Document:

EX-4.1

 Exhibit 4.1 

[Executed] 
  

 
  

HSBC HOLDINGS PLC, 
 as Issuer 

THE BANK OF NEW YORK MELLON, LONDON BRANCH, 

as Trustee 
 HSBC BANK USA,
NATIONAL ASSOCIATION, 
 as Paying Agent, Registrar and Calculation Agent 

 
  

EIGHTEENTH SUPPLEMENTAL INDENTURE 

Dated as of September 22, 2020 
  

 
 To the Senior
Indenture, dated as of August 26, 2009, 
 among the Issuer, the Trustee and the Paying Agent, Registrar and Exchange Rate Agent 

$2,000,000,000 2.013% Fixed Rate/Floating Rate Senior Unsecured Notes due 2028 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 DEFINITIONS	  	 	3	 
			
	 SECTION 1.01.
	  	Definition of Terms	  	 	3	 
	 SECTION 1.02.
	  	Supplemental Definitions	  	 	4	 
		
	ARTICLE 2 THE NOTES	  	 	11	 
			
	 SECTION 2.01.
	  	Terms Relating to Principal and Interest on the Notes.	  	 	11	 
	 SECTION 2.02.
	  	General Terms Applicable to the Notes	  	 	11	 
	 SECTION 2.03.
	  	Make-Whole Redemption.	  	 	13	 
		
	ARTICLE 3 INTEREST CALCULATION IN RESPECT OF THE NOTES	  	 	13	 
			
	 SECTION 3.01.
	  	Interest Rate Periods on the Notes.	  	 	13	 
	 SECTION 3.02.
	  	Interest Rate on the Notes	  	 	14	 
	 SECTION 3.03.
	  	Calculation of the Benchmark.	  	 	14	 
	 SECTION 3.04.
	  	Benchmark Transition Provisions	  	 	16	 
		
	ARTICLE 4 AMENDMENTS TO THE BASE INDENTURE APPLICABLE TO THE NOTES ONLY	  	 	18	 
			
	 SECTION 4.01.
	  	Notice of Redemption	  	 	18	 
	 SECTION 4.02.
	  	Optional Redemption of Debt Securities.	  	 	19	 
	 SECTION 4.03.
	  	Events of Default and Defaults.	  	 	20	 
	 SECTION 4.04.
	  	Additional Amounts.	  	 	21	 
	 SECTION 4.05.
	  	Execution, Authentication, Delivery and Dating.	  	 	22	 
		
	ARTICLE 5 MISCELLANEOUS	  	 	23	 
	 SECTION 5.01.
	  	Effect of this Supplemental Indenture; Ratification and Integral Part	  	 	23	 
	 SECTION 5.02.
	  	Priority	  	 	23	 
	 SECTION 5.03.
	  	Successors and Assigns	  	 	24	 
	 SECTION 5.04.
	  	Subsequent Holders’ Agreement	  	 	24	 
	 SECTION 5.05.
	  	Compliance	  	 	24	 
	 SECTION 5.06.
	  	Relation to Calculation Agent Agreement	  	 	24	 
	 SECTION 5.07.
	  	Governing Law	  	 	24	 
	 SECTION 5.08.
	  	Counterparts	  	 	24	 
	 SECTION 5.09.
	  	Entire Agreement	  	 	24	 
		
	 EXHIBIT A – Form of 2.013% Fixed Rate/Floating Rate Global Security
	  			

  

 EIGHTEENTH SUPPLEMENTAL INDENTURE, dated as of September 22, 2020 (this
“Supplemental Indenture”), by and among HSBC Holdings plc, a public limited company duly organized and existing under the laws of England and Wales (the “Company”), having its principal office at 8 Canada Square,
London E14 5HQ, England, The Bank of New York Mellon, London Branch, a New York banking corporation, as trustee (the “Trustee”), having its principal corporate trust office at 101 Barclay Street, Floor
7-East, New York, New York 10286, and HSBC Bank USA, National Association, as Paying Agent, Registrar and Calculation Agent (together, the “Agent”), having its principal office at 452 Fifth
Avenue, New York, New York 10018. 
 W I T N E S S E T H: 

WHEREAS, the Company, the Trustee and the Agent have executed and delivered an indenture dated as of August 26, 2009 (as amended
or supplemented from time to time, the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”), to provide for the issuance of the Company’s Debt Securities; 

WHEREAS, Section 9.01(5) of the Base Indenture provides that the Company and the Trustee may enter into a
supplemental indenture to establish the forms or terms of the Debt Securities of any series without the consent of the Holders as permitted under Sections 2.01 and 3.01 of the Base Indenture; 

WHEREAS, the Company desires to issue a series of Debt Securities under the Base Indenture (as supplemented and amended by this
Supplemental Indenture), the $2,000,000,000 2.013% Fixed Rate/Floating Rate Senior Unsecured Notes due 2028 (such series of Debt Securities, the “Notes”), such series to be issued pursuant to this Supplemental Indenture; 

WHEREAS, all conditions and requirements necessary to make this Supplemental Indenture a valid and binding instrument in accordance
with the terms of the Base Indenture have been performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized; 

NOW, THEREFORE, each party agrees as follows for the benefit of the other parties and the equal and ratable benefit of the Holders.

 ARTICLE 1 

DEFINITIONS 

SECTION 1.01. Definition of Terms. For all purposes of this Supplemental Indenture: 

(a) capitalized terms used herein but not otherwise defined shall have the meanings assigned to them in the Base Indenture;

 (b) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have
the meanings assigned to them therein; 
 (c) the singular includes the plural and vice versa; 

(d) the use of “or” is not intended to be exclusive unless expressly indicated otherwise; 

(e) the section headings herein are for convenience only and shall not affect the construction of this Supplemental Indenture;

  
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 (f) wherever the words “include,” “includes” or
“including” are used in this Supplemental Indenture, they shall be deemed to be followed by the words “without limitation”; 

(g) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision; and 
 (h) references herein to a
specific Section, Article or Exhibit refer to Sections or Articles of, or an Exhibit to, this Supplemental Indenture, unless otherwise specified. 

SECTION 1.02. Supplemental Definitions. The following definitions shall apply to the Notes only: 

(a) “Agent” has the meaning set forth in the introduction to this Supplemental Indenture; 

(b) “Applicable Currency” means Dollars; 

(c) “Benchmark” has the meaning set forth in Section 3.03(a); 

(d) “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by
the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) as of the Benchmark Replacement Date: 

(i) the sum of: (A) the alternate rate of interest that has been selected or recommended by the Relevant Governmental
Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (B) the Benchmark Replacement Adjustment; 

(ii) the sum of: (A) the ISDA Fallback Rate and (B) the Benchmark Replacement Adjustment; and 

(iii) the sum of: (A) the alternate rate of interest that has been selected by the Company (in consultation, to the
extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated floating rate notes at such time and (B) the Benchmark Replacement Adjustment; 

(e) “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be
determined by the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) as of the Benchmark Replacement Date: 

(i) the spread adjustment (which may be a positive or negative value or zero) that has been (A) selected or recommended
by the Relevant Governmental Body or (B) determined by the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) in accordance with the method for
calculating or determining such spread adjustment that 

  
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has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 

(ii) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; 
 (iii) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the
Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating
or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate notes at such time; 

(f) “Benchmark Replacement Conforming Changes” has the meaning set forth in
Section 3.04(b); 
 (g) “Benchmark Replacement Date” means the earliest to occur
of the following events with respect to the then-current Benchmark: 
 (i) in the case of clause (i) or (ii) of the
definition of “Benchmark Transition Event,” the later of (A) the date of the public statement or publication of information referenced therein and (B) the date on which the administrator of the Benchmark permanently or
indefinitely ceases to provide the Benchmark; or 
 (ii) in the case of clause (iii) of the definition of
“Benchmark Transition Event,” the date of the public statement or publication of information referenced therein. 

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier
than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination; 

(h) “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to
the then-current Benchmark: 
 (i) a public statement or publication of information by or on behalf of the administrator of
the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark; 
 (ii) a public statement or publication of information by the regulatory supervisor for
the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the
Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or
indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

  
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 (iii) a public statement or publication of information by the regulatory
supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative; 
 (i)
“Benchmark Transition Provisions” has the meaning set forth in Section 3.04; 

(j) “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit
institutions and investment firms, as amended, supplemented or replaced from time to time; 
 (k) “Calculation
Agent” means HSBC Bank USA, National Association, or its successor appointed by the Company pursuant to the Calculation Agent Agreement; 

(l) “Calculation Agent Agreement” means the calculation agent agreement dated as of the Issue Date between the
Company and the Calculation Agent; 
 (m) “Capital Instruments Regulations” means any regulatory capital
rules, regulations or standards which are applicable to the Company at any time (on a solo or consolidated basis and including any implementation thereof or supplement thereto by the PRA from time to time) and which lay down the requirements to be
fulfilled by financial instruments for inclusion in the Company’s regulatory capital (on a solo or consolidated basis) as may be required by (i) CRR and/or (ii) CRD, including (for the avoidance of doubt) any delegated acts and
implementing acts made by the European Commission (such as regulatory technical standards and implementing technical standards) and European Banking Authority guidelines all as amended from time to time and as implemented in the UK; 

(n) “Company” has the meaning set forth in the introduction to this Supplemental Indenture; 

(o) “Compounded Daily SOFR” has the meaning set forth in Section 3.03(b); 

(p) “Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having
approximately the same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark; 

(q) “CRD” means Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013 on
access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended, supplemented or replaced from
time to time, and (where relevant) any applicable successor EU or UK legislation; 
 (r) “CRR” means
regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No 648/2012, as amended, supplemented or replaced
from time to time, and (where relevant) any applicable successor EU or UK legislation; 
 (s) “d” has the
meaning set forth in Section 3.03(b); 
 (t) “d0” has the meaning set forth in Section 3.03(b); 

  
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 (u) “designee” means an Affiliate or any other agent of the
Company; 
 (v) “Determination Agent” means an investment bank or financial institution of international
standing selected by the Company (which may be the Calculation Agent or the Company’s Affiliate); 
 (w) “EU
Capital Requirements Legislative Package” means, taken together, (i) CRR, (ii) CRD and (iii) the Capital Instruments Regulations; 

(x) “Fixed Rate Period” means the period from (and including) the Issue Date to (but excluding)
September 22, 2027; 
 (y) “Fixed Rate Period Interest Payment Date” means March 22 and
September 22 of each year, beginning on March 22, 2021; 
 (z) “Floating Rate Interest Period”
means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date; provided that
the first Floating Rate Interest Period shall begin on (and include) September 22, 2027 and shall end on (but exclude) the first Floating Rate Period Interest Payment Date; 

(aa) “Floating Rate Period” means the period from (and including) September 22, 2027 to (but excluding)
the Maturity Date; 
 (bb) “Floating Rate Period Interest Payment Date” means December 22, 2027,
March 22, 2028, June 22, 2028 and September 22, 2028; 
 (cc) “HSBC Group” or
“HSBC” means the Company together with its subsidiary undertakings; 
 (dd) “H.15” means
the weekly statistical release designated as such and published by the Board of Governors of the United States Federal Reserve System, or any successor or replacement publication that establishes yields on actively traded U.S. Treasury securities
adjusted to constant maturity, and “most recent H.15” means the H.15 published closest in time but prior to 5:00 p.m. (New York City time) on the applicable Price Determination Date; 

(ee) “i” has the meaning set forth in Section 3.03(b); 

(ff) “Initial Interest Rate” means 2.013% per annum; 

(gg) “Interest Determination Date” means the second Business Day preceding the applicable Interest Payment
Date; 
 (hh) “Interest Payment Date” means any of the Fixed Rate Period Interest Payment Dates or the
Floating Rate Period Interest Payment Dates, as applicable; 
 (ii) “ISDA Definitions” means the 2006 ISDA
Definitions published by the International Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time; 

  
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 (jj) “ISDA Fallback Adjustment” means the spread adjustment
(which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor; 
 (kk) “ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing
the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment; 

(ll) “Issue Date” means September 22, 2020; 

(mm) “Loss Absorption Regulations” means, at any time, the laws, regulations, requirements, guidelines, rules,
standards and policies from time to time relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments in effect in the UK, including, without limitation to the generality of the foregoing, any
delegated or implementing acts (such as implementing or regulatory technical standards) adopted by the European Commission and applicable to the Company from time to time (whether or not such requirements, guidelines or policies are applied
generally or specifically to the Company or to the Company and any of its holding or subsidiary companies or any subsidiary of any such holding company); 

(nn) “Make-Whole Redemption” has the meaning set forth in Section 2.03; 

(oo) “Make-Whole Redemption Period” means the period beginning on (and including) March 22, 2021 (six
months following the Issue Date) to (but excluding) the Par Redemption Date; provided that if any additional notes of the same series as the Notes are issued after the Issue Date, the Make-Whole Redemption Period for such additional notes
shall begin on (and include) the date that is six months following the issue date for such additional notes. 
 (pp)
“Margin” means 1.732% per annum; 
 (qq) “Maturity Date” means September 22, 2028;

 (rr) “ni” has the meaning set forth in
Section 3.03(b); 
 (ss) “Notes” has the meaning set forth in the recitals to this Supplemental
Indenture; 
 (tt) “NY Federal Reserve’s Website” means the website of the Federal Reserve Bank of New
York at http://www.newyorkfed.org (or any successor website); 
 (uu) “Observation Period” has the meaning
set forth in Section 3.03(b); 
 (vv) “Par Redemption Date” means
September 22, 2027; 
 (ww) “Price Determination Date” means, with respect to any Make-Whole
Redemption, the third Business Day preceding the applicable Redemption Date; 
 (xx) “Reference Time” means
(i) if the Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York time) on the next succeeding USGS Business Day, and (ii) if the Benchmark is not Compounded Daily SOFR, the time determined by the Company (in
consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) in accordance with the Benchmark Replacement Conforming Changes; 

  
 8 

 (yy) “Reference Treasury” means, with respect to any Price
Determination Date, the U.S. Treasury security or securities selected by the Company (in consultation, to the extent practicable, with the Determination Agent) (i) with an actual or interpolated maturity comparable with the remaining term to
the Par Redemption Date and (ii) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. Dollars and a maturity comparable to
the remaining term to the Par Redemption Date; 
 (zz) “Reference Treasury Dealer” means, with respect to
any Price Determination Date, each of up to five banks selected by the Company (in consultation, to the extent practicable, with the Determination Agent), or the Affiliates of such banks, which are (i) primary U.S. Treasury securities dealers,
and their respective successors, or (ii) market makers in pricing corporate bond issues denominated in U.S Dollars; 

(aaa) “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any
Price Determination Date, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the applicable Reference Treasury, expressed in each case as a percentage of its principal amount, quoted by the applicable
Reference Treasury Dealer at 11:00 a.m. (New York City time), on such Price Determination Date; 
 (bbb) “Reference
Treasury Price” means, with respect to any Price Determination Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for such Price Determination Date, after excluding the highest quotation (or, in the event of
more than one highest quotation, one of the highest) and lowest quotation (or, in the event of more than one lowest quotation, one of the lowest), or (ii) if fewer than five but more than one such Reference Treasury Dealer Quotations are
received, the arithmetic average of all such quotations, or (iii) if only one such Reference Treasury Dealer Quotation is received, then such quotation; each as quoted in writing to the Determination Agent by a Reference Treasury Dealer; 

(ccc) “Reference Treasury Rate means, with respect to any Price Determination Date, the rate per annum equal to:

 (i) the yield, which represents the average for the week immediately prior to the Price Determination Date appearing in
the most recent “H.15” under the caption “Treasury constant maturities,” for the maturity most closely corresponding to the Par Redemption Date; provided that if no maturity is within three months before or after the Par
Redemption Date, yields for the two published maturities most closely corresponding to the Reference Treasury shall be determined and the Reference Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis,
rounding to the nearest month; or 
 (ii) if such release (or any successor release) is not published during the week
immediately prior to the Price Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Reference Treasury, calculated using a price for the Reference Treasury (expressed as
a percentage of its principal amount) equal to the Reference Treasury Price for the applicable Price Determination Date; provided that, if the period from the applicable Redemption Date to the Par Redemption Date is less than one year, the
weekly average yield on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. 

  
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 (ddd) “Regulated Entity” means any BRRD Undertaking as such
term is defined under the PRA Rulebook promulgated by the PRA, as amended from time to time, which includes certain credit institutions, investment firms, and certain of their parent or holding companies or any comparable future definition intended
to designate entities within the scope of the UK recovery and resolution regime; 
 (eee) “Relevant Governmental
Body” means the Federal Reserve and/or the Federal Reserve Bank of New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor
thereto; 
 (fff) “Relevant Regulator” means the PRA or any successor entity or other entity primarily
responsible for the prudential supervision of the Company; 
 (ggg) “Relevant Rules” means, at any time, the
laws, regulations, requirements, guidelines and policies relating to capital adequacy (including, without limitation, as to leverage) then in effect in the United Kingdom including, without limitation to the generality of the foregoing, as may be
required by the EU Capital Requirements Legislative Package or BRRD or any applicable successor legislation or any delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission and applicable to the
Company from time to time and any regulations, requirements, guidelines and policies relating to capital adequacy adopted by the Relevant Regulator from time to time (whether or not such requirements, guidelines or policies are applied generally or
specifically to the Company or to the Company and any of its holding or subsidiary companies or any subsidiary of any such holding company); 

(hhh) “Relevant Supervisory Consent” means as (and to the extent) required, a consent or waiver to the
relevant redemption or purchase from the Relevant Regulator or the Relevant UK Resolution Authority (as applicable). For the avoidance of doubt, Relevant Supervisory Consent will not be required if either (i) none of the Notes qualify as part
of the Company’s regulatory capital, or own funds and eligible liabilities or loss absorbing capacity instruments, as the case may be, each pursuant to the Loss Absorption Regulations, (ii) the relevant Notes are repurchased for
market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Relevant Rules (including, without limitation, Article 29(3) of Commission Delegated Regulation (EU) No. 241/2014) within the limits
prescribed in such permission or (iii) the relevant Notes are being redeemed or repurchased pursuant to any general prior permission granted by the Relevant Regulator or the Relevant UK Resolution Authority (as applicable) pursuant to the
Relevant Rules or the Loss Absorption Regulations within the limits prescribed in such permission; 
 (iii) “Relevant
UK Resolution Authority” ” means any authority with the ability to exercise a UK Bail-in Power; 

(jjj) “SOFR” has the meaning set forth in Section 3.03(b); 

(kkk) “SOFRi” has the meaning set forth in
Section 3.03(b); 
 (lll) “Trustee” has the meaning set forth in the introduction to this
Supplemental Indenture; 

  
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 (mmm) “UK Bail-in
Power” means any write-down, conversion, transfer, modification, or suspension power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the United Kingdom, relating
to the transposition of the BRRD or otherwise, including but not limited to the Banking Act and the instruments, rules and standards created thereunder, pursuant to which (i) any obligation of a Regulated Entity (or other Affiliate of such
Regulated Entity) can be reduced, cancelled, modified, or converted into shares, other securities, or other obligations of such Regulated Entity or any other person (or suspended for a temporary period); and (ii) any right in a contract
governing an obligation of a Regulated Entity may be deemed to have been exercised; 
 (nnn) “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; and 
 (ooo)
“USGS Business Day” has the meaning set forth in Section 3.03(b). 
 ARTICLE 2 

THE NOTES 

SECTION 2.01. Terms Relating to Principal and Interest on the Notes. 

The following terms relating to principal and interest on the Notes are hereby established: 

(a) the title of the Notes shall be “2.013% Fixed Rate/Floating Rate Senior Unsecured Notes due 2028”; 

(b) the aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture shall not initially
exceed $2,000,000,000 (except as otherwise provided in the Indenture); 
 (c) the principal on the Notes shall be payable on
the Maturity Date; and 
 (d) during the Fixed Rate Period, interest on the Notes shall be payable at the Initial Interest
Rate and semi-annually in arrear on each Fixed Rate Period Interest Payment Date. During the Floating Rate Period, interest on the Notes shall be payable at a rate per annum determined in accordance with Article Three and quarterly in arrear
on each Floating Rate Period Interest Payment Date. Accrual and computation of interest on the Notes shall be determined in accordance with Article Three. 

