Document:

EX-4.3

 Exhibit 4.3 

Execution Version 

DATED JANUARY 15, 2019 

ISSUER 
 EMERSON ELECTRIC
CO. 
 PAYING AGENT 

ELAVON FINANCIAL SERVICES DAC, UK BRANCH 

TRANSFER AGENT 
 U.S. BANK
NATIONAL ASSOCIATION 
 REGISTRAR 

U.S. BANK NATIONAL ASSOCIATION 
 -
AND - 
 SERIES TRUSTEE 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

AGENCY AGREEMENT 
 relating
to Notes issued pursuant to a registration statement 
 including a base prospectus, dated November 20, 2017, 

and a prospectus supplement dated January 8, 2019 

 THIS AGREEMENT is made on January 15, 2019 

BETWEEN: 
  

	 	(1)	 EMERSON ELECTRIC CO., a Missouri corporation (the “Issuer”); 

 

	 	(2)	 ELAVON FINANCIAL SERVICES DAC, UK BRANCH, a designated activity company registered in Ireland with the
Companies Registration Office, registered number 418442, with its registered office at Building 8, Cherrywood Business Park, Loughlinstown, Dublin 18, Ireland, D18 W319 acting through its UK Branch (registered number BR009373) from its offices at
125 Old Broad Street, Fifth Floor, London EC2N 1AR under the trade name U.S. Bank Global Corporate Trust Services, as Paying Agent (the “Paying Agent” which expression shall include any successor paying agent appointed in accordance
with this Agreement); 

  

	 	(3)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with an office at 100 Wall Street, New York, New York 10005, as Transfer Agent (the “Transfer Agent” which expression shall include any successor transfer agent appointed in accordance with this Agreement);

  

	 	(4)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with an office at 100 Wall Street, New York, New York 10005, as Registrar (the “Registrar” which expression shall include any successor registrar appointed in accordance with this Agreement); and

  

	 	(5)	 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the
United States of America with its corporate trust office for purposes of the Indenture at 150 East 42nd Street, 40th Floor, New York, New York
10017, Attention: Corporate Trust Services, as Series Trustee (the “Series Trustee”). 

 WHEREAS: 

 

	 	(A)	 The Issuer has agreed to issue €500,000,000 aggregate principal amount of its 1.250% notes due 2025 and
€500,000,000 aggregate principal amount of its 2.000% notes due 2029 (together, the “Notes”). 

  

	 	(B)	 The Notes are to be constituted by an Indenture, dated as of December 10, 1998, by and among the Issuer,
as issuer, and The Bank of New York Mellon Trust Company, N.A., as successor to The Bank of New York Mellon (formerly known as the Bank of New York) (the “Original Trustee”), as the trustee (the “Base Indenture”),
as supplemented by the First Supplemental Indenture, dated as of January 15, 2019, by and among the Issuer, the Original Trustee and the Series Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), as set out in Appendix 1. 

  

	 	(C)	 The Issuer hereby appoints the Paying Agent, the Transfer Agent and the Registrar in accordance with the terms
of this Agreement and the Indenture, it being understood that the Paying Agent shall act as the “Paying Agent” under the Indenture and the Transfer Agent and Registrar shall act as the “Security Registrar” under the Indenture.

 IT IS AGREED: 
 1.
INTERPRETATION 
 1.1. Unless the context otherwise requires: 

1.2. References in this Agreement to the payment of principal or interest in respect of any Note shall be deemed to include any additional amounts which may
become payable in respect thereof pursuant to the Notes and the Indenture. 

  
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 1.3. All references in this Agreement to an agreement, instrument or other document (including this
Agreement, the Indenture and the Notes) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied, supplemented or novated from time to time. This Agreement shall be read together with,
and interpreted in light of the provisions of, the Indenture. In the event of any conflict or inconsistency between the Indenture and this Agreement, the Indenture shall prevail. 

1.4. Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties to this Agreement and their respective
permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever. 

2. APPOINTMENT OF THE REGISTRAR 
 2.1. The Issuer hereby
appoints the Registrar, and the Registrar hereby agrees to act at its specified office as registrar in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions
contained in this Agreement and the Indenture. 
 2.2. On the date of this Agreement, the Registrar shall provide to the Paying Agent a complete and correct
copy of the register maintained by the Registrar in respect of the holders of Notes and the outstanding principal amount of Notes held by each holder of Notes. 

2.3. The Registrar shall from time to time provide to the Paying Agent a complete and correct copy of the register of Notes maintained by it as soon as
reasonably practicable following any transfer or exchange of any Notes, and promptly on request therefor by the Paying Agent. 
 2.4. The Paying Agent shall
be entitled to treat as conclusive the most recent copy of the register provided to it by the Registrar in accordance with this Agreement. 
 3.
APPOINTMENT OF THE TRANSFER AGENT 
 3.1. The Transfer Agent is hereby appointed as the agent of the Issuer, to act as Transfer Agent for the purposes
specified in this Agreement, the Indenture and the Notes, including, inter alia, completing, authenticating, holding and delivering Notes, upon the terms and subject to the conditions specified herein, in the Indenture and in the Notes, and the
Transfer Agent hereby accepts such appointment. In such capacity, the Series Trustee has appointed pursuant to the First Supplemental Indenture and authorized the Paying Agent, and the Paying Agent hereby accepts such appointment, to serve as the
Authenticating Agent (as defined in the Indenture) for the Notes. 
 4. APPOINTMENT OF PAYING AGENT 

4.1. The Issuer hereby appoints the Paying Agent, and the Paying Agent hereby agrees, to act at its specified office as paying agent in relation to the Notes
in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

4.2. The Paying Agent is appointed hereunder for the purposes of: 

(a) paying sums due on the Notes referred to in Section 2.08 of the Supplemental Indenture; and 

(b) otherwise fulfilling its duties and obligations as set out in this Agreement and the Indenture. 

