Document:

Management Retention Agreement

 Exhibit 10.1 
 EPICOR SOFTWARE CORPORATION 
 MANAGEMENT RETENTION AGREEMENT 
 This Management Retention Agreement (the “Agreement”) is made and entered into effective as of April 15, 2009 (the “Effective
Date”), by and between Michael Pietrini (the “Executive”) and Epicor Software Corporation (the “Company”). Certain capitalized terms used in this Agreement are defined herein. 
 RECITALS 
 WHEREAS, Executive has
agreed to accept employment with the Company as its Chief Financial Officer and Executive Vice-President of Finance and Administration (“CFO”); and 
 WHEREAS, Executive and Company wish to commemorate the terms and conditions of Executive’s employment as Company CFO in a written agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein and for other good and valuable consideration, the receipt of and
sufficiency of which are hereby acknowledged, Company and the Executive agree as follows 
 1. Definitions. The following terms
referred to in this Agreement shall have the following meanings: 
 (a) “Cause” means (i) any act of
personal dishonesty taken by Executive in connection with his responsibilities as an employee which is intended to result in substantial personal enrichment of Executive; (ii) Executive’s conviction of a felony which the Board reasonably
believes has had or will have a material detrimental effect on the Company’s reputation or business; (iii) a willful act by Executive which constitutes gross misconduct and is materially injurious to the Company; or (iv) continued
willful violations by Executive of Executive’s obligations to the Company after there has been delivered to Executive a written demand for performance from the Company which describes the basis for the Company’s belief that Executive has
not substantially performed his duties and after Executive has been given at least 10 business days in which to cure the circumstances identified in such written demand. 
 (b) “Change of Control” means the occurrence of any of the following (i) the sale, lease, conveyance or other
disposition of all or substantially all of the Company’s assets as an entirety or substantially as an entirety to any person, entity or group of persons acting in concert, (ii) any transaction or series of transactions that results in, or
that is in connection with, any person, entity or group acting in concert (other than existing affiliates of the Company), acquiring “beneficial ownership” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or
indirectly, of such percentage of the aggregate voting power of all classes of voting equity stock of the Company as shall exceed fifty percent (50%) of such aggregate voting power, (iii) a merger or consolidation in which the Company is
not the surviving entity, except for a transaction, the principal purpose of which is to change the state in which the Company is incorporated; or (iv) any reverse merger in which the Company is a surviving entity but in which securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from the persons holding those securities immediately prior to such
reverse merger; or (v) a liquidation of the Company. 
 (c) “Disability” means Executive’s
inability due to any physical or mental condition to perform a substantial portion of his employment duties to the Company for twenty-four (24) or more consecutive weeks. 
 (d) “Involuntary Termination” means the Executive’s termination of employment as a result of the occurrence of any
of the following without Executive’s express written consent, (i) a significant reduction of Executive’s duties, position or responsibilities relative to Executive’s CFO duties, position or responsibilities in effect immediately
prior to such reduction, or the removal of Executive from such position, duties and responsibilities, unless Executive is provided with comparable duties, position and responsibilities; (ii) a reduction by the Company of Executive’s CFO
base salary as in effect immediately prior to such reduction unless such reduction is made pursuant to and proportionately with any Company policy applicable to similarly-situated Company executives; (iii) the relocation of Executive to a
facility or a location more than one hundred (100) miles from the Company’s current Irvine, California location; (iv) any purported termination of Executive’s CFO title by the Company which is not effected for Cause or for which
the grounds relied upon are not valid; (v) Executive’s death or Disability; or (vi) the failure of the Company to obtain the assumption of this Agreement by any successors contemplated in Section 16 below. 

 2. Term of Agreement. Pursuant to the Agreement, Executive hereby accepts employment with the
Company as Company CFO for a period beginning on the Effective Date and continuing thereafter until Executive’s employment as Company CFO is terminated for any reason, including through Executive’s voluntary termination, Involuntary
Termination, or termination for Cause, subject to the terms and conditions set forth herein (the “Employment Term”). As specifically described in this Agreement, the parties’ obligations under specific sections herein continue in
certain respects following the Employment Term. 
 3. At-Will Employment. The Company and Executive acknowledge that Executive’s
employment is and shall continue to be at-will, as defined under applicable law. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as
provided by this Agreement, or as may otherwise be established under the Company’s then existing employee benefit plans or policies at the time of termination. 
 4. Base Salary. During the Employment Term, the Company will pay Executive a salary at an annualized rate of $340,000 as compensation for his services (the “Base Salary”). The Base Salary will be paid
periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings. Any increases to the Base Salary during the Employment Term may only be authorized by and will be subject to the prior
written approval of the Company’s Board of Directors. 
 5. Annual Incentive. Executive will be eligible to receive annual cash
bonus payments under the Company’s cash bonus plan for key employees beginning on the Amended Effective Date. The bonus will be paid on a fiscal year basis based on a performance plan agreed to between the Executive and the Board of Directors
of the Company. The initial cash bonus plan to Executive to be entered into following the Executive’s commencement as Company CFO shall provide for an on target bonus amount equal to 50% of Executive’s Base Salary, or $170,000 (the
“Initial Target Bonus”). 
 6. Equity Grants:  
 a. Performance Based Restricted Stock Grant. Executive currently is participating in the Company’s Performance Based
Restricted Stock Program (the “Program”) at the 28,500 shares per year level for each of the 2009 and 2010 performance years. Pursuant to the terms of the Agreement, Executive shall be granted an additional total of thirty nine thousand
(39,000) shares of performance based restricted Company common stock, allocated equally (19,500) to each of the 2009 and 2010 performance years (the “Restricted Stock Grant”), thus bringing Executive’s total participation in
the Program to 48,000 shares maximum per year for each of the 2009 and 2010 performance years. The Restricted Stock Grant shall provide that the restrictions on the stock shall lift based on achievement of applicable Company performance goals during
2009 and 2010 as determined in accordance with the terms of the Program as approved by the Company’s Compensation Committee and subject to the Executive’s continued service to the Company through the 2009 and 2010 performance periods. The
Restricted Stock Grant is also subject to the terms, definitions and provisions of the Company’s applicable stock incentive plan, as may be amended from time to time (the “Plan”) and the restricted stock agreement by and between
Executive and the Company (the “Restricted Stock Agreement”), both of which documents are incorporated herein by reference. 
 b. Time Based Restricted Stock Grant. Pursuant to the terms of the Agreement and subject to the Company obtaining approval of the proposed amended and restated 2007 Stock Incentive Plan by the Company
Shareholders at the Company’s 2009 annual shareholder meeting (the “Shareholder Approval”), which is currently scheduled for June 4, 2009, Executive shall be granted a total of one hundred thousand (100,000) shares of
restricted Company common stock (the “Time Based Restricted Stock Grant”). Provided that the Shareholder Approval is obtained, the Time Based Restricted Stock Grant will be granted in accordance with the Company’s Equity Granting
Policy on July 1, 2009 (the “Grant Date”). The Time Based Restricted Stock Grant shall provide that the restrictions on the stock shall lift based on the passage of time over the Employment Term and subject to the Executive’s
continued service to the Company through each vesting date. Specifically, the vesting commencement date of the Time Based Restricted Stock Grant shall be July 1, 2009. The shares shall be scheduled to vest over the Employment Term as follows:

 (i) 25% of the Time Based Restricted Stock Grant vesting on the six month anniversary of the Grant Date, i.e.
December 31, 2009; 

 (ii) The second 25% of the Time Based Restricted Stock Grant vesting on the eighteen
(18) month anniversary of the Grant Date, i.e. December 31, 2010; and 
 (iii) The remaining 50% of the shares
vesting equally on a quarterly basis over the next 8 quarters ending December 31, 2012. 
 All such vesting is subject to the Executive’s continued
service to the Company through each vesting date. The Time Based Restricted Stock Grant will also be subject to the terms, definitions and provisions of the Company’s applicable stock incentive plan, as may be amended from time to time (the
“Plan”) and the restricted stock agreement by and between Executive and the Company (the “Time Based Restricted Stock Agreement”), both of which documents are incorporated herein by reference. 
 7. Relocation/Moving Allowance. 
 (a) The Company agrees to reimburse Executive for his actual reasonable expenses incurred in moving and relocating his family and household to Southern California from Minnesota up to a total of $50,000 (USD). Such
reimbursement may include any costs or expenses associated with Executive’s (i) sale of his current residence, or (ii) purchase of a residence in Orange County such as points on loans, but will not include the cost or expense of any
temporary housing in Southern California incurred by Executive during the relocation period. The Company shall provide Executive with a gross up for any taxes incurred by Executive on any taxable relocation funds paid to Executive by the Company
pursuant to this section 7(a). Executive agrees that he will submit all such reimbursable expenses to the Company with appropriate documentation as such expenses are incurred and the Company shall reimburse Executive promptly thereafter in
accordance with the Company’s expense reimbursement policy. Notwithstanding the prior sentence, Executive hereby agrees that he shall submit all such expenses to the Company in the calendar year in which the expenses are incurred and the
Company hereby agrees that it will reimburse Executive for all such expenses and provide Executive with the applicable tax gross up indicated herein by no later than the end of applicable calendar in which the expenses were incurred. 
 (b) In the event that Executive should voluntarily terminate his position as Company CFO before the end of the one (1) year period
following the Effective Date, Executive shall be required to promptly pay back to the Company the expense reimbursement paid by the Company to Executive under Section 7(a) above. 
 8. Country Club Membership. The Company will assist Executive in acquiring a local to Orange County, Country Club/Golf Membership by either paying
for the Membership directly or reimbursing Executive for actual initial Membership fees incurred by Executive in joining such Country Club up to a maximum reimbursement of $35,000; provided, however, that Executive must be an employee as of the date
the Membership fees are incurred. Further, in the event that Executive pays for the Membership fees himself and the company reimburses him, Executive agrees that he will submit proper receipts for reimbursement within forty-five (45) days of
when the initiation fees are incurred. Provided that such receipts are properly and timely submitted, the Company will reimburse Executive for the actual Membership initiation fees incurred by Executive by no later than March 15 of the year
following the calendar year in which the initiation fees are incurred. This offer applies only to initial Membership fees only and Executive shall be responsible for payment of any subsequent monthly dues or fees associated with such membership. In
the event that Executive should voluntarily terminate his position as Company CFO before the end of the three year period following the Effective Date, Executive shall be required to pay back to the Company the expense reimbursement paid by the
Company to Executive upon Executive’s sale of his membership in such Club. 
 9. Other. Executive shall be eligible to
participate in the Company’s health plan, including the Exec-U-Care plan. After meeting eligibility requirements, Executive will be able to participate in various company benefit programs including the Company’s 401(k) savings program,
Employee Stock Purchase Plan, Section 125 Reimbursement Account, Deferred Compensation Program and the Confidential Employee Assistance Program (EAP). 

