Document:

EXHIBIT
      4.1

     

    UNIVERSAL
      DETECTION TECHNOLOGY

    

    2006-II
      CONSULTANT STOCK PLAN

    

    As
      Adopted November 22, 2006

    

    PURPOSE
      OF PLAN

     

    WHEREAS,
      the
      purpose of this 2006-II Consultant Stock Plan is to advance the interests of
      the
      Company by helping the Company obtain and retain the services of persons
      providing consulting services upon whose judgment, initiative, efforts or
      services the Company is substantially dependent, by offering to or providing
      those persons with incentives or inducements affording such persons an
      opportunity to become owners of capital stock of the Company.

     

    TERMS
      AND CONDITIONS OF PLAN

     

    1. DEFINITIONS.

     

    Set
      forth
      below are definitions of capitalized terms that are generally used throughout
      this Plan, or references to provisions containing such definitions (capitalized
      terms whose use is limited to specific provisions are not referenced in this
      Section):

     

    (a) Affiliate -
      The
      term "Affiliate" is defined as any person controlling the Company, controlled
      by
      the Company, or under common control with the Company.

     

    (b) Award -
      The
      term "Award" is collectively and severally defined as any Award Shares granted
      under this Plan.

     

    (c) Award
      Shares -
      The
      term "Award Shares" is defined as shares of Common Stock granted by the Plan
      Committee in accordance with Section
      5
      of this
      Plan.

     

    (d) Board
      - The
      term "Board" is defined as the Board of Directors of the Company, as such body
      may be reconstituted from time to time.

     

    (e) Common Stock
      - The
      term "Common Stock" is defined as the Company's common stock reserved for
      issuance under this Plan.

     

    (f) Company -
      The
      term "Company" is defined as Universal Detection Technology, a California
      corporation.

     

    (g) Disposed
      - The
      term "Disposed" (or the equivalent terms "Disposition" or "Dispose") is defined
      as any transfer or alienation of an Award which would directly or indirectly
      change the legal or beneficial ownership thereof, whether voluntary or by
      operation of law, or with or without the payment or provision of consideration,
      including, by way of example and not limitation: (i) the sale, assignment,
      bequest or gift of the Award; (ii) any transaction that creates or grants a
      right to obtain an interest in the Award; (iii) any transaction that creates
      a
      form of joint ownership in the Award between the Recipient and one or more
      other
      Persons; (iv) any Disposition of the Award to a creditor of the Recipient,
      including the hypothecation, encumbrance or pledge of the Award or any interest
      therein, or the attachment or imposition of a lien by a creditor of the
      Recipient of the Award or any interest therein which is not released within
      thirty (30) days after the imposition thereof; (v) any distribution by a
      Recipient which is an entity to its stockholders, partners, co-venturers or
      members, as the case may be, or (vi) any distribution by a Recipient which
      is a
      fiduciary such as a trustee or custodian to its settlors or beneficiaries.
      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (h) Eligible
      Person
      - The
      term "Eligible Person" means any Person who, at a particular time, is an
employee,
      officer, director, consultant, independent contractor, advisor, or other service
      provider of the Company or any Parent or Subsidiary of the Company; provided
      that such services are not in connection with the offer and sale of securities
      in a capital-raising transaction. 

     

       (i) Fair
      Market Value
      - The
      term "Fair Market Value" means the fair market value as of the applicable
      valuation date of the Award Shares, or other shares of Common Stock, as the
      case
      may be (the "Subject Shares"),
      to be
      valued as determined by the Plan Committee in its good faith judgment, but
      in no
      event shall the Fair Market Value be less than the par value of the Subject
      Shares. 

     

    (j) Person
      - The
      term "Person" is defined, in its broadest sense, as any individual, entity
      or
      fiduciary such as, by way of example and not limitation, individual or natural
      persons, corporations, partnerships (limited or general), joint-ventures,
      associations, limited liability companies/partnerships, or fiduciary
      arrangements, such as trusts. 

     

    (k) Plan -
      The
      term "Plan" is defined as this 2006-II Consultant Stock Plan.

     

    (l) Plan
      Committee -
      The
      term "Plan Committee" is defined as that Committee appointed by the Board to
      administer and interpret this Plan as more particularly described in
Section
      3
      of the
      Plan; provided,
      however,
      that
      the
      term Plan Committee will refer to the Board during such times as no Plan
      Committee is appointed by the Board.

     

    (m) Recipient
      - The
      term "Recipient" is defined as any Eligible Person who, at a particular time,
      receives the grant of an Award.

     

    (n) Securities
      Act -
      The
      term "Securities Act" is defined as the Securities Act of 1933, as amended
      (references herein to Sections of the Securities Act are intended to refer
      to
      Sections of the Securities Act as enacted at the time of the adoption of this
      Plan by the Board and as subsequently amended, or to any substantially similar
      successor provisions of the Securities Act resulting from recodification,
      renumbering or otherwise).

     

    2. TERM
      OF PLAN.

     

    This
      Plan
      shall be effective as of such time and date as this Plan is adopted by the
      Board, and this Plan shall terminate on the first business day prior to the
      ten
      (10) year anniversary of the date this Plan became effective. All Awards granted
      pursuant to this Plan prior to the effective date of this Plan shall not be
      affected by the termination of this Plan and all other provisions of this Plan
      shall remain in effect until the terms of all outstanding Awards have been
      satisfied or terminated in accordance with this Plan and the terms of such
      Awards.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. PLAN
      ADMINISTRATION.

     

    (a) Plan
      Committee. 

     

    (i) The
      Plan
      may be administered and interpreted by a committee consisting of two (2) or
      more
      members of the Board of Directors. 

     

        (ii) Members
      of the Plan Committee may resign at any time by delivering written notice to
      the
      Board. Vacancies in the Plan Committee shall be filled by the Board. The Plan
      Committee shall act by a majority of its members in office. The Plan Committee
      may act either by vote at a meeting or by a memorandum or other written
      instrument signed by a majority of the Plan Committee.

     

    (iii) If
      the
      Board, in its discretion, does not appoint a Plan Committee, the Board itself
      will administer and interpret the Plan and take such other actions as the Plan
      Committee is authorized to take hereunder; provided that the Board may take
      such
      actions hereunder in the same manner as the Board may take other actions under
      the Articles of Incorporation and bylaws of the Company generally. 

     

    (b) Eligibility
      of Plan Committee Members to Receive Awards.
      While
      serving on the Plan Committee, such members shall not be eligible for selection
      as Eligible Persons to whom an Award may be granted under the Plan.

