Document:

Exhibit 4.2

 

 

 

______________________________________________________________________________

QUEST DIAGNOSTICS INCORPORATED,

as Issuer

and

THE BANK OF NEW YORK MELLON,

as Trustee

Twentieth Supplemental Indenture

Dated as of December 16, 2019

__________________________________________________________________

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

TABLE
OF CONTENTS

Page

	Article I. DEFINITIONS	3
	 	SECTION 1.1.	Certain Terms Defined in the Indenture.	3
	 	SECTION 1.2.	Definitions.	3
	 	SECTION 1.3.	Other Definitions	6
	Article II. FORM AND TERMS OF THE NOTES	6
	 	SECTION 2.1.	Form and Dating	6
	 	SECTION 2.2.	Terms of the Notes	8
	 	SECTION 2.3.	Application of the Article of the Indenture Regarding Redemption of Securities	9
	 	SECTION 2.4.	Application of the Article of the Indenture Relating to a Sinking Fund	9
	 	SECTION 2.5.	Additional Events of Default	9
	 	SECTION 2.6.	Application of the Article of the Indenture Regarding Defeasance and Covenant Defeasance	9
	 	SECTION 2.7.	Application of the Article of the Indenture Regarding Repayment at the Option of Holders	10
	 	SECTION 2.8.	Limitations on Subsidiary Indebtedness and Preferred Stock	10
	 	SECTION 2.9.	Limitations on Liens	10
	 	SECTION 2.10.	Repurchase of Notes Upon a Change of Control	10
	 	SECTION 2.11.	Additional Guarantees	12
	 	SECTION 2.12.	Exempted Liens and Sale and Leaseback Transactions	12
	Article III. MISCELLANEOUS	13
	 	SECTION 3.1.	Governing Law	13
	 	SECTION 3.2.	Separability	13
	 	SECTION 3.3.	Counterparts	13

 

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	 	SECTION 3.4.	Ratification	13
	 	SECTION 3.5.	Waiver of Jury Trial	14
	 	SECTION 3.6.	Force Majeure	14
	 	SECTION 3.7.	Effectiveness	14
	EXHIBIT A — Form of 2.950% Senior Note due 2030	A-1

 

 

 

 

 

 

 

 

 

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TWENTIETH SUPPLEMENTAL INDENTURE

TWENTIETH SUPPLEMENTAL INDENTURE (this
“Twentieth Supplemental Indenture”), dated as of December 16, 2019, between QUEST DIAGNOSTICS INCORPORATED, a Delaware
corporation (the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, as Trustee (the “Trustee”).

RECITALS OF THE COMPANY

WHEREAS, the Company, the Trustee and the
Initial Subsidiary Guarantors (as defined therein) executed and delivered an Indenture, dated as of June 27, 2001 (the “Base
Indenture”), as supplemented by the first supplemental indenture, dated as of June 27, 2001, among the Company, the
Initial Subsidiary Guarantors (as defined therein) party thereto, and the Trustee (the “First Supplemental Indenture”),
as further supplemented by a second supplemental indenture, dated as of November 26, 2001, among the Company, the Subsidiary
Guarantors (as defined therein) party thereto and the Trustee (the “Second Supplemental Indenture”), as further supplemented
by a third supplemental indenture, dated as of April 4, 2002, among the Company, the Subsidiary Guarantors (as defined therein)
party thereto and the Trustee (the “Third Supplemental Indenture”), as further supplemented by a fourth supplemental
indenture, dated as of March 19, 2003, among the Company, the Subsidiary Guarantors (as defined therein) party thereto and
the Trustee (the “Fourth Supplemental Indenture”), as further supplemented by a fifth supplemental indenture, dated
as of April 16, 2004, among the Company, the Subsidiary Guarantors (as defined therein) party thereto and the Trustee (the
“Fifth Supplemental Indenture”), as further supplemented by a sixth supplemental indenture dated October 31, 2005,
among the Company, the Subsidiary Guarantors (as defined therein) party thereto (the “Sixth Supplemental Indenture”),
as further supplemented by a seventh supplemental indenture dated November 21, 2005, among the Company, the Subsidiary Guarantors
(as defined therein) party thereto and the Trustee (the “Seventh Supplemental Indenture”), as further supplemented
by an eighth supplemental indenture dated July 31, 2006, among the Company, the Subsidiary Guarantors (as defined therein)
party thereto and the Trustee (the “Eighth Supplemental Indenture”), as further supplemented by a ninth supplemental
indenture, dated as of September 30, 2006, among the Company, the Subsidiary Guarantors (as defined therein) party thereto
and the Trustee (the “Ninth Supplemental Indenture”), as further supplemented by a tenth supplemental indenture, dated
as of June 22, 2007, among the Company, the Subsidiary Guarantors (as defined therein) party thereto and the Trustee (the
“Tenth Supplemental Indenture”), as further supplemented by an eleventh supplemental indenture, dated as of June 22,
2007, among the Company, the Subsidiary Guarantors (as defined therein) party thereto and the Trustee (the “Eleventh Supplemental
Indenture”), as further supplemented by a twelfth supplemental indenture, dated as of June 25, 2007, among the Company,
the Subsidiary Guarantors (as defined therein) party thereto and the Trustee (the “Twelfth Supplemental Indenture”),
as further supplemented by a thirteenth supplemental indenture, dated as of November 17, 2009, among the Company, the Subsidiary
Guarantors (as defined therein) party thereto and the Trustee (the “Thirteenth Supplemental Indenture”), as further
supplemented by a fourteenth supplemental indenture, dated as of March 24, 2011, among the Company, the Subsidiary Guarantors
(as defined therein) party thereto and the Trustee (the “Fourteenth Supplemental Indenture”), as further supplemented
by the fifteenth supplemental indenture, dated as of November 30, 2011, among the Company, the Additional Subsidiary Guarantors
(as defined therein) and the Trustee (the “Fifteenth Supplemental Indenture”), as further supplemented by the sixteenth
supplemental indenture, dated as of March 17, 2014, between the Company and the Trustee (the “Sixteenth Supplemental Indenture”),
as further supplemented by the seventeenth supplemental indenture, dated as of March 10, 2015, between the Company and the Trustee
(the “Seventeenth Supplemental Indenture”), as further supplemented by the eighteenth supplemental indenture, dated
as of May 26, 2016, between the Company and the Trustee (the “Eighteenth Supplemental Indenture”), as further supplemented
by the nineteenth supplemental indenture, dated as of March 12, 2019, between the Company and the Trustee (the “Nineteenth
Supplemental Indenture”) and as to be further supplemented by this Twentieth Supplemental Indenture (collectively, the “Indenture”),
to provide for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the
Indenture;

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WHEREAS, the issuance and sale of $800,000,000
aggregate principal amount of a new series of the Company’s 2.950% Senior Notes due 2030 (the “Notes”) pursuant
to this Twentieth Supplemental Indenture have been authorized by resolutions adopted by the Board of Directors of the Company;

WHEREAS, the Company desires to issue and
sell $800,000,000 aggregate principal amount of the Notes pursuant to this Twentieth Supplemental Indenture on the date hereof;

WHEREAS, Sections 901(7) and 901(9)
of the Indenture provide that without the consent of the Holders of the Securities of any series issued under the Indenture, the
Company, when authorized by a Board Resolution, and the Trustee may enter into one or more indentures supplemental to the Indenture
to (a) establish the form or terms of Securities of any series and any related coupons as permitted by Sections 201 and
301, including the provisions and procedures relating to Securities convertible into or exchangeable for any securities of any
Person (including the Company) and (b) cure any ambiguity, to correct or supplement any provision therein which may be inconsistent
with any other provision therein, or make any other provisions with respect to matters or questions arising under the Base Indenture;

WHEREAS, the Company desires to establish
the form and terms of the Notes;

WHEREAS, all things necessary to make this
Twentieth Supplemental Indenture a valid supplement to the Indenture according to its terms and the terms of the Indenture have
been done;

NOW, THEREFORE, for and in consideration
of the premises stated herein and the purchase of the Notes by the Holders thereof, the parties hereto hereby enter into this Twentieth
Supplemental Indenture, for the equal and proportionate benefit of all Holders of the Notes, as follows:

 

 

 

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Article I.

