Document:

Exhibit

                

Exhibit 10.40
EMPLOYMENT AGREEMENT
THIS AGREEMENT (the “Agreement”) is made and entered into effective the 1st day of March 2018 (the “Effective Date”), by and between JELD-WEN Australia Pty Limited (the “Company”) and Peter Farmakis (the “Executive”).
1.Term of Employment; Duties.  (1)  As used herein, the phrase “Term of Employment” shall mean the period commencing on the Effective Date and ending on the date of termination of Executive’s employment in accordance with any one of Sections 5(a) through 5(e) below.
(a)    The Company hereby agrees to employ Executive as its President (in which capacity Executive will also serve as Executive Vice President and President, Australasia of JELD-WEN Holding, Inc. (together with its subsidiaries and affiliates, the “Parent”)) for the Term of Employment, and Executive agrees to serve in these capacities with the duties and responsibilities customary to such positions in a company of the size and nature of the Company and Parent, protecting, encouraging and promoting the interests of the Company and Parent, and performing such other duties consistent with the offices held by Executive as may be reasonably assigned to him from time to time by the Chief Executive Officer (“CEO”) of Parent or the Board of Directors of the Company (the “Board”).  During the Term of Employment, Executive shall report solely and directly to the CEO of Parent.  
(b)    Executive shall devote all of Executive’s business time and attention to Executive’s duties on the Company’s behalf except for sick leave, vacations and approved leaves of absence; provided, however, that nothing shall preclude Executive from (i) managing Executive’s personal investments and affairs and (ii) participating as a member of the board of directors or similar governing body of no more than one (1) for-profit company which is not a direct competitor of the Company or Parent and approved by the Board in writing prior to Executive commencing service therewith and such not-for-profit companies or institutions as do not interfere with the performance of Executive’s duties; provided that in each case, Executive shall not engage in activities inconsistent with the Company’s ethics codes and other conflicts of interest policies in effect from time to time or which materially interfere with or adversely affect the performance of Executive’s duties under this Agreement.
2.    Compensation.  (1)  Base Salary.  The Company agrees to pay to Executive as a salary during the Term of Employment the sum of AUD 600,000 per year, payable in accordance with the normal payroll practices of the Company as in effect from time to time.  The Board shall review, and may adjust in its sole discretion, such base salary no less often than annually.  Executive’s annual base salary rate, as in effect from time to time, is hereinafter referred to as the “Base Salary.”
(a)    Superannuation. Superannuation contributions shall be made to a complying superannuation fund nominated by the Executive in accordance with the minimum requirements of the Superannuation Guarantee Administration Act 1992 (Cth) (SGAA).

                

(b)    Motor Vehicle: During the Term of Employment, Executive shall be provided with a fully maintained motor vehicle as a tool of trade subject to the terms of the Employee Responsibilities and Conditions of Use form executed by the Executive and any Company policy.
(c)    Annual Bonuses.  During the Term of Employment, Executive shall participate in the Parent’s annual Management Incentive Plan or any successor plan (the “MIP”), on terms and conditions that are appropriate to Executive’s positions and responsibilities at the Company and are no less favorable than those applying to other senior executive officers of the Company.  Executive’s target annual bonus under the MIP in respect of each Fiscal Year shall be 60% of Base Salary and Executive’s maximum annual bonus shall be 120% of Base Salary. The Board shall review, and may adjust in its sole discretion, such bonus targets each year when it sets target bonuses for the MIP.  Any annual bonus paid to Executive shall be in addition to the Base Salary and to any and all other benefits to which Executive is entitled as provided in this Agreement.  Except as in accordance with any deferral election made by Executive pursuant to any deferred compensation plan maintained by the Company, payment of annual bonuses shall be made at the same time that other senior executive officers of the Company receive their annual bonuses.
(d)    Long-Term Incentive Programs.  Executive shall participate in the Parent’s 2017 Omnibus Equity Plan or any successor plan and other long-term incentive compensation plans generally available to other senior executive officers of the Company from time to time on terms and conditions that are appropriate to Executive’s positions and responsibilities at the Company and are no less favorable than those generally applicable to such other senior executive officers.  
3.    Employee Benefit Programs.  During the Term of Employment, Executive shall be entitled to participate in all employee retirement, savings and welfare benefit plans and programs made available to the Company’s executive officers, as such plans may be in effect from time to time and on terms and conditions that are no less favorable than those generally applicable to other senior executive officers to the extent not duplicative of benefits provided by this Agreement.
4.    Perquisites, Vacations, Reimbursement of Expenses and Relocations.  During the Term of Employment:
(a)    The Company shall furnish Executive with, and Executive shall be allowed full use of, office facilities, secretarial and clerical assistance and other Company property and services commensurate with Executive’s position and of at least comparable quality, nature and extent to those made available to other senior executive officers of the Company from time to time;
(b)    Executive shall be allowed a minimum of four (4) weeks annual vacation and leaves of absence (“PTO”) with pay on a basis no less favorable than that applicable to other senior executive officers of the Company. PTO shall not be accrued, and any unused PTO shall be forfeited;
(c)    The Company shall reimburse Executive for reasonable business expenses incurred by Executive in the performance of Executive’s duties hereunder, such reimbursements to 

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be effected in accordance with normal Company reimbursement procedures in effect from time to time; and
5.    Termination of Employment.
(a)    Termination Due to Death.  In the event that Executive’s employment is terminated due to Executive’s death, the Company’s payment obligations under this Agreement shall terminate, except that Executive’s estate or Executive’s beneficiaries, as the case may be, shall be entitled to the following:
(1)    (i) the Base Salary through the date of termination, (ii) any earned but unpaid portion of Executive’s annual bonus provided for in Section 2(b) for the Fiscal Year preceding the year of termination, (iii) reimbursement for any unreimbursed business expenses properly incurred by Executive pursuant to this Agreement or in accordance with Company policy prior to the date of Executive’s termination, and (iv) such employee benefits, if any, to which Executive may be entitled under the employee benefit plans of the Company according to their terms (the amounts described in clauses (i) through (iv) of this Section 5(a)(1), reduced (but not below zero) by any amounts owed by Executive to the Company, being referred to as the “Accrued Rights”);
(2)    a pro-rata annual bonus provided for in Section 2(b) for the Fiscal Year in which Executive’s death occurs, based on the Company’s actual performance for the entire Fiscal Year, pro-rated for the number of calendar months during the Fiscal Year that Executive was employed prior to such termination (rounded up to the next whole month), payable at the time annual bonuses are paid for such Fiscal Year to executives of the Company generally (a “Pro-Rata Bonus”); and
(3)    except as otherwise provided in Section 2, Executive’s outstanding stock options, restricted stock, performance share units, and restricted stock units (“Stock Awards”) shall be administered in accordance with the terms of the written agreements setting forth the terms of each such Stock Award.

