Document:

The Lincoln National Life Insurance Company

No-Lapse Enhancement Rider

This Rider is a part of the policy (the "Policy") to which it is attached.  Except as provided below, this Rider is subject to all the terms and conditions of the Policy.  This Rider becomes effective as of the Policy Date shown in the Policy Specifications.  There is no separate charge for this Rider.

Summary of Rider Benefits

This Rider can ensure that your Policy will continue even if the Surrender Value is insufficient to cover the Monthly Deductions.  This Rider consists of the No-Lapse Value Provision and the Reset Account Value Provision.  The Policy will not Lapse as long as this Rider is In Force and all the requirements of at least one of these provisions are met.

If the requirements of only one of these provisions are met, the Death Benefit Proceeds payable will be calculated under that provision.  If the requirements of both of these provisions are met, the Death Benefit Proceeds payable will be the greater of the Death Benefit Proceeds calculated under each provision.

The No-Lapse Value and the Reset Account Value described in the following provisions are reference values only, meaning that they are calculations used for the purpose of testing whether this Rider is preventing the Lapse of the Policy, and are not used in determining the Accumulation Value or death benefit provided by the Policy.  Likewise, the Rider's monthly deductions, credited interest, credit(s), charges and expenses described in each provision, if applicable, are used only to determine the No-Lapse Value and the Reset Account Value.  The No-Lapse Value and Reset Account Value are not values available as a cash payment for surrender, partial surrender, or loans.

While this Rider is actively preventing the Policy from entering the grace period and Lapse, the following will occur as applicable:

	
a.

	
Monthly Deductions will continue to be accumulated, but will not be deducted.  The Surrender Value will not be less than zero.  Cost of Insurance Rates will not be charged on an amount greater than the death benefit at the beginning of each Policy Month.  Any Death Benefit Proceeds payable will not be reduced by the accumulated unpaid Monthly Deductions.

	
b.

	
Loan interest will continue to accrue and will be added to the total amount of Debt.

The Policy will enter the grace period if on a Monthly Anniversary Day the No-Lapse Value, less Debt, and the Reset Account Value, less Debt, are less than or equal to zero and the Policy has met the conditions for entering the grace period as described in the Policy's "Grace Period" provision.  You will be notified of the pending Lapse as provided under that provision.  At such time that this Rider is no longer preventing the Policy from entering the grace period, any accumulated unpaid Monthly Deductions will need to be repaid in addition to the amount described in the Policy's "Grace Period "provision in order to keep the Policy In Force.

Upon termination of this Rider under the conditions described in items c., d. and e. of the "Termination" provision, any accumulated unpaid Monthly Deductions will need to be repaid in addition to the amount described in the Policy's "Grace Period "provision in order to keep the Policy In Force.

The duration of the Lapse Protection provided by this Rider may be impacted by certain items.  Please note that this Rider contains a "premium relief feature" (see the "Treatment of the Effective Date of Premiums" provisions of the No-Lapse Value Provision and the Reset Account Value Provision) which minimizes the impact of premium payments, that are received within a month before or after their due date, to the duration of this Rider's Lapse Protection.  Otherwise, the duration of this Rider's Lapse Protection may vary in accordance with changes to the following items:

	
a.

	
Changes in premium timing, frequency or amount, including:

	
i.

	
premium payments paid later than the month following the Planned Premium due date or more than a month earlier than the Planned Premium due date;

	
ii.

	
premium payments paid more or less frequently than the Payment Mode; and

	
iii.

	
premium payments in lesser or greater amounts than the Planned Premium.

	
b.

	
You initiate policy changes such as loans, partial surrenders, increases or decreases in Specified Amount, the addition or removal of Riders, or exercising Rider benefits.

To help ensure that any changes will accomplish your insurance objective, we encourage you to submit a Request for an In Force projection that shows the impact of any such changes to future death benefits, Policy Values, and the duration of this Rider's Lapse Protection.

Table of Contents

Provision Page

No-Lapse Value Provision 3

Lapse Protection 3

No-Lapse Value Death Benefit Proceeds 3

Guaranteed Minimum Death Benefit 3

No-Lapse Value 3

Treatment of the Effective Date of Premiums 3

Treatment of Premium Received in Policy Month Prior to a Decrease in the No-Lapse Premium Load 3

No-Lapse Value Monthly Deduction 3

No-Lapse Value Credited Interest 3

No-Lapse Value Cost of Insurance 4

Funding Level 4

No-Lapse Death Benefit Value 4

Reset Account Value Provision 4

Lapse Protection 4

Reset Account Value Death Benefit Proceeds 4

Reset Death Benefit 4

Reset Account Value 4

Treatment of the Effective Date of Premiums 5

Treatment of Premium Received in Policy Month Prior to a Decrease in the Reset Account Value Premium Load 5

Policy Anniversary Reset 5

Reset Account Value Monthly Deduction 5

Reset Account Value Credited Interest 5

Reset Account Value Cost of Insurance 5

Reset Account Death Benefit Value 5

General Provisions 5

Allocation Requirements 5

Reinstatement 6

Termination 6

No-Lapse Value Provision

Lapse Protection   The Policy will not Lapse as long as the No-Lapse Value described below, less Debt, is greater than zero.  The No-Lapse Value on the Policy Date will be the initial premium received, either increased by the No-Lapse Value Premium Credit, if any, or decreased by the No-Lapse Value Premium Load, as shown in the Policy Specifications, less the No-Lapse Value Monthly Deduction for the first Policy Month.

