Document:

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of April 5, 2022, is by and between IQSTEL Inc., a Nevada corporation (the
“Company”), and Apollo Management Group, Inc., a Florida corporation (the “Investor”).

 

WHEREAS:

 

A.                 
In connection with the Common Stock Purchase Option granted by the Company in favor of the Investor
(the “Option”), the Company has agreed, upon the terms and subject to the conditions contained therein, to issue
and sell to the Investor that number of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”),
set forth therein (as exercised, the “Option Stock”). Capitalized terms not defined herein shall have the meanings
ascribed to them in the Option.

 

B.                 
To induce the Investor to purchase the Option, the Company has agreed to provide certain registration
rights under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, or any similar successor statute
(collectively, the “Securities Act”), and applicable state securities laws and other rights as provided for herein.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Investor hereby agree as follows:

 

		1.	DEFINITIONS.

 

As used in this Agreement, the following terms shall have the following
meanings:

 

(a)                
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder, or any similar successor statute.

 

(b)                
“Person” means a corporation, a limited liability company, an association, a partnership,
an organization, a business, an individual, a governmental or political subdivision thereof, or a governmental agency.

 

(c)                
“Prospectus” means the prospectus included in a Registration Statement (including,
without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated
by reference in such Prospectus.

 

(d)                
“Registrable Securities” means all of (i) the shares of Option Stock issuable
upon exercise of the Option (without giving effect to any limitations on exercise set forth in the Option).

 

(e)                
“Registration Statement” means any registration statement of the Company, including
the Prospectus, amendments, and supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits
thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

 

    	 		 

    	 

    

 

		(f)	“Rule 144” means Rule 144 under the Securities Act or any
successor rule thereto.

 

		(g)	“SEC” means the Securities and Exchange Commission or any
other federal

agency administering the Securities Act and the Exchange Act at the
time.

 

		(h)	“Securities Act” shall have the meaning set forth in the
Recitals above.

 

		2.	REGISTRATION.

 

(a)                
The Company’s registration obligations set forth in this Section 2 including its obligations
to file Registration Statements, obtain effectiveness of Registration Statements, and maintain the continuous effectiveness of Registration
Statement that have been declared effective shall begin on the Grant Date and continue until all of the Registrable Securities have been
sold or may permanently be sold without any restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to
a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and to the Investor (the “Registration
Period”).

 

(b)                 Piggy-Back
Registrations. If at any time there is not an effective Registration Statement covering all of the Registrable Securities and
the Company proposes to register the offer and sale of any shares of its Common Stock under the Securities Act (other than a
registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or
sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii)
pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the
Securities Act or any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar
plan), whether for its own account or for the account of one or more stockholders of the Company and the form of Registration
Statement to be used may be used for any registration of Registrable Securities, the Company shall give prompt written notice (in
any event no later than five (5) days prior to the filing of such Registration
Statement) to the holders of Registrable Securities of its intention to effect such a registration and shall include in such
registration all Registrable Securities with respect to which the Company has received written requests for inclusion from the
holders of Registrable Securities; provided, however, that, the Company shall not be required to register any
Registrable Securities pursuant to this Section 2(b) that have been sold or may permanently be sold without any restrictions
pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Company’s transfer agent and the Investor.

 

		3.	RELATED OBLIGATIONS.

 

(a)                
The Company shall, not less than three (3) Trading Days prior to the filing of each Registration
Statement and not less than one (1) Trading Day prior to the filing of any related amendments and supplements to all Registration Statements
(except for Annual Reports on Form 10-K), furnish to the Investor copies of all such documents proposed to be filed, which documents (other
than those incorporated or deemed to be incorporated by reference) will be subject to the reasonable and prompt review of such Investor.
The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Investor
shall reasonably object in good faith; provided, that, the Company is notified of such objection in writing no later than
two (2) Trading Days after the Investor have been so furnished copies of a Registration Statement.

 

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(b)                
The Company shall furnish to the Investor, without charge, (i) at least one (1) copy of such Registration
Statement, as declared effective by the SEC and any amendment(s) thereto, including financial statements and schedules, all documents
incorporated therein by reference, all exhibits, and each preliminary prospectus, (ii) ten (10) copies of the final prospectus included
in such Registration Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably
request), and (iii) such other documents, which are not publicly available through EDGAR, as the Investor may reasonably request from
time to time in order to facilitate the disposition of the Registrable Securities owned by the Investor.

 

(c)                
The Company shall use its best efforts to (i) register and qualify the Registrable Securities covered
by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as
the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments)
and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration
Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during
the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for
sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (w) make any change to its Certificate of Incorporation or By-laws, (x) qualify to do business in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(c), (y) subject itself to general taxation in any such jurisdiction,
or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt
by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities
for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice
of the initiation or threat of any proceeding for such purpose.

 

(d)                
As promptly as practicable after becoming aware of such event or development, the Company shall notify
the Investor in writing of the happening of any event as a result of which the Prospectus included in a Registration Statement, as then
in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall
such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement
to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to the Investor. The Company
shall also promptly notify the Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has
been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Investor by facsimile on the same day of such effectiveness), (ii) of any request by the SEC for amendments
or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination
that a post-effective amendment to a Registration Statement would be appropriate.

 

(e)                
The Company shall use its best efforts to prevent the issuance of any stop order or other suspension
of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in
any jurisdiction within the United States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order
or suspension at the earliest possible moment and to notify the Investor of the issuance of such order and the resolution thereof or its
receipt of actual notice of the initiation or threat of any proceeding for such purpose.

 

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(f)                 
If, after the execution of this Agreement, an Investor believes, after consultation with its legal
counsel, that it could reasonably be deemed to be an underwriter of Registrable Securities, at the request of the Investor, the Company
shall furnish to the Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such
dates as an Investor may reasonably request, (i) a letter, dated such date, from the Company’s independent certified public accountants
in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering
and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form,
scope, and substance as is customarily given in an underwritten public offering, addressed to the Investor. Upon the request of the documents
discussed above pursuant to this Section 3(f), the Investor shall provide documents to the Company typically provided by an underwriter
of its securities in form, scope, and substance as is customarily given in an underwritten public offering, including an opinion of counsel
representing the Investor for purposes of such Registration Statement, addressed to the Company.