DEFINITIONS

SECTION 1.1.     Certain Terms Defined
in the Indenture.

All capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Indenture, as amended through the date hereof, other than such terms
as are defined in the Second Supplemental Indenture.

SECTION 1.2.     Definitions.

Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes, Section 101 of the Indenture shall be amended by adding the following
new definitions or, to the extent already defined in the Indenture, replacing existing definitions with the following:

“Change of Control” means
the occurrence of any of the following: (1) the consummation of any transaction (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 subsidiaries) becomes the beneficial owner (as defined in Rules 13d-3 and
13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Company or other Voting Stock
into which the Voting Stock of the Company is reclassified, consolidated, exchanged or changed, measured by voting power rather
than number of shares; (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Company and
the assets of its subsidiaries, taken as a whole, to one or more “persons” (as that term is used in Section 13(d)(3)
of the Exchange Act) (other than the Company or one of its subsidiaries); or (3) the first day on which a majority of the
members of the Board of Directors of the Company are not Continuing Directors. Notwithstanding the foregoing, a transaction will
not be deemed to involve a Change of Control if (1) the Company becomes a direct or indirect wholly-owned subsidiary of a
holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following
that transaction are substantially the same as the holders of the Voting

Stock of the Company immediately prior to that transaction or (B) immediately following that transaction no person (other
than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than
50% of the Voting Stock of such holding company.

“Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Rating event.

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“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining
term of the Notes to be redeemed (assuming the Notes matured on the Par Call Date) that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Notes.

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

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

		·	if the Company obtains fewer than four Reference Treasury Dealer Quotations, the average of all quotations obtained by
the Company.

“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 the Notes were issued or (2) was nominated for election, elected or appointed 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,
election or appointment (either by a specific vote or by approval of the proxy statement of the Company in which such member was
named as a nominee for election as a director, without objection to such nomination).

“Existing Receivables Credit Facility”
means the receivables-backed financing transaction pursuant to (1) the Fourth Amended and Restated Receivables Sale Agreement,
dated as of October 28, 2015, between the Company and each of its direct and indirect wholly owned Subsidiaries that is a seller
thereunder, and Quest Diagnostics Receivables Inc., as the buyer, as amended, (2) the Sixth Amended and Restated Credit and
Security Agreement, dated as of October 27, 2017, among Quest Diagnostics Receivables Inc., as borrower, the Company, as initial
servicer, each of the lenders from time to time party thereto, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as
administrative agent, as amended and (3) the various related ancillary documents.

“Fitch” means Fitch Ratings,
Inc.

“Global Notes” means, individually
and collectively, each of the Global Notes, substantially in the form of Exhibit A.

“Global Notes Legend” means
the legend set forth in Section 204 to be placed on all Global Notes issued under this Indenture.

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB– (or the equivalent) by S&P and
BBB– (or the equivalent) by Fitch, and 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.

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

“Rating event” means the
rating on the Notes is lowered by at least two of the Rating Agencies and the Notes are rated below an Investment Grade Rating
by at least two of the Rating Agencies on any day within the 60-day period (which 60-day period shall be extended so long as the
rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the
earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or
the intention of the Company to effect a Change of Control; provided, however, that a Rating event otherwise arising
by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control
(and thus will not be deemed a Rating event for purposes of the definition of Change of Control Triggering Event) if the Rating
Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform
the trustee in writing at its request or the request of the Company 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 has occurred at the time of the Rating event).

“Par Call Date” means March
30, 2030.

“Remaining Scheduled Payments”
means, with respect to the Notes, the remaining scheduled payments of the principal thereof and interest thereon from the redemption
date through the Par Call Date; provided, however, that, if such redemption date is not an interest payment date
with respect to the Notes, the amount of the next succeeding scheduled interest payment thereon will be deemed to be reduced by
the amount of interest accrued thereon to such redemption date.

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

“Subsidiary Guarantor” means,
at any time, each existing and future domestic Subsidiary of the Company that may guarantee the Notes; provided that such
Subsidiary continues to guarantee the Notes at such time.

“Treasury Rate” means, with
respect to any redemption date for the Notes, the rate per annum equal to the semiannual equivalent yield to maturity or interpolation
(on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date, as determined by the
Company or an Independent Investment Banker appointed by the Company.

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“Voting Stock” means, with
respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any
date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
of such person.

 

SECTION 1.3.     Other Definitions.

	Term	Defined in Section
	“Additional Notes”	2.2(a)
	“Change of Control Offer”	2.10
	“Change of Control Payment”	2.10
	“Change of Control Payment Date”	2.10
	“Depository”	2.1(a)
	“Maturity”	2.2(c)

 

Article II.

FORM AND TERMS OF THE NOTES

SECTION 2.1.     Form and Dating.

The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf
of the Company by its Chief Executive Officer, the Chief Financial Officer, the Controller or the Treasurer and the Secretary,
under its corporate seal reproduced thereon. The Notes may have notations, legends or endorsements required by law, stock exchange
rules or usage. Each Note shall be dated the date of its authentication. The Notes and any beneficial interest in the Notes shall
be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The terms and notations contained in the
Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby.

(a)       Global
Notes. The Global Notes designated herein shall be issued initially in the form of one or more fully registered global notes, which
shall be deposited on behalf of the purchasers of the Notes represented thereby with the Depository Trust Company, New York, New
York (the “Depository”) and registered in the name of Cede & Co., the Depository’s nominee, duly executed
by the Company and authenticated by the Trustee. The aggregate principal amount of outstanding Notes may from time to time be increased
or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided.

The Global Notes may not be transferred
except by the Depository, in whole and not in part, to another nominee of the Depository or to a successor of the Depository or
its nominee. If at any time the Depository for the Notes notifies the Company that the Depository is unwilling, unable or ineligible
to continue as depository for the Global Notes and a successor depository for the Global Notes is not appointed by the Company
within 90 days after delivery of such notice, then the Company shall execute, and the Trustee shall, upon receipt of a Company
Order, for authentication, authenticate and deliver, Definitive Notes in an aggregate principal amount equal to the principal amount
of the Global Notes in exchange for such Global Note.

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(b)       Book-Entry
Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on behalf of the Depository.

The Company shall execute and the
Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver the Global Notes that shall be registered
in the name of the Depository or the nominee of the Depository and shall be delivered by the Trustee to the Depository or pursuant
to the Depository’s instructions.

Depository Participants shall have
no rights either under this Indenture or with respect to any Global Notes held on their behalf by the Depository or under such
Global Notes. The Depository shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of such Global Note for all purposes under this Indenture. Notwithstanding the foregoing, nothing herein shall prevent the
Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository
or impair, as between the Depository and the Depository Participants, the operation of customary practices of such Depository governing
the exercise of the rights of an owner of a beneficial interest in the Global Notes.

(c)       Definitive
Notes. Notes issued in certificated form shall be substantially in the form of Exhibit A, attached hereto, but without
including the text referred to therein as applying only to Global Notes. Except as provided above in subsection (a), owners
of beneficial interests in the Global Notes will not be entitled to receive physical delivery of certificated Notes.

(d)       Transfer
and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the
Depository, in accordance with this Indenture and the procedures of the Depository therefor. Beneficial interests in the Global
Notes may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the Global Notes.

(e)       Paying
Agent. The Company appoints The Bank of New York Mellon as agent of the Company for the payment of the principal of (and premium,
if any) and interest on the Notes; and that the Corporate Trust Office of The Bank of New York Mellon in the Borough of Manhattan,
the City of New York, be and hereby is, designated as the office or agency in the Borough of Manhattan where the Notes may be presented
for payment and where notices to or demands upon the Company in respect of the Notes and the Indenture pursuant to which the Notes
are to be issued may be served.

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SECTION 2.2.     Terms of the Notes.

The following terms relating to the Notes
are hereby established:

(a)       The
Notes shall constitute a series of Securities having the title “Senior Notes due 2030.”

(b)       The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes
authenticated and delivered upon registration of, transfer of or in exchange for, or in lieu of, other Notes pursuant to Sections 304,
305, 306, 906 or 1107 of the Indenture) shall be $800,000,000. The Company may from time to time, without the consent of the Holders
of the Notes, issue additional Notes (“Additional Notes”) having the same ranking and the same interest rate, maturity
and other terms as the Notes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture and
all references to the Notes shall include the Additional Notes unless the context otherwise requires.

