Document:

EXHIBIT 4.1

 

[FORM OF FACE OF NOTE]

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer
or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to
Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered
owner hereof, Cede & Co., has an interest herein.

 

	Date: [SETTLEMENT DATE]	U.S. $[NOTIONAL]
	 	CUSIP: [CUSIP]

 

MORGAN STANLEY FINANCE LLC

SENIOR NOTE

SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES A

[TITLE OF SECURITY]

 

Fully and Unconditionally Guaranteed
by Morgan Stanley

 

Reference
is hereby made to the terms and conditions of this Note set forth in the following disclosure documents filed with the U.S. Securities
and Exchange Commission (Registration Statement Nos. 333-221595 and 333-221595-01): (i) the sections of the Pricing Supplement
related to this Note, dated [PRICING SUPPLEMENT DATE] (the “Pricing Supplement”), entitled “Final Terms”
and “Additional Terms of the [SECURITY NAME],”1 and (ii)
the sections of the Product Supplement for [OFFERING TYPE], dated [PRODUCT SUPPLEMENT DATE] (the “Product Supplement”),
entitled “Summary” and “Description of Securities”2
(such sections of the Pricing Supplement and such sections of the Product Supplement, the “Incorporated Terms and Conditions”).
The Incorporated Terms and Conditions are hereby incorporated by reference into this Note and are binding upon the parties hereto.

 

Morgan
Stanley Finance LLC, a Delaware limited liability company (together with its successors and assigns, the “Issuer”),
for value received, hereby promises to pay to CEDE & Co., or registered assignees, the amounts due, if any, on this Note, whether
in cash, securities or other property, together with unpaid accrued interest thereon, if any, in each case as specified in the
Incorporated Terms and Conditions, on the date or dates specified in the Incorporated Terms and Conditions.

 

Any payment due on,
including any property deliverable under, this Note is fully and unconditionally guaranteed (the “Guarantee”)
by Morgan Stanley, a Delaware corporation (the “Guarantor”). Any return on this Note that may be deemed to be
interest shall in no event be higher than the maximum rate permitted by New York law, as it may be modified by U.S. law of general
application.

 

Payment of the principal
of, premium, if any, and interest on this Note due at maturity (or any redemption or repayment date), unless this Note is denominated
in a Specified Currency other than U.S.

 

 

1 For offering documents where economic terms are provided in additional sections, this reference will be updated to include those additional sections.

2 If the offering does not use a Product Supplement, this reference will be changed to the applicable Prospectus Supplement and its relevant sections.

 

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dollars and is to be
paid in whole or in part in such Specified Currency, will be made in immediately available funds upon surrender of this Note at
the office or agency of the Paying Agent, as defined on the reverse hereof, maintained for that purpose in the Borough of Manhattan,
The City of New York, or at such other paying agency as the Issuer may determine, in U.S. dollars. U.S. dollar payments of interest,
other than interest due at maturity or on any date of redemption or repayment, will be made by U.S. dollar check mailed to the
address of the person entitled thereto as such address shall appear in the Note register. A holder of U.S. $10,000,000 (or the
equivalent in a Specified Currency) or more in aggregate principal amount of Notes having the same Interest Payment Date, the interest
on which is payable in U.S. dollars, shall be entitled to receive payments of interest, other than interest due at maturity or
on any date of redemption or repayment, by wire transfer of immediately available funds if appropriate wire transfer instructions
have been received by the Paying Agent in writing not less than 15 calendar days prior to the applicable Interest Payment Date.

 

If
this Note is denominated in a Specified Currency other than U.S. dollars, and the holder does not elect (in whole or in part) to
receive payment in U.S. dollars pursuant to the next succeeding paragraph, payments of principal, premium, if any, or interest
with regard to this Note will be made by wire transfer of immediately available funds to an account maintained by the holder hereof
with a bank located outside the United States if appropriate wire transfer instructions have been received by the Paying Agent
in writing, with respect to payments of interest, on or prior to the fifth Business Day prior to the applicable Record Date and,
with respect to payments of principal or any premium, at least ten Business Days prior to the Maturity Date or any redemption or
repayment date, as the case may be; provided that, if payment of interest, principal or any premium with regard to this
Note is payable in euro, the account must be a euro account in a country for which the euro is the lawful currency, provided,
further, that if such wire transfer instructions are not received, such payments will be made by check payable in such Specified
Currency mailed to the address of the person entitled thereto as such address shall appear in the Note register; and provided,
further, that payment of the principal of, premium, if any, and interest on this Note due at maturity (or on any redemption
or repayment date) will be made upon surrender of this Note at the office or agency referred to in the preceding paragraph.