 

(g)                
If, after the execution of this Agreement, an Investor believes, after consultation with its legal
counsel, that it could reasonably be deemed to be an underwriter of Registrable Securities, at the request of the Investor, the Company
shall make available for inspection by (i) the Investor and (ii) one (1) firm of accountants or other agents retained by the Investor
(collectively, the “Inspectors”) all pertinent financial and other records, and pertinent corporate documents and properties
of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause
the Company’s officers, directors, and employees to supply all information that any Inspector may reasonably request; provided,
however, that each Inspector shall agree, and the Investor hereby agrees, to hold in strict confidence and shall not make any disclosure
(except to an Investor) or use any Record or other information that the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, unless (a) the disclosure of such Records is necessary to avoid or correct a misstatement
or omission in any Registration Statement or is otherwise required under the Securities Act, (b) the release of such Records is ordered
pursuant to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (c) the information
in such Records has been made generally available to the public other than by disclosure in violation of this or any other agreement of
which the Inspector and the Investor has knowledge. The Investor agrees that it shall, upon learning that disclosure of such Records is
sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow
the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records
deemed confidential.

 

(h)                
The Company shall hold in confidence and not make any disclosure of information concerning the Investor
provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the
disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release
of such information is ordered pursuant to a subpoena or other final, non- appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement
or any other agreement. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is
sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to the Investor
and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, such information.

 

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(i)                  
The Company shall use its best efforts to cause all the Registrable Securities to be listed on each
securities exchange on which the Common Stock is then listed. The Company shall pay all fees and expenses in connection with satisfying
its obligation under this Section 3(i).

 

(j)                  
The Company shall cooperate with the holders of the Registrable Securities to facilitate the timely
preparation and delivery of certificates representing the Registrable Securities to be sold pursuant to such Registration Statement or
Rule 144 free of any restrictive legends and representing such number of shares of Common Stock and registered in such names as the holders
of the Registrable Securities may reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to
such Registration Statement or Rule; provided, that the Company may satisfy its obligations hereunder without issuing physical
stock certificates through the use of The Depository Trust Company’s Direct Registration System.

 

(k)                
The Company shall use its best efforts to cause the Registrable Securities to be registered with
or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities.

 

(l)                  
The Company shall otherwise use its best efforts to comply with all applicable rules and regulations
of the SEC in connection with any registration hereunder.

 

(m)              
Within two (2) business days after a Registration Statement that covers Registrable Securities is
declared effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent
for such Registrable Securities (with copies to the Investor ) confirmation that such Registration Statement has been declared effective
by the SEC in the form attached hereto as Exhibit A.

 

(n)                
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition
by the Investor of Registrable Securities pursuant to a Registration Statement.

 

		4.	OBLIGATIONS OF THE INVESTOR.

 

(a)                
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 3(d), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any
Registration Statement covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 3(d) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to
the contrary, the Company shall cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a transferee
of an Investor in accordance with the terms of the Option in connection with any sale of Registrable Securities with respect to which
an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of
any event of the kind described in Section 3(d) and for which the Investor has not yet settled.

 

(b)                
The Investor covenants and agrees that it will comply with the prospectus delivery requirements of
the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration
Statement.

 

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		5.	EXPENSES OF REGISTRATION.

 

All expenses incurred by
the Company in complying with its obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable
Securities shall be paid by the Company, including, without limitation, all registration, listing and qualifications fees, printers, fees,
and expenses of the Company’s counsel and accountants (except legal fees of Investor’s counsel associated with the review
of the Registration Statement).

 

		6.	INDEMNIFICATION.

 

With respect to Registrable
Securities that are included in a Registration Statement under this Agreement:

 

(a)                
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless
and defend the Investor, the directors, officers, partners, employees, agents, representatives of, and each Person, if any, who controls
the Investor within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”), against
any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid
in settlement, or expenses, joint or several (collectively, “Claims”) incurred in investigating, preparing, or defending
any action, claim, suit, inquiry, proceeding, investigation, or appeal taken from the foregoing by or before any court or governmental,
administrative, or other regulatory agency, body, or the SEC, whether pending or threatened, whether or not an indemnified party is or
may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or
actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement
or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made
in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction in
which Registrable Securities are offered (a “Blue Sky Filing”), or the omission or alleged omission to state a material
fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement or alleged untrue
statement of a material fact contained in any final prospectus (as amended or supplemented, if the Company files any amendment thereof
or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in light of the circumstances under which the statements therein were made, not misleading; or (iii) any violation or alleged
violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law,
or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement
(the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”). The Company shall reimburse
the Investor and each such controlling person promptly as such expenses are incurred and are due and payable for any legal fees, or disbursements
or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to
the contrary contained herein, the indemnification agreement contained in this Section 6(a): (x) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation that occurs in reliance upon and in conformity with information furnished in writing to
the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such
amendment thereof or supplement thereto; (y) shall not be available to the extent such Claim is based on a failure of the Investor to
deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the
Company pursuant to Section 3(c); and (z) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be unreasonably withheld, delayed, denied, or conditioned. Such indemnity
shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Person.

 

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(b)                
In connection with a Registration Statement, the Investor agrees to indemnify, hold harmless, and
defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers,
employees, representatives, or agents and each Person, if any, who controls the Company within the meaning of the Securities Act or the
Exchange Act (each, an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become
subject, under the Securities Act, the Exchange Act, or otherwise, insofar as such Claim or Indemnified Damages arise out of or is based
upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity
with written information furnished to the Company by the Investor expressly for use in connection with such Registration Statement; and,
subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement
with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of the Investor, which consent shall not be unreasonably withheld, delayed, denied, or conditioned;
provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim
or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant
to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of such Indemnified Party. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this
Section 6(b) with respect to any prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission
of material fact contained in the prospectus was corrected and such new prospectus was delivered to the Investor prior to the Investor’s
use of the prospectus to which the Claim relates.

 

(c)                
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice
of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified
Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control
of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party,
as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person or Indemnified Party to be paid by
the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel
of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing
interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in such proceeding. The
Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense
of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available
to the Indemnified Party or Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified
Party or Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto.
No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior

 

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written consent; provided, however,
that the indemnifying party shall not unreasonably withhold, delay, deny, or condition its consent. No indemnifying party shall, without
the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement
or other compromise that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided
for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to
all third parties, firms, or corporations relating to the matter for which indemnification has been made. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party
of any liability to the Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party
is prejudiced in its ability to defend such action.