     

    (c) Power
      to Make Awards.
      The Plan
      Committee shall have the full and final authority in its sole discretion, at
      any
      time and from time-to-time, subject only to the express terms, conditions and
      other provisions of the Articles of Incorporation of the Company and this Plan,
      and the specific limitations on such discretion set forth herein,
      to:

     

    (i) Designate
      the Eligible Persons or classes of Eligible Persons eligible to receive Awards
      from among the Eligible Persons;

     

    (ii) Grant
      Awards to such selected Eligible Persons or classes of Eligible Persons in
      such
      form and amount (subject to the terms of the Plan) as the Plan Committee shall
      determine; 

     

    (iii) Interpret
      the Plan, adopt, amend and rescind rules and regulations relating to the Plan,
      and make all other determinations and take all other action necessary or
      advisable for the implementation and administration of the Plan;
      and

     

    (iiii) Delegate
      all or a portion of its authority under subsections (i) and (ii) of this
Section
      3(c)
      to one
      or more directors of the Company who are executive officers of the Company,
      subject to such restrictions and limitations (such as the aggregate number
      of
      shares of Common Stock that may be awarded) as the Plan Committee may decide
      to
      impose on such delegate directors.

     

    In
      determining the recipient, form and amount of Awards, the Plan Committee shall
      consider any factors deemed relevant, including the recipient's functions,
      responsibilities, value of services to the Company and past and potential
      contributions to the Company's profitability and sound growth.

     

    (d) Interpretation
      Of Plan.
      The Plan
      Committee shall, in its sole and absolute discretion, interpret and determine
      the effect of all matters and questions relating to this Plan. The
      interpretations and determinations of the Plan Committee under the Plan
      (including without limitation determinations pertaining to the eligibility
      of
      Persons to receive Awards, the form, amount and timing of Awards, the methods
      of
      payment for Awards, and the other terms and provisions of Awards and the
      certificates or agreements evidencing same) need not be uniform and may be
      made
      by the Plan Committee selectively among Persons who receive, or are eligible
      to
      receive, Awards under the Plan, whether or not such Persons are similarly
      situated. All actions taken and all interpretations and determinations made
      under this Plan in good faith by the Plan Committee shall be final and binding
      upon the Recipient, the Company, and all other interested Persons. No member
      of
      the Plan Committee shall be personally liable for any action taken or decision
      made in good faith relating to this Plan, and all members of the Plan Committee
      shall be fully protected and indemnified to the fullest extent permitted under
      applicable law by the Company in respect to any such action, determination,
      or
      interpretation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (e) Compensation;
      Advisors.
      Members
      of the Plan Committee shall receive such compensation for their services as
      members as may be determined by the Board. All expenses and liabilities incurred
      by members of the Plan Committee in connection with the administration of the
      Plan shall be borne by the Company. The Plan Committee may, with the approval
      of
      the Board, employ attorneys, consultants, accountants, appraisers, brokers,
      or
      other Persons, at the cost of the Company. The Plan Committee, the Company
      and
      its officers and directors shall be entitled to rely upon the advice, opinions,
      or valuations of any such Persons. 

     

    4. STOCK
      POOL. 

     

    (a) Maximum
      Number of Shares Authorized Under Plan.
      Shares
      of stock which may be issued or granted under the Plan shall be authorized
      and
      unissued or treasury shares of Common Stock. The aggregate maximum number of
      shares of Common Stock which may be issued as a grant of Award Shares shall
      not
      exceed 37,500,000 shares of Common Stock (the "Stock Pool").

     

    (b) Date
      of Award.
      The date
      an Award is granted shall mean the date selected by the Plan Committee as of
      which the Plan Committee allots a specific number of shares to a Recipient
      with
      respect to such Award pursuant to the Plan.

     

    5. AWARD
      SHARES.

     

    (a) Grant.
      The Plan
      Committee may from time to time, and subject to the provisions of the Plan
      and
      such other terms and conditions as the Plan Committee may prescribe, grant
      to
      any Eligible Person one or more shares of Common Stock ("Award Shares")
      allotted by the Plan Committee. The grant of Award Shares or grant of the right
      to receive Award Shares shall be evidenced by either a written consulting
      agreement or a separate written agreement confirming such grant, executed by
      the
      Company and the Recipient, stating the number of Award Shares granted and
      stating all terms and conditions of such grant.

     

    (b) Purchase
      Price and Manner of Payment.
      The Plan
      Committee, in its sole discretion, may grant Award Shares in any of the
      following instances: 

     

    (i) as
      a
      "bonus" or "reward" for services previously rendered and compensated, in which
      case the recipient of the Award Shares shall not be required to pay any
      consideration for such Award Shares, and the value of such Award Shares shall
      be
      the Fair Market Value of such Award Shares on the date of grant; or

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii) as
      "compensation" for the previous performance or future performance of services
      or
      attainment of goals, in which case the recipient of the Award Shares shall
      not
      be required to pay any consideration for such Award Shares (other than the
      performance of his services).

     

    6. ADJUSTMENTS.

     

    (a) Subdivision
      or Stock Dividend.
      If (i)
      outstanding shares of Common Stock shall be subdivided into a greater number
      of
      shares by reason of recapitalization or reclassification, the number of shares
      of Common Stock, if any, available for issuance in the Stock Pool shall,
      simultaneously with the effectiveness of such subdivision or immediately after
      the record date of such dividend, be proportionately increased, and (ii)
      conversely, if the outstanding shares of Common Stock shall be combined into
      a
      smaller number of shares, the number of shares of Common Stock, if any,
      available for issuance in the Stock Pool shall, simultaneously with the
      effectiveness of such combination, be proportionately increased. 

     

    (b) Adjustments
      Determined in Sole Discretion of Board.
      To the
      extent that the foregoing adjustments relate to stock or securities of the
      Company, such adjustments shall be made by the Plan Committee, whose
      determination in that respect shall be final, binding and conclusive.

     

    (c) No
      Other Rights to Recipient.
      Except
      as expressly provided in this Section
      6,
      (i) the
      Recipient shall have no rights by reason of any subdivision or consolidation
      of
      shares of stock of any class or the payment of any stock dividend or any other
      increase or decrease in the number of shares of stock of any class, and (ii)
      the
      dissolution, liquidation, merger, consolidation or divisive reorganization
      or
      sale of assets or stock to another corporation, or any issue by the Company
      of
      shares of stock of any class, or securities convertible into shares of stock
      of
      any class, shall not affect, and no adjustment by reason thereof shall be made
      with respect to, the number of shares. The grant of an Award pursuant to this
      Plan shall not affect in any way the right or power of the Company to make
      adjustments, reclassifications, reorganizations or changes of its capital or
      business structure or to merge, consolidate, dissolve or liquidate, or to sell
      or transfer all or any part of its business or assets. 

