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Exhibit 10.3  

[Certain portions of this exhibit have been omitted pursuant to Rule 24b-2 and are subject to a confidential treatment request. Copies of this exhibit
containing the omitted information have been filed separately with the Securities and Exchange Commission. The omitted portions of this document occur on pages 1, 2 and 3 and are marked with a
**.]  

  
 

    UGS SALES AGREEMENT    
    

        THIS AGREEMENT is made as of this 21st day of February 2003 by and between  QIT-FER ET
TITANE INC., a Quebec corporation with offices at 1625 Marie-Victorin Boulevard, Sorel-Tracy, Quebec, Canada,
J3R 1M6 (hereinafter "QIT"), and TIOXIDE EUROPE LIMITED, and English company with registered
offices at Haverton Hill Road, Billingham TS23 1PS, England (hereinafter, the "Buyer"); 

        WHEREAS QIT is a significant producer of upgraded titanium bearing slag ("UGS)" and Buyer, a member of the Huntsman Tioxide Group of
affiliated companies ("Buyer's Group"), is a significant consumer of upgraded titanium feedstocks; 

        WHEREAS the parties are desirous of entering into an agreement whereby the manufacture and purchase of a predetermined amount of UGS is
established for the mutual benefit of enhancing predictability of the operations of each of the parties; 

        NOW THEREFORE, for and in consideration of the covenants and conditions herein contained, the parties hereto agree as follows: 

ARTICLE I. SCOPE  

        QIT agrees to sell and deliver, and Buyer agrees to buy, take delivery of and consume, upgraded titanium bearing slag (hereinafter called "UGS"), produced at
QIT's plant at Sorel-Tracy, Quebec, Canada, in the quantities and at the times specified herein and in accordance with the terms of this Agreement. 

ARTICLE II. DEFINITIONS  

        Unless otherwise indicated, a "ton" is a metric ton of one thousand kilograms dry weight, a "month" and a "year" are a calendar month and a calendar year,
respectively, "dollars", "cents", and the dollar and cent signs ("$" and "¢") refer to lawful money of the United States of America. "Official Samples" has the meaning given to it in
Article XI and all percentages are based on dry weights. "Party" means QIT as one party and Buyer as one party. "STEM" shall mean that UGS will be available and ready for loading at the point
of shipment on the stated date and in the quantity specified. 

ARTICLE III. TERM  

	A.
	Unless
terminated earlier pursuant to the provisions contained herein, this Agreement shall commence on January 1, 2003 and end on December 31, 2003.

	B.
	In
the event either Buyer or QIT shall become bankrupt, insolvent, commit any act of bankruptcy or insolvency, or compromise with its creditors, then the other party shall have the
option, without notice or demand, to cancel this Agreement. The preceding rights are without prejudice to any other rights and remedies as are available to the parties hereunder or otherwise under the
law. 

ARTICLE IV. QUANTITY  

	A.
	Buyer
shall purchase and take delivery of and QIT shall sell and deliver ** tons of UGS in 2003 (the "Contracted Quantity"). 

 
	B.
	If,
by December 31, 2003, Buyer has not taken delivery at Sorel-Tracy of the entire annual Contracted Quantity set forth in Article IV.A above for such year, then Buyer
shall pay QIT for that tonnage of UGS being the difference between the Contracted Quantity and the quantities actually delivered less any quantities excused due to Force Majeure, at the Price (as
defined in Article V) established for UGS in that year. QIT shall prepare a final invoice (the "Final Annual Quantity Invoice") for such amounts of UGS, which shall reflect price adjustments in
accordance with Articles V and VIII, on or before January 31 of the following year. The Final Annual Quantity Invoice shall be rendered and paid in accordance with Article VIII. 

ARTICLE V. PRICE  

	A.
	Price  

The
Basic Price of UGS for the year 2003 shall be US$**, FOB Sorel-Tracy. 

	B.
	Price Adjustment for TiO2 Content  

The
Price established under this Article V is the UGS containing 95.0% titanium dioxide (TiO2) content. The Price of a shipment of UGS shall be adjusted on a pro rata basis for each
0.1% of TiO2 in excess of or below the 95.0% TiO2 level. 

	C.
	Price Adjustment for Sizing  

In
the event the sizing of UGS shipments in a year exceeds the limits set forth below, the applicable Price shall be adjusted downwards by a percentage (or fractions thereof) equal to the percentage
of UGS of plus 850 microns in excess of seven percent (7%), of minus 75 microns in excess of two percent (2%) and of minus 53 microns in excess of one half percent (0.5%). Price adjustments pursuant
to this paragraph shall be made annually in arrears as provided in Article VIII. 

ARTICLE VI. SHIPMENTS  

	A.
	QIT
shall deliver UGS into Buyer's Vessel at QIT's dock, Sorel-Tracy, Quebec. QIT and Buyer shall agree on a shipping schedule whereby deliveries are spread more or less evenly
throughout the year. The parties acknowledge that the shipping schedule may vary during that period of time in which the St. Lawrence River is so blocked with ice as to prevent the passage of cargo
vessels. Buyer shall obtain any import licenses or other documents that may be required to import UGS into the country of destination.

	B.
	Buyer
shall arrange for and furnish a cargo vessel (herein called "Buyer's Vessel"). Notwithstanding the agreed shipping schedule, Buyer shall request and receive STEM from QIT with
respect to each shipment, one (1) month prior to the arrival of Buyer's Vessel at Sorel-Tracy. So far as possible, Buyer shall give QIT not less than ten (10) days' notice of the
expected date of arrival of each Buyer's Vessel at Sorel-Tracy. QIT will load cargo in lower holds only and will spout-trim cargo. Any levelling required by other means than spout-trimming
and any other abnormal loading costs, including time required therefor, shall be for Buyer's account. Cleanliness and/or protection of the holds of Buyer's Vessel shall be solely Buyer's
responsibility. As a convenience to Buyer however, QIT shall, prior to loading, undertake on Buyer's behalf the inspection of the holds of Buyer's Vessel and, if deemed necessary by QIT, QIT shall on
Buyer's behalf require any such necessary cleaning and/or protection to be performed, but in no event shall QIT be liable for contamination or any other damages in connection with cleanliness and/or
protection of Buyer's Vessel, whether caused by QIT's own negligence or otherwise. Buyer's Vessel shall shift to anchor during such cleaning and/or protection. The costs of such cleaning and/or
protection shall be for Buyer's account including the costs of delays caused to Buyer's Vessel and time used therefor shall not count as laytime. 

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	C.
	QIT
agrees to load at a minimum rate of ** tons per weather working day of 24 consecutive hours. Notice of readiness shall be presented to QIT during office hours, which
at present are 9:00 a.m. to 5:00 p.m., Monday through Friday, and 9:00 a.m. to 12:00 noon on Saturdays. Laytime shall start at 8:00 a.m. on the working day next following
the delivery and acceptance of such notice of readiness, whether Buyer's Vessel is in berth or not. Any time from noon Saturday to 8:00 a.m. Monday and any time on holidays and before laytime
starts shall not count as laytime unless used, and, if used, only half such time to count as laytime. It is contemplated that vessels will normally be loaded and discharged in turn. However, QIT may
at its option delay docking and loading Buyer's Vessel or request Buyer's Vessel to shift to anchor or other berth to give preference to QIT's ore or coal vessels even though Buyer's Vessel shall have
been presented for loading prior to QIT's ore or coal vessels. If QIT exercises its option in the preceding sentence and Buyer's Vessel is not loaded in turn, QIT shall be liable for any demurrage due
to delay incurred by such loading out of turn and the costs of Buyer's Vessel shifting to anchor and reberthing.

	D.
	Buyer
shall furnish demurrage rates to QIT at least one day in advance of arrival of a Buyer's Vessel. QIT agrees to pay Buyer demurrage if loading is not completed in the allowed time
at the rate specified in the Charter Party, but only up to a maximum of Ten Thousand Dollars ($10,000.00) per day, fractions of a day to be adjusted pro rata. Buyer agrees to pay QIT despatch for
laytime saved at half the demurrage rate specified in the Charter Party, but only up to a maximum of Five Thousand Dollars ($5,000.00) per day, fractions of a day to be adjusted pro rata.

	E.
	QIT
makes no representations, and none are implied, as regards its loading dock or the water depth threat except that so long as the St. Lawrence River level is not less than 13.1 feet
above mean sea-level at Sorel-Tracy, Quebec, as recorded by the Canadian Hydrographic Survey, the minimum water depth at QIT's dock will be thirty (30) feet. 