 

(d)                
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

(e)                
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar
right of the Indemnified Party or Indemnified Person against the indemnifying party or others and (ii) any liabilities the indemnifying
party may be subject to pursuant to the law.

 

		7.	CONTRIBUTION.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however,
that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation and
(ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

 

		8.	REPORTS UNDER THE EXCHANGE ACT.

 

With a view to making available
to the Investor the benefits of Rule 144 promulgated under the Securities Act or any similar rule or regulation of the SEC that may at
any time permit the Investor to sell securities of the Company to the public without registration and, as a material inducement to the
Investor’s purchase of the Option, the Company represents, warrants, and covenants to the following:

 

(a)                
The Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and
has filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such
shorter period that the issuer was required to file such reports), other than Form 8-K reports.

 

(b)                
During the Registration Period, the Company shall file with the SEC in a timely manner all required
reports under section 13 or 15(d) of the Exchange Act (it being understood that nothing herein shall limit the Company’s obligations
under the Option) and such reports shall conform to the requirement of the Exchange Act and the SEC for filing thereunder.

 

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(c)                
The Company shall furnish to the Investor so long as the Investor owns Registrable Securities, promptly
upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of
the most recent Annual Report on From 10-K or Quarterly Report on Form 10-Q of the Company and such other reports and documents so filed
by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant
to Rule 144 without registration.

 

		9.	AMENDMENT OF REGISTRATION RIGHTS.

 

Provisions of this Agreement
may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and Investor. Any amendment or waiver effected in accordance with this Section 9 shall be
binding upon the Investor and the Company. No such amendment shall be effective if it applies to fewer than all of the holders of the
Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

		10.	MISCELLANEOUS.

 

(a)                
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed
to own of record such Registrable Securities or owns the right to receive the Registrable Securities. If the Company receives conflicting
instructions, notices, or elections from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act
upon the basis of instructions, notice, or election received from the registered owner of such Registrable Securities.

 

(b)                
Any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Agreement must be in writing and will be deemed to have been delivered upon: (i) receipt, when delivered personally, (ii)
one Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to
the party to receive the same, or (iii) receipt, when sent by electronic mail (provided that the electronic mail transmission is not returned
in error or the sender is not otherwise notified of any error in transmission. The address and email address of the Investor for such
communications appear on the books of the Company and the address and email address of the Company for such communications appear on its
filings with the SEC and on its website. Alternative addresses and e- mail addresses can be provided by written notice given to each other
party three Trading Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such
notice, consent, waiver or other communication, (ii) mechanically or electronically generated by the sender’s computer containing
the time, date, recipient’s electronic mail address and the text of such electronic mail or (iii) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by electronic mail or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(c)                
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay
by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

(d)                
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida,
without giving effect to conflicts of laws thereof. Each of the parties consents to the jurisdiction of the Courts of the State of Florida
located in the City of Miami,

 

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County of Miami-Dade, and the U.S. District
Court for the Southern District of Florida in connection with any dispute arising under this Agreement and hereby waives, to the maximum
extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding
in such jurisdictions. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’
ACCEPTANCE OF THIS AGREEMENT.

 

(e)                
This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns
of each of the parties hereto.

 

(f)                 
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof.

 

(g)                
This Agreement may be executed in identical counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other
party hereto as an attachment to an e-mail of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

(h)                
Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments, and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(i)                  
The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent and no rules of strict construction will be applied against any party.

 

(j)                  
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

    	 	10	 

    	 

    

 

IN WITNESS WHEREOF, the Investor
and the Company have caused their signature page to this Registration Rights Agreement to be duly executed as of the date first above
written.

 

 

	 	COMPANY:
	 	IQSTEL INC.
	 	 	 
	 	By:	/s/ Leandro Iglesias
		Name:	 Leandro Iglesias
	 	Title:	CEO
	 	 	 
	 	 	 
	 	INVESTOR:
	 	APOLLO MANAGEMENT GROUP, INC.
	 	 	 
	 	By:	/s/ Yohane Naraine
	 	Name:	Yohane Naraine
	 	Title:	President

 

    	 	11	 

    	 

    

 

EXHIBIT A

 

FORM OF NOTICE OF EFFECTIVENESS 

OF
REGISTRATION STATEMENT

 

 

Attention:

 

Re:IQSTEL INC.

 

Ladies and Gentlemen:

 

We are counsel to
IQSTEL INC., a Nevada corporation (the “Company”), and have represented the Company in connection with that
certain Common Stock Purchase Option (the “Option”) granted by the Company in favor of the Investor (the “Option”),
pursuant to which the Company has agreed, upon the terms and subject to the conditions contained therein, to issue and sell to the
Investor that number of shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”), set forth therein (as exercised, the “Option Stock”). In connection with the Option, the
Company also has entered into a Registration Rights Agreement with the Investor (the “Registration Rights
Agreement”), pursuant to which the Company agreed, among other things, to register the Registrable Securities (as defined
in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the “Securities Act”). In
connection with the Company’s obligations under the Registration Rights Agreement, on ___________202__, the Company filed a
Registration Statement on Form S-1 (File No. 333-___________) (the “Registration Statement”) with the Securities and
Exchange Commission (the “SEC”) relating to the Registrable Securities, which names each of the Investor as a
selling stockholder thereunder.

 

In connection with
the foregoing, we advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring
the Registration Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS]
and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness
has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities
are available for resale under the Securities Act pursuant to the Registration Statement.

 

Very truly yours,

 

[Clark Hill PLC]

 

 

 

By: ___________________________

cc:Apollo Management
Group, Inc.

