Document:

EX-4.(c)(x)

 Exhibit 4(c)(x) 
  

 
 

 
 INTERCONTINENTAL HOTELS GROUP 

RULES 
 ANNUAL
PERFORMANCE PLAN 
  

			
	Directors’ Adoption:		13 February 2014
		
	Shareholders’ Approval:		2 May 2014
		
	Effective Date:		2 May 2014
		
	Expiry Date:		2 May 2024

 TABLE OF CONTENTS 
  

									
	1		Meanings of Words Used		 	1	  
			
	2		Administration of the Plan		 	2	  
			
	3		Operation of the Plan		 	3	  
				
			3.1		Setting Performance Targets		 	3	  
				
			3.2		Basis of calculation of Performance Payments		 	3	  
				
			3.3		Nature of Performance Payments		 	3	  
				
			3.4		Notification to Participants		 	3	  
				
			3.5		Variation		 	4	  
			
	4		Plan limits		 	4	  
				
			4.2		Exclusions		 	4	  
				
			4.3		Meaning of Allocate		 	4	  
			
	5		Voting, dividends and Dividend Equivalents		 	4	  
				
			5.1		Rights		 	4	  
				
			5.2		Dividend Equivalents		 	4	  
				
			5.3		Settling Dividend Equivalents		 	5	  
			
	6		Material events before the making of Performance Payments		 	5	  
				
			6.1		New joiners		 	5	  
				
			6.2		Death during the Performance Period		 	5	  
				
			6.3		Good Leaver terminations during the Performance Period		 	5	  
				
			6.4		Other leavers during the Performance Period		 	5	  
				
			6.5		Reconstructions and Takeovers during the Performance Period		 	6	  
				
			6.6		Death after the Performance Period		 	6	  
				
			6.7		Good Leaver terminations after the Performance Period		 	6	  
				
			6.8		Other leavers after the Performance Period		 	6	  
				
			6.9		Reconstructions and Takeovers after the Performance Period		 	6	  
				
			6.10		Date of termination		 	6	  
			
	7		Making of Performance Payments		 	7	  
				
			7.1		Calculation of Performance Payments		 	7	  
				
			7.2		Performance Payments in cash		 	7	  
				
			7.3		Performance Payments in Shares		 	7	  
				
			7.4		Timing of APP Deferred Share Awards		 	7	  
			
	8		Termination of employment before the Release Date		 	8	  
				
			8.1		Death		 	8	  
				
			8.2		Good Leaver terminations		 	8	  
				
			8.3		Other terminations		 	8	  
				
			8.4		Reconstruction or Takeover		 	8	  
			
	9		Release Date		 	8	  
				
			9.1		Rights		 	8	  
				
			9.2		Dealing restrictions		 	8	  

  
  

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	10		Cash alternative		 	9	  
			
	11		Reconstructions and Takeovers		 	9	  
				
			11.1		Acceleration of rights		 	9	  
				
			11.2		Exchange of rights		 	9	  
				
			11.3		Other transactions		 	9	  
			
	12		Discretion to reduce Performance Payments		 	9	  
				
			12.1		Committee can reduce Performance Payments		 	9	  
				
			12.2		Circumstances		 	10	  
				
			12.3		Notification		 	10	  
			
	13		General		 	10	  
				
			13.1		Notice		 	10	  
				
			13.2		Final and conclusive		 	10	  
				
			13.3		Costs		 	10	  
				
			13.4		Withholding		 	11	  
				
			13.5		Regulations		 	11	  
				
			13.6		Section 409A		 	11	  
			
	14		Terms of employment:		 	11	  
				
			14.1		Application		 	11	  
				
			14.2		Not part of employment contract		 	11	  
				
			14.3		No future expectation		 	11	  
				
			14.4		No entitlement		 	11	  
				
			14.5		Decisions		 	12	  
				
			14.6		No compensation		 	12	  
				
			14.7		Waiver		 	12	  
				
			14.8		Third parties		 	12	  
				
			14.9		Separate and independent		 	12	  
			
	15		Personal data		 	12	  
				
			15.1		Consent		 	12	  
				
			15.2		Types of processing		 	12	  
			
	16		Changes to and termination of the Plan		 	13	  
				
			16.1		Committee powers		 	13	  
				
			16.2		Shareholder approval		 	13	  
				
			16.3		Minor amendments		 	13	  
				
			16.4		Employees’ share scheme		 	13	  
				
			16.5		Termination		 	14	  
			
	17		Operating the Plan overseas		 	14	  
			
	18		Governing law		 	14	  

  
  

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 Intercontinental Hotels Group Annual Performance Plan (“APP”) Rules 

 

	1	Meanings of Words Used 

 In these Rules: 

“APP Cash Award” means a conditional cash award payable under this Plan. 

“APP Deferred Share Award” means any Shares comprised in a Performance Payment, which may be in the form of a Conditional Award or a
Forfeitable Award. 
 “Change in Ownership under Section 409A” means a “change in ownership” within the meaning of US
Treasury Regulation Section 1.409A-3(i)(5)(v). In general, a change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined for purposes of Section 409A), acquires
ownership of stock of the corporation that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation. However, if any one person, or more
than one person acting as a group, is considered to own more than 50 percent of the total fair market value or total voting power of the stock of a corporation, the acquisition of additional stock by the same person or persons is not considered to
cause a change in the ownership of the corporation. An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the corporation acquires its stock in exchange for property will
be treated as an acquisition of stock for purposes of this section. This section applies only when there is a transfer of stock of a corporation (or issuance of stock of a corporation) and stock in such corporation remains outstanding after the
transaction. 
 “Committee” means the Board of Directors of the Company or a duly authorised committee. 

“Company” means InterContinental Hotels Group PLC (with registered number 5134420). 

“Conditional Award” means an APP Deferred Share Award within Rule 7.3.1. 

