Document:

EX-10.2

 Exhibit 10.2 

HEALTHSTREAM, INC. 

RESTRICTED SHARE UNIT AGREEMENT 

This RESTRICTED SHARE UNIT AGREEMENT (this “Agreement”) is made and entered into as of the 15th day of May, 2018 (the “Grant Date”), between HealthStream, Inc., a Tennessee corporation (together with its Subsidiaries and Affiliates, the “Company”), and Michael
Sousa (the “Grantee”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the HealthStream, Inc. 2016 Omnibus Incentive Plan (the “Plan”). 

WHEREAS, the Company has adopted the Plan, which permits the issuance of Restricted Share Units; and 

WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”) has determined that it would
be to the advantage and best interest of the Company and its shareholders to grant an award of the RSUs (as defined below) as a “Restricted Share Unit Award” as defined by and pursuant to the terms of the Plan, and pursuant to the terms
set forth herein; and 
 WHEREAS, by execution hereof, Grantee is surrendering for cancellation the outstanding performance-based restricted
stock unit awards held by Grantee prior to the Grant Date as more specifically provided below; 
 NOW, THEREFORE, the parties hereto agree
as follows: 
  

	 	1.	Grant of Restricted Share Unit Award.  

 1.1    The Company hereby
grants to the Grantee an award (“Award”) of 35,000 Restricted Share Units (“RSUs”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. Each RSU shall have a value equal to
the Fair Market Value of one Share. A bookkeeping account will be maintained by the Company to keep track of the RSUs. 

1.2    The Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the dates on
which the RSUs shall vest in accordance with Section 2 hereof. This Award may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by Grantee other than by will or the laws of descent
and distribution. 
  

	 	2.	Vesting and Payment. 

 2.1    Vesting. The RSUs subject to
this Award shall vest as follows, subject to the time-based vesting condition set forth in the last sentence of this Section 2.1 and the Catch-Up Provision (as defined in Exhibit
A) set forth in Exhibit A (all such vesting dates as set forth below, the “Vesting Dates”): 

(i)    Up to 3,500 RSUs (10% of the total RSUs) shall vest on March 15, 2019, based on the extent of the satisfaction of
the Performance Criteria (as defined on Exhibit A) for the period beginning on January 1, 2018 and ending December 31, 2018, as referenced on Exhibit A; 

 (ii)    Up to 5,250 RSUs (15% of the total RSUs) shall vest on March 15,
2020, based on the extent of the satisfaction of the Performance Criteria for the period beginning on January 1, 2019 and ending December 31, 2019, as referenced on Exhibit A; 

(iii)    Up to 7,000 RSUs (20% of the total RSUs) shall vest on March 15, 2021, based on the extent of the
satisfaction of the performance criteria for the period beginning on January 1, 2020 and ending December 31, 2020, as referenced on Exhibit A; 

(iv)    Up to 8,750 RSUs (25% of the total RSUs) shall vest on March 15, 2022, based on the extent of the
satisfaction of the performance criteria for the period beginning on January 1, 2021 and ending December 31, 2021, as referenced on Exhibit A; and 

(v)    Up to 10,500 RSUs (30% of the total RSUs) shall vest on March 15, 2023, based on the extent of the
satisfaction of the performance criteria for the period beginning on January 1, 2022 and ending December 31, 2022, as referenced on Exhibit A. 

Notwithstanding the foregoing or anything contained herein to the contrary (but subject to Section 2.2 below), this
Award shall not become vested as to any additional RSUs following the Grantee’s termination of employment with the Company for any reason and Grantee shall forfeit any unvested RSUs as of the date of such termination of employment. 

 

	 	2.2	Change in Control. 

 (a)    Notwithstanding anything contained herein
to the contrary, except as may otherwise be determined by the Committee, in the event that there is a Change in Control (as defined in the Plan) that is consummated prior to March 15, 2023, then upon the occurrence of such Change in Control,
this Award shall become vested immediately prior to a Change in Control as to 100% of the RSUs otherwise eligible for vesting in (i) the then current Performance Period (as defined in Exhibit A) for which the Vesting Date set forth in
Section 2.1 has not yet occurred, (ii) the next Subsequent Performance Period for which the Vesting Date set forth in Section 2.1 has not yet occurred, and (iii) in the event that the
Change in Control has been consummated following the end of a calendar year but prior to the next Vesting Date (i.e., on which vesting would occur based on the performance for such calendar year), then the RSUs will vest for such calendar year
concurrently with the consummation of the Change in Control based on the extent of the satisfaction of the performance criteria for such calendar year as referenced on Exhibit A. 