(b)    Termination due to Disability.
(1)    If, as a result of Executive’s incapacity due to physical or mental illness, accident or other incapacity (as determined by the Board in good faith, after consideration of such medical opinion and advice as may be available to the Board from medical doctors selected by Executive or by the Board or both separately or jointly), Executive shall have been absent from Executive’s duties with the Company on a full-time basis for six consecutive months and, within 30 days after written notice of termination thereafter given by the Company, Executive shall not have returned to the full-time performance of Executive’s duties, the Company or Executive may terminate Executive’s employment for “Disability”.

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(2)    In the event that Executive’s employment is terminated due to Disability, Executive shall be entitled to the following benefits:
(i)    the Accrued Rights;
(ii)    a Pro-Rata Bonus for the Fiscal Year in which Executive’s termination occurs; and
(iii)    except as otherwise provided in Section 2, Executive’s outstanding Stock Awards shall be administered in accordance with the terms of the written agreements setting forth the terms of each such Stock Award.
(c)    Termination by the Company for Cause.
(1)    The Company shall have the right to terminate Executive’s employment at any time for Cause in accordance with this Section 5(c).

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(2)    For purposes of this Agreement, “Cause” shall mean: (i) the conviction or entry of a plea of guilty or nolo contendere to (A) any serious indictable offence or (B) any crime (whether or not a serious indictable offence) involving moral turpitude, fraud, theft, breach of trust or other similar acts, whether under the laws of the Australia or any state thereof or any similar foreign law to which the person may be subject; (ii) being engaged or having engaged in conduct constituting breach of fiduciary duty, dishonesty, willful misconduct or material neglect relating to the Company or any of its subsidiaries or the performance of a person’s duties; (iii) appropriation (or an overt act attempting appropriation) of a material business opportunity of the Company or any of its subsidiaries; (iv) misappropriation (or an overt act attempting misappropriation) of any funds of the Company or any of its subsidiaries; (v) the willful failure to (A) follow a reasonable and lawful directive of the Company or any of its subsidiaries at which a person is employed or provides services, or the Board of Directors or (B) comply with any written rules, regulations, policies or procedures of the Company or a subsidiary at which a person is employed or to which he or she provides services which, if not complied with, would reasonably be expected to have more than a de minimis adverse effect on the business or financial condition of the Company; (vi) willful and knowing material violation of any (I) material rules or regulations of any governmental or regulatory body that are material to the business of the Company or (II) U.S. securities laws; provided that for the avoidance of doubt, a violation shall not be considered as willful or knowing where Executive has acted in a manner consistent with specific advice of outside counsel to the Company; (vii) failure to cooperate, if requested by the Board, with any investigation or inquiry by the Company, the Securities Exchange Commission or another governmental body into Executive’s or the Company’s business practices, whether internal or external, including, but not limited to, Executive’s refusal to be deposed or to provide testimony at any trial or inquiry; (viii) violation of a person’s employment, consulting, separation or similar agreement with the Company or any non-disclosure, non-solicitation or non-competition covenant in any other agreement to which the person is subject; (ix) deliberate and continued failure to perform material duties to the Company or any of its subsidiaries; or (x) violation of the Company’s Code of Business Conduct and Ethics, as it may be amended from time to time.
(3)    No termination of Executive’s employment by the Company for Cause pursuant to this Section 5(c) shall be effective unless the provisions of this Section 5(c)(3) shall have been complied with and unless a majority of the members of the Board (for purposes of this paragraph only, “Board” shall mean the Board of Directors of either the Company or Parent) have duly voted to approve such termination.  Executive shall be given written notice by the Board of its intention to terminate him for Cause, which notice (A) shall state in detail the particular circumstances that constitute the grounds on which the proposed termination for Cause is based and (B) shall be given no later than ninety (90) days (or sixty (60) days on or after a Change in Control) after the first meeting of the Board at which the Board became aware of the occurrence of the event giving rise to such grounds.  Executive shall have 30 days after receiving such notice in which to cure such grounds, to the extent curable, as determined by the Board in good faith.  If Executive fails to cure such grounds within such 30-day period, Executive’s employment with the Company shall thereupon be terminated for Cause.  If the Board determines in good faith that the 

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grounds are not curable, Executive’s employment with the Company shall be terminated for Cause upon Executive’s receipt of written notice from the Board.
(4)    In the event the Company terminates Executive’s employment for Cause pursuant to this Section 5(c), Executive shall be entitled to the Accrued Rights.  Executive’s outstanding Stock Awards shall be administered in accordance with the terms of the written agreements setting forth the terms of each such Stock Award.
(d)    Termination Without Cause or for Good Reason.
(1)    In the event of a Termination without Cause or Resignation for Good Reason (a “Qualifying Termination”), Executive shall be entitled to twelve (12) months’ notice, following which Executive shall receive the Accrued Rights and, subject to (X) Executive’s continued compliance with the provisions of Sections 10, 11, 12 and 13 hereof, and (Y) in the case of a Qualifying Termination which occurs prior to a Change in Control (a “Non-CIC Qualifying Termination”), Executive’s execution and non-revocation of a release of claims substantially in the form attached hereto as Annex A, with such changes as may be required by changes in applicable law (a “Release”) pursuant to Section 5(d)(4), the following:
(i)     a Pro-Rata Bonus for the Fiscal Year in which such termination occurs, at the time annual bonuses are paid for such Fiscal Year to executives of the Company generally; 
(ii)    in the event of a Qualifying Termination which occurs on or after a Change in Control (a “CIC Qualifying Termination”), all Stock Options, RSUs or similar equity incentives shall fully and immediately vest upon termination and all PSUs or similar equity incentives shall vest at prorated target levels upon termination. In the event of a Non-CIC Qualifying Termination, all equity awards shall be treated in accordance with the applicant agreements; and
(iii)    Company will provide Executive with outplacement services not to exceed $10,000 in total value; provided, however,
(iv)    Company shall have the option to pay Executive the full amount to which he would otherwise be entitled under this section 5(d)(1) (or the remaining portion thereof) in lieu of the notice period (or any portion thereof) provided for herein.
(2)    For purposes of this Agreement, “Change in Control” shall mean the occurrence of any of the following:
(i)    An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any Person, immediately after which such Person first acquires “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of the  combined voting power of the Company’s then-outstanding Voting Securities; provided, however, that in determining whether a Change in Control has occurred pursuant to this section, the acquisition of Voting Securities in a Non-Control Acquisition (as hereinafter defined) shall not constitute a Change in Control.  A “Non-