“Dividend Equivalent” means a cash payment (as defined in Rule 5.2) which, although not a real dividend payment, reflects the economic value
of dividends that are paid on real Shares. 
 “Employee” means, except for the purposes of Rule 14, any employee or former employee of any
Group Company. 
 “Forfeitable Award” means an APP Deferred Share Award within Rule 7.3.2. 

“Forfeitable Share Agreement” means the agreement setting out the terms of a Forfeitable Award as required by Rule 7.3.2. 

“Good Leaver” and “Good Leaver Reason” means Participants who terminate employment in certain termination situations as described
in Rule 6.3. 
 “Group Company” means: 
  

	(i)	the Company; 

  

	(ii)	a Subsidiary; or 

  

	(iii)	any other company which is associated with the Company and is so designated by the Committee. 

“LTIP” means the InterContinental Hotels Group Long Term Incentive Plan as amended from time to time.  

“Participant” means a person who has been selected to participate in the Plan. 

“Performance Payment” means an award of an APP Cash Award or an APP Deferred Share Award, or both, made to a Participant in accordance with
the Plan. Such Performance Payments may be designated to a particular Performance Payment Cycle. 

  
  

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 “Performance Payment Cycle” means the operation of the Plan in a particular year or period or in
relation to particular one-off awards;  
 “Performance Period” means the period set by the Committee for the achievement of the
Performance Target. The Performance Period shall not, generally, exceed one financial year. 
 “Performance Target” means any target
specified in relation to a Performance Payment. 
 “Plan” means The InterContinental Hotels Group Annual Performance Plan constituted by
this document as amended from time to time. 
 “Reconstruction or Takeover” means any takeover or merger, however effected, including a
reverse takeover, partial offer or scheme of arrangement sanctioned by the court other than an internal reconstruction or reorganisation which does not involve a significant change in the identity of the ultimate shareholders of the Company. 

“Release Date” in relation to Shares under any Forfeitable Award, means the date on which the Participant is entitled to the Shares free of
any restrictions, and in relation to any Shares subject to a Conditional Award, means the date on which the Participant becomes entitled to receive the Shares under Rule 9, but in all cases subject to any delay under Rule 9.2 and subject to any
advancement under any other provision of the Rules. 
 “Rules” means these rules as amended from time to time. 

“Salary” in relation to a Performance Payment for a financial year, means the basic annual salary in effect on the last day of that financial
year excluding all payments additional to basic salary (for example mortgage support allowance, expatriate allowance etc). 
 “Section 409A”
means Section 409A of the US Internal Revenue Code of 1986, as amended. 
 “Shares” means ordinary shares in the Company, and
includes any shares representing them following a Reconstruction or Takeover. 
 “Subsidiary” means a company which is a subsidiary of the
Company within the meaning of section 1159 of the Companies Act 2006. 
 “US Participant” means a Participant who is or who becomes subject
to taxation under the federal income tax rules of the United States of America. 
 References in the Plan to any statutory provisions are to those
provisions as amended, extended or re-enacted from time to time and include any regulations made under them; and, unless the context otherwise requires, words in the singular include the plural (and vice versa) and words imputing gender include all
genders. 
  

	2	Administration of the Plan 

 The Plan shall be operated and administered by the Committee on behalf of
the Company. The Committee shall have full authority from the Company to operate the Plan as it considers reasonable in all the circumstances. 
 Only
Employees may be selected to participate in the Plan. The Committee shall have an absolute discretion as to the selection of Employees for participation in the Plan in respect of any Performance Payment Cycle. The Committee may decide at any time
and at its discretion when the Plan shall be operated. Performance Payments may be granted at any time before 2 May, 2024. 

  
  

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	3	Operation of the Plan 

  

	3.1	Setting Performance Targets 

 The Committee may set Performance Targets for Participants
it selects to participate in any Performance Payment Cycle. However, the Committee may determine that Performance Targets are not necessary for any particular Performance Payment Cycle. The Committee may decide to make Performance Payments if those
Performance Targets (if any) are achieved. However, the Committee retains a general discretion to withdraw some or all of the Participants from the Plan or Performance Payment Cycle at any time and not to make any Performance Payments if it
considers it reasonable to do so in all the circumstances. These circumstances may, for example, include Company performance, business unit performance, individual performance or any combination of such factors. In the case of individual performance
this may include the Participant’s failure or inability to contribute to the management team effort for example if: 
  

	 	3.1.1	the Participant’s personal performance is formally appraised as unsatisfactory; or 

  

	 	3.1.2	the Participant is subject to disciplinary action. 

  

	3.2	Basis of calculation of Performance Payments 

 Any potential Performance Payments shall
be calculated as a specified percentage of Salary. Performance Payments given to any individual Participant in any given financial year must not exceed 200% of Salary. 
  

	3.3	Nature of Performance Payments 

 Performance Payments in any Performance Payment Cycle
may take the form of APP Cash Awards or APP Deferred Share Awards, or a combination of the two, as the Committee may determine. 
 An APP
Deferred Share Award may take the form of a Conditional Award or a Forfeitable Award and shall be deferred until the Release Date determined by the Committee. 

The Committee may determine that there shall be more than one Release Date. 

 

	3.4	Notification to Participants 

 Participants may be notified that they have been selected
for participation in the Plan in respect of a Performance Payment Cycle. The notice may include details of: 
  

	 	3.4.1	any Performance Target and any Performance Period; 

  

	 	3.4.2	the percentage of Salary comprising any Performance Payment; 

  

	 	3.4.3	whether any Performance Payment will be an APP Cash Award, an APP Deferred Share award or a combination of the two; 

  

	 	3.4.4	whether any APP Deferred Share Award will be a Conditional Award or a Forfeitable Award; and 

  

	 	3.4.5	the Release Date. 

