Document:

Exhibit 10.1

 

LAREDO PETROLEUM, INC.

OMNIBUS EQUITY INCENTIVE PLAN

(amended
and restated as of May 20, 2021)

 

1.             Purpose.
The purpose of the Laredo Petroleum, Inc. Omnibus Equity Incentive Plan is to provide a means through which the Company and its
Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants and advisors
(and prospective directors, officers, employees, consultants and advisors) of the Company and its Affiliates can acquire and maintain
an equity interest in the Company, or be paid incentive compensation, which may (but need not) be measured by reference to the value
of Common Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests
with those of the Company’s shareholders.

 

2.             Definitions.
The following definitions shall be applicable throughout the Plan:

 

(a)           “Affiliate”
means any parent or direct or indirect subsidiary of the Company; provided, that, with respect to Incentive Stock Options,
the term shall only mean “parent corporation” and “subsidiary corporation” as defined in Sections 424(e) and
424(f) of the Code; further, provided, that, with respect to the award of any “stock right” within
the meaning of Section 409A of the Code, such affiliate must qualify as a “service recipient” within the meaning of
Section 409A of the Code and in applying Section 1563(a)(1), (2) and (3) of the Code for purposes of determining
a controlled group of corporations under Section 414(b) of the Code and in applying Treasury Regulation Section 1.414(c)-2
for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Section 414(c) of
the Code, the language “at least 50 percent” is used instead of “at least 80 percent”.

 

(b)           “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Stock Bonus Award, and Performance Compensation Award granted under the Plan.

 

(c)           “Board”
means the Board of Directors of the Company.

 

(d)           “Cause”
means, in the case of a particular Award, unless the applicable Award agreement states otherwise, (i) the Company or an Affiliate
having “cause” or “good cause” to terminate a Participant’s employment or service, as defined in any employment
or consulting agreement or similar services agreement between the Participant and the Company or an Affiliate in effect at the time of
such termination or (ii) in the absence of any such employment, consulting, or similar services agreement (or the absence of any
definition of “Cause” or “Good Cause” contained therein), (A) the Participant’s commission of, conviction
for, plea of guilty or nolo contendere to a felony or a crime involving moral turpitude, or other material act or omission involving
dishonesty or fraud, (B) the Participant’s conduct that results in or is reasonably likely to result in harm to the reputation
or business of the Company or any of its Affiliates in any material way, (C) the Participant’s failure to perform duties as
reasonably directed by the Company or the Participant’s material violation of any rule, regulation, policy or plan for the conduct
of any service provider to the Company or its Affiliates or its or their business (which, if curable, is not cured within 5 days after
notice thereof is provided to the Participant) or (D) the Participant’s gross negligence, willful malfeasance or material act
of disloyalty with respect to the Company or its Affiliates (which, if curable, is not cured within 5 days after notice thereof is provided
to the Participant). Any determination of whether Cause exists shall be made by the Committee in its sole discretion.

 

     

     

    

 

(e)           “Change
in Control” shall, in the case of a particular Award, unless the applicable Award agreement states otherwise or contains
a different definition of “Change in Control,” be deemed to occur upon:

 

(i)             Any
 “person” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) (a “Person”) (other than (A) a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or any affiliate thereof or (B) the Institutional Investors as of
the Effective Date) acquires “beneficial ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of securities
of the Company representing 40% or more of the combined voting power of the Company’s then outstanding securities; provided,
however, that if the Company engages in a merger or consolidation in which the Company or the surviving entity in such merger or
consolidation becomes a subsidiary of another entity, then references to the Company’s then outstanding securities shall be deemed
to refer to the outstanding securities of such parent entity;

 

(ii)            A
majority of the members of the Board shall not be Continuing Directors; or

 

(iii)           The
consummation of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity (or if the surviving entity is or shall become a subsidiary of another
entity, then such parent entity)) more than 40% of the combined voting power of the voting securities of the Company (or such surviving
entity or parent entity, as the case may be) outstanding immediately after such merger or consolidation.

 

To the extent a Plan Award provides for “nonqualified
deferred compensation” within the meaning of Section 409A of the Code and a Change in Control is intended to constitute a payment
event under such Plan Award, then Change in Control shall mean a “change in control event” as defined in Treasury Regulations
Section 1.409A-3(i)(5) and any interpretative guidance promulgated under Section 409A of the Code. In addition, notwithstanding
anything herein to the contrary, in any circumstance in which the definition of “Change in Control” under this Plan would
otherwise be operative and with respect to which the additional tax under Section 409A of the Code would apply or be imposed, but
where such tax would not apply or be imposed if the meaning of the term “Change in Control” met the requirements of Section 409A(a)(2)(A)(v) of
the Code, then the term “Change in Control” herein shall mean, but only for the transaction, event or circumstance so affected
and the item of income with respect to which the additional tax under Section 409A of the Code would otherwise be imposed, a transaction,
event or circumstance that is both (x) described in the preceding provisions of this definition, and (y) a “change in
control event” within the meaning of Treasury Regulations Section 1.409A-3(i)(5).

 

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(f)            “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code shall
be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to
such section, regulations or guidance.

 

(g)           “Committee”
means the Compensation Committee, as constituted from time to time, of the Board, or if no such committee shall be in existence at any
relevant time, the term “Committee” for purposes of the Plan shall mean the Board; provided, however, that
while the Common Stock is publicly traded, (i) the Committee shall be a committee of the Board consisting solely of two or more
Eligible Directors as necessary to satisfy the requirements of Rule 16b-3 under the Exchange Act with respect to Awards granted
under the Plan and (ii) with respect to Awards to directors who are not employees of the Company, the Committee shall consist solely
of one or more members of the Board who are “independent” within the meaning of the New York Stock Exchange corporate governance
listing standards (or, if the Common Stock is not listed on the New York Stock Exchange, such similar standards of any other applicable
registered stock exchange on which the Common Stock is listed or quoted at any relevant time).

 

(h)           “Common
Stock” means the shares of common stock, par value $0.01 per share, of the Company (and any stock or other securities into
which such shares of common stock may be converted or into which they may be exchanged).

 

(i)             “Company”
means Laredo Petroleum, Inc., a Delaware corporation.

 

(j)             “Continuing
Directors” means, as of any date of determination, any member of the Board who: (i) was a member of the Board on the
Effective Date; or (ii) was nominated for election or elected to the Board with the approval of a majority of the Continuing Directors
who were members of the Board at the time of such nomination or election.

 

(k)            “Date
of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified in such
authorization; provided, however, that such date complies with the requirements of Sections 422 and 409A of the Code, as
applicable.

 

(l)             “Disability”
means the “disability” of a person as defined in a then effective long-term disability plan maintained by the Company that
covers such person, or if such a plan does not exist at any relevant time, “Disability” means the permanent and total disability
of a person within the meaning of Section 22(e)(3) of the Code. For purposes of determining the time during which an Incentive
Stock Option may be exercised under the terms of an Option Agreement, “Disability” means the permanent and total disability
of a person within the meaning of Section 22(e)(3) of the Code. Section 22(e)(3) of the Code provides that an individual
is totally and permanently disabled if he is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous
period of not less than twelve (12) months.

 

(m)           “Effective
Date” means May 20, 2021, the date on which this amendment and restatement was approved by the Company’s shareholders.
The Plan originally was adopted effective December 20, 2011.

 

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(n)           “Eligible
Director” means a person who is a “non-employee director” within the meaning of Rule 16b-3 under the Exchange
Act.

 

(o)           “Eligible
Person” means any (i) individual employed by the Company or an Affiliate; (ii) director of the Company or an
Affiliate; (iii) consultant or advisor to the Company or an Affiliate, provided that if the Securities Act applies, such persons
must be eligible to be offered securities registrable on Form S-8 under the Securities Act; or (iv) prospective employees,
directors, officers, consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates
(and would satisfy the provisions of clauses (i) through (iii) above once he or she begins employment with or begins providing
services to the Company or its Affiliates).

 

(p)           “Exchange
Act” has the meaning given such term in the definition of “Change in Control,” and any reference in the Plan
to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative
guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

 

(q)           “Exercise
Price” has the meaning given such term in Section 7(b) of the Plan.

 

(r)            “Fair
Market Value” means, as of any date, the value of the Common Stock determined as follows:

 

(i)             if
the Common Stock is listed on the New York Stock Exchange or another national securities exchange, the closing sales price for a share
of Common Stock reported on such national securities exchange on the day of determination (or if no such price is reported on that day,
on the last market trading day prior to the day of determination for which such a price is reported), as reported in The Wall Street
Journal or such other source as the Committee deems reliable;

 

(ii)             if
the Common Stock is not listed on the New York Stock Exchange or another national securities exchange, but is quoted in the NASDAQ National
Market Reporting System or another inter-dealer quotation system on a last sale basis, the closing bid price (or if no such price is
reported on that day, on the last market trading day prior to the day of determination for which such a price is reported); or

 

(iii)            in
the absence of any listing or quotation of the Common Stock on any established national stock exchange or inter-dealer quotation system
on a last sale basis, the Fair Market Value of a share of Common Stock shall be determined in good faith by the Committee in a manner
intended to satisfy the principles of Section 409A of the Code.

