WITH THE SECURITIES ACT) IN THE  CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE OF REGULATION S NOTES  AFTER THE ORIGINAL ISSUE DATE HEREOF, ONLY (A) TO THE COMPANY, THE  GUARANTORS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A  REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER  THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR  RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A  QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT  OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM  NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE  144A, (D) OUTSIDE THE UNITED STATES PURSUANT TO OFFERS AND SALES TO  NON U.S. PERSONS IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION  S IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE  SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM  THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE  COMPANY’S AND REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR  TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN  OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION  SATISFACTORY TO THE COMPANY.  THIS LEGEND WILL BE REMOVED UPON THE  WRITTEN REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION  TERMINATION DATE.    [IN THE CASE OF THE REGULATION S GLOBAL NOTE:]  BY ITS ACQUISITION  HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR  

 

  DMFIRM #401898491 v4  IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS  SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION  S.  BY ITS ACQUISITION OF THIS SECURITY THE HOLDER AND ANY SUBSEQUENT  TRANSFEREE HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND  WARRANTED THAT EITHER (I) THE PURCHASER IS NOT ACQUIRING OR HOLDING  SUCH NOTE OR AN INTEREST THEREIN WITH THE ASSETS OF (A) AN “EMPLOYEE  BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO  ERISA, (B) A “PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE  CODE OF 1986, AS AMENDED (THE “CODE”), (C) ANY ENTITY DEEMED TO HOLD  “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE  BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR (D) A  GOVERNMENTAL PLAN OR CHURCH PLAN SUBJECT TO SUCH PROVISIONS THAT  ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,  “SIMILAR LAWS”) OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE BY THE  PURCHASER, THROUGHOUT THE PERIOD THAT IT HOLDS SUCH NOTE AND THE  DISPOSITION OF SUCH NOTE OR AN INTEREST THEREIN WILL NOT CONSTITUTE  OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406  OF ERISA OR SECTION 4975 OF THE CODE, A BREACH OF FIDUCIARY DUTY UNDER  ERISA OR A VIOLATION OF ANY PROVISIONS OF ANY APPLICABLE SIMILAR  LAW.]1  [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK  CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT  FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY  CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH  OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC  (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY  PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &  CO., HAS AN INTEREST HEREIN.  TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN  WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR  THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF  THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE  WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE  REVERSE HEREOF.]2                                                    1  Include in Transfer Restricted Notes.  2  Insert in Global Notes only.  

 

  DMFIRM #401898491 v4  EXELON CORPORATION  No. [Rule 144A][Reg S] — [●] $[●]  2.750% NOTES DUE 2027  CUSIP No. [144A: 30161NAZ4][Reg S: U3002LAD4]  ISIN No. [144A: US30161NAZ42][Reg S: USU3002LAD48]  Exelon Corporation, a Pennsylvania corporation (the “Company”), for value received,  hereby promises to pay to [CEDE & CO.]3, as nominee for The Depositary Trust Company, or  its registered assigns, the principal sum of $           Dollars ($) [or such greater or lesser amount  as is indicated on the Schedule of Adjustments attached hereto]4 on March 15, 2027, and to pay  interest thereon, as provided on the reverse hereof, until the principal and any unpaid and  accrued interest are paid or duly provided for.  Interest Payment Dates: March 15 and September 15 of each year, with the first payment  to be made on September 15, 2022.  Regular Record Dates: March 14 and September 14 (or if not a Business Day, the  immediately preceding Business Day).  The provisions on the back of this certificate are incorporated as if set forth on the face  hereof.                                                    3 Insert in Global Notes only.  4 Insert in Global Notes only.  

 

  [Signature page to 2027 Note]    IN WITNESS WHEREOF, EXELON CORPORATION has caused this instrument to be  duly signed.  EXELON CORPORATION  By:    Name: Ryan Brown   Title:  Assistant Treasurer    

 

  [Signature page to 2027 Note]    TRUSTEE’S CERTIFICATE OF AUTHENTICATION  This is one of the Securities of the series designated therein referred to in the within-mentioned  Indenture.  The Bank of New York Mellon Trust  Company, N.A., as Trustee  By: _________________________________   Authorized Signatory    Dated:      

 