 For Participants who are or who become subject to taxation under the federal
income tax rules of the United States of America, the number of Shares that will be subject to a Conditional Award and the number of Shares that will be subject to a Forfeitable Award must be determined at the time the Performance Payments are
determined and notified to the Participant under this Rule. 

  
  

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	3.5	Variation 

 The Committee may, at any time after giving notice of participation, vary its
terms as regards the operation of the Plan generally or in respect of any Participant and specify any other terms applicable to the operation of the Plan. 
  

	4	Plan limits 

  

	 	4.1.1	10 per cent. 10 year limit 

 The number of Shares which may be allocated under the Plan on any
day must not exceed 10 per cent. of the ordinary share capital of the Company in issue immediately before that day, when added to the total number of Shares which have been allocated in the previous 10 years under the Plan and all other
employee share plans operated by the Company. 
  

	 	4.1.2	5 per cent. 10 year limit 

 The number of Shares which may be allocated under the Plan on any
day must not exceed 5 per cent. of the ordinary share capital of the Company in issue immediately before that day when added to the total number of Shares which have been allocated in the previous 10 years under the Plan and any other
discretionary share plan operated by the Company. 
  

	4.2	Exclusions 

 Where the right to acquire Shares is released or lapses, the Shares
concerned are ignored when calculating the limits in this Rule 4. 
  

	4.3	Meaning of Allocate 

 “Allocate” means granting a right to acquire
unissued Shares or to acquire Shares which are held by the Company in treasury or, if there is no such grant, the issue and allotment of Shares or the transfer of Shares from treasury. (However, if at any time the relevant institutional investor
guidelines cease to require treasury shares to be taken into account for this purpose, then Allocate shall not include such treasury shares.) 
  

	5	Voting, dividends and Dividend Equivalents 

  

	5.1	Rights 

 A Participant shall not be entitled to vote, to receive dividends or to have any
other rights of a shareholder in respect of Shares until the Shares are issued or transferred to the Participant or his nominee. 
  

	5.2	Dividend Equivalents 

 Notwithstanding Rule 5.1, the Company may grant a Conditional
Award on the basis that the Participant shall receive an amount equal to the declared and payable dividends the record date for which falls between the date the Conditional Award is made and the Release Date (“Dividend Equivalents”),
multiplied by the number of Shares comprised in the Conditional Award, and adjusted assuming full dividend reinvestment. In the case of a Participant’s death, the relevant period will be extended (if relevant) to the date of issue or transfer
to the Participant or his nominee. No shareholder rights or Dividend Equivalents shall attach to APP Cash Awards. 

  
  

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	5.3	Settling Dividend Equivalents 

 Any Dividend Equivalent may be paid in cash or in such
whole number of Shares (rounded down) as has a market value (as at the Release Date) as nearly as practicable equal to that amount. The cash will be paid or Shares issued or transferred on the same date as cash is paid or Shares are issued or
transferred with respect to the underlying Conditional Award, or such other date as the Committee may determine. 
  

	6	Material events before the making of Performance Payments 

  

	6.1	New joiners 

 The Committee may permit an Employee to join the Plan part way through a
financial year, on the basis that any Performance Payment is either payable for the full year or pro-rated from the date of entry, at its discretion. The Participant shall be notified of the terms of participation accordingly. 

 

	6.2	Death during the Performance Period 

 If a Participant dies during the Performance Period
then, unless the Committee decides otherwise and provided that the Committee has determined that a Performance Payment is payable pursuant to Rule 3.1, the Participant shall receive the Performance Payment as an APP Cash Award (and, for the
avoidance of doubt, if any part of the Performance Payment had been designated as an APP Deferred Share Award, it shall be paid as an APP Cash Award) prorated to reflect the proportion of the Performance Period which occurred before the
Participant’s death and the Committee will as soon as reasonably practicable procure the payment of the APP Cash Award to the Participant’s personal representatives. 
  

	6.3	Good Leaver terminations during the Performance Period 

 If a Participant’s
employment with any Group Company terminates during the Performance Period by reason of: 
  

	 	(i)	ill-health, injury, disability; 

  

	 	(ii)	redundancy; 

  

	 	(iii)	retirement by agreement with the Participant’s employer; 

  

	 	(iv)	the Participant’s employing company being transferred to a person which is not a Group Company; or 

  

	 	(v)	a transfer of the undertaking, or part of the undertaking, in which the Participant works to a person which is not a Group Company; 

(each a “Good Leaver Reason”) the Participant shall, provided that the Committee has determined that a Performance Payment is payable
pursuant to Rule 3.1, receive a Performance Payment which will be prorated to the date of termination or, exceptionally, to such later date as the Committee may determine. Unless the Committee determines otherwise, the form of the Performance
Payment will not be changed from that notified under Rule 3.4. Unless the Committee decides otherwise, there will be no acceleration of settlement as a result of such termination. 

 

	6.4	Other leavers during the Performance Period 

 If a Participant’s employment with any
Group Company terminates during the Performance Period other than because of death or for a Good Leaver Reason, he shall not receive any Performance Payment unless the Committee decides otherwise. If the Committee decides to exercise its discretion
to make a Performance Payment in these circumstances, it may prorate the Performance Payment to reflect the proportion of the Performance Period which occurred before the termination and will determine all other terms applicable to the Performance
Payment. For US Participants the timing of any settlement of a Conditional Award pursuant to this Rule 6.4 shall be made in a manner consistent with the requirements of Section 409A, if applicable. 

  
  

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	6.5	Reconstructions and Takeovers during the Performance Period 

 If there is a
Reconstruction or Takeover during the Performance Period, Performance Payments will be pro-rated to the date of the Reconstruction or Takeover, or such later date as the Committee may determine, and shall consist of an APP Cash Award rather than an
APP Deferred Share Award, unless the Committee determines otherwise. 
 There will be no acceleration of settlement as a result of any such
Reconstruction or Takeover, unless the Committee determines otherwise. 
  