 

(s)            “Good
Reason” shall have the meaning provided in a Participant’s employment or similar services agreement, or in the absence
of such an agreement providing such a definition, “Good Reason” means the occurrence of any of the following events without
the Participant’s written consent, provided that the Participant gives written notice to the Company of the event within 90 days
after the initial occurrence thereof, the Company does not fully remedy such event in all material respects within 30 days following its
receipt of the Participant’s written notification and the Participant terminates employment or other service with the Company on
the date following the expiration of such 30-day cure period: (i) a material adverse change in the Participant’s title, authority,
duties or responsibilities; (ii) a material reduction in the Participant’s base salary (other than in connection with a diminution
of base salaries to similarly situated employees), (iii) a geographical relocation of the Participant’s principal business
location to an area outside a 50 mile radius of the Participant’s then principal business location, or (iv) the Company’s
failure to pay amounts to the Participant when due.

 

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(t)            “Immediate
Family Members” shall have the meaning set forth in Section 14(b).

 

(u)           “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section 422
of the Code and otherwise meets the requirements set forth in the Plan and Section 422 of the Code.

 

(v)           “Indemnifiable
Person” shall have the meaning set forth in Section 4(e) of the Plan.

 

(w)           “Institutional
Investors” means Warburg Pincus Private Equity IX, L.P., WP IX Finance LP (collectively, “Warburg Pincus IX”),
Warburg Pincus Private Equity X O&G, L.P. and Warburg Pincus X Partners, L.P. (collectively, “Warburg Pincus X”)
and any transferee of capital stock of the Company (including subsequent transferees) directly or indirectly (in a chain of title) from
Warburg Pincus IX or Warburg Pincus X and who is a stockholder of the Company.

 

(x)            “Nonqualified
Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 

(y)           “Officer”
means a person who is an “officer” of the Company or any Affiliate within the meaning of Section 16 of the Exchange
Act (whether or not the Company is subject to the requirements of the Exchange Act).

 

(z)            “Option”
means an Award granted under Section 7 of the Plan.

 

(aa)          “Option
Period” has the meaning given such term in Section 7(c) of the Plan.

 

(bb)         “Participant”
means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to Section 6
of the Plan.

 

(cc)          “Performance
Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation Award pursuant to Section 11
of the Plan, which, for the avoidance of doubt, could include, without limitation, performance units, performance-based shares and other
equity and non-equity performance-based awards.

 

(dd)         “Performance
Formula” shall mean, for a Performance Period, the one or more objective formulae applied against the relevant Performance
Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but less than
all, or none of the Performance Compensation Award has been earned for the Performance Period.

 

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(ee)          “Performance
Goals” shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance Period.

 

(ff)           “Performance
Period” shall mean the one or more periods of time, as the Committee may select, over which the attainment of one or more
Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Compensation
Award.

 

(gg)         “Permitted
Transferee” shall have the meaning set forth in Section 14(b) of the Plan.

 

(hh)         “Person”
has the meaning given such term in the definition of “Change in Control.”

 

(ii)           “Plan”
means this Laredo Petroleum, Inc. Omnibus Equity Incentive Plan.

 

(jj)            “Restricted
Period” means the period of time determined by the Committee during which an Award is subject to restrictions or, as applicable,
the period of time within which performance is measured for purposes of determining whether an Award has been earned.

 

(kk)          “Restricted
Stock Unit” means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other property,
subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide
continuous services for a specified period of time), granted under Section 9 of the Plan.

 

(ll)            “Restricted
Stock” means shares of Common Stock, subject to certain specified restrictions (including, without limitation, a requirement
that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 9
of the Plan.

 

(mm)        “SAR
Period” has the meaning given such term in Section 8(c) of the Plan.

 

(nn)         “Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of the
Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section, and any amendments
or successor provisions to such section, rules, regulations or guidance.

 

(oo)         “Stock
Appreciation Right” or “SAR” means an Award granted under Section 8 of the Plan.

 

(pp)         “Stock
Bonus Award” means an Award granted under Section 10 of the Plan.

 

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(qq)         “Strike
Price” means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case of a
SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent
of an Option, an amount not less than the Fair Market Value on the Date of Grant.

 

(rr)           “Subsidiary”
means, with respect to any specified Person:

 

(i)             any
corporation, association or other business entity of which more than 50% of the total voting power of shares or any equivalent equity-type
ownership (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’
agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or
more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)            any
partnership (or any comparable foreign entity) (a) the sole general partner (or functional equivalent thereof) or the managing general
partner of which is such Person or a Subsidiary of such Person or (b) the only general partners (or functional equivalents thereof)
of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(ss)          “Substitute
Award” has the meaning given such term in Section 5(e).

 

3.             Effective
Date; Duration. The Plan originally became effective as of December 20, 2011, in connection with the Company’s initial
public offering and was amended and restated effective March 30, 2016. The Plan as set forth herein constitutes and amendment and
restatement of the Plan as in effect immediately prior to the Effective Date, and the Plan, as amended and restated herein, is effective
as of the Effective Date. Unless sooner terminated by the Board in accordance with Section 13 hereof, the expiration date of the
Plan, as amended and restated herein, on and after which date no Awards may be granted hereunder, shall be the tenth (10th)
anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding,
and the terms and conditions of the Plan shall continue to apply to such Awards.

 

4.             Administration.

 

(a)            The
Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange
Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee shall, at the time
he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that a Committee member shall
fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under
the Plan. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority
of the Committee shall be deemed the acts of the Committee.

 

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(b)           Subject
to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other express
powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type or
types of Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect
to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions
of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares
of Common Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by
which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what
circumstances the delivery of cash, shares of Common Stock, other securities, other Awards or other property and other amounts payable
with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret,
administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement
relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint
such agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) accelerate the vesting or exercisability
of, payment for or lapse of restrictions on, Awards in the event of a Participant’s death or Disability; and (x) make any
other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

 

(c)            The
Committee may delegate to one or more Officers of the Company or any Affiliate the authority to act on behalf of the Committee with respect
to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may
be so delegated as a matter of law, except for grants of Awards to persons subject to Section 16 of the Exchange Act.

 

(d)            Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect
to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee,
may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company,
any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company.

 

(e)            No
member of the Board, the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect
to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any
loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person
in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such
Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award agreement and against
and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such
Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided,
that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the
Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s
choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or
other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts
or omissions of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s bad
faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s
constituent documents. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such
Indemnifiable Persons may be entitled under the Company’s constituent documents, as a matter of law, or otherwise, or any other
power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

 

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(f)            Notwithstanding
anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards
and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee
under the Plan.

 

5.             Shares
Subject to the Plan; Grant of Awards; Limitations.

 

(a)            Awards
granted under the Plan shall be subject to the following limitations: (i) subject to Section 12 of the Plan, the Committee is
authorized to deliver under the Plan an aggregate of 2,432,500 shares of Common Stock; (ii) subject to Section 12 of the Plan,
grants of Options or SARs under the Plan in respect of no more than 717,500 shares of Common Stock may be made to any single Participant
during any single calendar year, and, subject to Section 12 of the Plan, grants of Incentive Stock Options under the Plan in respect
of no more than 717,500 shares of Common Stock may be made to any single Participant during any single calendar year; (iii) subject
to Section 12 of the Plan, no more than 717,500 shares of Common Stock may be earned in respect of Performance Compensation Awards
denominated in shares of Common Stock granted pursuant to Section 11 of the Plan to any single Participant for a single calendar
year during a Performance Period, or in the event such Performance Compensation Award is paid in cash, other securities, other Awards
or other property, no more than the Fair Market Value of 717,500 shares of Common Stock on the last day of the Performance Period to which
such Award relates; (iv) the maximum amount that can be paid to any single Participant in any one calendar year pursuant to a cash
bonus Award described in Section 11(a) of the Plan shall be $5,000,000; and (v) subject to Section 12 of the Plan,
no more than 71,750 shares of Common Stock may be issued in respect of Awards granted to any single Participant who is a non-employee
director for a single calendar year.

 

(b)           The
Committee may, from time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus Awards
and/or Performance Compensation Awards to one or more Eligible Persons selected in its sole discretion. An Eligible Person may be granted
more than one Award under the Plan, and Awards may be granted at any time or times during the term of the Plan. The grant of an Award
to an Eligible Person shall not be deemed either to entitle that individual to, or to disqualify that individual from, participation in
any other grant of Awards under the Plan.

 

(c)           Use
of shares of Common Stock to pay the required Exercise Price or tax obligations, or shares not issued in connection with settlement of
an Option or SAR shall, notwithstanding anything herein to the contrary, not be available again for other Awards under the Plan. Shares
underlying Awards under this Plan that are forfeited, cancelled, expire unexercised, or are settled in cash are available again for Awards
under the Plan. For the avoidance of doubt, Awards that can only be settled in cash shall not be treated as shares of Common Stock granted
for purposes of this Plan.

 

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(d)           Shares
of Common Stock delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of
the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

 

(e)            Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously
granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”). The number
of shares of Common Stock underlying any Substitute Awards shall be counted against the aggregate number of shares of Common Stock available
for Awards under the Plan.

 

6.             Eligibility.
Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received written notification
from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan.

 

7.             Options.

 

(a)            Generally.
Each Option granted under the Plan shall be subject to the conditions set forth in this Section 7, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award agreement. All Options granted under the Plan shall be Nonqualified
Stock Options unless the applicable Award agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive
Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option
shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated
as an Incentive Stock Option unless the Plan has been approved by the shareholders of the Company in a manner intended to comply with
the stockholder approval requirements of Section 422(b)(1) of the Code, provided, that any Option intended to
be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such Option
shall be treated as a Nonqualified Stock Option unless and until such approval is obtained. In the case of an Incentive Stock Option,
the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Section 422 of
the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion thereof) shall not qualify as an Incentive
Stock Option, then, to the extent of such nonqualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option
appropriately granted under the Plan.