No-Lapse Value Death Benefit Proceeds   If the No-Lapse Value, less Debt, is greater than zero and the Policy would otherwise have met the conditions for entering the grace period as described in the Policy's "Grace Period" provision, the No-Lapse Value Death Benefit Proceeds will be equal to the Guaranteed Minimum Death Benefit described below less any Debt and partial surrenders (i.e. withdrawals) after the date of the Second Death plus any Death Benefit Proceeds payable under the Supplemental Survivorship Term Insurance Rider (Estate Protection Rider or EPR), if applicable.

Guaranteed Minimum Death Benefit   The Guaranteed Minimum Death Benefit ("GMDB") is equal to the Initial Specified Amount shown in the Policy Specifications.  If the current Specified Amount is decreased below the GMDB, the GMDB will automatically be decreased to an amount equal to the reduced Specified Amount.  The GMDB decrease will become effective on the same date as the decrease in current Specified Amount. You cannot request an increase in the GMDB.

No-Lapse Value   The No-Lapse Value is a reference value and is not used in determining the Accumulation Value or death benefit provided by the Policy.  On each Monthly Anniversary Day, the No-Lapse Value equals:

	
(1)

	
the No-Lapse Value on the preceding Monthly Anniversary Day;

	
(2)

	
adding all premiums received since the preceding Monthly Anniversary Day and either add the amount of the No-Lapse Value Premium Credit, if any, or subtract the amount of the No-Lapse Value Premium Load corresponding to the applicable Policy Years as shown in the Policy Specifications;

	
(3)

	
subtracting the amount of any partial surrenders (i.e. withdrawals) since the preceding Monthly Anniversary Day;

	
(4)

	
adding accumulated interest as described in the "No-Lapse Value Credited Interest" provision below;

	
(5)

	
subtracting the No-Lapse Value Monthly Deduction described below for the Policy Month following the Monthly Anniversary Day; and

	
(6)

	
subtracting the surrender charge, if any, as determined from the Table of Surrender Charges shown in the Policy Specifications for any decrease in Specified Amount on the Monthly Anniversary Day.

On any day other than a Monthly Anniversary Day, the No-Lapse Value will be the total of (1), (2), (3), and (4).

The No-Lapse Value may become less than zero.

Treatment of the Effective Date of Premiums   All premiums received between two Monthly Anniversary Days will be credited as if they had been received as of the prior Monthly Anniversary Day in relation to the actual premium receipt date.  This means that the premium will be treated as having been received before the calculation of the No-Lapse Value Monthly Deduction and interest crediting.  This treatment of effective date of premiums only applies for the purposes of calculating the No-Lapse Value.

Treatment of Premium Received in Policy Month Prior to a Decrease in the No-Lapse Premium Load   All premiums received in the Policy Month prior to a decrease in the No-Lapse Value Premium Load will receive the lower No-Lapse Value Premium Load, as shown in the Policy Specifications.

No-Lapse Value Monthly Deduction   The No-Lapse Value Monthly Deduction for a Policy Month equals:

	
a.

	
the No-Lapse Value Cost of Insurance as described in the "No-Lapse Value Cost of Insurance" provision below, plus the cost of any additional benefits provided by other Rider(s) for the Policy Month;

	
b.

	
adding the No-Lapse Value Monthly Policy Fee shown in the Policy Specifications;

	
c.

	
adding the No-Lapse Value Monthly Administrative Fee as shown in the Policy Specifications.

For purposes of the above calculation, if the Rider providing additional benefits is the Supplemental Survivorship Term Insurance Rider (EPR), its cost will be determined using the applicable No-Lapse Factor as described in the Policy Specifications and may be modified by the Table of Funding Level Threshold Percentages, as applicable, as described in the Policy Specifications.

No-Lapse Value Credited Interest   We will credit interest to the No-Lapse Value daily.  The interest rate applied to loaned and unloaned funds is shown in the Policy Specifications.

No-Lapse Value Cost of Insurance   This Rider's monthly No-Lapse Value Cost of Insurance will be the result of (1) minus (2), multiplied by (3), and divided by 1,000, where:

	
(1)

	
is the No-Lapse Death Benefit Value described below at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor shown in the Policy Specifications;

	
(2)

	
is the larger of:

	
i.

	
the No-Lapse Value at the beginning of the Policy Month after the deduction of the No-Lapse Value Monthly Policy Fee, and after the deduction of the No-Lapse Value Monthly Administrative Fee, but prior to the deduction for the monthly No-Lapse Value Cost of Insurance; or

	
ii.

	
zero if the No-Lapse Value is less than zero.