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Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any corporation or other Person the majority of the voting power, voting equity securities or equity interest of which is owned, directly or indirectly, by the Company (for purposes of this definition, a “Related Entity”), (ii) the Company or any Related Entity or (iii) any Person in connection with a Non-Control Transaction (as hereinafter defined);
(ii)    The individuals who, as of the Effective Date of this Plan, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the election, or nomination for election by the Company’s common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; provided further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Proxy Contest; 
(iii)    The consummation of:
(a)    A merger, consolidation or reorganization (x) with or into the Company or (y) in which securities of the Company are issued (a “Merger”), unless such Merger is a Non-Control Transaction.  A “Non-Control Transaction” shall mean a Merger in which:
(i)    the stockholders of the Company immediately before such Merger own directly or indirectly immediately following such Merger at least a majority of the combined voting power of the outstanding voting securities of (1) the corporation resulting from such Merger (the “Surviving Corporation”), if fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly, by another Person (a “Parent Corporation”), or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; 
(ii)    the individuals who were members of the Board immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of the members of the board of directors of (1) the Surviving Corporation, if there is no Parent Corporation, or (2) if there is one or more than one Parent Corporation, the ultimate Parent Corporation; and 
(iii)    no Person other than (1) the Company or another corporation that is a party to the agreement of Merger, (2) any Related Entity, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately prior to the Merger, was maintained by the Company or any Related Entity or (4) any Person who, immediately prior to the Merger, had Beneficial Ownership of Voting Securities representing more than fifty percent (50%) of the combined voting power of the Company’s then-outstanding Voting Securities, has 

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Beneficial Ownership, directly or indirectly, of fifty percent (50%) or more of the combined voting power of the outstanding voting securities of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there is one or more than one Parent Corporation, the ultimate Parent Corporation;
(iv)    The sale or other disposition of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any Person (other than (x) a transfer to a Related Entity or (y) the distribution to the Company’s stockholders of the stock of a Related Entity or any other assets).
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person; provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company and, after such acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities and such Beneficial Ownership increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.
(3)    For purpose of this Agreement, “Good Reason” shall mean the occurrence of any of the following subsequent to the Effective Date of this Agreement without Executive’s consent:
(i)    Prior to a Change in Control, (A) the removal of Executive from the position of President of the Company or Executive Vice President and  President, Australasia of Parent; (B) the assignment to Executive of duties that are materially inconsistent with, or that materially impair Executive’s ability to perform, the duties customarily assigned to President of a corporation of the size and nature of the Company; (C) a change in the reporting structure so that Executive reports to someone other than the CEO of Parent or is subject to the direct or indirect authority or control of a person or entity other than the CEO of Parent or the Board of the Company; (D) any material breach by the Company of this Agreement; (E) conduct by the Company that would cause Executive to commit fraudulent acts or would expose Executive to criminal liability; (F) the Company failing to obtain the assumption in writing of its obligation to perform this Agreement by any successor to all or substantially all of the Company’s business or assets; (G) a relocation of Executive’s principal place of employment to any place which is more than 80 kilometres from the Company’s principal place of business in Australia as of the Effective Date; (H) a decrease in Executive’s Base Salary below the Base Salary in effect on the Effective Date, other than an across the board reduction in base salary applicable in like proportions to all senior executive officers; or (I) a decrease in Executive’s target annual bonus percentage or maximum annual bonus percentage under the MIP below those in effect on the Effective Date, other 

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than an across the board reduction of percentages or elimination of the MIP in like proportions to all senior executive officers.
(ii)    On or after a Change in Control, in addition to anything described in Section 5(d)(3)(i) (excluding Section 5(d)(3)(i)(C), which subsection shall not be Good Reason on or after a Change in Control), (A) a substantial change in the nature, or diminution in the status of Executive’s duties or position from those in effect immediately prior to the Change in Control; (B) a material reduction by the Company of Executive’s Base Salary as in effect on the date of a Change in Control or as in effect thereafter if such Base Salary has been increased and such increase was approved prior to the Change in Control; (C) a reduction by the Company in the overall value of benefits provided to Executive (including profit sharing, retirement, health, medical, dental, disability, insurance, and similar benefits, to the extent provided by the Company prior to any such reduction), as in effect on the date of Change in Control or as in effect thereafter if such benefits have been increased and such increase was approved prior to the Change in Control; (D) a failure to continue in effect any MIP, stock option or other equity-based or non-equity based incentive compensation plan in effect immediately prior to the Change in Control, or a reduction in Executive’s participation in any such plan, unless Executive is afforded the opportunity to participate in an alternative incentive compensation plan of reasonably equivalent value; (E) a failure to provide Executive the same number of paid vacation days per year available to him prior to the Change in Control; (F) relocation of Executive’s principal place of employment to any place more than fifty (50) miles from Executive’s previous principal place of employment; (G) any material breach by the Company of any provision of this Agreement or any equity award agreement; (H) conduct by the Company, against Executive’s volition, that would cause Executive to commit fraudulent acts or would expose Executive to criminal liability or (I) any failure by the Company to obtain the assumption of this Agreement by any successor or assign of the Company; provided, that for purposes of clauses (B) through (E) above, “Good Reason” shall not exist (1) if the aggregate value of all salary, benefits, incentive compensation arrangements, perquisites and other compensation is reasonably equivalent to the aggregate value of salary, benefits, incentive compensation arrangements, perquisites and other compensation as in effect immediately prior to the Change in Control, or as in effect thereafter if the aggregate value of such items has been increased and such increase was approved prior to the Change in Control, or (2) if the reduction in aggregate value is due to the application of Company or Executive performance against the applicable performance targets, in each case applying standards reasonably equivalent to those utilized by the Company prior to the Change in Control.
(4)    No termination of Executive’s employment by Executive for Good Reason pursuant to Section (5)(d)(3)(i) shall be effective unless the provisions of this Section 5(d)(4) shall have been complied with.  Executive shall give written notice to the Company of Executive’s intention to terminate Executive’s employment for Good Reason, which notice shall (i) state in detail the particular circumstances that constitute the grounds on which the proposed termination for Good Reason is based and (ii) be given no later than ninety (90) days after the first occurrence of such circumstances.  The Company shall have thirty (30) days after receiving such notice in 