	6.6	Death after the Performance Period 

 If a Participant dies after the end of the
Performance Period but before Performance Payments have been made under Rule 7, then, unless the Committee decides otherwise and provided that the Committee has determined that a Performance Payment is payable pursuant to Rule 3.1, the Committee
will as soon as reasonably practicable procure the awarding and payment of the Performance Payment as an APP Cash Award to the Participant’s personal representatives. For the avoidance of doubt, if any part of the Performance Payment had been
designated as an APP Deferred Share Award, it shall be paid as an APP Cash Award. 
  

	6.7	Good Leaver terminations after the Performance Period 

 If a Participant’s
employment with any Group Company terminates for a Good Leaver Reason after the end of the Performance Period, but before Performance Payments have been made under Rule 7, provided that the Committee has decided to make Performance Payments, , the
Participant shall receive a Performance Payment in the form specified under Rule 3.4, unless the Committee determines otherwise. There will be no acceleration of settlement as a result of such termination. 

 

	6.8	Other leavers after the Performance Period 

 If a Participant’s employment with any
Group Company terminates after the Performance Period other than for a Good Leaver Reason the Participant shall receive only an APP Cash Award (and for the avoidance of doubt, if any part of the Performance Payment had been designated as an APP
Deferred Share Award, Participants shall not receive an APP Deferred Share Award), provided the Committee has decided to make Performance Payments, unless the Committee determines otherwise. There will be no acceleration of settlement as a result of
such termination. 
  

	6.9	Reconstructions and Takeovers after the Performance Period 

 If there is a Reconstruction
or Takeover during the period between the end of the Performance Period and the making of Performance Payments under Rule 7, Performance Payments will be made in full, and shall consist of an APP Cash Award and not an APP Deferred Share Award,
unless the Committee determines otherwise. 
 There will be no acceleration of settlement as a result of any such Reconstruction or Takeover,
unless the Committee determines otherwise. 
  

	6.10	Date of termination 

 For the purposes of this Rule and Rule 8, a Participant’s
employment with a Group Company will not be treated as having terminated until the Participant ceases to be employed by any Group Company. Unless the Committee decides otherwise, in the case of termination for any of the reasons set out in Rule 6.3
(other than retirement) the Participant will be treated as having terminated on the date of actual termination and not at the end of his contractual notice period or severance period. 

  
  

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	7	Making of Performance Payments 

  

	7.1	Calculation of Performance Payments 

 As soon as reasonably practicable after the end of
the Performance Period, if any, (and if the Committee decides to make Performance Payments) the Performance Target (if any) shall be evaluated, and the amount of each Participant’s Performance Payment shall be calculated. 

 

	7.2	Performance Payments in cash 

 APP Cash Awards shall be paid as soon as reasonably
practicable by the Company or, where relevant the Group Company employing the Participant, and in any event within 90 days of the end of the Performance Period (if any). However, US Participants shall receive payment no later than 15 March of
the calendar year following the end of the Performance Period. 
  

	7.3	Performance Payments in Shares 

 In respect of each APP Deferred Share Award, the
Committee shall determine whether to make it in the form of a Conditional Award or a Forfeitable Award. The relevant number of Shares will be calculated by reference to the market value of the Shares. The market value of the Shares will be taken as
the average of the middle market quotation of a Share for the three business days following the announcement of the Company’s results for the relevant financial year or by such other method and for such other days as the Committee may
determine. 
 APP Deferred Share Awards will be granted by deed or in any other manner which is legally enforceable in the relevant
jurisdiction. 
  

	 	7.3.1	Conditional Award: The Participant is entitled to receive the relevant number of Shares on the Release Date, provided he remains an Employee of a Group Company until the Release Date. 

 

	 	7.3.2	Forfeitable Award: The relevant number of Shares is transferred to the Participant or his nominee for his absolute benefit but on terms that he may forfeit them if he ceases to be an Employee of a Group Company
before the Release Date, and on any other terms contained in the Forfeitable Share Agreement. The Participant must sign the Forfeitable Share Agreement within a specified time, and failure to do so will result in the forfeiture of the Shares, unless
the Committee decides otherwise. 

  

	7.4	Timing of APP Deferred Share Awards 

 Subject to any dealing restrictions, APP Deferred
Share Awards may only be made within 42 days of: 
  

	 	7.4.1	the day after the announcement of the Company’s results for any period; 

  

	 	7.4.2	any day on which the Directors decide that exceptional circumstances exist which justify the grant of APP Deferred Share Awards; 

  

	 	7.4.3	any day on which changes to law or regulation affecting employee share plans are announced, made or become effective; or 

  

	 	7.4.4	the lifting of dealing restrictions which prevented the granting of APP Deferred Share Awards during any period specified above. 

  
  

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	8	Termination of employment before the Release Date 

  

	8.1	Death 

 If the Participant dies before the Release Date, the Release Date for the Shares
comprised in the APP Deferred Share Award will be accelerated, unless the Committee decides otherwise. For any US Participants the Release Date shall be advanced and accelerated to the date that is not more than 60 days after the date of his death.

  

	8.2	Good Leaver terminations 

 If the Participant’s employment with a Group Company is
terminated before the Release Date for a Good Leaver Reason, the employee will continue to participate in the Plan and the Release Date for the Shares comprised in the APP Deferred Share Award will generally not be accelerated. However the Committee
may, in its discretion, accelerate the Release Date for some or all of the Shares to the date of termination. However, notwithstanding the above, for any US Participants the Release Date may not be advanced. 

 

	8.3	Other terminations 

 If the Participant ceases to be in the employment of any Group
Company before the Release Date for any reason other than Death or a Good Leaver Reason, all Shares subject to Forfeitable Awards are forfeited immediately, and his right to receive Shares pursuant to a Conditional Award on the Release Date is lost,
unless the Committee decides otherwise. For US Participants the timing of any settlement of a Conditional Award pursuant to this Rule 8.3 shall be made in a manner consistent with the requirements of Section 409A, if applicable. 

