Document:

Exhibit 10.25

 

INDEMNIFICATION AGREEMENT

This INDEMNIFICATION AGREEMENT (including Appendices A and B hereto, this “Agreement”) is dated and effective as of [         ] and made by and between IBEX Holdings Limited, an exempted company incorporated and existing under the laws of Bermuda with registered number 52347 (the “Company”), and [           ] (“Indemnitee”).  Capitalized terms used but not otherwise defined in the body of this Agreement shall have the respective meanings ascribed to such terms in Appendix B hereto.

WHEREAS, it is essential to the Company that the Company retain and attract highly experienced and capable persons to serve as directors and Employee Officers of the Company;

WHEREAS, highly experienced and capable persons are more reluctant to serve publicly held corporations as directors or in other capacities unless they are provided with adequate protection through insurance, indemnification and exculpation against risks of claims and actions against them arising out of their service to and activities on behalf of the corporation; and

WHEREAS, it is reasonable, prudent and desirable for the Company, acting in its own best interests as a member of the IBEX group of companies (which group is comprised of the Company and its subsidiaries (collectively, the “IBEX Group of Companies” and each, an “IBEX Group Company”)), contractually to obligate itself to indemnify, and, if so requested by Indemnitee, to advance expenses, as provided herein, and contractually to provide additional procedural protections to help ensure that such indemnification and expense advancement rights will in fact be available, to the fullest extent permitted under Bermuda law, to Indemnitee in the performance of Indemnitee’s duty to the IBEX Group of Companies, especially in light of the Company’s plans for an initial public offering on the NASDAQ Exchange (the “IPO”); and Indemnitee desires to continue to so serve IBEX Group of Companies provided, and on the express condition, that he or she is furnished with the indemnity set forth herein;

WHEREAS, Indemnitee has agreed to serve and/or continue to serve the Company in a Director or Employee Officer capacity provided that, in light of the potential IPO, Indemnitee is provided the protections available under this Agreement, the Company Constitutional Documents (as defined below) and directors’ and officers’ liability insurance coverage, as well as other applicable liability insurance coverage, that is adequate in the present circumstances.

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements herein contained and intending to be legally bound hereby, and for other good and valuable consideration, including Indemnitee’s agreement to serve or to continue to serve as a Director or Employee Officer after the date hereof, the parties hereto agree as follows:

1.          Service by Indemnitee.  Indemnitee agrees to serve as a director or Employee Officer, as applicable, of the Company faithfully and to the best of Indemnitee’s ability so long as Indemnitee is duly elected or re-elected or appointed or re-appointed and until such time as (i) if Indemnitee serves in the capacity of director, Indemnitee dies, is removed as a director of the Company or resigns or retires as a director of the Company; or (ii) if Indemnitee serves in the capacity of Employee Officer, Indemnitee dies, is terminated as an Employee Officer of the Company or resigns or retires as an Employee Officer.  An Indemnitee shall be deemed to be “serving at the request of the Company” or to have “served at the request of the Company” (or any similar construction of similar meaning) to the extent such Indemnitee is serving or has served as an officer, director, employee or executive of any IBEX Group Company, and Indemnitee shall be deemed to be so serving or have so served without any express (whether written or otherwise) evidence of such request, unless clear evidence to the contrary exists and is provided by the Company.

2.          Advancement of Expenses.  Except as limited by Section 11, to the fullest extent permitted under Bermuda law, all Expenses incurred by Indemnitee in defending against any Indemnifiable Proceeding described in Section 3 or 4 in advance of the final disposition of such Indemnifiable Proceeding shall be paid by the Company at the request of Indemnitee.  Such request shall be made pursuant to Article 3 of Appendix A hereto (the “Procedural Appendix”).  In addition, Indemnitee’s entitlement to advancement of Expenses shall include those Expenses incurred in connection with any Indemnifiable Proceeding by Indemnitee seeking an adjudication pursuant to Article 5 of the Procedural Appendix (including the enforcement of this provision), subject to an undertaking by Indemnitee to reimburse such amounts if so required pursuant to Article 3 of the Procedural Appendix.

3.          Indemnification for Proceedings by or in the Name of the Company.

(a)          Eligibility.  Except as limited by Section 11, Indemnitee shall be entitled to the indemnification rights provided in this Section 3 if Indemnitee, after the effective date hereof, was or is a party or is threatened to be made a party to any Proceeding brought by or in the name of the Company to procure a judgment in the Company’s favor by reason of the fact that Indemnitee is or was a director or Employee Officer of the Company, or is or was serving at the request of the Company as a director, officer, employee or fiduciary of any other entity (including another corporation, partnership, joint venture, trust or employee benefit plan); or by reason of anything done or not done (or allegedly done or not done) by Indemnitee in any such capacity, whether or not Indemnitee is actually serving in such capacity at the time any liability or Expense is incurred for which indemnification or advancement is sought under this Agreement.

(b)          Indemnity.  Except as limited by Section 11, pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted under Bermuda law against all judgments, fines, penalties and Expenses incurred by Indemnitee in connection with a Proceeding described in Section 3(a); provided, however, that no such indemnification shall be made in respect of any such Proceeding as to which such person shall have been found, in a final and non-appealable judgment of a court of competent jurisdiction, to be liable for fraud or dishonesty in the performance of such Indemnitee’s duty to the Company or to such other corporation, partnership, joint venture or employee benefit plan, unless and only to the extent that a court of competent jurisdiction shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such judgments, fines, penalties, and Expenses as such court shall deem proper.

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4.          Indemnification for Proceedings Other than Proceedings by or in the Right of the Company.

(a)          Eligibility.  Except as limited by Section 11, Indemnitee shall be entitled to the indemnification rights provided in this Section 4 if Indemnitee, after the effective date hereof, was or is a party or is threatened to be made a party to any Proceeding (other than a Proceeding by or in the name of the Company, to which Section 3 above shall apply) by reason of the fact that Indemnitee is or was a director or Employee Officer of the Company, or is or was serving at the request of the Company as a director, officer, employee or fiduciary of any other entity (including another corporation, partnership, joint venture, trust or employee benefit plan); or by reason of anything done or not done (or allegedly done or not done) by Indemnitee in any such capacity, whether or not Indemnitee is actually serving in such capacity at the time any liability or Expense is incurred for which indemnification or advancement is sought under this Agreement.

(b)          Indemnity.  Except as limited by Section 11, pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted under Bermuda law against all judgments, fines, penalties, settlements, and Expenses incurred by Indemnitee in connection with a Proceeding described in Section 4(a) other than in respect of any loss or liability which by virtue of any rule of law would otherwise attach to Indemnitee in respect of any fraud or dishonesty of which Indemnitee may be guilty in relation to the Company.

5.          Reliance as Safe Harbour.  For purposes of any determination hereunder, Indemnitee shall be deemed to have acted honestly and without fraud if Indemnitee’s conduct was based primarily on: (i) the records or books of account of the Company or relevant entity, including financial statements, (ii) information supplied to Indemnitee by the Officers of the Company or relevant entity in the course of their duties, (iii) the advice of legal counsel for the Company or relevant entity, or (iv) information or records given or reports made to the Company or relevant entity by an independent certified public accountant, or by an appraiser or other ex-pert selected with reasonable care by the Company or relevant entity.  The provisions of this Section 5 shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the relevant standard of conduct set forth in this Agreement.

6.          Indemnification for Expenses of Successful Party.  Notwithstanding the limitations of Sections 3, 4 or 11(d), to the fullest extent permitted by Bermuda law and whether or not the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of any Indemnifiable Proceeding, or in defense of any claim, issue or matter therein (other than in respect of fraud or dishonesty), or if it is determined in a final and non-appealable judgment by a court of competent jurisdiction that Indemnitee is otherwise entitled to be indemnified against Expenses, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Indemnifiable Proceeding.

7.          Partial Indemnification.  Except as limited by Section 11, if Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the judgments, fines, penalties or Expenses incurred in connection with any Indemnifiable Proceeding, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such judgments, fines, penalties, and Expenses incurred to which Indemnitee is entitled (as determined in accordance with Article 2(e) of the Procedural Appendix).

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8.          Other Rights to Indemnification.  Indemnification and advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may now or in the future be entitled under (i) any provision of the memorandum of association and bye-laws of the Company (the “Company Governing Documents”), or the governing documents of any other entity served by Indemnitee at the request of the Company; (ii) any vote of the shareholders of the Company, the Board of Directors of the Company (the “Company Board”); (iii) any provision of law; (iv) any agreement; (v) any insurance policy or (vi) otherwise.  The Company acknowledges and agrees that nothing herein shall be deemed to constitute a waiver by Indemnitee of any such rights.