 

If
so indicated on the face hereof or in the Incorporated Terms and Conditions, the holder of this Note, if denominated in a Specified
Currency other than U.S. dollars, may elect to receive all or a portion of payments on this Note in U.S. dollars by transmitting
a written request to the Paying Agent, on or prior to the fifth Business Day prior to such Record Date or at least ten Business
Days prior to the Maturity Date or any redemption or repayment date, as the case may be. Such election shall remain in effect unless
such request is revoked by written notice to the Paying Agent as to all or a portion of payments on this Note at least five Business
Days prior to such Record Date, for payments of interest, or at least ten calendar days prior to the Maturity Date or any redemption
or repayment date, for payments of principal, as the case may be.

 

If
the holder elects to receive all or a portion of payments of principal of, premium, if any, and interest on this Note, if denominated
in a Specified Currency other than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined on the reverse hereof) will
convert such payments into U.S. dollars. In the event of such an election, payment in respect of this Note will be based upon the
exchange rate as determined by the Exchange Rate Agent based on the highest bid quotation in The City of New York received by such
Exchange Rate Agent at approximately 11:00 a.m., New York City time, on the second Business Day preceding the applicable payment
date from three recognized foreign exchange dealers (one of which may be the Exchange Rate Agent unless such Exchange Rate Agent
is an affiliate of the Issuer) for the purchase by the quoting dealer of the Specified Currency for U.S. dollars for settlement
on such payment date in the amount of the Specified Currency payable in the absence of such an election to such holder and at which
the applicable dealer commits to execute a contract. If such bid quotations are not

 

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available,
such payment will be made in the Specified Currency. All currency exchange costs will be borne by the holder of this Note by deductions
from such payments.

 

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

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Senior Indenture, as defined on the reverse hereof, or be valid or obligatory for any
purpose.

 

Unless
otherwise noted, all terms used in this Note that are not defined in this Note but are defined in the Senior Indenture shall have
the meanings assigned to them in the Senior Indenture.

 

In
the event of any conflict between this Note and the Incorporated Terms and Conditions, the terms and provisions set forth in the
Incorporated Terms and Conditions shall control and be binding upon the parties hereto.

 

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IN WITNESS WHEREOF,
the Issuer has caused this Note to be duly executed.

 

	DATED: [SETTLEMENT DATE]	MORGAN STANLEY FINANCE LLC
	 	 
	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 	 
	 	 	 	 	 

	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 
	 	 
	This is one of the Notes referred to in the within-mentioned Senior Indenture.	 
	 	 
	THE BANK OF NEW YORK MELLON, as Trustee	 
	 	 
	 	 

	By:	 	 
	 	Authorized Signatory	 

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REVERSE OF NOTE

SENIOR GLOBAL MEDIUM-TERM NOTE, SERIES A

 

This Note is one of a duly authorized issue
of Senior Global Medium-Term Notes, Series A (the “Notes”), of the Issuer. The Notes are issuable under a Senior Indenture,
dated as of February 16, 2016, among the Issuer, the Guarantor and The Bank of New York Mellon, a New York banking corporation,
as Trustee (the “Trustee,” which term includes any successor trustee under the Senior Indenture) as supplemented by
a First Supplemental Senior Indenture dated as of November 16, 2017 (as the same may be further amended or supplemented from time
to time, the “Senior Indenture”), to which Senior Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities of the Issuer, the Guarantor, the Trustee
and holders of the Notes and the terms upon which the Notes are, and are to be, authenticated and delivered. The Issuer has appointed
The Bank of New York Mellon at its corporate trust office in The City of New York as the paying agent (the “Paying Agent,”
which term includes any additional or successor Paying Agent appointed by the Issuer) with respect to the Notes. The terms of individual
Notes may vary with respect to interest rates, interest rate formulas, issue dates, maturity dates, or otherwise, all as provided
in the Senior Indenture. To the extent not inconsistent herewith, the terms of the Senior Indenture are hereby incorporated by
reference herein.

 

This Note and all the obligations of the
Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or priority among themselves and pari
passu with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory
exceptions in the event of liquidation upon insolvency. Any payment due on, including any property deliverable under, this Note
is fully and unconditionally guaranteed by the Guarantor on an unsecured basis.