 

	8.4	Reconstruction or Takeover 

 If the Participant’s employment with a Group Company is
terminated in connection with a Reconstruction or Takeover before the Release Date, the Release Date in respect of all the Shares comprised in his APP Deferred Share Award will, unless the Committee decides otherwise, be advanced to the date of
termination of employment. However, for the APP Deferred Share Award of any US Participants, (i) if the Reconstruction or Takeover is also a Change in Ownership, this Rule 8.4 shall not apply to such APP Deferred Share Award because Rule 11.1
would have already taken effect upon the date of the Reconstruction or Takeover; and (ii) if the Reconstruction or Takeover is not also a Change in Ownership, the Release Date shall not be advanced. 

 

	9	Release Date 

  

	9.1	Rights 

 Unless otherwise provided in these Rules, the Participant is entitled to receive
the Shares comprised in his Conditional Award on the Release Date. 
 The Committee shall arrange delivery of the Shares or cash to each
Participant or his nominee on, or as soon as reasonably practical after, the Release Date. 
  

	9.2	Dealing restrictions 

 In the event that the acquisition or disposal of Shares is not
permitted by law or by any relevant restrictions, the Release Date will be deferred until the ending of such restrictions unless the Committee decides otherwise. For US Participants, such a deferral shall be effected only to the extent permitted
under Section 409A. 

  
  

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	10	Cash alternative 

 The Committee may decide to satisfy any APP Deferred Share Award by paying an
equivalent amount in cash, if it considers in its discretion that this would be appropriate. The Committee will in its discretion determine the appropriate cash amount by any reasonable means. 

 

	11	Reconstructions and Takeovers 

  

	11.1	Acceleration of rights 

 In the event of a Reconstruction or Takeover before the Release
Date, unless the Committee decides otherwise, the Company will as soon as reasonably practicable deliver to each Participant the Shares in the Conditional Awards and the Participants will become entitled to the Shares subject to a Forfeitable Award
free of any restrictions. 
 For US Participants, the transfer of Shares or payment of cash with respect to a Performance Payment subject to
Section 409A may be advanced only if the Reconstruction or Takeover constitutes a Change in Ownership under Section 409A in which case the transfer or payment, as applicable, shall be made upon the date of the Reconstruction or Takeover.
For US Participants such a Reconstruction or Takeover that is a Change in Ownership under Section 409A shall always trigger an advancement in time of the transfer of Shares or payment of cash. 

 

	11.2	Exchange of rights 

 In the case of a Reconstruction or Takeover involving the exchange
of Shares for shares in another company, or in more than one other company, the Committee may in its discretion determine that no Shares or cash should be transferred, and that instead the Participant’s right to the Shares comprised in a
Conditional Award should be replaced by a right to the appropriate number of shares in that other company or companies. The Committee may also determine that any Shares subject to a Forfeitable Award shall remain subject to equivalent restrictions
until the Release Date. For US Participants who are subject to Section 409A any such replacement of Shares with shares in that other company or companies, if made, shall be made in a manner consistent with the requirements of Section 409A.

  

	11.3	Other transactions 

 The Committee has discretion to take such action as it may think
appropriate if other events happen which may have an effect on Performance Payments. For a US Participant, no such action shall result in an advancement or additional deferral in time of the transfer of shares or payment of cash with respect to a
Performance Payment subject to Section 409A, unless otherwise permitted under Section 409A. 
  

	12	Discretion to reduce Performance Payments 

  

	12.1	Committee can reduce Performance Payments 

 Notwithstanding any other Rule of the Plan,
if circumstances occur which, in the reasonable opinion of the Committee, justify a reduction in one or more Performance Payments granted to any one or more Participants, the Committee may in its discretion at any time prior to the Release Date
determine (acting fairly and reasonably) that the cash amount payable under a Performance Payment or the number of Shares over which a Performance Payment is granted shall be reduced to such amount or number (including to nil) as the Committee
considers appropriate in the circumstances. 

  
  

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	12.2	Circumstances 

 The circumstances in which the Committee may consider that it is
appropriate to exercise its discretion under this Rule, include the following: 
  

	 	12.2.1	the misconduct of a Participant which results in or is reasonably likely to result in 

  

	 	(i)	significant reputational damage to the Company, any Group Company or to a relevant business unit (as appropriate); 

  

	 	(ii)	a material adverse effect on the financial position of the Company, any Group Company or to a relevant business unit (as appropriate); or 

 

	 	(iii)	a material adverse effect on the business opportunities and prospects for sustained performance or profitability of the Company, any Group Company or relevant business unit (as appropriate); 

 

	 	12.2.2	a material misstatement or restatement in the Company’s or any Group Company’s audited financial accounts (other than as a result of a change in accounting practice). 

 

	12.3	Notification 

 If the Committee decides to exercise its discretion under this Rule, it
shall confirm this in writing to each affected Participant. For the purposes of these Rules: 
  

	 	12.3.1	the Performance Payment shall be deemed to have been granted over the reduced cash amount or reduced number of Shares (as the case may be); 

 

	 	12.3.2	any subsequent release of a Performance Payment shall be determined by reference to this reduced cash amount or reduced number of Shares; 

 

	 	12.3.3	if the cash amount or number of Shares is reduced to nil, the Performance Payment shall be treated as if it had never been granted and a Participant (including a Participant who has left employment before the
Release Date other than by reason of death) shall have no rights to any cash amount or Shares. 