9.          Expenses to Enforce Agreement.  In the event that Indemnitee is subject to or intervenes in any Proceeding in which the validity or enforceability of this Agreement is at issue or seeks a Proceeding to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, if Indemnitee prevails in whole or in part in such Proceeding, Indemnitee shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses incurred by Indemnitee in connection with such Proceeding.

10.          Continuation of Indemnity.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is a director or Employee Officer of the Company or is serving at the request of the Company as a director, officer, employee or fiduciary of any other entity (including another corporation, partnership, joint venture, trust or employee benefit plan) and shall continue thereafter with respect to any possible claims by reason of the fact that Indemnitee was a director or Employee Officer of the Company or was serving at the request of the Company as a director, officer, employee or fiduciary of any other entity (including another corporation, partnership, joint venture, trust or employee benefit plan).  This Agreement shall be binding upon all successors and assigns of the Company and shall inure to the benefit of the heirs, personal representatives and estate of Indemnitee.  From and after the effective date of this Agreement, the Company shall require and cause any successor (whether direct or indirect and whether by purchase, merger, consolidation, scheme or arrangement, amalgamation or otherwise), including any person or entity who acquires all, substantially all, or a substantial part, of the business and/or assets of the Company, as the case may be, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.  If such Agreement shall be unenforceable against any such successor, or if the Company Board makes a good faith determination in its discretion that such successor is less creditworthy than the Company, then the Company will assign the Agreement to a subsidiary of the Company selected by the Company Board and reasonably satisfactory to Indemnitee, against which subsidiary the Agreement shall then be enforceable.

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11.          Limitations on Indemnification and Advancement of Expenses.  The rights of Indemnitee to indemnification and advancement of Expenses under this Agreement shall be as set forth herein, except that no indemnification or advancement of Expenses shall be paid hereunder to Indemnitee by the Company:

(a)          to the extent expressly prohibited by Bermuda law, other applicable law or a final and non-appealable judgment of a court of competent jurisdiction in respect of fraud or dishonesty;

(b)          to the extent such indemnification or advancement of Expenses, as applicable, is actually made or then due to Indemnitee (i) under an insurance policy; (ii) under a valid and enforceable provision of the Company Governing Documents, or the governing documents of any other entity served by Indemnitee at the request of the Company; (iii) pursuant to an agreement of the Company, to the extent permitted by law, or any other entity served by Indemnitee at the request of the Company; or (iv) by the Company, to the extent permitted by law, in its discretion as contemplated by Article 1 of the Procedural Appendix, except, in each case, in respect of any amounts indemnifiable hereunder exceeding the payment or payments made under clauses (i) through (iv) of this paragraph; or

(c)          except with respect to an Indemnifiable Proceeding pursuant to Sections 4 or 9 above, or Article 5 of the Procedural Appendix, in connection with a Proceeding, or part thereof (including claims and counterclaims) initiated by Indemnitee, unless such Proceeding (or part thereof) initiated by Indemnitee was authorized by the Company Board; or

(d)          with respect to indemnification for settlements under Section 4(b), settlements made without the Company’s prior written consent, which consent shall not be unreasonably withheld.

12.          Additional Agreements.

The Company shall enter into additional agreements that are substantially similar to this Agreement with each person serving as a director or Employee Officer of the Company from time to time, provided, that the Company shall not have any liability, or have any obligation, under this Section 12 to the extent that any such other director or Employee Officer is unable or unwilling to enter into such agreement.

13.          Separability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever the validity, legality and enforceability of the remaining provisions of this Agreement (including all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable that are not by themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby.  In the event of any conflict or inconsistency between this Agreement and the provisions of the Company Governing Documents, to the maximum extent permitted by applicable law this Agreement shall govern with respect to any Indemnifiable Proceeding to which Indemnitee becomes a party on or after the effective date hereof, and to the maximum extent permitted by applicable law the Company Governing Documents shall govern with respect to any Indemnifiable Proceeding to which Indemnitee became a party prior to the effective date hereof.

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14.          Headings; Interpretation.  The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.  References herein to section numbers are to sections of this Agreement, unless otherwise specified.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as appropriate.  The word “including” shall be deemed to be followed by the words “without limitation.”

15.          Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and receipted for by the party addressee, on the date of such receipt; (ii) if mailed by domestic certified or registered mail with postage prepaid, on the third business day after the date postmarked; or (iii) if sent by facsimile transmission and fax confirmation is received, on the next business day following the date on which such facsimile transmission was sent.  Addresses for notice to either party are as shown on the signature page of this Agreement, or as subsequently modified by written notice to the other party as provided in this Section.

16.          Governing Law; Consent to Jurisdiction.

(a)          This Agreement shall be interpreted and enforced in accordance with the laws of Bermuda.

(b)          The Company and Indemnitee hereby irrevocably and unconditionally: (i) agree that any Proceeding arising out of or in connection with this Agreement shall be brought only in the Supreme Court of Bermuda (the “Bermuda Court”), and not in any court in any other country; (ii) consent to submit to the exclusive jurisdiction of the Bermuda Court for purposes of any Proceeding arising out of or in connection with this Agreement; (iii) waive any objection to the laying of venue of any such Proceeding in the Bermuda Court, and (iv) waive, and agree not to plead or to make, any claim that any such Proceeding brought in the Bermuda Court has been brought in an improper or inconvenient forum.

17.          Other Provisions.

(a)          This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.  Only one such counterpart signed by the party against whom enforceability is sought needs to be produced as evidence of the existence of this Agreement.

(b)          Nothing contained in this Agreement shall confer upon Indemnitee (including, for the avoidance of doubt, any Employee Officer) any right with respect to the continuation of Indemnitee’s employment with, or provision of services for, any entity within the IBEX Group of Companies, as applicable, or interfere in any way with the right of any entity within the IBEX Group of Companies, as applicable, at any time to terminate such employment or services for any reason, with or without cause, and with or without severance, except as may be otherwise provided in a separate written contract between Indemnitee and any entity within the IBEX Group of Companies.

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(c)          Upon a payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of Indemnitee to recover against any person for such liability, and Indemnitee shall execute all documents and instruments required and shall take such other actions as may be necessary to secure such rights, including the execution of such documents as may be necessary for the Company to bring suit to enforce such rights.

(d)          No supplement, modification, amendment or termination of this Agreement shall be binding unless executed in writing by all parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver and no waiver will be effective unless it is in writing and signed by the waiving party.

(e)          The parties hereto agree that Appendices A and B hereto form an integral part of this Agreement with respect to the subject matter hereof.

(f)          Unless otherwise specified, references to the term “Section” are references to the Sections of this Agreement, and references to the term “Article” are references to the Articles of the Procedural Appendix.

[Signature page follows.]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as a Deed on and as of the day and year first above written.

	 	
IBEX HOLDINGS LIMITED

	 	 
	 	
By:

	 
	 	 	
Name:

	 
	 	 	
Title:

	 
	 	 
	 	 	
Address:

	 
	 	 	 	 
	 	 	 	 

Agreed and accepted as of the date hereof:

	
INDEMNITEE

	 
	 	 
	
By:

	 	 
	 	
Name:

	 	 
	 	
Title:

	 	 
	 	 
		
Address: 

	 	 
	 	 	 	 
	 	 	 	 

In the presence of:

 

	 	 	 	 
	 	
Name:

	 	 
	 	 
		
Address:

	 	 
	 	 	 	 
	 	 	 	 

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Appendix A

Certain Procedural Provisions

Article 1.          Request for Company to Provide Indemnification.

(a)          To receive indemnification under this Agreement Indemnitee must submit a written request to the Secretary of the Company to provide such indemnification.  Such request shall include (i) documentation or information reasonably available to Indemnitee that provides a reasonably detailed description of the facts and circumstances of the request for indemnification, and (ii) Indemnitee’s selection of the Determining Party under Article 1(b).

(b)          Upon receipt of a request made pursuant to Article 1(a), the entitlement of Indemnitee to indemnification under this Agreement shall be determined by one of the following parties, as selected by Indemnitee in his or her sole discretion (such party, the “Determining Party”): (i) the Company Board by a majority vote of Disinterested Directors, or (ii) by Independent Counsel in a written opinion to the Company Board, a copy of which shall be delivered to Indemnitee.  In the event no Disinterested Director exists to constitute the Determining Party, Independent Counsel shall be the Determining Party.  The Determining Party shall make the determination as to the entitlement of Indemnitee to indemnification under this Agreement not later than 45 calendar days after receipt by the Company of a request made pursuant to Article 1(a) or, if Independent Counsel acts as the Determining Party, within 45 calendar days of agreement on the identity of such Independent Counsel.