 

This Note, and any Note or Notes issued
upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and, if denominated in U.S. dollars,
unless otherwise stated above, is issuable only in denominations of U.S. $1,000 and any integral multiple of U.S. $1,000 in excess
thereof. If this Note is denominated in a Specified Currency other than U.S. dollars, then, unless a higher minimum denomination
is required by applicable law, it is issuable only in denominations of the equivalent of U.S. $1,000 (rounded to an integral multiple
of 1,000 units of such Specified Currency), or any amount in excess thereof which is an integral multiple of 1,000 units of such
Specified Currency, as determined by reference to the noon dollar buying rate in The City of New York for cable transfers of such
Specified Currency published by the Federal Reserve Bank of New York (the “Market Exchange Rate”) on the Business Day
immediately preceding the date of issuance.

 

The Trustee has been appointed registrar
for the Notes (the “Registrar,” which term includes any successor registrar appointed by the Issuer), and the Registrar
will maintain at its office in The City of New York a register for the registration and transfer of Notes. This Note may be transferred
at the aforesaid office of the Registrar by surrendering this Note for cancellation, accompanied by a written instrument of transfer
in form satisfactory to the Issuer and the Registrar and duly executed by the registered holder hereof in person or by the holder’s
attorney duly authorized in writing, and thereupon the Registrar shall issue in the name of the transferee or transferees, in exchange
herefor, a new Note or Notes having identical terms and provisions and having a like aggregate principal amount in authorized denominations,
subject to the terms and conditions set forth herein; provided, however, that the Registrar will not be required (i) to

 

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register the transfer of or exchange any Note
that has been called for redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part, (ii) to
register the transfer of or exchange any Note if the holder thereof has exercised his right, if any, to require the Issuer to repurchase
such Note in whole or in part, except the portion of such Note not required to be repurchased, or (iii) to register the transfer
of or exchange Notes to the extent and during the period so provided in the Senior Indenture with respect to the redemption of
Notes. Notes are exchangeable at said office for other Notes of other authorized denominations of equal aggregate principal amount
having identical terms and provisions. All such exchanges and transfers of Notes will be free of charge, but the Issuer may require
payment of a sum sufficient to cover any tax or other governmental charge in connection therewith. All Notes surrendered for exchange
shall be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar and executed by the
registered holder in person or by the holder’s attorney duly authorized in writing. The date of registration of any Note
delivered upon any exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer.

 

In case this Note shall at any time become
mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or destruction thereof (together
with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered
to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in exchange for this Note, but, if this Note
is destroyed, lost or stolen, only upon receipt of evidence satisfactory to the Trustee, the Issuer and the Guarantor that this
Note was destroyed or lost or stolen and, if required, upon receipt also of indemnity satisfactory to each of them. All expenses
and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new
Note shall be borne by the owner of the Note mutilated, defaced, destroyed, lost or stolen.

 

The Senior Indenture provides that (a)
if an Event of Default (as defined in the Senior Indenture) due to the default in payment of principal of, premium, if any, or
interest on any series of debt securities issued under the Senior Indenture, including the series of Senior Medium-Term Notes of
which this Note forms a part, shall have occurred and be continuing, either the Trustee or the holders of not less than 25% in
aggregate principal amount of the outstanding debt securities of each affected series, voting as one class, by notice in writing
to the Issuer and to the Trustee, if given by the securityholders, may then declare the principal of all debt securities of all
such series and interest accrued thereon to be due and payable immediately and (b) if an Event of Default due to certain events
of bankruptcy, insolvency or reorganization of the Issuer shall have occurred and be continuing, either the Trustee or the holders
of not less than 25% in aggregate principal amount of all outstanding debt securities issued under the Senior Indenture, voting
as one class, by notice in writing to the Issuer and to the Trustee, if given by the securityholders, may declare the principal
of all such debt securities and interest accrued thereon to be due and payable immediately, but upon certain conditions such declarations
may be annulled and past defaults may be waived (except a continuing default in payment of principal or premium, if any, or interest
on such debt securities) by the holders of a majority in aggregate principal amount of the debt securities of all affected series
then outstanding.

