Document:

Exhibit 4.3

    

    

    

    

    SUPPLEMENTAL INDENTURE NO. 7 (this “Supplemental Indenture”), dated as of April 2, 2020, among B.A.T Capital Corporation, a corporation incorporated in the state of Delaware (the
      “Company”), as issuer, British American Tobacco p.l.c., a public limited company incorporated under the laws of England and Wales (the “Parent”), B.A.T. International
      Finance p.l.c., a public limited company incorporated under the laws of England and Wales (“BATIF”), B.A.T. Netherlands Finance B.V., a private company with limited liability (besloten

        vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The Netherlands (“BATNF”), and, until its guarantee is released in accordance with the Base Indenture (if ever), Reynolds
      American Inc., a North Carolina corporation (“RAI”), as guarantors (the “Guarantors”) and Citibank, N.A., 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 an indenture dated as of September 6, 2019 (the “Base Indenture”), providing for the issuance from time
      to time of an unlimited aggregate principal amount of guaranteed debt securities;

    

    

    WHEREAS, Section 7.01(g) of the Base Indenture provides that without the consent of any Holder, the Company, the Guarantors and the Trustee may amend or supplement the Base Indenture in order to, among other things,
      issue an unlimited aggregate principal amount of notes under the Base Indenture;

    

    

    WHEREAS, pursuant to Section 7.01(g) of the Base Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture;

    

    

    WHEREAS, the Company and the Guarantors have taken all necessary corporate action to authorize the execution and delivery of this Supplemental Indenture;

    

    

    WHEREAS, as contemplated by Section 2.01 of the Base Indenture, the Company intends to issue, and the Guarantors intend to guarantee, a new series of guaranteed debt securities to be known as the Company’s “5.282% Notes
      due 2050” under the Base Indenture.

    

    

    NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable
      benefit of the Holders of the 2050 Notes (as defined below) as follows:

    

    

    

    

    ARTICLE I

    

    

    Definitions and Other Provisions of General Application

    

    

    SECTION 1.01.   Definitions.

    

    

    Except as otherwise expressly provided in this Supplemental Indenture, all terms used in this Supplemental Indenture which are defined in the Base Indenture shall have the meanings ascribed to them by the Base 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 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 Supplemental Indenture expressed, and nothing that may be implied from any of the provisions hereof, is intended, or shall be construed, to confer upon, or to give to, any Person other than the parties
      hereto and their successors and the Holders of the 2050 Notes any benefit or any right, remedy or claim under, or by reason of, this Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all covenants,
      conditions, stipulations, promises and agreements contained in this Supplemental Indenture shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of the 2050 Notes.

    

    

    

    

    ARTICLE II

    

    

    5.282% Notes due 2050

    

    

    SECTION 2.01.          Creation of Series.

    

    

    There is hereby established a new series of Notes under the Base Indenture entitled “5.282% Notes due 2050” (the “2050 Notes”). The form
      of the 2050 Notes, including the form of the certificate of authentication, is attached hereto as Exhibit A.

    

    

    The Company shall issue the 2050 Notes in an aggregate principal amount of $500,000,000. The Company may from time to time, without the consent of the Holders of the 2050 Notes, “reopen” the series of 2050 Notes and
      create and issue additional Notes having substantially identical terms and conditions as the 2050 Notes (or in all respects except as to issue price, denomination, rate of interest, maturity date and the date from which interest, if any, shall
      accrue, and except as may otherwise be provided in or pursuant to such Officer’s Certificate or supplemental indenture relating thereto) so that the additional Notes are consolidated and form a single series with the outstanding 2050 Notes.

    

    

    The 2050 Notes initially shall be represented by one or more 2050 Notes of the same series in registered, global form without interest coupons. The global notes representing the 2050 Notes (collectively, the “2050 Global Notes”) initially shall be (i) registered in the name of the Depository Trust Company (the “Depositary”) or the nominee
      of such Depositary, in each case for credit to an account of a member of, or direct or indirect participant in, the Depositary; and (ii) delivered to Citibank, N.A. as custodian for such Depositary.

    

    

    
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    (a)          The maturity date of the principal of the 2050 Notes shall be April 2, 2050 (the “Maturity Date”).

    

    

    (b)          The outstanding principal amount of the 2050 Notes shall accrue interest at a rate equal to 5.282% per annum, as provided in Section 2.03.

    

    

    (c)          Unless supplemented or superseded in this Supplemental Indenture, the terms of the 2050 Notes, including any Events of Default and covenants
        of the Company and the Guarantors are consistent with the Base Indenture and set forth therein.

    

    

    SECTION 2.02.   Guarantee.

    

    

    Subject to the terms and applicable limitations set forth in the Base Indenture and the form of 2050 Notes, each Guarantor, hereby jointly and severally, fully, unconditionally and irrevocably guarantees the 2050 Notes
      and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Authentication Agent, and to the Trustee on behalf of such Holder, that (i) the principal of (and premium, if any) and
      interest on the 2050 Notes will be paid in full when due, whether at the Maturity Date, by acceleration or otherwise (including, without limitation, the amount that would become due but for the operation of any automatic stay provision of any
      Bankruptcy Law), together with interest on the overdue principal, if any, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be paid in full or performed, all in accordance with the terms hereof and
      thereof; and (ii) in case of any extension of time of payment or renewal of any 2050 Notes or of any such other obligations, the same will be paid in full when due or performed in accordance with the terms of the extension or renewal, whether at the
      Maturity Date, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 9.03 of the Base Indenture.

    

    

    SECTION 2.03.   Interest.

    

    

    The 2050 Notes shall bear interest at a rate equal to 5.282% per annum. The 2050 Notes will bear interest from the date of the initial issuance of such 2050 Notes or from the most recent interest payment date to which
      interest has been paid or provided for, payable semi-annually in arrear on April 2 and October 2 of each year (each, an “Interest Payment Date”), commencing on October 2, 2020 until the Maturity Date, unless
      previously purchased or redeemed by the Company, to the person in whose name any Note is registered at the close of business on the 15th calendar day preceding each Interest Payment Date, whether or not such day is a Business Day (each, a “Record Date”) notwithstanding any transfer or exchange of such 2050 Notes subsequent to the Record Date and prior to such Interest Payment Date, except that, if and to the extent the Company shall default in the
      payment of the interest due on such Interest Payment Date, and the applicable grace period shall have expired, such defaulted interest may at the option of the Company be paid to the persons in whose names the outstanding 2050 Notes are registered at
      the close of business on a subsequent Record Date (which shall not be less than five Business Days prior to the date of payment of such defaulted interest) established by notice sent by or on behalf of the Company to the Holders (which term means
      registered holders) of the 2050 Notes, not less than 15 days preceding such subsequent Record Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months, or in the case of an incomplete month, the number of days
      elapsed. If the date on which any interest payment or principal payment is to be made is not a Business Day, such payment will be made on the next day which is a Business Day, without any further interest or other amounts being paid or payable in
      connection therewith.