(b)    Notwithstanding anything contained herein to the contrary, except as may otherwise be determined by the Committee
and except as with regard to vesting that occurs pursuant to Section 2.2(a) above, no RSUs shall vest pursuant to this Agreement 

  
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due to a Change in Control that is consummated prior to March 15, 2023. It is further understood and agreed that, in such circumstance, Grantee will not be entitled to any RSUs that have not
vested preceding the occurrence of the Change in Control other than as set forth in Section 2.2(s) above even if such RSUs are subject to the Catch-Up Provision. 

2.3    Settlement. The Grantee shall be entitled to settlement of the RSUs subject to this Award at the time that
such RSUs vest pursuant to Section 2.1 or Section 2.2, as applicable. Such settlement shall be made as promptly as practicable thereafter (but in no event after the fifteenth day following the
applicable vesting date, or in the case of a Change in Control, the date of the occurrence of the Change in Control). Any settlement of RSUs granted pursuant to this Award shall be made in Shares through the issuance to the Grantee of a stock
certificate (or evidence such Shares have been registered in the name of the Grantee with the transfer agent of the Company) for a number of Shares equal to the number of such vested RSUs. The Committee may, in its discretion, provide that the
ownership of Shares upon the vesting of the RSUs shall be evidenced by a “book entry” (i.e., a computerized or manual entry) in the records of the Company or its designated agent in the name of the Grantee who has become vested in such
Shares. The Grantee will not be entitled to any dividend equivalent or voting rights with regard to the RSUs. 

2.4    Withholding Obligations. Prior to the settlement of any RSUs subject to this Award, Grantee shall provide
(i) full payment (in cash or by check or by a combination thereof) to satisfy the minimum tax withholding obligation with respect to which the Award or portion thereof shall settle or (ii) indication that the Grantee elects to tender to
the Company Shares owned by the Grantee (or by the Grantee and his or her spouse jointly) and purchased and held for the requisite period of time as may be required to avoid the Company’s incurring an adverse accounting charge, based on the
Fair Market Value of such Shares on the payment date necessary to satisfy the minimum withholding tax obligation that would otherwise be required to be paid by the Grantee to the Company pursuant to clause (i) of this
Section 2.4, or (iii) notwithstanding the foregoing and unless notice to the contrary is given to the Grantee by the Company, the number of Shares that would otherwise be issued to the Grantee upon settlement of the
Award (or portion thereof) reduced by a number of Shares having an aggregate Fair Market Value, on the date of such issuance, equal to the payment to satisfy the minimum withholding tax obligation that would otherwise be required to be made by the
Grantee to the Company pursuant to clause (i) of this Section 2.4. Any social security calculation or other adjustments discovered after the net Share payment described in Section 2.4(iii)
hereof will be settled in cash, not in Shares. For the avoidance of doubt, the Company may satisfy the Grantee’s withholding obligation from the Grantee’s other compensation which may be payable by the Company, including any withholding
obligation which may not be satisfied though the procedures identified in this Section 2.4. Vesting of the Award (or portion thereof) will result in taxable compensation reportable on the Grantee’s W-2 in year the Company Shares are delivered or otherwise made available to the Grantee. 

  
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 3.    No Right to Continued Service. Nothing in this Agreement or the
Plan shall be interpreted or construed to confer upon the Grantee any right to continue service as an officer or employee of the Company. 

4.    Adjustments. The provisions of Section 4.2 and
Section 14.3 of the Plan are hereby incorporated by reference, and the RSUs are subject to such provisions. Any determination made by the Committee pursuant to such provisions shall be made in accordance with the provisions
of the Plan and shall be final and binding for all purposes of the Plan and this Agreement. 
 5.    Administration
Subject to the Plan. The Grantee hereby acknowledges receipt of a copy of (or an electric link to) the Plan and agrees to be bound by all the terms and provisions thereof. The terms of this Agreement are governed by the terms of the Plan, and in
the case of any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall govern. The Committee shall have the power to interpret the Plan and this Agreement and to adopt such rules for the
administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the
Grantee, the Company and all other interested persons. No member of the Committee shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award. 