  DMFIRM #401898491 v4  [Reverse of Security]  EXELON CORPORATION  2.750% NOTES DUE 2027  1. Interest. Exelon Corporation, a Pennsylvania corporation (the “Company”),  promises to pay or cause to be paid interest on the principal amount of this Security at the rate  per annum shown above. The Company shall pay interest, payable semi-annually in arrears, on  March 15 and September 15 of each year, or if any such day is not a Business Day, on the next  succeeding Business Day, with the first payment to be made on September 15, 2022. Interest on  the Securities shall accrue from and include the date that the Securities are issued to and  excluding the date of maturity or redemption. Interest shall be computed on the basis of a 360- day year of twelve 30-day months.  In addition to the rights provided to Holders of the Securities under the Indenture,  Holders of Registrable Securities (as defined in the Registration Rights Agreement) shall have all  rights set forth in the Registration Rights Agreement, including the right to receive Additional  Interest pursuant to the Registration Rights Agreement in certain circumstances.  If applicable,  Additional Interest payable pursuant to the Registration Rights Agreement shall be paid to the  same Persons, in the same manner and at the same times as regular interest.  2. Maturity. The Securities will mature on March 15, 2027 (the “Maturity Date”).  3. Method of Payment. Except as provided in the Indenture (as defined below), the  Company shall pay interest on the Securities on the applicable Interest Payment Dates, as set  forth on the face of this Security, to the persons who are Holders of record of Securities at the  close of business on the immediately preceding Regular Record Date, as set forth on the face of  this Security. Holders must surrender Securities to a Paying Agent to collect the principal  amount. The Company shall pay, in money of the United States that at the time of payment is  legal tender for payment of public and private debts, all amounts due in cash with respect to the  Securities, which amounts shall be paid by wire transfer of immediately available funds to the  account designated by the Depositary for the Securities or its nominee.  4. Paying Agent and Registrar. Initially, The Bank of New York Mellon Trust  Company, N.A. (the “Trustee”), shall act as Paying Agent. The Company initially appoints the  Trustee as the Registrar. The Company may change any Paying Agent or Registrar without prior  notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity.  5. Indenture. The Company issued the Securities under the Indenture, dated as of  June 11, 2015 as amended by the First Supplemental Indenture, dated as of June 11, 2015, the  Second Supplemental Indenture, dated as of December 2, 2015, the Third Supplemental  Indenture, dated as of April 7, 2016, and the Fourth Supplemental Indenture, dated as of April 1,  2020 (the “Base Indenture”), among the Company and the Trustee, as supplemented by the Fifth  Supplemental Indenture, dated as of March 7, 2022 (the “Fifth Supplemental Indenture” and,  together with the Base Indenture, as supplemented, the “Indenture”), among the Company and  the Trustee. The terms of the Securities include those stated in the Indenture and those made part  of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa- 

 

  DMFIRM #401898491 v4  77bbbb), as amended and in effect from time to time (the “Trust Indenture Act”). The Securities  are subject to all such terms, and holders are referred to the Indenture and the Trust Indenture  Act for a statement of such terms. To the extent any provision of this Security conflicts with the  express provisions of the Indenture, the provisions of the Indenture shall govern and be  controlling. The Indenture does not limit the aggregate principal amount of Securities that may  be issued thereunder. Subject to the conditions set forth in the Indenture and without the consent  of the Holders, the Company may issue additional Securities of the same series under the  Indenture. All Securities of the same series, including any such additional Securities, shall be  treated as a single class of securities under the Indenture. Terms used herein without definition  and that are defined in the Indenture have the meanings assigned to them in the Indenture.  6. Redemption. The Securities may be redeemed at the option of the Company as  set forth in Section 5 of the Fifth Supplemental Indenture.  7. Denominations, Transfer, Exchange. The Securities are in registered form in  minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. The  provisions of Section 4 of the Fifth Supplemental Indenture (Transfer and Exchange) shall apply  to the Securities.  8. Persons Deemed Owners. The registered Holder of a Security shall be treated as  the owner of such Security for all purposes.  9. Amendments, Supplements and Waivers. The Indenture and the Securities may  be amended or supplemented as provided in the Indenture.  10. Defaults and Remedies. If an Event of Default with respect to the Securities shall  occur and be continuing, the principal of all the Securities may be declared due and payable in  the manner and with the effect provided in the Indenture.  The Indenture provides that no Holder of any Security of any series may enforce any  remedy with respect to such series under the Indenture unless (a) such Holder previously shall  have given to the Trustee written notice of an Event of Default, (b) the Holders of not less than  33% in aggregate principal amount of the Securities of such series then Outstanding (treated as a  single class) shall have made written request upon the Trustee to institute such action or  proceedings in its own name as Trustee and shall have offered to the Trustee such reasonable  indemnity as it may require against the costs, expenses and liabilities to be incurred therein or  thereby, (c) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity  shall have failed to institute any such action or proceeding, and (d) no direction inconsistent with  such written request shall have been given to the Trustee pursuant to Section 5.9 of the Base  Indenture; provided, however, that such provision shall not prevent the Holder hereof from  enforcing payment of the principal of or interest on this Security.  11. Discharge and Defeasance. The Indenture contains provisions for discharge and  for the defeasance of the entire indebtedness of this Security and certain restrictive covenants  upon compliance by the Company with certain conditions set forth therein.  

 

  DMFIRM #401898491 v4  12. Trustee Dealings with the Company. The Trustee, in its individual or any other  capacity, may make loans to, accept deposits from, and perform services for the Company or its  affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the Trustee.  13. No Recourse Against Others. A director, officer, employee, incorporator or  stockholder of the Company, as such, shall not have any liability for any obligations of the  Company under the Securities or the Indenture or for any claim based on, in respect of, or by  reason of, such obligations or their creation. Each Holder by accepting a Security waives and  releases all such liability. The waiver and release are part of the consideration for the issuance of  the Securities.  14. Authentication. This Security shall not be valid until authenticated by the manual  signature, facsimile signature, or Electronic Signature of the Trustee or an authenticating agent in  accordance with the Indenture.  15. Abbreviations. Customary abbreviations may be used in the name of a Holder or  an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),  JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=  Custodian) and U/G/M/A (= Uniform Gifts to Minors Act).  16. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the  Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and  ISIN numbers to be printed on the Securities and the Company and the Trustee may use CUSIP  and ISIN numbers in notices of redemption as a convenience to holders. No representation is  made as to the accuracy of such numbers either as printed on the Securities or as contained in  any notice of redemption and reliance may be placed only on the other identification numbers  placed thereon.  17. Governing Law. This Security and the Indenture shall be governed by and  construed in accordance with the laws of the State of New York, without regard to conflict of  laws principles thereunder, except to the extent that the law of any other jurisdiction shall be  mandatorily applicable.  18. Waiver of Jury Trial. EACH OF THE COMPANY, EACH HOLDER AND  THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN  ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY, THE  INDENTURE OR THE TRANSACTION CONTEMPLATED HEREBY.  THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST  AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR ANY RELEVANT  SUPPLEMENTAL INDENTURE. REQUESTS MAY BE MADE TO THE REGISTERED  OFFICE OF THE COMPANY.   