ARTICLE VII. TITLE AND RISK OF LOSS  

        Title to and risk of loss in UGS shall pass to Buyer when the UGS has effectively passed the ship's rail of Buyer's Vessel at QIT's dock at Sorel-Tracy,
Quebec, Canada. Once the title to and risk of loss in UGS has passed to Buyer, QIT shall not be responsible for any losses or damages of any kind and howsoever arising to UGS, except as expressly
provided in this Agreement. 

ARTICLE VIII. INVOICING AND PAYMENT  

	A.
	Regular Payments  

Unless
otherwise agreed, payment for UGS shall be made by Buyer in U.S. dollars by telegraphic transfer to QIT, to such account at QIT shall notify to Buyer, within thirty (30) days of the date
of the Bill of Lading for such shipment. QIT shall provide Buyer with the following documents: 

	1.
	QIT's
commercial invoice covering the shipment, based on the assumption that the TiO2 content of UGS is 95.0%;

	2.
	QIT's
weight certificate;

	3.
	A
full set of clean on-board ocean bills of lading covering the shipments in question, designating "QIT-Fer er Titane Inc." as shipper and "Tioxide
Europe Limited" or any affiliated company designated by Buyer, as consignee; and

	4.
	Such
other documents and papers as may be required to clear UGS for shipment from Canada to the port of destination. 

The
above-mentioned documents shall be airmailed to Buyer or such affiliated company as Buyer shall have designated in accordance with Article XVIII. QIT shall accept payment from any of 

3

 

Buyer's
affiliated companies, but Buyer shall be primarily and separately liable for all sums properly due and unpaid under this Agreement that are not paid by such affiliates. 

	B.
	Final Invoice and Payment

Any
adjustment which may be necessary as a result of the outcome of the analysis of the Official Samples shall be embodied in a final invoice. Payment by Buyer of the total amount due, if any, on the
final invoice shall be effected by telegraphic transfer, within thirty (30) days of the date of the final invoice. In the event the final invoice reflects an amount due from QIT to Buyer, QIT
shall remit the appropriate amount to Buyer by telegraphic transfer within thirty (30) days of the date of the final notice. 

	C.
	Final Annual Quantity Invoice

By
January 31 of each year, QIT shall prepare and present a Final Annual Quantity Invoice relating to the previous year, which Final Annual Quantity Invoice shall reflect amounts due, if any,
calculated as provided for in Article IV.B for Contracted Quantities Buyer has not ordered and taken delivery of during the preceding year. 

Payment
by Buyer of the total amount due, if any, on the Final Annual Quantity Invoice shall be effected by telegraphic transfer to QIT within seven (7) days of Buyer's receipt of such Final
Annual Quantity Invoice. 

	D.
	Other Invoices and Payments

Payment
of other amounts due hereunder, such as the fees referred to in Articles XI.B2 and XI.C.5 shall be made by Buyer to QIT as soon as reasonably practicable after receipt of the invoice for such
amounts. 

ARTICLE IX. SPECIFICATIONS  

	A.
	The
UGS shall contain at least 94.0%, but typically 95.0% or greater, equivalent TiO2 by weight determined as set for in Article XI of this Agreement.

	B.
	The
UGS shall meet the following specifications:

	1.
	Maximum
chromium oxide (Cr203) content of 0.08% by weight;

	2.
	Maximum
vanadium pentoxide (V205) content of 0.60% by weight;

	3.
	Maximum
ferric oxide (Fe2O3) content of 2.40% by weight;

	4.
	Maximum
manganese oxide (Mn0) content of 0.10% by weight;

	5.
	Maximum
calcium oxide (Ca0) content of 0.20% by weight;

	6.
	Maximum
magnesium oxide (Mg0) content of 1.30% by weight;

	7.
	Maximum
silica (SiO2) content of 2.40% by weight; and

	8.
	Maximum
moisture (H2O) content of 0.20% by weight.

	C.
	The
specifications set out in Articles IX.A and B shall be referred to in this Agreement as the "Specifications". 

ARTICLE X. WARRANTY  

	A.
	QIT
warrants that the UGS sold and delivered hereunder shall conform to the Specifications set forth in Article IX hereof. 

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	B.
	In
the event that any UGS sold and delivered hereunder does not conform to said Specifications and in the event the parties are unable to agree on an equitable adjustment, QIT shall,
at its costs and expense, remove or otherwise dispose of such non-conforming product and replace it with an equivalent quantity of UGS which meets the Specifications. The obligation to
remove or dispose of and replace non-conforming UGS shall not be applicable in the event Buyer fails to give notice of such non-conforming UGS as provided for in
Article XI.C. 

The
warranty and remedy expressed in this Article X is the sole and exclusive warranty made by QIT with respect to the UGS to be delivered under this Agreement. QIT makes no other warranty,
expressed, implied (including any warranty of merchantability or fitness for a particular purpose), statutory or otherwise. 

	D.
	QIT
shall not be responsible for any damages whatsoever, whether direct, indirect, consequential or incidental, relating directly or indirectly to the sale or use of any UGS. QIT's
sole obligation in the event of delivery of non-conforming product shall be that set forth in this Article X. Buyer agrees to indemnify and hold QIT harmless from and against any
claims, losses, damages, costs, expenses or liability of whatsoever nature from third parties arising out of or in connection with such use of UGS from and after the passage of title and risk to UGS. 

ARTICLE XI. INSPECTION, WEIGHING, SAMPLING AND ANALYSIS  

	A.
	Inspection and Weighing

	1.
	Weight
of UGS loaded aboard Buyer's Vessel will be determined by the use of a weightometer which QIT will make all reasonable effort to inspect, maintain and keep properly adjusted for
accuracy. Weight, recorded by weightometer, shall be corrected for average weightometer variation. This corrected weight, which includes moisture, shall then be adjusted for the moisture content. The
resulting dry weight shall be the basis on which UGS is invoiced for payment.

	2.
	Copies
of the inspection certificates of the weightometer shall be provided to Buyer by QIT upon request.

	B.
	Sampling

	1.
	Each
shipment of UGS loaded aboard Buyer's Vessel shall be sampled at QIT's Plant by ITS Caleb Brett, 2561 Georges V, Montreal-East, Quebec, Canada, H1L 6S4, an
independent testing laboratory, or such other independent testing laboratory as shall be agreed upon by Buyer and QIT. Such independent laboratory shall take and distribute representative samples
(herein called "Official Sample(s)") from each shipment in accordance with the Sampling and Sample Preparation Procedure, set forth in Exhibit "A"—Procedure "SAP S-101",
attached hereto and made a part hereof.

	2.
	Lab Fees—The fees for service of such independent testing laboratory shall be paid equally by QIT and Buyer.

	C.
	Analysis

	1.
	Methods of Analysis—All analyses shall be made by the methods outlined in Exhibit "B"—Procedure "SAP
S-009", Exhibit "C"—Procedure "SAP S-010", Exhibit "D"—Procedures "SAP S-003", Exhibit "E"—Procedure "SAP
S-102", which are attached hereto and made a part hereof or by such other methods as QIT shall consider appropriate provided that the results obtained from such other methods are
consistent with the results which would be obtained by using the methods outlined in the above-mentioned exhibits. 

5

  

	2.
	Analysis by QIT—QIT shall analyze the Official Samples and the results of such analysis for each shipment shall be provided
to Buyer not later than thirty (30) days following the date of such shipment.

	3.
	Analysis by Buyer—Buyer may, but shall not be obligated to, analyze the official Samples. Unless Buyer notified QIT, within
sixty (60) days of receipt of an Official Sample that Buyer's analysis indicates that product fails to meet the Specifications or that the TiO2 content is more than
one-half of one percent (0.5%) different from QIT's analysis, the results of QIT's analysis shall be final and conclusive save and except for manifest errors in sampling.

	4.
	Umpire Procedure—Should Buyer's analysis of the Official Samples indicate that product does not meet the Specifications or
that the TiO2 content of product is more than one-half of one per cent (0.5%) different from QIT's analysis, Buyer may so advise QIT, who will then request the independent
testing laboratory referred to above to forward for analysis its retained Official Sample to such umpire analyst (being an independent testing laboratory) as shall be agreed to from time to time by
the parties. The parties hereby agree that Inspectorate Griffith Ltd., 2 Perry Road, Witham, Essex, CM8 3TU, England, shall be the initial umpire analyst. The umpire shall analyze the Official
Sample in accordance with the methods outlined in the exhibits referred to in Article XI.C.1.

