Document:

Exhibit
10.4

 

Privileged
& Confidential

 

Global
Clean Solutions LLC

 

A
Nevada Limited Liability Company

 

AMENDED
LIMITED LIABILITY COMPANY AGREEMENT

 

Dated
as of May 20, 2020

 

THE
MEMBERSHIP INTERESTS REPRESENTED BY THIS LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH INTERESTS MAY NOT BE OFFERED, SOLD, ASSIGNED,
PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND
COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

 

AMENDED
LIMITED LIABILITY COMPANY AGREEMENT OF

GLOBAL
CLEAN SOLUTIONS, LLC

 

	ARTICLE
    I DEFINITIONS	1
	 	1.1	Definitions	1
	 	1.2	Construction	7
	 	 	 	 
	ARTICLE
    II ORGANIZATION	7
	 	2.1	Formation	7
	 	2.2	Name	7
	 	2.3	Registered
    Office; Registered Agent; Principal Office; Other Offices	7
	 	2.4	Purposes	7
	 	2.5	Term	7
	 	2.6	No
    State Law Partnership	8
	 	 	 	 
	ARTICLE
    III MEMBERSHIP; UNITS; CONTRIBUTED CAPITAL; CAPITAL ACCOUNTS	8
	 	3.1	Members.	8
	 	3.2	Liability
    of Members	8
	 	3.3	Lack
    of Authority	8
	 	3.4	Units	9
	 	3.5	Issuance
    of Additional Units Generally	9
	 	3.6	No
    Withdrawal	9
	 	3.7	Incentive
    Units	9
	 	3.8	Capital
    Contributions	10
	 	3.9	Capital
    Accounts.	10
	 	 	 	 
	ARTICLE
    IV DISTRIBUTIONS; ALLOCATIONS OF PROFITS AND LOSSES	11
	 	4.1	Generally	11
	 	4.2	Distributions	11
	 	4.3	Allocation
    of Profits and Losses	11
	 	4.4	Amounts
    Withheld	11
	 	4.5	Tax
    Distributions	11
	 	4.6	Tax
    Allocations: Code Section 704(c)	12
	 	4.7	Compliance
    with Treasury Regulations	12
	 	 	 	 
	ARTICLE
    V MANAGEMENT	12
	 	5.1	Management
    by the Board of Managers	12
	 	5.2	Actions
    Requiring Certain Member Approval; Delegation of Authority and Duties; Manager Duties.	13
	 	5.3	Term
    of Office	15
	 	5.4	Vacancy;
    Resignation	15
	 	5.5	Board
    Approval; Voting; Quorum; Approval or Ratification of Acts or Contracts by Members	15

 

    	 	- i -	 

     

    

 

	 	5.6	Reimbursement	15
	 	5.7	Officers	15
	 	 	 	 
	ARTICLE
    VI CONFIDENTIALITY	16
	 	 
	ARTICLE
    VII EXCULPATION AND INDEMNIFICATION	17
	 	7.1	Exculpation	17
	 	7.2	Right
    to Indemnification for each Manager and Officers	18
	 	7.3	Advance
    Payment	18
	 	7.4	Indemnification
    of Members, Employees and Agents	18
	 	7.5	Nonexclusivity
    of Rights	18
	 	7.6	Insurance	18
	 	7.7	Savings
    Clause	18
	 	 	 	 
	ARTICLE
    VIII TAXES	19
	 	8.1	Tax
    Returns	19
	 	8.2	Partnership
    Representative	19
	 	8.3	Tax
    Reports	20
	 	8.4	Income
    Tax Status	20
	 	 	 	 
	ARTICLE
    IX BOOKS, REPORTS AND COMPANY FUNDS	20
	 	9.1	Maintenance
    of Books	20
	 	9.2	Informational
    Rights	20
	 	 	 	 
	ARTICLE
    X TRANSFERS	20
	 	10.1	Assignment
    by Members	20
	 	10.2	Permitted
    Transfers	21
	 	10.3	Right
    of First Refusal	21
	 	10.4	Right
    of Repurchase Upon Involuntary Transfer	22
	 	10.5	Substituted
    Member	22
	 	10.6	Effect
    of Assignment	22
	 	10.7	Effect
    of Incapacity	23
	 	10.8	Repurchase
    Right for Incentive Units	23
	 	 	 	 
	ARTICLE
    XI DISSOLUTION, LIQUIDATION AND TERMINATION	23
	 	11.1	Dissolution	23
	 	11.2	Liquidation
    and Termination	23
	 	11.3	Cancellation
    of Certificate	25
	 	 	 	 
	ARTICLE
    XII VALUATION	25
	 	 
	ARTICLE
    XIII GENERAL PROVISIONS	25
	 	13.1	Offset	25
	 	13.2	Notices	25
	 	13.3	Entire
    Agreement	26
	 	13.4	Effect
    of Waiver or Consent	26
	 	13.5	Amendment
    or Modification	26
	 	13.6	Binding
    Effect	26
	 	13.7	Governing
    Law; Severability	26
	 	13.8	Submission
    to Jurisdiction; Venue.	27
	 	13.9	Further
    Assurances	27
	 	13.10	Waiver
    of Certain Rights	27
	 	13.11	Power
    of Attorney	27
	 	13.12	Indemnification
    and Reimbursement for Payments on Behalf of a Member	28
	 	13.13	Notice
    to Members of Provisions	28
	 	13.14	Counterparts	28
	 	13.15	Attorneys’
    Fees	28
	 	 	 	 
	EXHIBIT
    A	A-1

 

    	 	- ii -	 

     

    

 

AMENDED
LIMITED LIABILITY COMPANY AGREEMENT OF GLOBAL CLEAN SOLUTIONS, LLC

 

This
Amended Limited Liability Company Agreement (this “Agreement”) of Global Clean Solutions, LLC (the “Company”),
dated as of May 20, 2020 (the “Effective Date”), is adopted by, and executed and agreed to, for good
and valuable consideration, by the undersigned Members in order to set forth their agreement as to the operation and governance
of the Company.

 

RECITALS

 

WHEREAS,
the original Members formed the Company on May 13, 2020 pursuant to the execution and filing of the Certificate of Formation with
the office of the Secretary of State of the State of Nevada;

 

WHEREAS,
the Limited Liability Company Operating Agreement was entered into by the original Members as of May 13, 2020;

 

WHEREAS,
on May 20, 2020 the original Members and Managers, by Action by Unanimous Written Consent of the Board of Managers of the Company
entered into i) the Exchange Agreement and (ii) those other documents, certificates, instruments, and agreements (‘Transaction
Documents”);

 

WHEREAS,
pursuant to the Transaction Documents, this Amended Limited Liability Company Operating Agreement is being entered into by the
original Members and the additional Member, Edison Nation, Inc.

 

WHEREAS,
concurrently with the execution and delivery of this Agreement, the Company will be consummating the transactions set forth therein;
and

 

WHEREAS,
the parties hereto wish to provide for management of the Company and set forth their respective rights and obligations as Members
generally.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

ARTICLE
I DEFINITIONS

 

1.1
Definitions. As used in this Agreement, the following terms have the following meanings:

 

“Act”
means the Nevada Revised Statutes (NRS) Title 7, Chapter 86, Nevada’s Limited Liability Company Act and any successor
statute, as amended from time to time.

 

“Affiliate”
means, as to any Person, any other Person that, directly or indirectly, (i) owns ten percent (10%) or more of the legal, beneficial
or economic interests in such Person; (ii) is in control of, controls, is controlled by, or is under common control with, such
Person; (iii) is a director or officer of such Person or of an Affiliate of such Person; or (iv) is the spouse, child or parent
of such Person or of an Affiliate of such Person. For this purpose, “control” (including, with its correlative meanings,
“controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities
or partnership or other ownership interests, by contract or otherwise.

 

“Agreement”
has the meaning given that term in the introductory paragraph.

 

    	 	- 1 -	 

     

    

 

“Available
Cash” means cash available to the Company after taking into account such funds or reserves as a majority of the Board
of Managers (“Majority”) deems reasonably necessary with respect to the reasonable anticipated business needs of the
Company, which shall include (but not by way of limitation) the payment or the making of provision for current operating expenses,
the payment when due of Company obligations, capital expenditures or improvements and any other expenses or obligations.

 

“Board”
has the meaning set forth in Section 5.1.

 

“Capital
Account” has the meaning set forth in Section 3.9.1.

 

“Capital
Contribution” means the aggregate contribution by a Member to the capital of the Company.

 

“Capital
Transaction” means any transaction not in the ordinary course of business which results in the Company’s receipt
of cash or other consideration other than Capital Contributions, including without limitation, proceeds of sales or exchanges
or other dispositions of property not in the ordinary course of business, Sale of the Company, exclusive licensing of technology,
financing, refinancing, condemnations, recoveries of damage awards, and insurance proceeds.

 

“Cash
Available for Distribution” means, at any given time, Available Cash less the Required Debt Payment.

 

“Certificate”
has the meaning set forth in Section 2.1.

 

“Class
A Units” means any unit designated as such on Exhibit A, attached hereto.

 

“Code”
means the Internal Revenue Code of 1986 and any successor statute, as amended from time to time.

 

“Confidential
Information” has the meaning set forth in Article VI.

 

“Company”
means Global Clean Solutions LLC, a Nevada limited liability company. “Company Election Period” has the meaning
set forth in Section 10.3.1.

 

“Company
Minimum Gain” has the same meaning as the term “partnership minimum gain” set forth in Treasury Regulations
Sections 1.704-2(b)(2) and 1.704-2(d).

 

“Company
Notice” has the meaning set forth in Section 10.3.2.

 

“Distribution”
means a distribution made by the Company to a Member, whether in cash, property or securities of the Company and whether by liquidating
distribution or otherwise; provided that none of the following shall be a Distribution: (i) any redemption or repurchase
by the Company of any Units, (ii) any recapitalization or exchange of Units of the Company, (iii) any subdivision (by Unit split
or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units, or (iv) any fees or remuneration
paid to any Member in such Member’s capacity as an employee, officer, consultant or other provider of services to the Company.

 

    	 	- 2 -	 

     

    

 

“Distribution
Threshold” means the amount designated in an Incentive Unit Grant Agreement as being the distribution threshold for
such Units for purposes of Section 3.7 herein and to ensure conformity with a “profits interest” within the
meaning of Revenue Procedure 93- 27 and Revenue Procedure 2001-43.

 

“Effective
Date” has the meaning given that term in the introductory paragraph.

 

“Fair
Market Value” means, with respect to any asset, its fair market value determined according to Article XII.

 

“Fiscal
Year” of the Company means the calendar year.

 

“Gross
Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows:

 

(i)
the Gross Asset Value of any asset contributed by a Member to the Company is the gross fair market value of such asset as determined
at the time of contribution; and

 

(ii)
the Gross Asset Value of all Company assets shall be adjusted to equal their respective gross fair market values, as determined
by the Board, as of the following times: (a) the acquisition of any additional interest in the Company by any new or existing
Member in exchange for more than a de minimis capital contribution; (b) the distribution by the Company to a Member of more than
a de minimis amount of property as consideration for an interest in the Company; (c) the grant of an interest in the Company (other
than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing
Member acting in a Member capacity, or by a new Member acting in a Member capacity or in anticipation of becoming a Member; (d)
the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); and (e) such other times
determined by the Board in its sole and absolute discretion; provided that the adjustments pursuant to clauses (a),
(b), (c) and (e) above shall be made only if the Board determines that such adjustments are necessary or
appropriate to reflect the relative economic interests of the Members in the Company; and

 

(iii)
the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value of
such asset on the date of distribution as determined by the Board.

 

“Incapacity”
or “Incapacitated” means (i) with respect to a natural person, an Insolvency Event or the death, incompetency
or insanity of such person, and (ii) with respect to any other Person, an Insolvency Event with respect to, or the liquidation,
dissolution or termination of, such Person.

 

“Incentive
Unit” means any unit designated as such on Exhibit A, attached hereto and having the features ascribed
thereto pursuant to Section 3.7.

 

    	 	- 3 -	 

     

    

 

“Incentive
Unit Grant Agreement” has the meaning set forth in Section 3.7.

 

“Indemnifying
Member” has the meaning set forth in Section 13.12.

 

“Insolvency
Event” means, with respect to any Person, having an order for relief entered with respect to such Person under the federal
bankruptcy laws as now or hereafter in effect, making a general assignment for the benefit of creditors, becoming unable generally
to pay debts as such debts become due, admitting in writing that such Person is generally unable to pay its debts as they become
due, filing any debtor proceedings, filing or becoming the subject of any proceeding of any kind under any provisions of any applicable
bankruptcy or insolvency law seeking any readjustment, rearrangement, composition, postponement, or reduction of debts, liabilities
or obligations (in the case of an involuntary proceeding, which continues undismissed or unstayed for a period of sixty (60) consecutive
days).

 

“Involuntary
Transfer” means any Transfer, whether by operation of law, under court order, foreclosure of a security interest, execution
of a judgment or other legal process, or otherwise, including a purported transfer to or from a trustee pursuant to an Insolvency
Event.

 

“Liability”
means with respect to any Person, any liability or obligation of such Person of any kind, character or description, whether known
or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured,
joint or several, due or to become due, vested or unvested, executory, determined, determinable or otherwise, and whether or not
the same is required to be accrued on the financial statements of such Person.

 

“Manager”
has the meaning set forth in Section 5.1.

 

“Member”
means any Person executing this Agreement as of the date of this Agreement as a member or hereafter admitted to the Company as
a member as provided in this Agreement, but does not include any Person who has ceased to be a member of the Company. The Members
are listed on Exhibit A attached hereto.

 

“Member
Election Period” has the meaning set forth in Section 10.3.2.

 

“Member
Nonrecourse Debt” has the same meaning as the term “partner nonrecourse debt” set forth in Treasury Regulations
Section 1.704-2(b)(4).

 

“Member
Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum
Gain that would result if the Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury
Regulations Section 1.704-2(i)(3).

 

“Member
Nonrecourse Deductions” has the same meaning as the term “partner nonrecourse deductions” in Treasury Regulations
Section 1.704-2(i)(2).

 

“Members’
Notices” has the meaning set forth in Section 10.3.2.

 

    	 	- 4 -	 

     

    

 

“Net
Capital Proceeds” means the gross capital proceeds received by the Company from a Capital Transaction less the expenses
related to such Capital Transaction and less such funds or reserves as the Board deems reasonably necessary with respect to the
reasonable anticipated business needs of the Company, which shall include (but not by way of limitation) the payment or the making
of provision for the payment when due of Company obligations, including the payment of any management or administrative fees and
expenses or any other obligations.

 

“Net
Income” and “Net Loss” mean, for each Fiscal Year or other period, an amount equal to the Company’s
taxable income or loss for such Fiscal Year or period, determined in accordance with Section 703(a) of the Code (for this purpose,
all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall
be included in taxable income or loss) with the following adjustments (without duplication):

 

(i)
any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Income
or Net Loss pursuant to this paragraph, shall be added to such income or loss; and

 

(ii)
any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss
pursuant to this paragraph, shall be subtracted from such taxable income or loss; and

 

(iii)
if the Gross Asset Value of any Company asset is adjusted pursuant to clauses (ii) or (iii) of the definition of
“Gross Asset Value” herein, the amount of such adjustment shall be taken into account as gain or loss from the disposition
of such asset for purposes of computing Net Income or Net Loss; and

 

(iv)
gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for federal income
tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted
tax basis of such property differs from its Gross Asset Value; and

 

(v)
in lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income
or loss, such amounts shall instead be determined in accordance with the requirements of Treasury Regulations Section 1.704-1(b)(2)(iv)(g);
and

 

(vi)
any items which are specially allocated pursuant to the provisions of Section 4.6 shall not be taken into account in computing
Net Income or Net Loss.

 

“Nonrecourse
Deductions” has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(1) and 1.704-2(c).

 

“Nonrecourse
Liability” has the meaning set forth in Treasury Regulations Section 1.704- 2(b)(3).

 

“Offeree
Member” has the meaning set forth in Section 10.3.2.

 

“Offer
Notice” has the meaning set forth in Section 10.3.1.

 

    	 	- 5 -	 

     

    

 

“Partnership
Representative” has the meaning set forth in Section 8.2.1.

 

“Partnership
Tax Audit Rules” means the partnership tax audit rules contained in Subchapter C of Chapter 63 of the Code (Sections
6221 et seq.) as enacted by the Bipartisan Budget Act of 2015, as amended from time to time, and any Regulations and other guidance
promulgated thereunder, and any similar state or local legislation, regulations or guidance.

 

“Percentage
Interest” means, with respect to a Member at any time and from time to time, a percentage equal to a fraction, the numerator
of which is the number of Units owned by such Member and the denominator of which is the aggregate number of Units owned by all
Members.

 

“Person”
means a natural person, partnership (whether general or limited), limited liability company, trust, estate, association, corporation,
custodian, nominee or any other individual or entity in its own or any representative capacity.

 

“Proceeding”
has the meaning set forth in Section 7.2.

 

“Repurchase
Right” has the meaning set forth in Section 10.4.

 

“Required
Debt Payment” means the payment that is required to be made by the Company to service its outstanding debt obligations.

 

“Safe
Harbor Election” has the meaning set forth in Section 3.7.

 

“Sale
of the Company” means (i) the sale of the Company to an independent third party or group of independent third parties
pursuant to which such party or parties acquire Units of the Company possessing a majority of the voting power of the Units (whether
by merger, consolidation, sale or transfer of the Company’s equity interests), or (ii) the sale, lease, transfer, exclusive
license or other disposition of the Company’s assets in one transaction or series of related transactions determined on
a consolidated basis.

 

“Securities
Act” means the United States Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and
any successor to such statutes, rules or regulations. Any reference herein to a specific section, rule or regulation under the
Securities Act shall be deemed to include any corresponding provisions of future law.

 

“Taxable
Year” means the Company’s taxable year ending December 31 (or part thereof, in the case of the Company’s
last taxable year), or such other year as is determined by the Board in compliance with Section 706 of the Code.

 

“Transfer”
means any transfer, sale, assignment, pledge, hypothecation, encumbrance or other disposition of Units or other interests in the
Company (or of a direct or indirect interest in a Member holding Units) to another party, whether voluntary or involuntary, including
a pledge of or granting of another form of security interest in any such interest.

 

“Treasury
Regulations” means the temporary and final regulations promulgated by the U.S. Department of the Treasury under the
Code.

 

    	 	- 6 -	 

     

    

 

“Units”
means the units held by each Member representing a fractional part of the interest of the Member in the Distributions and the
income, profits, gains, losses, deductions, and expenses of the Company, and shall include Class A Units and Incentive Units.
When the term “Units” is used herein without distinction as to class, the term means Units of all classes.

 

“Unreturned
Capital Contribution” means, with respect to any Member, the total Capital Contributions made by such Member less the
total Distributions made to such Member pursuant to Section 4.2.2(a).

 

Other
terms defined in this Agreement have the meanings so given them.

 

1.2
Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine, feminine
and neuter. All references to Articles and Sections refer to articles and sections of this Agreement, and all references to Schedules
or Exhibits are to Schedules or Exhibits attached hereto, each of which is made a part hereof for all purposes.

 

ARTICLE
II ORGANIZATION

 

2.1
Formation. The Company has been organized as a Nevada limited liability company by the filing of a Certificate of Formation
(the “Certificate”) under and pursuant to the Act.

 

2.2
Name. The name of the Company is “Global Clean Solutions, LLC”, and all Company business shall be conducted in
that name or such other names that comply with applicable law as the Board may select from time to time.

 

2.3
Registered Office; Registered Agent; Principal Office; Other Offices. The registered office of the Company required by the
Act to be maintained in the State of Nevada shall be the office of the initial registered agent named in the Certificate or such
other office (which need not be a place of business of the Company) as the Board may designate from time to time in the manner
provided by law. The registered agent of the Company in the State of Nevada shall be the initial registered agent named in the
Certificate or such other Person or Persons as the Board may designate from time to time in the manner provided by law. The principal
office of the Company shall be at such place as the Board may designate from time to time, which need not be in the State of Nevada,
and the Company shall maintain records there. The Company may have such other offices as the Board may designate from time to
time.

 

2.4
Purposes. The purpose of the Company shall be to engage in any lawful business under the Act. The Company may exercise all
powers reasonably connected with such activities and businesses that may be legally exercised by limited liability companies under
the Act, and the Company may engage in all activities necessary, customary, convenient, or incident to any of the foregoing.

 

2.5
Term. The term of the Company commenced on the date the Certificate was filed with the office of the Secretary of State of
the State of Nevada and shall continue in existence until termination and dissolution thereof as determined under Article XI
of this Agreement.

 

    	 	- 7 -	 

     

    

 

2.6
No State Law Partnership. The Members intend that the Company not be a partnership (including, without limitation, a limited
partnership) or joint venture, and that no Member or Manager be a partner or joint venturer of any other Member or Manager, for
any purposes other than federal and, if applicable, state tax purposes, and this Agreement shall not be construed to suggest otherwise.

 

ARTICLE
III

MEMBERSHIP;
UNITS; CONTRIBUTED CAPITAL; CAPITAL ACCOUNTS

 

3.1
Members.

 

3.1.1.
The Members of the Company are set forth on Exhibit A attached hereto, which shall be updated from time to time to conform
to the books and records of the Company.

 

3.1.2.
No Member, as such, shall be required to lend any funds to the Company or to make any additional contribution of capital to the
Company, except as otherwise required by applicable law or this Agreement. Any Member may, with the approval of at least 100%
of the voting power of the Members, make loans to the Company, and any loan by a Member to the Company shall not be considered
to be a Capital Contribution.

 

3.1.3.
Each Member shall execute a counterpart of this Agreement, and when a Person is admitted as a Member in accordance with this Agreement,
such Person shall execute a counterpart of this Agreement.

 

3.2
Liability of Members.

 

3.2.1.
Except as otherwise required by applicable law or as explicitly set forth in this Agreement, no Member shall have any personal
liability in his, her or its capacity as a Member, whether to the Company, to any of the other Members, to the creditors of the
Company or to any other third party, for the debts, liabilities, commitments or any other obligations of the Company or for any
losses of the Company, and therefore, a Member shall be liable only to the extent of his, her or its Capital Contribution to the
Company.

 

3.2.2.
In accordance with the Act and the laws of the State of Nevada, a member of a limited liability company may, under certain circumstances,
be required to return amounts previously distributed to such member. A Member who receives a distribution made by the Company
in violation of this Agreement or §86.343-346 of the Act is liable to the Company for the amount of such distribution if
the Company makes a claim for such amount within three (3) years of the distribution date.

 

3.3
Lack of Authority. Except as otherwise specifically provided in this Agreement, no Member (other than a Member in his or her
capacity as a Manager or an officer of the Company) has the authority or power to act for or on behalf of the Company, to do any
act that would be binding on the Company or to make any expenditures on behalf of the Company.

