Document:

Form of 0.275% Notes due 2020

 Exhibit 4.1 

[FORM OF GLOBAL NOTE] 
 This
Security is a Book-Entry Security within the meaning of the Indenture hereinafter referred to and is registered in the name of BT Globenet Nominees Limited as nominee for the common depositary for Euroclear and Clearstream. This Security is not
exchangeable for Securities registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security as a
whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited circumstances described in the Indenture. 

Unless this certificate is presented by an authorized representative of Deutsche Bank AG, London Branch, as common depositary for Clearstream
Banking, société anonyme, Luxembourg and Euroclear Bank SA/NV, as operator of the Euroclear System (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued
is registered in the name of BT Globenet Nominees Limited or in such other name as is requested by an authorized representative of the Depository (and any payment is made to BT Globenet Nominees Limited or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, BT Globenet Nominees Limited, has an interest herein. 

THE PROCTER & GAMBLE COMPANY 

ISIN: XS1227246896 
 Euroclear and
Clearstream Common Code No.: 122724689 
 CUSIP: 742718 EK1 
  

			
	 No. [            ]
		¥[            ]

 The Procter & Gamble Company, a corporation duly organized and existing under the laws of Ohio
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to BT Globenet Nominees Limited as nominee for the common depositary for
Clearstream Banking, société anonyme, Luxembourg, and Euroclear Bank SA/NV, as operator of the Euroclear System, or registered assigns, the principal sum of [            ]
Japanese Yen (¥[            ]) (JPY) on May 8, 2020 (the “Stated Maturity”) and to pay interest thereon from and including May 8, 2015 or from and including the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on May 8 and November 8 of each year, commencing November 8, 2015, at the per annum rate of 0.275%, until the principal hereof is paid or
made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 1 or November 1, as applicable (in each case, whether or not a Business Day), immediately preceding the related
Interest Payment Date; provided, however, that interest payable on any Maturity date shall be payable to the person to whom the principal of the Securities shall be payable. 

 Any such interest not so 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 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 said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made in Japanese Yen at the office or agency of the
Company maintained for that purpose in London; 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 in whose name this Security (or one or
more Predecessor Securities) are registered at the close of business on the Regular Record Date at such address as shall appear in the Security Register or by wire transfer of immediately available funds to an account specified in writing by such
holder to the Company and the Trustee prior to the relevant record date. 
 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. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof 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: [                    ] 

 

			
	THE PROCTER & GAMBLE COMPANY
		
	By:		  

			Name:
			Title:

  

			
	ATTEST:
		
	By:		  

			Name:
			Title:

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

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:		  

			Authorized Officer

 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 3, 2009 (herein called the “Indenture”), between the Company and Deutsche Bank Trust Company Americas, as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made 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, which series is initially limited in aggregate principal amount to ¥100,000,000,000 subject to the provisions described herein under “Further Issues.” 

Interest 
 This Security will bear
interest at the rate of 0.275% per year. Interest on this Security is payable semi-annually on May 8 and November 8 of each year, as applicable, and on any Maturity date (each, an “Interest Payment Date”) to the persons in
whose names this Security is registered at the close of business on the May 1 or November 1, as applicable (in each case, whether or not a Business Day), immediately preceding the related Interest Payment Date; provided, however,
that interest payable on any Maturity date shall be payable to the person to whom the principal of this Security shall be payable. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 

Interest payable on any Interest Payment Date or Maturity date shall be the amount of interest accrued from, and including, the immediately
preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the day following the original issue date, if no interest has been paid or duly provided for with respect to this Security) to,
but excluding, such Interest Payment Date or Maturity date, as the case may be. If any Interest Payment Date is not a Business Day at the relevant place of payment, the related payment of interest will be made on the next day that is a Business Day
at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the immediately succeeding Business Day. If the Maturity date or
redemption date of this Security falls on a day that is not a Business Day at the relevant place of payment, the related payment of interest, if any, and principal and premium, if any, will be made on the next day that is a Business Day at such
place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the immediately succeeding Business Day. 

“Business Day” shall mean any day which is a day on which commercial banks settle payments and are open for general business in:
(a) the relevant place of payment, and (b) The City of New York, Tokyo and London. 
 The term “Maturity,” when used
with respect to this Security, shall mean the date on which the principal of this Security or an installment of principal becomes due and payable as herein provided or as provided in the Indenture, whether at the Stated Maturity or by declaration of
acceleration, call for redemption, repayment or otherwise. 