(c)       The
entire outstanding principal of the Notes shall be payable on June 30, 2030 (the “Maturity”).

(d)       The
rate at which the Notes shall bear interest shall be 2.950% per annum, and the date from which interest shall accrue on the Notes
shall be December 16, 2019, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest
Payment Dates for the Notes shall be June 30 and December 30 of each year, beginning June 30, 2020; the interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons
in whose names the Notes (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be June 15 or December 15, as the case may be, next preceding such Interest Payment Date. Interest
on the Notes will be computed on the basis of a 360-day year of twelve 30-day months. Any such interest not punctually paid or
duly provided for shall forthwith cease to be payable to the Holders on such Regular Record Date, and such Defaulted Interest,
may be paid to the Persons in whose names the Notes (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes not less than ten days prior to such Special Record Date, or may be paid at any time in any other lawful manner
not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. Payment of principal and interest on the Notes will be
made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that each installment of interest and principal on the Notes may at the Company’s
option be paid in immediately available funds by transfer to an account maintained by the payee located in the United States.

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(e)       The
Notes shall be issuable in whole in the registered form of one or more Global Notes (without coupons), and the Depository for such
Global Notes shall be The Depository Trust Company, New York, New York.

(f)       The
references to “30 days” in the first sentence of Section 1104 shall be replaced with “15 days.”

(g)       The
words “prior to the Par Call Date” shall be inserted in the first sentence of Section 1108, immediately following the
phrase “At any time and from time to time” and immediately preceding the phrase “, the Securities of any series.”

(h)       The
following sentence shall be inserted immediately following clause (b) of the first sentence of Section 1108: “On or after
the Par Call Date, the Notes may be redeemed, as a whole at any time or in part from time to time, at the option of the Company,
on at least 15 days, but not more than 60 days, prior notice mailed to the registered address of each holder of the Notes, at a
redemption price equal to 100% of the principal amount of the Notes being redeemed.”

(i)       The
Redemption Amount of Basis Points applicable to the Notes used to calculate the Redemption Price pursuant to Section 1108
of this Indenture shall be 20 basis points.

SECTION 2.3.     Application of
the Article of the Indenture Regarding Redemption of Securities.

Except as may be provided in a Future Supplemental
Indenture, the provisions of Article Eleven of the Indenture, as amended (including as amended hereby), shall apply to the
Notes.

SECTION 2.4.     Application of
the Article of the Indenture Relating to a Sinking Fund.

Except as may be provided in a Future Supplemental
Indenture, the Notes shall not be entitled to the benefit of any sinking fund, and the provisions of the Indenture relating to
a sinking fund, including Article Twelve and Subsection (3) of Section 501 of the Indenture, shall not apply to
the Notes.

SECTION 2.5.     Additional Events
of Default.

Except as may be provided by a Future Supplemental
Indenture, for the benefit of the holders of the Notes, Section 501(7)(A) of the Indenture shall be amended by deleting the
words “$100 million” in the second line thereof and, in their place, adding the words “$200 million”;
and Section 501(7)(B) of the Indenture shall be amended by deleting the words “$100 million” in the sixth
line thereof and, in their place, adding the words “$200 million.”

SECTION 2.6.     Application of
the Article of the Indenture Regarding Defeasance and Covenant Defeasance.

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Except as may be provided by a Future Supplemental
Indenture, the provisions of Article Fourteen of the Indenture, including the provisions relating to defeasance and covenant
defeasance of the Securities under Sections 1402 and 1403, respectively, of the Indenture shall apply to the Notes.

SECTION 2.7.     Application of
the Article of the Indenture Regarding Repayment at the Option of Holders.

Except as may be provided by a Future Supplemental
Indenture, the provisions of Article Thirteen of the Indenture shall not apply to the Notes.

SECTION 2.8.     Limitations on
Subsidiary Indebtedness and Preferred Stock.

(a)       Except
as may be provided by a Future Supplemental Indenture, for the sole benefit of the holders of the Notes, Section 1011(a) of
the Indenture shall be amended by deleting the words “First Supplemental Indenture” in the second line thereof and,
in their place, adding the words “Twentieth Supplemental Indenture.”

(b)       Except
as may be provided by a Future Supplemental Indenture, for the sole benefit of the holders of the Notes, Section 1011 of the
Indenture shall be amended by adding a new subsection 1011(k) and subsection 1011(l) as follows:

(k)       any guarantee of Indebtedness
of the Company by any Subsidiary of the Company in anticipation of such Subsidiary becoming a Subsidiary Guarantor pursuant to
Article Sixteen of the Indenture; or

(l)       shares of Preferred
Stock held by the Company or a subsidiary of the Company.

SECTION 2.9.     Limitations on
Liens.

Except as may be provided by a Future Supplemental
Indenture, for the sole benefit of the holders of the Notes, Section 1008(a) of the Indenture shall be amended by deleting
the words “First Supplemental Indenture” in the first and second line thereof and, in their place, adding the words
“Twentieth Supplemental Indenture.”

SECTION 2.10.     Repurchase of
Notes Upon a Change of Control.

Except as may be provided by a Future Supplemental
Indenture, for the benefit of the holders of the Notes, a new Section 315 shall be added to the Indenture as follows:

Section 315     Repurchase
of Notes Upon a Change of Control.

(a)       If
a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as described in Section 1108,
the Company shall make an offer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of the Notes pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth
in the Notes. In the Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal
amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of
repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event
or, at the option of the Company, prior to any Change of Control, but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company shall mail a notice to holders of Notes describing the transaction that constitutes
or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the 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 (the “Change
of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of the Change of Control, state
that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control
Payment Date.

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(b)       The
Company shall comply with the requirements of Rule 14e-1 under 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 Notes as a result of
a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with
the Change of Control provisions of the Notes, 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 provisions of the Notes by virtue of any such conflict.

(c)       On
the Change of Control Payment Date, the Company shall, to the extent lawful:

(1)       accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

(2)       deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and

(3)       deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased.

(d)       The
Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering 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 the third party repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the
Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an event of
default under this Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering
Event.

    	 	11 	 

     

    

SECTION 2.11.     Additional Guarantees
and Release of Guarantees

Except as may be provided by a Future Supplemental
Indenture, for the sole benefit of the holders of the Notes, Section 1604 and Section 1605 of the Indenture shall be amended by
deleting each in its entirety and, in their place, adding the following:

SECTION 1604 Additional Guarantees.

If any future domestic Subsidiary
of the Company or any Subsidiary Guarantor which has been released and discharged from its obligations under its Subsidiary Guarantee
of the Notes pursuant to Section 1605 guarantees any of the following series of Securities of the Company pursuant to a requirement
to guarantee such Securities under the Indenture: 4.75% senior notes due 2020, 2.50% senior notes due 2020, 4.70% senior notes
due 2021, 4.25% senior notes due 2024, 3.50% senior notes due 2025, 3.45% senior notes due 2026, 4.20% senior notes due 2029, 6.95%
senior notes due 2037, 5.75% senior notes due 2040 or 4.70% senior notes due 2045, then the Company will cause such Subsidiary
to execute and deliver to the Trustee a supplemental indenture pursuant to which it will become a Subsidiary Guarantor under the
Twentieth Supplemental Indenture in a substantially consistent manner for so long as such Subsidiary guarantees any such series
of Securities.

SECTION 1605 Release of Guarantees.

The Subsidiary Guarantees of the
Subsidiary Guarantors with respect to the Notes will remain in effect with respect to each Subsidiary Guarantor until the entire
amount of principal of, premium, and interest on the Notes shall have been paid in full or otherwise discharged in accordance with
the provisions of the Indenture; provided, however, that if

(a) all outstanding Indebtedness of such Subsidiary Guarantor
would have been permitted to be incurred pursuant to Section 1011 measured at the time of the release and discharge as described
in this Section 1605,

(b) the Notes are defeased and discharged pursuant to
Article Fourteen hereof,

(c) all or substantially all of the assets of such Subsidiary
Guarantor or all of the capital stock of such Subsidiary Guarantor is sold (including by issuance, merger, consolidation or otherwise)
by the Company or any of its Subsidiaries, or

(d) the Subsidiary Guarantees of the Securities referred
to in Section 1604 have been released,

then in each case of (a), (b), (c), or (d) above, such
Subsidiary Guarantor or the corporation acquiring such assets (in the event of a sale or other disposition of all or substantially
all of the assets or capital stock of such Subsidiary Guarantor) shall be released and discharged from its obligations under its
Subsidiary Guarantee of the Notes.