 

    	 	- 8 -	 

     

    

 

3.4
Units. The Company shall initially have two classes of Units: Class A Units and Incentive Units. The Units issued hereunder
shall not be certificated unless otherwise determined by the Board. Each Member’s interest in the Company, including such
Member’s interest in income, gains, losses, deductions and expenses of the Company and the right to vote on certain matters
as provided in this Agreement, shall be represented by the Class A Units owned by such Member. The ownership of Units shall entitle
each Member to allocations of profit and loss and other items and distributions of cash and other property as set forth in Article
IV hereof. Each Class A Unit shall entitle the Member owning such Unit to one vote on any matter voted on by Members as provided
in this Agreement or as required by applicable law. The Incentive Units are nonvoting and nontransferable except in the event
of a Company repurchase. The number and class of Units held by each Member is set forth on Exhibit A attached hereto.

 

3.5
Issuance of Additional Units Generally. Subject to Section 5.2.1, the Board shall have the right to cause the Company
to issue or sell to Members, Affiliates of Members or other Persons: (i) additional Units or other interests in the Company, (ii)
obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into Units or other interests
in the Company, and (iii) warrants, options or other rights to purchase or otherwise acquire Units or other interests in the Company.
Upon the acquisition of any Units or other interests in the Company by a Person who is not a Member, to the extent permitted hereunder
such Person shall execute and deliver a counterpart of this Agreement and shall become a Member hereunder.

 

3.6
No Withdrawal. So long as a Member continues to hold any Units, such Member shall not have the ability to withdraw or resign
as a Member prior to the dissolution and winding up of the Company and such withdrawal or resignation or attempted withdrawal
or resignation by a Member prior to the dissolution or winding up of the Company shall be null and void. As soon as any Person
who is a Member ceases to hold any Units, such Person shall no longer be a Member.

 

3.7
Incentive Units. The Board shall have the right to cause the Company to issue Incentive Units in exchange for services performed
or to be performed for the Company or one of its Affiliates by such Person, rather than in exchange for Capital Contributions
made to the Company by such Person. Each Incentive Unit shall be treated as a profits interest within the meaning of Revenue Procedure
93-27, 1993-2 C.B. 343. The Company shall issue each Incentive Unit pursuant to and in accordance with a grant agreement (each
such agreement, an “Incentive Unit Grant Agreement”) approved by the Board, to be executed by the Company and
the recipient of such Incentive Unit. Each Incentive Unit Grant Agreement shall provide for, among other matters, the forfeiture
of, transfer restrictions relating to, or repurchase by the Company of, such Incentive Unit. A Member holding Incentive Units
shall be treated as the owner of a profits interest from the date such profits interest is granted, and the Company shall file
its tax returns and issue appropriate Schedule K-1 forms to such Member, allocating to such Member a distributive share of all
items of income, gain, loss, deduction and credit associated with such profits interest. Subject to any vesting, forfeiture and
repurchase provisions contained in an Incentive Unit Grant Agreement, a Member holding Incentive Units shall participate in liquidating
Distributions in respect of such Member’s Incentive Units only from and after such time as all aggregate Distributions previously
or concurrently made by the Company in respect of all other Units since the date of issuance of such Incentive Units equal or
exceed the Distribution Threshold of such Member’s Incentive Units at such time. This provision is intended to ensure that
each Incentive Unit is upon issuance a “profits interest” within the meaning of Revenue Procedure 93-27 and Revenue
Procedure 2001-43 and shall be interpreted consistently with such intent in the Board’s sole and absolute discretion. The
Board is hereby authorized and directed to cause the Company to make an election to value any Incentive Units at liquidation value
(the “Safe Harbor Election”), as the same may be permitted pursuant to or in accordance with the finally promulgated
successor rules to Proposed Treasury Regulations Section 1.83-3(l) and IRS Notice 2005-43. The Company shall make any allocations
of items of income, gain, deduction, loss or credit (including forfeiture allocations and elections as to allocation periods)
necessary or appropriate to effectuate and maintain the Safe Harbor Election. Any such Safe Harbor Election shall be binding on
the Company and all of its Members with respect to all Transfers of Incentive Units thereafter made by the Company while a Safe
Harbor Election is in effect. A Safe Harbor Election, once made, may be revoked by the Board as permitted by any applicable rule.
Each Member will (i) comply with all requirements of the Safe Harbor Election with respect to all Incentive Units issued while
the Safe Harbor Election remains effective; (ii) cooperate with the Board to perfect and maintain any Safe Harbor Election; and
(iii) timely execute and deliver any documentation reasonably requested by the Board with respect to the Safe Harbor Election.

 

    	 	- 9 -	 

     

    

 

3.8
Capital Contributions. Upon the execution of this Agreement, each Member shall contribute one dollar ($1.00) to the capital
of the Company in exchange for each Unit set forth adjacent to such Member’s name on Exhibit A attached hereto. Unless
the Members unanimously approve otherwise, no Member shall be required to contribute additional capital to the Company beyond
the Initial Capital Contributions.

 

3.9
Capital Accounts.

 

3.9.1.
A separate capital account (“Capital Account”) shall be maintained for each Member. Each Member’s Capital
Account shall consist of the amount of the Member’s Capital Contribution. Each Member’s Capital Account shall be increased
by the amount of any additional money contributed by the Member to the Company; the net fair market value of any assets contributed
by the Member to the Company; and allocations to the Member of any profits. Each Member’s Capital Account shall be decreased
by the amount of any money distributed to the Member by the Company; the net fair market value of any assets distributed to the
Member by the Company; allocations to the Member of any Company expenditures not deductible in computing Company taxable income
and not properly chargeable to capital account; and allocations to the Member of any losses.

 

3.9.2.
Capital Accounts shall be maintained and adjusted in accordance with the additional rules set forth in § 1.704-1(b)(2)(iv)
of the Income Tax Regulations (the “Regulations”) adopted under the Code.

 

3.9.3.
The “net fair market value” of an asset for purposes of this Section 3.9 shall be the fair market value of the asset
net of any liabilities respecting the asset assumed by the Company (upon a contribution) or by the Members (upon a distribution),
as the case may be, and any liabilities to which any such contributed or distributed assets are subject.

 

    	 	- 10 -	 

     

    

 

ARTICLE
IV

DISTRIBUTIONS;
ALLOCATIONS OF

PROFITS
AND LOSSES

 

4.1
Generally. Subject to the provisions of NRS 86.341-346 and Sections 4.2, 4.4, 4.5, and 5.2.1
of this Agreement, the Board shall have sole discretion regarding the amounts and timing of distributions to Members out of
Cash Available for Distribution.

 

4.2
Distributions.

 

4.2.1.
Operating Distributions. Distributions from Cash Available for Distribution shall be made in such amounts and at such times
as declared by the Board, to the Members holding Units, pro rata in proportion to their relative number of such Units owned; provided,
however, that any distribution to a holder of Incentive Units shall be subject to the terms of the applicable Incentive Unit
Grant Agreement.

 

4.2.2.
Capital Transaction Distributions. Distributions from Net Capital Proceeds shall be made when and as declared by the Board
to the Members in the following order of priority:

 

(a)
First, to all Members in proportion to their Unreturned Capital Contributions until the Unreturned Capital Contributions of all
Members have been reduced to zero ($0); and

 

(b)
Thereafter, to members of all classes pro rata in proportion to their ownership of units; provided however, that Members
holding Incentive Units shall not receive any Distribution with respect to any Incentive Unit until the Distribution Threshold
for such Incentive Unit has been met.

 

4.2.3.
Liquidating Distributions. Distributions upon dissolution and liquidation of the Company shall be made to the Members in
accordance with Section 11.2(g).

 

4.3
Allocation of Profits and Losses. Except as explicitly provided elsewhere in this Agreement, the items of income, gain, loss
or deduction of the Company comprising Net Income or Net Loss for a Fiscal Year shall be allocated to the Members in proportion
to the number of Units owned by each Member.

 

4.4
Amounts Withheld. All amounts withheld pursuant to Section 13.12 from any distribution to a Member shall be treated
as amounts distributed to such Member pursuant to this Article IV for all purposes under this Agreement.

 

4.5
Tax Distributions. The Company shall distribute to the Members, with respect to each Fiscal Year of the Company, an amount
of cash that in the good faith judgment of the Board equals (a) the amount of taxable income, if any, allocable to the Members
in respect of such Fiscal Year, multiplied by (b) the highest combined maximum federal, state and local income tax rate
applicable to any Member to be applied with respect to such taxable income, with such distribution to be made to the Members in
the same proportions that taxable income was allocated to the Members during such Fiscal Year. Any distributions made to a Member
under this Section 4.5 shall be treated as an advance against any distributions to be made under Article 4.3.

 

    	 	- 11 -	 

     

    

 

4.6
Tax Allocations: Code Section 704(c).

 

4.6.1.
The income, gains, losses, deductions and expenses of the Company shall be allocated, for federal, state and local income tax
purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and expenses among the
Members, except that if any such allocation is not permitted by the Code or other applicable law, the Company’s subsequent
income, gains, losses, deductions and expenses shall be allocated among the Members so as to reflect as nearly as possible the
allocation set forth herein.

 

4.6.2.
In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income, gain, loss, deduction and expense with
respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members
so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes
and its fair market value at the time of contribution.

 

4.6.3.
Any elections or other decisions relating to such allocations shall be made by the Board in any manner that reasonably reflects
the purpose and intent of this Agreement. Allocations pursuant to this Section 4.6 are solely for purposes of federal,
state and local taxes and shall not affect, or in any way be taken into account in computing, share of profits, losses, other
items or Distributions pursuant to any provisions of this Agreement.

 

4.7
Compliance with Treasury Regulations. Allocations of income and losses among the Members shall be made in a manner so that
such allocations have substantial economic effect in accordance with the tests therefor set forth in the Treasury Regulations
promulgated under Section 704(b) of the Code. Accordingly, allocations not specifically provided for in this Agreement shall be
made in such a manner as shall conform to the allocation rules and principals as set forth in such Treasury Regulations. The Board
may amend the provisions of this Agreement if such amendment would not have a materially adverse effect on the Members and if,
in the opinion of counsel for the Company, such amendment is advisable for purposes of complying with Section 1.704-1(b) or Section
1.704-2 of the Treasury Regulations, as may be amended or supplemented from time to time.

 

ARTICLE
V MANAGEMENT

 

5.1
Management by the Board of Managers. Except for situations in which the approval of the Members is required by this Agreement
or by nonwaivable provisions of applicable law, and subject to the provisions of Section 5.2, (a) the powers of the Company
shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction
of, the Board of Managers (the “Board”), and (b) the Board may make all decisions and take all actions for
the Company not otherwise provided for in this Agreement; provided, however, that no Manager, solely in his or her capacity
as such, shall have any power to act for, sign for or do any act that would bind the Company, unless the Board shall provide otherwise.
For each Member holding 25% of the Units outstanding, such Member shall be entitled to designate one person to serve on the Board
of Managers. Edison Nation, Inc., the holder of 50% of the Units outstanding, shall be entitled to designate two (2) persons to
serve on the Board of Managers. The Board of Managers shall consist of the following Persons (each of whom shall be a “Manager”):
Bryan Pantofel (designated by PPE Brickell Supplies, LLC), Brian McFadden (designated by Graphene Holdings, LLC), Chris Ferguson
(designated by Edison Nation, Inc.) and Brett Vroman (designated by Edison Nation, Inc.).

 

    	 	- 12 -	 

     

    

 

5.2
Actions Requiring Certain Member Approval; Delegation of Authority and Duties; Manager Duties.

 

5.2.1.
Notwithstanding anything in this Agreement to the contrary, without the unanimous consent of the Managers, the Board shall not
cause the Company to, and the Company shall not:

 

(a)
amend, alter or repeal the Certificate, this Agreement, or any other organizational or governance documents of the Company;

 

(b)
change the principal business or lines of business of the Company;

 

(c)
change the name of the Company;

 

(d)
create any new class of Units or change the rights or preferences of any of the Company’s existing Units;

 

(e)
issue, or cause to be issued, any additional Units, including any grants of Incentive Units;

 

(f)
redeem the Units of any Member;

 

(g)
admit any other Person as an additional member;

 

(h)
approve any Transfers of Units except as otherwise permitted in Article X of this Agreement;

 

(i)
effect any merger, consolidation or reorganization with any other Person;

 

(j)
dissolve, liquidate or wind-up the Company;

 

(k)
amend any material accounting policy of the Company;

 

(l)
initiate or settle litigation on behalf of the Company, undertake any course of defense in connection with any
litigation, dispute or other proceeding brought against the Company, or settle any litigation, dispute or other proceeding
concerning the Company;

 

(m)
enter into any transaction or agreement between the Company and a Member of the Company or any Affiliate of the Company;

 

(n)
make any capital expenditure that exceeds (i) on an individual basis, $1.00 any month, or (ii) on an aggregate basis during any
three-month period, $1.00;

 

    	 	- 13 -	 

     

    

 

(o) make any loan in excess
of $1.00;

 

(p)
incur, assume, refinance, extend, modify, or otherwise become liable with respect to any obligation for borrowed money in an aggregate
amount that exceeds $1.00;

 

(q)
incur any indebtedness arising from a loan by a Member, whether secured
or unsecured;

 

(r)
make or revoke any election to treat the Company as, or take any action that would cause the Company to be treated as, an
entity other than a partnership for tax purposes;

 

(s)
issue any guarantee of, or pledge any assets of, the Company;

 

(t)
sell, transfer, license, lease or dispose of, or pledge or otherwise encumber, any assets of the Company having an aggregate book
value that exceeds $1.00, whether in one transaction or a series of related transactions, but excluding all transactions occurring
in the ordinary course of business;

 

(u)
merge, convert or consolidate the Company or any subsidiary with or into another Person;

 

(v)
acquire any equity securities of any entity;

 

(w)
acquire any real property excluding inventory;

 

(x)
acquire non-real property assets of any other Person for a purchase price that exceeds $1.00;

 

(y)
establish a subsidiary or form or enter into a joint venture, partnership or similar relationship with any Person;

 

(z)
effect any voluntary filing of a petition for bankruptcy or reorganization in respect of the Company, or any similar action under
applicable laws and regulations;

 

(aa)
execute, amend or terminate any agreement to transfer or license any intellectual property to or by the Company;

 

(bb)
approve any operating budget, business plan or any other similar budget or business or strategic plan;

 

(cc)
enter into any commitment to take any of the actions described in this Section 5 5.2.1;

 

(dd)
determine the Cash Available for Distribution by the Company or declare or effect any dividend or distribution; or

 

    	 	- 14 -	 

     

    

 

(ee)
execute, amend or terminate any agreement that contemplates payments by or to the Company in an aggregate amount that exceeds
$1.00.

 

5.2.2.
In the event of any deadlock with respect to any of the Company actions set forth in Section 5.2.1 that is not resolved
after reasonable opportunities to discuss and consider in good faith, the Company shall continue to operate pursuant to the last-approved
budget or business plan in the ordinary course of its business.

 

5.3
Term of Office. Each Manager on the Board shall serve until his or her resignation, death or removal pursuant to this Section
5.3. A Manager may be removed from the Board at any time, with or without cause, by the Member entitled to designate such
Manager.

 

5.4
Vacancy; Resignation. In the event a Manager ceases to serve as a Manager, the resulting vacancy shall be filled by the Member
who designated such Manager, and the vacancy shall remain vacant until the relevant Member elects to fill such vacancy. Any Manager
may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no
time is specified, at the time of its receipt by the Members. The acceptance of a resignation shall not be necessary to make it
effective, unless expressly so provided in the resignation.

 

5.5
Board Approval; Voting; Quorum; Approval or Ratification of Acts or Contracts by Members. Subject to Section 5.2.1, all actions
of the Board shall require the affirmative vote of a majority of votes cast by all of the Managers. Regular meetings of the Board
shall be held at least annually. A Manager may waive notice of any meeting, before or after the date and time of the meeting as
stated in the notice, by delivering a signed waiver to the Company. A Manager’s presence at any meeting waives objection
to lack of notice or defective notice of the meeting, unless the Manager at the beginning of the meeting objects to holding the
meeting or transacting business at the meeting. Any or all Managers may participate in any meeting by, or through the use of,
any means of communication by which all Managers participating may simultaneously hear each other during the meeting, and any
Manager so participating is deemed to be present in person at the meeting. The presence of all Managers is necessary for a quorum.
Any action required or permitted to be taken at a meeting of the Board may be taken without a meeting, without prior notice and
without a vote, if the action is consented to in writing and is signed by all of the Managers. Subject to the Member approval
requirements set forth in Section 5.2.1, any Manager in its discretion may submit any act or contract for approval or ratification
by the Board, and any act or contract that shall be approved or ratified by the Board, assuming that such act or contract has
been approved by the Members if required by Section 5.2.1, shall be as valid and as binding upon the Company and upon all
the Members as if it shall have been approved or ratified by every Member of the Company.

 

5.6
Reimbursement. The members of the Board shall be entitled to be reimbursed for reasonable out of pocket costs and expenses
incurred in the course of its service hereunder.

 

    	 	- 15 -	 

     

    

 

5.7
Officers.

 

5.7.1.
The Board may, from time to time, designate one or more persons to be officers of the Company. Any officers so designated shall
have such authority and perform such duties as the Board may, from time to time, delegate to them. The Board may assign titles
to particular officers. As of the date hereof, the Board has not designated any officers or directors. Unless the Board otherwise
decides, if the title is one commonly used for officers of a business corporation, the assignment of such title shall constitute
the delegation to such officer of the authority and duties that are normally associated with that office, notwithstanding anything
to contrary in this Agreement and subject to any specific delegation or restriction of authority and duties made to such officer
by the Board. Each officer shall hold office until his or her successor shall be duly designated by the Board or until his or
her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. Any number of offices
may be held by the same individual. The salaries or other compensation, if any, of the officers and agents of the Company shall
be fixed from time to time by the Board. For the avoidance of doubt, to the extent any salary is paid to a Member, each Member
will receive the same salary.

 

5.7.2.
Any officer may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified
therein, or if no time be specified, at the time of its receipt by the Board. The acceptance of a resignation shall not be necessary
to make it effective, unless expressly so provided in the resignation. Any officer may be removed as such, either with or without
cause, by the Board whenever in its judgment the best interests of the Company shall be served thereby; provided, however,
that such removal shall be without prejudice to the contract rights, if any, of the individual so removed. Designation of an officer
shall not of itself create contract rights. Any vacancy occurring in any office of the Company may be filled by the Board.

 

ARTICLE
VI

CONFIDENTIALITY

 

Each
Member recognizes and acknowledges that he, she or it has and may in the future receive certain confidential and proprietary information
and trade secrets of the Company and its Subsidiaries, including but not limited to confidential information of the Company and
its Subsidiaries regarding identifiable, specific and discrete business opportunities being pursued by the Company or its subsidiaries
(the “Confidential Information”). Each Member (on his, her or its behalf and, to the extent that such Member
would be responsible for the acts of the following persons under principles of agency law: its directors, officers, shareholders,
partners, employees, agents and members) agrees that it will not, during or after the term of this Agreement, whether directly
or indirectly through an Affiliate or otherwise, take commercial or proprietary advantage of or profit from any Confidential Information
or disclose Confidential Information to any Person for any reason or purpose whatsoever, except (i) to authorized directors, officers,
representatives, agents and employees of the Company or its subsidiaries and as otherwise may be proper in the course of performing
such Member’s obligations, or enforcing such Member’s rights, under this Agreement and the agreements expressly contemplated
hereby; (ii) to such Member’s auditors, attorneys or other agents; (iii) to any bona fide prospective purchaser of the equity
or assets of such Member or its Affiliates or the Units held by such Member, or prospective merger partner of such Member or its
Affiliates with the prior consent of the Board; or (iv) as is required to be disclosed by order of a court of competent jurisdiction,
administrative body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; provided
that, in the event that any Member reasonably believes after consultation with counsel that it is required by law to disclose
any confidential information described in this Article VI, such Member will (a) provide the Board with prompt notice before such
disclosure so that the Board may attempt to obtain a protective order or other assurance that confidential treatment will be accorded
such confidential information and (b) cooperate with the Board or its designee in attempting to obtain such order or assurance.
For purposes of this Article VI, “Confidential Information” shall not include any information which (w) such
Person learns from a source other than the Company or its subsidiaries, who is not bound by a confidentiality obligation, (x)
is generally available to the public other than as a result of a disclosure by a Member in violation of this Agreement, or (y)
is or has been independently developed or conceived by a Member without use of Confidential Information.

 

    	 	- 16 -	 

     

    

 

ARTICLE
VII

EXCULPATION
AND INDEMNIFICATION

 

7.1
Exculpation. No Manager shall be liable to the Company or to any Member for any loss suffered by the Company unless such loss
is caused by a Manager’s willful misconduct, violation of law or material breach of this Agreement. No Manager shall be
liable for errors in judgment or for any acts or omissions that do not constitute willful misconduct, violation of law or material
breach of this Agreement. The Board may consult with counsel and accountants and any member, officer, employee or committee of
the Company or other professional expert in respect of Company affairs, and provided each Manager acts in good faith reliance
upon the advice or opinion of such counsel or accountants or other persons, such Manager shall not be liable for any loss suffered
by the Company in reliance thereon.

 

7.2
Right to Indemnification for each Manager and Officers. Subject to the limitations and conditions as provided in this Article
VII, each Person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative (hereinafter a “Proceeding”),
or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact
that he or she, or a Person of whom he or she is the legal representative, is or was a Manager or officer of the Company or, while
a Manager or officer of the Company, is or was serving at the request of the Company as a Manager, director, officer, partner,
venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited liability company,
corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise shall be indemnified
by the Company, upon Board approval, to the fullest extent permitted by the Act, as the same exists or may hereafter be amended
(but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification
rights than said law permitted the Company to provide prior to such amendment) against judgments, penalties (including excise
and similar taxes and punitive damages), fines, settlements and reasonable expenses (including, without limitation, attorneys’
fees) actually incurred by such Person in connection with such Proceeding, and indemnification under this Article VII shall
continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder. The
rights granted pursuant to this Article VII shall be deemed contract rights, and no amendment, modification or repeal of
this Article VII shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings
arising prior to any amendment, modification or repeal. It is expressly acknowledged that the indemnification provided in this
Article VII could involve indemnification for negligence or under theories of strict liability.

 

    	 	- 17 -	 

     

    

 

7.3
Advance Payment. The right to indemnification conferred in this Article VII shall include the right to be paid or reimbursed
by the Company, upon Board approval, the reasonable expenses incurred by a Person of the type entitled to be indemnified under
Section 7.2 who was, is or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final
disposition of the Proceeding and without any determination as to the Person’s ultimate entitlement to indemnification;
provided, however, that the payment of such expenses incurred by any such Person in advance of the final disposition
of a Proceeding shall be made (after Board approval has been obtained) only upon delivery to the Company of a written affirmation
by such Person of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification under
Article VII and a written undertaking, by or on behalf of such Person, to repay all amounts so advanced if it shall ultimately
be determined that such indemnified Person is not entitled to be indemnified under this Article VII or otherwise.