    

    

    
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    SECTION 2.04.          Place of Payment.

    

    

    The place or places where the principal of, and premium, if any, and interest, if any, and Additional Amounts, if any, on the 2050 Notes shall be payable, the place or places where any 2050 Notes may be surrendered for
      registration, transfer or exchange and the place or places where notices and demands to or upon the Company in respect of the 2050 Notes may be served are as set forth in the Base Indenture.

    

    

    SECTION 2.05.          Optional Redemption.

    

    

    The Company may redeem the 2050 Notes, in whole or in part, at the Company’s option, at any time and from time to time before the Par Call Date (as defined below), at a redemption price equal to the greater of (x) 100%
      of the principal amount of the 2050 Notes to be redeemed and (y) as determined by the Independent Investment Banker (as defined below), the sum of the present values of the applicable Remaining Scheduled Payments (as defined below) discounted to the
      date of redemption (the “Redemption Date”) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed) at the Treasury
      Rate (as defined below) plus 50 basis points, together with accrued and unpaid interest on the principal amount of the 2050 Notes to be redeemed to, but excluding, the Redemption Date.

    

    

    If the Company elects to redeem the 2050 Notes on or after the Par Call Date, the Company will pay an amount equal to 100% of the principal amount of the 2050 Notes redeemed, plus accrued and unpaid interest, if any, to,
      but excluding, the date of redemption.

    

    

    In connection with such optional redemption the following defined terms apply:

    

    

    
      
        	

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                Comparable Treasury Issue means the United States Treasury security selected by the Independent Investment Banker that would be utilized, at the time of selection and in accordance with
                  customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the 2050 Notes to the Par Call Date.

              

      

    

    

    

    
      
        	

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                Comparable Treasury Price means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and
                  lowest of such Reference Treasury Dealer Quotations or (B) if the Independent Investment Banker for the 2050 Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Quotations.

              

      

    

    

    

    
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                Independent Investment Banker means one of the Reference Treasury Dealers (as defined below) appointed by the Company to act as the “Independent Investment Banker”.

              

      

    

    

    

    
      
        	

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                Par Call Date means October 2, 2049 (six months prior to the Maturity Date of the 2050 Notes).

              

      

    

    

    

    
      
        	

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                Reference Treasury Dealer means each of Barclays Capital Inc, BofA Securities, Inc., Citigroup Global Markets Inc. and Mizuho Securities USA LLC and their respective successors and two other
                  nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company; provided, however, that if any of the foregoing shall cease to be a
                  primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor another nationally recognized investment banking firm that is a
                  Primary Treasury Dealer.

              

      

    

    

    

    
      
        	

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                Reference Treasury Dealer Quotation means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid
                  and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time,
                  on the third Business Day immediately preceding that Redemption Date.

              

      

    

    

    

    
      
        	

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                Remaining Scheduled Payments means, with respect to each 2050 Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due from and
                  including the related Redemption Date, but for such redemption, to but excluding the Par Call Date; provided, however, that if that Redemption Date is not an Interest Payment Date with respect to
                  such 2050 Notes, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to that Redemption Date.

              

      

    

    

    

    
      
        	

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                Treasury Rate means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding
                  that Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date.

              

      

    

    

    

    Notice of any optional redemption will be given in accordance with the Base Indenture at least 10 days but not more than 30 days before the Redemption Date to each Holder of the 2050 Notes to be redeemed.  Any redemption
      may, at the Company’s sole discretion, be subject to the satisfaction of one or more conditions precedent. In the event of a conditional redemption, the notice of conditional redemption shall reflect and specify the conditions to the redemption. Once
      the notice of redemption is delivered, Notes called for redemption shall, subject to the satisfaction of any applicable conditions, become irrevocably due and payable on the Redemption Date.

    

    

    
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    If less than all the 2050 Notes are to be redeemed pursuant to this Section 2.05, in the case of a redemption at the Company’s option, the 2050 Notes to be redeemed shall be selected in accordance with applicable
      procedures of DTC.

    

    

    SECTION 2.06.   Redemption for Tax Reasons.

    

    

    The ability of the Company to redeem the 2050 Notes due to a Change in Tax Law is as set forth in the Base Indenture.

    

    

    SECTION 2.07.   Additional Amounts.

    

    

    Except as set forth below, the applicability of payments of Additional Amounts under the 2050 Notes is as set forth in the Base Indenture. The Company is not required to pay Additional Amounts, except to the extent
      described in Section 4.10 of the Base Indenture.

    

    

    In addition to the exceptions and limitations described in the Base Indenture, no Guarantor shall be required to pay any Additional Amounts for or on account of any taxes imposed or to be withheld pursuant to the Dutch
      Withholding Tax Act 2021 (Wet bronbelasting 2021).

    

    

    

    

    ARTICLE III

    

    

    Miscellaneous Provisions

    

    

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

    

    

    SECTION 3.02.   Original Issue. The 2050 Notes may, upon execution of this Supplemental Indenture, be executed by the Company and delivered by the Company to the
      Trustee, as Authentication Agent, for authentication, and the Authentication Agent shall, upon Company order, authenticate and deliver such 2050 Notes as in such Company order provided.

    

    

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

    

    

    SECTION 3.04.   Priority. This Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. The
      provisions of this Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of the Base Indenture with respect to the 2050 Notes to the extent the Base Indenture is inconsistent herewith.

    

    

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

    

    

    
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    SECTION 3.06.   NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
      JURISDICTION WOULD BE REQUIRED THEREBY.

    

    

    SECTION 3.07.   Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
      together represent the same agreement.

    

    

    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 Supplemental
      Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantors.

    

    

    [Remainder of page intentionally left blank.]

    

    

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

    

    

    	
            B.A.T CAPITAL CORPORATION

          
	 
	
            By:

          	/s/ Caroline M. Price 

          	 
	 	
            Name:

          	Caroline M. Price 

          
	 	
            Title:

          	Treasurer 

          

    

    

    

    

    	
            BRITISH AMERICAN TOBACCO P.L.C.

          
	 
	
            By:

          	/s/ Tadeu Marroco 

          	 
	 	
            Name:

          	Tadeu Marroco 

          
	 	
            Title:

          	Director 

          

    

    

    

    

    	
            B.A.T. NETHERLANDS FINANCE B.V.