 

(b)            Exercise
Price. The exercise price (“Exercise Price”) per share of Common Stock for each Option shall not be
less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided, however, that,
in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares representing
more than 10% of the voting power of all classes of shares of the Company or any Affiliate, the Exercise Price per share shall not be
less than 110% of the Fair Market Value per share on the Date of Grant.

 

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(c)            Vesting
and Expiration. Subject to the last sentence of this Section 7(c), Options shall (i) vest and become exercisable in
such manner and on such date or dates, and (ii) expire after such period, not to exceed ten years (the “Option Period”),
in each case as may be determined by the Committee and as set forth in an Award agreement; provided, however, that
the Option Period shall not exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant
who on the Date of Grant owns shares representing more than 10% of the voting power of all classes of shares of the Company or any Affiliate;
provided, further, that notwithstanding any vesting dates set by the Committee in the Award agreement, the Committee
may, in its sole discretion, accelerate the exercisability of any Option in the event of the Participant’s death or Disability,
which acceleration shall not affect the terms and conditions of such Option other than with respect to exercisability. Unless otherwise
provided by the Committee in an Award agreement: (i) the unvested portion of an Option shall expire upon termination of employment
or service of the Participant granted the Option, and the vested portion of such Option shall remain exercisable for (A) one year
following termination of employment or service by reason of such Participant’s death or Disability, but not later than the expiration
of the Option Period or (B) ninety (90) days following termination of employment or service for any reason other than such Participant’s
death or Disability, and other than such Participant’s termination of employment or service for Cause, but not later than the expiration
of the Option Period and (ii) both the unvested and the vested portion of an Option shall expire upon the termination of the Participant’s
employment or service by the Company for Cause. Options that vest based on a Participant’s continued service shall not become vested
or exercisable prior to the first anniversary following the Date of Grant other than in connection with the Participant’s death,
Disability or pursuant to Section 12 of the Plan. Notwithstanding the foregoing, up to five percent (5%) of the available shares
of Common Stock authorized for issuance pursuant to Section 5(a) of the Plan may be subject to Awards of Options and SARs that
vest, partially or in full, prior to the first anniversary of the Date of Grant.

 

(d)            Method
of Exercise and Form of Payment. No shares of Common Stock shall be delivered pursuant to any exercise of an Option until
payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal
to any federal, state, local and non-U.S. income and employment taxes required to be withheld. Options that have become exercisable may
be exercised by delivery of written notice of exercise or, if provided for, electronic notice of exercise, to the Company in accordance
with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash, check,
cash equivalent and/or shares of Common Stock having a Fair Market Value on the date of exercise equal to the Exercise Price (including,
pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock
in lieu of actual delivery of such shares to the Company), provided, that such shares of Common Stock are not subject to
any pledge or other security interest and are held for the applicable period as determined by the Company’s auditors to avoid adverse
accounting charges, and (ii) by such other method as the Committee may permit in accordance with applicable law, in its sole discretion,
including without limitation: (A) in other property having a fair market value on the date of exercise equal to the Exercise Price
or (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise”
pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise
deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or (C) by
a “net exercise” method whereby the Company withholds from the delivery of the shares of Common Stock for which the Option
was exercised that number of shares of Common Stock having a Fair Market Value equal to the aggregate Exercise Price for the shares of
Common Stock for which the Option was exercised. Any fractional shares of Common Stock shall be settled in cash. The Committee may specify
a reasonable minimum number of shares of Common Stock or a percentage of the shares subject to an Option that may be purchased on any
exercise of an Option; provided, that such minimum number will not prevent Optionee from exercising the full number of shares
of Common Stock as to which the Option is then exercisable.

 

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(e)            Notification
upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan
shall notify the Company in writing immediately after the date the Participant makes a disqualifying disposition of any shares of Common
Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without
limitation, any sale) of such shares of Common Stock before the later of (A) two years after the Date of Grant of the Incentive Stock
Option or (B) one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee
and in accordance with procedures established by the Committee, retain possession of any shares of Common Stock acquired pursuant to the
exercise of an Incentive Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence.

 

(f)            Compliance
With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner
that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable law or the applicable
rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange
or inter-dealer quotation system on which the securities of the Company are listed, traded or reported.

 

8.             Stock
Appreciation Rights.

 

(a)           Generally.
Each SAR granted under the Plan shall be subject to the conditions set forth in this Section 8, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award agreement. Any Option granted under the Plan may include tandem
SARs. The Committee also may award SARs to Eligible Persons independent of any Option.

 

(b)           Strike
Price. The Strike Price per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share
determined as of the Date of Grant.

 

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(c)           Vesting
and Expiration. Subject to the last sentence of this Section 8(c), a SAR granted in connection with an Option shall become
exercisable and shall expire according to the same vesting schedule and expiration provisions as the corresponding Option. A SAR shall
(i) vest and become exercisable in such manner and on such date or dates, and (ii) expire after such period, not to exceed ten
years (the “SAR Period”), in each case as may be determined by the Committee and as set forth in an Award agreement;
provided, however, that notwithstanding any vesting dates set by the Committee in the Award agreement, the Committee
may, in its sole discretion, accelerate the exercisability of any SAR in the event of the Participant’s death or Disability, which
acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability. Unless otherwise provided
by the Committee in an Award agreement: (i) the unvested portion of a SAR shall expire upon termination of employment or service
of the Participant granted the SAR, and the vested portion of such SAR shall remain exercisable for (A) one year following termination
of employment or service by reason of such Participant’s death or Disability, but not later than the expiration of the SAR Period
or (B) ninety (90) days following termination of employment or service for any reason other than such Participant’s death or
Disability, and other than such Participant’s termination of employment or service for Cause, but not later than the expiration
of the SAR Period and (ii) both the unvested and the vested portion of a SAR shall expire upon the termination of the Participant’s
employment or service by the Company for Cause. SARs that vest based on a Participant’s continued service shall not become vested
or exercisable prior to the first anniversary following the Date of Grant other than in connection with the Participant’s death,
Disability or pursuant to Section 12 of the Plan. Notwithstanding the foregoing, up to five percent (5%) of the available shares
of Common Stock authorized for issuance pursuant to Section 5(a) of the Plan may be subject to Awards of Options and SARs that
vest, partially or in full, prior to the first anniversary of the Date of Grant.

 

(d)           Method
of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the
Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were
awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an Option, the
SAR Period), the Fair Market Value of a share of Common Stock exceeds the Strike Price, the Participant has not exercised the SAR or the
corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be
deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor.

 

(e)           Payment.
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that are
being exercised multiplied by the excess, if any, of the Fair Market Value of a share of Common Stock on the exercise date over the Strike
Price, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld. The Company
shall pay such amount in cash, in shares of Common Stock with a Fair Market Value equal to such amount, or any combination thereof, as
determined by the Committee in an Award agreement. Any fractional share of Common Stock shall be settled in cash.

 

9.             Restricted
Stock and Restricted Stock Units.

 

(a)           Generally.
Each such grant of Restricted Stock or Restricted Stock Units under the Plan shall be subject to the conditions set forth in this Section 9,
and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement.

 

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(b)           Restricted
Stock – Accounts, Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account
shall be established in the Participant’s name at the Company’s transfer agent and, if the Committee determines that the Restricted
Stock shall be held by the Company or in escrow rather than held in such restricted account pending the release of the applicable restrictions,
the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory
to the Committee, if applicable, and (ii) the appropriate share power (endorsed in blank) with respect to the Restricted Stock covered
by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an
escrow agreement and blank share power within the amount of time specified by the Committee, the Award shall be null and void. Subject
to the restrictions set forth in this Section 9 and unless otherwise set forth in an applicable Award agreement, the Participant
generally shall have the rights and privileges of a shareholder as to such Restricted Stock, including without limitation the right to
vote such Restricted Stock and the right to receive dividends, if applicable; provided that any dividends with respect to a share
of Restricted Stock shall be withheld by the Company for the Participant’s account, without interest, until the restrictions have
lapsed on the related share of Restricted Stock. To the extent shares of Restricted Stock are forfeited, any share certificates issued
to the Participant evidencing such shares shall be returned to the Company, any dividends withheld and attributable to such shares shall
also be forfeited to the Company and all rights of the Participant to such shares and as a shareholder with respect thereto shall terminate
without further obligation on the part of the Company.

 

(c)           Vesting;
Acceleration of Lapse of Restrictions. The Restricted Period shall lapse with respect to an Award of Restricted Stock or Restricted
Stock Units at such times as provided by the Committee in an Award agreement, and the unvested portion of Restricted Stock and Restricted
Stock Units shall terminate and be forfeited upon termination of employment or service of the Participant.

 

(d)           Delivery
of Restricted Stock and Settlement of Restricted Stock Units.

 

(i)             Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award
agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award agreement. If
an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge,
the share certificate evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted
Period has expired (rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Company and attributable
to any particular share of Restricted Stock shall be distributed to the Participant in cash or, at the sole discretion of the Committee,
in shares of Common Stock having a Fair Market Value equal to the amount of such dividends, upon the release of restrictions on such share
and, if such share is forfeited, the Participant shall have no right to such dividends (except as otherwise set forth by the Committee
in the applicable Award agreement).

 

(ii)            Unless
otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one share of Common Stock for
each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect
to (i) pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of such Restricted
Stock Units or (ii) defer the delivery of shares of Common Stock (or cash or part Common Stock and part cash, as the case may be)
beyond the expiration of the Restricted Period if such delivery would result in a violation of applicable law until such time as is no
longer the case. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to
the Fair Market Value of the shares of Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted
Stock Units, less an amount equal to any federal, state, local and non-U.S. income and employment taxes required to be withheld.