    	 	12Exhibit 4.1

 

SMITH &
NEPHEW PLC

OFFICERS’ CERTIFICATE

 

The undersigned,
Anne-Françoise Nesmes and Helen Barraclough,, being a Director and the Company Secretary , respectively, of Smith & Nephew
plc (the “Issuer”) in connection with the issuance of €500,000,000 aggregate principal amount of its 4.565% Notes
due 2029 (the “Notes”) pursuant to the Indenture, dated as of October 14, 2020 (the “Indenture”),
between the Issuer and The Bank of New York Mellon, London Branch as trustee (section references herein being to the Indenture), and
pursuant to the authorization of the Board of Directors of the Issuer at its meetings held on July 27, 2022 and the authorization of
the Issuer’s Notes Offering Committee by written resolution dated October 4, 2022, do hereby certify that the following form, terms
and conditions of the Notes were established as required pursuant to Section 2.01 and Section 2.07 of the Indenture:

 

	Title of Notes	500,000,000 4.565% Notes due 2029
	Initial Aggregate Principal Amount of Notes	€500,000,000 (the “Aggregate Principal Amount”)
	Price to Public	100.000% of the Aggregate Principal Amount of the Notes, plus accrued
    interest, if any, from October 11, 2022
	Issue Date	October 11, 2022
	Form of Notes	The Notes will be issued in book-entry form and will be represented
    by a global note deposited with, or on behalf of, a common depository for Clearstream Banking S.A. (“Clearstream”)
    and Euroclear Bank SA/NV (“Euroclear”), as operator of the Euroclear System, and registered in the name of the
    nominee of the common depository. Beneficial interests in the Notes will be shown on, and transfers will be effected only through,
    records maintained by Clearstream and Euroclear and their participants, and these beneficial interests may not be exchanged for certificated
    notes, except in limited circumstances.
	Maturity Date	October 11, 2029
	Interest Rate for Notes	4.565% per annum
	Interest Periods for Notes	The first interest period for the Notes will be the period from and
    including the original issue date to, but excluding the first Interest Payment Date (as defined below). Thereafter, the interest
    periods for the Notes will be the periods from and including the Interest Payment Dates to but excluding the immediately succeeding
    Interest Payment Date (together with the first interest period, each an “Interest Period”). The final Interest
    Period will be the period from and including the Interest Payment Date immediately preceding the maturity date to but excluding the
    maturity date, or the redemption date.

  

 

    1 

     

    

	Interest Payment Dates	Interest on
    the Notes shall be payable annually in arrears on October 11 of each year, commencing October 11, 2023 (each, an “Interest
    Payment Date”).

     

    Notwithstanding
the above, if an Interest Payment Date would fall on a day that is not a Business Day (as defined below), the Interest Payment Date will
be postponed to the next succeeding day that is a Business Day, but no additional interest shall be paid unless the Issuer fails to make
payment on such date. 

	Regular Record Dates for Interest	Interest shall be paid to the holder in whose name the Notes are registered
    at the close of business on the calendar day preceding each applicable Interest Payment Date, whether or not such day is a Business
    Day.
	Business Day	Any day, other than a Saturday or Sunday, (1) which is not a day on
    which banking institutions in The City of New York or London are authorized or required by law, regulation or executive order to
    close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any
    successor thereto, operates.
	Place of Payment, Paying Agent	The Bank of New York Mellon,
London Branch

One Canada Square 

    London, E14 5AL 

    United Kingdom 

	Trustee	The Bank of New York Mellon, London Branch
	Notice and Demands to Issuer	Smith &Nephew
Inc. 

    150 Minuteman
Road 

    Andover, Massachusetts
01810 

    Attention: Helen
Barraclough 

    Group General
Counsel and Company Secretary 

    Email: Company.Secretary@smith-nephew.com 

   

 

    2 

     

    

	Redemption Provisions	 
	Optional Tax Redemption	Optional, in whole but not in part, at the option of the Issuer, at
    any time in accordance with the terms set forth in the form of Notes set forth in Exhibit A hereto.
	Optional Redemption	Optional, in
    whole or in part, at the option of the Issuer at any time and from time to time as follows: (i) prior to the Par Call Date (as defined
    below), at a redemption price equal to the greater of (A) 100% of the principal amount of the Notes to be redeemed, and (B) as determined
    by an independent investment bank selected by the Issuer, the sum of the present values of the remaining scheduled payments of principal
    and interest thereon up to and including the Par Call Date, calculated as if the Notes matured on the Par Call Date (exclusive of
    interest accrued to the date of redemption) discounted to the redemption date on an annual basis ( ACTUAL/ACTUAL (ICMA)) at the applicable
    Comparable Government Bond Rate (as defined below) plus the Spread (as defined below) for the Notes, in either instance, plus accrued
    and unpaid interest to, but excluding, the date of redemption and (ii) on or after the Par Call Date, at a redemption price equal
    to 100% of the principal amount of the Notes being redeemed, plus, accrued and unpaid interest to, but excluding, the date of redemption.

     

    The Trustee
shall have no obligation to calculate any redemption price or any component thereof in respect of the Notes and the Trustee shall be
entitled to receive and conclusively rely upon an Officer’s Certificate delivered by the Company that specifies any redemption
price. 

  

 

    3 

     

    

	 	“Comparable
    Government Bond” means, with respect to the Notes to be redeemed prior to the Par Call Date in relation to any Comparable
    Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Issuer, a bond that is a direct
    obligation of the Federal Republic of Germany (a “German government bond”) whose maturity is closest to the Par Call
    Date, or if such independent investment bank in its discretion considers that such similar bond is not in issue, such other German
    government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government
    bonds selected by the Issuer, determine to be appropriate for determining the Comparable Government Bond Rate.

     

    “Comparable
    Government Bond Rate” means, with respect to any redemption date, the yield (rounded to three decimal places, with 0.0005
    being rounded upwards) of the Comparable Government Bond (as defined below) on the third Business Day prior to the date fixed for
    redemption, calculated on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London
    time) on such Business Day as determined by an independent investment bank and calculated in accordance with generally accepted market
    practice at such time.

     

    “Par
    Call Date” means July 11, 2029.

     

    “Spread”
means 45 basis points. 

	Redemption Notices	Notice of any redemption will be given
    to Euroclear and Clearstream at least 10 days but not more than 60 days prior to the redemption date. Unless the Issuer defaults
    in payment of the Redemption Price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof
    called for redemption.	 
	Repurchase Upon Change of Control Repurchase Event	If a Change of Control Repurchase Event (as defined
    below) occurs, unless the Issuer has exercised its right to redeem all of the Notes, the Issuer will make an offer to purchase the
    Notes at a purchase price equal to 100% of its principal amount, plus accrued and unpaid interest, if any, to, but not including,
    the date of purchase unless the Notes have been previously redeemed or called for redemption. The Trustee shall have no obligation
    to determine whether a Change of Control Repurchase Event or any component thereof has occurred or is continuing.	 