(c)          In the event that a determination is made by the Company Board that Indemnitee is not entitled to indemnification by the Company hereunder, Indemnitee shall be entitled to seek a determination by Independent Counsel of Indemnitee’s entitlement to indemnification.  Independent Counsel shall within 45 calendar days of agreement on the identity of such Independent Counsel provide a determination as to the entitlement of Indemnitee to indemnification under this Agreement in a written opinion to the Company Board, a copy of which shall be delivered to Indemnitee.  Such determination by Independent Counsel shall be made de novo and Indemnitee shall not be prejudiced by reason of the determination by the Company Board that Indemnitee is not entitled to indemnification.  The Company shall not oppose Indemnitee’s right to seek any such determination of Independent Counsel.  If a determination is made by Independent Counsel that Indemnitee is entitled to indemnification, the Company shall be bound by such determination and shall be precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding and enforceable.  Any determination of Independent Counsel under this Article 1(c) shall be the final determination of entitlement to indemnification under this Article 1, subject to Article 4 of this Procedural Appendix.

(d)          Any Independent Counsel selected for purposes of Article 1(b) or Article 1(c) shall be selected by the Company and approved by Indemnitee (such approval not to be unreasonably withheld, conditioned or delayed), except that in the event that a Change in Control has occurred, any Independent Counsel shall be selected by Indemnitee.  Upon failure of the Company to so select such Independent Counsel or upon failure of Indemnitee to so approve (or to so select, in the event that a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court of competent jurisdiction.

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(e)          If the Determining Party (including, for purposes of this Article 1(e), Independent Counsel selected under Article 1(c)) determines that Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably allocate such partial indemnification among the claims, issues or matters at issue at the time of the determination.

(f)          Any Expenses incurred by Indemnitee in connection with a request for indemnification or payment of Expenses hereunder, under any other agreement with the Company, any provision of the Company Governing Documents or any directors’ and officers’ liability insurance, shall be borne by the Company.  The Company shall indemnify Indemnitee for any such amounts referred to in the immediately preceding sentence and agrees to hold Indemnitee harmless therefrom irrespective of the outcome of the determination of Indemnitee’s entitlement to indemnification.

(g)          Notwithstanding anything to the contrary contained in this Article 1, it is understood that no such determination pursuant to Article 1 of this Procedural Appendix shall be required with respect to Indemnitee’s entitlement to indemnification pursuant to Section 9 of this Agreement, Article 1(f) of this Procedural Appendix, or the last sentence of Article 4 of this Procedural Appendix.

Article 2.          Request for Company to Provide Advancement of Expenses.  To receive advancement of Expenses under this Agreement, Indemnitee shall submit a written request to the Secretary of the Company.  Such request shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of Indemnitee, to reimburse such amounts to the Company if it is determined in a final and non-appealable judgment of a court of competent jurisdiction that Indemnitee is not entitled to be indemnified against such Expenses by the Company as provided by this Agreement or otherwise.  Indemnitee’s undertaking to reimburse any such amounts shall not be required to be secured and shall be interest free, subject to Section 11 of this Agreement.  Each payment of Expenses by the Company shall be made within 10 calendar days after the receipt by the Company of a valid written request for advancement of Expenses.

Article 3.          Effect of Certain Proceedings.

(a)          In making a determination with respect to entitlement to indemnification hereunder, the Determining Party shall, to the fullest extent permitted by Bermuda law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Article 1 of this Procedural Appendix, and the Company shall, to the fullest extent permitted by Bermuda law, have the burden of proof to overcome the presumption that Indemnitee is entitled to indemnification hereunder in connection with any determination to the contrary made pursuant to Article 1 of this Procedural Appendix.

(b)          If the Determining Party of this Procedural Appendix shall have failed to make the requested determination within 45 calendar days pursuant to Article 1(b), a requisite determination of entitlement to indemnification shall be deemed to have been irrevocably made and Indemnitee shall be absolutely entitled to such indemnification, absent (i) fraud in the request for indemnification or (ii) a prohibition on such indemnification under Bermuda law; provided, however, that such 45-day period may be extended for a reasonable period of time, not to exceed an additional 45 days, if the Determining Party shall in good faith require such additional time to obtain or evaluate documentation and/or information relating to such determination and shall have provided written notice to Indemnitee within the initial 45-day period of such need for an extension of time.

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(c)          The termination of any Indemnifiable Proceeding described in Sections 3 or 4 of this Agreement by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not in and of itself adversely affect the rights of Indemnitee to indemnification by the Company except as otherwise provided herein.

Article 4.          Effect of Determination Whether to Indemnify or to Advance Expenses.  In the event that a determination is made that Indemnitee is not entitled to indemnification by the Company hereunder or if payment has not been timely made following a determination of entitlement to indemnification pursuant to Articles 1 or 3 of this Procedural Appendix, or if Expenses are not paid pursuant to Article 2  of this Procedural Appendix, Indemnitee shall be entitled to seek final adjudication in a court of competent jurisdiction of entitlement to such indemnification or payment of Expenses.  The determination in any such judicial Proceeding shall be made de novo and Indemnitee shall not be prejudiced by reason of a determination (if so made) pursuant to Articles 1 or 3 of this Procedural Appendix that Indemnitee is not entitled to indemnification.  The Company shall not oppose Indemnitee’s right to seek any such adjudication or any other claim.  If a determination is made or deemed to have been made pursuant to the terms of Articles 1 or 3 of this Procedural Appendix that Indemnitee is entitled to indemnification, the Company shall be bound by such determination and shall be precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not valid, binding and enforceable.  The Company further agrees to stipulate in any such court that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary.  If such court shall determine that Indemnitee is entitled to any indemnification or payment of Expenses hereunder, the Company shall also pay all Expenses incurred by Indemnitee in connection with such adjudication (including any appellate Proceedings).

Article 5.          Notification and Defense of Claim.  Promptly after receipt by Indemnitee of notice of any Indemnifiable Proceeding, Indemnitee shall, if a claim in respect of such Proceeding is to be made against the Company under this Agreement, notify the Company in writing of the commencement of such Indemnifiable Proceeding; but the omission to so notify the Company shall not relieve the Company from any liability that it may have to Indemnitee.  Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which Indemnitee notifies the Company, the Company shall be entitled to participate therein at its own expense.

Article 6.          Notice to Insurers.  If, at the time of the receipt of a notice of a Indemnifiable Proceeding pursuant to Articles 1 or 2 of this Procedural Appendix, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

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Appendix B

Certain Definitions

“Change in Control” means a change in control of the Company occurring after the date of this Agreement of a nature that would be required to be reported in response to Item 5.01 of Current Report on Form 8-K (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, a Change in Control shall be deemed to have occurred if after the date of this Agreement (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act ) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing (or which upon settlement, exercise or conversion pursuant to their terms would represent) thirty percent (30%) or more of the combined voting power of the Company’s then-outstanding voting securities without the prior approval of at least two-thirds of the members of the Company Board in office immediately prior to such person attaining such percentage; (ii) the Company consummates a merger, consolidation, sale of assets or other reorganization as a consequence of which members of the Company Board in office immediately prior to entry into the agreement providing for such transaction constitute less than a majority of the Company Board upon completion of such transaction; or (iii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Company Board (including for this purpose any new member of the Company Board whose election or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds of the members of the Company Board then still in office who were members of the Company Board at the beginning of such period and such approval was not in connection with an actual or threatened proxy contest) cease for any reason to constitute at least a majority of the Company Board, other than through the exercise by The Resource Group International Limited (or its affiliates) of any right to appoint and/or remove directors pursuant to the Bye-Laws of the Company.

“Disinterested Director” means a director of the Company who is not and was not a party to the Indemnifiable Proceeding in respect of which indemnification is being sought by Indemnitee.

“Employee Officer” means an “officer” (as such term is used under Section 2(1) of the Bermuda Companies Act 1981, as amended) who is an employee of the Company, which, for the avoidance of doubt, shall not be deemed to include auditors, liquidators, or other advisors of the Company.

“Expenses” includes costs, charges and expenses incurred in connection with the defense or settlement of any Proceeding, and appeals, attorneys’ and other advisors’ fees and expenses (including retainers and disbursements and advances thereon), witness fees and expenses, expenses relating to any bond, and any expenses relating to establishing a right to indemnification or advancement hereunder, but shall not include the amount of judgments, penalties, fines or amounts paid in settlement.

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“Indemnifiable Proceeding” means any Proceeding of the type described in Sections 3, 4 or 9 of this Agreement, or Article 5 of the Procedural Appendix and any Proceeding approved by the Company Board for such purpose, as contemplated by Section 11(c) of this Agreement.

“Independent Counsel” means a law firm or a member of a law firm that at the relevant time is not, and for the prior five years has not been, retained to represent: (i) the Company or Indemnitee (or their respective affiliates) in any matter material to any such party, or (ii) any other party to the Indemnifiable Proceeding (or their respective affiliates) giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing the Company or Indemnitee in a Proceeding to determine Indemnitee’s right to indemnification under this Agreement.

“Proceeding” includes any actual, threatened, pending or completed investigation, action, suit or other proceeding, whether of a civil, criminal, administrative, arbitral, mediative, investigative, legislative or other nature.