SECTION 2.02. General Terms Applicable to the Notes 

The following terms relating to the Notes are hereby established: 

(a) the Notes shall be issued on the Issue Date; 

(b) principal of, and any interest on, the Notes shall be paid to the Holder through the Agent in its capacity as Paying Agent,
having offices in New York City, New York; 
 (c) the Notes shall not be redeemable except as provided in Article
Eleven of the Base Indenture, as amended by Sections 4.01 and 4.02, or Section 2.03. The Notes shall not be 

  
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redeemable at the option of the Holders at any time. Notwithstanding anything to the contrary in the Indenture or the Notes, including Section 11.01 of the Base
Indenture, the Company may only redeem or repurchase the Notes prior to the related Maturity Date pursuant to Article Eleven of the Base Indenture or Section 2.03 if the Company has obtained any Relevant Supervisory
Consent; 
 (d) the Notes are not issued as Discount Debt Securities or as Indexed Securities and payment obligations under
the Notes are not subject to a solvency condition that the Company is able to make such payment and remain able to pay its debts as they fall due and that its assets continue to exceed its liabilities (other than subordinated liabilities); 

(e) the Company shall have no obligation to redeem or purchase the Notes pursuant to any sinking fund or analogous provision;

 (f) the Notes shall be issued only in denominations of $200,000 and integral multiples of $1,000 in excess thereof; 

(g) the Notes shall be denominated in the Applicable Currency; 

(h) the payment of principal of, and interest on, the Notes shall be payable only in the coin or currency in which the Notes
are denominated which, pursuant to clause (g) above, shall be in the Applicable Currency; 
 (i) the Notes shall not be
converted into or exchanged at the option of the Company or otherwise for stock or other securities of the Company pursuant to Article Twelve of the Base Indenture; 

(j) the Notes shall be issued in the form of one or more global securities in registered form, without coupons attached, and
the initial Holder with respect to each such global security shall be Cede & Co., as nominee of DTC; 
 (k) except
in limited circumstances, the Notes will not be issued in definitive form; 
 (l) the Notes shall be evidenced by one or more
global securities in registered form substantially in the form of Exhibit A; 
 (m) to the fullest extent permitted by law,
the Holders and the Trustee, in respect of any claims of such Holders to payment of any principal, premium or interest in respect of the Notes, by their acceptance of the Notes, shall be deemed to have waived any right of set-off or counterclaim that such Holders or, as the case may be, the Trustee in such respect, might otherwise have; 

(n) members of the HSBC Group other than the Company may purchase or otherwise acquire any of the Notes then Outstanding at the
same or differing prices in the open market, negotiated transactions or otherwise without giving prior notice to or obtaining any consent from Holders, in accordance with the Relevant Rules and, if required, subject to obtaining any Relevant
Supervisory Consent; and 
 (o) the Regular Record Dates for the Notes will be the 15th calendar day preceding each Interest Payment Date, whether or not a Business Day. 

  
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 SECTION 2.03. Make-Whole Redemption.  

(a) Subject to the provisions of Article Eleven of the Base Indenture (as amended by Sections 4.01 and
4.02), the Company may, in its sole discretion, redeem the Notes during the Make-Whole Redemption Period, in whole at any time during such period or in part from time to time during such period, at a Redemption Price equal to the greater of:
(i) 100% of the principal amount of the Notes to be redeemed; and (ii) as determined by the Determination Agent, the sum of the present values of (A) the principal amount of the Notes to be redeemed (discounted from the Par Redemption
Date) and (B) the remaining payments of interest to be made on any scheduled Interest Payment Date to (and including) the Par Redemption Date for the Notes to be redeemed (not including accrued but unpaid interest to (but excluding) the
applicable Redemption Date, if any, on the principal amount of the Notes), discounted to the applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the
Reference Treasury Rate plus 25 basis points, in each case, plus any accrued and unpaid interest on the Notes to be redeemed to (but excluding) the applicable Redemption Date (each, a “Make-Whole Redemption”). 

(b) The Reference Treasury Rate shall be calculated by the Determination Agent on the Price Determination Date. 

(c) If the Company determines, in its sole discretion, that the inclusion of the Make-Whole Redemption provisions in the terms
of the Indenture and the Notes could reasonably be expected to prejudice the qualification of the Notes as eligible liabilities or loss absorbing capacity instruments for the purposes of the Relevant Rules or the Loss Absorption Regulations, then
the provisions relating to the Make-Whole Redemption shall be deemed not to apply for all purposes relating to the Notes and the Company shall not have any right to redeem the Notes pursuant to a Make-Whole Redemption. In such circumstances, the
Company shall promptly provide notice to the Trustee, the Paying Agent, the Calculation Agent and the Holders that the Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on the effectiveness
of, or otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the Base Indenture. 

ARTICLE 3 
 INTEREST
CALCULATION IN RESPECT OF THE NOTES 
 SECTION 3.01. Interest Rate Periods on the Notes. 

(a) From (and including) the Issue Date to (but excluding) September 22, 2027 (the “Fixed Rate Period”),
interest on the Notes will be payable at a rate of 2.013% per annum (the “Initial Interest Rate”). During the Fixed Rate Period, interest on the Notes will be payable semi-annually in arrear on each Fixed Rate Period Interest Payment Date.

 (b) From (and including) September 22, 2027 to (but excluding) the Maturity Date (the “Floating Rate
Period”), the interest rate on the Notes will be equal to the Benchmark plus 1.732% per annum (the “Margin”). During the Floating Rate Period, interest on the Notes will be payable quarterly in arrear on each Floating Rate Period
Interest Payment Date. The interest rate on the Notes will be calculated quarterly on each applicable Interest Determination Date. 

  
 13 

 SECTION 3.02. Interest Rate on the Notes. 

(a) Fixed Rate Period 

(i) Interest on the Notes during the Fixed Rate Period will be calculated on the basis of twelve 30-day months or, in the case of an incomplete month, the actual number of days elapsed, in each case assuming a 360-day year. 

(ii) If any scheduled Fixed Rate Period Interest Payment Date is not a Business Day, such Fixed Rate Period Interest Payment
Date will be postponed to the next day that is a Business Day, but interest on that payment will not accrue during the period from and after the scheduled Fixed Rate Period Interest Payment Date. 

(b) Floating Rate Period 

(i) Notwithstanding Section 3.10 of the Base Indenture, interest on the Notes during the Floating
Rate Period will be calculated on the basis of the actual number of days in each Floating Rate Interest Period, assuming a 360-day year. 

(ii) Notwithstanding Section 1.13 of the Base Indenture, if any scheduled Floating Rate Period
Interest Payment Date (other than the Maturity Date) is not a Business Day, such Floating Rate Period Interest Payment Date will be postponed to the next day that is a Business Day; provided that if that Business Day falls in the next
succeeding calendar month, such Floating Rate Period Interest Payment Date will be the immediately preceding Business Day. If any such Floating Rate Period Interest Payment Date (other than the Maturity Date) is postponed or brought forward as
described above, the payment of interest due on such postponed or brought forward Floating Rate Period Interest Payment Date will include interest accrued to but excluding such postponed or brought forward Floating Rate Period Interest Payment Date.

 (iii) If the Maturity Date or date of redemption or repayment of the Notes is not a Business Day, the Company may pay
interest and principal on the next succeeding Business Day, but interest on that payment will not accrue during the period from and after the Maturity Date or date of redemption or repayment of the Notes. 

(iv) If a date of redemption or repayment of the Notes falls within the Floating Rate Period but does not occur on a Floating
Rate Period Interest Payment Date, (A) the related Interest Determination Date shall be deemed to be the date that is two Business Days prior to such date of redemption or repayment, (B) the related Observation Period shall be deemed to
end on (but exclude) the last USGS Business Day falling prior to the Interest Determination Date for such date of redemption or repayment, (C) the Floating Rate Interest Period will be deemed to be shortened accordingly and
(D) corresponding adjustments will be deemed to be made to the Compounded Daily SOFR formula. 
 (v) The interest rate
on the Notes during the applicable Floating Rate Interest Period will in no event be higher than the maximum rate permitted by law or lower than 0% per annum. 

SECTION 3.03. Calculation of the Benchmark. 

(a) The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a Benchmark Transition
Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

  
 14 

 (b) “Compounded Daily SOFR” means, in relation to a
Floating Rate Interest Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation Agent on the
related Interest Determination Date as follows: 
  
 

 
 Where: 

“d” means, in relation to any Observation Period, the number of calendar days in such Observation Period; 

“d0” means, in relation to any Observation
Period, the number of USGS Business Days in such Observation Period; 
 “i” means, in relation to any
Observation Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including) the first USGS Business Day in such
Observation Period; 
 “ni” means, in
relation to any USGS Business Day “i” in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day “i” up to (but excluding) the following USGS Business Day; 

“Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including)
the last USGS Business Day falling prior to the Interest Determination Date for the immediately preceding Interest Payment Date to (but excluding) the last USGS Business Day falling prior to the Interest Determination Date for such Floating Rate
Interest Period; provided that the first Observation Period shall commence on (and include) the last USGS Business Day falling prior to the day which is two Business Days prior to the Par Redemption Date; 

“SOFR” means, in relation to any day, the rate determined by the Calculation Agent in accordance with the
following provisions: 
 (i) the daily Secured Overnight Financing Rate for trades made on such day, available at or around
the Reference Time on the NY Federal Reserve’s Website; 
 (ii) if the rate specified in (i) above is not available
at or around the Reference Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was
published on the NY Federal Reserve’s Website; 

“SOFRi” means, in relation to any USGS Business
Day “i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and 
 “USGS
Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members
be closed for the entire day for purposes of trading in U.S. government securities. 

  
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 Notwithstanding clauses (i) and (ii) of the definition of
“SOFR” above, if the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) determines on or prior to the relevant Interest Determination Date that
a Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable
on the Notes during the Floating Rate Period. 
 In accordance with and subject to the Benchmark Transition Provisions, after
a Benchmark Transition Event and related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period on the Notes during the Floating Rate Period will be determined by reference to a rate per annum
equal to the Benchmark Replacement plus the Margin. 
 SECTION 3.04. Benchmark Transition Provisions 

(a) If the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in
consultation with the Company) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable
Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates; provided that,
if the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) is unable to or does not determine a Benchmark Replacement in accordance with the provisions
below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related Floating Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest
Period or, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date, the Initial Interest Rate. 

(b) In connection with the implementation of a Benchmark Replacement, the Company (in consultation, to the extent practicable,
with the Calculation Agent) or the Company’s designee (in consultation with the Company) will have the right to make changes to (i) any Interest Determination Date, Floating Rate Period Interest Payment Date, Reference Time, business day
convention or Floating Rate Interest Period, (ii) the manner, timing and frequency of determining the rate and amounts of interest that are payable on the Notes during the Floating Rate Period and the conventions relating to such determination
and calculations with respect to interest, (iii) rounding conventions, (iv) tenors and (v) any other terms or provisions of the Notes during the Floating Rate Period, in each case that the Company (in consultation, to the extent
practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) determines, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark Replacement in a manner
substantially consistent with market practice (or, if the Company (in consultation, to the extent practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) decides that implementation of any portion
of such market practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company (in consultation, to the extent

  
 16 

 
practicable, with the Calculation Agent) or the Company’s designee (in consultation with the Company) determines is appropriate (acting in good faith)) (the “Benchmark Replacement
Conforming Changes”). Any Benchmark Replacement Conforming Changes will apply to the Notes for all future Floating Rate Interest Periods. 

(c) The Company will promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement
Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders, provided that failure to provide such notice will have no impact on the effectiveness of, or otherwise
invalidate, any such determination. 
 (d) All percentages resulting from any calculation in connection with any interest
rate on the Notes shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (for example, 9.876545% (or
0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all Applicable Currency amounts would be rounded to the nearest cent, with one-half cent being rounded upward. 

(e) All determinations, decisions, elections and any calculations made by the Company, the Calculation Agent or the
Company’s designee for the purposes of calculating the applicable interest on the Notes will be conclusive and binding on the Holders, the Company, the Trustee and the Paying Agent, absent manifest error. If made by the Company, such
determinations, decisions, elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by the Company’s designee, such determinations, decisions, elections and calculations will be made
after consulting with the Company, and the Company’s designee will not make any such determination, decision, election or calculation to which the Company objects. Notwithstanding anything to the contrary in the Indenture or the Notes, any
determinations, decisions, calculations or elections made in accordance with this provision will become effective without consent from the Holders or any other party. 

(f) Any determination, decision or election relating to the Benchmark not made by the Calculation Agent will be made on the
basis described above. The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition, the Company may designate an entity (which may be the Company’s Affiliate) to make any determination,
decision or election that the Company has the right to make in connection with the determination of the Benchmark. 
 (g)
Notwithstanding any other provision of “Benchmark Transition Provisions” set forth above, no Benchmark Replacement will be adopted, nor will the applicable Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement
Conforming Changes be made, if in the Company’s determination, the same could reasonably be expected to prejudice the qualification of the Notes as eligible liabilities or loss absorbing capacity instruments for the purposes of the Relevant
Rules. 
 (h) By its acquisition of the Notes, each Holder (which, for these purposes, includes each beneficial
owner) (i) acknowledges, accepts, consents and agrees to be bound by the Company’s or its designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement
Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from the Company and without the need for the Company to obtain any further consent from such Holder, (ii) waives any and all claims,
in law and/or in equity, against the Trustee, 

  
 17 

 
the Paying Agent and the Calculation Agent or the Company’s designee for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent or the Company’s
designee in respect of, and agrees that none of the Trustee, the Paying Agent or the Calculation Agent or the Company’s designee will be liable for, the determination of or the failure to determine any Benchmark Transition Event, any Benchmark
Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or
the Calculation Agent or the Company’s designee will have any obligation to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement
Conforming Changes (including any adjustments thereto), including in the event of any failure by the Company to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment
and any Benchmark Replacement Conforming Changes. 
 ARTICLE 4 

AMENDMENTS TO THE BASE INDENTURE 

APPLICABLE TO THE NOTES ONLY 

SECTION 4.01. Notice of Redemption 

(a) With respect to the Notes only, Article Eleven of the Base Indenture is amended by amending and restating
Section 11.04 in its entirety, which shall read as follows: 
 Section 11.04. Notice of
Redemption. Notice of redemption shall be given in the manner provided in Section 1.06 not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Debt Securities to be redeemed. 

All notices of redemption shall state: 

(a) the Redemption Date; 

(b) the Redemption Price, or the manner in which the Redemption Price is to be determined; 

(c) if less than all Outstanding Debt Securities of any series are to be redeemed, the identification and the principal amount
(or, in the case of Principal Indexed Securities, face amount)) of the particular Debt Securities to be redeemed; 
 (d)
that on the Redemption Date the Redemption Price will become due and payable in respect of each such Debt Security to be redeemed, and that any interest thereon shall cease to accrue on and after said date; 

(e) the Place or Places of Payment where such Debt Securities, together in the case of Bearer Securities with all Coupons, if
any, appertaining thereto maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price; and 

(f) the CUSIP number or numbers, the Common Code, or the ISIN, if any, with respect to such Debt Securities. 

  
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 A notice of redemption published as contemplated by Section 11.04 need
not identify particular Registered Securities to be redeemed. 
 Notice of redemption of Debt Securities to be redeemed
shall be prepared by the Company and at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 

(b) With respect to the Notes only, Article Eleven of the Base Indenture is amended by amending and restating
Section 11.08 in its entirety, which shall read as follows: 
 Section 11.08. Optional
Redemption in the Event of Change in Tax Treatment. In addition to any redemption provisions that may be specified pursuant to Section 3.01 for the Debt Securities of any series, the Debt Securities are redeemable, as a whole but not in
part, at the option of the Company, on not less than 10 nor more than 60 days’ notice, at any time at a Redemption Price equal to 100% of the principal amount, together with accrued but unpaid interest, if any, in respect of such Debt
Securities to the date fixed for redemption (or, in the case of Discount Debt Securities, the accreted face amount thereof, together with accrued interest, if any, or, in the case of Principal Indexed Securities, the amount specified pursuant to
Section 3.01), and any Debt Securities convertible into Dollar Preference Shares or Conversion Securities of the Company may, at the option of the Company, be converted as a whole, if, at any time, the Company shall determine that (a) in
making payment under such Debt Securities in respect of principal (or premium, if any), interest or missed payment it has or will or would become obligated to pay Additional Amounts, provided such obligation to pay Additional Amounts results from a
change in or amendment to the laws of the Taxing Jurisdiction, or any change in the official application or interpretation of such laws (including a decision of any court or tribunal), or any change in, or in the official application or
interpretation of, or execution of, or amendment to, any treaty or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes effective on or after the date of original issuance of the Debt
Securities of such series or (b) the payment of interest in respect of such Debt Securities has become or will or would be treated as a “distribution” within the meaning of Section 1000 of the Corporation Tax Act 2010 of the
United Kingdom (or any statutory modification or re-enactment thereof for the time being), as a result of any change in or amendment to the laws of the Taxing Jurisdiction, or any change in the official
application or interpretation of such laws including a decision of any court, which change or amendment becomes effective on or after the date of original issuance of the Debt Securities of such series; provided, however, that in the case of
(a) above, no notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be obliged to pay Additional Amounts were a payment in respect of such Debt Securities then due. 

SECTION 4.02. Optional Redemption of Debt Securities. With respect to the Notes only,
Article Eleven of the Base Indenture is amended by adding Section 11.09, which shall read as follows: 

“Section 11.09. Par Redemption of the Notes. The Company may redeem each series of Debt Securities in
whole (but not in part) in its sole discretion on the Par Redemption Date. The Redemption Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to (but excluding) the Par Redemption Date.” 

  
 19 

 SECTION 4.03. Events of Default and Defaults. 

 With respect to the Notes only, Article Five of the Base Indenture is amended by amending and restating
Section 5.01 in its entirety, which shall read as follows: 
 Section 5.01. Events of
Default and Defaults. 
 (a) An “Event of Default” with respect to the Notes means any one of the following
events: 
 (i) an order is made by an English court which is not successfully appealed within 30 days after the date such
order was made for winding up of the Company other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or 

(ii) an effective resolution is validly adopted by the Company’s shareholders for winding up of the Company other than in
connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 
 (b) A
“Default” with respect to the Notes means any one of the following events: 
 (i) failure to pay principal or
premium, if any, on the Notes at maturity, and such default continues for a period of 30 days; or 
 (ii) failure to pay any
interest on the Notes when due and payable, which failure continues for 30 days. 
 (c) If a Default occurs, the Trustee may
institute proceedings in England (but not elsewhere) for the Company’s winding-up; provided that the Trustee may not, upon the occurrence of a Default, accelerate the maturity of any Notes then
Outstanding, unless an Event of Default has occurred and is continuing. 
 (d) Notwithstanding the foregoing, failure to make
any payment in respect of the Notes shall not be a Default in respect of the Notes if such payment is withheld or refused: 

(i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent jurisdiction, in
each case applicable to such payment; or 
 (ii) in case of doubt as to the validity or applicability of any such law,
regulation or order, in accordance with advice given as to such validity or applicability at any time during the said grace period of 30 days by independent legal advisers acceptable to the Trustee; 

provided, however, that the Trustee may, by notice to the Company, require the Company to take such action (including but not limited to
proceedings for a declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such
doubt, in which case the Company shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the relevant payment can be made
without violating any applicable law, regulation or order then the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days after the Trustee gives written
notice to the Company informing the Company of such resolution. 

  
 20 

 (e) Agreements with Respect to the Events of Default and Defaults.

 By its acquisition of the Notes, each Holder (which, for these purposes, includes each beneficial owner), to the extent
permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee will not be liable for, any action that
the Trustee takes, or abstains from taking, in either case in accordance with the exercise of the limited remedies available under the Indenture and the Notes for a non-payment of principal and/or interest on
the Notes. 
 SECTION 4.04. Additional Amounts. With respect to the Notes only, Article Ten of the Base
Indenture is amended by amending and restating Section 10.04(a) in its entirety, which shall read as follows: 

Section 10.04. Payment of Additional Amounts. 