	5.
	Settlement—The umpire's analysis as to TiO2 content and that of Buyer or QIT, whichever is in closer agreement
to the umpire's analysis, shall be averaged to establish the revised analysis for the shipment. If the umpire's analysis is exactly halfway between Buyer's and QIT's analyses, such umpire's analysis
shall then be used to establish the revised analysis for the shipment. 

If
such revised analysis results in a price adjustment in accordance with the procedure described in this Agreement, QIT shall issue a credit or debit invoice as the case may be. If an umpire's
analysis is required on any Specification other than TiO2, the umpire's analysis and that of Buyer or QIT, whichever is in closer agreement to the umpire's analysis, shall be averaged as
the basis for final settlement; provided that if the umpire's analysis lies exactly halfway between Buyer's and QIT's analysis, the umpire's analysis shall be the basis for final settlement. If such
analysis determines that UGS does not meet each of such Specifications, the parties shall proceed as described in Article X of
this Agreement. The Cost of an umpire's analysis shall be paid by the party whose analysis varies most from the umpire's analysis unless such variations are equal, whereupon, the cost shall be borne
equally by the parties. 

	D.
	Revision of Sampling and Analytical Procedures  

The
procedures set forth in the Exhibits referred to in this Article are believed to be the most satisfactory ones now available. In the event better procedures become available, each of said
Exhibits may be revised with the written approval of Buyer and QIT. 

ARTICLE XII. ARBITRATION  

        Any dispute between QIT and Buyer arising out of or in any way connected with this Agreement, its negotiation, performance, breach, existence or validity shall,
unless settled by mutual agreement or conciliation and failing settlement thereunder, be referred for final and binding arbitration in London, England, under the Rules of Conciliation and
Arbitration of the International Chamber of Commerce. The arbitration shall be presided over by three (3) arbitrators of which QIT shall appoint one and Buyer shall appoint another, and the two
(2) appointed arbitrators shall appoint the Chairman of the arbitral tribunal within sixty (60) days following their appointment by the parties hereto, failing which the Chairman shall
be appointed by the International Court of Arbitration of the International Chamber of Commerce. The language of the arbitration shall be English. 

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ARTICLE XIII. TAXES AND DUTIES  

        Canadian taxes or duties now or hereafter imposed on the export of the Product during the term of this Agreement shall be for the sole account of QIT. All other
taxes or duties now or hereafter imposed on the import of Product in connection with this Agreement shall be for the sole account of Buyer. 

ARTICLE XIV. PATENTS  

	A.
	QIT
agrees to protect and hold Buyer harmless against any and all claims that UGS, in the state or form as sold under this Agreement, infringes or allegedly infringes any product
claims of any Canadian or United States patent owned by third parties. QIT will, at its own cost and expense, defend any and all suits which may be brought against Buyer on account of said
infringement of such Canadian or United States patent or patents, and QIT shall pay any and all fees, costs and damages awarded in said suits; provided, however, that the total liability for damages
under this Article XIV shall in no event exceed the aggregate sales price of Product sold to Buyer during the year in which such infringement commenced.

	B.
	QIT's
obligations pursuant to this Article XIV shall be conditional upon Buyer giving prompt notice to QIT of any claims by third parties of any such alleged infringement and of
all information available to Buyer in respect of such alleged infringement or claim. 

ARTICLE XV. FORCE MAJEURE  

        In the event of any contingency which is beyond the reasonable control of QIT or Buyer including, but not limited to (i) any strike, lockout, industrial
dispute, difference with workmen, accident, fire, explosion, earthquake, flood, mobilization, war (whether declared or undeclared), act of any belligerent in any such war, riot, rebellion, revolution
or blockade, (ii) any requirement, regulation, restriction, or other act of any Government, whether legal or otherwise, (iii) any inability to secure or delay in securing export licenses
or import licenses, cargo space or other transportation facilities necessary for the shipment or receipt of Product or fuel or other supplies or material including ilmenite ore or electric power
necessary for the operation of the mines and plants where Product is produced or consumed, (iv) any delay in or interruption to transportation by rail, water or otherwise, (v) any damage
to or destruction of such mines or plants of QIT or Buyer, or (vi) any other contingency, excluding market conditions of any sort, which is beyond the reasonable control of QIT or Buyer,
whether or not of the nature or character hereinbefore specifically enumerated, which event delays or interferes with the performance of this Agreement or the consumption of Product, (an event of
"Force Majeure") then such event shall be considered sufficient justification for delay in making shipment or delivery or taking delivery or performance hereunder (other than the payment of money), in
whole or in part, until such event ceases to exist, and this Agreement shall be deemed suspended for so long as such event delays or interferes with the performance hereof, provided that prompt notice
of any such event be given by the party affected to the other party. Any delay or interference which affects QIT's supply of Product to customers shall entitle QIT to allocate equitably any available
Product among customers in its discretion. 

        Anything
to the contrary herein notwithstanding, if such event of Force Majeure occurs, the obligation of QIT to sell and deliver and of Buyer to buy and to take delivery of UGS with
respect to any year shall terminate (unless otherwise agreed between the parties) at the end of the year as to quantities of UGS which have not been loaded aboard Buyer's Vessel at Sorel-Tracy, by the
end of the year due to such event of Force Majeure. Nothing contained in this Article shall require Buyer to pay for, or QIT to make up or compensate for, any UGS not delivered due to the
application of this Article XV. 

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ARTICLE XVI. DEFAULT & LIMITS OF LIABILITY  

        For purposes of this Article XVI, a "default" shall mean any failure by either party to make any payment (except for a bona fide dispute as to the accuracy
of the amount due) or to perform any obligation under or pursuant to this Agreement for any reason other than an event of Force Majeure as defined in Article XV. 

        No
default shall be deemed to have occurred unless the party in default shall have first been given written notice of such default and shall have failed to cure such default within
thirty (30) days in the event of a failure to pay and in all other events, within sixty (60) days after receipt of such written notice. 

        In
the event of a default arising from a breach of Buyer's duty to pay for UGS delivered or for the total amount of the Contracted Quantity in any particular year, QIT shall have the
right to seek damages for all loss or damage actually sustained as a direct result of the default. In addition, (except for a bona fide dispute as to the accuracy of the amount due), QIT shall have
the right (subject to Buyer's right to cure its default pursuant to this Article) to terminate this Agreement forthwith by providing notice to such effect to Buyer. Notwithstanding anything contained
herein to the contrary, in no event shall Buyer be liable for consequential, indirect, incidental, punitive or contingent damages as a result of a default under this Agreement. 

        In
the event of any default by QIT arising from a failure to deliver UGS pursuant to this Agreement, QIT (subject to QIT's rights to cure its default pursuant to this Article) shall
compensate Buyer for all loss or damage actually sustained as a direct result of the failure to deliver but excluding indirect, consequential, punitive or contingent damages of the default Buyer may
suffer therewith including, but not limited to, loss of revenue or profits as a result of Buyer's inability to operate, or shut down of its operations, loss of use of equipment, or cost of substitute
equipment, claims of third parties, and the like. 

ARTICLE XVII. WAIVER OF DEFAULT  

        Any failure by either party to give notice in writing to the other party of any breach or default in any of the terms or conditions of this Agreement shall not
constitute a waiver thereof, nor shall any delay by either party in enforcing any of its rights hereunder be deemed a waiver of such rights nor shall a waiver by either party of any defaults of the
other party be deemed a waiver of any other or subsequent defaults. 

8

 

ARTICLE XVIII. NOTICE  

        Any notice to be given to any party under the terms of this Agreement shall be deemed to have been given if delivered by courier service or transmitted by
telecopier to the respective addresses or telecopier numbers given below: 

	TO QIT:	 	Attention: Director, Sales & Marketing, Titania Slag and Rutile
	

 	
 	

QIT-Fer et Titane Inc. ("QIT")

c/o Rio Tinto Iron & Titanium Inc.

770 Sherbrooke Street West

Suite 1800

Montreal, Quebec

Canada, H3A 1G1

Telecopier: 1 (514) 286-9336
	
TO Buyer:	
 	
Attention: Mr. D.I. Rochester, Director of Purchasing
	

 	
 	

Tioxide Europe Limited

Haverton Hill Road

Billingham

TS23 1PS

England

Telecopier: 44.1642.376918
	

 	
 	

With a copy to the Company Secretary

or
to such other address or telecopier number as either party shall so designate by providing notice of such other address or telecopier number in accordance with the provisions of this Article. All
notices shall be deemed to have been received on the day of delivery, if delivered by courier service or on the day of transmission, if sent by telecopier, during normal business hours
(9:00 a.m. to 5:00 p.m.) of the recipient, failing which, such notice shall be deemed to have been received on the next business day. 