  

 

    4 

     

    

	 	“Below
    Investment Grade Ratings Event” means the Notes cease to be rated Investment Grade by both Rating Agencies on any date
    during the period commencing on the earlier of (i) the occurrence of a Change of Control and (ii) public notice of the
    occurrence of a Change of Control or the Issuer’s intention to effect a Change of Control, and ending 60 days after (which
    60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade
    by any Rating Agency) the consummation of a Change of Control. Notwithstanding the foregoing, a Below Investment Grade Ratings Event
    otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change
    of Control (and thus shall not be deemed a Below Investment Grade Ratings Event for purposes of the definition of Change of Control
    Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply
    do not announce or publicly confirm or inform the Trustee in writing that the reduction was the result, in whole or in part, of any
    event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
    the applicable Change of Control shall have occurred at the time of the Below Investment Grade Ratings Event).

     

    “Change
    of Control” means the occurrence of any of the following:

     

    (i) the direct
or indirect sale, lease, transfer, conveyance or other disposition (other than by way of consolidation, amalgamation or merger), in one
or a series of related transactions, of all or substantially all of the Issuer’s assets and those of its Subsidiaries, taken as
a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than to the Issuer or
one of its Subsidiaries; (ii) the consummation of any transaction or series of related transactions (including, without limitation, any
consolidation, amalgamation, or merger or other combination (including by way of a scheme of arrangement)) the result of which is that
any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Issuer or one or more of
its Subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the voting power of the Issuer’s total outstanding Voting Stock; or (iii) the adoption of a plan relating to
the Issuer’s liquidation or dissolution. A transaction shall not constitute a “Change of Control” for the purposes
of this definition if (i) the Issuer becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii) the
direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same
as the holders of the Issuer’s Voting Stock immediately prior to that transaction. 

   

 

    5 

     

    

	 	“Change
    of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event.

     

    “Investment
    Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s)
    or a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); or the equivalent
    Investment Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Issuer.

     

    “Moody’s”
    means Moody’s Investors Service Inc., a subsidiary of Moody’s Corporation, and its successors.

     

    “Rating
    Agency” means (i) each of Moody’s and S&P and (ii) if any of Moody’s or S&P ceases to rate the Notes
    or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally
    recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Issuer
    as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

     

    “S&P”
    means S&P Global Ratings Inc., a division of S&P Global Inc., and its successors.

     

    “Subsidiary”
    means, at any relevant time, any person of which the voting shares or other interests carrying more than 50% of the outstanding voting
    rights attached to all outstanding voting shares or other interests are owned, directly or indirectly, by or for the Issuer and/or
    one or more of its subsidiaries.

     

    “Voting
Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date
means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such
person. 

  

 

    6 

     

    

	Defeasance and Discharge of the Notes (Section 9.03)	Applicable. Section 9.03(iii) of the Indenture, is amended and replaced
    with “the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating
    that all conditions precedent provided for relating to the defeasance, have been complied with and an Opinion of Counsel to the effect
    that the Holders of the debt securities of that series will not recognize gain or loss for U.S. federal income tax purposes as a
    result of the defeasance and will be subject to the same U.S. federal income tax as would be the case if the defeasance did not occur.”

	Currency of Payment	All payments
    of interest, principal, including payments made upon any redemption of the Notes, and additional amounts as described below will
    be made in euro. If the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond
    the Issuer’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have
    adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
    community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Issuer
    and so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars on the basis of the
    then most recently available market exchange rate for euro, as determined by the Issuer in the Issuer’s sole discretion. Any
    payment in respect of the Notes so made in U.S. dollars will not constitute an event of default under the Notes or the indenture
    governing the Notes.

     

    Neither the
Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

	Further Issuances	The Issuer may, at its option, at any time and without the consent
    of the then existing holders of the Notes, reopen the Notes and issue additional Notes in one or more transactions after the date
    of the Prospectus Supplement (as defined below) with terms (other than the issue price, issuance date and, possibly, first interest
    Payment Date and original interest accrual date) identical to the original Notes. These additional Notes will be deemed to have been
    part of the original Notes and will provide the holders of these additional Notes the right to vote together with holders of the
    original Notes; provided, however, that if these additional Notes are not fungible with the original Notes for U.S. federal income
    tax purposes, these additional Notes will have a different Common Code, ISIN or other identifying number, as applicable. There is
    no limitation on the amount of Notes or other debt securities that the Issuer may issue under the Indenture.

 

 

 

    7 

     

    

	Sinking Fund	None.
	Additional Amounts	Pursuant to the form of Notes set forth in Exhibit A hereto, the Issuer
    may, subject to certain exceptions, be obligated to pay additional amounts.

	Electronic Means	The Trustee
    shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”)
    given pursuant to this Indenture and delivered using Electronic Means (as defined below); provided, however, that the Issuer shall
    provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
    Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended
    by the Issuer whenever a person is to be added or deleted from the listing. If the Issuer elects to give the Trustee Instructions
    using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding
    of such Instructions shall be deemed controlling. The Issuer understands and agrees that the Trustee cannot determine the identity
    of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been
    sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer.
    The Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the
    Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization
    codes, passwords and/or authentication keys upon receipt by the Issuer. The Trustee shall not be liable for any losses, costs or
    expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding
    such directions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees: (i) to assume all risks arising
    out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting
    on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections
    and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods
    of transmitting Instructions than the method(s) selected by the Issuer; (iii) that the security procedures (if any) to be followed
    in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its
    particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use
    of the security procedures.

     

    "Electronic
Means" shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by
the Trustee as available for use in connection with its services hereunder. 

  

 

    8 

     

    

	Electronic Execution	The words “execution,” “signed,”
    “signature,” “delivery,” and words of like import in or relating to the Indenture or any document to be signed
    in connection with the Indenture (including the certificate of authentication, certificate of the Trustee and the Securities (as
    defined in the Indenture)) shall be deemed to include electronic signatures (e.g., by DocuSign or Adobe Sign), deliveries or the
    keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
    executed signature, physical delivery thereof or the use of a paper based recordkeeping system, as the case may be, and the parties
    hereto and thereto consent to conduct the transactions contemplated hereunder by electronic means.
	Other Terms of the Notes	The other terms of the Notes shall be substantially as set forth in
    the Indenture and the form of Notes attached hereto as Exhibit A.