(a) Unless otherwise specified as contemplated by Section 3.01, all payments made under or with respect to Debt
Securities shall be paid by the Company, without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied, collected, withheld
or assessed by or on behalf of the United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or withholding shall
at any time be required by the law of the Taxing Jurisdiction, the Company shall pay such additional amounts in respect of payments of interest only (and not principal) on such Debt Securities (“Additional Amounts”) as may be necessary so
that the net amounts (including Additional Amounts) paid to the Holders, after such deduction or withholding, will be equal to the respective amounts of interest which the Holders would have been entitled to receive in respect of such Debt
Securities in the absence of such deduction or withholding, provided that the foregoing shall not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding which: 

(i) would not be payable or due but for the fact that the Holder or the beneficial owner of the Debt Security is domiciled in,
or is a national or resident of, or engaging in business or maintaining a permanent establishment or being physically present in, the Taxing Jurisdiction or otherwise has some connection or former connection with the Taxing Jurisdiction other than
the holding or ownership of a Debt Security, or the collection of interest payments on, or the enforcement of, any Debt Security; 

(ii) would not be payable or due but for the fact that the certificate representing the relevant Debt Securities (x) is
presented for payment in the Taxing Jurisdiction or (y) is presented for payment more than 30 days after the date payment became due or was provided for, whichever is later, except to the extent that the Holder would have been entitled to such
Additional Amount on presenting the same for payment at the close of such 30 day period; 
 (iii) would not have been
imposed if presentation for payment of the certificate representing the relevant Debt Securities had been made to a paying agent other than the paying agent to which the presentation was made; 

  
 21 

 (iv) is imposed in respect of a Holder that is not the sole beneficial
owner of the interest, or a portion thereof, or that is a fiduciary or partnership, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership would not have been entitled to
the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(v) is imposed because of the failure to comply by the Holder or the beneficial owner of the Debt Securities or the beneficial
owner of any payment on such Debt Securities with a request from the Company addressed to the Holder or the beneficial owner, including a written request from the Company related to a claim for relief under any applicable double tax treaty
(x) to provide information concerning the nationality, residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner or (y) to make any declaration or other similar claim to satisfy any information or
reporting requirement, if the information or declaration is required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to exemption from withholding or deduction of all or
part of the tax, duty, assessment or other governmental charge; 
 (vi) is imposed in respect of any estate, inheritance,
gift, sale, transfer, personal property, wealth or similar tax, duty, assessment or other governmental charge; or 
 (vii)
is imposed in respect of any combination of the above items. 
 Whenever in this Indenture there is mentioned, in any
context, the payment of any interest on, or in respect of, any Debt Security of any series or the net proceeds received on the sale or exchange of any Debt Security of any series, such mention shall be deemed to include mention of the payment of
Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of Additional
Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

SECTION 4.05. Execution, Authentication, Delivery and Dating.  

(a) With respect to the Notes only, Article Three of the Base Indenture is amended by amending and restating
Section 3.03(f) in its entirety, which shall read as follows: 
 (f) No Debt Security or Coupon
attached thereto shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Debt Security a certificate of authentication substantially in the form provided for herein duly executed
by the Trustee by signature of one of its authorized signatories, and such certificate of authentication upon any Debt Security shall be conclusive evidence, and the only evidence, that such Debt Security has been duly authenticated and delivered
hereunder and is entitled to the benefits of this Indenture. Except as permitted by Section 3.05 or Section 3.06, neither the Trustee nor the Authenticating Agent shall authenticate and deliver any Bearer Security unless all appurtenant
Coupons for interest then matured have been detached and cancelled. 

  
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 (b) With respect to the Notes only, Article Three of the Base
Indenture is amended by adding Section 3.03(g), which shall read as follows: 
 (g) The words
“execution,” “executed,” “signed,” “signature,” and words of like import in this Indenture, the Debt Securities or in any other certificate, agreement or document related to this Indenture or the offering and
sale of the Debt Securities shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures
(including, without limitation, DocuSign and AdobeSign or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion ). The use of electronic signatures and
electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and
any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. Each party agrees that this Indenture, the Debt Securities and any other documents to be delivered in connection herewith may be
electronically or digitally signed using DocuSign (or any other electronic process or digital signature provider as specified in writing to the Trustee and agreed to by the Trustee in its sole discretion), and that any such electronic or digital
signatures appearing on this Indenture, the Debt Securities or such other documents are the same as manual signatures for the purposes of validity, enforceability and admissibility. The Company agrees to assume all risks arising out of the use of
electronic or digital signatures and electronic methods to submit any communications to Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

ARTICLE 5 

MISCELLANEOUS 

SECTION 5.01. Effect of this Supplemental Indenture; Ratification and Integral Part. This Supplemental Indenture shall
become effective upon its execution and delivery. 
 Except as hereby amended, the Base Indenture is in all respects ratified and confirmed
and all the terms, provisions and conditions thereof (including any prior amendments thereto) shall be, and remain in, full force and effect, including, without limitation, Section 4.06 of the first supplemental indenture
dated March 8, 2016 (amending the Base Indenture to add Section 15) and Section 4.01 of the second supplemental indenture dated May 25, 2016 (amending
Section 6.07 of the Base Indenture). This Supplemental Indenture shall be deemed an integral part of the Base Indenture in the manner and to the extent herein and therein provided. 

SECTION 5.02. Priority. This Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent
herein and therein provided. The provisions of this Supplemental Indenture shall, with respect to the Notes and as otherwise provided herein and subject to the terms hereof, supersede the provisions of the Base Indenture to the extent the Base
Indenture is inconsistent herewith. 

  
 23 

 SECTION 5.03. Successors and Assigns. All covenants and agreements in the Base
Indenture, as supplemented and amended by this Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 

SECTION 5.04. Subsequent Holders’ Agreement. Any Holder (which, for these purposes, includes each beneficial
owner of the Notes) that acquires the Notes in the secondary market and any successors, assigns, heirs, executors, administrators, trustees in bankruptcy and legal representatives of any Holder or beneficial owner of the Notes shall be deemed to
acknowledge, accept, agree to be bound by and consent to the same provisions specified herein to the same extent as the Holders or beneficial owners of the Notes that acquire the Notes upon their initial issuance, including, without limitation, with
respect to the acknowledgement and agreement to be bound by and consent to the terms of the Notes related to the UK Bail-in Power, the Benchmark and the limited remedies available under the Indenture and the
Notes for a non-payment of principal and/or interest on the Notes. 
 SECTION 5.05.
Compliance. The Agent shall be entitled to take any action or to refuse to take any action which the Agent regards as necessary for the Agent to comply with any applicable law, regulation or fiscal requirement, court order, or the rules,
operating procedures or market practice of any relevant stock exchange or other market or clearing system. 
 SECTION 5.06.
Relation to Calculation Agent Agreement. In the event of any conflict between the Indenture and the Calculation Agent Agreement relating to the rights or obligations of the Calculation Agent in the Indenture in connection with the calculation
of the interest rate on the Notes, the relevant terms of the Calculation Agent Agreement shall govern such rights and obligations. 

SECTION 5.07. Governing Law. This Supplemental Indenture and the Notes shall be governed by, and construed in accordance with,
the laws of the State of New York. 
 SECTION 5.08. Counterparts. This Supplemental Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

SECTION 5.09. Entire Agreement. This Supplemental Indenture constitutes the entire agreement of the parties hereto with respect
to the Notes and the amendments to the Base Indenture set forth herein. 

  
 24 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
duly executed as of the date first stated above. 
  

			
	 HSBC HOLDINGS PLC,
as Issuer

		
	By:	 	/S/ IAIN MACKINNON
	 Name:
	 	 Iain MacKinnon

	 Title:
	 	 Group Treasurer

	
	 THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Trustee

		
	By:	 	/S/ THOMAS VANSON
	 Name:
	 	 Thomas Vanson

	 Title:
	 	 Authorised Signatory

	
	 HSBC BANK USA, NATIONAL ASSOCIATION, as Paying Agent, Registrar and Calculation
Agent

		
	By:	 	/S/ DEIRDRA N. ROSS
	 Name:
	 	 Deirdra N. Ross

	 Title:
	 	 Associate Director

 EXHIBIT A 

FORM OF 2.013% FIXED RATE/FLOATING RATE GLOBAL SECURITY 

CUSIP No.: 404280 CL1 
 ISIN:
US404280CL16 
 No.: [•]      

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS GLOBAL 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 DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 BY ITS ACQUISITION OF THE DEBT SECURITIES REPRESENTED BY THIS GLOBAL SECURITY, EACH
HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) ACKNOWLEDGES, ACCEPTS, CONSENTS AND AGREES, NOTWITHSTANDING ANY OTHER TERM OF THE DEBT SECURITIES, THE INDENTURE OR ANY OTHER AGREEMENTS, ARRANGEMENTS OR
UNDERSTANDINGS BETWEEN THE ISSUER AND ANY HOLDER, TO BE BOUND BY (I) THE EFFECT OF THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY THAT MAY INCLUDE AND RESULT IN ANY OF THE
FOLLOWING, OR SOME COMBINATION THEREOF: (A) THE REDUCTION OF ALL, OR A PORTION, OF THE AMOUNTS DUE (AS DEFINED ON THE REVERSE OF THIS GLOBAL SECURITY); (B) THE CONVERSION OF ALL, OR A PORTION, OF THE AMOUNTS DUE INTO THE ISSUER’S OR
ANOTHER PERSON’S ORDINARY SHARES, OTHER SECURITIES OR OTHER OBLIGATIONS (AND THE ISSUE TO, OR CONFERRAL ON, THE HOLDER OF SUCH ORDINARY SHARES, OTHER SECURITIES OR OTHER OBLIGATIONS), INCLUDING BY MEANS OF AN AMENDMENT, MODIFICATION OR
VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE INDENTURE; (C) THE CANCELLATION OF THE DEBT SECURITIES; AND/OR (D) THE AMENDMENT OR ALTERATION OF THE MATURITY OF THE DEBT SECURITIES OR AMENDMENT OF THE AMOUNT OF INTEREST PAYABLE ON
THE DEBT SECURITIES, OR THE INTEREST PAYMENT DATES, INCLUDING BY SUSPENDING PAYMENT FOR A TEMPORARY PERIOD; AND (II) THE VARIATION OF THE TERMS OF THE DEBT SECURITIES OR THE INDENTURE, IF NECESSARY, TO GIVE EFFECT TO THE EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY. 
 THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES OR OF THE ISSUER’S FAILURE TO PERFORM ANY OF ITS OBLIGATIONS UNDER OR IN RESPECT OF THE DEBT SECURITIES. PAYMENT OF THE PRINCIPAL AMOUNT OF THE
DEBT SECURITIES MAY BE ACCELERATED ONLY UPON CERTAIN EVENTS OF A WINDING UP AS SET FORTH IN THE INDENTURE. 

  
 A-1 

 GLOBAL SECURITY 

HSBC Holdings plc 
 $[•] 

2.013% FIXED RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2028 

This is a Global Security in respect of a duly authorized issue by HSBC Holdings plc (the “Issuer,” which term includes any
successor Person under the Indenture hereinafter referred to) of debt securities, designated as specified in the title hereof, in the aggregate face amount of $[•] (the “Debt Securities”). 

The Issuer, for value received, hereby promises to pay CEDE & CO., or registered assigns on September 22, 2028 (the
“Maturity Date”) or on such earlier date as this Global Security may be redeemed, the principal amount hereof and to pay interest on the said principal amount from September 22, 2020 (the “Issue Date”) or the most
recent Interest Payment Date on which interest has been paid or duly provided for until maturity: 
 (i) from (and including) the Issue
Date or the most recent Interest Payment Date during the Fixed Rate Period on which interest has been paid or duly provided for to (but excluding) September 22, 2027, semi-annually in arrear on March 22 and September 22 of each year,
beginning on March 22, 2021 (each, a “Fixed Rate Period Interest Payment Date”), at a rate of 2.013% per annum (the “Initial Interest Rate”); and 

(ii) from (and including) September 22, 2027 or the most recent Interest Payment Date during the Floating Rate Period on which interest
has been paid or duly provided for to (but excluding) the Maturity Date, quarterly in arrear on December 22, 2027, March 22, 2028, June 22, 2028 and September 22, 2028 (each, a “Floating Rate Period Interest Payment
Date”), at a floating rate equal to the Benchmark plus 1.732% per annum (the “Margin”). The interest rate during the Floating Rate Period on this Global Security shall be calculated quarterly on each applicable Interest
Determination Date. 
 “Fixed Rate Period” means the period from (and including) the Issue Date, to (but excluding)
September 22, 2027. 
 “Floating Rate Period” means the period from (and including) September 22, 2027 to (but
excluding) the Maturity Date. 
 “Interest Payment Date” means any Fixed Rate Period Interest Payment Date or Floating Rate
Period Interest Payment Date. 
 The “Benchmark” means, initially, Compounded Daily SOFR; provided that if a
Benchmark Transition Event and related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

  
 A-2 

 “Compounded Daily SOFR” means, in relation to a Floating Rate Interest
Period, the rate of return of a daily compound interest investment (with SOFR as reference rate for the calculation of interest) during the related Observation Period and will be calculated by the Calculation Agent on the related Interest
Determination Date as follows: 
  
 

 
 Where: 

“Calculation Agent” means HSBC Bank USA, National Association, or its successor appointed by the Issuer pursuant to the
Calculation Agent Agreement; 
 “Calculation Agent Agreement” means the calculation agent agreement dated as of the Issue
Date between the Issuer and the Calculation Agent; 
 “d” means, in relation to any Observation Period, the number of
calendar days in such Observation Period; 
 “d0” means, in
relation to any Observation Period, the number of USGS Business Days in such Observation Period; 
 “i” means, in relation
to any Observation Period, a series of whole numbers from one to d0, each representing the relevant USGS Business Day in chronological order from (and including) the first USGS Business Day in
such Observation Period; 
 “ni” means, in relation to any
USGS Business Day “i” in the relevant Observation Period, the number of calendar days from (and including) such USGS Business Day “i” up to (but excluding) the following USGS Business Day; 

“Observation Period” means, in respect of each Floating Rate Interest Period, the period from (and including) the last USGS
Business Day falling prior to the Interest Determination Date for the immediately preceding Interest Payment Date to (but excluding) the last USGS Business Day falling prior to the Interest Determination Date for such Floating Rate Interest Period;
provided that the first Observation Period shall commence on (and include) the last USGS Business Day falling prior to the day which is two Business Days prior to September 22, 2027 (the “Par Redemption Date”); 

“SOFR” means, in relation to any day, the rate determined by the Calculation Agent in accordance with the Indenture and the
following provisions: 
 (i) the daily Secured Overnight Financing Rate for trades made on such day, available at or around the Reference
Time on the NY Federal Reserve’s Website; 
 (ii) if the rate specified in (i) above is not available at or around the Reference
Time for such day (and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred), the daily Secured Overnight Financing Rate in respect of the last USGS Business Day for which such rate was published on the NY
Federal Reserve’s Website; 
 “SOFRi” means, in
relation to any USGS Business Day “i” in the relevant Observation Period, SOFR in respect of such USGS Business Day; and 

“USGS Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial
Markets Association or any successor thereto (“SIFMA”) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

  
 A-3 

 Notwithstanding clauses (i) and (ii) of the definition of “SOFR” above, if
the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine on or prior to the relevant Interest Determination Date that a Benchmark Transition Event
and related Benchmark Replacement Date have occurred with respect to SOFR, then the “Benchmark Transition Provisions” set forth below will thereafter apply to all determinations of the rate of interest payable on the Debt Securities during
the Floating Rate Period. 
 In accordance with and subject to the Benchmark Transition Provisions, after a Benchmark Transition Event and
related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period on the Debt Securities during the Floating Rate Period will be determined by reference to a rate per annum equal to the Benchmark
Replacement plus the Margin. 
 “designee” means an Affiliate or any other agent of the Issuer. 

“Reference Time” means (i) if the Benchmark is Compounded Daily SOFR, for each USGS Business Day, 3:00 p.m. (New York
time) on the next succeeding USGS Business Day, and (ii) if the Benchmark is not Compounded Daily SOFR, the time determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) in accordance with the Benchmark Replacement Conforming Changes. 
 Benchmark Transition Provisions. If
the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determines that a Benchmark Transition Event and related Benchmark Replacement Date have occurred
prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Debt Securities during the Floating
Rate Period in respect of such determination on such date and all determinations on all subsequent dates; provided that, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in
consultation with the Issuer) is unable to or does not determine a Benchmark Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Determination Date, the interest rate for the related
Floating Rate Interest Period will be equal to the interest rate in effect for the immediately preceding Floating Rate Interest Period or, in the case of the Interest Determination Date prior to the first Floating Rate Period Interest Payment Date,
the Initial Interest Rate. 
 In connection with the implementation of a Benchmark Replacement, the Issuer (in consultation, to the extent
practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) will have the right to make changes to (i) any Interest Determination Date, Floating Rate Period Interest Payment Date, Reference Time,
business day convention or Floating Rate Interest Period, (ii) the manner, timing and frequency of determining the rate and amounts of interest that are payable on the Debt Securities during the Floating Rate Period and the conventions relating
to such determination and calculations with respect to interest, (iii) rounding conventions, (iv) tenors and (v) any other terms or provisions of the Debt Securities during the Floating Rate Period, in each case that the Issuer (in
consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) determine, from time to time, to be appropriate to reflect the determination and implementation of such Benchmark
Replacement in a manner substantially consistent with market practice (or, if the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) decide that
implementation of any portion of such market practice is not administratively feasible or determine that no market practice for use of the Benchmark Replacement exists, in such other manner as the Issuer (in consultation, to the extent practicable,
with the Calculation 

  
 A-4 

 
Agent) or the Issuer’s designee (in consultation with the Issuer) determine is appropriate (acting in good faith)) (the “Benchmark Replacement Conforming Changes”). Any
Benchmark Replacement Conforming Changes will apply to the Debt Securities for all future Floating Rate Interest Periods. 
 The Issuer will
promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Paying Agent, the Calculation Agent and the Holders, provided
that failure to provide such notice will have no impact on the effectiveness of, or otherwise invalidate, any such determination. 
 All
percentages resulting from any calculation in connection with any interest rate in respect of this Global Security shall be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward (for example, 9.876545% (or 0.09876545) would be rounded to 9.87655% (or 0.0987655)), and all Applicable Currency amounts would be rounded to the nearest
cent, with one-half cent being rounded upward. 
 All determinations, decisions, elections and any
calculations made by the Issuer, the Calculation Agent or the Issuer’s designee for the purposes of calculating the applicable interest on the Debt Securities will be conclusive and binding on the Holders, the Issuer, the Trustee and the Paying
Agent, absent manifest error. If made by the Issuer, such determinations, decisions, elections and calculations will be made in consultation with the Calculation Agent, to the extent practicable. If made by the Issuer’s designee, such
determinations, decisions, elections and calculations will be made after consulting with the Issuer, and the Issuer’s designee will not make any such determination, decision, election or calculation to which the Issuer objects. Notwithstanding
anything to the contrary in the Indenture or the Debt Securities, any determinations, decisions, calculations or elections made in accordance with this provision will become effective without consent from the Holders or any other party. 

Any determination, decision or election relating to the Benchmark not made by the Calculation Agent will be made on the basis described above.
The Calculation Agent shall have no liability for not making any such determination, decision or election. In addition, the Issuer may designate an entity (which may be the Issuer’s Affiliate) to make any determination, decision or election
that the Issuer has the right to make in connection with the determination of the Benchmark. 
 Notwithstanding any other provision of
“Benchmark Transition Provisions” set forth above, no Benchmark Replacement will be adopted, nor will the applicable Benchmark Replacement Adjustment be applied, nor will any Benchmark Replacement Conforming Changes be made, if in the
Issuer’s determination, the same could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Relevant Rules. 

By its acquisition of the Debt Securities, each Holder (which, for these purposes, includes each beneficial owner) (i) acknowledges,
accepts, consents and agrees to be bound by the Issuer’s or its designee’s determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark
Replacement Conforming Changes, including as may occur without any prior notice from the Issuer and without the need for the Issuer to obtain any further consent from such Holder, (ii) waives any and all claims, in law and/or in equity, against
the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee for, agrees not to initiate a suit against the Trustee, the Paying Agent and the Calculation Agent or the Issuer’s designee in respect of, and agrees that
none of the Trustee, the Paying Agent or the Calculation Agent or the Issuer’s designee will be liable for, the determination of or the failure to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark
Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) agrees that none of the Trustee, the Paying Agent or the Calculation Agent or the
Issuer’s designee will have any obligation to determine any Benchmark Transition Event, any 

  
 A-5 

 
Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the
event of any failure by the Issuer to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes. 