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which to cure such grounds.  If the Company fails to cure such grounds within such thirty (30)-day period, Executive’s employment with the Company shall thereupon terminate for Good Reason.
(5)    This Section 5(d)(5) shall apply only in the event of a Non-CIC Qualifying Termination.  The Company shall furnish to Executive within five (5) business days following such termination a Release and Executive must return the Release and it must have become irrevocable before the sixtieth (60th) day after Executive’s termination before any payments or benefits may be provided.  If the Release is timely provided and is irrevocable on or before the sixtieth (60th) day following Executive’s termination of employment, the benefits and amounts described in Section 5(d)(1) shall commence to be provided (and provided retroactively to the extent that the payment or benefit would otherwise have been provided but for the requirement of the Release) two (2) business days after the Release is irrevocable but in any event not later than the sixtieth (60th) day after termination of Executive’s employment; provided that if the sixty (60) day period following the termination of Executive’s employment expires in the calendar year following the calendar year of Executive’s termination of employment, payments and benefits shall not commence earlier than the calendar year following termination of Executive’s employment.  If the Company fails to furnish the form of Release timely to Executive, no Release shall be required and Executive shall be treated as if Executive had timely executed and submitted the Release and such Release had become irrevocable on the tenth (10th) day after termination of Executive’s employment.  If Executive fails to submit the Release timely enough so that it is irrevocable on or before the sixtieth (60th) day following termination of employment and the Company has complied with its obligation to furnish the form of Release to Executive within five (5) business days following Executive’s termination of employment, then Executive shall not be entitled to receive any benefits under Section 5(d)(1) other than the Accrued Rights.
(e)    Voluntary Termination.  Executive shall have the right to terminate Executive’s employment with the Company in a voluntary termination at any time upon thirty days’ notice.  A voluntary termination shall mean a termination of employment by Executive on Executive’s own initiative, other than a termination due to Disability or for Good Reason.  Executive’s voluntary termination shall have the same consequences as provided in Section 5(c) for a termination for Cause.
6.    Indemnification and Insurance.  (1)  The Company and Executive acknowledge that they shall, as soon as reasonably practicable after the Effective Date, enter into an Indemnification Agreement, substantially in the form attached hereto as Annex B, which agreement shall not be affected by this Agreement.
(a)    The Company agrees that Executive shall be covered as a named insured under the Company’s Directors’ and Officers’ liability insurance as applicable from time to time to the Company’s senior executive officers on terms and conditions that are no less favorable than those applying to such other senior executive officers.
7.    No Mitigation; No Offset.  In the event of a termination of Executive’s employment for any reason, Executive shall not be required to seek other employment or to mitigate any of the 

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Company’s obligations under this Agreement, and except as otherwise provided in this Agreement, no amount payable under Section 5 shall be reduced by (a) any claim the Company may assert against Executive or (b) any compensation or benefits earned by Executive as a result of employment by another employer, self-employment or from any other source after such termination of employment with the Company.
8.    Designated Beneficiary.  In the event of the death of Executive while in the employ of the Company, or at any time thereafter during which amounts remain payable to Executive under Section 5 above, such payments shall thereafter be made to such person or persons as Executive may specifically designate (successively or contingently) to receive payments under this Agreement following Executive’s death by filing a written beneficiary designation with the Company during Executive’s lifetime.  Any change in the beneficiary designation shall be in such form as may be reasonably prescribed by the Company and may be amended from time to time or may be revoked by Executive pursuant to written instruments filed with the Company during Executive’s lifetime.  Beneficiaries designated by Executive may be any natural or legal person or persons, including a fiduciary, such as a trustee of a trust, or the legal representative of an estate.  Unless otherwise provided by the beneficiary designation filed by Executive, if all of the persons so designated die before Executive on the occurrence of a contingency not contemplated in such beneficiary designation, or if Executive shall have failed to provide such beneficiary designation, then the amount payable under this Agreement shall be paid to Executive’s estate.
9.    Ethics.  During the Term of Employment, Executive shall be subject to the Company’s Code of Business Conduct and Ethics and related policies (the “Policies”), as the Policies may be updated from time to time, which Policies are set forth on the Corporate Governance page of the Company’s website.  If for any reason an arbitrator, subject to judicial review as provided by law, or a court should determine that any provision of the Policies is unreasonable in scope or otherwise unenforceable, such provision shall be deemed modified and fully enforceable as so modified to the extent the arbitrator and any reviewing court determines what would be reasonable and enforceable under the circumstances.  The Policies do not form part of this Agreement or give rise to any contractual rights.  The Company may vary or not apply these policies at its discretion.  To the extent these policies require the Executive to do any act or thing or refrain from doing any act or thing, these policies constitute directions from the Company to the Executive with which the Executive must comply.
10.    Confidential Information, Return of Property, Developments.  (1)  Executive covenants and agrees that, except to the extent the use or disclosure of any Confidential Information is required to carry out Executive’s assigned duties with the Company, during the Term and thereafter: (i) Executive shall keep strictly confidential and not disclose to any person not employed by the Company or Parent any Confidential Information; and (ii) Executive shall not use or refer to any Confidential Information.  However, this provision shall not preclude Executive from: (x) the use or disclosure of information known generally to the public (other than information known generally to the public as a result of Executive’s violation of this Section), (y) any disclosure required 

