Document:

EX-4.7

 Exhibit 4.7 
  

 
  

ANHEUSER-BUSCH INBEV FINANCE INC. 

and 
 ANHEUSER-BUSCH INBEV SA/NV

 and 
 the SUBSIDIARY
GUARANTORS party hereto from time to time 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

Trustee 
  

 
 SEVENTH
SUPPLEMENTAL INDENTURE 
 Dated as of January 25, 2016 

 
  

To the Indenture, dated as of January 25, 2016, 

among Anheuser-Busch InBev Finance Inc., 

Anheuser-Busch InBev SA/NV, the Subsidiary Guarantors party thereto from time to time and 

The Bank of New York Mellon Trust Company, N.A., Trustee 

Floating Rate Notes due 2021 
  

 
  

 TABLE OF CONTENTS 

Page 
  

							
	ARTICLE I	  
	
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	 SECTION 1.01
	 	Definitions	  	 	2	  
	 SECTION 1.02
	 	Effect of Headings	  	 	4	  
	 SECTION 1.03
	 	Separability Clause	  	 	4	  
	 SECTION 1.04
	 	Benefits of Instrument	  	 	4	  
	
	ARTICLE II	  
	
	FLOATING RATE NOTES DUE 2021	  
			
	 SECTION 2.01
	 	Creation of Series; Establishment of Form	  	 	4	  
	 SECTION 2.02
	 	Guarantee	  	 	5	  
	 SECTION 2.03
	 	Interest	  	 	6	  
	 SECTION 2.04
	 	Payment of Principal, Interest and Other Amounts	  	 	7	  
	 SECTION 2.05
	 	Special Mandatory Redemption	  	 	7	  
	 SECTION 2.06
	 	Optional Tax Redemption	  	 	9	  
	
	ARTICLE III	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 SECTION 3.01
	 	Effectiveness	  	 	9	  
	 SECTION 3.02
	 	Original Issue	  	 	9	  
	 SECTION 3.03
	 	Ratification and Integral Part	  	 	10	  
	 SECTION 3.04
	 	Priority	  	 	10	  
	 SECTION 3.05
	 	Successors and Assigns	  	 	10	  
	 SECTION 3.06
	 	Counterparts	  	 	10	  
	 SECTION 3.07
	 	Guarantee Limitations	  	 	10	  
	 SECTION 3.08
	 	The Trustee	  	 	10	  
	 SECTION 3.09
	 	Governing Law	  	 	10	  
			
	 EXHIBIT A
	 		  	 	A-1	  
	 EXHIBIT B
	 		  	 	B-1	  

  
 - i - 

 SEVENTH SUPPLEMENTAL INDENTURE, dated as of January 25, 2016 (the “Seventh
Supplemental Indenture”), among ANHEUSER-BUSCH INBEV FINANCE INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), ANHEUSER-BUSCH INBEV SA/NV, a société
anonyme duly organized and existing under the laws of the Kingdom of Belgium (the “Parent Guarantor”), ANHEUSER-BUSCH INBEV WORLDWIDE INC., a corporation duly organized and existing under the laws of the State of Delaware,
BRANDBEV S.À R.L., a société à responsabilité limitée incorporated under the laws of Luxembourg, with its registered office at Zone Industrielle Breedewues No. 15, L-1259 Senningerberg,
Grand-Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies under the number B 80.984 and having a share capital of USD 43,150,720, BRANDBREW S.A., a société anonyme incorporated under the laws
of Luxembourg, with its registered address at Zone Industrielle Breedewues No. 15, L-1259 Senningerberg, Grand-Duchy of Luxembourg and registered with the Luxembourg register of commerce and companies under number B-75696, COBREW NV, a public
limited liability company organized and existing under Belgian law, ANHEUSER-BUSCH COMPANIES, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (each, a “Subsidiary Guarantor”, and
together with the Parent Guarantor, the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”) to the Indenture, dated as of January 25, 2016, among the Company, the
Guarantors and the Trustee (the “Indenture”). 
 RECITALS OF THE COMPANY AND THE GUARANTORS 

WHEREAS, the Company, the Guarantors and the Trustee are parties to the Indenture, which provides for the issuance from time to time of
unsecured debt securities of the Company; 
 WHEREAS, Section 901(9) of the Indenture permits supplements thereto without the consent
of Holders of Securities to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Indenture; 

WHEREAS, as contemplated by Section 301 of the Indenture, the Company intends to issue a new series of Securities to be known as the
Company’s “Floating Rate Notes due 2021” (the “Notes”) under the Indenture; 
 WHEREAS, the Company and the
Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Seventh Supplemental Indenture; 
 NOW,
THEREFORE, THIS SEVENTH SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the premises and the other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company, the Guarantors and the Trustee mutually agree as follows: 

  
 - 1 - 

 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 1.01 Definitions. 

Except as otherwise expressly provided or unless the context otherwise requires, all terms used in this Seventh Supplemental Indenture which
are defined in the Indenture shall have the meanings ascribed to them by the Indenture. The following terms used in this Seventh Supplemental Indenture have the following respective meanings: 

“3-Month LIBOR” has the meaning specified in Section 2.03. 

“Acquisition Long Stop Date” has the meaning set forth in Section 2.05(f). 

“Business Day” means a day on which commercial banks and exchange markets are open, or not authorized to
close, in the City of New York, London and Brussels. 
 “Business Day Convention” means that if any Interest
Payment Date (other than the Stated Maturity or a date fixed for redemption or payment in connection with an acceleration of the Notes) falls on a day that is not a Business Day, that Interest Payment Date will be postponed to the next succeeding
Business Day unless that Business Day is in the next succeeding calendar month, in which case the Interest Payment Date will be the immediately preceding Business Day. 

“Calculation Agent” means The Bank of New York Mellon Trust Company, N.A. 

“Change in Tax Law” has the meaning set forth in Section 2.06(a). 

“Company” has the meaning set forth in the first paragraph of this Seventh Supplemental Indenture. 

“Date of the Prospectus Supplement” means January 13, 2016, which is the date of the final Prospectus
Supplement prepared in connection with the issuance of the Notes and filed with the Securities and Exchange Commission. 

“Depositary” means The Depository Trust Company, or any successor thereto. 

“Global Security” has the meaning set forth in Section 2.01(d). 

  
 - 2 - 

 “Guarantors” has the meaning set forth in the first paragraph of
this Seventh Supplemental Indenture. 
 “IBA” means ICE Benchmark Administration Limited. 

“Indenture” has the meaning set forth in the first paragraph of this Seventh Supplemental Indenture. 

“Interest Determination Date” means, for each particular Interest Reset Date (as defined below), the second
London Business Day (as defined below) preceding such Interest Reset Date. 
 “Interest Payment Date” has
the meaning specified in Section 2.03. 
 “Interest Period” means the period beginning on, and
including, an Interest Payment Date and ending on, but not including, the following Interest Payment Date; provided that the first Interest Period will begin on January 25, 2016, and will end on, but not include, the first Interest
Payment Date. 
 “Interest Reset Date” means, for each Interest Period other than the first Interest Period,
the first day of such Interest Period, subject to the Business Day Convention. 
 “London Business Day”
means any weekday on which banking or trust institutions in London are not authorized generally or obligated by law, regulation or executive order to close. 

“Notes” has the meaning set forth in the Recitals. 

“Parent Guarantor” has the meaning set forth in the first paragraph of this Seventh Supplemental Indenture.

 “Regular Record Date” means the fifteenth calendar day immediately preceding the applicable Interest
Payment Date, whether or not such day is a Business Day. 
 “SABMiller Acquisition” has the meaning set
forth in Section 2.05(a). 
 “Seventh Supplemental Indenture” has the meaning set forth in the
Recitals. 
 “Special Mandatory Redemption” has the meaning set forth in Section 2.05(a). 

“Special Mandatory Redemption Date” has the meaning set forth in Section 2.05(e). 

  
 - 3 - 

 “Special Mandatory Redemption Price” has the meaning set forth
in Section 2.05(a). 
 “Spread” has the meaning specified in Section 2.03. 

“Stated Maturity” has the meaning specified in Section 2.01(f). 

“Trustee” has the meaning set forth in the first paragraph of this Seventh Supplemental Indenture. 

SECTION 1.02 Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

SECTION 1.03 Separability Clause. 

In case any provision in this Seventh Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 1.04 Benefits of
Instrument. 
 Nothing in this Seventh Supplemental Indenture, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Seventh Supplemental Indenture or the Indenture. 

ARTICLE II 
 FLOATING
RATE NOTES DUE 2021 
 SECTION 2.01 Creation of Series; Establishment of Form. 

(a) There is hereby established a new series of Securities under the Indenture entitled “Floating Rate Notes due 2021”. 

(b) The form of the Notes, including the form of the certificate of authentication, is attached hereto as Exhibit A. 

(c) The Company shall issue the Notes in an aggregate principal amount of USD 500,000,000. The Company may from time to time, without the
consent of the Holders of the Notes, issue additional Notes in accordance with Sections 301 and 901 of the Indenture. Any such additional Notes subsequently issued shall rank equally and ratably with the Notes in all respects (except for the payment
of interest accruing prior to the issue date of such further Notes or except for the first payment of interest 

  
 - 4 - 

 
following the issue date of such further Notes), so that such further Notes shall be consolidated and form a single series with the Notes and shall have the same terms as to status, redemption or
otherwise as the Notes, provided that either (i) such additional Notes are fungible with the Notes of such series offered hereby for U.S. federal income tax purposes or (ii) such additional Notes shall have a separate CUSIP number. 