 

7.4
Indemnification of Members, Employees and Agents. The Company, by adoption of a resolution of the Board, may indemnify and
advance expenses to a Member, employee, or agent of the Company to the same extent and subject to the same conditions under which
it may indemnify and advance expenses to each of the Managers or officers of the Company under this Article VII.

 

7.5
Nonexclusivity of Rights. The right to indemnification and the advancement and payment of expenses conferred in this Article
VII shall not be exclusive of any other right which a Manager, officer or other Person indemnified pursuant to Section
7.4 may have or hereafter acquire under any law (common or statutory), provision of the Certificate or this Agreement, agreement,
vote of Members or the disinterested Managers or otherwise.

 

7.6
Insurance. The Company may purchase and maintain insurance, at its expense, to protect itself and any Person who is or was
serving as a Manager, officer or agent of the Company or is or was serving at the request of the Company as a Manager, director,
officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited
ability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise
against any expense, liability or loss, whether or not the Company would have the power to indemnify such Person against such
expense, liability or loss under this Article VII.

 

7.7
Savings Clause. If this Article VII or any portion hereof shall be invalidated on any ground by any court of competent
jurisdiction, then the Company shall nevertheless indemnify and hold harmless any Manager or any other Person indemnified pursuant
to this Article VII as to costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid
in settlement with respect to any action, suit or proceeding, whether civil, criminal, administrative or investigative to the
fullest extent permitted by any applicable portion of this Article VII that shall not have been invalidated and to the
fullest extent permitted by applicable law.

 

    	 	- 18 -	 

     

    

 

ARTICLE
VIII

TAXES

 

8.1
Tax Returns. The Board shall cause to be prepared and filed all necessary federal and state income tax returns for the Company,
including making any elections the Board may deem appropriate and in the best interests of the Members. Each Member shall furnish
to the Board all pertinent information in its possession relating to Company operations that is necessary to enable the Company’s
income tax returns to be prepared and filed.

 

8.2
Partnership Representative.

 

8.2.1.
Bryan Pantofel shall be designated the “partnership representative” within the meaning of Section 6223(a) of the Code
(the “Partnership Representative”) and shall be authorized to take any actions necessary under Treasury Regulations
or other guidance to cause such designation (including the designation of any individual to act on behalf of any entity Partnership
Representative as may be required under the Partnership Tax Audit Rules). The Company and each Member agrees that they shall be
bound by the actions taken by the Partnership Representative, as described in Section 6223(b) of the Code; the Members consent
to the election set forth in Section 6226(a) of the Code and agree to take any action, and furnish the Partnership Representative
with any information necessary, to give effect to such election if the Partnership Representative decides to make such election;
and any imputed underpayment imposed on the Company pursuant to Section 6232 of the Code (and any related interest, penalties
or other additions to tax) that the Partnership Representative reasonably determines is attributable to one or more Members shall
be promptly paid by such Members to the Company (pro rata in proportion to their respective shares of such underpayment) within
fifteen (15) days following the Partnership Representative’s request for payment (and any failure to pay such amount shall
result in a subsequent reduction in distributions otherwise payable to such Member plus interest on such amount calculated at
the prime rate published in the Wall Street Journal at the determinative time plus two percent (2%)). The Partnership Representative
shall keep each Member reasonably and promptly informed of any audits or administrative or judicial proceedings affecting or relating
to the tax items of the Company, consult with the Members regarding the conduct of such audits or proceedings, and be required
to obtain the prior written consent of the Required Member prior to entering into any agreement or settlement or making an election
in relation to such audits or proceedings. For the avoidance of doubt, (i) the costs of any action taken by or on behalf of the
Partnership Representative, the Company or their respective Affiliates pursuant to this paragraph shall be borne by the Member
benefitting from any such action (together with the other Members similarly benefitting from such action as determined by the
Partnership Representative in its reasonable discretion), (ii) the Partnership Representative will be entitled to rely conclusively
on the advice of the Company’s independent accountant or other tax advisor in making any determination in respect of the
Partnership Tax Audit Rules, and (iii) the Partnership Representative shall not be required to indemnify any Member or the Company
with respect to any taxes incurred under the Partnership Tax Audit Rules.

 

8.2.2.
Each Member shall provide to the Company upon request such information, forms or representations which the Partnership Representative
may reasonably request with respect to the Company’s compliance with applicable tax laws, including, any information, forms
or representations requested by the Partnership Representative to assist in obtaining any exemption, reduction or refund of any
withholding or other taxes imposed by any taxing authority or other governmental agency upon the Company or amounts paid to the
Company.

 

    	 	- 19 -	 

     

    

 

8.2.3.
Notwithstanding any provision of this Agreement to the contrary, the provisions of this Section 8.2 shall survive the termination
or liquidation of the Company or the termination of any Member’s interest in the Company and shall remain binding on the
Members following each such Member’s termination of its interest in the Company.

 

8.3
Tax Reports. The Company shall provide to each Member as promptly as practical after the end of each Taxable Year, the Company’s
tax return and Form K-1 for such Taxable Year, and such other information as may be necessary for the preparation of each such
Member’s United States federal and state income tax returns.

 

8.4
Income Tax Status. It is the intent of this Company and the Members that this Company shall be treated as a partnership for
U.S., federal, state and local income tax purposes. Each Member and the Company shall file all tax returns and shall otherwise
take all tax and financial reporting positions in a manner consistent with such treatment. Neither the Company nor any Member
shall make an election for the Company to be classified as other than a partnership pursuant to Treasury Regulations Section 301.7701-3.

 

ARTICLE
IX

BOOKS,
REPORTS AND COMPANY FUNDS

 

9.1
Maintenance of Books. The Company shall use commercially reasonable efforts to keep books and records of accounts as may be
required. The Fiscal Year shall be the accounting year of the Company.

 

9.2
Informational Rights. The Board shall keep the Members reasonably informed on a timely basis of any material fact, information,
litigation, employee relations or other matter that could reasonably be expected to have a material impact on the operations or
financial position of the Company, including, but not limited to, any modification of any loan or other financing to the Company.

 

ARTICLE
X TRANSFERS

 

10.1
Assignment by Members. No Member shall be permitted to Transfer all or a portion of such Member’s Units except subject
to, and in compliance with, this Article X; provided, however, that in no event may an Incentive Unit be transferred
except in connection with a Company repurchase. Each Member hereby acknowledges the reasonableness of this prohibition in view
of the purposes of the Company and the relationship of the Members. In connection with the Transfer of any Units, the Member holding
such Units shall deliver written notice to the Company describing in reasonable detail the Transfer or proposed Transfer and the
Board may, but is not obligated to, require prior to approving any Transfer, an opinion of counsel, which (to the Board’s
reasonable satisfaction) is knowledgeable in securities law matters, to the effect that such Transfer of Units may be effected
without registration of such Units under the Securities Act. A Member shall not Transfer any Units until the proposed transferee
has agreed in writing to be bound by the conditions set forth in this Section 10.1, and a transferee shall be admitted
to the Company as a Member only following the approval of the Board and upon execution of a counterpart signature page to this
Agreement. Any Transfer by any Member of any Units or other interests in the Company in contravention of this Agreement shall
be invalid, null, void and ineffectual and shall not bind or be recognized by the Company or any other party.

 

    	 	- 20 -	 

     

    

 

10.2
Permitted Transfers. A Transfer by any Member of all or any portion of such Member’s Units to a holding company that
is wholly-owned by one or more Members of the Company is a Permitted Transfer exempt from the requirements of Sections 10.3-10.4.
Otherwise, no Transfer by any Member of all or any portion of such Member’s Units shall be permitted except as otherwise
provided for in this Article X.

 

10.3
Right of First Refusal

 

10.3.1.
Prior to any proposed Transfer of Units to any Person, the transferring Member shall deliver to the Company and the other Members
(other than holders of Incentive Units) a written notice (the “Offer Notice”) specifying in reasonable detail
the number of Units to be transferred, the identity of the transferee(s), the price (which shall be payable solely in cash) and
the other terms and conditions of the proposed Transfer. The Company may elect to purchase all or any portion of the Units proposed
to be Transferred upon the terms and conditions specified in the Offer Notice by delivering to the transferring Member a written
notice of such election within the ten (10) day period following the Company’s receipt of the Offer Notice (the “Company
Election Period”). The purchase of such Units by the Company shall be consummated within thirty (30) days following
expiration of the Company Election Period.

 

10.3.2.
In the event that the Company does not elect to purchase all of the Units described in the Offer Notice, it shall give written
notice of the same (the “Company Notice”) on or prior to the expiration of the Company Election Period to Members
holding Units, other than holders of Incentive Units and other than the Member proposing to Transfer Units (“Offeree
Members”), and the Company shall deliver a copy of such notice to the transferring Member. The Offeree Members may then
elect to purchase collectively all or any portion of such Units pro rata among themselves based on their respective holdings of
Units, upon the terms and conditions specified in the Offer Notice. On or before the tenth (10th) day following receipt of the
Company Notice (the “Member Election Period”), each Offeree Member may submit to the transferring Member such
Member’s election to purchase Units described in the Offer Notice and the number of such Units that such Member wishes to
purchase (collectively, the “Members’ Notices”). Following the Member Election Period and receipt of
the Members’ Notices (if any), if the Members’ Notices collectively evidence elections by the other Members to purchase
at least the number of Units described in the Offer Notice, then such Units shall be allocated among such Offeree Members that
deliver Members’ Notices, as nearly as practicable, as follows: to each such Member a number of Units equal to the lesser
of (a) the number of Units described in such Member’s Members’ Notice and (b) a number of Units equal to the number
of Units described in the Offer Notice multiplied by a fraction, the numerator of which is the aggregate number of Units owned
by such electing Member and the denominator of which is the sum of Units owned by all electing Members that provide Members’
Notices. The purchase by electing Offeree Members pursuant to this Section 10.3.2 shall be consummated within thirty (30)
days following expiration of the Member Election Period.

 

    	 	- 21 -	 

     

    

 

10.3.3.
In the event that neither the Company nor the Offeree Members elect to purchase all of the Units described in the Offer Notice
in accordance with this Section 10.3.3, the transferring Member may Transfer all of the Units covered by the Offer Notice
to the transferee(s) specified in the Offer Notice on terms no more favorable to such transferee(s) than those specified in the
Offer Notice; provided that, in connection with any such Transfer, each transferee shall agree in writing to be bound by
the provisions of this Agreement. Any unsold Units not transferred within such sixty (60) day period shall again be subject to
Section 10.2 in connection with any proposed Transfer thereof.

 

10.4
Right of Repurchase Upon Involuntary Transfer. In the event of any Involuntary Transfer by a Member, the Company shall have
the right, but not the obligation, to purchase all, but not less than all, of the affected Member’s Units at Fair Market
Value (the “Repurchase Right”). For a period of sixty (60) days after an Involuntary Transfer, the Company
may exercise its Repurchase Right by delivering written notice to the affected Member, who shall be obligated to Transfer the
Units. The Company shall thereafter purchase all of the affected Member’s Units by delivering in cash the purchase price
consideration in the amount of the Fair Market Value of the affected Member’s Units within fifteen (15) days of the Company’s
exercise of the Repurchase Right.

 

10.5
Substituted Member.

 

10.5.1.
An assignee of any Units or other interests in the Company of a Member, or any portion thereof, shall become a substituted Member
entitled to all the rights of a Member if and only if the assignor gives the assignee such right and the Board has granted its
prior written consent to such assignment and substitution, which consent may be withheld in the sole discretion of the Board.

 

10.5.2.
The Company and the Board shall be entitled to treat the record owner of any Units or other interest in the Company as the absolute
owner thereof and shall incur no liability for distributions of cash or other property made in good faith to such owner until
such time as a written assignment of such Units or other interest in the Company, which assignment is permitted pursuant to the
terms and conditions of Section 10.1 hereof, has been received and accepted by the Board and recorded on the books of the
Company.

 

10.5.3.
Upon the admission of a substituted Member, the records of the Company shall be amended to reflect the name, address and Units
and other interests in the Company of such substituted Member and to eliminate the name and address of and other information relating
to the assigning Member with regard to the assigned Units and other interests in the Company.

 

10.6
Effect of Assignment.

 

10.6.1.
Any Member who shall assign any Units or other interest in the Company shall cease to be a Member of the Company with respect
to such Units or other interest and shall no longer have any rights or privileges of a Member with respect to such Units or other
interest.

 

    	 	- 22 -	 

     

    

 

10.6.2.
Any Person who acquires in any manner whatsoever any Units or other interest in the Company, irrespective of whether such Person
has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance of the benefits
of the acquisition thereof to have agreed to be subject to and bound by all the terms and conditions of this Agreement that any
predecessor in such Units or other interest in the Company of such Person was subject to or by which such predecessor was bound.

 

10.7
Effect of Incapacity. Except as otherwise provided herein, the Incapacity of a Member shall not dissolve or terminate the
Company. In the event of such Incapacity, the executor, administrator, guardian, trustee or other personal representative of the
Incapacitated Member shall be deemed to be the assignee of such Member’s Units or other interests in the Company and may,
subject to Section 10.1, become a substituted Member upon the terms and conditions set forth in Section 10.6.

 

10.8
Repurchase Right for Incentive Units. The Company shall have such repurchase rights with respect to Incentive Units as may
be set forth in the Incentive Unit Grant Agreement corresponding to such Units.

 

ARTICLE
XI

DISSOLUTION,
LIQUIDATION AND TERMINATION

 

11.1
Dissolution. The Company shall be dissolved and its affairs shall be wound up on the first to occur of the following:

 

(a)
the unanimous written consent of the Board to dissolve the Company; or

 

(b)
the entry of a decree of judicial dissolution of the Company under Section 86.495 of the Act;

 

The
death, retirement, resignation, expulsion, bankruptcy or dissolution of a Member, or the occurrence of any other event that terminates
the continued membership of a Member in the Company, shall not cause a dissolution of the Company.

 

11.2
Liquidation and Termination. On dissolution of the Company, the Board shall act as the liquidator or may appoint one or more
Members as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions
as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until final distribution, the
liquidator shall continue to operate the Company properties with all of the power and authority of the Board. The steps to be
accomplished by the liquidator are as follows:

 

(a)
as promptly as possible after dissolution and again after final liquidation, the liquidator shall cause a proper accounting to
be made by a recognized firm of certified public accountants of the Company’s assets, liabilities and operations through
the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable; and

 

    	 	- 23 -	 

     

    

 

(b)
the liquidator shall cause the notice described in the Act to be mailed to each known creditor of and claimant against the Company
in the manner described thereunder; and

 

(c)
the liquidator shall pay, satisfy or discharge from Company funds all of the debts, liabilities and obligations of the Company
(including, without limitation, all expenses incurred in liquidation and all amounts owed to Members of the Company) or otherwise
make adequate provision for payment and discharge thereof; and

 

(d)
the liquidator shall make reasonable provision to pay all contingent, conditional or unmatured contractual claims known to the
Company; and

 

(e)
the liquidator shall make such provision as will be reasonably likely to be sufficient to provide compensation for any claim against
the Company, which is the subject of a pending action, suit or proceeding to which the Company is a party; and

 

(f)
the liquidator shall make such provision as will be reasonably likely to be sufficient for claims that have not been made known
to the Company or that have not arisen but that, based on facts known to the Company, are likely to arise or to become known to
the Company after the date of dissolution; and

 

(g)
all remaining assets of the Company shall be distributed to the Members in the following order of priority:

 

(i)
First, to all Members in proportion to their Unreturned Capital Contributions until the Unreturned Capital Contributions of all
Members have been reduced to zero ($0);

 

(ii)
Second, to all of the Members in proportion to their positive Capital Account balances, until all positive Capital Account balances
have been reduced to zero ($0); provided however, that Members holding Incentive Units shall not receive any Distribution
with respect to any Incentive Unit until the Distribution Threshold for such Incentive Unit has been met; and

 

(iii)
Third, any remaining assets of the Company shall be distributed to the Members in proportion to the number of Units held by each,
provided however, that Members holding Incentive Units shall not receive any Distribution with respect to any Incentive
Unit until the Distribution Threshold for such Incentive Unit has been met.

 

All
distributions in kind to the Members shall be made subject to the liability of each distributee for costs, expenses and liabilities
theretofore incurred or for which the Company has committed prior to the date of termination, and those costs, expenses and liabilities
shall be allocated to the distributees pursuant to this Section 11.2. The distribution of cash and/or property to a Member
in accordance with the provisions of this Section 11.2 constitutes a complete return to the Member of its Capital Contributions
and a complete distribution to the Member of its interest in the Company and all of the Company’s property and constitutes
a compromise to which all Members have consented within the meaning of the Act. To the extent that a Member returns funds to the
Company, it has no claim against any other Member for those funds.

 

    	 	- 24 -	 

     

    

 

11.3
Cancellation of Certificate. On completion of the distribution of Company assets as provided herein, the Company shall be
terminated, and any Manager (or such other Person or Persons as the Act may require or permit) shall file a certificate of cancellation
with the Secretary of State of the State of Nevada, and take such other actions as may be necessary to terminate the Company.

 

ARTICLE
XII

VALUATION

 

The
“Fair Market Value” of any Unit or other securities issued by the Company or any non-cash assets shall mean
the purchase price that a willing buyer having all relevant knowledge would pay a willing seller for such Unit or other securities
issued by the Company or any non- cash assets in an arm’s length transaction, determined as of the applicable reference
date in good faith by the Board, taking into consideration all factors it deems relevant; provided that the “Fair
Market Value” of any Units shall not be subject to any lack of liquidity, minority interest or other similar discounts as
might otherwise be applicable under generally accepted appraisal and valuation standards and will be determined based on the amount
such Units would be entitled to receive pursuant to Section 11.2(g) if proceeds were distributed by the Company in an amount
equal to the then-current Fair Market Value of the Company. In the event that the Board, acting in good faith, cannot agree on
the Fair Market Value of any Unit, the Board shall unanimously select an independent third-party Person to conduct a valuation
of the respective Unit with such valuation, except such valuation shall not be subject to any lack of liquidity, minority interest,
or other similar discount using generally accepted appraisal and valuation standards.

 

ARTICLE
XIII

GENERAL
PROVISIONS

 

13.1
Offset. Whenever the Company is to pay any sum to any Member, any amounts that such Member owes to the Company may be deducted
from that sum before payment.

 

13.2
Notices. Except as expressly set forth to the contrary in this Agreement, all notices, requests, or consents provided for
or permitted to be given under this Agreement must be in writing and must be given either by depositing that writing in the United
States mail, addressed to the recipient, postage paid, and registered or certified with return receipt requested or by delivering
that writing to the recipient in person, by courier, by email or by facsimile transmission; and a notice, request, or consent
given under this Agreement is effective on receipt by the Person to receive it. All notices, requests, and consents to be sent
to a Member must be sent to or made at the address given for that Member on such Member’s signature page to this Agreement,
or such other address as that Member may specify by notice to the other Members. Any notice, request, or consent to the Company
or the Board must be given to the Board at the following address:

 

Member
1: PPE Brickell Supplies, LLC

c/o
Matthew Pantofel

45
SW 9th Street, Apt. 1603, Miami, Florida

33130; bryanhpantofel@yahoo.com

 

    	 	- 25 -	 

     

    

 

Member
2: Graphene Holdings, LLC.

c/o Brian McFadden

1910
Thomes Avenue

Cheyenne,
WY 82001

 

Member
3: Edison Nation, Inc.

c/o
Chris Ferguson

1
West Broad Street, Suite 1004

Bethlehem,
PA 18018

 

Whenever
any notice is required to be given by law, the Certificate or this Agreement, a written waiver thereof, signed by the Person entitled
to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

 

13.3
Entire Agreement. This Agreement constitutes the entire agreement of the Members relating to the Company and supersedes all
prior contracts or agreements with respect to the Company, whether oral or written.

 

13.4
Effect of Waiver or Consent. A waiver or consent, express or implied, to or of any breach or default by any Person in the
performance by that Person of its obligations with respect to the Company is not a consent or waiver to or of any other breach
or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company.
Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the Company,
irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that
default until the applicable statute-of-limitations period has run. The failure of any party to enforce any provision of this
Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce
each provision of this Agreement in accordance with its terms.

 

13.5
Amendment or Modification. Except as otherwise provided herein, this Agreement may be amended or modified from time to time
by a written instrument adopted by the Board. Any amendment or waiver that is required or approved in accordance with this Section
13.5 shall be binding upon all existing and future holders of Units. Notwithstanding anything herein to the contrary, this
Agreement may be amended without the consent of any of the Members to (i) update Exhibit A to reflect any changes in the
ownership of Units or (ii) remove or correct any scrivener’s error contained in this Agreement.

 

13.6
Binding Effect. Subject to the restrictions on Transfers set forth in this Agreement, this Agreement is binding on and shall
inure to the benefit of the Members and their respective heirs, legal representatives, successors and assigns.

 

13.7
Governing Law; Severability. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE
OF NEVADA, EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT
TO THE LAW OF ANOTHER JURISDICTION. In the event of a direct conflict between the provisions of this Agreement and any provision
of the Certificate or any mandatory provision of the Act, the applicable provision of the Certificate or the Act shall control.
If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to
any extent, the remainder of this Agreement and the application of that provision to other Persons or circumstances is not affected
thereby and that provision shall be enforced to the greatest extent permitted by law.

 

    	 	- 26 -	 

     

    

 

13.8
Submission to Jurisdiction; Venue. The parties (a) unconditionally consent to the exclusive jurisdiction of the state and
federal courts having jurisdiction in Nevada, over any legal proceeding arising out of or relating to this Agreement, (b) stipulate
that a proper and convenient venue for any legal proceeding arising out of or relating to this Agreement is Nevada, for a state
court proceeding, or for a federal court proceeding, and (c) waive any defense, whether asserted by motion or pleading, that Nevada,
is an improper or inconvenient venue.

 

13.9
Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Member shall execute
and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate
and perform the provisions of this Agreement and the transactions contemplated hereby.

 

13.10
Waiver of Certain Rights. Each Member irrevocably waives any right it may have to maintain any action for dissolution of the
Company or for partition of the property of the Company or for any rights to information from the Company provided under the Act.

 

13.11
Power of Attorney. Each of the undersigned Members does hereby constitute and appoint each of the Managers and the liquidator
with full power to act without the others (subject to the provisions of Article V hereof), as such Member’s true
and lawful representative and attorney-in-fact, in such Member’s name, place and stead, to make, execute, sign, acknowledge
and deliver or file in such form and substance as is approved by the Board and the Required Member, as applicable, in accordance
with this Agreement (a) all instruments, documents and certificates which may from time to time be required by any law to effectuate,
implement and continue the valid and subsisting existence of the Company, or to qualify or continue the qualification of the Company
in the State of Nevada and in all jurisdictions in which the Company may conduct business or own property, and any amendment to,
modification to, restatement of or cancellation of any such instrument, document or certificate, and (b) all conveyances and other
instruments, documents and certificates which may be required to effectuate the dissolution and termination of the Company approved
in accordance with the terms of this Agreement. The powers of attorney granted herein shall be deemed to be coupled with an interest,
shall be irrevocable, and shall survive the death, disability, incompetency, bankruptcy, insolvency or termination of any Member
and the Transfer of all or any portion of such Member’s Units, and shall extend to such Member’s heirs, successors,
assigns, and personal representatives.