“Applicable Currency” means Dollars. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Issuer (in
consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 
  

	 	(i)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor (if any) and (b) the Benchmark Replacement Adjustment; 

 

	 	(ii)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and

  

	 	(iii)	 the sum of: (a) the alternate rate of interest that has been selected by the Issuer (in consultation, to
the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any
industry-accepted rate of interest as a replacement for the then-current Benchmark for Dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment; 

“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the
Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) as of the Benchmark Replacement Date: 

 

	 	(i)	 the spread adjustment (which may be a positive or negative value or zero) that has been (a) selected or
recommended by the Relevant Governmental Body or (b) determined by the Issuer (in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) in accordance with the method
for calculating or determining such spread adjustment that has been selected or recommended by the Relevant Governmental Body, in each case for the applicable Unadjusted Benchmark Replacement; 

 

	 	(ii)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; 

  

	 	(iii)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Issuer
(in consultation, to the extent practicable, with the Calculation Agent) or the Issuer’s designee (in consultation with the Issuer) giving due consideration to industry-accepted spread adjustments (if any), or method for calculating or
determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated floating rate notes at such time. 

  
 A-6 

 “Benchmark Replacement Date” means the earliest to occur of the following
events with respect to the then-current Benchmark: 
  

	 	(i)	 in the case of clause (i) or (ii) of the definition of “Benchmark Transition Event,” the later
of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

 

	 	(ii)	 in the case of clause (iii) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark: 
  

	 	(i)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the Benchmark; 

  

	 	(ii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an
entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided
that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

  

	 	(iii)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 

 “Business Day” means a day on
which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in London, England, and in the City of New York, New York. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the
same length (disregarding business day adjustments) as the applicable tenor for the then-current Benchmark. 
 “Floating Rate
Interest Period” means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date;
provided that the first Floating Rate Interest Period will begin on (and include) April 18, 2025 and will end on (but exclude) the first Floating Rate Period Interest Payment Date. 

“HSBC” means the Issuer together with its subsidiary undertakings. 

  
 A-7 

 “Interest Determination Date” means the second Business Day preceding the
applicable Interest Payment Date. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International
Swaps and Derivatives Association, Inc. (“ISDA”) or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“NY Federal Reserve’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org
(or any successor website). 
 “Relevant Governmental Body” means the Federal Reserve and/or the Federal Reserve Bank of
New York (“NY Federal Reserve”), or a committee officially endorsed or convened by the Federal Reserve and/or the NY Federal Reserve or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

Interest in respect of this Global Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name this Global Security (or one or more Predecessor Global Securities) is registered at the close of business on the Regular Record Date for such interest. 

Payment of interest, if any, in respect of this Global Security may be made by check mailed to the address of the Person entitled thereto as
such address shall appear in the Register, or by wire transfer or transfer by any other means to an account designated in writing by such Person to the Paying Agent at least 15 days prior to such payment date. 

Any interest in respect of this Global Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holders thereof on the relevant Regular Record Date by virtue of their having been such Holders; and such Defaulted Interest may be paid by the Issuer,
at its election in each case, as provided in Clause (i) or (ii) below: 
  

	 	(i)	 The Issuer may elect to make payment of such Defaulted Interest to the Persons in whose names this Global
Security (or its respective Predecessor Global Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the manner provided for in the Indenture.

  

	 	(ii)	 The Issuer may make payment of any Defaulted Interest on this Global Security in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Global Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed payment pursuant
to this clause, such manner of payment shall be deemed practicable by the Trustee. 

  
 A-8 

 All payments made under or with respect to this Global Security shall be paid by the Issuer,
without deduction or withholding for, or on account of, any and all present and future taxes, levies, imposts, duties, charges, fees, deductions or withholdings whatsoever imposed, levied, collected, withheld or assessed by or on behalf of the
United Kingdom or any political subdivision or taxing authority thereof or therein having the power to tax (each, a “Taxing Jurisdiction”), unless required by law. If such deduction or withholding shall at any time be required by
the law of the Taxing Jurisdiction, the Issuer shall pay such additional amounts in respect of payments of interest only (and not principal) on this Global Security (“Additional Amounts”) as may be necessary so that the net amounts
(including Additional Amounts) paid to the Holders, after such deduction or withholding, shall be equal to the respective amounts of interest which the Holders would have been entitled to receive in respect of this Global Security in the absence of
such deduction or withholding; provided that the foregoing shall not apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding which: (i) would not be payable or due but for the fact that the Holder or the
beneficial owner of this Global Security is domiciled in, or is a national or resident of, or engaging in business or maintaining a permanent establishment or being physically present in, the Taxing Jurisdiction or otherwise has some connection or
former connection with the Taxing Jurisdiction other than the holding or ownership of this Global Security, or the collection of interest payments on, or the enforcement of, this Global Security; (ii) would not be payable or due but for the
fact that this Global Security (x) is presented for payment in the Taxing Jurisdiction or (y) is presented for payment more than 30 days after the date payment became due or was provided for, whichever is later, except to the extent that
the Holder would have been entitled to such Additional Amount on presenting the same for payment at the close of such 30 day period; (iii) would not have been imposed if presentation for payment of this Global Security had been made to a paying
agent other than the paying agent to which the presentation was made; (iv) is imposed in respect of a Holder that is not the sole beneficial owner of the interest, or a portion thereof, or that is a fiduciary or partnership, but only to the
extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received
directly its beneficial or distributive share of the payment; (v) is imposed because of the failure to comply by the Holder or the beneficial owner of this Global Security or the beneficial owner of any payment on this Global Security with a
request from the Issuer addressed to the Holder or the beneficial owner, including a written request from the Issuer related to a claim for relief under any applicable double tax treaty (x) to provide information concerning the nationality,
residence, identity or connection with a taxing jurisdiction of the Holder or the beneficial owner, or (y) to make any declaration or other similar claim to satisfy any information or reporting requirement, if the information or declaration is
required or imposed by a statute, treaty, regulation, ruling or administrative practice of the Taxing Jurisdiction as a precondition to exemption from withholding or deduction of all or part of the tax, duty, assessment or other governmental charge;
(vi) is imposed in respect of any estate, inheritance, gift, sale, transfer, personal property, wealth or similar tax, duty, assessment or other governmental charge; or (vii) is imposed in respect of any combination of the above items.

 Whenever in this Global Security there is mentioned, in any context, the payment of any interest on, or in respect of, any Debt Security
or the net proceeds received on the sale or exchange of any Debt Security, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made. 

Upon any exchange of a portion of this Global Security for a definitive Debt Security, the portion of the principal amount hereof so exchanged
shall be endorsed by the Registrar on Schedule A hereto. The principal amount hereof shall be reduced for all purposes by the amount so exchanged and endorsed. 

  
 A-9 

 Reference is hereby made to the further provisions of this Global Security set forth on the
reverse hereof, which further provisions shall for the purposes hereof have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee or an authenticating agent, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purposes. 

  
 A-10 

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

			
		
	By:	 	 
	 [•]
	 	
	
	 HSBC Holdings plc,

as Issuer

 Dated: [•], 2020 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of a series issued under the within-mentioned Indenture. 

									
				
		 		 	By:	 	 
	Dated: [•], 2020	 		 	[•]	 	
		 		 		 	  
 The Bank of New York Mellon, London Branch,

as Trustee

  
 A-11 

 REVERSE OF GLOBAL SECURITY 

$[•] 
 2.013% FIXED
RATE/FLOATING RATE SENIOR UNSECURED NOTES DUE 2028 
 This Global Security is one of a duly authorized issue of Debt Securities issued and
to be issued in one or more series under and governed by an Indenture dated as of August 26, 2009 (as amended or supplemented from time to time), by and among the Issuer, The Bank of New York Mellon, London Branch, as trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), and HSBC Bank USA, National Association (“HBUS”), as registrar and paying agent (the “Base Indenture”), as amended and
supplemented by a Eighteenth Supplemental Indenture dated as of September 22, 2020 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Issuer, the Trustee and HBUS, as
paying agent, registrar and calculation agent (the “Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Issuer, the Trustee, the Holders and of the terms upon which the Debt Securities are, and are to be, authenticated and delivered. 

Under the terms of the Indenture, the Debt Securities may be redeemed, in whole but not in part, at the Issuer’s sole discretion, on not
less than 10 nor more than 60 days’ notice, at any time at a Redemption Price equal to the principal amount thereof, together with accrued interest, if any, to the date fixed for redemption, if, at any time, the Issuer determines that: 

(i) in making payment under the Debt Securities in respect of principal (or premium, if any) interest, or missed payment the
Issuer has or shall or would become obligated to pay Additional Amounts as provided in the Indenture and in this Global Security provided such obligation to pay Additional Amounts results from a change in or amendment to the laws of the Taxing
Jurisdiction, or any change in the official application or interpretation of such laws (including a decision of any court or tribunal), or any change in, or in the official application or interpretation of, or execution of, or amendment to, any
treaty or treaties affecting taxation to which the United Kingdom is a party, which change, amendment or execution becomes effective on or after the Issue Date; or 

(ii) the payment of interest in respect of the Debt Securities has become or will or would be treated as a
“distribution” within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or reenactment thereof for the time being) as a result of a change in or amendment to the laws of
the Taxing Jurisdiction, or any change in the official application or interpretation of such laws, including a decision of any court, which change or amendment becomes effective on or after the Issue Date; provided, however that, in the case
of (i) above, no notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Debt Securities then due. 

Under the terms of the Indenture, the Issuer may, in its sole discretion, redeem the Debt Securities during the Make-Whole Redemption Period,
on not less than 10 nor more than 60 days’ notice, in whole at any time during such period or in part from time to time during such period, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Debt Securities
to be redeemed; and (ii) as determined by the Determination Agent, the sum of the present values of (a) the principal amount of the Debt Securities to be redeemed (discounted from the Par Redemption Date) and (b) the remaining
payments of interest to be made on any scheduled Interest Payment Date to (and including) the Par Redemption Date for the Debt Securities to be redeemed (not including accrued but unpaid interest to (but excluding) the applicable Redemption Date, if
any, on the principal amount of the Debt Securities), discounted to the applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at the Reference Treasury
Rate plus 25 basis points, in each case, plus any accrued and unpaid interest on the Debt Securities to be redeemed to (but excluding) the applicable Redemption Date (each, a “Make-Whole Redemption”). 

  
 A-12 

 The “Make-Whole Redemption Period” means the period beginning on (and
including) March 22, 2021 (six months following the Issue Date) to (but excluding) September 22, 2027 (the “Par Redemption Date”); provided that if any additional notes of the same series as the Debt Securities are
issued after the Issue Date, the Make-Whole Redemption Period for such additional notes shall begin on (and include) the date that is six months following the issue date for such additional notes. 

“Reference Treasury Rate” means, with respect to any Price Determination Date, the rate per annum equal to: (i) the
yield, which represents the average for the week immediately prior to the Price Determination Date appearing in the most recent “H.15” under the caption “Treasury constant maturities,” for the maturity most closely corresponding
to the Par Redemption Date; provided that if no maturity is within three months before or after the Par Redemption Date, yields for the two published maturities most closely corresponding to the Reference Treasury shall be determined and the
Reference Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week immediately prior to the
Price Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Reference Treasury, calculated using a price for the Reference Treasury (expressed as a percentage of its
principal amount) equal to the Reference Treasury Price for the applicable Price Determination Date; provided that, if the period from the applicable Redemption Date to the Par Redemption Date is less than one year, the weekly average yield
on actually traded U.S. Treasury securities adjusted to a constant maturity of one year will be used. 
 The Reference Treasury Rate shall
be calculated by the Determination Agent on the third Business Day preceding the applicable Redemption Date (the “Price Determination Date”). 

In determining the Reference Treasury Rate, the below terms will have the following meaning: 

“Determination Agent” means an investment bank or financial institution of international standing selected by the Issuer
(which may be the Calculation Agent or the Issuer’s Affiliate). 
 “H.15” means the weekly statistical release
designated as such and published by the Board of Governors of the United States Federal Reserve System, or any successor or replacement publication that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity,
and “most recent H.15” means the H.15 published closest in time but prior to 5:00 p.m. (New York City time) on the applicable Price Determination Date. 

“Reference Treasury” means, with respect to any Price Determination Date, the U.S. Treasury security or securities selected
by the Issuer (in consultation, to the extent practicable, with the Determination Agent) (i) with an actual or interpolated maturity comparable with the remaining term to the Par Redemption Date and (ii) that would be utilized, at the time
of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities denominated in U.S. Dollars and a maturity comparable to the remaining term to the Par Redemption Date. 

“Reference Treasury Price” means, with respect to any Price Determination Date, (i) the arithmetic average of the
Reference Treasury Dealer Quotations for such Price Determination Date, after excluding the highest quotation (or, in the event of more than one highest quotation, one of the highest) and lowest quotation (or, in the event of more than one lowest
quotation, one of the lowest), or (ii) if fewer than five but more than one such Reference Treasury Dealer Quotations are received, the arithmetic average of all such quotations, or (iii) if only one such Reference Treasury Dealer
Quotation is received, then such quotation; each as quoted in writing to the Determination Agent by a Reference Treasury Dealer. 

  
 A-13 

 “Reference Treasury Dealer” means, with respect to any Price Determination
Date, each of up to five banks selected by the Issuer (in consultation, to the extent practicable, with the Determination Agent), or the Affiliates of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective
successors, or (ii) market makers in pricing corporate bond issues denominated in U.S Dollars. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Price Determination Date, the arithmetic average, as determined by the Determination Agent, of the bid and offered prices for the applicable Reference Treasury,
expressed in each case as a percentage of its principal amount, quoted by the applicable Reference Treasury Dealer at 11:00 a.m. (New York City time), on such Price Determination Date. 

If the Issuer determines, in its sole discretion, that the inclusion of the Make-Whole Redemption provisions in the terms of the Indenture and
the Debt Securities could reasonably be expected to prejudice the qualification of the Debt Securities as eligible liabilities or loss absorbing capacity instruments for the purposes of the Relevant Rules or the Loss Absorption Regulations, then the
provisions relating to the Make-Whole Redemption shall be deemed not to apply for all purposes relating to the Debt Securities and the Issuer shall not have any right to redeem the Debt Securities pursuant to a Make-Whole Redemption. In such
circumstances, the Issuer shall promptly provide notice to the Trustee, the Paying Agent, the Calculation Agent and the Holders that the Make-Whole Redemption does not apply; provided that failure to provide such notice will have no impact on
the effectiveness of, or otherwise invalidate, any such determination. No action taken in accordance with this paragraph shall be deemed to be an amendment requiring the consent of Holders under Section 9.02 of the Base
Indenture. 
 Under the terms of the Indenture, following the Make-Whole Redemption Period, the Debt Securities may be redeemed, in whole
but not in part, at the Issuer’s sole discretion, on not less than 10 nor more than 60 days’ notice, on the Par Redemption Date. The Redemption Price will be equal to 100% of their principal amount plus any accrued and unpaid interest to
(but excluding) the Par Redemption Date. 
 Notwithstanding anything to the contrary in the Indenture, the Issuer may only redeem or
repurchase the Debt Securities prior to the Maturity Date pursuant to the Indenture if the Issuer has obtained any Relevant Supervisory Consent. 

An “Event of Default” with respect to the Debt Securities means any one of the following events: (i) an order is made by
an English court which is not successfully appealed within 30 days after the date such order was made for winding up of the Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency; or
(ii) an effective resolution is validly adopted by the Issuer’s shareholders for winding up of the Issuer other than in connection with a scheme of amalgamation or reconstruction not involving bankruptcy or insolvency. 

A “Default” with respect to the Debt Securities means any one of the following events: (i) failure to pay principal or
premium, if any, on the Debt Securities at maturity, and such default continues for a period of 30 days; or (ii) failure to pay any interest on the Debt Securities when due and payable, which failure continues for 30 days. 

If a Default occurs, the Trustee may institute proceedings in England (but not elsewhere) for the Issuer’s winding up; provided
that the Trustee may not, upon the occurrence of a Default, accelerate the maturity of any Debt Securities then Outstanding, unless an Event of Default has occurred and is continuing. 

  
 A-14 

 Notwithstanding the immediately preceding two paragraphs, failure to make any payment in
respect of the Debt Securities shall not be a Default in respect of the Debt Securities if such payment is withheld or refused: (i) in order to comply with any fiscal or other law or regulation or with the order of any court of competent
jurisdiction, in each case applicable to such payment; or (ii) in case of doubt as to the validity or applicability of any such law, regulation or order, in accordance with advice given as to such validity or applicability at any time during
the said grace period of 30 days by independent legal advisers acceptable to the Trustee; provided, however, that the Trustee may, by notice to the Issuer, require the Issuer to take such action (including but not limited to proceedings for a
declaration by a court of competent jurisdiction) as the Trustee may be advised in an opinion of counsel, upon which opinion the Trustee may conclusively rely, is appropriate and reasonable in the circumstances to resolve such doubt, in which case
the Issuer shall forthwith take and expeditiously proceed with such action and shall be bound by any final resolution of the doubt resulting therefrom. If any such resolution determines that the relevant payment can be made without violating any
applicable law, regulation or order then the preceding sentence shall cease to have effect and the payment shall become due and payable on the expiration of the relevant grace period of 30 days after the Trustee gives written notice to the Issuer
informing the Issuer of such resolution. 
 By its acquisition of the Debt Securities represented by this Global Security, each Holder
(which, for these purposes, includes each beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees to be bound by the terms of the Debt Securities related to the limited remedies available under the Indenture and the Debt
Securities for a non-payment of principal and/or interest on the Debt Securities. 
 If an Event of
Default with respect to the Debt Securities of this series shall occur and be continuing, the principal of all of the Debt Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture and this
Global Security. The Indenture provides that in certain circumstances such declaration and its consequences may be rescinded and annulled by the Holders of a majority in aggregate principal amount of the Outstanding Debt Securities of such series.
If a Default with respect to Debt Securities of this series occurs and is continuing, the Trustee may pursue certain remedies as set forth in the Indenture. The Holders of not less than a majority in aggregate principal amount of the Outstanding
Debt Securities of this series may on behalf of all the Holders waive any past Event of Default or any Default under the Indenture or the Debt Securities and its consequences except a default (i) in the payment of principal of (or premium, if
any, on) or any installment of interest on any of the Debt Securities or (ii) in respect of a covenant or provision which under the Indenture cannot be modified or amended without the consent of the Holder of this Debt Security, and any such
consent or waiver shall bind every future Holder of this Debt Security and of any Debt 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 Debt Security or such other Debt Securities. 
 The Indenture contains provisions permitting the Issuer and the Trustee
(i) without the consent of the Holders of any Debt Securities issued under the Indenture to execute one or more supplemental indentures for certain enumerated purposes, such as to cure any ambiguity or to secure the Debt Securities, and
(ii) with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series of Debt Securities affected thereby, to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of Holders under the Indenture; provided that, with respect to certain enumerated provisions, no such
supplemental indenture may be entered into without the consent of the Holder of each Outstanding Debt Security affected thereby. The Indenture also permits the Holders of at least a majority in aggregate principal amount of the Outstanding Debt
Securities of each series to be affected, on behalf of the Holders of all Debt Securities of such series, to waive compliance by the Issuer with certain restrictive provisions of the Indenture. Any such consent or waiver by the Holder of this Global
Security shall bind every future Holder of this Global Security and of any Global 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
Global Security or such other Global Securities. 

  
 A-15 

 Subject to the terms of the Indenture, the Depositary may surrender this Global Security or
any portion hereof in exchange, in whole or in part, for definitive Debt Securities, of this series in registered form and the Registrar, acting on behalf of the Issuer, shall authenticate and deliver in exchange for this Global Security or the
portions thereof to be exchanged, an equal aggregate face amount of definitive Debt Securities (duly countersigned) in the numbers and in the names advised by the Depositary. 

By its acquisition of the Debt Securities represented by this Global Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) acknowledges, accepts, consents and agrees, notwithstanding any other term of the Debt Securities, the Indenture or any other agreements, arrangements or understandings between the Issuer and any Holder, to
be bound by (i) the effect of the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority that may include and result in any of the following, or some combination thereof: (a) the
reduction of all, or a portion, of the Amounts Due; (b) the conversion of all, or a portion, of the Amounts Due into the Issuer’s or another Person’s ordinary shares, other securities or other obligations (and the issue to, or
conferral on, the Holder of such ordinary shares, other securities or other obligations), including by means of an amendment, modification or variation of the terms of the Debt Securities or the Indenture; (c) the cancellation of the Debt
Securities; and/or (d) the amendment or alteration of the maturity of the Debt Securities or amendment of the amount of interest payable on the Debt Securities, or the interest payment dates, including by suspending payment for a temporary
period; and (ii) the variation of the terms of the Debt Securities or the Indenture, if necessary, to give effect to the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority. No
repayment or payment of Amounts Due shall become due and payable or be paid after the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority if and to the extent such amounts have been
reduced, converted, cancelled, amended or altered as a result of such exercise. Moreover, each Holder (which, for these purposes, includes each beneficial owner of the Debt Securities) consents to the exercise of any UK Bail-in Power as it may be imposed without any prior notice by the Relevant UK Resolution Authority of its decision to exercise such power with respect to the Debt Securities. 