 10. Severance Benefits Upon Involuntary Termination. 
 Section 10(i) below governs severance benefits to be received by Executive upon the occurrence of an Involuntary Termination at any time during the
Employment Term which Involuntary Termination does not occur within twelve months following a Change of Control. Section 10(ii) below governs severance benefits to be received by Executive upon the occurrence of an Involuntary Termination at
any time during the Employment Term which Involuntary Termination does occur within twelve months following a Change of Control. The payment of Severance benefits to Executive under this Section 10 is subject to Section 14 herein.

 (i) Upon the occurrence of an Involuntary Termination at any time during the Employment Term, which Involuntary Termination does not occur
within twelve months following a Change of Control, Executive shall be entitled to only the following benefits: 
 (a) An
amount equal to nine (9) months of Executive’s Base Salary as in effect as of the date of the Involuntary Termination, to be paid periodically in accordance with the Company’s normal payroll policies; 
 (b) An amount equal to one week of Executive’s Base Salary as in effect as of the date of the Involuntary Termination for each full
Year of Executive’s employment with the Company as measured from his initial hire date with the Company to be paid periodically in accordance with the Company’s normal payroll policies; provided however that the total severance under
sections 10(i)(a) and (b) herein shall not exceed an amount equal to twelve (12) months of Executive’s Base Salary as in effect as of the date of the Involuntary Termination; 
 (c) An amount equal to a Percentage of Executive’s on target annual bonus based on Executive’s bonus plan in effect at the time
of the Executive’s Involuntary Termination where such Percentage is equal to the total number of weeks of severance granted to Executive under sections 10(i)(a) and (b) above (with the maximum being 52 weeks) divided by 52 weeks per year.
Thus, the maximum on target annual bonus amount to be received by Executive hereunder is 100%. 
 (d) For the same total
number of weeks following such Involuntary Termination as Executive is receiving severance under sections 10(i)(a) and (b) above (with the maximum being 52 weeks), Executive will have the right to continue his group health insurance (medical,
dental, and vision) under COBRA and the Company will reimburse Executive or pay directly for the actual COBRA premiums for which Executive is responsible during such period. Thus, the maximum amount of COBRA reimbursement to be received by Executive
hereunder is 12 months. 
 (ii) Upon the occurrence of an Involuntary Termination at any time during the Employment Term and which
Involuntary Termination occurs within twelve (12) months following a Change of Control, Executive shall be entitled to only the following benefits: 
 (a) An amount equal to twelve (12) months of Executive’s Base Salary as in effect as of the date of the Involuntary Termination, to be paid periodically in accordance with the Company’s normal payroll
policies; 
 (b) An amount equal to 100% of the Executive’s target annual bonus as calculated from the Executive’s
bonus plan in effect at the time of the Executive’s Involuntary Termination; and 
 (c) For the twelve (12) month
period following such Involuntary Termination, Executive will have the right to continue his group health insurance (medical, dental, and vision) under COBRA and the Company will reimburse Executive or pay directly for the actual COBRA premiums for
which Executive is responsible during such 12 month period. 
 (iii) Relocation To Minnesota upon Involuntary Termination. Upon the
occurrence of an Involuntary Termination at any time during the Employment Term, regardless of whether or not such Involuntary Termination occurs within twelve (12) months following a Change of Control, and if following such Involuntary
Termination Executive chooses to relocate his residence and family back to Minnesota from Southern California, the Company agrees that it shall reimburse Executive for his actual reasonable moving expenses incurred in moving and relocating his
family and household to Minnesota from Southern California up to a total of $25,000 (USD), provided that all such expenses must be incurred no later than the last day of the second calendar year following the year in which Executive’s
Involuntary Termination occurs. Such reimbursement shall only pertain to actual moving expenses, such as for household goods, automobiles, etc., and will not include any costs or expenses associated with Executive’s (i) sale of his
Southern California residence or (ii) purchase of a residence in Minnesota such as points on loans. The Company shall provide Executive with a gross up for any taxes incurred by Executive on any taxable relocation funds paid to Executive by the
Company pursuant to this section 10(iii). Executive agrees that he will submit all such reimbursable 

 
expenses to the Company with appropriate documentation, including proper receipts, as such expenses are incurred. Provided that such documentation is
properly and timely submitted, the Company shall reimburse Executive promptly thereafter in accordance with the Company’s expense reimbursement policy, but in no event later than the last day of the third calendar year following the year in
which Executive’s Involuntary Termination occurs. The reimbursements described in this Section 10(iii) are intended to comply with the “limited payment” and/or “reasonable moving expense” exceptions in Treasury
Regulation Section 1.409A-1(b)(9)(v)(A). Notwithstanding anything in this section to the contrary, the gross up that the Company provides to Executive for any taxes incurred by Executive on any taxable relocation funds paid by the Company
pursuant to this section 10(iii) will be paid no later than the end of Executive’s taxable year following the taxable year in which Executive remits the taxes owed on the taxable reimbursements. The gross up described in the preceding sentence
is intended to comply with Treasury Regulation Section 1.409A-3(i)(1)(v). 
 11. Other Termination. If the Executive’s
employment as CFO with the Company terminates for any reason other than as a result of an Involuntary Termination (whether or not within 12 months following a Change of Control), then subject to the requirements of applicable law and Section 14
below, the Executive shall not be entitled to receive any of the severance or other benefits hereunder, but Executive may still be eligible for those benefits (if any) as may then be established under the Company’s then existing severance and
benefits plans and policies at the time of such termination; provided, however, that any such severance benefits will be paid or provided at the same time and in the same form as similar severance benefits would be paid or provided under
Section 10(i) or (ii) in connection with Executive’s Involuntary Termination. 
 12. Accrued Wages and Vacation;
Expenses. Without regard to the reason for, or the timing of Executive’s termination of employment: (i) the Company shall pay Executive any unpaid base salary due for periods prior to any termination of employment; (ii) the
Company shall pay Executive all of his accrued and unused vacation, if any, through any termination of employment, as well as all earned but as-yet unpaid bonuses; and (iii) following submission of proper expense reports by Executive, the
Company shall reimburse Executive for all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to any termination of employment. Executive acknowledges that as mandated by established Company
policy, the Company CFO position does not accrue vacation/PTO time. These payments shall be made promptly upon termination and within the period of time mandated by law. 
 13. Golden Parachute Excise Tax Gross-Up. In the event that any of the severance and other benefits provided for in this Agreement constitute “parachute payments” within the meaning of
Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and will be subject to the excise tax imposed by Section 4999 of the Code, then Executive shall receive (i) a payment from the Company sufficient to
pay such excise tax, and (ii) an additional payment from the Company sufficient to pay the excise tax and federal and state income taxes arising from the payments made by the Company to Executive pursuant to this sentence. Unless the Company
and Executive otherwise agree in writing, the determination of Executive’s excise tax liability and the amount required to be paid under this Section shall be made in writing by the Company’s independent accountants (the
“Auditors”). In the event that the excise tax incurred by Executive is determined by the Internal Revenue Service to be greater or lesser than the amount so determined by the Auditors, the Company and Executive agree to promptly make such
additional payment, including interest and any tax penalties, to the other party as the Auditors reasonably determine is appropriate to ensure that the net economic effect to Executive under this Section, on an after-tax basis, is as if the Code
Section 4999 excise tax did not apply to Executive. Any payments required to be made by the Company to Executive in accordance with this Section 13 shall be referred to herein as “Gross-Up Payments.” For purposes of making the
calculations required by this Section, the Auditors may make reasonable assumptions and approximations concerning applicable taxes and may rely on interpretations of the Code for which there is a “substantial authority” tax reporting
position. The Company and Executive shall furnish to the Auditors such information and documents as the Auditors may reasonably request in order to make a determination under this Section. The Company shall bear all costs the Auditors may reasonably
incur in connection with any calculations contemplated by this Section. Any Gross-Up Payment will be paid to Executive, or for his benefit, within thirty (30) days following receipt by the Company of the report of the Auditors setting forth its
determination. Notwithstanding the foregoing, if Executive is a “specified employee” (as described in Section 15 below) on the date of Executive’s “separation from service” other than due to death (as described in
Section 15 below) and a Gross-Up Payment would not have been required under this Section 13 in the absence of the benefits provided for in this Agreement, any Gross-Up Payment otherwise due to Executive on or within the six (6) month
period following Executive’s separation from service will accrue during such six (6) month period and will become payable in a lump sum payment (less any applicable withholding taxes) on the date six (6) months and one (1) day
following the date of Executive’s separation from service. 