 Additional Amounts 

All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or
on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the
United States (collectively, “Taxes”), unless such withholding or deduction is required by law. 
 In the event such withholding
or deduction of taxes is required by law, subject to the limitations described below, the Company will pay to the holder or beneficial owner of this Security that is not a U.S. Holder (as defined below) such additional amounts (“Additional
Amounts”) as may be necessary in order that every net payment by the Company or any paying agent of principal of or interest on this Security (including upon redemption), after deduction or withholding for or on account of such Taxes, will not
be less than the amount provided for in such Security to be then due and payable before deduction or withholding for or on account of such Taxes. 

A “U.S. Holder” is defined as any beneficial owner of this Security that is for U.S. federal income tax purposes: (i) an
individual who is a citizen or resident of the United States; (ii) a corporation created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia; (iii) an estate, the income of which is
subject to U.S. federal income taxation regardless of the source of that income; or (iv) a trust, if (1) a U.S. court is able to exercise primary supervision over the trust’s administration and one or more “United States
persons” (within the meaning of the Internal Revenue Code) has the authority to control all of the trust’s substantial decisions, or (2) the trust has a valid election in effect under applicable Treasury regulations to be treated as a
“United States person.” 
 However, the Company’s obligation to pay Additional Amounts shall not apply to: 

(1) any Taxes which would not have been so imposed but for: 

a. the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity)
and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or
treated as a resident of the United States or being or having been engaged in a trade or business in the United States or being or having been present in the United States or having or having had a permanent establishment in the United States, 

 b. the failure of such holder or beneficial owner to comply with any requirement under United
States tax laws and regulations to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, or any
subsequent versions thereof or successor thereto), or 
 c. such holder’s or beneficial owner’s present or former status as a
personal holding company or a foreign personal holding company with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a
foreign tax exempt organization with respect to the United States or as a corporation which accumulates earnings to avoid United States federal income tax; 

(2) any Taxes imposed by reason of the holder or beneficial owner: 

a. owning or having owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of all classes
of the Company’s stock, 
 b. being a bank receiving interest described in section 881(c)(3)(A) of the Internal Revenue Code or 

c. being a controlled foreign corporation with respect to the United States that is related to the Company by stock ownership; 

(3) any Taxes which would not have been so imposed but for the presentation by the holder or beneficial owner of such Security for payment on
a date more than 10 days after the date on which such payment became due and payable or the date on which payment of this Security is duly provided for and notice is given to holders, whichever occurs later, except to the extent that the holder or
beneficial owner would have been entitled to such additional amounts on presenting such Security on any date during such 10-day period; 

(4) any estate, inheritance, gift, sales, transfer, personal property, wealth, interest equalization or similar Taxes; 

(5) any Taxes which are payable otherwise than by withholding from payment of principal of or interest on such Security; 

(6) any Taxes which are payable by a holder that is not the beneficial owner of this Security, or a portion of this Security, or that is a
fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar
entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment; 

 (7) any taxes required to be withheld by any paying agent from any payment of principal of or
interest on any Security, if such payment can be made without such withholding by any other paying agent; 
 (8) any Taxes required to be
withheld or deducted where such withholding or deduction is imposed pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such European
Council Directive; 
 (9) any Taxes that would not have been imposed in respect of this Security or coupons with respect thereto if such
Security or coupon had been presented to another paying agent in a Member State of the European Union; 
 (10) any Taxes imposed under
Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof; or 

(11) any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10). 

For purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to this
Security will not constitute a connection (i) between the holder or beneficial owner and the United States or (ii) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over,
such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States. 

Any reference in this Security or the Indenture to principal or interest shall be deemed to refer also to Additional Amounts which may be
payable under the provisions of this section. 
 The Company will pay all stamp and other duties, if any, which may be imposed by the United
States or any political subdivision thereof or taxing authority therein with respect to the issuance of this Security. 
 Except as
specifically provided in this Security, the Company will not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in
the United States. 
 In addition, the Company undertakes that, to the extent permitted by law, the Company will maintain a paying agent
that will not require withholding or deduction of tax pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such European Council
Directive 

 Tax Redemption 

Except as provided below, this Security may not be redeemed prior to maturity. Unless previously redeemed or repurchased and canceled, this
Security will be repayable at par, including Additional Amounts, if any, on May 8, 2020 or such earlier date on which this Security shall be due and payable in accordance with the terms and conditions of this Security. However, if the maturity
date of this Security is not a Business Day, this Security will be payable on the next succeeding Business Day and no interest shall accrue for the period from May 8, 2020 to such payment date. 