SECTION 2.12.     Exempted Liens
and Sale and Leaseback Transactions 

    	 	12 	 

     

    

Except as may be provided by a Future Supplemental
Indenture, for the sole benefit of the holders of the Notes, Section 1010 shall be amended by deleting “5%” and, in
its place, adding “10%”.

Article III.

MISCELLANEOUS

SECTION 3.1.     Governing Law.

This Twentieth Supplemental Indenture and
the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws. This Twentieth Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required
to be part of this Indenture and shall, to the extent applicable, be governed by such provisions.

SECTION 3.2.      Separability.

In case any provision in this Twentieth
Supplemental Indenture or in any Securities, including the Notes, shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 3.3.     Counterparts.

This Twentieth Supplemental Indenture may
be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same Supplemental Indenture.

SECTION 3.4.     Ratification.

The Base Indenture, as supplemented and
amended by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental
Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental
Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental Indenture, the Twelfth
Supplemental Indenture, the Thirteenth Supplemental Indenture, the Fourteenth Supplemental Indenture, the Fifteenth Supplemental
Indenture, the Sixteenth Supplemental Indenture, the Seventeenth Supplemental Indenture, the Eighteenth Supplemental Indenture,
the Nineteenth Supplemental Indenture and this Twentieth Supplemental Indenture is in all respects ratified and confirmed. The
Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture,
the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental
Indenture, the Twelfth Supplemental Indenture, the Thirteenth Supplemental Indenture, the Fourteenth Supplemental Indenture, the
Fifteenth Supplemental Indenture, the Sixteenth Supplemental Indenture, the Seventeenth Supplemental Indenture, the Eighteenth
Supplemental Indenture, the Nineteenth Supplemental Indenture and this Twentieth Supplemental Indenture shall be read, taken and
construed as one and the same instrument. All provisions included in this Twentieth Supplemental Indenture supersede any conflicting
provisions included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created by the Indenture,
as supplemented by this Twentieth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture,
as supplemented by this Twentieth Supplemental Indenture.

    	 	13 	 

     

    

SECTION 3.5.     Waiver of Jury
Trial.

EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

SECTION 3.6.     Force Majeure.

In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

SECTION 3.7.     Effectiveness.

The provisions of this Twentieth Supplemental
Indenture shall become effective as of the date hereof.

 

[Remainder of page intentionally left
blank.]

 

 

 

    	 	14 	 

     

    

IN WITNESS WHEREOF, the parties hereto
have caused this Twentieth Supplemental Indenture to be duly executed as of the date first above written.

QUEST DIAGNOSTICS INCORPORATED

	 	 	 	 
	 	By:	/s/ Sandip Patel
	 	 	Name:  	Sandip Patel
	 	 	Title:	Vice President & Treasurer

 

 

 

 

 

 

 

 

Twentieth Supplemental Indenture

 

    	 	 	 

     

    

THE BANK OF NEW YORK MELLON,

          as Trustee

 

	 	 	 	 
	 	By:	/s/ Laurence J. O’Brien
	 	 	Name:  	Laurence J. O’Brien
	 	 	Title:	Vice President

 

 

 

 

 

Twentieth Supplemental Indenture

 

    	 	 	 

     

    

EXHIBIT A

Form of 2.950 % Senior Note due 2030

[The following legends apply only if the Note
is a Global Note:

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS NOTE MAY NOT
BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH CERTIFICATE
ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL,
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

 

 

 

 

 

    	 	 	 

     

    

QUEST DIAGNOSTICS INCORPORATED

2.950 % Senior Note due 2030

	No. 0 (Specimen) 
	$[_________]

 

CUSIP: 74834L BB5

Quest Diagnostics Incorporated, a Delaware
corporation (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $[_________]
on June 30, 2030 (the “Stated Maturity”) (except to the extent redeemed or repaid prior to the Stated Maturity) and
to pay interest thereon from December 16, 2019 or from the most recent Interest Payment Date to which interest has been paid or
duly provided for semi-annually at the rate of 2.950% per annum, on June 30 and December 30, commencing with June 30, 2020, on
the Stated Maturity and on any Redemption Date (each such date, an “Interest Payment Date”) until the principal hereof
is paid or made available for payment. All capitalized terms used but not defined herein shall have the meanings ascribed to such
terms in the Indenture.

Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture,
be paid, in immediately available funds, to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on June 15 or December 15 (whether or not a Business Day, as defined in the Indenture), as the case may
be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or
duly provided for (“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date,
and such Defaulted Interest, may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered
at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than ten days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities exchange on which
the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

Place of Payment. Payment of interest
on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be
designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, that each installment of interest and payment of principal
on this Note may at the Company’s option be paid in immediately available funds by transfer to an account maintained by the
payee located in the United States. Payment of the principal of this Note on the Stated Maturity will be made against presentation
of this Note at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York,
in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and
private debts.

    	 	 	 

     

    

Time of Payment. In any case where
any Interest Payment Date, Redemption Date or Stated Maturity shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of the Indenture or this Note), payment of principal or interest, if any, need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect
as if made on the Interest Payment Date, Redemption Date, or at Stated Maturity; provided that no interest shall accrue
on the amount so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, or Stated Maturity,
as the case may be.

Legends. The statements set forth
in the restrictive legends above are an integral part of the terms of this Note and by acceptance hereof each Holder of this Note
agrees to be subject to and bound by the terms and provisions set forth in such legend.

General. This Note is one of a duly
authorized issue of securities (herein called the “Securities”) of the Company, issued and to be issued in one or more
series under an indenture, dated as of June 27, 2001 (the “Base Indenture”), between the Company and The Bank
of New York, Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with
respect to a series of which this Note is a part), to which Base Indenture and all indentures supplemental thereto, including the
supplemental indenture dated December 16, 2019 (the “Supplemental Indenture”) (the Base Indenture, as so supplemented,
the “Indenture”), reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “2.950%
Senior Notes due 2030” (collectively, the “Notes”), initially limited in aggregate principal amount to $800,000,000.

Further Issuance. The Company may
from time to time, without the consent of the Holders of Notes of this series, issue additional Notes (the “Additional Notes”)
of this series having the same ranking and the same interest rate, maturity and other terms as the Notes of this series. Any Additional
Notes of this series and the Notes of this series will constitute a single series under the Indenture and all references to the
Notes of this series shall include the Additional Notes unless the context otherwise requires.

Book-Entry. This Note is a Global
Note representing $[_________] of the Notes. This Note is a “book entry” Note and is being registered in the name of
Cede & Co. as nominee of The Depository Trust Company (the “Depository”), a clearing agency. Subject to the terms
of the Indenture, this Note will be held by a clearing agency or its nominee, and beneficial interest will be held by beneficial
owners through the book-entry facilities of such clearing agency or its nominee in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. As long as this Note is registered in the name of the Depository or its nominee, the Trustee
will make payments of principal and interest on this Note by wire transfer of immediately available funds to the Depository or
its nominee. Notwithstanding the above, the final payment on this Note will be made after due notice by the Trustee of the pendency
of such payment and only upon presentation and surrender of this Note at its Corporate Trust Office or such other offices or agencies
appointed by the Trustee for that purpose and such other locations provided in the Indenture.

    	 	 	 

     

    

Events of Default. If an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes of this series may be declared
due and payable in the manner and with the effect provided in the Indenture.