5. PAYMENT 
 Subject always to the Indenture and, in
particular, any restrictions on the Issuer following delivery of a notice of an Event of Default (as defined in the Base Indenture) of the Issuer: 
 (a)
The Issuer shall, not later than 10:00 am (London time) on the Business Day on which any payment in respect of the Notes becomes due, pay to such account of the Paying Agent as the Paying Agent and shall specify in Euros in

  
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immediately available funds on each due date for the payment of principal and/or interest and/or other amounts referred to in Section 2.08 of the Supplemental Indenture in respect of the
Notes, an amount sufficient (together with any funds then held by the Paying Agent and available for the purpose) to pay all principal and interest and/or other amounts referred to in Section 2.08 of the Supplemental Indenture due in respect of
the Notes on such date; provided that if any such date is not a Business Day such payment shall be made on the next succeeding date which is a Business Day. As used in this Agreement, “Business Day” shall have the meaning as set forth in
the Supplemental Indenture. 
 (b) The Issuer hereby authorises and directs the Paying Agent from funds so paid to the Paying Agent to make payment of all
amounts due on the Notes in accordance with the terms of the Notes, the Indenture and the provisions of this Agreement. If any payment provided for in clause 5(a) of this Agreement is after the date specified therein but otherwise in accordance with
the provisions of this Agreement, the Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by the Paying Agent of such payment. 

(c) If the Paying Agent has not, on the date on which any payment is due to be made to the Paying Agent pursuant to clause 5(a) of this Agreement, received
the full amount payable in respect thereof on such date but receives such full amount later, together with accrued interest (if any) in accordance with the Indenture, it shall forthwith so notify the Issuer and the Series Trustee. Unless and until
the full amount of any such principal or interest payment has been made to it, the Paying Agent will not be bound to make such payments. 
 (d) Without
prejudice to clause 5(b) of this Agreement, if the Paying Agent pays out on or after the due date therefor (other than as a result of its own negligence or wilful misconduct or that of its directors, officers, employees or agents) to persons
entitled thereto, or becomes liable to pay out, any amounts on the assumption (which is not negated by reasonable evidence to the contrary) that the corresponding payment by the Issuer has been or will be made, the Issuer shall on demand reimburse
the Paying Agent for the relevant amount, and pay interest to the Paying Agent on such amount from (and including) the date on which it is paid out to (but excluding) the date of reimbursement at the rate per annum equal to the cost to the Paying
Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a rate per annum. 
 (e) Payment of only part of the amount payable
in respect of a Note may only be made at the discretion of the relevant Noteholder(s) (except as the result of a withholding or deduction for or on account of any taxes permitted by the Indenture). If at any time the Paying Agent makes a partial
payment in respect of any Note presented to it, it shall inform the Registrar of the same such that the Registrar may record the same on the register of Notes. 

6. REPAYMENT 
 Any sums paid by, or by arrangement with,
the Issuer to the Paying Agent pursuant to the terms of this Agreement shall not be required to be repaid to the Issuer unless and until the Notes in respect of which such sums were paid shall have been purchased or redeemed by the Issuer or any
other subsidiary of the Issuer and cancelled, but in any of these events the Paying Agent shall (provided that all other amounts due under this Agreement shall have been duly paid) upon written request by the Issuer forthwith repay to the Issuer
sums equivalent to the amounts which would otherwise have been payable on the relevant Notes together with any fees previously paid to the Paying Agent in respect of such Notes. Notwithstanding the foregoing, the Paying Agent shall not be obliged to
make any repayment to the Issuer so long as any amounts which under this Agreement should have been paid to or to the order of the Paying Agent by the Issuer shall remain unpaid. The Paying Agent shall not, however, be otherwise required or entitled
to repay any sums properly received by it under this Agreement. 
 7. REDEMPTION; NOTICE OF WITHHOLDING OR DEDUCTION 

7.1. The Issuer shall provide to the Paying Agent a copy of all notices of redemption delivered under the Indenture in respect of the Notes that it serves on
the holders of the Notes including, without limitation, details of the date(s) on which such redemptions in respect of the Notes are to be made, all amounts required to be paid by the Issuer in respect thereof in accordance with the Indenture and
the manner in which such redemption will be effected. 

  
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 7.2. If (i) the Issuer, in respect of any payment, or (ii) the Paying Agent, in respect of any
payment of principal of or any premium or interest on the Notes, is required to withhold or deduct any amount for or on account of tax: 
 (a) the Issuer
shall give notice thereof to the Paying Agent and the Series Trustee as soon as it becomes aware of such requirement and shall give to the Paying Agent such information as the Paying Agent requires to enable it to make such deduction or withholding;
and 
 (b) except where such requirement arises as a result of redemption of the Notes in accordance with the Indenture or by virtue of the relevant holder
failing to satisfy any certification or other requirement in respect of its Notes, the Paying Agent shall give notice thereof to the Issuer and the Series Trustee as soon as it becomes aware of the requirement to withhold or deduct. 

8. RECORDS 
 The Paying Agent shall: 

(a) keep a full and complete record of all payments made by it in respect of the Notes; and 

(b) make such records available at all reasonable times to the Issuer and any persons authorised by it, and the Series Trustee for inspection and for the
taking of copies thereof. 
 9. FEES AND EXPENSES 

9.1. The Issuer will pay to the Paying Agent, Transfer Agent and Registrar such fees and expenses in respect of the Paying Agent, Transfer Agent and
Registrar’s services under this Agreement as set forth in the fee letter dated September 5, 2018, from U.S. Bank Global Corporate Trust Services to the Issuer. 