This Security may be redeemed at the Company’s option, in whole but not in part, at a redemption price equal to 100% of the principal
amount of this Security to be redeemed, together with interest accrued and unpaid to the date fixed for redemption, at any time, on giving not less than 30 nor more than 60 days’ notice, if 

(1) the Company has or will become obligated to pay Additional Amounts as a result of any change in or amendment to the laws, regulations or
rulings of the United States or any political subdivision or any taxing authority of or in the United States affecting taxation, or any change in or amendment to an official application, interpretation, administration or enforcement of such laws,
regulations or rulings, which change or amendment is announced or becomes effective on or after April 28, 2015, or 
 (2) any action
shall have been taken by a taxing authority, or any action has been brought in a court of competent jurisdiction, in the United States or any political subdivision or taxing authority of or in the United States, including any of those actions
specified in (1) above, whether or not such action was taken or brought with respect to the Company, or any change, clarification, amendment, application or interpretation of such laws, regulations or rulings shall be officially proposed, in
any such case on or after April 28, 2015, which results in a substantial likelihood that the Company will be required to pay Additional Amounts on the next Interest Payment Date. 

However, no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be, in the
case of a redemption for the reasons specified in (1) above, or there would be a substantial likelihood that the Company would be, in the case of a redemption for the reasons specified in (2) above, obligated to pay such Additional Amounts
if a payment in respect of this Security were then due and at the time such notification of redemption is given such circumstance remains in effect. 

Prior to the publication of any notice of redemption pursuant to this section, the Company will deliver to the Trustee under the Indenture:

 (i) a certificate signed by one of the Company’s duly authorized officers stating that the Company is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right so to redeem have occurred, and 

 (ii) in the case of a redemption for the reasons specified in (1) or (2) above, a
written opinion of independent legal counsel of recognized standing to the effect that the Company has or will become obligated to pay such Additional Amounts as a result of such change or amendment or that there is a substantial likelihood that the
Company will be required to pay such Additional Amounts as a result of such action or proposed change, clarification, amendment, application or interpretation, as the case may be. 

Such notice, once delivered by the Company to the Trustee, will be irrevocable 

Events of Default 
 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. 

Defeasance 
 The Indenture contains
provisions for defeasance at any time of (a) the entire indebtedness of this Security and (b) certain restrictive covenants and certain Events of Default upon compliance by the Company with certain conditions set forth therein, which
provisions apply to this Security. 
 Amendments 

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 at least a majority 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 at least a majority 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 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. 
 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 any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

 Book Entry Security 

This Security is a Book-Entry Security registered in the name of a nominee of a common depositary of the Depository. This Book-Entry Security
is exchangeable for Securities registered in the name of a person other than the Depository or the nominee of its common depositary only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for
definitive Securities in certificated form, this Book-Entry Security may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository.

 The Securities represented by this Book-Entry Security are exchangeable for definitive Securities in certificated form of like tenor as
such Securities in denominations of ¥100,000,000 and integral multiples of ¥10,000,000 in excess thereof only if (i) the Company advises the Trustee in writing that the Depository is no longer willing or able to discharge its
responsibilities properly and the Trustee or the Company are unable to locate a qualified successor within 90 days; (ii) an Event of Default has occurred and is continuing under the Indenture; or (iii) the Company, at its option, elects to
terminate the book-entry system through the Depository. Any Securities that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Securities issuable in authorized denominations and registered in such names as the
Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Securities in certificated form is registrable in the Security Register, upon surrender of the definitive 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 the definitive 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 thereof 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. Subject to the foregoing, this Book-Entry Security is not exchangeable, except for a Book-Entry Security or Book-Entry Securities of this issue of the
same principal amount to be registered in the name of the Depository or its nominee. 
 Notices 

So long as this Security is represented by this certificate and this certificate is held on behalf of Euroclear and Clearstream, Luxembourg,
notices to Holders may be given by delivery of the relevant notice to Euroclear and Clearstream, Luxembourg, for communication by it to entitled accountholders in substitution for notification as required by the terms and conditions of this
Security. 
 The Trustee will mail notices by first class mail, postage prepaid, to each registered holder’s last known address as it
appears in the Security Register. The Trustee will only mail these notices to BT Globenet Nominees Limited, as the registered holder of the Securities, unless the Company reissues the Securities to holders or their nominees in fully certificated
form. 

 Further Issues 

The Company may from time to time, without notice to or the consent of the registered holders of the Securities, create and issue further notes
ranking equally with the Securities in all respects. Such further notes may be consolidated and form a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities (other than the issue date of
such further notes and first payment of interest following the issue date of such further notes). 
 Governing Law 

The Indenture and Securities for all purposes shall be governed by and construed in accordance with the laws of the State of New York. 