 

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10.           Stock
Bonus Awards. The Committee may issue unrestricted shares of Common Stock, or other Awards denominated in shares of Common Stock,
under the Plan to Eligible Persons, either alone or in tandem with other awards, in such amounts as the Committee shall from time to time
in its sole discretion determine. Each Stock Bonus Award granted under the Plan shall be subject to such conditions not inconsistent with
the Plan as may be reflected in the applicable Award agreement.

 

11.           Performance
Compensation Awards.

 

(a)           Generally.
The Committee shall have the authority, at the time of grant of any Award described in Sections 9 or 10 of the Plan, to designate
such Award as a Performance Compensation Award. The Committee shall also have the authority to make an award of a cash bonus to any Participant
and designate such Award as a Performance Compensation Award. The Committee, in its sole discretion, shall determine the payment of any
Performance Compensation Award, whether payable in cash, shares of Common Stock or a combination of cash and shares of Common Stock.

 

(b)           Discretion
of Committee with Respect to Performance Compensation Awards. With regard to a particular Performance Period, the Committee shall
have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be issued,
the criterion or criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance
Goals(s) that is (are) to apply and the Performance Formula.

 

(c)           Performance
Goals. Performance Goals may be based on one or more business criteria or other performance measures determined by the Committee
in its discretion.

 

(d)           Modification
of Performance Goal(s). In the event that applicable securities laws change to permit Committee discretion to alter the governing
Performance Goal(s) without obtaining shareholder approval of such alterations, the Committee shall have sole discretion to make
such alterations without obtaining shareholder approval.

 

(e)           Payment
of Performance Compensation Awards.

 

(i)             Condition
to Receipt of Payment. Unless otherwise provided in the applicable Award agreement, a Participant must be employed by the Company
or an Affiliate of the Company on the date of payment with respect to a Performance Period to be eligible to receive such payment in respect
of a Performance Compensation Award for the preceding Performance Period.

 

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(ii)            Limitation.
A Participant shall be eligible to receive payment in respect of a Performance Compensation Award only to the extent that: (A) the
Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s Performance Compensation
Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals.

 

(iii)           Certification.
Following the completion of a Performance Period, the Committee shall review and certify in writing whether, and to what extent, the Performance
Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation
Awards earned for the period based upon the Performance Formula. The Committee shall then determine the amount of each Participant’s
Performance Compensation Award actually payable for the Performance Period and, in so doing, may apply discretionary adjustments in accordance
with Section 11(e)(iv).

 

(iv)           Discretionary
Adjustments. In determining the actual amount of an individual Participant’s Performance Compensation Award for a Performance
Period, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance Formula in
the Performance Period if, in its sole judgment, such reduction or elimination is appropriate. The Committee shall not have the discretion,
except as is otherwise provided in the Plan, to (A) grant or provide payment in respect of Performance Compensation Awards for a
Performance Period if the Performance Goals for such Performance Period have not been attained; or (B) increase a Performance Compensation
Award above the applicable limitations set forth in Section 5 of the Plan.

 

(f)            Timing
of Award Payments. Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively
practicable following completion of the certifications required by this Section 11, but in no event later than two-and-one-half months
following the end of the fiscal year during which the Performance Period is completed; provided, however, that such
Performance Compensation Awards may be deferred and paid after such date so long deferrals are made in accordance with Section 409A
of the Code and applicable guidance thereunder.

 

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12.           Changes
in Capital Structure and Similar Events.

 

(a)           Effect
of Certain Events. In the event of (A) any dividend or other distribution (whether in the form of cash, shares of Common
Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, amalgamation,
consolidation, split-up, split-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company,
issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate
transaction or event (including, without limitation, a Change in Control) that affects the shares of Common Stock, or (B) unusual
or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements
of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or
securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined
by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner
as it may deem equitable, including without limitation any or all of the following:

 

(i)             adjusting
any or all of (A) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities
or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding
Award, including, without limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and
kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise
Price or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation, Performance
Goals);

 

(ii)            providing
for a substitution or assumption of Awards, termination of Awards or providing for a period of time for exercise prior to the occurrence
of such event; and

 

(iii)           canceling
any one or more outstanding Awards or portion thereof and causing to be paid to the holders thereof, in cash, shares of Common Stock,
other securities or other property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which
if applicable may be based upon the price per share of Common Stock received or to be received by other shareholders of the Company in
such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess,
if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR
over the aggregate Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option
or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject
thereto may be canceled and terminated without any payment or consideration therefor); provided, however, that in
the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 123 (Revised 2004) and FASB Accounting Standards Codification Topic 718) or any successor rule, the Committee
shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. Any adjustment in Incentive
Stock Options under this Section 12 (other than any cancellation of Incentive Stock Options) shall be made only to the extent not
constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this
Section 12 shall be made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the
Exchange Act or the exemption under Section 409A, to the extent applicable. The Company shall give each Participant notice of an
adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

 

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(b)           Effect
of Change in Control. Notwithstanding any other provision of the Plan to the contrary, unless specifically provided otherwise
with respect to Change in Control events in an Award or in a then-effective written employment agreement between the Participant and the
Company or an Affiliate, in the event a Change in Control occurs during the effectiveness of the Plan:

 

(i)             If
and to the extent that a successor to the Company assumes, substitutes or replaces an Award granted on or after the Effective Date, the
vesting restrictions and forfeiture provisions applicable to such Award shall not be accelerated or lapse, and all such vesting restrictions
and forfeiture provisions shall continue with respect to any shares of the successor or other consideration that may be received with
respect to such Award; provided that, in the event of the termination of a Participant’s employment or service by the Company
or its successor without Cause or by the Participant for Good Reason during the 18-month period following the Change in Control, (1) all
outstanding Options and SARs held by the Participant shall become immediately vested and exercisable with respect to 100% of the shares
subject to such Options or SARs, (2) the Restricted Period shall expire immediately and all restrictions shall lapse with respect
to 100% of the outstanding Restricted Stock Awards and Restricted Stock Units held by the Participant and (3) all Performance Goals
or other vesting criteria with respect to Performance Compensation Awards held by the Participant will be deemed achieved at 100% of target
levels and all other terms and conditions will be deemed met, in each case as of the date of the Participant’s termination of employment
or service.

 

(ii)            If
and to the extent that Awards either were granted prior to the Effective Date, or were granted on or after the Effective Date but are
canceled or terminated upon and in connection with the Change in Control, then (1) each such Option and SAR which is at the time
outstanding under the Plan shall automatically become fully vested and exercisable with respect to all shares of Common Stock covered
thereby, (2) the Restricted Period shall expire and restrictions applicable to all such Restricted Stock Awards and Restricted Stock
Units which is at the time outstanding shall lapse and such Awards shall become fully vested and (3) all Performance Goals or other
vesting criteria with respect to such Performance Compensation Awards held by the Participant in effect on the date the Change in Control
occurs shall end on such date and the Committee shall (A) determine the extent to which Performance Goals with respect to each such
Performance Period have been met based upon such audited or unaudited financial information or other information then available as it
deems relevant and (B) cause the Participant to receive partial or full payment of Awards for each such Performance Period based
upon the Committee’s determination of the degree of attainment of the Performance Goals, or assuming that the applicable “target”
levels of performance have been attained or on such other basis determined by the Committee whichever is greater.

 

(c)           The
existence of this Plan and Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of
the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure
or its business, any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Company Shares
or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part
of its assets or business or any other corporate act or proceeding.

 

13.           Amendments
and Termination.

 

(a)           Amendment
and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at
any time; provided, that (i) no amendment to Section 11(c) or Section 13(b) (to the extent required
by the proviso in such Section 13(b)) shall be made without shareholder approval and (ii) no such amendment, alteration, suspension,
discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory
requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities
exchange or inter-dealer quotation system on which the Common Stock may be listed or quoted or to prevent the Company from being denied
a tax deduction); provided, further, that any such amendment, alteration, suspension, discontinuance or termination
that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted
shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary.

 

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(b)           Amendment
of Award Agreements. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue,
cancel or terminate, any Award theretofore granted or the associated Award agreement, prospectively or retroactively; provided that
any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect
the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent
of the affected Participant; provided, further, that without shareholder approval, except as otherwise permitted
under Section 12 of the Plan, (i) no amendment or modification may reduce the Exercise Price or minimum vesting requirements
of any Option or the Strike Price or minimum vesting requirements of any SAR, (ii) the Committee may not cancel any outstanding Option
or SAR and replace it with a new Option or SAR, another Award or cash, and (iii) the Committee may not take any other action that
is considered a “repricing” for purposes of the shareholder approval rules of the applicable securities exchange or inter-dealer
quotation system on which the Common Stock is listed or quoted.

 

14.           General.

 

(a)           Award
Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant (whether
in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract
with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto, including without limitation,
the effect on such Award of the death, Disability or termination of employment or service of a Participant, or of such other events as
may be determined by the Committee.

 

(b)           Nontransferability.

 

(i)             Each
Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable law, by
the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred
or encumbered by a Participant other than by will or by the laws of descent and distribution and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that
the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

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(ii)            Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant,
without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award agreement to preserve
the purposes of the Plan, to: (A) any person who is a “family member” of the Participant, as such term is used in the
instructions to Form S-8 under the Securities Act (collectively, the “Immediate Family Members”); (B) a
trust solely for the benefit of the Participant and his or her Immediate Family Members; (C) a partnership or limited liability company
whose only partners or stockholders are the Participant and his or her Immediate Family Members; or (D) any other transferee as may
be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided in the applicable Award agreement
(each transferee described in clauses (A), (B) (C) and (D) above is hereinafter referred to as a “Permitted
Transferee”); provided, that the Participant gives the Committee advance written notice describing the terms
and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the
requirements of the Plan.