 

If the face hereof or the Incorporated
Terms and Conditions indicate that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” this
Note may be redeemed, as a whole, at the option of the Issuer at any time prior to maturity, upon the giving of a notice of redemption
as described below, at a redemption price equal to 100% of the principal amount

 

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hereof, together with accrued interest to
the date fixed for redemption (except that if this Note is subject to “Modified Payment upon Acceleration, Repayment or Redemption,”
the amount of principal so payable will be limited to the aggregate principal amount hereof multiplied by the sum of the Issue
Price specified on the face hereof or in the Incorporated Terms and Conditions (expressed as a percentage of the aggregate principal
amount) plus the original issue discount accrued from the Interest Accrual Date to the date of redemption (expressed as a percentage
of the aggregate principal amount), with the amount of original issue discount accrued being calculated using a constant yield
method (as described above)), if the Issuer determines that, as a result of any change in or amendment to the laws (including a
holding, judgment or as ordered by a court of competent jurisdiction), or any regulations or rulings promulgated thereunder, of
the United States or of any political subdivision or taxing authority thereof or therein affecting taxation, or any change in official
position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment occurs, becomes
effective or, in the case of a change in official position, is announced on or after the Initial Offering Date hereof, the Issuer
has or will become obligated to pay Additional Amounts, as defined below, with respect to this Note as described below. Prior to
the giving of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i) a certificate stating
that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent
to the right of the Issuer to so redeem have occurred, and (ii) an opinion of independent legal counsel satisfactory to the Trustee
to such effect based on such statement of facts; provided that no such notice of redemption shall be given earlier than
60 calendar days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if a payment
in respect of this Note were then due.

 

Notice of redemption will be given not
less than 30 nor more than 60 calendar days prior to the date fixed for redemption or within the Redemption Notice Period specified
on the face hereof or in the Incorporated Terms and Conditions, which date and the applicable redemption price will be specified
in the notice.

 

If the face hereof or the Incorporated
Terms and Conditions indicate that this Note is subject to “Tax Redemption and Payment of Additional Amounts,” the
Issuer will, subject to certain exceptions and limitations set forth below, pay such additional amounts (the “Additional
Amounts”) to the holder of this Note with respect to any interest in this Note held by a beneficial owner who is a U.S. Alien
(as defined below) as may be necessary in order that every net payment of the principal of and interest on this Note and any other
amounts payable on this Note, after withholding or deduction for or on account of any present or future tax, assessment or governmental
charge imposed upon or as a result of such payment by the United States, or any political subdivision or taxing authority of or
in the United States, will not be less than the amount provided for in this Note to be then due and payable. The Issuer will not,
however, make any payment of Additional Amounts to the holder of this Note with respect to any interest in this Note held by any
beneficial owner who is a U.S. Alien (as defined below) for or on account of:

 

		·	any present or future tax, assessment or other governmental charge that would not have been so
imposed but for:

 

		o	the existence of any present or former connection between the beneficial owner of an interest in
this Note, or between a fiduciary, settlor, beneficiary, member or shareholder of the beneficial owner, if the beneficial owner
is an estate, a trust, a partnership or a corporation for U.S. federal income tax purposes, and the United States, including, without
limitation, the beneficial owner, or the fiduciary, settlor,

 

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beneficiary,
member or shareholder, being or having been a citizen or resident of the United States or being or having been engaged in the conduct
of a trade or business or present in the United States or having, or having had, a permanent establishment in the United States;
or

 

		o	the presentation by or on behalf of the beneficial owner of an interest in this Note for payment
on a date more than 15 days after the date on which payment became due and payable or the date on which payment of this Note is
duly provided for, whichever occurs later;

 

		·	any estate, inheritance, gift, sales, transfer, excise or personal property tax or any similar
tax, assessment or governmental charge;

 

		·	any tax, assessment or other governmental charge imposed by reason of the beneficial owner’s
past or present status as a controlled foreign corporation or passive foreign investment company with respect to the United States
or as a corporation that accumulates earnings to avoid U.S. federal income tax or as a private foundation or other tax-exempt organization;

 

		·	any tax, assessment or other governmental charge that is payable otherwise than by withholding
or deduction from payments on or in respect of this Note;

 

		·	any tax, assessment or other governmental charge required to be withheld by any Paying Agent from
any payment of principal of, or interest on, this Note, if payment can be made without withholding by at least one other Paying
Agent;

 

		·	any tax, assessment or other governmental charge imposed solely because the holder or the beneficial
owner of an interest in this Note (1) is a bank purchasing this Note in the ordinary course of its lending business or (2) is a
bank that is neither (A) buying this Note for investment purposes nor (B) buying this Note for resale to a third party that either
is not a bank or holding this Note for investment purposes only;

 