9.2. The Issuer will also pay on demand, against presentation of such invoices and receipts as it may reasonably require, all documented out-of-pocket expenses (including necessary advertising, facsimile and telex transmission, postage and insurance expenses and, subject to prior approval by the Issuer as set
forth below, the fees and expenses of legal advisers) properly incurred by the Paying Agent, Transfer Agent and Registrar in connection with the services under this Agreement, together with any applicable value added tax or similar tax properly
chargeable thereon. Payment by the Issuer to the Paying Agent, Transfer Agent and Registrar of such documented out-of-pocket expenses shall be a good discharge of the
obligations of the Issuer in respect thereof. Where the advice of legal counsel is sought by the Paying Agent, Transfer Agent or Registrar, the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance. 

10. INDEMNITY 
 10.1. The Issuer undertakes to indemnify
and hold harmless, the Paying Agent, Transfer Agent, Registrar and each of its respective directors, officers, employees or agents (each an “Indemnified Party”) on demand by such Indemnified Party against any losses, liabilities,
costs, fees, expenses, claims, actions, damages or demands (including, but not limited to, all reasonable costs, charges and expenses paid or incurred in disputing or defending the foregoing and the properly incurred fees and expenses of legal
advisers) which such Indemnified Party may incur or which may be made against it, as a result of or in connection with the appointment or the exercise of or performance of its powers and duties under this Agreement, except such as may result from
its own gross negligence, wilful misconduct or fraud or that of its directors, officers, employees or agents. 
 10.2. The indemnity contained in clause
10.1 above shall survive the termination and expiry of this Agreement. 
 11. CONDITIONS OF APPOINTMENT 

11.1. The Paying Agent shall (a) hold all sums received by it in accordance with this Agreement and the Indenture for the payment of principal of or any
premium or interest on the Notes (whether such sums have been paid to it by the Issuer or by any other obligor on the Notes) for the benefit of the holders of the Notes or of the Series Trustee until such sums shall be paid to such persons or
otherwise disposed of as provided in this Agreement and the Indenture; (b) give the Series Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the making of any payment of principal of or premium or interest on
the Notes when the same shall be due and payable; and (c) at any time during the continuance of any such default, upon the written request of the Series Trustee, forthwith pay to the Series Trustee all sums held by the Paying Agent in trust for
payment in respect of the Notes. 

  
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 11.2. No monies held by the Paying Agent need be segregated except as required by law. 

11.3. In acting under this Agreement and in connection with the Notes, the Paying Agent, Transfer Agent and Registrar shall act solely as agent of the Issuer
and, save solely in respect of its obligations under clause 11.1 hereof, shall not have any obligations towards or relationship of agency or trust with any of the holders of the Notes or the Series Trustee. 

11.4. The Paying Agent, Transfer Agent and Registrar shall be obliged to perform such duties and only such duties as are specifically set out in this
Agreement. No implied duties or obligations shall be read into such document. The Paying Agent, Transfer Agent and Registrar shall not be obliged to perform any duties additional to or different from such duties resulting from any modification or
supplement after the date hereof to any relevant documents (including, without limitation, the Indenture), unless it shall have previously agreed to perform such duties. The Paying Agent, Transfer Agent and Registrar shall not be under any
obligation to take any action hereunder which any party expects, and has thus notified the Issuer in writing, will result in any expense or liability of such Paying Agent, Transfer Agent or Registrar, the payment of which within a reasonable time is
not, in its opinion, assured to it. 
 11.5. Except as ordered by a court of competent jurisdiction or as required by law, the Paying Agent shall be
entitled to treat the holder of any Note (as evidenced by the register of Notes maintained by the Registrar) as the absolute owner thereof for all purposes (whether or not it is overdue and notwithstanding any notice to the contrary or any notice of
ownership, trust or any interest in it, any writing on it, or its theft or loss) and shall not be required to obtain any proof thereof or as to the identity of the bearer or holder. 

11.6. The Paying Agent, Transfer Agent and Registrar may consult with any legal or other professional advisers (who may be an employee of or legal adviser to
the Issuer) selected by it, at the cost of the Issuer, provided that the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance, and the opinion of such advisers shall be full and complete protection in respect of
any action taken, omitted or suffered hereunder in accordance with the written opinion of such advisers. 
 11.7. The Paying Agent, Transfer Agent and
Registrar shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in reliance upon any instruction, request or order from the Issuer or upon any Note, notice, resolution, direction, consent,
certificate, affidavit, statement, telex, facsimile transmission or other document or information from any electronic or other source reasonably believed by it to be genuine and to have been signed or otherwise given or disseminated by the proper
party or parties, even if it is subsequently found not to be genuine or to be incorrect. 
 11.8. The Paying Agent, Transfer Agent and Registrar, whether
acting for itself or in any other capacity, will not be precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Note or any shares or other securities of the Issuer or any of its subsidiaries, holding or
associated companies (each a “Connected Company”), with the same rights as it would have had if it were not acting as Paying Agent or from entering into or being interested in any contracts or transactions with any Connected Company
or from acting on, or as depositary, trustee or agent for, any committee or body of holders of any securities of any Connected Company and will not be liable to account for any profit. 

11.9. The Paying Agent shall not be required to make any payments to any holder of a Note if under any laws or regulations affecting the Paying Agent, such
payment is not permitted. In the event of any such laws or regulations affecting the Paying Agent coming to the attention of the Paying Agent it shall forthwith notify the Issuer and the Series Trustee. 