     

    7. EMPLOYMENT
      STATUS.

     

    In
      no
      event shall the granting of an Award be construed as granting a continued right
      of employment to a Recipient if such Person is employed by the Company, nor
      effect any right which the Company may have to terminate the employment of
      such
      Person, at any time, with or without cause, except to the extent that such
      Person and the Company have agreed otherwise in writing.

     

    
      
        8. 
          AMENDMENT
          AND DISCONTINUATION OF PLAN; MODIFICATION OF AWARDS.

      

    

     

    (b) Amendment,
      Modification or Termination of Plan.
      The
      Board
      may amend the Plan or suspend or discontinue the Plan at any time or from
      time-to-time; provided,
      however no
      such
      action may adversely alter or impair any Award previously granted under this
      Plan without the consent of each Recipient affected thereby.

     

    (b) Compliance
      with Laws.
      The
      Plan
      Committee may at any time or from time-to-time, without receiving further
      consideration from any Person who may become entitled to receive or who has
      received the grant of an Award hereunder, modify or amend Awards granted under
      this Plan as required to: (i) comply with changes in securities, tax or other
      laws or rules, regulations or regulatory interpretations thereof applicable
      to
      this Plan or Awards thereunder or to comply with stock exchange rules or
      requirements.

     

    *
      * * *
      *Exhibit
        4(b)(6)

    

     

     

    UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM,
      THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE
      NOMINEE OF THE DEPOSITARY, TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
      DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
      OR
      A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED
      BY
      AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
      CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
      OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    
      	
              REGISTERED

            	
              $500,000,000

            
	 	 
	
              No.
                R - 001

            	
              CUSIP 
                073902PN2

              ISIN US073902PN28

            

    

     

    
       

      THE
        BEAR STEARNS COMPANIES INC.

    

     

    5.55%
      SUBORDINATED GLOBAL NOTE DUE JANUARY 22, 2017

    
       

      THE
        BEAR
        STEARNS COMPANIES INC.,
        a
        Delaware corporation (the “Company”), for value received, hereby promises to pay
        to Cede
        & Co.,
        or
        registered assigns, the principal amount stated above onJanuary 22, 2017
        (the
“Maturity Date”) and to pay interest thereon at the rate per annum of 5.55% (the
“Interest Rate”) until the principal hereof is fully paid or duly made available
        for payment. The Company will pay interest (computed on the basis of a 360-day
        year of twelve 30-day months) semi-annually in arrears on January 22 and
        July 22
        of each year (each an “Interest Payment Date”) commencing on January 22, 2007,
        and on the Maturity Date or, if applicable, the Redemption Date on said
        principal amount at the Interest Rate per annum specified above. Interest
        on
        this Note (as defined herein) will accrue from November 22, 2006 , or from
        the
        most recent Interest Payment Date on which interest has been paid or duly
        provided for. The interest so payable, and punctually paid or duly provided
        for,
        on the Interest Payment Dates and the Maturity Date (or the Redemption Date,
        if
        applicable), will, as provided in the Indenture (as defined herein), be paid
        to
        the Person in whose name this Note (or one or more Predecessor Securities)
        is
        registered at the close of business on the Regular Record Date for such
        interest, which shall be January 7 or July 7, whether or not a Business Day,
        as
        the case may be, next preceding such Interest Payment Date; provided,
        however,
        that
        interest payable on the Maturity Date or, if applicable, the Redemption Date
        will be payable to the Person to whom the principal hereof shall be payable;
        and
provided,
        further,
        that if
        an Interest Payment Date, Maturity Date or Redemption Date (if applicable),
        would fall on a day that is not a Business Day, such Interest Payment Date,
        Maturity Date or Redemption Date shall be the following day that is a Business
        Day and no additional interest shall be payable for the delay. Any such interest
        which is payable, but is not punctually paid or duly provided for, on any
        Interest Payment Date, Maturity Date or Redemption Date (if applicable) shall
        forthwith cease to be payable to the Holder on such Regular Record Date,
        and may
        be paid to the Person in whose name this Note (or one or more Predecessor
        Securities) is registered at the close of business on a Special Record Date,
        if
        any, for the payment of such Defaulted Interest to be fixed by the Trustee
        (as
        defined herein), notice whereof shall be given to the Holder of this Note
        not
        less than ten days prior to such Special Record Date, or may be paid at any
        time
        in any other lawful manner not inconsistent with the requirements of any
        securities exchange on which the Notes may be listed and upon such notice
        as may
        be required by such exchange, all as more fully provided in the
        Indenture.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    Payment
      of the principal of and interest on this Note shall be made at the office or
      agency of the Trustee maintained for that purpose in the Borough of Manhattan,
      The City of New York, in such coin or currency of the United States of America
      as at the time of payment is legal tender for the payment of public and private
      debt; provided,
      however,
      that
      payment of interest on any Interest Payment Date (other than the Maturity Date
      or Redemption Date, if any) may be made at the option of the Company by check
      mailed to the address of the Person entitled thereto as such address shall
      appear in the Security Register, or by wire transfer of immediately available
      funds, if the registered Holder of at least $10,000,000 in principal amount
      of
      Notes entitled to such interest has so requested by a notice in writing
      delivered to the Trustee not less than 16 days prior to the Interest Payment
      Date on which such payment is due, which notice shall provide appropriate
      instructions for such transfer; and provided,
      further,
      that if
      Notes are issued in certificated form upon Euroclear Bank S.A./N.A., as operator
      of the Euroclear System (“Euroclear”) or Clearstream Banking, société anonyme
      (“Clearstream”) being closed for a continuous period of 14 days and/or as
      provided in the Indenture, payments of principal and interest shall be made
      to
      the registered Holder thereof against presentation and surrender by such Holder
      of its Note at the specified office of any Paying Agent, by check drawn on
      a
      bank in New York City mailed on the Business Day immediately preceding the
      due
      date therefor.

     

    The
      principal hereof and interest due at maturity will be paid upon maturity in
      immediately available funds against presentation of this Note at the office
      or
      agency of the Trustee maintained for that purpose in the Borough of Manhattan,
      The City of New York.

     

    REFERENCE
      IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
      HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT
      AS
      IF SET FORTH ON THE FACE HEREOF.

     

    This
      Note
      shall be governed by and construed in accordance with the laws of the State
      of
      New York.

     

    Unless
      the certificate of authentication hereon has been executed by The Bank of New
      York, as the trustee under the Indenture, or its successor thereunder by the
      manual signature of one of its authorized signatories, this Note shall not
      be
      entitled to any benefit under the Indenture or be valid or obligatory for any
      purpose.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    

       

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

       

      Date:
        November 22, 2006

       

       

      
        	
                THE
                  BEAR STEARNS COMPANIES INC.