          
	 
	
            By:

          	/s/ HMJ Lina 

          	 
	 	
            Name:

          	HMJ Lina 

          
	 	
            Title:

          	Director 

          
	 	 	 
	 	 	 
	
            By:

          	/s/ JEP Bollen 

          	 
	 	
            Name:

          	JEP Bollen 

          
	 	
            Title:

          	Director 

          

    

    

    

    

    	
            B.A.T. INTERNATIONAL FINANCE P.L.C.

          
	 
	
            By:

          	/s/ Neil Wadey 

          	 
	 	
            Name:

          	Neil Wadey 

          
	 	
            Title:

          	Director 

          

    

    

    

    

    	
            REYNOLDS AMERICAN INC.

          
	 
	
            By:

          	/s/ John R. Whitener 

          	 
	 	
            Name:

          	John R. Whitener 

          
	 	
            Title:

          	SVP Controller - Finance and Accounting and Treasurer  

          

    

    

    

    

    

    

    

    

    [Signature Page to Supplemental Indenture No. 7]

    

    

    
      
        

    

    

    

    

    

    	
            CITIBANK, N.A.,

            as Trustee

          
	 
	
            By:

          	/s/ Kerry Hehir 

          	 
	 	
            Name:

          	Kerry Hehir 

          
	 	
            Title:

          	Senior Trust Officer

          

    

    

    

    

    

    

    
      

      

      [Signature Page to Supplemental Indenture No. 7]

    

    

    

    
      
        

    

    
    

    

    EXHIBIT A

    

    

    CUSIP No. 05526D BQ7

    

    

    

    

    B.A.T CAPITAL CORPORATION

    

    

    	
            No.                          

          	
            $                         

          

    

    

    5.282% NOTE DUE 2050

    

    

    B.A.T  Capital Corporation, a corporation incorporated in the state of Delaware (the “Company”), for value received, promises to pay to CEDE & CO. or registered assigns the
      principal sum of $                               , on April 2, 2050.

    

    

    Interest Payment Dates: April 2 and October 2, commencing on October 2, 2020.

    

    

    Record Dates: at the close of business on the 15th calendar day that precedes the related Interest Payment Date, whether or not such day is a Business Day.

    

    

    Reference is made to the further provisions of this 2050 Note contained herein, which will for all purposes have the same effect as if set forth at this place.

    

    

    IN WITNESS WHEREOF, the Company has caused this 2050 Note to be signed manually or by facsimile by one of its duly authorized officers.

    

    

    	
            B.A.T CAPITAL CORPORATION

          
	 
	
            By:

          	 	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
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    Certificate of Authentication

    

    

    This is one of the 5.282% Notes due 2050 referred to in the within-mentioned Supplemental Indenture.

    

    

    	
            CITIBANK, N.A.,

             

            as Authentication Agent

          
	 
	
            By:

          	 	 
	 	
            Authorized Signatory

          

    

    

    

    

    

    

    Dated:

    

    

    
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    B.A.T CAPITAL CORPORATION

    

    

    5.282% NOTE DUE 2050

    

    

    (1)          Interest. B.A.T Capital Corporation, a corporation incorporated in the state of Delaware, as issuer (the “Company”), promises to pay, until the principal
      hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 5.282% per annum. Interest on the 5.282% Notes due 2050 (the “2050 Notes”) will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including April 2, 2020, to but excluding the date on which interest is paid.
      Interest shall be payable in arrears on each April 2 and October 2, commencing on October 2, 2020. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months or, in the case of an incomplete month, the number of days
      elapsed. The Company shall pay interest on overdue principal (to the full extent permitted by law) at the rate borne by the 2050 Notes.

    

    

    (2)          Method of Payment. The Company will pay interest to those persons in whose name a 2050 Note is registered on the 2050 Note register at the close of business on the 15th calendar day that precedes each
      Interest Payment Date, whether or not such day is a Business Day. Interest on the 2050 Notes will accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid.  If the date on which any
      interest payment or principal payment is to be made is not a Business Day, such payment will be made on the next day which is a Business Day, without any further interest or other amounts being paid or payable in connection therewith.

    

    

    (3)          Paying Agent, Transfer Agent and Registrar. Initially, Citibank, N.A. (the “Agent”) will act as a Paying Agent, Transfer Agent and Registrar. The Company may
      change any Paying Agent, Transfer Agent or Registrar without notice to the Holders of the 2050 Notes. The Company or any of its subsidiaries may act as Paying Agent, Transfer Agent or Registrar.

    

    

    (4)          Indenture. The Company issued the 2050 Notes under an indenture dated as of September 6, 2019 (the “Indenture”) and a supplemental indenture dated as of April
      2, 2020 (the “Supplemental Indenture No. 7”), in each case among the Company, the Guarantors, the Trustee and the Agent. This is one of an issue of Notes of the Company issued, or to be issued, under the
      Indenture. The terms of the 2050 Notes include those stated in the Indenture and the Supplemental Indenture No. 7. The 2050 Notes are subject to all such terms, and Holders of the 2050 Notes are referred to the Indenture and the Supplemental
      Indenture No. 7 for a statement of them. Capitalized and certain other terms used and not otherwise defined herein have the meanings set forth in the Indenture or the Supplemental Indenture No. 7 (as applicable).

    

    

    (5)          Optional Redemption. At any time and from time to time before the Par Call Date, the Company may redeem the 2050 Notes, in whole or in part, at the Company’s option, upon not less than 10 nor more
      than 30 days’ prior notice, at a price equal to the greater of:

    

    

    (1)          100% of the aggregate principal amount of any 2050 Notes being redeemed, and

    

    

    (2)          as determined by the Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a
      360-day year consisting of twelve 30-day months or, in the case of an incomplete month, the number of days elapsed) at the Treasury Rate, plus 50 basis points,

    

    

    
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    together with, in each case, accrued and unpaid interest on the principal amount of the 2050 Notes to be redeemed to, but excluding, the Redemption Date.

    

    

    On or after the Par Call Date of the 2050 Notes, the 2050 Notes will be redeemable in whole at any time or in part, from time to time, at the Company’s option, upon at least 10 days’ but no more than 30 days’ prior
      notice, at a price equal to 100% of the principal amount of the 2050 Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

    

    

    The 2050 Notes are also redeemable by the Company, in whole but not in part, at 100% of the principal amount of the 2050 Notes plus any accrued and unpaid interest to the Redemption Date (including any Additional
      Amounts) at the Company’s option at any time prior to their maturity if, due to a Change in Tax Law: (i) the Company or any Guarantor, in accordance with the Supplemental Indenture No. 7, has, or would, become obligated to pay any Additional Amounts
      to the Holders of the 2050 Notes; (ii) in the case of any Guarantor, (A) the Parent would be unable, for reasons outside its control, to procure payment by the Company or any other Guarantor or (B) the procuring of such payment by the Company and
      each such other Guarantor would be subject to withholding taxes imposed by a Relevant Taxing Jurisdiction; and (iii) such obligation cannot otherwise be avoided by such Guarantor, the Parent or the Company, taking reasonable measures available to it.