 

    	 	- 27 -	 

     

    

 

13.12
Indemnification and Reimbursement for Payments on Behalf of a Member. If the Company is obligated to pay any amount to a governmental
agency (or otherwise makes a payment) because of a Member’s status or otherwise specifically attributable to a Member (including,
without limitation, federal withholding taxes with respect to foreign Persons, state personal property taxes, state unincorporated
business taxes, etc.), then such Member (the “Indemnifying Member”) shall indemnify the Company in full for
the entire amount paid (including, without limitation, any interest, penalties and expenses associated with such payments). The
amount to be indemnified shall be charged against the Indemnifying Member, and, at the option of the Board, either:

 

(a)
promptly upon notification of an obligation to indemnify the Company, the Indemnifying Member shall make a cash payment to the
Company equal to the full amount to be indemnified (and the amount paid shall not be treated as a Capital Contribution), or

 

(b)
the Company shall reduce distributions which would otherwise be made to the Indemnifying Member, until the Company has recovered
the amount to be indemnified (and, the amount withheld shall not be treated as a Capital Contribution).

 

13.13
Notice to Members of Provisions. By executing this Agreement, each Member acknowledges that it has actual notice of (i) all
of the provisions hereof (including, without limitation, the restrictions on Transfer set forth in Article X) and (ii)
all of the provisions of the Certificate.

 

13.14
Counterparts. This Agreement may be executed in multiple counterparts (including by means of PDF or telecopied signature page)
with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and
constitute the same instrument.

 

13.15
Attorneys’ Fees. In the event that any party hereto institutes any legal suit, action or proceeding, including arbitration,
against another party in respect of a matter arising out of or relating to this Agreement, the prevailing party in the suit, action
or proceeding shall be entitled to receive, in addition to all other damages to which it may be entitled, the costs incurred by
such party in conducting the suit, action or proceeding, including reasonable attorneys’ fees and expenses and court costs.

 

*      *       *       *

 

    	 	- 28 -	 

     

    

 

IN
WITNESS WHEREOF, the undersigned Members have executed this Agreement as of the date first set forth above.

 

	 	MEMBER
    #1:
	 	 
	 	PPE
    Brickell Supplies, LLC.
	 	 
	 	 
	 	Matthew
    Pantofel, Authorized Signer
	 	 
	 	MEMBER
    #2:
	 	 
	 	Graphene
    Holdings, LLC.
	 	 

	 	 
	 	Brian
    McFadden, Member
	 	 
	 	MEMBER
    #3:
	 	 
	 	Edison
    Nation, Inc.
	 	 
	 	 
	 	By:
    Chris Ferguson, CEO

 

    	 	 	 

     

    

 

EXHIBIT
A

 

	Member	 	#UNITS/CLASS	 	%
    Ownership/Capital Contribution
	 	 	 	 	 
	PPE
    Brickell Supplies, LLC	 	25
    Class A Units	 	25%
    Initial Capital Contribution $50.00 
	Graphene
    Holdings, LLC	 	25
    Class A Units	 	25%
    Initial Capital Contribution $50.00 
	Edison
    Nation, Inc,	 	50
    Class A Units	 	50%
    Initial Capital Contribution $100.00EX-4.1

 EXHIBIT 4.1 

MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET MARKET – Solely for the purposes of each manufacturer’s product
approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as
amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a
“distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either
adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels. 
 MIFID II
PRODUKTÜBERWACHUNGSPFLICHTEN / ZIELMARKT PROFESSIONELLE INVESTOREN UND GEEIGNETE GEGENPARTEIEN – Die Zielmarktbestimmung im Hinblick auf die Schuldverschreibungen hat – ausschließlich für den Zweck des
Produktgenehmigungsverfahrens jedes Konzepteurs – zu dem Ergebnis geführt, dass: (i) der Zielmarkt für die Schuldverschreibungen ausschließlich geeignete Gegenparteien und professionelle Kunden, jeweils im Sinne der
Richtlinie 2014/65/EU (in der jeweils gültigen Fassung, “MiFID II”), umfasst und (ii) alle Kanäle für den Vertrieb der Schuldverschreibungen an geeignete Gegenparteien und professionelle Kunden angemessen sind. Jede
Person, die in der Folge die Schuldverschreibungen anbietet, verkauft oder empfiehlt (ein “Vertriebsunternehmen”) soll die Beurteilung des Zielmarkts der Konzepteure berücksichtigen; ein Vertriebsunternehmen, welches MiFID II
unterliegt, ist indes dafür verantwortlich, seine eigene Zielmarktbestimmung im Hinblick auf die Schuldverschreibungen durchzuführen (entweder durch die Übernahme oder durch die Präzisierung der Zielmarktbestimmung der
Konzepteure) und angemessene Vertriebskanäle zu bestimmen. 
 PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS – The Notes are not
intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”) or in the United Kingdom (“UK”). For these
purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”) or (ii) a customer within the meaning of
Directive 2016/97/EU as amended (“IDD”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required by Regulation (EU) No
1286/2014 (as amended or superseded, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Notes or
otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation. 
 VERBOT DES VERKAUFS
AN KLEINANLEGER IM EUROPÄISCHEN WIRTSCHAFTSRAUM UND IM VEREINIGTEN KÖNIGREICH – Die Schuldverschreibungen sind nicht zum Angebot, zum Verkauf oder zur sonstigen Zurverfügungstellung an Kleinanleger im Europäischen
Wirtschaftsraum (“EWR”) oder im Vereinigten Königreich bestimmt und sollten Kleinanlegern im EWR und im Vereinigten Königreich nicht angeboten, nicht an diese verkauft und diesen auch nicht in sonstiger Weise zur Verfügung
gestellt werden. Für die Zwecke dieser Bestimmung bezeichnet der Begriff Kleinanleger eine Person, die eines (oder mehrere) der folgenden Kriterien erfüllt: (i) sie ist ein Kleinanleger im Sinne von Artikel 4 Abs. 1 Nr. 11 der
Richtlinie 2014/65/EU (in ihrer jeweils gültigen Fassung, “MiFID II”) oder (ii) sie ist ein Kunde im Sinne der Richtlinie 2016/97/EU in ihrer jeweils gültigen Fassung (“IDD”), soweit dieser Kunde nicht als
professioneller Kunde im Sinne von Artikel 4 Abs. 1 Nr. 10 MiFID II gilt. Entsprechend wurde kein nach der Verordnung (EU) Nr. 1286/2014 (in ihrer jeweils gültigen oder ersetzten Fassung, die “PRIIPs-Verordnung”) erforderliches
Basisinformationsblatt für das Angebot oder den Verkauf oder die sonstige Zurverfügungstellung der Schuldverschreibungen an Kleinanleger im EWR oder im Vereinigten Königreich erstellt; daher kann das Angebot oder der Verkauf oder die
sonstige Zurverfügungstellung der Schuldverschreibungen an Kleinanleger im EWR oder im Vereinigten Königreich nach der PRIIPs-Verordnung rechtswidrig sein. 

 Dated 15 May 2020 

Datum 15. Mai 2020 
 Final
Terms 
 Endgültige Bedingungen 

LINDE FINANCE B.V. 
 Legal
Entity Identifier (LEI): 5H8RMHHYTWIP1RKLCE38 
 Issue of 

Emission von 
 EUR
750,000,000 0.250 per cent. Notes due 2027 
 EUR 750.000.000 0,250% Schuldverschreibungen fällig 2027 

issued as 
 begeben als 

 

							
	Series	 		  	Tranche	  	
		 	1	  		  	1
	Serie	 		  	Tranche	  	

 under the 

unter dem 
 EUR
10,000,000,000 
 DEBT ISSUANCE PROGRAMME 

of 
 der 

Linde plc and Linde Finance B.V. 

Linde plc und der Linde Finance B.V. 

guaranteed by Linde plc 

garantiert durch die Linde plc 
  

							
	Issue Date:	  	19 May 2020	  	Issue Price:	  	99.958 per cent.
				
	Begebungstag:	  	19. Mai 2020	  	Emissionspreis:	  	99,958%

  
 2 

 Important Notice 

This document constitutes the final terms relating to the issue of Notes described herein (the “Final Terms”). These Final Terms have been
prepared for the purposes of the listing of the Notes on the Euro MTF market of the Luxembourg Stock Exchange and must be read in conjunction with the base prospectus dated 11 May 2020 (the “Base Prospectus”) which
constitute(s) a base prospectus for the purposes of the Luxembourg Law of 16 July 2019 on Prospectuses for Securities. The Base Prospectus and any supplement thereto are available for viewing in electronic form on the website of the Luxembourg
Stock Exchange (www.bourse.lu). Full information on the Issuer, the Guarantor and the Notes is only available on the basis of the combination of these Final Terms and the Base Prospectus. 

Wichtiger Hinweis 
 Dieses Dokument
stellt die endgültigen Bedingungen für die Emission der hierin beschriebenen Schuldverschreibungen dar (die “Endgültigen Bedingungen”). Diese Endgültigen Bedingungen wurden für die Zwecke des
der Zulassung zum Handel der Schuldverschreibungen am Euro MTF Market der Luxemburger Börse abgefasst und sind nur mit dem Basisprospekt vom 11. Mai 2020 (der “Basisprospekt”), der einen Basisprospekt im Sinne des Luxemburger Gesetzes
vom 16. Juli 2019 bezüglich Wertpapierprospekte darstellt, gemeinsam zu lesen. Der Basisprospekt sowie etwaige Nachträge können in elektronischer Form auf der Internetseite der Luxemburger Börse (www.bourse.lu) eingesehen werden.
Vollständige Informationen in Bezug auf die Emittentin, die Garantin und die Schuldverschreibungen sind nur in der Gesamtheit dieser Endgültigen Bedingungen und dem Basisprospekt enthalten. 

  
 3 

 PART I – CONTRACTUAL TERMS 

The Terms and Conditions applicable to the Notes (the “Conditions”), and the English language translation thereof, are as set out below. 

TEIL I – VERTRAGLICHE REGELUNGEN 

Die für die Schuldverschreibungen geltenden Anleihebedingungen (die “Bedingungen”) sowie deren englischsprachige
Übersetzung sind wie nachfolgend aufgeführt. 

  
 4 

			
		
	 § 1

WÄHRUNG, STÜCKELUNG, FORM, EINZELNE DEFINITIONEN
	 	 § 1

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS

		
	(1) Währung; Stückelung. Diese Serie der Schuldverschreibungen (die “Schuldverschreibungen”) der Linde Finance B.V. (“Linde Finance B.V.” oder die
“Emittentin”) wird in Euro (die “Festgelegte Währung”) im Gesamtnennbetrag (vorbehaltlich § 1(4)) von EUR 750.000.000 (in Worten: siebenhundert fünfzig Millionen Euro) in einer
Stückelung von EUR 100.000 (die “Festgelegte Stückelung”) begeben.	 	(1) Currency; Denomination. This Series of Notes (the “Notes”) of Linde Finance B.V. (“Linde Finance B.V.” or the “Issuer”) is being issued in Euro (the
“Specified Currency”) in the aggregate principal amount (subject to § 1(4)) of EUR 750,000,000 (in words: seven hundred fifty million Euro) in denominations of EUR 100,000 (the “Specified Denomination”).

		
	(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.	 	(2) Form. The Notes are being issued in bearer form.
		
	(3) Vorläufige Globalurkunde – Austausch.	 	(3) Temporary Global Note – Exchange.
		
	 (a)   Die Schuldverschreibungen sind anfänglich durch eine vorläufige
Globalurkunde (die “vorläufige Globalurkunde”) ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde wird gegen Schuldverschreibungen in der Festgelegten Stückelung, die durch eine Dauerglobalurkunde (die
“Dauerglobalurkunde”) ohne Zinsscheine verbrieft sind, ausgetauscht. Die vorläufige Globalurkunde und die Dauerglobalurkunde tragen jeweils die Unterschriften ordnungsgemäß bevollmächtigter Vertreter der
Emittentin und sind jeweils von der Emissionsstelle oder in deren Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben.
	 	 (a)   The Notes are initially represented by a temporary global note (the
“Temporary Global Note”) without coupons. The Temporary Global Note will be exchangeable for Notes in the Specified Denomination represented by a permanent global note (the “Permanent Global Note”) without coupons.
The Temporary Global Note and the Permanent Global Note shall each be signed by authorized signatories of the Issuer and shall each be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons will not be
issued.

		
	 (b)   Die vorläufige Globalurkunde wird frühestens an einem Tag (der
“Austauschtag”) gegen die Dauerglobalurkunde austauschbar, der 40 Tage nach dem Tag der Ausgabe der vorläufigen Globalurkunde liegt. Ein solcher Austausch soll nur nach Vorlage von Bescheinigungen gemäß U.S.
Steuerrecht erfolgen, wonach der oder die wirtschaftlichen Eigentümer der durch die vorläufige Globalurkunde verbrieften Schuldverschreibungen keine U.S.-Personen sind (ausgenommen bestimmte Finanzinstitute oder bestimmte Personen, die
Schuldverschreibungen über solche Finanzinstitute halten). Zinszahlungen auf durch eine vorläufige Globalurkunde verbriefte Schuldverschreibungen erfolgen erst nach Vorlage solcher Bescheinigungen. Eine gesonderte Bescheinigung ist
hinsichtlich einer jeden solchen Zinszahlung erforderlich. Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der Ausgabe der vorläufigen Globalurkunde eingeht, wird als ein Ersuchen behandelt werden, die vorläufige
Globalurkunde gemäß diesem § 1(3)(b) auszutauschen. Wertpapiere, die im Austausch für die vorläufige Globalurkunde geliefert werden, sind nur außerhalb der Vereinigten Staaten (wie in § 4(3) definiert) zu
liefern. 
	 	 (b)   The Temporary Global Note shall be exchangeable for the Permanent Global
Note from a date (the “Exchange Date”) 40 days after the date of issue of the Temporary Global Note. Such exchange shall only be made upon delivery of certifications to the effect that the beneficial owner or owners of the
Notes represented by the Temporary Global Note is not a U.S. person (other than certain financial institutions or certain persons holding Notes through such financial institutions) as required by U.S. tax law. Payment of interest on Notes
represented by a Temporary Global Note will be made only after delivery of such certifications. A separate certification shall be required in respect of each such payment of interest. Any such certification received on or after the 40th day after
the date of issue of the Temporary Global Note will be treated as a request to exchange such Temporary Global Note pursuant to this § 1(3)(b). Any securities delivered in exchange for the Temporary Global Note shall be delivered only outside of
the United States (as defined in § 4(3)).

		
	 (4) Clearing System. Jede Globalurkunde wird solange von einem oder im Namen eines Clearing Systems verwahrt, bis sämtliche
Verbindlichkeiten der Emittentin aus den Schuldverschreibungen erfüllt sind. “Clearing System” bedeutet jeweils Folgendes: Clearstream Banking S.A., 42 Avenue JF Kennedy, 1855 Luxembourg, Großherzogtum Luxemburg
(“CBL”), Euroclear Bank SA/NV, Boulevard du Roi Albert II, 1210 Brüssel, Belgien (“Euroclear”) (CBL und Euroclear jeweils ein “ICSD” und zusammen die “ICSDs”) sowie jeder
Funktionsnachfolger.
	 	(4) Clearing System. Each global note will be kept in custody by or on behalf of the Clearing System until all obligations of the Issuer under the Notes have been satisfied. “Clearing System” means
each of the following: Clearstream Banking S.A., 42 Avenue JF Kennedy, 1855 Luxembourg, Grand Duchy of Luxembourg (“CBL”), Euroclear Bank SA/NV, Boulevard du Roi Albert II, 1210 Brussels, Belgium (“Euroclear”) (CBL
and Euroclear each an “ICSD” and together the “ICSDs”) and any successor in such capacity.
		
	Die Schuldverschreibungen werden in Form einer New Global Note (“NGN”) ausgegeben und von einem common safekeeper im Namen beider ICSDs verwahrt.	 	The Notes are issued in new global note (“NGN”) form and are kept in custody by a common safekeeper on behalf of both ICSDs.
		
	Der Gesamtnennbetrag der durch die Globalurkunde verbrieften Schuldverschreibungen entspricht dem jeweils in den Registern beider ICSDs eingetragenen Gesamtbetrag. Die Register der ICSDs (unter denen die Register zu verstehen sind,
die jeder	 	The aggregate principal amount of Notes represented by the global note shall be the aggregate amount from time to time entered in the records of both ICSDs. The records of the ICSDs (which expression means the records that each ICSD
holds for

  
 5 

			
	ICSD für seine Kunden über den Betrag ihres Anteils an den Schuldverschreibungen führt) sind maßgeblicher Nachweis des Gesamtnennbetrags der durch die Globalurkunde verbrieften Schuldverschreibungen, und eine zu
diesem Zweck von einem ICSD jeweils ausgestellte Bescheinigung mit dem Betrag der so verbrieften Schuldverschreibungen ist maßgebliche Bestätigung des Inhalts des Registers des betreffenden ICSD zu dem fraglichen Zeitpunkt.	 	its customers which reflect the amount of such customer’s interest in the Notes) shall be conclusive evidence of the aggregate principal amount of Notes represented by the global note and, for these purposes, a statement issued
by an ICSD stating the amount of Notes so represented at any time shall be conclusive evidence of the records of the relevant ICSD at that time. 
		
	Bei jeder Rückzahlung oder einer Zinszahlung auf die durch die Globalurkunde verbrieften Schuldverschreibungen bzw. beim Kauf und der Entwertung der durch die Globalurkunde verbrieften Schuldverschreibungen weist die Emittentin
die ICSDs an, dass die Einzelheiten der Rückzahlung, Zahlung oder des Kaufs und der Entwertung bezüglich der Globalurkunde pro rata in die Unterlagen der ICSDs eingetragen werden, und dass nach dieser Eintragung vom Gesamtnennbetrag
der in die Register der ICSDs aufgenommenen und durch die Globalurkunde verbrieften Schuldverschreibungen der Gesamtnennbetrag der zurückgekauften bzw. gekauften und entwerteten Schuldverschreibungen abgezogen wird. 	 	On any redemption or payment of interest being made in respect of, or purchase and cancellation of, any of the Notes represented by the global note the Issuer instructs the ICSDs that details of any redemption, payment or purchase
and cancellation (as the case may be) in respect of the global note shall be entered pro rata in the records of the ICSDs and, upon any such entry being made, the aggregate principal amount of the Notes recorded in the records of the ICSDs
and represented by the global note shall be reduced by the aggregate principal amount of the Notes so redeemed or purchased and cancelled. 
		
	Bei Austausch nur eines Teils von Schuldverschreibungen, die durch eine vorläufige Globalurkunde verbrieft sind, wird die Emittentin sicherstellen, dass die Einzelheiten dieses Austauschs pro rata in die Register der ICSDs
aufgenommen werden.	 	On an exchange of a portion only of the Notes represented by a Temporary Global Note, the Issuer shall procure that details of such exchange shall be entered pro rata in the records of the ICSDs. 
		
	(5) Gläubiger von Schuldverschreibungen. “Gläubiger” bedeutet jeder Inhaber eines Miteigentumsanteils oder anderen Rechts an den Schuldverschreibungen.	 	(5) Holder of Notes. “Holder” means any holder of a proportionate co-ownership or other beneficial interest or right in the Notes.
		
	 § 2

STATUS, NEGATIVVERPFLICHTUNG, GARANTIE UND NEGATIVVERPFLICHTUNG DER GARANTIN
	 	 § 2

STATUS, NEGATIVE PLEDGE, GUARANTEE AND NEGATIVE PLEDGE OF THE GUARANTOR

		
	 (1) Status. Die Schuldverschreibungen begründen nicht besicherte und nicht nachrangige Verbindlichkeiten der Emittentin, die
untereinander und mit allen anderen nicht besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin gleichrangig sind mit Ausnahme von Verbindlichkeiten, die nach geltenden Rechtsvorschriften vorrangig sind.
	 	(1) Status. The obligations under the Notes constitute unsecured and unsubordinated obligations of the Issuer ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated
obligations of the Issuer except for any obligations preferred by law.
		
	 (2) Negativverpflichtung. Die Emittentin verpflichtet sich, solange Schuldverschreibungen ausstehen, jedoch nur bis zu dem Zeitpunkt,
an dem alle Beträge an Kapital und Zinsen der Zahlstelle zur Verfügung gestellt worden sind, keine Grundpfandrechte oder sonstigen dinglichen Sicherungsrechte an gegenwärtigen oder zukünftigen Teilen ihres Vermögens oder
ihrem gegenwärtigen oder zukünftigen Vermögens insgesamt zur Besicherung einer gegenwärtigen oder zukünftigen Kapitalmarktverbindlichkeit, die von der Emittentin oder einer anderen Person eingegangen oder gewährleistet
ist, zu bestellen oder fortbestehen zu lassen, ohne gleichzeitig die Gläubiger an derselben Sicherheit im gleichen Rang und gleichen Verhältnis teilnehmen zu lassen.
	 	(2) Negative Pledge. So long as any of the Notes remains outstanding, but only up to the time all amounts of principal and interest have been placed at the disposal of the Paying Agent, the Issuer undertakes not to grant or
permit to subsist any mortgage, land charge or any other security right in rem (dingliches Sicherungsrecht) over any or all of its present or future assets, as security for any present or future Capital Market Indebtedness issued or
guaranteed by the Issuer or by any other person, without at the same time having the Holders share equally and rateably in such security.
		
	 “Kapitalmarktverbindlichkeit” ist jede Verbindlichkeit zur Zahlung aufgenommener Gelder, die durch Schuldverschreibungen,
die eine ursprüngliche Laufzeit von mehr als einem Jahr haben und die an einer Börse oder an einem anderen anerkannten Wertpapiermarkt notiert oder gehandelt werden oder werden können, verbrieft, verkörpert oder dokumentiert ist.
Um etwaige Zweifel bezüglich von asset-backed financings der Emittentin zu vermeiden, schließen die in diesem § 2 benutzten Worte “Vermögen” und “Verbindlichkeiten zur Zahlung aufgenommener
Gelder” nicht solche Vermögensgegenstände und Verbindlichkeiten der Emittentin ein, die im Einklang mit den Gesetzen und den anwendbaren anerkannten Regeln der Bilanzierung und Buchführung nicht in der Bilanz der Emittentin
ausgewiesen werden müssen und darin auch nicht ausgewiesen werden.
	 	“Capital Market Indebtedness” means any obligation for the payment of borrowed money which is in the form of, or represented or evidenced by, notes with an initial term longer than one year, which are or are capable
of being quoted, listed, dealt in or traded on a stock exchange or other recognised securities market. For the purposes of avoiding any doubt in respect of asset-backed financings originated by the Issuer, the expressions “assets” and
“obligations for the payment of borrowed money” as used in this § 2 do not include assets and obligations of the Issuer which, pursuant to the requirements of law and the applicable generally accepted accounting principles,
need not be, and are not, reflected in the Issuer’s balance sheet.
		