	
(3)

	
is the applicable No-Lapse Factor described in the Policy Specifications. The No-Lapse Factor may be modified by the Table of Funding Level Threshold Percentages and resulting reduction factor, if applicable, as described in the Policy Specifications.

Funding Level   Funding Level is measured by dividing the No-Lapse Value on the Monthly Anniversary Day by the current Specified Amount. The Funding Level is used with the Table of Funding Level Threshold Percentages to determine if the No-Lapse Factor will be modified by a reduction factor, as described in the Policy Specifications.  The No-Lapse Factor is used to calculate the No-Lapse Value Cost of Insurance.

No-Lapse Death Benefit Value   The No-Lapse Death Benefit Value is calculated in the same manner as the death benefit described in the Policy's "Death Benefit Proceeds" provision using the No-Lapse Value in lieu of the Accumulation Value. The No-Lapse Death Benefit Value is used only to determine the monthly No-Lapse Value Cost of Insurance; it is not used to determine the death benefit provided by the Policy or this Rider.

Reset Account Value Provision

Lapse Protection   The Policy will not Lapse as long as the Reset Account Value described below, less Debt, is greater than zero.  The Reset Account Value on the Policy Date will be the initial premium received, less the Reset Account Value Premium Load, less the Reset Account Value Monthly Deduction for the first Policy Month.

Reset Account Value Death Benefit Proceeds   If the Reset Account Value, less Debt, is greater than zero and the Policy would otherwise have met the conditions for entering the grace period as described in the Policy's "Grace Period" provision, the Reset Account Value Death Benefit Proceeds will equal the greater of:

	
a.

	
the Reset Death Benefit described below, less any Debt and partial surrenders (i.e. withdrawals) after the date of the Second Death plus any Death Benefit Proceeds payable under the Supplemental Term Insurance Rider (EPR), if applicable; or

	
b.

	
an amount equal to the Reset Account Value multiplied by the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications, less any Debt and partial surrenders (i.e. withdrawals) after the date of the Second Death plus any Death Benefit Proceeds payable under the Supplemental Survivorship Term Insurance Rider (EPR), if applicable.

Reset Death Benefit   The Reset Death Benefit on the Policy Date equals the Initial Specified Amount shown in the Policy Specifications.  If the current Specified Amount is decreased below the Reset Death Benefit, the Reset Death Benefit will automatically be decreased to an amount equal to the new reduced Specified Amount. The Reset Death Benefit decrease will become effective on the same date as the decrease in current Specified Amount.  You cannot request an increase in the Reset Death Benefit.

Reset Account Value   The Reset Account Value is a reference value and is not used in determining the Accumulation Value or death benefit provided by the Policy.  On each Monthly Anniversary Day, the Reset Account Value equals:

	
(1)

	
the Reset Account Value on the preceding Monthly Anniversary Day;

	
(2)

	
adding all premiums received since the preceding Monthly Anniversary Day, subtracting the amount of the Reset Account Value Premium Load shown in the Policy Specifications;

	
(3)

	
subtracting the amount of any partial surrenders (i.e. withdrawals) since the preceding Monthly Anniversary Day;

	
(4)

	
adding accumulated interest as described in the "Reset Account Value Interest Credited" provision below;

	
(5)

	
subtracting the Reset Account Value Monthly Deduction described below for the Policy Month following the Monthly Anniversary Day; and

	
(6)

	
subtracting the surrender charge, if any, as determined from the Table of Surrender Charges shown in the Policy Specifications for any decrease in Specified Amount on the Monthly Anniversary Day.

On any day other than a Monthly Anniversary Day, the Reset Account Value will be the total of (1), (2), (3), and (4).

The Reset Account Value on the Policy Date will be the initial premium received, less the amount of the Reset Account Value Premium Load, less the Reset Account Value Monthly Deduction for the first Policy Month.

The Reset Account Value may become less than zero.

Treatment of the Effective Date of Premiums   All premiums received between two Monthly Anniversary Days will be credited as if they had been received as of the prior Monthly Anniversary Day in relation to the actual premium receipt date.  This means that the premium will be treated as having been received before the calculation of the Reset Account Value Monthly Deduction and interest crediting.  This treatment of effective date of premiums only applies for the purposes of calculating the Reset Account Value.

Treatment of Premium Received in Policy Month Prior to a Decrease in the Reset Account Value Premium Load

All premiums received in the Policy Month prior to a decrease in the Reset Account Value Premium Load will receive the lower Reset Account Value Premium Load, as shown in the Policy Specifications.