                 

                 

                By:
                  /s/
                  Samuel L. Molinaro
                  Jr.                        
                  

                Executive
                  Vice President and

                Chief
                  Financial Officer

              

      

       

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

     

    
      
        	
                THE
                  BANK OF NEW YORK,
                  as
                  Trustee

                 

                 

                By: /s/
                  Geovanni
                  Barris                                  
                  

                Authorized
                  Signature

              

      

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    [Reverse
      of Note]

    
       

      THE
        BEAR STEARNS COMPANIES INC.

    

     

    5.55%
      SUBORDINATED GLOBAL NOTE DUE JANUARY 22, 2017

     

    This
      Note
      is one of a duly authorized issue of debentures, notes or other evidences of
      indebtedness (hereinafter called the “Securities”) of the Company of the series
      hereinafter specified, all such Securities issued and to be issued under the
      Indenture, dated as of November 14, 2006 (the “Indenture”) between the Company
      and The Bank of New York, as trustee (the “Trustee” which term includes any
      successor trustee under the Indenture), to which Indenture and all indentures
      supplemental thereto reference is hereby made for a statement of the respective
      rights and limitations of rights thereunder of the Company, the Trustee and
      the
      Holders of the Securities, and the terms upon which the Securities are, and
      are
      to be, authenticated and delivered. As provided in the Indenture, Securities
      may
      be issued in one or more series, which different series may be issued in various
      aggregate principal amounts, may mature at different times, may bear interest,
      if any, at different rates, may be subject to different redemption provisions,
      if any, may be subject to different repayment provisions, if any, may be subject
      to different sinking, purchase or analogous funds, if any, may be subject to
      different covenants and Events of Default and may otherwise vary as in the
      Indenture provided or permitted. This Note is one of a series of the Securities
      designated as “5.55% Subordinated Global Notes due January 22, 2017” (the
“Notes”). The Notes are unsecured and rank (i) pari
      passu
      with all
      other unsecured and subordinated indebtedness of the Company and (ii) junior
      and
      subordinated in right of payment to all Senior Indebtedness of the Company,
      in
      each case as set forth in the Indenture. Notwithstanding anything to the
      contrary herein or in the Indenture, the Company may from time to time and
      at
      any time create and issue further Notes having the same terms and conditions
      as
      the Notes being issued on the date hereof, except for the first payment of
      interest thereon, which additional Notes will be consolidated with, and will
      form a single series with, the previously outstanding Notes.

     

    The
      Notes
      are not subject to a sinking fund, are not redeemable prior to maturity except
      upon the occurrence of certain tax events at the option of the Company (as
      described immediately below), and are not subject to repayment at the option
      of
      the Holder.

     

    If
      (a) as
      a result of any change in, or amendment to, the laws (or any regulations or
      rulings promulgated thereunder) of the United States (or any political
      subdivision or taxing authority thereof or therein), or any change in, or
      amendment to, the official position regarding the application or interpretation
      of such laws, regulations or rulings, which is announced or becomes effective
      on
      or after November 22, 2006, the Company determines it will be or will become
      obligated to pay Additional Amounts as described below, or (b) any act is taken
      by a taxing authority of the United States on or after October 24, 2005, whether
      such act is taken with respect to the Company or any affiliate, that results
      in
      a substantial probability that the Company will or may be required to pay such
      Additional Amounts, then the Company may, at its option, redeem, as a whole,
      but
      not in part, the Notes on any Interest Payment Date on not less than 30 nor
      more
      than 60 days’ prior notice at a redemption price equal to 100% of the principal
      amount to be redeemed, together with interest accrued thereon to the Redemption
      Date; provided
      that the
      Company determines, in its business judgment, that the obligation to pay such
      Additional Amounts cannot be avoided by the use of reasonable measures available
      to it, not including substitution of the obligor under the Notes. No redemption
      pursuant to clause (b) above may be made unless the Company has delivered to
      the
      Trustee a written opinion of independent legal counsel of recognized legal
      standing to the effect that an act taken by a taxing authority of the United
      States has resulted or will result in a substantial probability that it will
      or
      may be required to pay the Additional Amounts as described below and that the
      Company is therefore entitled to redeem the Notes pursuant to their
      terms.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Subject
      to the exceptions and limitations set forth below, the Company will pay as
      additional interest or principal, as the case may be, on the Notes, all such
      Additional Amounts that are necessary in order that the net payment by the
      Company or a Paying Agent of the principal of and interest on the Notes to
      a
      person that is not a U.S. Holder, after deduction for any present or future
      tax,
      assessment or governmental charge of the United States or a political
      subdivision or taxing authority thereof or therein, imposed by withholding
      with
      respect to the payment, will not be less than the amount provided in the Notes
      to be then due and payable; provided
      however,
      that the
      foregoing obligation to pay Additional Amounts shall not apply:

     

    (1) to
      a tax,
      assessment or governmental charge that is imposed or withheld solely by reason
      of the Holder, or a fiduciary, settlor, beneficiary, member or shareholder
      of
      the Holder, if the Holder is an estate, trust, partnership or corporation for
      federal income tax purposes, or a person holding a power over such an estate
      trust, partnership or corporation, or a person holding a power over such an
      estate or trust administered by a fiduciary Holder, being considered
      as:

     

    
      	
            	1.	
              being
                or having been present or engaged in a trade or business in the United
                States or having or having had a permanent establishment in the United
                States;

            

    

     

    
      	
            	2.	
              having
                a current or former connection with the United States, including
                a
                connection as a citizen or resident
                thereof;

            

    

     

    
      	
            	3.	
              being
                or having been a foreign or domestic personal holding company, a
                passive
                foreign investment company or a controlled foreign corporation with
                respect to the United States or a corporation that has accumulated
                earnings to avoid United States federal income
                tax;

            

    

     

    
      	
            	4.	
              being
                or having been a private foundation or other tax-exempt
                organization;

            

    

     

    
      	
            	5.	
              being
                or having been a “10-percent shareholder” of the Company as defined in
                Section 871(h)(3) of the United States Internal Revenue Code or any
                successor provision; or

            

    

     

    
      	
            	6.	
              being
                a bank receiving payments on an extension of credit made pursuant
                to a
                loan agreement entered into in the ordinary course of its trade or
                business;

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (2) to
      any
      Holder that is not the sole beneficial owner of the Notes, 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;

     

    (3) to
      a tax,
      assessment or governmental charge that is imposed or withheld solely by reason
      of the failure of the Holder or any other person to comply with certification,
      identification or information reporting requirements concerning the nationality,
      residence, identity or connection with the United States of the Holder or
      beneficial owner of such Note, if compliance is required by statute or
      regulation of the United States or of any political subdivision or taxing
      authority thereof or therein, or by an applicable income tax treaty to which
      the
      United States is a party as a precondition to exemption from such tax,
      assessment or other governmental charge;

     

    (4) to
      a tax,
      assessment or governmental charge that is imposed otherwise than by withholding
      by the Company or a Paying Agent from the payments on or in respect of a
      Note;