6.    Modification of Agreement. Subject to the restrictions contained in the Plan and applicable law (including
compliance with Section 409A of the Code), the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, the RSU, prospectively or retroactively. 

7.    Section 409A. Notwithstanding anything herein to the contrary, to the maximum extent permitted by applicable
law, the settlement of the RSUs to be made to the Grantee pursuant to this Agreement is intended to qualify as a “short-term deferral” pursuant to Section 1.409A-1(b)(4) of the Regulations and
this Agreement shall be interpreted consistently therewith. However, in any circumstances where the settlement of the RSUs may not so qualify, the Committee shall administer the grant and settlement of such RSUs in strict compliance with
Section 409A of the Code. Further, notwithstanding anything herein to the contrary, to the extent that this Award constitutes deferred compensation for purposes of Section 409A of the Code (i) no RSU payable upon the Grantee’s
termination of service shall be issued, unless Grantee’s termination of service constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Treasury Regulations
and (ii) if at the time of a Grantee’s termination of employment with the Company and all “service recipients” (as defined in the applicable provision of the Treasury Regulations), the Grantee is a “specified employee”
as defined in Section 409A of the Code, and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of service is necessary in order to prevent the imposition of any accelerated
or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to the
Grantee) to the minimum extent necessary to satisfy Section 409A of the Code until the 

  
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date that is six months and one day following the Participant’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code), if such
payment or benefit is payable upon a termination of employment. Each payment of RSUs constitutes a “separate payment” for purposes of Section 409A of the Code. Notwithstanding any other provision of this Agreement or the Plan to the
contrary, to the extent that this RSU Agreement constitutes deferred compensation for purposes of Section 409A of the Code, a “Change in Control” for purposes of determining the date the RSUs are settled pursuant to this Agreement
shall be defined as set forth in Section 1.409A-3(i)(5) of the Treasury Regulations. 

8.    No Right to Continued Employment. The grant of the RSU shall not be construed as giving the Grantee the right
to be retained in the service of the Company, and the Company may at any time dismiss the Grantee from service, free from any liability or any claim under the Plan. 

9.    Severability. If any provision of this Agreement is, or becomes, or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or the Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if
it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award, and the remainder of the
Plan and Award shall remain in full force and effect. 
 10.    Governing Law. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the State of Tennessee without giving effect to the conflicts of law principles thereof, except to the extent that such laws are preempted by Federal law. 

11.    Successors in Interest.    This Agreement shall inure to the benefit of and be binding
upon any successor to the Company. This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations imposed upon the Grantee and all rights granted to the Company under this Agreement shall be binding upon the
Grantee’s heirs, executors, administrators and successors. 
 12.    Resolution of Disputes. Any dispute or
disagreement which may arise under, or as a result of, or in any way related to, the interpretation, construction or application of this Agreement shall be determined by the Committee. Any determination made hereunder shall be final, binding and
conclusive on the Grantee and the Company for all purposes. 
 13.    Rights as a Shareholder. Grantee shall not
have voting or any other rights as a shareholder of the Company with respect to the RSUs. Grantee will obtain voting and other rights as a shareholder of the Company upon the settlement of the RSUs in Shares. 

  
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 14.    Notices. All notices required to be given under this Agreement
shall be deemed to be received if delivered or mailed as provided for herein to the parties at the following addresses, or to such other address as either party may provide in writing from time to time. 

 

			
	 To the Company:
	  	HealthStream, Inc.
		  	 Cummins Station, Suite 450
 209 10th Avenue
South
 Nashville TN 37203

		
	 To the Grantee:
	  	The address then maintained with respect to the Grantee in the Company’s records.