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by law or court order so long as Executive provides the Company prompt written notice of any such potential disclosure and reasonably cooperates with the Company to prevent or limit such disclosure to the extent lawful, or (z) communicating with a government office, official or agency.  “Confidential Information” means confidential, proprietary or business information related to the Company’s or Parent’s business that is or was furnished to, obtained by, or created by Executive during Executive’s employment with the Company.  Confidential Information includes by way of illustration, but is not limited to, such information relating to the Company’s or Parent’s: (A) customers and suppliers, including customer lists, supplier lists, contact information, contractual terms, prices, and billing histories; (B) finances, financial statements, balance sheets, forecasts, profit margins and cost analyses; (C) plans and projections for new and developing business opportunities and for maintaining existing business; and (D)  operating methods, business processes and techniques, services, products, prices, costs, service performance, and operating results.  For the avoidance of doubt, this provision in no way limits Executive’s obligations or the Company’s or Parent’s rights under applicable trade secrets statutes.
(a)    All property, documents, data, and Confidential Information prepared or collected by Executive as part of Executive’s employment with the Company, in whatever form, are and shall remain the property of the Company.  Executive agrees that Executive shall return upon the Company’s request at any time (and, in any event, before Executive’s employment with the Company ends) all documents, data, Confidential Information, and other property belonging to the Company or Parent in Executive’s possession or control, regardless of how stored or maintained and including all originals, copies and compilations.
(b)    Executive hereby assigns and agrees in the future to assign to the Company Executive’s full right, title and interest in all Developments (as defined below).  In addition, all copyrightable works that Executive has created or creates in the course of or related to Executive’s employment with the Company shall be considered “work made for hire” and shall be owned exclusively by the Company. “Developments” means any invention, formula, process, development, design, innovation or improvement made, conceived or first reduced to practice by Executive, solely or jointly with others, during Executive’s employment with the Company and that was developed using the equipment, supplies, facilities or trade secret information of the Company or that relates at the time of conception or reduction to practice to: (i) the business of the Company, or (ii) any work performed by Executive for the Company.
(c)    To the extent permitted by law, the Executive (i) waives any Moral Rights (as defined below) they may have in any intellectual property created under this agreement (the Material); and (ii) consents to the Company, its successors and licensees and any person authorised by it doing all or any acts or omissions (whether occurring before or after this agreement is signed which may infringe his Moral Rights including by failing to identify him as the author of the Material, falsely attributing the Material, subjecting the Material to derogatory treatment and any and all acts or omissions in exercising a right comprised in copyright including without limitation the right to reproduce, communicate, publicly exhibit or adapt.  “Moral Rights” means moral rights within the 

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meaning of Part IX of the Copyright Act 1968 (Cth) and any analogous rights arising under statute that exist, or may come to exist, anywhere in the world.
11.    Noncompete.  (a)  During the Restricted Period (as defined below), Executive shall not: (i) engage in Competitive Activity (as defined below) within or with respect to the Prohibited Territory (as defined below); or (ii) assist any entity or person to engage in Competitive Activity within or with respect to the Prohibited Territory, whether as an owner, financing source, consultant, employee or otherwise.  In interpreting the foregoing, Executive agrees, for example, that Executive communicating about a project located within the Prohibited Territory (whether such communication is by telephone, e-mail, or otherwise) would constitute Executive engaging in activity “within or with respect to the Prohibited Territory” regardless of where Executive may be physically located at the time of that communication.
(a)    The “Restricted Period” means: (i) the Term; and (ii) the 12-month period following the last day of the Term (the “Separation Date”).
(b)    “Competitive Activity” means competing against the Company or Parent by: (i) engaging in work for a competitor of the Company or Parent that is the same as or substantially similar to the work Executive performed on behalf of the Company or Parent; and/or (ii) engaging in an aspect of the Restricted Business (as defined below) that Executive was involved with on behalf of the Company.  Notwithstanding the preceding, passively owning less than 3% of a public company shall not constitute by itself Competitive Activity or assisting others to engage in Competitive Activity.
(c)    The “Restricted Business” means: (i) the business engaged in by the Company as of the Separation Date; and (ii) the business of the manufacture, sale and/or distribution of doors and/or windows.
(d)    “Prohibited Territory” means: (i) Executive’s geographic areas of responsibility for the Company at any point during the 6 months prior to the Separation Date.  As at the date of this Agreement, those areas are Australia and New Zealand, Indonesia and Malaysia; (ii) the area within 100 kilometres from Executive’s primary office location(s) for the Company at any point during the 6 months prior to the Separation Date..  As a senior executive with the Company and Parent, Executive agrees that Executive’s duties and responsibilities for the Company extend to the entire area of the Company’s and Parent’s operations and that the Company does business throughout the world. 
12.    Non-Interference Agreement.  (a) During the Restricted Period, Executive shall not: (i) solicit, encourage, or cause any Restricted Client (as defined below) not to do business with or to reduce any part of its business with the Company or Parent; (ii) market, sell or provide to any Restricted Client any services or products that are competitive with or a substitute for the Company’s or Parent’s services or products; (iii) solicit, encourage, or cause any supplier of capital, goods or services to the Company not to do business with or to reduce any part of its business with the Company or Parent; (iv) make any disparaging comments about the Company or Parent or its 

13

                

business, services, officers, managers, directors or employees, whether in writing, verbally, or on any online forum; (v) assist or encourage anyone else to engage in any of the conduct prohibited by this Section; or (vi) allow any of Executive’s family members or any entity controlled by Executive to engage in any of the conduct prohibited by this Section.
(a)    “Restricted Client” means: (i) any Company customer or client with whom Executive had business contact or communications at any time during the 12 months prior to the Separation Date; (ii) any Company customer or client for whom Executive supervised or assisted with the Company’s dealings at any time during the 12 months prior to the Separation Date; (iii) any Company customer or client about whom Executive received Confidential Information at any time during the 12 months prior to the Separation Date; and (iv) any prospective Company customer or client with whom Executive had business contact or communications at any time during the 6 months prior to the Separation Date.  As a senior executive with the Company and Parent, Executive agrees that Executive will receive confidential and trade secret information from the Company and Parent that would allow Executive to unfairly compete for business from any Company or Parent client such that the restrictions in this Section are necessary and reasonable.
13.    Non-Raiding.  During the Restricted Period, Executive shall not, directly or indirectly: (a) hire or engage or attempt to hire or engage for employment or as an independent contractor any Restricted Employee; or (b) solicit or encourage any Restricted Employee to leave the Company or Parent.  “Restricted Employee” means: (i) each Company or Parent employee; and (ii) any person who was employed by the Company or Parent at any time during the then previous 12 months.
14.    Interpretation. Each of the restraint obligations imposed by clause 11 resulting from the combinations of Competitive Activity, Restricted Period and Prohibited Territory is a separate, independent and several obligation from the other restraint obligations imposed, but they are cumulative in effect. The parties intend for the restrictions in clauses 11 to 13 to operate to their maximum extent. If any part of an undertaking in clauses 11 to 13 inclusive is unenforceable but would be enforceable if any undertaking were severed or any period or area severed, then that period or area may be severed without affecting the enforceability of the rest of that undertaking or the other undertakings (or the period or area that applies to those undertakings).
15.    Reasonableness.  Executive has carefully read and considered the provisions of this Agreement and, having done so, agrees that the restrictions set forth herein are fair, reasonable, and necessary to protect the Company’s legitimate business interests, its goodwill with its clients, suppliers and employees, and its confidential and trade secret information.  In addition, Executive acknowledges and agrees that the foregoing restrictions do not unreasonably restrict Executive with respect to earning a living should Executive’s employment with the Company end.  As such, Executive agrees not to contest the general validity or enforceability of this Agreement in any forum.  The post-Term covenants in this Agreement shall survive the last day of the Term and shall be in addition to any restrictions imposed upon Executive by statute, at common law, or other written agreements.  Executive agrees that the Company may share the terms of this Agreement with any 