 14. Conditions to Receipt of Severance. 
 (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 10 will be subject to
Executive signing and not revoking a separation agreement and release of claims in a form reasonably acceptable to the Company and within the period required by the release but in no event later than sixty (60) days following Executive’s
termination of employment, inclusive of any revocation period set forth in the release. No severance will be paid or provided until the separation agreement and release agreement becomes effective and non-revocable. Subject to Section 15, the
severance and other benefits payable pursuant to Section 10 that do not constitute Deferred Compensation Separation Benefits (as defined in Section 15) will commence or be paid, as applicable, by the Company to Executive (less applicable
tax withholdings) as soon as administratively practicable but within ten (10) calendar days following the date of Executive’s separation from service or, if later, on the date the separation agreement and release of claims becomes
effective. Subject to the Section 15, if Executive’s employment ends on or before October 15 of a calendar year, the severance and other benefits payable pursuant to Section 10 that do constitute Deferred Compensation Separation
Benefits (as defined in Section 15) shall be paid by the Company to Executive (less applicable tax withholdings) as soon as administratively practicable following the date of Executive’s separation from service, or, if later, on the date
the separation agreement and release of claims required by this Section 14(a) becomes effective, but in no event later than December 31 of that calendar year. If Executive’s employment ends after October 15 of a calendar year,
the severance and other benefits payable pursuant to Section 10 that do constitute Deferred Compensation Separation Benefits shall be paid by the Company to Executive on the later of (a) the second payroll date in the calendar year next
following the calendar year in which Executive’s employment has ended or (b) the first payroll date following the date Executive’s separation agreement and release of claims becomes effective, subject to the Section 15.

 (b) Nondisparagement. During the Employment Term and while the Executive is receiving the benefits under
Section 10 (“Severance Period”), Executive will not knowingly disparage, criticize, or otherwise make any derogatory statements regarding the Company, its directors, or its officers. The Company will instruct its officers and
directors to not knowingly disparage, criticize, or otherwise make any derogatory statements regarding the Executive during the Employment Term and Severance Period. Notwithstanding the foregoing, nothing contained in this agreement will be deemed
to restrict the Executive, the Company or any of the Company’s current or former officers and/or directors from providing information to any governmental or regulatory agency (or in any way limit the content of any such information) to the
extent they are requested or required to provide such information pursuant to applicable law or regulation. 
 (c) Other
Requirements. Executive’s receipt of continued severance payments will be subject to Executive continuing to comply with the terms of the Company’s Confidential/Proprietary Information Agreement and the provisions of this
Section 14. 
 15. Code Section 409A. 
 (a) Six-Month Delay. Notwithstanding anything to the contrary in this Agreement, no Deferred Compensation Separation Benefits (as
defined below) or other severance benefits that otherwise are exempt from Section 409A (as defined below) pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be considered due or payable until Executive has a “separation from
service” within the meaning of Code Section 409A and the final regulations and any guidance promulgated thereunder (“Section 409A”). In addition, if Executive is a “specified employee” within the meaning of
Section 409A at the time of his separation from service (other than due to death), then the severance benefits payable to Executive under this Agreement that are considered deferred compensation, if any, and any other severance payments or
separation benefits that may be considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) otherwise due to Executive on or within the six (6) month period following his
separation from service will accrue during such six (6) month period and will become payable in a lump sum payment (less applicable withholding taxes) on the date six (6) months and one (1) day following the date of Executive’s
separation from service. All subsequent payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following his separation from
service but prior to the six (6) month anniversary of his date of separation, then any payments delayed in accordance with this paragraph will be payable in a lump sum (less 

 
applicable withholding taxes) to Executive’s estate as soon as administratively practicable after the date of his death and all other Deferred
Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. 
 (b) Amendments to this Agreement to Comply with Section 409A. This provision is intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be
subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such
reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to the Executive under Section 409A. 
 16. Successors. 
 (a)
Company’s Successors. Any successor to the Company (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
shall assume the Company’s obligations under this Agreement and agree expressly to perform the Company’s obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such
obligations 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 which executes and delivers the assumption agreement described
in this subsection or which becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s
Successors. Without the written consent of the Company, Executive shall not assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity. Notwithstanding the foregoing, the terms of this
Agreement and all rights of Executive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

17. Notices. 
 (a)
General. 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. In the case of Executive, mailed notices shall be addressed to him at the home address that he 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. 
 (b) Notice of
Termination. Any termination by the Company for Cause or by Executive as a result of a voluntary resignation or an Involuntary Termination shall be communicated by a notice of termination to the other party hereto given in accordance with this
Section. Such notice shall indicate the specific termination provision in this Agreement relied upon, shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and
shall specify the termination date (which shall be not more than 30 days after the giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Involuntary Termination shall not
waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing his rights hereunder. 
 18. Arbitration. 
 (a) Any dispute or controversy arising out of, relating to, or in connection with this
Agreement, or the interpretation, validity, construction, performance, breach, or termination thereof, shall be settled by binding arbitration to be held in Orange County, California in accordance with the National Rules for the Resolution of
Employment Disputes then in effect of the American Arbitration Association (the “Rules”). The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and
binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. 
 (b) The arbitrator(s) shall apply California law to the merits of any dispute or claim, without reference to conflicts of law rules. The arbitration proceedings shall be governed by federal arbitration law and by the
Rules, without reference to state arbitration law. Executive hereby consents to the personal jurisdiction of the state and federal courts located in California for any action or proceeding arising from or relating to this Agreement or relating to
any arbitration in which the parties are participants. 

 (c) Executive understands that nothing in this Section modifies Executive’s at-will
employment status. Either Executive or the Company can terminate the employment relationship at any time, with or without Cause. 
 (d) EXECUTIVE HAS READ AND UNDERSTANDS THIS SECTION, WHICH DISCUSSES ARBITRATION. EXECUTIVE UNDERSTANDS THAT SUBMITTING ANY CLAIMS ARISING OUT OF, RELATING TO, OR IN CONNECTION WITH THIS AGREEMENT, OR THE INTERPRETATION, VALIDITY,
CONSTRUCTION, PERFORMANCE, BREACH OR TERMINATION THEREOF TO BINDING ARBITRATION, CONSTITUTES A WAIVER OF EXECUTIVE’S RIGHT TO A JURY TRIAL AND RELATES TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF THE EMPLOYER/EXECUTIVE
RELATIONSHIP, INCLUDING BUT NOT LIMITED TO, THE FOLLOWING CLAIMS: 
 (i) ANY AND ALL CLAIMS FOR WRONGFUL DISCHARGE OF
EMPLOYMENT; BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED; BREACH OF THE COVENANT OF GOOD FAITH AND FAIR DEALING, BOTH EXPRESS AND IMPLIED; NEGLIGENT OR INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS; NEGLIGENT OR INTENTIONAL MISREPRESENTATION;
NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC ADVANTAGE; AND DEFAMATION. 
 (ii) ANY AND ALL
CLAIMS FOR VIOLATION OF ANY FEDERAL STATE OR MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED TO, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE AMERICANS WITH DISABILITIES
ACT OF 1990, THE FAIR LABOR STANDARDS ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, AND LABOR CODE SECTION 201, et seq; 
 (iii) ANY AND ALL CLAIMS ARISING OUT OF ANY OTHER LAWS AND REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION. 
 19. Miscellaneous Provisions. 
 (a) No Duty to Mitigate. Executive shall not be
required to mitigate the amount of any payment contemplated by this Agreement, nor shall any such payment be reduced by earnings that Executive may receive from any other source. 
 (b) Waiver. No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or discharge is
agreed to in writing and signed by Executive and by an authorized officer of the Company (other than 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. 
 (c)
Integration. This Agreement and any outstanding stock option agreements and restricted stock agreements referenced herein represent the entire agreement and understanding between the parties as to the subject matter herein and supersede all
prior or contemporaneous agreements, whether written or oral, with respect to this Agreement, including but not limited to any other offer letter and any stock option agreement, restricted stock agreement or severance agreement. Executive agrees and
acknowledges that in the event of any conflict, redundancy or discrepancy between the terms and conditions of this Agreement and any other agreement regarding the subject matter herein, the terms and conditions of this Agreement shall govern.

 (d) Choice of Law. The validity, interpretation, construction and performance of this Agreement shall be governed by
the internal substantive laws, but not the conflicts of law rules, of the State of California. 
 (e) 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. 
 (f) Employment Taxes. All payments made pursuant to this Agreement shall be subject to withholding of applicable income and
employment taxes. 

 (g) Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original, but all of which together will constitute one and the same instrument. 

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

			
	EPICOR SOFTWARE CORPORATION
		
	By:	 	/s/ L. George Klaus
	Name:	 	L. George Klaus
	Title:	 	Chairman, President and Chief Executive Officer
	
	MICHAEL PIETRINI (“EXECUTIVE”):
		
	By:	 	/s/ Michael Pietrini
	Name:	 	Michael PietriniForm of Senior Medium-Term Floating Rate Note

 EXHIBIT 4.1 
 [Form of Senior Floating Rate Medium-Term Note] 
 (FACE OF SECURITY) 
 THIS SECURITY IS AN UNSECURED SENIOR DEBT OBLIGATION OF ZIONS BANCORPORATION. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 
 [IF A GLOBAL SECURITY,
INSERT — THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

[IF DTC IS THE DEPOSITARY, INSERT – UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO ZIONS BANCORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INSERT ANY LEGEND REQUIRED BY THE
INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER.] 

 CUSIP NO. 
 NO.