    

    

    (6)          Redemption Procedures. If the Company elects to redeem less than all of the 2050 Notes at any time, in the case of 2050 Notes issued in definitive form, the 2050 Notes to be redeemed shall be selected
      in accordance with applicable procedures of the Depositary.

    

    

    (7)          Notice of Redemption. Notices of redemption shall be transmitted at least 10 but not more than 30 days before the Redemption Date to each Holder of 2050 Notes to be redeemed in accordance with Section
      10.01 of the Indenture. If the 2050 Notes are to be redeemed in part only, the notice of redemption that relates to such 2050 Notes will state the portion of the principal amount thereof that is to be redeemed. Any redemption may, at the Company’s
      sole discretion, be subject to the satisfaction of one or more conditions precedent. In the event of a conditional redemption, the notice of conditional redemption shall reflect and specify the conditions to the redemption. Once the notice of
      redemption is delivered, 2050 Notes called for redemption shall, subject to the satisfaction of any applicable conditions, become irrevocably due and payable on the Redemption Date.

    

    

    (8)          Denominations, Transfer, Exchange. The 2050 Notes shall be issuable only in fully registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A
      Holder may transfer or exchange 2050 Notes in accordance with the Indenture.

    

    

    
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    (9)          Persons Deemed Owners. The Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the 2050 Global Notes for all purposes whatsoever.

    

    

    (10)          Unclaimed Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its request or, if such money
      is then held by the Company in trust, such money shall be released from such trust. After that, Holders of the 2050 Notes entitled to the money must look only to the Company for payment as general creditors unless applicable abandoned property law
      designates another Person.

    

    

    (11)          Amendment, Supplement, Waiver, Etc. The Company, the Guarantors and the Trustee may modify or amend the Indenture, the 2050 Notes or the Guarantees without the consent of any Holder to, among other
      things, cure any ambiguity, or to correct or supplement any provision contained in the Indenture, the 2050 Notes or the Guarantees and add to the covenants, or the restrictions, conditions or provisions applicable to, the Company and Guarantors, as
      the case may be, such further covenants, restrictions, conditions or provisions as the Company and any Guarantor, as the case may be, shall consider to be for the protection of the Holders of the applicable 2050 Notes issued pursuant to the
      Indenture. Other amendments and modifications of the Indenture or the 2050 Notes may be made by the Company and the Trustee with the consent of the Holders of a majority of the aggregate principal amount of all series of Notes affected by such
      amendments or modifications (voting as one class), subject to certain exceptions requiring the consent of each of the Holders of the 2050 Notes to be affected.

    

    

    (12)          Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event of Default with respect to the 2050 Notes (other than an Event of
      Default specified in Section 5.01 (vii), (viii) or (ix) of the Indenture with respect to the Company or any Guarantor) shall have occurred and be continuing, unless the principal of all the 2050 Notes shall have already become due and payable, the
      Holders of not less than 25% in aggregate principal amount of the 2050 Notes then outstanding, by notice in writing to the Company, each Guarantor and the Trustee, may declare the entire principal amount of all 2050 Notes and interest accrued and
      unpaid thereon, if any, to be due and payable immediately, and upon any such declaration the same shall become immediately due and payable, without any further declaration or other act on the part of any Holder of the 2050 Notes. If certain Events of
      Default specified in Section 5.01 (vii), (viii) or (ix) of the Indenture occur with respect to the Company and are continuing, the principal amount of and accrued and unpaid interest on all the 2050 Notes issued pursuant to the Indenture shall become
      immediately due and payable, without any declaration or other act on the part of the Trustee or any Holder of the 2050 Notes. The Trustee shall be under no obligation to exercise any of its rights or powers under the Indenture at the request or
      direction of any of the Holders of the 2050 Notes, unless such Holders have offered to the Trustee security or indemnity satisfactory to the Trustee. Except in the case of a Default or Event of Default in payment of the principal of, premium, if any,
      or interest on any 2050 Note (including payments pursuant to a redemption or repurchase of the 2050 Notes pursuant to the provisions of the Indenture), the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in
      good faith determines that withholding the notice is in the interests of Holders of the 2050 Notes.

    

    

    
      5

      
        

    

    

    

    

    

    (13)          Trustee Dealings with Company. The Trustee in its individual or any other capacity may become the owner or pledgee of 2050 Notes and may make loans to, accept deposits from, perform services for or
      otherwise deal with the Company or any Affiliate thereof with the same rights it would have if it were not Trustee.

    

    

    (14)          No Recourse Against Others. No director, officer, employee or stockholder of the Company or any of the Guarantors, past, present or future, will have any liability for any of the Company’s or such
      Guarantor’s obligations under the 2050 Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of 2050 Notes by accepting a Note waives and releases all such liability. The
      waiver and release are part of the consideration for issuance of the 2050 Notes.

    

    

    (15)          Discharge. The Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the payment
      or cancellation of all the 2050 Notes or upon the irrevocable deposit with the Trustee of United States dollars or U.S. Government Obligations sufficient to pay when due principal of and interest on the 2050 Notes at maturity or redemption, as the
      case may be.

    

    

    (16)          Guarantees. The Company’s obligations under the 2050 Notes are jointly and severally, fully and unconditionally guaranteed, to the extent set forth in the Indenture, by each of the Guarantors.

    

    

    (17)          Authentication. This 2050 Note shall not be valid until the Authentication Agent manually signs the certificate of authentication on this 2050 Note.

    

    

    (18)          Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND BE
      USED TO CONSTRUE THIS 2050 NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

    

    

    (19)          Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TENANT (= tenants by the entireties), JT TEN (= joint tenants with
      right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

    

    

    The Company will furnish to any Holder of the 2050 Notes upon written request and without charge a copy of the Indenture. Requests may be made to:

    

    

    B.A.T Capital Corporation

    c/o British American Tobacco p.l.c.

    Globe House

    4 Temple Place

    London WC2R 2PG

    United Kingdom

    Facsimile: +44 (0)20 7845 0555

    

    

    
      6

      
        

    

    

    

    

    

    Attention: Company Secretary

    

    

    With a copy (which shall not constitute notice) to:

    

    

    Cravath, Swaine & Moore LLP

    CityPoint, 1 Ropemaker St.