14

                

business with which Executive becomes associated while any of the post-Term restrictions in this Agreement remain in effect.
16.    Remedies.  Executive acknowledges and agrees that Executive’s breach of this Agreement would result in irreparable damage and continuing injury to the Company.  Therefore, in the event of any breach or threatened breach of this Agreement, the Company shall be entitled to an injunction enjoining Executive from committing any violation or threatened violation of this Agreement, without limiting the Company’s other remedies.  The Company shall not be required to post a bond to obtain such an injunction.  If the Company is successful in any litigation to enforce this Agreement, then Executive agrees that the Company shall be entitled to the reasonable attorneys’ fees it incurred in connection with such enforcement.  In addition, if Executive breaches this Agreement, then (a) Executive will stop earning severance pay under this Agreement and such payments will stop; and (b) Employee agrees to repay any severance pay already paid under this Agreement beyond $2,000.  Any such forfeiture and/or repayment of Severance Pay shall in no way impair Employee’s obligations to comply with this Agreement, the effectiveness of the Release, or the Company’s right to injunctive relief and damages for the breach.
17.    Certain Affiliates.  The “Company” as used in Sections 10-16  shall mean the Company and its affiliates.
18.    Notices.  For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, or delivered by private courier, as follows:  if to the Company — JELD-WEN Australia Pty Limited, Level 3, 78 Waterloo Road, Macquarie Park, New South Wales, Australia 2216 (or such other address indicated from time to time as the corporate headquarters of JELD-WEN Australia Pty Limited on its website), with a copy to JELD-WEN Holding, Inc., 2645 Silver Crescent Drive, Charlotte, NC 28273 (or such other address indicated from time to time as the worldwide corporate headquarters of JELD-WEN Holding, Inc. on its website or in its annual proxy statement) Attention: General Counsel; and if to Executive to the address of Executive as it appears in the records of the Company.  Notice may also be given at such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
19.    Miscellaneous.  This Agreement shall also be subject to the following miscellaneous provisions:
(a)    The Company represents and warrants to Executive that it has the authorization, power and right to deliver, execute and fully perform its obligations under this Agreement in accordance with its terms.
(b)    This Agreement contains a complete statement of all the agreements between the parties with respect to Executive’s employment by the Company, supersedes all prior and existing 

15

                

negotiations and agreements between them concerning the subject matter thereof and can only be changed or modified pursuant to a written instrument duly executed by each of the parties hereto and stating an intention to change or modify this Agreement.  No waiver by either party of any breach by the other party of any condition or provision contained in this Agreement to be performed by such other party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time.  Any waiver must be in writing and signed by Executive or an authorized officer of the Company, as the case may be.
(c)    The provisions of this Agreement are severable and in the event that a court of competent jurisdiction determines that any provision of this Agreement is in violation of any law or public policy, in whole or in part, only the portions of this Agreement that violate such law or public policy shall be stricken.  All portions of this Agreement that do not violate any statute or public policy shall not be affected thereby and shall continue in full force and effect.  Moreover, if any of the provisions contained in this Agreement are determined by a court of competent jurisdiction to be excessively broad as to duration, activity, geographic application or subject, it shall be construed, by limiting or reducing it to the extent legally permitted, so as to be enforceable to the extent compatible with then applicable law.
(d)    This Agreement shall be governed by and construed in accordance with New South Wales law, without regard to the choice of law principles of any jurisdiction.  Each party further agrees that any litigation under this Agreement shall occur exclusively in a state or federal court in Sydney, New South Wales and in no other venue.  As such, each party irrevocably consents to the jurisdiction of and venue in the courts in Sydney, New South Wales for all disputes with respect to this Agreement.  Executive agrees to service of process in any such dispute via FedEx to Executive’s home address, without limiting other service methods allowed by applicable law.  The parties agree that the terms in this Section are material to this Agreement, and that they will not challenge the enforceability of this Section in any forum.
(e)    All compensation payable hereunder shall be subject to such withholding taxes as may be required by law.
(f)    This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company.  No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law.  The Company further agrees that, in the event of a sale of assets or liquidation as described in the preceding sentence, it shall take commercially reasonable action in order to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder.  Except as 

16

                

expressly provided herein, Executive may not sell, transfer, assign, or pledge any of Executive’s rights or obligations pursuant to this Agreement.
(g)    The rights of Executive hereunder shall be in addition to any rights Executive may otherwise have under any Company sponsored stock incentive plans or any grants or award agreements issued thereunder.  The provisions of this Agreement shall not in any way abrogate Executive’s rights under such stock incentive plans and underlying grants or award agreements.
(h)    The respective rights and obligations of the parties hereunder shall survive any termination of Executive’s employment to the extent necessary to the intended preservation of such rights and obligations.
(i)    The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.
(j)    Each of the parties agrees to execute, acknowledge, deliver and perform, and cause to be executed, acknowledged, delivered and performed, at any time and from time to time, as the case may be, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably necessary to carry out the provisions or intent of this Agreement.
(k)    This Agreement may be executed in two or more counterparts each of which shall be legally binding and enforceable.
(l)    Without limiting any rights which the Company otherwise has or obligations to which Executive is otherwise subject pursuant to any compensation clawback policy adopted by the Company from time to time, Executive hereby acknowledges and agrees that, notwithstanding any provision of this Agreement to the contrary, Executive will be subject to any legally mandatory policy relating to the recovery of compensation, to the extent that the Company is required to adopt and/or implement such policy pursuant to applicable law, whether pursuant to the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or otherwise.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the ___ day of August, 2017.

	
			
	EXECUTIVE
   
Peter Farmakis:   
	 
	JELD-WEN HOLDING, INC.
   