 ZIONS BANCORPORATION 
 SENIOR MEDIUM-TERM NOTE, SERIES A 
 (Floating Rate) 
 The following terms apply to this Security, as and to the extent shown below: 
  

			
	 ORIGINAL ISSUE DATE*:
	  	PRINCIPAL AMOUNT:
		
	 ORIGINAL ISSUE DISCOUNT SECURITY:
	  	STATED MATURITY:
		
	 •     Total Amount of OID:
 •     Yield to Maturity:
 •     Initial Accrual Period OID:
 •     Formula:
	  	
		
	 INITIAL BASE RATE:
	  	SPREAD (plus or minus):
		
	 INDEX MATURITY:
	  	SPREAD MULTIPLIER:
		
	 BASE RATE:
	  	
		
	  ̈ Commercial Paper Rate
	  	  ̈ Federal Funds Rate

		
	  ̈ LIBOR
	  	  ̈ CMT Rate

		
	 •     Index Currency:
  
  ̈ EURIBOR
  
  ̈ Treasury
Rate
  
  ̈ 11th
District Rate
	  	 •     Reuters Screen FRBCMT Page:
 •     Reuters Screen FEDCMT Page (weekly/monthly):
 •     Designated CMT Index Maturity:

	  	  
  ̈
Prime Rate

	  	  
  ̈
CD Rate

	 MAXIMUM RATE:
  
 MINIMUM RATE:
  
 INTEREST RESET DATE(S):
	  	  
 INTEREST RESET PERIOD:
  
 INTEREST DETERMINATION DATE(S):

	  
	  

  

 2 

			
		
	 INTEREST PAYMENT DATE(S):
	  	 CALCULATION AGENT:

		
	 REGULAR RECORD DATE(S):
	  	 REPAYMENT DATE(S):

		
	 REDEMPTION DATE(S):
	  	 REPAYMENT PRICE(S):

		
	 REDEMPTION PRICE(S)
	  	 SINKING FUND:

		
	 DEFEASANCE:
	  	 OTHER TERMS:

		
	  ̈ Full Defeasance
	  	
		
	  ̈ Covenant Defeasance
	  	

 * This date shall be the issue date of this Security, unless there is a Predecessor Security, in
which case this date shall be the issue date of the first Predecessor Security. 
 Terms left blank or marked “N/A”,
“No”, “None” or in a similar manner do not apply to this Security except as otherwise may be specified. 
 Whenever used
in this Security, the terms specified above that apply to this Security have the meanings specified above, unless the context requires otherwise. Other terms used in this Security that are not defined herein but that are defined in the Indenture
referred to on the reverse of this Security are used herein as defined therein. 
 Zions Bancorporation, a corporation duly organized and
existing under the laws of the State of Utah (hereinafter called the “Company”, which term includes any successor Person under the Indenture), for value received, hereby promises to pay to _______________________, or registered assigns, as
principal the Principal Amount hereof on the Stated Maturity specified on the face hereof, and to pay interest thereon, from the Original Issue Date specified on the face hereof or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, on the Interest Payment Date(s) in each year, commencing on the first such date that is at least 15 calendar days after the Original Issue Date, and at the Stated Maturity of the principal hereof, at a rate per annum
equal to the Initial Base Rate specified on the face hereof until the first Interest Reset Date specified on the face hereof and thereafter at a rate determined in accordance with the provisions on the reverse hereof under the heading
“Determination of LIBOR”, “Determination of EURIBOR”, “Determination of Treasury Rate”, “Determination of CMT Rate”, “Determination of Commercial Paper Rate”, “Determination of Prime Rate”,
“Determination of CD Rate”, “Determination of Federal Funds Rate”, or “Determination of 11th District Rate”, depending upon whether the Base Rate is LIBOR, EURIBOR, Treasury Rate, CMT Rate, Commercial Paper Rate, Prime
Rate, CD Rate, Federal Funds Rate, or 11th District Rate, as indicated on the face hereof, until the principal hereof 

  

 3 

 
is paid or made available for payment. Any premium and any such installment of interest that is overdue at any time shall also bear interest (to the extent
that the payment of such interest shall be legally enforceable), at the rate per annum at which the principal then bears interest from the date any such overdue amount first becomes due until it is paid or duly made available for payment.
Notwithstanding the foregoing, interest on any principal, premium or installment of interest that is overdue shall be payable on demand. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date on the face hereof for such interest prior to each Interest Payment Date (whether or not a Business Day, as defined in Section (n) on the reverse hereof). Any such interest not punctually paid or
duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in such Indenture.
Notwithstanding the foregoing, interest payable on this Security at the Stated Maturity will be payable to the person to whom principal is payable unless the Stated Maturity, Redemption Date or Repayment Date is an Interest Payment Date. 

MANNER OF PAYMENT 
 Payment of the principal of
(and premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained for that purpose in Salt Lake City, Utah in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that, at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
  

 4 

 Unless the certificate of authentication hereon has been executed by or on behalf of The Bank of New York
Trust Company, N.A., the Trustee under the Indenture or its successors thereunder, by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated: 
 ZIONS BANCORPORATION 
 By:        
                                         
                
 Name: 
 Title: 
  
 Attest: 
  
  
 This is one of the Securities of the
series designated herein and referred to in the Indenture. 
 By ZIONS FIRST NATIONAL BANK 
 As Authenticating Agent 
 By:        
                                         
                
 Name: 
 Title: 
  

 5 

 (REVERSE OF SECURITY) 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be issued in one or
more series under an Indenture, dated as of September 10, 2002 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Trust Company, N.A., as
successor to J.P. Morgan Trust Company, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. 
 This Security is one of the series designated on the face hereof, limited in aggregate principal amount to
$                         outstanding at any given time, which amount may be increased at the option of the Company if in the
future it determines that it may wish to sell additional Securities of this series. References herein to “this series” means the series of securities designated on the face hereof. 
 The rate of interest on this Security will be calculated in the following manner: 
 (a) INTEREST RATE RESET. The interest rate on this Security will be reset from time to time, as provided in this Section (a), and each date upon which
such rate is reset as so provided is hereinafter called an “Interest Reset Date”. Unless otherwise specified on the face hereof, the Interest Reset Dates with respect to this Security will be as follows: 
  

	 	(i)	if the Interest Reset Period is daily, each Business Day (as defined in Section (n)); 

  

	 	(ii)	if the Interest Reset Period is weekly and the Base Rate is not the Treasury Rate, the Wednesday of each week; 

  

	 	(iii)	if the Interest Reset Period is weekly and the Base Rate is the Treasury Rate, except as otherwise provided in the definition of “Treasury Interest Determination Date” as
defined below, the Tuesday of each week; 

  

	 	(iv)	if the Interest Reset Period is monthly, the third Wednesday of each month; 

  

	 	(v)	if the Interest Reset Period is quarterly, the third Wednesday of each March, June, September and December; 

  

	 	(vi)	if the Interest Reset Period is semi-annual, the third Wednesday of each of two months in each year specified under “Interest Reset Period” on the face hereof; and

  

	 	(vii)	if the Interest Reset Period is annual, the third Wednesday of the month in each year specified under “Interest Reset Period” on the face hereof; 

 

 6 

 provided, however, that (x) the Base Rate in effect from the Original Issue Date to but excluding the first Interest
Reset Date will be the Initial Base Rate and (y) if the Interest Reset Period is daily or weekly, the Base Rate in effect for each day following the second Business Day immediately prior to an Interest Payment Date to but excluding such
Interest Payment Date, and for each day following the second Business Day immediately prior to the day of Stated Maturity of the principal hereof to but excluding such day of Stated Maturity, will be the Base Rate in effect on such applicable second
Business Day; and provided, further, that, if any Interest Reset Date would otherwise be a day that is not a Business Day, such Interest Reset Date shall be the next succeeding day that is a Business Day, except that, unless otherwise specified on
the face hereof, if the Base Rate is LIBOR or EURIBOR and such next succeeding Business Day falls in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. 
 Subject to applicable provisions of law and except as otherwise specified herein, on each Interest Reset Date the interest rate on this Security shall be
the rate determined in accordance with such of the following Sections (b) through (j) as provide for determination of the interest rate for this Security. The Calculation Agent shall determine the interest rate of this Security in
accordance with the applicable Section below and shall provide notice to the Trustee of each rate as determined. 
 Unless the Base Rate is
LIBOR or EURIBOR, the Calculation Agent will determine the interest rate of this Security that takes effect on any Interest Reset Date on a day no later than the Calculation Date (as defined in Section (n) below) corresponding to such Interest
Reset Date. However, the Calculation Agent need not wait until the Calculation Date to determine such interest rate if the rate information it needs to make such determination in the manner specified in the applicable provisions of Sections
(b) through (j) hereof is available from the relevant sources specified in such applicable provisions. 
 Upon request of the
Holder to the Calculation Agent, the Calculation Agent will provide the interest rate then in effect on this Security and, if determined, the interest rate that will become effective on the next Interest Reset Date. 
 INTEREST DETERMINATION DATES. The interest rate that takes effect on an Interest Reset Date will be determined by the calculation agent by reference to a particular date
called an Interest Determination Date. Unless otherwise specified on the face hereof: 
  

	 	(i)	If the Base Rate is the CMT Rate, the Commercial Paper Rate, the Prime Rate, the CD Rate or the Federal Funds Rate, the Interest Determination Date relating to a particular Interest
Reset Date will be the second Business Day before the Interest Reset Date, hereinafter called the “CMT Interest Determination Date”, the “Commercial Paper Interest Determination Date”, the “Prime Interest Determination
Date”, the “CD Interest Determination Date” and the “Federal Funds Interest Determination Date”, respectively. 

  

	 	(ii)	If the Base Rate is LIBOR, the Interest Determination Date relating to a particular Interest Reset Date will be the second London Business Day (as defined in Section (n)) preceding
the Interest Reset Date, unless the Index Currency is pounds sterling, in which case the Interest Determination Date will be the Interest Reset Date, hereinafter called a “LIBOR Interest Determination Date”. 

  

	 	(iii)	If the Base Rate is EURIBOR, the Interest Determination Date relating to a particular Interest Reset Date will be the second Euro Business Day (as defined in Section (n)) preceding
the Interest Reset Date, hereinafter called a “EURIBOR Interest Determination Date”. 

  

	 	(iv)	If the Base Rate is the Treasury Rate, the Interest Determination Date relating to a particular Interest Reset Date will be the day of the week in which such Interest Reset Date
falls on which Treasury bills would normally be auctioned. If, as the result of a legal holiday, an auction is so held on the Friday in the week immediately preceding the week in which such Interest Reset Day falls, such Friday will be the
corresponding Treasury Interest Determination Date. If an auction date shall fall on a day that would otherwise be an Interest Reset Date, then such Interest Reset Date shall instead be the first Business Day immediately following such auction date,
hereinafter called a “Treasury Interest Determination Date”. 

  

	 	(v)	If the Base Rate is the 11th District Rate, the Interest Determination Date relating to a particular Interest Reset Date will be the last working day, in the first calendar month
before that Interest Reset Date, on which the Federal Home Loan Bank of San Francisco publishes the monthly average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District for the second calendar month before that
Interest Reset Date, hereinafter called an “11th District Interest Determination Date”. 