    London EC2Y 9HR

    United Kingdom

    Facsimile: +44 20 7860 1150

    Attention: Alyssa K. Caples

    

    

    
      7

      
        

    

    

    

    ASSIGNMENT

    

    

    I or we assign and transfer this 2050 Note to:

    

    

    

    

    

    

    

    	 
	
            (Insert assignee’s social security or tax I.D. number)

          
	 
	 
	
            (Print or type name, address and zip code of assignee)

          

    

    

    

    

    and irrevocably appoint:

    

    

    

    

    as Transfer Agent to transfer this 2050 Note on the books of the Company. The Transfer Agent may substitute another to act for him.

    

      

      

      
        	
                Date:_________________________________________

              	 	
                Your Signature:__________________________________

              
	 	 	 	
                                           (Sign exactly as your name appears 

                                           on the face of this Note)

              

      

       

      Signature Guarantee:_____________________________

    

    

    

    

    

    

    

    SIGNATURE GUARANTEE

    

    

    Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program
      (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    

    

    
      8

      
        

    

    

    

    SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

    

    

    
      The following increases or decreases in this Global Note have been made:

      

      

      	
              Date of

              Exchange

               

              

            	
              Amount of

              decrease in

              Principal

              Amount of this

              Global Note

               

              

            	
               

              

              Amount of

              increase in

              Principal

              Amount of this

              Global Note

               

              

            	
              Principal

              Amount of this

              Global Note

              following such

              decrease or increase

               

              

            	
               

              

              Signature of

              authorized

              signatory of

              Trustee or

              Notes

              Custodian

               

              

            

      

      

      

      

    

    

    

    

    

  

  9Exhibit

March 20, 2020

Greg Cameron
Hinsdale, IL

Dear Greg
I am pleased to offer you the position of Executive Vice President, Chief Financial Officer with Bloom Energy Corporation (the “Company”).  In this full-time, salaried (exempt) position, you will report to KR Sridhar, Founder, Chairman and CEO and will be based out of our San Jose Corporate Headquarters.  Your annual salary will be $550,000, less applicable withholdings and deductions. You will be paid every other Friday in accordance with the Company’s normal payroll practices.  
Pursuant to the terms of Bloom Energy’s Employee Incentive (Bonus) Plan, you are eligible to participate in the discretionary bonus with a target of 100% of your eligible compensation. The Incentive Plan payout is based on achievement of company metrics and individual performance. For 2020, we will guarantee a payout of 100% of the Bonus, prorated for your date of hire. The Incentive Plan is measured and administered every quarter with an annual component at the end of each year (5 eligible payouts per year). You will receive a sign-on bonus in the amount of $200,000 less applicable withholdings and deductions, payable within the first 30 days of your employment. In addition, you will participate in a Change-in-Control agreement which is attached to this offer as Attachment B.  You will also receive a payment of $25,000 to cover the travel expenses of your family before you relocate to the Bay Area until the date of your full relocation. When you fully relocate to the Bay Area, on or before July 2021, you will receive a payment of $150,000 to cover the expenses linked to the relocation. 
We will recommend that the Company’s Board of Directors grant you a non-qualified option to purchase 200,000 shares of the Company's Class A Common Stock pursuant to the 2018 Equity Incentive Plan (“Plan”).  The exercise price will be the closing price of the Class A Common Stock on the date of grant.  Upon approval, the stock options will be granted on the 15th day (or the next trading day) of the month following your date of hire.  The vest commencement date of the shares subject to this grant will be the date your employment commences. Twenty-Five percent (25%) of the stock options granted will vest on the first year anniversary of the grant date. The remaining will vest at a rate of 1/36th per month until the option is fully vested over four years.  The grant is subject to your continued employment and the Company’s standard terms and conditions. 
In addition, we will recommend that the Company’s Board of Directors grant you Performance Stock Units (“PSUs”) of 200,000 shares of the Company's Class A Common Stock pursuant to the 2018 Equity Incentive Plan (“Plan”).  Upon approval, the PSUs will be granted on the 15th day (or the next trading day) of the month following your date of hire. Thirty three percent (33%) of the shares subject to PSUs will vest on the one-year anniversary of the grant, subject to the achievement of certain performance metrics and the remaining shares shall vest ratably and annually on the anniversary date of the grant and subject to the achievement of certain performance metrics, over the following 2 years until the 3rd anniversary of the grant date. In case of an overachievement of the performance metrics, the number of shares will be increased by a factor of up to 100%. The performance metrics, as well as the overachievement scale will be established by the CEO and approved by the Compensation Committee of the Board within 30 days of your date of hire. The grant is subject to your continued employment and the Company’s standard terms and condition.
You will also be eligible to receive benefits that the Company generally provides to its employees, consistent with the eligibility terms of those programs.  A more detailed description of these benefits will be provided to you upon joining the Company.
Your offer of employment is conditioned upon a satisfactory (at the Company’s discretion) reference check, background check, and upon proof of your right to work in the US.  Your employment with the Company is further subject to the terms and conditions specified in “Attachment A” and “Attachment B” to this letter.  

This letter and Attachments A and B set forth the terms of your employment with the Company and supersede any prior representations or agreements including, but not limited to, any representations made during your recruitment, interviews or pre‐employment negotiations, whether written or oral. 

We are very excited about you joining our team and look forward to a mutually rewarding relationship.
By signing below you are accepting the Company’s offer of employment pursuant to the terms and conditions specified in this letter and in Attachment A.  After signing and dating this letter below, please return all pages by email or by confidential fax (408-543-XXXX).  This offer of employment is valid for seven days.  

Sincerely,                    Agreed to and accepted by:    
Signature:        
KR Sridhar                    Print Name: Gregory Cameron        
Founder, Chairman and CEO             Date:        
Bloom Energy Corporation            Start Date:    April 1st, 2020

ATTACHMENT A

In addition to the terms outlined in the attached offer letter, your employment at Bloom Energy is conditioned upon the following.  

At-Will Employment.  You will be an “at will” employee of the Company.  This means that either you or the Company may terminate your employment at any time, for any reason or no reason, with our without cause or notice.  Regular employment at the Company is for no specified period of time and the Company makes no guarantee or contract of continued employment.  Although your job duties, title, compensation, and benefits, as well as the Company’s personnel policies, may change from time to time, the “at will” nature of your employment may not be changed except in an express written agreement signed by you and the President of the Company.  In the event that you choose to resign from the Company, we request that you give us at least two weeks’ notice.

Stock Options/RSUs.  If approved by the Board, your stock options and/or RSUs will be subject to the terms and conditions of the Company's 2018 Equity Incentive Plan and the equity award agreement.  You will be provided with a copy of the Equity Incentive Plan and your equity award agreement following the Board’s approval of your grant.  No right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continued vesting or employment.  All grants are subject to the Company’s Insider Trading Policy, trading window and will be subject to the participant’s continuous employment.