 

  DMFIRM #401898491 v4  ASSIGNMENT FORM  To assign this Note, fill in the form below:  I or we assign and transfer this Note to:     (Print or type assignee’s name, address and zip code)     (Insert assignee’s social security or tax I.D. No.)  and irrevocably appoint ___________ agent to transfer this Note on the books of the Issuer.  The  agent may substitute another to act for him.  Date: Your Signature:   Signature Guarantee:     (Signature must be guaranteed)     Sign exactly as your name appears on the other side of this Note.  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,  savings and loan associations and credit unions with membership in an approved signature  guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.  The undersigned hereby certifies that it  is /  is not an Affiliate of the Issuer and that, to its  knowledge, the proposed transferee  is /  is not an Affiliate of the Issuer.  In connection with any transfer or exchange of any of the Notes evidenced by this certificate  occurring prior to the date that is one year after the later of the date of original issuance of such  Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of  the Issuer, the undersigned confirms that such Notes are being:  CHECK ONE BOX BELOW:  (1)  acquired for the undersigned’s own account, without transfer; or  (2)  transferred to the Issuer; or  (3)  transferred pursuant to and in compliance with Rule 144A under the  Securities Act of 1933, as amended (the “Securities Act”); or  (4)  transferred pursuant to an effective registration statement under the  Securities Act; or  (5)  transferred pursuant to and in compliance with Regulation S under the  Securities Act; or  

 

  DMFIRM #401898491 v4  (6)  transferred pursuant to another available exemption from the registration  requirements of the Securities Act of 1933, as amended.  Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced  by this certificate in the name of any person other than the registered Holder thereof; provided,  however, that if box (5) or (6) is checked, the Issuer may require, prior to registering any such  transfer of the Notes, in its sole discretion, such legal opinions, certifications and other  information as the Issuer may reasonably request to confirm that such transfer is being made  pursuant to an exemption from, or in a transaction not subject to, the registration requirements of  the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such  Act.     Signature  Signature Guarantee:       (Signature must be guaranteed) Signature  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,  savings and loan associations and credit unions with membership in an approved signature  guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.  TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.  The undersigned represents and warrants that it is purchasing this Note for its own account or an  account with respect to which it exercises sole investment discretion and that it and any such  account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities  Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A  and acknowledges that it has received such information regarding the Issuer as the undersigned  has requested pursuant to Rule 144A or has determined not to request such information and that  it is aware that the transferor is relying upon the undersigned’s foregoing representations in order  to claim the exemption from registration provided by Rule 144A.     Dated:    

 

  DMFIRM #401898491 v4  SCHEDULE A  [SCHEDULE OF ADJUSTMENTS]5    Date Adjustment Made  Principal  Amount  Increase  Principal  Amount  Decrease  Principal  Amount  Following  Adjustment  Notification  Made on  Behalf of the  Trustee                                                                                                  5 Insert in Global Notes only.  

 

  DMFIRM #401898491 v4  Exhibit A-2  [Face of Security]  EXELON CORPORATION  Certificate No. [●]  [THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,  AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.  NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE  REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR  OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS  SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION AS  SET FORTH BELOW.   BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (I) IT IS A  “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE  SECURITIES ACT (“RULE 144A”)), OR (II) IT IS NOT A U.S. PERSON AS DEFINED IN  REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) AND IS  ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, (2) AGREES TO OFFER,  SELL, PLEDGE OR OTHERWISE TRANSFER SUCH NOTE PRIOR TO THE DATE (THE  “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR (OR SUCH  LONGER PERIOD AS IS REQUIRED TO COMPLY WITH THE SECURITIES ACT) IN THE  CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE OF REGULATION S NOTES  AFTER THE ORIGINAL ISSUE DATE HEREOF, ONLY (A) TO THE COMPANY, THE  GUARANTORS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A  REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER  THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR  RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A  QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT  OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM  NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE  144A, (D) OUTSIDE THE UNITED STATES PURSUANT TO OFFERS AND SALES TO  NON U.S. PERSONS IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION  S IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE  SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM  THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE  COMPANY’S AND REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR  TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN  OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION  SATISFACTORY TO THE COMPANY.  THIS LEGEND WILL BE REMOVED UPON THE  WRITTEN REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION  TERMINATION DATE.    [IN THE CASE OF THE REGULATION S GLOBAL NOTE:]  BY ITS ACQUISITION  HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR  

 

  DMFIRM #401898491 v4  IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS  SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION  S.  BY ITS ACQUISITION OF THIS SECURITY THE HOLDER AND ANY SUBSEQUENT  TRANSFEREE HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND  WARRANTED THAT EITHER (I) THE PURCHASER IS NOT ACQUIRING OR HOLDING  SUCH NOTE OR AN INTEREST THEREIN WITH THE ASSETS OF (A) AN “EMPLOYEE  BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO  ERISA, (B) A “PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE  CODE OF 1986, AS AMENDED (THE “CODE”), (C) ANY ENTITY DEEMED TO HOLD  “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE  BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR (D) A  GOVERNMENTAL PLAN OR CHURCH PLAN SUBJECT TO SUCH PROVISIONS THAT  ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,  “SIMILAR LAWS”) OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE BY THE  PURCHASER, THROUGHOUT THE PERIOD THAT IT HOLDS SUCH NOTE AND THE  DISPOSITION OF SUCH NOTE OR AN INTEREST THEREIN WILL NOT CONSTITUTE  OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406  OF ERISA OR SECTION 4975 OF THE CODE, A BREACH OF FIDUCIARY DUTY UNDER  ERISA OR A VIOLATION OF ANY PROVISIONS OF ANY APPLICABLE SIMILAR  LAW.]6  [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK  CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT  FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY  CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH  OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC  (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY  PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &  CO., HAS AN INTEREST HEREIN.  TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN  WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR  THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF  THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE  WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE  REVERSE HEREOF.]7                                                    6  Include in Transfer Restricted Notes.  7  Insert in Global Notes only.  