		·	any tax, assessment or other governmental charge that would not have been imposed but for the failure
to comply with certification, information or other reporting requirements concerning the nationality, residence, identity or connection
with the United States of the beneficial owner of an interest in this Note, if compliance is required by statute or by regulation
of the United States or of any political subdivision or taxing authority of or in the United States as a precondition to relief
or exemption from the tax, assessment or other governmental charge;

 

		·	any tax, assessment or other governmental charge imposed or collected pursuant to Sections 1471
through 1474 of the Internal Revenue Code of 1986, as amended (the “Code”), any intergovernmental agreements entered
into in connection with the implementation of such sections of the Code, or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the
Code;

 

		·	any tax, assessment or other governmental charge imposed pursuant to Section 871(m) of the Code
and any applicable Treasury regulations promulgated thereunder or published administrative guidance implementing such section;

 

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		·	any tax, assessment or other governmental charge imposed by reason of the beneficial owner’s
past or present status as the actual or constructive owner of 10% or more of the total combined voting power of all classes of
stock entitled to vote of the Issuer or as a direct or indirect subsidiary of the Issuer; or

 

		·	any combination of the items listed above.

 

In addition, the Issuer will not be required to make any payment
of Additional Amounts with respect to any interest in this Note presented for payment:

 

		·	where such withholding or deduction is imposed on a payment to an individual and is required to
be made pursuant to any law implementing or complying with, or introduced in order to conform to, any European Union Directive
on the taxation of savings; or

 

		·	by or on behalf of a beneficial owner who would have been able to avoid such withholding or deduction
by presenting this Note to another Paying Agent in a member state of the European Union.

 

Nor will the Issuer pay Additional Amounts
with respect to any payment with respect to any interest in this Note to a U.S. Alien who is a fiduciary or partnership or limited
liability company or other than the sole beneficial owner of the payment to the extent the payment would be required by the laws
of the United States (or any political subdivision of the United States) to be included in the income, for tax purposes, of a beneficiary
or settlor with respect to the fiduciary or a member of the partnership or interestholder of that limited liability company or
a beneficial owner who would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial
owner held its interest in this Note directly.

 

The Senior Indenture permits the Issuer,
the Guarantor and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the
debt securities of all series issued under the Senior Indenture then outstanding and affected (voting as one class), to execute
supplemental indentures adding any provisions to or changing in any manner the rights of the holders of each series so affected;
provided that the Issuer, the Guarantor and the Trustee may not, without the consent of the holder of each outstanding debt
security affected thereby, (i) extend the final maturity of any such debt security, or reduce the principal amount thereof, or
reduce the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof, or change
the currency of payment thereof, or reduce the amount of any original issue discount security payable upon acceleration or provable
in bankruptcy, or modify or amend the provisions for conversion of any currency into any other currency, or modify or amend the
provisions for conversion or exchange of the debt security for securities of the Issuer or other entities or for other property
or the cash value of the property (other than as provided in the antidilution provisions or other similar adjustment provisions
of the debt securities or otherwise in accordance with the terms thereof), or alter certain provisions of the Senior Indenture
relating to debt securities not denominated in U.S. dollars, or impair or affect the rights of any holder of any series to institute
suit for the payment thereof, or (except in accordance with Section 13.13 of the Senior Indenture) remove the Guarantee on this
Note or (ii) reduce the aforesaid percentage in principal amount of debt securities of any series the consent of the holders of
which is required for any such supplemental indenture.

 

Except as set forth below, if the principal
of, premium, if any, or interest on this Note is payable in a Specified Currency other than U.S. dollars and such Specified Currency
is not

 