Policy Anniversary Reset   On each Policy Anniversary, if the Reset Account Value on that Policy Anniversary is less than the Accumulation Value on that same Policy Anniversary, the Reset Account Value will be reset to equal the Accumulation Value.

Reset Account Value Monthly Deduction   The Reset Account Value Monthly Deduction for a Policy Month equals:

	
a.

	
the Reset Account Value Cost of Insurance as described in the "Reset Account Value Cost of Insurance" provision below, plus the cost of any additional benefits provided by other Rider(s) for the Policy Month;

	
b.

	
adding the Reset Account Value Monthly Administrative Fee shown in the Policy Specifications.

For purposes of the above calculation, if the Rider providing additional benefits is the Supplemental Survivorship Term Insurance Rider (EPR), its cost will be determined using the applicable Reset Account Factor as described in the Policy Specifications.

Reset Account Value Credited Interest   We will credit interest to the Reset Account Value daily.  The interest rate applied to loaned and unloaned funds is shown in the Policy Specifications.

Reset Account Value Cost of Insurance   This Rider's monthly Reset Account Value Cost of Insurance will be the result of (1) minus (2), multiplied by (3), and divided by 1,000, where:

	
(1)

	
is the Reset Account Death Benefit Value at the beginning of the Policy Month, divided by the Net Amount at Risk Discount Factor shown in the Policy Specifications;

	
(2)

	
is the Reset Account Value at the beginning of the Policy Month after the deduction of the Reset Account Value Monthly Administrative Fee but prior to the deduction for the monthly Reset Account Value Cost of Insurance, or zero if the Reset Account Value is less than zero, and

	
(3)

	
is the Reset Factor as described in the Policy Specifications.

Reset Account Death Benefit Value   The Reset Account Death Benefit Value is calculated in the same manner as the death benefit described in the Policy's "Death Benefit Proceeds" provision using the Reset Account Value in lieu of the Accumulation Value.  The Reset Account Death Benefit Value is used only to determine the monthly Reset Account Value Cost of Insurance; it is not used to determine the death benefit provided by the Policy or this Rider.

General Provisions

Allocation Requirements   While this Rider is In Force, certain allocation requirements below must be maintained as follows:

	
(1)

	
The Automatic Rebalancing program as described in the Policy's "Automatic Rebalancing" must be maintained.

If we suspend the Automatic Rebalancing program, this requirement will not apply to this Rider.

	
(2)

	
The Sub-Account for Limited Use, as shown in the Policy Specifications for this Rider, may only be used as an account from which funds will automatically be transferred pursuant to the Dollar Cost Averaging program described in the Policy's "Dollar Cost Averaging" provision.  Any balance remaining in this Sub-Account upon termination of Dollar Cost Averaging will need to be transferred to other Sub-Account(s) and/or the Fixed Account as specified by you.

	
(3)

	
In order to keep this Rider in effect, we reserve the right to establish:

	
a.

	
a maximum percentage of the Accumulation Value to be permitted in certain Sub-Account(s) and/or the Fixed Account; and/or

	
b.

	
a minimum percentage of the Accumulation Value to be required in certain Sub-Account(s).

Should we choose to enforce these restrictions, we will provide advance Notice to you.  Such Notice will identify the restriction percentages to be applied and the Sub-Account(s) and/or Fixed Account impacted.  We will evaluate the imposition of these restrictions on an annual basis.

Reinstatement   If the Policy terminates and is reinstated, this Rider will likewise be reinstated unless this Rider terminated before the Policy terminated.

Termination   This Rider and all rights provided under it will terminate automatically on the first of the following to occur:

	
a.

	
the younger Insured reaches or would have reached Attained Age 121;

	
b.

	
surrender or other termination of the Policy;

	
c.

	
the date we receive your Request to terminate Automatic Rebalancing;

	
d.

	
use of the money market Sub-Account other than as described in the "Allocation Requirements" provision; or

	
e.

	
the Sub-Account(s) and/or Fixed Account limit as described in the "Allocation Requirements" provision is imposed and you do not take corrective action within 61 days after the date of mailing of the Notice of such requirement.

If this Rider terminates due to item a. above, coverage will continue as provided under the Policy's "Continuation of Coverage" provision, and this Rider's "No-Lapse Value Death Benefit Proceeds" and "Reset Account Value Death Benefit Proceeds" provisions will continue to apply.

[]

[President]EX-4.3

 Exhibit 4.3 

Execution Version 

SANTANDER HOLDINGS USA, INC. 