Optional Redemption. The Notes of
this series are not subject to any sinking fund. Prior to March 30, 2030 (three months prior to their maturity date), the Notes
of this series will be redeemable at any time, at the option of the Company, in whole or from time to time in part, upon not less
than 15 nor more than 60 days’ prior notice, at a Redemption Price, calculated pursuant to the Indenture, together with
accrued interest thereon, if any, to, but excluding, the Redemption Date (subject to the rights of holders of record on the Regular
Record Date that is prior to the Redemption Date to receive interest on the relevant Interest Payment Date). On or after March
30, 2030 (three months prior to their maturity date), the Notes of this series will be redeemable at any time, at the option of
the Company, in whole or from time to time in part, upon not less than 15 nor more than 60 days’ prior notice, at a redemption
price equal to 100% of the principal amount of the Notes being redeemed, together with accrued interest thereon, if any, to, but
excluding, the Redemption Date (subject to the rights of holders of record on the Regular Record Date that is prior to the Redemption
Date to receive interest on the relevant Interest Payment Date). If less than all of the Notes of this series are to be redeemed,
and such Notes are at the time represented by one or more global security certificates, then the Notes to be redeemed shall be
selected in accordance with the procedures of the Depository. If less than all of the Notes of this series are to be redeemed,
and such Notes are not represented by one or more global security certificates, the Notes to be redeemed shall be selected by the
Trustee by such method as the Trustee in its sole discretion shall deem fair and appropriate. If any Note is to be redeemed in
part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed.
A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation
of this Note.

Redemption upon a Change of Control
Triggering Event. Upon the occurrence of a Change of Control Triggering Event, the Company shall be required to make an offer
to repurchase the Notes on the terms set forth in the Indenture.

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

Modification and Waivers; Obligations
of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series. Such
amendment may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not
less than a majority in aggregate principal amount of the Outstanding Notes of each series affected thereby. The Indenture also
contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time
Outstanding, on behalf of the Holders of all Outstanding Securities, to waive compliance by the Company with certain provisions
of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities of individual series to waive on behalf of all of the Holders of Securities of such individual
series certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding
upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

    	 	 	 

     

    

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed.

Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Note of this series will have any right to institute any
proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee
written notice of a continuing Event of Default with respect to this series, the Holders of not less than 25% in principal amount
of the Outstanding Notes of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute
such proceedings as trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the
Outstanding Notes of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal of or interest on this Note on or after the respective due dates expressed herein.

Authorized Denominations. The Notes
of this series are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000
in excess thereof.

Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the Security Register upon surrender of this Note for registration of transfer at the office or agency of the Company in any
place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

As provided in the Indenture and subject
to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes
of different authorized denominations, as requested by the Holders surrendering the same.

This Note is a Global Security.
If the Depository is at any time unwilling, unable or ineligible to continue as depository and a successor depository is not appointed
by the Company within 90 days or an Event of Default under the Indenture has occurred and is continuing, the Company will issue
Securities in certificated form in exchange for each Global Security. In addition, the Company may at any time determine not to
have Securities represented by a Global Security and, in such event, will issue Securities in certificated form in exchange in
whole for the Global Security representing such Security. In any such instance, an owner of a beneficial interest in a Global Security
will be entitled to physical delivery in certificated form of Securities equal in principal amount to such beneficial interest
and to have such Securities registered in its name. Securities so issued in certificated form will be issued in denominations of
$2,000 or any amount in excess thereof which is an integral multiple of $1,000 and will be issued in registered form only, without
coupons.

    	 	 	 

     

    

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

Defined Terms. All terms used in
this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in
the Indenture.

Governing Law. This Note shall
be governed by and construed in accordance with the laws of the State of New York.

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

 

 

 

 

    	 	 	 

     

    

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

Dated:

	 	QUEST DIAGNOSTICS INCORPORATED
	 	 	 
	 	 	 
	 	By:	 
	 	Name:  	Sandip Patel
	Attest:	Title:	Vice President & Treasurer

	 	 	 
	By:	 	 
	Name:  	William J. O’Shaughnessy, Jr.	 
	Title:	Deputy General Counsel and Corporate Secretary	 

 

 

 

 

    	 	 	 

     

    

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series
designated and referred to in the within-mentioned Indenture, as such is supplemented by the within-mentioned Twentieth Supplemental
Indenture.

 

	 	THE BANK OF NEW YORK MELLON,

as Trustee
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name:  	 
	 	 	Title:	 

Dated:Exhibit

Exhibit 10.1

ASGN INCORPORATED
 AMENDED AND RESTATED CHANGE IN CONTROL SEVERANCE PLAN
 AND
 SUMMARY PLAN DESCRIPTION

Plan Effective Date:  February 12, 2004
 As Amended and Restated: December 11, 2019
 
The ASGN Incorporated Amended and Restated Change in Control Severance Plan (the “Plan”) is primarily designed to provide certain eligible employees of ASGN Incorporated and its subsidiaries (together, the “Company”) whose employment is terminated on or after February 12, 2004 with separation pay in the event of an involuntary termination.
 
This Plan is designed to be an “employee welfare benefit plan,” as defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  This Plan is governed by ERISA and, to the extent applicable, the laws of the State of California.  This document constitutes both the official plan document and the required summary plan description under ERISA.
 

I.    ELIGIBILITY
 
You can be designated as an Eligible Employee for purposes of receiving severance benefits under the Plan if:
 
		
	•
	you are a regular, full-time employee of the Company and are identified on Exhibit A (to be supplied separately);

 
		
	•
	your active employment with the Company is Involuntarily Terminated (within the meaning set forth below) within the 18-month period following a Change in Control;

 
		
	•
	you execute a General Release of All Claims (a “General Release”), within five business days after your termination date or, if you are age 40 or over, you execute a General Release within 45 business days after your termination and any rescission period specified therein has elapsed without you having rescinded said General Release; and

 
		
	•
	 you are not in one of the excluded categories listed below.

 
Excluded Categories of Employees.  You are not eligible for severance benefits under this Plan if:
 
		
	•
	you are a temporary employee, part-time employee working fewer than 30 hours per week (no minimum number of hours shall apply to salaried employees), probationary employee or student employee hired to be placed on assignment with clients of the Company;

 
		
	•
	you have a separate change in control, severance or similar agreement or arrangement with the Company that specifically provides that you are not eligible to participate in the Plan;

 
		
	•
	you voluntarily terminate your employment, unless your termination constitutes an “Involuntary Termination” as defined below;

		
	•
	you are employed with a successor employer which directly or indirectly acquires (i) all or any portion of the assets or operations of the Company or any subsidiary, (ii) all or any portion of the outstanding capital stock of the Company, or (iii) fifty percent (50%) or more of the capital stock of any subsidiary of the Company.  However, you would be eligible for severance benefits pursuant to the terms of the Plan upon a subsequent termination by the successor employer within 18 months following a Change in Control; or

 
		
	•
	you are dismissed for Cause, whether or not prior to your dismissal you received notice of a termination which would otherwise qualify you for severance benefits.

1

II.    HOW THE PLAN WORKS

If you are eligible for severance benefits under the Plan, the amount of your severance pay will be determined in accordance with the guidelines set forth below, subject to the Golden Parachute Tax limitation set forth below.  Subject to the Potential Six-Month Delay set forth below, and except to the extent otherwise set forth below you will receive your severance pay in lump-sum payment (with appropriate taxes deducted or withheld) which will be made as soon as administratively practicable after you experience a separation from service within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended, and Treasury Regulation Section 1.409A-1(h) (a “Separation from Service”) as a result of your Involuntary Termination within 18 months after a Change in Control, but in no event later than 30 days following the date of your Separation from Service, subject in all cases to the Company’s receipt of your executed General Release and the expiration of any rescission period applicable to your executed General Release.

In the event an Eligible Employee is Involuntarily Terminated within 18 months after a Change in Control and such Eligible Employee is or may become entitled to cash separation payments or benefits (other than with respect to compensation accrued prior to termination) under any employment, consulting or severance agreement or other plan, program, policy or arrangement of the Company, then such Eligible Employee shall be entitled to the severance benefits and payments under this Plan and not under such other agreement, plan, program, policy or arrangement.
 