11.10. The Issuer shall use its reasonable best efforts to do or cause to be done all such acts, matters and things and shall make available all such
documents as shall be necessary or desirable to enable the Paying Agent, Transfer Agent and Registrar to fully comply with and carry out its respective duties and obligations hereunder. 

  
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 11.11. In no event shall the Paying Agent, Transfer Agent or Registrar or any of its affiliates or any of
their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”) have any liability for damages of any kind, including, without limitation, direct or indirect, special, incidental
or consequential damages, losses or expenses (whether in tort, contract or otherwise), except to the extent the liability of the Paying Agent, Transfer Agent or Registrar is found in a final non-appealable
judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence, wilful misconduct or fraud of the Paying Agent, Transfer Agent or Registrar or their Agent Parties. 

11.12. Notwithstanding anything contained in this Agreement to the contrary, the Paying Agent, Transfer Agent and the Registrar shall not incur any liability
for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control including, without limitation, (i) any governmental activity (whether de jure or de facto), act of authority (whether lawful or
unlawful), compliance with any governmental or regulatory order, rule, regulation or direction, curfew restriction, expropriation, compulsory acquisition, seizure, requisition, nationalisation or the imposition of currency or currency control
restrictions; (ii) any failure of or the effect of rules or operations of any funds transfer, settlement or clearing system, interruption, loss or malfunction of utilities, communications or computer services or the payment or repayment of any
cash or sums arising from the application of any law or regulation in effect now or in the future, or from the occurrence of any event in the country in which such cash is held which may affect, limit, prohibit or prevent the transferability,
convertibility, availability, payment or repayment of any cash or sums until such time as such law, regulation or event shall no longer affect, limit, prohibit or prevent such transferability, convertibility, availability, payment or repayment (and
in no event, other than as provided in the Notes, shall the Paying Agent be obliged to substitute another currency for a currency whose transferability, convertibility or availability has been affected, limited, prohibited or prevented by such law,
regulation or event or be obliged to pay any penalty interest); (iii) any strike or work stoppage, go slow, occupation of premises, other industrial action or dispute or any breach of contract by any essential personnel; (iv) any equipment or
transmission failure or failure of applicable banking or financial systems; (v) any war, armed conflict including but not limited to hostile attack, hostilities, or acts of a foreign enemy; (vi) any riot, insurrection, civil commotion or
disorder, mob violence or act of civil disobedience; (vii) any act of terrorism or sabotage; (viii) any explosion, fire, destruction of machines, equipment or any kind of installation, prolonged breakdown of transport, radioactive
contamination, nuclear fusion or fission or electric current; (ix) any epidemic, natural disaster (such as but not limited to violent storm, hurricane, blizzard, earthquake, landslide, tidal wave, flood, damage or destruction by lightning, or
drought); or (x) any other act of God; it being understood that the Paying Agent, Transfer Agent and the Registrar shall use reasonable efforts to resume performance as soon as practicable under the circumstances. 

11.13. Pursuant to and in accordance with the procedures set forth in Section 10.3 and 10.4 of the Base Indenture (i) in connection with the
satisfaction and discharge of the Indenture with respect to any series of the Notes, all moneys then held by the Paying Agent under the provisions of the Indenture with respect to such series of the Notes shall, upon demand of the Issuer, be repaid
to it or paid to the Series Trustee and thereupon the Paying Agent shall be released from all further liability with respect to such moneys and (ii) any moneys deposited with or paid to the Paying Agent for the payment of the principal of or
interest on any series of the Notes and not applied but remaining unclaimed for three years after the date upon which such principal of or any premium or interest shall have become due and payable, shall, upon the written request of the Issuer and
unless otherwise required by mandatory provision of applicable escheat or abandoned or unclaimed property law, be repaid to the Issuer and the Holder of the Note shall, unless otherwise required by mandatory provisions of applicable escheat or
abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Paying Agent with respect to such monies shall thereupon cease. 

12. CHANGES IN PAYING AGENT OR REGISTRAR AND SPECIFIED OFFICES 

12.1. The Issuer may at any time terminate the appointment of the Paying Agent, Transfer Agent or the Registrar and appoint additional or other paying agents,
transfer agents or registrars. Any termination shall be made by giving to the Paying Agent, Transfer Agent or Registrar and (if different) to the paying agent, transfer agent or registrar whose appointment is to be terminated not less than 30
days’ written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payment in respect of Notes. 

  
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 12.2. Subject to clause 12.1 and 12.3 of this Agreement, the Paying Agent, Transfer Agent or Registrar may
resign its appointment hereunder at any time by giving to the Issuer not less than 90 days’ written notice to that effect, which notice shall expire not less than 45 days before or after any due date for any payments in respect of any Notes.

 12.3. Notwithstanding clauses 12.1 and 12.2 of this Agreement, no such termination of the appointment of, or resignation by, the Paying Agent, Transfer
Agent or Registrar shall take effect until a successor has been appointed on terms approved by the Issuer or the Issuer has otherwise approved such resignation without a successor being appointed. 