Company 
 to 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

Trustee 
 Twentieth Supplemental
Indenture 
 SENIOR DEBT SECURITIES 

Dated as of June 7, 2019 

 TABLE OF CONTENTS 

 
  

 

					
	 	  	PAGE	 
	 ARTICLE 1 Scope Of Twentieth Supplemental Indenture
	  	 	1	 
		
	 Section 1.01. Scope
	  	 	1	 
		
	 ARTICLE 2 Definitions
	  	 	2	 
		
	 Section 2.01. Definitions and Other Provisions of General Application
	  	 	2	 
		
	 ARTICLE 3 Form And Terms Of The Notes
	  	 	2	 
		
	 Section 3.01. Form and Dating
	  	 	2	 
	 Section 3.02. Terms of the Notes
	  	 	2	 
		
	 ARTICLE 4 Supplemental Indentures
	  	 	5	 
		
	 Section 4.01. Supplemental Indentures
	  	 	5	 
		
	 ARTICLE 5 Miscellaneous
	  	 	5	 
		
	 Section 5.01. Trust Indenture Act of 1939
	  	 	5	 
	 Section 5.02. Governing Law
	  	 	6	 
	 Section 5.03. Duplicate Originals
	  	 	6	 
	 Section 5.04. Separability
	  	 	6	 
	 Section 5.05. Ratification
	  	 	6	 
	 Section 5.06. Effectiveness
	  	 	6	 
	 Section 5.07. Successors
	  	 	6	 
	 Section 5.08. Trustee’s Disclaimer
	  	 	6	 
		
	 EXHIBIT A - Form of 3.500% Senior Note due 2024
	  	 	A-1	 

  
 i 

 TWENTIETH SUPPLEMENTAL INDENTURE 

TWENTIETH SUPPLEMENTAL INDENTURE (this “Twentieth Supplemental Indenture”), dated as of June 7, 2019, between SANTANDER
HOLDINGS USA, INC., a corporation duly organized and existing under the laws of the Commonwealth of Virginia (the “Company”), having its principal office at 75 State Street, Boston, Massachusetts 02109, and Deutsche Bank Trust
Company Americas, a New York banking corporation, having a corporate trust office at 60 Wall Street, 16th Floor, New York, New York, 10005, as Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April 19, 2011 (the “Base
Indenture”) to provide for the issuance by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 

WHEREAS, the Company amended the Base Indenture pursuant to the Eighth Supplemental Indenture, dated as of March 1, 2017, between
the Company and the Trustee (the “Eighth Supplemental Indenture,” and the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this Twentieth Supplemental Indenture, the
“Indenture”); 
 WHEREAS, Sections 2.01, 3.01 and 9.01 of the Base Indenture provide that the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, without the consent of any Holders, to, among other things, establish the terms of Securities
of any series as permitted by the Indenture; 
 WHEREAS, the issuance and sale of $1,000,000,000 aggregate principal amount of a new
series of the Securities of the Company designated as its 3.500% Senior Notes due 2024 (the “Notes”) have been authorized by resolutions adopted by the board of directors of the Company; 

WHEREAS, the Company desires to issue and sell $1,000,000,000 aggregate principal amount of the Notes as of the date hereof; 

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

WHEREAS, all things necessary to make this Twentieth Supplemental Indenture a legal and binding supplement to the Base Indenture in
accordance with its terms and the terms of the Base Indenture have been done; 
 WHEREAS, the Company has complied with all
conditions precedent provided for in the Base Indenture relating to this Twentieth Supplemental Indenture; and 
 WHEREAS, the
Company has requested that the Trustee execute and deliver this Twentieth Supplemental Indenture. 
 NOW, THEREFORE: 

For and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee
covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 

SCOPE OF TWENTIETH SUPPLEMENTAL INDENTURE 

Section 1.01. Scope. This Twentieth Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part of
the Indenture and shall be read together with the Base Indenture and Eighth Supplemental Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the Eighth Supplemental Indenture and Twentieth
Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the foregoing, this Twentieth Supplemental Indenture shall only apply to the Notes. 

 ARTICLE 2 

DEFINITIONS 

Section 2.01. Definitions and Other Provisions of General Application. For all purposes of this Twentieth Supplemental Indenture
unless otherwise specified herein: 
 (a) all terms used in this Twentieth Supplemental Indenture which are not otherwise defined herein
shall have the meanings they are given in the Base Indenture, as amended by the Eighth Supplemental Indenture; 
 (b) the provisions of
general application stated in Sections 1.02 through 1.15 of the Base Indenture shall apply to this Twentieth Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this Twentieth Supplemental Indenture as a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this Twentieth
Supplemental Indenture; 
 (c) Section 1.01 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting
the following additional defined term in its appropriate alphabetical position: 
 “Issue Date” means June 7,
2019. 
 ARTICLE 3 

FORM AND TERMS OF THE NOTES 

Section 3.01. Form and Dating. 

(a) The Notes and the Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Notes may have
notations, a legend or legends or endorsements as may be required to comply with any law or with any rules of any securities exchange or usage. Each Note shall be dated the date of its authentication. 