Incentive Plan (Bonus).  Pursuant to the terms of Bloom Energy’s Employee Incentive Plan, your eligible compensation is defined as your annual base pay at the end of the eligible period, times the bonus target percent divided by 5 (the number of incentive opportunities in a year).  This calculation will be adjusted to include any proration based on start date or Leave of Absence in an eligible period.  You must be on active status for at least 30 days of the quarter to be eligible for a bonus and at least 30 days of the year to be eligible for the annual bonus.  To be eligible for the bonus, you must also be employed by BE on the date of payout.  Your bonus is subject to the discretion and approval of the Board of Directors and will be paid in accordance with the Company’s normal bonus payment practices.  

Sign-Bonus.  In consideration of the bonus investment made by the Company, you agree to refund the full amount to the Company in the event that, prior to the first anniversary of receipt of such bonuses, you voluntarily terminate your employment or are terminated by the Company for cause.

References.  The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees.  Your job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any.

Right to Work.  For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States.  Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.

Prior Employment.  We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that may affect your eligibility to be employed by the Company or limit the manner in which you may be employed.  It is the Company's understanding that any such agreements will not prevent you from performing the duties of your position and you represent that such is the case.  Moreover, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company.  Similarly, you agree not to bring any third party confidential information to the Company, including that of your former employer, and that in performing your duties for the Company you will not in any way utilize any such information.

Company Policies.  As a Company employee, you will be expected to abide by the Company’s policies.  Specifically, you will be required to sign an acknowledgment that you have read and that you understand the Company’s policies which are included in the Company Handbook.
 

Intellectual Property.  As a condition of your employment, you are also required to sign and comply with the Company’s “Employment, Confidential Information, Invention Assignment and Arbitration Agreement,” which requires, among other provisions, the assignment of patent rights to any invention made during your employment at the Company, and non‐disclosure of Company proprietary information.   Please note that we must receive your signed Agreement on your first day of employment.

Arbitration.  (a)  Any dispute or controversy between you and the Company arising out of or relating solely to your employment relationship with the Company, including any dispute or allegation regarding the enforceability, unconscionability, interpretation, construction or breach of this Agreement, will be settled by final and binding arbitration through Judicial Arbitration and Mediation Services (“JAMS”) by a single arbitrator to be held in Santa Clara County, California, in accordance with the JAMS rules for resolution of employment disputes then in effect, except as provided herein.  This means that we both give up the right to have disputes decided in court by a jury; instead, a neutral arbitrator whose decision is final and binding will resolve it, subject to judicial review as provided by law.  The arbitrator selected shall have the authority to grant any party all remedies otherwise available by law, including injunctions, but shall not have the power to grant any remedy that would not be available in a state or federal court in California.  The arbitrator shall be bound by and shall strictly enforce the terms of this section and may not limit, expand or otherwise modify its terms.  The arbitrator shall make a good faith effort to apply the substantive law (and the law of remedies, if applicable) of the state of California, or federal law, or both, as applicable, without reference to its conflicts of laws provisions, but an arbitration decision shall not be subject to review because of errors of law.  The arbitrator is without jurisdiction to apply any different substantive law.  The arbitrator shall have the authority to hear and rule on dispositive motions (such as motions for summary adjudication or summary judgment).  The arbitrator shall have the powers granted by California law and the rules of JAMS which conducts the arbitration, except as modified or limited herein.

(b)    Notwithstanding anything to the contrary in the rules of JAMS, the arbitration shall provide (i) for written discovery and depositions as provided in California Code of Civil Procedure Section 1283.05 and (ii) for a written decision by the arbitrator that includes the essential findings and conclusions upon which the decision is based which shall be issued no later than thirty (30) days after a dispositive motion is heard and/or an arbitration hearing has completed.  Except in disputes where you assert a claim otherwise under a state or federal statute prohibiting discrimination in employment (“a Statutory Discrimination Claim”), the Company shall pay all fees and administrative costs charged by the arbitrator and JAMS.  In disputes where you assert a Statutory Discrimination Claim against the Company, you are required to pay the American Arbitration Association’s filing fee only to the extent such filing fee does not exceed the fee to file a complaint in state or federal court.  The Company shall pay the balance of the arbitrator’s fees and administrative costs.
(c)     You and the Company shall have the same amount of time to file any claim against any other party as such party would have if such a claim had been filed in state or federal court.  In conducting the arbitration, the arbitrator shall follow the rules of evidence of the State of California (including but not limited to all applicable privileges), and the award of the arbitrator must follow California and/or federal law, as applicable.
(d)    The arbitrator shall be selected by the mutual agreement of the parties.  If the parties cannot agree on an arbitrator, the parties shall alternately strike names from a list provided by JAMS until only one name remains.
(e)    The decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration.  The prevailing party in the arbitration, as determined by the arbitrator, shall be entitled to recover her or its reasonable attorneys’ fees and costs, including the costs or fees charged by the arbitrator and JAMS.  In disputes where you assert a Statutory Discrimination Claim, reasonable attorneys’ fees shall be awarded by the arbitrator based on the same standard as such fees would be awarded if the Statutory Discrimination Claim had been asserted in state or federal court.  Judgment may be entered on the arbitrator's decision in any court having jurisdiction.
(f)     In the event of (1) a California Private Attorney General Action claim or (2) any claim determined by the arbitrator to be not properly in arbitration pursuant to applicable law, such claim(s) shall be brought as a civil action and shall be stayed pending resolution of all claims that are properly in arbitration.  