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available to the Issuer or the Guarantor,
if applicable, for making payments hereon due to the imposition of exchange controls or other circumstances beyond the control
of the Issuer and the Guarantor, if applicable, or is no longer used by the government of the country issuing such currency or
for the settlement of transactions by public institutions within the international banking community, then the Issuer or the Guarantor,
if applicable, will be entitled to satisfy its obligations to the holder of this Note by making such payments in U.S. dollars on
the basis of the Market Exchange Rate on the date of such payment or, if the Market Exchange Rate is not available on such date,
as of the most recent practicable date; provided, however, that if the euro has been substituted for such Specified Currency,
the Issuer or the Guarantor, if applicable, may at its option (or shall, if so required by applicable law) without the consent
of the holder of this Note effect the payment of principal of, premium, if any, or interest on any Note denominated in such Specified
Currency in euro in lieu of such Specified Currency in conformity with legally applicable measures taken pursuant to, or by virtue
of, the Treaty establishing the European Community, as amended. Any payment made under such circumstances in U.S. dollars or euro
where the required payment is in an unavailable Specified Currency will not constitute an Event of Default. If such Market Exchange
Rate is not then available to the Issuer or the Guarantor, if applicable, or is not published for a particular Specified Currency,
the Market Exchange Rate will be based on the highest bid quotation in The City of New York received by the Exchange Rate Agent
at approximately 11:00 a.m., New York City time, on the second Business Day preceding the date of such payment from three recognized
foreign exchange dealers (the “Exchange Dealers”) for the purchase by the quoting Exchange Dealer of the Specified
Currency for U.S. dollars for settlement on the payment date, in the aggregate amount of the Specified Currency payable to those
holders or beneficial owners of Notes and at which the applicable Exchange Dealer commits to execute a contract. One of the Exchange
Dealers providing quotations may be the Exchange Rate Agent unless the Exchange Rate Agent is an affiliate of the Issuer or the
Guarantor, if applicable. If those bid quotations are not available, the Exchange Rate Agent shall determine the market exchange
rate at its sole discretion.

 

The “Exchange Rate Agent” shall
be Morgan Stanley & Co. LLC, unless otherwise indicated on the face hereof or in the Incorporated Terms and Conditions.

 

All determinations referred to above made
by, or on behalf of, the Issuer or the Guarantor, if applicable, or by, or on behalf of, the Exchange Rate Agent shall be at such
entity’s sole discretion and shall, in the absence of manifest error, be conclusive for all purposes and binding on holders
of Notes.

 

So long as this Note shall be outstanding,
the Issuer will cause to be maintained an office or agency for the payment of the principal of, premium, if any, and interest on
this Note as herein provided in the Borough of Manhattan, The City of New York, and an office or agency in said Borough of Manhattan
for the registration, transfer and exchange as aforesaid of the Notes. The Issuer may designate other agencies for the payment
of said principal, premium and interest at such place or places (subject to applicable laws and regulations) as the Issuer may
decide. So long as there shall be such an agency, the Issuer shall keep the Trustee advised of the names and locations of such
agencies, if any are so designated. If any European Union Directive on the taxation of savings comes into force, the Issuer will,
to the extent possible as a matter of law, maintain a Paying Agent in a Member State of the European Union that will not be obligated
to withhold or deduct tax pursuant to any such Directive or any law implementing or complying with, or introduced in order to conform
to, such Directive.

 

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With respect to moneys paid by the Issuer
and held by the Trustee or any Paying Agent for payment of the principal of, premium, if any, or interest on any Notes that remain
unclaimed at the end of two years after such principal, interest or premium shall have become due and payable (whether at maturity
or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the holders of such Notes that such
moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer or the Guarantor,
as the case may be, for payment thereof and (ii) such moneys shall be so repaid to the Issuer. Upon such repayment all liability
of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without, however, limiting in any way any
obligation that the Issuer may have to pay the principal of, premium, if any, or interest on this Note as the same shall become
due.

 

No provision of this Note or of the Senior
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of, premium,
if any, and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed unless otherwise
agreed between the Issuer and the registered holder of this Note.

 

Prior to due presentment of this Note for
registration of transfer, the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee may
treat the holder in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue,
and none of the Issuer, the Guarantor, the Trustee or any such agent shall be affected by notice to the contrary.

 

No recourse shall be had for the payment
of the principal of, premium, if any, or interest on this Note, for any claim based hereon, or otherwise in respect hereof, or
based on or in respect of the Senior Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer
or director, as such, past, present or future, of the Issuer or the Guarantor or of any successor, either directly or through the
Issuer, the Guarantor or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issue hereof, expressly waived and released.

 

This Note shall for all purposes be governed
by, and construed in accordance with, the laws of the State of New York.

 

As used herein, the term “U.S. Alien”
means any person who is, for U.S. federal income tax purposes, (i) a nonresident alien individual, (ii) a foreign corporation,
(iii) a foreign trust as defined by the Internal Revenue Code of 1986, as amended or (iv) a foreign partnership one or more of
the members of which is, for U.S. federal income tax purposes, a nonresident alien individual, a foreign corporation or a nonresident
alien fiduciary of a foreign estate or trust.