ARTICLE XIX. ASSIGNMENT  

        No party may assign its rights or obligations under this Agreement without the prior written consent of the other party. The preceding sentence shall not apply to
assignments made to parents, subsidiaries, or related corporations, partnerships or other entities of the parties hereto, providing that the party executing this Agreement shall remain primarily
responsible for performance of its obligations hereunder unless such responsibility is waived in writing by the other party. 

ARTICLE XX. ENTIRE AGREEMENT: AMENDMENT, MODIFICATION  

        This Agreement states the entire understanding between the parties hereto with respect to the subject matter hereof, and there are no agreements or
understandings, oral or written expressed or implied with reference to the subject matter hereof that are not merged herein or superseded hereby. This Agreement may not be changed, modified or
supplemented in any manner orally or otherwise except by an instrument in writing signed by a duly authorized representative of each of the parties hereto. The parties recognize that, for
administrative purposes, documents such as purchase orders, acknowledgments, invoices and similar documents may be used during the Term of this Agreement. In no event shall any term or condition
contained in any such administrative documents be interpreted as amending or modifying the terms of this Agreement whether such administrative documents are signed or not. 

9

 

ARTICLE XXI. GOVERNING LAW  

        This Agreement shall, in all respects, be governed by and construed in accordance with the laws of England, to the exclusion of the United Nations Convention on
the International Sale of Goods. 

ARTICLE XXII. CONFIDENTIALITY  

        This Agreement and information obtained by one party from the other by virtue of this Agreement, shall remain confidential and shall not be disclosed to any third
party without the prior written consent of the other party, unless such information is publicly available, or previously known to the recipient or is required to be disclosed by law. 

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized respective representatives, as
of the day and year first above written. 

	
QIT-FER ET TITANE INC.	
 	

TIOXIDE EUROPE LIMITED
	
By:	
 	

/s/  JAMES D. NAMENY      
	
 	

By:	
 	

/s/  R.A. LOUW      

	Name:	 	James D. Nameny	 	Name:	 	R.A. Louw
	Title:	 	Director	 	Title:	 	Senior VP Commercial

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EXHIBIT 4.1  

 
  [FORM OF FACE OF SECURITY]    
    

        FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT AND THE
ISSUE DATE OF THIS SECURITY IS MAY 9, 2003. IN ADDITION, THIS SECURITY IS SUBJECT TO UNITED STATES FEDERAL INCOME TAX REGULATIONS GOVERNING CONTINGENT PAYMENT DEBT INSTRUMENTS. FOR PURPOSES OF
SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THE ISSUE PRICE OF EACH SECURITY IS $1,000 PER $1,000 OF PRINCIPAL AMOUNT AND THE COMPARABLE YIELD IS 4.85%, COMPOUNDED SEMIANNUALLY (WHICH
WILL BE TREATED AS THE YIELD TO MATURITY FOR UNITED STATES FEDERAL INCOME TAX PURPOSES). 

        EDWARDS
LIFESCIENCES CORPORATION (THE "ISSUER", WHICH TERM INCLUDES ANY SUCCESSOR THERETO) AGREES, AND BY ACCEPTING A BENEFICIAL OWNERSHIP INTEREST IN THIS SECURITY EACH HOLDER OF THIS
SECURITY WILL BE DEEMED TO HAVE AGREED, FOR UNITED STATES FEDERAL INCOME TAX PURPOSES (1) TO TREAT THIS SECURITY AS A DEBT INSTRUMENT THAT IS SUBJECT TO TREAS. REG. SEC. 1.1275-4
(THE "CONTINGENT PAYMENT REGULATIONS"), (2) TO TREAT THE FAIR MARKET VALUE OF ANY STOCK RECEIVED UPON ANY CONVERSION OF THIS SECURITY OR UPON A PURCHASE OF THIS SECURITY AT THE HOLDER'S OPTION
AS A CONTINGENT PAYMENT FOR PURPOSES OF THE CONTINGENT PAYMENT REGULATIONS, AND (3) TO ACCRUE INTEREST WITH RESPECT TO THE SECURITY AS ORIGINAL ISSUE DISCOUNT FOR UNITED STATES FEDERAL INCOME
TAX PURPOSES ACCORDING TO THE "NONCONTINGENT BOND METHOD," SET FORTH IN THE CONTINGENT PAYMENT REGULATIONS, AND TO BE BOUND BY THE ISSUER'S DETERMINATION OF THE "COMPARABLE YIELD" AND "PROJECTED
PAYMENT SCHEDULE," WITHIN THE MEANING OF THE CONTINGENT PAYMENT REGULATIONS, WITH RESPECT TO THIS SECURITY. THE ISSUER AGREES TO PROVIDE PROMPTLY TO THE HOLDER OF THIS SECURITY, UPON WRITTEN REQUEST,
THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE PRICE, ISSUE DATE, YIELD TO MATURITY, COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE. ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE ISSUER AT THE
FOLLOWING ADDRESS: EDWARDS
LIFESCIENCES CORPORATION, TREASURY DEPARTMENT/INVESTOR SERVICES, MS 27X,ONE EDWARDS WAY, IRVINE, CA 92614. 

        [UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR
ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES 

1

 

IN
DEFINITIVE CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.](1) 

	(1)
	This
legend should be included only if the Security is a Global Security. 

        [THIS
SECURITY AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE OR FOREIGN SECURITIES LAWS AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER
(1) REPRESENTS THAT IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT); (2) AGREES THAT IT WILL NOT, PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") THAT IS TWO YEARS AFTER THE LATER OF (X) THE ORIGINAL ISSUANCE DATE OF THIS SECURITY (OR, IF THE OVER-ALLOTMENT OPTION GRANTED TO J.P. MORGAN
SECURITIES INC. IS EXERCISED, THE ORIGINAL
ISSUE DATE OF THE SECURITIES ISSUED UPON EXERCISE OF SUCH OPTION) AND (Y) THE LAST DATE ON WHICH EDWARDS LIFESCIENCES CORPORATION (THE "ISSUER", WHICH TERM INCLUDES ANY SUCCESSOR THERETO) OR
ANY "AFFILIATE" (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER WAS THE OWNER OF THIS SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY OR THE COMMON STOCK ISSUABLE UPON CONVERSION
OF THIS SECURITY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY THEREOF; (B) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A ADOPTED UNDER THE SECURITIES ACT;
(C) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 ADOPTED UNDER THE SECURITIES ACT (IF AVAILABLE), OR (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT; (3) AGREES THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, FURNISH TO THE TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS,
LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED BY THEM TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT; AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR ANY SHARE OF COMMON STOCK ISSUED UPON CONVERSION HEREOF ARE TRANSFERRED (OTHER
THAN A TRANSFER PURSUANT TO CLAUSE 2(D) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.](2) 

        [THE
HOLDER OF THIS SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF) AND,
BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.](2) 

	(2)
	This
legend should be included only if the Security is a Transfer Restricted Security. 