 

(iii)           The
terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee, and any
reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except
that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution;
(B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration
statement on an appropriate form covering the Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines,
consistent with any applicable Award agreement, that such a registration statement is necessary or appropriate; (C) the Committee
or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise
have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of the termination of the
Participant’s employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award agreement
shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the
Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award agreement.

 

(c)           Tax
Withholding.

 

(i)             A
Participant shall be required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby
authorized to withhold, from any cash, shares of Common Stock, other securities or other property deliverable under any Award or from
any compensation or other amounts owing to a Participant, the amount (in cash, shares of Common Stock, other securities or other property)
of any required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and
to take such other action as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment
of such withholding taxes.

 

(ii)            Without
limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole
or in part, the foregoing withholding liability by (A) the delivery of shares of Common Stock (which are not subject to any pledge
or other security interest and are held for the applicable period as determined by the Company’s auditors to avoid adverse accounting
charges) owned by the Participant having a fair market value equal to such withholding liability or (B) having the Company withhold
from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the exercise or settlement of the Award a number
of shares with a fair market value equal to such withholding liability (but no more than the minimum required statutory withholding liability).

 

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(d)           No
Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person, shall
have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a
grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The
terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same
with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated.
Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or
service of the Company or an Affiliate, nor shall it be construed as giving any Participant any rights to continued service on the Board.
The Company or any of its Affiliates may at any time dismiss a Participant from employment or discontinue any consulting relationship,
free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award agreement. By accepting
an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or
to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award agreement,
notwithstanding any provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates
and the Participant, whether any such agreement is executed before, on or after the Date of Grant.

 

(e)            International
Participants. With respect to Participants who reside or work outside of the United States of America, the Committee may in its
sole discretion amend the terms of the Plan or outstanding Awards (or adopt a subplan) with respect to such Participants in order to conform
such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or its
Affiliates.

 

(f)            Designation
and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies)
who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his death. A Participant
may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new designation
with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that
no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant’s
death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant,
the beneficiary shall be deemed to be his or her spouse or, if the Participant is unmarried at the time of death, his or her estate. Notwithstanding
anything herein to the contrary, to the extent that a Participant’s beneficiary designation would result in a duplication of, or
unintended, benefits payable under this Plan or would otherwise violate applicable law, the Committee shall have the authority to disregard
such designation and payments shall be made in accordance with applicable law.

 

    21 

     

    

 

(g)           Termination
of Employment/Service. Unless determined otherwise by the Committee at any point following such event or as otherwise provided
in an Award agreement, service shall not be considered terminated in the case of (i) any approved leave of absence, (ii) transfers
among the Company, any Affiliate, or any successor, in any capacity of any employee, director or consultant, or (iii) any change
in status as long as the individual remains in the service of the Company or an Affiliate in any capacity of employee, director or consultant.
An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave. For purposes of each Incentive
Stock Option, if such leave exceeds three (3) months, and reemployment upon expiration of such leave is not guaranteed by statute
or contract, then the Incentive Stock Option shall be treated as a Non-Qualified Stock Option on the day following the expiration of such
three (3) month period.

 

(h)           No
Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award agreement, no person shall be entitled
to the privileges of ownership in respect of shares of Common Stock that are subject to Awards hereunder until such shares have been issued
or delivered to that person.

 

(i)            Government
and Other Regulations.

 

(i)             The
obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all applicable laws, rules,
and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award
to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or
selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities
Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel, satisfactory to the Company,
that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions
of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act
any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all certificates
for shares of Common Stock or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award agreement, the federal
securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or
inter-dealer quotation system upon which such shares or other securities are then listed or quoted and any other applicable federal, state,
local or non-U.S. laws, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in the Plan to the
contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its
sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity
to whose jurisdiction the Award is subject.

 

    22 

     

    

 

(ii)            The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock from the public
markets, the Company’s issuance of shares of Common Stock to the Participant, the Participant’s acquisition of shares of Common
Stock from the Company and/or the Participant’s sale of shares of Common Stock to the public markets, illegal, impracticable or
inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall
pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject
to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been
vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively)
or any amount payable as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall be delivered
to the Participant as soon as practicable following the cancellation of such Award or portion thereof.

 

(iii)           Notwithstanding
any provision in this Plan or any Award agreement to the contrary, Awards granted hereunder shall be subject, to the extent applicable,
(A) to any clawback policy adopted by the Company, and (B) to the Dodd-Frank Wall Street Reform and Consumer Protection Act,
as amended, and rules, regulations and binding, published guidance thereunder, which legislation provides for the clawback and recovery
of incentive compensation in the event of certain financial statement restatements. If, pursuant to Section 10D of the Securities
Exchange Act of 1934, as amended, the Company would not be eligible for continued listing, if applicable, under Section 10D(a) of
the Exchange Act if it did not adopt policies consistent with Section 10D(b) of the Exchange Act, then, in accordance with those
policies that are so required, any incentive-based compensation payable to a Participant under this Plan shall be subject to claw-back
in the circumstances, to the extent, and in the manner, required by Section 10D(b)(2) of the Exchange Act, as interpreted by
rules of the Securities Exchange Commission.

 

(j)            Payments
to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the Plan is
unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his
estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company,
be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or any other person deemed by the
Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge
of the liability of the Committee and the Company therefor.

 

(k)            Nonexclusivity
of the Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of the Company
for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it
may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than under this
Plan, and such arrangements may be either applicable generally or only in specific cases.

 

(l)             No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the
other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan,
to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets,
nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately
maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors
of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services,
they shall have the same rights as other employees under general law.

 

    23 

     

    

 

(m)           Reliance
on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as
the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent
public accountant of the Company and its Affiliates and/or any other information furnished in connection with the Plan by any agent of
the Company or the Committee or the Board, other than himself.

 

(n)           Relationship
to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.

 

(o)           Governing
Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving
effect to the conflict of laws provisions thereof.

 

(p)           Severability.
If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall
be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan and any such Award shall
remain in full force and effect.

 

(q)           Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization
resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor corporation or organization
succeeding to substantially all of the assets and business of the Company.

 

(r)            Shareholder
Approval. The Plan, as amended and restated herein, is effective as of May 20, 2021, subject to approval by the Company’s
shareholders.

 

(s)           Expenses;
Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates. Masculine
pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the Plan are
for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings shall control.

 

(t)            Other
Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of shares
of Common Stock under an Award, that the Participant execute lock-up, shareholder or other agreements, as it may determine in its sole
and absolute discretion.

 

    24 

     

    

 

(u)           Payments.
Participants shall be required to pay, to the extent required by applicable law, any amounts required to receive shares of Common
Stock under any Award made under the Plan.

 

(v)           Section 409A.
The Plan and the Awards hereunder are intended to either comply with, or be exempt from, the requirements of Section 409A of the
Code. To the extent that the Plan or any Award is not exempt from the requirements of Section 409A of the Code, the Plan and any
such Award intended to comply with the requirements of Section 409A of the Code shall be limited, construed and interpreted in accordance
with such intent. Notwithstanding the foregoing, in no event whatsoever shall the Company be liable for any additional tax, interest or
penalty that may be imposed by Section 409A of the Code or any damages relating to any failure to comply with Section 409A of
the Code. To the extent required under Section 409A of the Code, (i) the provisions of Treasury Regulations Section 1.409A-3(i)(2) will
apply to an Award granted hereunder and (ii) any reference to a “termination of employment or service” (or any similar
term) shall mean a “separation from service” as defined in Section 409A of the Code.

 

    25EX-4.1

 Exhibit 4.1 

KELLOGG COMPANY 

OFFICERS’ CERTIFICATE 

The undersigned, Joel A. Vander Kooi, Vice President – Treasurer, and Gary H. Pilnick, Vice Chairman, Corporate Development and Chief
Legal Officer, Senior Vice President and Secretary, of Kellogg Company, a Delaware corporation (the “Company”), do hereby certify that pursuant to the authority granted in resolutions (the “Resolutions”) adopted by
the Board of Directors of the Company on April 29, 2021; and pursuant to Section 2.3 of the Indenture, dated as of May 21, 2009 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company,
N.A., as trustee (the “Trustee”), there is established a series of securities under the Indenture with the following terms: 

1. The securities are entitled (i) the “0.500% Senior Notes due 2029” (“the Notes”). 

2. The Notes are limited in aggregate principal amount to €300,000,000 (except for Notes authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.8, 2.9, 2.11 or 12.3 of the Indenture); provided the Company may, without the consent of holders of the Notes, issue additional Notes having the same ranking and the
same interest rate, maturity and other terms as the Notes (except for the issue date and, in some cases, the public offering price and the first interest payment date, and the initial interest accrual date), which additional Notes will constitute as
single series of debt securities under the Indenture. 
 3. The price to the public of the Notes was 99.579% of the principal amount, plus
accrued interest, if any, from May 20, 2021. 
 4. The principal amount of the Notes will mature on May 20, 2029, subject to the
provisions of the Indenture relating to acceleration. 
 5. The Notes will bear interest from May 20, 2021 at the rate of 0.500% per annum
payable in arrears on each May 20, commencing May 20, 2022, to, subject as described in the Form of Note attached hereto as Exhibit A, the holders of record of the Notes as at (i) if the Notes are in definitive form, the close
of business on the 15th day (whether or not a Business Day) immediately preceding the interest payment date or (ii) while interests in the Notes are represented by one or more global securities, the close of business on the business day (which,
for this purpose shall mean a day on which Euroclear Bank SA/NV and Clearstream Banking SA, are open for business) immediately preceding the interest payment date. Interest on the Notes will be 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 or duly provided for on the Notes (or May 20, 2021 if no interest has been paid on the Notes), to but
excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. Subject to the exceptions and limitations set forth
therein, additional interest will be paid on the Notes as set forth in Section 2 of the Form of Note attached hereto as Exhibit A. 