     

    (5) to
      a tax,
      assessment or governmental charge that is imposed or withheld by reason of
      the
      presentation by or on behalf of the beneficial owner of any Note for payment
      on
      a date more than 15 days after the payment becomes due or is duly provided
      for,
      whichever occurs later;

     

    (6) to
      an
      estate, inheritance, gift, sales, excise, transfer, wealth or personal property
      tax or a similar tax, assessment or governmental charge;

     

    (7) to
      any
      tax, assessment or other governmental charge required to be withheld by any
      Paying Agent from any payment of principal of or interest on any Note, if such
      payment can be made without such withholding by any other Paying Agent;
      or

     

    (8) in
      the
      case of any combination of items (1), (2), (3), (4), (5), (6) and
      (7);

     

    nor
      shall
      Additional Amounts be paid with respect to any payment on a Note to a Holder
      who
      is a fiduciary or partnership or other than the sole beneficial owner of such
      payment to the extent such payment would be required by the laws of the United
      States (or any political subdivision thereof) to be included in the income,
      for
      tax purposes, of a beneficiary or settlor with respect to such fiduciary or
      a
      member of such partnership or a beneficial owner who would not have been
      entitled to the Additional Amounts had such beneficiary, settlor, member or
      beneficial owner held its interest in the Note directly. For purposes hereof,
      a
“U.S. Holder” means a Holder that is (i) a citizen or resident of the United
      States; (ii) a corporation, partnership or other business entity created or
      organized in or under the laws of the United States or any State or political
      subdivision thereof (including the District of Columbia); (iii) an estate the
      income of which is subject to U.S. federal income taxation regardless of its
      source; or (iv) a trust with respect to which a court within the United States
      is able to exercise primary supervision over its administration, and one or
      more
      United States persons have the authority to control all of its substantial
      decisions.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    This
      Note
      is a registered global note which has been deposited with a custodian for,
      or on
      behalf of, DTC and registered in the name of Cede & Co., DTC’s nominee.
      Beneficial interests in this Note may be held through either DTC (in the United
      States) or Clearstream or Euroclear outside the United States.

     

    If
      any
      Event of Default with respect to the Notes shall occur and be continuing, the
      Trustee or the Holders of not less than 25% in principal amount of the
      Outstanding Notes may declare the principal of all the Notes due and payable
      in
      the manner and with the effect provided in the Indenture.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Company and
      the rights of the Holders of the Securities of each series to be affected under
      the Indenture at any time by the Company and the Trustee with the consent of
      the
      Holders of 66-2/3% in aggregate principal amount of the Securities at the time
      Outstanding of each series affected thereby. The Indenture also contains
      provisions permitting the Holders of specified percentages in aggregate
      principal amount of the Securities of each series at the time Outstanding,
      on
      behalf of the Holders of all Securities of each series, to waive compliance
      by
      the Company with certain provisions of the Indenture and certain past defaults
      under the Indenture and their consequences. Any such consent or waiver by the
      Holder of this Note shall be conclusive and binding upon such Holder and upon
      future Holders of this Note and of any Note issued upon the registration of
      transfer hereof or in exchange hereof or in lieu hereof whether or not notation
      of such consent or waiver is made upon this Note.

     

    Holders
      of Securities may not enforce their rights pursuant to the Indenture or the
      Securities except as provided in the Indenture. No reference herein to the
      Indenture and no provision of this Note or the Indenture shall alter or impair
      the obligation of the Company, which is absolute and unconditional, to pay
      the
      principal of and interest on this Note at the time, place, and rate, and in
      the
      coin or currency, herein prescribed.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Security Register of the
      Company, upon surrender of this Note for registration of transfer at the office
      or agency of the Company in the Borough of Manhattan, The City of New York,
      duly
      endorsed by, or accompanied by a written instrument of transfer in form
      satisfactory to the Company, and this Note duly executed by, the Holder hereof
      or by his attorney duly authorized in writing and thereupon one or more new
      Notes, of authorized denominations and for the same aggregate principal amount,
      will be issued to the designated transferee or transferees.

     

    The
      Notes
      are issuable only in registered form without coupons in denominations of $1,000
      and integral multiples thereof. As provided in the Indenture and subject to
      certain limitations therein set forth, this Note is exchangeable for a like
      aggregate principal amount of Notes of different authorized denominations as
      requested by the Holder surrendering the same.

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Prior
      to
      the due presentment of this Note for registration of transfer, the Company,
      the
      Trustee and any agent of the Company or the Trustee may treat the Person in
      whose name this Note is registered as the owner hereof for all purposes, whether
      or not this Note be overdue, and none of the Company, the Trustee or any such
      agent shall be affected by notice of the contrary.

     

    All
      notices regarding the Notes shall be published (i) in a leading English language
      daily newspaper of general circulation in London and (ii) in a leading English
      language daily newspaper of general circulation in New York. It is expected
      that
      such publication will be made in (i) the Financial
      Times
      or
      another daily newspaper in London approved by the Trustee or, if this is not
      possible, in one other English language daily newspaper approved by the Trustee
      with general circulation in Europe and (ii) The
      Wall Street Journal
      (Eastern
      Edition) in New York. Any such notice will be deemed to have been given on
      the
      date of the first publication in all the relevant newspapers.

     

    Until
      such time as any definitive Notes are issued, so long as the Notes are held
      in
      its or their entirety on behalf of Euroclear and/or Clearstream and DTC,
      publication in such newspapers may be replaced with the delivery of the relevant
      notice to Euroclear and/or Clearstream and DTC for communication by them to
      the
      Holders of the Notes. Any such notice shall be deemed to have been given to
      the
      Holders of the Notes on the seventh day after the day on which the said notice
      was given to Euroclear and/or Clearstream or DTC.

     

    All
      capitalized terms used in this Note and not otherwise defined herein shall
      have
      the meanings assigned to them in the Indenture.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM—

            	
              as
                tenants in common

            
	 	 
	
              TEN
                ENT—

            	
              as
                tenants by the entireties

            
	 	 
	
              JT
                TEN—

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            

    

     

    
      	
              UNIF
                GIFT MIN ACT—

            	
               
                

            	
              Custodian

            	
                

            
	 	
              (Cust)

            	 	
              (Minor)

            
	 	
              Under
                Uniform Gifts to Minors
                Act

            
	 	 
	 	
              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

    

      FOR
        VALUE
        RECEIVED, the
        undersigned hereby sell(s), assign(s) and transfer(s) unto

       

    

     

    ___________________________

    (Please
      insert social security or

    other
      identifying number of assignee)

     

     

     

      
        

      

      
        

      

    

    
      

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      within Note and all rights thereunder, hereby irrevocably constituting and
      appointing

     

    
      
        

      

    

     

    Attorney
      to transfer said Notes on the books of the Company, with full power of
      substitution in the premises.