Timothy R Craven:   
Executive Vice President, Human Resources   

17

                

ANNEX A 
 
RELEASE OF CLAIMS
Executive hereby irrevocably, fully and finally releases JELD-WEN Holding, Inc., a Delaware corporation (the “Company”), its parent, subsidiaries, affiliates, directors, officers, agents and employees (“Releasees”) from all causes of action, claims, suits, demands or other obligations or liabilities, whether known or unknown, suspected or unsuspected, that Executive ever had or now has as of the time that Executive signs this release which relate to Executive’s hiring, Executive’s employment with the Company, the termination of Executive’s employment with the Company and claims asserted in shareholder derivative actions or shareholder class actions against the Company and its officers and Board, to the extent those derivative or class actions relate to the period during which Executive was employed by the Company.  The claims released include, but are not limited to, any claims arising from or related to Executive’s employment with the Company, such as claims arising under (as amended) Anti-Discrimination Act 1977 (NSW), Age Discrimination Act 2004 (Cth), Disability Discrimination Act 1992 (Cth), Racial Discrimination Act 1974 (Cth), Sex Discrimination Act 1984 (Cth), Equal Opportunity for Women in the Workplace Act 1999 (Cth), and the Fair Work Act 2009 (Cth) and any other local, state, federal, or foreign law governing employment; and the common law of contract and tort.  In no event, however, shall any claims, causes of action, suits, demands or other obligations or liabilities be released pursuant to the foregoing if and to the extent they relate to:
(i)    claims for workers’ compensation benefits under any of the Company’s workers’ compensation insurance policies or funds;
(ii)    claims for indemnification from the Company to which Executive is or may become entitled, including but not limited to claims submitted to an insurance company providing the Company with directors and officers liability insurance; and
(iii)    any claims for benefits under any employee benefit plans of the Company that become due or owing at any time following Executive’s termination of employment, including, but not limited to, any superannuation plans, deferred compensation plans or equity plans.
Executive represents and warrants that Executive has not filed any claim, charge or complaint against any of the Releasees.
Executive intends that this release of claims cover all claims, whether or not known to Executive.  Executive further recognizes the risk that, subsequent to the execution of this release, Executive may incur loss, damage or injury which Executive attributes to the claims encompassed by this release.  Executive expressly assumes this risk by signing this release. 

Annex A-1

                

Executive represents and warrants that (i) there has been no assignment or other transfer of any interest in any claim by Executive that is covered by this release; (ii) he has had a reasonable opportunity to take independent legal advice as to the nature, effect and extent of this release (iii) the Company or its officers have not made any promise, representation or inducement or been party to any conduct material to the entering into of this release other than as set out in this release.

Executive acknowledges and agrees that Executive’s execution of this release is supported by independent and adequate consideration in the form of payments and/or benefits from the Company to which Executive would not have become entitled if Executive had not signed this release.
IN WITNESS WHEREOF, Executive has duly executed this release as of the day and year set forth below.
EXECUTIVE
    
Peter Farmakis
Date:      

ANNEX B
FORM INDEMNIFICATION AGREEMENT
INDEMNIFICATION AGREEMENT
[Insert our Standard Form]

Annex A-2EX-4.5

 Exhibit 4.5 

ENCANA CORPORATION, 
 as
Guarantor 
 and 

NEWFIELD EXPLORATION COMPANY, 

as Issuer 
 and 

U. S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 FIFTH
SUPPLEMENTAL INDENTURE 
 dated as of March 1, 2019 

to Senior Indenture dated as of February 28, 2001 

Providing for the Guarantee 

 FIFTH SUPPLEMENTAL INDENTURE 

FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”), dated as of March 1, 2019, to the Indenture referred
to below, among Newfield Exploration Company, a Delaware corporation, as issuer (the “Company”), Encana Corporation, a corporation amalgamated and existing under the laws of Canada, as guarantor (the “Guarantor”),
and U.S. Bank National Association (as successor trustee to Wachovia Bank, National Association (formerly First Union National Bank)), a national banking association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee the senior indenture dated as of February 28, 2001 (the “Original Indenture”); 

WHEREAS, the Company has heretofore executed and delivered to the Trustee the following supplemental indentures to the
Original Indenture (as so supplemented, the “Indenture”), providing for the establishment of the following series of securities (which constitute all of the issued and outstanding series of securities issued pursuant to the Original
Indenture as of the date hereof): (i) the second supplemental indenture, dated as of September 30, 2011, providing for the issuance of 53/4% senior notes due 2022 (the “2022
Securities”), (ii) the third supplemental indenture, dated as of June 26, 2012, providing for the issuance of 55/8% senior notes due 2024 (the “2024 Securities”),
and (iii) the fourth supplemental indenture, dated as of March 10, 2015, providing for the issuance of 53/8% senior notes due 2026 (the “2026 Securities” and together
with the 2022 Securities and the 2024 Securities, the “Securities”); 
 WHEREAS, Section 901(6) of the Indenture
permits the Company and the Trustee to enter into a supplemental indenture, without the consent of any Holders, to provide for the guarantee of the Company’s obligations under the Indenture and with respect to the securities issued under the
Indenture by another Person; 
 WHEREAS, the Guarantor desires to fully and unconditionally guarantee the due and punctual payment of the
principal of, premium, if any, and interest on the Securities (the “Guarantee”) issued by the Company, a wholly-owned indirect subsidiary of the Guarantor; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Fifth Supplemental Indenture. The Company has delivered to the
Trustee an Opinion of Counsel, an Officers’ Certificate and a Board Resolution pursuant to Sections 102, 901 and 903 of the Indenture; and 

WHEREAS, pursuant to Section 901 of the Indenture, all conditions necessary to authorize the execution and delivery of this Fifth
Supplemental Indenture and to make it a valid and binding obligation of the Company and the Guarantor have been done or performed and the Trustee is authorized to execute and deliver this Fifth Supplemental Indenture. 

  
 2 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 

1.         CAPITALIZED TERMS. Capitalized terms used herein without definition shall
have the meanings assigned to them in the Indenture. 
 2.         GUARANTEE. 

 

	 	2.1.	 Agreement to Guarantee. 

The Guarantor hereby fully and unconditionally guarantees to each Holder of Securities, the due and punctual payment of the principal of,
premium, if any, and interest on the Securities, when and as the same shall become due and payable, whether on the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms hereof and of the Indenture.
In case of the failure of the Company punctually to make any such payment of principal, premium, if any, or interest, the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable,
whether on the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company. 