B-2Fifth Supplemental Indenture, dated March 19, 2018

 Exhibit 4.2 
  

 
 ZIMMER BIOMET HOLDINGS, INC.

 $450,000,000 Floating Rate Notes due 2021 

$300,000,000 3.700% Notes due 2023 

FIFTH SUPPLEMENTAL INDENTURE 

Dated as of March 19, 2018 
 to

 Indenture dated as of November 17, 2009 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

Trustee 
  

 

 CONTENTS 
  

									
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
				
		 	 SECTION 1.01.
	  	 Application of this Fifth Supplemental Indenture
	  	 	1	 
				
		 	 SECTION 1.02.
	  	 Definitions
	  	 	2	 
				
		 	 SECTION 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	6	 
		
	 ARTICLE II CREATION, FORMS, TERMS AND CONDITIONS OF THE SECURITIES
	  	 	7	 
				
		 	 SECTION 2.01.
	  	 Creation of the Notes
	  	 	7	 
				
		 	 SECTION 2.02.
	  	 Form of the Notes
	  	 	7	 
				
		 	 SECTION 2.03.
	  	 Terms and Conditions of the Floating Rate Notes
	  	 	7	 
				
		 	 SECTION 2.04.
	  	 Terms and Conditions of the Fixed Rate Notes
	  	 	9	 
				
		 	 SECTION 2.05.
	  	 Ranking
	  	 	11	 
				
		 	 SECTION 2.06.
	  	 Sinking Fund
	  	 	11	 
		
	 ARTICLE III REDEMPTION
	  	 	11	 
				
		 	 SECTION 3.01.
	  	 Optional Redemption of the Floating Rate Notes
	  	 	11	 
				
		 	 SECTION 3.02.
	  	 Optional Redemption of the Fixed Rate Notes
	  	 	11	 
				
		 	 SECTION 3.03.
	  	 General
	  	 	11	 
		
	 ARTICLE IV CHANGE OF CONTROL
	  	 	12	 
				
		 	 SECTION 4.01.
	  	 Repurchase at the Option of Holders Upon a Change of Control Repurchase Event
	  	 	12	 
		
	 ARTICLE V TRANSFER AND EXCHANGE
	  	 	13	 
				
		 	 SECTION 5.01.
	  	 Transfer and Exchange
	  	 	13	 
		
	 ARTICLE VI TRUSTEE
	  	 	14	 
				
		 	 SECTION 6.01.
	  	 Corporate Trust Office
	  	 	14	 
				
		 	 SECTION 6.02.
	  	 Recitals of Fact
	  	 	15	 
				
		 	 SECTION 6.03.
	  	 Successor
	  	 	15	 
		
	 ARTICLE VII MISCELLANEOUS PROVISIONS
	  	 	15	 
				
		 	 SECTION 7.01.
	  	 Ratification of Original Indenture
	  	 	15	 
				
		 	 SECTION 7.02.
	  	 Effect of Headings
	  	 	15	 
				
		 	 SECTION 7.03.
	  	 Successors and Assigns
	  	 	15	 
				
		 	 SECTION 7.04.
	  	 Separability Clause
	  	 	15	 
				
		 	 SECTION 7.05.
	  	 Governing Law
	  	 	16	 
				
		 	 SECTION 7.06.
	  	 Counterparts
	  	 	16	 

  
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 EXHIBITS 
  

					
	 EXHIBIT A
	 		  	 Form of Global Floating Rate Note

			
	 EXHIBIT B
	 		  	 Form of Global Fixed Rate Note

  
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 FIFTH SUPPLEMENTAL INDENTURE, dated as of March 19, 2018 (this “Fifth
Supplemental Indenture”), between ZIMMER BIOMET HOLDINGS, INC. (f/k/a ZIMMER HOLDINGS, INC.), a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”), having its principal
offices at 345 East Main Street, Warsaw, Indiana, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS,
the Company executed and delivered to the Trustee an Indenture, dated as of November 17, 2009 (the “Original Indenture”), providing for the issuance by the Company from time to time of debt securities evidencing unsecured and
unsubordinated indebtedness of the Company to be issued in one or more series; 
 WHEREAS, the Original Indenture provides, among
other things, that by means of a supplemental indenture, the Company and the Trustee may, without the consent of Holders, create one or more series of the Company’s debt securities and establish the form and terms and conditions thereof; 

WHEREAS, the Company intends by this Fifth Supplemental Indenture to create and provide for the issuance of two new series of debt
securities to be designated as the “Floating Rate Notes due 2021” (the “Floating Rate Notes”) and the “3.700% Notes due 2023” (the “Fixed Rate Notes” and, together with the Floating Rate Notes, the
“Notes”); 
 WHEREAS, the Board of Directors of the Company has authorized the execution and delivery of the Fifth
Supplemental Indenture, the issuance of the Notes and the forms, terms and conditions of the Notes pursuant to Sections 201, 301 and 901 of the Original Indenture; and 

WHEREAS, all acts and things necessary to make the Notes, when the Notes have been executed by the Company, authenticated by the
Trustee, issued upon the terms and subject to the conditions set forth hereinafter and in the Original Indenture and delivered as provided in the Indenture against payment therefor, valid, binding and legal obligations of the Company, enforceable
against the Company according to their terms, and all actions required to be taken by the Company under the Original Indenture to make this Fifth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done; 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which
are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01. Application of this Fifth Supplemental Indenture. Notwithstanding any other provision of this Fifth Supplemental
Indenture, the provisions of this Fifth Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Notes. The Notes constitute two separate series of notes as provided in Section 301 of the
Original Indenture. 

 SECTION 1.02. Definitions. Capitalized terms used in this Fifth Supplemental Indenture and
not otherwise defined herein shall have the meanings ascribed to them in the Original Indenture. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms
defined: 
 “Below Investment Grade Rating Event” means, with respect to a given series of Notes, the Notes of such series
are rated below Investment Grade by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period
following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes of such series is under publicly announced consideration for possible downgrade by any of the Rating Agencies);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or
inform 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 shall
have occurred at the time of the Below Investment Grade Rating Event). The Trustee shall not be responsible for monitoring the Company’s rating status, making any request upon any Rating Agency, or determining whether any Below Investment Grade
Rating Event with respect to any Notes has occurred. 
 “Business Day” means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which the Trustee or banking institutions in The City of New York are authorized or required by law or regulation to close. 

“Calculation Agent” means Wells Fargo Bank, National Association or any successor thereto appointed by the Company. 

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

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
other than the Company or one of its subsidiaries; 
 (2) the adoption of a plan relating to the Company’s liquidation
or dissolution; or 
 (3) the consummation of any transaction or series of related transactions (including, without
limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or one or more of its wholly-owned subsidiaries becomes the
beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock. 

  
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 “Change of Control Repurchase Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event. 
 “Company” has the meaning set forth in the Recitals hereto. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Fixed Rate Notes (assuming, for this purpose, such Fixed Rate Notes mature 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 such Fixed Rate Notes. 
 “Comparable
Treasury Price” means, with respect to any Redemption Date, (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
(2) if the Company can only obtain less than four such Reference Treasury Dealer Quotations, the average of all such quotations or (3) if the Company can only obtain one Reference Treasury Dealer Quotation, such quotation. 

“Corporate Trust Office” shall be the office of the Trustee at which the Indenture shall be principally administered, which
at the date of this Fifth Supplemental Indenture is 150 East 42nd Street, 40th Floor, New York, New York 10017, Attn: Corporate Trust Services, or such other address as to which the Trustee may give notice to the Company. 

“Designated LIBOR Page” means Reuters screen “LIBOR01” page, or any successor page on Reuters selected by the
Company, or if the Company determines that no such successor page shall exist on Reuters, an equivalent page on any successor service selected by the Company. 

“Dollar” and “$” means the lawful currency of the United States of America. 

“DTC” means The Depository Trust Company, its nominees and their successors and assigns. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Fixed Rate Interest Payment Date” has the meaning set forth in Section 2.04(c). 

“Fixed Rate Maturity Date” has the meaning set forth in Section 2.04(b). 

“Fixed Rate Notes” has the meaning set forth in the Recitals hereto. 

“Fixed Rate Regular Record Date” has the meaning set forth in Section 2.04(c). 

  
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 “Floating Rate Interest Payment Date” has the meaning set forth in
Section 2.03(c). 
 “Floating Rate Maturity Date” has the meaning set forth in Section 2.03(b). 

“Floating Rate Notes” has the meaning set forth in the Recitals hereto. 

“Floating Rate Regular Record Date” has the meaning set forth in Section 2.03(c). 