“Amounts Due” means the principal amount of, and any accrued but unpaid interest, including any Additional Amounts, on, the
Debt Securities. References to such amounts will include amounts that have become due and payable, but which have not been paid, prior to the exercise of any UK Bail-in Power by the Relevant UK Resolution
Authority. 
 “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit
institutions and investment firms, as amended, supplemented or replaced from time to time. 
 “Capital Instruments
Regulations” means any regulatory capital rules, regulations or standards which are applicable to the Issuer at any time (on a solo or consolidated basis and including any implementation thereof or supplement thereto by the PRA from time to
time) and which lay down the requirements to be fulfilled by financial instruments for inclusion in the Issuer’s regulatory capital (on a solo or consolidated basis) as may be required by (i) CRR and/or (ii) CRD, including (for the
avoidance of doubt) any delegated acts and implementing acts made by the European Commission (such as regulatory technical standards and implementing technical standards) and European Banking Authority guidelines all as amended from time to time and
as implemented in the UK. 
 “CRD” means Directive 2013/36/EU of the European Parliament and of the Council of
June 26, 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC as amended, supplemented
or replaced from time to time, and (where relevant) any applicable successor EU or UK legislation. 

  
 A-16 

 “CRR” means regulation (EU) No 575/2013 of the European Parliament and of
the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No 648/2012, as amended, supplemented or replaced from time to time, and (where relevant) any applicable successor
EU or UK legislation. 
 “EU Capital Requirements Legislative Package” means, taken together, (i) CRR, (ii) CRD and
(iii) the Capital Instruments Regulations. 
 “Loss Absorption Regulations” means, at any time, the laws, regulations,
requirements, guidelines, rules, standards and policies from time to time relating to minimum requirements for own funds and eligible liabilities and/or loss absorbing capacity instruments in effect in the UK, including, without limitation to the
generality of the foregoing, any delegated or implementing acts (such as implementing or regulatory technical standards) adopted by the European Commission and applicable to the Issuer from time to time (whether or not such requirements, guidelines
or policies are applied generally or specifically to the Issuer or to the Issuer and any of its holding or subsidiary companies or any subsidiary of any such holding company). 

“PRA” means the UK Prudential Regulation Authority or any successor entity. 

“Regulated Entity” means any BRRD Undertaking as such term is defined under the PRA Rulebook promulgated by the PRA, as
amended from time to time, which includes certain credit institutions, investment firms, and certain of their parent or holding companies or any comparable future definition intended to designate entities within the scope of the UK recovery and
resolution regime. 
 “Relevant Regulator” means the PRA or any successor entity or other entity primarily responsible for
the prudential supervision of the Issuer. 
 “Relevant Rules” means, at any time, the laws, regulations, requirements,
guidelines and policies relating to capital adequacy (including, without limitation, as to leverage) then in effect in the UK including, without limitation to the generality of the foregoing, as may be required by the EU Capital Requirements
Legislative Package or BRRD or any applicable successor legislation or any delegated or implementing acts (such as regulatory technical standards) adopted by the European Commission and applicable to the Issuer from time to time and any regulations,
requirements, guidelines and policies relating to capital adequacy adopted by the Relevant Regulator from time to time (whether or not such requirements, guidelines or policies are applied generally or specifically to the Issuer or to the Issuer and
any of its holding or subsidiary companies or any subsidiary of any such holding company). 
 “Relevant Supervisory
Consent” means as (and to the extent) required, a consent or waiver to the relevant redemption or purchase from the Relevant Regulator or the Relevant UK Resolution Authority (as applicable). For the avoidance of doubt, Relevant Supervisory
Consent will not be required if either (i) none of the Debt Securities qualify as part of the Issuer’s regulatory capital, or own funds and eligible liabilities or loss absorbing capacity instruments, as the case may be, each pursuant to
the Loss Absorption Regulations, (ii) the relevant Debt Securities are repurchased for market-making purposes in accordance with any permission given by the Relevant Regulator pursuant to the Relevant Rules (including, without limitation,
Article 29(3) of Commission Delegated Regulation (EU) No. 241/2014) within the limits prescribed in such permission or (iii) the relevant Debt Securities are being redeemed or repurchased pursuant to any general prior permission granted by
the Relevant Regulator or the Relevant UK Resolution Authority (as applicable) pursuant to the Relevant Rules or the Loss Absorption Regulations within the limits prescribed in such permission. 

  
 A-17 

 “Relevant UK Resolution Authority” means any authority with the ability to
exercise a UK Bail-in Power. 
 “UK Bail-in
Power” means any write-down, conversion, transfer, modification, or suspension power existing from time to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in the United Kingdom, relating
to the transposition of the BRRD or otherwise, including but not limited to the Banking Act and the instruments, rules and standards created thereunder, pursuant to which (i) any obligation of a Regulated Entity (or other Affiliate of such
Regulated Entity) can be reduced, cancelled, modified, or converted into shares, other securities, or other obligations of such Regulated Entity or any other person (or suspended for a temporary period); and (ii) any right in a contract
governing an obligation of a Regulated Entity may be deemed to have been exercised. 
 By its acquisition of the Debt Securities, each
Holder (which, for these purposes, includes each beneficial owner of the Debt Securities): (i) acknowledges and agrees that the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority with
respect to the Debt Securities shall not give rise to a Default or Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of Default) of the Trust Indenture Act;
(ii) to the extent permitted by the Trust Indenture Act, waives any and all claims, in law and/or in equity, against the Trustee for, agrees not to initiate a suit against the Trustee in respect of, and agrees that the Trustee shall not be
liable for, any action that the Trustee takes, or abstains from taking, in either case in accordance with the exercise of (x) the UK Bail-in Power by the Relevant UK Resolution Authority with respect to
the Debt Securities or (y) the limited remedies available under the Indenture and the Debt Securities for a non-payment of principal and/or interest on the Debt Securities; and (iii) acknowledges and
agrees that, upon the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority, the Trustee shall not be required to take any further directions from Holders under
Section 5.11 (Control by Holders of Debt Securities) of the Base Indenture; and that the Indenture shall not impose any duties upon the Trustee whatsoever with respect to the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority. 
 Notwithstanding clause (iii) of the
immediately preceding paragraph, if, following the completion of the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, the Debt Securities remain outstanding (for example, if the
exercise of the UK Bail-in Power results in only a partial write-down of the principal of the Debt Securities), then the Trustee’s duties under the Indenture shall remain applicable with respect to the
Debt Securities following such completion to the extent that the Issuer and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Indenture; provided, however that notwithstanding the exercise of the UK Bail-in Power by the Relevant UK Resolution Authority, there shall at all times be a Trustee hereunder pursuant to, and in accordance with Section 6.09 of the Base Indenture, and the
resignation and/or removal of the Trustee and the appointment of a successor trustee shall continue to be governed by Section 6.10 and Section 6.11 of the Base Indenture, including to the extent no
supplemental indenture or amendment to the Indenture is agreed upon pursuant to the Indenture in the event the Debt Securities remain outstanding following the completion of the exercise of the UK Bail-in
Power. 
 It is the intention of the Issuer and the Trustee that the Issuer’s obligations to indemnify the Trustee and the Agent in
accordance with Section 6.07 of the Base Indenture (for the avoidance of doubt, as amended by Section 4.01 of the second supplemental indenture dated May 25, 2016) shall survive any exercise
of the UK Bail-in Power by the Relevant UK Resolution Authority. 

  
 A-18 

 The exercise of the UK Bail-in Power by the Relevant
UK Resolution Authority with respect to the Debt Securities shall not constitute an Event of Default or a Default. 
 In addition to the
right to enter into supplemental indentures pursuant to Section 9.01 and Section 9.02 of the Base Indenture, the Issuer and the Trustee may enter into one or more indentures supplemental to the
Indenture to modify and amend the terms of the Indenture or the Debt Securities, without the further consent of any Holders, to the extent necessary to give effect to the exercise by the Relevant UK Resolution Authority of the UK Bail-in Power. 
 Upon the exercise of the UK Bail-in Power
by the Relevant UK Resolution Authority with respect to the Debt Securities, the Issuer shall provide a written notice to the Holders through DTC as soon as practicable regarding such exercise of the UK
Bail-in Power for purposes of notifying Holders and beneficial owners of the Debt Securities of such occurrence. The Issuer shall also deliver a copy of such notice to the Trustee for information purposes.

 Upon the exercise of any UK Bail-in Power by the Relevant UK Resolution Authority that results in
the reduction or cancellation of all, or a portion, of the principal amount of this Global Security and/or the conversion of all, or a portion, of the principal amount of this Global Security into shares or other securities or other obligations of
the Issuer or another person, the portion of the principal amount hereof so reduced, cancelled and/or converted shall be endorsed by the Registrar on Schedule B hereto. The principal amount hereof shall be reduced for all purposes by the amount so
reduced, cancelled and/or converted. 
 By its acquisition of a Debt Security, each Holder (which, for these purposes, includes each
beneficial owner of the Debt Securities) of the Debt Securities shall be deemed to have authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds the Debt Securities to take any and all
necessary action, if required, to implement the exercise of any UK Bail-in Power with respect to the Debt Securities as it may be imposed, without any further action or direction on the part of such Holder or
beneficial owner, the Trustee or the Agent (and any other agent acting in connection with the relevant series of Debt Securities). 
 To the
fullest extent permitted by law, the Holders and the Trustee, in respect of any claims of such Holders to payment of any principal, premium or interest in respect of the Debt Securities, by their acceptance of the Debt Securities,
shall be deemed to have waived any right of set-off or counterclaim that such Holders or, as the case may be, the Trustee in such respect, might otherwise have. 

ANY HOLDER (WHICH, FOR THESE PURPOSES, INCLUDES EACH BENEFICIAL OWNER OF THE DEBT SECURITIES) THAT ACQUIRES THE DEBT SECURITIES IN THE
SECONDARY MARKET AND ANY SUCCESSORS, ASSIGNS, HEIRS, EXECUTORS, ADMINISTRATORS, TRUSTEES IN BANKRUPTCY AND LEGAL REPRESENTATIVES OF ANY HOLDER OR BENEFICIAL OWNER OF THE DEBT SECURITIES SHALL BE DEEMED TO ACKNOWLEDGE, AGREE TO BE BOUND BY AND
CONSENT TO THE SAME PROVISIONS SPECIFIED HEREIN TO THE SAME EXTENT AS THE HOLDERS OR BENEFICIAL OWNERS OF THE DEBT SECURITIES THAT ACQUIRE THE DEBT SECURITIES UPON THEIR INITIAL ISSUANCE, INCLUDING, WITHOUT LIMITATION, WITH RESPECT TO THE
ACKNOWLEDGEMENT AND AGREEMENT TO BE BOUND BY AND CONSENT TO THE TERMS OF THE DEBT SECURITIES RELATED TO THE UK BAIL-IN POWER, THE BENCHMARK AND THE LIMITED REMEDIES AVAILABLE UNDER THE INDENTURE AND THE DEBT
SECURITIES FOR A NON-PAYMENT OF PRINCIPAL AND/OR INTEREST ON THE DEBT SECURITIES. 
 The Indenture
and the Debt Securities may be amended and modified as provided in the Indenture. 

  
 A-19 

 All terms used in this Global Security and not otherwise defined shall have the meanings
ascribed to them in the Indenture. 
 The Indenture and the Debt Securities shall be governed by, and construed in accordance with, the laws
of the State of New York. 

  
 A-20 

 SCHEDULE A 

EXCHANGES FOR DEFINITIVE DEBT SECURITIES 

The following exchanges of parts of this Global Security for Definitive Debt Securities have been made: 

 

					
	 Date made
	  	 Principal amount exchanged for Definitive
Debt
Securities
	  	 Remaining principal amount following
such
exchange    

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

  
 A-21 

 SCHEDULE B 

REDUCTION, CANCELLATION OR CONVERSION OF DEBT SECURITIES UPON THE 

EXERCISE OF ANY UK BAIL-IN POWER BY THE RELEVANT UK RESOLUTION AUTHORITY 

 

					
	 Date made
	  	 Principal amount reduced, cancelled
and/or
converted
	  	 Remaining principal amount following
reduction, cancellation
and/or conversion    

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

	  
	  	  
	  	  

  
 A-22EX-10.1

 Exhibit 10.1 

SEVERANCE AGREEMENT AND GENERAL RELEASE 

This Severance Agreement and General Release (together, with all documents referenced and/or incorporated herein, including, but not
limited to, the Consulting Agreement (as hereafter defined), the “Agreement”) is made and entered into as of the Effective Date (as such term is defined below) by and between United Rentals, Inc. (“URI”) (URI and its
subsidiaries, parents and other affiliates are referred to collectively as the “Company”), and Paul McDonnell (“Employee”). The purpose of this Agreement is to memorialize URI’s offer to provide Employee with the
consideration described in Section 2 below in exchange for the promises and undertakings by Employee as set forth herein. This Agreement shall become effective as described in Section 10 below, provided that it is executed and delivered no
later than as set forth in Section 9 below. 
 1. Separation of Employment. Employee agrees that Employee’s last day of employment with the
Company is September 30, 2020 (the “Separation Date”). 
 2. Consideration. URI, in exchange for Employee’s execution and
delivery of this Agreement, shall provide Employee with the following: 
  

	 	(a)	 26 weeks (the “Severance Period”) of pay at a rate of $5,769.23 per week, paid in
accordance with URI’s regular payroll schedule and procedures (provided that any then remaining amounts will be paid no later than March 15, 2021), subject to applicable withholdings, and commencing as soon as practicable following the
Effective Date; 

  

	 	(b)	 a single lump-sum payment equal to the AICP (Annual Cash Bonus)
earned with respect to the period in which Employee was employed in 2020 (which Employee might have otherwise been eligible to receive if Employee remained employed through the bonus payment date), in an amount to be determined by the Company’s
Compensation Committee, paid in accordance with URI’s regular payroll schedule and procedures, subject to applicable withholdings, and paid no later than March 15, 2021. 

 

	 	(c)	 the Company shall vest Employee in: 

2,696 RSUs in the aggregate from awards granted on March 6, 2018, March 11, 2019 and March 4, 2020 (Grant ID #s 0000000035302,
0000000035867 and 2020LTI382; which shall vest and be settled in accordance with the applicable award agreement (which will be no later than March 15, 2021)); and 

Up to 6,290 PRSUs, in the aggregate, from awards granted on March 6, 2018, March 11, 2019 and March 4, 2020 (Grant ID #s
PRSU201806, PSU20196 and PSU20196; which shall vest in an amount to be determined solely by the Company’s Compensation Committee and be settled in accordance with the applicable award agreement). 

All other terms and conditions of these RSUs and PRSUs shall be governed in accordance with and subject to the provisions of the applicable
agreements and Company plans pursuant to which such units were granted. Employee understands and agrees that Employee has no right to any other RSUs, PRSUs, options or other equity, except as identified above in this Section 2(c), and any such
awards will be forfeited without consideration. 
  

	 	(d)	 the opportunity to enter into the Consulting Services Agreement attached as Exhibit A, and the
opportunity to earn the consideration described therein. 

  

	 	(e)	 URI-paid medical, dental and vision coverage under the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for the period from the Separation Date through March 30, 2022, provided that Employee is actively enrolled in the Company’s medical, dental and vision
plans as of the Separation Date, provided that Employee makes a timely COBRA election to continue such medical, dental and vision coverage, and provided further that URI may require Employee to pay any or all of the cost of such COBRA coverage from
and after the date, if any, that Employee obtains alternate coverage from a new employer. Employee understands that this URI-paid COBRA coverage is subject to applicable withholdings. Employee agrees to
promptly inform URI if Employee becomes eligible for medical, dental and/or vision coverage from a new employer prior to the end of the URI-paid coverage described above; and 

	 	(f)	 (i) accrued but unpaid base salary for services rendered through the date of termination; (ii) any
vacation accrued but unused as of the date of termination; (iii) any accrued but unpaid expenses required to be reimbursed in accordance with Section 3(e) of the Employment Agreement (as defined below); (iv) any compensation and/or
benefits as may be due or payable in accordance with the terms and provisions of any employee benefit plans or programs of the Company (including, without limitation, the Company’s Relocation Program); and (v) such rights as Employee has
under the terms of the Indemnification Agreement (as defined in the Employment Agreement). 

 Employee recognizes and
agrees that Employee is receiving consideration under this Agreement that, absent this Agreement, Employee would not be entitled to receive, and that the consideration received under this Agreement is sufficient to support all of Employee’s
obligations in this Agreement and each of the promises and covenants exchanged herein. 
 2.1 Insider Trading. Employee understands that federal and
state securities laws prohibit, among other things, the sale of a company’s securities by persons who are aware of material information about that company that is not generally known or available to the public. Employee acknowledges that his
decision to exercise any option or sell any stock is still subject to all applicable laws and is at his sole discretion. 
 3. No Admission of
Liability. The fact that URI is offering this Agreement to Employee should not be understood as an admission of liability or fault by the Company or any of the other “Released Parties” (as defined below) or that any of the Released
Parties has violated Employee’s rights (or the rights of anyone else), any statute or law, or breached any duty or obligation in any manner whatsoever. 

4. Release and other Promises. The intent of this Section is to secure certain promises by Employee, such as, but not limited to, Employee’s
promise not to sue the Company, or any individual or entity connected with the Company or any of the other Released Parties, for any harm Employee may claim to have suffered in connection with Employee’s employment or the termination of
Employee’s employment. Accordingly, in exchange for the mutual promises and covenants set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Employee (on his own
behalf and on behalf of his dependents, heirs, executors, trustees and administrators (and his and their legal representatives of every kind)) hereby agrees as follows: 
  

	 	(a)	 Release. Except as otherwise expressly provided in this Agreement, Employee hereby releases and forever
discharges the Company, and the Company’s respective direct and indirect parents, affiliates, subsidiaries and benefit plans, and each such entity’s present and former and/or future “Representatives” (as defined below), as well
as any predecessors, future successors, assigns and/or estates of any of the foregoing (hereinafter collectively referred to as the “Released Parties”), from any and all liabilities, causes of action, suits, proceedings, agreements,
promises, damages, disputes, controversies, contentions, grievances, internal review or resolution processes, differences, judgments, debts, claims and demands of any kind whatsoever, both in law and in equity, known or unknown, fixed or contingent,
asserted or unasserted, that are capable of being released by private agreement (hereinafter collectively referred to as the “Claims”), and which (i) Employee may have or claim to have based upon or in any way related to
Employee’s employment or termination of employment with the Company, or (ii) otherwise involve facts that occurred on or prior to the date that Employee signed this Agreement. For purposes of this Agreement, “Representatives”
shall mean officers, employees, directors, stockholders, agents, partners, managers, plan administrators, financial and legal advisors, insurers, fiduciaries, present or prospective lenders or investors, in their individual and/or representative
capacities. 

 Such released Claims include, without limitation, any and all Claims under Title VII of the Civil Rights Act
of 1964; the Civil Rights Act of 1871; the Civil Rights Act of 1991; the Americans with Disabilities Act; the Employee Retirement Income Security Act of 1974 (including, without limitation, any claim for severance pay); the Age Discrimination in
Employment Act of 1967, as amended by the Older Workers’ Benefit Protection Act of 1990; and any and all other federal, state or local laws, statutes, rules and regulations pertaining to employment, each as amended. This includes but is not
limited to any and all Claims growing out of any 

  
 - 2 - 

 
legal restrictions on the Company’s right to terminate its employees, including specifically the Worker Adjustment and Retraining Notification Act of 1988 (“WARN”). Such released
Claims also include, without limitation, any and all Claims under state contract or tort law; any and all Claims based on the design or administration of any Company employee benefit plan or program arising under any Company policy, procedure, or
employee benefit plan; any and all Claims under any policy or procedure of the Company; any and all Claims for wages, commissions, bonuses, equity, continued employment with the Company in any position, and compensatory, punitive or liquidated
damages; and any and all Claims for attorney’s fees and costs. 
  