 (b) DETERMINATION OF
COMMERCIAL PAPER RATE. If the Base Rate specified on the face hereof is the Commercial Paper Rate, the interest rate with respect to this Security for any Interest Reset Date shall be the Commercial Paper Rate plus or minus the Spread, if any, or
multiplied by the Spread Multiplier, if any, as specified on the face hereof, as determined on the applicable Commercial Paper Interest Determination Date. 
 “Commercial Paper Rate” means, with respect to any Commercial Paper Interest Determination Date, the Money Market Yield (calculated as described in Section (n)) on such date for commercial paper having the
Index Maturity specified on the face hereof as published in H.15(519) (as defined in Section (n) below) under the heading “Commercial Paper—Nonfinancial”. If the Commercial Paper Rate cannot be determined as described above, the
following procedures will apply in determining the Commercial Paper Rate: 
  

	 	(i)	 If the rate described above does not appear in H.15(519) at 3:00 P.M., New York City time, on the Calculation Date 

  

 7 

	 	 
corresponding to such Commercial Paper Interest Determination Date (unless the calculation is made earlier and the rate is available from that source at that
time), then the Commercial Paper Rate will be the rate, for such Commercial Paper Interest Determination Date, for commercial paper having the Index Maturity, as published in H.15 Daily Update (as defined in Section (n) below) or any other
recognized electronic source used for displaying that rate, under the heading “Commercial Paper — Nonfinancial”. 

  

	 	(ii)	If the rate described in clause (i) above does not appear in H.15(519), H.15 Daily Update or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one of those sources at that time), the Commercial Paper Rate will be the Money Market Yield of the arithmetic mean of the following offered rates for U.S.
dollar commercial paper that has the Index Maturity and is placed for an industrial issuer whose bond rating is “AA”, or the equivalent, from a nationally recognized rating agency: the rates offered as of 11:00 A.M., New York City time, on
such Commercial Paper Interest Determination Date by three leading U.S. dollar commercial paper dealers in New York City selected by the Calculation Agent. 

  

	 	(iii)	If fewer than three dealers selected by the Calculation Agent are quoting as described in clause (ii) above, the Commercial Paper Rate shall be the Commercial Paper Rate in
effect on such Commercial Paper Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). 

 (c) DETERMINATION OF PRIME RATE. If the Base Rate specified on the face hereof is the Prime Rate, the interest rate with respect to this Security for any Interest Reset Date shall be the Prime Rate plus or minus the
Spread, if any, or multiplied by the Spread Multiplier, if any, as specified on the face hereof, as determined on the applicable Prime Interest Determination Date. 
 “Prime Rate” means, with respect to any Prime Interest Determination Date, the rate set forth on such date in H.15(519) under the heading “Bank Prime Loan”. If the Prime Rate cannot be determined
as described above, the following procedures will apply in determining the Prime Rate: 
  

	 	(i)	 If the rate described above does not appear in H.15(519) at 3:00 P.M., New York City time, on the Calculation Date corresponding to such Prime Interest
Determination Date (unless the calculation is made earlier and the rate is available from one of those sources at that time), then the Prime Rate will be the rate, for such Prime Interest Determination Date, as published in H.15 Daily Update or
another recognized electronic source 

  

 8 

	 	 
used for the purpose of displaying that rate, under the heading “Bank Prime Loan”. 

  

	 	(ii)	If the rate described in clause (i) above does not appear in H.15(519), H.15 Daily Update or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one of those sources at that time), then the Prime Rate will be the arithmetic mean of the following rates as they appear on the Reuters Page US PRIME 1 (as
defined in Section (n) below): the rate of interest publicly announced by each bank appearing on that page as that bank’s prime rate or base lending rate, as of 11:00 A.M., New York City time, on such Prime Interest Determination Date.

  

	 	(iii)	If fewer than four of the rates referred to in clause (ii) above appear on the Reuters Page US PRIME 1, the Prime Rate will be the arithmetic mean of the Prime Rates or base
lending rates, as of the close of business on such Prime Interest Determination Date, of three major banks in New York City selected by the Calculation Agent. For this purpose, the Calculation Agent will use rates quoted on the basis of the actual
number of days in the year divided by a 360-day year. 

  

	 	(iv)	If fewer than three banks selected by the Calculation Agent are quoting as described in clause (iii) above, the Prime Rate shall be the Prime Rate in effect on such Prime
Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). 

 (d) DETERMINATION OF
LIBOR. If the Base Rate specified on the face hereof is LIBOR, the interest rate with respect to this Security for any Interest Reset Date shall be LIBOR plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any, as specified
on the face hereof, as determined on the applicable LIBOR Interest Determination Date. LIBOR will be determined by the Calculation Agent in accordance with the following provisions: 
  

	 	(i)	LIBOR will be the offered rate appearing on the Reuters Page LIBOR01, as of 11:00 A.M., London time, on the relevant LIBOR Interest Determination Date, for deposits of the relevant
Index Currency having the relevant Index Maturity beginning on the relevant Interest Reset Date. 

  

	 	(ii)	 If Reuters Page LIBOR01 does not include this rate or is unavailable on the Interest Determination Date, the Calculation Agent will request the principal London
office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide that bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 a.m., London time, on the
determination date to prime banks in the London interbank market for deposits in a representative amount (as defined below) in United States dollars for deposits in the Index Currency for the period of the Index Maturity 

  

 9 

	 	 
beginning on the first day of the applicable Interest Reset Period. If at least two offered quotations are so provided, LIBOR for the Interest Reset Period
will be the arithmetic mean of those quotations. If fewer than two quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent, to provide that bank’s rate
(expressed as a percentage per annum), as of approximately 11:00 a.m., New York City time, on the determination date for loans in a representative amount in United States dollars to leading European banks for the Index Maturity beginning on the
first day of the applicable Interest Reset Period. If at least two rates are so provided, LIBOR for the Interest Reset Period will be the arithmetic mean of those rates. If fewer than two rates are so provided, then LIBOR for the interest period
will be LIBOR in effect with respect to the immediately preceding Interest Reset Period. 

 If the Base Rate is LIBOR and
no currency is specified on the face hereof as the Index Currency, the Index Currency shall be U.S. dollars. 
 (e) DETERMINATION OF EURIBOR.
If the Base Rate specified on the face hereof is EURIBOR, the interest rate with respect to this Security for any Interest Reset Date shall be EURIBOR plus or minus the Spread, if any, or multiplied by the Spread Multiplier, as specified on the face
hereof, as determined on the applicable EURIBOR Interest Determination Date. EURIBOR will be determined in accordance with the following provisions: 
  

	 	(i)	The Calculation Agent will determine the offered rates for deposits in Euros for the period of the Index Maturity, commencing on the Interest Reset Date, which appears on Reuters
Page EURIBOR01 as of 11:00 A.M., Brussels time, on that date. 

  

	 	(ii)	If EURIBOR cannot be determined on a EURIBOR Interest Determination Date as described above, then the calculation agent will determine EURIBOR on the basis of the rates, at
approximately 11:00 A.M., Brussels time, on the relevant EURIBOR Interest Determination Date, at which deposits of the following kind are offered to prime banks in the Euro-Zone interbank market by the principal Euro-Zone office of each of four
major banks in that market selected by the Calculation Agent: Euro deposits having the relevant Index Maturity, beginning on the relevant Interest Reset Date, and in a representative amount. The Calculation Agent will request the principal Euro-Zone
office of each of these banks to provide a quotation of its rate. If at least two quotations are provided, EURIBOR for the relevant EURIBOR Interest Determination Date will be the arithmetic mean of the quotations. 

  

	 	(iii)	 If fewer than two quotations are provided as described in clause (ii) above, EURIBOR for such EURIBOR Interest Determination Date will be the arithmetic mean
of the rates for loans of the following kind to leading 

  

 10 

	 	 
Euro-Zone banks quoted, at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date, by three major banks in the Euro-Zone
selected by the Calculation Agent: loans of Euros having the Index Maturity, beginning on such Interest Reset Date, and in a representative amount. 

  

	 	(iv)	If fewer than three banks selected by the Calculation Agent are quoting as described in clause (iii) above, EURIBOR shall be the EURIBOR in effect on such EURIBOR Interest
Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). 

 (f) DETERMINATION OF TREASURY
RATE. If the Base Rate specified on the face hereof is the Treasury Rate, the interest rate with respect to this Security for any Interest Reset Date shall be the Treasury rate plus or minus the Spread, if any, or multiplied by the Spread
Multiplier, if any, as specified on the face hereof, as determined on the applicable Treasury Interest Determination Date. 
 “Treasury
Rate” means, with respect to any Treasury Interest Determination Date, the rate for the auction on the corresponding Treasury Interest Determination Date of direct obligations of the United States (“Treasury Bills”) having the Index
Maturity, as that rate appears on Reuters Page USAUCTION 10 or Reuters Page USAUCTION 11 under the heading “Investment Rate”. If the Treasury Rate cannot be determined as described above, the following procedures will apply in determining
the Treasury Rate: 
  

	 	(i)	If the rate described above does not appear on either Reuters Page USAUCTION 10 or Reuters Page USAUCTION 11 at 3:00 P.M., New York City time, on the Calculation Date corresponding
to such Treasury Interest Determination Date (unless the calculation is made earlier and the rate is available from that source at that time), the Treasury Rate will be the Bond Equivalent Yield (as defined in Section (n) below) of the rate,
for such Treasury Interest Determination Date and for Treasury Bills having the Index Maturity, as published in H.15 Daily Update, or another recognized electronic source used for displaying that rate, under the heading “U.S. Government
Securities/Treasury Bills/Auction High”. 

  

	 	(ii)	If the rate described in clause (i) above does not appear in H.15 Daily Update or another recognized electronic source at 3:00 P.M., New York City time, on such Calculation
Date (unless the calculation is made earlier and the rate is available from one of those sources at that time), the Treasury Rate will be the Bond Equivalent Yield of the auction rate, for such Treasury Interest Determination Date and for Treasury
Bills having the Index Maturity, as announced by the U.S. Department of the Treasury. 