(d) The Notes shall be issued initially in the form of one or more permanent global securities, without coupons, registered in the name
of the Depositary or a nominee of the Depositary (each, a “Global Security”) and deposited with the Trustee, as custodian for the Depositary. Any proposed transfer of an interest in the Notes shall consist of a transfer within a
Global Security and shall be effected through the book-entry system maintained by the Depositary.  
 (e) The Notes shall not have a
sinking fund. 
 (f) The stated maturity of the principal of the Notes shall be February 1, 2021 (the “Stated
Maturity”). 
 (g) The outstanding principal amount of the Notes shall accrue interest at a rate equal to 3-Month LIBOR,
reset quarterly, plus the Spread, as provided in Section 2.03. 
 (h) The Notes shall be issued in denominations of USD 1,000 in
principal amount and integral multiples of USD 1,000 in excess thereof. 
 (i) The Notes shall be subject to both Defeasance and Covenant
Defeasance in accordance with the Indenture. 
 (j) The Notes shall be senior unsecured obligations of the Company and will rank equally with
all other existing and future unsecured and unsubordinated debt obligations of the Company. 
 SECTION 2.02 Guarantee. Subject to the
terms and applicable limitations set forth in the Indenture and the form of Notes, the Notes shall be jointly and severally, irrevocably, fully and unconditionally guaranteed by the Guarantors as to all payments due on the Notes whether at their
Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of such Guarantees and the Indenture. In the case of the failure of the Company to pay punctually any principal of or interest on the Notes, the
Guarantors shall cause any such payment to be made as it becomes due and payable, whether at maturity, upon acceleration, redemption, repayment or otherwise. The Guarantees shall be unsecured and unsubordinated indebtedness of the Guarantors and
rank equally with other unsecured and unsubordinated indebtedness of the Guarantors that is currently outstanding or that they may issue in the future. 

  
 - 5 - 

 SECTION 2.03 Interest. The Notes shall bear interest at a floating rate per year
equal to the 3-Month U.S. dollar London Interbank Offered Rate (“3-Month LIBOR”), reset quarterly, plus 1.260% (the “Spread”), as described below. Interest will accrue from January 25, 2016 or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be. Interest is payable quarterly, in arrears, on February 1, May 1, August 1 and November 1 of each year, subject to
the Business Day Convention (each, an “Interest Payment Date”), commencing on May 2, 2016 to the Person in whose name the Notes were registered at the close of business on the Regular Record Date immediately preceding the
applicable Interest Payment Date, whether or not such day is a Business Day, until the principal thereof is paid or made available for payment. 

If the date of maturity of principal of the Notes or the date fixed for redemption or payment in connection with an acceleration of any Note
is not a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption or
payment in connection with acceleration, and no interest shall accrue as a result of the delayed payment. 
 The interest rate on the Notes
for the first Interest Period will be 3-Month LIBOR, as determined on January 21, 2016 (treating January 21, 2016 as if it were an Interest Determination Date and January 25, 2016 as the related Interest Reset Date), plus the Spread.
Thereafter, the interest rate on the Notes for any Interest Period will be 3-Month LIBOR, as determined on the applicable Interest Determination Date, plus the Spread. The interest rate on the Notes will be reset quarterly on each Interest Reset
Date. For each Interest Period, interest on the Notes will be calculated on the basis of the actual number of days in the Interest Period divided by 360. 

The Calculation Agent will determine 3-Month LIBOR in accordance with the following provisions: With respect to any Interest Determination
Date, 3-Month LIBOR will be the rate for deposits in U.S. dollars having a maturity of three months commencing on the related Interest Reset Date that appears on the designated LIBOR page as of 11:00 a.m., London time, on that Interest Determination
Date. If no rate appears, 3-Month LIBOR, in respect of that Interest Determination Date, will be determined as follows: the Calculation Agent will request the principal London offices of each of four major reference banks in the London interbank
market, as selected and identified by the Company, to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for the period of three months, commencing on the Interest Reset Date, to prime banks in the London interbank
market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then
3-Month LIBOR on that Interest Determination Date will be the arithmetic mean of those quotations. If fewer than two quotations are provided, then 3-Month LIBOR on the Interest Determination Date will be the arithmetic

  
 - 6 - 

 
mean of the rates quoted at approximately 11:00 a.m., New York City time, on the Interest Determination Date by three major banks in The City of New York as selected and identified by the
Company for loans in U.S. dollars to leading European banks, having a three-month maturity and in a principal amount that is representative for a single transaction in U.S. dollars in that market at that time; provided, however, that if the
banks selected and identified by the Company are not providing quotations in the manner described by this sentence, 3-Month LIBOR determined as of that Interest Determination Date will be 3-Month LIBOR in effect on that Interest Determination Date.
The designated LIBOR page is the Reuters screen “LIBOR01”, or any successor service for the purpose of displaying the London interbank rates of major banks for U.S. dollars. The Reuters screen “LIBOR01” is the display designated
as the Reuters screen “LIBOR01”, or such other page as may replace the Reuters screen “LIBOR01” on that service or such other service or services as may be denominated for the purpose of displaying London interbank offered rates
for U.S. dollar deposits by ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity assuming the responsibility of the IBA or its successor in calculating the London Inter-Bank Offered Rate in the event
the IBA or its successor no longer does so. 
 All calculations made by the Calculation Agent for the purposes of calculating the
interest rate on the Notes shall be conclusive and binding on the Holders, the Company and the Trustee, absent manifest error. 

SECTION 2.04 Payment of Principal, Interest and Other Amounts. Payments of principal of and interest on the Notes shall be made
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 and such payments on Notes represented by a Global Security shall be made through one or more Paying Agents
appointed under the Indenture to the Depositary or its nominee, as the Holder of the Global Security. Initially, the Paying Agent and Registrar for the Notes will be The Bank of New York Mellon Trust Company, N.A., in St. Louis, Missouri. The
Company may change the Paying Agent or Registrar without prior notice to the Holders of the Notes, and in such an event the Company may act as Paying Agent or Registrar. Payments of principal of and interest on the Notes represented by a Global
Security shall be made by wire transfer of immediately available funds to the Holder thereof; provided, however, that in the case of payments of principal, such Global Security is first surrendered to the Paying Agent.  

SECTION 2.05 Special Mandatory Redemption 

(a) In the event that the Parent Guarantor does not consummate the acquisition of SABMiller plc (the “SABMiller
Acquisition”) on or prior to the Acquisition Long Stop Date, or if, on or prior to the Acquisition Long Stop Date, the Parent Guarantor publicly announces the withdrawal or lapse of the SABMiller Acquisition and that it is no longer
pursuing the SABMiller Acquisition, the Company will redeem this Note on the Special Mandatory Redemption Date at a redemption price (the “Special 

  
 - 7 - 

 
Mandatory Redemption Price”) equal to 101% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Special
Mandatory Redemption Date (the “Special Mandatory Redemption”). Notwithstanding the foregoing, installments of interest on this Note that are due and payable on Interest Payment Dates falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant record dates in accordance with this Note and the Indenture.  

(b) If the Company is required to redeem this Note pursuant to the Special Mandatory Redemption, the Company will cause a notice to be sent
within five Business Days after the occurrence of the event that requires the Company to redeem the Notes by first-class mail, postage prepaid, mailed (or otherwise transmitted in accordance with applicable
procedures of the Depositary) to the Holders of the Notes being redeemed, with a copy to the Trustee, accompanied by an Officer’s Certificate on compliance with the conditions precedent to the Special Mandatory Redemption. 

(c) If funds sufficient to pay the Special Mandatory Redemption Price of this Note on the Special Mandatory Redemption Date are deposited with
the Trustee at or prior to noon on the Business Day immediately preceding such Special Mandatory Redemption Date, plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date, this Note will cease to bear interest and
all rights under this Note shall terminate (other than in respect of the right to receive the Special Mandatory Redemption Price, plus accrued and unpaid interest to, but excluding, the Special Mandatory Redemption Date). 

(d) The terms of the SABMiller Acquisition may be modified without the consent of any Holder of this Note. 

(e) Notwithstanding Section 1104 of the Indenture, the “Special Mandatory Redemption Date” means the earlier to
occur of (1) the 15th day (or if such day is not a Business Day, the first Business Day thereafter) after the Acquisition Long Stop Date, if the SABMiller Acquisition has not been consummated on or prior to the Acquisition Long Stop Date, or
(2) the 15th day (or if such day is not a Business Day, the first Business Day thereafter) following the public announcement by the Parent Guarantor of the withdrawal or lapse of the SABMiller Acquisition and that it is no longer pursuing the
SABMiller Acquisition.  
 (f) The “Acquisition Long Stop Date” means November 11, 2016; provided,
however, that the Company may, at its option, extend the Acquisition Long Stop Date to May 11, 2017 by providing written notice of such extension at any time prior to November 11, 2016 by
first-class mail, postage prepaid, mailed (or otherwise transmitted in accordance with applicable procedures of the Depositary) to the Holders of the Notes, with a copy to the Trustee.  

  
 - 8 - 

 SECTION 2.06 Optional Tax Redemption. 

(a) The Company may, at the Company’s or the Parent Guarantor’s option, redeem the Notes in whole but not in part, upon not
less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Notes then outstanding plus accrued and unpaid interest on the principal amount being redeemed (and
all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which the Company or any Guarantor is incorporated,
organized or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws, treaties, regulations or rulings (including a
holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Date of the Prospectus Supplement (any such change or amendment, a “Change in Tax Law”), the Company or, if a payment were then
due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the Company or the relevant Guarantor taking reasonable measures available to it; provided, however,
that the Notes may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Notes to a Substitute Company (as defined in Section 801 of the Indenture), unless such
assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor.  
 (b) Prior to the mailing of
any notice of redemption pursuant to this Section 2.06, the Company or the relevant Guarantor will deliver to the Trustee an opinion of independent tax counsel of recognized standing to the effect that the Company or the relevant Guarantor is
or would be obligated to pay such Additional Amounts as a result of such Change in Tax Law. 
 (c) No notice of redemption pursuant to this
Section 2.06 may be given earlier than ninety (90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. 