   

 

    9 

     

    

Each of the undersigned
hereby certifies that:

 

		1.	He or she
                                            has read the provisions of the Indenture setting forth the covenants and conditions to the
                                            Trustee’s authentication and delivery of the Securities and the definitions in the
                                            Indenture relating thereto.

 

		2.	He or she
                                            has examined the resolutions of the Board of Directors and the Notes Offering Committee of
                                            the Issuer adopted prior to the date hereof relating to the authorization, issuance, authentication
                                            and delivery of the Notes, such other corporate records of the Issuer, as applicable, and
                                            such other documents deemed necessary as a basis for the opinion hereinafter expressed.

 

		3.	In his or
                                            her opinion, he or she has made such examination or investigation as is necessary to enable
                                            him or her to express an informed opinion as to whether or not the covenants and conditions
                                            referred to above have been complied with.

 

		4.	He or she
                                            is of the opinion that the covenants and conditions referred to above have been complied
                                            with.

 

    10 

     

    

IN WITNESS WHEREOF,
each of the undersigned has hereunto signed his or her name.

 

Dated: October
11, 2022

 

	 	 /s/ Anne-Françoise Nesmes
	 	Name:	Anne-Françoise Nesmes
	 	Title:	Director
	 	 	 
	 	 	 
	 	 /s/ Helen Barraclough
	 	Name:	Helen Barraclough
	 	Title:	Company Secretary

 

[Signature Page
– Officers’ Certificate Pursuant to the Indenture] 

     

     

    

Exhibit A

 

THIS SECURITY
IS A GLOBAL REGISTERED SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

SMITH & NEPHEW
PLC

 

4.565% Notes due
2029

 

	No.	 	 	 €500,000,000

 

ISIN:
XS2532473555

 

Common
Code: 253247355

 

SMITH
& NEPHEW PLC, a public limited company incorporated under the laws of England and Wales (herein called the “Issuer”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
The Bank of New York DEPOSITORY (NOMINEEs) Limited,
or registered assigns, upon presentation and surrender of this Security the principal sum of Five Hundred Million euros (€500,000,000)
on October 11, 2029, and to pay interest thereon from October 11, 2023 or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, annually in arrears on October 11 in each year, commencing October 11, 2023 (each an “Interest
Payment Date”), at the rate of 4.565% per annum, until the principal hereof is paid or made available for payment.

 

The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the regular
record date for such interest which shall be the calendar day preceding such Interest Payment Date (whether or not such day is a Business
Day) (“Regular Record Date”), as the case may be. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on a special record date (“Special Record Date”)
for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture.

 

    A-1 

     

    

The
principal of (and premium, if any) and any such interest on this Security will be payable in euro; provided, however, that at the option
of the Issuer payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register. If the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances
beyond the Issuer’s control or if the euro is no longer being used by the then member states of the European Monetary Union that
have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Issuer and
so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars on the basis of the then most
recently available market exchange rate for euro, as determined by the Issuer in its sole discretion. Any payment in respect of the Notes
so made in U.S. dollars will not constitute an event of default under the Notes or the indenture governing the Notes.

 

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

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof, by manual or pdf or other
electronically-imaged (including, without limitation, DocuSign or Adobe Sign) signature of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-2 

     

    

IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed manually, electronically or in facsimile.

 

Dated: October
11, 2022

 

	 	SMITH & NEPHEW PLC
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page
to Smith & Nephew plc Global Registered Security] 

    A-3 

     

    

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

 

Dated: October
11, 2022

 

	 	THE BANK OF NEW YORK MELLON,

                    LONDON BRANCH, as Trustee

	 	 
	 	 
	 	By:	 
	 	 	Authorized Officer

  

 

[Signature Page
to Smith & Nephew plc Global Registered Security]

    A-4 

     

    

This
Security is one of a duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of October 14, 2020 (herein called the “Indenture”, which
term shall have the meaning assigned to it in such instrument), between the Issuer and The Bank of New York Mellon, London Branch, as
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered. This Security is one of the series designated on the face hereof, limited in aggregate principal amount to €500,000,000.

 

The
Securities of this series are subject to redemption, as a whole or in part, at any time and from time to time, at the election of the
Issuer, upon not less than 10 days nor more than 60 days’ notice as follows (1) prior to July 11, 2029 (the “Par Call
Date”) at a Redemption Price equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and
(B) as determined by an independent investment bank selected by the Issuer, the sum of the present values of the remaining scheduled
payments of principal and interest thereon up to and including the Par Call Date, calculated as if the Notes matured on the Par Call
Date (exclusive of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL ICMA)
at the Comparable Government Bond Rate (as defined below) plus the Spread (as defined below) and (2) at any time on or after the Par
Call Date, as a whole or in part, at the election of the Issuer, at a Redemption Price equal to 100% of the principal amount of the Securities
being redeemed; plus, in each of cases (1) and (2) above, accrued and unpaid interest thereon to, but excluding, the date of redemption.

 

“Business
Day” means, any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New
York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated
Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates.

 

“Comparable
Government Bond” means, with respect to the Notes to be redeemed prior to the Par Call Date in relation to any Comparable Government
Bond Rate calculation, at the discretion of an independent investment bank selected by the Issuer, a bond that is a direct obligation
of the Federal Republic of Germany (a “German government bond”) whose maturity is closest to the Par Call Date, or if such
independent investment bank in its discretion considers that such similar bond is not in issue, such other German government bond as
such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected
by the Issuer, determine to be appropriate for determining the Comparable Government Bond Rate.

 

    A-5 

     

    

“Comparable
Government Bond Rate” means, with respect to any redemption date, the yield (rounded to three decimal places, with 0.0005 being
rounded upwards) of the Comparable Government Bond (as defined below) on the third Business Day prior to the date fixed for redemption,
calculated on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business
Day as determined by an independent investment bank selected by the Issuer and calculated in accordance with generally accepted market
practice at such time.

 

“Par
Call Date” means July 11, 2029.

 

“Spread”
means 45 basis points.

 

The
Indenture contains provisions to the effect that, in the event of various tax law changes and other limited circumstances that require
the Issuer to pay additional amounts, the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In
the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

 

The
Indenture contains provisions for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with
certain conditions set forth thereon, which provisions apply to this Security.