	 	(b)	 Release of Claims Under the Age Discrimination in Employment Act of 1967, as amended. The Claims
released by Employee pursuant to Section 4 also include any and all Claims arising under the Age Discrimination in Employment Act of 1967, as amended by the Older Workers’ Benefit Protection Act of 1990. 

 

	 	(c)	 Remedy for Breach of Promises. If Employee commences, continues, joins in, or in any other manner
attempts to assert any Claim released herein against the Released Parties, or otherwise breaches the promises made in this Agreement (including the Consulting Agreement attached hereto) or the Employment Agreement (as defined below), or any
Restricted Stock Unit or other equity agreement between Employee and the Company (the “RSU Agreements”), Employee shall reimburse the Released Parties for all attorneys’ fees incurred by the Released Parties in defending such a Claim
(or prosecuting such a breach) and URI shall have a right to the return of all amounts paid and the value of all benefits provided to Employee pursuant to this Agreement (and/or pursuant to the Consulting Agreement), and to cease furnishing to
Employee any further payments and benefits described in this Agreement (and/or the Consulting Agreement); provided that this right of return of such amounts and the cessation of payment of further amounts and benefits is without prejudice to the
Released Parties’ other rights hereunder, including, but not limited to, the restrictive covenants contained and/or incorporated herein and the general release of any and all Claims against the Released Parties. 

 

	 	(d)	 Representations; Covenant Not to Sue. Employee hereby agrees, represents and warrants to URI that,
except as otherwise provided below, (A) Employee has not filed, caused or permitted to be filed any pending proceeding against any of the other Released Parties, nor has Employee agreed to do any of the foregoing, (B) Employee has not
assigned, transferred, sold, encumbered, pledged, hypothecated, mortgaged, distributed, or otherwise disposed of or conveyed to any third party any right or Claim against any of the Released Parties that has been released in this Agreement, and
(C) Employee will not, and hereby waives Employee’s right to, initiate or participate in any putative or certified class, collective or multi-party action/proceeding against any of the Released Parties. 

 

	 	(e)	 Continued Confidentiality Obligation. In consideration of the foregoing, from the date hereof forward,
Employee will not, directly or indirectly, use or disclose the Company’s trade secrets or other Confidential Information. For purposes of this Agreement, “Confidential Information” means information which is valuable to the Company
and not generally known to the public, and includes, but is not limited to: business, strategic and marketing plans and forecasts, and the past results of such plans and forecasts; business, pricing and management methods; employee handbooks,
operations manuals and best practices memoranda; finances, strategies, systems, research, surveys, plans, reports, recommendations and conclusions; names of, arrangements with, or other information relating to, the Company’s customers,
equipment suppliers, manufacturers, financiers, owners or operators, representatives and other persons who have business relationships with the Company or who are prospects for business relationships with the Company; technical information, work
product and know-how; cost, operating, and other management information systems, and other software and programming; the name of any company or business, any part of which is or at any time was a candidate for
potential acquisition by the Company, together with all analyses and other information which the Company has generated, compiled or otherwise obtained with respect to such candidate, business or potential acquisition, or with respect to the
potential effect of such acquisition on the Company’s business, assets, financial results or prospects; and the Company’s trade secrets (note that some of the information listed above may also be a trade secret). Employee acknowledges that
his access to and use of the aforementioned information allowed him to successfully cultivate relationships and develop good will with the Company’s customers, suppliers, manufacturers, finders, brokers, and other persons who had a business
relationship with the Company. Further, Employee shall keep this Agreement confidential and Employee shall not disclose the Agreement’s existence or terms to anyone except for Employee’s spouse,

  
 - 3 - 

 
attorneys or financial advisors, or except as required by law or if necessary in order to enforce this Agreement. Employee understands that nothing in this Agreement prevents Employee from
cooperating with any government investigation, making a truthful statement or complaint to law enforcement or a government agency, testifying under oath to law enforcement or a government agency, or from complying with a properly-served and
lawfully-issued subpoena or similar order issued by a government agency or court of competent jurisdiction. Employee is hereby notified that the immunity provisions in Section 1833 of title 18 of the United States Code provide that an
individual cannot be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (1) in confidence to federal, state or local government officials, either directly or
indirectly, or to an attorney, and is solely for the purpose of reporting or investigating a suspected violation of the law, (2) under seal in a complaint or other document filed in a lawsuit or other proceeding, or (3) to Employee’s
attorney in connection with a lawsuit for retaliation for reporting a suspected violation of law (and the trade secret may be used in the court proceedings for such lawsuit) as long as any document containing the trade secret is filed under seal and
the trade secret is not disclosed except pursuant to court order. 
  

	 	(f)	 Nondisparagement. Except as otherwise provided below, Employee hereby covenants and promises
(i) not to make any disparaging remarks or statements, orally or in writing, directly or indirectly, and regardless of whether or not such remarks or statements are truthful, nor take any actions, which in any way could disparage the Company or
any of the other Released Parties, or which could harm the reputation and/or goodwill of the Company or any of the other Released Parties, and (ii) to refrain from any conduct, activity, or conversation which is intended to, or does, interfere
with or disparage the relationships between the Company, and its customers, suppliers, shareholders, financiers, or others. For purposes of this Section, “disparage” shall include any negative statement, whether written or oral, about the
Company. The Parties agree and acknowledge that this non-disparagement provision is a material term of this Agreement. 

 

	 	(g)	 Cooperation with the Company. Except as otherwise provided herein, Employee shall fully cooperate and
assist the Company in any transition matter, investigation, litigation or other matter in which the Company is involved and regarding which the Employee has or may have information. Such cooperation and assistance shall be provided at a time and in
a manner which is mutually agreeable to Employee and the Company, and may include tasks such as, but not limited to, participating in telephone interviews, creating or providing documents or other materials, executing affidavits or declarations,
submitting to depositions, providing testimony and generally cooperating with the Company in transition matters, or in investigating or defending its position with reference to the litigation or other disputed matter. Employee will be reimbursed in
accordance with the Company’s expense reimbursement policy for any reasonable out-of-pocket expenses Employee may incur in fulfilling Employee’s obligations
under this subparagraph. 

  

	 	(h)	 Agreement Not To Compete and Other Restrictive Covenants. The following covenants are made by Employee
in partial consideration for the promises and other benefits conveyed by the Company under this Agreement, including, but not limited to, the Consideration set forth in Section 2. 

 

	 	1.	 For a period of 24 months from the Separation Date, Employee will not, directly or indirectly (whether
as an owner, partner, employee, consultant, broker, contractor or otherwise, and whether personally or through other persons): 

  

	 	A.	 In any Restricted Area (as hereinafter defined), be employed or retained by any person or entity who or which
then competes with the Company in the Restricted Area to any reasonable extent, or directly or indirectly own any interest in any such person or entity or render to it any consulting, brokerage, contracting, financial or other services or any
advice, assistance or other accommodation; 

  

	 	i.	 Though not an exclusive list, Employee shall be deemed to be employed or retained in the Restricted Area if
Employee reports or provides services to any office(s) or facility(ies) in the Restricted Area; if Employee has one or more offices or territories in the Restricted Area; if Employee is assigned to one or more offices or territories in the
Restricted Area; if Employee performs any duties or renders any advice in, or with respect to any competitive facility or business activities in, 

  
 - 4 - 

	 	
the Restricted Area; if Employee engages in any conduct, or is employed or provides services to any person or entity which engages in any conduct, which is prohibited to the Employee under this
Section 4(h) by: a) using any telecommunication equipment or device (including without limitation any telephone, modem, intranet or extranet, internet or satellite communications device) that is physically located in the Restricted Area to
communicate with any person, whether or not such person is physically located in the Restricted Area, or b) using any telecommunication equipment or device (including without limitation any telephone, modem, intranet or extranet, internet or
satellite communications device) located outside the Restricted Area to communicate with any person located in the Restricted Area; or if Employee would be deemed to be employed or retained in the Restricted Area pursuant to applicable law. Employee
acknowledges that the Company does business in the Restricted Area (as defined below), that the Company maintains customer goodwill and relationships throughout the Restricted Area, and that while employed with the Company Employee did perform
duties, or had company-wide management, marketing, financial or sales responsibilities as an executive throughout the Restricted Area on behalf of the Company. Employee further acknowledges that the above restrictions are necessary to protect those
interests and in order to avoid the inevitable disclosure of the Company’s Confidential Information and/or trade secrets. 

  

	 	ii.	 A “Restricted Area” means each of the following: 

 

	 	a.	 the states of 1) Alabama, 2) Alaska, 3) Arizona, 4) Arkansas, 5) California, 6) Colorado, 7) Connecticut, 8)
Delaware, 9) Florida, 10) Georgia, 11) Hawaii, 12) Idaho, 13) Illinois, 14) Indiana, 15) Iowa, 16) Kansas, 17) Kentucky, 18) Louisiana, 19) Maine, 20) Maryland (including the District of Columbia), 21) Massachusetts, 22) Michigan,
23) Minnesota, 24) Mississippi, 25) Missouri, 26) Montana, 27) Nebraska, 28) Nevada, 29) New Hampshire, 30) New Jersey, 31) New Mexico, 32) New York, 33) North Carolina, 34) North Dakota, 35) Ohio, 36) Oklahoma, 37) Oregon,
38) Pennsylvania, 39) Rhode Island, 40) South Carolina, 41) South Dakota, 42) Tennessee, 43) Texas, 44) Utah, 45) Vermont, 46) Virginia, 47) Washington, 48) West Virginia, 49) Wisconsin, and 50) Wyoming; 

 

	 	b.	 the Canadian Provinces of 1) New Brunswick, 2) Newfoundland and Labrador, 3) Nova Scotia, 4) Ontario, 5)
Prince Edward Island, 6) Quebec, 7) Manitoba, 8) Saskatchewan, 9) Alberta, and 10) British Columbia; 

  

	 	c.	 any state in the United States in which the Company conducts any equipment rental, contractor supply or other
equipment-related activity, it being agreed that each state is one unitary market for purposes of the Company’s business; 

  

	 	d.	 any province in Canada in which the Company conducts any equipment rental, contractor supply or other
equipment-related activity, it being agreed that each province is one unitary market for purposes of the Company’s business; 

  

	 	e.	 the countries of 1) United Kingdom, 2) France, 3) Germany, 4) Netherlands, and 5) any country in Europe in
which the Company has or will conduct any business (With respect to 

  
 - 5 - 

	 	
Europe only, a competing business shall mean only such business(es) in which the Company, at that time, engaged, and any other future business(es) in which the Company has taken substantive steps
towards engaging, in any European country or portion thereof; 

  

	 	f.	 regardless of the state or province, the area within a 50 mile radius of any office or facility of the Company
in which or in relation to which Employee shall have performed any duties, or had management, marketing, fleet, safety, financial, sales, corporate or other responsibilities, for the Company during the two year period preceding the termination of
his employment; 

  

	 	g.	 any geographic area for which Employee had management, marketing, fleet, safety, financial or sales
responsibilities at any time during the two year period immediately preceding the termination of Employee’s employment with the Company; and 

  

	 	h.	 the geographic area(s) in which or about which Employee had involvement in the development, review, use,
presentation, or implementation of Confidential Information during the two year period preceding the termination of his or her employment. 

  

	 	B.	 Be employed or retained anywhere in the Restricted Area by a Similar Entity (as hereinafter defined), or
directly or indirectly own any interest in any Similar Entity or render to it any consulting or other services. A “Similar Entity” means each of: 

 

	 	i.	 each of the following: 1) Aggreko, 2) Ahern Rentals, 3) CAT Rental, 4) H & E Equipment, 5) Herc
Rentals, 6) Home Depot (rental operations), 7) Mobile Mini, 8) Sunstate Equipment, 9) Sunbelt Rentals, 10) Synergy Equipment, 11) any company that competes with the Company and is listed on the most recent “RER 100” list, and 12) any
affiliate or dealer of any of the foregoing; 

  

	 	ii.	 any entity which at any time during the term of Employee’s employment was a candidate for acquisition by
or merger with the Company (provided Employee was aware of the possibility of such acquisition or merger); and 

  

	 	iii.	 any entity which owns or owned any assets or facility which were acquired by the Company (provided Employee was
involved in or otherwise related to such acquisition). 

  

	 	C.	 In the Restricted Area, be employed or retained in, or accept or operate in, any position, in which Employee
may provide the same or substantially similar services that Employee performed for or on behalf of the Company at any time during the 12 month period immediately preceding the termination of Employee’s employment with the Company (a
“Substantially Similar Position”), or which would involve managing or supervising others in a Substantially Similar Position, with or on behalf of any person or entity who or which then competes with the Company to any extent;

  

	 	D.	 In the Restricted Area, be employed or retained in, or accept or operate in, a Substantially Similar Position,
or which would involve managing or supervising others in a Substantially Similar Position, with or on behalf of any Similar Entity; 

  
 - 6 - 

	 	E.	 In the Restricted Area, be employed or retained in, or accept or operate in, any position, for any Similar
Entity, that could require the use or disclosure of, or could benefit from, any Confidential Information possessed by Employee; 

  

	 	F.	 Solicit or accept the business of, or call upon, any customer or potential customer of the Company with whom
Employee dealt, on behalf of the Company, at any time during the 12 month period immediately preceding the termination of his or her employment with the Company, for the purpose of providing any product or service reasonably deemed competitive with
any product or service then offered by the Company; 

  

	 	G.	 Solicit or accept the business of, call upon, contact, or communicate or interfere with, any person or entity,
or affiliate of any such person or entity, who or which is or was a customer of the Company at any time during the period of Employee’s employment, resulting in and/or for the purpose of providing or obtaining any product or service reasonably
deemed competitive with any product or service then offered by the Company; provided, however, that this limitation shall apply only with respect to persons or entities with whom Employee had a business relationship, with whom Employee
communicated, with whom Employee transacted business, or about whom Employee had Confidential Information while employed by the Company; 

  

	 	H.	 Solicit the business of, call upon, contact, or communicate or interfere with, any person or entity, or
affiliate of any such person or entity, who or which is or was a supplier, manufacturer, finder, broker, or other person who had a business relationship with the Company or who was a prospect for a business relationship with the Company at any time
during the period of Employee’s employment, resulting in and/or for the purpose of providing or obtaining any product or service reasonably deemed competitive with any product or service then offered by the Company; provided, however,
that this limitation shall apply only with respect to persons or entities with whom Employee had a business relationship, with whom Employee communicated, with whom Employee transacted business, or about whom Employee had Confidential Information
while employed by the Company; 

  

	 	I.	 Call upon or assist in the acquisition of any company which was, during the term of Employee’s employment,
either called upon by an employee of the Company or by a broker or other third party, for possible acquisition by the Company or for which an employee of the Company or other person made an acquisition analysis for the Company; and/or

  

	 	J.	 Own any interest in or be employed by or provide any services to any person or entity which engages in any
conduct which is prohibited to Employee under this Section 4(h) (this provision shall not prohibit Employee’s ownership of less than 5% of the outstanding common stock of a publicly-traded company). 

 

	 	2.	 For a period of 24 months from the Separation Date, Employee will not, directly or indirectly (whether
as an owner, partner, employee, consultant, broker, contractor or otherwise, and whether personally or through other persons): 

  

	 	A.	 Approve, solicit or retain, or discuss the employment or retention (whether as an employee, consultant or
otherwise) of any person who was an employee of the Company at any time during the one-year period preceding the termination of Employee’s employment by the Company; or 

 

	 	B.	 Solicit or encourage any person to leave the employ of the Company. 

 

	 	3.	 Before taking any position with any person or entity during the 24 month period following the Separation Date,
Employee will give prior written notice to the Company of the name of such person or entity, as well as the assigned location, duties and responsibilities related to the position under consideration by Employee. Employee understands and expressly
agrees that the obligation to provide written notice under this subsection is a material term of this Agreement, and that the failure to 

  
 - 7 - 

	 	
provide such notice shall be a material breach of this Agreement, and shall constitute a presumption that any employment about which he or she failed to give notice violates Section 4(h)
and/or would necessarily result in a violation of Section 4(h) of this Agreement. Irrespective of whether such notice is given, the Company shall be entitled to advise any person or entity of the provisions of this Agreement, and to correspond
and otherwise deal with any person or entity to ensure that the provisions of this Agreement are enforced and duly discharged. 

  

	 	4.	 All time periods in Section 4(h) of this Agreement shall be computed by excluding from such computation
any time during which Employee is in violation of any provision of this Agreement and any time during which there is pending in any court of competent jurisdiction any action (including any appeal from any final judgment) brought by any person,
whether or not a party to this Agreement, in which action the Company seeks to enforce the agreements and covenants in this Agreement or in which any person contests the validity of such agreements and covenants or their enforceability or seeks to
avoid their performance or enforcement. 

  

	 	5.	 Employee understands that the provisions of this Agreement have been carefully designed to restrict his
activities to the minimum extent that is consistent with law and the Company’s legitimate interests. Employee has carefully considered these restrictions, and Employee confirms that they are reasonable in their terms, including duration and
geographic scope, and that they will not unduly restrict Employee’s ability to obtain a livelihood. Employee has heretofore engaged in businesses other than the business in which Employee engaged on behalf of the Company. 

 

	 	6.	 Employee acknowledges that monetary damages will be inadequate and the Company will be irreparably damaged if
the provisions of this Agreement are not specifically enforced. Employee agrees that, in the event of a breach or threatened breach of this Agreement, the Company shall be entitled, among other remedies (i) to an injunction temporarily,
preliminarily, and/or permanently restraining any violation of this Agreement (without any bond or other security being required) by Employee and by any person or entity to whom Employee provides or proposes to provide any services in violation of
this Agreement, (ii) to require Employee to hold in a constructive trust, account for and pay over to the Company all compensation and other benefits which Employee shall derive as a result of any action or omission which is a violation of any
provision of this Agreement, (iii) to require Employee to account for and pay over to the Company any net profit earned by the Employee from the exercise, and/or vesting during the 12-month period prior
to the termination of his employment, of any stock options and/or restricted stock issued to him by the Company, and (iv) to require Employee to hold in a constructive trust, account for and pay over to the Company all compensation and other
benefits which Employee shall derive under this Agreement (including without limitation the Consulting Agreement). 

  

	 	7.	 The terms and provisions of this Section 4(h) are intended to be separate and divisible provisions and if,
for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any other provision of this Agreement will thereby be affected. The courts enforcing this Agreement shall be entitled to
reform or modify the duration, scope or other provision of any restriction contained herein to the extent such restriction would otherwise be unenforceable, and such restriction as reformed/modified shall be enforced. 

 

	 	8.	 Employee and the Company enter into this Agreement based on the mutual understanding that the provisions hereof
are fair, reasonable, and enforceable under all applicable law(s). By entering into this Agreement and accepting the consideration provided herein, Employee agrees not to challenge the enforceability of this Agreement. This is an independent promise
and a material term on which the Company relies. If Employee challenges the enforceability of the restrictions described in Section 4(h), then the value of the payments described in Section 2 shall be reduced by 90%, and such reduction is
without prejudice to the Released Parties’ other rights hereunder, including, but not limited to, the restrictive covenants contained herein and the general release of any and all Claims against the Released Parties. To the extent any of the
payments described in Section 2 have been paid at the time of such challenge, the Company shall be entitled to reimbursement of 90% of the paid amount, and shall be entitled to pay only 10% of any remaining payments. 

  
 - 8 - 

	 	(i)	 Inventions and Intellectual Property. Employee hereby assigns and agrees to assign all Employee’s
interests in any and all conceptions and ideas for inventions, improvements and valuable discoveries, whether patentable or not, which were conceived or made by Employee, solely or jointly with another, while employed by the Company and which are
related to the business or activities of the Company or which Employee conceived as a result of his employment by the Company. Employee also agrees that all works created by him were considered work made for hire and prepared by Employee within the
scope of his employment by the Company and Employee further agrees to assign, and hereby does assign automatically, all such work to the Company. Whenever requested to do so by the Company, Employee shall execute any and all applications,
assignments or other instruments that the Company shall deem necessary to apply for and obtain Letters of Patent or Copyright of the United States or any foreign country or to otherwise protect the Company’s interest therein. These obligations
shall continue beyond the termination of employment and shall be binding upon Employee’s assigns, executors, administrators and other legal representatives. 