  

	13	General 

  

	13.1	Notice 

 Any notice or other document given to any Employee or Participant pursuant to
the Plan shall be delivered to him or sent to him by post or by an electronic communication (including by the updating of any web page) at his address according to the records of his employing company. Notices or other documents sent by post shall
be deemed to have been given 5 days following the date of posting. Notices or other documents delivered electronically shall be deemed to have been given the day of transmission. 

 

	13.2	Final and conclusive 

 The decision of the Committee in any question of interpretation of
the Rules or any dispute relating to or connected with this Plan shall be final and conclusive. 
  

	13.3	Costs 

 The costs of introducing, operating and administering the Plan shall be borne by
the Company and the relevant Group Companies. 
 Each relevant Group Company will, if required by the Company, reimburse the Company for any
costs incurred in connection with Performance Payments made to Participants who are employed by it. 

  
  

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	13.4	Withholding 

 The Company, any relevant Group Company and/or any relevant trustee may
withhold any amounts or make such arrangements as are necessary to meet any liability to taxation and social security contributions in respect of the Shares, Dividend Equivalents or cash awarded under the Plan. The arrangements may include the sale
of some or all of any Shares subject to an APP Deferred Share Award on behalf of the Participant, and the use of the proceeds to discharge the liability. 
  

	13.5	Regulations 

 The Company shall have power from time to time to make or vary regulations
for the administration and operation of the Plan provided that they are not inconsistent with these Rules. 
  

	13.6	Section 409A 

 With respect to Performance Payments granted to US Participants, it
is intended for such Performance Payments to be exempt from Section 409A and, to the extent such Performance Payments are not so exempt, for such Performance Payments to comply with the requirements of Section 409A. In furtherance of such
intent the provisions of the Plan and any Performance Payment document shall be interpreted in a manner that does not result in the imputation of any tax penalty or interest pursuant to Section 409A, and the Plan shall be operated accordingly.
If any provision of the Plan or any term or condition of any Performance Payment would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict.
Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Performance Payment document is not warranted or guaranteed. 
  

	14	Terms of employment: 

  

	14.1	Application 

 This Rule applies: 

 

	 	14.1.1	during an Employee’s employment or employment relationship; and 

  

	 	14.1.2	after the termination of an Employee’s employment or employment relationship, whether the termination is lawful or unlawful. 

 

	14.2	Not part of employment contract 

 Nothing in the Rules or the operation of the Plan forms
part of the contract of employment or employment relationship of an Employee. The rights and obligations of an Employee are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of,
continued employment or a continued employment relationship. 
  

	14.3	No future expectation 

 The grant of Performance Payments on a particular basis in any
year does not create any right to or expectation of the grant of Performance Payments on the same basis, or at all, in any future year. 
  

	14.4	No entitlement 

 No Employee is entitled to participate in the Plan, or be considered for
participation in it, at a particular level or at all. Participation in one operation of the Plan does not imply any right to participate, or to be considered for participation in any later operation of the Plan. 

  
  

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	14.5	Decisions 

 Without prejudice to an Employee’s right to receive the Shares comprised
in an APP Deferred Share Award subject to and in accordance with the express terms of the Rules, no Employee has any rights in respect of the exercise or omission to exercise any discretion, or the making or omission to make any decision, relating
to the Performance Payment. Any and all discretions, decisions or omissions relating to the Performance Payment may operate to the disadvantage of the Employee, even if this could be regarded as capricious or unreasonable, or could be regarded as in
breach of any implied term between the Employee and his employer, including any implied duty of trust and confidence. Any such implied term is excluded and overridden by this Rule. 

 

	14.6	No compensation 

 No Employee has any right to compensation for any loss in relation to
the Plan, including: 
  

	 	14.6.1	any loss or reduction of any rights or expectations under the Plan in any circumstances or for any reason (including lawful or unlawful termination of employment or the employment relationship);

  

	 	14.6.2	any exercise of a discretion or a decision taken in relation to a Performance Payment or to the Plan, or any failure to exercise a discretion or take a decision; 

 

	 	14.6.3	the operation, suspension, termination or amendment of the Plan. 

  

	14.7	Waiver 

 Participation in the Plan is permitted only on the basis that the Participant
accepts all the provisions of the Rules, including in particular this Rule. By participating in the Plan, an Employee waives all rights under the Plan, other than the right to receive Shares subject to and in accordance with the express terms of the
Rules and the Performance Condition, in consideration for, and as a condition of, the grant of a Performance Payment under the Plan. 
  

	14.8	Third parties 

 Nothing in this Plan confers any benefit, right or expectation on a
person who is not an Employee. No such third party has any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Plan. This does not affect any other right or remedy of a third party which may exist. 

 

	14.9	Separate and independent 

 Each of the provisions of this Rule is entirely separate and
independent from each of the other provisions. If any provision is found to be invalid then it will be deemed never to have been part of these Rules and to the extent that it is possible to do so, this will not affect the validity or enforceability
of any of the remaining provisions. 
  

	15	Personal data 

  

	15.1	Consent 

 By participating in the Plan the Participant consents to the holding and
processing of personal data provided by the Participant to the Company for all purposes relating to the operation of the Plan. 
  

	15.2	Types of processing 

 These include, but are not limited to: 

 

	 	15.2.1	administering and maintaining Participant records; 

  
  

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			12		©Tapestry 2014

	 	15.2.2	providing information to trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan; 

 

	 	15.2.3	providing information to future purchasers of the Company or the business in which the Participant works; 

  

	 	15.2.4	transferring information about the Participant to a country or territory outside the European Economic Area. 

  

	16	Changes to and termination of the Plan 

  

	16.1	Committee powers 

 Subject as provided in this Rule, the Committee may, in its
discretion, amend the Rules or any part of the Plan as it considers appropriate. Variations may affect the terms of Performance Payments which have already been made. 

No amendment shall be made to the Rules or to any outstanding Performance Payment which would have the effect of abrogating or altering
adversely in any material respect any of the subsisting rights of Participants, except with the consent of the majority of the Participants affected by the proposed amendment. 