     

    Date:____________________________

     

     

     

    ___________________________________

     

    _______________________________

    (Signature
      Guarantee)

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

     

    UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM,
      THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE
      NOMINEE OF THE DEPOSITARY, TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
      DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
      OR
      A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED
      BY
      AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
      CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
      EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
      CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
      OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
      TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
      IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.

     

    
      	
              REGISTERED

            	
              $500,000,000

            
	 	 
	
              No.
                R - 002

            	
              CUSIP 
                073902PN2

              ISIN US073902PN28

            

    

     

    
       

      THE
        BEAR STEARNS COMPANIES INC.

    

     

    5.55%
      SUBORDINATED GLOBAL NOTE DUE JANUARY 22, 2017

    
       

      THE
        BEAR
        STEARNS COMPANIES INC.,
        a
        Delaware corporation (the “Company”), for value received, hereby promises to pay
        to Cede
        & Co.,
        or
        registered assigns, the principal amount stated above onJanuary 22, 2017
        (the
“Maturity Date”) and to pay interest thereon at the rate per annum of 5.55% (the
“Interest Rate”) until the principal hereof is fully paid or duly made available
        for payment. The Company will pay interest (computed on the basis of a 360-day
        year of twelve 30-day months) semi-annually in arrears on January 22 and
        July 22
        of each year (each an “Interest Payment Date”) commencing on January 22, 2007,
        and on the Maturity Date or, if applicable, the Redemption Date on said
        principal amount at the Interest Rate per annum specified above. Interest
        on
        this Note (as defined herein) will accrue from November 22, 2006 , or from
        the
        most recent Interest Payment Date on which interest has been paid or duly
        provided for. The interest so payable, and punctually paid or duly provided
        for,
        on the Interest Payment Dates and the Maturity Date (or the Redemption Date,
        if
        applicable), will, as provided in the Indenture (as defined herein), be paid
        to
        the Person in whose name this Note (or one or more Predecessor Securities)
        is
        registered at the close of business on the Regular Record Date for such
        interest, which shall be January 7 or July 7, whether or not a Business Day,
        as
        the case may be, next preceding such Interest Payment Date; provided,
        however,
        that
        interest payable on the Maturity Date or, if applicable, the Redemption Date
        will be payable to the Person to whom the principal hereof shall be payable;
        and
provided,
        further,
        that if
        an Interest Payment Date, Maturity Date or Redemption Date (if applicable),
        would fall on a day that is not a Business Day, such Interest Payment Date,
        Maturity Date or Redemption Date shall be the following day that is a Business
        Day and no additional interest shall be payable for the delay. Any such interest
        which is payable, but is not punctually paid or duly provided for, on any
        Interest Payment Date, Maturity Date or Redemption Date (if applicable) shall
        forthwith cease to be payable to the Holder on such Regular Record Date,
        and may
        be paid to the Person in whose name this Note (or one or more Predecessor
        Securities) is registered at the close of business on a Special Record Date,
        if
        any, for the payment of such Defaulted Interest to be fixed by the Trustee
        (as
        defined herein), notice whereof shall be given to the Holder of this Note
        not
        less than ten days prior to such Special Record Date, or may be paid at any
        time
        in any other lawful manner not inconsistent with the requirements of any
        securities exchange on which the Notes may be listed and upon such notice
        as may
        be required by such exchange, all as more fully provided in the
        Indenture.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    Payment
      of the principal of and interest on this Note shall be made at the office or
      agency of the Trustee maintained for that purpose in the Borough of Manhattan,
      The City of New York, in such coin or currency of the United States of America
      as at the time of payment is legal tender for the payment of public and private
      debt; provided,
      however,
      that
      payment of interest on any Interest Payment Date (other than the Maturity Date
      or Redemption Date, if any) may be made at the option of the Company by check
      mailed to the address of the Person entitled thereto as such address shall
      appear in the Security Register, or by wire transfer of immediately available
      funds, if the registered Holder of at least $10,000,000 in principal amount
      of
      Notes entitled to such interest has so requested by a notice in writing
      delivered to the Trustee not less than 16 days prior to the Interest Payment
      Date on which such payment is due, which notice shall provide appropriate
      instructions for such transfer; and provided,
      further,
      that if
      Notes are issued in certificated form upon Euroclear Bank S.A./N.A., as operator
      of the Euroclear System (“Euroclear”) or Clearstream Banking, société anonyme
      (“Clearstream”) being closed for a continuous period of 14 days and/or as
      provided in the Indenture, payments of principal and interest shall be made
      to
      the registered Holder thereof against presentation and surrender by such Holder
      of its Note at the specified office of any Paying Agent, by check drawn on
      a
      bank in New York City mailed on the Business Day immediately preceding the
      due
      date therefor.

     

    The
      principal hereof and interest due at maturity will be paid upon maturity in
      immediately available funds against presentation of this Note at the office
      or
      agency of the Trustee maintained for that purpose in the Borough of Manhattan,
      The City of New York.

     

    REFERENCE
      IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE
      HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT
      AS
      IF SET FORTH ON THE FACE HEREOF.

     

    This
      Note
      shall be governed by and construed in accordance with the laws of the State
      of
      New York.

     

    Unless
      the certificate of authentication hereon has been executed by The Bank of New
      York, as the trustee under the Indenture, or its successor thereunder by the
      manual signature of one of its authorized signatories, this Note shall not
      be
      entitled to any benefit under the Indenture or be valid or obligatory for any
      purpose.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    

       

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

       

      Date:
        November 22, 2006

       

       

      
        	
                THE
                  BEAR STEARNS COMPANIES INC.

                 

                 

                By:
                  /s/
                  Samuel L. Molinaro
                  Jr.                             
                  

                Executive
                  Vice President and

                Chief
                  Financial Officer

              

      

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

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

     

     

    
      	
              THE
                BANK OF NEW YORK,
                as
                Trustee

               

               

              By:
                /s/
                Geovanni
                Barris                                 
                

              Authorized
                Signature

            

    

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 

    

    
      	 

    

     

    [Reverse
      of Note]

    
       

      THE
        BEAR STEARNS COMPANIES INC.