 

	 	(j)	 No Interference with Rights. Employee understands that nothing in this Agreement shall be construed to
prohibit Employee from filing a charge with, or participating in any investigation or proceeding conducted by, the Equal Employment Opportunity Commission, National Labor Relations Board, and/or any federal, state or local agency, although by
signing this Agreement, Employee understands that he is waiving any right to receive individual relief based on claims asserted in such a charge or complaint, except where such a waiver is prohibited. Employee understands that Employee’s
release of claims as contained in this Agreement does not extend to any rights Employee may have under any laws governing the filing of claims for unemployment, state disability insurance, and/or workers’ compensation benefits. Employee further
understands that nothing herein shall be construed to prohibit Employee from: (a) challenging the Company’s failure to comply with its promises to make payment and provide other consideration under this Agreement; (b) asserting
Employee’s right to any vested benefits to which Employee is entitled pursuant to the terms of the applicable plans and/or applicable law; (c) challenging the knowing and voluntary nature of Employee’s release of claims under the Age
Discrimination in Employment Act of 1967; and/or (d) asserting any claim that cannot lawfully be waived by private agreement. 

  

	 	(k)	 IMPORTANT NOTICE TO ALL EMPLOYEES UNDER 18 U.S.C. SECTION 1833(B): Although the Company is committed to the
protection of its Confidential Information and/or Trade Secrets, you should be aware that an individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made in
confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law. An individual shall not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and
does not disclose the trade secret, except pursuant to court order. 

 5. Acknowledgments. By signing this Agreement below, Employee
hereby acknowledges as follows: 
  

	 	(a)	 Sufficiency of Consideration. The payments and benefits received by Employee pursuant to Section 2
of this Agreement in exchange for the release contained in Section 4 and the other promises contained in this Agreement (and all incorporated agreements), are greater in value than anything else which Employee may have otherwise been entitled
under any other agreement or Company separation, benefit or compensation policy if Employee did not execute this Agreement (including the Consulting Agreement attached hereto); if Employee accepts and is rehired by the Company during the Severance
Period, all payments and benefits described in Section 2 above shall cease upon Employee’s rehire date, and the cessation of such payments and benefits is without prejudice to the Released Parties’ rights hereunder, including any
right to the general release of any and all Claims against the Released Parties; 

  

	 	(b)	 No Other Wages or Benefits Due. Except as described in this Agreement, Employee has been paid all wages
and attendant benefits due Employee from the Company in consideration of the services Employee rendered while employed by the Company, including, but not limited to, vacation pay, sick or disability pay, overtime pay, holiday pay, expense
reimbursement, bonuses, and any and all monetary 

  
 - 9 - 

	 	
or other benefits that are or were due Employee pursuant to any agreement or the policies of the Company in effect prior to the Separation Date. Employee agrees that Employee has no claim to, or
interest in, any stock options, stock grants, RSUs, shares, LTIP units, or other equity or incentive compensation. Employee furthermore affirms that Employee has been provided and/or has not been denied any leave requested under the Family and
Medical Leave Act and/or any applicable federal or state law, that Employee has not filed or caused to be filed any Claim related to such leave and that no basis for a Claim related thereto exists; 

 

	 	(c)	 Entire Agreement; Prior Agreements. This Agreement, including the plans and/or other agreements
referenced in or incorporated into this Agreement, including without limitation the Consulting Agreement, contains the entire agreement between Employee and the Company regarding the subject matter hereto and, as such, fully supersedes any and all
prior agreements or understandings between Employee and the Company pertaining to the subject matter addressed in this Agreement, including the Employment Agreement, dated October 31, 2018 (the “Employment Agreement”); provided,
however, that this Agreement shall not supersede, replace, or otherwise affect in any manner, the restrictive covenant provisions or other post-employment obligations, including, without limitation, the
non-competition provisions, contained in the Employment Agreement and contained in the RSU Agreements. The Company and Employee acknowledge that the only consulting agreement between the Company and Employee
is the Consulting Services Agreement attached hereto and executed contemporaneously herewith (the “Consulting Agreement”). Nothing contained herein shall adversely affect or impair the Company’s right to enforce any of the restrictive
covenants or other post-employment obligations contained in the Employment Agreement and/or RSU Agreements, whether in addition to or in lieu of this Agreement (including without limitation the Consulting Agreement), at the Company’s sole
discretion. Employee agrees that Employee’s post-employment obligations under the Employment Agreement and RSU Agreements shall remain in effect and enforceable in accordance with the terms of the Employment Agreement and RSU Agreements and
Employee hereby reaffirms those obligations. Employee agrees that his obligations under Section 4(h) above, as well as in the Consulting Agreement, supplement and are in addition to, and shall not supersede, modify or otherwise affect, his
obligations under the Employment Agreement and RSU Agreements. Notwithstanding the foregoing, the consideration described in Section 2 above discharges any obligation of the Company to provide Employee with any payments that may be described
within the Employment Agreement and RSU Agreements, and Employee has no right to any such payments now or in the future. Employee has carefully read and fully understands all of the provisions of this Agreement. In agreeing to the terms of this
Agreement, Employee is not relying upon any written or oral promise or representation made to Employee by any employee or representative of the Company, other than the promises contained herein. This Agreement may not be amended, superseded,
cancelled or terminated other than in writing signed by both Employee and URI or its attorney or other designated representative. 

  

	 	(d)	 Tax Liability. Employee agrees and acknowledges that Employee is solely liable and responsible for any
taxes of any kind that result from this Agreement or the payments and benefits provided hereunder. 

  

	 	(e)	 Repayment of Amounts Owed to the Company. Employee agrees and acknowledges that the payments described
in Section 2 may be reduced by any amount Employee owes to the Company including, but not limited to: overdrawn sick or vacation time; overpaid salary or commissions; outstanding loans, advances or relocation benefits; and personal
expenses charged to the Company. Notwithstanding the foregoing, the Company agrees that Employee’s termination of employment shall not give rise to any repayment obligation by Employee with respect to the Company’s Relocation Program.

 6. Severability. If any section, provision or clause of this Agreement, or any portion thereof, is held void or unenforceable,
the remainder of such section, provision or clause, and all other sections, provisions or clauses of this Agreement, shall remain in full force and effect as if the section, provision or clause determined to be void or unenforceable had not been
contained herein; provided, however, that if Employee is declared entitled to litigate any Claims settled by the terms of this Agreement by a court of competent jurisdiction as designated below, then Employee shall remit to URI the payments made and
the value of the benefits provided to Employee pursuant to this Agreement prior to and as a condition precedent to the commencement or continuation of any proceedings related to such Claims, but Employee shall continue to be bound by his obligations
set forth in Sections 4(e), 4(f), 4(g) and 4(h). 

  
 - 10 - 

 7. Return of Company Property. Employee shall promptly return to the Company all property of the
Company that Employee may have in Employee’s possession, custody or control, including, but not limited to, all written and electronic copies of any reports; records; documents; customer lists; customer pricing information; customer files or
records; customer contracts; calendars; customer contact information (including the name or other identifying information of any customer of the Company or its affiliates), software, door and file keys, computer access codes or disks, employee
handbooks or manuals, written financial information, business plans, all recordings, all electronic mail or other physical or personal property (including all copies and photocopies thereof) prepared or obtained by Employee, or which came into
Employee’s possession during Employee’s employment with the Company. Additionally, Employee hereby promises not to retain any copies, duplicates, reproductions or excerpts of any of the above information and Employee hereby agrees that
Employee is under a continuing obligation to return all property of the Company and all copies thereof and if, in the event that subsequent to the signing of this Agreement Employee becomes aware of any Company property in Employee’s
possession, custody or control, Employee will return such property to the Company immediately and will not retain any copies. Upon return of all Company property, and at the Company’s request, Employee agrees to sign an affidavit acknowledging
and representing that Employee has returned all Company property as required by this Section 7. 
 8. Choice of Law; Forum; Jury Waiver. This
Agreement, as well as the Employment Agreement and RSU Agreements shall be governed by the laws of the State of Connecticut, without regard to its conflict of laws principles. The interpretation and enforcement of the provisions of this Agreement,
as well as the Employment Agreement and RSU Agreements, shall be resolved and determined exclusively by the state or federal courts sitting in Connecticut, and such courts are hereby granted exclusive jurisdiction for such purpose. Employee hereby
acknowledges that, in the performance of his duties, Employee maintained significant contacts with the Company’s corporate offices in Connecticut, including, without limitation, routine telephone and email communications, access to corporate
databases maintained in Connecticut, and payment of business related travel and entertainment expenses. URI AND THE EMPLOYEE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY. 

9. Opportunity For Review; Miscellaneous. Employee represents and warrants that Employee (A) has had at least 21 days to consider this Agreement,
(B) has read this Agreement, (C) understands all the terms and conditions hereof, (D) is not incompetent or had a guardian, conservator or trustee appointed for Employee, (E) has entered into this Agreement of Employee’s own
free will and volition, (F) has duly executed and delivered this Agreement, (G) understands that Employee is responsible for Employee’s own attorneys’ fees and costs, (H) has had the opportunity to review this Agreement with
counsel, (I) understands that Employee has been given an opportunity to review this Agreement before signing the Agreement and that if Employee does not sign and deliver this Agreement within 52 days of Employee’s Separation Date, URI
shall have no obligation to enter into this Agreement, Employee shall not be entitled to receive the payments and benefits provided for hereunder, and the Separation Date shall be unaltered; (J) understands that this Agreement does not waive
any rights or Claims that may arise after this Agreement is signed; and (K) understands this Agreement is valid, binding, and enforceable against the parties hereto in accordance with its terms. Employee has been and is hereby advised to
consult an attorney and any other advisor of Employee’s choice prior to signing this Agreement. This Agreement may be executed digitally, electronically and/or by facsimile, and may be transmitted digitally, electronically, and/or by facsimile,
in any number of counterparts, each of which upon execution and delivery shall be considered an original for all purposes; provided, however, all such counterparts shall, together, upon execution and delivery, constitute one and the same instrument.

 10. Effective Date and Revocation. This Agreement shall become effective on the 8th day following the date Employee signs this Agreement (the
“Effective Date”). Employee may revoke this Agreement to the terms hereof at any time during the 7 day period immediately following the date of Employee’s signature below by delivering written notice of Employee’s revocation to
URI. In the event of such revocation, Employee shall not receive and shall not be entitled to receive the Consideration described in Section 2 above. 

11. No Waiver. No waiver by the parties hereto of any default or breach of any term, condition or covenant of this Agreement shall be deemed to be a
waiver of any subsequent default or breach of the same or any other term, condition or covenant contained herein. This Agreement is intended, among other things, to supplement the applicable common and/or statutory laws and does not in any way
abrogate any of the obligations or duties Employee otherwise owes to the Company. 

  
 - 11 - 

 12. Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties named
herein and their respective heirs, legal representatives, successors and permitted assigns. Employee may not assign either this Agreement or any of Employee’s rights, interests or obligations hereunder. Employee hereby agrees and acknowledges
that the Company may assign any or all of its rights and interest hereunder, including, but not limited to, Employee’s agreements contained in Section 4 hereof, without the consent of Employee, to any person or entity that acquires any of
the assets of the Company, or to any affiliate of the Company, or to any entity with which the Company merges or consolidates. 
 13. Section 409A of
the Code. The Company makes no representations regarding the tax implications of the compensation, payments and benefits to be paid to Employee under this Agreement, including, without limitation, under Section 409A of the Code. Employee
and the Company agree that in the event the Company reasonably determines that the terms hereof would result in Employee being subject to tax under Section 409A of the Code, Employee and the Company shall negotiate in good faith to amend this
Agreement to the extent necessary to prevent the assessment of any such tax, including by delaying the payment dates of any amounts hereunder. The Company hereby advises Employee to consult with a tax attorney/advisor regarding the tax implications
of signing this Agreement. Employee acknowledges and agrees that the Company shall have no liability to Employee or otherwise if payments under this Agreement are subject to the additional tax and penalties under Section 409A of the Code.
Notwithstanding anything to the contrary in this Agreement, if any payment or benefit to Employee under this Agreement that is payable on account of Employee’s separation from service constitutes “deferred compensation” within the
meaning of Section 409A of the Code, and Employee is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i), the Company shall delay commencement of any such payment or benefit until the first business day
which is six months after the Separation Date (or earlier death). Each payment or delivery under this Agreement will be treated as a separate payment or delivery for purposes of Section 409A. 

EMPLOYEE IS HEREBY ADVISED THAT EMPLOYEE HAS AT LEAST 21 CALENDAR DAYS TO REVIEW THIS AGREEMENT AND TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF THIS
AGREEMENT. 
 EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL 21
CALENDAR DAY REVIEW PERIOD. 
 HAVING ELECTED TO EXECUTE THIS AGREEMENT TO FULFILL THE PROMISES AND TO RECEIVE THE SUMS AND BENEFITS IN SECTION 2 ABOVE,
EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST THE RELEASED PARTIES, EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT. 

 

							
	ACCEPTED AND AGREED	 		 		 	United Rentals, Inc.
				
	 /s/ Paul McDonnell
	 		 	By:	 	 /s/ Craig Pintoff

	Paul McDonnell	 	                            	 		 	
		 		 	Title: EVP, Chief Administrative and Legal Officer
	Signed at (city/state): Stamford, CT	 		 	Signed at (city, state): Stamford, CT
	Dated: September 21, 2020	 		 	Dated: September 21, 2020

  
 - 12 - 

 Exhibit A 

  
 - 13 - 

 CONSULTING SERVICES AGREEMENT 

This Consulting Services Agreement (the “Agreement”), made as of the date signed below, is between United Rentals, Inc., a
Delaware corporation, and its affiliates, having offices at 100 First Stamford Place, Suite 700, Stamford, CT 06902 (“United Rentals”), and Paul McDonnell an individual (“Consultant” or “Supplier”). 

W I T N E S S E T H: 

WHEREAS, United Rentals wishes to avail itself of Consultant’s experience and knowledge by retaining Consultant to provide
consulting services to United Rentals upon the terms and conditions hereinafter set forth; and 
 WHEREAS, Consultant desires to
perform such services. 
 NOW THEREFORE, in consideration of the mutual promises contained in this Agreement, United Rentals and
Consultant agree as follows: 
  

	1.	 CONSULTANT WORK 

Consultant agrees to perform the following functions for United Rentals (the “Work”): 

 

	 	•	 	 Transition and such other duties as United Rentals may assign from time to time. 

Consultant shall not have the authority to bind or contract on behalf of United Rentals in the performance of these duties or for any other
purpose. 
  

	2.	 TERM 

This Agreement shall remain in effect for a period of 104 weeks (the “Term”). 

 

	3.	 PERFORMANCE OF WORK 

(a) Consultant represents that Consultant has the capability, expertise and means required to perform the Work. 

(b) Consultant will perform the Work in a diligent and workmanlike manner consistent with the best professional standards and practices.
Consultant will also perform the Work in accordance with all applicable and existing laws, regulations and ordinances, and United Rentals’ policies, standards and specifications as are made known to Consultant by United Rentals. 

(c) In performing the Work, Consultant will be available at such times as agreed upon between United Rentals and Consultant. Consultant shall
make best efforts to respond to any inquiry from United Rentals within 24 hours. Without limiting in any way Consultant’s obligations under this Section 3, United Rentals and Consultant confirm that it is currently anticipated that your
duties as a consultant would decrease to no more than 20% of the average level of services performed by Consultant during his last three years of employment with United Rentals. 

  
 - 14 - 

 (d) In performing any Work on the premises of United Rentals, Consultant will comply with
all conduct, security, safety and fire prevention rules applicable to those premises. Consultant further understands and agrees that Consultant accepts for himself, his heirs, assigns and representatives, and on his and their respective behalves
hereby releases United Rentals and its Representatives (as defined below) from, any and all risks and hazards arising out of this Agreement and Consultant’s performance of Consultant’s obligations hereunder. For purposes of this Agreement,
“Representatives” shall mean officers, employees, directors, stockholders, agents, partners, managers, plan administrators, financial and legal advisors, insurers, fiduciaries, present or prospective lenders or investors, in their
individual and/or representative capacities. 
  

	4.	 PAYMENT FOR WORK; EXPENSES 

During the Term, United Rentals will Consultant at a rate of $10,608.08 per week, paid in substantially equal installments accordance with
United Rentals’ regular payroll schedule and procedures, to Consultant for performance of the Work. 
 Except for
pre-approved expenses incurred by Consultant at United Rentals’ request in connection with the Work, Consultant shall be fully and solely responsible for all costs and expenses incident to the Work
performed for United Rentals under this Agreement, including, but not limited to, the cost of any travel, tools, equipment, materials, and insurance that may be needed to complete the Work. All approved travel will be in accordance with Attachment B
– Consultant Travel Policy. No sales, payroll or employment taxes of any kind (including, but not limited to, FICA, FUTA, federal or state personal income taxes, state disability insurance taxes, and state unemployment taxes) shall be withheld
or paid with respect to any payments to Consultant. United Rentals and Consultant agree that Consultant is fully and solely responsible for filing appropriate tax returns, sales tax payment, social security contributions and any other relevant
payments to government authorities. 
  

	5.	 RECORDS; AUDIT 

Consultant will maintain true and correct records relating to all Work performed, including any special costs for which payment is to be made to Consultant
under this Agreement. Consultant will retain these records for 36 months following the last month during which Work was performed under this Agreement. Consultant will provide to United Rentals on request and at no cost to United Rentals, copies of
documents supporting special costs Consultant has invoiced to United Rentals. United Rentals will also have the right, at United Rentals’ expense and from time to time (but not unreasonably frequently) during the term of this Agreement, and
within the above 36 month period, to audit all records of Consultant in connection with time and special costs invoiced to United Rentals. A copy of the audit results will be provided to Consultant. If the audit results show payment due either
Consultant or United Rentals, this payment will be made (on a net basis) within 30 days of the audit results being provided to Consultant. 
  

	6.	 CONFIDENTIAL AND PROPRIETARY INFORMATION 

(a) In performing the Work, Consultant may be exposed to the confidential and/or proprietary information of United Rentals and others.
Consultant will hold in confidence and refrain from using or disclosing to any third party, without United Rentals’ prior written consent, any information relating to United Rentals’ business, financial affairs, products, processes or
technology that United Rentals may furnish to Consultant or that may be developed in the course of, or in connection with, Consultant’s performing the Work. Consultant’s obligations of confidentiality and
non-use under this paragraph will remain in effect following termination of this Agreement. 

  
 - 15 - 

 (b) All memoranda, papers, letters, notes, notebooks and all copies thereof in any way
relating to the business or affairs of United Rentals, or any United Rentals property, will be immediately returned by Consultant to United Rentals upon request. 

(c) Consultant agrees that any inventions, improvements or developments that Consultant makes, conceives or devises, either solely or jointly,
as a result of performance of the Work, during the term of this Agreement or within 6 months thereafter: 
  

	 	(i)	 Will be promptly disclosed to United Rentals; 

 

	 	(ii)	 Is the sole and exclusive property of United Rentals, to be patented or not as United Rentals sees fit; and

  

	 	(iii)	 Consultant will assign all rights in such inventions, improvements or developments to United Rentals.
Consultant will otherwise cooperate with United Rentals, at United Rentals’ expense, in prosecution of any patent application that United Rentals elects to undertake covering the invention, improvement or development. 

(d) Consultant acknowledges that any Work prepared by Consultant under this Agreement will be considered “work for hire” and the
exclusive property of United Rentals unless otherwise agreed in writing between United Rentals and Consultant. To the extent such work may not be deemed a “work for hire” under applicable law, Consultant hereby assigns to United Rentals
all right, title and interest in and to Consultant’s copyrights or any other intellectual property rights to such Work. Consultant will execute and deliver to United Rentals such instruments of transfer and take such other actions as United
Rentals may reasonably request, including, without limitation, executing and filing, at United Rentals’ expense, copyright applications and other documents required for the protection of United Rentals’ rights to such materials. 

7. ENFORCEMENT OF AGREEMENT 

If either Consultant or United Rentals is successful in any suit for damages for breach of this Agreement, including nonpayment of invoices, or
to enforce this Agreement or to enjoin the other party from violating this Agreement, the prevailing party will be entitled to recover as part of its damages its reasonable attorneys’ fees, costs and expenses to bring and maintain any such
suit. 
 8. INDEPENDENT CONTRACTOR 

Consultant’s relationship with United Rentals is that of an independent contractor. Nothing in this Agreement is to be construed as
designating Consultant an employee, agent, joint venturer, or partner of United Rentals. 
 9. NOTICE 

Any notice that may be given, or is required to be given, under this Agreement, will be in writing and will be delivered personally, sent by
facsimile or by certified mail, postage prepaid, return receipt requested and addressed to the receiving party at the address listed above or such other address as may be designated by either party hereafter in writing. 