 

  DMFIRM #401898491 v4  EXELON CORPORATION  No. [Rule 144A][Reg S] — [●] $[●]  3.350% NOTES DUE 2032  CUSIP No. [144A: 30161NBC4][Reg S: U3002LAE2]  ISIN No. [144A: US30161NBC48][Reg S: USU3002LAE21]  Exelon Corporation, a Pennsylvania corporation (the “Company”), for value received,  hereby promises to pay to [CEDE & CO.]8, as nominee for The Depositary Trust Company, or  its registered assigns, the principal sum of $           Dollars ($) [or such greater or lesser amount  as is indicated on the Schedule of Adjustments attached hereto]9 on March 15, 2032, and to pay  interest thereon, as provided on the reverse hereof, until the principal and any unpaid and  accrued interest are paid or duly provided for.  Interest Payment Dates: March 15 and September 15 of each year, with the first payment  to be made on September 15, 2022.  Regular Record Dates: March 14 and September 14 (or if not a Business Day, the  immediately preceding Business Day).  The provisions on the back of this certificate are incorporated as if set forth on the face  hereof.                                                    8 Insert in Global Notes only.  9 Insert in Global Notes only.  

 

  [Signature page to 2032 Note]    IN WITNESS WHEREOF, EXELON CORPORATION has caused this instrument to be  duly signed.  EXELON CORPORATION  By:    Name: Ryan Brown   Title:  Assistant Treasurer       

 

  [Signature page to 2032 Note]    TRUSTEE’S CERTIFICATE OF AUTHENTICATION  This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture.  The Bank of New York Mellon Trust  Company, N.A., as Trustee  By: _________________________________   Authorized Signatory    Dated:      

 

  DMFIRM #401898491 v4  [Reverse of Security]  EXELON CORPORATION  3.350% NOTES DUE 2032  1. Interest. Exelon Corporation, a Pennsylvania corporation (the “Company”),  promises to pay or cause to be paid interest on the principal amount of this Security at the rate  per annum shown above. The Company shall pay interest, payable semi-annually in arrears, on  March 15 and September 15 of each year, or if any such day is not a Business Day, on the next  succeeding Business Day, with the first payment to be made on September 15, 2022. Interest on  the Securities shall accrue from and include the date that the Securities are issued to and  excluding the date of maturity or redemption. Interest shall be computed on the basis of a 360- day year of twelve 30-day months.  In addition to the rights provided to Holders of the Securities under the Indenture,  Holders of Registrable Securities (as defined in the Registration Rights Agreement) shall have all  rights set forth in the Registration Rights Agreement, including the right to receive Additional  Interest pursuant to the Registration Rights Agreement in certain circumstances.  If applicable,  Additional Interest payable pursuant to the Registration Rights Agreement shall be paid to the  same Persons, in the same manner and at the same times as regular interest.  2. Maturity. The Securities will mature on March 15, 2032 (the “Maturity Date”).  3. Method of Payment. Except as provided in the Indenture (as defined below), the  Company shall pay interest on the Securities on the applicable Interest Payment Dates, as set  forth on the face of this Security, to the persons who are Holders of record of Securities at the  close of business on the immediately preceding Regular Record Date, as set forth on the face of  this Security. Holders must surrender Securities to a Paying Agent to collect the principal  amount. The Company shall pay, in money of the United States that at the time of payment is  legal tender for payment of public and private debts, all amounts due in cash with respect to the  Securities, which amounts shall be paid by wire transfer of immediately available funds to the  account designated by the Depositary for the Securities or its nominee.  4. Paying Agent and Registrar. Initially, The Bank of New York Mellon Trust  Company, N.A. (the “Trustee”), shall act as Paying Agent. The Company initially appoints the  Trustee as the Registrar. The Company may change any Paying Agent or Registrar without prior  notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity.  5. Indenture. The Company issued the Securities under the Indenture, dated as of  June 11, 2015 as amended by the First Supplemental Indenture, dated as of June 11, 2015, the  Second Supplemental Indenture, dated as of December 2, 2015, the Third Supplemental  Indenture, dated as of April 7, 2016, and the Fourth Supplemental Indenture, dated as of April 1,  2020 (the “Base Indenture”), among the Company and the Trustee, as supplemented by the Fifth  Supplemental Indenture, dated as of March 7, 2022 (the “Fifth Supplemental Indenture” and,  together with the Base Indenture, as supplemented, the “Indenture”), among the Company and  the Trustee. The terms of the Securities include those stated in the Indenture and those made part  of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa- 

 