ARTICLE III 

MISCELLANEOUS PROVISIONS 

SECTION 3.01 Effectiveness. This Seventh Supplemental Indenture will become effective upon its execution and delivery. 

SECTION 3.02 Original Issue. The Notes may, upon execution of this Seventh Supplemental Indenture, be executed by the Company and
delivered by the Company and the Parent Guarantor to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate and deliver such Notes as in such Company order provided. 

  
 - 9 - 

 SECTION 3.03 Ratification and Integral Part. The Indenture, as supplemented by this
Seventh Supplemental Indenture, is in all respects ratified and confirmed, and this Seventh Supplemental Indenture will be deemed an integral part of the Indenture in the manner and to the extent herein and therein provided. 

SECTION 3.04 Priority. This Seventh Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein
and therein provided. The provisions of this Seventh Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Indenture to the extent the Indenture is inconsistent herewith. 

SECTION 3.05 Successors and Assigns. All covenants and agreements in the Indenture, as supplemented and amended by this Seventh
Supplemental Indenture, by the Company and the Guarantors will bind their respective successors and assigns, whether so expressed or not. 

SECTION 3.06 Counterparts. This Seventh Supplemental Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 3.07
Guarantee Limitations. The limitations applicable to the Guarantees, as set forth in Section 209 of the Indenture, will apply to the Guarantees issued hereunder; provided, however, that any further limitations, or any amendments
or modifications to such Guarantees or limitations thereon, shall be set forth in an additional supplemental indenture, in each case in accordance with the Indenture. 

SECTION 3.08 The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Seventh Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantors. 

SECTION 3.09 Governing Law. This Seventh Supplemental Indenture and the Notes and Guarantees will be governed by and construed in
accordance with the laws of the State of New York. 

  
 - 10 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Indenture to be duly
executed, all as of the day and year first above written. 
  

			
	 ANHEUSER-BUSCH INBEV FINANCE INC.

as Company

		
	By:	 	 /s/ Augusto Lima

		 	Name: Augusto Lima
		 	Title: Authorized Officer
	
	 ANHEUSER-BUSCH INBEV SA/NV

as Parent Guarantor

		
	By:	 	 /s/ Benoit Loore

		 	Name: Benoit Loore
		 	Title: Authorized Officer
		
	By:	 	 /s/ Jan Vandermeersch

		 	Name: Jan Vandermeersch
		 	Title: Authorized Officer
	
	 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee

		
	By:	 	 /s/ R. Tarnas

		 	Name: R. Tarnas
		 	Title: Vice President

 [Seventh Supplemental Indenture Signature Page] 

 
			
	 ANHEUSER-BUSCH INBEV WORLDWIDE INC.

As Subsidiary Guarantor

		
	By:	 	 /s/ Augusto Lima

		 	Name: Augusto Lima
		 	Title: Authorized Officer
	
	 ANHEUSER-BUSCH COMPANIES, LLC

As Subsidiary Guarantor

		
	By:	 	 /s/ Augusto Lima

		 	Name: Augusto Lima
		 	Title: Authorized Officer
	
	 COBREW NV
 as
Subsidiary Guarantor

		
	By:	 	 /s/ Benoit Loore

		 	Name: Benoit Loore
		 	Title: Authorized Officer
		
	By:	 	 /s/ Jan Vandermeersch

		 	Name: Jan Vandermeersch
		 	Title: Authorized Officer
	
	 BRANDBREW S.A.
 as
Subsidiary Guarantor

		
	By:	 	 /s/ Benoit Loore

		 	Name: Benoit Loore
		 	Title: Authorized Officer

 [Seventh Supplemental Indenture Signature Page] 

 
			
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	By:	 	 /s/ Benoit Loore

		 	Name: Benoit Loore
		 	Title: Authorized Officer

 [Seventh Supplemental Indenture Signature Page] 

 Exhibit A 
  

 FORM OF NOTES 

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

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO ANHEUSER-BUSCH INBEV FINANCE INC. 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. 

  
 A-1 

 Exhibit A 
  

 Anheuser-Busch InBev Finance Inc. 

Floating Rate Note due 2021 

Payment of Principal 
 and Interest
Irrevocably, Fully and Unconditionally Guaranteed by 
 Anheuser-Busch InBev SA/NV,
Anheuser-Busch InBev Worldwide Inc., Brandbev 
 S.à r.l., Brandbrew S.A.,
Cobrew NV and Anheuser-Busch Companies, LLC 
  

					
	No.	  	USD	  	
			
	CUSIP No. 035242 AK2	  	ISIN: US035242AK26	  	

 Anheuser-Busch InBev Finance Inc., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company”, 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, on
February 1, 2021 (the “Maturity Date”), the principal sum of             U.S. dollars, and to pay interest thereon from January 25, 2016 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, quarterly, in arrears, on February 1, May 1, August 1 and November 1 subject to the Business Day Convention, in each year, commencing on
May 2, 2016, at a floating rate equal to 3-Month LIBOR, reset quarterly, plus 1.260%, per annum, as described below, until the principal hereof is paid or made available for payment. 

The interest rate on the Notes for the first Interest Period will be 3-Month LIBOR, as determined on January 21, 2016 (treating
January 21, 2016 as if it were an Interest Determination Date and January 25, 2016 as the related Interest Reset Date), plus the Spread. Thereafter, the interest rate on the Notes for any Interest Period will be 3-Month LIBOR, as
determined on the applicable Interest Determination Date, plus the Spread. The interest rate on the Notes will be reset quarterly on each Interest Reset Date. For each Interest Period, interest on the Notes will be calculated on the basis of the
actual number of days in the Interest Period divided by 360. 
 The Calculation Agent will determine 3-Month LIBOR in accordance with the
following provisions: With respect to any Interest Determination Date, 3-Month LIBOR will be the rate for deposits in U.S. dollars having a maturity of three months commencing on the related Interest Reset Date that appears on the designated LIBOR
page as of 11:00 a.m., London time, on that Interest Determination Date. If no rate appears, 3-Month LIBOR, in respect of that Interest Determination Date, will be determined as follows: the Calculation Agent will request the principal London
offices of each of four major reference banks in the London interbank market, as selected and identified by the Company, to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for the period of three months,
commencing on the Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is 

  
 A-2 

 Exhibit A 
  

 
representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then 3-Month LIBOR on that Interest Determination Date will be the
arithmetic mean of those quotations. If fewer than two quotations are provided, then 3-Month LIBOR on the Interest Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., New York City time, on the Interest
Determination Date by three major banks in The City of New York as selected and identified by the Company for loans in U.S. dollars to leading European banks, having a three-month maturity and in a principal amount that is representative for a
single transaction in U.S. dollars in that market at that time; provided, however, that if the banks selected and identified by the Company are not providing quotations in the manner described by this sentence, 3-Month LIBOR determined as of
that Interest Determination Date will be 3-Month LIBOR in effect on that Interest Determination Date. The designated LIBOR page is the Reuters screen “LIBOR01”, or any successor service for the purpose of displaying the London interbank
rates of major banks for U.S. dollars. The Reuters screen “LIBOR01” is the display designated as the Reuters screen “LIBOR01”, or such other page as may replace the Reuters screen “LIBOR01” on that service or such other
service or services as may be denominated for the purpose of displaying London interbank offered rates for U.S. dollar deposits by the ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity assuming the
responsibility of the IBA or its successor in calculating the London Inter-Bank Offered Rate in the event the IBA or its successor no longer does so. 

All calculations made by the Calculation Agent for the purposes of calculating the interest rate on the Notes shall be conclusive and binding
on the Holders, the Company and the Trustee, absent manifest error. 
 The interest so payable, and punctually paid or duly provided for on
any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on Regular Record Date for such interest, which shall be
the fifteenth calendar day immediately preceding the applicable Interest Payment Date, whether or not such day is a Business Day. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this series not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Subject to the terms of the Indenture, this Security is fully and unconditionally guaranteed as to all payments due hereon whether at the
Stated Maturity, by acceleration, redemption, repayment or otherwise in accordance with the terms of the Guarantees and the Indenture. 

  
 A-3 

 Exhibit A 
  

 Payments of principal of and interest on the Notes shall be made 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 and such payments on Notes represented by a Global Security shall be made through one or more Paying Agents appointed under the Indenture
to the Depositary or its nominee, as the Holder of this Security. Initially, the Paying Agent and Registrar for the Securities will be The Bank of New York Mellon Trust Company, N.A., St. Louis, Missouri. The Company may change the Paying Agent or
Registrar without prior notice to the Holders, and in such an event the Company may act as Paying Agent or Registrar. Payments of principal of and interest on the Securities represented by this Security shall be made by wire transfer of immediately
available funds; provided, however, that in the case of payments of principal, such Global Security is first surrendered to the Paying Agent. 

Notwithstanding any provision of this Security or the Indenture, the Company may make any and all payments of principal of and interest on
this Security pursuant to the applicable procedures of the Depositary for this Security as permitted in the 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 executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-4 

 Exhibit A 
  

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

			
	ANHEUSER-BUSCH INBEV FINANCE INC.
		
	By:	 	  

		 	Name:
		 	Title:     Authorized Officer

  

	
	Attest:
	  

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-5 

 Exhibit A 
  

 REVERSE OF SECURITY 

1. Securities and Indenture 

This Security is one of a duly authorized issue of securities of the Company (payable in U.S. dollars) (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of January 25, 2016 (the “Base Indenture”), as supplemented by the Seventh Supplemental Indenture, dated as of
January 25, 2016 (the “Seventh Supplemental Indenture” and together with the Base Indenture, the “Indenture”), in each case among the Company, Anheuser-Busch InBev SA/NV, as Parent Guarantor, the Subsidiary
Guarantors party thereto from time to time and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. 
 2. Series and Denomination 

This Security is one of the series designated on the face hereof, initially limited to an aggregate principal amount of USD 500,000,000, except
as provided in the Indenture. References herein to “this series” mean the series of securities designated on the face hereof. Except as provided in the preceding paragraph, references herein to the “Securities” means
(unless the context otherwise requires) the Securities of this series and includes any other securities issued, as provided in the Indenture and forming a single series with the Securities of this series, provided that either (i) such
additional Securities are fungible with the Securities of such series offered hereby for U.S. federal income tax purposes or (ii) such additional Securities shall have a separate CUSIP number. 