Miscellaneous 
 No service charge shall be
made for any such registration of transfer or exchange, 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 overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.Ex101BGSepAgt

Exhibit 10.1

February 24, 2015

Barbara Goodstein
257 West 86th Street
Apartment #13B
New York, NY 10024

Dear Barbara:

This letter sets forth the terms and conditions of your termination of employment from Vonage Holdings Corp. (the “Company”) effective as of January 30, 2015 (the “Separation Date”). 

You will receive the benefits described in the Separation Agreement & General Release below in exchange for the promises set forth therein.

SEPARATION AGREEMENT & GENERAL RELEASE

THIS AGREEMENT (the “Agreement”) is entered into by and between Barbara Goodstein (“You” or the “Employee”) and the Company.

		
	1.
	Separation Date

		
	A.
	General

Your employment with the Company terminated effective as of the Separation Date. As of your Separation Date, all benefits and perquisites of employment (including but not limited to the vesting of any stock options, restricted stock units or performance shares that were granted to you) ceased, unless otherwise stated in this Agreement.  

		
	B.
	Effect on Your Equity

Following your Separation Date, you will be able to exercise any vested Company stock options or sell any Company stock during and after the next open trading window in accordance with the terms of the applicable equity plan and Company policy, as set forth below.  You acknowledge that the termination of your employment does not entitle you to accelerated or continued vesting after your Separation Date under any Non-Qualified Stock Option Agreement, Restricted Stock Unit Agreement, the Vonage 2006 Incentive Plan, or the 2014 Long Term Incentive Plan. You acknowledge and agree that:

		
	(i)
	pursuant to the grant of nonqualified stock options to purchase shares of the Company’s common stock that the Company made to you with a Date of Award of September 4, 2012, you had, as of your Separation Date, 400,000 vested and outstanding nonqualified stock options which, notwithstanding Section 4(a) of the applicable nonqualified stock option agreement, will terminate and be of no force or effect one hundred eighty (180) days following your Separation Date;  and

		
	(ii)
	pursuant to the grant of nonqualified stock options to purchase shares of the Company’s common stock that the Company made to you with a Date of Award of April 1, 2013, you had, as of your Separation Date, 77,097 vested and outstanding 

23 Main Street • Holmdel, New Jersey 07733
Tel: 732-528-2600 • Fax: 732-202-5221

nonqualified stock options which, notwithstanding Section 4(a) of the applicable nonqualified stock option agreement, will terminate and be of no force or effect one hundred eighty (180) days following your Separation Date.

You acknowledge and agree that, other than the 477,097 vested and outstanding stock options specified in Subsections 1.B.(i) and 1.B.(ii) above, all other awards of stock options, restricted stock units, performance stock units or any other equity awards terminated, and are of no force or effect, as the Separation Date.  You further acknowledge and agree that after your Separation Date, you remain subject to the Company’s Claw-back Policy, to which you previously agreed.  

		
	2.
	Post-Employment Payments

		
	A.
	The Company agrees to pay to you a gross sum in the amount of FOUR HUNDRED FORTY NINE  THOUSAND FIVE HUNDRED SIXTY U.S. DOLLARS (S449,560.00), which is equivalent to fifty-two (52) weeks of your regular base salary, less applicable withholding and deductions (the “Post-Employment Payment”).  The Post-Employment Payment shall be paid to you by the Company during its regular payroll cycle over the twelve (12) month period following your Separation Date, but in no event less frequently than biweekly, provided that the first payment of the Post-Employment Payment shall be made on the sixtieth (60th) day after your Separation Date (the “Payment Commencement Date”) and shall include payment of any amounts that otherwise would be due prior thereto, less any applicable taxes and deductions, but shall be reduced by any payments that the Company paid to you between the Separation Date and the Payment Commencement Date that were not attributable to your accrued/unused flexible days off (“FDO”). Any negative vacation balances or travel advances owed to the Company will also be deducted, if applicable.  

		
	B.
	The Company further agrees to pay you an additional gross sum in the amount of TWO HUNDRED EIGHTY ONE THOUSAND SEVENTY THREE DOLLARS ($281,073) with respect to your 2014 bonus, less applicable taxes (the “Bonus Payment”).  Payment of the Bonus Payment will occur on the Company’s first payroll date reasonably practicable following the Effective Date (as defined in Section 4 below).  For purposes of clarity, you will not be eligible for any bonus, pro-rata or otherwise based upon your or the Company’s 2015 performance.

		
	C.
	You may retain the smart phone and computer that were provided to you by the Company (the “Retained Hardware”), provided you deliver the Retained Hardware to the attention of Michael Porta at the Company (using a method that insures the Retained Hardware and provides proof of delivery).  Once all confidential and other Company-related information is removed from the Retained Hardware, the Retained Hardware will be returned to you.