Severance Guidelines.  If your employment is Involuntarily Terminated within 18 months after a Change in Control and you are an Eligible Employee, you will be paid all Accrued Compensation and the following severance pay:
 
		
	(A)
	A Pro-Rata Bonus;

   
		
	(B)
	Payments

		
	(i)
	Chief Executive Officer: If the Eligible Employee was the Chief Executive Officer of the Company immediately before the Change in Control:  (1) the Eligible Employee will receive 300% of the Eligible Employee’s Annual Base Pay and Target Bonus; (2)  for up to 18 months following the Eligible Employee’s Separation from Service, the Eligible Employee may elect to continue the group health, vision and dental coverage he or she had in effect as of the Separation from Service (or generally comparable coverage) for the Eligible Employee, and if applicable, spouse and dependents, under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”)1, (3) to assist the Eligible Employee in offsetting the cost of such continuing benefits, if the Eligible Employee elects COBRA coverage, then the Eligible Employee shall receive a lump sum payment in an after-tax amount, calculated based upon the COBRA premium rates as may be charged from time to time for similarly situated employees of the Company (or any successor) generally for the medical, dental and/or vision coverage the Eligible Employee and, if applicable, his spouse and dependents, had elected under the Company’s group health plan at the time of the Eligible Employees Separation from Service, for 18 months (rounded up, if applicable, to the next full month); and (4) each outstanding Company equity-based award held by the Eligible Employee as of the date of his or her Involuntary Termination will vest in full and, as applicable, become exercisable upon the effectiveness of the General Release. For clarification and avoidance of doubt, if the Eligible Employee is not covered under the medical, dental and/or vision portions of the Company’s (or any successor’s group health plan as of the date of Separation from Service, then the Eligible Employee is not eligible for the additional payment under subclause (3).

______________________________________ 
1 A separate election form and notice outlining continuation coverage under COBRA will be provided to the Eligible Employee (and, if applicable, his or her eligible dependents) and must be timely returned to effect enrollment.

 

2

		
	(ii)
	Chief Operating Officer:  If the Eligible Employee was an executive vice president and Chief Operating Officer of the Company (or equivalent designated by the Board of Directors) immediately before the Change in Control:  (1)  275% of the Eligible Employee’s Annual Base Pay and Target Bonus; (2) for up to 18 months following the Eligible Employee’s Separation from Service, the Eligible Employee may elect to continue the group health, vision and dental coverage he or she had in effect as of the Separation from Service (or generally comparable coverage) for the Eligible Employee, and if applicable, spouse and dependents, under COBRA1; (3) to assist the Eligible Employee in offsetting the cost of such continuing benefits, the Eligible Employee shall receive a lump sum payment in an after-tax amount, calculated based upon the COBRA premium rates as may be charged from time to time for employees of the Company (or any successor) generally for the medical, dental and/or vision coverage the Eligible Employee had elected under the Company’s group health plan at the time of the Eligible Employees Separation from Service, for 18 months (rounded up, if applicable, to the next full month); and (4) each outstanding Company equity-based award held by the Eligible Employee as of the date of his or her Involuntary Termination will vest in full and, as applicable, become exercisable upon the effectiveness of the General Release. For clarification and avoidance of doubt, if the Eligible Employee is not covered under the medical, dental and/or vision portions of the Company’s (or any successor’s group health plan as of the date of Separation from Service, then the Eligible Employee is not eligible for the additional payment under subclause (3)

 
		
	(iii)
	Chief Financial Officer:  If the Eligible Employee was an executive vice president and Chief Financial Officer of the Company immediately before the Change in Control:  (1) 250% of the Eligible Employee’s Annual Base Pay and Target Bonus; (2) for up to 18 months following the Eligible Employee’s Separation from Service, the Eligible Employee may elect to continue the group health, vision and dental coverage he or she had in effect as of the Separation from Service (or generally comparable coverage) for the Eligible Employee, and if applicable, spouse and dependents, under COBRA1; (3) to assist the Eligible Employee in offsetting the cost of such continuing benefits, the Eligible Employee shall receive a lump sum payment in an after-tax amount, calculated based upon the COBRA premium rates as may be charged from time to time for employees of the Company (or any successor) generally for the medical, dental and/or vision coverage the Eligible Employee had elected under the Company’s group health plan at the time of the Eligible Employees Separation from Service, for 18 months (rounded up, if applicable, to the next full month); and (4) each outstanding Company equity-based award held by the Eligible Employee as of the date of his or her Involuntary Termination will vest in full and, as applicable, become exercisable upon the effectiveness of the General Release. For clarification and avoidance of doubt, if the Eligible Employee is not covered under the medical, dental and/or vision portions of the Company’s (or any successor’s group health plan as of the date of Separation from Service, then the Eligible Employee is not eligible for the additional payment under subclause (3).

		
	 (iv)
	Senior Vice President or Division President:  If the Eligible Employee was a senior vice president of the Company and/or president of a division of the Company (whether or not an executive officer) immediately before the Change in Control:  (1) 200% of the Eligible Employee’s Annual Base Pay and Target Bonus; (2) for up to 18 months following the Eligible Employee’s Separation from Service, the Eligible Employee may elect to continue the group health, vision and dental coverage he or she had in effect as of the Separation from Service (or generally comparable coverage) for the Eligible Employee, and if applicable, spouse and dependents, under COBRA1; (3) to assist the Eligible Employee in offsetting the cost of such continuing benefits, the Eligible Employee shall receive a lump sum payment in an after-tax amount, calculated based upon the COBRA premium rates as may be charged from time to time for employees of the Company (or any successor) generally for the medical, dental and/or vision coverage the Eligible Employee had elected under the Company’s group health plan at the time of the Eligible Employees Separation from Service, for 18 months (rounded up, if applicable, to the next full month); and (4) each outstanding Company equity-based award held by the Eligible Employee as of the date of his or her Involuntary Termination will vest in full and, as applicable, become exercisable upon the effectiveness of the General Release. For clarification and avoidance of doubt, if the Eligible Employee is not covered under the medical, dental and/or vision portions of the Company’s (or any successor’s group health plan as of the date of Separation from Service, then the Eligible Employee is not eligible for additional payment under subclause (3). 

3

		
	(v)
	Vice President or Corporate Controller:  If the Eligible Employee was a vice president or corporate controller (or equivalent designated by the Board of Directors), of the Company immediately before the Change in Control: (1) 75% of the Eligible Employee’s Annual Base Pay and Target Bonus; (2) for up to 18 months following the Eligible Employee’s Separation from Service, the Eligible Employee may elect to continue the group health, vision and dental coverage he or she had in effect as of the Separation from Service (or generally comparable coverage) for the Eligible Employee, and if applicable, spouse and dependents, under COBRA1; and (3) to assist the Eligible Employee in offsetting the cost of such continuing benefits, the Eligible Employee shall receive a lump sum payment in an after-tax amount, calculated based upon the COBRA premium rates as may be charged from time to time for employees of the Company (or any successor) generally for the medical, dental and/or vision coverage the Eligible Employee had elected under the Company’s group health plan at the time of the Eligible Employees Separation from Service, for 18 months (rounded up, if applicable, to the next full month). For clarification and avoidance of doubt, if the Eligible Employee is not covered under the medical, dental and/or vision portions of the Company’s (or any successor’s group health plan as of the date of Separation from Service, then the Eligible Employee is not eligible for this additional payment;

 
		
	(vi)  
	Certain Designated Employees:  One month of the Eligible Employee’s Annual Base Pay and Incentive Compensation for each year or partial year of service to the Company as an employee, up to a maximum of six months of Annual Base Pay, with a minimum of two months of Annual Base Pay, if the Eligible Employee was a “director,” “assistant-director,” “manager,” “regional manager,” or “Senior Staffing Consultant” immediately before the Change in Control;

 
		
	(vii)  
	Exempt Employees:  One month of the Eligible Employee’s Annual Base Pay for each year or partial year of service to the Company as an employee, up to a maximum of three months of Annual Base Pay, with a minimum of one month of Annual Base Pay, if the Eligible Employee was an exempt employee of the Company (other than those employees described above) immediately before the Change in Control; or

 
		
	(viii)  
	Other Eligible Employees:  One week of the Eligible Employee’s Annual Base Pay for each year or partial year of service to the Company as an employee, up to a maximum of three months of Annual Base Pay, with a minimum of one week of Annual Base Pay, for all other Eligible Employee not included in the above categories.

Notwithstanding the foregoing, with respect to Messrs. Pierce and Brill, the amounts payable in subclauses (1) and (3) above shall be paid as follows, subject to the Potential Six-Month Delay set forth below:

- If the date of the executive’s Separation from Service occurs during the period commencing upon the Change in Control and ending on the date that is six calendar months and ten business days following the Change in Control (the “End Date”), then such amounts will be paid (A) with respect to Mr. Pierce, on the 60th day after the date of his Separation from Service and (B) with respect to Mr. Brill, within 30 days following the date of his Separation from Service.