The Securities are issuable only in registered form without coupons in denominations of USD 1,000 in principal amount and integral multiples of
USD 1,000 in excess thereof. 
 3. Special Mandatory Redemption 

In the event that the Parent Guarantor does not consummate the acquisition of SABMiller plc (the “SABMiller Acquisition”) on
or prior to the Acquisition Long Stop Date, or if, on or prior to the Acquisition Long Stop Date, the Parent Guarantor publicly announces the withdrawal or lapse of the SABMiller Acquisition and that it is no longer pursuing the SABMiller
Acquisition, the Company will redeem this Note on the Special Mandatory Redemption Date at a redemption price (the “Special Mandatory Redemption Price”) equal to 101% of the aggregate principal amount of this Note, plus accrued and
unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special Mandatory Redemption”). Notwithstanding the foregoing, installments of interest on this Note that are due and payable on Interest
Payment Dates falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant record dates in accordance with this Note and the
Indenture. 

  
 A-6 

 Exhibit A 
  

 “Special Mandatory Redemption Date” means the earlier to occur of
(1) the 15th day (or if such day is not a Business Day, the first Business Day thereafter) after the Acquisition Long Stop Date, if the SABMiller Acquisition has not been consummated on or prior to the Acquisition Long Stop Date, or
(2) the 15th day (or if such day is not a Business Day, the first Business Day thereafter) following the public announcement by the Parent Guarantor of the withdrawal or lapse of the SABMiller Acquisition and that it is no longer pursuing the
SABMiller Acquisition. 
 The “Acquisition Long Stop Date” means November 11, 2016;
provided, however, that the Company may, at its option, extend the Acquisition Long Stop Date to May 11, 2017 by providing written notice of such extension at any time prior to November 11, 2016 by first-class mail, postage prepaid, mailed (or otherwise transmitted in accordance with applicable procedures of the Depositary) to the Holders of the Securities, with a copy to the Trustee. 

4. Optional Tax Redemption 

The Company may, at the Company’s or the Parent Guarantor’s option, redeem the Securities of this series in whole, but not in part,
upon not less than thirty (30) nor more than sixty (60) days’ prior notice, at a redemption price equal to 100% of the principal amount of the Securities of this series then outstanding plus accrued and unpaid interest on the
principal amount being redeemed (and all Additional Amounts, if any) to (but excluding) the Redemption Date, if (i) as a result of any change in, or amendment to, the laws, treaties, regulations or rulings of a jurisdiction in which the Company
or any Guarantor is incorporated, organized, or otherwise tax resident or any political subdivision or any authority thereof or therein having power to tax, or in the interpretation, application or administration of any such laws, treaties,
regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction) which becomes effective on or after the Date of the Prospectus Supplement (any such change or amendment, a “Change in Tax Law”),
the Company or, if a payment were then due under a Guarantee, the relevant Guarantor, would be required to pay Additional Amounts and (ii) such obligation cannot be avoided by the Company or the relevant Guarantor taking reasonable measures
available to it; provided, however, that the Securities of this series may not be redeemed to the extent such Additional Amounts arise solely as a result of the Company assigning its obligations under the Securities of this series to a
Substitute Company, unless such assignment to a Substitute Company is undertaken as part of a plan of merger by the Parent Guarantor. 

Prior to the mailing of any notice of redemption pursuant to this Section, the Company or the relevant Guarantor will deliver to the Trustee
an opinion of independent tax counsel of recognized standing to the effect that the Company or the relevant Guarantor is or would be obligated to pay such Additional Amounts as a result of such Change in Tax Law. 

  
 A-7 

 Exhibit A 
  

 No notice of redemption pursuant to this Section may be given earlier than ninety
(90) days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to pay Additional Amounts if a payment in respect of the Securities of this series were then due. 

5. Additional Amounts 
 In
the event that any Guarantor becomes obligated to make payments in respect of the Securities of this series, such Guarantor will make all payments in respect of the Securities of this series without withholding or deduction for or on account of any
present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source by or on behalf of any jurisdiction in which such Guarantor is incorporated, organized or otherwise tax resident or any political
subdivision or any authority thereof or therein having power to tax (the “Relevant Taxing Jurisdiction”) unless such withholding or deduction is required by law. In such event, such Guarantor will pay to the Holders of the
Securities of this series such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net amounts received by the Holders, after such withholding or deduction, shall equal the respective amounts of
principal and interest which would otherwise have been receivable in the absence of such withholding or deduction; except that no such Additional Amounts shall be payable on account of any taxes or duties which: 

(a) are payable by any person acting as custodian bank or collecting agent on behalf of such Holder, or otherwise in any manner
which does not constitute a deduction or withholding by such Guarantor from payment of principal or interest made by it, or 

(b) are payable by reason of such Holder or beneficial owner having, or having had, some personal or business connection with
such Relevant Taxing Jurisdiction and not merely by reason of the fact that payments in respect of the Securities of this series or the Guarantees thereof are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in,
the Relevant Taxing Jurisdiction, or 
 (c) are imposed or withheld by reason of the failure of such Holder or beneficial
owner to provide certification, information, documents or other evidence concerning the nationality, residence, or identity of the Holder and beneficial owner or to make any valid or timely declaration or similar claim or satisfy any other reporting
requirements relating to such matters, whether required or imposed by statute, treaty, regulation or administrative practice, as a precondition to exemption from, or a reduction in the rate of withholding or deduction of such taxes, or 

  
 A-8 

 Exhibit A 
  

 (d) consist of any estate, inheritance, gift, sales, excise, transfer,
personal property or similar taxes, or 
 (e) are imposed on or with respect to any payment by the applicable Guarantor to
the registered Holder of this Security if such Holder is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that taxes would not have been imposed on such payment had such registered Holder
been the sole beneficial owner of this Security, or 
 (f) are deducted or withheld pursuant to (i) any European Union
directive or regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Relevant Taxing Jurisdiction or the European Union is a party, or (iii) any
provision of law implementing, or complying with, or introduced to conform with, such directive, regulation, treaty or understanding, or 

(g) are payable by reason of a change in law or practice that becomes effective more than thirty (30) days after the
relevant payment of principal or interest becomes due, or is duly provided for and written notice thereof is provided to the Holders, whichever occurs later, or 

(h) are payable because this Security was presented to a particular paying agent for payment if this Security could have been
presented to another paying agent without any such withholding or deduction, or 
 (i) are payable for any combination of
(a) through (h) above. 
 References to principal or interest in respect of the Securities of this series shall be deemed to
include any Additional Amounts which may be payable as set forth in the Indenture. 
 The covenant regarding Additional Amounts shall not
apply to any Guarantor at any time when such Guarantor is incorporated in a jurisdiction in the United States, and will apply to the Company any time it is incorporated in a jurisdiction outside of the United States. 

In addition, any amounts to be paid by the Company or any Guarantor on the Securities of this series will be paid net of any deduction
or withholding imposed or required pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any current or future regulations thereunder or official interpretations thereof, any agreement entered into pursuant to
Section 1471(b) of the U.S. Internal Revenue Code of 1986, as amended, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such
Sections of the Code (“FATCA Withholding”). Neither any Guarantor nor the Company will be required to pay Additional Amounts on account of any FATCA Withholding. 

  
 A-9 

 Exhibit A 
  

 6. Transfer and Exchange 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company 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 this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by
the Holder surrendering the same. 
 No service charge shall 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. 
 Prior to due
presentment of this Security for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue, and neither the Company, the Guarantors, the Trustee nor any such agent shall be affected by notice to the contrary. 

7. Limitation on Suits 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made a written request to the Trustee to institute proceedings in respect of such Event of Default as
Trustee and offered the Trustee indemnity and/or security, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for
the enforcement of any payment of principal hereof or interest hereon on or after the respective due dates expressed herein. 
 No reference
herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed. 

  
 A-10 

 Exhibit A 
  

 8. Amendment, Modification and Waiver 

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

The Indenture contains provisions for defeasance at any time of certain restrictive covenants and Events of Default with respect to this
Security upon compliance with certain conditions set forth in the Indenture. 
 10. Governing Law 

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

11. Defined Terms 
 All
terms used in this Security which are defined in the Base Indenture or the Seventh Supplemental Indenture shall have the meanings assigned to them in the Base Indenture or the Seventh Supplemental Indenture. 

  
 A-11 

 Exhibit B 
  

 FORM OF GUARANTEE 

For value received, the undersigned (herein called the “Guarantors”, and each, a “Guarantor”, which terms
include any successor Person or Persons under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby jointly and severally, irrevocably, fully and unconditionally guarantee to the Trustee and to each Holder of this
Security, which has been authenticated and delivered by the Trustee, the due and punctual payment of the principal of (including any amount in respect of original issue discount), and any premium and interest (together with any Additional Amounts
payable pursuant to the terms of this Security), on this Security and the due and punctual payment of the sinking fund payments, if any, and analogous obligations, if any, provided for pursuant to the terms of this Security, when and as the same
shall become due and payable, whether at Stated Maturity or upon redemption or upon declaration of acceleration or otherwise according to the terms of this Security and of the Indenture. In case of default by the Company in the payment of any such
principal (including any amount in respect of original issue discount), interest (together with any Additional Amounts payable pursuant to the terms of this Security), sinking fund payment or analogous obligation, each Guarantor agrees duly and
punctually to pay the same. Each Guarantor hereby agrees that its obligations hereunder shall rank pari passu with all other unsecured and unsubordinated obligations of such Guarantor, shall be as principal and not merely as surety, and shall
be absolute and unconditional irrespective of any extension of the time for payment of this Security, any modification of this Security, any invalidity, irregularity or unenforceability of this Security or the Indenture, any failure to enforce the
same or any waiver, modification, consent or indulgence granted to the Company with respect thereto by the Holder of this Security or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety
or guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Company, any right to require a demand or proceeding first against the Company, protest
or notice with respect to this Security or the indebtedness evidenced thereby and all demands whatsoever, and covenants that this Guarantee will not be discharged as to this Security except by payment in full of the principal of (including any
amount payable in respect of original issue discount), and interest (together with any Additional Amounts payable pursuant to the terms of this Security), thereon. 