12.4. Notwithstanding any other provisions of clause 12.1 of this Agreement, the appointment of the Paying Agent, Transfer Agent or Registrar shall forthwith
terminate if at any time such Paying Agent, Transfer Agent or Registrar becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit of its creditors or
consents to the appointment of a receiver, administrator or other similar official of it or of all or any substantial part of its property or admits in writing its inability to pay or meet its debts as they mature or suspends payment thereof, or if
a resolution is passed or an order made for its winding up or dissolution, or if a receiver, administrator or other similar official of it or of all or any substantial part of its property is appointed, or if any order of any court is entered
approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer takes charge or control of such Paying Agent, Transfer Agent or Registrar or its property or affairs for the
purpose of rehabilitation, conservation, administration or liquidation or there occurs any analogous event under any applicable law. 
 12.5. On the date on
which any such termination or resignation takes effect, the Paying Agent, Transfer Agent or Registrar shall (i) pay to or to the order of its successor (or, if none, the Issuer) any amounts held by it in respect of the Notes; and
(ii) deliver to its successor (or, if none, the Issuer), or as it may direct, all records maintained by it, pursuant hereto. Following such termination or resignation and pending such payment and delivery, the Paying Agent, Transfer Agent or
Registrar shall hold such amounts, records and documents in trust for and subject to the order of its successor or, as the case may be, the Issuer. 
 12.6.
Any corporation into which any Paying Agent, Transfer Agent or Registrar may be merged or converted or any corporation with which such Paying Agent, Transfer Agent or Registrar may be consolidated or any corporation resulting from any merger,
conversion or consolidation to which such Paying Agent, Transfer Agent or Registrar shall be a party, or any corporation, including affiliated corporations, to which the Paying Agent, Transfer Agent or Registrar shall sell or otherwise transfer:
(a) all or substantially all of its assets or (b) all or substantially all of its corporate trust business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any
applicable laws, be the successor Paying Agent, Transfer Agent or Registrar under this Agreement without any further formality, and after such effective date all references in this Agreement to such Paying Agent, Transfer Agent or Registrar shall be
deemed to be references to such corporation. Prior notice of any such merger, conversion, consolidation or transfer shall forthwith be given by the Paying Agent, Transfer Agent or Registrar to the Issuer and the Series Trustee. 

12.7. The Paying Agent, Transfer Agent or Registrar may change its specified office to an office in London at any time by giving to the Issuer and the Series
Trustee not less than 60 days’ prior written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes, and which notice shall specify the address of the new
specified office and the date upon which such change is to take effect. 
 13. NOTICES 

13.1. If the Issuer arranges publication of any notice to the holders of the Notes, it shall at or before the time of such publication, send copies of each
notice so published to the Paying Agent (with a copy to the Series Trustee). The Paying Agent shall promptly forward any notices that it receives at the request of the Issuer to Euroclear and Clearstream. 

13.2. The Paying Agent, Transfer Agent and Registrar shall promptly forward any written notice received by it from any holders of the Notes to the Issuer and
the Series Trustee. 

  
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 13.3. On behalf of, and at the request and expense of the Issuer, the Paying Agent shall cause to be
published all notices required to be given by the Issuer under the Indenture. 
 14. COMMUNICATIONS 

14.1. For the purposes of this clause, the address of each party at the date of this Agreement shall be the address set out below, and each party may
hereafter update its address by providing written notice thereof to each other party in accordance with this Section 14 (including, where applicable, the details of the facsimile number, the person for whose attention the notice or
communication is to be addressed and the email address): 
 the Issuer: 
  

			
	 Emerson Electric Co.

Attn: Treasurer

8000 West Florissant Avenue

St. Louis Missouri 63136

As may be amended from time to time in accordance with this Agreement.
	  	 Fax: 314-553-2463

Attention: Treasurer
 Email:
treasuryoperations@emerson.com

 the Paying Agent: 
  

			
	 Elavon Financial Services DAC, UK Branch

125 Old Broad Street,

Fifth Floor

London
 EC2N 1AR

United Kingdom
 As may be amended from time to time in accordance
with this Agreement.
	  	 Fax: +44 (0)207 365 2577
 Attention: MBS
Relationship Management
 Email: mbs.relationship.management@usbank.com

 the Transfer Agent: 
  

			
	 U.S. Bank National Association
	  	
	 125 Old Broad Street,

Fifth Floor

London

EC2N 1AR

United Kingdom
 As may be
amended from time to time in accordance with this Agreement.
	  	 Fax: + 44 (0)207 365 2577
 Attention: MBS
Relationship Management
 Email: mbs.relationship.management@usbank.com

 the Registrar: 
  

			
	 U.S. Bank National Association
	  	
	 125 Old Broad Street,

Fifth Floor

London

EC2N 1AR

United Kingdom
 As may be
amended from time to time in accordance with this Agreement.
	  	 Fax: + 44 (0)207 365 2577
 Attention: MBS
Relationship Management
 Email: mbs.relationship.management@usbank.com

 the Series Trustee: 
  

			
	 Wells Fargo Bank, National Association
	  	
	 150 East 42nd Street, 40th Floor

New York, New York 10017

Attention: Corporate Trust Services

As may be amended from time to time in accordance with the Indenture and notified by the Issuer to the Paying Agent.
	  	 Fax: 917-260-1594

Email: Alexander.Pabon@wellsfargo.com

  
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 15. AMENDMENTS 

15.1. For the avoidance of doubt, this Agreement may be amended in writing by the parties hereto. 

15.2. The Issuer shall provide to the Paying Agent a copy of any amendment to the Indenture applicable to the Notes as soon as reasonably practicable
following such amendment taking effect. Where reference is made in this Agreement to the Indenture, such reference shall, for the purposes of the Paying Agent’s rights and obligations under this Agreement only, be deemed to refer to the most
recent version of such document provided to the Paying Agent by the Issuer. 
 16. TAXES 

The Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution, delivery, performance
and enforcement of this Agreement. 
 17. REGULATORY MATTERS 

17.1. The Paying Agent is authorised and regulated by the Central Bank of Ireland (“CBOI”) and its activities in the UK are subject to
limited regulation by the UK Prudential Regulation Authority (“PRA”) and the UK Financial Conduct Authority (“FCA”). 