 15.    Cancellation of Existing Awards. The parties acknowledge and agree that the
Company previously awarded to Grantee the following performance-based restricted stock unit awards pursuant to the following agreements: (1) 25,000 performance-based restricted stock unit awards granted pursuant to that certain restricted share unit
agreement entered into in September 2015, between the Company and Grantee which had performance periods for the years ended December 31, 2015, December 31, 2016, December 31, 2017, December 31, 2018 and December 31, 2019, as
applicable (of which 11,250 restricted stock unit awards remained outstanding prior to the effectiveness of this Agreement), (2) 5,000 performance-based restricted stock unit awards granted pursuant to that certain restricted share unit agreement
entered into in September 2015, between the Company and Grantee which had a performance period for the five-year period ending December 31, 2019 (all of which restricted stock unit awards remained outstanding prior to the effectiveness of this
Agreement), and (3) 4,250 performance-based restricted stock unit awards granted pursuant to that restricted share unit agreement entered into in December 2016, between the Company and Grantee which had a performance period for the three-year period
ending December 31, 2019 (all of which restricted stock unit awards remained outstanding prior to the effectiveness of this Agreement) (the outstanding performance-based restricted stock unit awards referenced in clauses (1), (2) and
(3) above, the “Preexisting RSUs”; the restricted share unit agreements referenced in clauses (1), (2) and (3) above, the “Preexisting RSU Agreements”). By execution hereof, (i) the Preexisting RSU
Agreements are hereby terminated and of no further force and effect, and the Company and Grantee have no further rights and obligations thereunder, and (ii) Grantee hereby surrenders the Preexisting RSUs for cancellation, and the Company hereby
accepts such surrender and cancellation. 
 [signature page follows] 

  
 6 

 [signature page to Restricted Share Unit Award Agreement] 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed effective as of the day and year first above written. 

 

	
	HEALTHSTREAM, INC.:
	
	 By: /s/ Robert A. Frist, Jr.

	Robert A. Frist, Jr.
	Chief Executive Officer
	
	GRANTEE:
	
	 /s/ Michael Sousa

	Michael Sousa

  
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 Exhibit A 

Performance Criteria 
 For
purposes of this Award, performance will be measured over the following five performance periods (the “Performance Periods”): (i) the period beginning on January 1, 2018 and ending on December 31, 2018 (the
“Initial Performance Period”; all Performance Periods other than the Initial Performance Period, “Subsequent Performance Periods”), (ii) the period beginning on January 1, 2019, and ending on December 31,
2019, (iii) the period beginning on January 1, 2020, and ending on December 31, 2020, (iv) the period beginning on January 1, 2021 and ending on December 31, 2021, and (v) the period beginning on January 1, 2022 and
ending on December 31, 2022. For purposes of this Award, the performance criteria referenced herein for any Performance Period is referred to as the “Performance Criteria.” 

For each of the Performance Periods, the Committee shall determine (the “Determination”) the Performance Criteria on an
annual basis, and it is anticipated that the Performance Criteria will be based on one or more annual financial performance targets of the business unit over which Grantee is President (the “Business Unit”), which may include, among
other things, operating income, EBITDA and revenue thresholds of such Business Unit (the “Business Unit Financial Metric”) as determined by the Committee in connection with the Determination. Determination of the Performance
Criteria for the Initial Performance Period shall be determined by the Committee at or near the time this Agreement is approved by the Committee. The Determination of the Performance Criteria for each of the Subsequent Performance Periods shall be
determined by the Committee within 90 calendar days following the beginning of each Subsequent Performance Period. 
 If the performance
achieved in the applicable Performance Period meets or exceeds the established target goal level as established by the Committee, 100% of the RSUs eligible to vest in respect of such Performance Period pursuant to Section 2.1 shall vest and
settle pursuant to the terms of this Agreement.    If the performance achieved in the applicable Performance Period is less than the established target goal level as established by the Committee, none of the RSUs eligible to vest
in respect of such Performance Period pursuant to Section 2.1 shall vest and settle pursuant to the terms of this Agreement. In addition, except as otherwise determined by the Committee, the impact of any acquisitions or divestitures that are
pursued or completed during any Performance Period shall be excluded from the calculation of the Business Unit Financial Metric for such Performance Period pursuant to the terms of this Agreement, including, without limitation, any expenses
associated with acquisitions or divestitures pursued or completed during Performance Period and operating income (loss), EBITDA and revenue, as applicable, resulting from acquisitions and divestitures completed during such Performance Period. 

In addition, in connection with making the Determination for each corresponding Subsequent Performance Period, the Committee will establish
criteria by which RSUs (if any) that have not vested with respect to the prior year’s Performance Period may vest in part or in full on the Vesting Date for the Subsequent Performance Period to the extent

 
that the Performance Criteria for such Subsequent Performance Period is exceeded by an amount as determined at such time by the Committee in connection with the Determination (the “Catch-Up Provision”); provided, however, that in the event that RSUs do not vest in any calendar year and thus are available to vest in the succeeding calendar year (the “Succeeding Year”)
pursuant to the Catch-Up Provision, and subsequently do not vest in such Succeeding Year, then such RSUs will not be eligible to vest in any subsequent calendar year that follows such Succeeding Year. 