Each Guarantor irrevocably waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment
hereunder (i) to be subrogated to the rights of a Holder against the Company with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Company in respect thereof or (ii) to receive any payment, in the
nature of contribution or for any other reason, from any other obligor with respect to such payment. 
 This Guarantee shall not be valid or
become obligatory for any purpose with respect to this Security until the certificate of authentication on this Security shall have been signed by the Trustee. 

  
 B-1 

 Exhibit B 
  

 All terms used in this Guarantee which are not defined herein shall have the meaning assigned
to them in the Security upon which this Guarantee is endorsed. 
 This Guarantee is subject to the release upon the terms set forth in the
Indenture. 
 This Guarantee is subject to certain limitations and waivers set forth in the Indenture, as it may be supplemented from time
to time. 
 This Guarantee is governed by and construed in accordance with the laws of the State of New York. 

IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee to be signed by facsimile by its duly authorized officer or
representative and, if required by applicable law, has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 
  

			
	 ANHEUSER-BUSCH INBEV SA/NV

as Parent Guarantor

		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer
		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer
	
	 ANHEUSER-BUSCH INBEV WORLDWIDE INC.

as Subsidiary Guarantor

		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer
	
	 ANHEUSER-BUSCH COMPANIES, LLC

as Subsidiary Guarantor

		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer

  
 B-2 

 Exhibit B 
  

 
			
	 COBREW NV
 as
Subsidiary Guarantor

		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer
		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer
	
	 BRANDBREW S.A.
 as
Subsidiary Guarantor

		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer
	
	 BRANDBEV S.À R.L.

as Subsidiary Guarantor

		
	By:	 	  

		 	Name:
		 	Title:   Authorized Officer

  
 B-3Exhibit

Exhibit 10.39
Execution Copy

INDEMNIFICATION AGREEMENT
This Indemnification Agreement, dated as of ________ ___, 20__ (this “Agreement”), is made by and between OMNOVA Solutions Inc., an Ohio corporation (the “Company”), and ___________________ (“Indemnitee”).
RECITALS
A.    The Ohio Revised Code (the “ORC”) provides that the business and affairs of a corporation are to be managed under the direction of its board of directors and officers.
B.    It is critically important to the Company and its shareholders that the Company be able to attract and retain the most capable persons reasonably available to serve as directors and officers of the Company.  
C.    There is growing incidence of litigation against directors and officers of public companies and recent legislative initiatives have increasingly exposed directors and officers to new and broader civil liability as well as an increased risk of criminal proceedings.
D.    In recognition of the need for corporations to be able to attract and retain capable persons to serve as directors and officers, the ORC authorizes corporations to indemnify and maintain liability insurance for their directors and officers.
E.    The ORC and the Code of Regulations of the Company (the “Regulations”) provides for indemnification of directors and officers of the Company and the Company currently maintains directors’ and officers’ liability insurance.
F.    The Board has evaluated the sufficiency of the ORC, the Regulations and the liability insurance as to their adequacy to protect directors and officers against the various legal risks and potential liabilities associated with their serving as directors or officers of the Company, and the Board has concluded that the ORC, the Regulations and liability insurance may not provide adequate protection under certain circumstances.
G.    Therefore, in order to induce existing directors and officers to continue to serve in such capacity, to induce new directors and officers to serve in such capacity and to enhance directors’ and officers’ ability to serve the Company in an effective manner, the Board has concluded that revised director and officer indemnification agreements are necessary.  
H.    In light of the considerations referred to in the preceding recitals, it is the Company’s intention and desire that the provisions of this Agreement be construed liberally, subject to their express terms, to maximize the protections to be provided to directors and officers hereunder.
NOW, THEREFORE, in consideration of the premises the parties hereby agree as follows:
1.Certain Definitions.  In addition to terms defined elsewhere herein, the following terms have the following meanings when used in this Agreement with initial capital letters:
(a)“Change in Control” means the occurrence of any of the following events:

1

(i)All or substantially all of the assets of the Company are sold or transferred to another corporation or entity, or the Company is merged, consolidated or reorganized into or with another corporation or entity with the result that upon conclusion of the transaction less than 50% of the outstanding securities entitled to vote generally in the election of directors of the surviving or resulting  corporation or entity are owned, directly or indirectly, by persons who were shareholders of the Company prior to the transaction (determined using transaction record date share ownership and assuming that no securities in the other party to such merger, consolidation or reorganization are held by such shareholders of record); or
(ii)Any person (as the term “person” is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act (a “Person”)) has become the beneficial owner (as the term “beneficial owner” is defined under Rule 13d‐3 or any successor rule or regulation promulgated under the Exchange Act (a “Beneficial Owner”)) of securities representing 20% or more of the combined voting power of the then‐outstanding voting securities of the Company; or
(iii)The individuals who, at the beginning of any period of two consecutive calendar years, constituted the Directors of the Company cease for any reason to constitute at least a majority thereof unless the nomination for election by the Company’s stockholders of each new director of the Company was approved by a vote of at least two-thirds of the directors of the Company still in office who were directors of the Company at the beginning of any such period; or
(iv)The Board determines that (A) any particular actual or proposed merger, consolidation, reorganization, sale or transfer of assets, accumulation of shares or tender offer for shares of the Company or other transaction or event or series of transactions or events will, or is likely to, if carried out, result in a Change in Control falling within Section 1(a)(i), (ii) or (iii) and (B) it is in the best interests of the Company and its shareholders, and will serve the intended purposes of this Agreement, if the provisions of this Agreement referencing Change in Control shall thereupon become immediately operative.

Notwithstanding the foregoing provisions of this Section 1(a): (A) If any such merger, consolidation, reorganization, sale or transfer of assets, or tender offer or other transaction or event or series of transactions or events mentioned in Section 1(a)(iv) shall be abandoned, or any such accumulations of shares shall be dispersed or otherwise resolved, the Board may, by notice to the Indemnitee, nullify the effect of its determination under (a)(iv) but without prejudice to any action that may have been taken prior to such nullification; and (B) Unless otherwise determined in a specific case by the Board, a “Change in Control” shall not be deemed to have occurred for purposes of Section (1)(a)(ii) solely because (X) the Company, (Y) a Subsidiary, or (Z) any Company-sponsored employee stock ownership plan or any other employee benefit plan of the Company or any Subsidiary either files or becomes obligated to file a report or a proxy statement under or in response to Schedule 13D, Schedule 14D‐1, Form 8‐K or Schedule 14A (or any successor schedule, form or report or item therein) under the Exchange Act disclosing Beneficial Ownership by it of shares of the then-outstanding voting securities of the Company, whether in excess of 20% or otherwise, or because the Company reports that a change in control of the Company has occurred or will occur in the future by reason of such beneficial ownership.
(b)“Claim” means (i) any threatened, asserted, pending or completed claim, demand, action, suit or proceeding against Indemnitee, whether civil, criminal, administrative, arbitrative, investigative or other (including by or in the right of the Company), and whether 

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made pursuant to federal, state or other law; or (ii) any threatened, pending or completed inquiry or investigation, whether made, instituted or conducted by the Company or any other person, (including any governmental entity) that Indemnitee believes in good faith might lead to the institution of any such claim, demand, action, suit or proceeding; or (iii) any subpoena or any discovery request seeking information, documents or testimony from Indemnitee whether or not the Indemnitee is a party to or the subject of the underlying claim, demand, action, suit or proceeding or the subject of any such inquiry or investigation.
(c)“Controlled Affiliate” means any corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise, whether or not for profit, that is directly or indirectly controlled by the Company.  For purposes of this definition, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an entity or enterprise, whether through the ownership of voting securities, through other voting rights, by contract or otherwise; provided that direct or indirect beneficial ownership of capital stock or other interests in an entity or enterprise entitling the holder to cast 20% or more of the total number of votes generally entitled to be cast in the election of directors (or persons performing comparable functions) of such entity or enterprise shall be deemed to constitute control for purposes of this definition.
(d)“Constituent Documents” means the Articles of Incorporation (the “Articles”) and Code of Regulations (the “Regulations”) of the Company. 
(e)“Disinterested Director” means a director of the Company who is not and was not a party to, or threatened with, the Claim in respect of which indemnification is sought by Indemnitee.
(f)“Expenses” means attorneys’ and experts’ fees and expenses and all other costs and expenses reasonably incurred in connection with (i) investigating or defending a Claim or being a witness or otherwise responding to any discovery in respect of any Claim, including on appeal and (ii) enforcing or defending the Indemnitee’s rights as provided under Section 6; provided, however, that the term “Expenses” excludes: (y) Losses and (z) amounts incurred in respect to any claim, action, suit or proceeding (other than pursuant to Section 6) brought by Indemnitee against the Company or any Other Enterprise or against any current or former director, officer, employee, agent, member, manager, or trustee of the Company or any Other Enterprise.  
(g)“Incumbent Directors” means the individuals who, as of the date hereof, are directors of the Company and any individual becoming a director subsequent to the date hereof whose election, nomination for election by the Company’s shareholders, or appointment, was approved by a vote of at least two-thirds of the then Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination); provided, however, that an individual shall not be an Incumbent Director if such individual’s election or appointment to the Board occurs as a result of an actual or threatened election contest (as described in Rule 14a-12(c) of the Exchange Act) with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.
(h)“Indemnifiable Claim” means any Claim (i) based upon, arising out of or resulting from any actual or alleged act or omission by Indemnitee in his or her capacity as a director, officer, employee or agent of the Company or as a director, officer, employee, member, manager, trustee or agent of any Other Enterprise; or (ii)  by reason of the fact that Indemnitee 