 6. The principal of and interest on the Notes will be payable at the office or agency of the
Company maintained for that purpose, pursuant to the Indenture, in London, England, which shall be initially the corporate trust office of The Bank of New York Mellon, London Branch, located at One Canada Square, London E14 5AL; provided, however,
that at the option of the Company, such payment of interest may be made by check mailed to the person entitled thereto as provided in the Indenture. The principal of and interest on the Notes, including payments made upon redemption of the Notes,
will be payable in euro. If the euro is unavailable due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union
that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in United States dollars until the
euro is again available to the Company or so used. In such circumstance, the amount payable on any date in euro will be converted into United States dollars on the basis of the market exchange rate for euro most recently available on, or prior to,
the second Business Day before the relevant payment date. 
 7. The Notes will be redeemable by the Company prior to maturity as described in
Section 3 of the Form of Note attached hereto as Exhibit A. 
 8. If a Change of Control Repurchase Event (as defined in the form
of Note attached hereto as Exhibit A) shall have occurred, holders of the Notes (unless the Company has exercised its right to redeem the Notes) may require the Company to repurchase all or any part of the Notes in the manner provided and
subject to the limitations set forth in the form of Note attached hereto as Exhibit A. 
 9. The Notes will not have the benefit of
any sinking fund. 
 10. The Notes initially will be represented by global securities registered in the name of the nominee of The Bank of
New York Mellon, London Branch, as common depositary (the “Depository”). The Notes will be issued only in fully registered form without coupons in denominations of €100,000 and integral multiples of €1,000 in excess
thereof. 
 11. The Notes will initially be issued in the form of one or more global securities, substantially in the form attached hereto as
Exhibit A. The Bank of New York Mellon, London Branch shall initially serve as the Depository for such global securities. Neither the Company nor the Trustee shall have any responsibility or obligation to Euroclear’s or
Clearstream’s participants or the beneficial owners for whom they act with respect to their receipt from the Depository of payments on the Notes or notices given under the Indenture. 

12. The words “execution,” “signed,” “signature,” and words of like import in the Indenture shall include images
of manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic signatures (including without limitation, DocuSign
and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect,
validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including 

 the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in the Indenture
to the contrary notwithstanding, (a) any Officers’ Certificate, Company Order, opinion of counsel, Security, certificate of authentication appearing on or attached to any of the Notes, or other certificate, opinion of counsel, instrument,
agreement or other document delivered pursuant to the Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 2.5, Section 2.6 or elsewhere in the
Indenture to the execution, attestation or authentication of any Notes or any certificate of authentication appearing on or attached to any Notes by means of a manual or facsimile signature shall be deemed to include signatures that are made or
transmitted by any of the foregoing electronic means or formats, and (c) any requirement in Section 2.5, Section 2.6 or elsewhere in the Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be
applicable to the Notes. 
 13. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions
(for the purposes of this Section, “Instructions”) given pursuant to the Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing authorized
representatives and containing specimen signatures of such authorized representatives, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the listing. If the Company elects to give the
Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company understands and agrees that the
Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an authorized representative listed on the incumbency certificate
provided to the Trustee have been sent by such authorized representative. The Company shall be responsible for ensuring that only authorized representatives transmit such Instructions to the Trustee and that the Grantor, the Beneficiary and all
authorized representatives are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Company agrees:
(i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third
parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s)
selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and
circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

 “Electronic Means” shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the
Trustee as available for use in connection with its services hereunder. 
 14. In order to comply with applicable law, the Company agrees to
provide, at the request of the Paying Agent or Trustee, as applicable, such specified information (to the extent the Company has such information in its possession) about the transaction and the participants thereto, as is required under applicable
law to enable the Paying Agent or Trustee, as applicable, to determine whether it has tax related obligations under applicable law, and the Company further agrees that the Paying Agent shall be entitled to make any withholding or deduction from
payments under the Indenture to the extent such withholding or deduction is required by applicable law. The terms of this section shall survive the termination of the Indenture. 

All capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Indenture. 

 IN WITNESS WHEREOF, we have set our hands as of this 20 day of May 2021. 

 

			
	KELLOGG COMPANY
		
	By:	 	 /s/ Joel A. Vander Kooi

		 	Name: Joel A. Vander Kooi
		 	Title: Vice President – Treasurer
		
	By:	 	 /s/ Gary H. Pilnick

		 	Name: Gary H. Pilnick
		 	Title: Vice Chairman, Corporate Development and Chief Legal Officer, Senior Vice President and Secretary

 EXHIBIT A 

See attached. 

 EXHIBIT A 

FORM OF NOTE 

(SPECIMEN) 
 KELLOGG
COMPANY 
 0.500% Senior Notes due 2029 
  

			
	REGISTERED	  	REGISTERED
		
	No. R-1	  	€300,000,000
		  	 CUSIP No.: 487836 BY3

ISIN No.: XS2343510520

		  	Common Code No.: 234351052

 Kellogg Company, a corporation duly organized and existing under the laws of Delaware (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, as nominee of The Bank of New York
Mellon, London Branch, as common depositary (the “Depository”) for Euroclear Bank SA/NV (“Euroclear”) or Clearstream Banking S.A. (“Clearstream”), or registered assigns, the principal sum set forth
above or such other principal sum on the Schedule of Exchanges attached hereto (which shall not exceed €300,000,000) on May 20, 2029, and to pay interest thereon from May 20, 2021, or from the most recent interest payment date to
which interest has been paid or duly provided for, annually in arrears on May 20 in each year, commencing May 20, 2022, at the rate of 0.500% per annum, until the principal hereof is paid or made available for payment. 

Interest on this Security will be 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 or duly provided for on this Security (or May 20, 2021 if no interest has been paid on this Security), to but excluding the next scheduled interest payment
date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

The interest so payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture, be paid to
the Person in whose name this Security (or one or more predecessor Securities) is registered as at (i) if the Securities are in definitive form, the close of business on the 15th day (whether or not a Business Day) immediately preceding the
interest payment date or (ii) while interests in the Securities are represented by one or more global securities, the close of business on the business day (which, shall mean for this purpose a day on which Euroclear and Clearstream are open
for business) immediately preceding the interest payment date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Securityholder on such regular record date and may either be paid to the Person in
whose name this Security (or one or more predecessor Securities) is registered at the close of business on a special record date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to 

  
 A-1 

 Securityholders of this Series not less than 10 days prior to such special record date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which these Securities of this Series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the
Indenture. 
 As set forth herein, the Company will pay additional interest on this Security in certain circumstances. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in London, England; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register, provided that such Person shall have given the Trustee written wire instructions at least five Business Days prior to the
applicable interest payment date. 
 All payments on this Security will be made in euro. If the euro is unavailable due to the imposition of
exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of
transactions by public institutions of or within the international banking community, then all payments in respect of this Security will be made in United States dollars until the euro is again available to the Company or so used. In such
circumstance, the amount payable on any date in euro will be converted into United States dollars on the basis of the market exchange rate for euro most recently available on, or prior to, the second Business Day before the relevant payment date.
Any payment in respect of this Security so made in United States dollars will not constitute an Event of Default under this Security or the Indenture. The market exchange rate most recently available on, or prior to, the second Business Day before
the relevant determination date will be the basis for determining the equivalent of the euro in the currency of the United States of America for any purpose under the Indenture, including for purposes of the definition of “Outstanding” in
Section 1.1 of the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

As used in this Security, unless otherwise noted, “Business Day” means 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 a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system) or
successor thereto, operates. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

* * * * 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this Global Certificate to be signed on its
behalf. 
 Dated: May 20, 2021 
  

			
	KELLOGG COMPANY
		
	By:	 	          

		 	Name: Joel A. Vander Kooi
		 	Title: Vice President – Treasurer
		
	By:	 	          

		 	Name: Gary H. Pilnick
		 	Title: Vice Chairman,
		 	Corporate Development and Chief Legal Officer, Senior Vice President and Secretary

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: May 20, 2021 
  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

            as Trustee

		
	By:	 	              

		 	Authorized Signatory

  
 A-4 

 [FORM OF REVERSE SIDE OF SECURITY] 

0.500% Senior Notes due 2029 

Section 1. Indenture 

The Company issued the Securities under an Indenture, dated as of May 21, 2009, between the Company and the Trustee (the
“Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date of the Indenture. The Securities are subject to
all terms and provisions of the Indenture, and Securityholders are referred to the Indenture and the Trust Indenture Act for a statement of such terms and provisions. In the event of any inconsistency between the terms of this Security and the terms
of the Indenture, the terms of this Security shall prevail. 
 The Securities are senior unsecured obligations of the Company initially
limited to €300,000,000 aggregate principal amount at any one time outstanding. This Security is one of a Series designated as 0.500% Senior Notes due 2029 of the Company (the “Securities”). 