- If the date of the executive’s Separation from Service occurs during the period commencing on the day after the End Date and ending on the 18-month anniversary of the Change in Control, then (A) an amount equal to 100% of the executive’s base salary shall be payable in substantially equal installments during the period commencing on the date of the executive’s Separation from Service and ending on the 12-month anniversary of such date, in accordance with the Company’s normal payroll procedures applicable to senior executives of the Company, as in effect from time to time (but no less often than monthly), provided, however, that no payment shall be made prior to the Company’s first payroll date occurring on or after the 30th day following the date of termination and any amounts that would otherwise have been payable prior to such payroll date shall instead be paid on such payroll date without interest thereon; and (B) an amount equal to the difference between the amount payable pursuant to subclauses (1) and (3) and 100% of the executive’s base salary shall be paid in a single lump sum within 30 days following the executive’s Separation from Service (with the exact payment date to be determined in the sole discretion of the Company).
 

4

“Accrued Compensation” shall mean an amount which shall consist of all amounts earned or accrued through the termination date but not paid as of the termination date including (i) Annual Base Pay, (ii) reimbursement for reasonable and necessary expenses incurred by you on behalf of the Company during the period ending on the termination date, (iii) vacation and sick leave pay (to the extent provided by Company policy or applicable law), and (iv) incentive compensation (if any) earned in respect of any period ended prior to the termination date.  It is expressly understood that incentive compensation shall have been “earned” as of the time that the conditions to such incentive compensation have been met, even if not calculated or payable at such time.
 
“Annual Base Pay” generally means your annualized base salary at the rate in effect during the last regularly scheduled payroll period immediately preceding the occurrence of the Change in Control and does not include, for example, bonuses, overtime compensation, incentive pay, fringe benefits, sales commissions or expense allowances.
 
“Cause” means your willful breach of duty unless waived by the Company (which willful breach is limited to your deliberate and consistent refusal to perform your duties or the deliberate and consistent refusal to conform to or follow any reasonable policy adopted by the Company provided you have had prior written notice of such refusal and an opportunity of at least 30 days to cure such refusal), your unauthorized use or disclosure of confidential information or trade secrets of the Company, your breach of non-competition or non-solicitation agreements, your conviction of a felony under the laws of the United States or any state thereof, or your gross negligence.
 
“Change in Control” shall be deemed to occur upon the consummation of any of the following transactions:
 
		
	(A)
	a change in the ownership of Company whereby one person, or more than one person acting as a group, acquires ownership of the outstanding voting stock of the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of Company, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(v).  If a person or group is considered either to own more than 50% of the total fair market value or total voting power of the Company’s stock, or to have effective control of the Company within the meaning of part 2 of the definition, and such person or group acquires additional stock of the Company, the acquisition of the additional stock shall not be considered to cause a change in the ownership of the Company; or

		
	(B)
	a change in the effective control of the Company whereby one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or group) ownership of Company stock possessing 30% or more of the total voting power of the Company stock, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vi).  However, if a person or group is considered to possess 30% or more of the total voting power of the stock of the Company, and such person or group acquires additional stock of the Company, the acquisition of additional stock by such person or group shall not be considered to cause a change in the effective control of Company; or

		
	(C)
	a change in the effective control of the Company whereby a majority of the members of the Company’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s board of directors before the date of the appointment or election, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vi).  In determining whether the event described in the preceding sentence has occurred, the Company to which the event must relate shall only include a corporation identified in accordance with Treas. Reg. §1.409A-3(i)(5)(ii) for which no other corporation is a majority stockholder; or

		
	(D)
	a change in the ownership of a substantial portion of the assets of the Company, whereby any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all Company assets immediately before such acquisition or acquisitions, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vii).  A transfer of assets shall not be treated as a change in the ownership of a substantial portion of the assets when such transfer is made to an entity that is controlled by the stockholders of the Company, as determined in accordance with Treas. Reg. §1.409A-3(i)(5)(vii)(B).

Notwithstanding the foregoing, a “Change in Control” shall have such definition for “Change of Control” as is contained in (A) with respect to Mr. Pierce, that certain Executive Change of Control Agreement by and between the Company and Mr. Pierce, dated September 1, 2012 and (B) with respect to Mr. Brill, that certain Amended and Restated Executive Change of Control Agreement by and between the Company and Mr. Brill, dated as of December 11, 2008.

5

For purposes of clarity, if a Change in Control occurs (including pursuant to the definitions contained in Messrs. Pierce and Brill’s Executive Change of Control Agreements) and, in connection with such Change in Control, a payment or settlement event would arise hereunder (either due to such Change in Control or an event following such Change in Control) with respect to an amount that constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change of Control must also constitute a “change in control event” (as defined in Treasury Regulation §1.409A-3(i)(5)).

“Incentive Compensation” shall mean 100% of the commission, bonus or other incentive-type pay paid to you (excluding stock options) for the fiscal year immediately preceding the Change in Control.

“Involuntary Termination” shall mean the termination of your employment with the Company (or, if applicable, successor entity) other than by reason of death or disability:
 
		
	(A)
	involuntarily upon your discharge or dismissal other than for Cause, or

		
	(B)
	upon your resignation following (i) a reduction in your level of Annual Base Pay or any Target Bonus, (ii) a material reduction in your benefits or (iii) a relocation of your place of employment which is more than 35 miles from your place of employment prior to the Change in Control, such that it constitutes a material change in the geographic location at which you must perform services (within the meaning of Section 409A), provided and only if such change or reduction is effected without your written concurrence, or

		
	(C)
	upon your resignation in the case of an employee who was an executive officer or vice president immediately before the applicable Change in Control following a change in the employee’s position with the Company (or, if applicable, with the successor entity) that is effected without the employee’s consent and materially reduces his or her level of responsibility or authority.

“Pro Rata Bonus” means an amount equal to 100% of the target bonus that you would have been eligible to receive for the Company’s fiscal year in which your employment terminates following a Change of Control, multiplied by a fraction, the numerator of which is the number of days in such fiscal year through the Termination Date and the denominator of which is 365.
 
“Target Bonus” shall mean the bonus which would have been paid to you for full achievement of specific performance objectives pertaining to the business of the Company or any of its specific business units or divisions, or to individual performance criteria applicable to you, which objectives have been established by the Board of Directors (or the Compensation Committee thereof) for the year in question.  “Target Bonus” shall not mean the “maximum bonus” which you might have been paid for overachievement of such performance objectives or criteria or any purely discretionary bonus.
 
Golden Parachute Tax Limitation.  In the event that any payment or benefit made or provided to or for your benefit in connection with this Plan and/or your employment with the Company or the termination thereof (a “Payment”) is determined to be subject to any excise tax (“Excise Tax”) imposed by Section 4999 of the Code (or any successor to such Section), then you will receive one dollar less than the amount of any Payment(s) that would subject you to the Excise Tax (the “Safe Harbor Amount”).  If a reduction in the Payment(s) is necessary so that the Payment(s) equal the Safe Harbor Amount and none of the Payments constitutes a “deferral of compensation” within the meaning and subject to Section 409A (“Nonqualified Deferred Compensation”), then the reduction shall occur in the order you elect in writing prior to the date of payment.  If any Payment constitutes Nonqualified Deferred Compensation or if you fail to elect an order, then the Payment(s) to be reduced will be determined in a manner which has the least economic cost to you and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to you, until the reduction is achieved.  All determinations required to be made under this paragraph, including whether and when the Safe Harbor Amount is required and the amount of the reduction of the Payment(s) and the assumptions to be utilized in arriving at such determination, shall be made by a certified public accounting firm designated by the Company (the “Accounting Firm”).  All fees and expenses of the Accounting Firm shall be borne solely by the Company.  Any determination by the Accounting Firm shall be binding upon the Company and you.

6

Potential Six-Month Delay.  Notwithstanding anything to the contrary in this Plan, no compensation or Benefits shall be paid to you during the six-month period following your “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of the Internal Revenue Code of 1986, as amended (the “Code”)) to the extent the Plan Administrator determines the Executive is a “specified employee” at the time of such Separation from Service (within the meaning of Section 409A of the Code) and that that paying such amounts at the time or times indicated in this Plan would be a prohibited distribution under Section 409A(a)(2)(b)(i) of the Code and/or cause you to incur additional taxes under Section 409A of the Code.  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six-month period, (or such earlier date upon which such amount can be paid under Section 409A of the Code without being subject to such additional taxes, including as a result of your death), the Company shall pay you a lump-sum amount equal to the cumulative amount that would have otherwise been payable to you during such six-month period, without interest thereon.