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is a current or former director, officer, employee or agent of the Company or by reason of the fact that Indemnitee is a current or former director, officer, employee, member, manager, trustee or agent of any Other Enterprise.  
(i)“Indemnifiable Expenses” means any and all Expenses relating to, arising out of or resulting from any Indemnifiable Claim.
(j)“Indemnifiable Losses” means any and all Losses relating to, arising out of or resulting from any Indemnifiable Claim. 
(k)“Independent Counsel” means a nationally recognized law firm that has expertise in matters of corporation law and that is not currently representing, nor represented in the past five years (i) the Company (or any Other Enterprise) or Indemnitee in any matter material to either such party, or (ii) any other named (or, as to a threatened matter, reasonably likely to be named) party to the Indemnifiable Claim giving rise to a claim for indemnification hereunder; provided, however, that “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have an actual or potential conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.  
(l)“Losses” means any and all, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other) and amounts paid in settlement, including all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing, but excluding Expenses.
(m)“Other Enterprise” means any corporation, limited liability company, partnership, joint venture, trust, plan or other entity or enterprise, whether or not for profit, as to which Indemnitee is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent.  In addition to any service at the actual request of the Company, for purposes of this Agreement, Indemnitee shall be deemed to be serving or to have served at the request of the Company as a director, officer, employee, member, manager, trustee or agent of an Other Enterprise if Indemnitee is or was serving as a director, officer, employee, member, manager, trustee or agent of such Other Enterprise and (i) such entity or enterprise is or at the time of such service was a Controlled Affiliate, or (ii) such entity or enterprise is or at the time of such service was an employee benefit plan (or related trust) sponsored or maintained by the Company or a Controlled Affiliate, or (iii) the Company or a Controlled Affiliate directly or indirectly caused Indemnitee to be nominated, elected, appointed, designated, employed, engaged or selected to serve in such capacity.  
(n)“Standard of Conduct” means that the acts or omissions of Indemnitee were not undertaken with deliberate intent to harm the Company or with reckless disregard for the best interests of the Company.
2.Indemnification Obligation. 
(a)Subject to the terms of this Agreement, the Company shall indemnify Indemnitee against any and all Indemnifiable Losses which Indemnitee becomes obligated to pay. 
(b)Notwithstanding Section 2(a), the Company shall have no obligation to pay any amount under 2(a): 

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(i)to the extent attributable to the acts or omissions of Indemnitee which were undertaken with deliberate intent to harm the Company or with reckless disregard for the best interests of the Company.  
(ii)to the extent that payment thereof by the Company is prohibited by applicable law or is otherwise unlawful, including (A) amounts attributable to a fine or similar government imposition which the Company is prohibited by applicable law from paying and (B) Losses arising from a claim made under ORC Section 1701.95.
(iii)to the extent attributable to Claims which are not Indemnifiable Claims, including, for avoidance of doubt and without limitation, amounts attributable to the Indemnitee gaining in fact a personal gain, profit or advantage as to which he or she was not entitled, including (A) from the purchase and sale by the Indemnitee of equity securities of the Company which are recoverable by the Company pursuant to Section 16(b) of the Exchange Act and (B) arising from transactions in publicly traded securities of the Company which were effected by the Indemnitee in violation of Section 10(b) of the Exchange act or Rule 10b-5 promulgated thereunder.  
The applicability of Section 2(b)(i), (ii) or (iii) shall be determined under Section 4 and, pending such determination, nothing in this Section 2(b) shall eliminate or diminish Company’s obligations under Section 3 or Section 6 to pay or advance Expenses for attorneys’ fees and other costs under Section 3 or Section 6, subject to the provisions of Section 3 and Section 6.
3.Advancement of Expenses.  
(a)Subject to the terms of this Agreement, Indemnitee shall have the right to payment, advancement, reimbursement and/or indemnity by the Company prior to the final disposition of any Indemnifiable Claim of any and all reasonable Expenses relating to, arising out of or resulting from any Indemnifiable Claim which are paid or incurred by Indemnitee or which Indemnitee reasonably determines are likely to be so paid or incurred by Indemnitee.  Without limiting the generality or effect of the foregoing, within five business days after any request by Indemnitee, the Company shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses.  
It is the intent of this Agreement that the term Indemnifiable Claim be broadly interpreted to favor advances of Expenses to Indemnitee except in cases in which there is available at the time advancement of Expenses is sought clear and convincing factual evidence and/or established applicable law which precludes any good faith basis for indemnification under Section 2 and in all other cases the applicability of Section 2(b)(i), (ii), and (iii) and 3(d)(i), (ii) or (iii) below shall be determined under Section 4 and, pending such determination, Expenses shall be advanced subject to the provisions of this Section 3.  No such advancement shall prejudice the right of the Company to recover such Expenses if it is later determined as provided in this Agreement that Indemnitee is obligated to repay such Expenses.
(b)For purposes of obtaining payments of Expenses in advance of final disposition, the Indemnitee shall submit to the Company a sworn request for advancement of Expenses substantially in the form of Exhibit A attached hereto subject to Indemnitee filling in the blanks therein and selecting from among the bracketed alternatives therein.  Such undertaking to repay Expenses need not be secured and the Company must accept the Undertaking without reference to Indemnitee’s ability to repay the Expenses.  

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(c)Upon the request of the Company, Indemnitee shall provide the Company with reasonable documentation evidencing Expenses which were or reasonably likely to be paid or incurred by Indemnitee.  
(d)Indemnitee shall repay, without interest, to the Company, any Expenses previously paid by the Company to the extent:  
(i)incurred in respect of acts or omissions of Indemnitee determined to have been undertaken with deliberate intent to harm the Company or with reckless disregard for the best interests of the Company.
(ii)incurred in respect of any Claim determined not to be an Indemnifiable Claim including, for avoidance of doubt and without limitation, amounts attributable to the Indemnitee gaining in fact a personal gain, profit or advantage to which he or she was not entitled, including (A) from the purchase and sale by the Indemnitee of equity securities of the Company which are recoverable by the Company pursuant to Section 16(b) of the Exchange Act, and (B) arising from transactions in publicly traded securities of the Company which were effected by the Indemnitee in violation of Section 10(b) of the Exchange act or Rule 10b-5 promulgated thereunder; provided that if there are multiple claims and some of which are determined not to be Indemnifiable Claims then the amount to be repaid shall be the amount of incremental Expenses attributable solely to defending the Claim or Claims determined not to be Indemnifiable Claims.
(iii)payment of which by the Company is determined to be prohibited by law or otherwise unlawful, including because the Regulations of the Company prohibit payment or advancement of Expenses by specific reference to ORC 1701.13E(5)(i).
4.Determination of Right to Indemnification.
(a)To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Indemnifiable Claim or in defense of any claims, issues or matters that are d of an Indemnifiable Claim, Indemnitee shall be indemnified against all Losses and Expenses relating to, arising out of or resulting from such Indemnifiable Claim or any such claims, issues or matters in accordance with Sections 2 and 3 and no Indemnification Determination (as defined in Section 4(b)) shall be required.  For purposes of this Section 4(a) and without limitation, the termination of any Indemnifiable Claim or any such claim, issue or matter by dismissal, with or without prejudice, shall be deemed to be a success on the merits.  
(b)To the extent that the provisions of Section 4(a) are inapplicable to an Indemnifiable Claim (or any part thereof) that has been finally disposed of, Indemnitee shall be entitled to indemnification against Indemnifiable Losses and Indemnifiable Expenses unless and to the extent that:  
(i)a court of competent jurisdiction has made a finding in a final unappealable judgment as to the acts or omissions of Indemnitee which, when applied under Section 2(b)(i), (ii) or (iii), and/or Section 3(d)( i), (ii) or (iii), would result in a denial of indemnification for Losses and/or Expenses; or 
(ii)to the extent Section 4(b)(i) does not apply, it is determined pursuant to Section 4(c) below (an “Indemnification Determination”) that a Loss and/or Expense is not indemnifiable pursuant to the application of Section 2(b)(i), (ii) or (iii) and/or Section 3(d)(i), (ii) or (iii). 