		
	D.
	Your receipt of the Post-Employment Payment and the Bonus Payment is in consideration for, among other things, the restrictive covenants and general release of all claims to which you have agreed and is contingent upon (a) your signing this Agreement within twenty one (21) days after your receipt of this Agreement and (b)  not revoking this Agreement within seven (7) days after acceptance and (c) your return of all Company property, except as provided in Section 2.C. above, including but not limited to, your identification badge, building access key card, VPN token, WEBEX account cards, Company credit card(s), records, reports, files and documents, whether in hardcopy or electronic format, and any other physical property or equipment of the Company, no later than March 9, 2015. Please contact Renee Pescatore in Human Resources to make arrangements to return the Company’s property.  

		
	3.
	Post-Termination Benefits

Following your Separation Date, you will be eligible to receive six (6) months outplacement assistance from the Company through Lee Hecht Harrison, which must be initiated with Lee Hecht Harrison within sixty (60) days of your Separation Date, the details of which will be provided to you under separate cover.

Your employee benefits under the Company’s employee medical, dental, vision, and prescription drug benefit programs as currently enrolled terminated at 11:59 PM ET on the last day of the month of your Separation Date. Your coverage for life insurance, short and long term disability, and any other employee benefit plans or programs terminated at 11:59 PM ET on your Separation Date. Your 401(k) contribution, if any, and the Company’s match, if any, were deducted from your final paycheck and will be deducted from any FDO payout, but not out of the Post-Employment Payment or Bonus Payment you will receive in accordance with this Agreement.  At the end of the month following your Separation Date, you may be eligible for continued health insurance under COBRA, provided that you properly elect such benefits within the election period defined in your COBRA package.  Provided you timely elect COBRA coverage, Vonage will fully subsidize such coverage through July 31, 2015 (a period of six (6) months from your Separation Date).  Once the subsidized period ends, you may continue the coverage by remitting the monthly premiums directly to the COBRA administrator.  To the extent permitted by law, you may continue on COBRA for a total period of eighteen (18) months from your Separation Date (including the subsidized period). 

You acknowledge and understand that the payments and benefits set forth in Section 2 and this Section 3 are at a minimum in accordance with the terms of your offer letter dated June 25, 2012 and are ample consideration for the General Release and Covenant Not to Sue herein.  Your last regular paycheck has been paid to you, and the portion of your accrued/unused FDO payment that was not previously paid to you will be paid to you on the Company’s next normal payroll date. Your last regular paycheck, your FDO payment (if applicable) the Post-Employment Payment and the Bonus Payment constitute full payment of any obligations to you, including, but not limited to, all salary, wages, bonuses, accrued flexible days off (FDO) pay, commissions, holiday pay, severance pay, employee benefits, housing allowances, relocation costs, interest, outplacement costs, fees, reimbursable expenses, stock and any and all other benefits and compensation or payments of any nature due to you, if any, other than (a) the consideration set forth in this Agreement, and (b) any reasonable outstanding expense reimbursements submitted within thirty (30) days of your Separation Date in accordance with the Company’s standard expense reimbursement policies and practices.  You agree that you are not entitled, and will not assert that you are entitled, to any other payment or amounts.  You further acknowledge and represent that you received any leave to which you were entitled or which you requested, if any, under the Family Medical Leave or the NJ Family Leave Act, and that you did not sustain any workplace injury during your employment with the Company.
       
		
	4.
	General Release   

As a material inducement to the Company to enter into this Agreement and in consideration of the Company’s obligations under this Agreement, and in return for the consideration and post-termination benefits you are to receive pursuant to Sections 2 and 3 above, you, for yourself, your heirs, executors, administrators, trustees, legal representatives, successors and assigns (collectively referred to as "Releasing Party"), hereby forever fully release and discharge the Company, and each of its past and present affiliates, parents, subsidiaries and divisions, and each of their past and present directors, officers, partners, shareholders, employees and agents in their respective capacities as such, and the heirs, executors, administrators, successors and assigns of each of them (collectively referred to as the "Released Party"), from all claims, charges, demands, sums of money, actions, rights, causes of action, obligations and liabilities of any kind or of any nature whatsoever, at law or in equity, which the Releasing Party ever had, now has or hereafter can, shall or may have for, 