 

If
any deduction or withholding for any present or future taxes, levies, duties, assessments, imposts or other governmental charges whatsoever
imposed, assessed, levied by or collected or for the account of the United Kingdom (or any political subdivision or taxing authority
thereof or therein) shall at any time be required by applicable law or regulation of the United Kingdom (or any such political subdivision
or taxing authority) in respect of any amounts to be paid by the Issuer under the Securities, the Issuer will (subject to what follows)
pay to the Holder of this Security, such additional amounts as may be necessary in order that the net amounts received by such Holder
of such Security, after such deduction or withholding, shall be not less than the amounts to which such Holder would be entitled had
such deduction or withholding not been so imposed, assessed, levied or collected; provided, however, that the Issuer shall not be required
to make any payment of additional amounts for or on account of:

 

(1)              
any present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or
collected but for the fact that the Holder of the relevant Security (or a fiduciary, settlor, beneficiary, member or shareholder of,
or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary,
national or resident of, or engaging or having been engaged in a trade or business or maintaining or having maintained a permanent establishment
or being or having been physically present in, the United Kingdom or any political subdivision or taxing authority thereof or therein
or otherwise having or having had some connection with the United Kingdom or any political subdivision or taxing authority thereof or
therein other than the holding or ownership of a Security, or the collection of principal of, and interest, if any, on, or the enforcement
of, a Security;

 

    A-6 

     

    

(2)              
any present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or
collected but for the fact that, where presentation is required, the relevant Security was presented more than 30 days after the date
on which such payment became due or was provided for, whichever is later;

 

(3)              
any estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(4)              
any present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding
from payments on or in respect of the relevant Security;

 

(5)              
any present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied, collected
or withheld but for the failure to comply with any request addressed to the Holder for certification, identification or other information
reporting concerning the nationality, residence, identity or connection with the United Kingdom or any political subdivision or taxing
authority thereof or therein of the Holder or beneficial owner of the relevant Security, if compliance is required by treaty or by statute,
regulation or administrative practice of the United Kingdom or any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge (which such Holder or beneficial owner
is legally entitled to provide);

 

(6)              
any present or future tax, levy, impost or other governmental charge which a Holder would have been able to avoid by authorizing
the paying agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the
form requested by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom
which has been requested of such Holder and which it is legally entitled to provide;

 

(7)              
any present or future tax, levy, impost or other governmental change imposed by the United States of America or any political
subdivision or taxing authority thereof or therein;

 

(8)              
any present or future tax, levy, impost or other governmental charge imposed, assessed, levied or collected in respect of a payment
under or with respect to a Security to any Holder of the relevant Security that is a fiduciary, partnership or a person other than the
sole beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member
of that partnership or beneficial owner would not have been entitled to the additional amounts or would not have been subject to such
tax, levy, impost or charge, had that beneficiary, settlor, member or beneficial owner been the actual Holder of such Security; or

 

(9)              
any combination of items (1) through (8) above.

 

    A-7 

     

    

Nor
shall additional amounts be paid in the event that the obligation to pay additional amounts is the result of the issuance of definitive
Registered Securities to a Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default
and at the time payment is made definitive Registered Securities have not been issued in exchange for the entire principal amount of
the Predecessor Securities. The foregoing provisions shall apply mutatis mutandis to any withholding or deduction for or on account of
any present or future taxes, levies, duties, assessments, imposts or governmental charges of whatever nature of any jurisdiction in which
any successor Person to the Issuer is organized, or any political subdivision or taxing authority thereof or therein.

 

Upon
the occurrence of a Change of Control Repurchase Event, unless the Issuer has exercised its right to redeem all of the Notes, the Issuer
will make an offer to holders of the Notes to purchase all the Notes as described below (the “Change of Control Offer”),
at a purchase price in cash equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to, but not including,
the date of purchase.

 

Within
30 days following the date upon which the Change of Control Repurchase Event occurred or, at the Issuer’s option, prior to the
date upon which such Change of Control (as defined below) occurs but after the public announcement of the pending Change of Control,
the Issuer will be required to provide a notice to each holder of Notes, with a copy to the Trustee, which notice will govern the terms
of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 10 days
nor later than 60 days from the date such notice is sent, other than as may be required by law (the “Change of Control Payment
Date”). The notice, if sent prior to the date of consummation of the Change of Control, will state that the Change of Control
Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date.

 

Holders
of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form
entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to Euroclear Bank SA/NV and Clearstream
Banking S.A. at the address specified in the notice, or transfer such Notes to the paying agent by book entry transfer pursuant to the
applicable procedures of the paying agent, prior to the close of business on the third Business Day prior to the Change of Control Payment
Date.

 

On
the Change of Control Payment Date, the Issuer will, to the extent lawful (i) accept for payment all Notes or portions of Notes (in minimum
denominations of €100,000 and integral multiples of €1,000 above that amount) validly tendered pursuant to the Change of Control
Offer (“Tendered Notes”), (ii) deposit with the paying agent an amount equal to the aggregate purchase price in respect
of Tendered Notes and (iii) deliver or cause to be delivered to the Trustee for cancellation the Tendered Notes, together with an officer’s
certificate stating the aggregate principal amount of Notes being repurchased by the Issuer.

 

    A-8 

     

    

If
the Change of Control Payment Date is on or after an interest record date and on or before the related Interest Payment Date, any accrued
and unpaid interest to the Change of Control Payment Date will be paid on the relevant Interest Payment Date to the person in whose name
a Note is registered at the close of business on such record date.

 

The
Issuer will not be required to make a Change of Control Offer if (i) a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Issuer and such third party purchases all Notes validly tendered
and not withdrawn under its offer or (ii) the Issuer has previously mailed a redemption notice with respect to all of the outstanding
Notes.

 

The
Issuer will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
or regulations in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions of
any securities laws or regulations conflict with provisions of the Indenture (including those related to a Change of Control Repurchase
Event), the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Indenture by virtue of the conflict.

 

Provisions
under the Indenture relative to the Issuer’s obligation to make an offer to repurchase Notes as a result of a Change of Control
may be waived or modified with the written consent of the holders of a majority in principal amount of the Notes.