Attachment B

CHANGE IN CONTROL AND SEVERANCE AGREEMENT

This Change in Control and Severance Agreement (the “Agreement”) is entered into by Greg Cameron (the “Executive”) and Bloom Energy Corporation, a Delaware corporation (the “Company”), on March 20, 2020, and is effective as of January 1, 2018 (the “Effective Date”).
1.    Term of Agreement.
Except to the extent renewed as set forth in this Section 1, this Agreement shall terminate the earlier of the first (1st) anniversary of the Effective Date (the “Expiration Date”) or the date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination; provided however, if a definitive agreement relating to a Change in Control has been signed by the Company on or before the Expiration Date, then this Agreement shall remain in effect through the earlier of: 
(a)    The date the Executive’s employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination, or
(b)    The date the Company has met all of its obligations under this Agreement following a termination of the Executive’s employment with the Company due to a Qualifying Termination or CIC Qualifying Termination.
This Agreement shall renew automatically and continue in effect for one (1) year periods measured from the initial Expiration Date and each subsequent Expiration Date, unless the Company provides Executive notice of non-renewal at least two weeks prior to the date on which this Agreement would otherwise renew. For the avoidance of doubt, and notwithstanding anything to the contrary in Section 2 or 3 below, the Company’s non-renewal of this Agreement shall not constitute a Qualifying Termination or CIC Qualifying Termination, as applicable.
2.    Qualifying Termination.  If the Executive is subject to a Qualifying Termination, then, subject to Sections 4, 9, and 10 below, Executive will be entitled to the following benefits:
(a)    Severance Benefits.  The Company shall pay the Executive  (i) nine (9) months’ worth of (x) his or her monthly base salary and (ii) the prorated portion of Executive’s then-current target bonus opportunity for the portion of the current year that Executive served prior to the Separation (calculated based on the number of full or partial months to date in the bonus year multiplied by 1/12 of the annual target bonus opportunity) (or such other bonus amount that reflects the progress toward meeting goals and objectives for the target bonus for such period, as determined by the Board in its reasonable discretion).   The Executive will receive his or her severance payment in a cash lump-sum in accordance with the Company’s standard payroll procedures, which payment will be made no later than the first regular payroll date occurring after the sixtieth (60th) day following the Separation.
(b)    Continued Employee Benefits.  If Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), the Company shall pay the full amount of Executive’s COBRA premiums on behalf of the Executive for the Executive’s continued coverage under the Company’s health, dental and vision plans, including coverage for the Executive’s eligible dependents, for the same period that the Executive is paid severance benefits pursuant to Section 2(a) following the Executive’s Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer.
3.    CIC Qualifying Termination.  If the Executive is subject to a CIC Qualifying Termination, then, subject to Sections 4, 9, and 10 below, Executive will be entitled to the following benefits:
(a)    Severance Payments.  The Company or its successor shall pay the Executive (i) his or her annual base salary and (ii) then-current annual target bonus opportunity.  Such payment shall be paid in a cash lump sum payment in accordance with the Company’s standard payroll procedures, which payment will be made no later than the first regular payroll date occurring after the sixtieth (60th) day following the Separation.
(b)    Continued Employee Benefits.  Continuation of COBRA on the same terms as set forth in Section 2(b) above for the same period that the Executive is paid severance benefits pursuant to Section 3(a) following the Executive’s Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer.
(c)    Equity.  Each of Executive’s then outstanding Equity Awards, including awards that would otherwise vest only upon satisfaction of performance criteria, shall accelerate and become vested and exercisable as to 100% of the then-unvested shares subject to the Equity Award, provided, however, that the vesting of any performance-based awards shall be as if all applicable performance criteria were achieved at target levels.  Subject to satisfaction of the Release Conditions, the accelerated vesting described in this Section 3(c) shall be effective as of the Separation.
4.    General Release.  Any other provision of this Agreement notwithstanding, the benefits under Section 2 and 3 shall not apply unless the Executive (i) has executed a general release of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims.  The release must be in the form prescribed by the Company, without alterations (this document effecting the foregoing, the 

“Release”).  The Company will deliver the form of Release to the Executive within ten (10) days after the Executive’s Separation.  The Executive must execute and return the Release within the time period specified in the form.  
5.    Accrued Compensation and Benefits.  Notwithstanding anything to the contrary in Section 2 and Section 3 above, in connection with any termination of employment (whether or not a Qualifying Termination or CIC Qualifying Termination), the Company shall pay Executive’s earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unreimbursed documented business expenses incurred by Executive through and including the date of termination (collectively “Accrued Compensation and Expenses”), as required by law and the applicable Company plan or policy.  In addition, Executive shall be entitled to any other vested benefits earned by Executive for the period through and including the termination date of Executive’s employment under any other employee benefit plans and arrangements maintained by the Company, in accordance with the terms of such plans and arrangements, except as modified herein (collectively “Accrued Benefits”).  Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination and, in any event, no later than two and one-half (2-1/2) months after the end of the taxable year of the Executive in which the termination occurs or at such earlier time as may be required by Section 10 below or to such lesser extent as may be mandated by Section 9 below.  Any Accrued Benefits to which the Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangements.
6.    Covenants.
(a)    Invention Assignment and Confidentiality Agreement.  The Executive agrees and acknowledges that the Executive is bound by the Employment, Confidential Information, Invention Assignment and Arbitration Agreement entered into by and between the Executive and the Company (the “Confidentiality Agreement”), including but not limited to the Executive’s confidentiality and non-solicitation obligations thereunder.
(b)    Non-Disparagement.  The Executive further agrees that following his or her Separation, he or she shall not in any way or by any means disparage the Company, the members of the Board or the Company’s officers and employees.  Notwithstanding the foregoing, the Executive is not prohibited from cooperating with a government agency or testifying truthfully in any government inquiry or other proceeding or in which Executive is required to testify pursuant to subpoena or other valid legal process.  
7.    Definitions.
(a)    “Board” means the Company’s board of directors.
(b)    “Cause”   means the Executive’s (a) willful failure substantially to perform his or her duties and responsibilities to the Company or deliberate violation of a Company policy; (b) commission of any act of fraud, embezzlement, dishonesty or any other willful misconduct that has caused or is reasonably expected to result in material injury to the Company; (c) unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Executive owes an obligation of nondisclosure as a result of his or her relationship with the Company; (d) misappropriation of a business opportunity of the Company; (e) provision of material aid to a competitor of the Company; or (f) willful breach of any of his or her obligations under any written agreement or covenant with the Company. The determination as to whether the Executive has been terminated for Cause shall be made in good faith by the Company and shall be final and binding on the Executive.  The term “Company” will be interpreted to include any subsidiary or parent of the Company, as appropriate. Notwithstanding the foregoing, the definition of “Cause” may, in part or in whole, be modified or replaced in each individual employment agreement or agreement with the Executive governing the Executive’s Equity Awards, provided that such document expressly supersedes the definition provided in this Section 7(b).
(c)    “Code” means the Internal Revenue Code of 1986, as amended.
(d)    “Change in Control.”  For all purposes under this Agreement, a Change in Control shall mean a “Corporate Transaction,” as such term is defined in the Plan, provided that the transaction (including any series of transactions) also qualifies as a change in control event under U.S. Treasury Regulation 1.409A-3(i)(5).
(e)    “CIC Qualifying Termination” means a Separation in connection with the consummation of a Change in Control, including at the request of the prospective acquirer whose proposed acquisition would constitute a Change in Control upon its completion, or within three (3) months prior to or within twelve (12) months following the consummation of a Change in Control, resulting from (A) the Company or its successor terminating the Executive’s employment for any reason other than Cause or (B) the Executive voluntarily resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability shall not constitute a CIC Qualifying Termination.
(f)    “Equity Awards” means all options to purchase shares of Company common stock as well as any and all other stock-based awards granted to the Executive, including but not limited to stock bonus awards, restricted stock, restricted stock units or stock appreciation rights. 
(g)    “Good Reason” means, without the Executive’s consent, (i) a material diminution in the Executive’s authority, duties or responsibilities, including a material change in Executive’s reporting responsibilities, such that Executive is required to report to a person whose duties, responsibilities and authority are materially less than those of the person to whom Executive was reporting immediately prior to such change and/or a material reduction in the 