“Global Note” means a single permanent fully-registered global note in book-entry form, without coupons, substantially in the
form of Exhibit A and Exhibit B attached hereto. 
 “Indenture” means the Original Indenture as supplemented by this Fifth
Supplemental Indenture. 
 “Interest Reset Date” means the date of original issuance of the Floating Rate Notes and each
Floating Rate Interest Payment Date. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its
equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or the equivalent investment
grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 
 “LIBOR Determination
Date” means, for a given interest period with respect to the Floating Rate Notes, the second London Banking Day preceding the applicable Interest Reset Date. 

“London Banking Day” means any Business Day on which dealings in U.S. dollars are transacted or, with respect to any future
date, are expected to be transacted, in the London interbank market. 
 “Moody’s” means Moody’s Investors
Service, Inc. 
 “Notes” has the meaning set forth in the Recitals hereto. 

“Original Indenture” has the meaning set forth in the Recitals hereto. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Par Call Date” means February 19, 2023. 

“Paying Agent Office” means the designated office of the Trustee of which the corporate trust paying agent office of the
Trustee shall, at any particular time be administered, which at the date of this Fifth Supplemental Indenture is Corporate Trust Operations, MAC N9300-070, 600 South Fourth Street, Seventh Floor, Minneapolis,
MN 55415, or such other address as to which the Trustee may give notice to the Company. 
 “Rating Agency” means
(1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company as a replacement agency for Moody’s or S&P, as the case
may be. 

  
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 “Redemption Date” means the Business Day on which Notes are redeemed by the
Company pursuant to Article III hereof. 
 “Reference Treasury Dealer” means (1) each of Citigroup Global Markets Inc.
and Merrill Lynch, Pierce, Fenner & Smith Incorporated; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will
substitute therefor another Primary Treasury Dealer, (2) a Primary Treasury Dealer selected by each of MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc. and their respective successors, and (3) any other Primary
Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Registered Securities” means any Securities which are registered in the Security Register. 

“Remaining Scheduled Payments” means, with respect to each Fixed Rate Note to be redeemed, the remaining scheduled payments
of principal and interest thereon that would be due after the related Redemption Date for such redemption (not including any portion of such payments of interest accrued as of the Redemption Date) and assuming, for this purpose, that such Fixed Rate
Note matures on the Par Call Date. 
 “S&P” means S&P Global Ratings, a division of S&P Global Inc. 

“Three-Month LIBOR” means the rate determined in accordance with the following provisions: 

(1) With respect to any LIBOR Determination Date, Three-Month LIBOR will be the rate for deposits in U.S. dollars having a maturity of three
months commencing on the first day of the applicable interest period that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on that LIBOR Determination Date. If no such rate appears, then Three-Month LIBOR with respect to that
LIBOR Determination Date will be determined in accordance with the provisions described in clause (2) below. 
 (2) With respect to a
LIBOR Determination Date on which no rate appears on the Designated LIBOR Page, as specified in clause (1) above, the Company will request the principal London offices of each of four major reference banks in the London interbank market, as
selected by the Company, to provide the Calculation Agent with its offered quotation for deposits in U.S. dollars for the period of three months, commencing on the first day of the applicable interest period, to prime banks in the London interbank
market at approximately 11:00 a.m., London time, on that LIBOR Determination Date and in a principal amount that is 

  
 5 

 
representative for a single transaction in U.S. dollars in such market at such time. If at least two quotations are provided, then Three-Month LIBOR on such LIBOR Determination Date will be the
arithmetic mean of such quotations. If fewer than two such quotations are provided, then Three-Month LIBOR on such LIBOR Determination Date will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., New York City time, on such
LIBOR Determination Date by three major banks in The City of New York selected by the Company for loans in U.S. dollars to leading European banks, having a three-month maturity and in a principal amount that is representative for a single
transaction in U.S. dollars in such market at such time. If the banks so selected are not providing quotations in such manner, Three-Month LIBOR determined as of such LIBOR Determination Date will be Three-Month LIBOR in effect with respect to the
immediately preceding interest period. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum
equal to the semi-annual equivalent yield to maturity of the 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. 
 “Trustee” has the meaning set forth in the Recitals hereto. 

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

SECTION 1.03. Incorporation by Reference of Trust Indenture Act. The Indenture is subject to the mandatory provisions of the Trust
Indenture Act, which are incorporated by reference in and made a part of the Indenture. The following Trust Indenture Act terms have the following meanings: 

“indenture securities” means the Notes. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Fifth Supplemental Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act
reference to another statute or defined by Securities and Exchange Commission rule have the meanings assigned to them by such definitions. 

  
 6 

 ARTICLE II 

CREATION, FORMS, 
 TERMS
AND CONDITIONS OF THE SECURITIES 
 SECTION 2.01. Creation of the Notes. In accordance with Section 301 of the Original
Indenture, the Company hereby creates each of the Floating Rate Notes and the Fixed Rate Notes as a separate series of its securities issued pursuant to the Indenture. The Floating Rate Notes shall be issued initially in an aggregate principal
amount of $450,000,000 and the Fixed Rate Notes shall be issued initially in an aggregate principal amount of $300,000,000, except as permitted by Sections 304, 305 or 306 of the Original Indenture. 

SECTION 2.02. Form of the Notes. The Notes shall each be issued in the form of a Global Note, duly executed by the Company and
authenticated by the Trustee, which shall be deposited with the Trustee as custodian for DTC and registered in the name of “Cede & Co.,” as the nominee of DTC. The Floating Rate Notes shall be substantially in the form of Exhibit
A attached hereto and the Fixed Rate Notes shall be substantially in the form of Exhibit B attached hereto. So long as DTC, or its nominee, is the registered owner of a Global Note, DTC or its nominee, as the case may be, shall be considered the
sole owner or Holder of the Notes represented by such Global Note for all purposes under the Indenture. Ownership of beneficial interests in such Global Note shall be shown on, and transfers thereof will be effected only through, records maintained
by DTC (with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests of beneficial owners). 

SECTION 2.03. Terms and Conditions of the Floating Rate Notes. The Floating Rate Notes shall be governed by all the terms and
conditions of the Original Indenture, as supplemented by this Fifth Supplemental Indenture. In particular, the following provisions shall be terms of the Floating Rate Notes: 

(a) Title and Aggregate Principal Amount. The title of the Floating Rate Notes shall be as specified in the Recitals; and the aggregate
principal amount of the Floating Rate Notes shall be as specified in Section 2.01 of this Article II, except as permitted by Sections 304, 305 or 306 of the Original Indenture. 

(b) Stated Maturity. The Floating Rate Notes shall mature, and the unpaid principal thereon shall be payable, on March 19, 2021
(the “Floating Rate Maturity Date”), subject to the provisions of the Original Indenture and Articles III and IV below. 
 (c)
Interest. 
 (i) The Floating Rate Notes will bear interest at a floating rate per annum, established or reset (as applicable) for
each Interest Reset Date by the Calculation Agent, equal to Three-Month LIBOR plus 0.750% (or 75 basis points) from the date of original issuance of the Floating Rate Notes, or from the most recent Floating Rate Interest Payment Date to which
interest has been paid or provided for (as applicable). The Company will make interest payments on the Floating Rate Notes quarterly in arrears on March 19, June 19, September 19 and 

  
 7 

 
December 19 of each year, commencing on June 19, 2018 (each, a “Floating Rate Interest Payment Date”), to the Holders of record of the Floating Rate Notes at the close of
business (whether or not a Business Day) on the immediately preceding March 1, June 1, September 1 and December 1, respectively (each, a “Floating Rate Regular Record Date”). Interest on the Floating Rate Notes will be
computed on the basis of a 360-day year and the actual number of days in each interest period. 

(ii) If any Floating Rate Interest Payment Date, other than the Floating Rate Maturity Date or any earlier Redemption Date, for the Floating
Rate Notes falls on a day that is not a Business Day, then such Floating Rate Interest Payment Date will be postponed to the next day that is a Business Day, and interest thereon will continue to accrue to but excluding such succeeding Business Day,
except that, if that Business Day falls in the next succeeding calendar month, then, unless it relates to interest payable at the Floating Rate Maturity Date or any earlier Redemption Date, such Floating Rate Interest Payment Date will be the
immediately preceding Business Day. If the Floating Rate Maturity Date or any earlier Redemption Date with respect to the Floating Rate Notes falls on a day that is not a Business Day, the payment will be made on the next Business Day as if it were
made on the date the payment was due, and no interest will accrue on the amount so payable for the period from and after the Floating Rate Maturity Date or earlier Redemption Date, as the case may be, to the date the payment is made. 