17.2. In connection with the worldwide effort against the funding of terrorism and money laundering activities, the Paying Agent, Transfer Agent and Registrar
may be required under various national laws and regulations to which they are subject to obtain, verify and record information that identifies each person who opens an account with it. For a non-individual
person such as a business entity, a charity, a trust or other legal entity, the Paying Agent, Transfer Agent and Registrar shall be entitled to ask for documentation to verify such entity’s formation and legal existence as well as financial
statements, licenses, identification and authorisation documents from individuals claiming authority to represent the entity or other relevant documentation. 

17.3. The parties to this Agreement acknowledge and agree that the obligations of the Paying Agent, Transfer Agent and Registrar under this Agreement are
limited by and subject to compliance by them with European Union and US Federal anti-money laundering statutes and regulations. If the Paying Agent, Transfer Agent and Registrar or any of their directors know or suspect that a payment is the
proceeds of criminal conduct, and such person is required to report such information pursuant to the applicable authorities, such report shall not be treated as a breach by such person of any confidentiality covenant or other restriction imposed on
such person under this Agreement, by law or otherwise on the disclosure of information. The Paying Agent, Transfer Agent and Registrar shall be indemnified and held harmless by the Issuer from and against all losses suffered by them that may arise
as a result of the agents being prevented from fulfilling their obligations hereunder due to the extent doing so would not be consistent with applicable statutory anti-money laundering requirements. 

17.4. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party
hereto acknowledges that any liability of any party arising under this Agreement or any such other document to which this Agreement relates, to the extent such liability is unsecured or not otherwise exempted, may be subject to the Write-down and
Conversion Powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down
and Conversion Powers by a Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto; and 

  
 10 

 (b) the effects of any Bail-in Action on any such liability,
including any of the following, or some combination thereof, if applicable: 
 1. a reduction in full or in part or cancellation of any such liability; 

2. a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such party, its parent undertaking, or a bridge
institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other agreement; or

 3. the variation of the terms of such liability in connection with the exercise of the Write-down and Conversion Powers of any Resolution Authority. 

For the purpose of this sub-clause 17.4 the following terms shall have the following meanings: 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable
Resolution Authority. 
 “Bail-In Legislation” means, with respect to any EEA Member Country
implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law
or regulation. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EU Bail-In Legislation Schedule” means the EU Bail-In
Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 
 “Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority to exercise any Write-down and Conversion Powers. 

“Write-Down and Conversion Powers” means, 
 (a)
in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and 
 (b) any powers
under the Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial
institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person
or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
Bail-In Legislation that are related to or ancillary to any of those powers; and any similar or analogous powers under that Bail-In Legislation. 

18. GOVERNING LAW AND JURISDICTION 
 18.1. This Agreement
shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York. 
 18.2. Each of
the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of
New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent permitted by applicable law, each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably

  
 11 

 
waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter
have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

18.3. Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer agrees, to the fullest extent permitted by applicable law, that a final
judgment in any suit, action or proceeding of the nature referred to in clause 18.2 of this Agreement brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the
courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

18.4. THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT. 

19. COUNTERPARTS 
 This Agreement may be executed in any
number of counterparts, each of which when executed and delivered shall be an original, but all of which when taken together shall constitute a single instrument. Signatures of the parties hereto transmitted by facsimile or PDF may be used in lieu
of the originals and shall be deemed to be their original signatures for all purposes. 

  
 12 

 AS WITNESS the hands of the parties or their duly authorised agents have been set hereto as of the
day and year first above written. 
 SIGNATORIES 
  

			
	ISSUER
	
	EMERSON ELECTRIC CO.
		
	By:	 	/s/ F. J. Dellaquila
		 	Name: F. J. Dellaquila
		 	 Title:   Senior Executive Vice President and

            Chief Financial Officer

		
	By:	 	/s/ J. H. Thomasson
		 	Name: J. H. Thomasson
		 	 Title:   Vice President and Treasurer

 [Signature Page to Agency Agreement] 

			
	PAYING AGENT
	
	ELAVON FINANCIAL SERVICES DAC, UK BRANCH
		
	By:	 	/s/ Chris Hobbs
		 	Name: Chris Hobbs
		 	Title:   Authorised Signatory
		
	By:	 	/s/ Michael Leong
		 	Name: Michael Leong
		 	Title:   Authorised Signatory

  

			
	TRANSFER AGENT
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Chris Hobbs
		 	Name: Chris Hobbs
		 	Title:   Authorised Signatory
		
	By:	 	/s/ Michael Leong
		 	Name: Michael Leong
		 	Title:   Authorised Signatory

  

			
	REGISTRAR
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Chris Hobbs
		 	Name: Chris Hobbs
		 	Title:   Authorised Signatory
		
	By:	 	/s/ Michael Leong
		 	Name: Michael Leong
		 	Title:   Authorised Signatory

 [Signature Page to Agency Agreement] 

			
	SERIES TRUSTEE
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Gregory S. Clarke
		 	Name: Gregory S. Clarke
		 	Title:   Vice President

 [Signature Page to Agency Agreement] 

 Appendix 1 

Indenture 
 [The Base Indenture and the
Supplemental Indenture are included as Exhibits 4.1 and 4.2, respectively, to the Current Report on Form 8-K filed on January 15, 2019, to which this Exhibit 4.3 forms a part.]EX-4.4

 Exhibit 4.4 

GLOBAL NOTE 
 THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), AND CLEARSTREAM BANKING, S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR,
“EUROCLEAR/CLEARSTREAM”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED AS NOMINEE OF ELAVON FINANCIAL SERVICES DAC AS COMMON
DEPOSITARY (THE “DEPOSITARY”) OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS AN INTEREST HEREIN. 