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

Section 3.02. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) Title. The Notes shall constitute a series of Securities having the title “Santander Holdings USA, Inc. 3.500% Senior Notes due
2024,” and the CUSIP number shall be “80282KAW6”. 
 (b) Principal Amount. The aggregate principal amount of the Notes
that may be authenticated and delivered under the Indenture, as amended hereby, shall be $1,000,000,000 on the Issue Date. Provided that no Covenant Breach or Event of Default has occurred and is continuing with respect to the Notes, the Company
may, without notice to or the consent of the Holders, create and issue additional Securities having the same terms as, and ranking equally and ratably with, the Notes in all respects and so that such additional Notes will be consolidated and form a
single series with, and have the same terms as to status, redemption or otherwise as, the Notes initially issued. 
 (c) Person to Whom
Interest is Payable. Interest payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the Person in whose name the Notes are registered at the close of business on the Regular Record Date for such
interest, which shall be the close of business fifteen (15) calendar days (whether or not a Business Day) immediately preceding an Interest Payment Date (May 23 and November 22, 

  
 2 

 
respectively). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Note 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 of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner and as provided for in the Base Indenture. 
 (d)
Maturity Date. The entire outstanding principal of the Notes shall be payable on June 7, 2024 (the “Maturity Date”). 

(e) Interest. The rate at which the Notes shall bear interest shall be 3.500% per annum (the “Applicable Rate”); the
date from which interest shall accrue on the Notes shall be June 7, 2019 or the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates for the Notes shall be June 7 and
December 7 of each year, beginning on December 7, 2019. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date shall be
postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). 

(f) Place of Payment of Principal and Interest. Payment of the principal of (and premium, if any) and interest on the Notes will be made
at the office or agency of the Company maintained for that purpose in New York, New York, 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 against surrender of
any Note in the case of any payment due at the Maturity Date; provided, however, that (i) if any Note is a Global Security, payments shall be made in respect of such Note pursuant to the Applicable Procedures of the Depositary as
in effect from time to time, and (ii) if any Note is not a Global Security, payment of interest in respect of such Note will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register at the close of business on the Regular Record Date for such interest. Notwithstanding the foregoing, if any Note is not a Global Security and has a principal amount of at least $1,000,000, upon request, the Company will pay any amount that
becomes due on such Note by wire transfer of immediately available funds to an account at a bank in New York City, on the due date. To request such a wire payment, the Holder of such Note must give the Paying Agent appropriate wire transfer
instructions at least five Business Days before the requested wire payment is due. In the case of any interest payment due on an Interest Payment Date, the instructions must be given by the person or entity who is the Holder on the relevant Regular
Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above. 

(g) Redemption. 
  

	 	(1)	 The Notes will be redeemable at the Company’s option, in whole or in part, at any time or from time to
time, on or after December 4, 2019 (180 days from the Issue Date) (or, if additional Notes are issued, beginning 180 days after the issue date of such additional Notes), and prior to the Applicable Notes Par Call Date, in each case at a
redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of:’ 

  

	 	a.	 100% of the aggregate principal amount of the Notes being redeemed on that redemption date; and

  

	 	b.	 The sum of the present values of the remaining scheduled payments of principal and interest on the Notes being
redeemed that would be due if the Notes to be redeemed matured on the Applicable Notes Par Call Date (not including any portion of such payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus the Applicable Spread for the Notes to be redeemed, as such amount
shall be certified to the Trustee by the Company. 

  
 3 

	 	(2)	 The Company may, at its option, at any time from time to time, on and after the Applicable Notes Par Call Date,
redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed (par) plus accrued and unpaid interest thereon, if any, to, but excluding the date of redemption. Other than as set forth
in the preceding sentence, the Notes are not redeemable prior to the Maturity Date. 

  

	 	(3)	 Solely for the purposes of this Section 3.02(g), the following terms shall have the following meanings:

  

	 	a.	 “Applicable Notes Par Call Date” means May 7, 2024 (31 days prior to the Maturity Date).

  

	 	b.	 “Applicable Spread” means 25 basis points. 

 

	 	c.	 “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming the notes matured on the Applicable Notes 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 such remaining term. 

 

	 	d.	 “Comparable Treasury Price” means, with respect to any redemption date for notes to be
redeemed, (A) if the Independent Investment Banker obtains four or more applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations after excluding the highest and lowest of such applicable
Reference Treasury Dealer Quotations or (B) if the Independent Investment Banker obtains fewer than four applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

 

	 	e.	 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the
Company to act as the “Independent Investment Banker.” 

  

	 	f.	 “Reference Treasury Dealers” mean, with respect to the notes offered hereby, (A) Barclays
Capital Inc., Citigroup Global Markets Inc., RBC Capital Markets, LLC and a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by Santander Investment Securities Inc. (or their
respective affiliates which are Primary Treasury Dealers (as defined below)), and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another
Primary Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Company. 

  

	 	g.	 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any redemption date for notes to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the notes to be redeemed on such redemption date (expressed in each
case as a percentage of its aggregate principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding such redemption date. As used in
the preceding sentence, “business day” means any day (other than a Saturday or Sunday) on which banking institutions in The City of New York are not authorized or obligated by law or executive order to remain closed. 