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be
unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of the Securities, the Indenture or this Fifth Supplemental Indenture, any failure to enforce the provisions of the Securities, the
Indenture or this Fifth Supplemental Indenture, or any waiver, modification or indulgence granted to the Company with respect thereto or hereto, by the Holder of the Securities or the Trustee or any other circumstance which may otherwise constitute
a legal or equitable discharge of a surety or guarantor; provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of the Securities,
or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof. The 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 proceeding first against the Company, protest or notice with respect to the Securities or the indebtedness evidenced thereby, and all demands whatsoever, and covenants that its
obligations under this Section 2.1 will not be discharged except by statute of limitation or payment in full of the principal of, premium, if any, and interest on the Securities. 

The Guarantor shall be subrogated to all rights of each Holder of the Securities, the Trustee and any Paying Agent against the Company in
respect of any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Section 2.1; provided, however, that until the principal of, premium, if any, and interest on all Securities issued under the Indenture shall have
been paid in full, such rights shall be exercised and enforced by the Guarantor only in such manner and on such terms as the Trustee may require or approve. 

  
 3 

 Any term or provision of the Indenture and this Fifth Supplemental Indenture to the contrary
notwithstanding, the maximum aggregate amount of the Securities guaranteed hereunder by the Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the Guarantor without rendering the Guarantee, as it relates to the Guarantor,
voidable under applicable law relating to fraudulent conveyance, fraudulent transfer, corporate benefit, financial assistance or similar laws affecting the rights of creditors generally. 

By executing this Fifth Supplemental Indenture, the Guarantor acknowledges and agrees that the obligations to compensate, reimburse, and
indemnify the Trustee under the Indenture shall apply to the Guarantor and that the Guarantor and the Company, jointly and severally, are obligated to compensate, reimburse, and indemnify the Trustee in accordance with the terms of the Indenture.

  

	 	2.2.	 Execution and Delivery. 

To evidence its Guarantee set forth in Section 2.1 hereof, the Guarantor hereby agrees that this Fifth Supplemental Indenture shall be
executed on behalf of the Guarantor by one or more authorized officers or persons holding an equivalent title. 
 The Guarantor hereby
agrees that its Guarantee set forth in Section 2.1 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Securities. 

 

	 	2.3.	 Release of Guarantee. 

The Guarantee shall be automatically and unconditionally released and discharged, and the
Guarantor shall be automatically and unconditionally released and discharged from all of its obligations under the Guarantee and its obligations under the Indenture, without any action by the Company, the Guarantor or the Trustee, upon
(i) satisfaction and discharge of the Indenture in accordance with Article 4 of the Indenture or (ii) Defeasance with respect to all of the outstanding Securities in accordance with Article 13 of the Indenture. 

Upon any such occurrence specified in this Section 2.3, if requested by the Company, the Trustee shall, at the Company’s expense,
execute any documents reasonably requested by the Company in order to evidence such release and discharge. 
  

	 	3.	 CONSENT TO JURISDICTION. 

(a) By the execution and delivery of this Fifth Supplemental Indenture, the Guarantor 

(1) acknowledges that it has irrevocably designated and appointed CT Corporation System, 28 Liberty Street, New York, New York,
10005, as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Indenture, the Securities or the Guarantee that may be instituted under U.S. federal or state securities laws in any federal
or New York state court located in The City of New York, or brought by the Trustee (whether in its individual capacity or in its capacity as Trustee hereunder), and acknowledges that CT Corporation System has accepted such designation and
appointment, 

  
 4 

 (2) irrevocably submits to the
non-exclusive jurisdiction of any such court in any such suit or proceeding, and 

(3) agrees that service of process upon CT Corporation System and written notice of said service to the Guarantor as specified
in Section 105 of the Original Indenture shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Guarantor further agrees to take any and all action, including the execution and filing
of any and all such documents and instruments, as may be necessary to continue such designation and appointment of CT Corporation System in full force and effect so long as any of the Securities shall be outstanding. 

(b) The Guarantor irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter
have to the laying of venue of any such action, suit or proceeding in any such court or any appellate court with respect thereto. The Guarantor irrevocably waives, to the fullest extent permitted by law, the defenses of an inconvenient forum to the
maintenance of such action, suit or proceeding in any such court. 
 4. EFFECT AND OPERATION OF THIS FIFTH SUPPLEMENTAL INDENTURE. Except as
modified and amended by this Fifth Supplemental Indenture, all provisions of the Indenture shall remain in full force and effect. This Fifth Supplemental Indenture relates to each series of Securities. This Fifth Supplemental Indenture shall become
effective immediately upon its execution and delivery. 
 5. GOVERNING LAW. THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 6. COUNTERPARTS. The parties may sign any number of copies of this Fifth
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 7. EFFECT OF
HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 8. SEVERABILITY. In case any
provision in this Fifth Supplemental Indenture (including the Guarantee provided herein) or in the Original Indenture as supplemented hereby 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. 
 9. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Fifth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Guarantor. 

  
 5 

 10. TRUST INDENTURE ACT. If and to the extent that any provision of this Fifth Supplemental
Indenture limits, qualifies or conflicts with another provision of this Fifth Supplemental Indenture or the Indenture that is required to be included by the TIA, the provision required by the TIA shall control. 

11. NO PERSONAL LIABILITY. No director, manager, officer, employee, incorporator, stockholder or shareholder of the Company or the Guarantor,
as such, shall have any liability for any of the obligations of the Company or the Guarantor under the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities waives and
releases all such liability. 
 [Signature page follows] 

  
 6 

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

			
	 NEWFIELD EXPLORATION COMPANY,

as Issuer

		
	By:	 	 /s/ David G. Hill

		 	Name: David G. Hill
		 	Title: Vice-President
	
	 ENCANA CORPORATION,
 as
Guarantor

		
	By:	 	 /s/ Sherri A. Brillon

		 	Name: Sherri A. Brillon
		 	 Title: Executive Vice-President &

Chief Financial Officer

		
	By:	 	 /s/ Nancy L. Brennan

		 	Name: Nancy L. Brennan
		 	Title: Corporate Secretary

 [Signature Page to Fifth Supplemental Indenture] 

 
			
	 U. S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Alejandro Hoyos

		 	Name: Alejandro Hoyos
		 	Title:   Vice President

 [Signature Page to Fifth Supplemental Indenture]

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