  
 - 16 - 

 10. ASSIGNMENT 

Consultant’s rights under this Agreement may not be assigned, and Consultant’s obligations under this Agreement may not be delegated,
in whole or in part, by Consultant. United Rentals may assign its rights and delegate its obligations under this Agreement. 
 11. ENTIRE
AGREEMENT 
 This Agreement constitutes the entire agreement between United Rentals and Consultant on the subject matter of
Consultant’s performing consulting work for United Rentals and is intended to take the place of and terminate any and all prior agreements between the parties related to that subject matter. Notwithstanding the foregoing, nothing contained
herein shall affect or impair the parties rights under: a) the Severance Agreement and General Release between United Rentals and Consultant to which this Agreement is attached (the “Severance Agreement”). Employee understands that any
consideration to which he might be entitled under this Agreement is contingent upon his full compliance with this Agreement and with the Severance Agreement. Employee understands that any post-employment obligations contained in such RSU
Agreement(s) are independent of and in addition to those contained in this Agreement. This Agreement may not be modified except by means of a separate written document, signed by both United Rentals and Consultant, that expressly refers to this
Agreement. Any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not apply to the interpretation of this Agreement or any amendments or exhibits hereto. 

12. SEVERABILITY 
 Should
any section or provision of this Agreement be held to be void, invalid or inoperative, it shall not affect any other section or provision hereof, and the remainder of this Agreement shall be effective as though such void, invalid, or inoperative
section or provision had not been contained herein. 
 13. GOVERNING LAW 

This Agreement shall in all respects be constructed according to the laws of the State of Connecticut, without regard to its conflict of laws
principles. Consultant hereby agrees that the interpretation and enforcement of the provisions of this Agreement shall be resolved and determined exclusively by the state court sitting in Fairfield County, Connecticut or the federal courts in the
District of Connecticut and Consultant hereby consents that such courts be granted exclusive jurisdiction for such purpose. 
 14. NON-COMPETITION COVENANTS 
 During the Term of this Agreement, Consultant will not, directly or
indirectly (whether through affiliates, relatives or otherwise): 
 (a) in any Restricted Area (as hereinafter defined), be employed or
retained by any person or entity who or which then competes with United Rentals to any extent, nor will Consultant directly or indirectly own any interest in any such person or entity or render to it any consulting, brokerage, contracting, financial
or other services or any advice, assistance or other accommodation. 
 (i) For purposes of this Agreement, “Restricted Area” means
each of the following: (A) the states of: 1) Alabama, 2) Alaska, 3) Arizona, 4) Arkansas, 5) California, 6) Colorado, 7) Connecticut, 8) Delaware, 9) Florida, 10) Georgia, 11) Hawaii, 12) Idaho, 13) Illinois, 14) Indiana, 15) Iowa, 16) Kansas,
17) Kentucky, 18) Louisiana, 19) Maine, 20) Maryland (including the District of Columbia), 

  
 - 17 - 

 
21) Massachusetts, 22) Michigan, 23) Minnesota, 24) Mississippi, 25) Missouri, 26) Montana, 27) Nebraska, 28) Nevada, 29) New Hampshire, 30) New Jersey, 31) New Mexico, 32) New York,
33) North Carolina, 34) North Dakota, 35) Ohio, 36) Oklahoma, 37) Oregon, 38) Pennsylvania, 39) Rhode Island, 40) South Carolina, 41) South Dakota, 42) Tennessee, 43) Texas, 44) Utah, 45) Vermont, 46) Virginia, 47) Washington, 48) West
Virginia, 49) Wisconsin, and 50) Wyoming; (B) the Canadian Provinces of 1) New Brunswick, 2) Newfoundland and Labrador, 3) Nova Scotia, 4) Ontario, 5) Prince Edward Island, 6) Quebec, 7) Manitoba, 8) Saskatchewan, 9) Alberta, and 10)
British Columbia; (C) any state in the United States and any province in Canada in which United Rentals conducts any business during the term of this Agreement; D) the countries of 1) United Kingdom, 2) France, 3) Germany, 4) Netherlands,
5) Poland, and 6) any country in Europe in which United Rentals has or will conduct any business (with respect to Europe only, a competing business shall mean only such business(es) in which United Rentals, at that time, engaged, and any other
future business(es) in which United Rentals has taken substantive steps towards engaging, in any European country or portion thereof); (E) the area within a 50 mile radius of any office or facility of United Rentals (whether foreign or domestic) in
which United Rentals conducts any business during the term of this Agreement; (F) the geographic area(s) in which or in relation to which Consultant shall have performed any duties, or had management, financial, sales, corporate, or other
responsibilities, for United Rentals; and (G) the geographic area(s) in which or about which Consultant had involvement in the development, review, use, presentation, or implementation of Confidential Information. 

(b) in the Restricted Area, be employed or retained by, or accept or operate in, any position that could require the use or disclosure of, or
could benefit from, any Confidential Information possessed by Consultant; 
 (c) solicit or accept the business of, or call upon, any person
or entity, or affiliate of any such person or entity, who or which is or was a customer, supplier, manufacturer, finder, broker, or other person who had a business relationship with United Rentals or who was a prospect for a business relationship
with United Rentals at any time during the term of this Agreement, for the purpose of providing or obtaining any product or service reasonably deemed competitive with any product or service then offered by United Rentals. 

(d) call upon or assist in the acquisition of any company which was, during the term of this Agreement, either called upon by an employee of
United Rentals or by a broker or other third party, for possible acquisition by United Rentals or for which an employee of United Rentals or other person made an acquisition analysis for United Rentals; or 

(e) own any interest in or be employed by or provide any services to any person or entity which engages in any conduct which is prohibited to
Consultant under this Section. 
 The above covenants made by Consultant were material inducements to United Rentals in deciding to enter
into this Agreement. The court(s) enforcing this Agreement shall be entitled to modify the duration and scope of any restriction contained herein to the extent such restriction would otherwise be unenforceable, and such restriction as modified shall
be enforced. 

  
 - 18 - 

 15. NON-SOLICITATION COVENANTS 

During the Term of this Agreement, Consultant will not, directly or indirectly (whether through affiliates, relatives or otherwise): 

(a) approve, solicit or retain, or discuss the employment or retention (whether as an employee, consultant or otherwise) of any person who was
an employee of United Rentals at any time during the term of this Agreement; or 
 (b) solicit or encourage any person to leave the employ of
United Rentals. 
 16. MISCELLANEOUS 

(a) Except as specifically stated in this Agreement, Consultant is neither authorized nor empowered to act as United Rentals’ agent for
any purpose or to enter into any contract or undertaking of any kind or to make any promise or give any warranty or representation, with respect to any United Rentals products or any other matter, unless otherwise previously agreed to in writing.

 (b) Consultant is free to pursue other work for other clients or customers, provided such other work in no way presents a conflict of
interest. During the term of this Agreement, Consultant will not assist any person or entity in competing with United Rentals directly or indirectly, in preparing to compete with United Rentals or in hiring any employees of United Rentals.
Consultant will not at any time (whether during or after the term of this Agreement) make any statement, written or oral, or take any other action relating to United Rentals or its officers, directors or employees that would disparage or otherwise
harm those entities and individuals, their businesses or reputations. 
 (c) This Agreement is for contractual consulting services.
Consultant has control and discretion over how, when and where the Work is to be performed. As an independent contractor, Consultant is: (a) free from control and direction in connection with the performance of Consultant’s services under
this Agreement; (b) performing work outside of the usual course of business of United Rentals; and (c) customarily engaged in an independent business that provides work of the nature to be performed by Consultant under this Agreement. In
no event shall this Agreement be construed as creating an employer/employee relationship. Consultant further understands that Consultant has an obligation to ensure that any other agents, employees, officers, directors, members and/or shareholders
who or which provide services pursuant to this Agreement fully abide by the terms of this Agreement, including but not limited to, the trade secrets, confidentiality, non-solicitation, non-competition and non-disparagement obligations set forth above. 

(d) Consultant has no contractual commitments (including without limitation any non-competition, non-solicitation, proprietary information and inventions, shareholders’, investors’ or similar agreement) to other parties which are inconsistent with Consultant’s obligations to United Rentals. 

(e) Consultant agrees to comply fully with the terms of United Rentals Ethics Policy, a copy of which is attached hereto as Attachment A, as
the same may be amended from time to time. Consultant understands that not all rules and policies applicable to Consultant’s activities are contained in this Agreement, and Consultant agrees to abide by any other rules and policies that United
Rentals currently has or may adopt or amend from time to time. 

  
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 (f) Consultant will not be eligible to participate in any United Rentals employee benefit
plan, policy, program or practice, including, but not limited to, vacation pay, holiday pay, health insurance, unemployment insurance, workers’ compensation insurance, and fringe benefit plan. 

(g) No workers’ compensation insurance shall be obtained by United Rentals on account of Consultant or any of Consultant’s employees
or subcontractors. Instead, since Consultant is an independent contractor, Consultant hereby affirms Consultant has obtained all workers’ compensation insurance required by law. Consultant further affirms that Consultant has complied with all
international, federal, state and local laws regarding visas, business permits and licenses that may be required to complete the work to be performed under this Agreement. 

(h) To the fullest extent permitted by law, Consultant shall defend, indemnify and hold United Rentals (including its affiliates, and their
respective officers, directors, employees, successors, subcontractors, licensees, assigns, and customers) harmless from liability, and promptly reimburse United Rentals, for any and all claims, losses, costs, damages, judgments, penalties, and
liabilities of any kind (including attorneys’ fees) arising out of: 1) possession, use, sale, or resale, as applicable, of the Work, in accordance with this Agreement, including infringement of intellectual property rights, misappropriation of
trade secrets, and violations of rights of privacy and publicity; 2) personal injury (including death), property damage, or any other damage resulting from (or claimed to result from), in whole or in part, (i) any defect in the Work,
(ii) Consultant’s breach of any express or implied warranty, (iii) Consultant’s negligence or willful misconduct, or (iv) violation of any law, order, rule, or regulation by providing the Services; 3) Consultant’s
breach of this Agreement; 4) any act or omission of Consultant. 
 (j) Consultant hereby acknowledges that Consultant is aware that United
Rentals is a public company and that U.S. securities laws restrict persons with material non-public information about a company (obtained directly or indirectly from that company) from purchasing or selling
securities of such company, or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. 

(k) This Agreement may be executed digitally, electronically and/or by facsimile, and may be transmitted digitally, electronically, and/or by
facsimile, in any number of counterparts, each of which upon execution and delivery shall be considered an original for all purposes; provided, however, all such counterparts shall, together, upon execution and delivery, constitute one and the same
instrument. 
 (l) Consultant acknowledges that monetary damages regarding any breach of Sections 6, 14 or 15 of this Agreement will be
inadequate and United Rentals will be irreparably damaged if the provisions of Sections 6, 14 and 15 of this Agreement are not specifically enforced. Consultant agrees that, in the event of a breach or threatened breach of this Agreement, United
Rentals shall be entitled, among other remedies (i) to an injunction temporarily, preliminarily, and/or permanently restraining any violation of this Agreement (without any bond or other security being required) by Consultant and by any person
or entity to whom Consultant provides or proposes to provide any services in violation of this Agreement, (ii) to require Consultant to hold in a constructive trust, account for and pay over to United Rentals all compensation and other benefits
which Consultant shall derive under this Agreement (and/or under the Severance Agreement), and/or (iii) to require Consultant to hold in a constructive trust, account for and pay over to United Rentals all compensation and other benefits which
Consultant shall derive as a result of any action or omission which is a violation of any provision of this Agreement. 

  
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 (m) The Company makes no representations regarding the tax implications of the compensation,
payments and benefits to be paid to Consultant under this Agreement, including, without limitation, under Section 409A of the Code. Consultant and the Company agree that in the event the Company reasonably determines that the terms hereof would
result in Consultant being subject to tax under Section 409A of the Code, Consultant and the Company shall negotiate in good faith to amend this Agreement to the extent necessary to prevent the assessment of any such tax, including by delaying
the payment dates of any amounts hereunder. The Company hereby advises Consultant to consult with a tax attorney/advisor regarding the tax implications of signing this Agreement. Consultant acknowledges and agrees that the Company shall have no
liability to Consultant or otherwise if payments under this Agreement are subject to the additional tax and penalties under Section 409A of the Code. Notwithstanding anything to the contrary in this Agreement, if any payment or benefit to
Consultant under this Agreement that is payable on account of Consultant’s separation from service constitutes “deferred compensation” within the meaning of Section 409A of the Code, and Consultant is a “specified
employee” within the meaning of Code Section 409A(a)(2)(B)(i), the Company shall delay commencement of any such payment or benefit until the first business day which is six months after the Separation Date (or earlier death). Each payment
or delivery under this Agreement will be treated as a separate payment or delivery for purposes of Section 409A. 
 IN WITNESS
WHEREOF, United Rentals and Consultant, intending to be legally bound, have caused this Agreement to be duly executed effective on the date stated below. 
  

							
	UNITED RENTALS, INC.	  		  	CONSULTANT:
				
	By:	  	 /s/ Craig Pintoff
	  		  	 /s/ Paul McDonnell

	Title: EVP, Chief Administrative and Legal Officer	  	                	  	Paul McDonnell
	Signed at (city/state): Stamford, CT	  		  	Signed at (city/state): Stamford, CT
	Date: September 21, 2020	  		  	Date: September 21, 2020

  
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 ATTACHMENT A 

ETHICS POLICY 
 1. General. 

Suppliers often are grateful for Company’s business and sometimes wish to express that appreciation in a tangible way. The result may be a very positive
and well-meaning gesture that nonetheless puts both Company and Supplier in a particularly difficult position. In order to prevent that from happening, Company has clearly defined the responsibilities that Company’s employees have when
interacting with Suppliers. Company expects that both its employees and Suppliers will always comply with the highest ethical standards. 
 2. Specific
Prohibitions. 
 Suppliers may not provide, or offer to provide, directly or indirectly, to employees or officers of Company, gifts or
favors, of any kind, including gratuities, including but not limited to: (a) money or gift certificates, (b) stock, bonds, or any other evidence of ownership or obligation of any value, (c) loans of any value,
(d) free services or discounts (i.e., not available to the public), (e) lodging, use of facilities, transportation (other than local transportation, e.g., from airport to Supplier’s location), (f) liquor or gift baskets, (g) offers of
entertainment (whether at Supplier’s home, offices or other location) such as show tickets, admission, or passes to sporting events, concerts, performances or other events, golf, fishing trips, or other activities, (h) meals (except as
described below), or (i) other items or services of value (except as described below). Supplier may not enter into business arrangements with employees or officers of Company unless such employees or officers are acting as representatives of
Company. 
 3. Meals. 
 Suppliers should not routinely
provide or offer to provide meals. However, meals may be offered or provided to the extent that they may be required for the effective conduct of business. Further, if Company’s employee(s) have traveled to Supplier’s site, Supplier may
provide or pay for meals as long as: (1) the meal is appropriate, (2) the meal is not extravagant, (3) providing or paying for the meal fully complies with Supplier’s rules and policies, and (4) the meal is related to the
effective conduct of business. 
 4. No Kickbacks. 

Suppliers should not provide any form of bonus, incentive, kickback or other remuneration to any employee or agent of Company for any reason including as a
reward for past purchases of Products, to induce current purchases of Product or Services or to influence future purchases of Products or Services. 
 5.
Exception. 
 Supplier may provide promotional items with an apparent value of less than $150.00 (e.g., calendars, pens). 

  
 - 22 - 

 6. Violations. 

Supplier shall immediately notify Company of any violation of this policy, whether by Supplier or Company’s employees. Upon receipt of notice, Company
will evaluate the situation and take whatever action Company deems appropriate, which may include suspension or termination of any agreement between Company and Supplier. 

  
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 ATTACHMENT B 

CONSULTANT TRAVEL POLICY 
 PURPOSE:

 The policies contained herein are the mandatory travel and other business expense policies for Consultants to ensure that expenses incurred are
for legitimate business purposes only. 
 United Rentals will permit Consultants in accordance with this policy to incur travel and other business expenses
that are: reasonable and necessary to accomplish an approved United Rentals business purpose, reported in a timely manner, properly documented, and approved by the proper authority. Any deviations from this policy must be pre-approved by the senior-most manager executing the Consultant Agreement and approving the Work. The written approval must be submitted with the invoice for travel expenses.  

Any misrepresentation of expenses or any other violations of this policy will result in corrective action up to and including termination of the Agreement.

 Regardless of the expense, original receipts must be submitted for all business expenses for which Consultant invoices. 

Expenses must be invoiced in a timely fashion, no later than 21 days after the date of the expense transaction. 

Hotel or other charges must not be pre-paid. 

The following are examples of non-reimbursable expenses; but, do not represent an exhaustive list: 

Adult entertainment 
 Air phone usage 

ATM fees 
 Baby-sitting, child care, day care 

Barbers and hairdressers 
 Cell phone purchases, non-essential accessories, repairs, installations, monthly fees 
 Clothing or toiletry items 

Club Dues 
 Entertainment at locations that exclude individuals
due to race, gender, religion, etc. 
 Excess baggage charges: The first-bag charge is permitted, if charged by
airline 
 Fines for driving or parking violations 
 Insurance
for auto rentals 
 Laundry or valet services for travel fewer than five (5) days 

Lost airline ticket fees 
 Loss or theft of personal funds or
property 

  
 - 24 - 

 Lost baggage 

Luggage and briefcases 
 Medical expenses, prescriptions and over-the-counter drugs while traveling 
 Hotel room
mini-bar refreshments 
 Movies (including in-flight and hotel in-room movies) 
 Optional travel or baggage insurance 

Personal accident insurance 
 Personal entertainment 

Saunas, massages, health club use 
 Shoe shine 

Air Travel 
 All airfares must be the
lowest logical fare available in economy class, with flights scheduled as early in advance as possible. 
 Reservations should be made at
least two (2) weeks in advance of the date of departure unless at the request of United Rentals. 
 The lowest logical fare is defined
as the least costly fare that: 
  

	 	•	 	 Uses a regular scheduled commercial aircraft; 

 

	 	•	 	 Prohibits preference of any airline, type of aircraft and connecting airports; 

 

	 	•	 	 May require one plane transfer on either or both the departure or return, if reasonable; 

 

	 	•	 	 Departs from the airport nearest to the Consultant’s location or at the discretion of the Consultant from an
airport offering a fare which is more cost effective for the Consultant, including parking, mileage or additional overnight stays; 

  

	 	•	 	 Allows for up to a two (2) hour leeway in scheduling which may necessitate that the Consultant arrive up to
two (2) hours early to their business activities or depart up to two (2) hours after the end of their business activities. 

First class and business class travel is not permitted. 

e-tickets should be obtained instead of paper tickets. 

If the airline charges a fee to check luggage, the fee for the first bag is permitted. Fees for additional bags are not reimbursed. 

Lodging 
 Consultant
should use United Rentals’ designated class of preferred hotels and request United Rentals rate or other best available rate when reserving a hotel room. 

Hotel stays of more than seven (7) consecutive days are considered extended stays. Those stays are expected to use weekly or long-term
rates where available. 
 The detailed room billing (indicating dates of arrival and departure, number of days, location, room rate, taxes
and other expenses detailed). 
 Charges for guaranteed reservations that the Consultant failed to cancel are not permitted. 

  
 - 25 - 

 Auto Rentals 

Order economy, sub-compact or compact cars only unless Consultant is conducting a shoot in which case a
van or other vehicle as appropriate may be rented. Mid-size rentals are permitted if two or more people are sharing. Rentals of all full size vehicles must be
pre-approved by the United Rentals client. 
 Additional equipment such as navigation systems is not
a reimbursable expense. 
 Consultants should refuel before returning their rental car. Refueling charges incurred that are not arranged in
advance will not be reimbursed. 
 Mileage Allowance for Business Use of Personal Vehicles 

Mileage will be reimbursed at the IRS reimbursement rate in effect at the time the mileage occurred. 

Consultant Individual Meals 

Meal Allowance: The cost of reasonably priced meals during business travel is reimbursable. Expense amounts are limited to a maximum combined
amount for Breakfast, Lunch and Dinner of $65 (not including tax and gratuity) per person, per day. This is not a per diem rate, but is reimbursed for expenses actually incurred, broken out by meal and accompanied by receipts. 

All other charges must be approved in writing by United Rentals prior to the expense being incurred. 

  
 - 26 -

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