  
 9EX-4.1

 Exhibit 4.1 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (“DTC”), to the Corporation (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or 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. 
 Unless and until it
is exchanged in whole or in part for Securities (as defined herein) in definitive registered form, this certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC
or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
 CANADIAN PACIFIC RAILWAY
COMPANY 
 4.000% Notes due 2028 
  

			
	No. 1	  	US$500,000,000
		  	CUSIP: 13645R AY0

 Canadian Pacific Railway Company, a corporation duly organized and existing under the laws of Canada (herein
called the “Corporation”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
US$500,000,000 (FIVE HUNDRED MILLION UNITED STATES DOLLARS) on June 1, 2028, at the office or agency of the Corporation referred to below, and to pay interest thereon on December 1, 2018 and semi-annually thereafter, on June 1 and
December 1 in each year, from May 16, 2018, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at the rate of 4.000% per annum, until the principal hereof is paid or duly provided for, and
(to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from the date on which such overdue interest becomes payable to the date payment of such interest has been made or duly provided for. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for
such interest, which shall be May 15 or November 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be
payable to the Holder on such Regular Record Date, and such defaulted interest, and (to the extent lawful) interest on such defaulted interest at the rate borne by the Securities, may be paid to the Person in whose name this Security is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities not less than 10 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 Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

 Unless the certificate of authentication hereon has been duly executed by the Trustee by manual
signature, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

(signature page to follow) 

 IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed under its
corporate seal. 
 Dated:     
  

			
	 CANADIAN PACIFIC RAILWAY

COMPANY

		
	By	 	 
		 	 Name:
 Title:

		
	By	 	 
		 	 Name:
 Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in, and issued under, the within-mentioned Indenture. 

 

							
		 		 	 WELLS FARGO BANK,

NATIONAL ASSOCIATION
 as Trustee

				
	Dated:
                                    	 		 	By:	 	 
		 		 		 	 Authorized Signatory

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Corporation designated as its 4.000% Notes due 2028 (herein called the
“Securities”), limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to US$500,000,000, which may be issued under an indenture dated as of September 11, 2015, among the Corporation and
Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture, as defined below), as supplemented by the Third Supplemental Indenture, among the Corporation,
Canadian Pacific Railway Limited (the “Guarantor”) and the Trustee (as supplemented by the Third Supplemental Indenture, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Corporation, Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is a global Security representing US$500,000,000 aggregate principal amount of the Securities. 

Payment of the principal of (and premium, if any, on) and interest on this Security will be made at the office or agency of the Corporation
maintained or caused to be maintained for that purpose in New York, New York or at such other office or agency of the Corporation as may be maintained or caused to be maintained for such purpose, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of the principal (and premium, if any) and interest may be made at the option of the Corporation (i) by check
mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by wire transfer to an account maintained by the Person located in the United States entitled thereto as specified in the
Security Register; provided, that principal paid in relation to any Security, redeemed at the option of the Corporation or upon Maturity, shall be paid to the Holder of such Security only upon presentation and surrender of such Security to
such office or agency referred to above. 
 The Corporation will pay to the Holders such Additional Amounts as may be payable under
Section 9.07 of the Indenture. 
 Prior to March 1, 2028 (the date that is three months prior to the maturity date of the
Securities), the Corporation may redeem the Securities, in whole or in part, at the option of the Corporation, at any time or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be
redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed that would be due if the Securities matured on March 1, 2028 (the date that is three months prior
to the maturity date of the Securities) (exclusive of any portion of the payments of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Yield plus 15 basis points, plus, in the case of (1) and (2), accrued interest thereon to, but excluding, the date of redemption, all as provided
in the Indenture. 
 On or after March 1, 2028 (the date that is three months prior to the maturity date of the Securities) the
Corporation may redeem the Securities, in whole or in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

 Holders of Securities to be redeemed will receive notice of redemption delivered at least 30 and
not more than 60 days prior to the date fixed for redemption. 
 “Treasury Yield” means, with respect to any redemption date, the
rate per annum equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for that redemption date. 
 “Comparable Treasury Issue” means the United States Treasury
security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities matured on the Par
Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

“Comparable Treasury Price” means (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer
Quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers selected by the Corporation or, if such
firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing in the United States appointed by the Corporation. 