Section 2. Payment of Additional Amounts 

Subject to the exceptions and limitations set forth below, additional interest will be paid on the Securities in such additional amounts as are
necessary in order that the net payment by the Company or a Paying Agent of the principal of, and premium, if any, and interest on the Securities to a Securityholder who is not a United States Person (as defined below), after withholding or
deduction for any future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in this Security to be then due and payable; provided, however,
that the foregoing obligation to pay additional amounts shall not apply: 
 (1) to any tax, assessment or other governmental charge that
would not have been imposed but for the Securityholder (or the beneficial owner for whose benefit such Securityholder holds the Securities), or a fiduciary, settlor, beneficiary, member or shareholder of the Securityholder if the Securityholder is
an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: 

(a) being or having been engaged in a trade or business in the United States or having or having had a permanent establishment in the United
States; 
 (b) having a current or former connection with the United States (other than a connection arising solely as a result of the
ownership of the Securities or the receipt of any payment or the enforcement of any rights thereunder), including being or having been a citizen or resident of the United States; 

(c) being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States
income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax; 

  
 A-5 

 (d) being or having been a “10-percent
shareholder” of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision; or 

(e) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its
trade or business; 
 (2) to any Securityholder that is not the sole beneficial owner of the Securities, or a portion of the Securities, or
that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the Securityholder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the
partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(3) to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Securityholder or any other
person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Securityholder or beneficial owner of the Securities, if compliance
is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental
charge; 
 (4) to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a Paying
Agent from the payment; 
 (5) to any tax, assessment or other governmental charge that would not have been imposed but for a change in law,
regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

(6) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or
other governmental charge; 
 (7) to any tax, assessment or other governmental charge required to be withheld by any Paying Agent from any
payment of principal of or interest on any note, if such payment can be made without such withholding by at least one other Paying Agent; 

(8) to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Securityholder, where
presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(9) to any tax, assessment or other governmental charge that would not have been imposed or withheld but for the beneficial owner being a bank
(i) purchasing the Securities in the ordinary course of its lending business or (ii) that is neither (A) buying the Securities for investment purposes only nor (B) buying the Securities for resale to a third-party that either is
not a bank or holding the notes for investment purposes only; 

  
 A-6 

 (10) to any tax, assessment or other governmental charge imposed under Sections 1471 through
1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, any intergovernmental agreement entered into
in connection with the implementation of the foregoing and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such intergovernmental agreement; or 

(12) in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9) and (10). 

This Security is subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to
this Security. Except as specifically provided above, no payment will be required for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any government or political
subdivision. 
 As used herein, the term “United States” means the United States of America, the states of the United States, and
the District of Columbia, and the term “United States Person” means any individual who is a citizen or resident of the United States for United States 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, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

Section 3. Redemption 

(A) Optional Redemption 

Prior to the Par Call Date, the Securities may be redeemed at the Company’s option, at any time in whole or from time to time in part. The
redemption price for the Securities to be redeemed on any redemption date will be equal to the greater of the following amounts: 
  

	 	(a)	 100% of the principal amount of the Securities being redeemed on the redemption date; and

  

	 	(b)	 the sum of the present values of the remaining scheduled payments of principal and interest on the Securities
being redeemed that would be due if such Securities matured on the Par Call Date (not including any portion of any payments of interest accrued to the redemption date) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at
the applicable Comparable Government Bond Rate (as defined below), plus 15 basis points; 

 plus, in each case, accrued and unpaid
interest on the Securities to the redemption date. Notwithstanding the foregoing, installments of interest on the Securities that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest
payment date to the registered Securityholders as of the close of business on the relevant record date according to the Securities and the Indenture. 

  
 A-7 

 On and after the Par Call Date, the Securities will be redeemable, at the Company’s
option, at any time in whole, or from time to time in part, at a redemption price equal to 100% of the principal amount of the Securities plus accrued and unpaid interest, to, but excluding, the redemption date. Notwithstanding the foregoing,
installments of interest on the Securities that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant
record date according to the Securities and the Indenture. 
 The Company will mail notice of any redemption at least 30 days but not more
than    60 days before the redemption date to each Securityholder of the Securities to be redeemed. So long as interests in the Securities are represented by one or more global Securities, notices to Securityholders may be given
by delivery to Euroclear and Clearstream for communication by them to the Securityholders, and such notices shall be deemed to be given on the date of delivery to Euroclear and Clearstream. While interests in the Securities are represented by one or
more global Securities, the Securities to be so redeemed will, in the case of partial redemption of the Securities, be selected in accordance with the rules of Euroclear and/or Clearstream (to be reflected in the records of Euroclear and Clearstream
as either a pool factor or a reduction in nominal amount at their discretion) and, upon the redemption of the Securities (in whole or in part as aforesaid), the Trustee shall annotate the relevant global Security accordingly. Once notice of
redemption is mailed or made as aforesaid, the Securities called for redemption will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest to the redemption date. Notwithstanding
Section 12.2 of the Indenture, notice of any redemption need not set forth the redemption price but only the manner of calculation thereof. The Company will notify the Trustee and the Paying Agent of the redemption price for any such redemption
promptly after the calculation thereof and neither the Trustee nor the Paying Agent shall have any responsibility for such calculation. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an
Independent Investment Banker, a German government bond whose maturity is closest to the maturity of the Securities to be redeemed, or if such Independent Investment Banker in its discretion determines that such similar bond is not in issue, such
other German government bond as such Independent Investment Banker may, with the advice of the Reference Bond Dealers, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005
being rounded upwards), at which the gross redemption yield on the Securities to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield
on such Business Day of the Comparable Government Bond 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 the Independent Investment Banker. 

“Independent Investment Banker” means one of the Reference Bond Dealers that the Company appoints as the Independent
Investment Banker from time to time. 

  
 A-8 

 “Reference Bond Dealer” means (A) each of Coöperatieve Rabobank
U.A., ING Bank N.V. and Morgan Stanley & Co. International plc (or their respective affiliates that are Primary Bond Dealers), and their respective successors and (B) any other Primary Bond Dealer selected by the Company. 

“Par Call Date” means March 20, 2029. 

On and after the redemption date, interest will cease to accrue on the Securities or any portion of the Securities 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 a Paying Agent or the Trustee money sufficient to pay the redemption price of and accrued
interest on the Securities to be redeemed on that date. If less than all of the Securities are to be redeemed, the Securities to be redeemed shall be selected pro rata or in case the Securities are represented by one or more global Securities,
beneficial interests therein shall be selected for redemption by Euroclear and Clearstream in accordance with their respective applicable procedures therefor. The Securities are not entitled to the benefit of any mandatory redemption or sinking
fund. 
 (B) Redemption for Tax Reasons 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the United States (or
any taxing authority in the United States), or any change in, or amendment to, an official position or judicial precedent regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or
becomes effective on or after May 11, 2021, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay additional amounts as described in Section 2 hereof with respect
to the Securities, then the Company may at any time at the Company’s option redeem, in whole, but not in part, the Securities on not less than 30 nor more than 60 days’ prior notice to the Securityholders, at a redemption price equal to
100% of their principal amount plus accrued and unpaid interest on the Securities to the redemption date. 
 The Company will mail notice of
any such redemption to the Securityholders within the notice period specified in the foregoing paragraph. So long as interests in the Securities are represented by one or more global Securities, notices to Securityholders may be given by delivery to
Euroclear and Clearstream for communication by them to the Securityholders, and such notices shall be deemed to be given on the date of delivery to Euroclear and Clearstream. While interests in the Securities are represented by one or more global
Securities, upon the redemption of the Securities as aforesaid, the Trustee shall annotate the relevant global Security accordingly. 
 (C)
Redemption for Reason of Minimal Outstanding Amount 
 The Company may at any time purchase Securities in the open market, pursuant to
a tender offer or otherwise and at any price. Such acquired Securities may be cancelled, held or resold; provided that in the case of resale, if any such resold Securities are not fungible with the Securities of the original series of acquired
Securities for U.S. federal income tax purposes, such 

  
 A-9 

 
resold Securities will have separate CUSIP, Common Code and ISIN numbers. In the event that the Company has purchased Securities equal to or greater than 80% of the aggregate principal amount of
Securities initially issued, the Company may redeem, in whole, but not in part, the remaining Securities on not less than 30 nor more than 60 days prior notice, at a redemption price equal to 100% of the principal amount of the Securities to be
redeemed, together with accrued and unpaid interest on those Securities to, but not including, the date fixed for redemption. 

Section 4. Repurchase Upon a Change of Control Repurchase Event 

If a Change of Control Repurchase Event (as defined below) occurs, unless the Company has exercised its right to redeem the Securities in whole
by giving notice of such redemption as described in Section 3 hereof, the Company will make an offer to each Securityholder to repurchase all or any part (equal to €100,000 and integral multiples of €1,000 in excess thereof) of that
holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of purchase. Within 30 days following any
Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control (as defined below), but after the public announcement of an impending Change of Control, the Company will mail a notice to each Securityholder, with
a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Securities on the payment date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is mailed. So long as interests in the Securities are represented by one or more global Securities, notices may be given in the manner required by this paragraph by delivery to
Euroclear and Clearstream for communication by them to the Securityholders, and such notices shall be deemed to be given on the date of delivery to Euroclear and Clearstream. The notice shall, if mailed or made prior to the date of consummation of
the Change of Control, state that the offer to repurchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of a Change of
Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of this Security, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of this Security by virtue of such conflict. 