upon, or by reason of any matter, cause or thing whatsoever, whether known or unknown, and whether heretofore asserted or unasserted, whether based on contract, tort, statute, local ordinance, regulation or any comparable law in any jurisdiction, from the beginning of the world to the date of this Agreement, including, but not limited to, claims arising out of or relating to your employment by the Company and the termination of such employment; claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Older Workers Benefit Protection Act, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, Sections 1981 through 1988 of Title 42 of the United States Code, the Equal Pay Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Worker Adjustment and Retraining Notification (“WARN”) Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act, the Securities Exchange Act or any similar state law, regulation or rule; the New Jersey Civil Rights Act, the New Jersey Equal Pay Act, the New Jersey Law Against Discrimination, the New Jersey wage-hour and wage-payment laws, the New Jersey Worker Health and Safety Act, the New Jersey Conscientious Employee Protection Act, the New Jersey Family Leave Act, the New Jersey Occupational Safety and Health Laws, the New Jersey Gender Equity Act, the New Jersey Statues Annotated, "Workers' Compensation: Retaliation" provision, the New Jersey Statutes Annotated, "Political Activities of Employee" provision and any other federal, state or local statute, rule, regulation and ordinance; any claims asserting wrongful termination, discrimination, retaliation, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation and defamation;  claims for fraud, libel, slander, breach of implied or express, oral or written, contract, tort, promissory estoppel, or under common law or in equity; and any claims for attorneys’ fees and costs.

You acknowledge and agree that the Separation Benefits and other benefits to be provided to you under this Agreement are more beneficial to you than you would receive if you asserted your rights under the Uniformed Services Employment and Reemployment Rights Act of 1994 as applicable.

ADEA Special Release: You acknowledge that the release of claims under the Age Discrimination in Employment Act (“ADEA”) is subject to special waiver protection. Therefore, you specifically agree that you knowingly and voluntarily release and waive any rights or claims of discrimination under the ADEA. In particular, you represent and acknowledge that you understand the following:  (a) you are waiving rights or claims for age discrimination under the ADEA in exchange for the payments described herein, which are in addition to anything of value to which you are otherwise entitled; (b) you have been given an opportunity to consider fully the terms of this Agreement,  for twenty one (21)  days, although you are not required to wait twenty one (21) days before signing this Agreement (c) you have been advised to consult with an attorney of your choosing before signing this Agreement; (d) you understand you have seven (7) days after you sign this Agreement in which to revoke it (“Revocation Period”) and that you may do so by providing written notice to the Company of your intent to revoke, and actual revocation of, this Agreement, You understand and agree that this Agreement shall not become effective or enforceable until the date when the Revocation Period has expired without your having revoked this Agreement prior thereto (“Effective Date”).  

These releases do not release claims to enforce the terms and conditions of this Settlement Agreement and General Release, and do not release claims that cannot be released as a matter of law, including but not limited to (a) your right to file a claim or participate in a charge of discrimination by the Equal Employment Opportunity Commission, or any other local, state or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give you the right to recover any monetary damages against the Company - your release of claims herein bars you from recovering such monetary relief from the Company); (b) claims under any indemnification provisions for necessary expenditures or losses by you pursuant to applicable state law; (c) claims 

prohibited from release for any claim or right on account for wages due, or to become due, or made as an advance on wages to be earned, unless payment of such wages has been made; (d) claims made under workers’ compensation or unemployment law; or (e) as set forth in applicable state law.

You acknowledge that you have been advised to consult with legal counsel and are familiar with any applicable state law that prohibits the release of known and unknown claims, and you expressly waive your rights under any such law that may limit a general release of claims to claims that are known to exist as of the date of this Agreement.

You understand and agree that claims or facts in addition to or different from those which are now known or believed by you to exist may hereafter be discovered, but it is your intention to release all claims you have or may have against the Company, its officers, directors, employees or agents, whether known or unknown, suspected or unsuspected.

In consideration of your agreement, covenants and the release set forth herein, the Company hereby forever fully releases and discharges you from all claims, charges, demands, sums of money, actions, rights, causes of action, obligations and liabilities of any kind or of any nature whatsoever, at law or in equity, of which the Chief Legal Officer of the Company has actual knowledge as of the date of this Agreement, provided that nothing herein shall prevent the Company from enforcing its Claw-back Policy against you.

		
	5.
	Covenant Not to Sue   

You agree, to the fullest extent permitted by law, not to commence, maintain, prosecute or participate in any action or proceeding of any kind against a Released Party, their past and present affiliates, parents, subsidiaries and divisions, or their respective directors, officers, partners, shareholders, employees or agents, and successors or assigns, arising out of any act, omission, transaction or occurrence occurring up to and including the date of this Agreement concerning any of the claims released in Section 4 hereof, and warrant that you have not done so as of the date of this Agreement.