2

 
 
 

EDWARDS LIFESCIENCES CORPORATION*
  
    3.875% Convertible Senior Debentures due 2033    
    

	No.	 	CUSIP:	[Transfer Restricted Global Securities—28176EA A6]

[Unrestricted Global Securities—28176EA B4]

        EDWARDS
LIFESCIENCES CORPORATION, a Delaware corporation (the "Company", which term shall include any successor under the Indenture referred to on the reverse hereof), promises to pay to
                        , or registered assigns, the principal amount
of                        Dollars ($            ) [, or such lesser
amount as is indicated in the records of the Trustee and the
Depositary,](3) on May 15, 2033, and to pay interest thereon from May 9, 2003 or from the most recent date to which interest has been paid or duly provided for,
semi-annually in arrears on May 15 and November 15 of each year (each, an "Interest Payment Date"), commencing on November 15, 2003, at the rate of 3.875% per annum
(and, in the event and to the extent that Contingent Interest shall be payable on this Security at any time as provided herein and in the Indenture, to pay such Contingent Interest at the rate and on
the dates specified herein), until the principal hereof is paid in full or made available for payment or until such date on which this Security is converted into Common Stock (or other securities or
property) as provided in the Indenture, and to pay interest at the rate of 3.875% per annum on any overdue principal and, to the extent permitted by law, on any overdue installment of interest and on
any overdue installment of Liquidated Damages, if any. Anything herein to the contrary notwithstanding, if any Interest Payment Date, Stated Maturity, Redemption Date, Purchase Date, Change in Control
Purchase Date or other date on which a payment hereon is due falls on a day that is not a Business Day, the required payment of interest, if any, Contingent Interest, if any, principal and Liquidated
Damages, if any, will be made on the next succeeding Business Day and no interest, Contingent Interest, if any, Liquidated Damages, if any, or other amount will accrue on that payment for the period
from and after that Interest Payment Date, Stated Maturity, Redemption Date, Purchase Date, Change in Control Purchase Date or other date, as the case may be, to the date of payment on such next
succeeding Business Day. The accrued and unpaid interest, if any, Contingent Interest, if any, and Liquidated Damages, if any, so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the regular record
date for such interest, which will be the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date (a "Regular Record Date").
However, in the case of Securities called for redemption on a Redemption Date or purchased by the Company on a Purchase Date or Change in Control Purchase Date during the period from the close of
business on a Regular Record Date to the opening of business on the next succeeding Interest Payment Date, accrued and unpaid interest, if any, Contingent Interest, if any, and Liquidated Damages, if
any, will be paid (unless such Security is converted) on such Redemption Date, Purchase Date or Change in Control Purchase Date, as the case may be, to the Holders of such Securities so redeemed or
purchased. Any accrued and unpaid interest, Contingent Interest, if any, and Liquidated Damages, if any, not so punctually paid or duly provided for on any Interest Payment Date will forthwith cease
to be payable to the Holder on the applicable Regular Record Date and may be paid (a) to the Person in whose name this Security (or one or more predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Company, notice whereof will be given to Holders as provided in the Indenture, or (b) at
any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such securities
exchange, all as more fully provided in the Indenture. Anything herein to the contrary notwithstanding, Liquidated Damages shall be payable to the Holder of this Security only in the event and to the
extent such Holder is entitled to receive Liquidated Damages pursuant to the Registration Rights Agreement. 

	*
	All
references to, and all provisions relating to, Liquidated Damages shall be deleted if the Security is not a Transfer Restricted Security.

	(3)
	This
phrase should be included only if the Security is a Global Security. 

3

 

        Reference
is hereby made to the further provisions of this Security set forth on the reverse side of this Security, which further provisions shall for all purposes have the same effect
as if set forth at this place. 

[SIGNATURE PAGE FOLLOWS]

4

 

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

	Dated:	 	EDWARDS LIFESCIENCES CORPORATION
	

 	
 	

 	

 
	 	 	By:	    

	 	 	Title:

5

 
 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
    

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

	 	 	JPMORGAN CHASE BANK,

as Trustee
	

 	
 	

 	

 
	 	 	By:	    
 Authorized Signatory

6

  

 
 

[FORM OF REVERSE OF SECURITY]    
    
    3.875% Convertible Senior Debentures due 2033    

        This
Security is one of a duly authorized issue of 3.875% Convertible Senior Debentures due 2033 (the "Securities"), limited in aggregate principal amount to $150,000,000 (subject to the
exceptions provided in the Indenture referred to below) of EDWARDS LIFESCIENCES CORPORATION, a Delaware corporation (including any successor under the Indenture hereinafter referred to, the
"Company"), issued under an Indenture, dated as of May 9, 2003 (as the same may be amended or supplemented from time to time, the "Indenture"), between the Company and JPMORGAN CHASE BANK, as
trustee (the "Trustee", which term includes any successor trustee under the Indenture). The terms of this Security include those stated in the Indenture, those made part of the Indenture by reference
to or pursuant to the Trust Indenture Act of 1939, as amended ("TIA"), and those set forth in this Security. This Security is subject to all such terms, and Holders are referred to the Indenture and
the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of
the Indenture shall control. Capitalized terms used but not defined herein have the meanings assigned to them in the Indenture. 

1.    INTEREST    

        Subject
to Section 2 below, interest on the Securities will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

        Persons
who are the Holders of Securities at the close of business on a Regular Record Date will be entitled to receive the payment of accrued and unpaid interest, if any, Contingent
Interest, if any, and Liquidated Damages, if any, payable on the corresponding Interest Payment Date (notwithstanding the conversion of such Securities at any time after the close of business on such
Regular Record Date), unless such Securities have been called for redemption on a Redemption Date or are purchased by the Company at the option of the Holder on a Purchase Date or Change in Control
Purchase Date during the period from the close of business on such Regular Record Date to the opening of business on such Interest Payment Date. Securities surrendered for conversion by a Holder
during the period from the close of business on any Regular Record Date to the opening of business on the next Interest Payment Date, except for Securities called for redemption on a Redemption Date
during the period from the
close of business on such Regular Record Date to the opening of business on such Interest Payment Date, must be accompanied by payment from the Holder of an amount in Cash equal to the amount of
accrued and unpaid interest, Contingent Interest, if any, and Liquidated Damages, if any, payable on such Interest Payment Date with respect to the principal amount of the Securities so converted. 

2.    CONTINGENT INTEREST    

        Beginning
with the six-month Interest Period commencing on May 15, 2008, the Company will pay contingent interest ("Contingent Interest") during a
six-month Interest Period if the average Trading Price for the five Trading Days ending on and including the third Trading Day immediately preceding the first day of such
six-month Interest Period equals or exceeds 120% of the principal amount of such Security. 

        The
Contingent Interest payable per $1,000 principal amount of a Security in respect of any six-month Interest Period in which Contingent Interest is payable shall accrue at
the rate of 0.25% per six-month Interest Period of the average Trading Price per $1,000 principal amount of such Security for the applicable five Trading Day period ending on and including
the third Trading Day immediately preceding the first day of such six-month Interest Period. The average Trading Price shall be calculated to the nearest cent, with one-half
cent being rounded upwards. 

        If
Contingent Interest is payable in respect of any Security, then such Contingent Interest will be payable on the same dates and to the same Persons entitled to receive the interest
otherwise payable 

7

 

on
such Security. Contingent Interest, if payable, will accrue from and including the first day of the applicable six-month Interest Period to, but excluding, the date of payment
(including payment on any Interest Payment Date, Stated Maturity, Redemption Date, Purchase Date or Change in Control Purchase Date). The amount of Contingent Interest payable on any date shall be
calculated by the Company and shall be calculated on the same basis as which the interest otherwise payable on the Securities is payable, appropriately adjusted (if deemed necessary by the Company in
its sole and absolute discretion) to reflect the fact that the Contingent Interest rate is stated on a six-month basis rather than a per annum basis. 

        If
the Company determines that Holders will be entitled to receive Contingent Interest during a six-month Interest Period, the Company will mail notice to that effect to
Holders at their addresses in the register of Securities maintained by the Registrar or issue a press release to that effect, in each case promptly after the Company makes that determination. 

        The
term "Interest Period" means the period beginning on and including May 15 through and including the next succeeding November 14 and the six-month period
beginning on and including November 15 through and including the next succeeding May 14. 

3.    METHOD OF PAYMENT    

        Holders
must surrender Securities to a Paying Agent to collect the principal of and interest, if any, Contingent Interest, if any, and Liquidated Damages, if any, payable in respect of
such Securities at Stated Maturity or on any Redemption Date, Purchase Date, Change in Control Purchase Date or other date on which principal is payable, and the Company shall pay such amounts at the
office of the Paying Agent or, at the option of the Company, by wire transfer. Interest, Contingent Interest, if any, and Liquidated Damages, if any, on Securities shall be paid in Cash and may be
paid by mailing a check to the address on the Person entitled thereto as such address shall appear in the register of Securities maintained by the Registrar or, at the option of the Company, by wire
transfer. 

4.    PAYING AGENT, CONVERSION AGENT, REGISTRAR AND BID SOLICITATION AGENT    

        Initially,
the Trustee shall act as Paying Agent, Conversion Agent, Registrar and Bid Solicitation Agent. The Company may appoint and change any Paying Agent, Conversion Agent,
Registrar, co-registrar or Bid Solicitation Agent or approve a change in the office through which any Paying Agent, Conversion Agent, Registrar or co-registrar acts without
notice, other than notice to the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Conversion Agent, Registrar, co-registrar or Bid
Solicitation Agent. 