	 (3) Garantie und Negativverpflichtung der Garantin. Die Linde plc (“Linde plc” oder die
“Garantin”) hat die unbedingte und unwiderrufliche Garantie (die “Garantie”) vom Mai 2020 für
	 	 (3) Guarantee and Negative Pledge of the Guarantor. Linde plc (“Linde plc” or the
“Guarantor”) has given its unconditional and irrevocable guarantee (the “Guarantee”) dated May 2020 

  
 6 

			
	die ordnungsgemäße und pünktliche Zahlung von Kapital, Zinsen und sonstiger auf die Schuldverschreibungen zahlbarer Beträge übernommen.	 	for the due and punctual payment of principal of, interest on and any other amounts payable in respect of the Notes.
		
	Die Garantin hat sich außerdem in einer Negativverpflichtung (die “Negativverpflichtung”) verpflichtet, solange Schuldverschreibungen ausstehen, jedoch nur bis zu dem Zeitpunkt, an dem alle Beträge an
Kapital und Zinsen der Zahlstelle zur Verfügung gestellt worden sind, keine Grundpfandrechte oder sonstigen dinglichen Sicherungsrechte an gegenwärtigen oder zukünftigen Teilen ihres Vermögens oder ihrem gegenwärtigen oder
zukünftigen Vermögens insgesamt zur Besicherung einer gegenwärtigen oder zukünftigen Kapitalmarktverbindlichkeit (wie vorstehend definiert), die von der Garantin oder einer anderen Person eingegangen oder gewährleistet ist,
zu bestellen oder fortbestehen zu lassen, ohne gleichzeitig die Gläubiger an derselben Sicherheit im gleichen Rang und gleichen Verhältnis teilnehmen zu lassen.	 	The Guarantor has further undertaken in a negative pledge (the “Negative Pledge”), so long as any of the Notes remains outstanding, but only up to the time all amounts of principal and interest have been
placed at the disposal of the Paying Agent, that it will neither grant nor permit to subsist any mortgage, land charge or any other security right in rem (dingliches Sicherungsrecht) over any or all of its present or future assets, as
security for any present or future Capital Market Indebtedness (as defined above) issued or guaranteed by the Guarantor or by any other person, without at the same time having the Holders share equally and rateably in such security.
		
	Die Garantie und die Negativverpflichtung stellen einen Vertrag zugunsten jedes Gläubigers als begünstigtem Dritten gemäß § 328 BGB (Bürgerliches Gesetzbuch) dar, welcher das Recht jedes
Gläubigers begründet, Erfüllung aus der Garantie und der Negativverpflichtung unmittelbar von der Garantin zu verlangen und die Garantie und die Negativverpflichtung unmittelbar gegen die Garantin durchzusetzen. Um etwaige Zweifel
bezüglich von asset-backed financings der Garantin zu vermeiden, schließen die in diesem § 2 benutzten Worte “Vermögen” und “Verbindlichkeiten zur Zahlung aufgenommener Gelder” nicht solche
Vermögensgegenstände und Verbindlichkeiten der Garantin ein, die im Einklang mit den Gesetzen und den anwendbaren anerkannten Regeln der Bilanzierung und Buchführung nicht in der Bilanz der Garantin ausgewiesen werden müssen und
darin auch nicht ausgewiesen werden.	 	The Guarantee and Negative Pledge constitute a contract for the benefit of Holders from time to time as third-party beneficiaries in accordance with § 328 of the German Civil
Code1, giving rise to the right of each Holder to require performance of the Guarantee and the Negative Pledge directly from the Guarantor and to enforce the Guarantee and the Negative Pledge
directly against the Guarantor. For the purposes of avoiding any doubt in respect of asset-backed financings originated by the Guarantor, the expressions “assets” and “obligations for the payment of borrowed money” as used in
this § 2 do not include assets and obligations of the Guarantor which, pursuant to the requirements of law and the applicable generally accepted accounting principles, need not be, and are not, reflected in the Guarantor’s balance
sheet.
		
	Kopien der Garantie und Negativverpflichtung werden bei der bezeichneten Geschäftsstelle der Zahlstelle zur kostenlosen Ausgabe bereitgehalten. 	 	Copies of the Guarantee and Negative Pledge may be obtained free of charge at the specified office of the Paying Agent. 
		
	 § 3

ZINSEN
	 	 § 3

INTEREST

		
	(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden bezogen auf ihren Gesamtnennbetrag verzinst, und zwar vom 19. Mai 2020 (der “Verzinsungsbeginn”) (einschließlich) bis zum
Endfälligkeitstag (wie in § 5(1) definiert) (ausschließlich) mit jährlich 0,250 %. Die Zinsen sind nachträglich am 19. Mai eines jeden Jahres zahlbar (jeweils ein “Zinszahlungstag”). Die erste
Zinszahlung erfolgt am 19. Mai 2021. 	 	(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their aggregate principal amount at the rate of 0.250 % per annum from (and including) 19 May 2020
(“Interest Commencement Date”) to (but excluding) the Maturity Date (as defined in § 5(1)). Interest shall be payable in arrears on 19 May in each year (each such date, an “Interest Payment
Date”). The first payment of interest shall be made on 19 May 2021. 
		
	(2) Auflaufende Zinsen. Der Zinslauf der Schuldverschreibungen endet mit Ablauf des Tages, der dem Tag vorangeht, an dem sie zur Rückzahlung fällig werden. Falls die Emittentin die Schuldverschreibungen bei
Fälligkeit nicht einlöst, erfolgt die Verzinsung des ausstehenden Gesamtnennbetrags der Schuldverschreibungen vom Tag der Fälligkeit bis zum Ablauf des Tages, der dem Tag der tatsächlichen Rückzahlung der
Schuldverschreibungen vorausgeht, in Höhe des gesetzlich festgelegten Satzes für Verzugszinsen.2	 	(2) Accrual of Interest. The Notes shall cease to bear interest from the expiry of the day preceding the day on which they are due for redemption. If the Issuer shall fail to redeem the Notes when due, interest shall continue
to accrue on the outstanding aggregate principal amount of the Notes from the due date until the expiry of the day preceding the day of the actual redemption of the Notes at the default rate of interest established by law.3
		
	(3) Zinstagequotient. Sofern Zinsen für einen beliebigen Zeitraum zu berechnen sind, erfolgt die Berechnung auf der Grundlage des Zinstagequotienten (wie nachstehend definiert).	 	(3) Day Count Fraction. If interest is required to be calculated for any period of time, such interest shall be calculated on the basis of the Day Count Fraction (as defined below).

  

	1	 In English language translation § 328(1) BGB (German Civil Code) reads as follows:

 “A contract may stipulate performance for the benefit of a third party, to the effect that the third party acquires
the right directly to demand performance. “ 

	2	 Der gesetzliche Verzugszinssatz beträgt für das Jahr fünf Prozentpunkte über dem von der
Deutsche Bundesbank von Zeit zu Zeit bekanntgemachten Basiszinssatz, §§ 288 Absatz 1, 247 BGB. 

	3	 The default rate of interest established by law is five percentage points above the basic rate of interest
published by Deutsche Bundesbank from time to time, §§ 288(1), 247 BGB (German Civil Code). 

  

	
	7

			
	“Zinstagequotient” bezeichnet im Hinblick auf die Berechnung eines Zinsbetrags auf eine Schuldverschreibung für einen beliebigen Zeitraum (der “Zinsberechnungszeitraum”):	  	“Day Count Fraction” means, in respect of the calculation of an amount of interest on any Note for any period of time (the “Calculation Period”):
		
	 (i) wenn der Zinsberechnungszeitraum der Feststellungsperiode entspricht, in die er
fällt, oder kürzer als diese ist, die Anzahl von Tagen in dem Zinsberechnungszeitraum dividiert durch das Produkt aus (A) der Anzahl von Tagen in der betreffenden Feststellungsperiode und (B) der Anzahl der Feststellungsperioden,
die üblicherweise in einem Jahr enden; und
	  	 (i) if the Calculation Period is equal to or shorter than the Determination Period during
which it falls, the number of days in the Calculation Period divided by the product of (A) the number of days in such Determination Period and (B) the number of Determination Periods normally ending in any year; and

		
	 (ii)  wenn der Zinsberechnungszeitraum länger als eine Feststellungsperiode ist,
die Summe aus
	  	 (ii)  if the Calculation Period is longer than one Determination Period, the sum of:

		
	 (A)  der Anzahl der Tage in dem betreffenden Zinsberechnungszeitraum, die in die
Feststellungsperiode fallen, in der der Zinsberechnungszeitraum beginnt, dividiert durch das Produkt aus (1) der Anzahl der Tage in der betreffenden Feststellungsperiode und (2) der Anzahl der Feststellungsperioden, die üblicherweise
in einem Jahr enden; und
	  	 (A)  the number of days in such Calculation Period falling in the Determination Period
in which the Calculation Period begins divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Periods normally ending in any year; and

		
	 (B)  die Anzahl der Tage in dem betreffenden Zinsberechnungszeitraum, die in die
nachfolgende Feststellungsperiode fallen, dividiert durch das Produkt aus (1) der Anzahl der Tage in der betreffenden Feststellungsperiode und (2) der Anzahl der Feststellungsperioden, die üblicherweise in einem Jahr enden.
	  	 (B)  the number of days in such Calculation Period falling in the next Determination
Period divided by the product of (1) the number of days in such Determination Period and (2) the number of Determination Periods normally ending in any year

		
	 Dabei gilt Folgendes: 
	  	 Where:

		
	 “Feststellungstermin” bezeichnet jeden 19. Mai;
	  	 “Determination Date” means each 19 May;

		
	 “Feststellungsperiode” bezeichnet jeden Zeitraum ab einem Feststellungstermin (einschließlich),
der in ein beliebiges Jahr fällt, bis zum nächsten Feststellungstermin (ausschließlich). 
	  	 “Determination Period” means each period from and including a Determination Date in any year to
but excluding the next Determination Date.

		
	 § 4

ZAHLUNGEN
	  	 § 4

PAYMENTS

		
	 (1)(a)  Zahlungen auf Kapital. Zahlungen auf Kapital in Bezug auf die
Schuldverschreibungen erfolgen nach Maßgabe des nachstehenden § 4(2) an das Clearing System oder (falls anwendbar) dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems außerhalb der Vereinigten
Staaten.
	  	 (1)(a)  Payment of Principal. Payment of principal in respect of Notes shall be
made, subject to § 4(2) below, to the Clearing System or (if applicable) to its order for credit to the accounts of the relevant account holders of the Clearing System outside the United States.

		
	 (b)    Zahlung von Zinsen. Die Zahlung von Zinsen auf
Schuldverschreibungen erfolgt nach Maßgabe von § 4(2) an das Clearing System oder (falls anwendbar) dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems.
	  	 (b)    Payment of Interest. Payment of interest on Notes shall be
made, subject to § 4(2), to the Clearing System or (if applicable) to its order for credit to the relevant account holders of the Clearing System.

		
	 Die Zahlung von Zinsen auf Schuldverschreibungen, die durch die vorläufige Globalurkunde verbrieft sind, erfolgt
nach Maßgabe von § 4(2) an das Clearing System oder (falls anwendbar) dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearing Systems, und zwar nach ordnungsgemäßer Bescheinigung gemäß
§ 1(3)(b).
	  	 Payment of interest on Notes represented by the Temporary Global Note shall be made, subject to § 4(2), to the
Clearing System or (if applicable) to its order for credit to the relevant account holders of the Clearing System, upon due certification as provided in § 1(3)(b).

		
	(2) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und Vorschriften erfolgen zu leistende Zahlungen auf die Schuldverschreibungen in der Festgelegten Währung.	  	(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts due in respect of the Notes shall be made in the Specified Currency.
		
	(3) Vereinigte Staaten. Für die Zwecke des § 1(3) und des § 4(1) bezeichnet “Vereinigte Staaten” die Vereinigten Staaten von Amerika (einschließlich deren Bundesstaaten und des District
of Columbia) sowie deren Territorien (einschließlich Puerto	  	(3) United States. For purposes of § 1(3) and § 4(1), “United States” means the United States of America (including the States thereof and the District of Columbia) and its
possessions

  
 8 

			
	Rico, der U.S. Virgin Islands, Guam, American Samoa, Wake Island und Northern Mariana Islands).	  	 (including Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands).

		
	(4) Erfüllung. Die Emittentin bzw. die Garantin wird durch Leistung der Zahlung an das Clearing System oder dessen Order von ihrer Zahlungspflicht befreit.	  	(4) Discharge. The Issuer or, as the case may be, the Guarantor shall be discharged by payment to, or to the order of, the Clearing System.
		
	(5) Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung auf einen Tag, der kein Zahltag ist, dann hat der Gläubiger keinen Anspruch auf Zahlung vor
dem nächsten Zahltag am jeweiligen Geschäftsort. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen aufgrund dieser Verspätung zu verlangen. Für diese Zwecke bezeichnet “Zahltag”
einen Tag (außer einem Samstag oder Sonntag), an dem das Clearing System sowie alle betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer System 2 (“TARGET”) offen sind, um Zahlungen
abzuwickeln.	  	 (5) Payment Business Day. If the due date for payment of any amount in respect of any Note is not a Payment Business Day, then the
Holder shall not be entitled to payment until the next such day in the relevant place and shall not be entitled to further interest or other payment in respect of such delay. For these purposes, “Payment Business Day” means
any day which is a day (other than a Saturday or a Sunday) on which the Clearing System as well as all relevant parts of the Trans-European Automated Real-time Gross Settlement Express Transfer System 2 (“TARGET”) are open to effect
payments. 

		
	(6) Bezugnahmen. Bezugnahmen in diesen Anleihebedingungen auf Kapital der Schuldverschreibungen schließen, soweit anwendbar, die folgenden Beträge ein: den Rückzahlungsbetrag der Schuldverschreibungen; den
Vorzeitigen Rückzahlungsbetrag; den Wahl-Rückzahlungsbetrag (Call); sowie jeden Aufschlag sowie sonstige auf oder in Bezug auf die Schuldverschreibungen zahlbaren Beträge. Bezugnahmen in
diesen Anleihebedingungen auf Zinsen auf Schuldverschreibungen schließen, soweit anwendbar, sämtliche gemäß § 7 zahlbaren Zusätzlichen Beträge ein.	  	(6) References. References in these Terms and Conditions to principal in respect of the Notes shall be deemed to include, as applicable: the Final Redemption Amount; the Early Redemption Amount; the Call Redemption Amount;
and any premium and any other amounts which may be payable under or in respect of the Notes. References in these Terms and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any Additional Amounts which may
be payable under § 7.
		
	(7) Hinterlegung von Kapital und Zinsen. Die Emittentin ist berechtigt, beim Amtsgericht Frankfurt am Main Zins- oder Kapitalbeträge zu hinterlegen, die von den Gläubigern nicht innerhalb von zwölf Monaten nach
dem Endfälligkeitstag beansprucht worden sind, auch wenn die Gläubiger sich nicht in Annahmeverzug befinden. Soweit eine solche Hinterlegung erfolgt, und auf das Recht der Rücknahme verzichtet wird, erlöschen die
diesbezüglichen Ansprüche der Gläubiger gegen die Emittentin.	  	(7) Deposit of Principal and Interest. The Issuer may deposit with the local court (Amtsgericht) in Frankfurt am Main principal or interest not claimed by Holders within twelve months after the Maturity Date, even though such
Holders may not be in default of acceptance of payment. If and to the extent that the deposit is effected and the right of withdrawal is waived, the respective claims of such Holders against the Issuer shall cease.
		
	 § 5

RÜCKZAHLUNG
	  	 § 5

REDEMPTION

		
	(1) Rückzahlung bei Endfälligkeit. Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen am 19. Mai 2027 (der
“Endfälligkeitstag”) zu ihrem Rückzahlungsbetrag zurückgezahlt.	  	(1) Redemption at Maturity. Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed at their Final Redemption Amount on 19 May 2027 (the “Maturity
Date”).
		
	Der “Rückzahlungsbetrag” in Bezug auf jede Schuldverschreibung entspricht der Festgelegten Stückelung der Schuldverschreibung.	  	The “Final Redemption Amount” in respect of each Note shall be its Specified Denomination.
		
	(2) Rückkauf. Die Emittentin, die Garantin oder eine Tochtergesellschaft der Garantin können jederzeit Schuldverschreibungen im Markt oder anderweitig zu jedem beliebigen Preis kaufen. Derartig erworbene
Schuldverschreibungen können entwertet, gehalten oder wieder veräußert werden.	  	(2) Purchase. The Issuer, the Guarantor or any subsidiary of the Guarantor may at any time purchase Notes in the open market or otherwise and at any price. Such acquired Notes may be cancelled, held or resold.
		
	(3) Vorzeitige Rückzahlung aus steuerlichen Gründen. Die Emittentin ist berechtigt, die ausstehenden Schuldverschreibungen (insgesamt, jedoch nicht nur teilweise) durch Mitteilung an die Gläubiger
gemäß § 13 unter Einhaltung einer Frist von nicht weniger als 30 und nicht mehr als 60 Tagen mit Wirkung zu dem in der Mitteilung für die Rückzahlung festgesetzten Tag zu kündigen, wenn ein Gross-up-Ereignis (wie nachstehend definiert) eintritt. Wenn die Emittentin ihr Rückzahlungsrecht gemäß Satz 1 ausübt, ist die Emittentin verpflichtet,
die Schuldverschreibungen an dem in der Mitteilung für die Rückzahlung festgelegten Tag zu ihrem Vorzeitigen Rückzahlungsbetrag zuzüglich bis zum für die Rückzahlung festgesetzten Tag (ausschließlich)
aufgelaufener Zinsen zurückzuzahlen.	  	(3) Early Redemption for Reasons of Taxation. The Issuer may, on giving not less than 30 and not more than 60 days’ prior notice to the Holders in accordance with § 13, redeem all, but not some only, of the
outstanding Notes with effect as of the date of redemption fixed in the notice if a Gross up Event (as defined below) occurs. If the Issuer exercises its call right in accordance with sentence 1, the Issuer shall redeem the Notes at their Early
Redemption Amount (as defined below) together with interest accrued to but excluding the date fixed for redemption on the date fixed for redemption.
		
	Eine solche Kündigungserklärung darf nicht früher als 90 Tage vor dem Tag erfolgen, an dem die Emittentin oder die Garantin	  	No such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer or the Guarantor

  
 9 

			
	erstmals verpflichtet wäre, Zusätzliche Beträge (wie in § 7 definiert) zu zahlen bzw. nicht früher als 90 Tage vor dem Tag, an dem frühestens eine ordnungsgemäße Zahlungsaufforderung unter
der Garantie erfolgen könnte.	  	would be for the first time obliged to pay any Additional Amounts (as defined in § 7) or (as the case may be) not earlier than 90 days prior to the earliest date of a demand for payment duly made under the Guarantee.
		
	Ein “Gross-up-Ereignis” tritt ein, wenn der Emittentin oder der Garantin ein Gutachten einer anerkannten Anwaltskanzlei vorliegt (und
die Emittentin oder die Garantin der Emissionsstelle eine Kopie davon übermittelt), aus dem hervorgeht, dass die Emittentin aufgrund einer Änderung oder Klarstellung von Gesetzen, Verordnungen oder sonstigen Vorschriften, oder aufgrund
einer Änderung oder Klarstellung der Auslegung oder Anwendung, oder aufgrund einer erstmaligen Auslegung oder Anwendung dieser Gesetze, Verordnungen oder sonstigen Vorschriften durch eine gesetzgebende Körperschaft, ein Gericht oder eine
Behörde (einschließlich des Erlasses von Gesetzen sowie der Bekanntmachung von Entscheidungen eines Gerichts oder einer Behörde) verpflichtet ist oder verpflichtet sein wird, Zusätzliche Beträge gemäß § 7
auf die Schuldverschreibungen zu zahlen, oder die Garantin verpflichtet ist oder verpflichtet sein wird, Zusätzliche Beträge auf fällige Beträge aus der Garantie zu zahlen, wenn die Änderung oder Klarstellung an oder nach
dem Tag der Begebung der letzten Tranche dieser Serie von Schuldverschreibungen in Kraft tritt (einschließlich des Falles, dass die betreffende Änderung oder Klarstellung rückwirkend Anwendung findet), und die Emittentin oder die
Garantin diese Verpflichtung nicht abwenden kann, indem sie Maßnahmen ergreift, die sie nach Treu und Glauben für zumutbar und angemessen hält.	  	A “Gross up Event” will occur if an opinion of a recognised law firm has been delivered to the Issuer or the Guarantor (and the Issuer or the Guarantor has provided the Fiscal Agent with a copy thereof) stating
that, as a result of any change in, or amendment or clarification to, the laws, regulations or other rules, or as a result of any change in, or amendment or clarification to, the interpretation or application, or as a result of any interpretation or
application made for the first time, of any such laws, regulations or other rules by any legislative body, court or authority (including the enactment of any legislation and the publication of any decision of any court or authority), which change,
amendment or clarification becomes effective on or after the date of issue of the last tranche of this Series of Notes (including any such change, amendment or clarification which has a retroactive effect), the Issuer has or will become obliged to
pay Additional Amounts pursuant to § 7 on the Notes or the Guarantor has or will become obliged to pay Additional Amounts in respect of payments due under the Guarantee, and that obligation cannot be avoided by the Issuer or the Guarantor,
respectively, taking such measures it (acting in good faith) deems reasonable and appropriate.
		
	Eine solche Kündigung ist unwiderruflich, muss den für die Rückzahlung festgelegten Tag nennen und eine zusammenfassende Erklärung enthalten, welche die das Rückzahlungsrecht der Emittentin begründenden
Umstände darlegt.	  	Any such notice shall be irrevocable, must specify the date fixed for redemption and must set forth a statement in summary form of the facts constituting the basis for the right of the Issuer so to redeem.
		