  
 4 

	 	h.	 “Treasury Rate” means, with respect to any redemption date applicable to the notes, the rate
per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue for the notes to be redeemed on such redemption date, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its aggregate
principal amount) equal to the applicable Comparable Treasury Price for such redemption date. 

 (h) Sinking Fund.
There shall be no sinking fund for the Notes. 
 (i) Denomination. The Notes shall be in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. 
 (j) Currency of the Notes. The Notes shall be denominated, and payment of principal and
interest of the Notes shall be payable in, the currency of the United States of America. 
 (k) Currency of Payment. The principal of
and interest on the Notes shall be payable in the currency of the United States of America. 
 (l) Defeasance. Article 13 of the Base
Indenture shall apply to the Notes. 
 (m) Registered Form. The Notes shall be issuable as registered Global Securities, and the
depositary for the Notes shall be the Depository Trust Company in The City of New York (“DTC”) or any successor depositary appointed by the Company within 90 days of the termination of services of DTC (or any successor to DTC).
Sections 2.04 and 3.05 of the Base Indenture shall apply to the Notes. 
 (n) Covenants. The covenants set forth in Article 10 of the
Base Indenture shall apply to the Notes. 
 (o) Additional Terms. Other terms applicable to the Notes are as otherwise provided for
below. 
 ARTICLE 4 

SUPPLEMENTAL INDENTURES 

Section 4.01. Supplemental Indentures. The following paragraph shall be added to the end of Section 9.01 of the Base
Indenture and shall only apply to the Notes: 
 Notwithstanding the foregoing, without the consent of any Holder of Securities, the Company
and the Trustee may amend or supplement the Indenture or the Securities to conform the terms of the Indenture and the Securities to the description of the Securities in the prospectus supplement dated June 4, 2019 relating to the offering of
the Securities. 
 ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Trust Indenture Act of 1939. This Twentieth Supplemental Indenture shall incorporate and be governed by the
provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 

  
 5 

 Section 5.02. Governing Law. This Twentieth Supplemental Indenture and
the Notes shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of law. 

Section 5.03. Duplicate Originals. The parties may sign any number of copies of this Twentieth Supplemental Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 
 Section 5.04. Separability. In case any
provision in this Twentieth Supplemental Indenture or 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 5.05. Ratification. The Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented and amended by
this Twentieth Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture, the Eighth 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 Base Indenture, as amended by the Eighth
Supplemental Indenture and as supplemented by this Twentieth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this
Twentieth Supplemental Indenture. 
 Section 5.06. Effectiveness. The provisions of this Twentieth Supplemental Indenture
shall become effective as of the date hereof. 
 Section 5.07. Successors. All agreements of the Company in this Twentieth
Supplemental Indenture shall bind its successors. All agreements of the Trustee in this Twentieth Supplemental Indenture shall bind its successors. 

Section 5.08. Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the
Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Twentieth Supplemental Indenture, the Notes, or for or in
respect of the recitals contained herein, all of which recitals are made solely by the Company. 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Twentieth Supplemental Indenture to
be duly executed as of the date set forth above. 
 SANTANDER HOLDINGS USA, INC. 

as the Company 
  

							
	Attest	 		 		  	
				
	 By:
 Name:

Title:
	 	 /s/ Andrew Kang

Andrew Kang
 Treasurer
	 	 By:
 Name:

Title:
	  	 /s/ Andrew Withers

Andrew Withers
 Senior Vice President

 SIGNATURE PAGE TO TWENTIETH
SUPPLEMENTAL INDENTURE 

 DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee 
  

					
	By: Deutsche Bank National Trust Company
		
	By	 	 /s/ Irina Golovashchuk

		 	Name:	 	Irina Golovashchuk
		 	Title:	 	Vice President

  

					
	By:	 	 /s/ Chris Niesz

		 	Name:	 	Chris Niesz
		 	Title:	 	Vice President

 SIGNATURE PAGE TO TWENTIETH
SUPPLEMENTAL INDENTURE 

 EXHIBIT A 

FORM OF NOTE 
 [FORM OF
FACE OF NOTE] 
 [Global Notes Legend] 

[THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE DEPOSIT INSURANCE FUND OR ANY OTHER
GOVERNMENTAL AGENCY OR FUND. 

  
 A-1 

 SANTANDER HOLDINGS USA, INC. 