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(c)An Indemnification Determination shall be made as provided for in this Section 4(c) and Sections 4(d), (e), (f), (g), (h) and (i):  
(i)if a Change in Control has not occurred, or if a Change in Control has occurred but Indemnitee shall have requested that the Indemnification Determination be made pursuant to this clause (i), then the Indemnification Determination shall be: (A) by a majority vote of a quorum consisting of the Disinterested Directors, or (B) if such Disinterested Directors so direct, by a majority vote of a committee of Disinterested Directors designated by a majority vote of all Disinterested Directors, or (C) if such quorum of Disinterested Directors is not available or if a majority of such a quorum so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and 
(ii)if a Change in Control has occurred and Indemnitee has not requested that the Indemnification Determination be made pursuant to clause (i), then the Indemnification Determination shall be by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.  
(iii)

(iv)Indemnitee will cooperate with the person or persons selected pursuant to section 4(c) to make such Indemnification Determination (such person or persons, the “Reviewer”), including providing to the Reviewer, upon reasonable advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  The Company shall reimburse Indemnitee and, if requested by Indemnitee, shall advance to Indemnitee, within five business days of such request, any and all costs and expenses (including attorneys’ and experts’ fees and expenses) incurred by Indemnitee in so cooperating with the Reviewer.
(d)The Company shall use its reasonable best efforts to cause any Indemnification Determination required under Section 4(c) to be made as promptly as practicable.  If (i) the Reviewer has not made a determination within 30 days after the later of (A) receipt by the Company of written notice from Indemnitee advising the Company of the final disposition of the applicable Indemnifiable Claim and (B) the final selection of an Independent Counsel, (if such determination is to be made by Independent Counsel,) and (ii) Indemnitee shall have fulfilled his/her obligations set forth in the second sentence of Section 4(c), then Indemnitee shall be deemed to be entitled to indemnification in respect of the Loss or Expense at issue; provided that such 30-day period may be extended for a reasonable time, not to exceed an additional 30 days, if the Reviewer making such determination in good faith requires such additional time for the obtaining of evaluation of documentation and/or information relating thereto.
(e)If (i) Indemnitee shall be entitled to indemnification pursuant to Section 4(a), or (ii) Indemnitee has been determined or deemed pursuant to Section 4(b) or (c) or (d) to be entitled to indemnification, then the Company shall pay to Indemnitee, within five business days of the last to occur of (i) or (ii) above, an amount equal to the unpaid amount of Losses and Expenses indemnified hereunder.
(f)If an Indemnification Determination is to be made by Independent Counsel pursuant to Section 4(c)(i), the Independent Counsel shall be selected by the Company, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected.  If an Indemnification Determination is to be made by Independent Counsel pursuant to Section 4(c)(ii), the Independent Counsel shall be selected by 

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Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected.  In either case, Indemnitee or the Company, as applicable, may, within five business days after receiving written notice of selection from the other, deliver to the other a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of “Independent Counsel” in Section 1(k), and the objection shall set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person or firm so selected shall act as Independent Counsel.  If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit and (ii) the non-objecting party may, at its option, select an alternative Independent Counsel and give written notice to the other party advising such other party of the identity of the alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences and clause (i) of this sentence shall apply to such subsequent selection and notice.  If applicable, the provisions of clause (ii) of the immediately preceding sentence shall apply to successive alternative selections.  If no Independent Counsel that is permitted under the foregoing provisions of this Section 4(f) to make the Indemnification Determination shall have been selected within 30 days after the Company gives its initial notice pursuant to the first sentence of this Section 4(f) or Indemnitee gives its initial notice pursuant to the second sentence of this Section 4(f), as the case may be, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel by the Court and the person or firm with respect to whom all objections are so resolved or the person or firm so appointed will act as Independent Counsel.  In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with the Independent Counsel’s determination pursuant to Section 4(c).    
(g)The Reviewer shall make the Indemnification Determination reasonably and in good faith consistent with the terms of this Agreement and applicable law.  In making any Indemnification Determination, the Reviewer shall presume that Indemnitee is entitled to indemnification for Expenses and Losses, and the Company may overcome such presumption only by its producing clear and convincing factual evidence and/or established applicable law to the contrary.  The termination of any Indemnifiable Claim against Indemnitee by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption that Indemnitee is not entitled to indemnification or that indemnification hereunder is otherwise not permitted or otherwise adversely affect the right of the Indemnitee to indemnification.  In addition, in making any Indemnification Determination, Indemnitee shall be deemed to have satisfied the Standard of Conduct if Indemnitee’s act or omission is based on Indemnitee’s reliance on information, opinions, reports or statements, including financial statements and other financial data, that were prepared or presented by (a) one or more directors, officers, or employees of the Company who the Indemnitee reasonably believes are reliable and competent in the matters prepared or presented; (b) counsel, public accountants, or other persons as to matters that the Indemnitee reasonably believes are within the person’s professional or expert competence; or (c) a committee of the Board upon which the Indemnitee does not serve, duly established in accordance with a provision of the Company’s Articles or Regulations, as to matters within its designated authority, which committee the Indemnitee reasonably believes to merit confidence.  In addition, the knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

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(h)Any Indemnification Determination that is adverse to Indemnitee may be challenged by Indemnitee in the state or federal courts in Ohio.  No such adverse Indemnification Determination shall be raised or used as a defense by the Company in any judicial claim by Indemnitee for indemnification hereunder or create a presumption that Indemnitee is not entitled to indemnification and any such judicial proceeding shall be a de novo review on the merits.
(i)Any Indemnification Determination favorable to Indemnitee finding that Indemnitee is entitled to indemnification shall be binding on the Company and shall not be challenged by the Company.
(j)If the Indemnitee is entitled to indemnity by the Company for some or a portion of a Loss or Expenses incurred by him or her, but not for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such Loss or Expenses to which the Indemnitee is entitled.
5.Notices; Defense of Claims.  
(a)To obtain indemnification under this Agreement in respect of an Indemnifiable Claim, Indemnitee shall submit to the Company a written request, including a brief description (based upon information then available to Indemnitee) of such Indemnifiable Claim.  If, at the time of the receipt of such request, the Company has directors’ and officers’ liability insurance in effect under which coverage for such Indemnifiable Claim is potentially available, the Company shall give prompt written notice of such Indemnifiable Claim to the applicable insurers in accordance with the procedures set forth in the applicable policies.  The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Indemnifiable Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.  The failure by Indemnitee to timely notify the Company of any Indemnifiable Claim shall not relieve the Company from any liability hereunder unless, and only to the extent that, the Company did not otherwise learn of such Indemnifiable Claim and such failure results in forfeiture by the Company of substantial defenses, rights or insurance coverage.
(b)The Company shall be entitled to assume the defense of any Indemnifiable Claim, and at the request of Indemnitee, the Company shall assume the defense of any Indemnifiable Claim, with, in either case, counsel reasonably satisfactory to the Indemnitee; provided that if, at any time, Indemnitee or the Company determines, in good faith, that (i) the use of counsel chosen by the Company to represent Indemnitee would present such counsel with an actual or potential conflict, (ii) the named parties in any such Indemnifiable Claim (including any impleaded parties) include both the Company and Indemnitee and there may be one or more legal defenses available to Indemnitee that are different from or in addition to those available to the Company, or (iii) any such representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then the Company shall not have the right, nor the obligation, to assume the defense of such Indemnifiable Claim and Indemnitee shall be entitled to retain separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any Indemnifiable Claim) at the Company’s expense pursuant to Section 3.  With respect to any Indemnifiable Claim the defense of which has been assumed by the Company:  (i) the Company shall conduct the defense and/or settlement thereof diligently and in good faith, (ii) the Company shall keep Indemnitee reasonably informed regarding the status of such defense and any settlement, (iii) Indemnitee shall reasonably cooperate with the Company in the defense of or otherwise responding to any Indemnifiable Claim, and (iv) Indemnitee may participate (at his or her own expense) in such defense.

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(c)The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any Indemnifiable Claim effected without the Company’s prior written consent.  The Company shall not, without the prior written consent of the Indemnitee, effect any settlement of any Indemnifiable Claim to which the Indemnitee is, or could have been, a party unless such settlement solely involves the payment of money (by other than Indemnitee) and includes a complete and unconditional release of Indemnitee from all liability on any claims that are or could be the subject matter of such Indemnifiable Claim.  Neither the Company nor Indemnitee shall unreasonably withhold or delay its consent to any proposed settlement; provided that Indemnitee may withhold consent to any settlement that provides for other than solely the payment of money or does not provide such complete and unconditional release of Indemnitee.
(d)This Section 5 is subject to the requirements of any applicable policy of liability insurance which gives the insurer the right to approve or consent to counsel.
6.Enforcement by Indemnitee.  
(a)It is the intent of the Company that Indemnitee not be required to incur legal fees and or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee hereunder.  Accordingly, without limiting the generality or effect of any other provision hereof, if:  (i) Indemnitee determines in good faith that the Company has failed to comply with any of its obligations under this Agreement (including its obligations under Section 3) or (ii) the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding which may result in the denial or limitation of, or the recovery from Indemnitee of, the benefits provided or intended to be provided to Indemnitee hereunder, or (iii) Indemnitee takes legal action to enforce any Indemnitee rights under any director and officers liability insurance policies maintained by the Company, then the Company irrevocably authorizes the Indemnitee from time to time to retain counsel of Indemnitee’s choice, at the expense of the Company as hereafter provided, to advise and represent Indemnitee in connection with any such interpretation, enforcement, defense or action.  
(b)The Company shall, if requested by Indemnitee, reimburse Indemnitee for, or advance to Indemnitee, within five business days of such request, any and all reasonable Expenses paid or incurred by Indemnitee or which Indemnitee reasonably determines are likely to be paid or incurred by Indemnitee in connection with any claim, defense or action by Indemnitee in respect of Section 6(a)(i), (ii) or (iii).  For purposes of obtaining payments of Expenses in advance of final disposition, the Indemnitee shall submit to the Company a sworn request for advancement of Expenses substantially in the form of Exhibit A attached hereto subject to Indemnitee filling in the blanks therein and selecting from among the bracketed alternatives therein.  Such undertaking to repay Expenses need not be secured and the Company must accept the undertaking without reference to Indemnitee’s ability to repay the Expenses.  
(c)Indemnitee shall repay to the Company all Expenses paid to or on behalf of Indemnitee under this Section 6 if it is determined by a court of competent jurisdiction in a final nonappealable judgment that the material claims or defenses asserted by Indemnitee pursuant to Section 6(a) were made in bad faith or were frivolous.