	(4) Vorzeitige Rückzahlung nach Wahl der Emittentin bei geringem ausstehendem Gesamtnennbetrag. Die Emittentin ist berechtigt, die ausstehenden Schuldverschreibungen (insgesamt, jedoch nicht nur teilweise) jederzeit
durch Mitteilung an die Gläubiger gemäß § 13 unter Einhaltung einer Frist von mindestens 30 und höchstens 60 Kalendertagen mit Wirkung zu dem in der Mitteilung für die Rückzahlung festgesetzten Tag zu
kündigen, wenn zu irgendeinem Zeitpunkt der Gesamtnennbetrag der ausstehenden und nicht von der Emittentin, der Garantin und ihren jeweiligen Tochtergesellschaften gehaltenen Schuldverschreibungen auf 25 % oder weniger des
Gesamtnennbetrags der Schuldverschreibungen dieser Serie, die ursprünglich ausgegeben wurden (einschließlich Schuldverschreibungen, die gemäß § 12(1) zusätzlich begeben worden sind), fällt. Wenn die Emittentin
ihr Kündigungsrecht gemäß Satz 1 ausübt, ist die Emittentin verpflichtet, die Schuldverschreibungen an dem für die Rückzahlung festgesetzten Tag zu ihrem Vorzeitigen Rückzahlungsbetrag zuzüglich bis zum
für die Rückzahlung festgesetzten Tag (ausschließlich) aufgelaufener Zinsen zurückzahlen.	  	(4) Early Redemption for Reason of Minimal Outstanding Aggregate Principal Amount. The Issuer may, on giving not less than 30 and not more than 60 days’ prior notice to the Holders in accordance with § 13,
redeem all, but not some only, of the outstanding Notes at any time with effect on the date fixed for redemption in the notice if at any time the aggregate principal amount of the Notes outstanding and held by persons other than the Issuer, the
Guarantor and their respective subsidiaries is equal to or less than 25 % of the aggregate principal amount of the Notes of this Series originally issued (including any Notes additionally issued in accordance with § 12(1)). In the case
such notice is given, the Issuer will redeem the Notes at their Early Redemption Amount together with interest accrued to but excluding the date fixed for redemption on the date fixed for redemption.
		
	(5) Vorzeitige Rückzahlung nach Wahl der Emittentin.	  	(5) Early Redemption at the Option of the Issuer.
		
	 (a)   Die Emittentin ist berechtigt, die ausstehenden Schuldverschreibungen
(insgesamt oder teilweise) durch Mitteilung an die Gläubiger gemäß § 13 unter Einhaltung einer Frist von nicht weniger als 30 und nicht mehr als 60 Tagen mit Wirkung zu jedem
Wahl-Rückzahlungstag (Call) (wie nachstehend definiert) zu kündigen. Wenn die Emittentin ihr Rückzahlungsrecht gemäß Satz 1 ausübt, ist die Emittentin verpflichtet, die
Schuldverschreibungen an dem in der Bekanntmachung für die Rückzahlung festgelegten Wahl-Rückzahlungstag (Call) zu ihrem betreffenden
Wahl-Rückzahlungsbetrag (Call) (wie nachstehend definiert) zuzüglich bis zu diesem Wahl-Rückzahlungstag (Call) (ausschließlich) aufgelaufener Zinsen
zurückzuzahlen.
	  	 (a)   The Issuer may, on giving not less than 30 and not more than 60 days’
prior notice to the Holders in accordance with § 13, redeem all or some only of the outstanding Notes with effect as of each Call Redemption Date (as specified below). If the Issuer exercises its call right in accordance with sentence 1, the
Issuer shall redeem the Notes at the applicable Call Redemption Amount (as defined below) together with accrued interest to but excluding such Call Redemption Date on the Call Redemption Date fixed for redemption.

  
 10 

			
		
	“Wahl-Rückzahlungstag(e) (Call)”	 	“Call Redemption Date(s)” 
		
	bezeichnet jeden Zahltag im Zeitraum vom 19. Februar 2027 (einschließlich) bis zum 18. Mai 2027 (einschließlich).	 	means any Payment Business Day in the period from (and including) 19 February 2027 to (and including) 18 May 2027.
		
	“Wahl-Rückzahlungsbetrag (Call)”	 	“Call Redemption Amount” 
		
	entspricht der festgelegte Stückelung.	 	shall be the Specified Denomination.
		
	 Der Emittentin steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung bereits
der Gläubiger in Ausübung seines Wahlrechts nach § 5(7) verlangt hat. 
	 	 The Issuer may not exercise such option in respect of any Note which is the subject of the prior exercise by the Holder
thereof of its option to require the redemption of such Note under § 5(7). 

		
	 (b)   Eine solche Kündigung ist unwiderruflich. Sie beinhaltet die
folgenden Angaben:
	 	 (b)   Any such notice shall be irrevocable. Such notice shall
specify:

		
	 (i) die zurückzuzahlende Serie von Schuldverschreibungen und deren
Wertpapier-Kennnummern;
	 	 (i) the Series and securities identification numbers of the Notes subject to
redemption;

		
	 (ii)  eine Erklärung, ob diese Serie ganz oder teilweise zurückgezahlt wird
und im letzteren Fall den Gesamtnennbetrag der zurückzuzahlenden Schuldverschreibungen;
	 	 (ii)  whether such Series is to be redeemed in whole or in part only and, if in part
only, the aggregate principal amount of the Notes which are to be redeemed; 

		
	 (iii)  den für die Rückzahlung festgelegten Wahl-Rückzahlungstag
(Call); und
	 	 (iii)  the Call Redemption Date fixed for redemption; and

		
	 (iv) den betreffenden Wahl-Rückzahlungsbetrag (Call), zu dem die Schuldverschreibungen
zurückgezahlt werden.
	 	 (iv) the applicable Call Redemption Amount at which such Notes are to be
redeemed.

		
	 (c)   Wenn die Schuldverschreibungen nur teilweise zurückgezahlt werden,
werden die zurückzuzahlenden Schuldverschreibungen in Übereinstimmung mit den Regeln des betreffenden Clearing Systems ausgewählt. Die teilweise Rückzahlung wird in den Unterlagen des betreffenden Clearing Systems nach dessen
Ermessen entweder als Pool-Faktor oder als Reduzierung des Nennbetrags wiedergegeben.
	 	 (c)   In the case of a partial redemption of Notes, the Notes to be redeemed
shall be selected in accordance with the rules of the relevant Clearing System. Such partial redemption shall be reflected in the records of relevant Clearing System as either a pool factor or a reduction in the principal amount, at the discretion
of relevant Clearing System.

		
	(6) Vorzeitige Rückzahlung nach Wahl der Emittentin zum Make-whole Betrag.	 	(6) Early Redemption at the Option of the Issuer at the Make-whole Amount.
		
	 (a)   Die Emittentin ist berechtigt, die ausstehenden Schuldverschreibungen
(insgesamt, jedoch nicht nur teilweise) jederzeit durch Mitteilung an die Gläubiger gemäß § 13 unter Einhaltung einer Frist von nicht weniger als 30 und nicht mehr als 60 Tagen mit Wirkung zu dem in der Mitteilung für die
Rückzahlung festgesetzten Tag zu kündigen. Wenn die Emittentin ihr Rückzahlungsrecht gemäß Satz 1 ausübt, ist die Emittentin verpflichtet, die Schuldverschreibungen an dem in der Bekanntmachung für die
Rückzahlung festgelegten Tag zu ihrem Make-whole Betrag (wie nachstehend definiert) zuzüglich bis zu dem für die Rückzahlung festgelegten Tag (ausschließlich) aufgelaufener Zinsen zurückzahlen.
	 	 (a)   The Issuer may, on giving not less than 30 and not more than 60 days’
prior notice to the Holders in accordance with § 13, redeem all, but not some only, of the outstanding Notes at any time with effect as of the date of redemption fixed in the notice. If the Issuer exercises its call right in accordance with
sentence 1, the Issuer shall redeem the Notes at the Make-whole Amount together with accrued interest to but excluding the date fixed for redemption.

		
	 Der Emittentin steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung bereits
der Gläubiger in Ausübung seines Wahlrechts nach § 5(7) verlangt hat. 
	 	 The Issuer may not exercise such option in respect of any Note which is the subject of the prior exercise by the Holder
thereof of its option to require the redemption of such Note under § 5(7). 

		
	 (b)   Eine solche Kündigung ist unwiderruflich. Sie beinhaltet die
folgenden Angaben:
	 	 (b)   Any such notice shall be irrevocable. Such notice shall
specify:

		
	 (i) die zurückzuzahlende Serie von Schuldverschreibungen und deren
Wertpapier-Kennnummern;
	 	 (i) the Series and securities identification numbers of the Notes subject to
redemption;

		
	 (ii)  den für die Rückzahlung festgelegten Tag; und
	 	 (ii)  the date fixed for redemption; and

		
	 (iii)  den Make-whole Betrag, zu dem die Schuldverschreibungen zurückgezahlt
werden.
	 	 (iii)  the Make-whole Amount at which such Notes are to be redeemed.

  
 11 

			
		
	 (c)   Der “Make-whole Betrag” je
Schuldverschreibung entspricht dem höheren der folgenden Beträge:
	  	 (c)   “Make-whole Amount” per Note shall be the higher of the
following amounts:

		
	 (i) der Festgelegten Stückelung; oder
	  	 (i) the Specified Denomination; or

		
	 (ii)  dem Abgezinsten Marktwert.
	  	 (ii)  the Present Value.

		
	 Der Make-Whole Betrag wird von der Berechnungsstelle berechnet.
	  	 The Make-Whole Amount shall be calculated by the Calculation Agent.

		
	 Der “Abgezinste Marktwert” ist die Summe aus
	  	 The “Present Value” will be the sum of

		
	 (a)   dem auf den Rückzahlungstag abgezinsten Wert der Festgelegten
Stückelung der zurückzuzahlenden Schuldverschreibung, der ansonsten am Endfälligkeitstag fällig werden würde; und
	  	 (a)   the Specified Denomination to be redeemed which would otherwise become due
on the Maturity Date, discounted to the date fixed for redemption; and

		
	 (b)   den jeweils auf den Rückzahlungstag abgezinsten Werten der
verbleibenden Zinszahlungen, die ansonsten an jedem Zinszahlungstag nach dem Rückzahlungstag bis zum Endfälligkeitstag (einschließlich) fällig werden würden (ausschließlich etwaiger, bis zum Rückzahlungstag
(ausschließlich) aufgelaufener Zinsen).
	  	 (b)   the remaining interest payments which would otherwise become due on each
Interest Payment Date falling after the date fixed for redemption to and including the Maturity Date (excluding any interest accrued to but excluding the date fixed for redemption), each discounted to the date fixed for redemption.

		
	 Die Berechnungsstelle errechnet den Abgezinsten Marktwert gemäß der Marktkonvention auf einer Grundlage, die
der Berechnung von Zinsen gemäß § 3 entspricht, wobei sie die Benchmark-Rendite zuzüglich 0,15 % zugrunde legt.
	  	 The Calculation Agent will calculate the Present Value in accordance with market convention on a basis which is
consistent with the calculation of interest as set out in § 3, using the Benchmark Yield plus 0.15 %.

		
	 Die “Benchmark-Rendite” bezeichnet die am Rückzahlungs-Berechnungstag bestehende Rendite der
entsprechenden Euro-Referenz-Anleihe der Bundesrepublik Deutschland, ISIN DE0001102416, wie gegen 12:00 Uhr mittags (Frankfurter Zeit) an diesem Tag auf der Bloomberg Seite DE0001102416 Govt HP (unter Nutzung der Einstellung “Last Yield to
Convention” und der Preisquelle “FRNK”) abgelesen, oder wie von einer anderen, durch die Berechnungsstelle festgelegten, Quelle hergeleitet oder veröffentlicht oder, sollte die Rendite zu diesem Zeitpunkt nicht verfügbar
sein, bezeichnet die Benchmark-Rendite eine ersetzende Referenzanleihe, die von der Berechnungsstelle festgesetzt wird, mit einer Laufzeit, die mit der verbleibenden Restlaufzeit der Schuldverschreibung bis zum Endfälligkeitstag vergleichbar
ist, und die im Zeitpunkt der Auswahlentscheidung und entsprechend der üblichen Finanzmarktpraxis zur Preisbestimmung bei Neuemissionen von Unternehmensanleihen mit einer bis zum Endfälligkeitstag der Schuldverschreibung vergleichbaren
Laufzeit verwendet werden würde. 
	  	 The “Benchmark Yield” means the yield at the Redemption Calculation Date of the corresponding
euro denominated benchmark debt security of the Federal Republic of Germany, ISIN DE0001102416 or other securities code, as observed at around (12:00) noon (Frankfurt time) on such date on Bloomberg page DE0001102416 Govt HP (using the setting
“Last Yield to Convention” and using the pricing source “FRNK”) or as derived or published by such other source as determined by the Calculation Agent, and if such yield is not available at that time, the Benchmark Yield shall be
the yield of a substitute benchmark security chosen by the Calculation Agent, having a maturity comparable to the remaining term of the Note to the Maturity Date, and that would be used at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Maturity Date.

		
	 “Rückzahlungs-Berechnungstag” ist der sechste Zahltag vor dem Rückzahlungstag.
	  	 “Redemption Calculation Date” means the sixth Payment Business Day prior to the date fixed for
redemption.

		
	(7) Vorzeitige Rückzahlung nach Wahl des Gläubigers bei Kontrollwechselereignis.	  	(7) Early Redemption at the Option of a Holder in the case of a Change of Control Event.
		
	 (a)   Die Emittentin hat eine Schuldverschreibung nach Ausübung des
entsprechenden Wahlrechts des Gläubigers bei Eintritt eines Kontrollwechselereignisses zu ihrem Vorzeitigen Rückzahlungsbetrag am Kontrollwechsel-Rückzahlungstag zuzüglich bis zum Kontrollwechsel-Rückzahlungstag (ausschließlich) aufgelaufener Zinsen zurückzuzahlen.
	  	 (a)   The Issuer shall, at the option of the Holder of any Note, redeem such
Note if a Change of Control Event occurs at their Early Redemption Amount on the Change of Control Redemption Date together with interest accrued to but excluding the Change of Control Redemption Date.

		
	 (b)   Ein “Kontrollwechselereignis” tritt ein, wenn
(i) ein Kontrollwechsel eintritt und (ii) es bis zu dem Ablauf des Kontrollwechselzeitraums zu einer Absenkung des Ratings kommt und (iii) die Ratingagentur, die für die Absenkung des Ratings verantwortlich ist, öffentlich
bekannt gibt oder der Emittentin schriftlich bestätigt, dass die Absenkung des Ratings, insgesamt oder teilweise, im Zusammenhang mit dem Kontrollwechsel steht.
	  	 (b)   A “Change of Control Event” occurs if
(i) a Change of Control occurs and (ii) until the end of the Change of Control Period a Rating Downgrade occurs and (iii) the Rating Agency responsible for the Rating Downgrade announces publicly or confirms in writing to the Issuer
that such Rating Downgrade resulted, in whole or in part, in connection with the Change of Control.

  

  
 12 

			
		
	 Für Zwecke dieses Kontrollwechselereignisses:
	  	 For the purposes of such option:

		
	 Bedeutet “Ratingagentur” jede Ratingagentur von Moody’s oder S&P oder eine ihrer jeweiligen
Nachfolgegesellschaften oder jede andere Ratingagentur vergleichbaren internationalen Ansehens, wie von Zeit zu Zeit durch die Linde plc bestimmt;
	  	 “Rating Agency” means the rating agencies of Moody’s or S&P or any of their respective
successors or any other rating agency of equivalent international standing specified from time to time by Linde plc;

		
	 Gilt eine “Absenkung des Ratings” in Bezug auf einen Kontrollwechsel als eingetreten, wenn
(a) innerhalb des Kontrollwechselzeitraums ein vorher für die Linde plc oder die Schuldverschreibungen vergebenes Rating einer Ratingagentur (i) zurückgezogen oder (ii) von einem Investment Grade Rating (Baa3 von
Moody’s oder S&P oder jeweils gleichwertig, oder besser) in ein non-Investment Grade Rating (Ba1 von Moody’s oder S&P oder jeweils gleichwertig, oder schlechter) geändert oder (iii)
(falls das für die Schuldverschreibungen vergebene Rating einer Ratingagentur unterhalb des Investment Grade Ratings liegt) um einen ganzen Punkt (von Ba1 nach Ba2 von Moody’s oder S&P oder eine ähnliche Absenkung eines
gleichwertigen Ratings) abgesenkt wird oder (b) zur Zeit des Kontrollwechsels kein Rating für die Schuldverschreibungen oder die Emittentin vergeben ist und keine Ratingagentur während des Kontrollwechselzeitraums ein Investment Grade
Rating für die Schuldverschreibungen vergibt (es sei denn, die Emittentin ist trotz zumutbarer Anstrengungen innerhalb dieses Zeitraums nicht in der Lage, ein solches Rating zu erhalten, ohne dass dies seine Ursache im Kontrollwechsel
hat);
	  	 A “Rating Downgrade” shall be deemed to have occurred in respect of a Change of Control (a) if
within the Change of Control Period any rating previously assigned to Linde plc or the Notes by any Rating Agency is (i) withdrawn or (ii) changed from an investment grade rating (Baa3 by Moody’s or S&P, or its equivalent for the
time being, or better) to a non-investment grade rating (Ba1 by Moody’s or S&P, or its equivalent for the time being, or worse) or (iii) (if the rating assigned to the Notes by any Rating Agency shall
be below an investment grade rating) lowered one full rating notch (from Ba1 to Ba2 by Moody’s or S&P or such similar lower of equivalent rating) or (b) if at the time of the Change of Control, there is no rating assigned to the Notes
or the Issuer and no Rating Agency assigns during the Change of Control Period an investment grade credit rating to the Notes (unless the Issuer is unable to obtain such a rating within such period having used all reasonable endeavours to do so and
such failure is unconnected with the occurrence of the Change of Control);

		
	 Gilt ein “Kontrollwechsel” jedes Mal als eingetreten, wenn eine Person oder mehrere Personen, die
abgestimmt handeln, oder ein oder mehrere Dritte, die im Auftrag einer solchen Person oder Personen handeln, zu irgendeinem Zeitpunkt mittelbar oder unmittelbar (unabhängig davon, ob der Vorstand oder der Aufsichtsrat der Linde plc seine
Zustimmung erteilt hat) (x) mehr als 50 % der Aktien der Linde plc oder (y) eine solche Anzahl von Aktien der Linde plc erworben hat bzw. haben, auf die mehr als 50 % der bei Hauptversammlungen der Linde plc stimmberechtigten
Stimmrechte entfallen.
	  	 A “Change of Control” shall be deemed to have occurred at each time that any person or persons acting
in concert or any third person or persons acting on behalf of such person(s) acquire(s) directly or indirectly (whether or not approved by the management board or supervisory board of Linde plc) (x) more than 50 % of the shares in the
capital of Linde plc or (y) such number of shares in the capital of Linde plc carrying more than 50 % of the voting rights exercisable at general meetings of Linde plc.

		
	 Unverzüglich nachdem die Emittentin Kenntnis von einem Kontrollwechselereignis erlangt, wird die Emittentin den
Gläubigern gemäß § 13 Mitteilung machen (eine “Kontrollwechselmitteilung”), in der die Umstände des Kontrollwechselereignisses sowie das Verfahren für die Ausübung des in diesem § 5(7)
genannten Wahlrechts angegeben sind.
	  	 If the Issuer becomes aware that a Change of Control Event has occurred, the Issuer shall, without undue delay, give
notice (a “Change of Control Notice”) to the Holders in accordance with § 13 specifying the nature of the Change of Control Event and the circumstances giving rise to it and the procedure for exercising the option set out in
this § 5(7).

		
	 “Kontrollwechselzeitraum” bezeichnet den Zeitraum, der 90 Tage nach dem Kontrollwechsel
endet.
	  	 “Change of Control Period” means the period ending 90 days after the Change of Control.

		
	 “Kontrollwechsel-Rückzahlungstag” bezeichnet den siebten
Tag nach dem letzten Tag des Rückzahlungszeitraums.
	  	 “Change of Control Redemption Date” means the seventh day after the last day of the Put Period.

		
	 “Moody’s” bezeichnet Moody’s Investors Service, Inc oder eine ihrer Nachfolgegesellschaften.

	  	 “Moody’s” means Moody’s Investors Service, Inc or any of its successors. 

		
	 “S&P” bezeichnet S&P Global Ratings Europe Limited oder eine ihrer
Nachfolgegesellschaften.
	  	 “S&P” means S&P Global Ratings Europe Limited or any of its successors.

		
	 (c)   Zur Ausübung dieses Wahlrechts muss der Gläubiger während
der normalen Geschäftsstunden innerhalb eines Zeitraums (der “Rückzahlungszeitraum”) von 45 Tagen, nachdem die Kontrollwechselmitteilung veröffentlicht ist, eine ordnungsgemäß ausgefüllte und
unterzeichnete Ausübungserklärung bei der angegebenen Niederlassung der Emissionsstelle einreichen (die “Ausübungserklärung”), die in ihrer jeweils maßgeblichen Form bei der angegebenen Niederlassung der
Emissionsstelle erhältlich ist. Ein so ausgeübtes Wahlrecht kann nicht ohne vorherige Zustimmung der Emittentin widerrufen oder zurückgezogen werden.
	  	 (c)   In order to exercise such option, the Holder must submit during normal
business hours at the specified office of the Fiscal Agent a duly completed option exercise notice (“Exercise Notice”) in the form available from the specified office of the Fiscal Agent within the period (the “Put
Period”) of 45 days after a Change of Control Notice is given. No option so exercised may be revoked or withdrawn without the prior consent of the Issuer.

  
 13 

			
		
	(8) Vorzeitiger Rückzahlungsbetrag.	  	 (8) Early Redemption Amount.

		
	Für die Zwecke des § 5(3), (4) und (7) und § 9 entspricht der “Vorzeitige Rückzahlungsbetrag” in Bezug auf jede Schuldverschreibung der Festgelegten Stückelung der
Schuldverschreibung.	  	For purposes of § 5(3), (4) and (7) and § 9, the “Early Redemption Amount” in respect of each Note shall be its Specified Denomination.
		
	 § 6

DIE EMISSIONSSTELLE, DIE ZAHLSTELLE UND DIE BERECHNUNGSSTELLE
	  	 § 6

FISCAL AGENT, PAYING AGENT AND CALCULATION AGENT

		
	(1) Bestellung; bezeichnete Geschäftsstelle. Die anfänglich bestellte Emissionsstelle, die anfänglich bestellte Zahlstelle und die anfänglich bestellte Berechnungsstelle und deren jeweilige bezeichnete
Geschäftsstelle lauten wie folgt:	  	(1) Appointment; Specified Offices. The initial Fiscal Agent, Paying Agent and the Calculation Agent and their respective initial specified offices are:
		
	Emissions- und Zahlstelle:	  	Fiscal Agent and Paying Agent:
		
	Deutsche Bank Aktiengesellschaft	  	Deutsche Bank Aktiengesellschaft
	Trust & Agency Services	  	Trust & Agency Services
	Taunusanlage 12	  	Taunusanlage 12
	60325 Frankfurt am Main	  	60325 Frankfurt am Main
	Deutschland	  	Germany
		
	Berechnungsstelle:	  	Calculation Agent
		
	HSBC Bank plc	  	HSBC Bank plc
	8 Canada Square	  	8 Canada Square
	 London E14 5HQ
	  	London E14 5HQ
	Vereinigtes Königreich	  	United Kingdom
		
	Die Emissionsstelle, die Zahlstelle und die Berechnungsstelle behalten sich das Recht vor, jederzeit ihre jeweilige bezeichnete Geschäftsstelle durch eine andere bezeichnete Geschäftsstelle in demselben Land zu
ersetzen.	  	The Fiscal Agent, the Paying Agent and the Calculation Agent reserve the right at any time to change their respective specified offices to some other specified offices in the same country.
		