    

     

    5.55%
      SUBORDINATED GLOBAL NOTE DUE JANUARY 22, 2017

     

    This
      Note
      is one of a duly authorized issue of debentures, notes or other evidences of
      indebtedness (hereinafter called the “Securities”) of the Company of the series
      hereinafter specified, all such Securities issued and to be issued under the
      Indenture, dated as of November 14, 2006 (the “Indenture”) between the Company
      and The Bank of New York, as trustee (the “Trustee” which term includes any
      successor trustee under the Indenture), to which Indenture and all indentures
      supplemental thereto reference is hereby made for a statement of the respective
      rights and limitations of rights thereunder of the Company, the Trustee and
      the
      Holders of the Securities, and the terms upon which the Securities are, and
      are
      to be, authenticated and delivered. As provided in the Indenture, Securities
      may
      be issued in one or more series, which different series may be issued in various
      aggregate principal amounts, may mature at different times, may bear interest,
      if any, at different rates, may be subject to different redemption provisions,
      if any, may be subject to different repayment provisions, if any, may be subject
      to different sinking, purchase or analogous funds, if any, may be subject to
      different covenants and Events of Default and may otherwise vary as in the
      Indenture provided or permitted. This Note is one of a series of the Securities
      designated as “5.55% Subordinated Global Notes due January 22, 2017” (the
“Notes”). The Notes are unsecured and rank (i) pari
      passu
      with all
      other unsecured and subordinated indebtedness of the Company and (ii) junior
      and
      subordinated in right of payment to all Senior Indebtedness of the Company,
      in
      each case as set forth in the Indenture. Notwithstanding anything to the
      contrary herein or in the Indenture, the Company may from time to time and
      at
      any time create and issue further Notes having the same terms and conditions
      as
      the Notes being issued on the date hereof, except for the first payment of
      interest thereon, which additional Notes will be consolidated with, and will
      form a single series with, the previously outstanding Notes.

     

    The
      Notes
      are not subject to a sinking fund, are not redeemable prior to maturity except
      upon the occurrence of certain tax events at the option of the Company (as
      described immediately below), and are not subject to repayment at the option
      of
      the Holder.

     

    If
      (a) as
      a result of any change in, or amendment to, the laws (or any regulations or
      rulings promulgated thereunder) of the United States (or any political
      subdivision or taxing authority thereof or therein), or any change in, or
      amendment to, the official position regarding the application or interpretation
      of such laws, regulations or rulings, which is announced or becomes effective
      on
      or after November 22, 2006, the Company determines it will be or will become
      obligated to pay Additional Amounts as described below, or (b) any act is taken
      by a taxing authority of the United States on or after October 24, 2005, whether
      such act is taken with respect to the Company or any affiliate, that results
      in
      a substantial probability that the Company will or may be required to pay such
      Additional Amounts, then the Company may, at its option, redeem, as a whole,
      but
      not in part, the Notes on any Interest Payment Date on not less than 30 nor
      more
      than 60 days’ prior notice at a redemption price equal to 100% of the principal
      amount to be redeemed, together with interest accrued thereon to the Redemption
      Date; provided
      that the
      Company determines, in its business judgment, that the obligation to pay such
      Additional Amounts cannot be avoided by the use of reasonable measures available
      to it, not including substitution of the obligor under the Notes. No redemption
      pursuant to clause (b) above may be made unless the Company has delivered to
      the
      Trustee a written opinion of independent legal counsel of recognized legal
      standing to the effect that an act taken by a taxing authority of the United
      States has resulted or will result in a substantial probability that it will
      or
      may be required to pay the Additional Amounts as described below and that the
      Company is therefore entitled to redeem the Notes pursuant to their
      terms.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Subject
      to the exceptions and limitations set forth below, the Company will pay as
      additional interest or principal, as the case may be, on the Notes, all such
      Additional Amounts that are necessary in order that the net payment by the
      Company or a Paying Agent of the principal of and interest on the Notes to
      a
      person that is not a U.S. Holder, after deduction for any present or future
      tax,
      assessment or governmental charge of the United States or a political
      subdivision or taxing authority thereof or therein, imposed by withholding
      with
      respect to the payment, will not be less than the amount provided in the Notes
      to be then due and payable; provided
      however,
      that the
      foregoing obligation to pay Additional Amounts shall not apply:

     

    (1) to
      a tax,
      assessment or governmental charge that is imposed or withheld solely by reason
      of the Holder, or a fiduciary, settlor, beneficiary, member or shareholder
      of
      the Holder, if the Holder is an estate, trust, partnership or corporation for
      federal income tax purposes, or a person holding a power over such an estate
      trust, partnership or corporation, or a person holding a power over such an
      estate or trust administered by a fiduciary Holder, being considered
      as:

     

    
      	
            	7.	
              being
                or having been present or engaged in a trade or business in the United
                States or having or having had a permanent establishment in the United
                States;

            

    

     

    
      	
            	8.	
              having
                a current or former connection with the United States, including
                a
                connection as a citizen or resident
                thereof;

            

    

     

    
      	
            	9.	
              being
                or having been a foreign or domestic personal holding company, a
                passive
                foreign investment company or a controlled foreign corporation with
                respect to the United States or a corporation that has accumulated
                earnings to avoid United States federal income
                tax;

            

    

     

    
      	
            	10.	
              being
                or having been a private foundation or other tax-exempt
                organization;

            

    

     

    
      	
            	11.	
              being
                or having been a “10-percent shareholder” of the Company as defined in
                Section 871(h)(3) of the United States Internal Revenue Code or any
                successor provision; or

            

    

     

    
      	
            	12.	
              being
                a bank receiving payments on an extension of credit made pursuant
                to a
                loan agreement entered into in the ordinary course of its trade or
                business;

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (2) to
      any
      Holder that is not the sole beneficial owner of the Notes, 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;

     

    (3) to
      a tax,
      assessment or governmental charge that is imposed or withheld solely by reason
      of the failure of the Holder or any other person to comply with certification,
      identification or information reporting requirements concerning the nationality,
      residence, identity or connection with the United States of the Holder or
      beneficial owner of such Note, if compliance is required by statute or
      regulation of the United States or of any political subdivision or taxing
      authority thereof or therein, or by an applicable income tax treaty to which
      the
      United States is a party as a precondition to exemption from such tax,
      assessment or other governmental charge;

     

    (4) to
      a tax,
      assessment or governmental charge that is imposed otherwise than by withholding
      by the Company or a Paying Agent from the payments on or in respect of a
      Note;

     

    (5) to
      a tax,
      assessment or governmental charge that is imposed or withheld by reason of
      the
      presentation by or on behalf of the beneficial owner of any Note for payment
      on
      a date more than 15 days after the payment becomes due or is duly provided
      for,
      whichever occurs later;

     

    (6) to
      an
      estate, inheritance, gift, sales, excise, transfer, wealth or personal property
      tax or a similar tax, assessment or governmental charge;

     

    (7) to
      any
      tax, assessment or other governmental charge required to be withheld by any
      Paying Agent from any payment of principal of or interest on any Note, if such
      payment can be made without such withholding by any other Paying Agent;
      or

     

    (8) in
      the
      case of any combination of items (1), (2), (3), (4), (5), (6) and
      (7);