5.    AMOUNT OF SECURITIES    

        The
Securities are unsubordinated and unsecured obligations of the Company limited to $150,000,000 aggregate principal amount, subject to the exceptions set forth in Sections 2.7 and 2.8
of the Indenture. 

6.    REDEMPTION AT THE OPTION OF THE COMPANY    

        No
sinking fund is provided for the Securities. Prior to May 15, 2008, the Securities will not be redeemable at the option of the Company. On or after May 15, 2008, the
Company may redeem the Securities, at its option, at any time in whole or from time to time in part, upon notice to the Holders of Securities to be redeemed as provided in the Indenture, at a
redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest, if any, accrued and unpaid Contingent Interest, if any, and accrued and unpaid
Liquidated Damages, if any, to, but excluding, the Redemption Date (the "Redemption Price"); provided that payments of accrued and unpaid interest, if any, Contingent Interest, if any, and Liquidated
Damages, if any, that are due and payable on any Interest Payment Date falling on or prior to a Redemption Date shall be payable on such Interest Payment Date to the Persons that were the Holders of
the Securities (or one or more 

8

 

predecessor
Securities) at the close of business on the relevant Regular Record Date (in which case the Redemption Price shall not include any such accrued and unpaid interest, if any, Contingent
Interest, if any, or Liquidated Damages, if any, paid or duly provided for on such Interest Payment Date). Any redemption of Securities shall be subject to the further terms and conditions set forth
in the Indenture. 

7.    NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY    

        Notice
of redemption at the option of the Company shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Securities to be
redeemed at the Holder's address as set forth in the register of Securities maintained by the Registrar. If money sufficient to pay the Redemption Price of all Securities (or portions thereof) to be
redeemed on the Redemption Date is deposited with the Paying Agent on or before the Redemption Date, then on and after the Redemption Date, interest, Contingent Interest, if any, and Liquidated
Damages, if any, shall cease to accrue on the Securities (or portions thereof) called for redemption and such Securities (or portions thereof) will cease to be outstanding. Securities in denominations
larger than $1,000 principal amount may be redeemed in part but only in integral multiples of $1,000 principal amount. 

8.    PURCHASE BY THE COMPANY AT THE OPTION OF THE HOLDER; PURCHASE AT THE OPTION OF THE HOLDER UPON A CHANGE IN CONTROL    

        (a)   Subject
to the terms and conditions of the Indenture, a Holder shall have the option to require the Company to purchase the Securities held by such Holder on
May 15, 2008, May 15, 2013 and May 15, 2018 (each, a "Purchase Date") at a purchase price equal to 100% of the principal amount of the Securities to be purchased, plus accrued and
unpaid interest, if any, accrued and unpaid Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, on the Securities to be so purchased to, but excluding, the applicable
Purchase Date (the "Purchase Price"); provided that payments of accrued and unpaid interest, Contingent Interest, if any, and Liquidated Damages, if any, that are due and payable on any Interest
Payment Date falling on or prior to a Purchase Date will be payable on such Interest Payment Date to the Persons that were the Holders of the Securities (or one or more predecessor Securities) at the
close of business on the relevant Regular Record Date (in which case the Purchase Price shall not include any such accrued and unpaid interest, Contingent Interest, if
any, or Liquidated Damages, if any, paid or duly provided for on such Interest Payment Date). In order to exercise this option, a Holder must satisfy the conditions set forth in the Indenture,
including the delivery of a Purchase Notice containing the information set forth in the Indenture within the time period specified in the Indenture and the delivery of Securities to be purchased as
provided in the Indenture. The Company will pay the Purchase Price in Cash for any Securities to be purchased on the Purchase Date occurring on May 15, 2008. With respect to the May 15,
2013 and May 15, 2018 Purchase Dates, the Purchase Price may be paid by the Company, at its option, in Cash or by the delivery of shares of Common Stock, or in any combination thereof as set
forth in the Indenture, provided that the Company will pay any accrued and unpaid interest, Contingent Interest, if any, and Liquidated Damages, if any, in Cash. 

        Securities
in denominations larger than $1,000 principal amount may be purchased in part, but only in integral multiples of $1,000 principal amount. 

        (b)   If
a Change in Control shall occur at any time prior to May 15, 2008, each Holder shall have the right, at such Holder's option and subject to the terms and
conditions of the Indenture, to require the Company to purchase all of such Holder's Securities or any portion of the principal amount thereof that is equal to $1,000 or an integral multiple of $1,000
on the Change in Control Purchase Date specified by the Company in accordance with the provisions of the Indenture at a Change in Control Purchase Price equal to 100% of the principal amount of
Securities to be purchased, plus accrued and unpaid interest, if any, accrued and unpaid Contingent Interest, if any, and accrued and unpaid Liquidated Damages, if any, to, but excluding, the
applicable Change 

9

 

in
Control Purchase Date (the "Change in Control Purchase Price"); provided the payments of accrued and unpaid interest, Contingent Interest, if any, and Liquidated Damages, if any, that are due and
payable on any Interest Payment Date falling on or prior to a Change in Control Purchase Date will be payable on such Interest Payment Date to the Persons that were the Holders of the Securities (or
one or more predecessor Securities) at the close of business on the relevant Regular Record Date (in which case the Change in Control Purchase Price shall not include any such accrued and unpaid
interest, Contingent Interest, if any, or Liquidated Damages, if any, paid or duly provided for on such Interest Payment Date). The Change in Control Purchase Price shall be paid by the Company, at
its option, in Cash, by the delivery of shares of Common Stock or in any combination thereof as set forth in the Indenture, provided that the Company will pay any accrued and unpaid interest,
Contingent Interest, if any, and Liquidated Damages, if any, in Cash. 

        (c)   Holders
have the right to withdraw any Purchase Notice or Change in Control Purchase Notice, as the case may be, by delivery to the Paying Agent of a written notice of
withdrawal prior to 5:00 p.m. (New York City time) on the fifth Business Day prior to such Purchase Date or Change in Control Purchase Date, as the case may be, and otherwise in accordance with
the provisions of the Indenture. 

        (d)   If
Cash and/or Common Stock (if permitted under the Indenture) sufficient to pay a Purchase Price or Change in Control Purchase Price, as the case may be, of all
Securities or portions thereof to be
purchased as of the Purchase Date or the Change in Control Purchase Date, as the case may be, is deposited with the Paying Agent on or before the Purchase Date or the Change in Control Purchase Date,
as the case may be, interest, Contingent Interest, if any, and Liquidated Damages, if any, shall cease to accrue on such Securities (or portions thereof) on and after such Purchase Date or Change in
Control Purchase Date, as the case may be, and the Holders thereof shall have no other rights as such (other than the right to receive the Purchase Price or Change in Control Purchase Price, as the
case may be, upon surrender of such Securities). 

        (e)   As
provided in the Indenture, any Purchase Date or Change in Control Purchase Date may be extended as necessary to comply with applicable law. 

9.    CONVERSION    

        Subject
to and in compliance with the terms and conditions of the Indenture (including, without limitation, the conditions to conversion of this Security set forth in Article XII
thereof), a Holder is entitled, at such Holder's option, to convert the Holder's Securities (or any portion of the principal amount thereof that is $1,000 or an integral multiple of $1,000), into
fully paid and nonassessable of shares of Common Stock at the Conversion Price in effect on the date of conversion. The number of full shares of Common Stock issuable upon conversion of a Security (or
portion thereof) shall be equal to the amount obtained by dividing the principal amount of such Security (or portion thereof) being converted by the Conversion Price as in effect at the time of
conversion and rounding the quotient as provided in the Indenture. 

        A
Security in respect of which a Holder has delivered a Purchase Notice or Change in Control Repurchase Notice, as the case may be, exercising the right of such Holder to require the
Company to repurchase such Security may be converted only if such Purchase Notice or Change in Control Purchase Notice is withdrawn in accordance with the terms of the Indenture. If a Security (or
portion thereof) is called for redemption, the Holder of such Security (or portion thereof) may convert such Security (or portion thereof) called for redemption at any time before the close of
business on the Business Day immediately preceding the Redemption Date. 

        The
initial Conversion Price is $54.66 per share of Common Stock, subject to adjustment in certain events described in the Indenture. 

10

 

        To
surrender a Security for conversion, a Holder must (1) in the case of Global Securities, comply with the Applicable Procedures in effect at that time, or in the case of
Certificated Securities, surrender the Security to the Conversion Agent, (2) complete and manually sign the conversion notice below (or
complete and manually sign a facsimile of such notice) and deliver such notice to the Conversion Agent, (3) furnish appropriate endorsements and transfer documents, (4) pay all funds
required, if any, relating to interest, Contingent Interest, if any, or Liquidated Damages, if any, and any transfer or similar tax, if required, and (5) comply with any other applicable
requirements of the Indenture. 