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7.Liability Insurance.  For the duration of Indemnitee’s service as a director and/or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, the Company shall use commercially reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to cause to be maintained in effect policies of directors’ and officers’ liability insurance providing coverage for directors and officers of the Company that is, in all material respects, comparable in scope and amount to that provided by the Company’s policies of directors’ and officers’ liability insurance in effect on the date hereof.  Upon request, the Company shall provide Indemnitee with a copy of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and other related materials.  If the Company determines in good faith that commercially reasonable efforts will not permit it to maintain such comparable coverage then the Company may reduce the scope or amount of coverage to that which commercially reasonable efforts allow, provided, however, that such reduction shall not be undertaken (i)  without the prior approval thereof by a majority vote of the Incumbent Directors, even if less than a quorum, or (ii) if at the time that any such discontinuation or material reduction in the scope or amount of coverage is proposed there are no Incumbent Directors, without prior written notice to Indemnitee.  In all policies of directors’ and officers’ liability insurance now or hereafter obtained by the Company, and for so long as Indemnitee shall be subject to any pending or possible Indemnifiable Claim, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits, subject to the same limitations, as are accorded to the Company’s directors and officers most favorably insured by such policy.  Indemnitee shall continue to be entitled to the indemnification rights provided under this Agreement regardless of whether liability or other insurance coverage is at any time obtained or retained by the Company.  In the event that insurance becomes unavailable in the amount or scope of coverage of the policy in effect on the date hereof on a reasonable commercial basis and the Company foregoes maintenance of all or a portion of such insurance coverage, the Company shall stand as a self-insurer with respect to the coverage, or portion thereof, not retained, and shall indemnify Indemnitee against any loss arising out of the reduction or cancellation of such insurance coverage.
8.Non‐Exclusivity; No Duplication.
(a)The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the ORC, the Articles, the Regulations, any policy of insurance or under any other contract or otherwise (collectively, “Other Indemnity Provisions”); provided, however, that (i) to the extent that any change or interpretation is made to any applicable law which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder, and (ii) if there is any change in any applicable law which narrows the right of the Company to indemnify Indemnitee, such changes, to the extent not otherwise required by applicable law to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 
(b)Except with respect to Claims brought by or in the right of the Company, the Company shall cooperate with Indemnitee and undertakes to use reasonable efforts to assist Indemnitee to obtain indemnification under all or any combination of this Agreement and other Other Indemnity Provisions (to the extent permitted thereunder and without duplication) so as to provide Indemnitee with the broadest permissible indemnification.
(c)The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Indemnifiable Losses or Indemnifiable Expenses to the extent Indemnitee has actually received payment (net of expenses incurred in 

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connection therewith) under any Other Indemnity Provisions or otherwise (including from any Other Enterprise) in respect of such Indemnifiable Losses or Indemnifiable Expenses otherwise indemnifiable hereunder.  Indemnitee shall repay any Expenses actually advanced to Indemnitee that, at the final disposition of the matter to which the advance related, were in excess of Expenses actually paid by Indemnitee in respect of such matter.  
(d)No amendment to the Articles or the Regulations may deny, diminish or encumber the Indemnitee’s rights to indemnity pursuant to the Articles, Regulations, the ORC or any other applicable law as applied to any act or omission occurring in whole or in part prior to the date (the “Effective Date”) upon which the amendment was approved by the shareholders of the Company.  In the event that the Company shall purport to adopt any amendment to its Articles or Regulations or take any other action the effect of which is to deny, diminish or encumber the Indemnitee’s rights to indemnity pursuant to the Articles, the Regulations, the ORC or any such other law, such amendment shall apply only to acts or omissions occurring entirely after the Effective Date thereof.
9.Subrogation.  In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the related rights of recovery of Indemnitee against other persons or entities (other than Indemnitee’s successors).  Indemnitee shall execute all papers reasonably required to evidence such rights in the Company and shall otherwise reasonably cooperate with the Company in pursuing such subrogated rights subject to the Company reimbursing or advancing all of Indemnitee’s reasonable expenses in connection therewith.
10.Successors and Binding Agreement.  
(a)This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including any person acquiring, directly or indirectly, all or substantially all of the business or assets of the Company whether by purchase, merger, consolidation, reorganization or otherwise (and such successor will thereafter be deemed the “Company” for purposes of this Agreement).  Without limiting the preceding sentence, the Company shall require any successor or successors (whether direct or indirect, by asset purchase, merger, consolidation, reorganization or otherwise), by agreement in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place.  No such assumption by any successor shall release the Company from any liability or obligation hereunder.
(b)This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or delegate this Agreement or any rights or obligations hereunder except as expressly provided in Sections 10(a).  Without limiting the generality or effect of the foregoing, Indemnitee’s right to receive payments hereunder shall not be assignable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by the Indemnitee’s will or by the laws of descent and distribution, and, in the event of any attempted assignment or transfer contrary to this Section 10(b), the Company shall have no liability to pay any amount so attempted to be assigned or transferred.  Subject to the foregoing, this Agreement shall inure to the benefit of and be enforceable by the Indemnitee’s personal or legal representatives, executors, administrators, heirs and successors.
(c)This Agreement constitutes the entire agreement and understanding of the Company and Indemnitee in respect of its subject matter and supersedes all prior 

12

understandings, agreements and representations by or among the Company and Indemnitee, written or oral, to the extent they relate to the subject matter hereof including the Indemnification Agreement in effect on the date hereof between the Company and Indemnitee, but excluding any Other Indemnity Provisions.  All obligations of the Company contained in this Agreement shall apply retroactively beginning to the date the Indemnitee commenced serving in a capacity or having a status referenced in the definition of “Indemnifiable Claim” and shall continue during the period that the Indemnitee remains in such capacity or status and for so long thereafter as the Indemnitee may be subject to any possible new, threatened, pending or completed Indemnifiable Claim.
11.Notices.  For all purposes of this Agreement, all communications, including without limitation notices, consents, requests or approvals, required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid or one business day after having been sent for next‐day delivery by a nationally recognized overnight courier service, addressed to the Company at its headquarters (to the attention of the Secretary of the Company) and to Indemnitee at the applicable address shown on the signature page hereto, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of changes of address will be effective only upon receipt.
12.Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by and construed in accordance with the substantive laws of the State of Ohio, without giving effect to the principles of conflict of laws of such State.  
13.Validity.  If any provision of this Agreement or the application of any provision hereof to any person or circumstance is held invalid, unenforceable or otherwise illegal, the remainder of this Agreement and the application of such provision to any other person or circumstance shall not be affected, and the provision so held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent, and only to the extent, necessary to make it enforceable, valid or legal.  In the event that any court or other adjudicative body shall decline to reform any provision of this Agreement held to be invalid, unenforceable or otherwise illegal as contemplated by the immediately preceding sentence, the parties thereto shall take all such action as may be necessary or appropriate to replace the provision so held to be invalid, unenforceable or otherwise illegal with one or more alternative provisions that effectuate the purpose and intent of the original provisions of this Agreement as fully as possible without being invalid, unenforceable or otherwise illegal.
14.Amendments and Waivers.  No provision of this Agreement may be waived, modified or discharged unless such waiver, modification or discharge is agreed to in writing signed by Indemnitee and the Company.  No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  
15.Certain Interpretive Matters.  Unless the context of this Agreement otherwise requires, (a) ”it” or “its” or words of any gender include each other gender, (b) words using the singular or plural number also include the plural or singular number, respectively, (c) the terms “hereof,” “herein,” “hereby” and derivative or similar words refer to this entire Agreement, (d) the terms “Article,” “Section,” or “Exhibit” refer to the specified Article, Section or Exhibit of or to this Agreement, (e) the terms “include,” “includes” and “including” will be deemed to be followed by 

13

the words “without limitation” (whether or not so expressed), and (f) the word “or” is disjunctive but not exclusive.  Whenever this Agreement refers to a number of days, such number will refer to calendar days unless business days are specified and whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time or by a particular date that ends or occurs on a non-business day, then such period or date will be extended until the immediately following business day.  As used herein, “business day” means any day other than Saturday, Sunday or a United States federal holiday. Any reference to a statue, rule or regulation shall include the successor thereto.  
16.Counterparts.  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together shall constitute one and the same agreement.
17.Specific Performance.  Each of the Company and Indemnitee acknowledges and agrees that the other would be damaged irreparably if any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached.  Accordingly, each party agrees that the other party shall be entitled to an injunction or injunctions to prevent beaches of the provisions of this Agreement and to enforce specifically this Agreement and its terms and provisions in any action instituted in any court of the United States or any state thereof having jurisdiction over the parties and the matter, in addition to any other remedy to which they may be entitled at law or in equity.
IN WITNESS WHEREOF, Indemnitee has executed and the Company has caused its duly authorized representative to execute this Agreement as of the date first above written.

OMNOVA Solutions Inc.

By:                                                               
Indemnitee Signature

Name:                                                      
Printed Name
Title:                                                                                      
Street                
                                            
City, State, Zip

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EXHIBIT A
•UNDERTAKING
STATE OF             )
)    SS
COUNTY OF             )

I, _________________________________, being first duly sworn, do depose and say as follows:
1.This Undertaking is submitted pursuant to the Indemnification Agreement, dated ____________, ___, between OMNOVA Solutions Inc., an Ohio corporation (the “Company”) and the undersigned.
2.    [I have determined that an Indemnifiable Claim has been made against me] and/or [I am enforcing or defending my rights under the Indemnification Agreement pursuant to Section 6.
3.    I am requesting payment of Expenses that I have reasonably incurred or will reasonably incur in [defending or responding to an Indemnifiable Claim] and/or [in pursuing a claim under Section 6 of the Indemnification Agreement]
4.    The Expenses for which payment is requested are, in general, all expenses related to __________________________________________________________________________
____________________________________________________________________________
____________________________________________________________________________.

5.    I hereby undertake to repay all amounts paid pursuant hereto if and to the extent it is determined that I am not entitled under the Indemnification Agreement to have the Company pay such amount.
__________________________________________
[Signature of Indemnitee]
                        
Subscribed and sworn to before me, a Notary Public in and for said County and State, this _____ day of _________, 2___.
                            

[Seal]

My commission expires the ____ day of ___________, 2___.

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