III.    OTHER IMPORTANT INFORMATION

Plan Administration.  As the Plan Administrator, the Company has full discretionary authority to administer and interpret the Plan, including discretionary authority to determine eligibility for benefits under the Plan and the amount of benefits (if any) payable per participant.  Any determination by the Plan Administrator will be final and conclusive upon all persons.  When benefits are due, they will be paid from the general assets of the Company.  The Company is not required to establish a trust to fund the Plan.  The benefits provided under this Plan are not assignable and may be conditioned upon your compliance with any confidentiality agreement you have entered into with the Company or upon your compliance with any Company policy or program communicated to you in writing.
 
Claims Procedure.  If you believe you are incorrectly denied a benefit or are entitled to a greater benefit than the benefit you receive under the Plan, you may submit a signed, written application to the Plan Administrator within ninety (90) days of your termination.  You will be notified of the approval or denial of this claim within ninety (90) days of the date that the Plan Administrator receives the claim, unless special circumstances require an extension of time for processing the claim.  If the Plan Administrator determines that special circumstances require an extension of time (no more than 90 days) to process your claim, the Plan Administrator will furnish you with a written notice of the extension before to the expiration of the initial 90-day period that explains the special circumstances requiring an extension of time and the date by which the Plan expects to render the benefit determination.  

If your claim is denied, the Plan Administrator will give you a written notice explaining the specific reasons for the denial, a reference to the specific provisions of the Plan on which the determination is based, a description of additional material or information necessary for you to perfect the claim and an explanation of why it is required, and information about the steps that must be taken to submit a timely request for review.

You will have sixty (60) days from receipt of the written notification of the denial of your claim to file a signed, written request for a review of the denial with the Plan Administrator.  This written request may include comments, documents, records, and other information relating to your claim for benefits.  You shall be provided, upon your request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to your claim for benefits.  The review will take into account all comments, documents, records, and other information submitted by you relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.  

Pursuant to its discretionary authority to administer and interpret the Plan and to determine eligibility for benefits under the Plan, the Plan Administrator will generally make a final, written determination of your eligibility for benefits within sixty (60) days of receipt of your request for review. If the Plan Administrator determines that special circumstances require an extension of time to process your claim, the Plan Administrator will furnish you with a written notice of the extension prior to the expiration of the initial 60-day period.  In no event shall such extension exceed a period of 60 days from the end of the initial period the Plan Administrator had to dispose of your claim.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the benefit determination.  

In the event the claim on review is denied, the Plan Administrator will disclose to you in writing the specific reasons for the denial, a reference to the specific provisions of the Plan on which the determination is based, and a statement of your right to bring a civil action under Section 502(a) of ERISA.
 

7

Plan Terms.  Except as otherwise set forth herein, this Plan supersedes any and all prior separation, severance and salary continuation arrangements, programs and plans which were previously offered by the Company for the purpose of paying benefits to any Eligible Employee upon a termination following a Change in Control, including pursuant to an employment agreement or offer letter.  Nothing in this Plan shall affect an Eligible Employee’s right to severance benefits under circumstances not involving a termination following a Change in Control.  In no event, however, shall any individual receive severance benefits under both this Plan and any other separation, severance pay or salary continuation program, plan or other arrangement with the Company.

Plan Amendment or Termination.  The Company reserves the right to terminate or amend the Plan at any time upon the vote of a two-thirds majority of the Board of Directors; provided, however, that no amendment which materially impairs the rights of an Eligible Employee under the Plan may be made after the occurrence of a Change in Control or after discussions have commenced with another entity which results in the occurrence of a Change in Control within 270 days of when such discussions commenced.  Any termination or amendment of the Plan may be made effective immediately with respect to any benefits not yet paid, whether or not prior notice of such amendment or termination has been given to affected employees.
 
Taxes.  The Company will withhold all applicable taxes and other payroll deductions from any payment made pursuant to this Plan.
 
No Right to Employment.  This Plan does not provide you with any right to continue employment with the Company or affect the Company’s right, which right is hereby expressly reserved, to terminate the employment of any individual at any time for any reason with or without Cause.
 
IV.    STATEMENT OF ERISA RIGHTS

As a participant in the Plan, you are entitled to certain rights and protections under ERISA.  ERISA provides that all Plan participants shall be entitled to:
 
		
	(A)
	Examine, without charge, at the Plan Administrator’s office, all Plan documents, including all documents filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

		
	(B)
	Obtain copies of all Plan documents and other Plan information upon written request to the Plan Administrator.  The Plan Administrator may make a reasonable charge for the copies.

		
	(C)
	Receive a summary of the Plan’s annual financial report.

    
In addition to creating rights for certain employees of the Company under the Plan, ERISA imposes obligations upon the people who are responsible for the operation of the Plan.  The people who operate the Plan (called “fiduciaries”) have a duty to do so prudently and in the interest of the Company’s employees who are covered by the Plan.
 
No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a benefit to which you are entitled under the Plan or from exercising your rights under ERISA.
 
If your claim for a benefit under the Plan is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.  Under ERISA, there are steps you can take to enforce the above rights.  For instance, if you request a copy of plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court.  In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.  The Plan’s agent for legal service of process in the event of a lawsuit is the Plan Administrator.

If your claim for a severance benefit is denied or ignored, in whole or in part, you have a right to file suit in a federal or a state court.  If Plan fiduciaries are misusing the Plan’s assets (if any) or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor or file suit in a federal court.  The court will decide who should pay court costs and legal fees.  If you are successful in your lawsuit, the court may, if it so decides, order the party you have sued to pay your legal costs, including attorney fees.  However, if you lose, the court may order you to pay these costs and fees, for example, if it finds that your claim or suit is frivolous.

8

 
If you have any questions about the Plan, this statement or your rights under ERISA, you should contact the Plan Administrator or the nearest Area Office of the Employee Benefits Security Administration, listed in your telephone directory, or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.  

V.    Section 409A

The payments and benefits provided hereunder are intended to be exempt from or compliant with the requirements of Section 409A of the Code.  Notwithstanding any provision of this Plan to the contrary, in the event that following the effective date hereof, the Company reasonably determines that any payments or benefits hereunder are not either exempt from or compliant with the requirements of Section 409A of the Code, the Company reserves the right (without any obligation to do so or to indemnify you for failure to do so), in its discretion, to amend this Plan, or adopt such other policies and procedures (including amendments to policies and procedures with retroactive effect), or take any other actions, that the Company reasonably determines to be necessary or appropriate (i) to preserve the intended tax treatment of the payments and benefits provided hereunder, to preserve the economic benefits with respect to such payments and benefits, and/or to avoid less favorable accounting or tax consequences and/or (ii) to exempt such payments and benefits from Section 409A of the Code or to comply with the requirements of Section 409A of the Code and thereby avoid the application of penalty taxes thereunder.

To the extent that any reimbursements hereunder constitute taxable compensation to you, such reimbursements shall be made to you promptly, but in no event after December 31st of the year following the year in which the expense was incurred, the amount of any such amounts reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and your right to reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit.

Additional Plan Information.
 
	
			
	Name of Plan:
	 
	ASGN Incorporated Change in Control Severance 

	Company Sponsoring Plan:
	 
	ASGN Incorporated
26745 Malibu Hills Road
Calabasas, California  91301

	 
	 
	 

	Employer Identification Number:
	 
	95-4023433

	Plan Number:
	 
	505

	Plan Year:
	 
	Calendar year

	 
	 
	 

	Plan Administrator:
	 
	ASGN Incorporated
26745 Malibu Hills Road
Calabasas, CA 91301
(818) 878-7900

	Agent for Service of Legal Process:
	 
	Plan Administrator

	 
	 
	 

	Type of Plan:
	 
	Severance Plan/Employee Welfare Benefit Plan

	Plan Costs:
	 
	The cost of the Plan is paid by ASGN Incorporated

9

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