        No
fractional shares of Common Stock shall be issued upon conversion of any Security. Instead, the Company shall pay a Cash adjustment as provided in the Indenture. 

        No
payment or adjustment will be made for accrued and unpaid interest, if any, accrued and unpaid Contingent Interest, if any, or accrued and unpaid Liquidated Damages, if any, on any
Securities (or portions thereof) to be converted or for dividends on the shares of Common Stock issuable upon conversion. 

        On
conversion of a Security, that portion of accrued and unpaid interest, including Contingent Interest, if any, on the converted Security attributable to the period from the most recent
Interest Payment Date (or, if no Interest Payment Date has occurred, from May 9, 2003) through the date of conversion, and Liquidated Damages, if any, and Tax Original Issue Discount accrued
through the date of conversion with respect to the converted Security shall not be cancelled, extinguished or forfeited, but rather shall be deemed to be paid in full to the Holder thereof through
delivery of the Common Stock (together with the Cash payment, if any, in lieu of fractional shares), in exchange for the Security being converted pursuant to the provisions hereof, and the fair market
value of such shares of Common Stock (together with any such Cash payment in lieu of fractional shares) shall be treated as issued, to the extent thereof, first in exchange for accrued and unpaid
interest (including Contingent Interest, if any), and Liquidated Damages, if any, and Tax Original Issue Discount accrued through the date of conversion and the balance, if any, of such fair market
value of such Common Stock (and any such Cash payment) shall be treated as issued in exchange for the principal amount of the Security being converted pursuant to the provisions hereof. 

        The
Company agrees, and each Holder and any beneficial owner of a Security by its purchase thereof shall be deemed to agree, to treat, for United States federal income tax purposes, the
fair market value of the Common Stock received upon the conversion of a Security (together with any Cash payment in lieu of fractional shares) as a contingent payment on the Security for purposes of
Treasury Regulation Section 1.1275-4(b). 

10.    DENOMINATIONS; TRANSFER; EXCHANGE    

        The
Securities are in registered form, without coupons, in denominations of $1,000 principal amount and multiplies of $1,000. A Holder may transfer or exchange Securities in accordance
with, and subject to any applicable restrictions on transfer or exchange set forth in, the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not
register the transfer of or exchange any Securities under certain circumstances provided in the Indenture. 

11.    PERSONS DEEMED OWNERS    

        The
Holder of this Security may be treated as the owner of this Security for all purposes. 

12.    UNCLAIMED MONEY OR PROPERTY    

        The
Trustee and the Paying Agent shall return to the Company upon written request any money, securities or other property held by them for the payment of any amount with respect to the
Securities that remains unclaimed for two years after the date upon which that payment became due, subject to 

11

 

any
applicable unclaimed property law, provided, however, that the Trustee or such Paying Agent, before being required to make any such return, shall at
the expense of the Company cause to be published once in a newspaper of general circulation in The City of New York or mail to each such Holder notice that such money, securities or property remains
unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed money, securities or other property then
remaining shall be returned to the Company. After return to the Company, Holders entitled to the money, securities or other property must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another Person. 

13.    AMENDMENT; WAIVER    

        Subject
to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the consent of the Holders of at least a majority in aggregate
principal amount of the Securities at the time outstanding and (ii) certain defaults or noncompliance with certain provisions and their consequences may be waived with the consent of the
Holders of a majority in aggregate principal amount of the Securities at the time outstanding. The Indenture and the Securities may be amended without the consent of any Holders under circumstances
set forth in Section 11.1 of the Indenture. 

14.    DEFAULTS AND REMEDIES    

        If
an Event of Default (other than an Event of Default arising from certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee, or the Holders of at least 25% in
aggregate principal amount of the Securities at the time outstanding, may declare the principal amount of and any accrued and unpaid interest and Contingent Interest, if any, through the date of
acceleration on all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default which shall result in the principal of and any accrued and unpaid
interest and Contingent Interest, if any, on the Securities through the date of acceleration being declared due and payable immediately upon the occurrence of such Events of Default. Subject to the
terms and conditions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding may rescind and annul an acceleration of the
Securities and its consequences. 

15.    CONSOLIDATION, MERGER, AND SALE OF ASSETS    

        In
the event that the Company shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as entirety to another Person, as
described in Section 7.1 of the Indenture, the successor person (if other than the Company) or the person to which such conveyance, transfer or lease is made, as the case may be, shall succeed
to and substituted for, and may exercise every right and power of, the Company under the Indenture and the Securities and thereafter the Company shall be discharged from all obligations and covenants
to Holders under the Indenture and the Securities. 

16.    TRUSTEE AND AGENT DEALINGS WITH THE COMPANY    

        The
Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent and Registrar under the Indenture, each in its individual or any other capacity, may become the owner or pledgee of
Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have
if it were not Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Registrar. 

17.    CALCULATIONS IN RESPECT OF THE SECURITIES    

        The
Company will be responsible for making all calculations called for under the Securities, the Indenture or the Registration Rights Agreement. These calculations include, but are not
limited to, determination of the Market Prices and Last Reported Sale Prices for the Common Stock, the Trading 

12

 

Price
of the Securities, whether Contingent Interest shall be payable on the Securities, the amount of accrued interest, Contingent Interest, if any, and Liquidated Damages, if any, on the Securities,
in the event that the Company shall elect to pay the Purchase Price or Change in Control Purchase Price, in whole or in part, in shares of Common Stock, the number of shares of Common Stock issuable
to make such payment, the amount of Cash payable in respect of fractional shares of Common Stock, and the Conversion Price of the Securities as in effect from time to time and whether the conditions
to conversion set forth in Section 12.1(a)(i) or 12.1(b)(i) of the Indenture have been satisfied. The Company will make these calculations in good faith and, absent manifest
error, these calculations will be final and binding on the Holders. The Company will provide to each of the Trustee, the Conversion Agent, the Bid Solicitation Agent and the Paying Agent, upon written
request, a schedule of its calculations and each of the Trustee, the Conversion Agent, the Bid Solicitation Agent and the Paying Agent is entitled to rely upon the accuracy of such calculations
without independent verification. The Trustee will forward the Company's calculations to any Holder upon the request of such Holder. 

18.    NO RECOURSE AGAINST OTHERS    

        No
recourse under or upon any obligation, covenant or agreement contained in the Indenture or the Securities, or because of any indebtedness or obligation evidenced hereby or thereby,
shall be had against any incorporator, as such, or against any past, present or future stockholder, officer, director or employee, as such, of the Company or any predecessor or successor, either
directly or through the Company or any predecessor or successor. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for
the issue of the Securities. 

19.    AUTHENTICATION    

        This
Security shall not be valid or obligatory for any purpose or entitled to any benefit under the Indenture until an authorized signatory of the Trustee manually signs the Trustee's
Certificate of Authentication on the other side of this Security. 

20.    DISCHARGE    

        Upon
compliance by the Company with certain conditions set forth in the Indenture, the Indenture shall cease to be of further effect except for certain provisions, specified in the
Indenture, which shall survive such discharge. 

21.    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 Gift to Minors Act). 

22.    GOVERNING LAW    

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

13

  

 
 

ASSIGNMENT FORM    
    

To
assign this Security, fill in the form below: 

	For value received, I or we assign and transfer this Security to
	

    
 (Insert assignee's soc. sec. or tax ID no.)
	

    

	

    

	

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

 

and irrevocably appoint                          attorney to transfer this Security on the books of the Company. The
attorney may substitute another to act for him.

	 	 	 	Your Signature:
	

 	

 	
 	

 
	Date:	    
	 	    
 (Sign exactly as your name appears on the other side of this Security. Your signature must correspond with the name as it appears on the face of this Security in
every particular, without any change whatever.)
	

Signature Guaranteed	
 	

 
	

    
 Participant in a Recognized Signature Guarantee Medallion Program	
 	

 
	

By:	

    
 Authorized Signatory

	
 	

 

14

 
 
 

CONVERSION NOTICE    
    

        This notice relates to the 3.875% Convertible Senior Debentures due 2033 (the "Securities") of Edwards Lifesciences Corporation, a Delaware corporation (the
"Company," which terms includes any successor under the Indenture referred to below), issued pursuant to an Indenture, dated as of May 9, 2003 (as amended or supplemented from time to time, the
"Indenture"), between the Company and JPMorgan Chase Bank, as Trustee. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Indenture. 