(iii) The interest rate on the Floating Rate Notes in effect on any particular day will be a floating rate per annum equal to Three-Month
LIBOR determined with respect to the latest Interest Reset Date that occurs on or before that day plus 0.750% (or 75 basis points). All percentages resulting from any calculation of the interest rate for the Floating Rate Notes will be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or
..0987655)), and all U.S. dollar amounts used in or resulting from such calculation on the Floating Rate Notes will be rounded to the nearest cent (with one-half cent being rounded upward). Notwithstanding
anything to the contrary in this Fifth Supplemental Indenture or the Original Indenture, the interest rate on the Floating Rate Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United
States law of general application, and will at no time be less than zero. 
 (iv) Promptly upon determination, the Calculation Agent will
inform the Company and the Trustee of the interest rate for the Floating Rate Notes for each interest period. Upon request from any Holder of Floating Rate Notes, the Calculation Agent will provide the interest rate in effect for the Floating Rate
Notes for the then current interest period and, if it has been determined, the interest rate to be in effect for the next interest period. 

(v) All determinations and any calculations made by the Calculation Agent for the purposes of calculating Three-Month LIBOR shall be
conclusive and binding on Holders of the Floating Rate Notes, the Trustee and the Company, absent manifest error. The Calculation Agent and the Trustee shall not be responsible to Holders of the Floating Rate Notes, the Company, or any third party
for any unavailability of LIBOR or failure of any reference banks to provide quotations as requested of them or as a result of the Calculation Agent and the Trustee having acted on any quotation or other information given by any reference bank which
subsequently may be found to be incorrect or inaccurate in any way. The Calculation Agent and the Trustee shall have no liability to Holders of the Floating Rate Notes, to the Company or to any third party as a result of losses suffered due to the
lack of an applicable rate of interest or in connection with the use of an alternative rate. 

  
 8 

 (d) Registration and Form. The Floating Rate Notes shall be issuable as Registered
Securities as provided in Section 2.02 of this Article II. The Floating Rate Notes shall be issued and may be transferred only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. All payments of principal,
redemption price and accrued unpaid interest in respect of the Floating Rate Notes shall be made by the Company in immediately available funds. 

(e) Defeasance and Covenant Defeasance. The provisions for defeasance in Section 1302 of the Original Indenture, and the
provisions for covenant defeasance in Section 1303 of the Original Indenture, shall be applicable to the Floating Rate Notes. 
 (f)
Further Issues. Notwithstanding anything to the contrary contained in this Fifth Supplemental Indenture or the Original Indenture (but subject to the terms of this Section 2.03(f)), the Company may, from time to time, without the consent
of or notice to the Holders, create and issue further securities having the same ranking and terms and conditions as the Floating Rate Notes in all respects, except for the issue date and, in some cases, the public offering price and the first
interest payment date. Additional Floating Rate Notes issued in this manner shall be consolidated with and shall form a single series with the previously issued Floating Rate Notes; provided that if such additional Floating Rate Notes are not
fungible with the previously issued Floating Rate Notes for U.S. federal income tax purposes, such additional Floating Rate Notes will have a separate CUSIP number. Notice of any issuance of additional Floating Rate Notes shall be given to the
Trustee and a new supplemental indenture shall be executed in connection therewith. No such additional Floating Rate Notes may be issued if an Event of Default has occurred and is continuing with respect to the Floating Rate Notes.  

(g) Other Terms and Conditions. The Floating Rate Notes shall have such other terms and conditions as provided in the form thereof
attached as Exhibit A. 
 SECTION 2.04. Terms and Conditions of the Fixed Rate Notes. The Fixed Rate Notes shall be governed by all
the terms and conditions of the Original Indenture, as supplemented by this Fifth Supplemental Indenture. In particular, the following provisions shall be terms of the Fixed Rate Notes: 

(a) Title and Aggregate Principal Amount. The title of the Fixed Rate Notes shall be as specified in the Recitals; and the aggregate
principal amount of the Fixed Rate Notes shall be as specified in Section 2.01 of this Article II, except as permitted by Sections 304, 305 or 306 of the Original Indenture. 

(b) Stated Maturity. The Fixed Rate Notes shall mature, and the unpaid principal thereon shall be payable, on March 19, 2023 (the
“Fixed Rate Maturity Date”), subject to the provisions of the Original Indenture and Articles III and IV below. 

  
 9 

 (c) Interest. The rate per annum at which interest shall be payable on the Fixed Rate
Notes shall be 3.700%. Interest on the Fixed Rate Notes shall be payable semi-annually in arrears on each March 19 and September 19, commencing on September 19, 2018 (each, a “Fixed Rate Interest Payment Date”), to the
Persons in whose names the applicable Fixed Rate Notes are registered in the Security Register applicable to the Fixed Rate Notes at the close of business on the immediately preceding March 1 or September 1, respectively, prior to the
applicable Fixed Rate Interest Payment Date regardless of whether such day is a Business Day (each, a “Fixed Rate Regular Record Date”). Interest on the Fixed Rate Notes shall be computed on the basis of a
360-day year consisting of twelve 30-day months. Interest on the Fixed Rate Notes shall accrue from and including March 19, 2018. If a Fixed Rate Interest Payment
Date, the Fixed Rate Maturity Date or any earlier Redemption Date with respect to the Fixed Rate Notes falls on a day that is not a Business Day, the payment will be made on the next Business Day as if it were made on the date the payment was due,
and no interest will accrue on the amount so payable for the period from and after that Fixed Rate Interest Payment Date, the Fixed Rate Maturity Date or any such earlier Redemption Date, as the case may be, to the date the payment is made. Interest
payments will include accrued interest from and including the date of issue or from and including the last date in respect to which interest has been paid, as the case may be, to, but excluding, the Fixed Rate Interest Payment Date or the Fixed Rate
Maturity Date, as the case may be. 
 (d) Registration and Form. The Fixed Rate Notes shall be issuable as Registered Securities as
provided in Section 2.02 of this Article II. The Fixed Rate Notes shall be issued and may be transferred only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. All payments of principal, redemption price and
accrued unpaid interest in respect of the Fixed Rate Notes shall be made by the Company in immediately available funds. 
 (e) Defeasance
and Covenant Defeasance. The provisions for defeasance in Section 1302 of the Original Indenture, and the provisions for covenant defeasance in Section 1303 of the Original Indenture, shall be applicable to the Fixed Rate Notes. 

(f) Further Issues. Notwithstanding anything to the contrary contained in this Fifth Supplemental Indenture or the Original Indenture
(but subject to the terms of this Section 2.04(f)), the Company may, from time to time, without the consent of or notice to the Holders, create and issue further securities having the same ranking and terms and conditions as the Fixed Rate
Notes in all respects, except for the issue date and, in some cases, the public offering price and the first interest payment date. Additional Fixed Rate Notes issued in this manner shall be consolidated with and shall form a single series with the
previously issued Fixed Rate Notes; provided that if such additional Fixed Rate Notes are not fungible with the previously issued Fixed Rate Notes for U.S. federal income tax purposes, such additional Floating Rate Notes will have a separate
CUSIP number. Notice of any issuance of additional Fixed Rate Notes shall be given to the Trustee and a new supplemental indenture shall be executed in connection therewith. No such additional Fixed Rate Notes may be issued if an Event of Default
has occurred and is continuing with respect to the Fixed Rate Notes. 
 (g) Other Terms and Conditions. The Fixed Rate Notes shall
have such other terms and conditions as provided in the form thereof attached as Exhibit B. 

  
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 SECTION 2.05. Ranking. The Notes shall be general unsecured obligations of the Company.
The Notes shall rank pari passu in right of payment with all unsecured and unsubordinated indebtedness of the Company and senior in right of payment to all subordinated indebtedness of the Company. 

SECTION 2.06. Sinking Fund. The Notes will not be entitled to any sinking fund. 

ARTICLE III 
 REDEMPTION

 SECTION 3.01. Optional Redemption of the Floating Rate Notes. The Floating Rate Notes are redeemable at the Company’s
option, in whole or in part, at any time and from time to time on or after March 20, 2019 at a redemption price equal to 100% of the principal amount of the Floating Rate Notes to be redeemed, plus accrued and unpaid interest thereon to, but
excluding, the Redemption Date. The Floating Rate Notes are not redeemable prior to March 20, 2019. 
 SECTION 3.02. Optional
Redemption of the Fixed Rate Notes.  
 (a) The Fixed Rate Notes are redeemable at the Company’s option, in whole or in
part, at any time and from time to time prior to the Par Call Date at a redemption price equal to the greater of: 
 (i) 100% of the
principal amount of the Fixed Rate Notes to be redeemed; and 
 (ii) the sum of the present values of the Remaining Scheduled Payments of
the Fixed Rate Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate, plus 20 basis points, 
 plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

(b) The Fixed Rate Notes are redeemable at the Company’s option, in whole or in part, at any time and from time to time on or after the
Par Call Date at a redemption price equal to 100% of the principal amount of the Fixed Rate Notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

SECTION 3.03. General 

(a) Notwithstanding Sections 3.01 and Section 3.02, installments of interest on the Notes that are due and payable on any Floating Rate
Interest Payment Date or Fixed Rate Interest Payment Date, as the case may be, falling on or prior to a Redemption Date will be payable on such Floating Rate Interest Payment Date or Fixed Rate Interest Payment Date to the registered Holders of the
applicable series of Notes as of the close of business on the relevant Floating Rate Regular Record Date or Fixed Rate Regular Record Date, as the case may be, according to the terms of the Notes and the Indenture. Unless the Company defaults in
payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on any Notes that are called for redemption. 