On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful: 

 

	 	(a)	 accept for payment all Securities or portions of Securities properly tendered pursuant to the Company’s
offer; 

  
 A-10 

	 	(b)	 deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Securities or
portions of Securities properly tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an
Officers’ Certificate stating the aggregate principal amount of Securities being purchased by the Company. 

 The
Paying Agent will promptly remit to each Securityholder of properly tendered Securities the purchase price for the Securities, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Securityholder a
new Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided, that each new Security will be in a principal amount of €100,000 and integral multiples of €1,000 in excess thereof. Notwithstanding
the foregoing provisions of this Section 4, while interests in the Securities are represented by one or more global Securities, the registered holder(s) of the global Securities will, on or prior to the Change of Control Repurchase Event
payment date, give notice to the Trustee and the Paying Agent of any acceptance of such offer to repurchase as aforesaid in accordance with the standard procedures of Euroclear and Clearstream (which may include notice being given on its or their
instructions by Euroclear or Clearstream or any depositary for them to the Paying Agent by electronic means) and, at the same time present or procure the presentation of the relevant global Security or global Securities to the Trustee for notation
accordingly. 
 The Company will not be required to make an offer to repurchase the Securities upon a Change of Control Repurchase Event if
a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not withdrawn under its offer. An
offer to repurchase the Securities upon a Change of Control Repurchase Event may be made in advance of a Change of Control Repurchase Event, if a definitive agreement is in place for a Change of Control at the time of the making of such an offer.

 “Below Investment Grade Rating Event” occurs if both the rating on the Securities is lowered by each of the Rating
Agencies and the Securities are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible
downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control
(and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if any of the Rating Agencies making the reduction in rating to which this definition would otherwise
apply does not announce or publicly confirm or inform the Trustee in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

  
 A-11 

 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the Company’s properties or assets and those of the Company’s Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act), other than the Company or one of its Subsidiaries; 
 (2) the adoption of a plan relating to the Company’s liquidation or
dissolution; 
 (3) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors;
or 
 (4) the consummation of any transaction or series of related transactions (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or one of its wholly-owned Subsidiaries, becomes the beneficial owner, directly or indirectly, of more
than 50% of the then outstanding shares of the Company’s Voting Stock, measured by voting power rather than number of shares. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of
Directors who (1) was a member of such Board of Directors on the date of the issuance of the Securities; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director). 

“Fitch” means Fitch Ratings. 

“Investment Grade” means a rating of BBB- or better by Fitch (or its equivalent under
any successor rating categories of Fitch), Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its equivalent
under any successor rating categories of S&P) or the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service Inc. 

“Rating Agency” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P
ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of our control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act, selected by the Company as a replacement agency for Fitch, Moody’s or S&P, as the case may be. 

  
 A-12 

 “S&P” means S&P Global Ratings, a division of S&P Global, Inc.

 “Voting Stock” means, with respect to any person, capital stock of any class or kind the holders of which are
ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such person, even if the right so to vote has been suspended by the happening of such a contingency. 

Section 5. Sinking Fund 

The Securities are not subject to any sinking fund. 

Section 6. Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of €100,000 and integral multiples of €1,000 in excess
thereof. A Securityholder may transfer or exchange Securities in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Securityholder, among other things, to furnish appropriate endorsements or
transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption or to transfer or exchange any Securities for a period of 15
days prior to the mailing of a notice of redemption of Securities to be redeemed. Notwithstanding the foregoing provisions of this paragraph, interests in Securities which are represented by a global Security will be transferable in accordance with
the rules and procedures effective from time to time of Euroclear and Clearstream, as the case may be. 
 A global Security deposited with
the Depository shall be transferred to the beneficial owner thereof in the form of definitive Securities only if (a) the Company notifies the Trustee in writing that the Depository is no longer willing or able to act as a common depositary, and
a successor common depositary is not appointed within 90 days of this notice or (b) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of the Securities in definitive form under the Indenture. Upon
surrender by the Depository of the global Securities, certificated Securities will be issued to each Person that the Depository identifies as the beneficial owner of the Securities (or nominee of such beneficial owners) represented by the global
Security. Upon any such issuance, the Trustee is required to register the certificated Securities in the name of such Person or Persons or the nominee of any of such Persons and cause the same to be delivered to such Persons (or the nominee of such
Persons). Neither the Company nor the Trustee shall be liable for any delay by the Depository or any participant or indirect participant in Euroclear or Clearstream in identifying the beneficial owners of the related Securities and each such Person
may conclusively rely on, and shall be protected in relying on, instructions from the Depository for all purposes, including with respect to the registration and delivery, and respective principal amounts, of the Securities to be issued. 

  
 A-13 

 Section 7. Events of Default 

If an Event of Default with respect to Securities shall occur and be continuing, the principal of the Securities may be declared due and
payable in the manner and with the effect provided in the Indenture. 
 Section 8. Persons Deemed Owners 

Subject to the second paragraph of this Section 8, the registered Securityholder may be treated as the owner of this Security for all
purposes. Except as provided in Section 6 hereof, owners of beneficial interests in the Securities will not be entitled to have the Securities registered in their names, will not receive or be entitled to receive physical delivery of the
Securities in definitive form and will not, subject to the second paragraph of this Section 8, be considered the owners or Securityholders under the Indenture, including for purposes of receiving any reports delivered by the Company or the
Trustee pursuant to the Indenture. 
 In considering the interests of Securityholders while interests in the Securities are represented by
one or more global Securities held on behalf of Euroclear or, as the case may be, Clearstream, the Trustee may have regard to any information provided to it by such clearing systems or their respective operators as to the identity (either
individually or by category) of its accountholders with entitlements in respect of Securities represented by the global Securities and may consider such entitlements as if such accountholders were the holders of the relevant Securities represented
by such global Securities. 
 Section 9. Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Company at its written request unless an abandoned property law designates another Person. After any such payment, Securityholders entitled to the money must look only to the Company and not to the Trustee for payment. 

Section 10. Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture upon
compliance by the Company with certain conditions set forth in the Indenture. For purposes of the discharge and defeasance provisions, German government securities shall be used instead of U.S. Government Obligations in respect of payments due in
euro on the Securities. 
 Section 11. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not
Trustee. 

  
 A-14 

 Section 12. No Recourse Against Others 

A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the
Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities. 
 Section 13. Authentication 

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security. 
 Section 14. Notices 

Notices to Securityholders will be mailed to the registered holders, subject to the provisions herein. Any notice shall be deemed to have been
given on the date of mailing. The Trustee will only mail notices to the registered Securityholder. The Trustee will mail notices as directed by the Company in writing by first-class mail, postage prepaid, to each registered Securityholder’s
last known address as it appears in the Security Register that the Trustee maintains. Securityholders will not receive notices regarding the Securities directly from the Company unless the Company reissues the Securities in fully certificated form.
So long as the interests in the Securities are represented by one or more global Securities, notices to Securityholders may be given by delivery of the relevant notice to Euroclear and Clearstream for communication by them to the Securityholders,
and such notices shall be deemed to be given on the date of delivery to Euroclear and Clearstream. 
 Section 15. Governing Law

 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 16. 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 Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Securityholders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

  
 A-15 

 Section 17. Paying Agent 

Initially, The Bank of New York Mellon, London Branch, will act as Paying Agent. The Company reserves the right at any time to vary or
terminate the appointment of any Paying Agent, to appoint additional or other Paying Agents and to approve any change in the office through which any Paying Agent acts, subject always to the provisions of the last paragraph of Section 2 hereof.

 Section 18. Defined Terms 

All terms used in this Security which are defined in the Indenture and not otherwise defined herein shall have the meanings assigned to them
in the Indenture. 
 References to Euroclear and/or Clearstream shall, whenever the context so permits, be deemed to include a reference to
any additional or alternative clearing system as may be approved by the Company, the Paying Agent and the Trustee. 
 The Company will
furnish to any Securityholder upon written request and without charge to the Securityholder a copy of the Indenture which has in it the text of this Security. 

  
 A-16 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE 

OR REGISTRATION OF TRANSFER OF SECURITIES 

This Certificate relates to €300,000,000 principal amount of Securities held in (check applicable space)
                 book-entry or
                 definitive form by
                            (the “Transferor”). 

The Transferor (check one box below): 
  

	 	•	 	 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global
Security held by the Depository a Security or Securities in definitive, registered form of authorized denominations in an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above);
or 

  

	 	•	 	 has requested the Trustee by written order to exchange or register the transfer of a Security or Securities.

  

			
	  

	[INSERT NAME OF TRANSFEROR]

  

			
	Dated:                                	  	                  By:_                   
                                         
                

  
 A-17 

 SCHEDULE OF EXCHANGES 

The following exchanges, redemptions or purchases of a part of this Global Security have been made: 

 

									
	 Date of

Exchange/Redemption/

Repurchase
	  	 Amount of decrease in

Principal Amount of this
 Global
Security
	  	 Amount of increase in

Principal Amount of
 this Global
Security
	  	 Principal Amount of this
Global Security
following such decrease

(or increase)
	  	 Signature of
authorized signatory
of Trustee or Security

Custodian

	 	  		  		  		  	
		  	  
	  	  
	  	  
	  	  

		  		  		  		  	
	  
	  	  
	  	  
	  	  
	  	  

  
 A-18 

 ASSIGNMENT FORM 

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

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

 

                (Insert assignee’s soc. sec. or tax I.D.
No.) 
 and irrevocably appoint
                                        
                        agent to transfer this Security on the books of the Company. The agent may substitute another to act
for him. 
 Date:
                                        
                 Your Signature:
                                         
                    
  

 
 Sign exactly as your name appears on
the other side of this Security. 

  
 A-19

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