For a Participant who is or becomes subject to taxation under the federal income tax rules of the United States of America, no amendment of the
Plan may result in the advancement or additional deferral in timing of the transfer of shares or payment of cash with respect to a Performance Payment subject to Section 409A except to the extent permitted by Section 409A. 

 

	16.2	Shareholder approval 

 Except as provided in Rule 16.3, the prior approval of the Company
in general meeting is required for any proposed change to the Rules to the advantage of present or future Participants which relates to: 
  

	 	16.2.1	the persons to or for whom Performance Payments may be made; 

  

	 	16.2.2	the limitations on the number of Shares which may be allocated under the Plan; 

  

	 	16.2.3	the individual limit under Rule 3.2; 

  

	 	16.2.4	any rights attaching to Performance Payments or Shares; 

  

	 	16.2.5	the terms of this Rule. 

  

	16.3	Minor amendments 

 The approval of the Company in general meeting is not required for any
minor changes to the Rules which are: 
  

	 	16.3.1	to benefit the administration of the Plan; 

  

	 	16.3.2	to comply with or take account of the provisions of any proposed or existing legislation; 

  

	 	16.3.3	to take account of any changes to legislation; or 

  

	 	16.3.4	to obtain or maintain favourable tax, exchange control or regulatory treatment of any Group Company or any present or future Participant. 

 

	16.4	Employees’ share scheme 

 No amendment shall take effect to the extent that it would
cause the Plan to cease to be an “employees’ share scheme” as defined in section 1166 of the Companies Act 2006. 

  
  

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	16.5	Termination 

 The Committee shall have discretion to terminate the Plan at any time,
without prejudice to subsisting Performance Payments. 
  

	17	Operating the Plan overseas 

 The Plan may be operated by the Company both in the United Kingdom and
overseas. If the plan is operated overseas the Committee may vary these Rules as it reasonably considers necessary for legal, tax, regulatory or administrative reasons to facilitate the operation of the Plan. 

In order to enable the Plan to operate in other overseas jurisdictions the Committee may decide that when a Participant terminates employment with an
employing entity in an overseas jurisdiction or when a Participant relocates outside of an overseas jurisdiction all rights that the Participant may have under the plan may be terminated; accelerated; varied or settled as the Committee thinks
reasonable in all the circumstances. 
  

	18	Governing law 

 The Plan is governed by English law and if there is any conflict of laws English law will
prevail. All Group Companies and all Participants shall submit to the jurisdiction of the English Courts as regards any matter arising under the Plan. 

  
  

IHG – Rules – Annual Performance Plan 
  

					
			14		©Tapestry 2014EX-4.4

 Exhibit 4.4 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE BOEING COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE THEREOF OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR SUCH SUCCESSOR’S NOMINEE, UNLESS AND UNTIL THIS NOTE IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM AND TRANSFERS IN PART OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO. 

			
	Registered		Principal Amount: $[            ]
	 No. [    ]
		CUSIP No.: [                    ]
			ISIN No.: [                    ]

 THE BOEING COMPANY 

[    ]% Senior Notes due 20[    ] 

1. Principal and Interest. THE BOEING COMPANY, a corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
[                                        ]
dollars ($[                ]) on [            ], 20[    ] (the “Maturity
Date”), unless earlier redeemed, and to pay interest thereon from [            ], 201[    ], or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, semi-annually in arrears on [            ] and [            ] in each year (each an
“Interest Payment Date”), commencing [                    ], 201[    ], at the rate of
[        ]% per annum until the principal hereof is paid or made available for payment. Interest will be computed on the basis of a 360 day year of twelve 30 day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date and on the Maturity Date will, as provided in such Indenture, be paid to the Holder in whose name this Note (or one or more predecessor notes) is registered at the close of business on
[            ] or [            ](each “Regular Record Date”), as the case may be, immediately preceding such Interest
Payment Date or the Maturity Date, as applicable. 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 Holder in whose name this Note
(or one or more predecessor notes) 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 under the Indenture, notice whereof shall be given to Holders of Notes of this
series not less than 10 days prior to such Special Record Date, or be paid on a specified date in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes 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. Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the case may be, will be the amount of interest accrued from and
including the immediately preceding Interest Payment Date (or from and including [            ], 201[    ], in the case of the initial Interest Payment Date) to but
excluding the applicable Interest Payment Date or the Maturity Date, as the case may be. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the payment will be made on the next Business Day 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. A “Business Day” means any day which is not a Saturday
or Sunday or any day on which banking institutions are authorized or obligated by applicable law or regulation to close in the place in which payment on the Notes is required, as the case may be. 

The principal of this Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the office or agency
of the Company maintained for that purpose in the Borough of Manhattan, the City of New York. 
 2. Indenture. This Note is one of a
duly authorized series of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an indenture, dated as of February 1, 2003 (herein called the “Indenture”), between the
Company, as issuer, and The Bank of New York Mellon Trust Company, N.A., as successor trustee to JPMorgan Chase Bank (in such capacity, the “Trustee”), and with respect to which, the terms of this Note were established pursuant to the
Officers’ Certificate delivered pursuant to Section 301 of the Indenture (the “Section 301 Certificate”) and dated the date hereof, 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 Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. 

This Note is one of the series designated as the [    ]% Senior Notes due 20[    ] of the Company,
which series is initially limited to $[                ] in aggregate principal amount. The Company may issue additional notes of the same series. The Notes are
unsecured obligations of the Company and rank pari passu with all unsecured and unsubordinated obligations of the Company. 
 The
terms of the Notes include those stated in the Indenture, the Section 301 Certificate and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”), as in effect on the date of the
Indenture (except as otherwise indicated in the Indenture). Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the TIA for a statement of them. 