  

	 	(iii)	 If the auction rate described in clause (ii) above is not so announced by 3:00 P.M., New York City time, on such Calculation Date, or if no such auction is
held for the relevant week, then the Treasury Rate will be the Bond 

  

 11 

	 	 
Equivalent Yield of the rate, for such Treasury Interest Determination Date and for Treasury Bills having a remaining maturity closest to the Index Maturity,
as published in H.15(519) under the heading “U.S. Government Securities/Treasury Bills/Secondary Market”. 

  

	 	(iv)	If the rate described in clause (iii) above does not appear in H.15(519) at 3:00 P.M., New York City time, on such Calculation Date (unless the calculation is made earlier and
the rate is available from one of those sources at that time), then the Treasury Rate will be the rate, for such Treasury Interest Determination Date and for Treasury Bills having a remaining maturity closest to the Index Maturity, as published in
H.15 Daily Update, or another recognized electronic source used for displaying that rate, under the heading “U.S. Government Securities/Treasury Bills/Secondary Market”. 

  

	 	(v)	If the rate described in clause (iv) above does not appear in H.15 Daily Update or another recognized electronic source at 3:00 P.M New York City time, on such Calculation Date
(unless the calculation is made earlier and the rate is available from one of those sources at that time), the Treasury Rate will be the Bond Equivalent Yield of the arithmetic mean of the following secondary market bid rates for the issue of
Treasury Bills with a remaining maturity closest to the Index Maturity: the rates bid as of approximately 3:30 P.M., New York City time, on such Treasury Interest Determination Date, by three primary U.S. government securities dealers in New York
City selected by the Calculation Agent. 

  

	 	(vi)	If fewer than three dealers selected by the Calculation Agent are quoting as described in clause (v) above, the Treasury Rate shall be the Treasury Rate in effect on such
Treasury Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). 

 (g)
DETERMINATION OF CMT RATE. If the Base Rate specified on the face hereof is the CMT Rate, the interest rate with respect to this Security for any Interest Reset Date shall be the CMT Rate plus or minus the Spread, if any, or multiplied by the Spread
Multiplier, if any, as specified on the face hereof, as determined on the applicable CMT Interest Determination Date. 
 “CMT Rate”
means the following rate displayed on the Designated CMT Reuters Page (as defined in Section (n) below) under the heading “...Treasury Constant Maturities...Federal Reserve Board Release H.15...Mondays Approximately 3:45 P.M.”, under
the column for the Designated CMT Index Maturity (as defined in Section (n) below): 
  

	 	(i)	if the Designated CMT Reuters Page is Reuters Screen FRBCMT Page, the rate for such CMT Interest Determination Date; or 

  

	 	(ii)	 if the Designated CMT Reuters Page is Reuters Screen FEDCMT Page, the weekly or monthly average, as specified on the face hereof, for the week that ends immediately
before the week in which such CMT Interest 

  

 12 

	 	 
Determination Date falls, or for the month that ends immediately before the month in which such CMT Interest Determination Date falls, as applicable.

  

	 	(iii)	If the CMT Rate cannot be determined as described above, the following procedures will apply in determining the CMT Rate: 

  

	 	(a)	If the applicable rate described above is not displayed on the relevant Designated CMT Reuters Page at 3:00 P.M., New York City time, on the Calculation Date corresponding to such
CMT Interest Determination Date (unless the calculation is made earlier and the rate is available from that source at that time), then the CMT Rate will be the applicable Treasury constant maturity rate described above—i.e., for the Designated
CMT Index Maturity and for either such CMT Interest Determination Date or the weekly or monthly average, as applicable—as published in H.15(519). 

  

	 	(b)	If the applicable rate described in clause (iii)(a) above does not appear in H.15(519) at 3:00 P.M., New York City time, on such Calculation Date (unless the calculation is made
earlier and the rate is available from that source at that time), then the CMT Rate will be the Treasury constant maturity rate, or other U.S. Treasury rate, for the Designated CMT Index Maturity and with reference to such CMT Interest Determination
Date, that: 

  

	 	•	 	 is published by the Board of Governors of the Federal Reserve System, or the U.S. Department of the Treasury, and 

  

	 	•	 	 is determined by the Calculation Agent to be comparable to the applicable rate formerly displayed on the Designated CMT Reuters Page and published in H.15(519).

  

	 	(iv)	 If the rate described in clause (iii)(b) above does not appear in H.15(519) at 3:00 P.M., New York City time, on such Calculation Date (unless the calculation is
made earlier and the rate is available from that source at that time), then the CMT Rate will be the yield to maturity of the arithmetic mean of the following secondary market offered rates for the most recently issued Treasury Notes (as defined in
Section (n) below) having an original maturity of approximately the Designated CMT Index Maturity, having a remaining term to maturity of not less than the Designated CMT Index Maturity minus one year and in a Representative Amount: the offered
rates, as of approximately 3:30 P.M., New York City time, on such CMT Interest Determination Date, of three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting such offered rates, the
Calculation Agent will request quotations 

  

 13 

	 	 
from five such primary dealers and will disregard the highest quotation—or, if there is equality, one of the highest—and the lowest
quotation—or, if there is equality, one of the lowest. 

  

	 	(v)	If the Calculation Agent is unable to obtain three quotations of the kind described in clause (iv) above, the CMT Rate will be the yield to maturity of the arithmetic mean of
the following secondary market offered rates for Treasury Notes having an original maturity longer than the Designated CMT Index Maturity, having a remaining term to maturity closest to the Designated CMT Index Maturity and in a Representative
Amount: the offered rates, as of approximately 3:30 P.M., New York City time, on such CMT Interest Determination Date, of three primary U.S. government securities dealers in New York City selected by the Calculation Agent. In selecting such offered
rates, the Calculation Agent will request quotations from five such primary dealers and will disregard the highest quotation—or, if there is equality, one of the highest—and the lowest quotation—or, if there is equality, one of the
lowest. If two Treasury Notes with an original maturity longer than the Designated CMT Index Maturity have remaining terms to maturity that are equally close to the Designated CMT Index Maturity, the Calculation Agent will obtain quotations for the
Treasury Note with the shorter remaining term to maturity. 

  

	 	(vi)	If fewer than five but more than two such primary dealers are quoting as described in clause (v) above, then the CMT Rate for such CMT Interest Determination Date will be based
on the arithmetic mean of the offered rates so obtained, and neither the highest nor the lowest of such quotations will be disregarded. 

  

	 	(vii)	If two or fewer primary dealers selected by the Calculation Agent are quoting as described in clause (vi) above, the CMT Rate shall be the CMT Rate in effect on such CMT
Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). 

 (h) DETERMINATION OF
CD RATE. If the Base Rate specified on the face hereof is the CD Rate, the interest rate with respect to this Security shall be the CD Rate plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any, as specified on the face
hereof, as determined on the applicable CD Interest Determination Date. 
 “CD Rate” means, with respect to any CD Interest
Determination Date, the rate on such date for negotiable U.S. dollar certificates of deposit having the Index Maturity as published in H.15(519) under the heading “CDs (Secondary Market)”. If the CD Rate cannot be determined as described
above, the following procedures will apply in determining the CD Rate: 
  

	 	(i)	 If the rate described above does not appear in H.15(519) at 3:00 P.M., New York City time, on the Calculation Date corresponding to such CD Interest Determination
Date (unless the calculation is made earlier and the 

  

 14 

	 	 
rate is available from that source at that time), then the CD Rate shall be the rate described above as published in H.15 Daily Update, or another recognized
electronic source used for displaying that rate, under the heading “CDs (Secondary Market)”. 

  

	 	(ii)	If the rate described in clause (i) above does not appear in H.15(519), H.15 Daily Update or another recognized electronic source at 3:00 P.M., New York City time, on such
Calculation Date (unless the calculation is made earlier and the rate is available from one of those sources at that time), then the CD Rate shall be the arithmetic mean of the following secondary market offered rates for negotiable U.S. dollar
certificates of deposit of major U.S. money center banks having a remaining maturity closest to the Index Maturity and in a Representative Amount: the rates offered as of 10:00 A.M., New York City time, on such CD Interest Determination Date, by
three leading nonbank dealers in negotiable U.S. dollar certificates of deposit in New York City, as selected by the Calculation Agent. 

  

	 	(iii)	If fewer than three dealers selected by the Calculation Agent are quoting as described in clause (ii) above, the CD Rate will be the CD Rate in effect on such CD Interest
Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). 

 (i) DETERMINATION OF FEDERAL
FUNDS RATE. If the Base Rate specified on the face hereof is the Federal Funds Rate, the interest rate with respect to this Security for any Interest Reset Date shall be the Federal Funds Rate plus or minus the Spread, if any, or multiplied by the
Spread Multiplier, if any, as specified on the face hereof, as determined on the applicable Federal Funds Interest Determination Date. 
 “Federal Funds Rate” means, with respect to any Federal Funds Interest Determination Date, the rate on that date for U.S. dollar Federal Funds as published in H.15(519) under the heading “EFFECT”, as that rate is
displayed on Reuters Screen FEDFUNDS1 Page. If the Federal Funds Rate cannot be determined in this manner, the following procedures will apply: 
  

	 	(i)	If the rate described above is not displayed on Reuters Screen FEDFUNDS1 Page at 3:00 P.M., New York City time, on the Calculation Date corresponding to such Federal Funds Interest
Determination Date (unless the calculation is made earlier and the rate is available from that source at that time), then the Federal Funds Rate will be the rate described above as published in H.15 Daily Update, or another recognized electronic
source used for displaying that rate, under the heading “Federal Funds (Effective)”. 

  

	 	(ii)	 If the rate described in clause (i) above is not displayed on Reuters Screen FEDFUNDS1 Page and does not appear in H.15 (519), H.15 Daily Update 

  

 15 

	 	 
or another recognized electronic source at 3:00 P.M., New York City time, on such Calculation Date (unless the calculation is made earlier and the rate is
available from one of those sources at that time), the Federal Funds Rate will be the arithmetic mean of the rates for the last transaction in overnight, U.S. dollar federal funds arranged, before 9:00 A.M., New York City time, on such Federal Funds
Interest Determination Date, by three leading brokers of U.S. dollar federal funds transactions in New York City selected by the Calculation Agent. 