		
	6.
	Cooperation   

You agree that you shall (a) cooperate with and assist the Company and their attorneys in any lawsuit, claim, arbitration or proceeding in which the Company is, or may become, involved, and (b) provide information and assistance, and shall comply with any request, and be available, to provide testimony, assistance and information, and to furnish and execute any document required or requested in connection with any such lawsuit, claim, arbitration or proceeding. The Company shall reimburse you for the time that you spend cooperating with the Company in accordance with this Section 6 that is in excess of thirty (30) hours in the aggregate at the rate of four hundred dollars ($400.00) an hour, less any applicable taxes and deductions.  In the event that the parties reasonably determine that there is an actual or potential conflict of interest adverse to you that may reasonably be expected to occur in the course of your cooperation pursuant to this Section 6, the Company shall make available to you, or shall reimburse you for reasonable legal fees in connection with retaining, mutually acceptable legal counsel.

		
	7.
	No Reinstatement  

You hereby waive any right to, and agree not to seek reinstatement of employment with the Company or any Released Party.  The Company shall have no obligation to rehire or otherwise engage you and its failure to do so shall not be deemed retaliatory under any law.

		
	8.
	Confidentiality

The parties agree to maintain the terms of this Agreement as confidential, and neither party, nor any person or entity acting on such party’s behalf, shall disclose such terms to any third party, except to such party’s attorney or as required by law, including any disclosure required under federal securities laws, provided that the Company may disclose such information to persons with a business need to know the contents of this Agreement, and that you may also disclose to your spouse or domestic partner, and for legitimate business reasons, to legal, financial and tax advisors. You agree not to disclose, use or otherwise misappropriate any trade secrets or other confidential and proprietary information belonging to the Company, its employees, directors, managers, customers, partners or suppliers, or acquired by you with respect to the Company, its employees, directors, managers, customers, partners or suppliers, during your employment with the Company.  You acknowledge that, except as provided in  Section 12 herein, the provisions of the Company’s Employee Confidentiality and Innovations Agreement and the Employment Covenants Agreement which you signed effective as of March 17, 2014 (the “ECA”), shall remain in effect after your Separation Date, and that you will inform any subsequent employer of your obligations there under.  Further, if requested to do so by the Company after your Separation Date, you will reaffirm your obligations under the Company’s Employee Confidentiality and Innovations Agreement and the ECA, in writing.  

		
	9.
	Non-Disparagement

You agree that neither you, nor anyone acting on your behalf, shall make, directly or indirectly, any derogatory, disparaging or critical statement about the Company or any of the Company’s current or former officers, directors, employees or agents either orally, in writing or electronically, including, but not limited to, on any social media or blogging sites, and the Company agrees that it shall direct the Chief Executive Officer, the Chief Financial Officer, the Chief Legal Officer, its senior human resources officer and its senior public relations officer (the “Company Representatives”), other than in the good faith performance of their duties or as legally or fiduciarily required in their good faith judgment, not to disparage or encourage or induce others to disparage you either orally, in writing or electronically, including, but not limited to, on any social media or blogging sites.  Notwithstanding anything to the contrary contained herein, nothing in this Agreement shall prohibit or restrict you or the Company Representatives from truthfully and in good faith: (i) disclosing that you are no longer employed by the Company; (ii) making any disclosure of information required by law; (iii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers; or (iv) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization.

		
	10.
	Survival of Agreement Terms

The covenants, representations, and agreements contained herein shall survive the execution and delivery of this Agreement and the payment(s) referred to in Section 2 of this Agreement.

		
	11.
	Non-Admission

It is understood and agreed that you and the Company are entering into this Agreement voluntarily, and that this Agreement shall not in any way be construed at any time or for any purpose as an admission: (a) against the Company of any liability to you; or (b) that the Company has acted wrongfully with respect to you.  The Company specifically disclaims any liability for any wrongful acts against you on the part of itself, its current and former directors, officers, managers, employees, 

and agents.  This Agreement shall not be offered, used or considered as evidence in any proceeding, except to the extent necessary to enforce its terms.

		
	12.
	Survival of Prior Agreements

You agree and acknowledge that the terms set forth in the Company’s Employee Confidentiality and Innovations Agreement, the Non-Compete Agreement, the ECA, and the Claw-back Policy Consent Form, which were executed by Employee, will remain in full force and effect.

		
	13.
	Legal Fees

Within thirty (30) days after presentation of appropriate documentation to the Company, the Company shall reimburse your reasonable and documented legal fees incurred in connection with the drafting, negotiation and execution of this Agreement up to a maximum of twenty-two thousand five hundred dollars ($22,500).