 

    -11-

     

    

ABBREVIATIONS

 

The following abbreviations, when used
in the inscription on the face of this instrument or in the Incorporated Terms and Conditions, 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 right of survivorship and not as tenants in common
	 	 	 
	 	 	 

	UNIF GIFT MIN ACT	 	 	Custodian	 
	 	 	(Minor)	 	(Cust)
	 	 	 	 	 

	Under Uniform Gifts to Minors Act	 
	 	(State)
	 	 

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

 

 

 

    -12-

     

    

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 TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

 

 

the within Note and all rights thereunder, hereby irrevocably
constituting and appointing ________ attorney to transfer such Note on the books of the Issuer, with full power of substitution
in the premises.

 

Dated:_______________________

 

	NOTICE:	The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.

    -13-

     

    

OPTION TO ELECT REPAYMENT

 

The undersigned hereby irrevocably requests
and instructs the Issuer to repay the within Note (or portion thereof specified below) pursuant to its terms at a price equal to
the principal amount thereof, together with interest to the Optional Repayment Date, to the undersigned at

 

	 
	 
	 
	(Please print or typewrite name and address of the undersigned)

 

 

If less than the entire principal amount
of the within Note is to be repaid, specify the portion thereof which the holder elects to have repaid: _________________; and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be
issued to the holder for the portion of the within Note not being repaid (in the absence of any such specification, one such Note
will be issued for the portion not being repaid): __________________.

 

	Dated:	
  	 	
  
	 	 	 	NOTICE: The signature on this Option to Elect Repayment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement.

    -14-Exhibit

Exhibit 10.1
 
Consulting Agreement
 
THIS CONSULTING AGREEMENT (this “Agreement”), effective as of August 1, 2018, is entered into by and between Littelfuse, Inc., a Delaware corporation (the “Company”), and Nathan Zommer (the “Consultant”).
 
WHEREAS, the Consultant currently serves as a member of the Board of Directors of the Company (the “Board”) and previously served as an employee of IXYS, LLC (f/k/a IXYS Corporation), a Delaware limited liability company and wholly owned subsidiary of the Company (“IXYS”), until March 31, 2018 (the “Resignation Date”);
 
WHEREAS, the Consultant has invaluable knowledge and expertise regarding the business of IXYS;
 
WHEREAS, due to the Consultant’s knowledge and expertise, the Company wishes to have the cooperation of, and access to, the Consultant following his ceasing to be employed by IXYS; and
 
WHEREAS, the Company and the Consultant have mutually agreed that the Consultant shall serve as an advisor to the Company on the terms and subject to the conditions set forth herein.
 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Consultant hereby agree as follows:
 
1.     Termination of Employment. The parties affirm that, effective as of the Resignation Date, the Consultant ceased to be an employee of the Company, IXYS, and their respective affiliates.
 
2.     Consulting Period. The Consultant shall render the Services (as defined below) for the period beginning on the date hereof and ending on July 31, 2019 (the “Expiration Date”), unless earlier terminated in accordance with Section ☒7, or extended by mutual agreement of the parties hereto (the “Consulting Period”).
 
3.     Title; Services; Office.
 
(a)     Title. During the Consulting Period, the Consultant shall have the title of Senior Advisor to the Company.
 
(b)     Services. During the Consulting Period, the Consultant shall provide general advisory services as reasonably requested by the Chief Executive Officer of the Company (the “Services”), and shall be available to dedicate up to a maximum of 10 hours per week as the Consultant and the Company mutually deem reasonable for the performance of the Services hereunder; provided that, notwithstanding the foregoing, the Company and the Consultant shall use their reasonable best efforts to ensure that the level of the Consultant’s services under this Agreement is consistent with the intent that the Consultant’s termination of employment with the Company constitutes a “separation from service” (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)).
(c)     Location; Support Services. The parties agree that the Consultant shall provide the Services remotely, except as may otherwise be determined by the parties from time to time. During the Consulting Period, the Company shall provide the Consultant with reasonable secretarial support in connection with his performance of the Services.
 
4.     Remuneration.
 
(a)     Consulting Fee. In consideration for agreeing to provide the services set forth in Section 3(b), during the Consulting Period, the Consultant shall be paid a fee of $8,333 per month (the “Consulting Fee”), payable in arrears no later than the fifth business day of each calendar month, with the first and last such payments to be prorated as necessary to reflect a period of service that is less than a full month.
 