	(2) Änderung der Bestellung oder Abberufung. Die Emittentin behält sich das Recht vor, jederzeit die Bestellung der Emissionsstelle oder der Zahlstelle oder der Berechnungsstelle zu ändern oder zu beenden und
eine andere Emissionsstelle oder andere Zahlstelle oder eine andere Berechnungsstelle zu bestellen. Die Emittentin wird zu jedem Zeitpunkt (i) eine Emissionsstelle und (ii) eine Berechnungsstelle unterhalten. Eine Änderung,
Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine solche Änderung sofort wirksam wird), sofern die Gläubiger hierüber gemäß § 13 vorab unter Einhaltung einer
Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.	  	(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or terminate the appointment of the Fiscal Agent or any Paying Agent or the Calculation Agent and to appoint another Fiscal Agent
or another Paying Agent or another Calculation Agent. The Issuer shall at all times maintain (i) a Fiscal Agent and (ii) a Calculation Agent. Any variation, termination, appointment or change shall only take effect (other than in the case
of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days’ prior notice thereof shall have been given to the Holders in accordance with § 13.
		
	(3) Erfüllungsgehilfen der Emittentin. Die Emissionsstelle, die Zahlstelle und die Berechnungsstelle handeln ausschließlich als Erfüllungsgehilfen der Emittentin und übernehmen keinerlei Verpflichtungen
gegenüber den Gläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen ihnen und den Gläubigern begründet.	  	(3) Agents of the Issuer. The Fiscal Agent, the Paying Agent and the Calculation Agent act solely as agents of the Issuer and do not have any obligations towards or relationship of agency or trust to any Holder.
		
	 § 7

STEUERN
	  	 § 7

TAXATION

		
	Kapital wird und Zinsen werden ohne Abzug oder Einbehalt gegenwärtiger oder zukünftiger Steuern, Abgaben oder amtlicher Gebühren gleich welcher Art gezahlt, die von oder in einer Relevanten Jurisdiktion (wie
nachstehend definiert) oder für deren Rechnung oder von oder für Rechnung einer dort jeweils zur Steuererhebung ermächtigten Gebietskörperschaft oder Behörde auferlegt, erhoben oder eingezogen werden (nachstehend zusammen
“Quellensteuern” genannt), es sei denn, ein solcher Abzug oder Einbehalt ist gesetzlich vorgeschrieben. “Relevante Jurisdiktion” bezeichnet jeweils	  	Principal and interest shall be payable without deduction or withholding for or on account of any present or future taxes, duties or governmental charges of any nature whatsoever imposed, levied or collected by or in or on behalf of
any Relevant Jurisdiction (as defined below) or by or on behalf of any political subdivision or authority in any of them having power to tax (hereinafter together called “Withholding Taxes”), unless such deduction or
withholding is required by law. “Relevant Jurisdiction” means each of the Republic of Ireland, the Netherlands, the Issuer’s country of domicile for tax

  
 14 

			
		
	die Republik Irland, die Niederlande, den Staat, in dem die Emittentin steuerlich ansässig ist und den Staat, in dem die Garantin steuerlich ansässig ist. Sofern die Emittentin oder die Garantin gesetzlich zu einem solchen
Abzug oder Einbehalt verpflichtet ist, wird die Emittentin oder die Garantin die zusätzlichen Beträge (die “Zusätzlichen Beträge”) an Kapital und Zinsen zahlen, die erforderlich sind, damit der dem Gläubiger
nach diesem Abzug oder Einbehalt zufließende Nettobetrag jeweils den Beträgen an Kapital und Zinsen entspricht, die ihm zustehen würden, wenn der Abzug oder Einbehalt nicht erforderlich wäre. Solche Zusätzlichen
Beträge sind jedoch nicht zahlbar wegen Quellensteuern, die	  	purposes and the Guarantor’s country of domicile for tax purposes. If the Issuer or the Guarantor, as the case may be, is required by law to make such deduction or withholding, the Issuer or the Guarantor, as the case may be,
shall pay such additional amounts (the “Additional Amounts”) of principal and interest as may be necessary in order that the net amounts received by the Holder after such deduction or withholding shall equal the respective amounts
of principal and interest which would have been receivable had no such deduction or withholding been required. No such Additional Amounts shall, however, be payable on account of any Withholding Taxes which:
		
	 (a)   von einer als Depotbank oder Inkassobeauftragter des Gläubigers
handelnden Person oder sonst auf andere Weise zu entrichten sind als dadurch, dass die Emittentin oder die Garantin aus den von ihr zu leistenden Zahlungen von Kapital oder Zinsen einen Abzug oder Einbehalt vornimmt; oder
	  	 (a)   are payable by any person acting as custodian bank or collecting agent on
behalf of a Holder, or otherwise in any manner which does not constitute a deduction or withholding by the Issuer or the Guarantor, as the case may be, from payments of principal or interest made by it; or

		
	 (b)   wegen einer gegenwärtigen oder früheren persönlichen oder
geschäftlichen Beziehung des Gläubigers zu einer Relevanten Jurisdiktion oder einem Einwohner einer Relevanten Jurisdiktion oder einer Person, die aus steuerlichen Gründen wie ein Einwohner einer Relevanten Jurisdiktion behandelt wird
oder sich dafür entschieden hat, sich wie ein Einwohner einer Relevanten Jurisdiktion besteuern zu lassen oder der Gläubiger hat eine dauerhafte Niederlassung in einer Relevanten Jurisdiktion oder einem anderen Staat der Europäischen
Union zu zahlen sind, und nicht allein deshalb, weil Zahlungen auf die Schuldverschreibungen aus Quellen in einer Relevanten Jurisdiktion stammen (oder für Zwecke der Besteuerung so behandelt werden) oder dort besichert sind; oder
	  	 (b)   are payable by reason of the Holder having, or having had, some personal
or business connection with any Relevant Jurisdiction or being a (deemed) resident of any Relevant Jurisdiction or is treated for tax purposes as a resident of any Relevant Jurisdiction or has elected to be taxed as a resident of any Relevant
Jurisdiction or the Holder having a (deemed) permanent establishment in any Relevant Jurisdiction or any other member state of the European Union and not merely by reason of the fact that payments in respect of the Notes are, or for purposes of
taxation are deemed to be, derived from sources in, or are secured in any Relevant Jurisdiction; or

		
	 (c)   aufgrund (i) einer Richtlinie oder Verordnung der Europäischen Union
betreffend die Besteuerung von Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der eine Relevanten Jurisdiktion oder die Europäische Union beteiligt ist/sind, oder (iii) einer
gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abzuziehen oder einzubehalten sind; oder
	  	 (c)   are deducted or withheld pursuant to (i) any European Union Directive
or Regulation concerning the taxation of savings, or (ii) any international treaty or understanding relating to such taxation and to which any Relevant Jurisdiction or the European Union is a party/are parties, or (iii) any provision of
law implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding; or

		
	 (d)   aufgrund einer Rechtsänderung zahlbar sind, die später als 30
Tage nach Fälligkeit der betreffenden Zahlung von Kapital oder Zinsen oder, wenn dies später erfolgt, ordnungsgemäßer Bereitstellung aller fälligen Beträge und einer diesbezüglichen Bekanntmachung gemäß
§ 13 wirksam wird, oder
	  	 (d)   are payable by reason of a change in a law that becomes effective more
than 30 days after the relevant payment of principal or interest becomes due, or is duly provided for and notice thereof is published in accordance with § 13, whichever occurs later; or

		
	 (e)   die ab dem 1. Januar 2021 von Zinszahlungen einbehalten oder abgezogen
werden, die von der Emittentin oder der Garantin an eine “verbundene Einheit” im Sinne des niederländischen Quellensteuergesetzes 2021 (Wet bronbelasting 2021) in der jeweils geltenden Fassung, geleistet werden (oder als
geleistet gelten). 
	  	 (e)   as of 1 January 2021, are withheld or deducted in respect of interest
payments made (or deemed to be made) by the Issuer or the Guarantor to any “affiliated entity” within the meaning of the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021), as amended from time to time.

		
	Weder die Emittentin noch die Garantin sind verpflichtet, Zusätzliche Beträge in Bezug auf einen Einbehalt oder Abzug von Beträgen zu zahlen, die gemäß Sections 1471 bis 1474 des U.S. Internal Revenue Code
(in der jeweils geltenden Fassung oder gemäß Nachfolgebestimmungen), gemäß zwischenstaatlicher Abkommen, gemäß den in einer anderen Rechtsordnung in Zusammenhang mit diesen Bestimmungen erlassenen
Durchführungsvorschriften oder gemäß mit dem U.S. Internal Revenue Service geschlossenen Verträgen von der Emittentin, der jeweiligen Zahlstelle oder einem anderen Beteiligten abgezogen oder einbehalten wurden
(“FATCA-Steuerabzug”) oder Anleger in Bezug auf einen FATCA-Steuerabzug schadlos zu halten.	  	In any event, neither the Issuer nor the Guarantor will have any obligation to pay Additional Amounts deducted or withheld by the Issuer, the relevant Paying Agent or any other party in relation to any withholding or deduction of
any amounts required by the rules of U.S. Internal Revenue Code Sections 1471 through 1474 (or any amended or successor provisions), pursuant to any inter-governmental agreement, or implementing legislation adopted by another jurisdiction in
connection with these provisions, or pursuant to any agreement with the U.S. Internal Revenue Service (“FATCA Withholding”) or indemnify any investor in relation to any FATCA Withholding.

  
 15 

			
		
	 § 8

VORLEGUNGSFRIST
	  	 § 8

PRESENTATION PERIOD

		
	Die in § 801 Absatz 1 Satz 1 BGB (Bürgerliches Gesetzbuch) bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn Jahre verkürzt.	  	The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil Code) is reduced to ten years for the Notes.
		
	 § 9

KÜNDIGUNG
	  	 § 9

EVENTS OF DEFAULT

		
	(1) Kündigungsgründe. Jeder Gläubiger ist berechtigt, seine Schuldverschreibungen zu kündigen und deren sofortige Tilgung zu ihrem Vorzeitigen Rückzahlungsbetrag zuzüglich bis zum Tag der
Rückzahlung aufgelaufener Zinsen zu verlangen, falls einer der folgenden Kündigungsgründe (“Kündigungsgründe”) vorliegt:	  	(1) Events of Default. Each Holder shall be entitled to declare his Notes due and demand immediate redemption thereof at their Early Redemption Amount together with accrued interest to the date of repayment if any of the
following events (each, an “Event of Default”) occurs:
		
	 (a)   die Emittentin oder die Garantin zahlt Kapital oder Zinsen nicht innerhalb
von 30 Tagen nach dem betreffenden Fälligkeitstag; oder
	  	 (a)   the Issuer or the Guarantor fails to pay principal or interest within 30
days from the relevant due date, or

		
	 (b)   die Emittentin unterlässt die ordnungsgemäße
Erfüllung irgendeiner anderen Verpflichtung aus den Schuldverschreibungen oder die Garantin unterlässt die Erfüllung einer Verpflichtung aus der Garantie, auf die in § 2 Bezug genommen wird, und diese Unterlassung kann nicht
geheilt werden, oder, falls sie geheilt werden kann, dauert länger als 60 Tage fort, nachdem die Emissionsstelle hierüber eine Benachrichtigung von einem Gläubiger erhalten hat; oder
	  	 (b)   the Issuer fails duly to perform any other obligation arising from the
Notes or the Guarantor fails to perform any obligation arising from the Guarantee referred to in § 2 which failure is not capable of remedy or, if such failure is capable of remedy, such failure continues for more than 60 days after the Fiscal
Agent has received notice thereof from a Holder, or

		
	 (c)   eine Kapitalmarktverbindlichkeit (wie in § 2(1) definiert) der
Emittentin oder der Garantin wird vorzeitig zahlbar aufgrund einer Pflichtverletzung aus dem dieser Kapitalmarktverbindlichkeit zugrunde liegenden Vertrages, oder die Emittentin oder die Garantin kommt einer Zahlungsverpflichtung in Höhe oder
im Gegenwert von mehr als USD 500.000.000 aus einer Kapitalmarktverbindlichkeit oder aufgrund einer Bürgschaft oder Garantie, die für eine Kapitalmarktverbindlichkeit Dritter gegeben wurde, nicht innerhalb von 30 Tagen nach ihrer
Fälligkeit bzw. im Falle einer Bürgschaft oder Garantie nicht innerhalb von 30 Tagen nach Inanspruchnahme aus dieser Bürgschaft oder Garantie nach, es sei denn, die Emittentin oder die Garantin bestreitet in gutem Glauben, dass diese
Zahlungsverpflichtung besteht oder fällig ist bzw. diese Bürgschaft oder Garantie berechtigterweise geltend gemacht wird, oder falls eine für solche Verbindlichkeiten bestellte Sicherheit für die oder von den daraus berechtigten
Gläubiger(n) in Anspruch genommen wird; oder
	  	 (c)   any Capital Market Indebtedness (as defined in § 2(1)) of the Issuer
or the Guarantor becomes prematurely repayable as a result of a default in respect of the terms thereof, or the Issuer or the Guarantor fails to fulfil any payment obligation in excess of USD 500,000,000 or the equivalent thereof under any Capital
Market Indebtedness or under any guarantee or suretyship given for any Capital Market Indebtedness of others within 30 days from its due date or, in the case of a guarantee or suretyship, within 30 days after the guarantee or suretyship has been
invoked, unless the Issuer or the Guarantor shall contest in good faith that such payment obligation exists or is due or that such guarantee or suretyship has been validly invoked, or if a security granted therefor is enforced on behalf of or by the
creditor(s) entitled thereto, or

		
	 (d)   die Emittentin oder die Garantin gibt ihre Zahlungsunfähigkeit
bekannt oder stellt ihre Zahlungen ein, oder
	  	 (d)   the Issuer or the Guarantor announces its inability to meet its financial
obligations or ceases its payments, or

		
	 (e)   ein Gericht eröffnet ein Konkurs- oder sonstiges Insolvenzverfahren
gegen die Emittentin oder die Garantin, welches nicht binnen 60 Tagen endgültig oder einstweilen eingestellt wird, oder die Emittentin oder die Garantin beantragt oder leitet ein solches Verfahren ein, oder die Emittentin beantragt ein
“surseance van betaling” (Schuldenmoratorium im Sinne des niederländischen Insolvenzrechts); oder
	  	 (e)   a court opens bankruptcy or other insolvency proceedings against the
Issuer or the Guarantor which are not permanently or temporarily discontinued within 60 days, or the Issuer or the Guarantor applies for or institutes such proceedings, or the Issuer applies for a “surseance van betaling” (debt
moratorium within the meaning of the Statute of Bankruptcy of The Netherlands), or

		
	 (f)   die Emittentin oder die Garantin tritt in Liquidation, es sei denn, dies
geschieht im Zusammenhang mit einer Verschmelzung oder einer anderen Form des Zusammenschlusses mit einer anderen Gesellschaft und diese Gesellschaft übernimmt alle Verpflichtungen, die die Emittentin oder die Garantin im Zusammenhang mit
diesen Schuldverschreibungen eingegangen ist; oder
	  	 (f)   the Issuer or the Guarantor goes into liquidation unless this is done in
connection with a merger, or other form of combination with another company and such company assumes all obligations contracted by the Issuer or the Guarantor, as the case may be, in connection with this issue, or

		
	 (g)   die Garantie aus irgendeinem Grund nicht mehr gilt.
	  	 (g)   the Guarantee ceases to be valid and legally binding for any reason
whatsoever.

  
 16 

			
		
	Das Kündigungsrecht erlischt, falls der Kündigungsgrund vor Ausübung des Rechts geheilt wurde.	  	The right to declare Notes due shall terminate if the situation giving rise to it has been cured before the right is exercised.
		
	(2) Quorum. In den Fällen des § 9(1)(b) oder § 9(1)(c) wird eine Kündigung, sofern nicht bei deren Eingang zugleich einer der in § 9(1)(a) oder § 9(1)(d) bis § 9(1)(g) bezeichneten
Kündigungsgründe vorliegt, erst wirksam, wenn bei der Emissionsstelle Kündigungserklärungen von Gläubigern von Schuldverschreibungen von mindestens einem Zehntel des Gesamtnennbetrags der dann ausstehenden
Schuldverschreibungen eingegangen sind.	  	(2) Quorum. In the events specified in § 9(1)(b) or § 9(1)(c), any notice declaring Notes due shall, unless at the time such notice is received any of the events specified in § 9(1)(a) or § 9(1)(d) through
§ 9(1)(g) entitling Holders to declare their Notes due has occurred, become effective only when the Fiscal Agent has received such notices from the Holders of at least one-tenth of the aggregate principal
amount of Notes then outstanding.
		
	(3) Benachrichtigung. Eine Benachrichtigung, einschließlich einer Kündigung der Schuldverschreibungen gemäß § 9(1) ist in Textform in englischer oder deutscher Sprache gegenüber der
Emissionsstelle zu erklären zusammen mit dem Nachweis durch ein Zertifikat der Depotbank (wie in § 14(3) definiert) oder in anderer geeigneter Weise, dass der Benachrichtigende zum Zeitpunkt der Benachrichtigung ein Gläubiger der
betreffenden Schuldverschreibungen ist.	  	(3) Form of Notice. Any notice, including any notice declaring Notes due, in accordance with § 9(1) shall be made by means of a declaration in text format (Textform) in the English or German language to be
delivered to the specified office of the Fiscal Agent together with proof that such notifying Holder at the time of such notice is a holder of the relevant Notes by means of a certificate of his Custodian (as defined in § 14(3)) or in other
appropriate manner.
		
	§ 10	  	§ 10
	ERSETZUNG	  	SUBSTITUTION
		
	(1) Ersetzung. Die Emittentin ist jederzeit berechtigt, sofern sie sich nicht mit einer Zahlung von Kapital oder Zinsen auf die Schuldverschreibungen in Verzug befindet, ohne Zustimmung der Gläubiger entweder die
Garantin oder eine Tochtergesellschaft (wie nachstehend definiert) der Garantin an ihrer Stelle als Hauptschuldnerin (die “Nachfolgeschuldnerin”) für alle Verpflichtungen aus und im Zusammenhang mit diesen Schuldverschreibungen
einzusetzen, vorausgesetzt, dass:	  	(1) Substitution. The Issuer may, without the consent of the Holders, if no payment of principal of or interest on any of the Notes is in default, at any time substitute for the Issuer either the Guarantor or any Subsidiary
(as defined below) of the Guarantor as principal debtor in respect of all obligations arising from or in connection with the Notes (the “Substitute Debtor”) provided that:
		
	 (a)   die Nachfolgeschuldnerin alle Verpflichtungen der Emittentin in Bezug auf
die Schuldverschreibungen übernimmt;
	  	 (a)   the Substitute Debtor assumes all obligations of the Issuer in respect of
the Notes;

		
	 (b)   die Emittentin und die Nachfolgeschuldnerin alle erforderlichen
Genehmigungen erlangt haben und berechtigt sind, an die Emissionsstelle die zur Erfüllung der Zahlungsverpflichtungen aus den Schuldverschreibungen zahlbaren Beträge in der Festgelegten Währung zu zahlen, ohne verpflichtet zu sein,
jeweils in dem Land, in dem die Nachfolgeschuldnerin oder die Emittentin ihren Sitz oder Steuersitz haben, erhobene Steuern oder andere Abgaben jeder Art abzuziehen oder einzubehalten;
	  	 (b)   the Issuer and the Substitute Debtor have obtained all necessary
authorizations and may transfer to the Fiscal Agent in the Specified Currency and without being obligated to deduct or withhold any taxes or other duties of whatever nature levied by the country in which the Substitute Debtor or the Issuer has its
domicile or tax residence, all amounts required for the fulfilment of the payment obligations arising under the Notes;

		
	 (c)   die Nachfolgeschuldnerin sich verpflichtet hat, jeden Gläubiger
hinsichtlich solcher Steuern, Abgaben oder behördlichen Lasten freizustellen, die einem Gläubiger bezüglich der Ersetzung auferlegt werden;
	  	 (c)   the Substitute Debtor has agreed to indemnify and hold harmless each
Holder against any tax, duty, assessment or governmental charge imposed on such Holder in respect of such substitution;

		
	 (d)   die Garantin, sofern sie nicht selbst die Nachfolgeschuldnerin ist,
unwiderruflich und unbedingt gegenüber den Gläubigern die Zahlung aller von der Nachfolgeschuldnerin auf die Schuldverschreibungen zahlbaren Beträge zu Bedingungen garantiert, die den Bedingungen der Garantie entsprechen (wobei auf
diese Garantie die unten in § 11 aufgeführten auf die Schuldverschreibungen anwendbaren Bestimmungen sinngemäß Anwendung finden); und
	  	 (d)   the Guarantor if it is not itself the Substitute Debtor irrevocably and
unconditionally guarantees in favour of each Holder the payment of all sums payable by the Substitute Debtor in respect of the Notes on terms equivalent to the terms of the Guarantee (whereby to this guarantee the provisions set out below in §
11 applicable to the Notes shall apply mutatis mutandis);

		
	 (e)   der Emissionsstelle ein oder mehrere Rechtsgutachten von anerkannten
Rechtsanwälten vorgelegt werden, die bestätigen, dass die Bestimmungen in den vorstehenden § 10(1)(a), (b), (c) und (d) erfüllt wurden.
	  	 (e)   there shall have been delivered to the Fiscal Agent an opinion or opinions
of lawyers of recognised standing to the effect that § 10(1)(a), (b), (c) and (d) above have been satisfied.

		
	Im Sinne dieses § 10 der Bedingungen bedeutet “Tochtergesellschaft” eine Kapitalgesellschaft, an der die Linde plc direkt oder indirekt insgesamt nicht weniger als 90%	  	For the purposes of this § 10 “Subsidiary” shall mean any corporation in which Linde plc directly or indirectly in the aggregate holds not less than 90 % of the capital of any class or
	des Kapitals jeder Klasse oder der Stimmrechte hält.	  	of the voting rights.

  
 17 

			
	(2) Bekanntmachung. Jede Ersetzung ist gemäß § 13 bekannt zu machen.	 	(2) Notice. Notice of any such substitution shall be published in accordance with § 13.
		