  DMFIRM #401898491 v4  77bbbb), as amended and in effect from time to time (the “Trust Indenture Act”). The Securities  are subject to all such terms, and holders are referred to the Indenture and the Trust Indenture  Act for a statement of such terms. To the extent any provision of this Security conflicts with the  express provisions of the Indenture, the provisions of the Indenture shall govern and be  controlling. The Indenture does not limit the aggregate principal amount of Securities that may  be issued thereunder. Subject to the conditions set forth in the Indenture and without the consent  of the Holders, the Company may issue additional Securities of the same series under the  Indenture. All Securities of the same series, including any such additional Securities, shall be  treated as a single class of securities under the Indenture. Terms used herein without definition  and that are defined in the Indenture have the meanings assigned to them in the Indenture.  6. Redemption.  The Securities may be redeemed at the option of the Company as  set forth in Section 5 of the Fifth Supplemental Indenture.  7. Denominations, Transfer, Exchange. The Securities are in registered form in  minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. The  provisions of Section 4 of the Fifth Supplemental Indenture (Transfer and Exchange) shall apply  to the Securities.  8. Persons Deemed Owners. The registered Holder of a Security shall be treated as  the owner of such Security for all purposes.  9. Amendments, Supplements and Waivers. The Indenture and the Securities may  be amended or supplemented as provided in the Indenture.  10. Defaults and Remedies. If an Event of Default with respect to the Securities shall  occur and be continuing, the principal of all the Securities may be declared due and payable in  the manner and with the effect provided in the Indenture.  The Indenture provides that no Holder of any Security of any series may enforce any  remedy with respect to such series under the Indenture unless (a) such Holder previously shall  have given to the Trustee written notice of an Event of Default, (b) the Holders of not less than  33% in aggregate principal amount of the Securities of such series then Outstanding (treated as a  single class) shall have made written request upon the Trustee to institute such action or  proceedings in its own name as Trustee and shall have offered to the Trustee such reasonable  indemnity as it may require against the costs, expenses and liabilities to be incurred therein or  thereby, (c) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity  shall have failed to institute any such action or proceeding, and (d) no direction inconsistent with  such written request shall have been given to the Trustee pursuant to Section 5.9 of the Base  Indenture; provided, however, that such provision shall not prevent the holder hereof from  enforcing payment of the principal of or interest on this Security.  11. Discharge and Defeasance. The Indenture contains provisions for discharge and  for the defeasance of the entire indebtedness of this Security and certain restrictive covenants  upon compliance by the Company with certain conditions set forth therein.  

 

  DMFIRM #401898491 v4  12. Trustee Dealings with the Company. The Trustee, in its individual or any other  capacity, may make loans to, accept deposits from, and perform services for the Company or its  affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the Trustee.  13. No Recourse Against Others. A director, officer, employee, incorporator or  stockholder of the Company, as such, shall not have any liability for any obligations of the  Company under the Securities or the Indenture or for any claim based on, in respect of, or by  reason of, such obligations or their creation. Each Holder by accepting a Security waives and  releases all such liability. The waiver and release are part of the consideration for the issuance of  the Securities.  14. Authentication. This Security shall not be valid until authenticated by the manual  signature, facsimile signature, or Electronic Signature of the Trustee or an authenticating agent in  accordance with the Indenture.  15. Abbreviations. Customary abbreviations may be used in the name of a Holder or  an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),  JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=  Custodian) and U/G/M/A (= Uniform Gifts to Minors Act).  16. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the  Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and  ISIN numbers to be printed on the Securities and the Company and the Trustee may use CUSIP  and ISIN numbers in notices of redemption as a convenience to holders. No representation is  made as to the accuracy of such numbers either as printed on the Securities or as contained in  any notice of redemption and reliance may be placed only on the other identification numbers  placed thereon.  17. Governing Law. This Security and the Indenture shall be governed by and  construed in accordance with the laws of the State of New York, without regard to conflict of  laws principles thereunder, except to the extent that the law of any other jurisdiction shall be  mandatorily applicable.  18. Waiver of Jury Trial. EACH OF THE COMPANY, EACH HOLDER AND  THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN  ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY, THE  INDENTURE OR THE TRANSACTION CONTEMPLATED HEREBY.  THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST  AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR ANY RELEVANT  SUPPLEMENTAL INDENTURE. REQUESTS MAY BE MADE TO THE REGISTERED  OFFICE OF THE COMPANY.   

 

  DMFIRM #401898491 v4  ASSIGNMENT FORM  To assign this Note, fill in the form below:  I or we assign and transfer this Note to:     (Print or type assignee’s name, address and zip code)     (Insert assignee’s social security or tax I.D. No.)  and irrevocably appoint ___________ agent to transfer this Note on the books of the Issuer.  The  agent may substitute another to act for him.  Date: Your Signature:   Signature Guarantee:     (Signature must be guaranteed)     Sign exactly as your name appears on the other side of this Note.  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,  savings and loan associations and credit unions with membership in an approved signature  guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.  The undersigned hereby certifies that it  is /  is not an Affiliate of the Issuer and that, to its  knowledge, the proposed transferee  is /  is not an Affiliate of the Issuer.  In connection with any transfer or exchange of any of the Notes evidenced by this certificate  occurring prior to the date that is one year after the later of the date of original issuance of such  Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of  the Issuer, the undersigned confirms that such Notes are being:  CHECK ONE BOX BELOW:  (1)  acquired for the undersigned’s own account, without transfer; or  (2)  transferred to the Issuer; or  (3)  transferred pursuant to and in compliance with Rule 144A under the  Securities Act of 1933, as amended (the “Securities Act”); or  (4)  transferred pursuant to an effective registration statement under the  Securities Act; or  (5)  transferred pursuant to and in compliance with Regulation S under the  Securities Act; or  

 