(b)     Expenses. The Company shall reimburse the Consultant pursuant to the Company’s reimbursement policies for other Senior Advisors as in effect from time to time for reasonable business expenses incurred by the Consultant in connection with the performance of the Services. The Consultant acknowledges and agrees that the Consultant shall not be entitled to expense reimbursements under the Company’s reimbursement policies for active employees.
 
(c)     Benefits. The Consultant acknowledges and agrees that the Consultant shall not be entitled to participate in any benefit plans of the Company, IXYS, or their subsidiaries (other than as set forth in the General Release of Claims, dated March 31, 2018 (the “Separation Agreement”), by and between the Company and the Consultant).

1

 
5.     Sole Consideration. Except as specifically provided herein, the Consultant shall be entitled to no compensation or benefits from the Company, IXYS, or their respective affiliates with respect to the Services and shall not be credited with any service, age, or other credit for purposes of eligibility, vesting, or benefit accrual under any employee benefit plan of the Company, IXYS, or their respective affiliates.
 
6.     Status as a Nonemployee. The Company and the Consultant acknowledge and agree that, in performing the Services pursuant to this Agreement, the Consultant shall be acting, and shall act, at all times as an independent contractor only and not as an employee, agent, partner, or joint venturer of or with the Company, IXYS, or their respective affiliates. The Consultant acknowledges and agrees that the Consultant is and shall be solely responsible for the reporting and payment of all federal, state, local, and foreign taxes that are required by applicable laws or regulations to be paid with respect to all compensation and benefits payable or provided hereunder, and that no employee of the Company, IXYS or any of their respective affiliates shall provide any tax reporting, payment or other personal administrative services to the Consultant. Except as set forth in the Separation Agreement, the Consultant shall not be eligible to participate in or accrue benefits under any benefit plan sponsored by the Company, IXYS, or their respective affiliates.
 
7.     Termination of Consulting Period.
 
(a)     Termination. Either the Company or the Consultant may terminate the Consulting Period at any time and for any reason (or no reason) by providing the other party with 30 days’ advance written notice of such termination. The termination of the Consulting Period pursuant to this Section 7(a) shall not affect the Consultant’s status as a member of the Board if the Consultant is serving on the Board as of such termination.
(b)     Payments upon Termination. Upon termination of the Consulting Period for any reason, the Company shall pay to the Consultant any earned but unpaid Consulting Fees for the Services rendered prior to the date of termination and shall reimburse the Consultant for any business expenses incurred prior to such termination and for which the Consultant would be entitled to reimbursement pursuant to Section 4(b).
 
8.     Miscellaneous.
 
(a)     Non-Employee Director Compensation. Notwithstanding anything to the contrary herein, this Agreement shall not impact Consultant’s eligibility to receive compensation (including equity awards) to which he would otherwise be entitled as a non-employee member of the Board.
 
(b)     Successors and Assigns. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by, as applicable, the Company and the Consultant and their respective personal or legal representatives, executors, administrators, successors, assigns, heirs, distributees, and legatees. This Agreement is personal in nature and the Consultant shall not, without the written consent of the Company, assign, transfer, or delegate this Agreement or any rights or obligations hereunder.
 
(c)     Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California without giving effect to principles regarding the conflict of laws.
 
(d)     Amendment; Entire Agreement. No provision of this Agreement may be amended, modified, waived, or discharged unless such amendment, modification, waiver, or discharge is agreed to in writing and such writing is signed by the Consultant and the Company. From and after the date hereof, this Agreement shall supersede any other agreement between the parties with respect to the subject matter hereof, except as specifically provided herein.
 
(e)     Notice. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
 
If to the Consultant:
 
At the address most recently on the books and records of the Company.
 
If to the Company:
 
Littelfuse, Inc.

8755 W. Higgins Road, Suite 500

2

Chicago, Illinois 60631

Attention: General Counsel
or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.
 
(f)     Headings. The headings of this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
 
(g)     Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
 
9.     Code Section 409A.
 
(a)     The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.
 
(b)     With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, and (iii) such payments shall be made on or before the last day of the Consultant’s taxable year following the taxable year in which the expense was occurred.

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the date first above written.
 
	
				
	 
	LITTELFUSE, INC.
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	By:
	/s/ Ryan K. Stafford  
	 

	 
	Name:
	Ryan K. Stafford  
	 

	 
	Title:
	Executive Vice President, Chief Legal
	 

	 
	 
	and Chief Human Resources Officer
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	/s/ Nathan Zommer
	 

	 
	Nathan Zommer
	 

3

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