 

The
Change of Control Repurchase Event feature of the Notes may in certain circumstances make it more difficult or discourage a sale or takeover
of the Issuer and, thus, the removal of incumbent management. Subject to certain limitations, the Issuer could, in the future, enter
into certain transactions, including acquisitions, refinancings or other recapitalizations, that would not constitute a Change of Control
under the Notes, but that could increase the amount of indebtedness outstanding at such time or otherwise affect the Issuer’s capital
structure or credit ratings on the Notes.

 

The
Issuer may not have sufficient funds to repurchase all the Notes, or any other outstanding debt securities that the Issuer would be required
to repurchase, upon a Change of Control Repurchase Event.

 

“Below
Investment Grade Ratings Event” means the Notes cease to be rated Investment Grade by both Rating Agencies on any date during
the period commencing on the earlier of (i) the occurrence of a Change of Control and (ii) public notice of the occurrence of a Change
of Control or the Issuer’s intention to effect a Change of Control, and ending 60 days after (which 60 day period will be extended
so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any Rating Agency) the consummation
of a Change of Control. Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event) if the Rating Agencies making
the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing
that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect
of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment
Grade Ratings Event).

 

    A-9 

     

    

“Change
of Control” means the occurrence of any of the following: (i) the direct or indirect sale, lease, transfer, conveyance or other
disposition (other than by way of consolidation, amalgamation or merger), in one or a series of related transactions, of all or substantially
all of the Issuer’s assets and those of its Subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), other than to the Issuer or one of its Subsidiaries; (ii) the consummation of any transaction
or series of related transactions (including, without limitation, any consolidation, amalgamation, or merger or other combination (including
by way of a scheme of arrangement)) the result of which is that any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), other than the Issuer or one or more of its Subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3
and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the voting power of the Issuer’s total outstanding
Voting Stock; or (iii) the adoption of a plan relating to the Issuer’s liquidation or dissolution. A transaction shall not constitute
a “Change of Control” for the purposes of this definition if (i) the Issuer becomes a direct or indirect wholly-owned subsidiary
of a holding company and (ii) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction
are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction.

 

“Change
of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings Event.

 

“Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s)
or a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); or the equivalent Investment
Grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Issuer.

 

“Moody’s”
means Moody’s Investors Service Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating
Agency” means (i) each of Moody’s and S&P and (ii) if any of Moody’s or S&P ceases to rate the Notes or
fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized
statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Issuer as a replacement
agency for Moody’s or S&P, or both of them, as the case may be.

 

    A-10 

     

    

“S&P”
means S&P Global Ratings Inc., a division of S&P Global Inc., and its successors.

 

“Subsidiary”
means, at any relevant time, any person of which the voting shares or other interests carrying more than 50% of the outstanding voting
rights attached to all outstanding voting shares or other interests are owned, directly or indirectly, by or for the Issuer and/or one
or more of its subsidiaries.

 

“Voting
Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date
means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such
person.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer
and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

As
set forth in, and subject to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute
any proceeding with respect to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given
to the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Outstanding Securities of this series shall have made written request, and offered security and/or
indemnity reasonably satisfactory to the Trustee, to the Trustee to institute such proceeding as trustee, and the Trustee shall not have
received from the Holders of a majority in principal of the Outstanding Securities of this series a direction inconsistent with such
request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a
suit instituted by the Holder hereof for the enforcement of payment of the principal (and premium, if any) or any interest on this Security
on or after the respective due dates expressed herein.

 

No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed or to convert this Security as provided in the Indenture.

 

    A-11 

     

    

The
Securities of this series are issuable only in registered form without coupons in denominations of €100,000 and integral multiples
of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this
series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same. As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Issuer in any place where the principal of and any premium and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar
duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees.

 

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

 

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

 

Prior
to due presentation of this Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither of the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

The
Indenture and the Securities shall be governed by and construed in accordance with the laws of the State of New York.

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    A-12 

     

    

SCHEDULE OF PRINCIPAL
AMOUNT

 

The
initial principal amount of this Security shall be €500,000,000. The following decreases/increases in the principal amount of this
Security have been made:

 

	Date
of Decrease/Increase
	Decrease
in Principal Amount
	Increase
in Principal Amount
	Total
Principal Amount Following such Decrease/Increase
	Notation
Made by or on Behalf of Trustee

  

 

    A-13 

     

    

[OPTION OF HOLDER
TO ELECT PURCHASE]

 

The
undersigned hereby irrevocably request(s) and instruct(s) the Company to repurchase the Notes (or portion thereof specified below), ISIN.
    __ and CUSIP No_____ pursuant to its terms at a purchase price in cash equal to 100% of the principal
amount thereof plus accrued and unpaid interest to the repayment date, to the undersigned, at

 

         (Please
print or type name and address of the undersigned).

 

For
the Notes to be repurchased, the Trustee (or the Paying Agent on behalf of the Trustee) must receive at                                          ,
or at such other place or places of which the Company shall from time to time notify the holder of the Notes, not more than 30 days following
the date upon which the Change of Control Repurchase Event occurred as set forth in the Prospectus Supplement for the Notes, this “Option
of Holder to Elect Purchase” form duly completed.

 

If
less than the entire principal amount of the Notes is to be repaid, specify the portion thereof (which shall be in increments of the
minimum denomination) which the holder elects to have repaid and specify the denomination or denominations (which shall be €100,000
or whole multiples of €1,000 in excess thereof) of the Notes to be issued to the holder for the portion not being repaid.

 

€                                     

 

DATE                                     

 

	 	 
	 	NOTICE: The signature on this Option of Holder to Elect Purchase must correspond with the name
    as written upon the face of this Note in every particular, without alteration or enlargement or any change whatever.

  

 

    A-14 

     

    

[FORM OF ASSIGNMENT]

 

To assign this
Security, fill in the form below:

 

I or we assign
and transfer this Security to

 

(Insert assignee’s
soc. sec. or tax I.D. no.)

 

	 
	 
	 
	(Print or type assignee’s name, address and zip code)

and irrevocably
appoint

 

as agent for the
transfer of this Security on the books of the Company. The agent may substitute another to act for him or her.

 

	 	 	 	Your Signature:
	Date:	 	 	 
	 	 	 	(Sign exactl as your name appears on the

        other side of this Security)

 

*Signature guaranteed
by:  

 

	By:	 	 

 

* The signature(s)
should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to SEC Rule 17Ad-15.

 

    A-15

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