  DMFIRM #401898491 v4  (6)  transferred pursuant to another available exemption from the registration  requirements of the Securities Act of 1933, as amended.  Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced  by this certificate in the name of any person other than the registered Holder thereof; provided,  however, that if box (5) or (6) is checked, the Issuer may require, prior to registering any such  transfer of the Notes, in its sole discretion, such legal opinions, certifications and other  information as the Issuer may reasonably request to confirm that such transfer is being made  pursuant to an exemption from, or in a transaction not subject to, the registration requirements of  the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such  Act.     Signature  Signature Guarantee:       (Signature must be guaranteed) Signature  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,  savings and loan associations and credit unions with membership in an approved signature  guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.  TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.  The undersigned represents and warrants that it is purchasing this Note for its own account or an  account with respect to which it exercises sole investment discretion and that it and any such  account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities  Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A  and acknowledges that it has received such information regarding the Issuer as the undersigned  has requested pursuant to Rule 144A or has determined not to request such information and that  it is aware that the transferor is relying upon the undersigned’s foregoing representations in order  to claim the exemption from registration provided by Rule 144A.     Dated:    

 

  DMFIRM #401898491 v4  SCHEDULE A  [SCHEDULE OF ADJUSTMENTS]10    Date Adjustment Made  Principal  Amount  Increase  Principal  Amount  Decrease  Principal  Amount  Following  Adjustment  Notification  Made on  Behalf of the  Trustee                                                                                                  10 Insert in Global Notes only.  

 

  DMFIRM #401898491 v4  Exhibit A-3  [Face of Security]  EXELON CORPORATION  Certificate No. [●]  [THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,  AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.  NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE  REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR  OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS  SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION AS  SET FORTH BELOW.   BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (I) IT IS A  “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE  SECURITIES ACT (“RULE 144A”)), OR (II) IT IS NOT A U.S. PERSON AS DEFINED IN  REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) AND IS  ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION, (2) AGREES TO OFFER,  SELL, PLEDGE OR OTHERWISE TRANSFER SUCH NOTE PRIOR TO THE DATE (THE  “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR (OR SUCH  LONGER PERIOD AS IS REQUIRED TO COMPLY WITH THE SECURITIES ACT) IN THE  CASE OF RULE 144A NOTES, AND 40 DAYS IN THE CASE OF REGULATION S NOTES  AFTER THE ORIGINAL ISSUE DATE HEREOF, ONLY (A) TO THE COMPANY, THE  GUARANTORS OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A  REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER  THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR  RESALE PURSUANT TO RULE 144A TO A PERSON IT REASONABLY BELIEVES IS A  QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT  OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM  NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE  144A, (D) OUTSIDE THE UNITED STATES PURSUANT TO OFFERS AND SALES TO  NON U.S. PERSONS IN AN OFFSHORE TRANSACTION PURSUANT TO REGULATION  S IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE  SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM  THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE  COMPANY’S AND REGISTRAR’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR  TRANSFER PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN  OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION  SATISFACTORY TO THE COMPANY.  THIS LEGEND WILL BE REMOVED UPON THE  WRITTEN REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION  TERMINATION DATE.    [IN THE CASE OF THE REGULATION S GLOBAL NOTE:]  BY ITS ACQUISITION  HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR  

 

  DMFIRM #401898491 v4  IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS  SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION  S.  BY ITS ACQUISITION OF THIS SECURITY THE HOLDER AND ANY SUBSEQUENT  TRANSFEREE HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND  WARRANTED THAT EITHER (I) THE PURCHASER IS NOT ACQUIRING OR HOLDING  SUCH NOTE OR AN INTEREST THEREIN WITH THE ASSETS OF (A) AN “EMPLOYEE  BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO  ERISA, (B) A “PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE  CODE OF 1986, AS AMENDED (THE “CODE”), (C) ANY ENTITY DEEMED TO HOLD  “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE  BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR (D) A  GOVERNMENTAL PLAN OR CHURCH PLAN SUBJECT TO SUCH PROVISIONS THAT  ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,  “SIMILAR LAWS”) OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE BY THE  PURCHASER, THROUGHOUT THE PERIOD THAT IT HOLDS SUCH NOTE AND THE  DISPOSITION OF SUCH NOTE OR AN INTEREST THEREIN WILL NOT CONSTITUTE  OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406  OF ERISA OR SECTION 4975 OF THE CODE, A BREACH OF FIDUCIARY DUTY UNDER  ERISA OR A VIOLATION OF ANY PROVISIONS OF ANY APPLICABLE SIMILAR  LAW.]11  [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK  CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT  FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY  CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH  OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC  (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS  REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY  PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &  CO., HAS AN INTEREST HEREIN.  TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN  WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR  THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF  THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE  WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE  REVERSE HEREOF.]12                                                    11  Include in Transfer Restricted Notes.  12  Insert in Global Notes only.  

 

  DMFIRM #401898491 v4  EXELON CORPORATION  No. [Rule 144A][Reg S] — [●] $[●]  4.100% NOTES DUE 2052  CUSIP No. [144A: 30161NBF7][Reg S: U3002LAF9]  ISIN No. [144A: US30161NBF78][Reg S: USU3002LAF95]  Exelon Corporation, a Pennsylvania corporation (the “Company”), for value received,  hereby promises to pay to [CEDE & CO.]13, as nominee for The Depositary Trust Company, or  its registered assigns, the principal sum of $           Dollars ($) [or such greater or lesser amount  as is indicated on the Schedule of Adjustments attached hereto]14 on March 15, 2052, and to pay  interest thereon, as provided on the reverse hereof, until the principal and any unpaid and  accrued interest are paid or duly provided for.  Interest Payment Dates: March 15 and September 15 of each year, with the first payment  to be made on September 15, 2022.  Regular Record Dates: March 14 and September 14 (or if not a Business Day, the  immediately preceding Business Day).  The provisions on the back of this certificate are incorporated as if set forth on the face  hereof.                                                    13 Insert in Global Notes only.  14 Insert in Global Notes only.  