        The
undersigned Holder of this Security hereby irrevocably exercises the option to convert this Security, or the portion of this Security designated below, into Common Stock of the
Company, upon the terms and subject to the conditions of the Indenture, and directs that the shares issuable and deliverable upon conversion, together with any check in payment of fractional shares,
be issued in the name of and delivered to the undersigned (or to a DTC participant holding on behalf of the undersigned), unless a different name has been indicated below (in which case both such
shares and any payment in respect of fractional shares will be made to the person indicated below). If shares are
to be issued in the name of a person other than the undersigned, (i) the undersigned will pay all transfer taxes and other governmental charges payable in connection therewith and
(ii) if the Securities being converted bear the Legend or are "restricted securities" (within the meaning of Rule 144 under the Securities Act of 1933), the undersigned is delivering
herewith a duly executed and completed Common Stock Transfer Certificate and acknowledges that the undersigned may be required to deliver such legal opinions and other documents required by the
Indenture before the undersigned or any other person will be entitled to receive any of such shares of Common Stock. 

        To
convert this Security into shares of Common Stock of the Company, check the box o 

        To
convert only a portion of this Security, state the principal amount to be converted (which must be $1,000 or an integral multiple of
$1,000): $                        . If you do not indicate the part of this Security to be converted, the entire
Security will be converted. 

        If
you want the stock certificate made out in another person's name fill in the form below: 

	    
 (Insert assignee's soc. sec. or tax ID no.)
	

    

	

    

	

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

15

 

	 	 	 	Your Signature:
	

 	

 	
 	

 
	Date:	    
	 	    
 (Sign exactly as your name appears on the other side of this Security. Your signature must correspond with the name as it appears on the face of this Security in
every particular, without any change whatever.)
	

Signature Guaranteed	
 	

 
	

    
 Participant in a Recognized Signature Guarantee Medallion Program	
 	

 
	

By:	

    
 Authorized Signatory

	
 	

 

16

  

 
 

TRANSFER CERTIFICATE(4)    
    

	Re:
	3.875%
Convertible Senior Debentures due 2033 (the "Securities") of EDWARDS LIFESCIENCES CORPORATION (the "Company", which term includes any successor under the Indenture referred to
below) 

        This
certificate relates to $             principal amount of Securities owned in (check applicable box) 

        o book-entry
or    o definitive form by
                         (the "Transferor"). 

        The
Transferor has requested a Registrar or the Trustee to exchange or register the transfer of such Securities. 

        In
connection with such request and in respect of each such Security, the Transferor does hereby certify that the Transferor is familiar with transfer restrictions relating to the
Securities as provided in Sections 2.6 and 2.12 of the Indenture dated May 9, 2003 between the Company and JPMorgan Chase Bank, as trustee (as the same may be amended or supplemented from time
to time, the "Indenture"), and in the Legend (as defined in the Indenture), and further certifies that the transfer of each such Security is being made pursuant to an effective registration statement
under the Securities Act of 1933, as amended (the "Securities Act") (check applicable box) or the transfer or exchange, as the case may be, of such Security does not require registration under the
Securities Act because (check applicable box): 

	o
	Such
Security is being transferred to the Company or a Subsidiary;

	o
	Such
Security is being transferred to a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) in compliance
with Rule 144A under the Securities Act;

	o
	Such
Security is being transferred pursuant to and in compliance with an exemption from the registration requirements under the Securities
Act provided by, and in accordance with, Rule 144 (or any successor provision thereto) ("Rule 144") under the Securities Act, if available;

	o
	Such
Security is being acquired for the Transferor's own account, without transfer; or

	o
	Such
security is being transferred pursuant to an effective registration statement under the Securities Act. 

        The
Transferor acknowledges and agrees that, if the transferee will hold any such Securities in the form of beneficial interests in a global Security which bears a Legend or which is a
"restricted security" within the meaning of Rule 144 under the Securities Act, then such transfer can only be made pursuant to Rule 144A under the Securities Act and such transferee must
be a "qualified institutional buyer" (as defined in Rule 144A). 

	(4)
	This
certificate should only be included if this Security is a Transfer Restricted Security. 

17

 

	DATE:	 	    
 Insert Name of Transferor
	

 	
 	

    
 Signature(s) of Transferor

Title:
	

(If the registered owner is a corporation, partnership, other entity or fiduciary, the title of the person signing on behalf of such registered owner must be stated.)
	

 	
 	

Signature Guaranteed
	

 	
 	

    
 Participant in a Recognized Signature

Guarantee Medallion Program
	

 	
 	

 	

 
	 	 	By:	    
 Authorized Signatory

        To
be completed by transferee if the transfer is made pursuant to Rule 144A under the Securities Act (as defined above): 

        The
undersigned transferee represents and warrants (i) that it is a "qualified institutional buyer" as defined in Rule 144A under the Securities Act, and is aware that the
Securities (as defined above) are being transferred in reliance on Rule 144A under the Securities Act, (ii) the undersigned is acquiring the Securities for its own account or for the
account of one or more other qualified institutional buyers over which it exercises sole investment discretion (in which latter case the undersigned has given notice to each such account that the
Securities are being transferred in reliance on Rule 144A) and (iii) this instrument has been executed on behalf of the undersigned by one of its executive officers. The undersigned
transferee acknowledges and agrees that the Securities have not been registered under the Securities Act and may not be transferred except in accordance with the resale and other transfer restrictions
set forth on the face thereof and in the Indenture relating thereto. 

	Dated:	 	    
 Insert Name of Transferee
	

 	
 	

 	

 
	 	 	By:	    
 Executive Officer

18

 
 
 

COMMON STOCK TRANSFER CERTIFICATE(5)    
    

	Re:
	Common
Stock (the "Common Stock") of EDWARDS LIFESCIENCES CORPORATION (the "Company", which term includes any successor under the Indenture referred to below) 

        This
certificate relates to                          shares (the "Shares") of Common Stock owned in certificated form by
                        
(the "Transferor") or issuable upon conversion of 3.875% Convertible Senior Debentures due 2033 (the "Securities") of the Company owned by the Transferor. 

        The
Transferor has requested that the transfer agent of the Common Stock register the transfer of such Shares or, in the case of issuance of Shares upon conversion of Securities, that
such Shares be registered in a name other than that of the Transferor (any such transfer or issuance being hereinafter called a "transfer"). 

        In
connection with such request and in respect of each such Share, the Transferor does hereby certify that the Transferor is familiar with transfer restrictions relating to the Shares as
provided in Section 12.10 of the Indenture dated May 9, 2003 between the Company and JPMorgan Chase Bank, as trustee (as the same may be amended or supplemented from time to time, the
"Indenture"), and in the Restricted Common Stock Legend (as defined in the Indenture), and further certifies that the transfer of each such Share is being made pursuant to an effective registration
statement under the Securities Act of 1933, as amended (the "Securities Act") (check applicable box) or the transfer of such Share does not require registration under the Securities Act because (check
applicable box): 

	o
	Such
Share is being transferred to the Company or a Subsidiary;

	o
	Such
Share is being transferred pursuant to and in compliance with an exemption from the registration requirements under the Securities Act
provided by, and in accordance with, Rule 144 (or any successor provision thereto) ("Rule 144") under the Securities Act, if available; or

	o
	Such
Share is being transferred pursuant to an effective registration statement under the Securities Act. 

	DATE:	 	    
 Insert Name of Transferor
	 	 	    
 Signature(s) of Transferor

Title:
	

(If the registered owner is a corporation, partnership, other entity or fiduciary, the title of the person signing on behalf of such registered owner must be stated.)
	 	 	Signature Guaranteed
	 	 	    
 Participant in a Recognized Signature

Guarantee Medallion Program
	 	 	 	 
	 	 	By:	    
 Authorized Signatory

	(5)
	This
certificate should only be included if this Security is a Transfer Restricted Security. 

19

QuickLinks

[FORM OF FACE OF SECURITY]

EDWARDS LIFESCIENCES CORPORATION* 3.875% Convertible Senior Debentures due 2033

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

[FORM OF REVERSE OF SECURITY] 3.875% Convertible Senior Debentures due 2033

ASSIGNMENT FORM

CONVERSION NOTICE

TRANSFER CERTIFICATE(4)

COMMON STOCK TRANSFER CERTIFICATE(5)

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