	(3) Änderung von Bezugnahmen. Im Fall einer Ersetzung gilt jede Bezugnahme in diesen Anleihebedingungen auf die Emittentin ab dem Zeitpunkt der Ersetzung als Bezugnahme auf die Nachfolgeschuldnerin und jede Bezugnahme
auf das Land, in dem die Emittentin ihren Sitz oder Steuersitz hat, gilt ab diesem Zeitpunkt als Bezugnahme auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat. Des Weiteren gilt im Fall einer Ersetzung Folgendes:	 	(3) Change of References. In the event of any such substitution, any reference in these Terms and Conditions to the Issuer shall from then on be deemed to refer to the Substitute Debtor and any reference to the country in
which the Issuer is domiciled or resident for taxation purposes shall from then on be deemed to refer to the country of domicile or residence for taxation purposes of the Substitute Debtor. Furthermore, in the event of such substitution the
following shall apply:
		
	In § 7 und § 5(2) gilt eine alternative Bezugnahme auf die Niederlande als aufgenommen (zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz
oder Steuersitz hat).	 	In § 7 and § 5(2) an alternative reference to The Netherlands shall be deemed to have been included in addition to the reference according to the preceding sentence to the country of domicile or residence for taxation
purposes of the Substitute Debtor.
		
	§ 11	 	§ 11
	ÄNDERUNG DER ANLEIHEBEDINGUNGEN,	 	AMENDMENT OF THE TERMS AND CONDITIONS,
	GEMEINSAMER VERTRETER, ÄNDERUNG DER	 	HOLDERS’ REPRESENTATIVE, AMENDMENT OF THE
	GARANTIE	 	GUARANTEE
		
	(1) Änderung der Anleihebedingungen. Die Gläubiger können entsprechend den Bestimmungen des Gesetzes über Schuldverschreibungen aus Gesamtemissionen in seiner jeweils gültigen Fassung
(Schuldverschreibungsgesetz – “SchVG”) durch einen Beschluss mit der in § 11(2) bestimmten Mehrheit über einen im SchVG zugelassenen Gegenstand eine Änderung der Anleihebedingungen mit der Emittentin
vereinbaren oder sonstige Maßnahmen gemäß dem SchVG beschließen. Die Mehrheitsbeschlüsse der Gläubiger sind für alle Gläubiger gleichermaßen verbindlich.	 	(1) Amendment of the Terms and Conditions. In accordance with the Act on Debt Securities of 2009, as amended from time to time (Schuldverschreibungsgesetz aus Gesamtemissionen – “SchVG”) the
Holders may agree with the Issuer on amendments of the Terms and Conditions with regard to matters permitted by the SchVG by resolution with the majority specified in § 11(2) or resolve any other matters provided for by the SchVG. Majority
resolutions shall be binding on all Holders.
		
	(2) Mehrheitserfordernisse. Die Gläubiger entscheiden, vorbehaltlich der Erreichung der erforderlichen Beschlussfähigkeit, mit einer Mehrheit von 75 % der an der Abstimmung teilnehmenden Stimmrechte.
Beschlüsse, durch welche der wesentliche Inhalt der Anleihebedingungen nicht geändert wird und die keinen Gegenstand der § 5 Absatz 3, Nr. 1 bis Nr. 9 des SchVG betreffen, bedürfen, vorbehaltlich der Erreichung der erforderlichen
Beschlussfähigkeit, zu ihrer Wirksamkeit einer einfachen Mehrheit der an der Abstimmung teilnehmenden Stimmrechte.	 	(2) Majority. Resolutions shall be passed by a majority of not less than 75 % of the votes cast, provided that the quorum requirements are met. Resolutions relating to amendments of the Terms and Conditions which are not
material and which do not relate to the matters listed in § 5 paragraph 3, Nos. 1 to 9 of the SchVG require a simple majority of the votes cast, provided that the quorum requirements are met.
		
	(3) Beschlussfassung. Beschlüsse der Gläubiger werden nach Wahl der Emittentin im Wege der Abstimmung ohne Versammlung nach § 18 SchVG oder einer Gläubigerversammlung nach § 9 SchVG gefasst.	 	(3) Resolution of Holders. Resolutions of Holders shall be passed at the election of the Issuer by vote taken without a meeting in accordance with § 18 SchVG or in a Holder’s meeting in accordance with § 9
SchVG.
		
	(4) Gläubigerversammlung. Die Teilnahme an der Gläubigerversammlung und die Ausübung der Stimmrechte ist von einer vorherigen Anmeldung der Gläubiger abhängig. Die Anmeldung muss unter der in der
Bekanntmachung der Einberufung mitgeteilten Adresse spätestens am dritten Tag vor der Gläubigerversammlung zugehen. Mit der Anmeldung müssen die Gläubiger ihre Berechtigung zur Teilnahme an der Abstimmung durch einen in Textform
erstellten besonderen Nachweis der Depotbank gemäß § 14(3)(i)(a) und (b) und durch Vorlage eines Sperrvermerks der Depotbank, aus dem hervorgeht, dass die betreffenden Schuldverschreibungen ab dem Tag der Absendung der Anmeldung
(einschließlich) bis zum angegebenen Ende der Gläubigerversammlung (einschließlich) nicht übertragbar sind, nachweisen.	 	(4) Meeting. Attendance at the meeting and exercise of voting rights is subject to the Holders’ prior registration. The registration must be received at the address stated in the convening notice no later than the third
day preceding the meeting. As part of the registration, Holders must demonstrate their eligibility to participate in the vote by means of a special confirmation of the Custodian in accordance with § 14(3)(i)(a) and (b) in text form and by
submission of a blocking instruction by the Custodian stating that the relevant Notes are not transferable from and including the day such registration has been sent until and including the stated end of the meeting.
		
	(5) Abstimmung ohne Versammlung. Zusammen mit der Stimmabgabe müssen die Gläubiger ihre Berechtigung zur Teilnahme an der Abstimmung durch einen in Textform erstellten besonderen Nachweis der Depotbank
gemäß § 14(3)(i)(a) und (b) und durch Vorlage eines Sperrvermerks der Depotbank, aus dem hervorgeht, dass die betreffenden Schuldverschreibungen ab dem Tag der Stimmabgabe (einschließlich) bis zum letzten Tag des
Abstimmungszeitraums (einschließlich) nicht übertragbar sind, nachweisen.	 	(5) Vote without a meeting. Together with casting their votes Holders must demonstrate their eligibility to participate in the vote by means of a special confirmation of the Custodian in accordance with § 14(3)(i)(a) and
(b) in text form and by submission of a blocking instruction by the Custodian stating that the relevant Notes are not transferable from and including the day such votes have been cast until and including the day the voting period ends.
		
	(6) Zweite Versammlung. Wird für die Gläubigerversammlung gemäß § 11(4) oder die Abstimmung ohne Versammlung	 	(6) Second meeting. If it is ascertained that no quorum exists for the meeting pursuant to § 11(4) or the vote without a meeting

  
 18 

			
	gemäß § 11(5) die mangelnde Beschlussfähigkeit festgestellt, kann – im Fall der Gläubigerversammlung – der Vorsitzende eine zweite Versammlung im Sinne von § 15 Absatz 3 Satz 2 SchVG und
– im Fall der Abstimmung ohne Versammlung – der Abstimmungsleiter eine zweite Versammlung im Sinne von § 15 Absatz 3 Satz 3 SchVG einberufen. Die Teilnahme an der zweiten Versammlung und die Ausübung der Stimmrechte sind von
einer vorherigen Anmeldung der Gläubiger abhängig. Für die Anmeldung der Gläubiger zu einer zweiten Versammlung gelten die Regelungen des § 11(4) entsprechend.	  	pursuant to § 11(5), in the case of a meeting the chairman (Vorsitzender) may convene a second meeting in accordance with § 15 paragraph 3 sentence 2 of the SchVG or in the case of a vote without a meeting the
scrutineer (Abstimmungsleiter) may convene a second meeting within the meaning of § 15 paragraph 3 sentence 3 of the SchVG. Attendance at the second meeting and exercise of voting rights is subject to the Holders’ prior
registration. The provisions set out in § 11(4) shall apply mutatis mutandis to the Holders’ registration for a second meeting.
		
	(7) Gemeinsamer Vertreter.	  	(7) Holders’ Representative.
		
	Die Gläubiger können durch Mehrheitsbeschluss zur Wahrnehmung ihrer Rechte einen gemeinsamen Vertreter (der “Gemeinsame Vertreter”) für alle Gläubiger bestellen. Die Bestellung eines Gemeinsamen
Vertreters bedarf einer Mehrheit gemäß § 11(2) Satz 1, wenn er ermächtigt werden soll, Änderungen des wesentlichen Inhalts der Anleihebedingungen oder sonstigen wesentlichen Maßnahmen zuzustimmen.	  	The Holders may by majority resolution appoint a common representative (the “Holders’ Representative”) to exercise the Holders’ rights on behalf of each Holder. The appointment of a Holders’
Representative may only be passed by a majority pursuant to § 11(2) sentence 1 if such Holders’ Representative is to be authorised to consent to a material change in the substance of the Terms and Conditions or other material
matters.
		
	Der Gemeinsame Vertreter hat die Aufgaben und Befugnisse, welche ihm durch Gesetz oder von den Gläubigern durch Mehrheitsbeschluss eingeräumt wurden. Er hat die Weisungen der Gläubiger zu befolgen. Soweit er zur
Geltendmachung von Rechten der Gläubiger ermächtigt ist, sind die einzelnen Gläubiger zur selbständigen Geltendmachung dieser Rechte nicht befugt, es sei denn, der Mehrheitsbeschluss sieht dies ausdrücklich vor. Über
seine Tätigkeit hat der Gemeinsame Vertreter den Gläubigern zu berichten. Für die Abberufung und die sonstigen Rechte und Pflichten des Gemeinsamen Vertreters gelten die Vorschriften des SchVG.	  	The Holders’ Representative shall have the duties and powers provided by law or granted by majority resolution of the Holders. The Holders’ Representative shall comply with the instructions of the Holders. To the extent
that the Holders’ Representative has been authorised to assert certain rights of the Holders, the Holders shall not be entitled to assert such rights themselves, unless explicitly provided for in the relevant majority resolution. The
Holders’ Representative shall provide reports to the Holders on its activities. The regulations of the SchVG apply with regard to the recall and the other rights and obligations of the Holders’ Representative.
		
	(8) Veröffentlichung. Alle Bekanntmachungen diesen § 11 betreffend erfolgen ausschließlich gemäß den Bestimmungen des SchVG.	  	(8) Publication. Any notices concerning this § 11 shall be made exclusively pursuant to the provisions of the SchVG.
		
	(9) Änderung der Garantie. Die oben aufgeführten auf die Schuldverschreibungen anwendbaren Bestimmungen finden sinngemäß auf die Bestimmungen der Garantie der Linde plc Anwendung.	  	(9) Amendment of the Guarantee. The provisions set out above applicable to the Notes shall apply mutatis mutandis to the Guarantee of Linde plc.
		
	§ 12	  	§ 12
	BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN	  	FURTHER ISSUES
		
	Die Emittentin ist berechtigt, jederzeit ohne Zustimmung der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des Tags der Begebung, des Verzinsungsbeginns und/oder des
Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden.	  	The Issuer may from time to time, without the consent of the Holders, issue further Notes having the same conditions as the Notes in all respects (or in all respects except for the issue date, Interest Commencement Date and/or issue
price) so as to form a single Series with the Notes.
		
	§ 13	  	§ 13
	MITTEILUNGEN	  	NOTICES
		
	(1) Bekanntmachung. Vorbehaltlich § 11(8) erfolgen alle die Schuldverschreibungen betreffenden Mitteilungen durch elektronische Publikation auf der Internetseite der Luxemburger Börse (www.bourse.lu). Jede
Mitteilung gilt mit dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen mit dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.	  	(1) Publication. Subject to § 11(8) all notices concerning the Notes will be made by means of electronic publication on the internet website of the Luxembourg Stock Exchange (www.bourse.lu). Any notice so given will be
deemed to have been validly given on the date of such publication (or, if published more than once, on the first day of such publication).
		
	(2) Mitteilungen an das Clearing System. Solange die Schuldverschreibungen zum Handel am Euro MTF Markt der Luxemburger Börse zugelassen sind, findet § 13(1) Anwendung. Im Fall von Mitteilungen bezüglich des
Zinssatzes, oder falls die Vorschriften der Luxemburger Börse es zulassen, ist die Emittentin berechtigt, eine Veröffentlichung nach vorstehendem § 13(1) durch eine Mitteilung an das Clearing System zur Weiterleitung an die
Gläubiger zu ersetzen. Jede derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.	  	(2) Notification to Clearing System. So long as any Notes are admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange, § 13(1) shall apply. In the case of notices regarding the Rate of Interest or, if
the Rules of the Luxembourg Stock Exchange so permit, the Issuer may, in lieu of publication set forth in § 13(1) above, deliver the relevant notice to the Clearing System, for communication by the Clearing System to the Holders. Any such
notice shall be deemed to have been given to the Holders on the seventh day after the day on which the said notice was given to the Clearing System.

  
 19 

			
	(3) Form der Mitteilung. Mitteilungen, die von einem Gläubiger gemacht werden, müssen in Textform erfolgen und zusammen mit dem Nachweis seiner Inhaberschaft gemäß § 14(3) an die
Emissionsstelle geleitet werden. Eine solche Mitteilung kann über das Clearing System in der von der Emissionsstelle und dem Clearing System dafür vorgesehenen Weise erfolgen.	  	(3) Form of Notice. Notices to be given by any Holder shall be made by means of a declaration in text format (Textform) to be delivered together with an evidence of the Holder ́s entitlement in accordance with §
14(3) to the Fiscal Agent. Such notice may be given through the Clearing System in such manner as the Fiscal Agent and the Clearing System may approve for such purpose.
		
	 § 14

ANWENDBARES RECHT, GERICHTSSTAND UND GERICHTLICHE GELTENDMACHUNG
	  	 § 14

APPLICABLE LAW, PLACE OF JURISDICTION AND ENFORCEMENT

		
	(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen sowie die Rechte und Pflichten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht.	  	(1) Applicable Law. The Notes, as to form and content, and all rights and obligations of the Holders and the Issuer, shall be governed by German law.
		
	(2) Gerichtsstand. Nicht ausschließlich zuständig für sämtliche im Zusammenhang mit den Schuldverschreibungen entstehenden Klagen oder sonstige Verfahren (“Rechtsstreitigkeiten”) ist das
Landgericht Frankfurt am Main. Dies gilt nur vorbehaltlich eines zwingenden Gerichtsstandes für besondere Rechtsstreitigkeiten im Zusammenhang mit dem SchVG.	  	(2) Submission to Jurisdiction. The District Court (Landgericht) in Frankfurt am Main shall have non-exclusive jurisdiction for any action or other legal proceedings
(“Proceedings”) arising out of or in connection with the Notes. This is subject to any exclusive court of venue for specific legal proceedings in connection with the SchVG.
		
	(3) Gerichtliche Geltendmachung. Jeder Gläubiger von Schuldverschreibungen ist berechtigt, in jedem Rechtsstreit gegen die Emittentin oder in jedem Rechtsstreit, in dem der Gläubiger und die Emittentin Partei sind,
seine Rechte aus diesen Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage zu schützen oder geltend zu machen: (i) er bringt eine Bescheinigung der Depotbank (wie nachstehend definiert) bei, bei der er für die
Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen Namen und die vollständige Adresse des Gläubigers enthält, (b) den Gesamtnennbetrag der Schuldverschreibungen bezeichnet, die unter
dem Datum der Bestätigung auf dem Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clearing System eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und (b)
bezeichneten Informationen enthält; und (ii) er legt eine Kopie der die betreffenden Schuldverschreibungen verbriefenden Globalurkunde vor, deren Übereinstimmung mit dem Original eine vertretungsberechtigte Person des Clearing Systems
oder des Verwahrers des Clearing Systems bestätigt hat, ohne dass eine Vorlage der Originalbelege oder der die Schuldverschreibungen verbriefenden Globalurkunde in einem solchen Verfahren erforderlich wäre oder (iii) auf jede andere
Weise, die im Lande, in dem der Rechtsstreit durchgeführt wird, prozessual zulässig ist. Für die Zwecke des Vorstehenden bezeichnet “Depotbank” jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt
ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält, einschließlich des Clearing Systems.	  	(3) Enforcement. Any Holder of Notes may in any Proceedings against the Issuer, or to which such Holder and the Issuer are parties, protect and enforce in his own name his rights arising under such Notes on the basis of
(i) a statement issued by the Custodian (as defined below) with whom such Holder maintains a securities account in respect of the Notes (a) stating the full name and address of the Holder, (b) specifying the aggregate principal amount
of Notes credited to such securities account on the date of such statement and (c) confirming that the Custodian has given written notice to the Clearing System containing the information pursuant to (a) and (b) and (ii) a copy of the
Note in global form certified as being a true copy by a duly authorized officer of the Clearing System or a depository of the Clearing System, without the need for production in such proceedings of the actual records or the global note representing
the Notes or (iii) any other means of proof permitted in legal proceedings in the country of enforcement. For purposes of the foregoing, “Custodian” means any bank or other financial institution of recognized standing
authorized to engage in securities custody business with which the Holder maintains a securities account in respect of the Notes and includes the Clearing System.
		
	 § 15

SPRACHE
	  	 § 15

LANGUAGE

		
	Diese Anleihebedingungen sind in deutscher Sprache abgefasst. Eine Übersetzung in die englische Sprache ist beigefügt. Der deutsche Text ist bindend und maßgeblich. Die Übersetzung in die englische Sprache ist
unverbindlich.	  	These Terms and Conditions are written in the German language and provided with an English language translation. The German text shall be controlling and binding. The English language translation is provided for convenience
only.

  
 20 

 PART II – OTHER INFORMATION 

TEIL II – ANDERE INFORMATIONEN 

Listing and admission to trading 

Börsennotierung und Zulassung zum Handel 
  

			
	 ☒   Euro MTF Market of the Luxembourg Stock Exchange
	  	
		
	 Euro MTF Markt der Luxemburger Börse
	  	
		
	 Date of admission:
	  	19 May 2020
		
	 Datum der Zulassung:
	  	19. Mai 2020
		
	 Estimate of the total expenses related to admission to trading:
	  	EUR 6,000
		
	 Geschätzte Gesamtkosten für die Zulassung zum Handel:
	  	EUR 6.000
		
	Rating of the Notes	  	
		
	Rating der Schuldverschreibungen	  	
		
	 ☒   The Notes to be issued have been rated as follows
	  	
		
	 Die Schuldverschreibungen wurden wie folgt geratet
	  	
		
	 ☒   S&P:
	  	A
		
	 ☒   Moody’s:
	  	A2
	
	 Interests of natural and legal persons involved in the issue/offer

 
 Interessen von natürlichen oder juristischen Personen, die bei der
Emission/dem Angebot beteiligt sind
  

☒   So far as the Issuer is aware, no person involved in the offer of the Notes has an
interest material to the offer.
  
 Soweit es der Emittentin
bekannt ist, hat keine Person, die bei dem Angebot der Schuldverschreibungen beteiligt ist, Interessen, die für das Angebot von wesentlicher Bedeutung sind.
  

Reasons for the offer and Net Proceeds

		
	Gründe für das Angebot und Nettoerlöse	  	
		
	 Use of proceeds / reasons for the offer:
	  	General corporate purposes
		
	 Verwendung der Emissionserlöse / Gründe für das Angebot:
	  	Allgemeine Unternehmenszwecke
		
	 Estimated net proceeds:
	  	EUR 747,997,500
		
	 Geschätzter Nettobetrag des Emissionserlöses:
	  	EUR 747.997.500
		
	Yield	  	
		
	Rendite	  	
		
	 Yield:
	  	0.256% p.a.
		
	 Rendite:
	  	0,256% p.a.
		
	Specific Selling Restrictions and Stabilisation	  	
		
	Spezifische Verkaufsbeschränkungen und Stabilisierung	  	
		
	 Prohibition of Sales to Retail Investors in the European Economic Area and the United Kingdom:
	  	Applicable
		
	 Verkaufsverbot an Kleinanleger im Europäischen Wirtschaftsraum und im Vereinigten Königreich:
	  	Anwendbar
		
	 Stabilisation Manager(s):
	  	Deutsche Bank Aktiengesellschaft

  
 21 

			
	 Stabilisation Manager(s):
	  	Deutsche Bank Aktiengesellschaft
		
	Security Codes and Eurosystem eligibility	  	
		
	Wertpapierkennung and EZB-Fähigkeit	  	
		
	 ISIN:
	  	XS2177021271
		
	 Common Code:
	  	217702127
		
	 WKN:
	  	A28XE4
		
	Intended to be held in a manner which would allow Eurosystem eligibility:	  	Yes
		
	Soll in EZB-fähiger Weise gehalten werden:	  	Ja
		
		  	Note that the designation “Yes” simply means that the Notes are intended upon issue to be deposited with one of the ICSDs as common safekeeper, and does not necessarily mean that the Notes will be recognized as eligible
collateral for Eurosystem monetary policy and intraday credit operations by the Eurosystem either upon issue or at any or all times during their life. Such recognition will depend upon the ECB being satisfied that Eurosystem eligibility criteria
have been met.
		
		  	Es wird darauf hingewiesen, dass “Ja” hier lediglich bedeutet, dass die Wertpapiere nach ihrer Begebung bei einem der ICSDs als gemeinsamen Verwahrer verwahrt werden und es bedeutet nicht notwendigerweise, dass die
Schuldverschreibungen als geeignete Sicherheit im Sinne der Währungspolitik des Eurosystems und der taggleichen Überziehungen (intraday credit operations) des Eurosystems entweder nach Begebung oder zu irgendeinem Zeitpunkt während
ihrer Existenz anerkannt werden. Eine solche Anerkennung wird vom Urteil der EZB abhängen, dass die Eurosystemfähigkeitskriterien erfüllt werden.

 Listing application 

These Final Terms comprise the final terms required to list the issue of Notes described herein pursuant to the Euro 10,000,000,000 Debt Issuance Programme of
Linde plc and Linde Finance B.V. on the Euro MTF market of the Luxembourg Stock Exchange. 
 Antrag auf Börsennotierung 

Diese Endgültigen Bedingungen enthalten die Details, die erforderlich sind, um die hierin beschriebenen Schuldverschreibungen des Euro
10.000.000.000 Debt Issuance Programme der Linde plc und Linde Finance B.V. am Euro MTF Markt der Luxemburger Wertpapierbörse zu notieren. 

Authorisation 
 The issue of this Series of Notes was
authorised by the sole Managing Director of Linde Finance B.V. on 12 May 2020, by a resolution of the supervisory board of Linde Finance B.V. dated 12 May 2020 and by a resolution of the sole shareholder of Linde Finance B.V. dated
12 May 2020. 
 Genehmigung 
 Die
Emission dieser Serie von Schuldverschreibungen wurde durch den alleinigen Managing Director der Linde Finance B.V. am 12. Mai 2020, durch einen Beschluss des Aufsichtsrats der Linde Finance B.V. vom 12. Mai 2020 und einen Beschluss des alleinigen
Anteilseigners der Linde Finance B.V. vom 12. Mai 2019 genehmigt. 

  
 22 

			
	Signed on behalf of
	
	Linde Finance B.V.
		
	By:	 	 /s/ Micha Glaser

		 	Duly authorised
		
		 	Micha Glaser

  
 23

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