 3. Method of Payment. Payment of the principal of, premium, if any, and interest on the
Notes shall be payable at the office or agency of the Company to be maintained in the Borough of Manhattan, the City of New York; provided, however, that such payments may be made, at the option of the Company, by check mailed to the
address of the person entitled thereto as of the Regular Record Date and as shown on the Security Register. Such payments shall be payable in Dollars. 

4. Registrar and Paying Agent. The Security Registrar and Paying Agent shall be initially the Trustee. 

5. Optional Redemption. This Note will be redeemable, as a whole or in part, at the Company’s option, at any time or from time to
time, on at least 30 days, but not more than 60 days, prior notice to Holders of this Note, at a redemption price equal to the greater of: 
  

	 	•	 	100% of the principal amount of this Note to be redeemed, together with any accrued and unpaid interest to, but not including, the redemption date; or 

 

	 	•	 	the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted, on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate, as defined below,
plus [            ] basis points, together with any accrued and unpaid interest to, but not including, the redemption date. 

The Trustee shall have no responsibility for calculating any redemption price. 

“Treasury Rate” means, with respect to any redemption date for the Notes: 

 

	 	•	 	the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three months before or after the maturity date for the Notes, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month; or 

 

	 	•	 	that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. 

The Treasury Rate will be calculated by the Company on the third Business Day preceding the redemption date. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Notes. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers, to be appointed by the Company. 
 “Comparable Treasury Price” means, with respect to any redemption date
for the Notes: 
  

	 	•	 	the average of four Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations; 

 

	 	•	 	if the Company obtains fewer than four Reference Treasury Dealer Quotations, the average of all quotations obtained by the Company; or 

if only one Reference Treasury Dealer Quotation is received, such quotation 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Company by
such Reference Treasury Dealer at 3:30 p.m., New York City time on the third Business Day preceding such redemption date. 

“Reference Treasury Dealer” means each of
[                    ] and one other Treasury dealer selected by the Company, and their respective successors; provided, however, that
if any of the foregoing shall cease to be a primary U.S. Government securities dealer, which the Company refers to as a “Primary Treasury Dealer,” the Company will substitute therefor another nationally recognized investment banking firm
that is a Primary Treasury Dealer. 
 “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the
remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an Interest Payment Date
with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such redemption date. 

On and after the redemption date, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Company
defaults in the payment of the redemption price and accrued interest. On or before the redemption date, the Company will deposit with the Paying Agent, or the Trustee, money sufficient to pay the redemption price of and accrued interest on the Notes
to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with procedures of DTC; provided, however, that a partial redemption must be in an amount not less
than $1,000,000 principal amount of Notes. 
 6. Sinking Fund. The Company shall have no sinking fund or analogous obligations in
respect of the Notes. 
 7. Discharge and Defeasance. The Securities will be subject to satisfaction, discharge and defeasance as set
forth in Section 403 of the Indenture. 
 8. Denominations; Transfers; Exchange. The Notes are in fully registered form, in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may register transfers of or exchange securities in accordance with the Indenture. 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 Note for registration of transfer, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Holder in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 9. Events of Default; Remedies. The Events of Default are as set forth in Section 501 of the
Indenture. If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Upon a
declaration of acceleration of the Notes, the principal of the Notes may be declared due and payable in the manner, and with the effect, provided in the Indenture. 

10. Amendments and Waivers. The Indenture permits, with certain exceptions as therein provided, that with the written consent of the
Holders of not less than 66 2/3% in principal amount of the Outstanding Securities of each series to be adversely affected thereby, the Company, when authorized by or pursuant to a Board
Resolution, and the Trustee may enter into an indenture or indentures thereto to add any provisions or to change or eliminate any provisions of the Indenture or any other indenture supplemental thereto or to modify the rights of the Holders of each
such series. The Indenture also provides, with certain exceptions therein provided, that the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may waive on behalf of the Holders of all Securities of
such series a past default, or Event of Default arising therefrom, with respect to that series and its consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note 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 Note. 

11. Obligations Absolute. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair
the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

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

 13. Defined Terms. All initially capitalized terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture. 
 14. Governing Law. THE INDENTURE AND THE NOTES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 15. Successors and Assigns. All covenants and
agreements of the Company in the Indenture and the Notes shall bind its successors and assigns. All agreements of the Trustee in the Indenture shall bind its successor. 

16. Authentication. Unless the certificate of authentication hereon has been executed by the Trustee or an Authenticating Agent, by
manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 17.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants-with rights of survivorship and not as tenants in
common), CUST (= custodian), and U/G/M/A (= Uniform Gift to Minors Act). 
 18. CUSIP Numbers. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices as a convenience to Holders. No representation is made as
to the accuracy of such numbers either as printed on the Notes or as contained in any notice and reliance may be placed only on the other identification numbers placed thereon. 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed and its corporate seal
to be hereunto affixed and attested. 
  

							
	 		 		THE BOEING COMPANY
				
	Dated: [            ], 201[    ]				By:		  

					Name:		
					Title:		

  

			
	Attest:		  

	Name:		
	Title:		

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:		  

	Name:		
	Title:		Authorized Officer

 Dated: [            ], 201[    ] 

******************************** 

 TRANSFER NOTICE 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto . 

(Please insert Social Security, Taxpayer Identification No. or other identifying number of Assignee) 

 
  
  

 
 (Please print or typewrite name and address including
postal zip code of Assignee) 
 the within Note of THE BOEING COMPANY (the “Company”) and does hereby irrevocably constitute and appoint attorney
to transfer the said Note on the books of the Company, with full power of substitution in the premises. 
  

							
	 Dated:
		  
		 		  

							 (The signature must be guaranteed by an eligible

institution member of the medallion signature guarantee

program.)

 [NOTICE. The signature of this assignment must correspond with the name as written upon the face of the within investment
in every particular, without alteration or enlargement or any change whatever.]

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