level of management to which Executive reports, (ii) a reduction in Executive’s annual base salary or annual target bonus, (iii) a requirement that Executive relocate Executive’s principal place of work to a location that increases the Executive’s one-way commute by more than fifty (50) miles from Executive’s then-current work location, or (iv) a material breach of this Agreement by the Company.  For the Executive to receive the benefits under this Agreement as a result of a voluntary resignation under this subsection (g), all of the following requirements must be satisfied: (1) the Executive must provide notice to the Company of his or her intent to assert Good Reason within sixty (60) days of the initial existence of one or more of the conditions set forth in subclauses (i) through (iv); (2) the Company will have thirty (30) days (the “Company Cure Period”) from the date of such notice to remedy the condition and, if it does so, the Executive may withdraw his or her resignation or may resign with no benefits under this Agreement; and (3) any termination of employment under this provision must occur within ten (10) days of the earlier of expiration of the Company Cure Period or written notice from the Company that it will not undertake to cure the condition set forth in subclauses (i) through (iv).  Should the Company remedy the condition as set forth above and then one or more of the conditions arises again, the Executive may assert Good Reason again subject to all of the conditions set forth herein.
(h)    “Plan” means the Company’s 2018 Equity Incentive Plan, as may be amended from time to time.
(i)    “Release Conditions” mean the following conditions occurring within sixty (60) days following the Separation:  (i) the Company has received the Executive’s executed Release and (ii) any rescission period applicable to the Executive’s executed Release has expired.
(j)    “Qualifying Termination” means a Separation that is not a CIC Qualifying Termination, but which results from the Company terminating the Executive’s employment for any reason other than Cause. A termination or resignation due to the Executive’s death or disability shall not constitute a Qualifying Termination
(k)    “Separation” means a “separation from service,” as defined in the regulations under Section 409A of the Code.
8.    Successors.
(a)    Company’s Successors.  The Company shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets, by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets or which becomes bound by this Agreement by operation of law.
(b)    Executive’s Successors.  This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
9.    Golden Parachute Taxes.
(a)    Best After-Tax Result.  In the event that any payment or benefit received or to be received by Executive pursuant to this Agreement or otherwise (“Payments”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this subsection (a), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax (“Excise Tax”), then, subject to the provisions of Section 10, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in the Payments being $1.00 less than the amount at which any portion of the Payments would be subject to the Excise Tax (“Reduced Amount”), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax.  Unless the Company and Executive otherwise agree in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to Executive (“Independent Tax Counsel”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes.  For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that Executive pays all taxes at the highest marginal rate.  The Company and Executive shall furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this Section.  The Company shall bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section.  In the event that Section 9(a)(ii)(B) above applies, then based on the information provided to Executive and the Company by Independent Tax Counsel, Executive may, in Executive’s sole discretion and within thirty (30) days of the date on which Executive is provided with the information prepared by Independent Tax Counsel, determine which and how 

much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by Executive shall be eliminated or reduced (as long as after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to Executive equals the Reduced Amount).  If the Internal Revenue Service (the “IRS”) determines that any Payment is subject to the Excise Tax, then Section 9(b) hereof shall apply, and the enforcement of Section 9(b) shall be the exclusive remedy to the Company.
(b)    Adjustments.  If, notwithstanding any reduction described in Section 9(a) hereof (or in the absence of any such reduction), the IRS determines that Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then Executive shall be obligated to surrender or pay back to the Company, within one-hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the “Repayment Amount.”  The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that Executive’s net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized.  Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero (0) if a Repayment Amount of more than zero (0) would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by Executive from the Payments.  If the Excise Tax is not eliminated pursuant to this Section 9(b), Executive shall pay the Excise Tax.
10.    Miscellaneous Provisions.
(a)    Section 409A.  To the extent (i) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) Executive is deemed at the time of such termination of employment to be a “specified” employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the Executive’s Separation; or (ii) the date of Executive’s death following such Separation; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Executive, including (without limitation) the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral.  Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to Executive or Executive’s beneficiary in one lump sum (without interest).  Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.  To the extent that any provision of this Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent.  To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.  Payments pursuant to this Agreement (or referenced in this Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A.
(b)    Other Arrangements.  This Agreement supersedes any and all cash severance arrangements and vesting acceleration arrangements under any offer letter or employment agreement, agreement governing Equity Awards, severance and salary continuation arrangements, programs and plans which were previously offered by the Company to the Executive, including change in control severance arrangements and vesting acceleration arrangements pursuant to an agreement governing Equity Awards, employment agreement or offer letter, and Executive hereby waives Executive’s rights to such other benefits.  In no event shall any individual receive cash severance benefits under both this Agreement and any other severance pay or salary continuation program, plan or other arrangement with the Company or its subsidiaries.  For the avoidance of doubt, in no event shall Executive receive payment under both Section 2 and Section 3 with respect to Executive’s Separation.
(c)    Dispute Resolution.  To ensure rapid and economical resolution of any and all disputes that might arise in connection with this Agreement, Executive and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and exclusively by final, binding, and confidential arbitration, by a single arbitrator, in Santa Clara County, and conducted by Judicial Arbitration & Mediation Services, Inc. (“JAMS”) under its then-existing employment rules and procedures.  Nothing in this section, however, is intended to prevent either party 

from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.  Each party to an arbitration or litigation hereunder shall be responsible for the payment of its own attorneys’ fees.
(d)    Notice.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping charges prepaid.  In the case of the Executive, mailed notices shall be addressed to him or her at the home address which he or she most recently communicated to the Company in writing.  In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.
(e)    Waiver.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(f)    Withholding Taxes.  All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law.
(g)    Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.
(h)    No Retention Rights.  Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary or parent of the Company or of the Executive, which rights are hereby expressly reserved by each, to terminate his or her service at any time and for any reason, with or without Cause.
(i)    Choice of Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California (other than its choice-of-law provisions).

[Signature Page Follows]
 

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.
	
				
	EXECUTIVE
	BLOOM ENERGY CORPORATION

	 
	 

	Name:  Greg Cameron                                     Date
	By:  Shawn Soderberg 
	                              Date

	 
	Title:  EVP, General Counsel and Secretary

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