  

	 	(iii)	If fewer than three brokers selected by the Calculation Agent are quoting as described in clause (ii) above, the Federal Funds Rate will be the Federal Funds Rate in effect on
such Federal Funds Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). 

 (j) DETERMINATION OF 11TH DISTRICT RATE. If the Base Rate specified on the face hereof is the 11th District Rate, the interest rate with respect to this Security for any Interest Reset Date shall be the 11th District Rate plus or minus the
Spread, if any, or multiplied by the Spread Multiplier, if any, as specified on the face hereof, as determined on the applicable 11th District Interest Determination Date. 
 “11th District Rate” means, with respect to any 11th District Interest Determination Date, the rate equal to the monthly weighted average cost of funds for the calendar month immediately before such date, as
displayed on Reuters Page COFT/ARMS under the heading “11th Dist COFI” as of 11:00 A.M., San Francisco, California time, on such date. If the 11th District Rate cannot be determined as described above, the following procedures will apply
in determining the 11th District Rate: 
  

	 	(i)	If the rate described above does not appear on Reuters Page COFT/ARMS on such 11th District Interest Determination Date, then the 11th District Rate on such date will be the monthly
weighted average cost of funds paid by institutions that are members of the Eleventh Federal Home Loan District for the calendar month immediately preceding such date, as most recently announced by the Federal Home Loan Bank of San Francisco as such
monthly weighted average cost of funds. 

  

	 	(ii)	If the Federal Home Loan Bank of San Francisco fails to announce the cost of funds described in clause (i) above on or before such 11th District Interest Determination Date,
the 11th District Rate that takes effect on such Interest Reset Date will be the 11th District Rate in effect on such 11th District Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate).

 (k) MINIMUM AND MAXIMUM LIMITS. Notwithstanding the foregoing, the rate at which interest accrues on this Security
(i) shall not at any time be higher than the Maximum Rate, if any, or less than the Minimum Rate, if any, specified on the face hereof, in each case on an annual basis, and (ii) shall not at any time be higher than the maximum rate
permitted by New York law, as the same may be modified by United States law of general application. 
  

 16 

 (l) CALCULATION OF INTEREST. Payments of interest hereon with respect to any Interest Payment Date or at
the Stated Maturity of the principal hereof will include interest accrued to but excluding such Interest Payment Date or the date of such Stated Maturity, as the case may be. Accrued interest from the date of issue or from the last date to which
interest has been paid or duly provided for shall be calculated by the Calculation Agent by multiplying the Principal Amount by an accrued interest factor. Such accrued interest factor shall be computed by adding the interest factors calculated for
each day from and including the Original Issue Date or from and including the last date to which interest has been paid or duly provided for, to but excluding the date for which accrued interest is being calculated. The interest factor for each such
day shall be expressed as a decimal and computed by dividing the interest rate (also expressed as a decimal) in effect on such day by 360, if the Base Rate is the Commercial Paper Rate, Prime Rate, LIBOR, EURIBOR, CD Rate, Federal Funds Rate or 11th
District Rate, or by the actual number of days in the year, if the Base Rate is the Treasury Rate or CMT Rate. 
 All percentages resulting
from any calculation on Securities will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655%
(or .0987655) and 9.876544% (or .09876544) being rounded to 9.87654% (or .0987654)), and all dollar amounts used in or resulting from such calculation on the Securities will be rounded to the nearest cent (with one-half cent being rounded upwards).

 (m) CALCULATION AGENT. The Company has initially appointed the institution named on the face of this Security as Calculation Agent to act
as such agent with respect to this Security, but the Company may, in its sole discretion, appoint any other institution (including any Affiliate of the Company) to serve as such agent from time to time. The Company will give the Trustee prompt
written notice of any change in any such appointment. Insofar as this Security provides for any such agent to obtain rates, quotes or other data from a bank, dealer or other institution for use in making any determination hereunder, such agent may
do so from any institution or institutions of the kind contemplated hereby notwithstanding that any one or more of such institutions are any such agent, Affiliates of any such agent or Affiliates of the Company. 
 All determinations made by the Calculation Agent may be made by such agent in its sole discretion and, absent manifest error, shall be conclusive for all
purposes and binding on the Holder of this Security and the Company. The Calculation Agent shall not have any liability therefor. 
 (n)
DEFINITIONS OF CALCULATION TERMS. As used in this Security, the following terms have the meanings set forth below: 
 “Bond Equivalent
Yield” means a yield expressed as a percentage and calculated in accordance with the following formula: 
  

					
	Bond Equivalent Yield =	  	 D × N
	  	× 100,
	  	360 - (D × M)	  

  

	 	•	 	 “D” equals the annual rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal; 

  

 17 

	 	•	 	 “N” equals 365 or 366, as the case may be; and 

  

	 	•	 	 “M” equals the actual number of days in the period from and including the relevant Interest Reset Date to but excluding the next succeeding Interest Reset
Date. 

 “Business Day” means, for this Security, a day that meets the requirements set forth in each of clauses
(i) through (v) below, in each case to the extent such requirements apply to this Security as specified below: 
  

	 	(i)	is a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in Salt Lake City, Utah or New York City generally are authorized or obligated by
law, regulation or executive order to close; 

  

	 	(ii)	if the Base Rate is LIBOR, is also a London Business Day; 

  

	 	(iii)	if the Base Rate is EURIBOR or the Base Rate is LIBOR for which the Index Currency is euros, is also a Euro Business Day; and 

  

	 	(iv)	if this Security is held through Euroclear, is also not a day on which banking institutions in Brussels, Belgium are generally authorized or obligated by law, regulation or
executive order to close; and 

  

	 	(v)	if this Security is held through Clearstream, Luxembourg, is also not a day on which banking institutions in Luxembourg are generally authorized or obligated by law, regulation or
executive order to close. 

 With respect to any particular location, the close of business on any day on which business is not
being conducted at that location shall be deemed to mean 5:00 P.M., New York City time, on that day. 
 The “Calculation Date”
corresponding to any Commercial Paper Interest Determination Date, Prime Interest Determination Date, LIBOR Interest Determination Date, EURIBOR Interest Determination Date, Treasury Interest Determination Date, CMT Interest Determination Date, CD
Interest Determination Date, Federal Funds Interest Determination Date or 11th District Interest Determination Date, as the case may be, means the earlier of: 
  

	 	(i)	the tenth day after such interest determination date or, if any such day is not a Business Day, the next succeeding Business Day; and 

  

	 	(ii)	the Business Day immediately preceding the Interest Payment Date or the date of Stated Maturity of the principal hereof, whichever is the day on which the next payment of interest
will be due. 

  

 18 

 The Calculation Date corresponding to any Interest Reset Date means the Calculation Date corresponding to
the relevant interest determination date immediately preceding such Interest Reset Date. 
 “Designated CMT Index Maturity” means,
if the Base Rate is the CMT Rate, the Index Maturity for this Security and will be the original period to maturity of a U.S. Treasury security—either 1, 2, 3, 5, 7, 10, 20 or 30 years—specified on the face hereof, provided that, if no such
original maturity period is so specified, the Designated CMT Index Maturity will be 2 years. 
 “Designated CMT Reuters Page”
means, if the Base Rate is the CMT Rate, the Reuters Page specified on the face hereof that displays Treasury constant maturities as reported in H.15(519), provided that, if no Reuters Page is so specified, then the applicable page will be Reuters
Screen FEDCMT and provided, further, that if Reuters Screen FEDCMT applies but it is not specified on the face hereof whether the weekly or monthly average applies, the weekly average will apply. 
 “EMU Countries” means, at any time, the countries (if any) then participating in the European Economic and Monetary Union (or any successor
union) pursuant to the Treaty on European Union of February 1992 (or any successor treaty), as it may be amended from time to time. 
 “Euro Business Day” means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System, or any successor system, is open for business. 
 “Euro-Zone” means, at any time, the region comprised of the EMU Countries. 
 “H.15(519)” means the weekly statistical release entitled “Statistical Release H.15 (519)”, or any successor publication, published
by the Board of Governors of the Federal Reserve System. 
 “H.15 Daily Update” means the daily update of H.15 (519) available
through the worldwide web site of the Board of Governors of the Federal Reserve System, at http://www.federalreserve.gov/releases/h15/update, or any successor site or publication. 
 “Index Maturity” means, with respect to this Security, the period to maturity of the instrument or obligation on which the interest rate index
is based, as specified on the face hereof. 
  

 19 

 “London Business Day” means any day on which dealings in the Index Currency are transacted in
the London interbank market. 
 “Money Market Yield” means a yield expressed as a percentage and calculated in accordance with the
following formula: 
  

					
	Money Market Yield =	  	 D × 360
	  	× 100,
	  	360 - (D × M)	  

 where 
  

	 	•	 	 “D” equals the per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal; and 

  

	 	•	 	 “M” equals the actual number of days in the period from and including the relevant Interest Reset Date to but excluding the next succeeding Interest Reset
Date. 

 “representative amount” means an amount that, in the Calculation Agent’s judgment, is
representative of a single transaction in the relevant market at the relevant time. 
 “Reuters Page” means the display on the
Reuters service, or any successor or replacement service, on the page or pages or any successor or replacement page or pages on that service. 
 “Reuters Page COFI/ARMS” means the display so designated on Reuters (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying
the monthly weighted average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District). 
 “Reuters
Page EURIBOR01” means the display so designated on Reuters (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying the interest rates for
Euro deposits offered in the euro-zone). 
 “Reuters Page FEDFUNDS1” means the display so designated on Reuters (or such other page
as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying U.S. dollar federal funds rates). 
 “Reuters Page LIBOR01” means the display so designated on Reuters (or such other page as may replace that page on that service, or such other
service as may be nominated as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered Rate for U.S. dollar deposits). 
  