 

  [Signature page to 2052 Note]    IN WITNESS WHEREOF, EXELON CORPORATION has caused this instrument to be  duly signed.  EXELON CORPORATION  By:    Name: Ryan Brown   Title:  Assistant Treasurer       

 

  [Signature page to 2052 Note]    TRUSTEE’S CERTIFICATE OF AUTHENTICATION  This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture.  The Bank of New York Mellon Trust  Company, N.A., as Trustee  By: _________________________________   Authorized Signatory    Dated:      

 

  DMFIRM #401898491 v4  [Reverse of Security]  EXELON CORPORATION  4.100% NOTES DUE 2052  1. Interest. Exelon Corporation, a Pennsylvania corporation (the “Company”),  promises to pay or cause to be paid interest on the principal amount of this Security at the rate  per annum shown above. The Company shall pay interest, payable semi-annually in arrears, on  March 15 and September 15 of each year, or if any such day is not a Business Day, on the next  succeeding Business Day, with the first payment to be made on September 15, 2022. Interest on  the Securities shall accrue from and include the date that the Securities are issued to and  excluding the date of maturity or redemption. Interest shall be computed on the basis of a 360- day year of twelve 30-day months.  In addition to the rights provided to Holders of the Securities under the Indenture,  Holders of Registrable Securities (as defined in the Registration Rights Agreement) shall have all  rights set forth in the Registration Rights Agreement, including the right to receive Additional  Interest pursuant to the Registration Rights Agreement in certain circumstances.  If applicable,  Additional Interest payable pursuant to the Registration Rights Agreement shall be paid to the  same Persons, in the same manner and at the same times as regular interest.  2. Maturity. The Securities will mature on March 15, 2052 (the “Maturity Date”).  3. Method of Payment. Except as provided in the Indenture (as defined below), the  Company shall pay interest on the Securities on the applicable Interest Payment Dates, as set  forth on the face of this security, to the persons who are holders of record of Securities at the  close of business on the immediately preceding Regular Record Date, as set forth on the face of  this Security. Holders must surrender Securities to a Paying Agent to collect the principal  amount. The Company shall pay, in money of the United States that at the time of payment is  legal tender for payment of public and private debts, all amounts due in cash with respect to the  Securities, which amounts shall be paid by wire transfer of immediately available funds to the  account designated by the Depositary for the Securities or its nominee.  4. Paying Agent and Registrar. Initially, The Bank of New York Mellon Trust  Company, N.A. (the “Trustee”), shall act as Paying Agent. The Company initially appoints the  Trustee as the Registrar. The Company may change any Paying Agent or Registrar without prior  notice to the Holders. The Company or any of its Subsidiaries may act in any such capacity.  5. Indenture. The Company issued the Securities under the Indenture, dated as of  June 11, 2015 as amended by the First Supplemental Indenture, dated as of June 11, 2015, the  Second Supplemental Indenture, dated as of December 2, 2015, the Third Supplemental  Indenture, dated as of April 7, 2016, and the Fourth Supplemental Indenture, dated as of April 1,  2020 (the “Base Indenture”), among the Company and the Trustee, as supplemented by the Fifth  Supplemental Indenture, dated as of March 7, 2022 (the “Fifth Supplemental Indenture” and,  together with the Base Indenture, as supplemented, the “Indenture”), among the Company and  the Trustee. The terms of the Securities include those stated in the Indenture and those made part  of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa- 

 

  DMFIRM #401898491 v4  77bbbb), as amended and in effect from time to time (the “Trust Indenture Act”). The Securities  are subject to all such terms, and holders are referred to the Indenture and the Trust Indenture  Act for a statement of such terms. To the extent any provision of this Security conflicts with the  express provisions of the Indenture, the provisions of the Indenture shall govern and be  controlling. The Indenture does not limit the aggregate principal amount of Securities that may  be issued thereunder. Subject to the conditions set forth in the Indenture and without the consent  of the holders, the Company may issue additional Securities of the same series under the  Indenture. All Securities of the same series, including any such additional Securities, shall be  treated as a single class of securities under the Indenture. Terms used herein without definition  and that are defined in the Indenture have the meanings assigned to them in the Indenture.  6. Redemption. The Securities may be redeemed at the option of the Company as  set forth in Section 5 of the Fifth Supplemental Indenture.  7. Denominations, Transfer, Exchange. The Securities are in registered form in  minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. The  provisions of Section 4 of the Fifth Supplemental Indenture (Transfer and Exchange) shall apply  to the Securities.  8. Persons Deemed Owners. The registered Holder of a Security shall be treated as  the owner of such Security for all purposes.  9. Amendments, Supplements and Waivers. The Indenture and the Securities may  be amended or supplemented as provided in the Indenture.  10. Defaults and Remedies. If an Event of Default with respect to the Securities shall  occur and be continuing, the principal of all the Securities may be declared due and payable in  the manner and with the effect provided in the Indenture.  The Indenture provides that no Holder of any Security of any series may enforce any  remedy with respect to such series under the Indenture unless (a) such Holder previously shall  have given to the Trustee written notice of an Event of Default, (b) the Holders of not less than  33% in aggregate principal amount of the Securities of such series then Outstanding (treated as a  single class) shall have made written request upon the Trustee to institute such action or  proceedings in its own name as Trustee and shall have offered to the Trustee such reasonable  indemnity as it may require against the costs, expenses and liabilities to be incurred therein or  thereby, (c) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity  shall have failed to institute any such action or proceeding, and (d) no direction inconsistent with  such written request shall have been given to the Trustee pursuant to Section 5.9 of the Base  Indenture; provided, however, that such provision shall not prevent the Holder hereof from  enforcing payment of the principal of or interest on this Security.  11. Discharge and Defeasance. The Indenture contains provisions for discharge and  for the defeasance of the entire indebtedness of this Security and certain restrictive covenants  upon compliance by the Company with certain conditions set forth therein.  