  
 11 

 (b) Notices of any optional redemption will be mailed (or with respect to Global Notes, to the
extent permitted or required by applicable DTC procedures or regulations, sent electronically) at least 15 but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed at its registered address. The Company will
calculate the redemption price and will deliver an Officer’s Certificate to the Trustee setting forth the redemption price no later than two Business Days prior to the Redemption Date, and the Trustee will not be responsible for such
calculation. 
 (c) If less than all of either series of Notes are to be redeemed at any time, the Notes in that series to be redeemed will
be selected in denominations of $2,000 in principal amount and integral multiples of $1,000 in excess thereof, in accordance with applicable DTC procedures, in the case of Global Notes, or by the Trustee by a method the Trustee deems to be fair and
appropriate, in the case of Notes that are not represented by a Global Note. 
 ARTICLE IV 

CHANGE OF CONTROL 
 SECTION
4.01. Repurchase at the Option of Holders Upon a Change of Control Repurchase Event. 
 (a) If a Change of Control Repurchase Event
occurs with respect to a series of Notes, unless the Company has exercised its right to redeem the Notes of such series pursuant to the Indenture, the Company shall make an offer to each Holder of Notes of such series to repurchase all or any part
(in minimum denominations of $2,000 and integral multiples of $1,000 above that amount) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid
interest on the Notes repurchased to the date of repurchase. 
 (b) Within 30 days following any Change of Control Repurchase Event or, at
the option of the Company, prior to any Change of Control, but after the public announcement of an impending Change of Control, the Company will mail (or with respect to Global Notes, to the extent permitted or required by applicable DTC procedures
or regulations, send electronically) a notice to each Holder of the applicable series of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and
offering to repurchase the Notes of such series on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent. The notice shall, if sent prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

  
 12 

 (c) The Company will 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 Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with this Article IV, the Company will comply with the applicable securities laws and regulations and will not be deemed to have
breached its obligations under this Article IV by virtue of such conflict. 
 (d) On the Change of Control Repurchase Event payment date,
the Company will, to the extent lawful: 
 (i) accept for payment all the Notes or portions of the Notes (in minimum denominations of $2,000
and integral multiples of $1,000 above that amount) properly tendered pursuant to its offer; 
 (ii) deposit on or before 10:00 a.m., New
York City time, with the Paying Agent an amount equal to the aggregate purchase price in respect of all the Notes or portions of the Notes properly tendered; and 

(iii) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officer’s Certificate stating the
aggregate principal amount of Notes being purchased by the Company. 
 (e) The Paying Agent will promptly deliver to each Holder of Notes
properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or, if a Global Note, cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of
any Notes surrendered; provided, that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 above that amount. 

(f) The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company under this Article IV and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

ARTICLE V 
 TRANSFER AND
EXCHANGE 
 SECTION 5.01. Transfer and Exchange. Section 203(1) of the Original Indenture is replaced in its entirety by the
following: 
 “SECTION 203. Transfer and Exchange. 

(1) Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except by the Depository
to a nominee of the Depository, by a nominee of the Depository to the Depository or to another nominee of the Depository, or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. The Company
initially appoints The Depository Trust Company (“DTC”) to act as Depository with respect to the Global Securities. Global Securities shall be exchanged by the Company for Definitive Securities if: 

(A) the Company delivers to the Trustee notice from the Depository that it is unwilling or unable to continue to act as
Depository for the Global Securities and a successor Depository is not appointed by the Company within 90 days after the date of such notice from the Depository; 

  
 13 

 (B) the Company delivers to the Trustee notice from the Depository that it is no
longer a clearing agency registered under the Exchange Act; 
 (C) the Company, in its sole discretion and subject to the
procedures of the Depository, determines that the Global Securities (in whole but not in part) should be exchanged for Definitive Securities and delivers written notice to such effect to the Trustee; or 

(D) there shall have occurred and be continuing an Event of Default under this Indenture and the Trustee has received a request
from the Depository or any Holder to issue Definitive Securities. 
 Upon the occurrence of any of the preceding events in (A), (B) or
(C) above, the Company will notify the Trustee in writing that, upon surrender by the Participants of their interest in such Global Securities, Definitive Securities will be issued to each Person that such Participants and the Depository
identify as being the beneficial owner of the related Securities. Beneficial interests in Global Securities may be exchanged for Definitive Securities of the same series upon request but only upon at least 30 days’ prior written notice given to
the Trustee by or on behalf of the Depository in accordance with customary procedures. Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 304, 305 and 306 hereof. Except as otherwise provided above in
this Section 203, every Security authenticated and delivered in exchange for, or in lieu of, a Global Security or any portion thereof, pursuant to this Section 203 or Sections 304, 305 or 306 hereof, shall be authenticated and delivered in
the form of, and shall be, a Global Security. A Global Security may not be exchanged for another Security other than as provided in this Section 203(1).” 

ARTICLE VI 
 TRUSTEE

 SECTION 6.01. Corporate Trust Office. The Trustee is appointed as the principal paying agent, transfer agent and registrar for
the Notes (and the calculation agent, in the case of the Floating Rate Notes), including for the purposes of Section 1002 of the Original Indenture. The Notes may be presented for payment at the Paying Agent Office of the Trustee or at any
other agency as may be appointed from time to time by the Company in The City of New York or the City of Chicago. 

  
 14 

 SECTION 6.02. Recitals of Fact; Certain Other Matters. The Trustee makes no representation
as to, and shall not be responsible in any manner whatsoever for or in respect of, the validity or sufficiency of this Fifth Supplemental Indenture or the due execution thereof by the Company, except for any certificate of authentication delivered
in connection therewith. The recitals of fact contained herein shall be taken as the statements solely of the Company and the Trustee assumes no responsibility for the correctness thereof. The Trustee shall not be accountable for the use or
application by the Company of the proceeds from the issuance of the Notes. All of the provisions contained in the Indenture in respect of the rights, powers, privileges, and immunities of the Trustee shall be applicable in respect of this
Fifth Supplemental Indenture. The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, the Trustee in order to help fight the funding of
terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties hereby agree that they shall provide
the Trustee with such information as it may request including, but not limited to, each party’s name, physical address, tax identification number and other information that will help the Trustee identify and verify each party’s identity
such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. 

SECTION 6.03. Successor. Any corporation or association into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or association to which all or substantially all of the corporate trust business of the
Trustee may be sold or otherwise transferred, shall be the successor trustee hereunder without any further act. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 

SECTION 7.01. Ratification of Original Indenture. This Fifth Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Original Indenture, and as supplemented and modified hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Fifth Supplemental Indenture shall be read, taken and construed as
one and the same instrument. 
 SECTION 7.02. Effect of Headings. The Article and Section headings herein are for convenience only
and shall not affect the construction hereof. 
 SECTION 7.03. Successors and Assigns. All covenants and agreements in this Fifth
Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 
 SECTION 7.04. Separability
Clause. In case any one or more of the provisions contained in this Fifth Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 

  
 15 

 SECTION 7.05. Governing Law. THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7.06. Counterparts. This Fifth Supplemental Indenture may
be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Signatures of the parties hereto
transmitted by facsimile or PDF may be used in lieu of the originals and shall be deemed to be their original signatures for all purposes. 

  
 16 

 * * * * 

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

 

					
	ZIMMER BIOMET HOLDINGS, INC.
		
	By: 	 	 /s/ Daniel P. Florin

		 	Name:	 	 Daniel P. Florin

		 	Title:	 	 Executive Vice President and

		 		 	 Chief Financial Officer

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By: 	 	 /s/ Yana Kislenko

		 	Name:	 	 Yana Kislenko

		 	Title:	 	 Vice President

  
 Signature page to the
Fifth Supplemental Indenture 

 EXHIBIT A 

FORM OF GLOBAL FLOATING RATE NOTE 

[FACE OF GLOBAL NOTE] 
 THIS GLOBAL NOTE
IS HELD BY AND REGISTERED IN THE NAME OF THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY), IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 203 OF THE INDENTURE, (B) THIS GLOBAL
NOTE MAY BE EXCHANGED PURSUANT TO SECTION 203(1) OF THE INDENTURE, (C) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE INDENTURE AND (D) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), 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 IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP 98956P AP7 

ZIMMER BIOMET HOLDINGS, INC. 