		
	14.
	Arbitration  

You and the Company further agree that any and all disputes arising out of the terms, interpretation, application or alleged breach of this Agreement shall be subject to binding arbitration, which shall be conducted in Monmouth County, New Jersey, before JAMS, pursuant to its Employment Arbitration Rules and Procedures (“JAMS” Rules”).  The costs of the arbitrator shall be shared equally between the parties.  If any legal or equitable action or arbitration is necessary to enforce the terms of this Agreement, the prevailing party shall be entitled to a reasonable sum for attorneys’ fees and costs.  Notwithstanding the foregoing, either party shall have the right to obtain provisional remedies or interim relief from a court of competent jurisdiction for any claim or controversy arising out of or related to violations of Section 8 of this Agreement.  THE PARTIES HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY AS TO THE ARBITRABLE CLAIMS.

		
	15.
	Entire Agreement/Modification/Law/Place of Litigation/Successors and Assigns

This Agreement: (a) constitutes the sole and complete understanding and agreement between the parties hereto with respect to the matters set forth herein, and, except as provided in Section 12 hereof,  there are no other agreements or understandings, whether written or oral and whether made contemporaneously or otherwise, that are binding upon the parties hereto; (b) may not be amended unless in a writing signed by the parties hereto; (c) shall be subject to, governed by and construed and enforced in accordance with the laws of the State of New Jersey, without reference to any conflicts of law principles; (d) any action to enforce the terms of this Agreement shall be brought in a court of appropriate jurisdiction sitting within the State of New Jersey; and (e) shall inure to the benefit of and be binding upon the heirs, devisees, legatees, executors, administrators, successors, assigns, officers, directors and affiliates of each of the parties hereto.

		
	16.
	Enforceability

In the event that one or more provisions of this Agreement shall for any reason be held to be illegal or unenforceable, the remaining provisions shall continue in full force and effect.  However, upon a finding that Sections 4 and/or 5 hereof, in whole or part, are illegal, or unenforceable, you shall be required, at the option of the Company, either to return the payment referred to in Section 2 hereof, or to execute a Release and Waiver and/or Covenant Not to Sue that is legal and enforceable.

		
	17.
	Section 409A 

It is intended that the provisions of this Agreement be exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and Treasury guidance thereunder as in effect from time to time (collectively hereinafter, “Section 409A”), and, to the maximum extent permitted, this Agreement shall be limited, construed and interpreted in accordance with such intent.  For purposes of this Agreement, references to a “termination” or “termination of employment,” shall mean a “separation from service” within the meaning of Section 409A.  If, as of the date of your separation from service, you are “specified employee” (within the meaning of Section 409A(a)(2)(B)), then with regard to any payment or provision of any payment or benefit that is considered to be “nonqualified deferred compensation” under Section 409A and is payable upon your separation from service, such payment or benefit shall not be made or provided until the earlier of the expiration of the six-month-and-one-day period measured from the date of your separation from service or your death. Upon the expiration of such delay period, all payments and benefits delayed pursuant to this paragraph shall be paid or reimbursed to you in a lump sum on the first business day after the delay period, and all remaining payments shall be provided in accordance with their regularly scheduled payment dates.  With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code 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, provided, that, this clause (ii) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in which the expense occurred.  For purposes of Section 409A, your right to receive any installment payment pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.  In no event shall the Company be liable for any additional tax, interest or penalties that may be imposed on you for failing to comply with Section 409A.

		
	18.
	Captions

Captions are inserted for each of reference only and shall not modify the meaning of any provision of this Agreement.

		
	19.
	Acknowledgement

You acknowledge and agree that you have read and fully understand this Agreement, including the release and covenant not to sue; you assent to all of the terms and conditions of the Agreement; you have had an opportunity to consult with counsel of your choice before signing this Agreement, or have elected not to retain legal counsel; you are fully aware of the legal and binding effect of this Agreement; and you are signing this Agreement knowingly and voluntarily, without coercion, and based upon your own judgment and not in reliance upon any promises made by the Company or any Released Party other than those contained in this Agreement.

Barbara, if you wish to accept the terms of this Agreement, please sign on the line provided below and return the original to my attention no later than twenty-one (21) days following your receipt of this Agreement.

Sincerely,

/s/ Michael Porta

Michael Porta
Vice President Human Resources

I have read and understand the Agreement above and agree to be bound by its terms and conditions

Dated:      March 6, 2015                    _/s/ Barbara Goodstein___________
Barbara Goodstein
                

VONAGE HOLDINGS CORP.

                            
By: ___/s/ Michael Porta_________________________
       Vice President Human Resources

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