“Par Call Date” means March 1, 2028, the date that is three months prior to the maturity date of the Securities. 

“Reference Treasury Dealers” means each of (i) Morgan Stanley & Co. LLC, Barclays Capital Inc. and Wells Fargo
Securities, LLC and/or their affiliates which are primary U.S. government securities dealers in New York City (each, a “Primary Treasury Dealer”), and their respective successors; and (ii) one other which is a primary U.S. Government
securities dealer and its respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Corporation will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
3:30p.m. New York time on the third business day preceding such redemption date. 

 The Securities are also subject to redemption as a whole but not in part, at the option of the
Corporation, at any time, on not less than 30 nor more than 60 days’ prior written notice to each Holder of Securities to be redeemed at such Holder’s address appearing on the Security Register at a redemption price equal to 100% of the
principal amount, together with accrued and unpaid interest to but excluding the date fixed for redemption, in the event there is more than an insubstantial risk that the Corporation has become or would become obligated to pay, on the next date on
which any amount would be payable with respect to the Securities, any Additional Amounts as a result of any amendment or change in the laws (including any regulations promulgated thereunder) of Canada (or any political subdivision or taxing
authority thereof or therein), or any amendment to or change in any official position regarding the application or interpretation of such laws or regulations, which change or amendment is announced or becomes effective on or after May 14, 2018,
all as provided in Section 10.08 of the Indenture. 
 The Securities are also subject to redemption pursuant to Article 3 of the Third
Supplemental Indenture. 
 In the case of any redemption of Securities, interest installments whose Stated Maturity is on or prior to the
Redemption Date will be payable to the Holders of such Securities of record at the close of business on the relevant Record Date referred to on the face hereof. Securities (or portions thereof) for whose redemption provision is made in accordance
with the Indenture shall cease to bear interest from and after the Redemption Date. 
 The Securities do not have the benefit of sinking
fund obligations. 
 In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed portion
hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If an Event of Default shall occur and be
continuing, the principal of all the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Corporation on this Security and
(b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Corporation with certain conditions set forth therein, which provisions apply to this Security. 

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

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall
alter or impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Security at the times, 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 Security is registrable on the
Security Register of the Corporation, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained or caused to be maintained for such purpose in New York, New York duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities are issuable only in registered form without coupons in denominations of US$2,000 and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are
exchangeable for a like aggregate principal amount of Securities of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any registration of transfer or exchange of Securities, but the Corporation may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to the time of due presentment of this
Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustees may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Corporation, the Trustee nor any agent shall be affected by notice to the contrary. 
 Interest on this Security
shall be computed on the basis of a 360-day year of twelve 30-day months. 

For the purposes only of the disclosure required by the Interest Act (Canada), and without affecting the amount of interest payable to
any holder of a Security or the calculation of interest on any Security, if the rate of interest on any Security is calculated on the basis of a year which contains fewer days than the actual number of days in the calendar year of calculation, such
rate of interest shall be expressed as a yearly rate for the purposes of the Interest Act (Canada) by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing it by the number of days in
the deemed year. 
 As provided for in the Indenture, the Corporation may, from time to time, without notice or consent of the Holders,
create and issue additional Securities so that such additional Securities shall be consolidated and form a single series with the Securities initially issued by the Corporation and shall have the same terms as to status, redemption or otherwise as
the Securities originally issued. 

 If at any time, (i) the Depositary notifies the Corporation that it is unwilling or unable
or no longer qualifies to continue as Depositary or if at any time the Depositary shall no longer be registered or in good standing under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation and a successor
depositary is not appointed by the Corporation within 90 days after the Corporation receives such notice or becomes aware of such condition, as the case may be, or (ii) the Corporation determines that the Securities shall no longer be
represented by a global Security or Securities, then in such event the Corporation will execute and the Trustee will authenticate and deliver Securities in definitive registered form, in authorized denominations, and in an aggregate principal amount
equal to the principal amount of this Security in exchange for this Security. Such Securities in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

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

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

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