$450,000,000 Floating Rate Notes due 2021 
  

			
	$450,000,000	  	No.: R-1

 Zimmer Biomet Holdings, Inc., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
FOUR HUNDRED AND FIFTY MILLION Dollars (or such other lesser or greater amount set forth on the Schedule of Exchanges of Interests in the Global Security attached hereto) on March 19, 2021, and to pay interest thereon from March 19, 2018
or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on March 19, June 19, September 19 and December 19 each year, commencing on June 19, 2018, at a rate described on
the reverse hereof, until the 

  
 $450,000,000 Floating
Rate Note due 2021 
 A-1 

 
principal hereof is paid or made available for payment. 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 March 1, the June 1, the September 1 or the
December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 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 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 Holder of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose at the Paying Agent Office of the Trustee, 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
at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

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. 

  
 $450,000,000 Floating
Rate Note due 2021 
 A-2 

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

 

					
	ZIMMER BIOMET HOLDINGS, INC.
		
	By: 	 	 
		 	Name:	 	 Daniel P. Florin

		 	Title:	 	 Executive Vice President and

		 		 	 Chief Financial Officer

  

	
	Attest:
	
	   

	Name:
	Title:

  
 $450,000,000 Floating
Rate Note due 2021 
 A-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

							
	 Dated:
	 		 	
			
		 		 	Wells Fargo Bank, National Association, as Trustee
				
		 		 	By: 	 	 
		 		 		 	Authorized Signatory
		 		 		 	

  
 $450,000,000 Floating
Rate Note due 2021 
 A-4 

 [FORM OF REVERSE OF NOTE] 

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 November 17, 2009 (the “Original Indenture”), as supplemented by the Fifth Supplemental Indenture thereto dated as of March 19, 2018 (the “Fifth Supplemental
Indenture” and together with the Original Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under
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, issued initially in an aggregate principal amount of $450,000,000. Terms defined in the Indenture and not defined
herein have the meanings ascribed thereto in the Indenture. 
 The Securities of this series will bear interest at a floating rate per
annum, reset quarterly, equal to Three-Month LIBOR plus 0.750% (or 75 basis points) from the date of original issuance or from the most recent Interest Payment Date to which interest has been paid or provided for, as applicable, in accordance with
and pursuant to the terms and conditions set forth in the Indenture. 
 The Securities of this series are subject to redemption at the
option of the Company, in whole or in part, at any time and from time to time on or after March 20, 2019 at a redemption price equal to 100% of the principal amount of the Securities of this series to be redeemed, plus accrued and unpaid
interest thereon to, but excluding, the Redemption Date, in accordance with and pursuant to the terms and conditions set forth in the Indenture. The Securities of this series are not redeemable prior to March 20, 2019. 

If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Securities of this series pursuant to
the Indenture, the Company will be required to make an offer to each Holder of the Securities of this series to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 above that amount) of that Holder’s
Securities of this series at a repurchase price in cash equal to 101% of the aggregate principal amount of such Securities repurchased plus any accrued and unpaid interest on such Securities repurchased to the date of repurchase, in accordance with
and pursuant to the terms and conditions set forth in the Indenture. 
 The Indenture contains provisions for defeasance at any time of the
entire Indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

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. 

  
 $450,000,000 Floating
Rate Note due 2021 
 A-5 

 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 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 the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and 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 herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 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 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 Event of Default as Trustee and offered the Trustee indemnity or security reasonably 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. 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 may be registered and this
Security may be exchanged as provided in the Indenture. 
 The Securities of this series are issuable only in registered form without
coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 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. 

  
 $450,000,000 Floating
Rate Note due 2021 
 A-6 

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 $450,000,000 Floating
Rate Note due 2021 
 A-7 

 ASSIGNMENT FORM 

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

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

 
  
  

 
  

 
  

 
 (Print or type
assignee’s name, address and zip code) 
 and irrevocably appoint
                    as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 
  
  

			
	Your Signature:	  	 
		  	(Sign exactly as your name appears on the other side of this Security)

  

			
	Your Name:	  	 

Date:                         
     
  

					
	Signature Guarantee:	  	 	  	*

  

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

  
 $450,000,000 Floating
Rate Note due 2021 
 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

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

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

  
 $450,000,000 Floating
Rate Note due 2021 
 A-9 

 EXHIBIT B 

FORM OF GLOBAL FIXED RATE NOTE 

[FACE OF GLOBAL NOTE] 
 THIS GLOBAL NOTE
IS HELD BY AND REGISTERED IN THE NAME OF THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY), IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 203 OF THE INDENTURE, (B) THIS GLOBAL
NOTE MAY BE EXCHANGED PURSUANT TO SECTION 203(1) OF THE INDENTURE, (C) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE INDENTURE AND (D) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), 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 IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP 98956P AQ5 

ZIMMER BIOMET HOLDINGS, INC. 

$300,000,000 3.700% Notes due 2023 

$300,000,000 
 No.: R-1 
 Zimmer Biomet Holdings, Inc., a corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE
HUNDRED MILLION Dollars (or such other lesser or greater amount set forth on the Schedule of Exchanges of Interests in the Global Security attached hereto) on March 19, 2023, and to pay interest thereon from March 19, 

  
 $300,000,000 3.700%
Note due 2023 
 B-1 

 
2018 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 19 and September 19 each year, commencing on
September 19, 2018, at the rate of 3.700% per annum, until the principal hereof is paid or made available for payment. 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 March 1 or the September 1
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. 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 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 Holder of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
 Payment of
the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained for that purpose at the Paying Agent Office of the Trustee, 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 at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register. 
 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. 

  
 $300,000,000 3.700%
Note due 2023 
 B-2 

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

 

					
	ZIMMER BIOMET HOLDINGS, INC.
		
	By:	 	 
		 	Name:	 	Daniel P. Florin
		 	Title:	 	 Executive Vice President and
 Chief Financial
Officer

  

	
	Attest:
	
	   

	 Name:

	Title:

  
 $300,000,000 3.700%
Note due 2023 
 B-3 

 CERTIFICATE OF AUTHENTICATION 

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

Dated: 
  

			
	Wells Fargo Bank, National Association as Trustee

 
			
		
	By: 	 	 
		 	Authorized Signatory

  
 $300,000,000 3.700%
Note due 2023 
 B-4 

 [FORM OF REVERSE OF NOTE] 

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 November 17, 2009 (the “Original Indenture”), as supplemented by the Fifth Supplemental Indenture thereto dated as of March 19, 2018 (the “Fifth Supplemental
Indenture” and together with the Original Indenture, the “Indenture”), between the Company and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under
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, issued initially in an aggregate principal amount of $300,000,000. Terms defined in the Indenture and not defined
herein have the meanings ascribed thereto in the Indenture. 
 The Securities of this series are redeemable at the Company’s option, in
whole or in part, at any time and from time to time prior to February 19, 2023 at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed; and (ii) the sum of the present
values of the Remaining Scheduled Payments, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate, plus 20 basis points, plus, in each case, accrued and unpaid interest thereon to, but excluding, the Redemption Date, in accordance with and pursuant to the terms and conditions set forth in the Indenture. 

The Securities of this series are redeemable at the Company’s option, in whole or in part, at any time and from time to time on or after
February 19, 2023 at a redemption price equal to 100% of the principal amount of the Securities of this series to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date, in accordance with and pursuant to
the terms and conditions set forth in the Indenture. 
 If a Change of Control Repurchase Event occurs, unless the Company has exercised its
right to redeem the Securities of this series pursuant to the Indenture, the Company will be required to make an offer to each Holder of the Securities of this series to repurchase all or any part (in minimum denominations of $2,000 and integral
multiples of $1,000 above that amount) of that Holder’s Securities of this series at a repurchase price in cash equal to 101% of the aggregate principal amount of such Securities repurchased plus any accrued and unpaid interest on such
Securities repurchased to the date of repurchase, in accordance with and pursuant to the terms and conditions set forth in the Indenture. 

The Indenture contains provisions for defeasance at any time of the entire Indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 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. 

  
 $300,000,000 3.700%
Note due 2023 
 B-5 

 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 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 the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and 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 herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. 
 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 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 Event of Default as Trustee and offered the Trustee indemnity or security reasonably 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. 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 may be registered and this
Security may be exchanged as provided in the Indenture. 
 The Securities of this series are issuable only in registered form without
coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 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. 

  
 $300,000,000 3.700%
Note due 2023 
 B-6 

 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. 
 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

  
 $300,000,000 3.700%
Note due 2023 
 B-7 

 ASSIGNMENT FORM 

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

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

 
  
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                    as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

  
  

 

			
	Your Signature:	  	  

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

  

			
	Your Name:	  	  

Date:                         
    
  

					
	 Signature Guarantee:
	  	  
	  	*

  

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

  
 $300,000,000 3.700%
Note due 2023 
 B-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

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

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

  
 $300,000,000 3.700%
Note due 2023 
 B-9

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