EMERSON ELECTRIC CO. 

1.250% Note due 2025 
  

			
	€500,000,000	 	No.: A-1
		 	CUSIP: 291011 BH6
	Issue Date: January 15, 2019	 	ISIN: XS1915689746
		 	Common Code: 191568974

 Emerson Electric Co., a Missouri corporation (the “Issuer”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of the common depositary for Euroclear and Clearstream, or registered assigns, the principal sum of €500,000,000, or such other principal sum as shall be set forth in the Schedule of Exchanges of Interests
attached hereto, on October 15, 2025 (the “Maturity Date”), and to pay interest at 1.250% per annum annually in arrears on each October 15, commencing October 15, 2019 (each, an “Interest Payment Date”), with the
interest computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the 2025 Notes (or January 15, 2019,
if no interest has been paid on the 2025 Notes), to, but excluding, the next scheduled 2025 Interest Payment Date, which payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market
Association. 
 If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the related payment of interest or principal, as
applicable, will be made on the next Business Day with the same force and effect as if it were made on the date the payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date or the
Maturity Date, as the case may be, to the date the payment is made. Interest payments will include accrued interest from and including the date of issue or from and including the last date in respect to which interest has been paid, as the case may
be, to, but excluding, the Interest Payment Date or the Maturity Date, as the case may be. 

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof. Such
further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof or the Authenticating Agent referred to herein. 

 IN WITNESS WHEREOF, Emerson Electric Co. has caused this instrument to be signed by facsimile by its duly
authorized officers and has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 
  

			
	EMERSON ELECTRIC CO.
		
	By:	 	 /s/ F. J. Dellaquila

	Title:	 	Senior Executive Vice President and Chief Financial Officer
		
	By:	 	 /s/ J. H. Thomasson

	Title:	 	Vice President and Treasurer

 [SEAL] 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

							
	Dated: January 15, 2019	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
		 		 	By ELAVON FINANCIAL SERVICES DAC, UK BRANCH, as Authenticating Agent appointed by the Trustee
				
		 		 	By:	 	 /s/ Chris Hobbs

		 		 		 	Authorized Signatory
				
		 		 	By:	 	 /s/ Michael Leong

		 		 		 	Authorized Signatory

 EMERSON ELECTRIC CO. 

1.250% Notes due 2025 
 This Note
is one of a duly authorized issue of unsecured debentures, notes or other evidence of indebtedness of the Issuer (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an
indenture dated as of December 10, 1998 (herein called the “Original Indenture”), duly executed and delivered by the Issuer to The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York Mellon (formerly known
as The Bank of New York)), as trustee (herein called the “Original Trustee”), as supplemented by a First Supplemental Indenture dated as of January 15, 2019 (the “First Supplemental Indenture” and, together with the Original
Indenture, the “Indenture”), among the Issuer, the Original Trustee and Wells Fargo Bank, National Association, as series trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the holders of the Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any) and may otherwise vary as in the Indenture provided. This Note is one of a series designated as the 1.250% Notes due 2025 of the Issuer, limited in aggregate principal amount to €500,000,000 (herein called the
“Notes”). 
 The Notes of this series are redeemable, in whole or from time to time in part, at the Issuer’s option, prior to
the Par Call Date (as defined below), at a redemption price equal to the greater of (i) 100 percent of the principal amount of the Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal
and interest thereon (exclusive of interest accrued to that Redemption Date) discounted to that Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 25 basis points,
plus, in either case, accrued and unpaid interest on the principal amount being redeemed to that Redemption Date. 
 The Notes of this
series are redeemable, in whole or from time to time in part, at the Issuer’s option, on or after the Par Call Date, at a redemption price equal to 100 percent of the principal amount of the Notes being redeemed, plus accrued and unpaid
interest on the principal amount being redeemed to the applicable Redemption Date. 
 Notwithstanding the foregoing, installments of
interest on the Notes which are due and payable on an Interest Payment Date falling on or prior to the relevant Redemption Date shall be payable to the holders of those Notes, registered as such at the close of business on the relevant record date
according to their terms and the provisions of the Indenture. 
 Notice of any redemption will be mailed or otherwise transmitted in
accordance with the applicable procedures of Euroclear or Clearstream to each Holder of the Notes not less than 30 days but not more than 60 days before the Redemption Date of the Notes being redeemed. 

If less than all of the Notes of this series are to be redeemed, the Notes of this series to be redeemed shall be selected by the Paying Agent
by a method the Paying Agent deems to be fair and appropriate or, in the event that the Notes are represented by one or more Global Notes, beneficial interests therein shall be selected for redemption by Clearstream and Euroclear in accordance with
their respective applicable procedures therefor. If the Notes are listed on any national securities exchange, Euroclear or Clearstream will select Notes in compliance with the requirements of the principal national securities exchange on which the
Notes are listed. Notwithstanding the foregoing, if less than all of the Notes are to be redeemed, no Notes of a principal amount of €100,000 or less shall be redeemed in part. 

“Comparable Government Bond Rate” means, with respect to any redemption date, the price, expressed as a percentage (rounded
to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on this series of Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the redemption date, would be
equal to the gross redemption yield on such Business Bay of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as
determined by an independent investment bank selected by the Issuer. 