     

    nor
      shall
      Additional Amounts be paid with respect to any payment on a Note to a Holder
      who
      is a fiduciary or partnership or other than the sole beneficial owner of such
      payment to the extent such payment would be required by the laws of the United
      States (or any political subdivision thereof) to be included in the income,
      for
      tax purposes, of a beneficiary or settlor with respect to such fiduciary or
      a
      member of such partnership or a beneficial owner who would not have been
      entitled to the Additional Amounts had such beneficiary, settlor, member or
      beneficial owner held its interest in the Note directly. For purposes hereof,
      a
“U.S. Holder” means a Holder that is (i) a citizen or resident of the United
      States; (ii) a corporation, partnership or other business entity created or
      organized in or under the laws of the United States or any State or political
      subdivision thereof (including the District of Columbia); (iii) an estate the
      income of which is subject to U.S. federal income taxation regardless of its
      source; or (iv) a trust with respect to which a court within the United States
      is able to exercise primary supervision over its administration, and one or
      more
      United States persons have the authority to control all of its substantial
      decisions.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    This
      Note
      is a registered global note which has been deposited with a custodian for,
      or on
      behalf of, DTC and registered in the name of Cede & Co., DTC’s nominee.
      Beneficial interests in this Note may be held through either DTC (in the United
      States) or Clearstream or Euroclear outside the United States.

     

    If
      any
      Event of Default with respect to the Notes shall occur and be continuing, the
      Trustee or the Holders of not less than 25% in principal amount of the
      Outstanding Notes may declare the principal of all the Notes due and payable
      in
      the manner and with the effect provided in the Indenture.

     

    The
      Indenture permits, with certain exceptions as therein provided, the amendment
      thereof and the modification of the rights and obligations of the Company and
      the rights of the Holders of the Securities of each series to be affected under
      the Indenture at any time by the Company and the Trustee with the consent of
      the
      Holders of 66-2/3% in aggregate principal amount of the Securities at the time
      Outstanding of each series affected thereby. The Indenture also contains
      provisions permitting the Holders of specified percentages in aggregate
      principal amount of the Securities of each series at the time Outstanding,
      on
      behalf of the Holders of all Securities of each series, to waive compliance
      by
      the Company with certain provisions of the Indenture and certain past defaults
      under the Indenture and their consequences. Any such consent or waiver by the
      Holder of this Note shall be conclusive and binding upon such Holder and upon
      future Holders of this Note and of any Note issued upon the registration of
      transfer hereof or in exchange hereof or in lieu hereof whether or not notation
      of such consent or waiver is made upon this Note.

     

    Holders
      of Securities may not enforce their rights pursuant to the Indenture or the
      Securities except as provided in the Indenture. No reference herein to the
      Indenture and no provision of this Note or the Indenture shall alter or impair
      the obligation of the Company, which is absolute and unconditional, to pay
      the
      principal of and interest on this Note at the time, place, and rate, and in
      the
      coin or currency, herein prescribed.

     

    As
      provided in the Indenture and subject to certain limitations therein set forth,
      the transfer of this Note may be registered on the Security Register of the
      Company, upon surrender of this Note for registration of transfer at the office
      or agency of the Company in the Borough of Manhattan, The City of New York,
      duly
      endorsed by, or accompanied by a written instrument of transfer in form
      satisfactory to the Company, and this Note duly executed by, the Holder hereof
      or by his attorney duly authorized in writing and thereupon one or more new
      Notes, of authorized denominations and for the same aggregate principal amount,
      will be issued to the designated transferee or transferees.

     

    The
      Notes
      are issuable only in registered form without coupons in denominations of $1,000
      and integral multiples thereof. As provided in the Indenture and subject to
      certain limitations therein set forth, this Note is exchangeable for a like
      aggregate principal amount of Notes of different authorized denominations as
      requested by the Holder surrendering the same.

     

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Prior
      to
      the due presentment of this Note for registration of transfer, the Company,
      the
      Trustee and any agent of the Company or the Trustee may treat the Person in
      whose name this Note is registered as the owner hereof for all purposes, whether
      or not this Note be overdue, and none of the Company, the Trustee or any such
      agent shall be affected by notice of the contrary.

     

    All
      notices regarding the Notes shall be published (i) in a leading English language
      daily newspaper of general circulation in London and (ii) in a leading English
      language daily newspaper of general circulation in New York. It is expected
      that
      such publication will be made in (i) the Financial
      Times
      or
      another daily newspaper in London approved by the Trustee or, if this is not
      possible, in one other English language daily newspaper approved by the Trustee
      with general circulation in Europe and (ii) The
      Wall Street Journal
      (Eastern
      Edition) in New York. Any such notice will be deemed to have been given on
      the
      date of the first publication in all the relevant newspapers.

     

    Until
      such time as any definitive Notes are issued, so long as the Notes are held
      in
      its or their entirety on behalf of Euroclear and/or Clearstream and DTC,
      publication in such newspapers may be replaced with the delivery of the relevant
      notice to Euroclear and/or Clearstream and DTC for communication by them to
      the
      Holders of the Notes. Any such notice shall be deemed to have been given to
      the
      Holders of the Notes on the seventh day after the day on which the said notice
      was given to Euroclear and/or Clearstream or DTC.

     

    All
      capitalized terms used in this Note and not otherwise defined herein shall
      have
      the meanings assigned to them in the Indenture.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      instrument, shall be construed as though they were written out in full according
      to applicable laws or regulations:

     

    
      	
              TEN
                COM—

            	
              as
                tenants in common

            
	 	 
	
              TEN
                ENT—

            	
              as
                tenants by the entireties

            
	 	 
	
              JT
                TEN—

            	
              as
                joint tenants with right of survivorship and not as tenants in
                common

            

    

     

     

    
      
        	
                UNIF
                  GIFT MIN ACT—

              	
                 
                  

              	
                Custodian

              	
                  

              
	 	
                (Cust)

              	 	
                (Minor)

              
	 	
                Under
                  Uniform Gifts to Minors
                  Act

              
	 	 
	 	
                (State)

              

      

       

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    ASSIGNMENT

    

      

        FOR
          VALUE
          RECEIVED, the
          undersigned hereby sell(s), assign(s) and transfer(s) unto

         

         

      

    

    ___________________________

    (Please
      insert social security or

    other
      identifying number of assignee)

     

     

      
        

      

    

    
      
        

      

    

    
      

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      within Note and all rights thereunder, hereby irrevocably constituting and
      appointing

     

    
      
        

      

    

     

    Attorney
      to transfer said Notes on the books of the Company, with full power of
      substitution in the premises.

     

    Date:____________________________

     

     

    ___________________________________

     

    ____________________________

    (Signature
      Guarantee)

     

    
      
        
        

      

      
        11

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