 

  DMFIRM #401898491 v4  12. Trustee Dealings with the Company. The Trustee, in its individual or any other  capacity, may make loans to, accept deposits from, and perform services for the Company or its  affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the Trustee.  13. No Recourse Against Others. A director, officer, employee, incorporator or  stockholder of the Company, as such, shall not have any liability for any obligations of the  Company under the Securities or the Indenture or for any claim based on, in respect of, or by  reason of, such obligations or their creation. Each Holder by accepting a Security waives and  releases all such liability. The waiver and release are part of the consideration for the issuance of  the Securities.  14. Authentication. This Security shall not be valid until authenticated by the manual  signature, facsimile signature, or Electronic Signature of the Trustee or an authenticating agent in  accordance with the Indenture.  15. Abbreviations. Customary abbreviations may be used in the name of a Holder or  an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties),  JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (=  Custodian) and U/G/M/A (= Uniform Gifts to Minors Act).  16. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the  Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and  ISIN numbers to be printed on the Securities and the Company and the Trustee may use CUSIP  and ISIN numbers in notices of redemption as a convenience to Holders. No representation is  made as to the accuracy of such numbers either as printed on the Securities or as contained in  any notice of redemption and reliance may be placed only on the other identification numbers  placed thereon.  17. Governing Law. This Security and the Indenture shall be governed by and  construed in accordance with the laws of the State of New York, without regard to conflict of  laws principles thereunder, except to the extent that the law of any other jurisdiction shall be  mandatorily applicable.  18. Waiver of Jury Trial. EACH OF THE COMPANY, EACH HOLDER AND  THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT  PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN  ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY, THE  INDENTURE OR THE TRANSACTION CONTEMPLATED HEREBY.  THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST  AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR ANY RELEVANT  SUPPLEMENTAL INDENTURE. REQUESTS MAY BE MADE TO THE REGISTERED  OFFICE OF THE COMPANY.   

 

  DMFIRM #401898491 v4  ASSIGNMENT FORM  To assign this Note, fill in the form below:  I or we assign and transfer this Note to:     (Print or type assignee’s name, address and zip code)     (Insert assignee’s social security or tax I.D. No.)  and irrevocably appoint ___________ agent to transfer this Note on the books of the Issuer.  The  agent may substitute another to act for him.  Date: Your Signature:   Signature Guarantee:     (Signature must be guaranteed)     Sign exactly as your name appears on the other side of this Note.  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,  savings and loan associations and credit unions with membership in an approved signature  guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.  The undersigned hereby certifies that it  is /  is not an Affiliate of the Issuer and that, to its  knowledge, the proposed transferee  is /  is not an Affiliate of the Issuer.  In connection with any transfer or exchange of any of the Notes evidenced by this certificate  occurring prior to the date that is one year after the later of the date of original issuance of such  Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of  the Issuer, the undersigned confirms that such Notes are being:  CHECK ONE BOX BELOW:  (1)  acquired for the undersigned’s own account, without transfer; or  (2)  transferred to the Issuer; or  (3)  transferred pursuant to and in compliance with Rule 144A under the  Securities Act of 1933, as amended (the “Securities Act”); or  (4)  transferred pursuant to an effective registration statement under the  Securities Act; or  (5)  transferred pursuant to and in compliance with Regulation S under the  Securities Act; or  

 

  DMFIRM #401898491 v4  (6)  transferred pursuant to another available exemption from the registration  requirements of the Securities Act of 1933, as amended.  Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced  by this certificate in the name of any person other than the registered Holder thereof; provided,  however, that if box (5) or (6) is checked, the Issuer may require, prior to registering any such  transfer of the Notes, in its sole discretion, such legal opinions, certifications and other  information as the Issuer may reasonably request to confirm that such transfer is being made  pursuant to an exemption from, or in a transaction not subject to, the registration requirements of  the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such  Act.     Signature  Signature Guarantee:       (Signature must be guaranteed) Signature  The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers,  savings and loan associations and credit unions with membership in an approved signature  guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.  TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.  The undersigned represents and warrants that it is purchasing this Note for its own account or an  account with respect to which it exercises sole investment discretion and that it and any such  account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities  Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A  and acknowledges that it has received such information regarding the Issuer as the undersigned  has requested pursuant to Rule 144A or has determined not to request such information and that  it is aware that the transferor is relying upon the undersigned’s foregoing representations in order  to claim the exemption from registration provided by Rule 144A.     Dated:    

 

  DMFIRM #401898491 v4  SCHEDULE A  [SCHEDULE OF ADJUSTMENTS]15    Date Adjustment Made  Principal  Amount  Increase  Principal  Amount  Decrease  Principal  Amount  Following  Adjustment  Notification  Made on  Behalf of the  Trustee                                                                                                  15 Insert in Global Notes only.

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