 “Comparable Government Bond” means, in relation to any Comparable
Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Issuer, a German federal government bond whose maturity is closest to the maturity of the applicable series of Notes to be redeemed, or if such
independent investment bank in its discretion determines that such similar bond is not in issue, such other German federal government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German
federal government bonds selected by the Issuer, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Par Call Date” means July 15, 2025. 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) or treaties of the
United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations, rulings or treaties, which change or amendment is announced
or becomes effective on or after the date of issuance of the Notes, the Issuer becomes or will become obligated to pay additional amounts as described under Section 2.07 of the First Supplemental Indenture with respect to the Notes, then the
Issuer may at any time at its option redeem, in whole, but not in part, the outstanding Notes on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100 percent of their principal amount, together with
accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption; provided such obligation cannot be avoided by its taking reasonable measures available to it, not including substitution of the obligor under the Notes.

 Pursuant to Section 2.07 of the First Supplemental Indenture, the Issuer will, subject to the exceptions and limitations set forth
in Section 2.07 of the First Supplemental Indenture, pay such additional amounts (“Additional Amounts”) as will result in the receipt by each beneficial owner of a Note that is not a United States person (as defined below) of such
amounts, after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States (including any withholding or deduction with respect to the
payment of such Additional Amounts) as would have been received had no such withholding or deduction been required. 
 As used herein, the
term “United States” means the United States of America (including the states of the United States and the District of Columbia and any political subdivision thereof) and the term “United States person” means any individual who
is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia
(other than a partnership that is not treated as a United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

Whenever in the Indenture (including in this Note) there is referenced, in any context, the payment of amounts based on the payment of
principal of, or premium, if any, or interest on, the Notes of this series, or any other amount payable thereunder or with respect thereto, such reference will be deemed to include the payment of Additional Amounts as described hereunder to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 The Indenture contains provisions for
defeasance at any time of the entire Indebtedness of this Note or certain restrictive covenants and Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 

In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be declared, and upon
such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

 The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of
the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding (as defined in the Indenture) of all series to be affected (voting as one class), evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each such
series; provided, however, that no such supplemental indenture shall (i) extend the final maturity of any Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate or extend the time of payment of any
interest thereon, or reduce any amount payable on redemption thereof or reduce the amount of the principal of an Original Issue Discount Security (as defined in the Indenture) payable upon acceleration thereof or the amount thereof provable in
bankruptcy, or impair or affect the rights of any Holder to institute suit for the payment thereof, or, if the Securities provide therefor, any right of repayment at the option of the Holder, without the consent of the Holder of each Security so
affected, or (ii) reduce the aforesaid percentage of Securities, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holder of each Security affected. It is also provided in the Indenture
that, with respect to certain defaults or Events of Default regarding the Securities of any series, prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in aggregate principal amount Outstanding of the
Securities of such series (or, in the case of certain defaults or Events of Default, all or certain series of the Securities) may on behalf of the Holders of all the Securities of such series (or all or certain series of the Securities, as the case
may be) waive any such past default or Event of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or premium, if any, or interest on any of the Securities. Any such consent
or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note in the manner, at the respective
times, at the rate and in the coin or currency herein prescribed. 
 No Global Note may be transferred except as a whole by the Depositary
to a nominee of the Depositary. Subject to certain conditions, the Notes represented by the Global Note are exchangeable for certificated notes in definitive form of like tenor in minimum denominations of €100,000 principal amount and integral
multiples of €1,000 in excess thereof if: (1) the Depositary provides notification that it is unwilling, unable or no longer qualified to continue as depositary for the Global Note and a successor is not appointed by the Issuer within
90 days; (2) the Issuer has been notified that both Clearstream and Euroclear have been closed for business for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or have announced an intention
permanently to cease business or have in fact done so and no successor clearing system is available, (3) the Issuer has or will become subject to adverse tax consequences which would not be suffered were the Notes represented by the Global Note
in definitive form, or (4) an event of default entitling the Holders of the applicable Notes to accelerate the maturity thereof has occurred and is continuing. Upon the occurrence of any of the preceding events, the Issuer will notify the
Trustee in writing that, upon surrender by the participants of their interest in such Global Note, Securities in definitive form will be issued to each Person that such participants and the Depositary identify as being the beneficial owner of the
related Securities. Beneficial interests in Global Notes may be exchanged for Securities in definitive form of the same series upon request but only upon at least 30 days’ prior written notice given to the Trustee by or on behalf of the
Depositary in accordance with customary procedures. 
 For purposes of the Notes, “Business Day” shall mean any day that is not a
Saturday or Sunday and that is not a day on which banking institutions are authorized or obligated by law or executive order to close in the City of New York or London and on which the Trans-European Automated Real-time Gross Settlement Express
Transfer system (the TARGET2 system), or any successor thereto, operates. 
 All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The acceptance of this Note shall be deemed to constitute the consent and agreement of the Holder hereof to all of the terms and provisions of
the Indenture. Terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

 THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign and
transfer this Note to: 
  
  

(Insert assignee’s social security or tax I.D. no.) 
  

 
  
  

 
  
  

 
  
  

 
  

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

and irrevocably appoint
                                        
as agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

			
	Your Signature:	  	  

		  	 (Sign exactly as your name appears on the other side of this Note)

		
	Your Name:	  	  

 Date:
                             

 

					
	Signature Guarantee:	  	  
	  	*

 *NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature
Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable
to the Trustee. 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of an interest in this Global Note for an interest in another Global Note or for a Definitive Security, or exchanges of an interest in
another Global Note or a Definitive Security for an interest in this Global Note have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease

in Principal Amount of
this Global Note
	 	 Amount of increase
in Principal Amount of
this
Global Note
	 	 Principal Amount of this
Global Note
following
such decrease or increase
	 	 Signature of authorized
signatory or Trustee
or
Securities Custodian

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