 20 

 “Reuters Page USAUCTION 10” means the displays so designated on Reuters (or such other page as
may replace that page on that service, or such other service as may be nominated as the information vendor, for the purpose of displaying the 3-month Treasury Bill Rate). 
 “Reuters Page USAUCTION 11” means the displays so designated on Reuters (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for
the purpose of displaying the 6-month Treasury Bill Rate). 
 “Reuters Page US PRIME 1” means the display on the “US PRIME
1” page on the Reuters Monitor Money Rates Service, or any successor service, or any replacement page or pages on that service, for the purpose of displaying prime rates or base lending rates of major U.S. banks. 
 “Treasury Notes” means direct, noncallable, fixed rate obligations of the U.S. Government. 
 References in this Security to U.S. dollars shall mean, as of any time, the coin or currency that is then legal tender for the payment of public and
private debts in the United States of America. 
 References in this Security to the euro shall mean, as of any time, the coin or currency
(if any) that is then legal tender for the payment of public and private debts in all EMU Countries. 
 References in this Security to a
particular currency other than U.S. dollars and euros shall mean, as of any time, the coin or currency that is then legal tender for the payment of public and private debts in the country issuing such currency on the Original Issue Date. 

References in this Security to a particular heading or headings on any of Designated CMT Reuters Page, H.15(519), H.15 Daily Update, Reuters Page
COFI/ARMS, Reuters Page EURIBOR01, Reuters Page FEDFUNDS1, Reuters Page LIBOR01, Reuters Page USAUCTION 10, Reuters Page USAUCTION 11, Reuters Page US PRIME 1 or any other Reuters Page include any successor or replacement heading or headings as
determined by the Calculation Agent. 
  

 21 

 Unless a Redemption Date is specified on the face hereof, this Security shall not be redeemable at the
option of the Company before the Stated Maturity. If a Redemption Date is so specified, and unless otherwise specified on the face hereof, this Security is subject to redemption, in whole or from time to time in part in increments of $1,000, upon
not less than 30 days’ nor more than 60 days’ notice at any time and from time to time on or after the Redemption Date, in each case as a whole or in part, at the election of the Company and at the applicable Redemption Price specified on
the face hereof (expressed as a percentage of the principal amount of this Security to be redeemed), together with accrued interest to the Redemption Date, but interest installments due on or prior to such Redemption Date will be payable to the
Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant record date, all as provided in the Indenture. 
 If this Security is a Global Security, in the event of redemption of this Global Security in part only, a new Global Security or Securities of this series and of like tenor for the unredeemed portion of the principal
hereof will be delivered to the Depositary upon the cancellation hereof. 
 Unless a Repayment Date is specified on the face hereof, this
Security will not be subject to repayment at the option of the Holder. Except as otherwise may be provided on the face hereof, if one or more Repayment Dates are specified on the face hereof, this Security will be repayable in whole or in part in an
amount equal to $1,000 or an integral multiple thereof (provided that the remaining principal amount of any Security surrendered for partial repayment shall at least equal $1,000 or an integral multiple thereof), on any such Repayment Date, in each
case at the option of the Holder and at the applicable Repayment Price specified on the face hereof (expressed as a percentage of the principal amount to be repaid), together with accrued interest to the applicable Repayment Date (but interest
installments due on or prior to such Repayment Date will be payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant record rate, as provided in the Indenture). If this
Security provides for more than one Repayment Date and the Holder exercises its option to elect repayment, the Holder shall be deemed to have elected repayment on the earliest Repayment Date after all conditions to such exercise have been satisfied,
and references herein to the “applicable Repayment Date” shall mean such earliest Repayment Date. 
 In order for the exercise of
such option to be effective and this Security to be repaid, the Company must receive at the applicable address of the Trustee set forth below (or at such other place or places of which the Company shall from time to time notify the Holder of this
Security), on any Business Day not later than the 15th, and not earlier than the 25th, calendar day prior to the applicable Repayment Date (or, if either such calendar day is not a Business Day, the next succeeding Business Day), either
(i) this Security, with the form below entitled “Option to Elect Repayment” duly completed and signed, or (ii) a telegram, telex, facsimile transmission or letter from a member of a national securities exchange or the Financial
Industry Regulatory Authority, a commercial bank or a trust company in the United States of America setting forth (a) the name, address and telephone number of the Holder of this Security, (b) the principal amount of this Security and the
amount of this Security to be repaid, (c) a statement that the option to elect repayment is being exercised thereby and (d) a guarantee stating that the Company will receive this Security, with the form below entitled “Option to Elect
Repayment” duly completed and signed, not later than five Business Days after the date of such telegram, telex, facsimile 

  

 22 

 
transmission or letter (provided that this Security and form duly completed and signed are received by the Company by such fifth Business Day). Any such
election shall be irrevocable. The address to which such deliveries are to be made is Zions First National Bank, Attention: Corporate Trust Department, One South Main St., 12th Floor, Salt Lake City, UT 84111 (or at such other places as the Company
or the Trustee shall notify the Holder of this Security). All questions as to the validity, eligibility (including time of receipt) and acceptance of any Security for repayment will be determined by the Company, whose determination will be final and
binding. Notwithstanding the foregoing, (x) if this Security is a Global Security, the option of the Holder to elect repayment may be exercised in accordance with the applicable procedures of the Depositary for this Security at least 15
calendar days prior to the applicable Repayment Date and (y) whether or not this Security is a Global Security, the option of the Holder to elect repayment may be exercised in any such manner as the Company may approve. 
 Unless otherwise specified on the face hereof, there is no sinking fund for the Securities of this series. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. If so specified on the face hereof, either or both of such provisions are applicable to this Security, as so specified.

 If the Security is not an Original Issue Discount Security, and if an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 If the Security is an Original Issue Discount Security, and if an Event of Default with respect to the Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be calculated in accordance with the formula specified on the face hereof. Upon payment (i) of the amount of principal so declared
due and payable and (ii) of interest on any overdue principal, premium and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of
the principal of and premium interest, if any, on the Securities of this series shall terminate. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of 66 2/3% in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder 

  

 23 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The
Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series
are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be 

  

 24 

 
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York, but without regard to principles or conflicts of
laws. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

  

 25 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this Security, shall be construed as though they were written out in full according to applicable laws or regulations. 
 TEN COM — as tenants in common 
 TEN ENT — as tenants by the
entireties 
 JT TEN — as joint tenants with the right of survivorship and not as tenants in common 
  

					
	 UNIF GIFT MIN ACT
	 	              Custodian
	 	             under Uniform Gifts to Minors Act
		 	 (Cust)
	 	 (Minor)
  

		 		 	(State)

 Additional abbreviations may also be used though not in the above list. 
  

 26 

 OPTION TO ELECT REPAYMENT 
 TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 
 AT THE OPTION OF THE HOLDER AND THE
HOLDER 
 ELECTS TO EXERCISE SUCH RIGHT 
 The undersigned hereby irrevocably requests and instructs the Company to repay the Security referred to in this notice (or the portion thereof specified below) at the applicable Repayment Price, together with interest to the Repayment Date,
all as provided for in such Security, to the undersigned, whose name, address and telephone number are as follows: 
  
  
 (please print name of the
undersigned) 
  
  
 (please print address of the undersigned) 
  
  
 (please print telephone number
of the undersigned) 
 If such Security provides for more than one Repayment Date, the undersigned requests repayment on the earliest
Repayment Date after the requirements for exercising this option have been satisfied, and references in this notice to the Repayment Date mean such earliest Repayment Date. Terms used in this notice that are defined in such Security are used herein
as defined therein. 
 For such Security to be repaid the Company must receive at the applicable address of the Trustee set forth below or at
such other place or places of which the Company shall from time to time notify the Holder of such Security, on any Business Day not later than the 30th or earlier than the 60th calendar day prior to the Repayment Date (or, if either such calendar
day is not a Business Day, the next succeeding Business Day), (i) such Security, with this “Option to Elect Repayment” form duly completed and signed, or (ii) a telegram, telex, facsimile transmission or letter from a member of a
national securities exchange or the Financial Industry Regulatory Authority, a commercial bank or a trust company in the United States of America setting forth (a) the name, address and telephone number of the Holder of such Security,
(b) the principal amount of such Security and the amount of such Security to be repaid, (c) a statement that the option to elect repayment is being exercised thereby and (d) a guarantee stating that such Security to be repaid with the
form entitled “Option to Elect Repayment” on the addendum to the Security duly completed and signed will be received by the Company not later than five Business Days after the date of such telegram, telex, facsimile transmission or letter
(provided that such Security and form duly completed and signed are received by the Company by such fifth Business Day). The address to which such deliveries are to be made is: 
  

 27 

 Zions First National Bank 
 Attention: Corporate Trust Department 
 One South Main Street, 12th Floor 
 Salt Lake City, UT 84111 
 or at such other place as the
Company or the Trustee shall notify the holder of such Security. 
 If less than the entire principal amount of such Security is to be repaid,
specify the portion thereof (which shall equal at least $1,000 or an integral multiple thereof) that the Holder elects to have repaid: 
  
  
 and specify the denomination or denominations
(which shall equal at least $1,000 or an integral multiple thereof) of the Security or Securities to be issued to the Holder in respect of the portion of such Security not being repaid (in the absence of any specification, one Security will be
issued in respect of the portion not being repaid): 
  
  
  

			
	Date: _____________	  	 ______________________________________________
 Notice: The signature to this Option to Elect Repayment must
correspond with the name of the Holder as written on the face of
such Security in every particular without alteration or
enlargement or any other change
whatsoever.

  

 28 

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR
OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  
  

	
	(Please Print or Typewrite Name and Address Including Postal Zip Code of Assignee) the attached Security and all rights thereunder, and hereby irrevocably
constitutes and appoints to transfer said Security on the books of the Company, with full power of substitution in the premises.

  

			
	Date:     ______________________________________	  	 ______________________________________________
 NOTICE: The signature to this assignment must be guaranteed
and correspond with the name of the Holder as written upon the
face of the attached Security in every particular, without
alteration or enlargement or any change
whatsoever.

  

 29

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