3.500% Senior Notes due 2024 
  

					
	 CUSIP No.: 80282KAW6
	  			
	 ISIN: US80282KAW62
	  			
	 No. ___
	  	$	______________	 

 Santander Holdings USA, Inc., a corporation duly organized and existing under the laws of the Commonwealth of
Virginia (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 7, 2024, and to pay interest thereon from June 7, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 7 and December 7 in each
year, commencing December 7, 2019, and at the Maturity Date, at the rate of 3.500% per annum, until the principal hereof is paid or made available for payment, provided that any premium, and any such installment of interest, which is
overdue shall bear interest at the rate of 3.500% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such overdue amounts are due until they are paid or duly provided for, and such interest on
any overdue installment shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business fifteen (15) calendar days (whether or not a Business Day) immediately prior to an Interest
Payment Date (May 23 and November 22, respectively). Any such interest so payable, but not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, as more fully provided in said Indenture. 
 Payment of
the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, 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 against surrender of this Security in the case of any payment due at the Maturity Date; provided, however, that (i) if this Security is a Global Security, payments
shall be made pursuant to the Applicable Procedures of the Depositary as in effect from time to time, and (ii) if this Security is not a Global Security, payment of interest will be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register at the close of business on the Regular Record Date for such interest. Notwithstanding the foregoing, if this Security is not a Global Security and has a principal amount of at least
$1,000,000, upon request, the Company will pay any amount that becomes due on this Security by wire transfer of immediately available funds to an account at a bank in New York City, on the due date. To request wire payment, the Holder must give the
Paying Agent appropriate wire transfer instructions at least five Business Days before the requested wire payment is due. In the case of any interest payment due on an Interest Payment Date, the instructions must be given by the person or entity who
is the Holder on the relevant Regular Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Signature Page Follows] 

  
 A-2 

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

Dated: 
  

							
	Attest	 		  	 SANTANDER HOLDINGS USA, INC.

as the Company

				
	 By:
	 	  
	  	 By:
	 	  

	 Name:
 Title:
	 		  	 Name:
 Title:
	 	

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein and referred to in the Indenture referred to hereinafter. 

Dated: 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee    

 
			
		
	 By:
	 	  

  
 A-3 

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of April 19, 2011 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Deutsche Bank
Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as amended by an Eighth Supplemental Indenture, dated as of March 1, 2017, between the Company and
the Trustee (herein called the “Eighth Supplemental Indenture”), and as supplemented by a Twentieth Supplemental Indenture, dated as of June 7, 2019, between the Company and the Trustee (herein called the “Twentieth
Supplemental Indenture” and, together with the Base Indenture and Eighth Supplemental Indenture, the “Indenture”), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the
face hereof, initially limited in aggregate principal amount of $1,000,000,000. 
 The Securities of this series shall be redeemable, in
whole or in part, by the Company, at any time or from time to time, on or after December 4, 2019 (180 days after the Issue Date), and prior to the 31st day prior to the Maturity Date (May 7, 2024), in each case at a redemption price, plus
accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of: (1) 100% of the aggregate principal amount of the Securities being redeemed on that redemption date; and (2) the sum of the present
values of the remaining scheduled payments of principal and interest on the Securities being redeemed that would be due if the Securities to be redeemed the 31st day prior to the Maturity Date (May 7, 2024) (not including any portion of such
payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate (as defined in this prospectus supplement) plus 25 basis points. 
 The Securities of this series
shall also be redeemable in whole or in part by the Company on or after the 31st day prior to the Maturity Date (May 7, 2024) at 100% of the principal amount of the Securities of this series to be redeemed (par), plus accrued and unpaid interest
thereon to the date of redemption. The Securities of this series are not entitled to the benefit of any sinking fund. 
 The Securities of
this series will not be listed on any national securities exchange or included in any automated quotation system. Currently there is no market for the Securities of this series. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture contains provisions for
defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants, Covenant Breaches and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture. 
 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 to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of all Securities at the
time Outstanding to be affected, considered together as one class for this purpose (such Securities to be affected may be Securities of the same or different series and, with respect to any series, may comprise fewer than all the Securities of such
series). The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected under the Indenture, considered together as one class for this purpose (such
affected Securities may be Securities of the same or different series and, with respect to any particular series, may comprise fewer than all the Securities of such series), on behalf of the Holders of all Securities so affected, to waive compliance
by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series
considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 

  
 A-4 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Covenant Breach or Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Covenant Breach or Event of Default as Trustee and offered the Trustee indemnity and/or security satisfactory to it, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity and/or
security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

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

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and in integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

[This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations
in Section 3.05 thereof on transfers and exchanges of Global Securities. ] 
 The Indenture and this Security shall be governed by and
construed in accordance with the law of the State of New York, without regard to principles of conflicts of law. 
 All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-5 

 ASSIGNMENT FORM 

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

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

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

 
  
  

							
	Date:	  	                    
	  	Your Signature:	  	  

  
  

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

Signature Guarantee: 
  

							
	Date:	 	  
	  	        	  	  

		 	 Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program
reasonably acceptable to the Trustee
	  		  	Signature of Signature Guarantee

  
 A-6 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $_________. The following increases or decreases in this Global Note have been made: 

 

									
	 Date of

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

  
 A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]